BUSINESS EVENTS PERTH
ANNUAL REPORT 2024
ACKNOWLEDGEMENT OF COUNTRY
We respectfully acknowledge Aboriginal Peoples as the Traditional Custodians of Western Australia and pay our respects to Elders past and present.
We celebrate the diversity of Aboriginal Western Australians and honour their continuing connection to Country, culture and community.
We recognise and appreciate the invaluable contributions made by First Nations Peoples across many generations in shaping Western Australia.
LAKE MAGIC, NEAR HYDEN
1.0
3.0
1.0 OVERVIEW
INDUSTRY LEADERS FORUM
1.1 MESSAGE FROM THE CHAIR
This has been a year of growth and opportunity for Business Events (BE) Perth and the business events sector in Western Australia (WA). With strong support from the Western Australian State Government and fostering connections, we are well-positioned to drive future economic growth for both the MICE sector and the WA Economy.
On behalf of BE Perth, we thank the Government of Western Australia, Tourism Western Australia, the Premier, the Honourable Roger Cook MLA, and Deputy Premier and Minister for Tourism, the Honourable Rita Saffioti MLA, for their support and recognition of the role BE Perth plays in attracting high value business tourism to Western Australia.
In 2023-24, BE Perth proactively amplified activity across the organisation, connecting with key decision-makers in-person to identify, attract and secure high value business events out to 2033. Participating at industry tradeshows, conference activations, along with showcasing Western Australia through qualified site inspections and familiarisation programs, these elements were crucial for advocating to clients to host their future association conferences,
corporate meetings and incentive travel groups in Western Australia.
We acknowledge and thank BE Perth’s Major Stakeholder, Tourism WA, particularly Tourism WA’s Board, led by Chair Di Bain, Chief Executive Officer Rebecca Brown and Acting Managing Director Steph Underwood for their extensive support and collaboration with BE Perth throughout the year.
Major Stakeholder, the City of Perth, provides valued support to BE Perth through a three-year sponsorship agreement which commenced in 2022-23 and we thank Lord Mayor Basil Zempilas and Chief Executive Officer Michelle Reynolds for their ongoing contribution to BE Perth towards securing business events.
BE Perth is proud to work closely with our Major Partners, Crown Perth and the Perth Convention and Exhibition Centre, and with all BE Perth Member Partners, to secure business events for Western Australia.
I would like to personally thank the Chair of the Finance, Audit, Risk and Membership Committee, Michael Scott, for his contribution
and the extensive corporate knowledge he brings to the Board. I am also most grateful to current and past Board Directors for generously volunteering their expertise and time.
Finally, to Chief Executive Officer Gareth Martin and his team of professional and experienced staff, thank you for your innovation, hard work and commitment to generating hundreds of millions of direct MICE business activity for Western Australia.
As a united and strategically focused industry, we are committed to positioning Perth and Western Australia as a leading and world-class destination for business events.
BRADLEY WOODS Chair
1.0 OVERVIEW
PLATINUM MEMBERS LUNCH
1.2 EXECUTIVE OVERVIEW
Funded by the Western Australian Government through Tourism Western Australia (Tourism WA), the City of Perth and our Member Partners across the State, Business Events (BE) Perth has been securing lucrative conferences, meetings and incentive groups attracting international and national business travellers to Western Australia (WA) for over 50 years.
Business events attract visitors, connect likeminded individuals and support economic development, trade and investment opportunities. These significant legacies contribute further value beyond the initial direct tourism expenditure injected in to Western Australian economy.
I gratefully acknowledge the considerable ongoing support and increased investment from the Government of Western Australia, through Tourism WA for BE Perth to secure high value business travellers for the State, which provide significant return on investment and economic impacts. The influx of delegates stimulates spending in local businesses, supporting jobs and enhancing the overall vitality of Western Australia.
BE Perth’s strategic priorities tactically align to the recently released Western Australia Visitor Economy Strategy 2033 (WAVES) presented by Tourism WA aiming to grow a sustainable business tourism sector and develop Western Australia’s status as an economic powerhouse in the South-East Asian Region.
This year saw renewed and accelerated business development activity, with strategic focus from BE Perth to continue to grow networks with clients and stakeholders from domestic and international markets, in-person. The following activities were undertaken to generate new business development opportunities and convert near term business:
• Exhibiting at the leading trade event for the meetings and event industry in the Asia Pacific region, the Asia Pacific Incentives and Meetings Event (AIME) 2024 alongside 23 industry partners, WA’s largest ever industry delegation, undertaking a combined 700 pre-scheduled appointments. In addition, BE Perth cohosted a client function during AIME for over 150 association and corporate attendees.
• BE Perth’s Re-aWAken mega familiarisation was held in March 2024, for 41 qualified participants from national and international associations, corporates and professional conference organisers (PCO’s), with four tailored destination programs that highlighted Perth and surrounds to the delegation of meeting planners. The program showcased 62 local industry suppliers and generated new business opportunities for WA valued at over $85 million in direct delegate expenditure.
• Beyond securing 315 future events for WA, BE Perth organised more than 76 famils and site inspections, where over 234 clients explored over 700 products and experiences in WA.
• BE Perth supported the launch of foundation event, the Indo-Pacific Space and Earth Conference (IPSEC) in November 2023.
• Research also showed that over 60% of international incentive groups dispersed into regional WA, visiting iconic Western Australian locations such as Wave Rock, the Pinnacles, the Pink Lake and Busselton Jetty.
1.0 OVERVIEW
In the 2023-2024 financial year, BE Perth secured nearly $340 million in direct delegate expenditure for Western Australia, from 315 events set to occur out to 2030, generating over 277,000 hotel room nights and representing 92,516 delegates.
These results have been underpinned by targeted business development and marketing initiatives that are delivering prolonged economic growth for Western Australia in a highly competitive national and international business events market.
I would like to thank Major Stakeholder, City of Perth for its continued engagement to support BE Perth’s activities to secure high profile business events. To all our Member Partners, thank you for your much valued support and I look forward to our continued partnership for a thriving future in the WA business events industry.
I would also like to acknowledge BE Perth’s Major Partners Crown Perth and Perth Convention and Exhibition Centre for their significant ongoing industry financial contribution and collaboration throughout the year to actively secure business events into WA.
I extend my sincere gratitude to BE Perth’s Board of Directors, led by Chair Bradley Woods, for your invaluable time, expertise, and engagement in steering BE Perth’s strategic direction. Your efforts have been instrumental in fostering the growth of high-yield national and international business events for Western Australia. I express my appreciation to Chair Bradley Woods for his exemplary leadership, dedication and collaborative engagement with the BE Perth team, the Western Australian Government and Tourism WA.
In closing, I would like to recognise the BE Perth team for your unwavering dedication, focus and hard work. Your commitment to implementing
innovative projects and maintaining a robust pipeline of business events is truly commendable, contributing to the shared success of our industry in Western Australia.
GARETH MARTIN Chief Executive Officer
2.0 ORGANISATION PERFORMANCE
NINGALOO REEF | NYINGGULU
2.1 REPORT ON OPERATIONS
Business events — conferences, meetings, exhibitions, tradeshows, and corporate and incentive (C&I) groups — play a vital role in both the tourism and knowledge economies, generating significant year-round economic impact. These events directly support jobs across Western Australia’s businesses, large and small, spanning a broad ecosystem that includes venues, suppliers, organisers, retailers, travel and accommodation providers.
In 2023-24, BE Perth delivered strategic initiatives across key business units to meet the organisation’s performance indicators, as outlined by Tourism WA. These initiatives were designed to increase the number of business events secured for Western Australia, driving substantial growth in the sector. This approach is aligned with the recently launched Western Australia Visitor Economy Strategy 2033 (WAVES), developed by Tourism Western Australia.
Business Development
The Business Development team, comprising of association and, corporate meetings and incentive business development managers,
is responsible for identifying and bidding on new national and international business events for the State. While primarily based in Perth, the team also includes Senior Business Development Managers located in Sydney and Melbourne. This business unit as the core of BE Perth, places a strong strategic focus on securing events that align with the Future State: Diversify WA priority economic sectors.
Client Engagement
The Client Engagement team cultivates longterm relationships with member partners and decision-makers across the association, corporate and incentive sectors. By leveraging major events hosted in Western Australia, the City and State are showcased as a dynamic destination for business events. The Client Engagement team works closely with the Business Development team to engage with high-value clients and members to identify new opportunities in-market.
Strategic Projects
The Strategic Projects business unit focuses on fostering the growth of foundation, locally
owned business events. It also supports the amplification of secured events and the elevation of key sector events, with the goal of increasing national and international visitation and raising sectoral profiles.
Marketing
The Marketing team oversees both destination marketing and corporate communications. During the 2023-24 financial year, their efforts were targeted at generating business event leads, seamlessly integrating with Tourism WA’s global tourism brand, ‘Walking on a Dream,’ to ensure messaging resonates globally and drives demand.
Corporate Services
Corporate Services handles administration, finance, legal, risk management, human resources, information management, procurement, contract services, and boardrelated matters, ensuring the smooth operation of the organisation.
PERTH CONVENTION AND EXHIBITION CENTRE
2.2 KEY PERFORMANCE INDICATORS
The Company’s performance as defined by its service contract to Tourism Western Australia (2023 - 2026), and as adopted by the Board for the same purpose, had a primary distinct measure:
• Direct Delegate Expenditure (DDE)
DDE is a universal key performance indicator (KPI) specific to convention bureau nationally and internationally. It is an economic KPI based on a calculation of the average on-ground spend of conference delegates whilst in the State of Western Australia. This value includes accommodation, delegate fees and all on-ground costs.
Over the 2023 - 24 financial year, as a result of the significant and ongoing support from the Western Australian Government through Tourism Western Australia, as well as the City of Perth and over 140 financial members, Business Events Perth secured a total of $339.61 million in Direct Delegate Expenditure against a target of $335.6 million.
This represents 315 confirmed national and international business events occurring in Western Australia out to 2030 generating
hotel room nights, which is 18% higher than pre-COVID levels.
2.3 MEMBER PARTNERS
BE Perth proudly promotes Western Australia’s diverse business events industry and fosters collaboration across a broad range of local venues, experiences, and services. In 202324, we partnered with over 140 financial Member Partners, including conference and accommodation venues, professional conference organisers, audiovisual companies, transport providers, photographers, unique venues, activities, and bespoke business event suppliers across both regional WA and Perth metro.
EDUCATIONAL, NETWORKING, AND INDUSTRY UPDATES
Beyond participation in bid proposals, site inspections, familiarisation programs, and business leads, BE Perth connects and collaborates with our Member Partners through a calendar of educational and networking events.
In August 2023, the Member Educational Function was held at RAC Arena, attracting 100 participants. That same month, the Platinum Member Function, hosted by Chair Bradley Woods at InterContinental Perth City Centre, welcomed 50 guests. This exclusive networking
forum featured presentations from Steph Underwood, representing Tourism WA and the WA State Government, Lord Mayor Basil Zempilas, representing the City of Perth, and Anna Eadie, General Manager of InterContinental Perth City Centre. The function provided key stakeholders, Major Partners, and Platinum Member Partners with high level updates on BE Perth’s strategic priorities and industry insights from key government and business leaders.
In November 2023, BE Perth celebrated its 51st year with the 51st Annual General Meeting, held at RAC Arena. Later, our end of year Member Partner and Industry Function brought together over 120 guests at Republic of Fremantle, marking the close to the year. In June 2024, BE Perth hosted the EOFY Educational Event at The Claremont Hotel, where 82 attendees benefited from informative presentations by BE Perth’s Executive Team.
2.0 ORGANISATION PERFORMANCE
PLATINUM MEMBERS LUNCH
2.4 HIGHLIGHTS 2023 - 24 : BUSINESS EVENTS IN WA
REFLECTING ON A YEAR OF GROWTH: BE PERTH’S KEY ACHIEVEMENTS IN FY23-24
As we reflect on the FY23-24 financial year, BE Perth showcased remarkable resilience and innovation while navigating a competitive global landscape. Our strategic initiatives and partnerships solidified our leadership position in Western Australia’s business events sector.
The following is a recap of our key highlights for 2023 - 24 financial year.
MAJOR BID WINS
In FY23-24, BE Perth secured 315 national and international business events valued at $339.61 million in direct delegate expenditure (DDE).
Key bid wins include:
• WTTC Global Summit 2024: The 24th World Travel & Tourism Council (WTTC) Global Summit 2024, will bring together key decision-makers, industry leaders, policy makers, investors and media in the travel and tourism sector. This prestigious event was secured through a collaborative
bid involving Tourism WA and BE Perth, positioning Western Australia as a key player in sustainable travel and trade. The summit has historically attracted highprofile attendees, offering a significant opportunity to showcase WA’s growth and investment potential.
• National Suicide Prevention Conference 2025: Perth will host the 26th National Suicide Prevention Conference (NSPC) in Autumn 2025. This gathering will attract over 700 industry professionals dedicated to addressing critical mental health issues. The selection of Perth by Suicide Prevention Australia reinforces the State’s growing reputation in the medical and life sciences sector.
• Routes Asia 2025: Set to take place at the Perth Convention and Exhibition Centre in March 2025, this major aviation and tourism trade event will welcome over 1,000 delegates. Secured through a partnership between the Western Australian Government through Tourism WA, with BE Perth and Business Events Australia. The conference will focus on developing new
aviation routes and connections, attracting key leaders from global airlines and tourism sectors.
• World Environmental Education Congress 2026: After 15-years, the 14th World Environmental Education Congress (WEEC 2026) will return to Australia, bringing global environmentalists and policymakers to Perth in September 2026. This event will showcases WA’s commitment to sustainability and positions it as a leader in environmental education, fostering collaboration on pressing environmental challenges.
KEY SECTOR EVENTS DELIVERED
• Amway Taiwan Leadership Seminars: Concluding on March 14, 2024, the seminars welcomed more than 1,000 international delegates over a 10-day period, injecting over $7 million directly into the State’s visitor economy with the group travelling on mass in to WA’s regions. This successful event reinforced Perth and Western Australia’s growing status as a desirable destination for international corporate and incentive travel.
• Asia-Pacific Association for International Education (APAIE) Conference and Exhibition 2024: Providing a platform to exchange ideas and share best educational practices alongside building partnerships that drive the future of international education in the Asia-Pacific region, the event welcomed over 2,000 delegates from 66 different countries and directly injected over $10.9 million into the WA economy through tourism spend.
• Hosting evokeAG 2024 in Western Australia in February 2024 attracted 1,880 delegates from across the agriculture industry, directly injecting over $3.9 million in direct delegate expenditure into Western Australia’s visitor economy, showcasing the State as a global hub for invention, investment, and innovation in primary industries.
• Alongside JTSI, BE Perth supported the launch of the inaugural Indo-Pacific Space and Earth Conference (IPSEC) 2023, that attracted over 400 industry experts from around the globe to discuss opportunities in space and cross-sector technologies and innovation.
Other sector events hosted included the Royal Australian & New Zealand College of Ophthalmologists (RANZCO) Annual Scientific Congress 2023, Australasian College of Dermatologists Annual Scientific Meeting 2024, Financial Counselling Australia National Conference 2024, The Electric Mine Conference 2024, Australian Hydrogen Conference 2023, and the Heads of Student Administration ANZ Conference 2023.
EVOKEAG 2024
2.0 ORGANISATION PERFORMANCE
CLIENT ENGAGEMENT INITIATIVES
Our Client Engagement team organised over 75 familiarisation and site inspections, showcasing more than 700 products and experiences to over 130 clients. These initiatives foster face-toface connections and strengthen relationships with decision-makers in the events industry. Including:
• Re-aWAken Mega Familiarisation: In March 2024, BE Perth hosted 41 qualified participants from national and international associations. This event featured four tailored programs, connecting delegates with 62 local industry suppliers and generating over $67.5 million in DDE.
TRADESHOW ACTIVITIES
BE Perth curated a variety of client development activities across key markets, including:
• A successful Canberra Destination Showcase in partnership with the Perth Convention and Exhibition Centre and tailored client functions in Sydney, Melbourne, and Perth.
• Participation in key trade events like AIME
2024, the Association Forum National Conference, the PCOA National Conference, IMEX Frankfurt, and The Meetings Show, enabling Western Australia to reach diverse global markets.
ASPIRE AWARDS
In 2023-24, BE Perth collaborated with leading research institutions and local governments to offer eleven travel awards, enabling Western Australians to attend international conferences.
The Aspire Awards program, recognising exceptional researchers, academics, and professionals, empowers recipients to showcase their expertise on a global stage. Notable awardees include:
• Dr. Jamie Beros, Perron Institute: A neuroscience researcher advancing the understanding of brain plasticity.
• Dr. Melissa Marshall, University of Notre Dame: Leading conservation efforts for Aboriginal cultural heritage in Broome.
The recipients exemplify the diversity and innovation that Western Australia is renowned
for, connecting local talent with global opportunities.
MEDIA ACTIVITY & CONTENT CREATION
BE Perth’s media activities in FY23-24 significantly expanded Western Australia’s global presence through targeted campaigns, enhancing destination awareness and creating business event opportunities.
• Social Media Growth: LinkedIn engagement increased by 12% reinforcing its importance as a platform for connecting with industry professionals.
• Perth Content Shoot: With support from Business Events Australia, BE Perth completed a successful content shoot across Perth, generating brand-ready assets to market the city’s signature business event experiences to international markets, including North Asia, Southeast Asia, New Zealand, and Europe.
3.0 DISCLOSURE AND LEGAL COMPLIANCE
THE BUNGLE BUNGLE RANGE, PURNULULU NATIONAL PARK
DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2024
Your Directors present their report on Business Events Perth for the financial year ended 30 June 2024.
1. GENERAL INFORMATION
(A)
DIRECTORS
The names of the directors in office at any time during, or since the end of, the year are:
Names Appointed/Term concluded
• Nadia OWEN Elected 23 November 2023
• Brian MCHENRY
• Renee Julia BENNETT Re-appointed 23 November 2023
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
The names of each Consultive Director throughout the year and at the date of this report are:
• Bradley WOODS
• Peter BRAMPTON Re-appointed 23 November 2023
• Andrew CAIRNS
• Nigel KEEN
• Michael SCOTT Re-appointed 23 November 2023
• Melissa KARLSON Resigned 14 August 2023
• Ian Philip GAY Resigned 31 December 2023
(B) PRINCIPAL ACTIVITIES
The principal activities of Business Events Perth during the financial year were to:
• market the State of Western Australia and Perth as a preferred convention, exhibition and incentive travel destination;
• assist organisers in the winning and promotion of their business events in Western Australia; and
• make recommendations to Tourism Western Australia for the implementation of marketing and sales projects and activities.
Business Events Perth actively resumed its core marketing and business development activities including attendance at tradeshows, industry conferences, bid presentations and hosting of site inspections and familiarisations for qualified clients.
(C) SHORT AND LONG TERM OBJECTIVES AND STRATEGIES
The Company's short term objectives are to:
• market and promote the State of Western Australia as a preferred business events destination in Australia and worldwide;
• secure national and international business events to be held in Western Australia;
• generate social and economic benefits for the people of the State of Western Australia through securing business events to be held in the State;
To achieve these objectives, the Company has:
• attracted and retained quality staff committed to Business Events Perth’s short and long term objectives;
• ensured staff work closely in partnership with members, stakeholders and the business events industry to support the Company’s projects and initiatives; and
• staff who strive to meet consistent standards of best practice and who provide clear expectations of professional standards and responsibilities to all members and stakeholders.
(D) KEY PERFORMANCE MEASURES
The Company’s performance as defined by its service contract to Tourism Western Australia (2023 - 2026), and as adopted by the Board for the same purpose, had one distinct measure:
• Direct Delegate Expenditure (DDE)
DDE is a universal key performance indicator (KPI) specific to convention bureau nationally and internationally. It is an economic KPI based on a calculation of the average on-ground spend of conference delegates whilst in the State of Western Australia. This value includes accommodation, delegate fee and all on-ground costs.
Business Events Perth achieved $339.6 million in Direct Delegate Expenditure (DDE) against a target of $335.6 million for the 2023-24 financial year.
In the 2023-24 financial year Business Events Perth secured 315 national and international business events set to occur in Western Australia from 2024 out to 2030, representing 92,516 delegates and 277,534 hotel room nights. In addition, Business Events Perth had 110 bids pending a destination decision for a future business event in WA.
With a positive growth in bids and bid development activity, increased pending bids also reflects a challenging market environment with significant domestic and international competition; as well as extension of destination decision making timeframes. In 2018-19 Business Events Perth was largely bidding on events up to three years in advance however in 2023-24 bids have extended out to 2033, representing 9 years in advance. Improved flight access, capacity and lower costs will assist in ensuring Western Australia is competitive against domestic and international competition.
Industry Financial Contribution (IFC) was a Financial Reporting Item for Business Events Perth in 2023-24 with a target set for $1,500,000. Business Events Perth achieved $1,732,756 in Industry Financial Contribution for the year.
The performance against these key performance indicators is listed as follows:
(E) INFORMATION ON DIRECTORS
The names, qualifications, experience and special responsibilities of each person who has been a director during the year and to the date of this report are:
• Renee Julia BENNETT
Director (Re-appointed 23 November 2023)
Director, Encanta Event Management
PCO Association, Councillor - Western Australia
• Brian MCHENRY
Director
General Manager, Mercure Perth Hotel
• Nadia OWEN
Director (Elected 23 November 2023)
Head of Meetings and Special Events, Optus Stadium
• Michael SCOTT
Consultative Director (Re-appointed 23 November 2023)
General Manager, RAC Arena
Director, Australian Hotels Association (WA)
Director, Hospitality Group Training (WA)
• Bradley WOODS
Chair, Consultative Director (Term extended 17 November 2022)
Member, Business Events Perth Finance, Audit, Risk and Membership Committee
CEO, Australian Hotels Association WA
Director, Tourism Australia
Chair, Australia Day Council WA
Chair, Hospitality Group Training
Board Member, Ronald McDonald House Perth
Chair, Edith Cowan University - Tourism and Hospitality Management Consultative Committee
Co-Founder and Board Member, Healthy Mind Menu Inc.
• Ian Philip GAY
Consultative Director (Resigned 31 December 2023)
Chair, Business Events Perth Finance, Audit, Risk and Membership Committee
Chair, Australia’s North West Tourism
• Peter BRAMPTON
Consultative Director (Re-appointed 23 November 2023)
General Manager, The Westin Perth
Chairman, Marriott International ANZP Business Council
• Melissa KARLSON
Consultative Director (Resigned 14 August 2023)
Managing Director Wyllie Group
• Andrew CAIRNS
Consultative Director
Member, Finance, Audit, Risk and Membership Committee
Executive General Manager Crown Hotels Perth
Accommodation Division President - AHA WA
• Nigel KEEN
Consultative Director
General Manager, Perth Convention Exhibition Centre & Director Hospitality WA
Director, Exhibition and Event Association of Australasia (EEAA) Note: ends in December 2023
Director, Business Event Council Australia (BECA) Note: ends in November 2023
Director, Australian Business Events Association (ABEA)
Director, Keen2connect
(F) MEMBERS GUARANTEE
Business Events Perth is a Company limited by guarantee. If the Company is wound up, the constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstanding obligations of the Company. At 30 June 2024, the total amount that members of the Company are liable to contribute if the Company is wound up is $2,760 (2023: $2,560).
2. COMPANY SECRETARY
The following person held the position of company secretary at the end of the financial year: Patricia Elizabeth McKay has been the company secretary since 23 May 2019.
3. MEETINGS OF DIRECTORS
During the financial year, 13 meetings of Directors (including Committees of Directors) were held. Attendances by each Director during the year were as follows:
BOARD OF DIRECTORS’ MEETINGS
FINANCE, AUDIT, RISK AND MEMBERSHIP COMMITTEE MEETINGS
The Board also has an Appointments and Remuneration Committee which meets on an ‘as needs’ basis.
4. AUDITOR’S INDEPENDENCE DECLARATION
The lead auditor’s independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 30 June 2024 has been received and can be found on page 7 of the financial report.
Signed in accordance with a resolution of the Board of Directors:
Director:
Dated this 16 day of September 2024
Bradley WOODS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024
The accompanying notes form part of these financial statements.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024
LIABILITIES 15,204,736 12,345,035
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
The financial statements cover Business Events Perth (the ‘Company’) as an individual entity. Business Events Perth is a public company limited by guarantee, incorporated and domiciled in Australia.
The principal activities of the Company for the year ended 30 June 2024 were to market the State of Western Australia and Perth as a preferred convention, exhibition and incentive travel destination; assist organisers in the winning and promotion of their business events in Western Australia; and implementation of marketing and sales projects and activities as approved by Tourism Western Australia.
The financial statement amounts are presented in Australian dollars unless stated otherwise. The Company presents amounts rounded to the nearest whole dollar in accordance with ASIC Corporations (Rounding in Financials/Directors’ Reports) Instrument 2016/191 and Amendment Instrument 2022/519.
The functional and presentation currency of the Company is Australian dollars.
1. BASIS OF PREPARATION
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting StandardsSimplified Disclosures, Interpretations of the Australian Accounting Standards Board, and the CorporationsAct2001. The Company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
The financial statements comply with Australian Accounting Standards - Simplified Disclosures. They comply with the recognition and measurement requirements of Australian Accounting Standards, their presentation requirements as modified by AASB 1060 General Purpose Financial StatementsSimplifiedDisclosuresforFor-ProfitandNot-for-ProfitTier2Entities, and the disclosure requirements of AASB 1060.
The financial statements, except for the cash flow information, have been prepared on an accruals basis and are based on historical costs modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.
Material accounting policy information relating to the preparation of these financial statements are presented below and are consistent with prior reporting periods unless otherwise stated.
AASB 101 Presentation of Financial Statements has been revised for annual reporting periods beginning on or after 1 January 2023 to require the disclosure of material accounting policy information rather than significant accounting policies.
Accounting policy information which does not satisfy one of the following requirements has been removed from these financial statements:
• Changes in accounting policy
• Documentation of choice in the accounting standards
• An accounting policy developed in the absence of an explicit accounting standard requirement
• Significant judgement or estimation
• Complex transaction and accounting policy need to explain treatment.
The amounts presented in the financial statements have been rounded to the nearest dollar.
2. MATERIAL ACCOUNTING POLICY INFORMATION
(A) REVENUE AND OTHER INCOME
The Company applies AASB 15 Revenue from Contracts with Customers (“AASB 15”) and AASB 1058 Income of Not-for-Profit Entities (“AASB 1058”).
Revenue from contracts with customers
The core principle of AASB 15 is that revenue is recognised on a basis that reflects the transfer of promised goods or services to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. Revenue is recognised by applying a five-step model as follows:
1. Identify the contract with the customer
2. Identify the performance obligations
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations
5. Recognise revenue as and when control of the performance obligations is transferred
Generally the timing of the payment for sale of goods and rendering of services corresponds closely to the timing of satisfaction of the performance
obligations, however where there is a difference, it will result in the recognition of a receivable, contract asset or contract liability.
None of the revenue streams of the Company have any significant financing terms as there is less than 12 months between receipt of funds and satisfaction of performance obligations.
Rendering of services
Revenue in relation to rendering of services is recognised at a point in time when the given performance obligation is met, that is, when clients receives and consumes the benefits of the services as the Company provides them, the revenue recognition model is based on the time elapsed output method.
A receivable in relation to these services is recognised when a bill has been issued, as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Operating grants
When the Company receives operating grant revenue from government, it assesses whether the contract is enforceable and has sufficiently specific performance obligations in accordance to AASB 15.
When both these conditions are satisfied, the Company:
• identities each performance obligation relating to the grant;
• recognises a contract liability for its obligations under the agreement; and
• recognises revenue as it satisfies its performance obligations.
Where the contract is not enforceable or does not have sufficiently specific performance obligations, the Company:
• recognises the asset received in accordance with the recognition requirements of other applicable accounting standards (for example AASB 9, AASB 16, AASB 116 and AASB 138);
• recognises related amounts (being contributions by owners, lease liability, financial instruments, provisions, revenue or contract liability arising from a contract with a customer); and
• recognises income immediately in profit or loss as the difference between the initial carrying amount of the asset and the related amount.
If a contract liability is recognised as a related amount above, the Company recognises income in profit or loss when or as it satisfies its obligations under the contract.
Sponsorship revenue
Direct sponsorship revenue represents cash acquired in exchange for value awarded to a sponsor (e.g. name recognition, naming rights etc). Management has assumed that value provided in exchange for cash is awarded over the term of the contract. Therefore, revenue recognition of cash sponsorship is spread evenly over the term of the contract to match the value provided as this is when the performance obligation is met.
Subscriptions
Revenue from the provision of membership subscriptions is recognised over the membership period this is when the performance obligation is met.
Interest revenue
Interest revenue is recognised using the effective interest method.
(B) INCOME TAX
The Company is exempt from income tax under Division 50-40 of the Income Tax Assessment Act 1997. Accordingly, no income tax expense is recognised in the financial statements.
(C) PROPERTY, PLANT AND EQUIPMENT
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulated depreciation and impairment.
Plant and equipment
Plant and equipment are measured using the cost model.
Property, plant and equipment, is depreciated on a reducing balance or straight line basis over the assets useful life to the Company, commencing when the asset is ready for use.
Leased assets and leasehold improvements are amortised over the shorter of either the unexpired period of the lease or their estimated useful life.
The depreciation rates used for each class of depreciable asset are shown below:
Fixed asset class
Depreciation rate
Plant and Equipment 5 - 40%
Leasehold improvements remainder of lease
At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate.
(D) FINANCIAL INSTRUMENTS
Financial assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification
On initial recognition, the Company classifies its financial assets into the following categories, those measured at:
• amortised cost
• fair value through profit or loss - FVTPL
• fair value through other comprehensive income - equity instrument (FVOCI - equity)
• fair value through other comprehensive income - debt investments (FVOCI - debt)
Amortised cost
The Company’s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the statement of financial position.
The financial liabilities of the Company comprise trade payables, bank and other loans and finance lease liabilities.
(E) LEASES
(i) Right-of-use asset
Right-of-use assets are recognised at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows:
Building 6 years
If ownership of the leased asset transfers to the Company by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
(ii) Adoption of short term leases or low value asset exception
The Company has elected to apply the recognition exemption for leases of low-value assets to lease of photocopier that is considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.
(F) PROVISIONS
Provisions are recognised when the Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and the outflow can be reliably measured.
(G) ECONOMIC DEPENDENCE
Business Events Perth is dependent on Tourism Western Australia for the majority of its revenue used to operate the business. At the date of this report
the directors have no reason to believe that Tourism Western Australia will not continue to support Business Events Perth.
(H) COMPARATIVE FIGURES
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.
(I) ADOPTION OF NEW, REVISED ACCOUNTING STANDARDS
The Company has adopted all standards which became effective for the first time at 30 June 2024, the adoption of these standards has not caused any material adjustments to the reported financial position, performance or cash flow of the Company.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The directors make estimates and judgments during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.
These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates. The significant estimates and judgements made have been described below.
Key estimates - In-kind support
The Company received assistance from some of its members during the year in the form of airfares, accommodation, meals and functions. In these instances, the Company has to assess a best estimate for the value of this in-kind support using values given by the members who provided the in-kind support.
Key judgments - Convention funding
The Company has an obligation to promote Perth / Western Australia as a business event destination and identify new event opportunities and bring them to Western Australia under the contract with Tourism Western Australia. The valuation of convention funding for each conference or event requires judgement in assessing the value that the conference or event will bring to the State, based on the calculated direct delegate expenditure
(DDE) of that conference or event, e.g. event type, number of days for the event, number of attendees (including State, national and international) and direct competition for the conference or event.
Key judgments - performance obligations under AASB 15
To identify a performance obligation under AASB 15, the promise must be sufficiently specific to be able to determine when the obligation is satisfied. Management exercises judgement to determine whether the promise is sufficiently specific by taking into account any conditions specified in the arrangement, explicit or implicit, regarding the promised goods or services. In making this assessment, management includes the nature/ type, cost/ value, quantity and the period of transfer related to the goods or services promised.
Key judgments - lease term and option to extend under AASB 16
The lease term is defined as the non-cancellable period of a lease together with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and also periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. The options that are reasonably going to be exercised is a key management judgement that the Company will make. The Company determines the likeliness to exercise the options on a lease-by-lease basis looking at various factors such as which assets are strategic and which are key to future strategy of the Company.
Key judgments - employee benefits
For the purpose of measurement, AASB119: Employee Benefits defines obligations for short-term employee benefits as obligations expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related services. As the Company expects that most employees will not use all of their annual leave entitlements in the same year in which they are earned or during the 12-month period that follows despite an informal company policy that requires annual leave to be used within 18 months, the Company believes that obligations for annual leave entitlements satisfy the definition of other long-term employee benefits and, therefore, are required to be measured at the present value of the expected future payments to be made to employees.
6. RESULT FOR THE YEAR
8. TRADE AND OTHER RECEIVABLES
9. OTHER ASSETS
10. PROPERTY, PLANT AND EQUIPMENT
(a) Movements in Carrying Amounts
Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:
Year ended 30 June 2024
11. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
The Company has a lease contract for an office used in its operations. The lease has a term of 6 years.
(a) Right-of-use assets
(c) Lease liabilities
The maturity analysis of lease liabilities based on contractual undiscounted cash flows is shown in the table below:
(d) Statement of Profit or Loss and Other Comprehensive Income
The amounts recognised in the statement of profit or loss and other comprehensive income relating to leases where the Company is a lessee are shown below:
12. TRADE AND OTHER PAYABLES
13. CONTRACT LIABILITIES
15. The amount received at that point in time, is recognised as a contract liability until the performance obligations have been satisfied.
Provision for employee benefits represents amounts accrued for annual leave and long service leave.
The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the Company does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the Company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement.
The non-current portion of this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service.
In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave taken is based on historical data.
Non-cancellable commitments contracted for but not capitalised in the financial statements
Payable - minimum lease payments:
- no later than one year 1,473 1,473
- between one year and five years
The non-cancellable contractual commitments relate to the lease of a photocopier with rent payable monthly for 60 months commencing on 4 May 2023.
The Company is exposed to a variety of financial risks through its use of financial instruments.
The principal categories of financial instrument used by the Company are trade receivables, cash at bank and trade and other payables:
17. MEMBERS’ GUARANTEE
The Company is incorporated under the Corporations Act 2001 and is a Company limited by guarantee. If the Company is wound up, the constitution states that each member is required to contribute a maximum of $ 20 each towards meeting any outstandings and obligations of the Company. At 30 June 2024 the number of members was 138 (2023: 128).
18. INTERESTS OF KEY MANAGEMENT PERSONNEL
Persons who have acted as chairperson during the year received the amount of $45,000 (2023: $41,667) including occupational superannuation of 11% where applicable for acting in the position of Chairperson. These amounts have been included in the key management personnel remuneration below.
The total remuneration including occupational superannuation paid to key management personnel of the Company is $ 401,050 (2023: $ 375,942). No other Directors received any remuneration for their services.
19. AUDITORS' REMUNERATION
20. RELATED PARTY TRANSACTIONS
During the year, the Company purchased services from entities associated with some of the Directors. All transactions were made on normal terms and conditions, which would have been adopted if dealing at arm’s length.
a) Reconciliation of cash
Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows:
(b) Reconciliation of result for the year to cash flows from operating activities
Reconciliation of net profit to net cash provided by operating activities:
(c) Credit standby arrangement and loan facilities
The Company has no credit standby or loan facilities.
22. EVENTS AFTER THE END OF THE REPORTING PERIOD
The financial report was authorised for issue on 19 September 2024 by the Board of Directors.
No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.
23. COMPANY DETAILS
The registered office and principal place of business of the Company is:
Business Events Perth
Level 2, 129 St George’s Terrace Perth WA 6000
24. ASSISTANCE PROVIDED TO BUSINESS EVENTS PERTH
The Company received in-kind support from some of its members during the year in the form of airfares, accommodation, meals and functions. The amount has not been recognised as the value cannot be reliably measured. However, the amount is estimated to be approximately $298,612 (2023: $341,529).
25. SEGMENT REPORTING
The Company promotes Western Australia and the Perth metropolitan area as a convention, exhibition and incentive travel destination. It is involved in this industry in the one geographic location of Western Australia.
DIRECTORS' DECLARATION
The directors of the Company declare that, in their opinion:
a) there are reasonable grounds to believe that the Company is able to pay of its debts as and when they become due and payable; and
b) the attached financial statements and notes thereto are in accordance with the CorporationsAct2001, including:
(i) giving a true and fair view of the financial position and performance of the Company; and
(ii) complying with Australian Accounting Standards - Simplified Disclosures.
Signed in accordance with a resolution of the directors made pursuant to s.295(5) of the CorporationsAct2001.
Director Bradley WOODS
Dated this 16th day of September 2024
