ANNUAL REPORT 2013-14
The tourism industry in the Goulburn River Valley* contributes (direct and indirect) $572 million to the regional economy Supports more than 3,900 jobs Attracts over 3.2 million visitors per annum Provides a range of social, cultural and environmental benefits that enhance the economic value of the visitor economy Has product strengths including nature-based & adventure/sports; food & wine; festivals & events; history & heritage; arts & culture and equine and business & conferencing. *Source:Goulburn River Valley Destination Management Plan
CHAIR’S REPORT It has been my privilege to accept the position of Independent Chair of the Board of Goulburn River Valley Tourism (Jan 2014) representing the ‘Heart of Victoria’, and an industry that contributes $572 million to our region’s economy and provides more than 3,900 jobs. As the demand for the experiences of our region continues to grow, the challenge now is to meet the increasing demands of tech savvy and discerning visitors. The past twelve months have been significant in the life of Goulburn River Valley Tourism in terms of developing our Destination Management Plan (DMP). This was made possible with the assistance of Regional Development Victoria and our four member councils (Greater Shepparton, Strathbogie, Murrindindi and Mitchell). Urban Enterprise conducted the research with guidance from our steering committee and stakeholders from across our region. The DMP provides an in depth analysis of the infrastructure across our region required to drive future development and estimated development costs, while identifying those projects capable of yielding the greatest economic benefit within suggested timeframes. This is a “living document” for both current and future industry stakeholders, enabling a ready reference to identify the market’s current perceptions of our region. It identifies visitation triggers, gaps in infrastructure and products available. It identifies and prioritises product development opportunities and sets benchmarks
to evaluate and measure destination development. All of this information provides a firm base to which information and research can be added to in the years ahead in order to meet industry needs. Accompanying the DMP is the Investment Prospectus that details twelve priority projects that are considered catalyst tourism investment opportunities for the region. In addition there are over 100 other investment opportunities that are market-ready across the region. The Prospectus enables GRVT to promote these opportunities to the investment sector, supported by accompanying robust research, for the benefit of the region. Looking forward, the ANZAC Centenary 20142018 provides us with a wonderful opportunity to promote our region that is so rich in military history and leverage maximum opportunities. We will also continue to use our popular Holiday Planner as our major marketing tool to promote the region more broadly and drive visitation to the ‘Heart of Vicoria’. In order to attract a greater share of the market, we are now turning our attention to developing a new digital platform to ensure we best utilize the advantages of technology to promote our region. We are building for the future by ensuring our services and infrastructure meets those needs. The past year has been very successful and reflects the previous good work in establishing solid foundations. My thanks to Brad Quilliam as Acting Chair, a committed and dedicated Board, and our small but efficient and tireless staff led by our Executive Officer, Wendy Jones. As we look forward to the year ahead, there are many challenges in the tourism industry but I am confident that Goulburn River Valley Tourism has the capacity to meet them. Hon. Fran Bailey Chair
EXECUTIVE OFFICER’S REPORT The 2013-2014 year was very much one of consolidation for Goulburn River Valley Tourism. Our efforts were focussed, outcomes driven and united as we continued the quest to build and grow the important visitor economy in the ‘Heart of Victoria’. The extensive and thorough process to secure a new Independent Chair resulted in the appointment of the Hon. Fran Bailey in late January 2014. Fran brings a unique wisdom, profile and extensive knowledge of the tourism industry to Goulburn River Valley Tourism and we are indeed fortunate that she elected to join us in the ‘Heart of Victoria’. The Goulburn River Valley Destination Management Plan (DMP) was undoubtedly the most ambitious project undertaken since our formation. We are confident that with the ongoing support of our partner Councils and industry stakeholders the DMP will help us to continue to drive visitation and economic development in the region while positioning the ‘Heart of Victoria’ as a premier tourism region. Undoubtedly another highlight of the year was the Visitor Information Centre Summit held at the Narbethong Community Hall in May 2014. Goulburn River Valley Tourism was delighted to welcome His Excellency the Governor of Victoria Alex Chernov AC QC, accompanied by Mrs Chernov, to open the Summit. The Governor’s attendance reinforced and acknowledged the significant contribution that the volunteers make in promoting and welcoming visitors to our region. Throughout the year it has also been pleasing to see the resurgence of some of our Local Tourism Associations and the continued good work and growth of others. Many sector and industry specific groups are also demonstrating a sense of maturity and purpose that bodes well for the future. Special mention must be made of the Marysville and Surrounds Program, our ‘Ultimate Experience’ campaign partner, for their excellent work in the region. Our partner Councils – Greater Shepparton, Murrindindi, Mitchell and Strathbogie are thanked for their ongoing commitment to the development of tourism in the region. We were fortunate to have the Victorian Tourism Industry Council (VTIC) facilitate a roundtable for the Councils in August 2013 which provided a platform for even greater understanding and recognition of the role of Goulburn River Valley Tourism and the importance of the visitor economy.
Financially the year has been a solid one, with Goulburn River Valley Tourism recording an increase in equity of $42,298 through careful management and decision making. More than half of this increase has been earmarked for a new project to ensure that we can position the ‘Heart of Victoria’ in the digital age, responsive to visitor and industry needs and expectations. The Financial Report for the Year Ended 30 June 2014 can be downloaded from www.goulburnrivervalley.com.au/ stakeholderinformation/grvt-annual-report The successful transitioning of business support services over to Goulburn River Valley Tourism is now essentially finalised. We acknowledge the contribution of Greater Shepparton City Council for its provision and assistance in this area since our inception. In closing, my thanks go to the Chair and Board of Goulburn River Valley Tourism for their on-going support throughout the year. I never envisaged my tenure would be for a full year; but I rest comfortable knowing that we have a stronger and more mature organisation as a result. Without the contribution and support of Sarah Casey (currently on maternity leave) and Caolan O’Connor and our Public Officer Anthony Pearson, it would not have been possible and my sincere thanks go to them all. We also look forward to welcoming Amanda McCulloch back from maternity leave in October 2014. The ‘Heart of Victoria’ is a wonderful region. Let us all continue to work together to strive to make it an even stronger and better one. Wendy Jones Executive Officer
ABOUT THE GOULBURN RIVER VALLEY REGION ‘The Heart of Victoria’ is famous for its scenic beauty, its rolling hills, majestic rivers and lakes, lush forests, rural plains and of course the might Goulburn river – the lifeblood of the region…. The Goulburn River Valley has a diverse set of product strengths across the region and its individual destinations. Its diversity, proximity to Melbourne and clean and green reputation make it a popular lifestyle and visitor destination. It is also home of much of the Great Victorian Rail Trail. Destinations include Kilmore & Broadford with strengths in history, heritage and sports. Seymour and Surrounds, including Tallarook and Tooborac is rich with military, wine and the Great Victorian Rail Trail. The Kinglake Ranges boasts a wealth of natural attractions and nature based experiences, while in Yea & Surrounds natural attractions and wineries are key drivers. The Alexandra, Marysville & Eildon cluster is rich with waterbased activities, natural attractions, alpine play grounds and food & wine assets. Nagambie and surrounds is characterised by its impressive water based activities, equine and food & wine product. Euroa & the Strathbogie Ranges, including townships such as Avenel, Strathbogie and Violet Town, has many strengths including wineries and farm gate produce, heritage, natural attractions, cycling and equine. Shepparton and Surrounds, including Tatura, Murchison and Dookie, are rich in festivals & events, business & conferencing, history & heritage, art, culture and indigenous product. Right across the region events play an important role in the product offering – from sport, to music, vintage cars, trucks to horse racing & jumping classics. Wine shows, art shows, on the water, celebrating the earth, something for the kids or enjoying all that nature has to offer, the ‘Heart of Victoria’ has something for everyone.
GOULBURN RIVER VALLEY TOURISM BOARD As at 30 June 2014
Hon. Fran Bailey Sandra Vazzoler Carrrie Donaldson Megan Atar Joseph Tabacco Ian Firth Emma Kubeil Brad Quilliam Cr Christine Challen
Independent Chair Greater Shepparton Skills Based Greater Shepparton Representative* Mitchell Skills Based Mitchell Representative** Strathbogie Skills Based Strathbogie Representative Murrindindi Skills Based Murrindindi Representative
* Geraldine Christou – Appointed August 2014 ** Kristen Cherry - Appointed August 2014
2013-2014 HIGHLIGHTS INCLUDE THE: Appointment of the Hon. Fran Bailey as the Independent Chair of Goulburn River Valley Tourism in January 2014. Launch of the Goulburn River Valley Destination Management Plan, which provides a strategic approach to growing tourism in the Goulburn River Valley; aligning with key visitor needs and building on the region’s existing strengths, in May 2014. Release of the Goulburn River Valley Investment Prospectus which highlights twelve priority projects that are considered catalyst tourism investment opportunities for the region. Industry consultation & engagement sessions held in Kinglake Ranges, Euroa, Shepparton, Alexandra, Yea, Marysville and Seymour. Continued market penetration of the Goulburn River Valley Holiday Planner, launched in July 2013 with 106 industry partners, through the distribution of over 20,000 copies. Release of the ‘A Good Drop & Other Treats’ brochure, highlighting all wineries in the region with cellar doors and a host of local produce providers that warmly welcome visitors. Award for the Best Stand for Regional Tourism at Victoria’s largest caravan and camping consumer show – The Melbourne Caravan Camping and Touring Supershow. ‘Ultimate Experience’ promotion generating nearly 1,500 new consumer contacts for Goulburn River Valley Tourism and its campaign partner – Marysville & Surrounds Events & Tourism Program. Annual Visitor Information Centre Summit held in Narbethong being opened by His Excellency Governor of Victoria Alex Chernov AC QC and attended by over 130 volunteers and staff. Volunteer Regional Annual ‘Famil’ held in the Strathbogie Shire in October 2013 highlighting key attractions in Nagambie and surrounds including the recently unveiled Black Caviar statue. Member Council CEO Roundtable facilitated by Victorian Tourism Industry Council (VTIC) that reinforced the value of the visitor economy to the region.
GOULBURN RIVER VALLEY TOURISM P.O. Box 6272, Shepparton Vic 3632 P: 03 5832 9842 M: 0488 776 733 E: info@goulburnrivervalley.com.au
www.goulburnrivervalley.com.au
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 Financial Report For The Year Ended 30 June 2014
Goulburn River Valley Tourism Ltd ACN: 148973095
Financial Report For The Year Ended 30 June 2014 CONTENTS Directors' Report Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements Directors' Declaration
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 DIRECTORS' REPORT Your directors present this report on the company for the financial year ended 30 June 2014. Directors The names of each person who has been a director during the year and to the date of this report are: Challen, Christine Anne Bailey, Frances Esther Vazzoler, Sandra Nicole Atar, Megan Ellen Quilliam, Bradley Roy Jones, Wendy Lorraine Anne Donaldson, Carrie Jacobs, Virginia Louise Webster, Elizabeth Wikman, Purdey Tabacco, Joseph Firth, Ian Reginald Gordon Kubeil, Emma Louise Christou, Geraldine Mary Cherry, Kristen
Appointed 30/01/2014 Appointed 15/08/2013 Ceased 19/07/2013
Appointed 19/07/2013 Ceased 23/05/2014 Ceased 23/05/2014 Ceased 15/08/2013 Ceased 30/06/2014 Appointed 24/05/2014 Appointed 24/05/2014 Appointed 14/08/2014 Appointed 14/08/2014 Directors have been in office since the start of the financial year to the date of this report unless otherwise stated. Company Secretary The following person held the position of entity secretary at the end of the financial year: • Anthony Pearson Principal Activities The principal activity of the company during the financial year was: • To promote tourism in the municipalities served by Greater Shepparton City Council, Mitchell Shire Council, Murrindindi Shire Council and Strathbogie Shire Council. Short-term and Long-term Objectives The company's short term objectives are to: •Deliver specific strategic functions including: - Regional marketing - Industry development - Product development - Skills development - Leadership and mentoring - Effective communication - Networking - Identifying investment opportunities to grow the economic return from tourism within the region •Be an independant voice and advocate for the regional tourism industry The company's long term objectives are to: • Work to strengthen Goulburn River Valley Tourism region as a widely recognised destination by: - Building a sustainable organisation - Focusing on building relationships with industry, neighbouring regions and other stakeholders - Maintaining flexibility that enables us to convert opportunities into increased visitor yield and - Providing leadership and inspiration • Explore a business case for establishing Goulburn River Valley Tourism as a recognised region Strategies To achieve its stated objectives, the company has adopted the following strategies: •To oversee the delivery of the 2011-2016 Tourism Development Plan •To oversee the delivery of the 2011-2016 Marketing Strategy • To be responsible for the financial sustainability of the Company •Engage appropriate resources to oversee the successful implementation of the program objectives •Ensure regular and formal communication with its key stakeholders including Member Councils, Tourism Victoria, Regional Tourism Associations and the wider industry. •Coordinate industry training and tourism policy formulation to provide a consistent approach and application to tourism across the region. •Coordinate industry structures and tourism policy to ensure a consistent approach and application to tourism across the region •Source, wherever possible, additional funding through industry and funding bodies to support the costs of delivery of projects.
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 DIRECTORS' REPORT Staff and Volunteers Goulburn River Valley Tourism is staffed by two part-time (0.6) persons. Operating Results The profit/(loss) of the entity amounted to $42,298 Meetings of Directors During the financial year, seven meetings of directors were held. Attendances by each director were as follows: Directors' Meetings No. eligible to attend No. attended 7 7 4 4 7 5 7 5 7 7 7 7 6 6 6 5 0 0 7 6 1 0 1 1
Challen, Christine Anne Bailey, Frances Esther Vazzoler, Sandra Nicole Atar, Megan Ellen Quilliam, Bradley Roy Donaldson, Carrie Jacobs, Virginia Louise Webster, Elizabeth Wikman, Purdey Tabacco, Joseph Firth, Ian Reginald Gordon Kubeil, Emma Louise
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 $100 each towards meeting any outstanding obligations of the company. At 30 June 2014, the total amount that members of the company are liable to contribute if the company is wound up is $0 (2013: $0). This directors’ report is signed in accordance with a resolution of the Board of Directors.
Director Hon. Fran Bailey Dated this
3rd
day of
October
2014
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2014 Note Revenue Other income Employee provisions expense Audit, legal and consultancy fees Marketing expenses Public relations Sundry expenses Current year surplus before income tax Tax expense Net current year surplus
2 2
2014 $ 230,608 31,190 (117,457) (13,324) (24,361) (18,653) (45,705) 42,298
2013 $ 226,229 20,413 (151,623) (24,602) (24,443) (44,860) (72,351) (71,237)
42,298
(71,237)
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 Note ASSETS CURRENT ASSETS Cash on hand Accounts receivable and other debtors TOTAL CURRENT ASSETS
3 4
2014 $
2013 $
99,748 4,478 104,226
75,683 9,273 84,956
104,226
84,956
16,589 16,589
39,618 39,618
NON-CURRENT LIABILITIES TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS
16,589 87,637
39,618 45,338
EQUITY Retained earnings TOTAL EQUITY
87,637 87,637
45,338 45,338
NON-CURRENT ASSETS TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Accounts payable and other payables TOTAL CURRENT LIABILITIES
The accompanying notes form part of these financial statements.
5
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2014
Note Balance at 1 July 2012 Comprehensive Income Deficit for the year attributable to the entity Total comprehensive income attributable to the entity Balance at 30 June 2013 Balance at 1 July 2013 Comprehensive Income Surplus for the year attributable to the entity Total comprehensive income attributable to members of the entity Balance at 30 June 2014
The accompanying notes form part of these financial statements.
Retained Surplus $ 116,576
Total $ 116,576
(71,237)
(71,237)
(71,237) 45,339 45,339
(71,237) 45,339 45,339
42,298
42,298
42,298
42,298
87,637
87,637
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2014 Note
2014 $
2013 $
227,328 (242,530) 3,280 28,276 7,710 24,064
241,450 (285,695) 20,413 (23,832)
CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities
-
-
CASH FLOWS FROM FINANCING ACTIVITIES Repayment of borrowings Net cash used in financing activities
-
-
24,064 75,683 99,747
(23,832) 99,515 75,683
CASH FLOWS FROM OPERATING ACTIVITIES Commonwealth, State and Local Government grants Payments to suppliers and employees Interest received Receipts from donations, bequests and raffles GST paid Net cash generated from operating activities
Net increase in cash held Cash on hand at beginning of the financial year Cash on hand at end of the financial year The accompanying notes form part of these financial statements.
6
3
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 The financial statements cover Goulburn River Valley Tourism Ltd as an individual entity, incorporated and domiciled in Australia. Goulburn River Valley Tourism Ltd is a company limited by guarantee. Note 1
Summary of Significant Accounting Policies
Basis of Preparation These general purpose financial statements have been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standards and Interpretations of the Australian Accounting Standards Board.The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless stated otherwise. 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. The amounts presented in the financial statements have been rounded to the nearest dollar. The financial statements were authorised for issue on 3 October 2014 by the directors of the company. Accounting Policies (a)
Revenue Non-reciprocal grant revenue is recognised in profit or loss when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the statement of financial position as a liability until the service has been delivered to the contributor, otherwise the grant is recognised as income on receipt. Goulburn River Valley Tourism Ltd receives non-reciprocal contributions of assets from the government and other parties for zero or a nominal value. These assets are recognised at fair value on the date of acquisition in the statement of financial position, with a corresponding amount of income recognised in the statement of comprehensive income. Donations and bequests are recognised as revenue when received. Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. Revenue from the rendering of a service is recognised upon the delivery of the service to the customer. All revenue is stated net of the amount of goods and services tax (GST).
(b)
Cash on Hand Cash on hand includes cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.
(c)
Accounts receivable and other debtors Accounts receivable and other debtors include amounts due from members as well as amounts receivable from customers for goods sold in the ordinary course of business. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets. Accounts receivable are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method, less any provision for impairment. Refer to Note 1(f) for further discussion on the determination of impairment losses.
(d)
Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 (e)
Income Tax No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997 .
(f)
Accounts Payable and Other Payables Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
(g)
Economic Dependence Goulburn River Valley Tourism Ltd is dependent on the member councils for the majority of its revenue used to operate the business. At the date of this report the Board of Directors has no reason to believe the member councils will not continue to support Goulburn River Valley Tourism Ltd.
Note 2
Revenue and Other Income
Revenue Revenue from (non-reciprocal) government grants and other grants — Grants - Other — Council Contributions Other revenue — Interest received on investments in government and fixed interest securities Total revenue Other income — Other — Conference Total other income Total revenue and other income Note 3
2,500 222,000 224,500
3,280 3,280 230,608
1,729 1,729 226,229
31,190 31,190
19,754 659 20,413
261,798
246,642
2014 $
2013 $ 75,683 75,683 75,683
Accounts Receivable and Other Debtors
CURRENT Other debtors Total current accounts receivable and other debtors
Gross amount 2014 $ 4,478 4,478 Gross amount 2013 Other debtors Total
227,328 227,328
99,748 99,748 99,747
Note
Other debtors Total
2013 $
Cash on Hand
CURRENT Cash at bank - unrestricted Total cash and cash equivalents as stated in the statement of financial position Total cash and cash equivalents as stated in the cash flow statement Note 4
2014 $
$ 9,273 9,273
2014 $ 4,478 4,478
7 Past due and impaired
Past due but not impaired (days overdue) 31 – 60 61 – 90 $ $
< 30 $
$ Past due and impaired
-
-
-
-
-
9,273 9,273
-
Within initial trade terms
>90 $
-
Past due but not impaired (days overdue) 31 – 60 61 – 90 $ $
< 30 $
$
2013 $
-
$ 4,478 4,478 Within initial trade terms
>90 $ -
$ 9,273 9,273
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Note 5
Accounts Payable and Other Payables Note
CURRENT Accounts payable Other current payables 5(a)
2014 $
2013 $
15,440 1,149 16,589
39,412 206 39,618
-
-
NON-CURRENT
2014 $ (a)
Financial liabilities at amortised cost classified as trade and other payables Accounts payable and other payables — Total current Financial liabilities as trade and other payables 7
16,589 16,589
2013 $
39,618 39,618
The average credit period on accounts payable and other payables (excluding GST payable) is 1 month. No interest is payable on outstanding payables during this period. Note 6
Cash Flow Information
Reconciliation of Cashflow from Operating Activities with Current Year Surplus Profit after income tax Non cash flows Changes in assets and liabilities (Increase)/decrease in accounts receivable and other debtors Increase/(decrease) in accounts payable and other payables
Note 7
2014 $ 42,298
2013 $ (71,237)
4,796 (23,030) 24,064
11,982 35,814 (23,441)
Financial Risk Management
The company’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term and longterm investments, receivables and payables, and lease liabilities. The carrying amounts for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows: 2014 2013 $ $ Note Financial assets Cash on hand 3 99,748 75,683 Accounts receivable and other debtors 4 4,478 9,273 Total financial assets 104,226 84,956 Financial liabilities Financial liabilities at amortised cost — accounts payable and other payables Total financial liabilities Note 8
5(a)
16,589 16,589
39,618 39,618
Entity Details
The registered office of the entity is: Goulburn River Valley Tourism Ltd 23 Nixon Street, Shepparton Vic 3630 The principal place of business is: Goulburn River Valley Tourism Ltd 70 New Dookie Road Shepparton VIC 3630 Note 9
Members' Guarantee
The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is wound up, the constitution states that each member is required to contribute a maximum of $100 each towards meeting any outstandings and obligations of the entity. At 30 June 2014 the number of members was 4.
GOULBURN RIVER VALLEY TOURISM LTD ACN: 148973095 DIRECTORSâ&#x20AC;&#x2122; DECLARATION In accordance with a resolution of the directors of Goulburn River Valley Tourism Ltd, the directors of the company declare that: 1.
2.
The financial statements and notes are in accordance with the Corporations Act 2001 and: (a)
comply with Accounting Standards, which, as stated in accounting policy note 1 to the financial statements, constitutes explicit and unreserved compliance with international financial reporting standards (IFRS); and
(b)
give a true and fair view of the financial position of the company as at 30 June 2014 and its performance for the year ended on that date.
In the directorsâ&#x20AC;&#x2122; opinion there are reasonable grounds to believe that the entity will be able to pay its debts as and when they become due and payable.
Director Hon. Fran Bailey Dated this
3rd
day of
October
2014