Venture Taranaki Annual Report
Venture Taranaki Annual Report 2011
Contents Chairman’s Comment........................................................................................ 2 Chief Executive’s Comment ................................................................................ 4 Venture Taranaki by the Numbers ...................................................................... 6 Achievements 2010-2011.................................................................................... 7 July ........................................................................................................ 7 August ..................................................................................................... 8 September ..............................................................................................10 October .................................................................................................. 12 November ............................................................................................... 14 December ............................................................................................... 16 January ................................................................................................... 17
Venture Taranaki Trust is the region’s development agency. We help grow the region. Incorporated as a charitable trust, Venture Taranaki is a dynamic organisation which has facilitated business success from enterprise inception through to sustainable growth based on international competitiveness.
February ................................................................................................. 18 March .................................................................................................... 20 April .......................................................................................................22 May ........................................................................................................24 June .......................................................................................................26 Financial Performance 2010-2011 .......................................................................28 Trust Directory ............................................................................................... 48 Contact Information ....................................................................................... 49
Venture Taranaki is an initiative founded by: In addition to the New Plymouth District Council, Venture Taranaki is supported by: South Taranaki District Council, Stratford District Council, Taranaki Electricity Trust, New Zealand Trade and Enterprise, the Ministry of Science and Innovation, Business Mentors New Zealand and numerous other private sector organisations. Photo credits: Rob Tucker, Mark Harris, Olivier Perkins, Taranaki Daily News Venture Taranaki is certified carboNZero.
Chairman’s Comment
I
t is impossible to review the year without acknowledging the enormous impact of the Trust’s Chair of nine years John Young, who sadly passed away after a short illness in September 2010.
John left a great legacy, not only for the Trust but for the entire Taranaki community. John was a relentless and visionary champion of the people and the businesses of Taranaki. It is their advancement that has driven the Trust forward this year, in keeping with John’s vision and his absolute belief in the abilities of all our residents to achieve their true potential. It is these concepts of regional ability, identity and aspiration that sit at the very heart of Venture Taranaki’s mission, and of the region’s development that translates our vision into action. Research released by the Trust early in the year showed that there is an increasing comfort amongst our region’s residents to commute between all our districts, towns and suburbs. Our region’s workforce is now spread right around the mountain, unencumbered by traditional district boundaries. The Trust’s thinking over the year has embraced this, and we have put renewed emphasis on developing a more future-focused regional roading and transport strategy, and a challenge has been issued to the Government to recognise the strategic economic importance of our region. In December the Trust published some of the most significant data in the rich history of the region’s oil and gas industry when it launched the “Wealth Beneath Our Feet” report to Parliamentary and regional stakeholders. This report measured the true impact of the industry, and its supply
2 Venture Taranaki Annual Report 2011
John Young chain, not only to the region but to the New Zealand economy, and found that it was considerably larger than previously thought. This research paved the way for another key strand of the Trust’s workload – leveraging the expertise and experience of Taranaki to firmly entrench the region as the hub of the nation’s oil and gas industry. The businesses of Taranaki were again well served by the Trust. The changing landscape of business development saw the launch of the Regional Partnership Network that elevated the Trust to one of fourteen core providers of business development funding from New Zealand Trade and Enterprise and the Ministry of Science and Innovation nationwide. The Venture Taranaki administered Business Mentoring NZ programme achieved the highest level of client satisfaction in the country, and we facilitated strong growth in the number of new ideas coming to the Trust for start-up support. Underpinning this work has been the Taranaki Regional Economic Development Strategy 2010-2035, which promotes a regional population target of 135,000 by 2035 – the minimum figure to keep pace with national population growth. Failure to meet this target could see the region lose out on national funding. This year the Trust launched a number of innovative new tools to help attract more residents, from showcasing those that have made the move to encouraging the region’s expats to come home through the Swap Sides campaign. This has also been a strong year for the region’s visitor industry, offering both a try-before-you-buy approach to growing the regional population and stimulating the local economy. WOMAD, G-TARanaki, the ASP Dream Tour, the Taranaki
Rhododendron and Garden Festival and many more successful major events were supported by the Trust, providing a catalyst for more visitors to the region. Because of these and the many other achievements of the Trust, it was held up as a leading international example of economic development. The Ontario Government chose Venture Taranaki as one of the five global benchmark models in regional economic growth, and the Trust was recognised formally at the Think North Summit in Ontario in June. In October we welcomed prominent local businessman and former New Plymouth Mayor Peter Tennent to the Trust. Peter’s skills, experience and connections have rapidly made a positive impact, and I am sure that his insight into the mechanisms of local government and the regional business and tourism landscape will continue to play a part in driving the Trust and the region to greater achievements. Finally, on behalf of the Board, I must thank Chief Executive Stuart Trundle, his management team and all of the staff at Venture Taranaki. Their tireless efforts in driving the region’s development are largely invested behind the scenes, and as such can go largely unrecognised. But as our region emerges from a period of significant financial instability the work of the Trust, across an incredibly diverse portfolio of projects, ideas and achievements, becomes increasingly important, not only to the regional economy, but on national and international stages.
Robin Brockie Chair, Venture Taranaki Trust
On 15 September the Board and staff of the Trust sadly farewelled Chair of nine years, friend and mentor John Young ONZM, after a short illness. “John’s immense achievements were gained in a quiet yet confident way, driven by a vision for a Taranaki that could realise its great potential, and delivering consistent benefit to all people, right across the region,” said Chief Executive Stuart Trundle. “John was a visionary champion for the boundless abilities of the Taranaki region, and as such his philosophy was a natural fit with Venture Taranaki.” “In his own humble and considered way he has made a substantial and indelible impact on Taranaki, and his legacy continues to be felt strongly today.”
Sir Paul Reeves It was with much sadness that the Trust farewelled Sir Paul Reeves on 14 August 2011 after a short illness. Sir Paul Reeves joined the Trust in 2006, and has made an indelible mark in the boardroom, in the Trust’s activities, and in the standing and perception of the Taranaki region. Sir Paul was characterised by an indefatigable conviction that the world
could be improved, and that intervention could benefit the many, not the few. He believed in the power of education and the equality of all – indeed he was one of the few people in New Zealand’s history to bridge the gap between Kings and kids, Maori and Pakeha, Church and the community and strategy and delivery. His legacy to Venture Taranaki is the forging of a long-term regional strategy to
benefit all sectors of our community. Sir Paul was a great leader, advisor and friend, who gave years of selfless service to the people of Taranaki. His wit, attention to detail and vitality will be sorely missed from our board table. He was one of our region’s greatest sons. Our thoughts and prayers go out to Lady Reeves and Sir Paul’s whanau.
Kua hinga he totara i te wao nui a Tane. Venture Taranaki Annual Report 2011 3
increasing exports by $100 billion to a total of $160 billion over the next 15 years. Team Taranaki is a term that has been successfully used to drive the region’s events and growth agenda. But it also reflects the local government and community trust support that has enabled the Trust – and consequently the region’s businesses – to succeed.
Chief Executive’s Comment
T
he future prospects of our region could hang on one question – how does Taranaki resonate on the national agenda?
Are we recognised as punching about our weight in terms of innovation, productivity and contribution to the bigger economic picture or is Taranaki seen as just another region in the supply chain for our super cities?
province sitting at the edge of the nation, is astounding. Across almost every industry represented in Taranaki we have class-leading companies. From building stunning super yachts to spectacular kinetic sculptures, it’s happening in our region. From designing highly specialised electrical automation systems to building components for international oil rigs to maximising the yield of a herd of cows, Taranaki is performing to world class standards. From showcasing local history in amazing new ways to protecting our top athletes to building some of the fastest wind surf boards in the world; Taranaki is the place to be.
Ensuring our region is positioned at the forefront of significant investment discussions has been a central driver to the Trust’s activity over the past year. It has been a constant theme underpinning
But none of this has happened in isolation. Just as an idea takes a team to make it happen, a strong regional economy takes innovative businesses, a responsive business support network, a progressive
Do our nation’s leaders, decision makers and entrepreneurs view Taranaki as a core driver of the national economy or as a village on the edge of the country at the end of a long drive?
The support may not always achieve the desired outcome, as some businesses continue to see Venture Taranaki as an ambulance at the proverbial bottom of the cliff rather than a trusted business support agency helping implement long-term strategic thinking. However, for those companies who saw the competitive advantages to be gained from working with the Trust, the results have been impressive. In the 2010-2011 year we facilitated $1,587,793 in high growth grants to Taranaki businesses. We led the country in the rollout and uptake of vouchers through the Regional Partnership Network, with $103,844 in funding helping Taranaki’s business leaders and managers up-skill. We partnered 67 business owners with mentors, and in the process gained the highest satisfaction level in New Zealand,
Plymouth District Council in particular, but also the Stratford District Council, South Taranaki District Council, Taranaki Electricity Trust and TSB Community Trust. The success of Team Taranaki owes as much to their conviction to regional thinking as it does to their financial commitment to regional economic development.
Across almost every industry represented in Taranaki we have class-leading companies. From building stunning super yachts to spectacular kinetic sculptures, it’s happening in our region. As a result of our regional support, this year the Trust operated on annual revenue of $3,660,220, an increase of $99,779 from 2009/2010. From that, we met all KPIs except tourism growth and the number of people employed, both of which are still impacted by the global financial crisis. The Trust finished the year with equity of $308,450 and invested all of our revenue in activities to ensure a break even outcome for the region. I would like to acknowledge the ongoing support of our colleagues at the New
The Board of Venture Taranaki Trust has also been instrumental in shaping the region’s successes over the last year, and I thank them for their guidance and insight. Their strategic direction and policy framework brings international networks and best practice to our boardroom, and consequently to our entire spectrum of operations. It was with great sadness though that we bid farewell to the Trust’s chair, friend and inspirational leader of nine years John Young ONZM, who passed in September
after a short illness. John’s legacy and vision remain firmly ingrained in the Trust’s activities and achievements, and will continue to shape this region’s fortunes for many generations to come. Finally I thank my executive team, who are very much at the leading edge of growing the region’s businesses. Individually we work hard to make a difference to the regional economy and collectively to create a Regional Development Agency that is acknowledged as the benchmark for other regions to emulate – both nationally and globally. I trust you will find this report an illuminating insight into the sheer breadth of the Trust’s involvement and commitment to driving the economic wealth of our region.
Stuart Trundle Chief Executive, Venture Taranaki Trust
“How does Taranaki resonate on the national agenda?” an incredibly diverse portfolio of products, services, outcomes and achievements. Our complex matrix of capability is conducted under the full scrutiny of our Board, our stakeholding local and central government agencies and the media and public. That 98.2 percent of the people that the Trust worked with over the year were either satisfied or extremely satisfied, as determined by the annual Customer Satisfaction Survey, is a testament to the quality of the work undertaken by the Venture Taranaki team. What has been achieved, by a small
4 Venture Taranaki Annual Report 2011
community, an inspiring environment and visionary leadership to exist, let alone flourish. Over the year Venture Taranaki worked across and beyond that spectrum of factors to ensure the region was positioned at the forefront of economic recovery. There have been some notable exceptions that have challenged some of our oldest, most respected and strongest companies. On these occasions the Trust has also been involved, working behind the scenes to keep innovation, investment and most importantly people and their families in the region.
as determined by the Business Mentors New Zealand Client Satisfaction Survey. We have lobbied Government at all levels to ensure that the region is given the resources, funding and infrastructure it needs to realise its potential. While we have seen some progress, it is critical that the region is seen of strategic economic importance to the national economy. Funding based on population modelling may be popular doctrine but will not deliver the intergenerational changes required if the nation is to achieve the Government’s stated growth objective of
Venture Taranaki Annual Report 2011 5
Achievements Lunchtime Speaker Series
I
Venture Taranaki by the Numbers 2010-2011
n July Venture Taranaki launched the Lunchtime Speaker Series, an opportunity to engage the region’s business and community leaders on issues of importance to the region’s economic development.
Events within the series looked at Taranaki’s economic performance over the past decade, briefed the audience on a range of current economic, population, industry and social indicators, and introduced the Taranaki Regional Strategy to 2035 as a road map for the region going forward.
Venture Taranaki Annual Revenue
July 2010
A fourth event in the series introduced The Wealth Beneath Our Feet report that identified the full scale and significance of the oil and gas and its supporting industries to the Taranaki and national economies.
$ 4,000,000 3,500,000
Submissions made
3,000,000
Throughout the year a number of submissions were made by the Trust. These included a submission to the Ministry of Fisheries on Maui’s and Hector’s dolphins in support of the region’s fishing industry, the New Zealand Immigration Service Essential Skills list, the Regional Land Transport Strategy, the NZTA Draft State Highway Classification, the Government Infrastucture Review, and the regional EastWest Corridor and Port Hinterland reviews. In addition to formal submissions, a large number of letters of support were drafted for local projects.
2,500,000 2,000,000 1,500,000 1,000,000 500,000 0
Regional economic briefings
99 00 01 02 03 04 05 06 07 08 09 10 11
YEAR
Venture Taranaki provided detailed regional economic and industry briefings to over 10 Government and Parliamentary visitors to the region, helping to raise the profile of Taranaki and its economic significance to the nation as a whole.
2010/2011 Funding Sources New Plymouth District Council $2,779,000
78%
12%
10%
6 Venture Taranaki Annual Report 2011
Other $422,444
Central Government $357,679
In addition, Venture Taranaki facilitated $1,587,793 in High Growth Business Grants to Taranaki businesses and $103,884 of Training Vouchers.
“As the representative for the holiday park sector of the tourism industry, I have valued the support and information supplied by the Venture Taranaki Tourism team throughout the year. Their staff is of the highest calibre and information is timely and useful to our members. The business owners in our sector have a very positive outlook for the future of tourism in Taranaki and feel that the work done, and being done, by VTT has been of immense value to the optimism and economic benefits received in our sector.”
Communicating with our stakeholders Throughout the year the Trust created and distributed a wide range of targeted electronic newsletters: • 12 Enterprise News e-newsletters • 12 Taranaki Talk visitor e-newsletters • 12 Visitor Industry updates, • Six Te Puna Umanga e-newsletters • Four Regional Partner Provider updates • Three ExporTAR Updates, and • Two Employer updates
Teresa Bowe, Belt Road Seaside Holiday Park
Venture Taranaki Annual Report 2011 7
August 2010
“As a new joint venture operating in the hydrocarbons arena in Taranaki we have found the level of support from Venture Taranaki invaluable in achieving our growth aspirations, particularly through the services offered in attracting skilled people to the region.”
G-Taranaki 2010
Brian Souness, Clough AMEC Beca
Hosting it ‘like no other’
T
he Venture Taranaki-run Taranaki Conventions Bureau exists to help the region attract and host a diverse range of conferences and events. Through the innovative ‘Host it like no other’ conference assistance programme, the Trust works alongside the region’s clubs, associations and businesses to secure important national events and once they’re here provides a range of collateral and regional information to help promote Taranaki and its attractions beyond the event. A highlight for the Bureau during the year was the successful bid to attract the
annual New Zealand Brass Band Contest to the region. The bid was developed in conjunction with New Plymouth Brass, and the 2013 event – the largest brass band event in the country – will bring more than 1,300 musicians and supporters to the region for a 5-day celebration of all things brass.
“That New Plymouth Brass has been able to secure a national event of this scale is a tribute to both the organising team and to the region,” says New Plymouth Brass chairman Mike Brooke.
“Venture Taranaki was instrumental in securing the event though helping us to ensure that the bid we presented was as strong as possible. In the end the professionalism of the bid helped Taranaki to win the event by just one vote over Wellington.” Based on standard multipliers, that one event will bring over $2.0 million into the Taranaki regional economy, but just as importantly, it will showcase the region, its attractions, and its businesses to a new audience from throughout the country.
Website growth The region’s official website www.taranaki.info attracted 11.2 percent growth over the year to end of June, with almost 230,000 visits. Major enhancements to the site over the year were a significant redevelopment of the Live and Work section putting a greater focus on showcasing those that have made the move to Taranaki, a full redevelopment of the structure and content of the Business section of the site, the introduction of a new microsite in support of the Swap Sides campaign, improvements to the Visit section booking engine to drive more site visitors to book activities and accommodation, and continued development of the Rugby World Cup 2011 micro-site. Increased integration with social and rich media also contributed to the growth in traffic.
591 Taranaki employers registered on the www.taranaki.info/jobs website 8 Venture Taranaki Annual Report 2011
New Zealand’s only international guitar festival, G-TARanaki is responsible for bringing some of the world’s best guitarists to Taranaki to educate, entertain and inspire music lovers. The second event, supported by the Major Events Fund, was held in August 2010 and presented a star-studded line up including Michael Jackson’s former guitarist Jennifer Batten, Pink Floyd bassist Guy Pratt, Britain’s latest blues sensation, the Oli Brown Band and headline act Slash of Guns’n’Roses fame. The festival occurs over a week, providing opportunities for music lovers to learn from guitar legends through concerts,
intimate midnight sessions and panel discussion forums, providing aspiring artists the opportunity to develop their talents through attending Sky Academy workshops and master classes. Held in the TSB Showplace, Puke Ariki and TSB Stadium, the festival drew large crowds into the region. As one fan stated “it brings heaps to Taranaki, and the atmosphere is great.” This was a special event, as it also honoured G-TARanaki founder and former Venture Taranaki staffer Garry SharpeYoung who passed away suddenly in March 2010.
WETOX Venture Taranaki is supporting the commercialisation of a new patented technology developed by Victoria University for the disposal of organic sludges that typically come from municipal waste treatment plants, food processing industries and even the oil and gas industry – all core industries to the Taranaki economy. The University-developed WETOx process is a new method for treating organic sludge, with easier extraction of valuable
by-products. WETOx has patented critical aspects of the process, whereby the growing global problem of disposing of sludge is dealt with through an inexpensive and environmentally friendly process that does not have limited capacity or applications.
WeTox SoluTIon
Meeting the growing demand for environmental solutions through this Taranaki-produced technology should also see the region’s profile as a centre for applied engineering grow.
“From the very start, Venture Taranaki were supportive and enthusiastic champions of our company, introducing us to potential clients and suppliers in the region.” Kevin McKay, WETOX Limited
Venture Taranaki Annual Report 2011 9
Series of guidebooks a hit Taranaki – A Walker’s Guide was updated and reprinted for a third edition during the year, a testament to its popularity amongst both visitors to the region and locals. The handy guidebook features information on 28 walks, treks and tramps throughout the region. Based on this popularity, the range of A5 guide books was extended during the year to include two further guides.
September 2010
Taranaki Parks and Gardens showcases 18 public parks and gardens throughout the region, and Taranaki’s private gardens
of national and international significance. In addition to route and amenity information, the publication looks at the many stories behind the region’s often historic parks and gardens. Taranaki Museums and Art Galleries tells the story of 29 of the region’s museums, art galleries and more eclectic collections, and offers a fantastic guide to discovering the many stories of the Taranaki region. Organised by district this guide is as much an insight into the passionate collectors of the region as it is a glimpse into Taranaki’s past.
Showing the world our O&G capabilities The Oil and Gas Specialist Technologies Cluster, established and facilitated by Venture Taranaki, underwent a full strategic review in September, with a view to delivering even greater benefit to members. As an outcome of the review, the Venture Taranaki team were instrumental in developing a
new website and promotional material that has increased the focus on the extensive capabilities of the 21 member companies. The OGST was also a Gold Sponsor and exhibitor at the ENEx in New Plymouth in June, and is a founding sponsor of the New Zealand Petroleum Club.
“Venture Taranaki has been actively supporting and facilitating the Oil and Gas Specialist Technologies (OGST) group since its inception eight years ago. We are extremely thankful to the team at Venture Taranaki for the on-going valuable support and input provided.” Arun Chaudhari, Chair – OGST
10 Venture Taranaki Annual Report 2011
O&G Taranaki Dinner An innovative event stole the march at the New Zealand Petroleum Conference in Auckland in September, when Venture Taranaki and a number of regional sponsors hosted key national and international O&G industry stakeholders and corporates for a highly successful dinner. The purpose of the event was to acknowledge the contribution of the industry to Taranaki’s economy, foster positive relationships and promote local capability.
Passing on the region’s innovators Tapping into a passionate global audience of 35,000 expat New Zealanders, the Pass It On campaign – an initiative of the extensive Kiwi Expats Abroad network sought to highlight great business stories from New Zealand and spark up a conversation to showcase Kiwi Ingenuity on the world stage. Venture Taranaki got on board, working with three innovative local companies; Fitzroy Yachts, Carbon Art Windsurf and Howard Wright Limited, to produce video clips promoting the companies, their products, and the region’s unbeatable lifestyle. A board being handcrafted at Carbon Art Windsurf.
Venture Taranaki Annual Report 2011 11
A growing media profile Throughout the year Venture Taranaki championed the region to national and international media channels, stimulating extensive coverage in a range of publications and channels. Some of the biggest achievements were an extensive 16-page look at the region’s creative community in URBIS magazine, a comprehensive 14-page overview of the contribution of the oil and gas sector in North & South magazine, and working with TVNZ to broadcast Breakfast from the region. Beyond these, assistance from Venture Taranaki resulted in regional coverage in the Herald, Dominion Post, TV3, TVNZ Close Up, Curl magazine, AA Directions, Australia New Zealand Magazine (UK), National Business Review, The Times (UK), RWC 2011 Official Magazine, Radio New Zealand, Lonely Planet, Arrival, Royal Auto magazine (UK) and many more.
October 2010
Taranaki Rhododendron and Garden Festival The Taranaki Rhododendron and Garden Festival bloomed again in late October, celebrating its 23rd year. Over 49 gardens took part in the festival, collectively receiving more than 50,000 visits from green fingered enthusiasts. With
Welcoming the Rugby World Cup 2011
V
enture Taranaki was at the forefront of regional preparations for the Rugby World Cup 2011, the biggest sporting event ever to be held in New Zealand. Having engineered the regional bid document that secured three pool matches – Ireland vs USA on 11 September 2011, USA vs Russia on 15 September and Wales vs Namibia on 26 September – the Trust was actively involved over the year in ensuring the event had a positive effect on the region’s global profile, and developed a legacy of infrastructure that will position the region well for future events. Ahead of the event, RWC 2011 figures forecast over 95,000 international visitors, a global media audience of 4 billion and over 2,000 visiting international media, with up to 18,815 international visitors anticipated to pass through the region.
12 Venture Taranaki Annual Report 2011
Venture Taranaki was pivotal in ensuring readiness through rolling out the Match Ready programme in the region, developing the regional visitor collateral around the event, briefing businesses, creating signage for a range of locations throughout the region, working with government departments to develop regional profile around the Business Club and Agritech Clusters, and providing a link between inbound media and the people and businesses of Taranaki. The Trust also developed a regional web presence around the event, with content spanning Tournament information, business readiness, information dissemination and ensuring a positive visitor experience. This formed one of the major work flows across the Trust’s marketing and events team, with sizable contributions from across the organisation.
95,000 international visitors
workshops, guided walks, wine and jazz events and expert speakers there was something for everyone to enjoy. One of the many highlights was the home of the festival itself – the Taranaki Arts festival Trust Building which was transformed into a vertical garden designed by Auckland’s Tracey Perryman. It was with great interest
that passersby viewed the green growth clambering its way up the outside wall. With $5.4 million of spending generated by the festival, the event is an important contributor to the regional economy, and is a beneficiary of a grant from the Major Events Fund.
“Blown away, love the variety, so friendly, will come again”
2,000 visiting media 3 matches in Taranaki
“A world class event well worth seeing”
1 chance to make an amazing impression
Venture Taranaki Annual Report 2011 13
Steelformers Round the Mountain Relay This 150km around the mountain running or walking relay comprises teams of 10 – 16 members completing 21 legs of 5 – 11km. Starting on Friday the relay continues through the night to finish late afternoon Saturday. Last year 1790 entrants completed the relay, in 51 walking teams, 59 composite teams, 15 solo ‘100 milers’ and 18 running teams. The event received a grant from the Major Events Fund, has grown every year since inception and has received excellent acclaim.
“FINALLY I get a chance to e-mail you (needed a breather after all the organising!) to say what an ABSOLUTELY FANTASTIC event! We all had SO much fun” Steelformers Round the Mountain Relay participant 2011
V
enture Taranaki this year entered into a pioneering partnership with AA to offer a joint 2011 official Taranaki Visitors Guide.
and enabling a more comprehensive publication with wider distribution. This partnership, the first of its kind, will mean that Taranaki’s Official Visitor Guide reached a far greater audience, with 200,000 copies reaching the market across New Zealand by utilising AA’s own network and AA Tourism’s links into the Australian market, rental car companies and passenger services.
The joint venture enabled the region’s tourism businesses to focus on a single publication, rather than having to advertise in both the Taranaki Visitor guide and the AA Regional Guide to ensure complete coverage, resulting in cost and time saving
Global Entrepreneurship Week
YOUR SOURCE FOR TARANAKI INFORMATION
While entrepreneurship could be seen as being far more about an ongoing process than a moment, Venture Taranaki was involved in marking Global Entrepreneurship Week in Taranaki. The Trust supported an Entrepreneur’s Networking Breakfast to launch the week’s programme, with Chief Executive Stuart Trundle providing the keynote address on building an entrepreneurial culture.
New Plymouth i-SITE Visitor Centre Puke Ariki, 1 Ariki Street, New Plymouth Email: info@npdc.govt.nz Phone: +64 6 759 6060
Gardens like no other
4
3
Taranaki’s gardens are so spectacular in spring they have their own festivals. The Taranaki Rhododendron and Garden Festival, 29 October to 7 November, showcases more than 50 of the region’s best, and is supported by an eclectic Fringe Garden Festival that gives access to many more great Taranaki Gardens.
Taumarunui
Waitara New Plymouth
Airport
3A
www.taranaki.info
43
3
Photos: Rob Tucker
C7/VT149/AA
Inglewood EgMONT NATIONAl PArk
Stratford i-SITE Visitor Centre Prospero Place and Miranda Street, Stratford Email: info@stratford.govt.nz Phone: +64 6 765 6708
Mt Taranaki (2518m)
Stratford
Legendary
WHANgANuI NATIONAl PArk
Eltham
Opunake 3
4
Hawera
South Taranaki i-SITE Visitor Centre 55 High Street, Hawera Email: visitorinfo@stdc.govt.nz Phone: +64 6 278 8599
Garden delights
The North Island province of Taranaki offers you stunning landscapes filled with history, adventure and friendly locals. Here’s what you can expect from the region ‘like no other’:
Patea
Taranaki gardens are so spectacular they have their own festival. The annual Taranaki Rhododendron and Garden Festival showcases the best each spring, but Taranaki’s gardens can be enjoyed all year round.
Rich history From the perfect volcanic cone of Mt Taranaki to the ancient Maori fortresses carved into its hilltops, Taranaki is rich in history and renowned for its museums – South Taranaki’s amazing Tawhiti Museum and New Plymouth’s Puke Ariki are two of the nation’s best.
Take a walk
Arts and events
10km
Arts lovers won’t be disappointed with a visit to Taranaki. New Plymouth’s Govett-Brewster Art Gallery is widely regarded as the leading contemporary art museum and the region hosts spectacular world-class musical performances and festivals.
From the international award winning 10 km New Plymouth Coastal Walkway to the spectacular 2-day Pouakai Circuit on the slopes of the Mountain, Taranaki offers great walks for all levels of fitness or adventure.
A natural playground
To get the full story on what Taranaki has to offer, as well as the inside word on what to see and do, head to the official traveller website:
Taranaki is an undiscovered outdoor playground. Mt Taranaki, at the region’s heart, offers countless alpine adventures, as do the many parks, gardens, rivers and lakes that surround it.
Find out all you need to know about Taranaki:
www.taranaki.info VT0149 RVG Back Cover Ad.indd 1
Six foot and glassy Taranaki is the home of Kiwi surf - almost every road that heads towards the coast will lead you to an uncrowded wave. Surf Highway 45 – the coast road from New Plymouth to Hawera – passes dozens of world-class breaks.
www.taranaki.info
C7/VT0149/CDP
Alison Nottingham, Bianca Lorenne
Partnership with AA tourism delivers benefits
C7/VT0149/rVg
November 2010
“Venture Taranaki have been extremely supportive and helpful from the start of our business some six years ago right up to now. As we have grown Venture Taranaki has offered superb support and funding for training to help us out in areas we need extra help with.”
5/10/10 12:07 PM
Taranaki’s favourites feature in illustrated map
F
rom a helicopter flight over Mount Taranaki to climbing the Hawera Water Tower, Taranaki’s publiclyvoted Must Do Experiences were pulled together for a new illustrated regional map produced by Venture Taranaki.
The brochure goes beyond your typical visitor guide which is packed with advertisements and business listings, and instead highlights what locals voted the most unmissable experiences, adventures and attractions in Taranaki.
In November, thousands of locals voted for Taranaki’s Top 50 Must Do experiences in an online campaign that heavily utilised the Trust’s social media networks for the first time. The 50 most popular attractions and adventures were then showcased in an illustrated publication that is free to both residents and visitors. Local illustrator Shane Dunlop created a quirky cartoon icon to represent each of the Top 50, designed to inspire visitors to get out and discover the community’s favourite features of Taranaki.
14 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 15
Welcoming KAREN The Trust is supporting the rollout of the Kiwi Advanced Research and Educational Network (KAREN). The KAREN network, an ultra fast broadband network – achieving up to 100 times current broadband speeds – provides a global e-Learning platform for schools. The Trust has also run an e-Learning workshop for secondary school principals and their heads of departments interested in pursuing the opportunities that this technology offers their schools. An e-Learning expert from Wellington was brought to Taranaki to demonstrate the power of e-Learning over the KAREN network. To date five institutions have been supported in their efforts to connect to the network.
December 2010
KAREN was extended to Puke Ariki in December, with the infrastructural costs sponsored by a grant from Venture Taranaki.
Fusing art & engineering New Zealand’s first and only festival of kinetic art – Kinetika – took place in Taranaki in December 2010. With the objective of being the technological equivalent of the World of Wearable Arts, the event invited entrants to create a kinetic installation that would thrill and surprise viewers.
Tony Nicholls won the design and build section with “Rocker” while James McKillop won the design section with “Soma Cube”- a stainless steel rotating cube complete with water feature which was created by Superior Stainless.
Competitors could either design and build the entire installation themselves, or devise a design that would then be brought to life by the region’s engineering firms. The sculptures ranged from small to enormous and were displayed on Puke Ariki landing and in the museum foyer.
A video following the progress of creating the sculptures from start, through the often complex engineering process to their eventual completion was developed by Venture Taranaki to showcase the ability, talent and creativity of our innovators and engineers within the region.
True impact of the oil and gas industry determined
R
ecognising the significance of oil and gas to both the regional and national economies, a central tenet of the Trust’s work this year focused on determining its true scale and impact on the nation and developing a number of initiatives to grow the industry. The Wealth Beneath Our Feet – the value of the oil and gas industry to New Zealand and Taranaki, is the most comprehensive analysis of the sector and its supply chains ever conducted, and was released at high-profile events in Parliament and New Plymouth in December. The report found that the industry contributes $2.5 billion to the nation’s GDP and employs over 7,700 people. “This report seeks to change attitudes and perceptions around the value of the oil and gas industry not only to Taranaki, but to the whole New Zealand economy,” said Chief Executive Stuart Trundle. “By identifying the benefits of the entire supply chain, the report elevates the
16 Venture Taranaki Annual Report 2011
January 2011
importance of oil and gas to a similar level to the dairy, tourism or film industries. It presents an opportunity to reflect on the immense value – both quantitative and qualitative – as well as the potential of the industry.” “The Government has called upon the nation’s business sector to lead economic recovery, and has set an export target of raising New Zealand exports by $100 billion over the next 15 years,” Stuart said. “Oil and gas offers one of the few opportunities to realise this goal – a single well has the capacity to generate $1 billion – and we hope the report will give the Government an opportunity to reflect on the significance of oil and gas in comparison to some other sectors.” The report also seeks stronger partnerships both within the industry and between the industry and government. The report was created by Venture Taranaki in partnership with New Zealand Trade and Enterprise and a range of industry stakeholders.
Creative Sector Recognising the value of the region’s creative industries as both a driver of innovation and a core element of regional attractiveness, Venture Taranaki this year launched a project to grow the businesses in the sector, their profile amongst the broader business community, and the region’s profile as a creative destination.
Yarrows Taranaki Cycle Challenge 2010 For ten years this iconic event has attracted participants from around the country. Offering solo and relay team fun rides and an elite section for experienced racers the course circumnavigates Mount Taranaki, a distance of approximately 150 kilometres through rolling countryside and rural towns. Over 900 riders arrived in Taranaki from around New Zealand to join a strong local contingent in completing the ride. Despite strong south-westerly
winds visitors were once again enthusiastic about the experience as summed up by one entrant “Once again, you turned it on! Our annual pilgrimage from Tauranga was amazing if not a little more challenging than past years, which made the beer at the finish line taste even better!” The event is supported by a grant from the Major Events Fund. Once again a team of committed Venture Taranaki staffers participated in the event.
Energystream.co.nz Following the release of the Wealth Beneath Our Feet report, the Energystream website – www.energystream.co.nz was launched as a comprehensive online portal for oil and gas news, information, education, and capability. The site continues to grow in content, functionality and traffic.
“The Wealth Beneath Our Feet report is a fine piece of work that we will put to good use.” Dr Brad Ilg, Manager Petroleum Strategy, Planning and Promotion, New Zealand Petroleum & Minerals, Ministry of Economic Development
Venture Taranaki Annual Report 2011 17
“The Venture Taranaki team offer a fantastic resource for the region’s engineering sector, and deliver their huge range of services in a very approachable and friendly manner.”
February 2011
Peter White-Robinson, Chair, Engineering Taranaki Consortium
Wells New Plymouth Half Ironman
Building a Regional Partnership
T
I
aranaki’s inaugural half ironman event was a huge success, with event director Selwyn Brown identifying and responding to a gap in the market following the departure of the ITU Triathlon event in the region’s events calendar. With the backing of Tri NZ, the Wells New Plymouth Half Ironman event was born. In order to maximise involvement and fun the ironman was combined with a half
n late 2010 Venture Taranaki became the first of 14 regional business partners with New Zealand Trade and Enterprise and the Ministry of Science and Innovation’s TechNZ programme to deliver business growth support to Taranaki businesses.
marathon and 10km walk/run sponsored by The Frontrunner. Nearly 500 people participated in the inaugural event with out-ofregion attendees from as far afield as Christchurch to Auckland. Based around Port Taranaki, the Coastal Walkway and Surf Highway 45, not only was the event a great way to draw visitors into Taranaki, it provided a great opportunity to showcase the region. The event was supported by a grant from the Major Events Fund.
“I had high hopes for this race, and they were exceeded! What a fantastic (and HARD) event. I LOVED the bike course, and doing the run along the walkway was awesome.”
Rail Study During the year the Trust conducted an initial study into rail in Taranaki, looking at the current state of play and future of rail for the region.
Under the Regional Partnership, launched in February, Venture Taranaki provides the point of contact and facilitates access to both MSI’s TechNZ offering and NZTE’s Capability Development Voucher Scheme. This combined with other business services offered by Venture Taranaki ensures a holistic approach to meeting business needs in the region. Under the Voucher Scheme up to 50% funding support can be granted to eligible businesses wanting to invest in business capability training and coaching. Venture Taranaki hit the ground running and issued the first vouchers in February 2011, well ahead of the rest of the country. Taranaki’s first voucher was issued to HeliView Taranaki Limited on 10 February, with a total of 134 vouchers issued as at the end of June, totalling $103,843.82 of value to Taranaki businesses, leading the country. Overall, 115 assessments for the programme were undertaken, with a further 80 clients referred to alternative
services. More than 30 training providers have been approved for the scheme’s delivery in Taranaki. TechNZ, part of the Ministry of Science and Innovation, provides investment support for businesses seeking research and development advice and support. Services range from matched funding for new product development to intellectual property investigation to engaging expertise to build business R&D capability. It also enables greater engagement with Crown Research Institutes and universities to ensure connectivity between these organisations and businesses. As MSI’s partner, Venture Taranaki manages the promotion, awareness and facilitation of TechNZ services in Taranaki and can award up to $5,000 funding in-house, manage applications up to $30,000, and then works with TechNZ investment managers and client businesses on applications above $30,000. Demand for advisory support on R&D investments and projects has been high, with Venture Taranaki working with a range of clients on various funding opportunities. In the year to 30 June 2011, the Trust facilitated $1,587,793 million in TechNZ funding across 30 investments, and an additional $22,500 in direct NZTE funding.
Grants have been awarded for technical product development, product and process improvements, prototypes, IP investigation, freedom to operate, business growth, expert searches and expertise transfer. A number of education grants were also awarded for businesses to work with universities, masters students, and bringing in postgraduate and intern students. “As a small business we have been amazed and really grateful at the opportunities we have been given by Venture Taranaki to learn how to expand, streamline and gain knowledge for the future.” – Betty Bremner, Bremner Music “We were excited that our business could qualify for funding, which we always assumed would be out of reach for a small company like ours. Since receiving the Capability Development Vouchers we have seen exciting changes to our marketing, and grew leads from Field Days to 600 from 50 in previous years.” – Fay Emeny, Fine Particle Application “The Capability Development Voucher Scheme have helped us introduce lean business practices, improve efficiencies and plan for growth. After only a few months we are already seeing benefits.” – Andrea Leadbetter, TGM Design
‘As a young company with big ambition and significant market potential, the support received from Venture Taranaki was invaluable in helping us secure R&D funding to develop our product. The company is going ahead strongly, and we really appreciate the ongoing assistance of Venture Taranaki.’ Jacqui Jones, Auroa Helicopters Ltd 18 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 19
Taranaki Technology Network
March 2010
Venture Taranaki was a founding partner in the Taranaki Technology Network – a cluster of the region’s technology developers and companies that seeks to offer networking, development and growth to this innovative sector.
56th Taranaki business gains Qualmark accreditation
March 2011
W
hile getting hugs from homesick Taranaki expats isn’t what you’d normally expect as a coach driver, it’s just one aspect of service that has gained New Plymouth business Withers Coachlines internationally-recognised Qualmark accreditation. Working with Venture Taranaki, Withers Coachlines has successfully undertaken the accreditation process, which licenses professional and trustworthy New Zealand tourism businesses to use the Qualmark logo – tourism’s official quality mark. Withers is the 56th Taranaki business to gain current Qualmark accreditation,
WOMAD 2011
O
nce again the sun shone for WOMAD New Zealand in 2011, and exotic sights, sounds and smells engulfed the entire venue as 37,000 people flowed through the gates during the three-day event to experience more than 350 performers. The colourful crowd was entertained by international musicians including Horace Andy (Jamaica), 71 year old Calypso Rose
(Trinidad and Tobago), and blind couple Amadou and Mariam (Mali). The festival also included dance performances, workshops, art exhibitions and exotic food stalls with Peta Mathias hosting the Nova Energy Taste the World stage. The addition of a village of wellness this year provided the option for some time out and a relaxing massage.
Over half of all attendees were from out of town with the majority staying 3 or more nights. Overall spend by visitors to the region was estimated at $2.48m and a further $2.38m was spent by local residents, delivering an estimated economic impact of $4.87m, underscoring the importance of this event, supported by Venture Taranaki through the Major Event Fund.
up from just one business in 2004, with more than 40 of these supported by Venture Taranaki. Ten of these businesses have achieved Qualmark Enviro status, reflecting their sustainable practices. “We’ve had fantastic growth in the number of world-class tourism and visitor businesses in Taranaki, and the hard work that has gone into this achievement is to be commended,” says New Plymouth Mayor Harry Duynhoven. “This is another reflection of the longterm transformation of Taranaki as an increasingly attractive place to live, work and visit.”
“We are all about exceptional service, and Qualmark is a way we can validate that service and tell others about it,” said Withers Coachlines Director Blair Withers
Taranaki Trade Planner released Ensuring travel agents, tour operators and other members of the tourism trade are kept informed with the latest in Taranaki’s visitor industry was the driver behind the Taranaki Trade Planner. This 48 page publication provided a comprehensive and stunningly packaged resource to educate, engage and excite the international visitor industry. It was shared with members of the Australian travel trade, and has been supplied to Tourism New Zealand for global distribution.
New Plymouth Mayor Harry Duynhoven and Venture Taranaki Marketing Manager Vicki Fairley presenting Blair Withers of Withers Coachlines with Qualmark accreditation. 20 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 21
April 2011
ExporTAR
Client Satisfaction Survey
The ExporTAR forum continued to build the network of Taranaki exporters over the year, with a total of eight events held. Events included workshops Introduction to Exporting, Exporting Growth, and Cracking China as well as roundtable discussion sessions with specialist advisors, a Lean Manufacturing network meeting and a highly successful Export Day for current and potential exporters. Venture Taranaki also hosted a round-table on doing business in South-East Asia for the oil and gas industry supply chain companies.
The annual survey of the Trust’s clients over the 2010-2011 year polled users of the full range of Venture Taranaki’s services – from business start-ups to high-growth exporters. Key findings of the survey found that 95.4 percent were satisfied or extremely satisfied with the business services they received from Venture Taranaki. A positive 98.2 percent were satisfied or very satisfied with their overall engagement with Venture Taranaki staff, and 99.1 percent of respondents would use Venture Taranaki’s services again. The Trust’s services seen as being of the greatest value to local businesses were, in descending order; training, workshops, seminars and forums; business advice and support for existing businesses; funding and grant access and support; business start-up support or clinics; business mentoring; and the Capability Development Voucher scheme/capability assessment.
W 2011 TSB Bank Women’s Surf Festival
B
uilding on the success of the inaugural 2010 event, the TSB Bank Women’s Surf Festival returned to Taranaki’s legendary coastline in late April. This year’s event comprised six days of the finest Women’s surfing talent from New Zealand and around the globe for the New Zealand Open and the Women’s ASP World Tour event, combined with a range of community events encompassing beach bashes, a sand castle competition, surf films and disabled surfing clinics. The event was once again a huge success enjoying extensive regional, national
and international coverage including a half-hour event highlight package on TV One’s “Game On’ which reaches more than 50,000 viewers. Taranaki expat Sarah Mason consolidated last year’s stunning performance by again winning the New Zealand Open with Australian surfer Sally Fitzgibbons taking out the World Tour event. The event was supported by a grant from the Major Events Fund. As Curl Magazine’s Editor Lynne Dickinson stated “We all talked about what a fantastic week we have had and how unique and personal the TSB Bank Surf festival is … I loved spending time in the ‘Naki”.
Showcasing regional capabilities In April Venture Taranaki spearheaded a national trade mission to the Australian Petroleum Production and Exploration Association (APPEA) conference and trade fair in Perth. The mission was aimed at showcasing the extensive capabilities of the region’s oil and gas and downstream companies, and forged some valuable connections between Taranaki businesses and leaders of the Australian oil and gas sector.
ithin its Talented Taranaki strategic framework, Venture Taranaki is tasked with attracting skilled workers to help meet the needs of local businesses and the region’s population target of 135,000 by 2035. A major talent attraction campaign, Swap Sides, was developed and launched on 1 April, emotively contrasting aspects of Taranaki’s legendary lifestyle with similar aspects of bigger city living. The campaign drives respondents – be they domestic, ex-pat or international – to a micro-site www.swapsides.co.nz and encourages them to sign up to receive regular updates
on regional news, opportunities, events and lifestyle developments, all with the ultimate goal of attracting them to live and work in Taranaki.
C7/VT0222/0911
Swap Sides to Taranaki
City Parking City Parking elsewhere
in Taranaki
Lunchtime Surfing
Lunchtime Surfing
The campaign has been timed to leverage events, particularly RWC 2011, and was phased to reach the domestic market – primarily Auckland – before expanding to target ex-pats and potential international migrants. The campaign utilised a wide range of digital, social, print and outdoor media channels, and is supported with a PR push to get editorial coverage for the region in immigration and lifestyle publications, websites and electronic newsletters.
elsewhere
in Taranaki
Photo Pip Guthrie
Mapping Taranaki’s Trends The snapshot of regional statistics Taranaki Trends was released in October and April, ensuring the local business community has access to current facts and figures relevant to the region. Trends has been produced regularly for over eight years, and provides a comprehensive collection of local data from a range of sources.
22 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 23
Boosting the region’s digital profile
V May 2011
enture Taranaki’s social media presence continued to gain momentum, attracting over 20,000 followers on Facebook and an additional 1,600 followers on Twitter. With over two million New Zealanders on Facebook and 20,000 active Twitter users across the country, Venture Taranaki recognises the growing importance of leveraging social media for regional promotion. The Taranaki Facebook page has an impressive audience size in relation to the bigger cities and enjoys a high rate of interaction from this audience, who demonstrate a willingness to work alongside Venture Taranaki in promoting the regional brand in this space. Content is shared daily via the Trust’s social media platforms and includes engaging and relevant news, photos, videos and web links. Facebook and Twitter have proven to be powerful tools for Venture Taranaki in promoting local events, supporting local businesses, stimulating region-based discussion and fostering community spirit.
89.7% growth in the region’s Facebook followers over the year
Partnership to GROW Taranaki A new partnership between Venture Taranaki and Work and Income New Zealand saw the launch of the GROW Taranaki campaign. The campaign, across radio, print, digital, media and word of mouth via the business advisory support team, seeks to strengthen the links between WINZ and the region’s employers, with the goal of helping businesses take on more staff and reducing unemployment across the region.
In addition to the regional brand Facebook Page, a Venture Taranaki Business Page has also been created to provide an additional outlet for promoting the Trust’s upcoming events and projects.
As momentum grew around the hosting of a cruise ship in Taranaki this summer, Venture Taranaki embarked on an initial study to look at the feasibility and economic sustainability of welcoming the cruise sector to the region. Work was also undertaken to meet the needs of the incoming cruise ship from both visitor and infrastructural perspectives.
Venture Taranaki has also played an active role in educating the local business community about the marketing and networking potential of social media. Through a series of seminars and oneon-one workshops, the Trust has helped over 100 local businesses discover how they leverage social media platforms for business growth. As new technologies emerge and reshape the existing social media environment, Venture Taranaki continues to monitor these changes and adapt communications accordingly to ensure the regional brand remains relevant and active in the right places. Venture Taranaki was held up as a national case study for regional engagement in social media at the 2011 EDANZ conference in June.
“The mentoring programme was great – the response I received was excellent, it made me really look at my business, what I was doing and where I was going. I have made plans for now and going into my future and where I want to be in 5-10 years. My mentor has given me great ideas and things to think about. So thank you, it was definitely what I needed.” Denise, Silk Spa
24 Venture Taranaki Annual Report 2011
Cruising for business
Taranaki Business Mentoring leads New Zealand
T
he Venture Taranaki-run Business Mentoring programme, which links owners of small and medium sized businesses with experienced business people to help businesses grow, achieved the highest client satisfaction rating in New Zealand in the nationwide 2011 Satisfaction Survey. “The growth in the number of mentors and businesses using the mentor scheme in Taranaki has been significant – numbers more than doubled in the first six months of 2011,” says Venture Taranaki’s mentor coordinator Deborah Gilkison.
“Physigood Physiotherapy has gone ahead in leaps and bounds since we teamed up with a mentor. The business mentoring programme is a great way to get a fresh and independent view of the business that, in our case at least, has proven incredibly valuable,” Antony says.
“I recommend the programme to anyone who is interested in running their business the way they wanted to.”
“There have been some very effective matches made, with really good results for the businesses involved that have no doubt contributed to the positive feedback and our number one ranking.” One of the many local success stories is New Plymouth’s Physigood Physiotherapy. The business owner Antony Joines has worked with a mentor to drive his business forward, and is glowing about the results. Howard Wright Chief Executive and Business Mentor Bruce Moller.
“Our mentor could not have been better. Since our involvement with him our business has increased incredibly. He is helpful, easy to talk to and we have enjoyed our contact. We would have no hesitation in recommending the Mentor Scheme.” Teresa, Brokers Panel and Paint
Venture Taranaki Annual Report 2011 25
Advising local businesses
June 2011
The level of business advisory support sought from Taranaki businesses was consistently high across the year, with demand for support in all aspects of business operations, including planning, marketing, financial, exporting and human resources. Venture Taranaki’s advisory team were also instrumental in the Taranaki Business Makeover Challenge and ANZ Flying Business Start business planning competition, providing promotion, judging and business advisory expertise.
Visitor Collateral
Transport Agency moves to the region Taranaki House gained another resident in June, when the New Zealand Transport Authority opened its Taranaki office under Venture Taranaki’s roof. Having NZTA resident in Taranaki strengthens the opportunity to progress the Trust’s crusade to attract greater national investment into the region’s roading infrastructure.
Venture Taranaki has been surveying 1,000 of the region’s businesses every six months for over a decade. The Taranaki Business Survey gauges a number of economic indicators and seeks feedback on topical issues. Over the year it again provided a useful barometer of the regional economy – and looked at special topics including professional development uptake, the impacts of the 2011 Budget, and perceptions around employment, taking on staff from unemployment and government policies around employment.
Partnering with Iwi Venture Taranaki continued to build its engagement with local Iwi through regular Te Puna Umanga e-newsletters, briefings to the Taranaki Iwi Leaders’ Forum, and a briefing held in conjunction with the ENEx conference with Te Arataura chair Tukuroirangi Morgan around Maori involvement in the oil and gas sector. The Trust also assisted Te Reo O Taranaki Charitable Trust in their bid to develop a series of guided walks Te Ara Puawai and a number of further Maori tourism business developments.
Assisting Business Start-ups electricity: 10% decrease Petrol: 4% increase As the only Regional Development Agency in New Zealand to be certified CarboNZero, the Trust is leading by example in responding to its carbon footprint. Compared to 2009/2010, the current year saw:
26 Venture Taranaki Annual Report 2011
Domestic air travel: 15% increase International air travel: 14% decrease
Through our regular Start-Up Clinics, Venture Taranaki met with 203 people over the year providing guidance around business planning and formation.
NZ-wide economic conditions – next 12 months NZ Wide Economic Conditions Improve
Remain the same
Deteriorate
Unsure
Taran busin show more
70%
• Mor impr
60% 50%
(54%
40%
•Man statu
30%
• (41%
20%
•Less L dete econ
10% 0%
((5% d
Venture
TARANAKI Te Puna Umanga
Te Puna Umanga
Parinīnihi ki Waitōtara Waitōtara ki Taipakē
Pipiri 2011
Photo: Rob Tucker
To ensure visitors to the region, or those considering a visit, have the information they need, Venture Taranaki updated and reprinted its Surf Highway 45 and Forgotten World Highway Touring Route guides, developed a regional Motorhome and Camping Guide, produced a third edition of the popular Taranaki – A Walker’s Guide book, updated the Like No Other conference magazine, released the 2011 Visitor Guide in conjunction with the AA, created Top 50 Must Do Experience map, and developed comprehensive guidebooks to the region’s Parks and Gardens and Museums and Galleries.
NZ-wide economic conditions Taking the region’s pulsenext 12 months
RWC2011 Business Club needs you Maori Trustee The Rugby World Cup is less than100 days away. Make sure your business is ready. The NZ2011 Business Club aims to make businesses connections and showcase the real New Zealand. The Club offers the chance to host international business people on anything from a BBQ or round of golf to a walk on the mountain or back country hunting trip.
critical that hosting events offer authentic experiences.” In the coming weeks a number of briefings for businesses will be held throughout the region, and specific nationwide business-ready programmes will be launched, including a free first-impressions training module.
“The Business Club is about building relationships with a like-minded international businesspeople,” says Venture Taranaki’s Michelle Jordan.
“Given that 44 percent of international visitors are coming to New Zealand for the first time, first impressions will be critical. Being prepared will help your business, the region and the whole country look good.” says Michelle.
“It’s about getting business relationships out of the boardroom and into real New Zealand, and it’s
To join the Business Club, contact Michelle on 06 759 5167 or michelle@venture.org.nz.
Maori Trustee appointment good news for Taranaki Maori economy Venture Taranaki extends its congratualations to Parininihi ki Waitotara Chair Jamie Tuuta on his appointment as the new Maori Trustee.
2008 found that the Maori in Taranaki contribute around $459 million every year to regional GDP and have the potential to contribute much more.
The 5-year appointment, starting on 19 August 2011, will have a critical role in building the Maori economy, which has particular relevance to Taranaki.
“Having such a strong Taranaki connection to this very significant position will create connections and new opportunities that will help Taranaki Maori to fulfill its potential,” said Venture Tarnaaki Partnerships Manager Amokura Panoho.
A report released by Venture Taranaki and Tui Ora in August
Governance Training
Venture Taranaki will be hosting a workshop for Maori Trustee Governance Training in early July. While specific details around the date, price structure, location and content are still to be finalised, now is the opportunity to register your interest to ensure that the event meets the specific needs of the trustees attending. The training will be delivered by Tony and Rona Buckley of Challenge Training. The workshop will be registered under the NZTE Capability Development Training scheme, and any Maori Trust or incorporation under the Te Ture Whenua Maori Act 1993, or similar organisation managing Maori assets under multiple ownership, may be eligible for voucher funding. The workshop will be for trustees and anyone in a management role within an eligible trust. For more information on the workshop or the voucher scheme, contact Jenn Paterson on 06 759 5166 or jenn@venture.org.nz.
Venture Taranaki | Tel: 06 759 5150 Email: info@venture.org.nz | www.taranaki.info
203
business ideas assisted
Measuring Perceptions In June, Venture Taranaki used its strong on-line presence to find out what people thought about the region. For nonresidents the mountain, beaches and scenery came out as being Taranaki’s top assets, combined with the friendly people and relaxed atmosphere. Residents thought it was a good place to raise a family and liked not having to wait at traffic lights. Overall those that lived elsewhere thought that on a scale of 1-10 where ten equals a fantastic place to live, Taranaki rated an 8.69 while locals rated it 8.53 out of ten. When residents were asked what their one wish for the region would be, responses ranged from a better road north and bringing a wider range of respected university courses to the region to winning the NPC and bringing all the Aucklanders to Taranaki to show them what they’re missing!
Leading by example Recognising the Trust’s achievements over the last decade in fostering innovative economic development at a regional level, Venture Taranaki Chief Executive Stuart Trundle was invited to present the global case study at the Think North II regional economic development summit in Canada, sponsored by the State Government of Ontario.
Venture Taranaki Annual Report 2011 27
Financial Performance 2010-2011
Contents Venture Taranaki Trust Annual Report For the year ended 30 June 2011
Audit Report ................................................................................................... 30 Trustees’ Review ............................................................................................. 32 Statement of Financial Position ......................................................................... 33 Statement of Comprehensive Income ................................................................. 34 Statement of Changes In Equity ......................................................................... 35 Statement of Cash Flows .................................................................................. 36 Notes to the Financial Statements ..................................................................... 37 Statement of Service Performance ..................................................................... 46 Trust Directory .................................................................................................48 Contact Information ........................................................................................ 49
28 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 29
Independent Auditor’s Report To the readers of Venture Taranaki Trust’s financial statements and statement of service performance for the year ended 30 June 2011 The AuditorGeneral is the auditor of Venture Taranaki Trust (the Trust). The AuditorGeneral has appointed me, David Walker, using the staff and resources of Audit New Zealand, to carry out the audit of the financial statements and statement of service performance of the Trust on her behalf. We have audited: • the financial statements of the Trust on pages 32 to 45, that comprise the statement of financial position as at 30 June 2011, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date and the notes to the financial statements that include accounting policies and other explanatory information; and • the statement of service performance of the Trust on pages 46 to 47. opinion In our opinion: • the financial statements of the Trust on pages 32 to 45: º comply with generally accepted accounting practice in New Zealand; and º fairly reflect the Trust’s: - financial position as at 30 June 2011; and - financial performance and cash flows for the year ended on that date; and • the statement of service performance of the Trust on pages 46 to 47: º complies with generally accepted accounting practice in New Zealand; and º fairly reflects the Trust’s service performance achievements measured against the performance targets adopted for the year ended 30 June 2011. Our audit was completed on 26 August 2011. This is the date at which our opinion is expressed. The basis of our opinion is explained below. In addition, we outline the responsibilities of the Board of Trustees and our responsibilities, and we explain our independence.
30 Venture Taranaki Annual Report 2011
Basis of opinion
Responsibilities of the Board of Trustees
Independence
We carried out our audit in accordance with the AuditorGeneral’s Auditing Standards, which incorporate the International Standards on Auditing (New Zealand). Those standards require that we comply with ethical requirements and plan and carry out our audit to obtain reasonable assurance about whether the financial statements and statement of service performance are free from material misstatement.
The Board of Trustees is responsible for preparing financial statements and a statement of service performance that:
When carrying out the audit we followed the independence requirements of the AuditorGeneral, which incorporate the independence requirements of the New Zealand Institute of Chartered Accountants.
Material misstatements are differences or omissions of amounts and disclosures that would affect a reader’s overall understanding of the financial statements and statement of service performance. If we had found material misstatements that were not corrected, we would have referred to them in our opinion.
The Board of Trustees is also responsible for such internal control as it determines is necessary to enable the preparation of financial statements and a statement of service performance that are free from material misstatement, whether due to fraud or error.
An audit involves carrying out procedures to obtain audit evidence about the amounts and disclosures in the financial statements and statement of service performance. The procedures selected depend on our judgement, including our assessment of risks of material misstatement of the financial statements and statement of service performance, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Trust’s preparation of the financial statements and statement of service performance that fairly reflect the matters to which they relate. We consider internal control in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.
• comply with generally accepted accounting practice in New Zealand; • fairly reflect the Trust’s financial position, financial performance and cash flows; and
Other than the audit, we have no relationship with or interests in the Trust.
• fairly reflect its service performance achievements.
The Board of Trustee’s responsibilities arise from the Local Government Act 2002 and its Trust Deed.
David Walker Audit New Zealand On behalf of the AuditorGeneral Auckland, New Zealand
Responsibilities of the Auditor We are responsible for expressing an independent opinion on the financial statements and statement of service performance and reporting that opinion to you based on our audit. Our responsibility arises from section 15 of the Public Audit Act 2001, the Trust Deed and section 69 of the Local Government Act 2002.
An audit also involves evaluating: • the appropriateness of accounting policies used and whether they have been consistently applied; • the reasonableness of the significant accounting estimates and judgements made by the Board of Trustees; • the adequacy of all disclosures in the financial statements and statement of service performance; and • the overall presentation of the financial statements and statement of service performance. We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements and statement of service performance. We have obtained all the information and explanations we have required and we believe we have obtained sufficient and appropriate audit evidence to provide a basis for our audit opinion.
Venture Taranaki Annual Report 2011 31
Venture Taranaki Trust Trustees’ Review For the year ended 30 June 2011
Venture Taranaki Trust Statement of Financial Position As at 30 June 2011
The Board of Trustees present their Annual Report including financial statements of the Trust for the year ended 30 June 2011. The business of the Trust is facilitating economic development in Taranaki. The nature of the Trust’s business has not changed during the year under review. For and on behalf of the Trustees
NOTE
2011 $
2010 $
Cash & cash equivalents
336,649
333,059
Trade and other receivables
128,592
50,792
Other current assets
79,550
57,535
GST receivable
146,204
86,794
Total Current Assets
690,995
528,180
Assets Current Assets
Robin Brockie Chairman
non Current Assets Intangibles
3
69,260
15,020
Property, plant & equipment
4
229,710
224,748
Total Non Current Assets
298,970
239,768
Total Assets
989,965
767,948
523,855
229,948
75,910
71,225
81,750
8,363
681,515
309,536
-
150,000
Trust equity
308,450
308,412
Total liabilities & equity
989,965
767,948
liabilities Current liabilities Trade and other payables Employee benefit liabilities
9
Deferred grant Total Current Liabilities non Current liabilities Contractual commitments
7
equity
These financial statements were authorised for issue by the Trustees on 26 August 2011. by
________________________Chairman
________________________Trustee
The accompanying notes form part of these financial statements. 32 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 33
Venture Taranaki Trust Statement of Comprehensive Income For the year ended 30 June 2011 NOTE
Venture Taranaki Trust Statement of Changes in equity For the year ended 30 June 2011
2011 $
2010 $
3,559,123
3,349,080
Other revenue
50,615
Interest Gain on disposal of assets
Retained Earnings $
Total Equity $
Revenue Grant revenue
2
Total
Balance as at 1 July 2009
316,790
316,790
64,541
Net loss for year
(8,378)
(8,378)
40,482
39,988
Other comprehensive income
10,000
5,735
Balance at 30 June 2010
308,412
308,412
3,660,220
3,459,344 Balance as at 1 July 2010
308,412
308,412
38
38
308,450
308,450
Net profit for the year
expenses Audit fees
23,070
Audit fee 2010 over provision
(2,342)
22,520
Balance at 30 June 2011
Amortisation
3
20,809
11,258
Depreciation
4
59,678
57,226
755,384
411,257
Professional fees and subcontractors
1,144,930
1,376,972
Rental and operating lease expenses
131,584
128,418
1,112,824
1,116,276
75,166
77,000
339,079
266,795
3,660,182
3,467,722
38
(8,378)
-
-
Net profit/(loss) after taxation
38
(8,378)
Total comprehensive income
38
(8,378)
Marketing
Salaries and wages Trustees fees Other operating expenses Total Net profit/(loss) Taxation
5
Other comprehensive income
The accompanying notes form part of these financial statements.
The accompanying notes form part of these financial statements.
34 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 35
Venture Taranaki Trust Statement of Cash Flows For the year ended 30 June 2011 NOTE
Venture Taranaki Trust notes to the Financial Statements For the year ended 30 June 2011 2011 $
1. Statement of Accounting Policies
2010 $
Cash Flows from operating Activities Cash was provided from: Interest Grants and other income Total
40,487
38,008
3,615,473
3,497,964
3,655,960
3,535,972
Cash was applied to: Operating expenses Net GST movement
12
Total net cash from operating activities
13
(3,491,107)
(3,594,992)
(31,573)
(35,994)
(3,522,680)
(3,630,986)
133,280
(95,014)
Cash Flows from Investing Activities Cash was provided from: Proceeds from sale of property, plant and equipment
10,000
10,178
Total
10,000
10,178
Purchase of intangibles
(75,050)
(5,190)
Purchase of property, plant and equipment
(64,640)
(35,383)
Total
(139,690)
(40,573)
net cash from investing activities
(129,690)
(30,395)
Cash was applied to:
Cash Flows from Financing Activities Net cash from financing activities
-
-
3,590
(125,409)
Cash and cash equivalents at the beginning of the period
333,059
458,468
Cash and cash equivalents at the end of the period
336,649
333,059
Net increase (decrease) in cash held
Reporting entity
Specific Accounting Policies
Venture Taranaki Trust is a wholly owned subsidiary of the New Plymouth District Council and is a Council Controlled Organisation as defined in Part 1 Section 6 of the Local Government Act 2002, and a Charitable Trust incorporated in New Zealand under a Trust Deed dated 27 May 1998 and is domiciled in New Zealand. The Trust commenced operations on 1 July 1998.
The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied.
The financial statements of the Trust are for the year ended 30 June 2011. The financial statements were authorised by the Board for issue on the date they were signed. Basis of Preparation The financial statements are a general purpose report which have been prepared in accordance with generally accepted accounting practice in New Zealand as required by clause 7.1 (4) of the Trust Deed. The financial statements comply with New Zealand equivalents to the International Financial Reporting Standards (IFRS) and other applicable financial reporting standards as appropriate to public benefit entities that qualify and apply differential reporting exemptions. The primary objective of the Trust is facilitating economic development in Taranaki, rather than making a financial return. Accordingly, the Trust has designated itself a public benefit entity for the purposes of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). The Trust is a qualifying entity within the Framework of Differential Reporting. The Trust qualifies on the basis that it is not publically accountable, it has total income of less than $20 million and it has total assets of less than $10 million. The Trust has taken advantage of all differential reporting concessions available to it except for NZ IAS 7; Statement of Cash Flows, with which it has fully complied. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. Currency The financial statements are presented in New Zealand dollars and all values are rounded to the nearest dollar. The functional currency of the Trust is New Zealand dollars. Measurement Base
The accompanying notes form part of these financial statements.
36 Venture Taranaki Annual Report 2011
The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis are followed by the Trust.
• Cash Cash and cash equivalents include cash on hand and deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. • Receivables Trade and other receivables are initially measured at fair value and subsequently at fair value less any provision for impairment. The provision for impairment has been calculated based on expected losses for the Trust’s pool of debtors. Expected losses have been determined on an analysis of the Trust’s losses in previous periods and review of specific debtors. • Payables Trade and other payables are stated at cost. Trade and other payables are non interest bearing and are normally settled in 30 day terms, therefore the carrying value of trade and other payables approximates their fair value. • Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Additions The cost of an item of property, plant, and equipment is recognised as an asset only when it is probable that service potential associated with the item will flow to the Trust and the cost of the item can be measured reliably. In most instances, an item of property, plant, and equipment is initially recognised at its cost. Where an asset is acquired at no cost, or for a nominal cost, it is recognised at its fair value when control over the asset is obtained. Disposals Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount of the asset. Gains and losses on disposals are presented net in the surplus or deficit. Subsequent costs Costs incurred subsequent to initial acquisition are capitalised only when it is probable that service potential associated with the item will flow to the Trust and the cost of the item can be measured reliably. The costs of day to day servicing of property, plant, and equipment are recognised as an expense as they are incurred.
Venture Taranaki Annual Report 2011 37
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
1. Statement of Accounting Policies continued
1. Statement of Accounting Policies continued
Depreciation Depreciation is provided on a straight line basis at rates calculated to allocate the assets cost less estimated residual value, over the estimated useful life of the asset. Major depreciation periods are: - Leasehold alterations 10 years - Fixtures and fittings 10 years - Office equipment 3-5 years - Motor vehicles 3 years - Other fixed assets 3-4 years The residual value and useful life of an asset are reviewed, and adjusted if applicable, at each financial year end. • Statement of Cash Flows Cash means cash balances on hand, held in bank accounts, demand deposits and other highly liquid investments in which the Trust invests as part of its day to day cash management. Operating activities include cash received from all income and records the cash payment made for the supply of goods and services. Investing activities are those activities relating to the acquisition and disposal of noncurrent assets. Financing activities comprise the change in equity and debt capital structure of the Trust. • Government Grants Grants received from the New Plymouth District Council are the primary source of funding to the Trust and are restricted for the purposes of the Trust meeting its objectives as specified in the Trust’s trust deed. The Trust also receives other government assistance for specific purposes, and these grants usually contain restrictions on their use. Council, government, and nongovernment grants are recognised as revenue when they become receivable unless there is an obligation to return the funds if conditions of the grant are not met. If there is such an obligation, the grants are initially recorded as grants received in advance and recognised as revenue when conditions of the grant are satisfied. • Interest income Interest income is recognised using the effective interest method. • Leases Operating lease payments, where the lessors effectively retain substantially all the risks and rewards incidental to ownership of the leased items, are recognised as an expense. They are included in the determination of the operating surplus in equal instalments over the lease term.
38 Venture Taranaki Annual Report 2011
• Goods and Services Tax (GST) All items in the financial statements are presented exclusive of goods and service tax (GST), except for receivables and payables, which are presented on a GSTinclusive basis. Where GST is not recoverable as input tax, then it is recognised as part of the related asset or expense. The net amount of GST recoverable from, or payable to, the IRD is included as part of receivables or payables in the statement of financial position. The net GST paid to, or received from the IRD, including the GST relating to investing and financing activities, is classified as a net operating cash flow in the statement of cash flows. Commitments and contingencies are disclosed exclusive of GST. • Intangibles Software acquisition Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. Staff training costs are recognised as an expense when incurred. Costs associated with maintaining computer software are recognised as an expense when incurred. Costs associated with development and maintenance of the Venture Taranaki and Energy Stream websites are recognised as an asset when incurred as the websites generate future economic benefits. Amortisation Computer software licenses are amortised on a straightline basis over their estimated useful life of two & a half years. Amortisation begins when the asset is available for use and ceases at the date when the asset is disposed of. The amortisation charge for each year is recognised in surplus or deficit. • Impairment of property, plant, and equipment and intangible assets Property, plant, and equipment and intangible assets are reviewed for indicators of impairment as at each balance date. When there is an indicator of impairment, the asset’s recoverable amount is estimated. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Value in use is depreciated replacement cost for an asset where the service potential of the asset is not primarily dependent on the asset’s ability to generate net cash inflows and where the Trust would, if deprived of the asset, replace its remaining service potential.
If an asset’s carrying amount exceeds its recoverable amount, the asset is impaired and the carrying amount is writtendown to the recoverable amount. The impairment loss is recognised in the surplus or deficit. • Employee entitlements Shortterm employee entitlements Employee benefits that are due to be settled within 12 months after the end of the period in which the employee renders the related service are measured at nominal values based on accrued entitlements at current rates of pay These include salaries and wages accrued up to balance date, annual leave earned to but not yet taken at balance date, and sick leave. A liability for sick leave is recognised to the extent that absences in the coming year are expected to be greater than the sick leave entitlements earned in the coming year. The amount is calculated based on the unused sick leave entitlement that can be carried forward at balance date, to the extent that it will be used by staff to cover those future absences. Longterm entitlements Employee benefits that are due to be settled beyond 12 months after the end of period in which the employee renders the related service, such as long service leave and retirement gratuities, have been calculated on an actuarial basis. The calculations are based on:
• Provisions The Trust recognises a provision for future expenditure of uncertain amount or timing when there is a present obligation (either legal or constructive) as a result of a past event, it is probable that expenditures will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses.s Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised in “finance costs”. • Taxation Tax expense is calculated using the taxes payable method. As a result, no allowance is made for deferred tax. Tax expense includes the current tax liability and adjustments to prior year tax liabilities. • Changes in Accounting Policies There have been no changes in accounting policies. All policies are consistent with the prior period.
- likely future entitlements accruing to staff, based on years of service, years to entitlement, the likelihood that staff will reach the point of entitlement, and contractual entitlement information; and - the present value of the estimated future cash flows. Expected future payments are discounted using market yields on government bonds at balance date with terms to maturity that match, as closely as possible, the estimated future cash outflows for entitlements. The inflation factor is based on the expected longterm increase in remuneration for employees. Presentation of employee entitlements Sick leave, annual leave, and vested long service leave are classified as a current liability. Nonvested long service leave and retirement gratuities expected to be settled within 12 months of balance date are classified as a current liability. All other employee entitlements are classified as a noncurrent liability.
Venture Taranaki Annual Report 2011 39
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
2. Grant Revenue
4. Property, Plant and Equipment continued 2011 $
2010 $ Cost
New Plymouth District Council
Current Year Depn
Accumulated Depn
Book Value Year Ended 30 Jun 2010
2,779,000
2,640,000
New Zealand Trade and Enterprise
357,679
335,696
Leasehold alterations
105,611
9,671
26,321
79,290
Other
422,444
373,384
Fixtures and fittings
64,306
1,140
58,444
5,862
Total
3,559,123
3,349,080
Office equipment
257,636
15,618
169,079
88,557
Other fixed assets
50,833
4,546
30,366
20,467
Motor vehicles
89,345
27,937
58,773
30,572
Total
567,731
58,912
342,983
224,748
2011 $
2010 $
3. Intangibles 2011 $
2010 $
5. Taxation
Software Cost Balance at 1 July
28,945
23,755
Additions
75,049
5,190
103,994
28,945
Balance at 30 June Accumlated amortisation and impairment losses
Net profit/(loss) before tax
38
(8,378)
Tax at 33% (2010: 33%)
11
(2,765)
13,925
2,667
Plus (less) tax effect of:
Amortisation
20,809
11,258
Non deductible expenditure
9,053
3,873
Balance at 30 June
34,734
13,925
Unrecognised tax losses
9,066
(1,108)
Taxable expense
-
-
Current tax
-
-
Opening Balance
-
-
Tax paid
-
-
Credits attached to dividends paid
-
-
Closing balance
-
-
Balance at 1 July
Carrying amounts As at 1 July
15,020
21,088
As at 30 June
69,260
15,020
There are no restrictions over the title of the Trust’s intangible assets; nor are any intangible assets pledged as security for liabilities.
4. Property, Plant and Equipment
Cost Leasehold alterations
Current Year Depn
Accumulated Depn
Book Value Year Ended 30 Jun 2011
130,760
9,640
36,424
94,336
67,164
1,147
59,685
7,478
Office equipment
254,473
23,394
184,488
69,985
Other fixed assets
52,108
2,511
33,618
18,490
Motor vehicles
93,696
20,534
54,276
39,421
598,201
57,226
368,491
229,710
Fixtures and fittings
Total
40 Venture Taranaki Annual Report 2011
Imputation credit account:
Exemption from Income Tax under section CW40 of the Income Tax Act 2007 has been declined by IRD. The Trust has asked IRD to review their decision. Unused tax losses of $61,242 (2010: $88,712) are available to carry forward and offset against future taxable income.
Exemption from Fringe Benefit Tax under section Cx25 of the Income Tax Act 2007 is being pursued. Donee status has been declined. The Trust has asked IRD to review their decision. Fringe Benefit Tax has been fully provided for in the 2011 financial statements for $38,207 (2010: $11,426) pending a determination.
Venture Taranaki Annual Report 2011 41
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
6. Operating Lease Commitments
8. Related Party Transactions continued
Lease commitments under non cancellable operating leases excluding GST are:
2011 $ 2011 $
2010 $
Gama Associates Limited. Gavin Faull has a beneficial interest.
Not later than one year
113,822
17,765
Later than one year and not later than five years
132,792
-
-
-
246,614
17,765
Later than five years Total
2010 $
Services provided by Amounts owing to
11,034
12,584
-
1,031
-
359
Maori Tourism Taranaki Trust – Amokura Panoho, Chairperson. Services provided to
7. Non Current Liabilities
New Plymouth District Council. The Trust is a Council Controlled Organisation.
The contractual commitment is for the Rugby World Cup and has been reclassified from non current liabilities to current liabilities due to the commitment falling in September 2011.
Services provided to
2,787,663
2,970,216
Services provided by
527,623
352,535
The Trust has no loans payable.
Amounts receivable from
3,450
-
8. Related Party Transactions
Painter Pete. Michelle Jordan holds a beneficial interest.
During the normal course of business the Trust purchased and supplied goods and services from and to the following related parties:
Services provided by
2,206
-
Services provided to
4,849
3,205
Services provided by
11,000
12,375
-
2,305
-
97,599
4,965
300
52,564
24,718
5,249
4,039
5,000
563
-
1,643
2011 $
Port Taranaki Limited. Roy Weaver, Chief Executive and John Young, Chairman – Retired.
2010 $
Aotea Services Limited. Stuart Trundle, Director. Services provided to Amounts receivable from
2,421
32
-
32
Auckland University of Technology. Sir Paul Reeves is Chancellor. Services provided by
3,671
3,974
1,441
25,425
7,181
-
17,720
18,750
Services provided by Taranaki District Health Board. John Young, Chairman – Retired.
Services provided to
18,095
43,057
Services provided by
444
-
1,567
7,171
42 Venture Taranaki Annual Report 2011
Amounts owing to Taranaki Arts Community Trust. Robin Brockie, Trustee.
Engineering Taranaki Incorporated. Roy Weaver, Chairman – Resigned June 2010.
Amounts receivable from
Staples Rodway Taranaki Limited. Robin Brockie, Director and holds a beneficial interest. Services provided by
Economic Development Association of New Zealand. Stuart Trundle, Chairman. Services provided by
Regional Tourism Organisations of New Zealand. Paul Stancliffe, Trustee. Services provided by
Devon Hotel & Conference Centre. Peter Tennent, Director and holds a beneficial interest. Services provided by
Red Eye Limited. Anne Probert, Director. Services provided by
Bishop’s Action Foundation – Stuart Trundle, Trustee. Services provided by
Amounts receivable from
Services provided to All transactions were carried out on normal commercial terms.
No provision has been required, nor any expense recognised, for impairment of receivables from related parties (2010: $nil).
Venture Taranaki Annual Report 2011 43
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
Venture Taranaki Trust notes to the Financial Statements continued For the year ended 30 June 2011
9. Employee Entitlements
13. Reconciliation of Net Profit/(Loss) with Net Cash Flow from Operating Activities 2011 $
2010 $
2011 $
Balance at beginning of period
71,225
60,739
Net profit/(loss) after tax
Additional provision made
69,117
70,831
Add (less) non cash items:
(64,432)
(60,345)
Balance at end of period
75,910
71,225
Current
75,910
71,225
-
-
75,910
71,225
Amount utilised
Non-current Total
Employee entitlements relate to employee benefits such as accrued annual leave. The provision is affected by a number of estimates, including the timing of benefits taken. All employee entitlement is expected to be consumed during the year.
10. Contingencies
2010 $
38
(8,378)
Add depreciation
59,678
57,226
Add amortisation
20,809
11,258
(10,000)
(5,735)
70,525
54,371
Decrease (increase) in accounts receivable
(99,815)
43,532
Increase (decrease) in payables
205,366
(181,551)
Decrease (increase) GST receivable
(59,409)
(21,852)
16,613
10,486
133,280
(95,014)
Net (profit) loss on disposal Total Movements in working capital:
Contingent liabilities
Increase (decrease) employee benefits
The Trust has no contingent liabilities at balance date (2010: Nil).
Total
Contingent Assets The Trust has no contingent assets at balance date (2010: Nil).
11. Post Balance Sheet Date Events There have been no significant events post balance date.
12. Cash Flow The net GST component of operating activities reflects the net GST paid and received with the Inland Revenue Department. The net GST component has been presented on a net basis, as the gross amounts do not provide meaningful information for financial statement purposes.
14. Key Management Personnel Key management personnel includes the Trustees, the chief executive and senior management. The compensation includes salaries and other benefits of $609,533 (2010: $627,139).
15. Capital Management The Trust’s capital is its equity, which comprises Trust capital and retained surpluses. Equity is represented by net assets. The Trust deed requires the Board of Trustees to manage its revenues, expenses, assets, liabilities, investments, and general financial dealings prudently. The Trust’s equity is largely managed as a by-product of managing revenues, expenses, assets, liabilities, investments, and general financial dealings. The objective of managing the Trust’s equity is to ensure that the Trust effectively achieves its objectives and purpose, whilst remaining a going concern.
16. Categories of Financial Instruments The carrying amounts of financial instruments in each of the NZ IAS 39 categories are as follows: 2011 $
2010 $
Cash and cash equivalents
336,649
333,059
Trade and other receivables
128,592
50,792
Total
465,241
383,851
Trade and other payables
523,855
229,948
Total
523,855
229,948
loans and receivables
Financial liabilities at amortised cost
44 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 45
Statement of Service Performance
Objectives, Interventions and Measures Trust objectives (ex Trust Deed)
VTT Interventions
nPDC Themes Performance Targets and Measurements
leADeRSHIP
Business Support Services
Prosperous
Provide leadership and support for the development and implementation of local, regional and national strategies for the creation of a vibrant and buoyant regional economy.
Vibrant
FACIlITATe AnD SuPPoRT SuSTAInABle BuSIneSS GRoWTH Facilitate, promote, encourage and support sustainable business growth, investment and employment opportunities in Taranaki. CeleBRATe Support and recognise the region’s enterprises to establish, flourish and prosper.
High Impact Inter-generational Interventions
Regional Promotion/ Skills Attraction
46 Venture Taranaki Annual Report 2011
Skilled
2010/2011 outcomes
1. Inject $500,000 of grants into the regional economy subject to central government policy. (Source: Govt and other Agencies)
1. Achieved $1,587,793
2. Support one social, environmental and/or sustainable business initiative per annum. (Source: Business Plan)
2. Achieved Wetox project
3. Identity at least one project with hi impact potential and undertake further investigation (Source: Business Plan)
3. Achieved i. Cruise industry feasibility study ii. Launched nationwide hub and spoke industry development model for the oil and gas and supporting industries, centred on Taranaki
4. Grow visits to Taranaki web sites www.taranaki.info. (Source: Google Analytics)
4. Achieved Total visits grew 11.2 percent over the year.
5. Attract or retain five major events meeting NPDC criteria (>100 points) based on $850k event fund.
5. Achieved i. AmeriCARna 2012 ii. Taranaki Women’s Surf Festival 2011 iii. WOMAD 2011 iv. Taranaki Festival of Arts 2011 v. Taranaki Rhododendron and Garden Festival 2010
6. Exceed Tourism New Zealand forecast for Taranaki “arrivals” based on TNZ latest forecast. (Source: CAM)
6. Not achieved - Forecast: 2.1 percent - Actual: -0.8 percent
7. Conduct ‘non-resident’ survey to assess opinions of Taranaki. (Source: Survey)
7. Achieved Survey undertaken
8. Conduct ‘resident’ survey to assess opinions of Taranaki. (Source: Survey)
8. Achieved Survey undertaken
9. Grow number of people employed year on year. (Source: Statistics NZ)
9. Not achieved - 2010: 57,500 employed - 2011: 56,275 employed Recession effect on employment
10. Publish regional economic and statistical Taranaki Trends twice annually.
10. Achieved Two Taranaki Trends published
vi. Yarrows Taranaki Cycle Challenge 2011 vii. Steelformers Round the Mountain Relay 2010 viii. Wells New Plymouth Half Ironman 2011-08-02 ix. G-Taranaki 2010
Venture Taranaki Annual Report 2011 47
Venture Taranaki Trust Directory For the year ended 30 June 2011
Venture Taranaki Trust Directory continued For the year ended 30 June 2011
Robin Brockie
nature of Business
Facilitating economic development in Taranaki
Business office
9 Robe Street New Plymouth
Trustees
Robin Brockie (Chairman, Appointed 12.12.2010) Gavin Faull Sir Paul Reeves Peter Tennent (Appointed 31.8.2010) Roy Weaver John Young (Retired 12.9.2010)
Auditors
Audit New Zealand Auckland On behalf of the Auditor General
Accountants
Staples Rodway Taranaki Limited New Plymouth
Bankers
TSB Bank New Plymouth
Solicitors
Auld, Brewer, Mazengarb & McEwen New Plymouth
Director: Director/ Beneficial Interest: Director/ Shareholder:
Peter Tennent Staples Rodway Taranaki Nominees Ltd
Director/ Beneficial Interest:
Staples Rodway Taranaki Ltd
Devon Lodge Holdings Ltd Tennent Hotels Ltd Pablo Taranaki Ltd
Shakespeare Road Ltd 167 Broadway Ltd
Trustee:
Taranaki Arts Community Trust
Trustee:
The Kete Trust
Walkway Properties Ltd Regina Properties Ltd Beneficial Interest:
Carlaw Properties Ltd Augustus Terrace Equities Ltd
Gavin Faull
The Links Ltd
President/Director/ Beneficial interest: Swiss-Belhotel International
Whitney Mews Ltd
Managing Director/ Beneficial interest:
TSMM Partnership Gama Associates Limited
Director/ Beneficial interest:
Faull Farms Limited
TSFM Partnership
Peter and Rosemary Tennent Partnerships Various family related trusts, including – T Family Trust, GLW Trust PRGLW Trust, Peter and Rosemary Tennent Trust
Mawland Properties New Zealand Limited Mawland Group Pty Limited Swiss-Belhotel International Ltd and subsidiaries and associate companies Pranson Investments Limited Leisure Investments Limited Faull Investments Limited Trewithen Partnership
Trustee:
New Plymouth YMCA
Patron:
A number of Taranaki organisations
Roy Weaver Chief executive:
Port Taranaki Limited
Vice President:
NZ Chartered Institute of Logistics – Transport
Sir Paul Reeves Chancellor:
Auckland University of Technology
Director:
Village at the Park
Convenor:
Hui Taumata Task Force
Trustee:
Wellington Tenths Trust
negotiator:
Port Nicholson Block Claim
Govett Quilliam New Plymouth
Paul Winter Chairman:
NZ Business Capability Society
Trustee:
Destination Great Lake Taupo
Venture Taranaki Trust Te Puna Umanga Tel: +64 6 759 5150 Fax: +64 6 759 5154 Email: info@venture.org.nz Web: www.taranaki.info Facebook: TaranakiNZ Twitter: @Taranaki_NZ
48 Venture Taranaki Annual Report 2011
Venture Taranaki Annual Report 2011 49
www.taranaki.info