2010
Venture Taranaki Annual Report
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.
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, Foundation for Research, Science and Technology, Business in the Community and numerous other private sector organisations. Photo credits: Rob Tucker, Mark Harris Venture Taranaki is certified carboNZero.
Contents Venture Taranaki Trust Annual Report 2009-2010
The Chairman’s Reflection .................................................................................. 2 Chief Executive’s Comment................................................................................. 4 Venture Taranaki by the numbers ........................................................................ 6 Achievements 2009-2010................................................................................... 7 July ......................................................................................................... 7 August...................................................................................................... 8 September...............................................................................................10 October....................................................................................................11 November................................................................................................ 12 December................................................................................................ 13 January.................................................................................................... 14 February.................................................................................................. 15 March...................................................................................................... 16 April........................................................................................................ 18 May.........................................................................................................19 June....................................................................................................... 20 Financial Performance 2009-2010......................................................................22 Trust Directory................................................................................................ 40 Contact Information......................................................................................... 41
The Chairman’s Reflection
O
ver the last decade Taranaki has experienced a remarkable transformation. In a region once dependent on two cornerstone industries the economy has been bolstered through the expansion of exciting and diverse sectors.
From a singular focus towards Mount Taranaki we have come to better appreciate our coast, and in doing so have become more aware of our region’s unique natural environment and the lifestyle opportunities it provides. And perhaps most importantly the region has shifted from an isolated province to a globally connected driver of wealth, energy and ideas. I assumed the role of chair of Venture Taranaki Trust in January 2001. Since that time the Trust has been integral to this transformation. Over that time the Trust has facilitated $10,830,825 worth of high impact grants to Taranaki businesses. There are almost 2,000 more businesses in the region and almost 10,000 more people in jobs here. Through hundreds of smaller interventions we’ve helped the region achieve growth rates consistently higher than the national average.
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This reflection was written shortly before John’s untimely passing. It is a fitting testimonial to a great leader, mentor and friend. We have removed barriers to new industries ranging from film production to yacht construction. And we have put Taranaki on the visitor destination map through enhanced regional branding and an envied events calendar. Ten of the most notable highlights over the last decade have included: 1. Recognising the potential and potency of Mount Taranaki. Venture Taranaki created a joint venture that led to the development of the Pouakai Circuit multi-day tramp in Egmont National Park and undertook a feasibility study on the economic, social and environmental impacts and returns of an aerial cableway within Egmont National Park. 2. Growing the region’s engineering capability through the development of a Major Regional Initiative to launch the Centre of Applied Engineering CApENZ, the Taranaki Engineering Consortium and the nation’s first industry driven HSE training centre. 3. Driving knowledge and awareness of economic and enterprise development with the creation of the Innovation Hub – a one-stop-shop for building
skills and awareness around enterprise and innovation - and hosting and winning the inaugural Enterprise Olympics international student business competition. 4. Putting Taranaki on the international film map through facilitating production of the The Last Samurai, Show of Hands and Predicament in Taranaki. The Last Samurai resulted in an estimated $49.8 million being spent in Taranaki, and the three premiere events have gained significant international media attention. 5. Leading the way through the New Zealand’s first merger of a Regional Tourism Organisation and Economic Development Agency, a model that has been adopted by the Auckland Supercity. 6. Staking claim to the title of New Zealand’s events capital with concerts by such great performers as Fleetwood Mac, Sir Elton John, REM and Jack Johnson, festivals such as WOMAD, the ITU Triathlon World Cup and the TSB Women’s Surf Festival, and taking our commitment to events even further by realising the vision of a uniquely
Taranaki event with the G-TARanaki international guitar festival. 7. Taking climate change seriously with the Trust gaining CarboNZero accreditation, achieving continued reduction in its carbon footprint, and working with Inglewood High School to establish an innovative energy conservation and generation project that was incorporated into almost every subject. 8. Helping Taranaki’s businesses to grow through the delivery of almost $2.5 million worth of subsidised enterprise training courses to 10,500 attendees from 1,600 Taranaki companies. 9. Strengthening the Trust’s partnerships with Maori, through the groundbreaking research report that determined the size and importance of the Taranaki Maori economy and ongoing development projects. 10. Having the culture of innovation and excellence under which the Trust operates formally recognised with a Vero Excellence in Business Support Award.
The board, executive, staff and many stakeholders of Venture Taranaki over the last decade should feel justifiably proud of the Trust’s achievements, as too should every Taranaki resident. In this, my last report from the chair, I would sincerely like to thank the many board and staff members I have had the pleasure to work with over the years. While the Trust and the region have faced its share of challenges, it has met them head on and delivered innovative and successful solutions through the talents and hard work of this dedicated team of people. I would also like to acknowledge the support of my family, who have allowed me to invest both my and their time into assisting the region to achieve its potential. Without their unwavering support my contribution would not have been possible. Taranaki has an extremely proud history of achievement which has positioned both the regional economy and Venture Taranaki strongly in the face of a changing global environment.
planning and growth. We must all work towards maintaining Taranaki’s share of the national population, and the 135,000 by 2035 population target is a solid start in this direction that will see the region recruit and retain smart people. But most importantly we must look to the future with a sense of partnership – within our region, races and nation - but also beyond our immediate neighbours to the whole global community. Taranaki’s brightest growth prospects, like those of New Zealand will be found in the rest of the world. I have every confidence that the region, with the Venture Taranaki Trust guiding its economic development, can reach its fullest potential. John Young Chair, Venture Taranaki Trust 2001 – 2010
Looking to the future the region must think beyond district boundaries and adopt an integrated and unified approach to
Venture Taranaki Annual Report 2010 3
Chief Executive’s Comment
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s the Chief Executive of the region’s development agency, I am often asked “what does Venture Taranaki do?” As you will read in this report on our activities and achievements over the 2009-2010 year, “what doesn’t Venture Taranaki do?” is perhaps a more appropriate question.
Our community operates in a competitive environment, both nationally and internationally, for talented people and investment. Failure to capitalise on our competitive strengths will have dramatic implications for the future funding of our strategic infrastructure including health, education and roading.
The core driver of this organisation is to facilitate and enable the endeavours of Taranaki’s business community and to grow our regional economy. This is endemic in every intervention the Trust undertakes – from helping people to assess the viability of their business ideas to ensuring that the region is positioned to weather the storms of the global economy.
This year the Trust took a proactive and prudent response by scrutinizing and streamlining every line of our operating budget, resulting in our ability to volunteer a cost saving of $130,000 – 4.7 percent to our core funder and owner the New Plymouth District Council.
Just as one such storm confronted every Taranaki business over the last year, Venture Taranaki was also affected by the global financial crisis. While 2009-
As a result the Trust operated on annual revenue of $3,459,344, a 10.3 percent reduction on 2008-2009 levels and similar to our revenue levels in 2004-2005. Our expenditure was carefully invested into high growth projects and interventions,
number of people employed in the region, year on year. This was not unexpected, as while Taranaki sits well below the national average in terms of unemployment levels, and consumer confidence has returned to the region’s business leaders, the ongoing recessional effects are still being felt, resulting in a hesitant return to employee growth. Recognising that our region’s businesses needed more support in this challenging economic climate, Venture Taranaki facilitated the highest level of business funding we have ever obtained for the region. A total of $1,402,092 of central government funding went directly into Taranaki businesses over the last year. Further, we assisted 226 people to progress their new business ideas through our start-up services, matched 45 people to business mentors and up-skilled 877
“What doesn’t Venture Taranaki do?” 2010 threw challenges at the Trust, it was during these tougher times that the true value and benefit of the Trust became apparent. The outcomes that we have been able to leverage for the region – from Fleetwood Mac concerts to the Predicament film premiere to the development of a solid strategic framework - have enabled the Taranaki economy to come through the worst of the economic downturn relatively unscathed. It is imperative that the vision shown by the Trust’s stakeholders is maintained and the economic momentum continues to build.
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resulting in a small operating deficit for the financial year of $8,378.
participants through our Enterprise Training Programme over the year.
The equity of the Trust, as at 30 June 2010, was $308,412. Without quantifying the intellectual property and institutional learning within the Trust, the balance sheet now reflects nearly half a million dollars of assets currently utilised on behalf of Taranaki to deliver the region’s strategic goals.
The Trust has also been actively ensuring that the continued growth of the regional economy extends far beyond just enabling Taranaki businesses to operate smarter. At a strategic level the Trust developed a comprehensive Regional Economic Development Strategy to 2035 that sets a road map for ongoing growth across the entire Taranaki economy.
In spite of a reduced operating budget, the Trust met or exceeded every one if its Key Performance Indicators for the year, with the sole exception of growing the
Regional intelligence was maintained over the year, with two Taranaki Trends publications and two Taranaki Business
Surveys completed and released, as well as research undertaken into the broader regional economic situation and perceptions of our region. The region was again able to attract some spectacular events in 2009-10 through the Major Events Fund administered by Venture Taranaki. Perennial favourites WOMAD, the Taranaki Rhododendron and Garden Festival, Round the Mountain Cycle Challenge and AmeriCARna were joined by Cliff Richard and The Shadows, Fleetwood Mac’s two concerts, the Cathedral City celebrations, the Solo transTasman Yacht Challenge, ASP Dream Tour surfing tournament and the All Blacks vs Ireland test match.
– Venture Taranaki’s free Taranaki-only recruitment tool. A comprehensive Lifestyle Toolkit has been developed to help people shift from thinking about a move to Taranaki to doing it. The high level of performance of the Trust over the last year, despite a leaner operational model, is a reflection of the hard work and expertise of the whole region, and a number of people in particular. The expert guidance provided by Venture Taranaki’s Board members has been implicit in the Trust’s ability to maintain its momentum and its future focus. Similarly, the staff of Venture Taranaki has excelled
Getting visitors to consider living and working here has been another major focus of the Trust over the last year. These events are critical to Taranaki remaining a vibrant and desirable place to live and work, which in turn is vital for the region to maintain its economic and population growth. But events also help to directly drive economic value to a huge range of Taranaki businesses through attracting visitors to the region. The sustained growth of the broader visitor industry was mapped out in the Taranaki Visitor Strategy, developed this year and presented to regional stakeholders through 14 workshops. Significant investment was made to promote the region and its attributes to national and international visitor markets, and this was supported by strong business development activities to ensure the region’s visitor industry consistently delivers world-class service. The growth in Qualmark accredited businesses from just two only a few years ago to almost 70 at the end of this year is a reflection of the effort that has been put into this sector by the Trust. Getting visitors to consider living and working here has been another major focus of the Trust over the last year. A total of 572 regional employers are now registered with the Taranaki Jobs website
over the last year and I thank them for their passionate commitment and contribution to both the Trust and the region. I would also like to record our thanks to the Mayor of New Plymouth District Council, Peter Tennent. Peter has been the strategic glue that has given shape and structure to many of the Trust’s strategies. Our challenges have always been responded to with positivity and professionalism and we all wish Peter well in his future endeavours. It is also appropriate to acknowledge the support we receive from our colleagues at Stratford District Council and South Taranaki District Council as well as the Taranaki Electricity Trust and the TSB Community Trust. Their support is pivotal to ensure we think regionally, whilst acting locally and delivering world class outcomes for all our communities.
core industries and its people have been surpassed only by his vision for a region that thinks internationally and looks forward with a spirit of partnership. John was a visionary champion for the boundless abilities of the Taranaki region. As such, his philosophy was a natural fit with Venture Taranaki, and in his own humble and considered way he has made a substantial and indelible impact. John’s legacy to Taranaki – similarly visionary, humble, considered and substantial – was created through his years of selfless service to the Taranaki people, businesses and economy. This legacy aligns with John’s passionate belief that Taranaki’s future lay in education and life-long learning, better partnerships between Maori and Pakeha, strong governance and leadership, and a commitment to international thinking and connections. John will be remembered as a strong mentor, friend and advisor, not only to myself and the members of the Trust, but to many people throughout the Taranaki community. John will be sorely missed but his driving passion and his presence will be felt in Taranaki for generations to come. Kua hinga he totara i te wao nui a Tane.
Stuart Trundle Chief Executive, Venture Taranaki Trust
Finally, it is with great sadness that I pay particular tribute to the Trust’s Chair of nine years John Young, who sadly passed away this year after a short illness. Over the past decade John’s influence on the Trust has been substantial. John’s knowledge of the region, its drivers, its
Venture Taranaki Annual Report 2010 5
Venture Taranaki by the numbers 2009-2010
2009/10 Funding Sources
New Plymouth District Council $2,640,000
76%
12%
11%
Other $431,153
Central Government $388,191
Annual Revenue Venture Taranaki 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0
99 00 01 02 03 04 05 06 07 08 09 10
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In addition, Venture Taranaki facilitated $1,402,092 in High Growth Business Grants to Taranaki businesses.
Achievements Taking on the World In July Venture Taranaki took a lead role in developing the regional bid to host the 15th Super Rugby franchise. The credible bid, while necessarily ambitious, elevated Taranaki to becoming the preferred New Zealand candidate, and would have introduced a new model for international professional rugby to the Super 15 competition. Though the bid was ultimately turned down by SANZAR, the region has been positioned more prominently as a result of the proposal.
The winter months provide an opportunity for Venture Taranaki to help the region’s businesses to work on rather than in their business, through a range of development services.
July 2009
Helping Helivew take off
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ou wouldn’t necessarily expect a helicopter company to flourish in the midst of a global economic recession, but that’s exactly what Taranaki-based Heliview has done. Directors Richard and Jolanda Foale have taken their company to new heights over the last year, and they credit Venture Taranaki’s services with helping them take off.
“I think we’ve utilised almost all of Venture Taranaki’s services over the last few years,” says Jolanda. “Venture Taranaki has been incredibly beneficial to our business by providing everything from informative and educational workshops through the Enterprise Training Programme to organising focus group meetings to being a sounding board for business development ideas.” “The specialist tourism team have been an incredibly valuable source of sound, up-todate and practical advice and guidance on
industry issues and opportunities – things like helping us to make the most of new social media tools, which is now becoming a critical part of any tourism business communications plan, to helping us through the Qualmark accreditation process.” A major new achievement for Heliview in the last year was becoming the country’s first helicopter company to gain an EnviroSilver award, adding it to the Qualmark ranking it has had since 2005. “All businesses create environmental and social impact through their activities, and ours is no exception,” says Jolanda. “We try to reduce any adverse effects through flying wisely, using resources efficiently, disposing of waste responsibly, and providing an environmentally and socially responsible experience to our clients, and this has enabled us to gain the Enviro-Silver award.” Qualmark is New Zealand tourism’s official quality mark, and is a vital factor in driving
custom and awareness of the region’s visitor industry businesses. The regional tourism team at Venture Taranaki has been integral in shifting the number of Qualmark accredited businesses in the region from 1 in 2005 to 68 this year. “The value of Qualmark ratings for our region’s tourism operators is two-fold,” says Paul Stancliffe, Venture Taranaki’s regional tourism leader. “By helping Taranaki businesses gain Qualmark accreditation we’re showing that we have world class tourism businesses in the region, and we’re also helping those businesses to achieve better and more consistent business practices.” “With the development of new environmentally-focussed awards, Qualmark now recognises quality services and products from throughout the visitor sector with a firm nod to sustainability and the protection of the unique Taranaki and New Zealand environment,” Paul said.
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Venture Taranaki has concentrated on developing events and conferences over the traditional winter low season to better manage the peaks and troughs in visitor numbers.
August 2009
Welcoming visitors to Taranaki As part of the preparations for Rugby World Cup 2011, branding initiatives have begun at our arrival gateways. First to go up were flag poles, new flags and building and walkway signage at New Plymouth Airport. The signage promotes Taranaki to new arrivals, heralds the upcoming event, and welcomes travellers to the region. Once RWC 2011 is over, the flagpoles and brackets will be able to be used to promote a variety of events as they occur.
Lifestyle Toolkit to help reach population target
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aranaki residents know firsthand that the region truly offers a lifestyle like no other. This unique lifestyle, however, is not always apparent to those from outside the region, which has proved a hurdle for employers seeking to attract workers from other regions and offshore.
To address this obstacle and to help entice skilled individuals to work and live in Taranaki, Venture Taranaki have developed the Taranaki Lifestyle Toolkit. The comprehensive toolkit is designed to complement employers’ recruitment procedures and to showcase the unique lifestyle and career opportunities that the region has to offer. The publication provides all the information about Taranaki that a prospective resident would want and need to know, including a clear and
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comprehensive overview of the region, tips on finding a place to live, finding a job, emigrating and settling, setting up bank accounts and much more. The eye-catching and engaging Taranaki Lifestyle Toolkit is available in hard copy, complete with a series of 21 leaflets compiled in a sleek professional-style folder, or can be downloaded from the Venture Taranaki website. By offering transparency into the lifestyle and employment opportunities in the region, the Taranaki Lifestyle Toolkit is designed to make the move to Taranaki as easy as possible for new residents and to help accommodate regional workforce requirements. “The Toolkit is just one important aspect of the broader campaign to reach our population target of 135,000 residents
by 2035,” says Venture Taranaki Project Manager Carrie Thorne. Reaching this population target is critical to maintaining the Taranaki region’s share of the national population total. Failure to reach this target will have significant impacts on the region’s central funding for health, education and infrastructure. “The proportion of New Zealand’s population residing in Taranaki has dropped over the last decade, and reaching the target by 2035, which means growing the regional population by just 1,200 people a year, is critical to keep 2.6 percent of the population here.” “So far the Toolkit has received an overwhelmingly positive response from local employers, and is proving equally popular with those looking to live, work and play in the region like no other.”
Taranaki International Festival of the Arts The 2009 Taranaki International Festival of the Arts, celebrating 20 years of arts performance and excellence in Taranaki, was a great success with 34 sold out shows and additional shows added to meet demand. Shifting the festival to the winter months proved a winner in terms of filling a gap in the events calendar without dampening the enthusiasm of audiences. Of over 22,582 tickets sold, out of region visitors accounted for 14% of sales and directly injected $2.05 million into the Taranaki economy. Venture Taranaki were core sponsors through the District’s Major Events Fund.
Regional Trade Planner Educating and enthusing the global travel trade on the many attractions of Taranaki as a visitor destination is a valuable and cost effective aspect of Venture Taranaki’s work in the visitor industry. Armed with knowledge of what’s on offer here, the travel trade are more able to direct visitors to our region. In recent years a Regional Trade Planner has been produced in a number of guises, initially as a conference and trade planner, before morphing to a West North Island trade planner as part of the Tourism New Zealand initiative around macro regions. With the departure of Manawatu and Wanganui from our area of focus, Venture Taranaki created a purely Taranaki-focused trade planner. To date, the Taranaki publication has been circulated extensively in our primary offshore target markets of the United Kingdom, Europe and Australia, as well as to the inbound industry in New Zealand.
Becoming a conference destination “The support received from Venture Taranaki’s convention bureau and “Host it like no other” programme has certainly added value to the conference business throughout the region. For my clients that support has been outstanding,” says Sandra Julian, managing director of Auaha Event and Conference Management. “To have potential clients assisted at every step of the way, from bid proposals through to the supply of collateral for national conferences hosted in Taranaki, certainly helps the region to secure conferences. Many regions could learn from the direction that Venture Taranaki has taken to make a difference in the visitor sector.” Over the course of the year, Venture Taranaki’s convention bureau worked with 56 conference organisers to help them get to Taranaki.
Familiarisations Familiarisations for both media and the visitor industry trade continue to be driven by Venture Taranaki, with input from Tourism New Zealand. The quality of these familiarisations continues to improve each year, evident through the resultant media coverage, which markedly outweighs the investment. A number of familiarisations have also eventuated through the ‘Host it like no other’ programme, which has in turn secured various conferences in Taranaki.
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The results of a number of major research projects were released in September, giving the region robust data to begin planning for the summer season and following year.
September 2009
Rugby’s value to Taranaki measured for the first time
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report commissioned by Venture Taranaki and the Taranaki Rugby Football Union lifted the lid on the impact of the sport of rugby on the Taranaki regional economy when it was launched in September.
The report – the first of its kind in New Zealand – found that rugby created revenue of $11.9 million for the Taranaki region in 2008, generating $7.4 million in total GDP and the equivalent of 136 fulltime jobs. Through Saturday schoolboy rugby, senior club competition, the ‘Amber and Blacks’, ‘Ferdie the Bull’ and representation at Super 14 and All Black level, more than five per cent of the Taranaki population
participate in the game - one of the highest levels of involvement anywhere in New Zealand. Taranaki continues to compete strongly against many larger provinces, giving the region a sense of purpose and achievement. The success of the Venture Taranaki-led bid for three Rugby World Cup 2011 matches reflects this strength. Taranaki’s support for rugby has contributed to the attraction of major events to the region. An earlier study found that a 2004 Super 12 game contributed almost $400,000 to regional GDP. The 2008 test match between the All Blacks and Manu Samoa attracted several thousand people from outside the region,
suggesting an impact of around $1.2 million on regional GDP. Taranaki’s successful bid to host three Rugby World Cup 2011 matches, led by Venture Taranaki, grew from the passion for the game in the region and our proven ability to stage games at this level. The economic impact from three games and hosting a team could potentially add $5.2 million to the region’s GDP. Participating in the tournament will also result in a legacy of improved facilities and significant regional marketing opportunities. These additional impacts generate profile for the region, building pride and making Taranaki a more attractive place to live, work and visit.
Taranaki Trends Produced by Venture Taranaki twice a year in September and March, Taranaki Trends compiles a broad range of recent statistical data relevant to the Taranaki region, and continues to be a useful publication for many businesses and commentators. September’s edition showed that the region fared reasonably well in the face of the global downturn, with many businesses showing resilience to less buoyant trading conditions. Regional growth was up, year on year, as was retail trade, home affordability, the number of businesses in the province and consumer confidence. The number of people visiting the region also grew over the previous year. Unemployment in the region, while having risen slightly, was well below the national average, reflecting the strong demand for skilled workers that many of the region’s employers continue to experience. Individual copies of the report can be downloaded from www.taranaki.info/business
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Enterprise Training Programme
Business growth was a strong theme in September, through the Enterprise Training Programme and gaining momentum in social media channels.
An extremely successful year saw 44 Enterprise Training workshops delivered throughout Taranaki to 877 participants. Workshops encompassed a wide range of subjects, from Marketing in a Smaller Town to Getting Ahead in Business to High Impact Lean Manufacturing. Satisfaction with the programme was very high with numerous positive comments received from attendees such as:
October 2009
“Real advice, provides inspiration” “Clarifies our needs and came up with great ideas and concepts to get to our goals” “I’m very satisfied with this programme it has assisted a great deal and very timely” “It was great to once again see the Enterprise Training workshops perform so well especially as this year brings to a close this highly popular SME programme,” said Venture Taranaki’s Economic Development Manager Michelle Jordan. Central Government will be announcing a new capability building programme in late 2010 to replace the Enterprise Training Programme, which Venture Taranaki will administer for Taranaki businesses.
“I am continually impressed by both Venture Taranaki and the staff, a great asset for the region!” Dion Sinclair, Fulton Hogan
Making social media count Recognising the potential of emerging social media channels like Facebook and Twitter, Venture Taranaki established a presence in both of these areas in October. The region’s Facebook site showed the strongest response, amassing more than 10,000 followers from around the world in the remaining 9 months of the year. Twitter was also used to good effect, with media stories resulting from both connections made with visiting journalists and the industry-leading uptake of our region presence in social media.
Taranaki Rhododendron & Garden Festival In its 22nd year, the festival featured over 50 gardens, including 10 new gardens and a Gardens of Special Interest category. A virtual landscape design project created by Inc Creative was on show at New Plymouth’s Centre City and an event highlight was an evening with Maggie Barry. Numbers attending the festival were up 25 percent from 2008, with garden visits up from 47,100 to 59,000. Total visitors were estimated at 6,486 with 75 percent of these being from out of the region, directly injecting $2,077,782 into the local economy.
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The focus on business continued in November with the Tarnaki Business Survey and ongoing assistance to the region’s businesses and business groups.
November 2009 “I want to re-iterate to Venture Taranaki how glad we have been for your help and knowing that you are there to support and guide us.”
Steelformers Round the Mountain Relay From its inception, this event – a walking or running relay around Mount Taranaki has continued to grow. In 2009 the event, modelled on the Taupo Great Lake Relay, attracted 1,786 participants with 47 teams coming from outside the region. Feedback was once again positive. “We have completed in our local Great Lake Relay on a number of occasions but found the Around the Mountain Relay course a lot more enjoyable and friendly. We especially enjoyed stopping in at all the little towns along the way (a really good way to see the Taranaki district) and the ease of which everything just flowed along. Thanks again.”
Getting Taranaki’s Young Professionals off the ground Recognising the need to improve the networking opportunities for the region’s best and brightest, Venture Taranaki helped the Taranaki Young Professionals group to launch, with a programme of social, networking and business orientated events.
Louise O’Dea Taranaki Young Professionals chair
@home Assistance Over the year Venture Taranaki collaborated with the Taranaki @home Association to bring their national body of members to the region for their annual conference. @home is a collective of Bed and Breakfasts, Home Stays, Farm Stays and Lodges that work together to lift the profile and standards of the Hosted Accommodation sector. Throughout the year, Venture Taranaki has worked with individual properties, but the main focus has been to assist the association with moving forward as a sector by looking at ways in which these small businesses can collaboratively achieve greater market penetration and profile.
Taking the region’s pulse Venture Taranaki has been surveying the mood of 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. The December edition delved into the impacts of the global credit situation, and the June edition asked businesses about the impacts of the government’s changes to tax and GST and the Emissions Trading Scheme. Both surveys indicated that things were looking brighter for Taranaki businesses, with the biggest jump in business confidence in over a decade. The outlook wasn’t so positive for the government’s tax changes however, with 58.7 percent of the region’s businesses stating the GST changes would have little or no effect on their businesses. With regard to the Emissions Trading Scheme, while 81.1 percent of Taranaki businesses felt that New Zealand’s ‘clean green’ image is beneficial to selling our products and services globally, 44.2 percent conceded the ‘don’t know much at all about the scheme’ and 51.7 percent of local businesses think the media has exaggerated the seriousness of climate change. 12 Venture Taranaki Annual Report 2010
NZ-wide conditions – next 12 months NZ Wide Economic Conditions Latest survey results show slight decrease in confidence at a national level. 70%
60%
50%
40%
30%
20%
10%
0%
Improve Remain the same Deterioriate Don’t know
“Thank you Venture Taranaki for your generous support of the Taranaki Young Enterprise Scheme. This allows our students to participate in the core requirements of the course and experience a range of additional support and guidance. Let’s hope some of them return to Taranaki to help maintain our vibrancy and entrepreneurial pool of talent”. Kim Jennings, New Plymouth Girls’ High School
Andrew McManus presents Fleetwood Mac
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major highlight of the year was the final two concerts of Fleetwood Mac ‘s ‘Unleashed’ world tour held at New Plymouth’s TSB Bowl of Brooklands on 19 and 20 December, supported by one of the largest grants ever made by the Trust’s Major Events Fund.
With the supergroup’s last New Zealand performance in 1980, there was understandably high demand for tickets – the first concert sold out in minutes. A second concert on the following night was subsequently announced with tickets once again racing out the door. More than 34,000 attended the concerts, with an unprecedented number of people coming from out of the region. In total visitors to Taranaki accounted for 75.3 percent of the audience, with a large proportion coming from Auckland, Wellington and the Waikato. Although this put a stretch on accommodation - 97.8 percent of visitors stayed at least one night in the region with 72.2 percent of these staying in commercial accommodation – New Plymouth proved it could meet demand. One of the many positive outcomes from the concerts was that over 6,500 attendees were visiting Taranaki for the first time. The Major Events Fund, administered by Venture Taranaki on behalf of the New Plymouth District Council, is designed precisely to achieve
this outcome – attracting people into the region to drive both visitor, business and resident growth. There is no doubt those that came to the concerts were impressed with Taranaki. More than 65 percent saw the region as a very vibrant location, almost 80 percent rated their concert experience as at least a 7 out of 10, and 58 percent indicated they would return to Taranaki for a holiday. Apart from the extensive national and international attention the concerts attracted, the net economic benefits to the region were huge. The total valueadded economic impact (ie expenditure that would not have happened in Taranaki had the Fleetwood Mac concerts not occurred) was $9.56 million. The concerts directly benefitted many sectors throughout the regional economy, including the more traditionally obvious accommodation, hospitality and activity businesses, but also the transport, retail, entertainment and even construction sectors. The concerts were also well received by Taranaki residents with 90 percent indicating that events were very important to a region’s vibrancy and 33 percent wanting even more events throughout the year. While concerts such as Fleetwood Mac positively influence perceptions of the region and buoy the feel good factor, they have a more serious role to play in attracting and retaining the skilled labour and talent Taranaki needs to reach its
December was dominated by the Fleetwood Mac concerts, delivering a powerful start to the summer event season.
December 2009 economic objectives. The Fleetwood Mac concert, with its high level of first time visitors to the region, is a prime example of how events can act as a starting point for talent attraction.
Jobs website proving popular The Taranaki Jobs website is the region’s foremost online recruitment tool, and over the year grew to include a total of 572 registered employers, 865 job seekers, and 3,623 online job applications. Around 85 new jobs are listed on the site each month, making it a vital tool in the recruitment strategies for many Taranaki companies. The Trust promoted the site, and the lifestyle opportunities that the region offers, nationally around the All Blacks vs Ireland Test Match and the ASP Dream Tour, and internationally through the UK Emigrate Expo and Health Jobs Around the World magazine.
“Of the recruitment websites I have access to, Taranaki jobs is the best, easiest and quickest to use”. Betty Hamilton, Recruitment Officer, Taranaki District Health Board
Venture Taranaki Annual Report 2010 13
Maintaining the new year’s forward momentum, January saw the launch of a roadmap for the region’s economic development to 2035.
January 2010
Chairman honoured Venture Taranaki’s chair of nine years John Young was awarded a New Zealand Order of Merit in the New Year’s Honours. The honour came in response to John’s service to the dairy industry and broader community.
Yarrows Taranaki Cycle Challenge 2010
This event continues to grow into an iconic event in the Taranaki calendar with both individuals and teams completing the 150km bike ride around Mount Taranaki. Approximately 1,700 riders took part in 2010, a large proportion of which came from outside the region. Over $13,000 was raised for charity with approximately $5,000 going to CanTeen and $8,000 going to the Taranaki Kids Sports Trust. This year the course shifted slightly for the team relay to include Manaia in honour of the Late Noel Yarrow. Some of the many positive comments from participants included: “... just a big thank you for a well organised event – it was my first time participating and I thought it was awesome.”
“Once again the three old boys from Tauranga made the trip down to New Plymouth for the ride, with wives in toe to thrash the NP shops. And once again we were overwhelmed by the awesome event.”
Taranaki’s Regional Economic Development Strategy 2010-2035 Venture Taranaki released Taranaki’s first Regional Strategy in 2002, and since then the region has transformed. Taranaki has grown in confidence with renewed regional pride and a global outlook attracting thriving new industries. Financial assistance from central government (New Zealand Trade and Enterprise) has enabled Venture Taranaki to review and update the 2002 strategy over a six-month period, to develop a refreshed plan to take the region forward over the next two decades.
The Strategy development process incorporated the results of the major 2009 perception research undertaken by Venture Taranaki, industry consultation with key groups, a review of infrastructure by Opus consultants, economic analysis by BERL, and a national and international comparative strategy analysis. The resulting Strategy sets a regional vision out to 2035, and identifies six key themes with initiatives under each theme. The strategy highlights that although
global markets and national policy have an undeniable effect upon regional economic performance, the power of collective action and intervention can make a difference in terms of Taranaki’s competitiveness and ability to gain a bigger slice of the economic pie. A key objective of the strategy is therefore to provide a basis for strong regional leadership and a platform for united action and teamwork to ensure we proactively shape a future for the region which is vibrant, wealthy and sustainable.
Vision: By 2035, Taranaki will be a progressive, growing, westward-looking province of national significance, renowned for its people, culture, talent, rich natural resources and desirable location. Team Taranaki: Goal – To build partnerships and harness the collective energies and spirit of the Taranaki people and its leaders to benefit Taranaki’s growth. Gateway Taranaki: Goal – To connect Taranaki locally, nationally and internationally, removing the geographic issue of isolation and building on the region’s proximity and access to Australia.
14 Venture Taranaki Annual Report 2010
Foundation Taranaki: Goal – To maximise the potential of Taranaki’s core industries by adding value to the region’s traditional sectors and enhancing business capability, innovation, productivity and export development.
Talented Taranaki: Goal – To create a regional culture where innovation, talent and lifelong learning are valued and to ensure Taranaki businesses have the skills to support current and future needs.
Frontier Taranaki: Goal – The pursuit of new horizons, industries and projects that foster diversification, growth, and/or perception shifts to enhance Taranaki’s regional development.
Desirable Taranaki: Goal – To make Taranaki the preferred place to live, work and visit, in order to achieve the population target of 135,000 by 2035.
Australasian Oil and Gas Expo Venture Taranaki undertook a successful trade mission to the 2010 Australasian Oil and Gas Expo in Perth with the Oil & Gas Specialist Technologies Cluster in February. The important event enabled the region and the Cluster to maintain its presence on the world stage. “Keep Venture Taranaki involved. Their support was invaluable in terms of providing the glue to the stand. Having Venture Taranaki resource was critical to the outcome as attention to co-ordinating the detail was the defining factor,” said one of the Cluster members.
February balanced major events with interventions in the form of faster broadband and representing our oil and gas sector offshore.
February 2010
Faster broadband to Taranaki
Radio Korimako
Over the year Venture Taranaki successfully facilitated and partly funded the delivery of high-speed broadband into the region. The point of entry for the region will be WITT, and a range of education, research and library organisations will be able to gain access through WITT in the future. Venture Taranaki also funded the connection of New Plymouth Boys’ High School to the network to showcase the potential of the faster broadband to enhance learning.
Engaging Taranaki’s Maori business community was the aim of an informative business-focused show on local Iwi radio station Te Korimako from November to February. The shows featured a mix of business news and updates and signposting to help businesses learn more and access Venture Taranaki services to help them grow.
“Thank you for your ongoing support of AmeriCARna in 2010. Having Barry Meguiar and the film crew attend was monumental and the international exposure our region will receive from this is ‘like no other’. Without Venture Taranaki’s involvement and support AmeriCARna would not be the successful world-class event it has become synonymous with.” John Rae, AmeriCARna
Cliff Richard & The Shadows final 50th Anniversary tour Sir Cliff Richard once again proved a favourite at the TSB Bowl of Brooklands. Many die-hard fans travelled the country for all three of the Cliff Richard & The Shadows final 50th anniversary concerts.
AmeriCARna With 681 cars and 1497 entrants, AmeriCARna 2010 was the biggest and most successful yet. Three days of cruising around the region culminated in the Friday night street parade and Saturday’s Country Fair. Taranaki communities were once again out in full support as the parade of cars came through their districts with schoolchildren lining the streets and shopping districts coming to a standstill as crowds came out to admire the cars. The highlight for 2010 was the filming of the event by Barry Meguiar for Car Crazy Television, which screens to a global audience of millions.
Venture Taranaki Annual Report 2010 15
March saw the Trust’s energies invested across the region’s economy, from major events to tourism promotions to new projects in the oil and gas sector.
March 2010
Regional Development: Oil and Gas Sector While the Government focus is on initiatives that attract greater levels of oil and gas exploration to New Zealand, Venture Taranaki saw an opportunity to develop a similar growth model for the full spectrum of oil and gas industry. Recognising the significant impact that this industry has on the region’s economy, the Trust successfully sought funding from the New Zealand Trade and Enterprise Regional Development Fund to create a wide-reaching project that aims to deliver benefit throughout the supply chain, not just in exploration. A lot more of this project will be seen in the 2010-2011 financial year.
Turning Engineering into Art
A
small Taranaki company has forged a link with a top contemporary artist, proving that skills honed in the region’s dairying and engineering industries are right up there alongside the world’s best.
Normanby company Global Stainless, which comprises just five staff, created the components of leading artist Anish Kapoor’s towering Tall Tree and the Eye, which has been exhibited at some of the top galleries internationally. The sculpture was commissioned for a major exhibition of Kapoor’s work at London’s prestigious Royal Academy of Arts, and has since been exhibited and acquired by the Guggenheim Museum in Bilbao, Spain for an undisclosed sum believed to be in the millions of Euro. The stunning sculpture is created with 76 polished stainless steel spheres, each a metre round, that have been likened to the rising bubbles in a glass of good Champagne, such is their perfection and impression of weightlessness. But the real story is how a tiny Taranaki firm were able to realise the complicated vision of one of the world’s most innovative artists and in doing so create a sculpture that appears to defy gravity and numerous other laws of physics. Global Stainless has developed its own world-beating intellectual property that has enabled it to manufacture seamless stainless steel curves to almost any dimension.
16 Venture Taranaki Annual Report 2010
“Our process, which we have patented, forms the balls after welding, meaning there is none of the usual shrinkage associated with the process,” says Global Stainless Managing Director Lincoln Raikes. “Polishing to a mirror finish, like that required in the Anish Kapoor sculpture, will highlight even tiny imperfections in the underlying metal. The process we have invented from scratch means that flaws are virtually eliminated.” And the company’s products are not just finding homes in major contemporary artworks. “We’ve created products for the oil and gas, pulp and paper and roading industries, and most of our work is for the Dairy sector,” Lincoln says. Like its name would suggest, the company is no stranger to global contracts. In 2007 it was commissioned to create a perfect 2.1m stainless steel sphere for exhibition in Monte Carlo. Achieving global success from South Taranaki hasn’t been a sudden change for the company. It has had an active website for more than 12 years, and credits this with raising its international profile and getting it in front of the likes of Kapoor. “We set up a website before the Internet really took off, and this is how Kapoor first found out about what we do.” The company has also worked with Venture Taranaki to access Enterprise Training and other growth assistance
programmes, over the years taking part in the Getting Started on the Internet, Getting Ahead: Marketing and High Impact Lean Manufacturing programmes – the latter attracting a number of Global’s staff. But the trouble with Venture Taranaki’s training programmes, says Raikes, is finding the time to put all of the ideas you walk out with into practice. And with a foot in the door at the very top of the frenetic international art world, Raikes’ time is likely to get even tighter.
New Plymouth becomes a Cathedral City The dedication of St Mary’s Church as a full cathedral marked the coming of age of New Plymouth and Taranaki as an internationally recognised member of a global network of cathedral cities. The week-long celebration of the first new Anglican cathedral anywhere in the world in the last 80 years, was led by the Archbishop of York John Sentamu and attended by over 2,500 people.
KEA pass it on campaign The KEA PassItOn campaign is all about harnessing the interest generated by RWC 2011 to promote the best of New Zealand to a global audience. By enlisting the support of our international expat community and their networks and getting them to ‘pass it on’, the campaign aims to help Kiwi organisations achieve their global business objectives such as increased sales, offshore market introductions, or simply finding a global agent or distributor.
Venture Taranaki has signed up to the campaign to leverage these connections and ensure the region maximises the economic benefits from RWC 2011. The Trust has supported some of the region’s most innovative businesses, including Carbon Art and Fitzroy Yachts, to develop a company profile and video clip which are being uploaded onto the KEA website where they will be passed on to KEA’s global networks and, hopefully, meet with success.
Promoting Taranaki This year Venture Taranaki partnered with AA Tourism to create a joint venture whereby the Taranaki Visitor Guide and the AA Visitor Guide were integrated into a single publication. In the past, two separate guides were created targeting a similar market. The new single publication will deliver increased distribution and exposure and reduce advertising costs for Taranaki operators. Venture Taranaki also entered a joint venture with the Stratford Press to produce a quarterly publication, targeted at Taranaki audiences and their visiting friends and family. The publication aims to inform locals and visitors alike of the many things there are to see and do within the region and includes an extensive events calendar.
meeting market participants, was created at the end of the 2009-2010 year. The publication covers many aspects of the region as a place to visit, featuring maps and components of our other publications. Additionally, Venture Taranaki has been working on updating and reprinting the Taranaki Walkers Guide. The Surf Highway 45 brochure was also reprinted and continues to be a popular publication, and the Forgotten World Highway brochure tripled in distribution, highlighting the increasing popularity of the route among both international and domestic visitors.
WOMAD WOMAD 2010 was again an exhilarating mix of sounds and sights from around the world, and a huge success with great performances from over 300 national and international performers in the stunning Brooklands Park and TSB Bowl of Brooklands. In the years since its inception WOMAD has become synonymous with Taranaki and provided substantial benefits to the regional economy. This year was no exception with the event generating an estimated $7.02 million for the region. Overseas attendees accounted for 7 percent of the audience while of the remaining 93 percent, 49 percent were from Taranaki and 51 percent from elsewhere in New Zealand, predominantly Auckland and Wellington. Of the visitors to the region, 57 percent stayed three or more nights in the region spending an estimated $264 each on accommodation, travel, food, drink and shopping. The event promoters, Taranaki Arts Festival Trust, received a significant grant from Venture Taranaki, as one of the event’s core funders.
A further new publication, ‘The Best of Taranaki’, aimed at conference and
Venture Taranaki Annual Report 2010 17
Venture Taranaki went coastal in April, supporting the Solo Tasman Challenge and ASP Dream Tour, while launching new regional promotion initiatives.
April 2010
Here comes the Bus! A moving billboard in the form of a luxury coach with stunning visuals of the Taranaki region was completed in April and started showcasing Taranaki on its journeys around the country. The idea came from Blair Withers, of Withers Coachlines, after completing Venture Taranaki’s High Impact Tourism Programme which is aimed at boosting the region’s tourism businesses. Blair determined that by partnering with Venture Taranaki his brand new coach could be used in an innovative way to promote the region. “We’re keen to do our bit to grow the profile of Taranaki with this project. If the region benefits then the visitor industry benefits, and as a result the company stands to benefit. It’s win-win,” Blair says.
Taranaki.info continuing to grow The region’s official website – www.taranaki.info – grew strongly over the year, receiving 206,711 visits in the 12 months to the end of June – up 99,948 or 85 percent on the year to June 2009. The site features a Visit section targeted at visitors to the region, a Business section that features news and resources for Taranaki’s business community, a Live section to help attract new residents and the regional Jobs website. Growth was strongest in the Visit section, reflecting both the increase in visitor interest around the year’s major events and the increased referrals from Venture Taranaki’s activity in social media platforms Twitter and Facebook.
Solo Tasman Challenge One of Taranaki’s bravest events, the 4-yearly Solo-Tasman Challenge single handed yacht race from Port Taranaki to the Australian port of Mooloolaba, received support from Venture Taranaki, who helped to develop a new website featuring real-time satellite tracking of the race, attracting a substantial new audience.
ASP Dream Tour A new event in the Taranaki major events calendar this year was the ASP Dream Tour, a leg of the international surfing competition featuring the 16 top women surfers in the world. Despite a protest from local free surfers, the event was a success, culminating in a win by Hawaiian Carissa Moore followed by an unprecedented donation of her winner’s cheque to the Waitara Bar Boardriders’ Club. A 22-minute television show on the event, produced by Fuel TV and distributed by IMG Media, reached an estimated 69 million viewers. The story of former Taranaki girl, 15-year-old Sarah Mason taking down World Champ Steph Gilmore in the heats captivated media, with stories running in the New York Times, Sydney Morning Herald, on the Fox, ESPN and CNN networks. In terms of bringing Taranaki to the attention of a growing global surf audience, this event was truly ‘like no other’.
18 Venture Taranaki Annual Report 2010
Accommodation Statistics Each year, Taranaki compares its performance across the accommodation sector relative to other regions and the nation as a whole, through the Commercial Accommodation Monitor. The report shows that, nationally, rooms sold decreased by 1.0 percent for the twelve months to May 2010, against a forecast of 4.0 percent. Taranaki, however, grew the number of rooms sold by 2.9 percent, against forecast growth of 2.1 percent.
“As a growing local tourism operator, Venture Taranaki has given us continued help and support over the years. We will continue to support the Trust.” Rosemary and John Lucas, Villa Heights Bed and Breakfast
Becoming a Model Community Venture Taranaki played a critical part in the New Plymouth Council’s bid to become New Zealand’s walking and cycling Model Community. Venture Taranaki contributed to the writing, editing and design of the 117-page bid document, which succeeded in gaining $3.71 million in new funding for the district. B – Coastal Walkway
Further linkages to Coastal Walkway that could be improved to all-weather standards
BEll BloCk
Bell Block Industrial Connection
ue ven s A
nd
kla Par
BEll BloCk Te Rewa Rewa bridge
Coastal Walkway
The industrial area is 380 ha, of which approximately 40 per cent is developed.
ge – $300,000.
The Proposal
Investment for Completion Parklands Avenue to Connett Road
Recently completed SH3 underpass
•
Construct a chip seal pathway along side the Mangati
•
Stream from Parklands Avenue to Connett Road – $60,000. Lake Rotomanu Signage – $10,000.
SH3
Connett Road to De Havilland Drive
Establish an all-weather walking and cycling pathway along the Mangati Stream connecting people from the
•
Coastal Walkway, through the Bell Block residential area to the Bell Block industrial area.
Survey boundary of reserve between Connett Road and De Havilland Drive – $5,000.
•
Construct a chip seal path from Connett Road to De Havilland Drive – $100,000.
Existing pipe bridge Benefits of the Project
•
Signage – $10,000.
oad
on R Dev
valuation
Waitara
Industries in the immediate vicinity of the end of the extension whose employees will benefit from this FITzRoy walking and cycling option include: Olex New Zealand, Greymouth Petroleum, Vector, Hookers Pacific, MCK Ltd, Tasman Oil Tools, and Tegal Foods Ltd (which alone employs approximately 300 people at its Bell Block processing factory). Pathway on stop bank The Council plans to discuss partnership opportunities with these industries and other local businesses to assist Road mow Cle with establishing the pathway and promoting it as a transport option to employees.
Monitoring and Evaluation of Success
oad
hange, e.g. provision ilisation of grey
The project will be a success if mode share of active transport is greater than the overall project targets in this area. This will be measured by: •
Installation of a track counter at a location near the underpass in June 2010.
•
Walking and cycling surveys among employees and residents in the Bell Block area.
Connett Road to De Havilland Drive
ite R
mode change.
Road nett
Con
Total: $185,000
Para
converted and relocated The Coastal Walkway extension currently being constructed will provide the opportunity for commuters to access Bell Block from New Plymouth and vice versa, off the main highway. This project proposes extending this network south, connecting the industrial area with the Bell Block residential area and the Coastal Walkway, making this a fast and easy option to get to work.
nd walkers, plus will be measured by:
W aiw ha
ka
from bridge to valley 00.
Installation of a underpass under SH3 - $350,000 (Council-funded).
Riv er
from the Coastal nu – $90,000.
•
largest industrial area. State Highway 3 and the recently completed Bell Block bypass currently separate the residentaial and industrial areas.
mpletion
Airport
NEW PlyMouTh The Bell Block industrial area is New Plymouth District’s
Parklands Avenue to Connett Road Proposed pathway
Investment to Date
o
oid the state highway.
Current Challenge
ih
k in the many shops
with residents in nearby o access the CBD. zroy, this will be a easy
New subdivision and road recently constructed Waitara
Highlighted area shows location of site on the right Valley retail centre
Airport
Bell Block
The pace continued in May, with a focus on assistance for a wide range of business and community projects, from exporting to Model Communities.
May 2010 Rugby World Cup 2011 Venture Taranaki has been hard at work since the region won its bid to host three Rugby World Cup 2011 matches. Work progressed throughout the year to ensure that the region makes the most of the projected 65,000-80,000 international visitors here for the tournament. This activity has included liaison with the many government departments involved in RWC 2011, RNZ 2011 and the teams themselves as they come to visit the venue to make sure Taranaki’s voice is heard; assistance to the New Plymouth District Council with the development of specific initiatives, such as the official fan zone and festival programme; development of a RWC website which fits under www.taranaki.info; commencement of an extensive regional branding programme; and formulation of business initiatives under the national business programme.
GlEN AVoN
New Plymouth
Project: INF1-2
1km
ExporTAR The ExporTAR forum continued to build the network of Taranaki exporters over the 2009 – 2010 year. The full calendar of events included the development of an export focused Lean Manufacturing Cluster which met regularly throughout the year, a well-attended seminar on the opportunities presented by the Australian Stimulus Package, a trade mission to Perth’s Australasian Oil and Gas event attended by members of the Oil and Gas Specialist Technologies Group and a workshop on protecting intellectual property. The Perth trade mission was the highlight of the year with a number of attendees directly pursuing work opportunities as a result.
Regional economic briefings Venture Taranaki provided detailed regional economic and industry briefings to over 25 Government and Parliamentary visitors to the region over the course of the year. These included Governor General His Excellency Anand Satynand and Prime Minister Hon John Key.
Venture Taranaki Annual Report 2010 19
June marks the busy end of Venture Taranaki’s financial year with the opportunity to complete a number of economic development projects across the board.
June 2010
Finding Taranaki’s Top Shop Venture Taranaki continues to recognise service excellence through its support as a primary funder of Top Shop, administered by the Taranaki Chamber of Commerce. The event has become a permanent fixture in the diaries of many retailers, who vie for the right to call themselves Taranaki’s ‘Top Shop’. This year 309 individual retailers were nominated for their customer service with awards being presented at a packed dinner function on June 30. Congratulations to et vous who took top honours for the second year running, and category winners Hot Goods, Goodyear Tyres Fitzroy, House of Travel, Dogs Breakfast Trading Company, The Garlic Press, and Cleaver and Moore Hairdressing.
Skills Attraction Venture Taranaki continues to work closely with employers, immigration and settlement agencies to help identify, target, attract and retain skilled people. This included proactive media exposure through a number of leading UK-based emigration websites and publications.
The value of economic development Ensuring economic development is seen as a core service of local government was the aim of Venture Taranaki’s submission to the Parliamentary Select Committee stage of the Local Government Act 2002 Amendment Bill in June. Venture Taranaki submitted that Economic development is the means to achieve the outcome of “economic wellbeing” specified by the Act.
The Taranaki Business Toolkit A business toolkit for SMEs and potential business start-ups was produced, providing a range of information, signposting and referrals on both Venture Taranaki services and other services available to the Taranaki business community. The toolkit is designed to provide a one-stop resource for businesses on where to go for help on a range of topics such as staff management, finance, training and sustainability.
All Black Captain Richie McCaw and three of his team mates spent an afternoon surprising the residents of a New Plymouth street while filming an Adidas commercial. Venture Taranaki undertook location scouting, permissions and facilitation for the shoot that screened at New Plymouth and Christchurch test matches and has since received more than 54,000 views on YouTube.
20 Venture Taranaki Annual Report 2010
Your guide to accessing services and resources to grow and develop your business
Surprise visits
Taranaki Business Toolkit
01
Venture Taranaki can help you boost your research and development with information on funding sources and access to expertise and advice.
Venture Taranaki About Venture Taranaki As the Regional Development Agency, Venture Taranaki has extensive knowledge and expertise to help you develop your business. Venture Taranaki works with start-up and small businesses right through to high growth and larger companies in the region. From signposting and referrals to business growth, strategic planning, funding, exporting, marketing, tourism and regional branding, Venture Taranaki can assist.
Business Support & Advice Our experienced team can offer you guidance, referrals and business support. They can also signpost you to other areas of support and expertise. Workshops & Training Stay connected to Venture Taranaki to access information, workshops and training specifically for Taranaki businesses. Exporting If you are looking to take your products or services global, get in touch with Venture Taranaki to find out about upcoming training seminars, workshops, market intelligence services and expert referrals to help you get there. If you are already an exporter enquire about our ExporTar network. Research & Development Venture Taranaki can help you boost your research and development with information on funding sources and access to expertise and advice. Talk to a business advisor or go to www.technz.co.nz
Venture Taranaki can help turn your business idea into reality, with a range of products and services to grow and develop your business.
New Zealand Trade & Enterprise Venture Taranaki is a regional link to New Zealand’s national economic development agency – New Zealand Trade & Enterprise (NZTE). NZTE provides extensive information and resources to businesses looking to develop their knowledge and expertise, tap into international networks and opportunities, explore export markets and access capital and investment. www.nzte.govt.nz
Venture Taranaki is your one-stop shop for business assistance.
Market Intelligence & Research Venture Taranaki provides a wide range of research free to the public and business community. This includes Taranaki Trends which provides a six monthly snapshot of the region’s economy, regular Taranaki Business Surveys, a wide range of economic impact studies, and commissioned research reports on key sectors. All of the above can be found on Venture Taranaki’s website. www.taranaki.info/business Business Investment If you need capital to grow your business or investment to commercialise an idea talk to an advisor at Venture Taranaki about the options available to you. Enterprise News Stay connected with what’s going on in the Taranaki economy by subscribing to Venture Taranaki’s free business electronic newsletter. Register at www.taranaki.info/business
www.taranaki.info
Business Club
CarboNZero
A further avenue of support to help businesses open doors internationally is the NZ2011 Business Club. The online platform is designed to connect overseas businesspeople interested in attending the Rugby World Cup with their New Zealand counterparts. The Club is a database where companies who are looking for opportunities to grow, develop or further their business on an international basis can get information on the visitors coming to their area and their business and social interests, enabling valuable business connections to be made. Venture Taranaki is already liaising with RNZ 2011 on the initiative and will be coordinating local enquiries and activity.
Electricity: 6% increase over base year 2007/8
Regional Visitor Industry Strategy Shifting focus from ‘Tourism’ to the broader ‘Visitor Industry’ was a key component in the development of the Regional Visitor Industry Strategy 2010-2014. The new strategy, developed by Venture Taranaki, focuses on the industry as a whole, incorporating all categories of visitors to the region. On completion of the strategy, an “At a glance” document was produced outlining the Strategic Aim with five strategic themes and broad projects underlying each theme. This was presented to fourteen Visitor Industry workshops throughout Taranaki and the presentation was also distributed to those industry businesses that were unable to attend.
All Blacks vs Ireland A packed audience cheered the All Blacks to a 66-28 win over Ireland at Yarrows Stadium in June. The match built on 2008’s successful All Blacks vs Manu Samoa match, and bodes well for Taranaki’s ability to attract further high profile events. Although the day was wet, the skies cleared for the game. The match was a good testing ground for the facilities and infrastructure of both the stadium and the region leading up to RWC 2011. Although most systems worked well, a number of improvements were identified to further ensure that next year’s three RWC 2011 matches are a stunning success. In particular there are post-match opportunities for New Plymouth’s hospitality sector, which was crowded almost beyond capacity. The proposed site for the official FanZone in 2011, Puke Ariki Landing was used as a hub for the shuttle bus system to the stadium, with the gold-coin donation buses proving popular. This endorses the Landing as the ideal site for the FanZone which will be the centre of all RWC2011 activities.
Petrol: 37% reduction over base year 2007/8 Domestic air travel: 11% reduction over base year 2007/8 International air travel: 52% reduction over base year 2007/8
Raising Taranaki’s profile Venture Taranaki worked with a number of national media organisations throughout the year to grow the profile of the region and its businesses. Some of the biggest outcomes have included been in Curl Magazine, North and South, NZ Herald, the Irish Echo, Sunday Star Times, Australian Outdoor magazine, Car Crazy, Wilderness, Adventure, Arrival, Spoke Magazine, and working with TV One News in the region for a week leading up to the All Blacks Test.
Venture Taranaki Annual Report 2010 21
Financial Performance 2009-2010
22 Venture Taranaki Annual Report 2010
Contents Venture Taranaki Trust Annual Report For the year ended 30 June 2010
Audit Report.................................................................................................... 24 Trustees' Review.............................................................................................. 25 Statement of Financial Position.......................................................................... 26 Statement of Comprehensive Income.................................................................. 27 Statement of Changes In Equity.......................................................................... 28 Statement of Cash Flows................................................................................... 29 Notes to the Financial Statements...................................................................... 30 Statement of Service Performance...................................................................... 38 Trust Directory................................................................................................. 40 Contact Information.......................................................................................... 41
Venture Taranaki Annual Report 2010 23
Audit Report To the readers of Venture Taranaki Trust’s financial statements and performance information for the year ended 30 June 2010. The Auditor General is the auditor of Venture Taranaki Trust (the Trust). The Auditor General has appointed me, David Walker, using the staff and resources of Audit New Zealand, to carry out the audit on her behalf. The audit covers the financial statements and performance information included in the annual report of the Trust for the year ended 30 June 2010. Unqualified opinion In our opinion: • The financial statements of the Trust on pages 26 to 37: • comply with generally accepted accounting practice in New Zealand; and º fairly reflect: - the Trust’s financial position as at 30 June 2010; and - the results of its operations and cash flows for the year ended on that date. • The performance information of the Trust on pages 38 to 39 fairly reflects the achievements measured against the performance targets adopted for the year ended 30 June 2010. The audit was completed on 16 September 2010 and 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 Trust Board and the Auditor, and explain our independence. Basis of opinion We carried out the audit in accordance with the Auditor General’s Auditing Standards, which incorporate the New Zealand Auditing Standards. We planned and performed the audit to obtain all the information and explanations we considered necessary in order to
24 Venture Taranaki Annual Report 2010
obtain reasonable assurance that the financial statements and performance information did not have material misstatements, whether caused by fraud or error. Material misstatements are differences or omissions of amounts and disclosures that would affect a reader’s overall understanding of the financial statements and performance information. If we had found material misstatements that were not corrected, we would have referred to them in our opinion. The audit involved performing procedures to test the information presented in the financial statements and performance information. We assessed the results of those procedures in forming our opinion. Audit procedures generally include: • determining whether significant financial and management controls are working and can be relied on to produce complete and accurate data; • verifying samples of transactions and account balances; • p erforming analyses to identify anomalies in the reported data; • r eviewing significant estimates and judgements made by the Trust;
the financial statements in accordance with generally accepted accounting practice in New Zealand. The financial statements must fairly reflect the financial position of the Trust as at 30 June 2010 and the results of its operations and cash flows for the year ended on that date. The Trustees are also responsible for preparing performance information that fairly reflects service performance achievements for the year ended 30 June 2010. The Trustees responsibilities arise from the Local Government Act 2002. We are responsible for expressing an independent opinion on the financial statements and performance information and reporting that opinion to you. This responsibility arises from section 15 of the Public Audit Act 2001 and section 69 of the Local Government Act 2002. Independence When carrying out the audit we followed the independence requirements of the Auditor General, which incorporate the independence requirements of the New Zealand Institute of Chartered Accountants. Other than the audit, we have no relationship with or interests in the Trust.
• confirming year-end balances; • d etermining whether accounting policies are appropriate and consistently applied; and • d etermining whether all required disclosures are adequate. We did not examine every transaction, nor do we guarantee complete accuracy of the financial statements and performance information. We evaluated the overall adequacy of the presentation of information in the financial statements and performance information. We obtained all the information and explanations we required to support our opinion above. Responsibilities of the Board of Trustees and the Auditor The Trustees are responsible for preparing
David Walker Audit New Zealand On behalf of the Auditor General Auckland, New Zealand
Venture Taranaki Trust Trustees' Review For the year ended 30 June 2010 The Board of Trustees present their Annual Report including financial statements of the Trust for the year ended 30 June 2010. The business of the Trust is facilitating economic development in Taranaki. The nature the Trust's business has not changed during the year under review. For and on behalf of the Trustees
________________________Chairman
Venture Taranaki Annual Report 2010 25
Venture Taranaki Trust Statement of Financial Position As at 30 June 2010 NOTE
2010 $
2009 $
333,059
458,468
Trade and other receivables
50,792
136,268
Other current assets
57,535
15,591
GST receivable
86,794
64,942
528,180
675,269
Assets Current Assets Cash & cash equivalents
Total Current Assets Non Current Assets Intangibles
3
15,020
21,088
Property plant & equipment
4
224,748
251,033
Total Non Current Assets
239,768
272,121
Total Assets
767,948
947,390
229,948
419,861
71,225
60,739
8,363
-
309,536
480,600
150,000
150,000
Trust Equity
308,412
316,790
Total Liabilities & Equity
767,948
947,390
Liabilities Current Liabilities Trade and other payables Employee benefit liabilities
10
Deferred grant Total Current Liabilities Non Current Liabilities Contractual commitments
7
Equity
These financial statements were authorised for issue by the Trustees on 16 September 2010. by
________________________Chairman ________________________Trustee The accompanying notes form part of these financial statements. 26 Venture Taranaki Annual Report 2010
Venture Taranaki Trust Statement of Comprehensive Income As at 30 June 2010 NOTE
2010 $
2009 $
3,349,080
3,483,237
Other revenue
64,541
320,132
Interest
39,988
38,494
5,735
3,027
3,459,344
3,844,890
22,120
22,070
Revenue Grant revenue
2
Gain on disposal of assets Total
Expenses Audit fees Amortisation
3
11,258
2,667
Depreciation
4
57,226
58,912
-
377
411,257
452,573
Professional fees and subcontractors
1,376,972
1,789,344
Rental and operating lease expenses
128,418
120,241
1,116,276
1,061,343
Trustees fees
77,000
73,029
Other operating expenses
267,195
247,390
3,467,722
3,827,946
(8,378)
16,944
-
-
Net profit/(loss) after taxation
(8,378)
16,944
Total comprehensive income
(8,378)
16,944
Loss on disposal of assets Marketing
Salaries and wages
Total Net profit/(loss) Taxation
5
The accompanying notes form part of these financial statements.
Venture Taranaki Annual Report 2010 27
Venture Taranaki Trust Statement of Changes in Equity As at 30 June 2010 Retained Earnings $
Balance as at 1 July 2008
Total Equity $
299,846
299,846
16,944
16,944
Balance at 30 June 2009
316,790
316,790
Balance as at 1 July 2009
316,790
316,790
Net loss and comprehensive income for the year
(8,378)
(8,378)
Balance at 30 June 2010
308,412
308,412
Net profit and comprehensive income for the year
The accompanying notes form part of these financial statements.
28 Venture Taranaki Annual Report 2010
Venture Taranaki Trust Statement of Cash Flows As at 30 June 2010 NOTE
2010 $
2009 $
Cash Flows from Operating Activities Cash was provided from: Interest
38,008
50,385
Grants and other income
3,497,964
3,748,133
Total
3,535,972
3,798,518
(3,594,992)
(3,659,949)
(35,994)
(8,212)
(3,630,986)
(3,668,161)
(95,014)
130,357
Proceeds from sale of property, plant and equipment
10,178
9,051
Total
10,178
9,051
(5,190)
(23,755)
Purchase of property, plant and equipment
(35,383)
(108,386)
Total
(40,573)
(132,141)
Net cash from investing activities
(30,395)
(123,090)
-
-
(125,409)
7,267
Cash and cash equivalents at the beginning of the period
458,468
451,201
Cash and cash equivalents at the end of the period
333,059
458,468
Cash was applied to: Operating expenses Net GST paid
12
Total Net cash from operating activities
13
Cash Flows from Investing Activities Cash was provided from:
Cash was applied to: Purchase of intangibles
Cash Flows from Financing Activities Net cash from financing activities Net increase (decrease) in cash held
The accompanying notes form part of these financial statements.
Venture Taranaki Annual Report 2010 29
Venture Taranaki Trust Notes to the Financial Statements For the year ended 30 June 2010 1. Statement of Accounting Policies Reporting Entity
Specific Accounting Policies
Venture Taranaki Trust is controlled by 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 2010. 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 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.
30 Venture Taranaki Annual Report 2010
• 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. 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 • S tatement 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 non current assets. Financing activities comprise the change in equity and debt capital structure of the Trust.
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 1. Statement of Accounting Policies continued • Government Grants Government grants are recognised as income when the conditions of entitlement have been met. Government grants are received from central and local government for tourism, events and economic services. • 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. • G oods and Services Tax (GST) The financial statements have been prepared on a GST exclusive basis, with the exception of receivables and payables whose invoices include GST. • Inventory Merchandise inventory is held at cost. • Financial Instruments The Venture Taranaki Trust Board has adopted a policy of minimising exposure arising from its treasury activity. The Board is not authorised by its treasury policy to enter into any transactions which are speculative in nature. • Intangibles Software is stated at cost. Software is regarded as having a finite useful life, therefore it is amortised over the estimated useful life of two and a half years on a straight line basis. The useful life is reviewed annually for impairment.
subsequent actual results. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. • Changes in Accounting Policies The Trust has adopted the following revision to accounting standards during the financial year, which have had only presentational effect. NZ IAS 1 Presentation of Financial Statements (Revised 2007) replaces NZ IAS 1 Presentation of Financial Statements (Issued 2004). The revised standard requires information in financial statements to be aggregated on the basis of shared characteristics and introduces a statement of comprehensive income. The statement of comprehensive income will enable readers to analyse changes in equity resulting from non owner changes separately from transactions with owners. The Trust has decided to prepare a single statement of comprehensive income for the year ended 30 June 2010 under the revised standard. Financial statement information for the year ended 30 June 2009 has been restated accordingly. Items of other comprehensive income presented in the statement of comprehensive income were previously recognised directly in the statement of changes in equity.
• 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. • 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. • C ritical Accounting Assumptions and Estimates In preparing these financial statements the Trust has made estimates and assumptions concerning the future. These estimates and assumptions may differ from the
Venture Taranaki Annual Report 2010 31
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 2. Grant Revenue 2010 $ New Plymouth District Council
2009 $
2,640,000
2,668,350
New Zealand Trade and Enterprise
335,696
385,946
Other
373,384
428,941
Total
3,349,080
3,483,237
2010 $
2009 $
3. Intangibles
Software Balance at beginning of period Additions Amortisation Balance at end of period
21,088
-
5,190
23,755
(11,258)
(2,667)
15,020
21,088
4. Property Plant and Equipment
Cost
Current Year Depn
Accumulated Depn
Book Value Year Ended 30 Jun 2010
Leasehold alterations
105,611
9,640
26,321
79,290
Fixtures and fittings
64,306
1,147
58,444
5,862
Office equipment
257,636
23,394
169,079
88,557
Other fixed assets
50,833
2,511
30,366
20,467
Motor vehicles
89,345
20,534
58,773
30,572
Total
567,731
57,226
342,983
224,748
32 Venture Taranaki Annual Report 2010
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 4. Property Plant and Equipment continued
Cost
Current Year Depn
Accumulated Depn
Book Value Year Ended 30 Jun 2009
Leasehold alterations
105,611
9,671
16,681
88,930
Fixtures and fittings
64,122
1,140
57,297
6,825
Office equipment
253,583
15,618
172,910
80,673
Other fixed assets
46,911
4,546
27,855
19,056
Motor vehicles
111,556
27,937
56,007
55,549
Total
581,783
58,912
330,750
251,033
5. Taxation 2010 $
2009 $
Net surplus (deficit)
(8,378)
16,944
Tax at 33%
(2,765)
5,592
-
(40,754)
3,873
4,780
Depreciation adjustment
-
-
Unrecognised tax losses
(1,108)
30,382
Tax expense
-
-
Current tax
-
-
Prior period adjustments to current tax
-
-
Tax expense
-
-
Opening balance
-
-
Tax paid
-
-
Credits attached to dividends paid
-
-
Closing balance
-
-
Plus (less) tax effect of: Non Assessable Income Non deductible expenditure
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 $88,712 (2009 $92,070) 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. Fringe Benefit Tax has been fully provided for in the 2010 financial statements (2009: Nil) pending a determination.
Venture Taranaki Annual Report 2010 33
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 6. Operating Lease Commitments Lease commitments under non cancelable operating leases excluding GST are: 2010 $ Not later than one year
2009 $
17,765
106,590
Later than one year and not later than five years
-
17,765
Later than five years
-
-
17,765
124,355
Total Negotiations are currently in progress for a renewal of the existing office lease.
7. Non Current Liabilities Reclassification from current liabilities to non current liabilities due to the commitment falling in September 2011.
8. Related Party Transactions During the normal course of business the Trust purchased and supplied goods and services from and to the following related parties: 2010 $
2009 $
Engineering Taranaki Incorporated. Roy Weaver was the Chairman. Resigned June 2010. Services provided to
43,057
46,146
Services provided by
-
600
7,171
3,461
Services provided to
3,205
900
Services provided by
12,375
12,375
Amounts receivable from
2,305
-
Services provided to
2,970,216
3,079,675
Services provided by
352,535
228,249
-
1,519
18,750
10,547
300
2,862
Amounts receivable from Port Taranaki Limited. Roy Weaver is the Chief Executive and John Young is the Chairman.
New Plymouth District Council. The Trust is a Council Controlled Organisation.
Amounts receivable from Economic Development Association of New Zealand. Stuart Trundle is Chairman. Services provided by Regional Tourism Organisations of New Zealand. Paul Stancliffe is a Trustee. Services provided by
34 Venture Taranaki Annual Report 2010
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 8. Related Party Transactions continued 2010 $
2009 $
Taranaki Arts Community Trust. Robin Brockie is a Trustee. Services provided by
563
563
1,643
5,400
-
5,400
3,974
-
Services provided by
24,718
23,729
Amounts owing to
4,039
-
12,584
2,750
1,031
-
Services provided to
-
3,038
Amounts receivable from
-
3,038
-
80
97,599
73,955
-
3,150
Services provided to
32
-
Amounts receivable from
32
-
25,425
-
359
-
Taranaki District Health Board. John Young is Chairman. Services provided to Amounts receivable from Auckland University of Technology. Sir Paul Reeves is Chancellor. Services provided by Staples Rodway Taranaki Limited. Robin Brockie is a Director and holds a beneficial interest.
Gama Associates Limited. Gavin Faull has a beneficial interest. Services provided by Amounts owing to Western Institute of Technology at Taranaki. Stuart Trundle was an advisor to the Crown Commissioner to 30 September 2008.
Faull Bros Holdings Limited. Gavin Faull is a Director and has a beneficial interest. Services provided to Red Eye Limited. Anne Probert is a Director. Services provided by Amounts owing to Aotea Services Limited. Stuart Trundle is a Director.
Bishop’s Action Foundation. John Young is a Trustee. Stuart Trundle is a Trustee. Services provided by Maori Tourism Taranaki Trust Amokura Panoho is Chairperson. Services provided to All transactions were carried out on normal commercial terms.
Venture Taranaki Annual Report 2010 35
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 9. Contingencies Contingent Liabilities The Trust has no contingent liabilities at balance date (2009: Nil). Contingent Assets The Trust has no contingent assets at balance date (2009: Nil).
10. Employee Entitlements 2010 $
2009 $
Balance at beginning of period
60,739
56,254
Additional provision made
70,831
69,250
(60,345)
(64,765)
Balance at end of period
71,225
60,739
Current
71,225
60,739
-
-
71,225
60,739
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.
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.
36 Venture Taranaki Annual Report 2010
Venture Taranaki Trust Notes to the Financial Statements continued For the year ended 30 June 2010 13. Reconciliation of Net Profit/(Loss) with Net Cash Flow from Operating Activities 2010 $ Net profit/(loss) after tax
2009 $
(8,378)
16,944
Add depreciation
57,226
58,912
Add amortisation
11,258
2,667
Net (profit) loss on disposal
(5,735)
(2,650)
Total
54,371
75,873
43,532
(25,674)
Increase (decrease) in payables
(181,551)
91,140
Decrease (increase) GST receivable
(21,852)
(15,468)
10,486
4,486
(95,014)
130,357
Add (less) non cash items:
Movements in working capital: Decrease (increase) in accounts receivable
Increase (decrease) employee benefits Total
14. Key Management Personnel Key management personnel includes the Trustees, the chief executive and senior management. The compensation includes salaries and other benefits of $627,139 (2009: $607,394).
Venture Taranaki Annual Report 2010 37
Statement of Service Performance
Objectives , Interventions and Measurements Trust Objectives (Ex SOI document) LEADERSHIP 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
VTT Interventions
NPDC Themes
Business Support Services
Prosperous
Vibrant
1. Inject $500,000 of grants into the regional economy subject to central government policy (Source: Govt and other Agencies) 2. Support one social, environmental and/or sustainable business initiative p.a. (Source: Business Plan) 3. Identity at least one project with hi impact potential and undertake feasibility study (Source: Business Plan)
FACILITATE & SUPPORT SUSTAINABLE BUSINESS GROWTH Facilitate, promote, encourage and support sustainable business growth, investment and employment opportunities in Taranaki.
Skilled
Performance Targets and Measurements (Outcomes/Outputs)
4. Grow visits to Taranaki web portal www.taranaki. info (Source: google analytics) Hi Impact Inter-generational interventions
5. Attract or retain five major events meeting NPDC criteria (>100 points) based on $850k event fund
CELEBRATE Support and recognise the regions enterprises to establish, flourish and prosper.
6. Exceed Tourism NZ forecast for Taranaki “arrivals” based on TNZ latest F’cst (Source: CAM) Regional Promotion / Skills Attraction
7. Conduct ‘out of region’ survey in target markets of people who think Taranaki a “vibrant” place to live, work and play. (Source: Independent Survey) 8. Conduct ‘in region’ survey of people who think Taranaki a “vibrant” place to live, work and play. (Source: Independent Survey) 9. Grow number of people employed year on year (Source: Statistics NZ)
38 Venture Taranaki Annual Report 2010
Cross reference to other regional outcomes 2009/10 Outcomes
Future Taranaki Facilitation Group. Regional (Outcomes)
1. Achieved $1,402,092
Regional GST
2. Achieved Brought Kiwi Advanced Research & Educational Network (ultra fast broadband) to Taranaki
Economic activity (NBNZ Trends rpt)
3. Achieved i. Oil & Gas project. ii. Regional Economic Development Strategy
Employment rate
4. Achieved 285% increase over 12 months
Unemployment rate
5. Achieved i. Fleetwood Mac ii. Women’s surfing WCT iii. AmeriCARna iv. All Blacks – Ireland Test v. WOMAD 2010
Business confidence
6. Achieved - Actual 2.9% - Forecast 2.1%
Net business growth; # businesses;
7. Achieved Survey undertaken
FTE’s
8. Achieved Survey undertaken
# people participating in continuing education or training
9. Not Achieved Recession effect on employment
% of people who think Taranaki is a vibrant place to live / visit (community and visit or survey)
Venture Taranaki Annual Report 2010 39
Venture Taranaki Trust Trust Directory For the year ended 30 June 2010 John Young (Chair)
Sir Paul Reeves
Chairman:
Auroam Ltd Lactanz WA, Australia Port Taranaki Limited Taranaki District Health Board
Chancellor:
Auckland University of Technology
Director:
Village at the Park
Convenor:
Hui Taumata Task Force
Director:
PKW Farms Ltd
Trustee:
Wellington Tenths Trust
Trustee:
Taranaki Veterinary Centre Patea Veterinary Centre Bishop’s Action Foundation
Negotiator:
Port Nicholson Block Claim
Robin Brockie Director:
Staples Rodway Taranaki Nominees Ltd
Director/ Beneficial Interest: Staples Rodway Taranaki Ltd Director /Shareholder:
Shakespeare Road Ltd 167 Broadway Ltd
Trustee/ Chairman: Sacred Heart Girls College Trustee:
Taranaki Arts Community Trust
Gavin Faull President/Director /Beneficial interest: Swiss-Belhotel International Managing Director /Beneficial Interest: Gama Associates Limited Director /Beneficial interest: Faull Bros (Holdings) Limited
Mawland Properties New Zealand Limited
Mawland Group Pty Limited
Swiss-Belhotel International Ltd and subsidiaries and associate companies
Academia Euregio Bondensee, Switzerland
Pranson Investments Limited
Leisure Investments Limited
Faull Investments Limited
Trewither Partnership
40 Venture Taranaki Annual Report 2010
Roy Weaver Chief Executive:
Port Taranaki Limited
Trustee:
NZ Harbours Superannuation Trust
Chairman:
Engineering Taranaki Consortium West Coast Coal Limited
Director:
Greyport Terminal Co. Limited
Paul Winter Chief Executive:
Employers & Manufacturers Association – Central
Venture Taranaki Trust Trust Directory continued For the year ended 30 June 2010 Nature of Business
Facilitating economic development in Taranaki
Business Office
9 Robe Street New Plymouth
Trustees
John Young (Chairman) Paul Winter Roy Weaver Sir Paul Reeves Robin Brockie Gavin Faull
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 Govett Quilliam, New Plymouth
Venture Taranaki Trust Te Puna Umanga 9 Robe Street, PO Box 670, New Plymouth 4340, New Zealand Tel: +64 6 759 5150 Fax: +64 6 459 5154 Email: info@venture.org.nz Web: www.taranaki.info Venture Taranaki Annual Report 2010 41