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Venture Taranaki Annual Report........................................

2009

Venture Taranaki

is the regionâ&#x20AC;&#x2122;s

DEVELOPMENT agency

Venture Taranaki is the strategic glue that binds the regionâ&#x20AC;&#x2122;s growth, through business, economic, tourism, regional and brand development.

MEET THE

TEAM

Venture Taranaki Trust is the regionâ&#x20AC;&#x2122;s DEVELOPMENT AGENCY. 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.

Wendy turner Administrative Assistant

Nick fleming Senior Enterprise Advisor

Rebecca Buis Executive Officer

Rob trusler Corporate Services Manager

Sarah brotherstone Programme Coordinator

vicki fairley Marketing Manager

Carrie Thorne Project Manager

stuart trundle Chief Executive

CONTENTS

CHAIRMAN’S REPORT........................................................ 4

TRUSTEES’ REVIEW............................................................. 25

CHIEF EXECUTIVE’S REPORT............................................. 6

NOTES TO FINANCIAL PERFORMANCE......................... 28

BOARD HIGHLIGHTS.......................................................... 10 STATEMENT OF SERVICE PERFORMANCE..................... 36 ACHIEVEMENTS................................................................. 12 TRUST DIRECTORY............................................................. 39 EXECUTIVE VIEWS AND HIGHLIGHTS............................. 14 CONTACT DETAILS............................................................ 39 AUDIT REPORT.................................................................... 24

9 10

paul stancliffe Tourism Leader ANNE PROBERT Economic Development Manager (Acting)

michelle jordan Economic Development Manager

Antony rhodes Communications Manager

amokura panoho Project Manager Partnerships

Andrew Thompson Marketing Executive

Michelle Warren Front Office Executive

Over the last year, Venture Taranaki Trust

the year to June 2009. Though there is

undoubtedly confronted a number of new

minimal tangible evidence of this decline

challenges. The world-wide economic recession was the most significant of these,

- the region’s unemployment rate is at 4.2 percent for the June 2009 quarter, against a

and impacted on both the region and the

national average of 6 percent, and Labour

Trust, forcing a pragmatism that Taranaki

Force Participation in the region is up 0.02

is renowned for.

percent on the June 2008 quarter – we

This tempered approach was well

still need to be mindful of its effect on the

founded. The Taranaki regional economy

region’s businesses, business people and

shrank 2.6 percent over the course of

their families and staff.

John Young

CHAIRMAN’S report

Venture Taranaki Annual Report 2009...............

The Board took the view that it was particularly

Attracting more people to visit Taranaki is an important

important for Venture Taranaki to show leadership

step towards encouraging more people to move to the

in this toughening climate with a proactive reduction

region to live and work. Research undertaken by the

to the burden of the Trust’s activities on our funding

Trust has found that as a region Taranaki needs to attract

partners, ultimately the people of Taranaki.

a total of 21,700 workers across all sectors by 2026 to

The Executive were instructed to propose a reduction

meet forecast economic growth.

in the Trust’s operating budget that balanced

Over the last year the Trust has been steadily shifting its

fiscal prudence with ongoing productivity gains.

focus to better meet this challenge. From strengthening

I am pleased to report they responded admirably,

the region’s website and online recruitment tools, to

suggesting overall budget savings of $130,000 through

welcoming the New Zealand University Games, to

a range of sustainable cuts to the Trust’s operations.

promoting the region in offshore markets, an increasing

While it is unreasonable to expect a reduction of this

commitment to this goal has been demonstrated.

magnitude to have no impact on the Trust’s activities,

Another major achievement of the Trust this year

I have every confidence that this change will be managed effectively to ensure Venture Taranaki’s high levels of service and wide-ranging support of the region are maintained.

was the achievement of CarboNZero accreditation. Not only did the Trust meet the stringent targets of the CarboNZero standard, it has reduced its carbon emissions from 56.1 tonnes to 36.7 tonnes

During the year the nation also experienced a change

over the last two years. This was achieved by

in government. As the incoming administration settles

reductions across every aspect of the Trust’s

into their role, there is still some uncertainty as to the

business, and importantly was supported through

ongoing support for regional development, particularly

a range of staff education activities.

beyond Auckland. While it is understandable that a

The Board this year farewelled Janine Smith and

measure of focus would shift to Auckland, it is important to acknowledge the innovation, entrepreneurship and immense contribution made at a regional level, and continue to invest in the nation’s heartland.

Venture Taranaki has made many gains this year, with its strong results often being achieved against the tide.

welcomed Gavin Faull. Janine brought a wealth of governance and directorial experience to the table. I extend heartfelt appreciation for her contribution to the Trust and to the region, and wish her well in the new challenges she will embrace. Gavin brings a no less impressive mix of skills and experience to the Board, across the accounting, tourism and accommodation and dairying industries, and retains strong connections to the Taranaki region. Venture Taranaki’s chief executive, Stuart Trundle and his management team and staff have continued

A particular success of the Trust has been its work

to forge an innovative and rewarding path for Taranaki,

towards not only maintaining but growing the region’s

with a firm focus on the region’s future. For this

visitor numbers against national and global decline.

I commend them strongly and thank them for

Visitors to Taranaki grew by 2.8 percent over the year,

helping to lead Taranaki’s economic, visitor and

while nationwide numbers dropped by 2.2 percent.

brand development.

The Trust has again demonstrated its innovation and initiative with a creative approach to attracting more conferences to the region, new campaigns such as the Taranaki Passport, and stronger communication with those in the tourism sector that has undoubtedly contributed to this growth.

John Young Chairman

Venture Taranaki Annual Report 2009...............

province - those cast by Mt Taranaki and that of the global financial crisis. As the repercussions of toxic investments reverberated around the worldâ&#x20AC;&#x2122;s economies, Venture Taranaki Trust lifted its activity levels to meet the challenges and provide one of our busiest years on record. With the change of central government there came a significant policy shift that has impacted on both business support and regional development. The Trust has responded professionally and promptly to these changing priorities. Building trust, confidence and relationships across the public and private sectors requires time and effort. In recognition of this our team has balanced intergenerational and short-term projects to effectively maintain the long-term commitment from our partners. I am pleased to see relationships with our key stakeholders in central government, local government, the private sector and philanthropic trusts maturing over the past 12 months.

Stuart Trundle

report

This year two shadows fell across our

CHIEF EXECUTIVEâ&#x20AC;&#x2122;S

Venture Taranaki Annual Report 2009...............

This year the Trust made significant progress by: •

• •

•

Informing and influencing national, regional and

be duplicated by any other investment fund in the current climate.

local decisions that impacted on our businesses

The event attraction fund for the financial year

and communities.

enabled us to confirm our sponsorship support

Developing strategies and action plans that address

of 13 world-class events covering rugby, league,

regional barriers to growth and prosperity.

tennis, motorsport, gardens, running, cycling,

Delivering projects that support the

musical performances and festivals. The full list

implementation of our economic strategies

included on page 13 makes impressive reading

and those of our stakeholder partners.

for both the calibre and diversity of events.

Becoming a more efficient and effective

This year the Trust also made a considerable

organisation.

investment in enhancing the way we communicate with our many stakeholders, and into our services to

Venture Taranaki’s executive team has both a passion for the region and a real sense of direction for the Trust. With enthusiastic and talented people in place we are in excellent shape to deliver a world class service to our clients.

grow economic development and regional promotion. This investment has delivered many results which are again covered extensively throughout this report, and serve to demonstrate both the diversity and the hard work of the team. There have been many notable highlights this year, including the Trust being awarded CarboNZero certification, reflecting our efforts to operate more sustainably. The Trust established a regional Lean Manufacturing Cluster group, staged the premiere of the Show of Hands movie, which it also co-produced, was instrumental in progressing a Point of Presence broadband linkage, and made a contribution to New Plymouth’s international Livable Communities

In the last financial year Venture Taranaki achieved

awards and North & South magazine’s “Best place

our key performance indicators. Total revenue rose

in New Zealand to call home” awards.

almost $300,000 to $3,844,890, and our expenditure was carefully invested into high growth projects and interventions, resulting in an operating surplus for the financial year of $16,944, a turnaround from a deficit of $42,420 in 2008.

Venture Taranaki’s mentoring service attracted 55 businesses during the year and the scheme’s effectiveness was formally recognised by the national mentoring office (Business Mentors NZ) with an upgrade to “A” status. A total of 41 free

The equity of the Trust, as at 30 June 2009, was

management training workshops were held by the

$316,790. Without quantifying the intellectual

Trust during the year, attended by 791 Taranaki

property and institutional learning within the Trust,

business people. Sessions covered topics from

the balance sheet now reflects nearly half a million

financial management to marketing, tourism and

dollars of assets currently utilized on behalf of

manufacturing processes. Again, client feedback was

Taranaki to deliver the region’s strategic goals.

very positive with many attendees accessing the fully

The Trust’s owners, the New Plymouth District Council,

subsidised follow-up assistance.

again reiterated their commitment to Venture Taranaki

Venture Taranaki facilitated over $1.2m worth of high-

in contributing two thirds of our total revenue activity.

growth business grants to assist Taranaki businesses

The remaining third of all revenues came from

in the last financial year. This is in addition to our core

independent sources, creating a significant return on

revenue of $3.85 million and flows directly into the

this public sector investment and a yield unlikely to

region’s businesses. 2008-09 was a record year for

Venture Taranaki Annual Report 2009...............

8 the Trust in this regard and the positive outcome is a

In direct terms we are meeting our business targets,

reflection of both the entrepreneurial calibre of local

we are assisting in transforming peoples’ lives and

businesses and the positive relationship between the

we have demonstrated that we can set the agenda in

Trust and government agencies.

areas, especially around infrastructure, that will make

The team is now concentrating on driving forward

major differences for future generations.

and delivering our enhanced regional economic

This confidence is boosted by an independent

development strategy. Venture Taranaki received

client satisfaction survey which found more than

New Zealand Trade and Enterprise funding to

95.5 percent of our clients were satisfied with the

update this strategy, including the development

service offered by our organization, and a recent

of a new three-year action plan.

independent survey of national business mentoring

Providing a backdrop to this strategy development

placed Venture Taranaki mentoring efforts at the top

is independent research commissioned by

of the national league table.

Venture Taranaki to investigate perceptions about the region. Telephone interviews were undertaken with residents from Auckland, Waikato, the Manawatu and Taranaki to gauge perceptions, forming a comprehensive and useful set of data. Over the year Venture Taranaki also raised the bar on its tourism communications, driving the economic impact of visitors and further promoting the region as a desirable destination. These included the Taranaki Passport campaign, Walker’s Guide publication, improved and updated brochures around Surf Highway 45 and the Forgotten World Highway, and an innovative resource that has successfully

However, we are by no means complacent. We recognise that we need to continue to deliver significant improvements over the next 12 months. We must remain highly strategic, focused on our activities and effective in our operations. Finally, in terms of the last year I do wish to place on record my thanks and appreciation to staff and colleagues, the Venture Taranaki Board, particularly our Chairman John Young, and the many other valued partners and stakeholders who have helped deliver the Trust’s achievements. I hope you will find our Annual Report a helpful

helped Taranaki clubs and organisations to attract

insight onto our 2008/2009 record and into the

their national events to the region.

progress we have made to help our dynamic and

I believe Venture Taranaki is now a fundamental and

exciting region to achieve its economic potential.

valued part of the regional business infrastructure.

While the shadow of the mountain will always

The spirit of collaboration within our community

dominate life in Taranaki, spiritually, culturally and

was effectively demonstrated by the successful

economically; the shadow of the global economic

bid for the Rugby World Cup 2011. As a result

situation has been lifted by the first shafts of light from

of a strong bid by Venture Taranaki and the

our robust primary and creative industries and by the

New Plymouth District Council, with the support

indomitable spirit of our community.

of our Team Taranaki partners, the region will host three matches of this tournament – the largest event

This truly is a region ‘like no other’!

in New Zealand’s history.

STUART TRUNDLE Chief Executive

Venture Taranaki Annual Revenue 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

Venture Taranaki 2008/09 Funding Total: $ 3,844,890

Other

$ 668,213

Central Government

$ 439,188

New Plymouth District Council

$ 2,737,489

In addition, Venture Taranaki facilitated over $1.2 million in High Growth Business Grants to Taranaki businesses.

Venture Taranaki Annual Report 2009...............

BOARD of TRUSTEES Paul Winter Roy Weaver

Turangawaewae - are places where we feel especially empowered. 'Taranaki - like no other', is increasingly such a place. There are always cynics and critics and their

The next twelve months will be vital for the Taranaki

numbers increase during more challenging times.

region as its businesses feel the impact of lower dairy

Yet despite these economic shadows, the latest

payouts, constrained demand and higher input costs.

Venture Taranaki survey of business found that work/

Venture Taranaki is well positioned to provide support to business over this time while keeping one eye on the overall strategic direction required for continued

life balance, work opportunities and being part of a progressive region were the most favourable aspects of business life here. Now that is really empowering.

growth and prosperity in Taranaki. A key task this

To be highly successful, the people and

year is the completion of a government sponsored

the businesses of Taranaki must play their part.

review of this province’s strategic direction for the

Yet to know we are part of a bigger team in a

next 20 years.

progressive region really helps motivationally and practically. That is the essence of regional economic development. It provides the benefits that come from

Sir Paul Reeves

better synergies and alignment of the entrepreneurial activities of individuals and firms. It can never replace these efforts. Local or central government contribute by focusing their investment on what is best done

New Plymouth’s move towards becoming a cathedral

cooperatively as a community. The programmes

city offers a timely point to reflect on the successes

they purchase from Venture Taranaki are part of

of Taranaki over recent years, and the importance of

that investment, so we have strived to maximise

the region’s inclusive approach to growth. While the

the opportunities and the returns for all in Taranaki.

recession was felt, resilience was demonstrated by the

Giving people great reasons to visit and stay

region’s people and businesses, with some indicators

longer in Taranaki is among these opportunities.

moving in a positive direction during this period.

It is at the heart of the high quality events which the

The Trust has again worked tirelessly to facilitate this

local community enjoy, but which also attract visitor

growth through business and economic channels, but

expenditure that bolsters regional income. It in turn

equally importantly by building regional awareness

contributes to economic development that respects

and pride through cultural support and regional and

the environment and creates jobs and wealth for local

tourism promotion.

people and increases their pride in Taranaki.

Gavin Faull As the new member of Venture Taranaki Board it has been a most exciting experience to see the commitment and passion of the members of the Board. Venture Taranaki is indeed a unique body supporting and developing economic opportunities for Taranaki.

This environment has been no different for Venture Taranaki as its team meets the demands of those Taranaki businesses confronting a radically different business environment than last year.

At a time when the business communities of Taranaki

Robin Brockie

are challenged by the downward pressures on dairy commodity prices and the general impact of the global crisis, Venture Taranaki has been able to bring economic and development opportunities to the province. It is critical that Taranaki addresses the transportation and infrastructure issues of the province and this is being very effectively highlighted at both local government and national government levels.

Robin Brockie

The potential of the economic impact of international cultural events that have been developed shows the global opportunities available to the region and there is potential for such events to be developed further.

The last twelve months have been challenging for the economy and more particularly the Taranaki region. This has placed demands on business that

A balanced economic environment is critical to

have not been experienced for many years. This has

the sustainability of Taranaki's growth and in this

led business to responsive short term actions and to

regard population growth has also been identified

review and adjust longer term goals to meet these

by the Trust as an important element. This has

challenges to continue to operate with resilience.

unlimited opportunity especially with the unique awards that the city of New Plymouth received in 2008 which further confirm that Taranaki has international recognition as a lifestyle, business and residential environment. Venture Taranaki, in partnership with the New Plymouth District Council and the business community, reflects the exciting economic future of the province.

This environment has been no different for Venture Taranaki as its team meets the demands of those Taranaki businesses confronting a radically different business environment than last year. The Trust’s continued focus of leadership, facilitation and support to the economic initiatives of people, business and the Taranaki community will assist to protect the resilience of the Taranaki economy for the future.

Venture Taranaki Annual Report 2009...............

ACHIEVEMENTS

08/09

Tourism • Created and ran the Taranaki Passport campaign • Redeveloped touring guides for the Forgotten World Highway and

travellers using much wider media

number in the region to 53, from just 1 in 2004. • Developed and delivered a

• Taranaki: A Walker’s Guide • Taranaki : Just Far Enough Away

• Hosted a number of International familiarisations from the Australian Getaway programme to North Tourism New Zealand International

12 local operators

Media team.

Film • Premiere of ‘Show of Hands’, November 2008 • Worked with South Taranaki District

Air New Zealand Link flights

• Completed proposal to construct a water-based film facility in Taranaki

Surf Highway 45

Submissions • Dawson’s Falls and Stratford Road End Review, Department of Conservation • Long Term Community Council Plan, New Plymouth District Council • Long Term Community Council Plan, Stratford District Council • Long Term Community Council

Regional Intelligence

sending to offshore family and friends • Host It Like No Other conference kit

and meeting support kit created

American travel writers and the

the region

• Regional promotion postcard for

• ‘Host It Like No Other’ conference

Impact Tourism Programme to

Council to secure Predicament for

Forgotten World Highway and

channels

comprehensive 6-week High

produced and circulated throughout • Touring route brochures for the

• Partnered with AA to extend our

Taranaki – A walker’s guide booklet.

accreditation, bringing the total

• 2008/2009 Visitor Guide

the year. promotion of the region to domestic

towards gaining Qualmark

Publications

against a national decline of 2.2% for

Surf Highway 45 and developed • Assisted nine tourism operators

Taranaki passport campaign

• A 2.8% increase in room nights sold,

Plan, South Taranaki District Council • Proposal to introduce a

• Seven Enterprise News publications completed • Two Taranaki Trends publications completed • Two Business Surveys completed

New Zealand Retirement Visa • Achieved CarboNZero accreditation

Economic Development

Media • Central Today, July 2008

• Getaway, January 2009

start-up clinics provided by

• One News, July 2008

• NZBack.com, January 2009

Venture Taranaki

• North & South Magazine, July 2008

• New Zealand Business,

• 173 clients attended 51 business

• Venture Taranaki facilitated over $1.2 million in high-growth business grants to Taranaki businesses • 55 mentor matches were made with Taranaki businesses • Mentoring through Venture Taranaki was granted ‘A’ status by Business Mentors New Zealand • 15 teams from Taranaki secondary schools entered the Young Enterprise Scheme 2009 • 41 free management training workshops were delivered, with 791 attendees • ExporTar delivered 6 functions and 2 out of region trade missions

February 2009

• New Zealand Woman’s Weekly, July 2008

• The Times (UK), February 2009

• Wilderness Magazine, July 2008

• AA Directions, March 2009

• Total Rugby, September 2008

• Lonely Planet (Danish edition), February 2009

• BBC ‘Wanted Down Under’, September 2008 • North & South Magazine, November 2008 • New Zealand Herald, November 2008

• Kia Ora magazine, March 2009 • Retail New Zealand, March 2009 • Arrival magazine, April 2009 • NZ Herald recruitment,

• Jimeoin, November 2008

May-June 2009

• Newstalk ZB, November 2008

• Link magazine, June 2009

• NZ Inspired, December 2008

• Boomerang Reisen, June 2009

• AA Directions, December 2008

• Inside Tourism, ongoing

• Capital Times, December 2008 • Magnetic South, January 2009

• 3077 client enquiries assisted

TSB Festival of lights, December 2008-February 2009

Funding and Support • G-TARanaki International Guitar Festival, July 2008 • All Blacks v. Samoa rugby test match, September 2008 • Davis Cup tennis match between New Zealand and China, September 2008 • All Golds v. New Zealand Maori rugby league, October 2008 • Dunlop Targa New Zealand Rally, October 2008 • Westpac Business Awards, October 2008 • Taranaki Rhododendron and Garden Festival, October – November 2008 • New Zealand Kiteboard Nationals, November 2008 • Show of Hands Film Premiere, November 2008 • Steelformers Round the Mountain Relay, November 2008 • TSB Festival of Lights, December 2008-February 2009

• AmeriCARna, February 2009

• Parihaka Peace Festival, January 2009

• WOMAD, March 2009

• Yarrows Taranaki Cycle Challenge, January 2009

• Port Taranaki Triathlon Festival, April 2009

• Simply Red, February 2009

• New Zealand University Games, April 2009

• Crusty Demons of Dirt, February 2009

• Top Shop Awards, May 2009

Venture Taranaki Annual Report 2009...............

Executive Views

PAUL STANCLIFFE TOURISM LEADER

Taranakiâ&#x20AC;&#x2122;s tourism sector began the year by bracing itself for the full impact of the global recession. Visitor numbers were forecast to drop sharply and those that did make it to New Zealand and Taranaki were expected to be doing and spending much less. In reality the region fared much better than expected, and significantly better than the national average. Taranakiâ&#x20AC;&#x2122;s visitors (Rooms Sold) for the 2008-2009 year were up 2.8% against a national decline of 2.2%. While this strength is likely due to many factors, a number of Venture Taranaki initiatives will have undoubtedly contributed to this buoyancy. The Tourism team continued to take a fresh approach to promoting the region throughout the year. Our major campaigns, the Taranaki Passport, Host it Like No Other, AA media package and work with the local tourism operators to grow their businesses proved popular and successful. The Passport has even been emulated by a number of other regional tourism operators around New Zealand.

Host it like no other An equally innovative approach was taken to the region’s conference bureau, with the launch of the ‘Host it like no other’ packs. This initiative aims to assist Taranaki businesses, associations and clubs to bring their conferences, meetings and events into the region.

Accreditation The region welcomed its first Qualmark Environmental Awarded operators this year, as well as a number of operators achieving

Taranaki in print Venture Taranaki unveiled a new suite of print products over the year that

Qualmark accreditation. The region now has 53 Qualmarked businesses, up from 1 in 2004.

provided more compelling reasons to get out and explore more of the region. New and improved versions of the official guides to Taranaki’s two touring routes – the Forgotten World Highway and Surf Highway 45 were developed and released. The Taranaki Visitor Guide was developed and released with a new distribution strategy to ensure maximum coverage in key areas. The format for 2009/10 will remain similar to the current format, but in 2010/11 a new direction will be taken as Venture Taranaki looks to partner with AA travel to deliver a new improved product with a wider distribution network.

Walker’s Guide Taranaki: A Walker’s Guide highlighted 28 of the region’s best walks, and again has proven very popular. It also introduced a new format and enhanced information that Venture Taranaki will be expanding on in coming years.

Passport campaign A major campaign this year was the

Growing Taranaki tourism

Taranaki Passport – a guide to 26 Taranaki attractions. The Passport

A comprehensive 6-week High Impact Tourism Programme was

was aimed at encouraging more

developed by Venture Taranaki and delivered to twelve of the region’s

Taranaki residents to experience

tourism operators. This programme covered business development,

the region’s tourism attractions,

communications, human resources and management issues in relation

and had strong uptake from both

to the Industry.

the public and tourism operators.

Venture Taranaki Annual Report 2009...............

Executive Views

Venture Taranaki Annual Report 2009...............

VICKI FAIRLEY MARKETING MANAGER

While Taranaki remains ahead of the country in terms of business confidence, the pinch of global recession is starting to hurt.

At times like this you can respond by retracting all activity or you can work towards maintaining and enhancing the regional profile. Not only can this strategy be cost effective as advertising bargains become available, it can also be far easier to increase awareness in a more constrained market. To this end Venture Taranaki has continued its drive to position Taranaki as a region in which to live, work and play. This has been done through a number of strategies. The Trust has continued to support events which not only bring visitors and dollars into the region, but also firmly position Taranaki in the domestic market as an exciting destination. Advertising and promotion has also continued but taken a more strategic direction in utilising cooperative opportunities to maximise benefit for the Trust, the region, and its stakeholders. These opportunities have included participating in the AA media campaign,

Ultimately maintaining profile will ensure

development of promotional collateral for

Taranaki maintains its momentum and continues

Jucy Caravans and a New Zealand Herald

to move forward in an extremely positive way

campaign with local employers.

when market conditions ease.

G-TARanaki

Rugby World Cup 2011

Regional collateral

Taranaki became the guitar capital

The Rugby World Cup will be the

The year presented many new

of the world in July with the inaugural

biggest event New Zealand has

opportunities to further promote

G-TARanaki international guitar

ever seen. The opportunity to be

the Taranaki brand. ‘Taranaki –

festival. The festival involved a range

involved could not be ignored

like no other’ collateral included

of music from classical through to

and Venture Taranaki staff invested

pens, bumper stickers, drink bottles, folders, pamphlets,

rock and featured concerts, forums

many late nights with NPDC staff to

and workshops plus an extensive

submit an exceptional bid. Winning

banners and street signage.

programme for aspiring young

two Category B and one Category

Venture Taranaki also worked

guitarists run by Uli Jon Roth. The

C matches will ensure Taranaki can

with a number of the region’s

week-long festival culminated in a

fully leverage every opportunity

businesses to integrate the brand

packed concert at the TSB Stadium

this high profile international

into their own promotions.

with headline artist Joe Satriani.

event offers.

NZ Herald Campaign A cooperative initiative to profile Taranaki as an ideal place to live and work was undertaken in the New Zealand Herald in May and June. The full page features combined editorial copy, stunning photography of the region and job vacancy advertisements from individual Taranaki companies. The campaign was highly successful in raising awareness and the initiative will be reassessed again in the 2009/2010 financial year.

Show of Hands premiere University Games

After an extremely successful filming season in New Plymouth, the premiere of Show of Hands, directed by Antony McCarten, a Taranaki lad originally, was

In April the New Zealand University

held at the TSB Showplace. Stars including Melanie Lynskey and Craig Hall

Games were held in Taranaki.

walked the red carpet through cheering fans into a packed theatre. Locals had

The dedicated ‘Team Taranaki’

a great night out seeing whether they could spot themselves or friends and

consortium of Venture Taranaki,

family on the big screen.

Sport Taranaki and the three District Councils successfully bid to host the games and subsequently acted as local liaison for the duration of this major sporting event. With skill shortages likely in Taranaki in future years, the games were an excellent opportunity to profile the region to current students as an ideal place to live after graduating.

Venture Taranaki Annual Report 2009...............

Executive Views Venture Taranaki Annual Report 2009...............

ANNE PROBERT Acting Economic Development Manager while Michelle Jordan was on maternity leave.

As the international, national and regional economies moved deeper into the economic downturn, the number of businesses seeking support from Venture Taranaki grew. Over the year we assisted 173 clients to progress their business start-up ideas, linked 55 businesses with mentors to help them grow, delivered 41 management training workshops to 791 Taranaki business people, and held six workshops to help the regionâ&#x20AC;&#x2122;s businesses move into or boost their exporting. A significant body of work was committed to meeting the regionâ&#x20AC;&#x2122;s skills needs, through Taranaki.info/jobs and a new initiative that saw Taranaki jobs advertised directly in the Auckland marketplace. At the other end of the spectrum, Venture Taranaki was again active in scoping the intergenerational projects that our region needs to ensure it is well positioned against future economic fluctuations. In attracting $1.2 million worth of business grants to the region, we have helped to ensure that Taranaki and Taranaki businesses are firmly on the national radar.

Mentoring success 55 businesses utilised Venture Taranaki services for mentoring assistance during the year. The service was formally assessed by the national mentoring office (Business Mentors NZ) and due to favourable client feedback the service has been upgraded to “A” status by the national body.

Enterprise training programmes During the year 41 free management training workshops were held with

Attracting business grants

government support through the Enterprise Training programme. In total there were 791 attendees at sessions ranging from financial management

Venture Taranaki facilitated over

to marketing, tourism and manufacturing processes. Attendees also

$1.2m worth of high-growth

received fully subsidised follow-up assistance to help them implement

business grants to assist Taranaki

the ideas and skills learnt within their own businesses.

businesses. This is a record for the Trust and the positive outcome is a

Recognising the importance of oil and gas The Oil and Gas Specialist Technologies Cluster, established and facilitated by Venture Taranaki, continued to grow over the year. The group participated in national and international marketing activities and continues to play a pivotal role in coordination from administration to export development.

Moving towards lean manufacturing

reflection of both the entrepreneurial calibre of local businesses and also the positive relationship between Venture Taranaki, Government agencies and the region.

Turning ideas into reality The Business Start Up service was busy with 51 clinics held during the

Lean Manufacturing also gained momentum in the region over the

financial year, well in excess of the

year, with assistance from the Trust. Lean fine tunes every aspect of the

20 budgeted for the entire year. 173

manufacturing process to enhance competitiveness. Venture Taranaki

clients attended these sessions and

established a lean manufacturing consortium and facilitated a trip to

received individualised assistance

selected lean companies in Hamilton to learn more about advanced

with their new business ideas.

manufacturing process and best practice.

Growing tomorrow’s entrepreneurs Young entrepreneurial talent has continued to be fostered through Venture Taranaki’s support of the Young Enterprise Scheme. This year 15 teams from eight Taranaki secondary schools took part, developing concepts, receiving mentoring from Taranaki businesses, and presenting to a “Dragon’s Den” panel and to a public trade fair.

Venture Taranaki Annual Report 2009...............

Executive Views Venture Taranaki Annual Report 2009. 2009................ ..............

ROBIN TRUSLER CORPORATE SERVICES MANAGER Venture Taranaki has taken a leadership position towards the environment and this year became both CarboNZero certified and more productive than ever. We read almost daily of changes taking place in the world around us that climate scientists attribute to change caused by manmade emissions. Venture Taranaki’s role is not to cast doubt on the weight of scientific evidence supporting this hypothesis, but to begin to take the actions those scientists say man needs to take to mitigate the damaging effects. The timescales in climate change are at times difficult to comprehend but we can certainly think of the futures of our children and of their children in this context. It is for these reasons the Trust embarked two years ago on a programme of self examination aimed at emissions reduction. The Trust set out to understand its own emissions, and to look for ways to reduce that impact without compromising service delivery. Arguably the most surprising and satisfying outcome was that not only was the Trust able to reduce its carbon footprint by a significant 34 percent, but it was able to improve productivity at the same time. The modest cost of implementing the programme will be offset by cost reductions across the organisation for years to come and so presented a very good return on investment. Whilst there were a myriad of initiatives taken, each with its own contribution to emissions reduction, simple actions like downsizing cars and the size of the fleet made the largest impacts. Reduced air travel also made significant contributions as staff now ask themselves; do I need to get on a plane to achieve an outcome or can I use technology to connect? The involvement and enthusiasm of the staff was a key driver in the programme’s success. The Trust now proudly holds the Landcare Research CarboNZero certification.

Film – friendly Taranaki

New Zealand’s western sea board. Working collaboratively and creatively with other ports, efficient

Taranaki was able to celebrate the economic value

and effective possibilities have been developed, which

of film in November with the premiere of Show of

also present a more environmentally sustainable

Hands, a story of commitment and love starring local

transport alternative.

alumni Melanie Lynsky and written and directed

Venture Taranaki has added value to this focus with

by fellow expat Anthony McCarten. The premiere

its East-West transportation strategy which seeks to

proved Taranaki is a film-friendly location that can

link Port Taranaki with locations across the broader

compete strongly against larger locations in attracting

North Island, providing an unparalleled transTasman

contemporary productions.

freight route.

Film Venture Taranaki also provided assistance to the

Venture Taranaki has also been pivotal with the

producers of the Predicament project which has gone

development of a marina feasibility study – showcasing

on to be made in South Taranaki. An adaptation of the

new amenity possibilities which could benefit local

novel by Hawera writer Ronald Hugh Morrieson, the

businesses and community members.

decision to base the film in South Taranaki was made following strong involvement from Venture Taranaki. While the economic impact of the film is worth millions to the district, there will also be an important legacy role which the Trust will work to ensure is maximised. The year’s other major project was the establishment of a long-term strategy for identifying film infrastructure opportunities in the region. This resulted in a proposal to construct a specialist water filming facility in Taranaki which could see the region attract more international productions and showcase many of the region’s strengths, such as the marine engineering sector, stunning landscape and film-friendliness.

Taranaki’s Maori economy

Film Venture Taranaki also assisted many location scouts in their consideration of Taranaki as a filming

A groundbreaking report commissioned by

destination. While many of these enquiries are

Venture Taranaki and Tui Ora was released in

inherently unsuccessful, each opportunity raises

August that determined Maori contribute around

awareness of the region amongst key decision makers

$459 million every year to Taranaki’s regional GDP

in the industry.

and have the potential to contribute much more.

Port Taranaki: global hub

Maori in the Taranaki Region: An Economic Profile identified and discussed the assets of Taranaki Maori,

Critical to boosting regional development is breaking

and forms the basis of a strategy for leveraging and

long-held negative perceptions about Taranaki’s

enhancing Maori economic development in the region.

geographic isolation, and as a result enhancing

The report also highlighted the need for industry

connectivity has been a key focus for Venture Taranaki

and commerce to consider a Maori dimension when

this year.

making business decisions and formulating wider

In partnership with Port Taranaki, the Blue Highway

economic development strategy if we are to develop

project has investigated ways in which the port could

Taranaki into a lasting and sustainable economy of

play an integral role in transportation up and down

significant value.

Venture Taranaki Annual Report 2009...............

FINANCIAL

statements

Venture Taranaki Annual Report 2009...............

AUDIT REPORT To the readers of Venture Taranaki Trust’s financial statements and performance information for the year ended 30 June 2009 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 of the financial statements and performance information of the Trust, on his behalf, for the year ended 30 June 2009.

•

performing analyses to identify anomalies in the reported data;

•

reviewing significant estimates and judgements made by the Board;

•

confirming year-end balances;

Unqualified Opinion

•

determining whether accounting policies are appropriate and consistently applied; and

•

determining whether all required disclosures are adequate.

In our opinion: •

The financial statements of the Trust on pages 25 to 35:

comply with generally accepted accounting practice in New Zealand; and

•

fairly reflect: --

the Trust’s financial position as at 30 June 2009; and

the results of its operations and cash flows for the year ended on that date.

The performance information of the Trust on page 14 fairly reflects the achievements measured against the performance targets adopted for the year ended 30 June 2009.

The audit was completed on 17 August 2009, 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 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.

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 Trust Board and the Auditor The Trust Board is responsible for preparing 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 2009 and the results of its operations and cash flows for the year ended on that date. The Trust Board is also responsible for preparing performance information that fairly reflects service performance achievements for the year ended 30 June 2009. The Trust Board’s 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 AuditorGeneral, which incorporate the independence requirements of the Institute of Chartered Accountants of New Zealand. Other than the audit, we have no relationship with or interests in the Trust.

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;

David Walker Audit New Zealand On behalf of the Auditor-General Auckland, New Zealand

Venture Taranaki Annual Report 2009...............

VENTURE TARANAKI TRUST TRUSTEEâ&#x20AC;&#x2122;S REVIEW For the year ended 30 June 2009 The Board of Trustees present their Annual Report including financial statements of the Trust for the year ended 30 June 2009. The business of the Trust is facilitating economic development in Taranaki. The nature of the Trustâ&#x20AC;&#x2122;s business has not changed during the year under review.

For and on behalf of the Trustees

John Young Chairman

Venture Taranaki Trust Statement of Financial Position as at 30 June 2009 Note

2009 $

2008 $

Current Assets Cash & cash equivalents

458,468

Trade and other receivables

136,268

74,127

15,591

52,058

Other current assets GST receivable Total Current Assets

451,201

64,942

49,474

675,269

626,860

Non Current Assets Intangibles

21,088

Property plant & equipment

251,033

207,960

272,121

207,960

947,390

834,820

569,860

478,720

60,740

56,254

630,600

534,974

316,790

299,846

947,390

834,820

Total Non Current Assets Total Assets

Current Liabilities Trade and other payables 9

Employee benefit liabilities Total Current Liabilities

Equity Trust equity Total Liabilities & Equity These financial statements were authorised for issue by the Trustees on 21 August 2009 by

Chairman

Trustee

The accompanying notes form part of these financial statements.

Venture Taranaki Annual Report 2009...............

26 Venture Taranaki Trust Statement of Financial Performance For the year ended 30 June 2009 Note

2009 $

2008 $

Grant revenue

3,483,237

3,375,300

Other revenue

320,132

89,952

38,494

80,534

3,027

3,844,890

3,545,786

Interest Gain on disposal of assets

22,070

24,075

Amortisation

2,667

Depreciation

58,912

44,433

377

1,724

Audit fees

Loss on disposal of assets Marketing Professional fees and subcontractors Rental and operating lease expenses Salaries and wages Trustees fees Other operating expenses

Net surplus/(deficit)

452,573

297,793

1,789,344

1,457,926

120,241

138,468

1,061,343

1,083,917

73,029

73,811

247,390

466,059

3,827,946

3,588,206

16,944

(42,420)

Statement of Movements in Equity For the year ended 30 June 2009 Note

2009 $

2008 $

Net surplus/(deficit) for the year

16,944

(42,420)

Total recognised revenue and expenses for the period

16,944

(42,420)

299,846

342,266

316,790

299,846

Equity at 1 July 2008 Equity at 30 June 2009

The accompanying notes form part of these financial statements.

Venture Taranaki Trust Statement of Cash Flows For the year ended 30 June 2009 Note

2009 $

2008 $

Cash Flows from Operating Activities Cash was provided from: Interest Grants and other income

50,385

80,534

3,748,133

3,463,549

3,798,518

3,544,083

3,659,949

3,714,489

8,212

(17,434)

3,668,161

3,697,055

130,357

(152,972)

9,051

Cash was applied to: Operating expenses Net GST movement

Net cash from operating activities

Cash Flows from Investing Activities Cash was provided from: Proceeds from sale of property, plant and equipment

Cash was applied to: Purchase of intangibles Purchase of property, plant and equipment Net cash from investing activities

(23,755)

(108,386)

(173,589)

(123,090)

(173,589)

Cash Flows from Financing Activities Net cash from financing activities Net increase (decrease) in cash held Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

The accompanying notes form part of these financial statements.

7,267

(326,561)

451,201

777,762

458,468

451,201

Venture Taranaki Annual Report 2009...............

VENTURE TARANAKI TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2009

Statement of Accounting Policies Reporting Entity

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. Taranaki Pure Limited, the non trading subsidiary of the Trust, was formally removed from the Companies Office Register on 16 March 2009. The financial statements of the Trust are for the year ended 30 June 2009. 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 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.

Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued Specific Accounting Policies

The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied. • 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. • 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. • Trade and other payables are stated at cost. Trade and other payables are noninterest 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 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

35 years

Motor vehicles

3 years

Other fixed assets

34 years

• Statement of Cash Flows Cash means cash balances on hand, held in bank accounts, demand deposits and other highly liquid investments in which the Trust invests as part of its daytoday cash management. Operating activities include cash received from all income and records the cash payment made for the supply of goods and services. Investing activities are those activities relating to the acquisition and disposal of noncurrent assets. Financing activities comprise the change in equity and debt capital structure of the Trust. • Government grants 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. • 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. • Goods 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.

Venture Taranaki Annual Report 2009...............

30 Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued

Specific Accounting Policies continued

• 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. • 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. • The Trust qualifies for differential reporting as it is not publicly accountable and it is not large as defined in the framework for differential reporting. The Trust has taken advantage of all available differential reporting exemptions except that a Statement of Cash Flows has been prepared in accordance with NZ IAS7. • Critical 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 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 There have been no changes in accounting policies. All policies are consistent with the prior year.

Intangibles

Software

2009 $

2008 $

Additions

23,755

Amortisation

(2,667)

Balance at end of period

21,088

Balance at beginning of period

Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued

Property Plant and Equipment Cost

Current Year Depn

Accumulated Depn

Book Value Year Ended 30 Jun 2009

105,611

9,671

16,681

88,930

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

111,556

27,937

56,007

55,549

$ 581,783

$ 58,912

$ 330,750

$ 251,033

Leasehold alterations Fixtures and fittings

Motor vehicles

Cost

Leasehold alterations

97,574

Current Year Depn

7,091

Accumulated Depn

7,091

Book Value Year Ended 30 Jun 2008

90,483

80,974

922

73,237

7,737

Office equipment

256,058

8,964

241,071

14,987

Other fixed assets

38,539

9,012

33,196

5,343

133,767

18,444

44,357

89,410

$ 606,912

$ 44,433

$ 398,952

$ 207,960

Fixtures and fittings

Motor vehicles

TAXATION

As a result of a change in legislation the Trust is no longer exempt from income tax as a charitable organisation. The Trust may still be eligible for income tax exemption as a regional and promotional body under section CW40 of the Income Tax Act 1994. The Trust has procured independent advice in relation to the continuance of its tax exempt status. The Inland Revenue Department has yet to issue a determination. In the event that the Trust cannot retain its tax exempt status the estimated tax assessable income (loss) for the year ended 30th June 2009 will be based on the taxable and nontaxable income and expenses. Based on the forgoing uncertainties a tax liability, if any, cannot be reliably determined.

Venture Taranaki Annual Report 2009...............

32 Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued

OPERATING LEASE COMMITMENTS

Lease commitments under noncancelable operating leases excluding GST are: 2009 $

Not later than one year Later than one year and not later than five years Later than five years

2008 $

106,590

17,765

124,348

124,355

230,938

Related Party Transactions

During the normal course of business the Trust purchased and supplied goods and services from and to the following related parties: 2009 $

2008 $

46,146

52,501

Engineering Taranaki Incorporated. Roy Weaver is the Chairman. Services provided to Services provided by Amounts receivable from

600

898

3,461

4,217

Port Taranaki Limited. Roy Weaver is the Chief Executive and John Young is the Chairman. Services provided to Services provided by Amounts owing to

900

4,948

12,375

83,885

3,079,675

2,672,119

228,249

194,841

6,750

1,519

New Plymouth District Council. The Trust is a Council Controlled Organisation. Services provided to Services provided by Amounts owing to Amounts receivable from

Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued

Related Party Transactions continued 2009 $

2008 $

Economic Development Association of New Zealand. Stuart Trundle is Chairman. 10,547

2,862

563

Services provided to

5,400

17,108

Amounts receivable from

5,400

567

2,908

23,729

23,020

3,375

2,750

Services provided by

Regional Tourism Organisations of New Zealand. Paul Stancliffe is a Trustee Services provided by

Taranaki Arts Community Trust. Robin Brockie is a Trustee. Services provided by

Taranaki District Health Board. John Young is Chairman.

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. Services provided by Amounts owing to

Gama Associates Limited. Gavin Faull has a beneficial interest. Services provided by

Western Institute of Technology at Taranaki. Stuart Trundle was an advisor to the Crown Commissioner to 30 September 2008. Services provided to

3,038

Amounts receivable from

3,038

73,955

3,150

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 All transactions were carried out on normal commercial terms.

Venture Taranaki Annual Report 2009...............

34 Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued

Subsidiary

Taranaki Pure Limited, the non trading subsidiary of the Trust, was removed from the Companies Office register on 16 March 2009. This company had no assets or liabilities, so its removal has not affected the financial statements of the Trust.

Contingencies

Contingent Liabilities

The Trust has no contingent liabilities at balance date. The Trust had an unresolved claim against it by its former landlord as at 30 June 2008. This matter was successfully resolved in the year ended 30 June 2009 Contingent Assets

The Trust has no contingent assets at balance date (2008: Nil).

Employee Entitlements 2009 $

2008 $

Balance at beginning of period

56,254

64,469

Additional provision made

69,250

100,912

(64,764)

(109,127)

Balance at end of period

60,740

56,254

Current

60,740

56,254

60,740

56,254

Amount utilised

Non-current

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.

POST BALANCE SHEET DATE EVENTS

There have been no significant events post balance date.

Venture Taranaki Annual Report 2009...............

35 Venture Taranaki Trust notes to the financial statements For the year ended 30 June 2009..................................................... continued

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.

Reconciliation of Net Surplus/(Deficit) with Net Cash Flow from Operating Activities 2009 $

Net surplus/(deficit) after tax

2008 $

16,944

(42,420)

58,912

44,433

Add (less) noncash items: Add depreciation Add amortisation Net (profit) loss on disposal

2,667

(2,650)

1,724

75,873

3,737

Movements in working capital: Decrease (increase) in accounts receivable Increase (decrease) in payables

(41,142)

33,651

95,626

(190,360)

130,357

(152,972)

Key Management Personnel

Key management personnel includes the Trustees, the chief executive and senior management. The compensation includes salaries and other benefits of $607,394 (2008: $628,369).

Commitments

Foreign Currency Commitments

Foreign currency commitments are offset by forward rate agreements. The Trust had the following foreign currency commitments at balance date: 2009 $

2008 $

Foreign currency commitments

USD 46,750

Covered by forward exchange contracts at a weighted average exchange rate of USD 0.7803

USD 46,750

Venture Taranaki Annual Report 2009...............

STATEMENT OF SERVICE PERFORMANCE Objectives , Interventions and Measurements

Trust Objectives (Ex SOI document)

VTT Interventions

Performance Targets and Measurements

LEADERSHIP

Business Support

1. Inject $500,000 of grants into the regional economy

Provide leadership and

Services

subject to central government policy (Source: Govt Agencies)

support for the development

2. Support one social, environmental and/or

and implementation of local,

sustainable business initiative p.a.

regional and national strategies

(Source: Business Plan)

for the creation of a vibrant and

3. Identity at least one project with hi impact potential

buoyant regional economy.

and undertake feasibility study (Source: Business Plan) FACILITATE & SUPPORT SUSTAINABLE BUSINESS

Hi Impact

GROWTH

Inter-generational

Facilitate, promote, encourage

interventions

4. Grow visits to Taranaki web portal www.taranaki.info (Source: Awstats) 5. Attract or retain five major events meeting NPDC criteria (>100 points) based on $850k event fund

and support sustainable

6. Exceed Tourism NZ forecast for Taranaki “arrivals”

business growth, investment and employment opportunities

based on TNZ F’cst as at March of each year.

in Taranaki.

(Source: CAM)

CELEBRATE Support and recognise the regions enterprises to establish, flourish and prosper.

Regional Promotion / Skills Attraction

7. Conduct of ‘out of region’ benchmark survey in target markets of people who think Taranaki “vibrant” place to live, work & play (Source: Independent survey) 8. Conduct ‘in region’ benchmark survey of people who think Taranaki “vibrant” place to live, work & play. Source: (Independent survey) 9. Grow external migration numbers year on year (Source: Statistics NZ Permanent long term migration) 10. Grow number of people employed year on year. (Source: Statistics NZ HLFS)

Cross reference to other regional outcomes

NPDC Themes

2008/9 Outcomes

Future Taranaki Facilitation Group. Regional (Outcomes)

Prosperous

Achieved

Regional GST

$1,241,868 Achieved Part funded feasibility study into regional landfill methane capture

Economic activity (NBNZ Trends rpt)

project Achieved NZ Off-Shore Oil & Gas Supply

Employment rate

Servicing base

Skilled

Achieved

Unemployment rate

Visits up 6.1% yr on yr Achieved 9 events > 100 points

Business confidence

Not Achieved Taranaki 0.8% vs TNZ Forecast 2.1% Vibrant

Net business growth; # businesses;

Achieved Survey undertaken and communicated

FTEâ&#x20AC;&#x2122;s

Achieved Survey undertaken and communicated Achieved 2008 - 1,323

# people participating in continuing education or training

2009 - 1,438 Not Achieved 2008 - 59,600 2009 - 59,200

% of people who think Taranaki is a vibrant place to live / visit (community and visit or survey)

Venture Taranaki Annual Report 2009...............

38 BOARD OF TRUSTEES

John Young (Chairman) Chairman: Auroam Ltd Lactanz WA, Australia Port Taranaki Limited Taranaki District Health Board Director:

PKW Farms Ltd

Trustee:

Taranaki Veterinary Centre Patea Veterinary Centre

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

Sir Paul Reeves Chancellor:

Auckland University of Technology

Director:

Village at the Park

Convenor:

Hui Taumata Task Force

Trustee:

Wellington Tenths Trust

Negotiator:

Port Nicholson Block Claim

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

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 â&#x20AC;&#x201C; Central

Venture Taranaki Trust DIRectory For the year ended 30 June 2009 Nature of Business

Facilitating economic development in Taranaki

Business Office

9 Robe Street, New Plymouth

Trustees

John Young (Chairman) Paul Winter Roy Weaver Janine Smith (resigned 6 October 2008) Sir Paul Reeves Robin Brockie Gavin Faull (appointed 10 March 2009)

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

9 Robe Street, PO Box 670, New Plymouth 4340, New Zealand Tel: +64 6 759 5150 Fax: +64 6 759 5154 Freephone: 0800 4 VENTURE Email: info@venture.org.nz

www.taranaki.info Design C7 www.cseven.co.nz Photography Tahnia Roberts www.tahniaroberts.com | Rob Tucker www.robtucker.co.nz Digitally printed on Harvest Recycled paper

Venture Taranaki Annual Report........................................

2009