Townsville Enterprise Annual Report 2017/18
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WHAT’S INSIDE
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PRIORITIES
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VISITOR SERVICES & VOLUNTEERING
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BOARD OF DIRECTORS
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EDUTOURISM
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2017/18 COMMITTEES
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TOURISM INDUSTRY DEVELOPMENT
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A WORD FROM OUR CHAIR & CEO
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COMMUNITY ENGAGEMENT
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ADVOCACY
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TOWNSVILLE ENTERPRISE EVENTS
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INVESTMENT ATTRACTION
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EMERGING LEADERS PROGRAM
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INDUSTRY DEVELOPMENT
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OUR MEMBERS
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TOURISM MARKETING
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2017/2018 FINANCIAL REPORT
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EVENT ATTRACTION & DEVELOPMENT
Front and inside cover images: Megan MacKinnon
Townsville Enterprise Annual Report 2017/18
Connect, grow and promote Townsville North Queensland
Townsville Enterprise Annual Report 2017/18
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Townsville Enterprise ADVOCACY
Promoting North Queensland to achieve sustainable economic and lifestyle benefits for the region and Australia
PRIORITIES
POLICY
Developing key policy positions that affect the growth and development of the region
INVESTMENT ATTRACTION
INFRASTRUCTURE Attracting public and private sector funding for economic infrastructure
JOBS
Working with key stakeholders to attract investment for major regional projects of signficance
FOR THE TOWNSVILLE NORTH QUEENSLAND COMMUNITY MEMBERSHIP
EVENTS
Supporting, promoting and advocating for our members
Events development and acquisition
MARKETING & COMMUNICATIONS
AVIATION Working with the Townsville Airport on the attraction of domestic and international flights
INDUSTRY DEVELOPMENT
Developing the tourism and events industry with a specific focus on edutourism and cruise
Marketing and promoting the region to attract new residents, new investment and visitors
Building the region is everyone’s business. As a member of Townsville Enterprise, your business will be supported by strategic activities that attract investment, create jobs and improve liveability in Townsville North Queensland.
Palm Island
Townsville Enterprise may be leading the charge, but it cannot operate alone. It is only with the support of its partners and members that it can continue to drive growth for the Townsville North Queensland region.
Join with us.
townsvilleenterprise.com.au
2017/2018 BOARD OF DIRECTORS
CHAIR
DEPUTY CHAIR
Kevin Gill Chief Operating Officer
Principal Keir Steele Lawyers Pty Ltd
Chief Executive Officer
Managing Director
The Ville Resort–Casino
Honeycombes Property Group
James Cook University
Paul Victory
(Appointed 20/06/2018)
Jeffrey Wall CBE
General Manager Growth & Innovation
Owner Jeffrey Wall Public Affairs
SeaLink Travel Group
COMPANY SECRETARY Michelle Warrington
Port of Townsville Limited
Michael Jones
Peter Honeycombe
Vice-Chancellor & President
Moya Steele
Carey Accountants Pty Ltd
Townsville City Council
Professor Sandra Harding
Chief Executive Officer
Director
Mayor
Townsville Airport Pty Ltd
Ranee Crosby
Joe Carey
Cr Jenny Hill
Sandra Yates AO Chair Australian Festival of Chamber Music (Resigned 24/08/2017)
2017/2018 COMMITTEES FINANCE AUDIT & RISK Joe Carey (Chair) Carey Accountants Pty Ltd Aileen Cull Queensland Country Peter Duffy wilson/ryan/grose Lawyers Kevin Gill Townsville Airport Pty Ltd Luke Guazzo Lancini Property & Development Shawn Anderson Queensland Country Credit Union Observer: Patricia O’Callaghan Townsville Enterprise Limited Observer: Michelle Warrington Financial Advisor/Company Secretary
Townsville Enterprise Annual Report 2017/18
ECONOMIC DEVELOPMENT STRATEGIC ADVISORY
TOURISM AND EVENTS STRATEGIC ADVISORY
Ranee Crosby (Chair) Port of Townsville Limited
Paul Victory (Chair) SeaLink Travel Group
Kari Arbouin CQUniversity
Justin Ankus Australian Festival of Chamber Music
Brett Brogan Townsville City Council
Amanda Byrne Queensland Airports Ltd
Stuart Cunningham Core Developments NQ
Stephen Beckett Townsville City Council
Kathy Danaher Sun Metals Corporation Pty Ltd
Steve Bowden Townsville Bulletin
Samantha Hollis RPS Australia East Pty Ltd
Mark Evans Paronella Park
Peter Lindsay OAM Associate Member
Annie Ilett / Norman Jenkin Tourism Magnetic Island (TMI)
Max Roberts SAP Australia Pty Ltd
Jacqui James-Eggins North Queensland Toyota Cowboys
Paul Taylor Glencore Copper
Michael Jones The Ville Resort–Casino
Carl Valentine PVW Partners
Associate Professor Laurie Murphy James Cook University
Isabelle Yates Townsville Airport Pty Ltd
Fred Nucifora Great Barrier Reef Marine Park Authority
Patricia O’Callaghan Townsville Enterprise Limited
Patricia O’Callaghan Townsville Enterprise Limited
Michael McMillan Townsville Enterprise Limited
Bridget Woods Townsville Enterprise Limited
Observer: Paul Holden Department of State Development, Manufacturing, Infrastructure and Planning
Observer: Kevin Gill Townsville Airport Pty Ltd Observer: June Powell Department of State Development, Manufacturing, Infrastructure and Planning 7
Kevin Gill Chairman
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Patricia O’Callaghan Chief Executive Officer
Image: Megan MacKinnon Townsville Enterprise Annual Report 2017/18
A WORD FROM OUR CHAIR & CEO The past 12 months have been significant for Townsville Enterprise with several advocacy priorities converting to reality and stakeholder partnerships delivering positive and proactive outcomes for our members and the Townsville North Queensland region.
Throughout 2017/18, we pounded the pavement in Brisbane and Canberra with a strategic advocacy agenda for Townsville North Queensland, promoting the need for Government to continue investing, partnering and working with our region to deliver jobs to our community. We advocated for the projects and policies that would not only create employment opportunities, but career paths for our young people, address issues that stifle economic development and provide opportunities to arrest the increasing cost of living. We were successful in securing several funding commitments that address these issues, including the $2.2M Hells Gates Feasibility Study, $2M to develop the Museum of Underwater Art, $475K to identify export opportunities for the North’s agricultural industry, and full and partial support for seven of the 14 priorities by the ALP and LNP as a result of a robust State Election
Townsville Enterprise Annual Report 2017/18
advocacy campaign. Continuing to build strong partnerships with the private sector also resulted in positive announcements for the region such as securing the MMG Dugald River Mine FIFO hub for Townsville North Queensland. The Tourism and Events team continues its focus on doubling Overnight Visitor Expenditure by 2020 by undertaking an extensive program of destination marketing initiatives. In addition, Townsville Enterprise, and our 85 tourism volunteers, continued managing two Visitor Information Centres and supporting 12 cruise ship visits to the city delivering over 12,000 passengers and crew and injecting $3.4M into the region, with the Bid Fund also generating $9M in economic impact over the coming years for the local economy. The 26 participants in the fifth cohort of Townsville Enterprise Emerging
Leaders diligently worked on five major community projects that aim to deliver positive community outcomes for years to come. We also led the largest delegation of 30 local representatives to Singapore and launched a new integrated website and CRM platform to improve membership communications and engagement. Overall, 2017/18 was a positive year defined by tangible results for our members and the broader community. Bold advocacy and strategic partnerships delivered game changing outcomes for our region, as economic indicators finally trend in the right direction. Townsville Enterprise will maintain its steely focus on ensuring Townsville North Queensland is an ideal place to live, work, visit, study and invest in by advocating for the projects and policies that will stimulate our economy now and for the next 150 years.
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“Advocacy has the ability to change the face of cities and regions by driving investment, jobs and lifestyle benefits. This role has its challenges, but they are far outweighed by the outcomes that leave lasting legacies for communities. The team at Townsville Enterprise clearly articulate their message on the region’s priorities at every opportunity.” Debbie Rains, President, Townsville Chamber of Commerce
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Image: Megan MacKinnon Townsville Enterprise Annual Report 2017/18
ADVOCACY The advocacy efforts of Townsville Enterprise are critical to the short, medium and long term prosperity of Townsville North Queensland. Significant advocacy priorities have converted to reality across the past 12 months, with the organisation partnering with several stakeholders to deliver tangible outcomes for the community while ensuring the region remains at the forefront of political agendas. CASE STUDY Across the four-week 2017 Queensland State Election campaign period, Townsville Enterprise undertook a robust advocacy agenda to promote 14 of the region’s critical projects and polices requiring commitments. Advocacy efforts included working with all parties and key stakeholders, targeted campaigns across traditional and digital media, and strategic events. The activities reached an audience of over 260 million people across 600 news mentions, creating $2.4M of PR value. This contributed to securing full and partial support for seven of the 14 priorities from the ALP and LNP, and support for four and five priorities from the One Nation and Katter Australia Parties respectively.
Townsville Enterprise Annual Report 2017/18
2017/18 HIGHLIGHTS $2M State Government contribution to develop the Museum of Underwater Art, supported by $850K private sector investment.
Supported Townsville City Council in securing $3M State Government contribution to develop the Lithium-ion Battery Plant Feasibility Study.
Commenced the $2.2M Federally funded Hells Gates Dam Feasibility Study.
Secured the first partial-turnaround of a cruise ship in Townsville.
Secured $475K in combined funding from the Cooperative Research Centre for Developing Northern Australia (CRCNA), North Queensland Councils and industry for a North Queensland Agricultural Market & Supply Chain Study.
FIFO opportunities announced for Townsville North Queensland through the MMG Dugald River Mine and Adani Carmichael Mine project. Led the largest North Queensland business delegation to Singapore.
LOOKING FORWARD With an anticipated growth rate of 5.1% in the region over the next five years, these are just some of the measures to support expanding community and business activity, while securing the region’s future as a globally recognised centre. Although business confidence in the region has begun to shift,
we must respect the fragility of our economy and continue to work with all levels of government, members, partners and the community as we advocate for key projects that will attract greater investment for our region, creating even more jobs in our community.
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“Townsville Enterprise has provided Premise multiple platforms to explore potential business opportunities, particularly with Singapore. The connections established as a part of the Singapore Delegation are invaluable to enable these opportunities to be furthered and assist in growing North Queensland’s economic development potential.” Patrick Brady, Executive Director, Premise
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Image: Megan MacKinnon Townsville Enterprise Annual Report 2017/18
INVESTMENT ATTRACTION Development of Northern Australia and specifically Townsville North Queensland will require leveraging our key assets. Townsville Enterprise is working on increasing economic opportunities for current businesses in the region which in turn attracts new businesses and investors to lever these opportunities. Opportunities drive investment which results in employment, improved infrastructure and sustainable growth. TESTIMONIAL
2017/18 HIGHLIGHTS Development of key investment attraction collateral including Opportunity Townsville North Queensland and Quarterly Economic Snapshot in partnership with AEC.
“The work of Townsville Enterprise in supporting businesses and the community through driving investment and development is vital for ensuring the growth of this region. Colliers International is the proud major sponsor of Opportunity Townsville North Queensland, a key marketing tool to promote Townsville North Queensland’s investment potential.” Peter Wheeler, Managing Director, Colliers International Townsville
Townsville Enterprise Annual Report 2017/18
Provided support for key infrastructure and investment advocacy through the production of economic reports, supplier recommendations, familiarisation tours and introductions to business and political leaders.
Production of Economic Impact Models for private and public project developments. Monthly regional information release to subscribed members. Lead 19 Townsville familiarisation tours for business and investment visitors, notably from Singapore and Canada.
INVESTOR SUPPORT Looking to invest in Townsville North Queensland? Townsville Enterprise can assist by providing the following:
An Economic Impact Model to assist in building political and community support
Regional economic data to support building a business case
A ccess to key contacts and business leaders to assist in building project supplier and customer networks
A dvocacy for large scale projects with extensive economic benefits
Promotional resources
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“We have received valuable benefits as a Townsville Enterprise member including the opportunity to interact with a range of potential clients as a participant in the Surbana Jurong delegation and the Defence Industry Working Group. Here, Shamrock Civil provided direct input into economic development strategies that impact us as a contractor and the broader economy.� Clinton Huff, Operations Manager, Shamrock Civil
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Image: LCPL Kyle Genner Townsville Enterprise Annual Report 2017/18
INDUSTRY DEVELOPMENT As the peak economic development body for the Townsville North Queensland region, Townsville Enterprise is committed to driving strategic industry development to unlock the region’s potential and build upon existing economic opportunities. Policies and projects that target specific industry sectors have been developed in partnership with key stakeholders to generate employment, productivity and stronger sustainable growth now and into the future. CASE STUDY Cubic Defence Australia Cubic Defence Australia joined Townsville Enterprise in 2017 to become more involved in the organisation’s industry development initiatives. Cubic has since received several networking and industry development opportunities through participation in the Defence Industry Working Group. Cubic values the position that Townsville Enterprise is able to play in facilitating communication between Defence and local industry in Townsville.
Townsville Enterprise Annual Report 2017/18
2017/18 HIGHLIGHTS The Hells Gates Dam Feasibility Study, undertaken by SMEC, Premise, Brazier Motti and AEC, is assessing the potential to develop up to 50,000 ha of high-value irrigable agricultural land in the Upper Burdekin. The Defence Industry Working Group developed the region’s long-term plan to leverage the unprecedented opportunity that is the Integrated Investment Program (IIP) and the
Australia-Singapore Military Training Initiative. Townsville Enterprise was awarded funding from the Cooperative Research Centre for Developing Northern Australia (CRCNA) to undertake a North Queensland Agricultural Market & Supply Chain Study to provide the region with a long-term development plan for the agricultural sector.
GROW YOUR BUSINESS Townsville Enterprise provides opportunities for members to be involved in strategic industry development plans by participating in working groups and round tables.
Members are provided business support through access to tailored economic reports, regional economic data and business development advice.
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“Apollo Motorhomes partnered with Townsville Enterprise on the ‘Ultimate Guide to Driving the Great Barrier Reef’ campaign. After reviewing the influencer engagement and following, this was certainly the most successful Instagram campaign Apollo has supported. Thank you for letting Apollo be part of the journey.” Carla Adams, Apollo Motorhomes Marketing
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Image: Megan MacKinnon Townsville Enterprise Annual Report 2017/18
TOURISM MARKETING To support the overarching objective of growing the region’s Overnight Visitor Expenditure to $1.04B by 2020, an annual program of marketing initiatives was undertaken throughout 2017/18. Across the year, Townsville Enterprise implemented an ‘always on’ marketing approach with key bursts of tactical tourism campaign activity. CASE STUDY
Hinchinbrook Adventures Wherever possible, Townsville Enterprise will highlight members across its marketing activities, with Hinchinbrook Adventures strongly featured throughout 2017/18. Over the year, the scenic flight and heli-fishing business was showcased in key tourism collateral including the ‘2018 Events and Insider Guide’ and the ‘2018–2020 Holiday and Travel Guide’. Significant PR coverage was also secured through a feature in local lifestyle publication DUO Magazine, influencer famils and across social media.
Townsville Enterprise Annual Report 2017/18
2017/18 HIGHLIGHTS Melbourne Campaign Townsville Enterprise, Tigerair, Townsville Airport, Tourism and Events Queensland and Townsville City Council partnered on a strategic campaign targeting Melbourne – a market first for the region. The campaign had a strong conversion focus and was delivered predominately through digital channels. Campaign results were unprecedented, securing an additional 4,596 additional passengers from Melbourne to Townsville over the six-week campaign, generating an economic impact of more than $6M. D estination PR Outcomes Strategic media pitching and hosting proved highly successful, providing state and national coverage for Townsville North Queensland across The Today Show, Sunrise (twice), The Living Room, Tiger Tales Inflight Magazine, News.com.au, The Weekly Review, Courier Mail and Queensland Weekender.
The Ultimate Guide to Driving the Great Barrier Reef The ‘Ultimate Guide to Driving the Great Barrier Reef’ digital campaign was developed as an awareness campaign to showcase the experiences and destinations along the Great Barrier Reef driving route. The campaign was led by Townsville Enterprise in partnership with the five Regional Tourism Organisations along the Great Barrier Reef catchment and Tourism and Events Queensland. Overall, the campaign reached more than 80 million people, received 93,000 website clicks, delivered over 30,000 eBook views (of the guide) and generated a media value of almost $8M. These results exceeded all expectations and industry benchmarks.
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“This year was our busiest on record, with Townsville Enterprise’s marketing activities positively impacting our business and several Magnetic Island operators. Passenger numbers grew by over 20% increasing revenue by more than 30%. A portion of this growth is a direct result of Townsville Enterprise’s marketing initiatives.” Steph Hinks, Owner/Operator, Aquascene Magnetic Island
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Nathan McNeil Townsville Enterprise Annual ReportImage: 2017/18
TOURISM MARKETING (Continued) 2017/18 HIGHLIGHTS Discover why #townsvilleshines In January 2018, Townsville Enterprise, in partnership with Townsville City Council, Tourism and Events Queensland, Townsville Airport, Townsville Bulletin, Southern Cross Austereo, BlueKino and local tourism operators launched the ‘Discover why #townsvilleshines’ destination campaign. The initiative targeted regional Queensland (including Townsville) with digital and tactical extensions into Brisbane, Sydney and Melbourne. Campaign results surpassed expectations reaching approximately 2M people through digital platforms, generating 3,154 Webjet airline seat bookings and a further $28K in local tour and accommodation bookings.
CASE STUDY ‘ Always on’ Digital Marketing Social media formed a strong ‘always on’ element of the year’s destination marketing activities. The results of this digital marketing strategy achieved overall growth in social media channels of almost 18%, improvement in consumer sentiment on the destination Facebook page and generated more than $25K in bookings through townsvillenorthqueensland.com.au.
Fantasea Destination Adventure Through partnerships with Townsville Enterprise, Fantasea Destination Adventure has received a series of national PR and media opportunities. As a new product in the region, this provided significant reach showcasing the active retreats and events they have on offer. Media opportunities included Tiger Tales Inflight Magazine, television coverage during the Watpac Townsville 400 Supercars and Queensland Weekender.
GROW YOUR BUSINESS Local tourism businesses that are members of Townsville Enterprise can receive significant marketing opportunities, including: Promoting and selling your product on townsvillenorthqueensland.com.au Featuring your experiences in key printed publications including the ‘Townsville North Queensland Holiday and Travel Guide’
Townsville Enterprise Annual Report 2017/18
Promoting your tourism business in Townsville Enterprise marketing campaigns Featuring the experiences your business provides in media and digital influencer famils Providing marketing support and guidance from industry experts
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“Support from the Townsville Enterprise Convention Bureau and the Townsville North Queensland Bid Fund offered an opportunity to deliver our annual conference in Townsville. Previous regional conferences have attracted smaller delegations; however, we were very pleased that our Townsville conference achieved a record 369 delegates and was considered highly successful by those in attendance.” Leigh Cunningham, CEO, Institute of Public Works Engineering Australasia – Queensland
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Image: Budd Photography Townsville Enterprise Annual Report 2017/18
EVENT ATTRACTION & DEVELOPMENT Through the Townsville Enterprise Convention Bureau and Townsville North Queensland Bid Fund, Townsville Enterprise is passionate about establishing the region as a leader in destination events. This is achieved through the attraction of leisure, sporting and business events which drive visitation. CASE STUDY Townsville Enterprise Convention Bureau manages the region’s representation to the business events industry, showcasing the unique benefits and opportunities of hosting meetings, incentives, conferences and exhibitions in Townsville North Queensland. In February 2018, The Ville Resort – Casino, Mercure Townsville and TYTO Hinchinbrook accompanied Townsville Enterprise as presenting partners at the annual Asia-Pacific Incentives and Meetings Expo (AIME), attended by over 4,000 key business event planners and decision makers. Venue representatives networked and promoted Townsville North Queensland as an ideal business events destination, resulting in over $1.8M worth of business event leads for the region.
Townsville Enterprise Annual Report 2017/18
2017/18 HIGHLIGHTS This year, the Townsville North Queensland Bid Fund committed $181K towards the attraction of new events to the region. These events are anticipated to deliver over $9M in economic impact over the coming years.
The Convention Bureau launched a new promotional video showcasing Townsville as an ideal business events, conference and exhibition destination. The commercial included several Townsville Enterprise member businesses and was produced locally.
Since its inception, the Bid Fund has confirmed 37 new events for Townsville North Queensland with an estimated economic impact of $44.9M. This financial year alone, eight Bid Fund events attracted over 10,500 attendees and generated over $15M for the region – a 21% increase on the initial estimations for those events.
GET INVOLVED Townsville Enterprise Convention Bureau is focused on the attraction of business events to the Townsville North Queensland region. The Convention Bureau works with its members to coordinate bids in an
effort to secure the hosting rights of events with strong local industry links. If you have attended a business event that you believe would benefit from being held in the region, please contact the Convention Bureau.
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“The Townsville Enterprise Tourism Volunteers provide world-class customer service to visitors day in, day out. With their smiling faces, welcoming personalities and a passion for our region, they are our best ambassadors.� Chris Briggs, General Manager, SeaLink Queensland
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Image: Port of Townsville Townsville Enterprise Annual Report 2017/18
VISITOR SERVICES & VOLUNTEERING The multi award-winning Townsville Enterprise Tourism Volunteer Program comprises a dedicated and passionate group of supporters who play a pivotal role in promoting Townsville North Queensland’s attractions and experiences by providing a friendly and knowledgeable welcome to visitors to the region. CASE STUDY
2017/18 HIGHLIGHTS For the second consecutive year, the Townsville Enterprise Tourism Volunteer Program received the Bronze Award at the 2017 Queensland Tourism Awards.
The Townsville Enterprise Tourism Volunteers are a pivotal component of the cruise ship welcome experience at the Port of Townsville’s Quayside Terminal. Across the year, Townsville welcomed 12 cruise ships and will see the first partial turn-around of a cruise ship in September. The frequency of cruise ship visits placed a higher demand on the volunteers throughout the year; however, without fail an exceptional welcome experience was provided to each cruise ship.
Townsville Enterprise Annual Report 2017/18
Volunteers welcomed over 12,300 cruise ship passengers and crew to the region and thousands more at event welcome activations across the city. Information was provided to over 27,000 visitors via two Visitor Information Centres and the new
service at the Breakwater Ferry Terminal. The Volunteer Program has a stable membership of 75 enthusiastic individuals who are always ready with local tourism information. Volunteers enjoyed famils to Cassowary Coast, Magnetic Island and Charters Towers engaging with fellow volunteers from the Hinchinbrook, Charters Towers, Burdekin and Cassowary Coast regions.
JOIN THE TEAM! New Volunteers with a keen interest in Townsville North Queensland, travel and meeting people are always welcome to join the team. Get in touch to find out how!
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“My entire purpose of visiting Australia for my Earth Expedition course was to see firsthand how climate change was affecting the Great Barrier Reef. When we got to the Reef, it was breathtaking, and I left with a new vision of it. I now have a better appreciation and understanding of the Reef.� Allison Briddell, USA student
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Adrenalin Dive Townsville Enterprise Annual ReportImage: 2017/18
EDUTOURISM The Edutourism Consortium’s vision is to provide the nation’s leading experiential learning programs. This is being delivered through the development and implementation of a long term, focused strategy to attract international education groups to the region through faculty-lead study aboard programs. CASE STUDY As the national education centre for the Great Barrier Reef and one of North Queensland’s major tourism attractions, Great Barrier Reef Marine Park Authority (GBRMPA) was a founding member of Townsville’s EduTourism initiative. Through a partnership between GBRMPA and Miami University, Townsville was selected as one of the university’s pivotal landmarks to establish the ‘Earth Expeditions’ program. The program enables students to engage in inquiry and action projects and build relationships with leading educators, community leaders, and conservationists. The Masters program of over 250 alumni are all recognised professionals and now ambassadors for the Great Barrier Reef and Townsville North Queensland.
Townsville Enterprise Annual Report 2017/18
2017/18 HIGHLIGHTS During the 2017/18 Financial Year, the Edutourism Program attracted just under 1,000 students and injected approximately $1M in economic value into the region. In January 2018, the Edutourism Consortium travelled on a delegation to Singapore to attract new educational
study groups to Townsville North Queensland. The first Singapore group of 21 students will visit the region in September 2018. Townsville North Queensland hosted its first USA Alumni Exhibition and is developing the growth of this potential market.
GET INVOLVED The mission of the EduTourism Consortium is ‘To deliver diverse worldclass immersive learning experiences and develop relationships and partnerships in sustainable environment throughout Townsville North Queensland’.
If you have a business that can help deliver this mission, Townsville Enterprise and the Edutourism Consortium want to hear from you.
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“The Townsville Enterprise Digital Transformation Program was one of the most valuable, important and informative programs that the Grand Hotel and Apartments has participated in. We have already begun implementing several changes and we are putting a much bigger emphasis on improving our digital assets to enhance the customer experience.� Troy Scott, General Manager, Grand Hotel and Apartments
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Image: Megan MacKinnon Townsville Enterprise Annual Report 2017/18
TOURISM INDUSTRY DEVELOPMENT Townsville Enterprise is committed to delivering a range of business development programs to meet the needs of the Townsville North Queensland Tourism and Events industry. Practical workshops across a range of relevant topics provide the tools, support and networking opportunities to assist operators in growing their business. TESTIMONIAL
2017/18 HIGHLIGHTS The 2017/2018 Digital Transformation Program saw eight Townsville North Queensland tourism operators undertake a detailed audit and assessment of their digital channels by internationally renowned digital company Destination Think. The 2017 Townsville North Queensland Tourism and Events Awards acknowledged the achievements of the local tourism and
“The Australian Festival of Chamber Music is honoured to have won the Festivals & Events category at the 2017 Townsville North Queensland Tourism & Events Awards. There is no greater privilege than to be recognised by your industry this way. Each year the competition increases, and this helps us strive to improve our standards of excellence.�
events industry, with 15 operators and two events finalists across the six categories. The Tourism Futures Forum Townsville Enterprise hosted in March 2018 was well attended by 135 industry representatives across the whole day event. The forum included 13 renowned speakers on topics including Market Disruption, Business Transformation, Social Media and more.
GROW YOUR BUSINESS As a Townsville Enterprise member, tourism and events businesses have access to a range of exclusive business development workshops, tourism and events awards, forums, programs and networking events, ensuring operators are aware of upcoming industry
opportunities and have the skills to leverage these opportunities. Member updates and networking functions also provide a platform for local operators to share insights, experiences and collaborate with other members within the industry.
J ustin Ankus, Australian Festival of Chamber Music
Townsville Enterprise Annual Report 2017/18
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“We see it as our duty to the business and wider community to use our radio, television and digital assets to amplify the great work of Townsville Enterprise. We all need to work together to improve confidence and achieve the growth that Townsville needs. #LetsGrowTogether is a great example of what can be achieved if likeminded businesses collaborate. Townsville Enterprise membership is a great binding agent and we should all encourage our peers to take part.� Rob Aumend, General Manager, Southern Cross Austereo
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Image: Megan MacKinnon Townsville Enterprise Annual Report 2017/18
COMMUNITY ENGAGEMENT A key focus for 2017/18 was ensuring members and the community were informed and engaged in the activities undertaken by Townsville Enterprise to connect, grow and promote the region. Building upon strong relationships with media partners allowed effective communication of Townsville Enterprise’s key messages and regional priorities on a local, state and national level. CASE STUDY
2017/18 HIGHLIGHTS The launch of the 2018 State and Federal Government Budget Submissions generated $50K in PR value and reached an audience of 4.5 million people in one day.
In partnership with Southern Cross Austereo and BlueKino, Townsville Enterprise launched the #LetsGrowTogether campaign to encourage the Townsville North Queensland community to work together to drive the region’s growth, whilst also targeting membership. Targeted television and radio commercials were simultaneously launched in 2017, complemented by digital and traditional print media marketing and PR activities.
Townsville Enterprise Annual Report 2017/18
To leverage the Cowboys 2017 Grand Final appearance, a PR activation was undertaken coordinating Townsville City Council, Cowboys and SeaLink to temporarily rename Magnetic Island ‘Cowboys Island’, costing no more than $300 and generating over $7 million in PR value for the Cowboys and North Queensland. Coordinated full weather crosses with Sunrise (twice) and the Today Show positioning the region nationally
and promoting several Townsville Enterprise members through crosses at The Strand and Magnetic Island. Monthly CEO columns and advertisements in the Townsville Bulletin updated the community on Townsville Enterprise latest news. PR coverage valued at $9M (an increase of $3.5M) ensured strategic priorities were consistently communicated on a local, state and national level. Growth in social media activity saw a 12.5% increase in Facebook likes and significant Twitter engagement from politicians at all levels of government.
GROW YOUR BUSINESS Take advantage of your membership by promoting your business to fellow Townsville Enterprise members through Townsville Enterprise’s email
database and social media channels. Get in touch with the team to find out how.
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“To be placed directly in front of the Surbana Jurong delegation was invaluable. The most challenging component of engaging with offshore customers is making contact with decision makers and connectors. Townsville Enterprise has assisted Townsville based businesses to operate in a forum that would usually be out of reach.� Natalene Carter, Director, RID Australia
Image: Megan MacKinnon
TOWNSVILLE ENTERPRISE EVENTS In 2017/18, Townsville Enterprise’s events calendar strategically promoted the Townsville North Queensland region to maximise business, investment and networking opportunities for members. Across the year, Townsville Enterprise hosted 27 events welcoming over 2,200 attendees – more than a 10% increase in attendees year on year. CASE STUDY Following the success of the Singapore Insights Delegation in September, Townsville Enterprise hosted Surbana Jurong Group CEO, Mr Heang Fine Wong along with a reciprocal delegation of 12 key representatives from Surbana Jurong and International Enterprise Singapore. An event with Townsville Enterprise members and industry representatives launched the delegation’s visit, along with a further four events and several meetings in Townsville. Mr Wong delivered a presentation of valuable insights into Singapore’s transformation into the economic powerhouse it is today. Over 220 local business and civic leaders met and networked with the delegation across the two days.
Townsville Enterprise Annual Report 2017/18
2017/18 HIGHLIGHTS Singapore Insights Delegation Thirty local business leaders travelled to Singapore in September to gain insight and direct connectivity with decision makers and industry in this vital South Asian market. The four-day delegation included key meetings, events and workshops that provided delegates with an understanding of what the next generation of Singaporean investors are looking for. Debate of the Leaders Leading up to the 2017 State Election, Townsville Enterprise hosted an engaging debate between State Party
Leaders Tim Nicholls, Stephen Dickson and Robbie Katter, which saw more than 150 Townsville North Queensland business representatives and members of the community attend. Mining & Resources Industry Forum The second annual North Queensland Mining & Resources Industry Forum provided businesses the opportunity to network and hear from 14 major mining, resources and renewable energy organisations operating in Queensland.
GET CONNECTED Townsville Enterprise events provide the opportunity to connect and promote your business. As a member, you are entitled to reduced event pricing and the opportunity to host
a Townsville Enterprise member to member networking function on your premise. Get in touch today to discuss your membership inclusions.
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“The Townsville Enterprise Emerging Leaders Program was extremely beneficial, both personally and professionally. The Program allowed me to develop and expand my leadership skill set, and the opportunity to meet and hear from several local leaders has helped form a detailed personal development plan. Professionally, working and connecting with such an amazing cohort has helped set up my network for years to come. It is well worth the investment if you are considering how you can give back to this great city.� Russell Campbell, ANZ (2017/18 Emerging Leader)
EMERGING LEADERS PROGRAM The Townsville Enterprise Emerging Leaders Program, now in its fifth year, continues to develop a pool of leadership talent to progress our city and region. A key part of the Emerging Leaders Program sees participants form small teams to deliver a project of significance that will create economic benefits, address social justice issues, and deliver positive change and awareness in the region. TESTIMONIAL
2017/18 PROJECTS Museum of Underwater Art (MOUA) Community Engagement Strategy The project team developed a significant fundraising strategy to activate within the region, supported by the business community.
“The 2017/18 Emerging Leaders program has been a wonderful experience. I have met some great people from different industries that I would never have met otherwise. The mentor that I had has been invaluable in providing me with career advice and as a general sounding board. The module days have allowed me to view Townsville in a completely different way through the amazing people that are part of our city. I am proud to have been involved in this program.� Amanda Walker, Blue Care Northern Services
Townsville Enterprise Annual Report 2017/18
Papua New Guinea/North Queensland Toyota Cowboys Engagement A highly successful launch event in Port Moresby was organised by the project team, raising over $6,500 for a local PNG charity, the Ginigoada Foundation. The Oasis Townsville Advocacy Campaign Through a thorough business plan, advocacy campaign and collaboration
team worked hard to to ensure the success and longevity of the facility. Orange Sky Laundry Hybrid Van for Townsville The project team successfully facilitated a partnership between Orange Sky Australia and CQUniversity, delivering a mobile laundry van for the homeless to Townsville earlier this year. Rowes Bay Kindergarten Five Year Strategic Plan Working alongside the committee, the project team developed a comprehensive five-year plan outlining a strategic roadmap for the kindergarten moving forward.
with relevant stakeholders the project
GET INVOLVED If you are interested in learning more about the Emerging Leaders Program and how you can become involved,
contact Townsville Enterprise to find out how it can benefit your business and career.
33
OUR MEMBERS Townsville Enterprise may be leading the charge, but it cannot operate alone. It is only with the support of its partners and members that it can continue to drive growth for the Townsville North Queensland region. Thank you to the following 2017/18 members:
PLATINUM
MMG Limited
Adani Mining Pty Ltd
Shamrock Civil Engineering
Paradise Outdoor Advertising
TAFE Queensland
Southern Cross Austereo
Western Labour Hire
GOLD
BRONZE
DUO Magazine
AE SMITH
Energy Queensland
Australian Future Energy Pty Ltd
Glencore Copper
Australian Institute of Marine Science
Graham Jackson OAM
James Cook University
Bendigo Bank Townsville
Port of Townsville Limited
CQUniversity
Greg Peel
Success North Queensland
Cubic Defence Australia Pty Ltd
Sun Metals Corporation Pty Ltd
Davco Farming
LIFE MEMBERS Alison Ferry Emeritus Professor Edward Scott AM Geoffrey Plante
John Bearne Laurence Lancini
PRINCIPAL Townsville City Council
MAJOR Townsville Airport Pty Ltd
PLATINUM TIER 1 Townsville Bulletin
34
SILVER
Gabrielli Constructions Gallagher
BlueKino
Honeycombes Property Group
Burdekin Shire Council
Hutchinson Builders
Charters Towers Regional Council
Incitec Pivot Limited
Grant Broadcasters
Lendlease Communities (Townsville) Pty Ltd
Hinchinbrook Shire Council
Mike Carney Toyota
Lancini Property and Development
Northern Management Group Pty Ltd
Ville Resort – Casino, The
Palm Island Aboriginal Shire Council
COPPER
Parkside Developments Queensland Country
AEC Group
RGM Maintenance
Crowe Horwath (Aust)
RPS Australia East Pty Ltd
Townsville Enterprise Annual Report 2017/18
SeaLink Queensland Pty Ltd
Loloma Investments
Connolly Suthers Lawyers
SMEC Australia
NEM Group
Core Developments NQ
Stadiums Queensland
Northern Queensland Primary Health
Cox Architecture
Stockland Development Pty Ltd
Network
Crackajack Sportfishing Adventures
Toll Group Australia
PDS (QLD)
Dalle Cort Financial Services
RID Australia
Department of Defence (Army)
Seasoned
Digimen, The
AECOM Australia
Suncorp Bank
Ede Events
ANL Logistics
Watpac Construction Pty Ltd
Ellis Developments QLD Pty Ltd
Aurizon Operations Ltd
Westpac Banking Corporation
Especially Australian
CPB Contractors
wilson/ryan/grose Lawyers
Fantasea Cruising Magnetic
LEVEL 4
CRC for Developing Northern
Feel Good Events and Party Hire
Australia Ltd (CRCNA)
LEVEL 2
EconomX
1300 SMILES Dentists
Fuji Xerox Business Centre (Townsville)
LGIAsuper
Absolute North Charters
GHD Pty Ltd
NAB
Alliance Airlines Pty Ltd
Grace Removals
Pacific Islands International
Alluvium Consulting
Grand Hotel and Apartments
Park Regis Townsville Pty Ltd
AMP Control
Hastings Printers
Rapid Global Software
AON Risk Services
James Cook University Halls
SAP Australia Pty Ltd
ARUP Pty Ltd
James Cook University Student
St Hilliers
Base Backpackers Magnetic Island
Association
Townsville Taxi
BDmag
James Cook University Vet
Tropical Coast Tourism
Breakwater Marina
Knight Frank (Townsville)
Wilmar Sugar Australia Limited
Brothers Leagues Club Townsville
Laird O’Regan
Pty Ltd
Maidment Development Group
Burdekin Theatre
Mariners North Holiday Apartments
ANZ Banking Group Limited
Cactus Jack’s Restaurant
Marketing Factory, The
B M Webb Holdings
Cassowary Coast Regional Council
Martin Locke Homes
Carey Accountants
Castletown Shoppingworld
Mater Health Services North
Colliers International Townsville Pty Ltd
CBD Services
Queensland
Cowboys Leagues Club Ltd
Charters Towers Chamber of
McVicar’s Cricket
Crystal Global Investments
Commerce
MEGT (Australia) Ltd
Delta Office Solutions
Charters Towers Visitor
Melvilles Entertainment
Explore Property
Information Centre
Mendi Constructions
Geon Property
Claredale Pastures
Mercure Townsville
Hotel Grand Chancellor
Clarity Hearing Solutions
Metal Manufactures Limited
Keir Steele Lawyers
Community Information Centre
Metropole Hotel, The
KPMG Australia
Townsville Inc
Michels Restaurant
LEVEL 3
Townsville Enterprise Annual Report 2017/18
Flanagan Consulting Group
35
<< LEVEL 2 (Continued)
Skill360 Australia Limited
Big Mama Sailing
Milford Planning Consultants
Skytrans
Billabong Sanctuary
Minelec
Southern Cross Ten QLD
Bluewater Caravan Park
Nautilus Aviation
St Patrick’s College Townsville Limited
Bob Jane T Mart Townsville
North Queensland Elite Rodeo
Sunbus Townsville
Brazier Motti Holdings
North Queensland Toyota Cowboys
Sunland Group Limited
Budd Photography
NPS Corporate
Tide Café – Catering
Bungalow Bay Koala Village
Nutrition Depot Australia NZ
Tony Ireland Stadium
C Bar Café
Oaks Gateway on Palmer
Townsville Brewery
Campbells Coaches
Oaks M on Palmer
Townsville Central Hotel
Castaways Resort & Spa Mission Beach
Oracle Studio
Townsville Civic Theatre
Castle Crest Motel
Orpheus Island Resort
Townsville Grammar School
Cate’s Chemist Hyde Park
Otto’s Fresh Food Market
Townsville Rotary Markets
Celestino
PVW Partners Pty Ltd
Townsville RSL
City Oasis Inn
Pen To Paper Pty Ltd
Townsville Stadium
Cleveland Bay Chemical Company
Peppers Blue on Blue Resort –
Townsville Turf Club
CQ Environmental
Magnetic Island
TP Human Capital
Cruise Whitsundays
Perc Tucker Regional Gallery
Travel Associates
Dancenorth Australia
Pier, The
Tropical Homes
Detour Coaches
Pinnacles Gallery
Tropical Topless Car Rentals
Elandra Mission Beach, The
Piper Promotions
TYTO Wetlands Information Centre
Empower Economics
Premise
V8 Supercars Australia
EMU Sportswear
Quayside Terminal
Vivo Property Group
EProperty Consultants NQ
Queensland Museum
Yongala Dive
Essentially Fresh
Quest Townsville
36
Event Cinemas
Quest Townsville on Eyre
LEVEL 1
Reef and Rainforest Research
360 Cre8ive Enterprises
Extrastaff
Centre Limited
Aaron Harper MP
Fantasea Destination Adventure
Reef HQ Great Barrier Reef Aquarium
ADiT Engineering
Magnetic Island
Remote Area Dive
Adrenalin Snorkel and Dive
Finlay Homes
Rider Levett Bucknall QLD
Amaroo on Mandalay
Flinders Shire Council
Riverway Arts Centre
Aquarius on the Beach
Frosty Mango
Rockfield Technologies Australia
Aquascene Magnetic Island
FTEC QLD
Rowes Bay Beachfront Holiday Park
Arcadia Village Motel
Get Branded
Ruswin Locksmith & Security
Australian Festival Of Chamber Music
Gilberton Outback Retreat
Rydges Southbank Townsville
B&G Law
Grand Central Industries (Holdings)
SeaLink Travel
Beach House Motel
Grants Writing Australia
Simon George & Sons
Big 4 Aussie Outback Oasis Holiday Park
GWG Valves & Poly Fittings
Evolution Financial
Townsville Enterprise Annual Report 2017/18
Hamilton Island Limited
Resource Co-ordination Partnership (RCP)
Mission Beach Tourism Inc
Herbert Hotel
Saddle Mountain Homestead
National Trust of Australia (QLD) Ltd
Herveys Range Heritage Tea Rooms
Safety and Learning Techniques (SALT)
NQ Dry Tropics
Hidden Valley Cabins and Tours
Secura Lifestyle
Palm Island Community Company Ltd
Hinchinbrook Resorts Lucinda
Sun City Diggers
Peter Lindsay OAM
Hooch and Fellow
Texas Longhorn Wagon Tours & Safaris
Queensland Resources Council
HydroSun Holdings
TICS – Testing Inspection and
Roxanne Grey
Industry Queensland
Calibration Services
Scott Stewart MP
Jade Holland
Tour Townsville
Scott Verrall
JAM
Tourism Magnetic Island (TMI)
selectability
Jardine Lloyd Thompson
Townsville Bush Oasis Caravan Park
Senator The Hon Ian Macdonald
Jeffrey Wall Public Affairs
Townsville Helicopters
Stephen Bailey
Jewellery By Design
Townsville Motor Boat and Yacht Club Ltd
Therese Smith
Kernow Charters Towers
Townsville Watersports
Umbrella Studio
Kordamentha
Tropical Containers
YWAM Medical Ships – Australia Ltd
Kwik Kopy Printers
Tropical Travel & Accommodation
Liddles Air Service Pty Ltd
Undara Experience
RECIPROCAL
Longboard Bar & Grill
Value Added Engineering NQ (VAE)
Ayr Chamber of Commerce
Lotsa Print and Design
Wambiana Station
Growcom
Mark Crawley Consulting
WT Partnership
Gulf Savannah Development
Mission Beach Visitor Information Centre
Hinchinbrook Chamber of Commerce
Mungalla Aboriginal Corporation
ASSOCIATE
Murdering Point Winery
Affari Consulting
Home Hill Chamber of Commerce
North Australian Publishing Co Pty Ltd
Andrew Cripps MP
Housing Industry Association Ltd
Ocean Breeze By The Strand
Burdekin Tourism Association Inc
(HIA – North Queensland)
Orchid Guest House
Cardwell Visitor & Heritage Centre
Master Builders Queensland
Pacific Rim Technical Services
Cathedral School of St James & St Anne
Mount Isa to Townsville Economic
Paronella Park
Christopher Rockemer
Development Zone Inc (MITEZ)
Pie House/Donut Room
Colin Harkness
North Queensland Club
Pilgrim Sailing
Cootharinga North Queensland
Regional Development Australia
Pineapple House, The
Dale Last MP
Townsville & North West QLD Inc
Planpac Group Pty Ltd
Dolan Hayes
Tourism Magnetic Island
Pleasure Divers Magnetic Island
Drive It NQ
Tourism Whitsundays
Pro-Draulics
Dyan Mitchelhill
Townsville Business Development Centre
Professional Bull Riders Australia
NDVR – Endeavour Foundation
Townsville Business Women’s Circle
Qencom Pty Ltd
Innisfail Visitor Information Centre
Townsville Chamber of Commerce
Rambutan
John Hathaway
Townsville Region Indigenous
Raven Tours
Julia Creek Dirt & Dust Festival
Business Network
Townsville Enterprise Annual Report 2017/18
Industry and Tourism
37
â&#x20AC;&#x153;Townsville Enterprise is to be commended on its comprehensive communications and targeted events which benefit members like PVW Partners but also the North Queensland community more broadly. By working together and beating the collective drum, we can ensure the opportunities for our region are realised.â&#x20AC;? Carl Valentine, Director, PVW Partners
Image: Megan MacKinnon
TOWNSVILLE ENTERPRISE LIMITED FINANCIAL REPORT 2017/2018 The Directors of Townsville Enterprise Limited present their report together with the financial statements of the entity, for the year ended 30 June 2018 and the Independent Audit Report thereon.
Director details The following persons were Directors of Townsville Enterprise Limited during the whole of the financial year and up to the date of this report unless otherwise stated. Kevin Gill – appointed 26/05/2008 Jenny Hill – appointed 25/05/2012 Joe Carey – appointed 11/02/2011 Ranee Crosby – appointed 15/05/2014 Sandra Harding – appointed 20/02/2013 Peter Honeycombe – appointed 14/11/2013 Michael Jones – appointed 20/06/2018 Moya Steele – appointed 21/10/2015 Paul Victory – appointed 14/11/2013 Sandra Yates – appointed 19/08/2015 (resigned 24/08/2017) Jeffrey Wall – appointed 19/04/2017
Principal activities The Company’s principal continuing activities during the year consisted of the promotion of tourism and economic development in North Queensland.
Review of operations Comments on the operations and the results of those operations are set out below: Operating revenue for the year ended 30 June 2018 totalled $5,193,749 (2017: $4,220,101). The operating surplus/(deficit) for the year totalled $(61,659) (2017: $1,585) The Board in 2018 strategically resolved to invest some of its reserves into supporting a strong advocacy campaign in the lead up to the Federal Election. This investment came at a cost of approximately $66K and has contributed to the deficit result for 2018.
Townsville Enterprise Financial Report 2017/18
Developments and expected results of operations Strengthening membership by driving real outcomes for the Townsville North Queensland community The 2017/18 year has been significant for Townsville Enterprise with membership continuing to grow, advocacy priorities converting to reality and the organisation partnering with several stakeholders to deliver tangible outcomes for the community. The 2016–2021 Strategic Plan continues to lay a strong foundation for success. A focus on the four pillars – Politically Powerful, Economic Leadership, Proud and Engaged Members and Capable and Accountable – saw Townsville Enterprise membership grow modestly whilst realising operational efficiencies through new systems and digital upgrades. Advocacy and strategic partnerships delivered game changing outcomes for the region including: T he State Government Election advocacy program secured full and partial support for seven of the 14 priorities by the ALP and LNP, as well as support for four and five priorities from the One Nation and Katter Australia Parties. W orked with local stakeholders to secure Townsville as the FIFO Hub for the $1.7B MMG Dugald River Mine operations. $ 2.2M Hells Gates Dam Feasibility Study*. L ocal content strategy for the North Queensland Stadium construction, directly employing 648 people (95.3% live in North Queensland) and providing 97.6% of contracts to local subcontractors. S ecured Cooperative Research Centre for Developing Northern Australia (CRCNA), North Queensland Councils and industry funding and support to deliver a $475,000 agricultural study. $ 2M State Government contribution to develop the Museum of Underwater Art, supported by $1M private sector investment. L ed the largest North Queensland business delegation to Singapore. G enerated over $60,000 in tour and accommodation bookings through new digital platform Bookeasy, Webjet campaign and Flight Centre Expos. 39
39
<< Continued 6 .8% Airport Passenger Growth (7,778 passenger bookings can be directly attributed to the Townsville Enterprise campaign and marketing activity, representing 7.3% of the annual passenger growth and an economic impact of over $6M). 6 .9% growth in Revenue per Available Room in hotel sector. The Policy and Investment team maintained a core focus on creating jobs through the development of strong advocacy programs and identifying investment and business opportunities in domestic and international markets. Investment attraction activities included leading a delegation of 30 local representatives to Singapore resulting in renowned Singaporean company, Surbana Jurong, leading a reciprocal delegation to Townsville in February. This saw the signing of a Memorandum of Cooperation (MoC) between Townsville City Council and Surbana Jurong and a respondent delegation in July 2018 targeting the advancement of an export distribution centre and direct flights between the two cities.
DIRECTOR KJ Gill
Director 10 years 1 month Chief Operating Officer – Townsville Airport Pty Ltd, Mount Isa Airport Pty Ltd, Longreach Airport Pty Ltd Special Responsibilities Member – Finance Audit & Risk Committee
JL Hill
Overall, 2017/18 was a positive year defined by tangible results for members and the broader community. Significant outcomes were achieved for the region through partnerships with key stakeholders and with economic indicators finally trending in the right direction.
BSc MPHTM, MAICD Deputy Chairman 6 years 1 month Mayor – Townsville City Council Chairman – Townsville Breakwater Entertainment Centre Joint Venture Director – Local Government Association of Queensland Chairman – Townsville Local Disaster Management
In addition, Townsville Enterprise supported 12 cruise ship visits to the city delivering 7,839 passengers and 4,498 crew, injecting $3.4M into the Townsville North Queensland economy.
The Townsville Enterprise Emerging Leaders Program comprised 26 participants working on five major community projects that aim to deliver positive community outcomes. The program continues to receive strong support from business and civic leaders offering time to mentor, educate and engage with the participants.
B. Com, CA Chairman 6 years 3 months
In Tourism and Events, the team continued focusing on the overarching objective of doubling Overnight Visitor Expenditure by 2020 by undertaking an extensive program of destination marketing initiatives which featured an ‘always on’ digital strategy complemented by a series of integrated campaign bursts.
Event attraction was also a highlight for the year with the Townsville North Queensland Bid Fund providing financial support to seven events with a combined economic impact of $9.7M. A further 23 business and sporting events were supported by Townsville Enterprise attracting 5,531 visitors and generating $5.5M for the local economy.
QUALIFICATIONS
Director – Townsville EA2 Pty Ltd Member – Townsville Engineering Link Group LGAQ Representative – Oversight Committee for Advancing Health
JW Carey
B. Com, CPA, Dip FP Director 7 years 4 months Director – Carey Group of Companies Deputy Chairman – Cowboys Leagues Club Limited Chairman – Cowboys Leagues Club Finance Audit & Risk Committee Director – Cowboys Rugby League Football Club Limited Special Responsibilities Chairman – Finance Audit & Risk Committee
This study is supported by funding from the Australian Government National Water Infrastructure Development Fund, an initiative of the Northern Australia and Agricultural Competitiveness White Papers.
*
40
40
Townsville Enterprise Financial Report 2017/18
DIRECTOR RL Crosby
QUALIFICATIONS LLB, GAICD
DIRECTOR PE Honeycombe
QUALIFICATIONS B.Bus, FAICD, FAIM
Director 4 years 1 month
Director 4 years 7 months
Chief Executive Officer – Port of
Managing Director – Honeycombes
Townsville Limited
Property Group
Deputy Chair – Queensland Ports Association Director – Townsville Maritime Museum Limited Member – James Cook University Human
MD Jones
Resources Committee
Director 1 month (Appointed 20/06/2018) Vice Chair – AFL Townsville
Member – Queensland Ministerial Freight Council Special Responsibilities Chairman – Economic Development Strategic
MA Steele
Advisory Committee
BA.LLB, MUDIA, MAICD Director 2 years 8 months Director/Principal – Keir Steele Lawyers
SL Harding
Director – MA Steele Pty Ltd BSc (Hons) ANU, MPub.Admin UQ, PhD NCSU,
Director – MAASK Investments
Hon Doc JIU, FACE, FQA, FAICD, FAIM
Director – SunWater Limited
Director 5 years 4 months Vice-Chancellor and President James Cook University
PA Victory
MA, Grad Dip Bus, BA
Council Member – Australian Institute
Director 4 years 7 months
of Marine Science
Director – Museum of Underwater Art Ltd
Director – Cowboys Rugby League
General Manager Business Growth & Innovation
Football Club Limited
– SeaLink Travel Group
Member – Trade, Tourism and Investment Policy
Special Responsibilities
Advisory Committee
Chairman – Tourism and Events
Deputy Chair – Foundation of
Strategic Advisory Committee
Australian Literary Studies Director – Advance Cairns Director – Australian American Education
SL Yates
AO
Leadership Foundation
Director 2 years (Resigned 24/08/2017)
Commissioner – Australian Centre for
Chairman – Australian Festival of Chamber Music
International Agricultural Research Member – Queensland Futures Institute Council Director – Westpac Bicentennial Foundation Board
JC Wall
CBE Director 1 year 1 month Owner – Jeffrey Wall Public Affairs
Townsville Enterprise Financial Report 2017/18
41
41
MEETINGS OF DIRECTORS
Contributions on winding up
The number of meetings of the Company’s Board of Directors (‘the Board’) and of each Board Committee held during the year ended 30 June 2018, and the number of meetings attended by each director were:
The Company is incorporated under the Corporations Act 2001 and is a Company limited by guarantee. If the Company is wound up, the constitution states that each member is required to contribute a maximum $20 each towards meeting any outstanding obligations of the entity.
Full meetings of directors
Meetings of Finance Audit & Risk Committee
No significant environmental regulations apply to the Company.
Auditor’s independence declaration
A
B
A
B
Kevin Gill
6
6
3
6
Jenny Hill
3
6
–
–
Joe Carey
6
6
6
6
This directors’ report is signed in accordance with a resolution of the Board of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001.
Ranee Crosby
6
6
–
–
On behalf of the directors
Sandra Harding
3
6
–
–
Peter Honeycombe
6
6
–
–
Michael Jones
1
1
–
–
Moya Steele
4
6
–
–
Paul Victory
5
6
–
–
Sandra Yates
1
1
–
–
Jeffrey Wall
4
6
–
–
A = Number of meetings attended. B=N umber of meetings held during the time the director held office or was a member of the committee during the year.
Directors’ benefits Since the end of the previous financial year no directors have received or become entitled to receive a benefit (other than a benefit included in the aggregate amount of the emoluments received or due and receivable by directors), by reason of a contract made by the Company, or a related corporation with the director or with a firm they are a member of, or a company in which they have a substantial financial interest to the financial statements.
Insurance of officers During the financial year, Townsville Enterprise Limited paid a premium to insure the directors and secretaries of the Company. Under the arrangement the premium is unable to be disclosed.
42
Environmental regulations
42
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out below.
Kevin Gill Director Townsville 22 August 2018
AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF TOWNSVILLE ENTERPRISE LIMITED In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Townsville Enterprise Limited for the year ended 30 June 2018, I declare that, to the best of my knowledge and belief, there have been: i no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii no contraventions of any applicable code of professional conduct in relation to the audit. Crowe Horwath NQ
Mark Andrejic Partner Townsville 31 August 2018
Townsville Enterprise Financial Report 2017/18
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 Note
2018
2017
$
$ 2,417,481
Revenue and other income Revenue
2
2,997,726
Other income
2
2,196,023
1,802,620
5,193,749
4,220,101
(1,786,838)
(1,619,054)
(2,956,977)
(2,221,403)
(317,729)
(152,982)
Total revenue and other income Expenses Employee benefits expense Other expenses
3
Travel Finance costs Administration Depreciation and amortisation expense Total expenses Surplus/(deficit) for the year attributable to the members of Townsville Enterprise Limited Other comprehensive income Total comprehensive income/(loss) for the year
(5,549)
(3,156)
(91,943)
(112,181)
(96,372)
(109,740)
(5,255,408)
(4,218,516)
(61,659)
1,585
â&#x20AC;&#x201C;
â&#x20AC;&#x201C;
(61,659)
1,585
This statement should be read in conjunction with the notes to the financial statements.
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 Note
2018
2017
$
$
Assets Current assets Cash and cash equivalents
4
1,068,398
1,382,250
Trade and other receivables
5
1,383,548
647,967
Other assets Total current assets
126,071
55,122
2,578,017
2,085,339
140,071
164,568
Non-current assets Property, plant and equipment
6
Intangibles
7
Total non-current assets Total assets
Townsville Enterprise Financial Report 2017/18
73,321
71,630
213,392
236,198
2,791,409
2,321,537
43
<< STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 (CONTINUED) Note
2018
2017
$
$
154,468
491,870
73,883
26,945
Liabilities Current liabilities Trade and other payables
8
GST/PAYG payable Employee benefits
9
Finance lease liabilities Other liabilities
10
Total current liabilities
96,246
92,978
24,225
13,052
1,241,891
414,264
1,590,713
1,039,109
Non-current liabilities Finance lease liabilities Employee benefits
9
–
22,291
47,302
45,084
47,302
67,375
Total liabilities
1,638,015
1,106,484
Net assets
1,153,394
1,215,053
Reserves
711,968
711,968
Retained earnings
441,426
503,085
1,153,394
1,215,053
Total non-current liabilities
Equity
Total equity
This statement should be read in conjunction with the notes to the financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2018 Retained Surplus
Reserves
Balance at 1 July 2016 Surplus/(deficit) for the year attributable to members
Total Equity
$
$
$
711,968
501,500
1,213,468
–
1,585
1,585
Balance at 30 June 2017
711,968
503,085
1,215,053
Balance at 1 July 2017
711,968
503,085
1,215,053
–
(61,659)
(61,659)
711,968
441,426
1,153,394
Surplus/(deficit) for the year attributable to members Balance at 30 June 2018
This statement should be read in conjunction with the notes to the financial statements.
44
44
Townsville Enterprise Financial Report 2017/18
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2018 Note
2017
2016
$
$
Operating activities Receipts from members and customers
3,551,276
1,952,260
Receipt of grants
1,526,884
1,686,167
(5,327,778)
(3,371,229)
Payments to suppliers and employees Interest income
23,076
35,260
(226,542)
302,458
Purchase of property, plant and equipment
(36,732)
(18,668)
Payments for intangible assets
(37,525)
(55,671)
Net cash used in investing activities
(74,257)
(74,339)
Net cash provided by operating activities Investing activities
Financing activities Net proceeds/repayments from finance lease
(13,053)
(13,589)
Net cash from/(used in) financing activities
(13,053)
(13,589)
Net change in cash and cash equivalents
(313,852)
214,530
Cash and cash equivalents, beginning of year
1,382,250
1,167,720
1,068,398
1,382,250
Cash and cash equivalents, end of year
4
This statement should be read in conjunction with the notes to the financial statements.
Townsville Enterprise Financial Report 2017/18
45
NOTES TO THE FINANCIAL STATEMENTS NOTE 1. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated. 1.1 New and revised standards that are effective for these financial statements Townsville Enterprise Limited has adopted all of the new, revised or amended accounting standards and interpretations issued by the Australian Accounting Standards Board (AASB) that are mandatory for the current reporting period. Any new, revised or amended accounting standards or interpretations that are not yet mandatory have not been early adopted. 1.2 Future impact of accounting standards not yet effective At the date of authorisation of the financial report, the expected impacts of new or amended Australian Accounting Standards issued but with future commencement dates are set out below. AASB9 Financial Instruments – AASB 9 introduces new requirements for the classification and measurement of financial assets and liabilities and includes a forward-looking ‘expected loss’ impairment model. These requirements improve and simplify the approach for classification and measurement of financial assets. When this standard is first adopted for the year ending 30 June 2019, it is anticipated that there will be no material impact on the transactions and balances recognised in the financial statements. AASB 15 Revenue from Contracts with Customers – AASB 15 establishes a new revenue recognition model and changes the basis for deciding whether revenue is to be recognised over time or at a point in time. The standard also expands and improves disclosures about revenue. When this standard is first adopted for the year beginning 1 July 2019, there is unlikely to be any material impact on the transactions and balances recognised in the financial statements. AASB 1058 Income of Not-for-Profit Entities – AASB 1058 is effective from 1 July 2019 and prescribes the income recognition requirements for transactions where the consideration to acquire an asset is
46
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significantly less than the fair value of the asset principally to enable the not for profit entity to further its objectives and volunteer services received by not for profit entities. As a change from AASB1004 notfor-profit entities will now have a policy option to account for donated services at fair value if the fair value can be reliably measured. When this standard is first adopted for the year beginning 1 July 2019, there is unlikely to be any material impact on the transactions and balances recognised in the financial statements. AASB 16 Leases – AASB16 requires all leases to be accounted for ‘onbalance sheet’ by lessees, other than short-term and low value asset leases. The standard also provides new guidance on the definition of lease and on sale and lease back accounting. Townsville Enterprise has yet to undertake a detailed assessment of the impact of AASB16. However, based on a preliminary assessment, the standard is not expected to have a material impact on the transactions and balances recognised in the financial statements when it is first adopted for the year beginning 1 July 2019. 1.3 Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and Interpretations issued by the Australian Accounting Standards Board, and associated regulations and the Corporations Act 2001, as appropriate for not-for-profit oriented entities. Historical cost convention The financial statements have been prepared under the historical cost convention. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in the relevant accounting policies within Note 1 and are based on historical experience and on the various factors, including expectations of future events management believes to be reasonable under the circumstances. Townsville Enterprise Financial Report 2017/18
1.4 Revenue Revenue is recognised when it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. Membership or partnership revenue Membership or partnership revenue is recognised in the Statement of Profit or Loss and Other Comprehensive Income in respect of the period to which it relates. Grants Grant revenue is recognised in the Statement of Profit or Loss and Other Comprehensive Income when Townsville Enterprise Limited obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be reliably measured. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied. Where grant revenue is received whereby Townsville Enterprise Limited incurs an obligation to deliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the Statement of Financial Position as a liability until the service has been delivered to the contributor otherwise the grant is recognised as income on receipt. Service revenue Revenue arising from the rendering of a service is recognised upon the delivery of the service to the clients. Other revenue Other revenue (which includes campaign and event income and project income) is recognised when it is received or when the right to receive the payment is established. All revenue is stated net of the amount of the goods and services tax (GST). 1.5 Income tax As Townsville Enterprise Limited is a charitable institution in terms of subsection 50-5 of the Income Tax Assessment Act 1997, as amended, it is exempt from paying income tax; no provision for income tax has been raised.
Townsville Enterprise Financial Report 2017/18
1.6 Current and non-current classifications Assets and liabilities are presented in the Statement of Financial Position based on current and non-current classification. An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. 1.7 Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 1.8 Trade and other receivables Trade receivables are measured at amortised cost using the effective interest method. Trade receivables are generally due for settlement within 30 days. 1.9 Property, plant and equipment Plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line or diminishing value basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows: Leasehold improvements Plant and equipment Motor vehicles
10â&#x20AC;&#x201C;50% 5â&#x20AC;&#x201C;20% 20â&#x20AC;&#x201C;25%
47
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Leasehold improvements and plant and equipment under lease are depreciated over the unexpired period of the lease or the estimated useful life of the assets, whichever is shorter. An item of property plant and equipment is derecognised upon disposal or when there is no future economic benefit to the Company. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. Any revaluation surplus reserve relating to the item disposed of is transferred directly to retained profits. 1.10 Intangible assets Intangible assets are initially recognised at cost. The gains or losses recognised in profit or loss arising from the de-recognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption of useful life are accounted for prospectively by changing the amortisation method or period. Software Significant costs associated with software are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of three to five years. Billabong Visitor Information Centre Kiosk (Right to use) Townsville Enterprise has an agreement with the Billabong Sanctuary for the right to use the kiosk constructed on their site. Townsville Enterprise Limited incurred the original construction costs (whilst ownership resides with Billabong Sanctuary) which in agreement with Billabong Sanctuary gives Townsville Enterprise Limited the right to use the facilities for the life of the agreement. Townsville Enterprise Limited will amortise the cost over the life of the agreement. 1.11 Trade and other payables These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
48
48
1.12 Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits and annual leave expected to be settled within 12 months of the reporting date or where no right to defer settlement exists, are recognised in current liabilities in respect of employeesâ&#x20AC;&#x2122; services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for long service leave not expected to be settled within 12 months of the reporting date is recognised in noncurrent liabilities, provided there is an unconditional right to defer settlement of the liability. The liability is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are recognised at the expected cash outflow when the liability is settled. Long-term benefits are accounted for employees who have achieved more than seven years of service with the company. 1.13 Goods and Services Tax (GST) and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the Australian Taxation Office (ATO). In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included in other receivables or other payables in the Statement of Financial Position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from or payable to the ATO are presented as operating cash flows. 1.14 Leases Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the asset (but not the legal ownership) are transferred to the entity, are classified as finance leases.
Townsville Enterprise Financial Report 2017/18
NOTE 3. OTHER EXPENSES
Leased assets are depreciated on a straight-line basis over the estimated useful lives where it is likely that the entity will obtain ownership of the asset. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period.
2018
2017
$
$
500
7,354
1,446,524
1,117,505
204,762
145,831
Web development and maintenance expenses
25,160
8,273
Design, printing and reproduction
51,228
77,739
Trade and exhibition
187,210
285,119
Sponsorship and membership expenses
136,983
74,103
8,559
10,232
786,764
375,387
Employee related expenses
15,606
44,339
Entertainment expenses
27,368
16,743
Information technology expenses
59,388
39,256
6,925
19,522
2,956,977
2,221,403
Audit and accounting expenses
Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses on a straight-line basis over the lease terms.
NOTE 2. REVENUE Revenue
Consultants and contractors Facility expenses
2018
2017
$
$
Interest
23,076
35,260
Rent
19,606
10,440
Campaign and event income
747,085
340,313
Partnership income
950,750
939,550
Membership income
809,575
803,370
Contra membership income
446,719
276,519
915
12,029
2,997,726
2,417,481
2018
2017
$
$
2018
2017
Government grants
2,136,400
1,619,458
$
$
Marketing packages
4,282
3,594
Other revenue
Sponsorship income
Townsville Enterprise Financial Report 2017/18
Advertising expenses
Other expenses
NOTE 4. CASH AND CASH EQUIVALENTS
Other income
Project income
Vehicle expenses
7,000
139,758
48,341
39,810
2,196,023
1,802,620
5,193,749
4,098,913
Cash and cash equivalents consist of the following:
Cash at bank and on hand
1,068,398
1,382,250
Cash and cash equivalents
1,068,398
1,382,250
49
NOTE 5. TRADE AND OTHER RECEIVABLES 2018
2017
$
$
Trade receivables
706,029
575,045
Accrued revenue 1
669,139
60,835
8,380
12,087
1,383,548
647,967
Sundry debtors
Reconciliations Reconciliation of the written down value at the beginning and end of the current financial year is set out below: Leasehold Improvements Balance 1 July 2017
is considered a reasonable approximation of fair value.
Balance 30 June 2018
1
$
$
60,711
30,894
72,963
164,568
–
–
36,732
36,732
–
(690)
–
(690)
(15,188)
(13,919)
(31,432)
(60,539)
45,523
16,285
78,263
140,071
Accrued revenue reflects income for Hells Gates project funding.
NOTE 7. INTANGIBLES
NOTE 6. PROPERTY, PLANT AND EQUIPMENT Leasehold Improvements
Motor Plant and Vehicles Equipment
Total
$
$
$
$
245,486
71,378
302,114
618,978
(184,775)
(39,305)
(229,151)
(453,231)
–
(1,179)
–
(1,179)
60,711
30,894
72,963
164,568
Assets at cost Balance 1 July 2016 Accumulated depreciation Borrowing costs Balance 30 June 2017
Balance 1 July 2017 Accumulated depreciation Borrowing costs Balance 30 June 2018
Details of Townsville Enterprise’s intangible assets and their carrying amount are as follows:
–
71,378
–
–
(199,963)
(53,224)
(260,583)
(513,770)
–
(1,869)
–
(1,869)
45,523
16,285
78,263
140,071
Balance 1 July 2016 Accumulated amortisation Balance 30 June 2017
Software
Total
$
$
$
93,986
146,569
240,555
(78,352)
(90,573)
(168,925)
15,634
55,996
71,630
93,986
184,094
278,080
(93,986)
(110,773)
204,759
–
73,321
73,321
Assets at cost Accumulated amortisation Balance 30 June 2018
Reconciliations Reconciliation of the written down value at the beginning and end of the current financial year is set out below: Billabong VIC
Software
Total
$
$
$
15,634
55,996
71,630
–
37,525
37,525
Amortisation expense
(15,634)
(20,200)
(35,834)
Balance 30 June 2018
–
73,321
73,321
Balance 1 July 2017 Additions at cost
50
Billabong VIC
Assets at cost
Balance 1 July 2017
Assets at cost
50
$
Borrowing costs
The net carrying value of trade receivables
Total
$ Additions Depreciation
Motor Plant and Vehicles Equipment
Townsville Enterprise Financial Report 2017/18
NOTE 8. TRADE AND OTHER PAYABLES
11.2 Transactions with key management personnel
Trade and other payables recognised consist of the following amounts:
Trade payables Other creditors and accruals Total trade and other payables
2018
2017
$
$
136,963
482,666
17,505
9,204
154,468
491,870
NOTE 9. EMPLOYEE BENEFITS The liabilities recognised for employee benefits consist of the following amounts: 2018
2017
$
$
96,246
92,978
47,302
45,084
143,548
138,062
Current Annual leave Non-current Long service leave
Key management personnel compensation
2018
2017
$
$
697,356
506,710
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director of that entity is considered key management personnel. The Board of Directors of Townsville Enterprise Limited are designated key management personnel in accordance with definition provided. No director receives remuneration for their role on the Board. Other management personnel for 2017/18 include Patricia Oâ&#x20AC;&#x2122;Callaghan (Chief Executive Officer), Michael McMillan (Director Policy and Investment), Bridget Woods (Director Tourism and Events) Gemma Rio and Kirsty Kahler (Director Membership, Marketing and Business Development).
NOTE 12. CONTINGENT LIABILITIES There are no contingent liabilities incurred by Townsville Enterprise Limited at 30 June 2018 and 30 June 2017.
NOTE 13. LEASES Operating leases as lessee Townsville Enterprise Limited operating lease payments are as follows:
NOTE 10. OTHER LIABILITIES Other liabilities consist of the following amounts: 2018
2017
$
$
Accrued expenses1
575,203
390,644
Revenue received in advance
666,688
23,620
1,241,891
414,264
1
Within 1 year
1 to 5 years
Total
$
$
$
30 June 2018
112,104
28,416
140,520
30 June 2017
109,686
437,018
546,704
Operating lease commitments comprise of lease arrangements on Enterprise House and storage facilities.
Accrued expense reflects costs for final milestone Hells Gates project.
NOTE 11. RELATED PARTY TRANSACTIONS Townsville Enterprise Limitedâ&#x20AC;&#x2122;s related parties include its key management personnel and related entities as described below. 11.1 Transactions with related entities There were no transactions with related parties during the current and previous financial year outside of the normal course of business.
Townsville Enterprise Financial Report 2017/18
NOTE 14. POST-REPORTING DATE EVENTS No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.
NOTE 15. ECONOMIC DEPENDENCE Townsville Enterprise Limited is dependent upon the ongoing receipt of Local and State Government grants to ensure the ongoing continuance of its programs. At the date of this report, management has no reason to believe that this financial support will not continue. 51
DIRECTORS’ DECLARATION In the opinion of the Directors of Townsville Enterprise Limited: a) T he financial statements and notes of Townsville Enterprise Limited are in accordance with the Corporations Act 2001, including:
i Giving a true and fair view of its financial position as at 30 June 2018 and of its performance for the financial year ended on that date; and ii Complying with Australian Accounting Standards Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and
b) T here are reasonable grounds to believe that Townsville Enterprise Limited will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Directors
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TOWNSVILLE ENTERPRISE LIMITED Opinion We have audited the financial report of Townsville Enterprise Limited (the Company), which comprises the statement of financial position as at 30 June 2018, the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration. In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including: a) g iving a true and fair view of the Company’s financial position as at 30 June 2018 and of its financial performance and cash flows for the year then ended; and b) c omplying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.
Basis for Opinion
Kevin Gill Director Townsville 22 August 2018
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of the Directors for the Financial Report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
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Townsville Enterprise Financial Report 2017/18
In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditorâ&#x20AC;&#x2122;s Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditorâ&#x20AC;&#x2122;s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_files/ar3.pdf. This description forms part of our auditorâ&#x20AC;&#x2122;s report. Crowe Horwath NQ
M. Andrejic Partner Townsville 31 August 2018
Townsville Enterprise Financial Report 2017/18
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TOWNSVILLE ENTERPRISE
ABN: 58 053 020 536
Enterprise House 6 The Strand, Townsville Queensland, 4810 Australia Phone: Fax: Email:
+61 7 4726 2728 +61 7 4726 2700 tel@tel.com.au
townsvilleenterprise.com.au