Venture taranaki annual report
Yüklə 428,18 Kb. Pdf görüntüsü
|
|
36 VENTURE TARANAKI TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED For the year ended 30 June 2015 2. GRANT REVENUE 2015 $
2014 $ New Plymouth District Council 2,723,927 2,753,592 Callaghan Innovation 121,992
121,992 New Zealand Trade and Enterprise 122,004 97,600
Ministry of Business, Innovation & Employment 46,725
- Other
558,958 580,749
3,573,606 3,553,933 3. INTANGIBLES 2015 $
2014 $ Software Cost Balance at 1 July 171,338 168,828
Additions 62,943
2,510 Disposals - -
234,281 171,338
Accumulated amortisation and impairment losses Balance at 1 July 151,731 119,216
Amortisation 21,944
32,515 Disposals - -
173,675 151,731
Carrying amounts As at 1 July 19,607 49,612
As at 30 June 60,606
19,607 There are no restrictions over the title of the Trust’s intangible assets; nor are any intangible assets pledged as security for liabilities. VENTURE TARANAKI ANNUAL REPORT 2015 37 Cost
Leasehold alterations $ Fixtures & fittings $ Office equipment $ Other Fixed assets $
Motor vehicles $ Total $
Balance at 1 July 2013 130,760 68,722
208,182 34,714
133,431 575,809
Additions - - 10,802 - - 10,802 Capital work in progress - -
- - 21,297 Disposals - - (40,550) - - (40,550) Balance at 30 June 2014 130,760
68,722 199,731
34,714 133,431
567,358 2015 Balance at 1 July 2014 130,760 68,722
199,731 34,714
133,431 567,358
Additions 1,313
20,226 27,355
611 - 49,505 Capital work in progress - - (21,297) - - (21,297) Disposals - (2,714)
(13,562) - - (16,276) Balance at 30 June 2015 132,073
86,234 192,227
35,325 133,431
579,290 4. PROPERTY PLANT AND EQUIPMENT Accumulated depreciation 2014 Balance at 1 July 2013 58,786 62,508
113,160 12,140
33,762 280,356
Depreciation expense 10,702
1,177 33,187
3,778 26,686
75,530 Disposals - -
- - (36,830) Balance at 30 June 2014 69,488
63,685 109,517
15,918 60,448
319,056 2015 Balance at 1 July 2014 69,488 63,685
109,517 15,918
60,448 319,056
Depreciation expense 10,545
2,540 27,676
6,603 26,686
74,050 Disposals - (2,714)
(13,401) - - (16,115) Balance at 30 June 2015 80,033
63,511 123,792
22,521 87,134
376,991 Carrying amounts At 1 July 2013 71,974 6,214
95,022 22,574
99,669 295,453
At 30 June & 1 July 2014 61,272
5,037 90,214
18,796 72,983
248,302 At 30 June 2015 52,040 22,723
68,435 12,804
46,297 202,299
There are no restrictions over the title of the Trust’s property, plant, and equipment; nor is any pledged as security for liabilities. VENTURE TARANAKI ANNUAL REPORT 2015 38 VENTURE TARANAKI TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED For the year ended 30 June 2015 5. TAXATION 2015 $
2014 $ Net profit/(loss) before tax 14 7,315
Tax at 33% 5 2,414 Plus (less) tax effect of: Non taxable income (18,633) (37,681)
Non deductible expenditure - - Unrecognised tax losses 18,628
35,267 Income Tax Expense - -
Current tax payable - - Deferred tax - - A deferred tax asset has not been recognised in relation to tax losses of $238,192 (2014: $181,744) and temporary differences of $123,928 (2014: $181,546). A deferred tax asset has not been recognised due to the uncertainty regarding the availability of future taxable profits. 6. OPERATING LEASE COMMITMENTS Lease commitments under non-cancellable operating leases excluding GST are: 2015 $ 2014 $
Operating Leases as Lessees 121,556 119,172
Later than one year and not later than five years 20,259
139,034 141,815
258,206 Operating Leases as Lessors Not later than one year 55,706 55,161
Later than one year and not later than five years 9,284
64,356 64,990
119,517 The total non-cancellable operating lease relates to the lease of part of an office building. The lease expires 31 August 2019, with options to vacate the premises on 31 August 2016.
VENTURE TARANAKI ANNUAL REPORT 2015 39 7. RELATED PARTY TRANSACTIONS During the normal course of business the Trust purchased and supplied goods and services from and to the following related parties: 2015 $ 2014 $
Aotea Services Limited. Stuart Trundle, Director. Services provided to 1,072 4,273
Auckland University of Technology. Stuart Trundle is Institute of Public Policy Advisory Board Member. Services provided by 2,752 2,517
Economic Development Association of New Zealand. Stuart Trundle, Board member. Services provided by 2,050 15,652
Amounts owing to 2,300
17,250 Gama Associates Limited. Gavin Faull has a beneficial interest. Services provided by 11,000 11,000
Amounts owing to - 1,054 New Plymouth District Council. The Trust is a Council Controlled Organisation. Services provided to 3,127,090 2,751,630 Services provided by 271,310
201,097 New Zealand Institute of Directors. Kevin Murphy is a member. Services provided to - 200
Painter Pete. Michelle Jordan holds a beneficial interest. Services provided by 960 600
Amounts owing to 1,104
690 Port Taranaki Limited. Roy Weaver, Chief Executive. Services provided to 3,243 3,224
Services provided by 3,667
11,000 Staples Rodway Taranaki Limited. Robin Brockie, Director and holds a beneficial interest. Services provided by 23,001 17,022
Amounts owing to - 2,030 TSB Bank Limited. Kevin Murphy is Chief Executive & Managing Director. Services provided by 11,000 8,250
Amounts owing to 1,054
- All transactions were carried out on normal commercial terms. No provision has been required, nor any expense recognised, for impairment of receivables from related parties (2014: $ Nil).
VENTURE TARANAKI ANNUAL REPORT 2015 40 8. EMPLOYEE ENTITLEMENTS 2015 $
2014 $ Balance at beginning of period 101,461 103,465
Additional provision made 96,948
89,600 Amount utilised (105,189) (91,604)
Balance at end of period 93,220
101,461 Current
Annual leave 93,220
101,461 93,220
101,461 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 following financial year.
There have been no significant events post balance date (2014: Nil). 11. 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.
2015 $
2014 $ Net profit after tax 14 7,315
Add (less) non-cash items: Add depreciation 74,050 75,530
Add amortisation 21,944
32,512 Net (profit) loss on disposal (60) 3,632
95,948 118,989
VENTURE TARANAKI TRUST NOTES TO THE FINANCIAL STATEMENTS CONTINUED For the year ended 30 June 2015 VENTURE TARANAKI ANNUAL REPORT 2015 41 2015 $
2014 $ Movements in working capital: (Increase) decrease in accounts receivable (57,006)
48,137 Increase (decrease) in payables 113,623 (197,512) Increase (decrease) – Transfers to Investing Activities - 52,181 (Increase) decrease GST receivable 34,237
88,466 Increase (decrease) employee benefits (8,241) (2,004)
178,561 108,257
13. KEY MANAGEMENT PERSONNEL Key management personnel includes the Trustees (5 FTE), the chief executive (1 FTE) and senior management (4 FTE). The compensation includes salaries and other benefits of $615,241 (2014: $632,355).
The Trust’s capital is its equity, which comprises Trust capital and retained surpluses. Equity is represented by net assets. The Trust deed requires the Board of Trustees to manage its revenues, expenses, assets, liabilities, investments, and general financial dealings prudently. The Trust’s equity is largely managed as a by-product of managing revenues, expenses, assets, liabilities, investments, and general financial dealings. The objective of managing the Trust’s equity is to ensure that the Trust effectively achieves its objectives and purpose, whilst remaining a going concern. 15. CATEGORIES OF FINANCIAL INSTRUMENTS The carrying amounts of financial instruments in each of the PBE IPSAS 30 categories are as follows: 2015 $ 2014 $
Loans and receivables Cash and cash equivalents 391,299 303,668
Trade and other receivables 86,334
32,231 477,633
335,899 Financial liabilities at amortised cost Trade and other payables 218,104 275,726
218,104 275,726
12. RECONCILIATION OF NET PROFIT WITH NET CASH FLOW FROM OPERATING ACTIVITIES CONTINUED VENTURE TARANAKI ANNUAL REPORT 2015 42 STATEMENT OF SERVICE PERFORMANCE For the year ended 30 June 2015 REGIONAL STRATEGY CONTEXT PERFORMANCE MEASUREMENTS 2014/2015 OUTCOMES 2013/2014 OUTCOMES Team Taranaki where the goal is to build partnerships and harness the collective energies and spirit of the Taranaki people and its leaders to benefit Taranaki’s growth. Team: Maintain a regional economic intelligence unit and undertake one Team Taranaki submission on key regional issue. (Source: Publish Taranaki
• Researched and published two ‘Taranaki Trends’ • Surveyed and published two ‘Business Surveys’ • Submission to MBIE on Accommodation Survey Review
Achieved: • Researched and published two ‘Taranaki Trends’ • Surveyed and published two ‘Business Surveys’ • Regional Investment – Taranaki submission
across www.taranaki.info and social media channels. (All themes & priority areas) (Source: Google analytics and Facebook statistics) Achieved: • www.taranaki.info visits up 40,837 or 17.45% • Biz 2 Biz Facebook followers up 308 or 46% • ‘Taranaki Like No Other’ Facebook followers up 4,077 or 13% • Twitter followers up 752 or 20% Achieved: • www.taranaki.info visits up 19,383 or 9% • Biz 2 Biz Facebook followers up 161 or 31% • ‘Taranaki Like No Other’ Facebook followers up 6,353 or 23% • Twitter followers up 742 or 23% Gateway Taranaki where the goal is to connect Taranaki locally, nationally and internationally, removing the geographic issue of isolation and building on the region’s proximity and access to Australia.
project per year Achieved: • Supported New Plymouth, Stratford and South Taranaki District Councils in preparing registrations of interest for the ultrafast broadband and mobile black spot fund initiatives • Supported Port Taranaki in exploring opportunities to reinstate a container shipping service via the Port • Supported New Plymouth District Council in its strategic development plan for New Plymouth Airport • Provided input into NZTA’s SH3 North strategic business case and assisted Taranaki Regional Council with coordination of a stakeholder tour of SH3 North and affected commercial parties
• Contributed to Governments roading infrastructure plans of economic importance to the region. • Worked with businesses and stakeholders in ultra-fast broadband to ensure the region, its businesses and residents have access to 21st century communications infrastructure. VENTURE TARANAKI ANNUAL REPORT 2015 43 REGIONAL STRATEGY CONTEXT PERFORMANCE MEASUREMENTS 2014/2015 OUTCOMES 2013/2014 OUTCOMES Foundation Taranaki where the goal is to maximise the potential of Taranaki’s core industries by adding value to the regions’ traditional business sectors and enhancing business capability, innovation, productivity and export development. Foundation: Facilitate $500,000 investment into regional businesses subject to central government policy (Source: Govt and other Agencies) Achieved: $1,401,192 (GST inclusive) of research and development, and innovation related funding facilitated into Taranaki businesses. Achieved: $1,963,383 Foundation: Achieve >80% Client satisfaction in regard to business support services
91.2% satisfied or very satisfied Achieved: 90.2% Satisfied or very satisfied Foundation: Support two key wealth creating industry groups Achieved: • Oil & Gas Specialist Technologies Group • International Education Group Achieved: • Oil & Gas Specialist Technologies Group. • Oil, Gas & Energy Sector Frontier Taranaki where the goal is the pursuit of new horizons, industries and projects that foster diversification, growth, and/or perception shifts to enhance Taranaki’s regional development.
with high impact potential aligned with the regional growth agenda. (Source: Business Plan) Achieved: Initiated the Pouakai Crossing Project team, in conjunction with Taranaki Regional Council, New Plymouth District Council, Department of Conservation and Te Atiawa iwi, and researched the feasibility of the route. The Pouakai Crossing is a highly attractive 1 day walk in Egmont National Park that has the potential to develop into a visitor attraction of comparable scale to the Tongariro Crossing (which has approximately 100,000 walkers per year) Achieved: Researched and published ‘The Potential for Horticultural Development in Taranaki’ VISION: BY 2035, TARANAKI WILL BE A PROGRESSIVE, GROWING, WESTWARD-LOOKING PROVINCE OF NATIONAL SIGNIFICANCE, RENOWNED FOR ITS PEOPLE, CULTURE, TALENT, RICH NATURAL RESOURCES AND DESIRABLE LOCATION VENTURE TARANAKI ANNUAL REPORT 2015 44 REGIONAL STRATEGY CONTEXT PERFORMANCE MEASUREMENTS 2014/2015 OUTCOMES 2013/2014 OUTCOMES Talented Taranaki where the goal is to create a regional culture where innovation, talent and lifelong learning are valued and to ensure Taranaki businesses have the skills to support current and future needs.
management capability building for Taranaki SME’s subject to central government policy. (Source Regional Partner Network funding) Achieved: $341,444 of capability development funding awarded to Taranaki businesses to support building of business management skills and capability.
$331,502
Desirable Taranaki where the goal is to make Taranaki the preferred place to live, work and visit, in order to achieve the population target of 135,000 by 2035.
Desirable: Attract or retain three major events meeting NPDC criteria (>100 points) based on $700k event fund Achieved: • ITU World Cup Sprint Distance Race 2015 • 2015 NZ Home Loan Surf Festival • WOMAD 2015 • International Festival of the Arts
• Powerco Garden Spectacular • Wells Half Ironman • Sting and Paul Simon Concert • TropFest • AmeriCARna • Steelformers Around the Mountain Relay
• ITU World Cup Sprint Distance Race • Powerco Taranaki Garden Spectacular • 2014 NZ Home Loans Surf Festival • NZ Art & Tattoo Festival • Lionel Richie/John Farnham concert
Desirable: Provide a minimum of six pieces of regional collateral to inspire the communities of Taranaki, visiting conferences, events and leisure travellers to explore and enjoy the many aspects of the region.
• Official Visitor Guide for Taranaki • Forgotten World Highway • Surf Highway 45 • Taranaki Parks and Gardens • Taranaki Museums and Galleries • Taranaki – A Walkers Guide • Like No Other Conference Magazine • Taranaki Event Toolkit Achieved: • Official Visitor Guide for Taranaki • Forgotten World Highway • Surf Highway 45 • Taranaki Parks and Gardens • Taranaki Museums and Galleries • Taranaki – A Walkers Guide
Nature of Business Facilitating economic development in Taranaki Business Office 9 Robe Street New Plymouth 4310
Robin Brockie (Chairman) Gavin Faull Vanessa James (Appointed 9th February 2015) Kevin Murphy Jamie Tuuta Roy Weaver (Resigned 12th March 2015)
Audit New Zealand Wellington On behalf of the Auditor General Accountants Staples Rodway Taranaki Limited New Plymouth
TSB Bank New Plymouth
Govett Quilliam New Plymouth
Taranaki’s Regional Development Agency 9 Robe Street | PO Box 670 New Plymouth 4340 | New Zealand T: +64 6 759 5150 E: info@venture.org.nz www.taranaki.info An initiative of Yüklə 428,18 Kb. Dostları ilə paylaş:
|