Venture taranaki annual report

DEVELOPING NEW PRODUCTS

Members of the Venture Taranaki team testing the Pouakai Crossing.

VENTURE TARANAKI ANNUAL REPORT 2015

20

T

he year saw a growing level of engagement with customers, 

visitors and potential visitors across the Venture Taranaki’s 

digital channels.

The Trust’s primary digital tool is the www.taranaki.info website, 

which spans Visit, Live and Work, Business, and campaign subsites. 

During the year the site received a total of 274,508 visits – up  

17.45 percent on the previous year – by 143,886 unique users.

Site visitors were predominantly from New Zealand (72.7 percent) 

with 6 percent form Australia, 3.1 percent the US and 3.0 percent 

from the UK. Desktops were still the preferred tool for accessing the 

site, with 66.9 percent of all visitors. Mobile users accounted for  

21.1 percent, while 12.1 percent arrived via a tablet.

The sustained growth of social media has enabled Venture Taranaki 

to cost-effectively connect with a global audience, and provide 

support for local events, causes and businesses.

Our flagship Facebook.com/TaranakiNZ account, which has been 

developed to support our visitor, skills and population growth 

objectives, grew steadily over the year from 32,154 followers to 

36,231 followers.

Throughout the year the level of resonance towards our 

mountain was demonstrated time and again with photographs 

of Mount Taranaki shared to our online communities consistently 

outperforming other content.

“Hey guys thanks for sharing my photos. Gives me a big 

boom in followers and sales and I really appreciate the 

share. Cheers” – Thomas Busby Photographer.

Our business-focused Facebook page Facebook.com/

VentureTaranaki grew 46.2 percent to a total of 974 followers, while 

our Twitter community grew 19.6 percent to 3,842 followers.

The value of our networks was demonstrated when it came to 

promoting events and driving action – the most poignant example 

during the June flooding event in South Taranaki – we were able  

to boost the signal of Taranaki Civil Defence to get key messaging to 

a wider audience.

DIGITAL TARANAKI

Venture Taranaki’s Facebook page is one of the region’s foremost media channels.

Venture Taranaki’s digital footprint:

143,886  

unique website visitors

37,205  

Facebook followers (across two accounts)

3,842  

Twitter followers

VENTURE TARANAKI ANNUAL REPORT 2015

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B

uilding on the regional economy’s founding spirit of 

innovation, this year Venture Taranaki, in partnership with 

Callaghan Innovation, facilitated a total of $1,401,192 of 

research and development funding into Taranaki businesses.

Sixteen Student Internship funding applications were sent to 

Callaghan Innovation, resulting in local companies receiving funding 

to engage a mix of undergraduate and postgraduate students on  

a range of innovation projects.

The Trust marketed the Callaghan Innovation programmes 

throughout the quarter, including online marketing, newsletters, 

and direct marketing and undertook planning for an event 

highlighting the programmes and services on offer that will take 

place in quarter one of the 2015 – 2016 year.

One company to benefit from R&D funding is New Plymouth’s 

Trendz outdoor fireplaces. Manager Alex Lawry approached Venture 

Taranaki for assistance to prototype a new steel-flue fireplace, to be 

able to respond to market demand from Central Otago customers 

looking to retain their views. 

Venture Taranaki facilitated a Getting Started grant from Callaghan 

Innovation, which allowed the firm to bring in experts to advise on 

the design and build. After two months of testing, Trendz had a 

product that they were happy with, to the point they put the new 

design on a trailer and toured it around the South Island.

As director Charlie Lawry travelled the country many people 

stopped to ask about his cargo. “I had enquiries at petrol stations 

and takeaway shops,” he says. “Everyone wanted to know about it, 

the fire just sold itself. Our existing landscaping clients loved it.”

Beyond R&D funding, 18 businesses were referred to the New 

Zealand Trade and Enterprise managed foundation team, and 12 

Taranaki businesses were referred to the Better by Lean programme 

throughout the year. These businesses were then able to access 

co-funding to support investment into a Lean business consultant 

to work with the business directly.

RESEARCH AND DEVELOPMENT

The Trendz outdoor fireplace on tour in the South Island – developed with assistance from Venture Taranaki.

worth of Research and Development Grants 

issued to Taranaki businesses this year

$1,401,192 

VENTURE TARANAKI ANNUAL REPORT 2015

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E

asy access to credible, comprehensive and current data is 

critical to business planning and success. This year Venture 

Taranaki continued to provide a wide range of regional 

intelligence reports to business and community stakeholders. 

Two editions of Taranaki Trends were released during the year. 

The 6-monthly publication pulls together a wide range of recent 

economic statistics from a number of local and central government 

and private sources, and packages them in an easy-to-use single 

document.  

The Trust updated its Live – Work Patterns, which analyses the 

relationships between where people live, and where they work – 

factors which impact on business, community and infrastructural 

planning. The report found that 98 percent of the region’s workforce 

live and work in Taranaki, with New Plymouth, rural and Eltham 

residents most likely to live and work in their own area. Residents 

of coastal Taranaki, Waitara and Patea are most likely to travel out 

of their area for work. The full report delves into population, work 

location, industry and incomes within each town.

The Taranaki Industry Projections report was also updated, 

finding that Taranaki is projected to grow steadily, and potentially 

require 19,600 more staff by 2036. Venture Taranaki commissioned 

Wellington economists BERL to provide an independent assessment 

of the Taranaki economy and projections of regional employment 

and GDP over the coming decades. The report also looks forward 

and projects the impacts for regional and industry growth that 

could result from key trends. 

Ongoing research was also commissioned and released around 

retail spending habits in Taranaki. Utilising Paymark and BNZ card 

TARANAKI TRENDS

Published every six months Taranaki Trends provides a wide range of data in a single publication.

data across EFTPOS, credit and debit expenditure, the data breaks 

down spending patterns, transactions and values across business 

sector, district and precinct, and leakage – the variances between 

where people live and where they spend their money. It also looks 

in detail at what’s happening in online retailing – a valuable insight 

for the region’s bricks and mortar retailers. 

Commercial accommodation data was provided on a quarterly 

basis at both regional and district levels. This data provides a long-

running benchmark of commercial accommodation performance, 

and has proven an immensely valuable asset in planning around our 

visitor industry and its operators. Overall, the 2014 calendar year 

saw 553,209 visitors stay in commercial accommodation – down 

6.2 percent on 2013. 

Supplementing this, Venture Taranaki commissions APR consultants 

to measure visitor numbers staying outside our commercial 

accommodation sector. The research, conducted through sample 

polling of Taranaki households, found that visiting friends and 

relatives (VFR) guests totalled more than 1.1 million in the 2014 

calendar year, up 10.9 percent on 2013.

issues of Taranaki 

Trends released

2

VENTURE TARANAKI ANNUAL REPORT 2015

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V

enture Taranaki’s partnership with Massey University, 

now three years old, connects Taranaki industry, business 

and organisations with Massey University expertise and 

knowledge to foster innovation and growth. During the year the 

partnership advanced three significant projects, securing external 

funding of $300,000.

Te Pūnaha Hihiko – the Vision Mātauranga Capability Fund – saw 

significant investment unlocked for Kia haumako ana ngā awa 

tawhito o Ngāruahine: a collaborative project to blend knowledge 

sets to improve the health of rivers within Ngāruahine lands and 

understand impacts of commercialisation of traditional freshwater 

fisheries, and Taiepa Tiketike: Passive Resistance to Climate Change 

at Parihaka. This two-year project will see Parihaka Papakāinga 

Trust and Papakāinga residents working with Massey University 

to co-develop a model for ‘energy science and technology’ that 

supports Papakāinga aspirations for a self-sustaining community.

Agricultural and Marketing Research and Development Trust 

(AGMARDT) funding was secured by the partnership to progress 

an innovative hemp/oil and gas sector-related project. The 

Taranaki-based business development manager provided project 

management and continues to play an important coordinating 

function which has led to further applications for MBIE Science 

Funding.

The business development manager provided linkages across 

Massey’s agri-sector expertise toward the production of an Agri 

Sector Value Chain analysis and is continuing to work towards 

agriculture and agri-food sector initiatives for the region.

Beyond these projects, a total of 32 Taranaki businesses or 

organisations were actively assisted to access Massey University 

expertise. Of these, 19 received R&D or resource assistance for 

projects and developments.

A further critical contribution of the partnership has been raising 

the regional skills base. A second regional cohort of MBA students 

was launched this year, with 22 students enrolled in the ‘Taranaki-

delivered MBA’ during 2014 and 2015 – up from four in 2013. 

Following on from five Massey students working on Callaghan 

Innovation-funded projects in the region, a recruitment campaign 

was undertaken in May resulting in 27 undergraduate and 3 

postgraduate students being promoted to Taranaki businesses for 

Callaghan-funded internships or employment over the coming year.

The Taranaki Living Laboratory: Sharing the Waiwhakaiho River 

project, managed by Massey’s School of People, Environment and 

Planning, was completed, with public events held in February.

The partnership also supported a number of Taranaki events, 

through aligning expert speakers from Massey University on a range 

of topics, to sponsorship of regional events including Kinetika, the 

Fonterra Taranaki Science Fair, the Taranaki Business Excellence 

Awards, and the Young Enterprise Scheme.

UNIVERSITY PARTNERSHIP

Researchers Dr Phil Murray and Josh Curd celebrate successful installation of the wind and solar resource monitoring mast with 

members of the Parihaka community. Photo Massey University.

VENTURE TARANAKI ANNUAL REPORT 2015

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T

his year two successful visitor campaigns were rolled 

out, targeting a range of audiences at key stages of the 

purchasing decision. 

The Spring Campaign was pitched at potential visitors from out of 

the region, at a time when they are actively considering summer 

short and long-stay breaks. Launched at the Waikato Home and 

Garden Show in October and focusing on Taranaki’s affordable 

activities, the campaign targeted families and consisted of brand 

and collaborative operator advertising across Wellington, Auckland, 

Palmerston North, Waikato and Wanganui. 

The Trust also worked with local operators to host a number 

of journalists who filed stories generating thousands of dollars’ 

worth of free coverage. Social media and the Taranaki.info website 

formed a further component of the campaign by showcasing 

operators’ offers.

Over summer we updated the Taranaki Must Do guide, through 

a process of public nomination and voting that saw thousands 

of local residents and visitors choose their favourite Taranaki 

adventures and attractions. 

The Must Do guide is Venture Taranaki’s most popular visitor 

publication, with well over 20,000 being requested every year. The 

campaign was timed to get local residents aware of, considering, 

experiencing and showcasing regional attractions – a critical 

element in helping the 1.1 million visitors to Taranaki who stayed 

with friends and family over the year have a positive stay.

“I am just buzzing over the recognition of the public vote! 

Thank you so much Venture Taranaki, we feel honoured to 

receive this” – Chere & Bill Bailey, Deluxe Diner.

“That’s great news. We have a few projects happening which 

should keep the Park looking good and improving it for our 

visitors as well” – Chris Connolly, Pukekura Park

“That’s so awesome! It makes all of the hard work we put in 

feel worth it knowing that people voted for us” – Zoe Harris, 

Seaside Markets

“Great news, it will be a great marketing tool for us to use – 

brilliant” – Toni Fabish, AmeriCARna

VISITOR CAMPAIGNS

Just some of Taranaki’s Must Do experiences, as voted by the locals.

Taranaki residents nominated their favourite Must Do 

experiences as part of Venture Taranaki’s summer campaign

6,250

VENTURE TARANAKI ANNUAL REPORT 2015

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W

hen Venture Taranaki released the first edition of Wealth 

Beneath Our Feet in 2010, it made the 6 o’clock news 

for defining for the first time the true value of the oil 

and gas industry and its supply chain on both the national and 

Taranaki economies. This year we undertook a major piece of work 

to update and extend the document to release the second edition 

at a Parliamentary launch in March.

The revised report found the total contribution of oil and gas to the 

Taranaki economy was $1.57 billion, and regional employment from 

the sector was 7,070 jobs. Nationally, the sector employs 11,720 

people and contributed $2.79 billion to the economy.

Five years on, the new edition goes far beyond an updated 

economic impact assessment to take a much deeper look into the 

industry, its activity, its potential and the challenges it faces if it is  

to continue to add value.

While the report again measures the economic value of oil and 

gas to New Zealand, and to the Taranaki region where all national 

production is currently domiciled, it also recognises the landscape 

in which the oil and gas industry sits has changed markedly: new 

exploration opportunities have been opened, public awareness 

and scrutiny of the sector’s activity has evolved, and so has the 

regulatory framework under which it operates.

Chapters were developed around introducing, explaining and 

demystifying the industry, outlining the regulatory framework under 

which it operates, an insight into the Maori perspective on oil and 

WEALTH BENEATH OUR FEET

The second edition of Wealth Beneath Our Feet updated and extended research on the oil and gas industry.

gas, and a comprehensive snapshot of activity both in Taranaki and 

across emerging regions, trends and technologies.

The document opened doors for the Trust to increase conversations 

about the return on investment that Taranaki provides the nation, 

and enabled us to connect with a diverse number of stakeholders, 

from industry heavyweights to innovative start-ups and 

community leaders.

The updated edition also provides a central tenet in the 

Trust’s business case for increased central investment in the 

Taranaki region.

The oil and gas industry contributes to 

Taranaki 

(including indirect and induced effects)

:

$1.57 billion GDP

7,070 FTEs

VENTURE TARANAKI ANNUAL REPORT 2015

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FINANCIAL PERFORMANCE 

2014-2015

INDEPENDENT AUDITOR’S REPORT

To the readers of Venture Taranaki 

Trust’s financial statements and 

performance information for the year 

ended 30 June 2015

The AuditorGeneral is the auditor of 

Venture Taranaki Trust (the Trust). The 

AuditorGeneral has appointed me, Clint 

Ramoo, using the staff and resources of 

Audit New Zealand, to carry out the audit of 

the financial statements and performance 

information of the Trust on her behalf. 

Opinion on the financial statements and the 

performance information

We have audited:

•  the financial statements of the Trust 

on pages 29 to 41, that comprise the 

statement of financial position as 

at 30 June 2015, the statement of 

comprehensive revenue and expenses, 

statement of changes in equity and 

statement of cash flows for the year 

ended on that date and the notes 

to the financial statements that 

include accounting policies and other 

explanatory information; and

•  the performance information of the Trust 

on pages 42 to 44.

In our opinion:

•  the financial statements of the Trust: 

–  present fairly, in all material respects: 

–  its financial position as at 30 June 

2015; and

–  its financial performance and cash 

flows for the year then ended; and

–  comply with generally accepted 

accounting practice in New 

Zealand and have been prepared in 

accordance with Public Benefit Entity 

Standards with reduced disclosure 

requirements.

•  the performance information of the Trust 

presents fairly, in all material respects, 

the Trust’s achievements measured 

against the performance targets adopted 

for the year ended 30 June 2015.

Our audit was completed on 1 September 

2015. This is the date at which our opinion is 

expressed.

The basis of our opinion is explained below. 

In addition, we outline the responsibilities 

of the Board and our responsibilities, and 

explain our independence.

BASIS OF OPINION

We carried out our audit in accordance with 

the AuditorGeneral’s Auditing Standards, 

which incorporate the International 

Standards on Auditing (New Zealand). 

Those standards require that we comply 

with ethical requirements and plan and 

carry out our audit to obtain reasonable 

assurance about whether the financial 

statements and the performance 

information are free from material 

misstatement. 

Material misstatements are differences or 

omissions of amounts and disclosures that, 

in our judgement, are likely to influence 

readers’ overall understanding of the 

financial statements and the performance 

information. If we had found material 

misstatements that were not corrected, we 

would have referred to them in our opinion.

An audit involves carrying out procedures 

to obtain audit evidence about the amounts 

and disclosures in the financial statements 

and in the performance information. 

The procedures selected depend on our 

judgement, including our assessment 

of risks of material misstatement of the 

financial statements and the performance 

information, whether due to fraud or 

error. In making those risk assessments, 

we consider internal control relevant to 

the preparation of the Trust’s financial 

statements and performance information 

in order to design audit procedures that are 

appropriate in the circumstances but not for 

the purpose of expressing an opinion on the 

effectiveness of the Trust’s internal control.

An audit also involves evaluating:

•  the appropriateness of accounting 

policies used and whether they have 

been consistently applied;

•  the reasonableness of the significant 

accounting estimates and judgements 

made by the Board;

•  the appropriateness of the reported 

service performance within the Trust’s 

framework for reporting performance;

•  the adequacy of the disclosures in 

the financial statements and in the 

performance information; and

•  the overall presentation of the financial 

statements and the performance 

information.

We did not examine every transaction, nor 

do we guarantee complete accuracy of the 

financial statements and the performance 

information. Also, we did not evaluate the 

security and controls over the electronic 

publication of the financial statements and 

the performance information.

We believe we have obtained sufficient and 

appropriate audit evidence to provide a 

basis for our audit opinion.

RESPONSIBILITIES OF THE BOARD

The Board is responsible for the preparation 

and fair presentation of financial 

statements for the Trust that comply with 

generally accepted accounting practice in 

New Zealand. The Board is also responsible 

for preparation of the performance 

information for the Trust.

The Board’s responsibilities arise from 

the Local Government Act 2002 and The 

Trust Deed.

VENTURE TARANAKI ANNUAL REPORT 2015