Venture taranaki annual report



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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

-

-

Balance at 30 June



234,281

171,338


Accumulated amortisation and impairment losses

Balance at 1 July

151,731

119,216


Amortisation

21,944


32,515

Disposals

-

-

Balance at 30 June



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 $

2014

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



-

-

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)



-

-

 (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

-

-

The taxation charge is represented by:



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

Not later than one year

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.

9. CONTINGENCIES

Contingent Liabilities: The Trust has no contingent liabilities at balance date (2014: Nil).

Contingent Assets: The Trust has no contingent assets at balance date (2014: Nil).

10. EVENTS AFTER THE BALANCE DATE 

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.

12. RECONCILIATION OF NET PROFIT WITH NET CASH FLOW FROM OPERATING ACTIVITIES

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). 

14. CAPITAL MANAGEMENT

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 

Trends and business surveys bi-

annually. Annual submission)

Achieved:

•  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

Team: Maintain connections 

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.

Gateway: Support one gateway 

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

Achieved:

•  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 

(Source: Annual client 

satisfaction survey)

Achieved:

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.

Frontier: Support one project 

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.

Talented: Invest $140k in 

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.

Achieved:

$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

Achieved:

•  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.

Achieved:

•  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

STATEMENT OF SERVICE PERFORMANCE 

CONTINUED

For the year ended 30 June 2015


Nature of Business 

Facilitating economic development in Taranaki



Business Office 

9 Robe Street 

New Plymouth 4310

Trustees 

Robin Brockie (Chairman)

Gavin Faull

Vanessa James (Appointed 9th February 2015) 

Kevin Murphy

Jamie Tuuta 

Roy Weaver (Resigned 12th March 2015)

Auditors 

Audit New Zealand 

Wellington 

On behalf of the Auditor General



Accountants 

Staples Rodway Taranaki Limited 

New Plymouth

Bankers 

TSB Bank 

New Plymouth

Solicitors 

Govett Quilliam 

New Plymouth

TRUST

 DIRECTORY

For the year ended 30 June 2015


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



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