Venture taranaki annual report
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Taranaki’s GDP per capita (the highest in NZ) $80,297 BUSINESSES 2.9% of national total 14,927 AT A GLANCE 2015: +492 LONG TERM MIGRATION All figures year to June unless stated otherwise. Source: Census 2013, Statistics NZ, Venture Taranaki Business Survey, New Plymouth Airport data, REINZ Passengers through New Plymouth Airport 2014: a record 340,000 BUILDING CONSENTS ISSUED IN TARANAKI 2014: $310 million UP 27.2% ON 2013 ECONOMIC GROWTH (GDP) 2013-2014 +7.2% 2014: +56 4.0% of New Zealand’s GDP Year ended March 2014 $9.2 TARANAKI GDP BILLION EMPLOYEES 2.5% of national total 50,690 2.4% of New Zealand’s population POPULATION: 109,609 guest nights stayed in commercial accommodation 553,209 guest nights stayed with friends & relatives 1.1m cows per person 7.1 sheep per person 5.3 Venture Taranaki Trust is Taranaki’s Regional Development Agency. We help Taranaki grow. Venture Taranaki is an initiative founded, owned and principally funded by the New Plymouth District Council. In addition to their support, the Trust also receives funding from South Taranaki District Council, Stratford District Council, Taranaki Electricity Trust, TSB Community Trust, New Zealand Trade and Enterprise, Ministry of Business, Innovation and Employment, Callaghan Innovation, Business Mentors New Zealand and numerous other private sector organisations.
Chairman’s Comment ............................................................. 2 Venture Taranaki at a Glance .................................................. 2 Chief Executive’s Comment ..................................................... 4 Achievements 2014-2015 ........................................................ 6
Attracting Skills and Population ................................................ 6 Business Surveys .......................................................................7 Infrastructure ............................................................................7
Capability Development Vouchers ............................................ 8 Study Taranaki .......................................................................... 9
Customer Satisfaction .............................................................. 9 Events: What’s the Buzz ...........................................................10
FIFA U-20 World Cup New Zealand 2015 ...................................11 Guidebooks ............................................................................. 12
Higher Profile .......................................................................... 13 Jobs Website .......................................................................... 14
Business Start-Up .................................................................... 14 Leveraging Conferences and Events ........................................ 15 Mentoring ............................................................................... 16
Newsletters and Events ........................................................... 17 Providing Business Advisory Services ...................................... 17
Oil and Gas Support ................................................................ 18 The Value of Partnership ......................................................... 18
Developing New Products ....................................................... 19 Digital Taranaki ....................................................................... 20
Research and Development..................................................... 21 Taranaki Trends .......................................................................22
University Partnership .............................................................23 Visitor Campaigns ...................................................................24
Wealth Beneath Our Feet.........................................................25 Financial Performance 2014-2015
Audit Report ........................................................................... 26 Trustees’ Review .....................................................................28
Statement of Financial Position ...............................................29 Statement of Comprehensive Revenue and Expenses ............. 30
Statement of Changes in Equity ............................................... 31 Statement of Cash Flows .........................................................32
Notes to the Financial Statements ...........................................33 Statement of Service Performance ..........................................42 Trust Directory .....................................................................45 Contact Information ............................................................ 46 BUILDING CONSENTS ISSUED IN TARANAKI 2014: Photos: Jeremy Beckers, Rob Tucker & TAFT. Design: C7 Design, New Plymouth An initiative of VENTURE TARANAKI ANNUAL REPORT 2015 2 O ver the past year we have been confronted by the scenario of significant reductions in the prices of oil and milk, both critical outputs to our regional economy. These changes have been driven by global factors, and the impact of these reductions will play out over coming years.
Whilst our region is not able to influence global commodity prices, there is some consolation that the Trust mapped aspects of this downturn several years ago, and stepped up its efforts to help diversify Taranaki’s products, services, sectors and markets. The value of an independent and apolitical regional development agency is that it can freely focus beyond the next few months or year ahead, and support and facilitate resilient, progressive, and intergenerational economic foundations on which all of our communities can thrive. In response to the economic challenges the region faced this year, Venture Taranaki bolstered its support of research and development, built management capability amongst local businesses and attracted significant leveraged investment from Central Government. You can read about the progress in these areas, and across the Trust’s full range of activities in the following pages of this report. With a regional population nearing 110,000, our greatest challenge will remain one of resonance – both amongst decision makers in Wellington and amongst those who may look to align their businesses, their purchasing decisions and their very lives with the unique Taranaki lifestyle. That Venture Taranaki works with all of the region’s local authorities is a critical factor in its success. The regional economy relies on the output of all districts, as do perceptions of Taranaki, its businesses, events, and people. Following New Plymouth District Council’s review of its own economic development strategy and ongoing work on the Blueprint spatial plan, and under the recent amendments to the Local Government Act, it is entirely appropriate that the Council reflects on the most efficient way to deliver economic development within their district. Venture Taranaki looks forward to receiving recommendations from that process, for The number of Taranaki employers registered on the Taranaki Jobs Website 2012: 694 2013: 782 2014: 890 2015: 1,131 2013: 11 2014: 12 Major events contracted 10 2015 Value of Research & Development Grants issued to Taranaki businesses in partnership with Callaghan Innovation 2015 $1,401,192 Number who attended Venture Taranaki’s free Business Start-Up Clinics 2012 274 2015 313 2013 227 2014 257 VENTURE TARANAKI ANNUAL REPORT 2015 3 while we have every confidence in the value of the interventions we make in the regional economy, the Trust maintains a philosophy of continuous improvement. We can also be confident the region is well served in its delivery of economic development services. The model pioneered by the Trust in Taranaki was adopted by Auckland’s ATEED as the best mechanism by which to influence and support economic growth across New Zealand’s supercity. This year the same model was also adopted in Wellington with the establishment of WREDA – Wellington Regional Economic Development Agency. Again, I extend considerable gratitude to the members of Venture Taranaki’s Board of Directors, whose considerable knowledge and experience have continued to ensure the Trust remains strategically relevant. During the year we farewelled Trustee Roy Weaver, who relinquished his governance position at Venture Taranaki for a governance role with New Plymouth District Council. Over his 12 years as a Trustee Roy brought an incredibly valuable perspective to the Board which will be missed. We also welcomed the appointment of Vanessa James, who brings global connections, extensive experience
in logistics and insight into the mid/ downstream component of the energy sector as Senior Vice President, Global Marketing and Logistics of Methanex. Vanessa joins Gavin Faull, Kevin Murphy and Jamie Tuuta on the Board. On behalf of the Board, I thank Chief Executive Stuart Trundle and his team. It is their role to deliver the strategy set by the Board, and they do this extremely well. I must also thank the Trust’s instigators, owners, and core funders at the New Plymouth District Council. Their vision and support has been integral to the success of both the Trust and the region as a whole, and I urge decision-makers around the Council table to maintain the vision that has made Taranaki such a desirable place in which to live, work and play, and continue to utilise the strengths of the team at Venture Taranaki to leverage their investments towards realising that unified economic vision. Finally I also acknowledge our many partners both within the region and beyond it. Our colleagues at South Taranaki and Stratford District Councils, TSB Community Trust and the Taranaki Electricity Trust, are strong supporters of the work Venture Taranaki does – work which aligns to their strategic goals. Along with our government partners in Wellington and those further afield, we are working towards strong and sustained progress for Taranaki, its businesses and all current and future residents. ROBIN BROCKIE Chair, Venture Taranaki Trust IN RESPONSE TO THE ECONOMIC CHALLENGES THE REGION FACED THIS YEAR, VENTURE TARANAKI BOLSTERED ITS SUPPORT OF RESEARCH AND DEVELOPMENT, BUILT MANAGEMENT CAPABILITY AMONGST LOCAL BUSINESSES AND ATTRACTED SIGNIFICANT LEVERAGED INVESTMENT. New Zealand Trade and Enterprise Capability Development Vouchers awarded to Taranaki Businesses YEAR VOUCHERS TOTAL VALUE $ 2013 228 287,638 2014 225 331,501 2015 225 341,444 2012: 59 2013: 59 2014: 43 Taranaki businesses matched with mentors through the Business Mentors New Zealand programme 2015 44 BUSINESS SERVICES 2015: 91.2% 2014: 90.2% 2013: 85% 2015: 94.9% TRUST STAFF 2014: 93.9% 2013: 91% VENTURE TARANAKI ANNUAL REPORT 2015 4 T aranaki’s regional economy ended the financial year in a considerably weaker position than many commentators had anticipated. The alignment of lower returns from two of our core industries – dictated by global commodity markets – has hit those companies that had rapidly scaled up to meet recent growth, and has seen many of our industries pause on capital projects, impacting on the work programme for a range of supply chains. This ongoing security of work supply is critical to retaining skilled workers and their families, and as the impacts of dairy and oil prices play out, skills retention and attraction will continue to be the issue that defines our region’s future. While Venture Taranaki is actively supporting many businesses and sectors to maintain momentum, it is also keeping a firm focus on the long term strategy and stepping-up the regional skills attraction portfolio. This is amplified as our region faces demographic shift. At a recent event in New Plymouth, Distinguished Professor Paul Spoonley, of our regional partner Massey University, stated demographic changes
are poised to compound or constrain the economic opportunities that we have. “If we don’t deal with the demographic changes, then some of our economic opportunities are not going to come to fruition, or they are going to be problematic. New Plymouth is leading the country in those over 65 – by the end of 2016 the city will have more people over the age of 65 than people under the age of 15.” “These changes have fundamental implications for employment and skills. The real issue, and its circular, is that if you don’t have local skills supply, employers find it difficult to stay in a region. Maintaining skill supply is absolutely essential.” This is supported by Taranaki’s business community – over the year our free Taranaki Jobs website saw 27 percent more businesses register with the site. This year the number of local companies using the site to attract staff rose dramatically from 890 to 1,131. From a financial perspective, the Trust’s total revenue this year was $3,670,280, up 1.6 percent on 2013/14. Of that, a total of $2,723,927 came from our founder and owner the New Plymouth District Council for our contracted services across economic development, tourism promotion and the delivery of the district’s $699,100 Major Events Fund. Funding from the New Plymouth District Council dropped 1.1 percent on the previous year, the third consecutive year we have lowered the level of investment by our owners in both dollar value and as a proportion of our total revenue. Beyond our local government partnerships, the Trust this year leveraged additional funding of $1,742,636 directly into Taranaki businesses through our relationships with Callaghan Innovation and the Ministry of Business, Innovation and Employment. This comprised $1,401,192 in Research and Development Grants and $341,444 in Capability Development Voucher funding through 225 vouchers to build the skills of our business owners and managers. We met with 313 Business Start-Up clients – up from 257 last year – and matched 44 businesses with a Business Mentor through our delivery of the Business Mentors New Zealand Programme. But the true value of Venture Taranaki is more than a set of numbers. The Trust’s programme of strategic interventions over the year have again been many and varied, and have been consistently underpinned by the challenges of regional population and economic growth. A major piece of work was the updating and extension of our 2010 Wealth Beneath Our Feet report, which for the first time quantified the economic value of the nation’s oil and gas industry and its supply chain. In March we visited Parliament to launch the revised edition, which goes beyond the numbers to also look at the many less tangible benefits of the sector. The document opened doors for the Trust to increase conversations about the return on investment that Taranaki provides the nation. Effort was again placed in strengthening the region’s tourism sector, in part for the economic returns greater visitor numbers could inject into the region, but also with a strategic aim of fostering greater media exposure and driving population growth through immigration. During the year, few stories gained more media exposure than our visitor industry, and time and again the stories of those that choose to move to
VENTURE TARANAKI ANNUAL REPORT 2015 5 Taranaki cite a holiday visit as the catalyst. This broadcasting of our region’s lifestyle also continued across social media, with strong growth across all channels. Underpinning our business growth mandate has again been a credible portfolio of regional intelligence products, spanning the Taranaki Business Survey, Taranaki Trends, comprehensive data on commercial accommodation and the retail sector, detailed analysis of live-work movements and industry projections, and measurement of one-off interventions. Our supply and demand modelling proved particularly insightful, foreshadowing the current lull in major shutdown and capital projects across the region’s energy sector, allowing businesses to plan and respond to minimise the impacts. In delivering our activities, I thank the Trust’s Chair Robin Brockie and Board for their vision, governance and guidance over the past year. The experience that Venture Taranaki, and by association everybody in the region, has available in the Board members is extensive and the value their insights and connections bring to both Trust and Taranaki cannot be understated.
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 05 06 07 08 09 10 11 12 13 14 15 YEAR $
VENTURE TARANAKI BY THE NUMBERS New Plymouth District Council $2,723,927 Other $946,353
I also sincerely thank the Trust’s executive and staff who deliver considerable value to the Taranaki business – and broader – community. It is with a measure of pride that I commend the team on lifting the level of customer approval achieved in this year’s annual Client Satisfaction Survey to a satisfaction rating of 94.9 percent for Trust staff. As the economic landscape moves to more rugged terrain over the coming year, it will offer some measure of reassurance that there is a capable and credible team who remain fully committed to supporting business and economic growth in Taranaki, across all its many facets. I also echo my Chair in extending a heartfelt thanks to our owners and founders the New Plymouth District Council. Venture Taranaki’s role as an apolitical and independent agency has again proven to offer a valuable and vital element of the Council’s ability to lead its district into the future that plays to our strengths. Taranaki is a region of significant potential, enhanced by the renewed vigour of the Maori economy. With Venture Taranaki keeping a focus on the long term and driving the strategy and capability of our business sector, a strong and visionary local government sector committed to supporting growth, and the commitment of our business community and central government to the region’s future, there is little doubt Taranaki will achieve its potential and reclaim its position as the regional powerhouse of New Zealand’s economy and innovation. The challenge issued to our region by the global commodity markets is significant, and the impacts will be felt throughout our province. I have every confidence that the leadership of Taranaki, the team at Venture Taranaki, and the businesses and whanau around our maunga will rise to the challenge and continue to deliver the vision, innovation, passion and performance for which Taranaki is legendary. STUART TRUNDLE
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