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2017-12-12 S&O Agenda - Attachment 1 to Item 9 - Tourism Noosa Annual Report 2016-17
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Services & Organisation Committee
12 December 2017
Item 9 - ATTACHMENT 1
TOURISM NOOSA
ANNUAL REPORT 2016-2017
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Section 2
CONTENTS
3 Message from the Chairman and CEO
4 Key market measures
6 Key highlights 2016-2017
10 Financial report for the year ended 30 June 2017
Directors’ Report
Auditor’s Independence Declaration
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Auditor’s Report
2 visitnoosa.com.au
Section 3
MESSAGE FROM THE CHAIRMAN AND THE CEO
Tourism Noosa’s achievements in 2016-17 were Tourism Noosa continued to focus on building our
defined by innovation and the strengthening strategic partnerships in 2016-17. First and foremost,
of partnerships, and were underpinned by two our strong working relationship with Noosa Council
significant initiatives – the inaugural Tourism was further enhanced with the finalisation of a
Summit and the launch of the Tourism Strategy multiple-year agreement. This has provided Tourism
Noosa 2017-2022. Noosa with tenure and assurance that we are on the
The Strategy followed on from the Noosa right track with our strategy and vision, enabling
Sustainable Destination Action Plan (SDAP) 2013- us to continue our good work. We would like to
2016. We are proud to say the vision set out in acknowledge the commitment of Noosa Council to
the SDAP steered the Board and management Noosa’s tourism industry and thank them for their
in a direction that has strengthened our industry cooperative approach in developing this agreement.
in terms of economic value, partnerships with Tourism Noosa also had the opportunity to
stakeholders throughout the region and beyond, engage with Noosa Council on significant planning
and environmental sustainability. initiatives including the Draft Transport Strategy,
We achieved success in priority projects outlined in Noosaville Foreshore Master Plan and Noosa Plan
the SDAP including: Discussion Paper which will have significant and
• The new ‘Noosa, Relaxation Capital of Australia’ long-term benefits for many of us as residents,
campaign which is already achieving significant business operators, employees and providers of
positive impact; visitor services.
• Targeting niche segments such as weddings and We opened up further opportunities in working
business events; with Visit Sunshine Coast that will maintain the
• Leveraging events with the commencement of integrity of the Noosa brand and recognise the
event ambassador partnerships; significant contribution of this area to the region.
• Building social media audiences and engagement; We also forged more comprehensive partnerships
• Collaborating with community and conservation with Destination Gympie Region, Tourism & Events
groups; Queensland and Tourism Australia across media and
• Continuing the evolution of our quality service trade familiarisations and events, joint marketing
program, Welcome to Noosa. activity, social media platforms, research and more.
In the year to June 2017, the Noosa region As our member numbers grow from strength to
welcomed more than 2 million visitors who spent strength, hitting another record of 617 businesses
more than $900 million. Our strategic decision this year, we were excited to see ever-increasing
to grow the high-yielding international and numbers engaging through our networking nights
interstate visitor markets through targeted trade and industry programs including training workshops.
and consumer activity, including the eye-catching
We were also excited to announce that Tourism
Melbourne tram, paid off with record interstate and
Noosa will again run the Noosa Food & Wine
international visitor spend, numbers and nights for
Festival in 2018, after running the event in 2016 and
a June quarter.
licensing it to an event manager in 2017. Apart from
We were proud to bring the Tourism Summit Noosa our beach, “food & wine” are among the two most
2017 to our industry, providing unprecedented desired qualities about the Noosa experience and
access to some of Australia’s leading tourism and we believe it is in the best interests of the event, our
marketing innovators and achievers. The summit restaurant industry and patrons of this festival that
attracted national attention, emphasising Tourism we control this important event.
Noosa’s role as a leading voice for the industry.
The Tourism Noosa Board and team have been
Our new Tourism Strategy which sets a strategic proud to deliver innovative and successful
vision for the future of tourism in the region, will strategies that we believe have laid the framework
guide our actions for the benefit of Noosa’s visitors, for an even stronger and more vibrant industry that
tourism operators and stakeholders. The Strategy is so important to this region.
drills down further into the key pillars of:
Thank you to all Board Directors for your passion
• Engaging marketing
and commitment throughout the year, to all the
• Outstanding events
Tourism Noosa team for tirelessly and professionally
• Empower industry and product development
delivering on our priorities, to our wonderful
• Elevate sustainability
volunteers at the Visitor Information Centres, and
We are committed to achieving key goals outlined to all our members for your commitment to our
in areas including stronger focus on attracting high- activities and to this great industry.
yielding visitors; nurturing new world-class visitor
experiences, events and accommodation; dispersing
visitor expenditure across the destination; and Steve McPharlin Damien Massingham
helping our operators deliver exceptional customer Chair CEO
service to lift visitor satisfaction. Tourism Noosa Tourism Noosa
visitnoosa.com.au 3
Section 4
KEY MARKET MEASURES
MARKET SPEND
DOMESTIC OVERNIGHT $720.7m (+3.6%)
(Interstate) $476.6m (+7.8%)
INTERNATIONAL OVERNIGHT $101.6m (+0.7%)
Source: Tourism Research Australia National and International Visitor Surveys, year ending June 2017.
The Noosa region welcomed more than 2 million
overnight and day-trip visitors who spent
$909 million in the year to June 2017.
There was record overnight spend (domestic and
international combined) for a June quarter, and
overnight visitors and nights also increased:
• Overnight spend: +3.3% to $822.3 million
• Overnight visitors: +1% to 1.03 million
• Nights: +11% to 4.9 million
Domestic overnight
The year saw record spend and nights by
domestic overnight visitors for a June quarter, with
spend +3.6% to $720.7 million and nights +7.7% to INTERSTATE VISITATION AND SPEND IN NOOSA -
3.766 million. 5 YR TREND (Year ending June)
The high-yielding interstate market where Tourism
Noosa focuses its marketing efforts drove the
domestic results, with interstate visitor spend,
numbers and nights all setting records for a June
quarter:
• Spend: +7.8% to $476.6 million
• Visitors: +0.6% to 363,000
• Nights: +28.8% to 2.5 million
International overnight
INTERNATIONAL VISITORS AND SPEND IN NOOSA -
Tourism Noosa’s Global Market Strategy outlines 5 YR TREND (Year ending June)
priorities in the areas of product development,
brand awareness, brand and trade partnerships and
media engagement, with the aim of strengthening a
sustainable global market for Noosa.
In the second year of implementation of the Strategy
we launched the Global Ready Industry Program
to assist Noosa operators who want to take their
business to the international market. There was
strong interest in the program and all participants
now appear in international programs, increasing the
Source: Tourism Research Australia, National and International Visitor Surveys,
Noosa offering to international trade and visitors. year ending June 2017
4 visitnoosa.com.au
Section 5
The year to June 2017 saw record numbers, nights and INTERNATIONAL OVERNIGHT VISITORS TO NOOSA:
spend from international visitors in a June quarter. YE JUNE 2017 (TOTAL 146,000)
• Visitors: +16.6% to 170,000
• Nights: +24.4% to 1.1 million
• Spend: +0.7% to $101.6 million
Visitors from all major international markets increased:
• UK: +7% to 39,600
• NZ: +4% to 25,100
• Germany: +30% to 26,600
• USA: +9.7% to 9300
The UK remains our strongest international market,
and their spend increased 31.4% to $21 million and
nights increased 19% to 212,300.
Source: Tourism Research
Australia, International Visitor
Survey, year ending June 2017
Value over Volume
Tourism Noosa monitors the volume and value of key domestic and international visitors to the region to ensure
suitable strategies are in place to grow opportunities for Noosa’s economy. Our efforts are focused on achieving
value over volume by converting more day trip visitation to overnight stays and reaching high-yield interstate
and international markets, in line with priorities outlined in the Tourism Strategy Noosa 2017-2022.
NOOSA DOMESTIC NUMBERS V SPEND: NOOSA INTERNATIONAL NUMBERS V SPEND:
YEAR ENDING JUNE 2017 YEAR ENDING JUNE 2017
Source: Tourism Research Australia, National and International Visitor Surveys, year ending June 2017
KEY MARKET MEASURES: PERCENTAGE INCREASES 2016-2017
Sources: Tourism Research Australia, Facebook Insights, Iconosquare
visitnoosa.com.au 5
Section 6
KEY HIGHLIGHTS 2016-2017
Membership Noosa, Relaxation Capital of Australia
Record membership Following an extensive brand evaluation study
was achieved, with Tourism Noosa appointed internationally recognised
617 businesses agency Cummins&Partners to develop a new,
signing up. Strong integrated marketing campaign and content refresh,
engagement positioning Noosa as the Relaxation Capital of
continued through Australia.
a range of activities The campaign rolled out in winter 2017, targeting
including networking nights, member training interstate markets with new cinema, TV and
workshops and new member morning teas. The YouTube commercials showing the diversity of
number of hinterland business increased, driven by Noosa’s relaxing experiences; the Noosa-wrapped
Noosa Country Drive membership benefits. Melbourne tram and Sydney buses; an activation
in Melbourne’s Federation Square and other print,
Tourism Strategy 2017-2022 digital and social media activity.
Tourism Noosa launched its
TOURISM STRATEGY
Tourism Strategy 2017-2022, NOOSA 2017-2022
outlining future directions for
the industry in this region,
including a goal to increase
annual visitor spend to
$1 billion by 2022. The
Strategy outlines activities
and goals in four key BUILDING A SUSTAINABLE TOURISM FUTURE
areas: Engaging marketing,
Outstanding events,
Empower industry and product development, and
Elevate sustainability.
Events
Supported 17 major and emerging events which
were dispersed around the region. We boosted
engagement with events via social media and
ambassador partnerships, including Olympian
Courtney Atkinson in conjunction with his
appearance at the Noosa Triathlon, TV presenter
Mark Beretta at the Noosa Ultimate Sports
Festival, and Olympian Michael Klim at the Noosa
Summer Swim.
Tourism Summit 2017 Developed marketing plans in partnership with
Tourism Noosa hosted the inaugural Tourism event organisers, providing them with strong,
Summit 2017, bringing to Noosa some of Australia’s tailored and diverse media opportunities.
most respected commentators and operators in Commenced plans to deliver the Noosa Food &
the areas of tourism marketing, experiences and Wine Festival for 2018.
future trends, attracting about 200 delegates
from the local region, statewide and interstate.
Speakers included Bernard Salt (pictured), Lisa
Ronson from Tourism Australia, Sean Cummins from
Cummins&Partners and Dougal McKenzie from
Google Australia. The Summit received national
acclaim for the quality of speakers and relevance of
the topics.
6 visitnoosa.com.au
Section 7
Welcome to Noosa Media value
Online customer $35 million media value was reached following
service training more than 60 targeted media famils where we
program, Welcome hosted Queensland, national and international
to Noosa exceeded media, showcasing a range of member businesses.
targets with almost We also hosted Channel 9’s Today Show and
2500 participants Channel 7’s Sunrise weather crosses.
registered. The
Welcome to Noosa
Customer Service
Awards continued
to acknowledge and reward excellent customer
service, and we partnered with Sunshine Coast high
schools to have Tourism and Hospitality students
complete the program.
Private group training sessions were offered to
members and completed by Peppers Noosa Resort
& Villas, RACV Noosa Resort, Noosa Boathouse and
The Ogilvie Group.
Partnerships
Worked with key industry stakeholders including
Tourism Australia, Tourism and Events Queensland,
Visit Sunshine Coast (VSC) and Destination Gympie
Region to maximise opportunities to profile Noosa
and its tourism operators through media and trade
familiarisations, consumer and trade events and
joint marketing activity. Supported joint campaign
activity with VSC including the launch of Jetstar
flights from Adelaide and a consumer campaign in
New Zealand.
Created tailored marketing packages for corporate
brand partners, aligning media plans for enhanced
destination and product exposure in key markets.
Commenced an ambassador partnership with
high-profile MasterChef finalist and Noosa local
Social surge Matt Sinclair (pictured) to enhance the national and
Visit Noosa’s Instagram platform reached over international profile of Noosa’s food scene.
65,000 followers (50% annual increase) and
Facebook has 44,000 followers (28% increase) –
each has strong engagement. Social media imagery
is regularly re-shared by Tourism and Events
Queensland, Tourism Australia and other high-
profile pages.
We launched a social media initiative, On Location
Noosa, inviting a high-profile social media
influencer to Noosa each month to join with local
photographers and instagrammers at different
locations, to create fresh and new content for social
and digital channels.
visitnoosa.com.au 7
Section 8
Member workshops International
Increased program of workshop training offered to ready
members at no or minimal cost, with stronger take- Introduced the Global
up by members. An average of 35 attended each Ready Industry Program
workshop with larger training venues being used. (GRIP), offering one-on-
Workshops were offered in Instagram, Facebook one mentoring sessions
Tips and Tricks, Facebook Advertising and Business to operators wanting to
Breakthroughs, as well as discounted group training work in the international
for Welcome to Noosa and Noosa Eco Check. marketplace.
Community role As part of the program
Engaged with Noosa Council transport and four new products
planning initiatives with submissions on major shared appointments with Tourism Noosa at ATE
projects, the Noosaville Foreshore Master Plan (Australian Tourism Exchange 2017), Australia’s
2017, Noosa Sports and Active Recreation, Noosa largest tourism trade event.
Plan Discussion Paper and Noosa Draft Transport The Noosa Global Travel Planner for 2017-2018
Strategy which included research regarding features a record number of operators and is
transport usage patterns for tourism and showcased to international wholesalers, inbound
hospitality staff. tour operators, and domestic and international
travel agents who wish to source suitable
internationally-ready product in Noosa.
Sustainability
In line with goals outlined in the Tourism Strategy
we developed new or stronger partnerships with
sustainability groups including Boomerang Alliance,
Noosa & District Landcare, Queensland Parks &
Wildlife, Noosa Biosphere Reserve Foundation,
Noosa Community Biosphere Association, Noosa
Integrated Catchment Association, Noosa Parks
Association and Zero Emissions Noosa.
Adventure segment Conducted the first paperless Annual General
Tourism Noosa’s Backpack Noosa Cluster Group Meeting.
delivered a schedule of trade and consumer
activity, worked with Adventure Queensland and Trade
the Backpacking Operators Association, and Delivery of the NOOSA
launched a refreshed microsite, backpacknoosa. Noosa Global Market Global Travel P lanner
2016-2017
com.au Strategy continued
through attendance at
The new Noosa Backpacker Guide was produced,
international trade shows
offering buy-in to members, and the 2016/17
in New Zealand, Europe,
Adventure Guide was created in partnership with
UK, North America,
Destination Gympie Region and Lady Elliot Island.
Singapore and Australia,
The 16-page guide was taken to the World Youth &
meeting with product
Student Travel Conference in Serbia, where Tourism
managers, wholesalers
Noosa represented the Noosa region, Lady Elliot Queensland, Australia
and travel agents to
Island and Rainbow Beach.
update them on Noosa
Noosa Eco Check product. International trade partners were hosted
Exceeded participation target for the online Noosa on famils to refresh product knowledge, collateral
Eco Check training program with 402 completions, was created to assist in growing available Noosa
and launched plans to refresh program content, product in international programs and we worked
inviting members to tell their “green stories” to with trade partners to leverage from destination
showcase in the refreshed program. marketing and campaigns.
8 visitnoosa.com.au
Section 9
Job Showcase
Attained a State
Government grant for
a workforce capability
and capacity building
project, the Noosa Job
Showcase, to fund an
employment and workforce development project
to provide unemployed or under-employed people
with key skills and a Certificate II in Hospitality.
Working with Stones Throw Consulting to run the
Weddings program and with members to create placement
Worked with Noosa Weddings Organisation and opportunities. 39 participants completed the
their members to offer national advertising and program with 27 participants gaining employment
editorial opportunities, and attended bridal expos. and others continuing their enrolment.
Tourism Noosa also assisted with the promotion of
the organisation’s inaugural Noosa Wedding Trail.
Visitor Information Centre
Volunteers from the Noosa Visitor Information
Noosa Country Drive Centre (VIC) undertook product knowledge via
A Mary Valley training workshops, visiting operators and site
Drive was added inspections of businesses. The VIC continues to
to the Noosa host members and events in the exhibition space,
Country Drive including Honey Ant Gallery, Noosa Springs Resort
in conjunction & Spa and SevGen, an indigenous cooperative from
with Destination Eumundi.
Gympie Region.
Hinterland
businesses continue to join the Noosa Country
Drive and the website has more than 1000 views
each month. We hosted meetings with operators in
Kin Kin, Pomona, Eumundi and Cooroy, showcasing
Noosa Country Drive and other activity.
Business events
Supported business events operators in Noosa
with marketing opportunities, famils and the
coordination of a collective presence at AIME,
Australia’s largest international business event.
Coordinated a VIP promotion with CIM Magazine
for professional conference organisers, giving five Website update
winners the chance to visit Noosa during Noosa Extensive updates to visitnoosa.com.au including
Food & Wine Festival 2017. incorporation of live Instagram feed to provide
refreshed and inspiring imagery on home page,
Nature updated images and copy across the site, improved
Profiled Noosa’s linkages between newsletters and blogs to relevant
trail experiences, website pages, and improved member listings. This
hosting Great Walks resulted in solid improvements in performance:
Magazine and
• Average monthly page views increased 2.3% on
Australian Mountain
the previous year to an average of 155,697 per
Bike Magazine,
month
resulting in a front cover Noosa image, feature
articles and online gallery. • Average monthly unique visitors increased 8.6%
on the previous year to an average of 45,176 per
Commenced planning for product development month
project for Noosa Trail Network.
visitnoosa.com.au 9
Section 10
FINANCIAL REPORT FOR THE
YEAR ENDED 30 JUNE 2017
CONTENTS
Tourism Noosa Ltd
ABN: 45 097 924 199
Directors’ Report
Auditor’s Independence Declaration
Statement of Comprehensive Income
Statement of Financial Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors’ Declaration
Independent Audit Report
PERCENTAGE ALLOCATION
OF EXPENDITURE 2016-2017
11% 70% 19%
MEMBERSHIP MARKETING INDUSTRY
& CORPORATE & EVENTS DEVELOPMENT &
SUSTAINABILITY
10 visitnoosa.com.au
Section 11
TOURISM NOOSA LTD
ABN: 45 097 924 199
DIRECTORS' REPORT
Your directors present this report on the company for the financial year ended 30 June 2017.
Directors
The names of each person who has been a director during the year and to the date of this report are:
Steven McPhariin
Erina Kilmore
Jan Sinclair (resigned 29 Sep 16)
Drew Pearson
Judi Lalor
Elizabeth Reynolds
John McCulloch — (resigned 25 May 2017)
Michael Tarrant
Wade Batty
Mark Wilkinson (appointed 25 Oct 16}
Richard Stephens (appointed 25 Oct 16}
Stephen Gregg (appointed 22 Sep 16}
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Operating Result
The profit of the company for the financial year after providing for income tax amounted to:
Year Ended Year Ended
30 June 2017 30 June 2016
$3,901 $43,954
Principal Activities
The principal activity of the entity during the financial year was the management and marketing of Noosa as a tourism
destination.
There were no significant changes in the nature of the Company's principal activities during the financial year.
Meetings of Directors
During the financial year, twelve meetings of directors were held. Attendances by each director were as follows:
Directors’ Meetings
No. eligible to attend No. attended
Steven McPharlin 12 1]
Wade Batty \2 Z
Jan Sinclair 4 4
Drew Pearson 12 8
Judi Lalor 12 12
Elizabeth Reynolds 12 10
John McCulloch V1 3
Michael Tarrant 12 9
Erina Kilmore 12 8
Richard Siephens 8 7
Stephen Gregg 9 7
Mark Wilkinson 8 5
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 of $10 each towards
meeting any outstanding obligations of the company.
Auditor's Independence Declaration
The auditor's independence declaration for the year ended 30 June 2017 has been received and can be found on
page 2 of the financial report.
Signed in accordance with a resolution of the Board of Directors.
Director S nw
Steven McPharlin
Dated this \3 day of Sept bmnbe- + 2017Section 12
TOURISM NOOSA LTD
ABN: 45 097 924 199
AUDITOR'S INDEPENDENCE DECLARATION UNDER S 307C OF
THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF TOURISM NOOSA LTD
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2017 there
have been:
(i) no contraventions of the auditor independence requirements as set out in the Corporations Act
200 I in relation to the audit; and
Iii) no contraventions of any applicable code of professional conduct in relation to the audit.
Name of Firm Stratogen Audit Services Pty Ltd
artin Philip Rafter CA
Date t�)Of�7_
Address 1 / 59 Mary Street, Noosaville Qld 4566
Section 13
TOURISM NOOSA LTD
ABN: 45 097 924 199
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017
Note 2017 2016
$ $
Revenue 2 2,511.427 2,297,211
Other income 2 813,884 613.432
Employee provisions expense 3 ( l ,036,484) (853,652)
Depreciation and amortisation expense 3 (26,183) (25,090)
Motor vehicle expenses 3 (26,308) (25,151)
Utilities expense 3 (3,876) (4,638)
Rental expense 3 (64,675) (67,742)
Audit Fees 3 (10,540) (11,065)
Staff training and development expenses 3 (7,374) (5,761)
Marketing expenses 3 (1,772,552) ( l ,616,572)
Sundry expenses 3 (375,418) (257,378)
Current year surplus before income tax 1,901 43,594
Adjustment Prior Period Accruals 2,000
Income tax expense l (j)
Net current year surplus 3,901 43,594
The accompanying notes form part of these financial statements.
Section 14
TOURISM NOOSA LTD
ABN: 45 097 924 199
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017
Note 2017 2016
s s
ASSETS
CURRENT ASSETS
Cash on hand 4 790,228 889,468
Accounts receivable and other debtors 5 44,043 43,201
Pre-Paid Expenses 6,055 2,000
Inventories on hand 6
TOTAL CURRENT ASSETS 840,326 934,670
NON-CURRENT ASSETS
Property, plant and equipment 7 148,276 105,939
Intellectual Property 42,110 42,110
Deposits -Rental Bond 6,062 6,062
TOTAL NON-CURRENT ASSETS 196,448 154,112
TOTAL ASSETS 1,036,774 , 1,088,782
LIABILITIES
CURRENT LIABILITIES
Accounts payable and other payables 8 442,913 515,907
Sundry
PAYG 9 13,888 13,775
Prov�ons -contingency 9
Employee provisions 9 81,766 69,448
TOTAL CURRENT LIABILITIES 538,567 599,130
NON-CURRENT LIABILITIES
Employee provisions 9 32,953 28,299
TOTAL NON-CURRENT LIABILITIES 32,953 28,299
TOTAL LIABILITIES 571,520 627,429
NET ASSETS 465,254 461,353
EQUITY
Retained surplus 10 465,254 461,353
TOTAL EQUITY 465,254 461,353
The accompanying notes form part of these financial statements.
Section 15
TOURISM NOOSA LTD
ABN: 45 097 924 199
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2017
Retained Revaluation Financial Assets
Note Surplus Surplus Reserve Total
s s s s
Balance at 1 July 2015 417,759 - - 417,759
Comprehensive Income
Surplus for the year attributable to members of the entity 43,594 - - 43,594
Total comprehensive income attributable to members of the entity 43,594 - - 43,594
Balance at 30 June 2016 461,353 - 461,353
Comprehensive Income
Surplus for the year attributable to members of the entity 3,901 3,901
Total comprehensive income attributable to members of the entity 3,901 3,901
Other transfers
Cumulative revaluation surplus relating to sale of property, transferred
to retained earnings
Total other transfers
Balance at 30 June 2017 465,254 465,254
The accompanying notes form part of these financial statements.
Section 16
TOURISM NOOSA LTD
ABN: 45 097 924 199
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2017
Note 2017 2016
s s
CASH FLOW FROM OPERATING ACTIVITIES
Commonwealth, State and Local Government grants 2,495,01 l 2,272,000
Receipts from other income 808,987 608,053
Payments to suppliers and employees (3,351,136) (2,733,852)
Interest received 16,416 25,211
Dividends received
Interest paid
Net cash generated from operating activities (30,722) 171,412
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Loss on Disposal of Assets
Payment for property, plant and equipment (68,519) (53,872)
Net cash used in investing activities (68,519) (53,872)
CASH FLOW FROM FINANCING ACTIVITIES
Net cash used in financing activities
Net increase/(decrease) in cash held (99,241) 117,540
Cash and cash equivalents at the beginning of the financial year 889,469 771,929
Cash and cash equivalents at the end of the financial year 4 790,228 889,469
The accompanying notes form part of these financial statements.
Section 17
TOURISM NOOSA LTD
ABN: 45 097 924 199
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
The financial statements cover Tourism Noosa Ltd as an individual entity, incorporated and domiciled in Australia.
Touri5rn Noosa Lid is a cu111f)u11y li111ileLl uy yuuru11lee.
Note 1 Summary of Significant Accounting Policies
Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Act 2001
The company is a not-for-profit entity for financial reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial
statements containing relevant and reliable information about transactions, events and conditions. Material
accounting policies adopted in the preparation of these financial statements are presented below and have
been consistently applied unless stated otherwise.
The financial statements, except for the cash flow information, have been prepared on an accruals basis and are
based on historical costs, modified, where applicable by the measurement at fair value of selected non-current
assets, financial assets and financial liabilities. The amounts presented in the financial statements have been
rounded to the nearest dollar.
Accounting Policies
(a) Revenue
Non-reciprocal grant revenue is recognised in profit or loss when the entity 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 measured reliably.
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.
When grant revenue is received whereby the entity 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 Qrant is recoQnised as income on receipt.
Donations and bequests are recognised as revenue when received.
Interest revenue is recognised using the effective interest rate method, which for floating rate financial
assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a
dividend has been established.
Revenue form the rendering of a service is recognised upon the delivery of the service to the customer.
All revenue is stated net of the amount of goods and services tax (GST).
(b) Inventories on hand
Inventories are measured at the lower of cost and replacement cost.
Inventories acquired at no cost or for nominal consideration are measured at the current replacement
cost as at the date of acquisition.
(c) Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value as indicated, less, where
applicable, accumulated depreciation and impairment losses.
Plant and Equipment
Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated
depreciation and any accumulated impairment losses. In the event the carrying amount of plant and
equipment is greater than its estimated recoverable amount, the carrying amount is written down
immediately to its estimated recoverable amount and impairment losses are recognised either in profit or
loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment
of recoverable amount is made when impairment indicators are present (refer to Note 1 (f) for details of
impairment).
Section 18
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the company and the cost of the item can be measured reliably. All other repairs and maintenance are
recognised as expenses in profit or loss in the financial period in which they are incurred.
Plant and equipment that have been contributed at no cost, or for nominal cost are recognised at the fair
value of the asset at the date it is acquired.
Depreciation
The depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding
freehold land, is depreciated on a straight-line basis over the asset's useful life to the entity commencing
from the time the asset is available for use. Leasehold improvements are depreciated over the shorter of
either the unexpired period of the lease or the estimated useful lives of the improvements.
The depreciation rates used for each class of deprecaiable assets are:
Closs of Fixed Asset Depreciation Rote
Plant and Equipment 7.5 - 40%
The assets' residual vales and useful lives are reviewed and adjusted, if appropriate, at the end of each
reporting period.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These
gains or losses are recognised as income in profit or loss in the period in which they arise. When revalued
assets are sold, amounts included in the revaluation surplus relating to that asset are transferred to
retained surplus.
(d) Leases
Leases of property, plant and equipment 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.
Finance leases are capitalised, recognising an asset and a liability equal to the present value of the
minimum lease payments, including any guaranteed residual values.
Leased assets are depreciated on a straight-line basis over their 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.
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 term.
Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis
over the life of the lease term.
(e) Impairment of Assets
At the end of each reporting period, the entity reviews the carrying values of its tangible and intangible
assets to determine whether there is any indication that those assets have been impaired. If such an
indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs
to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value
over its recoverable amount is recognised in profit or loss.
Where the future economic benefits of the asset are not primarily dependent upon the asset's ability to
generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future
economic benefits, value in use is determined as the depreciated replacement cost of an asset.
Where it is not possible to estimate the recoverable amount of an individual asset, the entity estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Where an impairment loss on a revalued asset is identified, this is recognised against the revaluation
surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the
amount in the revaluation surplus for that class of asset.
Section 19
(f) Employee Provisions
Provision is made for the company's liability for employee benefits arising from services rendered by
employees to the end of the reporting period. Employee provisions that are expected to be settled within
one year have been measured at the amounts expected to be paid when the liability is settled.
Employee provisions payable later than one year have been measured at the present value of the
estimated future cash outflows to be made for those benefits. In determining the liability, consideration is
given to employee wage increases and the probability that the employP.P. mciy not satisfy vesting
requirements. Those cash outflows are discounted using market yields on national government bonds with
terms to maturity that match the expected timing of cash flows attributable to employee provisions.
Contributions are made by the entity to an employee superannuation fund and are charged as expenses
when incurred.
(g) Cash on Hand
Cash on hand includes cash on hand, deposits held at-call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are
shown within short-term borrowings in current liabilities on the statement of financial position.
(h) Accounts receivable and other debtors
Accounts receivable and other debtors include amounts due from members as well as amounts
receivable from customers for goods sold in the ordinary course of business. Receivables expected to be
collected within 12 months of the end of the reporting period are classified as current assets. All other
receivables are classified as non-current assets.
Accounts receivable are initially recognised at fair value and subsequently measured at amortised cost
using the effective interest rate method, less any provision for impairment. Refer to Note l (e) for further
discussion on the determination of impairment losses.
(I) Goods and Srvices Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount ot GST receivable or payable. The net
amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in
the statement of financial oosition.
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 included in receipts from customers or payments to suppliers.
(j) Income Tax
No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the
Income Tax Assessment Act 1997.
(k) Provisions
Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events,
for which it is probable that an outflow of economic benefits will result and that outflow can be reliably
measured. Provisions recognised represent the best estimate of the amounts required to settle the
obligation at the end of reporting period.
(I) Comparative Figures
Where required by Accounting Standards comparative figures have been adjusted to conform with
changes in presentation for the current financial year.
When an entity applies an accounting policy retrospectively, makes a retrospective restatement or
reclassifies items in its financial statements, a statement of financial position as at the beginning of the
earliest comparative period must be disclosed.
(m) Accounts Payable and Other Payables
Accounts payable and other payables represent the liability outstanding at the end of the reporting
period for goods and services received by the company during the reporting period which remain
unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of
recognition of the liability.
(n) Critical Accounting Estimates and Judgements
The directors evaluate estimates and judgments incorporated into the financial statements based on
historical knowledge and best available current information. Estimates assume a reasonable expectation
of future events and are based on current trends and economic data, obtained both externally and
within the company.
(o) Economic Independence
Tourism Noosa Ltd is dependent on the collection of the Tourism Levy via the Noosa Council for the
majority of its revenue to operate the business. At the date of this report, the Board of Directors confirms
that Tourism Noosa Ltd have an agreement with the Noosa Council to collect the levy on behalf of
Tourism Noosa Ltd for 3 years, and, following a review, to collect the levy for a further 2 years.
Section 20
Note 2 Revenue and Other Income
2017 2016
s s
Tourism Levy 2,495,01 l 2,272,000
2,495,01 l 2,'.l/'.L,UUU
Interest received on investments 16,416 25,211
16,416 25,211
2,511,427 2,297,211
Membership 222,494 210,780
Bookings Centre 219,218 236,581
Visitor Information Centre 4,966 3,368
Destination Marketing 149,719 103,653
Industry Development 3,005 4,050
Skilling Queensland 204,500
Event Marketing 9,982 55,000
813,884 613,432
3,325,311 2,910,643
Note 3 Expenses
2017 2016
s s
Employee wages 960,191 789,134
Contributions to superannuation funds 76,293 64,518
1,036,484 853,652
Motor vehicle 556 828
Furniture and equipment 25,627 24,262
26,183 25,090
Corporate - Rent 44,138 43,508
Corporate - Equipment Rental 9,129 11,067
Booking Centre - Equipment Rental 4,540 5,486
Visitor Information Centre - Equipment Rental 4,540 5,392
Visitor Information Centre - Rent 2,328 2,289
64,675 67,742
Audit services 10,540 11,065
Taxation services
10,540 11,065
Motor Vehicle Expense 26,308 25,151
26,308 25,151
Operations Electricity 3,876 4,638
VIC Electricity
3,876 4,638
Section 21
Operations excluding audit, Rent, Depreciation, MV Equip Rent, Employee Expenses
173,307 174,486
Events sponsorship 547,017 418,469
Media / PR 138,792 166,668
Digital 59,871 63,360
Campaigns 608,137 502,608
International marketing 178,564 194,214
Regional activities 46,198 66,211
Workcover 3,694 2,532
LSL/ Leave liability adjustment 16,972 28,024
1,772,552 1,616,572
Operations staff training 5,172 4,375
VIC staff development & training 2,202 1,386
7,374 5,761
Membership 15,845 21,095
Industry Development excluding wages 262,444 126,080
Booking centre excluding audit, wages and equipment rental 46,955 63,213
VIC excluding Depreciation, equipment rental, rent, staff training, wages 50,174 46,990
Other - contingency
375,418 257,378
3,323,410 2,867,049
Note 4 Cash and Cash Equivalents
2017 2016
$ $
CURRENT
Term Deposit Bendigo
Bendigo Bank Forward Bookings 157,546 227,272
Bendigo Bank General 131,862 59,854
Term Deposit Funds 500,000 600,000
EFTPOS settlement & Famils
Online Clearing Account 1,568
Stripe Clearing Account (45)
Cash Floats 820 820
Undeposited Funds
Total cash and cash equivalents as stated in the statement of financial position 790,228 889,469
Total cash and cash equivalents as stated in the cash flow statement 790,228 889,469
Note 5 Accounts Receivable and Other Debtors
2017 2016
$ $
CURRENT
Accounts receivable 44,043 43,201
44,043 43,201
GST Refundable
Total current accounts and other receivables 44,043 43,201
Note 6 Inventories on Hand
2017 2016
$ $
CURRENT
Inventory at cost
Section 22
Note 7 Property, Plant and Equipment
2017 2016
s s
PLANT AND EQUIPMENT
Plant and Equipment at cost 138,729 114,436
(Accumulated depreciation) (79,694) (63,082)
59,034 51,354
Visitor Information Centre Assets at cost 106,419 102,919
(Accumulated depreciation) (86,810) (79,154)
19,609 23,765
Motor Vehicles at cost 20,900 20,900
(Accumulated Depreciation) (19,771) (19,215)
1,129 1,685
Renovated Marina Office 2016 40,727
(Accumulated Depreciation) (656)
40,071
Renovated Marina Office 2014 21,511 21,511
(Accumulated Depreciation) (1,446) (931)
20,065 20,580
Renovation of Office at cost 8,705 8,705
(Accumulated Depreciation) (1,354) (1,166)
7,351 7,539
Artwork at cost 1,017 1,017
Total plant and equipment 148,276 105,939
Total property, plant and equipment 148,276 105,939
Note 8 Accounts Payable and Other Payables
2017 2016
s s
CURRENT
Accruals 113,807 119,370
Unearned Income 69,310 69,443
Accounts payable 140,210 148,547
Forward Bookings 157,546 227,272
GST Payable (38,817) (47,109)
Credit Cards 857 (1,616)
442,913 515,907
Note 9 Employee Provisions
CURRENT 2017 2016
Short-term Employee Benefits s $
Opening balance at 1 July 69,448 45,479
Movements during the year 12,318 23,969
Balance at 30 June 81,766 69,448
Contingency
Opening balance at 1 July
Additional provisions raised during the year
Amounts used
Balance at 30 June
PAYGTax 13,888 13,775
NON-CURRENT
Long-term Employee Benefits (Long Service Leave)
Opening balance at l July 28,299 17,480
Movements during the year 4,654 10,819
Balance at 30 June 32,953 28,299
Section 23
Employee Provisions
Employee provisions represent amounts accrued for annual leave and long service leave.
The current portion for this provision includes the total amount accrued for annual leave entitlements and the
amounts accrued for long service leave entitlements that have vested due to employees having completed the
required period of service. Based on past experience the company does not expect the full amount of annual
leave or long service leave balances classified as current liabilities to be settled within the next 12 months.
However, these amounts must be classified as current liabilities sinc:e the r'.nmrony does not have an
unconditional right to defer the settlement of these amounts in the event employees wish to use their leave
entitlement.
The non-current portion for this provision includes amounts accrued for long service leave entitlements that have
not yet vested in relation to those employees who have not yet completed the required period of service.
Note 10 Equity - retained surpluses
The Directors have resolved to include a Marketing Contingency reserve to staisfy the requirement of Noosa Shire
Council. The retained surpluses as at l July 2015 were adjusted to accommodate the reserve.
s s
Retained surpluses at l July 111.353 67,759
Marketing Contingency reserve 350,000 350,000
Surpluses for the year 3,901 43,594
465,254 461,353
Note 11 Related Party Transactions
a. Key management Personnel
Any person(s) having authority and responsibility for planning, directing and controlling the activities of the
company, directly or indirectly, including any director (whether executive or otherwise) is considered key
management personnel.
2017 2016
s s
Directors Expenses Reimbursement 20,167 20,839
20,167 20,839
Transactions between related parties are on normal commercial terms and conditions no more favourable than
those available to other persons unless otherwise stated.
Note 12 Entity Details
The registered office of the entity is:
Tourism Noosa Ltd
Shop 22 Noosa Harbour Marine Village
2 Parkyn Court
Tewantin QLD 4565
The principal place of business is:
Tourism Noosa Ltd
Shop 22 Noosa Harbour Marine Village
2 Parkyn Court
Tewantin QLD 4565
Note 12 Members' Guarantee
The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee. If the entity is
wound up, the constitution states that each member is required to contribute a maximum of $10.00 each towards
meeting any outstandings and obligations of the entity.
Section 24
TOURISM NOOSA LTD
ABN: 45 097 924 199
DIRECTORS' DECLARATION
In accordance with a resolution of the directors of Tourism Noosa Ltd, the directors of lhe cor11µur1y
declare that:
I. The financial statements and notes, as set out on pages 3 to l 3, are in accordance with the
Corporations Act 2001 and:
(a) comply with Australian Accounting Standards; and
(b) give a true and fair view of the financial position of the company as at 30 June 2017 and its
performance for the year ended on that date.
'1.. In the directors' opinion there are reasonable grounds to believe that the company will be able
to pay its debts as and when they become due and payable.
Director
Dated this / 3
Steven McPharlin
day of
1
.,,.-.......,_____
,S; ,,,., --� 2017
Section 25
TOURISM NOOSA LTD
ABN: 45 097 924 199
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
TOURISM NOOSA LTD
Report on the Financial Report
We have audited the accompanying financial report of Tourism Noosa Ltd, which comprises the statement of
financial position as at 30 June 2017, the statement of comprehensive income, statement of changes in equity and
statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and
other explanatory information and the directors' declaration.
Directors' Responsibility for the Financial Report
The directors of the company are responsible for the preparation and fair presentation of the financial report that
gives a true and fair view in accordance with Australian Accounting Standards 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.
Auditor's Responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in
accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical
requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance about
whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial report. The procedures selected depend on the auditor's judgement, including the assessment of the risks
of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the company's preparation of the financial report that gives a true and
fair view 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 entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
directors, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We
confirm that the independence declaration required by the Corporations Act 200 l, which has been given to the
directors of Tourism Noosa Ltd, would be in the same terms if given to the directors as at the time of this auditor's
report.
Opinion
In our opinion, the financial report of Tourism Noosa Ltd is in accordance with Corporations Act 2001, including:
giving a true and fair view of the company's financial position as at 30 June 2017 and of its performance for
(i) the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis of Accounting
Without modifying our opinion, we draw attention to Note l to the financial report, which describes the basis of
accounting. The financial report has been prepared for the purpose of fulfilling the directors' financial reporting
responsibilities under the Corporations Act 200 l. As a result, the financial report may not be suitable for another
purpose.
Auditor's signat
Address: Stratogen Audit Services Pty Ltd
l /59 Mary Street Noosaville, Qld
Dated this 2017
Section 26
T 07 5430 5000 F 07 5430 5011 E [email protected] PO Box 581 Noosa Heads, Queensland Australia 4567 visitnoosa.com.au