annual report - visit mildura · targeting key market segments. advertisements were continually...

Annual Report2012 - 2013

President’s Report 1

CEO’s Report 2

Board’s Report 6

Financial Report 2012-2013 7 Statement of Profit or Loss and Other Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 8

Statement of Cash Flows 9

Notes to the Financial Statements 10

Statement by Members of the Board 12

Independent Audit Report 13

AcknowledgementsMildura Tourism Inc. acknowledges and thanks all operators, businesses and individuals who have supported the organisation in so many ways throughout the year. In particular we are grateful to the many businesses who assisted our on-going media and trade familiarisation program which helped to generate greater domestic and international exposure for the Mildura region. Assisting this exposure were the efforts of our tourism ambassadors, Stefano de Pieri (food and wine), Karl Stefanovic (visiting friends and relatives), plus Darren Morgan as well as Rick and Todd Kelly (motor sports).

Mildura Tourism gratefully acknowledges the generous support of our majority funding partner, the Mildura Rural City Council. Helpful annual funding is also provided by Wentworth Shire Council. The important roles played by the respective mayors, elected members, chief executives and senior staff of both Councils remains highly valued. At the commercial level, throughout the year key sponsors including QantasLink, Sunnyland Press, Sun FM, Star FM, the Sunraysia Daily, Prime Television and the Davidson Motor Group have provided continued support. In many instances our marketing reach was successfully extended due to the efforts of industry partners such as Tourism Victoria, the Murray Regional Tourism Board and Destination New South Wales.

Contents

Our board oversees the operations and activity of Mildura Tourism. This year has seen myself continue as President and Mandy Williams as Vice President. Together with our other board members, Craig Muir, Dale Antonysen, Marina Durban, Helen Healy, Rod Trowbridge, Daryl Beasy, Russell James, Graeme Kelner and our two council observers we take our role and the future of tourism most seriously. Spirited debate continues to bear fruit with our ongoing actions and strategies.

I would like to thank in particular the executive team of Mildura Tourism, Vice President Mandy Williams, Treasurer Craig Muir and Chief Executive Officer Rod Trowbridge. Having an executive team with such broad knowledge and experience continues to be invaluable to me.

I look forward to playing my part on the Mildura Tourism Board in the next 12 months and in particular shaping future strategic directions of Mildura Tourism.

Peter DoodyPresident

Mildura Tourism Inc. Annual Report 2012 - 2013 1

In my report last year I noted that not only was it my first year as President of Mildura Tourism but also there were “some new and exciting challenges” ahead. As I pen my second report and look back at the last year, my second as President, I certainly feel we have had plenty of challenges both new and exciting.

A significant event was the new funding arrangement and agreement with Mildura Rural City Council and flowing on from that a new Memorandum of Understanding. Whilst this provided the Mildura Tourism staff and Board Members with challenges it also opened new areas and directions to explore on behalf of our industry and community. We also commenced another important Memorandum Of Understanding, this time with Wentworth Shire Council. With the unique geographical location that we inhabit, this cross border co-operation and support is vitally important and one that Mildura Tourism does not take for granted and values highly.

2013 saw the 5th year that “Be a Tourist in Your Own Town” was the focus of Tourism Week. This year continued the growth in popularity of the concept and has us really thinking how we can top this.

Mildura Tourism continued to use television advertising to great effect. Our campaign was shown over three states with strong results and provided the world with a stunning window onto our region. Personally, I felt very proud to see the television advertisement whilst in others parts of Australia and pondered going to Mildura for a holiday myself!

As I remarked last year, the importance of digital mobile and social media continues to grow. Mildura Tourism continues to grow its digital and social media presence and has provided support to our industry with workshops and regular information updates. Our mobile website went live this year and provided for a clean, easy to use, mobile device specific experience for users.

Lifestyle programs and publications continued as a strong focus for Mildura Tourism. Many programs, blogs, media organisations and the like visited our region during the year. The logistical time and effort put into making these happen by Mildura Tourism is more than repaid when you see the exposure our region gets on shows such as “Better Homes and Gardens”.

In rising to the challenges of the present and future, Mildura Tourism has taken a more strategic and targeted approach to our resourcing of industry and product development. We believe that this will stand us in good stead for years to come.

Relationships like communication play a vital role in the success of Mildura Tourism. Our relationship with our operators, our Councils -- Mildura Rural City Council and Wentworth Shire Council, plus all other stakeholders are vital. Both councils provide financial and other support and are represented on our board by observers, Councillor Mark Eckel (part year) and Councillor John Arnold (part year) from Mildura Rural City Council and Ms Paula Mastrippolito (part year) a manager with Wentworth Shire Council and also Councillor Ian Whitfield (part year) from Wentworth Shire Council. Councillor Eckel has been involved with Mildura Tourism for some time and I would like to take this opportunity to thank him for his years of contribution and his continued support and advocacy for tourism related matters.

Mildura Tourism has a hard working and effective management team that provide vital support to our board. On behalf of the board I would like to thank the Chief Executive Office Rod Trowbridge and staff members Sue Iredale, Dani Harvey Greg Leslie and Sarah Gilmore.

In rising to the challenges of the present and future, Mildura Tourism has taken a more strategic and targeted approach to our resourcing of industry and product development.

President’s Report

The Mildura region’s tourism performance excelled this financial year with double-digit growth in both domestic and international overnight visitation.

Following downturns in some of these categories the previous year, the degree of growth this year was particularly pleasing. Visitor number increases also translated through to visitor expenditure. Annual spending was estimated to be $260 million for 2012-2013, up $20 million from the previous year’s tourism expenditure.

For the year ending June 2013, the region attracted 451,000 domestic overnight visitors, a 21% increase over the previous year. These visitors stayed 1.4 million nights, up 13% for the year.

International figures were also strong – visitor numbers jumped by 23% while estimated visitor nights increased by more than 20%.One area of downturn was domestic day visitors, which tend to fluctuate greatly year on year. This year we received around 230,000 day trippers compared with approximately 370,000 the previous year. Other points of interest from this year’s visitation data include:

• Domesticovernightvisitorsspentanestimated $208 million in the region, an average of $149 per night. Domestic day visitors spent $29 million, an average of $129 per visitor.

• Mature-agetravellers,55-yearsandolder,account for the bulk (46%) of our domestic visitors. Younger people aged 25-34 account for 22% of domestic numbers.

• Domestictravellersstayedonaverage 3.1 nights in the region, slightly down (0.2 nights) on the previous year.

• FromtheentireMurrayregion,Mildura-Wentworth’s market share of international visitors was a very significant 37%.

• Themajorityofourinternationalvisitors(55%) were younger than 35-years-old.

• “Holidayandleisure”(42%)wasthelargestpurpose for domestic visitors to the region, followed by “visiting friends and relatives” (VFR) at 30% and “business”, 20%.

Media Familiarisations Hosted numerous print and electronic media visits resulting in hundreds of thousands of dollars’ worth of publicity in all target markets. Valuable exposure was gained from ‘household-name’ programs and publications including “Better Homes and Gardens”, “Postcards”, “Getaway”, “Fairfax Media”, “News Limited” and “RACV Royal Auto”.

VFR CampaignCelebrated the 5th year of our successful “Be a Tourist in your own Town” campaign specifically targeting the important Visiting Friends and Relatives (VFR) market, generating a solid increase in VFR visitor numbers and expenditure over the previous year.

• Theregionreceived44%ofitsdomesticovernight visitors from Victoria (22% each from regional Victoria plus Melbourne), while 27% came from South Australia.

• Internationally,ourlargestsingle-sourcemarkets were the UK (19%) and NZ (16%). The countries comprising Continental Europe remained our largest overall international market, supplying 23% of our overseas visitors.

Our tourism performance can be aligned with the ongoing actions and outcomes derived from the eight key focus areas of Mildura Tourism’s Strategic Plan. This report provides an overview of key achievements from each of the strategic plan’s individual focus areas :

External MarketingTV CampaignsMildura Tourism (MT) maintained successful TV campaigns throughout regional Victoria; regional NSW; in Adelaide and regional SA targeting key market segments. Advertisements were continually updated and refreshed ensuring the strongest possible seasonal appeal.

Mildura Tourism Inc. Annual Report 2012 - 20132

Domestic overnight visitors spent an estimated $208 million in the region, an average of $149 per night.

CEO’s Report


Indigenous and Nature-basedParticipated with both NSW Parks and Wildlife and Destination NSW in a cooperative Australian Outback Campaign with focus on Mungo National Park. Campaign elements included pictures and editorial in “Australian Traveller” magazine along with multi-faceted digital and social media exposure. Continuing input provided to NSW Parks and Wildlife in projects including a feasibility study for a new Cultural Centre and Mungo National Park as well as a consultancy review examining possible new tourism experiences within the Park.

SustainabilityTourism AuditsIn conjunction with the Murray Regional Tourism Board more than a dozen tourism audits were completed, assisting industry sustainability by providing candid and neutral consumer reviews to selected tourism operators. As with any ‘mystery shopper’ program, industry welcomed the feedback with many operators implementing measures to rectify shortcomings that had been noted.

Event SupportPrint and electronic media visits were arranged to tie in with specific events including Merbein’s Vanilla Slice Triumph, the Mildura Show and the PS Melbourne Centenary. Resultant publicity worth hundreds of thousands of dollars was achieved. Story leads, pictures and digital media exposure was generated for dozens of other leading events within the region.

Industry Advice and Support Ensuring our tourism operators remained in the most sustainable position possible, MT provided extensive advice and support to industry members. Indicative demands included dealing with social media demands; developing fresh business and marketing approaches; spontaneous opportunity analysis; risk analysis; grant funding analysis; as well as development and review of strategic, business and marketing plans.

Cont’d...

Public RelationsMildura Tourism provided ongoing support for a range of PR activities, including the supply of product and destination information, story leads, updated imagery and briefing notes to our PR contacts, State Tourism Offices, the Murray Regional Tourism Board, freelance writers and photographers, as well as event organisers and tourism industry magazines.

Product DevelopmentInvestment/funding OpportunitiesVia a replacement staff appointment, MT increased its ability to assist industry to successfully cast for new project start-up and product development funding. A monthly-revised schedule of possible grant funding opportunities was developed into an online matrix and regularly presented to members. This was complemented with regular one-on-one meetings with tourism industry members seeking additional or specific guidance.

Aviation SupportIndicative support provided to the aviation sector included providing updated promotional footage to Mildura Airport to showcase the region prior to and following the airport’s upgrade. MT coordinated various print and electronic campaign elements in Sydney to promote the commencement of direct REX flights between Sydney and Mildura. Continuing support provided for QantasLink’s inflight magazine, “Spirit of Regional Australia”.

Social and Digital MarketingMaintained strong digital marketing efforts via our websites, facebook, Instagram, You Tube and twitter accounts ensuring continued and strategic integration of digital media into all of MT’s advertising campaigns and PR activities. Our mobile website, the first of its kind within the Murray region, went live in November 2012.

International Activities A combination of trade, PR and media activities occurred within the New Zealand market, culminating with the hosting of NZ celebrity chef Al Brown as part of filming for the “Dishing up Australia” popular TV series. MT’s earlier hosting of a Singapore film crew resulted in the airing of a Mildura tourism and produce segment on Singapore’s highest-rating lifestyle program, “Food Source”.

NewsflashMonthly communiques via our electronic ‘Newsflash’ ensured that industry and stakeholders were kept informed of MT’s project initiatives and essential updates. The visual appeal and readability of ‘Newsflash’ was significantly improved and enhanced and is now distributed to more than 300 recipients.

Media Commentary Extensive use was made of print and electronic media to publicise MT’s projects, initiatives, trends analysis and issues commentary to key audiences. Media and PR activity was also utilized to explain the importance of our region’s $260 million industry to our local economy.

A social media expert was engaged to deliver two days of tailored social media workshops attended by more than 70 operators. Online TrainingIn conjunction with Tourism Victoria, the Murray Regional Tourism Board and Mildura Visitor Information and Booking Centre, MT provided training for 30 operators to take advantage of free listings on Tourism Victoria’s website, enhancing booking capabilities.

Industry and strategic projects managerMT bolstered its resource capacity and expertise in the area of industry and product development with the appointment of a new manager charged with the responsibility to ensure MT could seek out a range of medium and long-term new tourism project opportunities.

Tourism Signage ReviewIn conjunction with VicRoads and Mildura Council, MT conducted a review of local tourism and service signage to identify outdated, poor condition and redundant signs. A replacement program has been proposed to ensure new signage meets the criteria of VicRoads tourist signing guidelines.

CommunicationResearch Data Maintained extensive and quality research that tracked multiple indicators of the region’s tourism performance. This data was used to underpin marketing decisions and was regularly reported back to industry as well as the general community.

Riverfront Redevelopment Community Reference GroupRepresenting the tourism industry, MT participated in on-going meetings as a member of the Riverfront Redevelopment Community Reference Group facilitated by Mildura Council.

New and Emerging MarketsVictorian International ExchangeParticipated in this key annual trade event to gain up-to-date knowledge of key trends and developments for existing, new and emerging overseas markets. Specific intelligence was sought from the NZ, Asian, Chinese, UK, European and American source markets.

Business EventsContinued our support of business event initiatives as well as dedicated trade activities coordinated by Mildura Council throughout the year. Participated in a stakeholder event to meet Australian Incentive and Meetings Expo (AIME) delegates who visited Mildura prior to this international trade event in Melbourne.

Regional Living Expo With Mildura Council and the Mildura Development Corporation, attended the Regional Living Expo in Melbourne, promoting the strengths of living in regional communities. A strong existing tourism industry provides recreational and lifestyle appeal for potential new residents.

Industry and Professional DevelopmentDigital WorkshopsWorked extensively with operators to ensure the digital upskilling of our tourism industry.



retail, airport and economic development personnel, assisting ongoing strategic collaboration between all parties as well as providing project intelligence updates.

Cooperative Industry PartnershipsContinuous industry and stakeholder engagement occurred via our concerted maintenance of partnerships with key business, political and tourism stakeholders, including regular liaison with Regional Development Victoria, VECCI, the Victorian Government, Murray Regional Tourism Board, Mildura and Wentworth Councils, National Parks organisations, State Tourism Offices, regional tourism counterparts, Mildura Development Corporation, Mildura Airport, Mildura City retailers, the Prime7 Network, our airline partner QantasLink, Mildura media networks and, naturally, Mildura Tourism members.

Rod TrowbridgeChief Executive Officer

Tourism LeadershipMemorandum of Understanding Working with Mildura Rural City Council, MT advanced negotiations to develop a new three-year funding and service Memorandum of Understanding between Council and MT that was set to commence from July 1, 2013. Similarly, MT negotiated a three-year funding and service MoU with Wentworth Shire Council, effective 2013-2016.

Revised Constitution Work commenced on the organisation’s first major update in seven years to the MT Constitution. Besides tidying up important administrative procedures, the update ensured Mildura Tourism remains aligned with 2012 legislative changes to the Associations Incorporation Act.

Lock Maintenance ImpactsWorking with local river users, MT organised and convened meetings with the Murray Darling Basin Authority to negotiate mutually agreeable timings for the river level to be dropped to facilitate essential maintenance at Lock 11. This ensured the least impact on commercial viability for paddle steamer and houseboat fleets, particularly during long maintenance periods that spanned peak holiday seasons.

Mildura Tourism Board and Governance In addition to our AGM, 10 meetings of the Mildura Tourism Board were conducted during the year providing strategic direction as well as strong corporate and financial governance for the organisation. Additional industry and stakeholder networking functions were built around a Board meeting held in Wentworth Shire; our AGM with guests, Michele Levine (CEO) and Gary Morgan (Chairman) of Roy Morgan Research; and an end-of-year Christmas function. Indicative of the strong relationship between Mildura Tourism and Mildura Development Corporation, our Boards met on a structured basis during the year.

Tourism Services Managers ForumsMildura Tourism organised and hosted quarterly meetings of the region’s Tourism Services Group, bringing together local government tourism, visitor services, events and arts staff with private sector tourism, arts,

Thank You

Grateful thanks for the willing support of the Board of Mildura Tourism, in particular President Peter Doody, Vice President Mandy Williams and Treasurer Craig Muir. Special mention to our great staff … Sue Iredale, Sarah Gilmore, Greg Leslie and Dani Harvey.

Board MembersThe names of committee members throughout the year and at the date of this report are:Peter Doody - PresidentMandy Williams - Vice PresidentCraig Muir - TreasurerHelen HealyMarina Durban

Observers:John Arnold - Mildura Rural City Council Representative (appointed November 2012)Ian Whitfield - Wentworth Shire Council Representative (appointed October 2012)Mark Eckel – Mildura Rural City Council Representative (resigned November 2012)Paula Mastrippolito - Wentworth Shire Council Representative (resigned October 2012)

Principal ActivitiesThe principal activities of the association during the financial year were:- to act as the peak regional tourism marketing authority encompassing Mildura Rural City and Wentworth Shire areas.

Significant ChangesNo significant change in the nature of these activities occurred during the year

Operating ResultThe net current year loss for the financial year amounted to $11,126.

Signed in accordance with a resolution of the Members of the Board.

Peter Doody President Craig Muir Treasurer

Dated this 10th day of October 2013


Sarah GilmoreReception and Marketing Support Officer

Dani HarveyIndustry Liaison and Development Manager

Sue IredaleFinance, HR & Projects Manager

Greg LeslieIndustry and Strategic Projects Manager

Rod TrowbridgeChief Executive Officer

Staff Members

Board’s Report

Above Top L-R Mandy Williams, Craig Muir, John ArnoldBottom L-R Ian Whitfield, Mark Eckel, Paula Matrippolito

Main ImageRear L-R Graeme Kelner, Helen Healy, Dale Antonysen, Daryl BeasyFront L-R Russell James, Marina Durban, Peter Doody, Rod Trowbridge

Your committee members submit the financial report of Mildura Tourism Inc. for the financial year ended 30 June 2013.

Dale AntonysenGraeme KelnerDaryl BeasyRussell James - Wentworth Regional Tourism RepresentativeRod Trowbridge - CEO Mildura Tourism


Financial Report

Note 2013 2012

$ $

Revenue 2 728,843 808,960

Administration expense (217,635 ) (206,817 )

Industry Liaison expenses (175,860 ) (177,676 )

Marketing expenses 3 (346,474 ) (431,950 )

Net current year loss 3 (11,126 ) (7,483 )

Other comprehensive income:

Other comprehensive income - -

Total other comprehensive income for the year - -

Total comprehensive income for the year (11,126 ) (7,483 )

Total comprehensive income attributed to the entity (11,126 ) (7,483 )

The accompanying notes form part of these financial statements.

Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 30 June 2013

2012 - 2013


Note 2013 2012

$ $

CURRENT ASSETS

Cash and cash equivalents 5 176,536 198,949

Trade and other receivables 6 10,025 20,544

Other assets 7 200 64,780

TOTAL CURRENT ASSETS 186,761 284,273

NON-CURRENT ASSETS

Property, plant and equipment 8 8,927 11,208

TOTAL NON-CURRENT ASSETS 8,927 11,208

TOTAL ASSETS 195,688 295,481

CURRENT LIABILITIES

Trade and other payables 9 91,762 166,702

TOTAL CURRENT LIABILITIES 91,762 166,702

NON-CURRENT LIABILITIES

Trade and other payables 9 6,504 20,231

TOTAL NON-CURRENT LIABILITIES 6,504 20,231

TOTAL LIABILITIES 98,266 186,933

NET ASSETS 97,422 108,548

EQUITY

Retained surplus 97,422 108,548

TOTAL EQUITY 97,422 108,548


Statement of Financial Position as at 30 June 2013

Statement of Changes in Equity for the Year Ended 30 June 2013

Retained Earnings Total

$ $

Balance at 1 July 2011 116,031 116,031

Net deficit for the year (7,483 ) (7,483 )

Balance at 30 June 2012 108,548 108,548

Balance at 1 July 2012 108,548 108,548

Net deficit for the year (11,126 ) (11,126 )

Balance at 30 June 2013 97,422 97,422


Financial Report Cont’d...


Note 2013 2012

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Operating grants receipts 727,299 791,092

Payments to suppliers and employees (754,566 ) (722,786 )

Interest received 6,085 12,132

Net cash provided by/(used in) operating activities 10 (21,182 ) 80,438

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (1,231 ) -

Net cash used in investing activities (1,231 ) -

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of borrowings - (1,925 )

Net cash used in financing activities - (1,925 )

Net increase / (decrease) in cash held (22,413 ) 78,513

Cash at beginning of year of financial year 198,949 120,436

Cash at end of year of financial year 5 176,536 198,949

The accompanying notes form part of this financial report.

Statement of Cash Flows for the Year Ended 30 June 2013


2013 2012 $ $

a. Marketing ExpensesAdvertising 10,067 108,599Familiarisation 20,621 5,263Projects 197,717 215,576Research 8,920 8,469Services 103,430 87,319Sponsorship - (43 )Website 5,719 6,767 346,474 431,950b. Significant Revenue and ExpensesThe following significant revenue and expense items are relevant in explaining the financial performance:Total employee benefits expenses 333,386 310,423

NOTE 3: SURPLUS FOR THE YEAR

Notes to the Financial Statements for the Year Ended 30 June 2013

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial statements are special purpose financial statements that have been prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Reform Act 2012. The committee has determined that the association is not a reporting entity.

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 following material accounting policies, which are consistent with the previous period unless otherwise stated, have been adopted in the preparation of these financial statements.

a. Income TaxMildura Tourism Inc. is a not for profit organisation and is exempt from income tax under Section 50 of the Income Tax Assessment Act 1997 and is therefore not required to make any provision for income tax.

b. Property, Plant and Equipment (PPE)Leasehold improvements and office equipment are carried at cost less, where applicable, any accumulated depreciation.

The depreciable amount of all PPE is depreciated over the useful lives of the assets to the association commencing from the time the asset is held ready for use.

Leasehold improvements are amortised over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

c. LeasesLease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses in the periods in which they are incurred.

d. Impairment of AssetsAt each reporting date, the association 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 expensed to profit or loss.

e. Employee BenefitsProvision is made for the association’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

f. Cash and Cash EquivalentsCash and cash equivalents include cash on hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.

g. Revenue and Other IncomeRevenue from the sale of goods or services is recognised upon the delivery of goods or services to customers.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

All revenue is stated net of the amount of goods and services tax (GST).

h. Goods and Services 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 Tax Of-fice. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST.

Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

i. Comparative FiguresWhen required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

j. Key Estimates (i) Impairment The association assesses impairment at each reporting date by evaluation of conditions and events specific to the group that may be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using value-inuse calculations which incorporate various key assumptions.

k. New Accounting Standards for Application in Future PeriodsThe AASB has issued new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods and which the association has decided not to early adopt. The association does not expect that these changes will have a material effect on its financial statements.

2013 2012 $ $

Sales revenue- Municipal contribution 654,438 614,122- Marketing contribution - 112,280- Industry marketing contribution 66,018 66,945- Other 2,302 3,481- Interest received 6,085 12,132 728,843 808,960

NOTE 2: REVENUE AND OTHER INCOME




2013 2012 $ $

CURRENTTrade payables 20,172 117,759Other payables 28,087 21,773Short-term employee benefits 43,503 27,170 91,762 166,702

NON CURRENTLong-term employee benefits 6,504 20,230 6,504 20,230

NOTE 9: TRADE AND OTHER PAYABLES

2013 2012 $ $

CURRENTPrepayments 200 64,780 200 64,780

NOTE 7: OTHER ASSETS

2013 2012 $ $

Office Equipment:At cost 77,079 75,848Accumulated depreciation (68,152 ) (64,640 ) 8,927 11,208Total Property, Plant and Equipment 8,927 11,208

Movements in carrying amountsMovement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year

Office Totals Equipment $ $Balance at 1 July 2011 15,984 15,984Depreciation expense (4,776 ) (4,776 )Balance at 30 June 2012 11,208 11,208Additions 1,231 1,231Depreciation expense (3,512 ) (3,512 )Carrying amount at 30 June 2013 8,927 8,927

NOTE 8: PROPERTY, PLANT AND EQUIPMENT

2013 2012 $ $

Remuneration of the auditor of the association for:- auditing or reviewing the financial report 1,500 1,450- preparation of the financial report 1,000 1,000

NOTE 4: AUDITORS’ REMUNERATION

2013 2012 $ $

Cash on hand and at bank 10,744 9,241Short-term bank deposits 165,792 189,708 176,536 198,949

Reconciliation of cashCash at the end of the financial year as shown in the cash flow statement is reconciled to items in the balance sheet as follows:Cash and cash equivalents 176,536 198,949

NOTE 5: CASH AND CASH EQUIVALENTS

2013 2012 $ $

CURRENTTrade receivables 10,025 4,026Other receivables - 16,518 10,025 20,544

NOTE 6: TRADE AND OTHER RECEIVABLES

2013 2012 $ $

Reconciliation of cash flow from operating activities with net current year surplus / (deficit)Current year surplus / (deficit) (11,126 ) (7,483 )Cash flows excluded from profit attributable to operating activitiesNon-cash flows in current year surplus / (deficit)- Depreciation 3,512 4,776Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries- (Increase)/decrease in trade and term debtors 10,519 (5,736 )- (Increase)/decrease in prepayments 64,580 (5,973 )- Increase/(decrease) in trade and other payables (91,273 ) 78,173- Increase/(decrease) in employee benefits 2,606 16,681 (21,182 ) 80,438

NOTE 10: CASH FLOW INFORMATION



NOTE 12: SEGMENT REPORTING

The association operates predominantly in one business and geographical segment, being to promote tourism in the Mildura & surrounding regions of Australia.

NOTE 13: ECONOMIC DEPENDENCE

While the association’s activities are assisted by member contributions, its core source of revenue is provided by Mildura Rural City Council (MRCC). At the date of this report, the members of the committee had no reason to believe that MRCC would not continue to provide financial support to Mildura Tourism Inc.

NOTE 14: ASSOCIATION DETAILS

The principal places of business is:Mildura Tourism Inc60-62 Madden AvenueMILDURA VIC 3500

Annual Statements Give True and Fair View of Financial Position and Performance of Incorporated Association

We, Peter Doody and Craig Muir, being members of the committee of Mildura Tourism Inc, certify that –

The statements attached to this certificate give a true and fair view of the financial position and performance of Mildura Tourism

President Peter Doody Treasurer Craig Muir

Dated this 10th day of October 2013


Key Management PersonnelAny person(s) having authority and responsibility for planning, directing and controlling the activities of the association, directly or indirectly, including its committee members, is considered key management personnel.

NOTE 11: EXECUTIVE REMUNERATION

2013 2012 No. No.

$120,000 - $129,999 1 1 1 1

visitmildura.com.au

PO Box 3103Mildura Victoria 3502 AustraliaTelephone 61 3 5021 0599Facsimile 61 3 5021 0588Email [email protected]

annual report - visit mildura · targeting key market segments. advertisements were continually...

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