Annual Report 2019-2020 Business Events Tasmania Annual Report

ANNUAL REPORT 2019-2020 BUSINESS EVENTS TASMANIA ANNUAL REPORT

Tasmanian Convention Bureau Limited REGISTERED OFFICE (Trading as Business Events Tasmania) Level 5, 39 Murray Street 31st Annual Report 2019 - 2020 HOBART TAS 7000 Presented at  03 6231 1366 Blundstone Arena  [email protected] 15 October 2020  betasmania.com.au

COMPANY SECRETARY

Marnie Craig

Level 5, 39 Murray Street HOBART TAS 7000

AUDITOR

Mr D J McCarthy (Partner) Wise Lord & Ferguson

160 Collins Street HOBART TAS 7000

BANK

Commonwealth Bank

81 Elizabeth Street HOBART TAS 7000

ABN: 33 009 589 584 ACN: 009 589 584

Paul Redding Photography Cover: Australian Tourism Awards, Cataract Gorge Launceston

Business Events Tasmania | Annual Report | 2019 - 2020 3 BOARD OF DIRECTORS

AT 30 JUNE 2020

Mark Kelleher Ralph Freckelton Professor Dominic Geraghty Chair Director Director

Stephen Farquer* Paula Leishman Nathan Darke Deputy Chair Director Board Observer

Dominic Baker* Sarah Thomas Director Director

John Fitzgerald* Maria Lurighi Director Director

*Governance Risk Audit Committee (Chair – Stephen Farquer)

OUR STAFF

AT 30 JUNE 2020

Marnie Craig Meredith Farrer Elise Devereux Chief Executive Officer Marketing & Marketing Coordinator Communications Manager Krystal James Helen Benson Manager Trade & Laura Curtain Office Manager Strategic Alliances Business Development Manager Kerri-Ann Struzaker Leah Muir Taryn Reid Administration Assistant Sales Manager Business Development Manager

Michelle Gilroy-Webb Iola Mauderer Membership Manager Research Coordinator

Food & Beverage Collective

4 Business Events Tasmania | Annual Report | 2019 - 2020 CHAIR REPORT

talent and provide social benefits and engages industry leaders to Government’s financial contribution to achievements in a challenging year. that continue to enrich local champion the state and work with BET in 2020FY was $790,000. On top Their dedication to seeing BET communities well after events BET in identifying new opportunities of this, is the provision of the business achieve objectives is commendable. have gone. for conferencing in Tasmania and, events attraction fund that allows through their networks, create BET to offer financial support at the I would also like to thank our funding Business events delegates are the opportunity for BET to bid for critical event bidding stage and keeps partners as mentioned above, and high yielding, spending on average business events to be held in the Tasmania competitive in securing our all-important member partners twice as much as a leisure visitor. State. The resulting business events strategic conferences that align with who work closely with us and 25 per cent of delegates bring at create a platform for investment, Tasmania’s key industry sectors. continue to support BET in offering least one other person with them trade and research collaboration the best Tasmanian product to the when travelling for a business event while showcasing Tasmanian talent I would also like to thank the City World. I can assure you that we and stay for 2-3 days before or after and innovation to the world. of Hobart, the City of Launceston remain focused on securing national the event. and the West Tamar Council for and international business events to Since the establishment of BET’s their financial contribution last year. Tasmania and to your businesses. Conferencing activity was looking Ambassador Program in 2016 Importantly, the support of our strong for the 2020FY with over we have seen significant growth industry members and other Finally, I would personally like On behalf of the Board of Directors, 120 business events scheduled to in national and international key partners enables BET to to thank my fellow Directors for I am pleased to present the 2020 take place throughout the year, conferences that align with key continually deliver significant their time and commitment to the annual report as Chairman of along with increasing interest from Tasmanian industry sectors. benefits for Tasmania. organisation during the last year. Business Events Tasmania (BET). the corporate and incentive travel market. Despite restrictions making A strategic focus on attracting BOARD & CORPORATE After a good start, the final months traditional face-to-face conferencing business events to Tasmania’s GOVERNANCE of our 2020 financial year (2020FY) unavailable after March; it is pleasing regions has successfully delivered were overshadowed by the to note than many of the business regional dispersal within the business In August 2019, we welcomed COVID‑19 pandemic, the effects events that couldn’t take place as a events sector in the North and North Professor Dom Geraghty to the of which will continue to be felt result of COVID-19 have rescheduled West. This includes two significant BET Board. Professor Geraghty holds Mark Kelleher for some time in the business for future years. events held in 2019: The Australian the position of Pro Vice-Chancellor Chair events industry. Regional Tourism Convention in (Launceston) at the University of October 2020 The organisation continues to Devonport in October and Tasmania, driving delivery of the As an organisation we are acutely review our strategic plan in light Ecological Society of Australia Northern Transformation’s vision aware that for our 160+ member of disruptions and changing National Conference in Launceston and strategic objectives for the city partners sitting right at the coal market conditions brought about in November. Pre and post and region. As BET works closely face of the business events, tourism by COVID-19. This will include conference field trips for these with UTAS on many strategic bids, and hospitality industry, 2020 has reassessment of our key target events visited the Cradle Coast, a UTAS presence on the Board is brought uncertainty, disruption, markets with the emergence of new Northern Midlands, Lake Mackenzie vital and Professor Geraghty brings a stress and economic pressure market opportunities, and refinement and Ben Lomond. wealth of experience to the position. on an unprecedented scale. of our processes to best meet our customers’ needs. The review will Over the coming year we will BET’s Governance Risk Audit BET is committed to rebuilding consider the significant changes and continue to build on the success Committee meets regularly business events, an industry that restrictions placed on our industry of the Tasmanian Ambassador to review BET’s financial delivers so much to Tasmania. Not that will result in an even more Program to deliver measurable performance, governance only do business events contribute competitive operating environment. benefit to Tasmania. procedures and risk register. a direct economic annual return of close to $150 million to the TASMANIAN FUNDING ACKNOWLEDGEMENTS Tasmanian economy and bring over AMBASSADOR I would like to thank the Premier In closing, on behalf of the Board, 36,000 delegates to the State, but PROGRAM conference connections create and his Government for their I would like to thank the small but opportunities for trade, investment, BET’s Tasmanian Ambassador ongoing support of the business very competent and hardworking and innovation, attract global Program was launched in 2016 events industry. The Tasmanian BET staff, including CEO Marnie Craig, for their ongoing efforts and

6 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 7 CHIEF EXECUTIVE OFFICER’S REPORT

To this point, BET has been working informed decision making around more collaboratively with the future sales and marketing activity. Tasmanian tourism industry on a joint approach to recovery through As part of this process, we have the Visitor Economy Strategy Group. recently launched a fantastic new BET’s inclusion in this group has website. The website now offers been invaluable in ensuring that a more user-friendly experience, business events is included in the curated content, and helpful tools future tourism agenda. for conference and event planners to get a true feel for the Tasmanian BUSINESS DEVELOPMENT business events experience. The site provides a distinctly visual Despite the challenging experience through the use of circumstances in the second half high-quality imagery, video and RESPONDING TO A of the financial year, I am happy intuitive design, allowing us to to report that BET was still able to better engage with our customers, CHALLENGING YEAR Josef Chromy Wines exceed bidding activity KPIs as set particularly those in the corporate To say that FY2020 was a in our Tasmanian Government and incentive travel market. What challenging year for our industry funding Activity Plan. started out as a major project to would be an understatement. overhaul our online presence and In late 2019, BET hosted a improve the way we showcase our successful famil for a large group While COVID-19 caused many events member product, soon morphed of association and corporate to not go ahead at their scheduled into a body of work with much I am proud of the way in which within the business events market contribution that essentially clients, and professional conference times, the number one priority of greater significance throughout staff have adapted to the changed as borders gradually reopen. makes up the Tasmanian organisers. The 3-day program the Business Events Tasmania team the COVID-19 crisis. operating environment, including Restrictions on international travel, business events industry. was to secure the postponement allowed attendees to experience time spent working remotely, without and a reluctance to travel to major of as many contracted events as firsthand what Tasmania can offer With border restrictions currently interruption to their activities or their capital cities, makes Tasmania an It is a privilege to continue to lead possible to retain market share for their business events and resulted in in place, BET like many other enthusiasm for their work. appealing destination for the high BET into the future. I thank my our members. promising business opportunities. organisations has had to review yielding corporate incentive market small but committed team, and and innovate around the way we that was traditionally outbound our Board of Directors for your Earlier this year, when sales activity I am pleased to advise that we have do business. With many of our FINANCIALS prior to the pandemic. We look ongoing support as we work hard declined due to COVID-19, BET been successful in retaining 64 per traditional sales and marketing forward to further unlocking these to rebuild our industry after its staff commenced a project to BET’s turnover for the 2020 financial cent of business events contracted channels such as famils and trade opportunities to deliver returns for all toughest challenge yet. better understand the needs of our year was $1,348,357 with a reported for Tasmania throughout 2020. shows off the table for the time our stakeholders. customers, to strategically inform loss of $1,248. These events will now be held over being, the new website will prove our sales and marketing processes. 2021 and 2022, providing a pipeline an invaluable tool as we continue The project focused particularly of work for our membership base to generate interest in Tasmania LOOKING AHEAD: THANK YOU on the way in which BET provides and contributing to the recovery of for events in 2021 and 2022. BET greatly appreciates the support not only Tasmania’s business events proposals and quotes to professional Although the year ahead will of our stakeholders, in particular the industry, but our visitor economy conference organisers, event To accommodate the rapidly be marked by challenges and Marnie Craig Tasmanian Government, the City more broadly. planners and others working in changing business environment, uncertainty, the BET Board and staff CEO the conference and business BET has had to be flexible with remain committed to doing what is of Hobart, City of Launceston, and BET is continuing to work through events industry. the staffing resource available to required to ensure that our industry West Tamar Council, whose financial the evolving impacts of COVID-19 manage priority sales, marketing has the best possible opportunities contribution last year enabled BET to With the changing circumstances, on our industry, with a focus on and administrative activity, and to for recovery. continually deliver significant benefits BET has spent the last five months ensuring our members are supported fill the gaps highlighted by having for Tasmania. on a comprehensive customer and that the business events voice a better understanding of our Tasmania’s strong brand position consultation and customer journey I would also like to thank our is heard at an industry and customer needs. coupled with low rates of COVID-19 members for their greatly valued government level. mapping project to allow for creates welcome opportunities

8 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 9 BUSINESS EVENTS TASMANIA FINANCIAL STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME 12

TRADING, PROFIT AND LOSS STATEMENT 13

STATEMENT OF FINANCIAL POSITION 15

STATEMENT OF CASHFLOWS 16

STATEMENT OF CHANGES IN EQUITY 17

NOTES TO THE FINANCIAL STATEMENTS 18

AUDITOR’S INDEPENDENCE DECLARATION 25

Hotel Grand Chancellor Launceston

10 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 11 TASMANIAN CONVENTION BUREAU LIMITED TASMANIAN CONVENTION BUREAU LIMITED DIRECTORS’ STATEMENT OF COMPREHENSIVE DECLARATION INCOME ACN 009 589 584 FOR THE YEAR ENDED 30 JUNE 2020

The directors of the company declare that:

1. In the directors’ opinion the financial statements and notes 2020 2019 thereto are in accordance with the Corporations Act 2001 and: Notes $ $ a. comply with Accounting Standards and Corporations Regulations 2001; and Revenue 2 1,348,351 1,467,159 Depreciation and Amortisation Expenses 3 (8,009) (10,426) b. give a true and fair view of the financial position as at 30 June 2020 and the performance for the year ended on Salaries and Employee Benefits Expense 3 (842,838) (820,472) that date of the company. Other Expenses from Ordinary Activities (614,752) (659,108)

2. In the Directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they NET PROFIT (117,248) (22,847) become due and payable.

This declaration is made in accordance with a resolution of Other Income 4 116,000 - the Board of Directors and is signed for and on behalf of the director by: TOTAL COMPREHENSIVE INCOME (1,248) (22,847)

Ralph Freckelton Director 21 September 2020

12 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 13 TASMANIAN CONVENTION BUREAU LIMITED TASMANIAN CONVENTION BUREAU LIMITED TRADING, PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2020 STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2020 2020 2019 $ $ INCOME Membership Fees 174,696 248,662 Accommodation Commission 251 42,699 State Government Grant 790,000 790,000 2020 2019 Local Government Grant 147,555 146,200 Notes $ $ Grant - Other 51,994 38,535 Co-Op Marketing 181,838 196,106 CURRENT ASSETS Sundry Income 341 327 Interest Received 1,677 4,630 Cash 5 340,479 306,184 1,348,352 1,467,159 Receivables 6 39,151 45,915 EXPENDITURE Accounting & Legal Fees 1,450 370 Other 7 3,240 - Affiliation Fees 15,562 18,466 TOTAL CURRENT ASSETS 382,870 352,099 Auditor's Remuneration 6,500 6,360 Bank Charges 693 896 NON-CURRENT ASSETS Board/Staff Planning Meetings 5,151 5,252 Brochures 34,264 48,672 Plant and Equipment 8 20,944 24,238 Car Parks 7,286 6,655 Intangible Assets 9 11 16 Cleaning 3,162 3,134 Computer Expenses 27,746 12,838 TOTAL NON-CURRENT ASSETS 20,955 24,254 Bookkeeping/Consulting Fees 15,936 19,214 Corporate Governance 266 1,057 Depreciation and Amortisation Expenses 8,009 10,426 TOTAL ASSETS 403,825 376,353 Donations 0 - Bad Debts 0 - CURRENT LIABILITIES Electricity 8,374 9,183 Equipment Hire 0 44 Payables 10 55,558 59,938 Fringe Benefits Tax 2,805 3,243 Income Received in Advance 11 51,519 3,840 Insurance 10,533 10,879 International Sales 47,055 34,213 Provisions for Annual Leave 12 13,532 30,854 Provision for Leave Entitlements (14,580) 364 TOTAL CURRENT LIABILITIES 120,609 94,632 Marketing Projects 266,809 260,460 Member Services 4,928 34,918 Launceston Rep - State Government Grant Expended 1,500 1,604 NON-CURRENT LIABILITIES Postage and Freight 1,117 1,002 Provisions for Long Service Leave 12 19,923 17,180 Printing and Stationery 6,674 4,129 Recruitment 0 1,535 TOTAL NON-CURRENT ASSETS 19,923 17,180 Rent & Rates 44,806 41,138 Repairs & Maintenance 24 849 Salaries 769,485 762,962 TOTAL LIABILITIES 140,532 111,812 Site Inspections / Famils 32,902 47,928 Staff Amenities 9,816 8,769 Subscriptions 6,277 7,310 NET ASSETS 263,293 264,541 Sundry Administration Costs 192 765 Superannuation 70,548 67,407 EQUITY Telephone/Fax 35,734 34,400 Retained Profits 14 263,293 264,541 Training and HR Management 30,383 16,845 Travelling Expenses 4,193 6,720 TOTAL EQUITY 263,293 264,541 1,465,600 1,490,006

14 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 15 TASMANIAN CONVENTION BUREAU LIMITED TASMANIAN CONVENTION BUREAU LIMITED STATEMENT OF STATEMENT OF CASHFLOWS CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2020 FOR THE YEAR ENDED 30 JUNE 2020

2020 2019 Retained Earnings

Notes $ $ $

CASH FLOWS FROM OPERATING Opening balance 1 July 2019 264,541 ACTIVITIES Profit for the year ended 30 June 2019 (1,248) Receipts from members 1,466,199 1,477,593 Balance as at 30 June 2020 263,293 and Government Payments to suppliers (1,428,871) (1,535,167) and employees Interest Received 1,677 4,630 NET CASH FLOWS FROM (USED IN) 15 39,005 (52,944) OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Non-Current Assets (4,710) (235) NET CASH FLOWS FROM (USED IN) (4,710) (235) INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES Repayment of Loan - - NET CASH FLOWS FROM FINANCING - - ACTIVITIES NET INCREASE (DECREASE) IN CASH 34,295 (53,179) HELD Add opening cash brought forward 306,184 359,363 CLOSING CASH CARRIED FORWARD 15 340,479 306,184 CASH & CASH EQUIVALENTS AT END OF PERIOD (NOTE 4) Cash on Hand 22 7 Cash at Bank 28,111 95,524 Tascorp Cash 312,346 210,653 Management Account 340,479 306,184

16 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 17 TASMANIAN CONVENTION BUREAU LIMITED lease liability and the lease interest expense for the rate method, which for floating rate financial assets is the period. rate inherent in the instrument.

Lease payment for operating leases, where substantially Revenue from the rendering of a service is recognised NOTES TO THE all the risks and benefits remain with the lessor, are upon the delivery of the service to the customers. charged as expenses on a straight-line basis over the lease term. All revenue is stated net of the amount of goods and FINANCIAL STATEMENTS services tax (GST). Lease incentives under operating leases are recognised as FOR THE YEAR ENDED 30 JUNE 2020 liability and amortised on a straight- line basis over the life G. Goods and Services Tax (GST) of the lease term. Revenues, expenses and assets are recognised net of C. Employee Benefits the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. Provision is made for the company’s liability for employee In these circumstances, the GST is recognised as part of Summary of Significant Accounting Policies Depreciation benefits and is measured at the amount unpaid at the the cost of acquisition of the asset or as part of an item reporting date at current pay rates in respect to services of the expense. Receivables and payables in the balance The financial report is a general purpose financial report The depreciation amount of all fixed assets is depreciated rendered by employees to the end of the reporting sheet are shown inclusive of GST. that has been prepared in accordance with Australian on a diminishing value basis over their useful lives to the period. Accounting Standards (including Australian Accounting company commencing from the time the asset is held Cash flows are presented in the cash flow statement on a Interpretations) and the Corporations Act 2001. ready for use. Provision for long service leave is recognised after five net basis. years of service on a pro-rata basis and is measured at Australian Accounting Standards set out accounting The depreciation rates for each class of depreciable current rates and classified as a non-current liability. Long H. Income Tax policies that the AASB has concluded would result in assets are: service leave entitlements that are unconditional are No provision for income tax has been raised as the entity financial statements containing relevant and reliable classified as current liabilities and measured at current Class of Fixed Asset Depreciation Rate is exempt from income tax under Division 50 of the information about transactions, events and conditions. rates. Material accounting policies adopted in the preparation Income Tax Assessment Act 1997. Furniture and Fittings 15% of these financial statements are presented below and Contributions are made by the entity to an employee I. Comparative Figures have been consistently applied unless otherwise stated. Plant and Equipment 20% superannuation fund and are charged as expenses when incurred. When required by Accounting Standards, comparative Reporting basis and conventions Computer Equipment 33% figures have been adjusted to conform to changes in D. Provisions presentation for the current financial year. The financial report has been prepared on an accruals The assets’ residual values and useful lives are reviewed, basis and is based on historical cost modified by the Provisions are recognised when the entity has a legal or and adjusted if appropriate, at each balance sheet date. J. Accounts Payable and Other Payables revaluation of selected non-current assets, financial assets constructive obligations, as a result of past events, for and liabilities for which the fair value basis of accounting An asset’s carrying amount is written down immediately which it is probable that an outflow of economic benefits Payables, including goods received and services incurred has been applied. to its recoverable amount if the assets’ carrying amount is will result and that outflow can be reliably measured. or committed but not yet invoiced, are recognised greater than its estimated recoverable amount. Provisions recognised represent the best estimate of the when the organisation becomes obliged to make future Accounting Policies amounts required to settle the obligation at the end of payments as a result of a purchase or ordering of assets Gains and losses on disposals are determined by the reporting period. or services. Creditors and accruals are recognised at A. Property, Plant and Equipment comparing proceeds with the carrying amount. their nominal amounts, being the amounts at which the These gains or losses are included in the statement of E. Cash and Cash Equivalents Each class of property, plant and equipment is carried liabilities will be settled. Liabilities are recognised to the comprehensive income. When revalued assets are sold, at cost or fair value as indicated, less where applicable, extent that the goods or services have been received (and amounts included in the revaluation reserve relating to Cash and cash equivalents include cash on hand, accumulated depreciation and impairment losses. irrespective of having been invoiced). that asset are transferred to retained earnings. deposits held at-call with banks, other short- term highly liquid investments with original maturities of three Plant and equipment K. Accounts Receivable and Other Debtors B. Leases months or less, and bank overdrafts. Bank overdrafts are Plant and equipment are measured on the cost basis less shown within short-term borrowings in current liabilities Trade receivables are recognised and carried at original Leases of fixed assets where substantially all the risks and depreciation and impairment losses. on the statement on the statement of financial position. invoice amount less a provision for any uncollectible benefits incidental to the ownership of the asset, but debts. An estimate of doubtful debts is made when not the legal ownership, are transferred to the entity are F. Revenue The carrying amount of plant and equipment is reviewed collection of the full amount is no longer probable. Bad classified as finance leases. annually by the directors to ensure it is not in excess debts are written off as incurred. of the recoverable amount from those assets. The Grants are recognised as revenue when the organisation Finance leases are capitalised, recording an asset and a recoverable amount is assessed on the basis of the gains control of the underlying assets. Where grants are liability equal to the present value of the minimum lease expected net cash flows have been discounted to their reciprocal, revenue is recognised as performance occurs payments, including any guaranteed residual values. present values in determining recoverable amounts. under the grant. Non reciprocal grants are recognised as revenue when the grant is received or receivable. Leased assets are depreciated on a diminishing value Plant and equipment that have been contributed at no Conditional grants may be reciprocal or non-reciprocal basis over their estimated useful lives where it is likely cost or for nominal cost are valued and recognised at the depending on the terms of the grant. that the entity will obtain ownership of the asset. Lease fair value of the asset at the date it is acquired. payments are allocated between the reduction of the Interest revenue is recognised using the effective interest

18 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 19 TASMANIAN CONVENTION BUREAU LIMITED 2020 2019 $ $ NOTES TO THE 6 RECEIVABLES CURRENT FINANCIAL STATEMENTS Trade Debtors 9,535 10,489 Prepaid Expenses 22,760 28,277 FOR THE YEAR ENDED 30 JUNE 2020 Deposits Paid 6,783 6,783 Employee Loan - 63 Accrued Income 73 303 39,151 45,915 2020 2019 $ $ Terms and Conditions (I) Trade debtors are non-interest bearing and normally settled on 30 day terms. 2 REVENUE FROM ORDINARY ACTIVITIES Revenue from operating activities 7 OTHER Revenue from Members and Government 1,346,674 1,462,529 FBT Installments 3,240 - Total revenues from operating activities 1,346,674 1,462,529

Revenue from non-operating activities 8 PLANT AND EQUIPMENT Office Furniture and Equipment Interest 1,677 4,630 At cost 281,351 276,641 Total revenue from outside the operating activities 1,677 4,630 Accumulated Depreciation (260,407) (252,403) Total Office Furniture and Equipment 20,944 24,238 Total revenue from activities 1,348,351 1,467,159 (a) Reconciliation Reconciliation of the carrying amounts of the office furniture and equipment 3 EXPENSES AND LOSSES (GAINS) at the beginning and end of the current and previous financial year. Depreciation and Amortisation of non-current assets 8,009 10,426 Total depreciation and amortisation expenses 8,009 10,426 Carrying amount at beginning 24,238 34,413 Additions 4,710 235

Fringe Benefits Tax Expense 2,805 3,243 Depreciation (8,004) (10,410) Salaries 769,485 749,822 Carrying amount at the end of the year 20,944 24,238 Superannuation contributions 70,548 67,407 842,838 820,472 9 INTANGIBLE ASSETS Intangible Assets At cost 9,412 9,412 4 OTHER INCOME Amortisation Charge (9,401) (9,396) ATO Cash Flow Boost 50,000 - Total Intangible Assets 11 16 ATO JobKeeper Subsidy 66,000 - 116,000 - (a) Reconciliation Reconciliation of the carrying amounts of the intangible assets at the beginning and end of the current and previous financial year. 5 CASH Cash on Hand 22 7 Carrying amount at beginning 16 32 Cash at Bank 28,111 95,524 Amortisation Charge (5) (16) Tascorp Cash Management Account 312,346 210,653 Carrying amount at the end of the year 11 16 340,479 306,184

20 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 21 TASMANIAN CONVENTION BUREAU LIMITED 2020 2019 $ $ NOTES TO THE 14 RETAINED PROFITS Balance at the Beginning of the year 264,541 287,388 FINANCIAL STATEMENTS Net Profit (1,248) (22,847) FOR THE YEAR ENDED 30 JUNE 2020 Balance at the End of the year 263,293 264,541

15 STATEMENT OF CASH FLOWS (a) Reconciliation of the operation profit to the net cash flows from operations 2020 2019 Profit from ordinary activities after tax (1,248) (22,847) $ $ 10 PAYABLES Non-cash Items

Trade Creditors 31,812 29,390 Depreciation of non current assets 8,009 10,426 Other Creditors 300 502 Changes in assets and liabilities Accrued Expenses 11,682 14,786 (Increase)/ decrease in trade and other receivables 6,764 27,094 PAYG Withholding Payable 18,991 19,487 (Increase)/ decrease in other asset (3,240) - GST Payable (7,227) (4,227) (Increase)/ decrease in GST Payable (3,000) 1,002 55,558 59,938 (Decrease) increase in trade and other creditors (1,380) (80,907)

Terms and Conditions (Decrease) increase in employee entitlements (14,579) 2,790 (I) Trade debtors are non-interest bearing and normally settled on 30 day terms. (Decrease) increase fees in advance 47,679 9,498 Net cash flow (used in) operating activities 39,005 (52,944) 11 INCOME RECEIVED IN ADVANCE (b) Reconciliation of cash Income received in advance 51,519 3,840 Cash balance comprises 51,519 3,840 *Cash on hand 22 7 *Cash at bank 28,111 95,524 *Investments 312,346 210,653 12 PROVISIONS Closing cash balance 340,479 306,184 Current

Provision for Annual Leave 13,532 30,854 Employee entitlements have been calculated at employee rates of pay current at 30 June 2020 and exclude wages on-costs. Provision for Long Service Leave - - Superannuation Commitments Non Current Amounts paid directly on retirement or to prescribed superannuation funds for the provision of retirement benefits. Provision for Long Service Leave 19,923 17,180

16 AUDITORS' REMUNERATION 33,455 48,034 Amounts received or due and receivable by Wise Lord & Ferguson for the audit or review of the financial report of the entity. 6,240 6,360 13 MEMBERS’ GUARANTEE The company is limited by guarantee. If the company is wound up, clause 5.2 of the Constitution states that each member is required to contribute a maximum of $100 each towards meeting any outstanding obligations of the company. At 30 June 2020 the number of members were 162 including stakeholders.

22 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 23 TASMANIAN CONVENTION BUREAU LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

17 RELATED PARTY DISCLOSURE Directors The directors of the Tasmanian Convention Bureau as at 30 June 2020 were: Mr Mark Kelleher (Chair) Mr Steve Farquer (Deputy Chair) Mr Dominic Baker Mr John Fitzgerald Mr Ralph Freckleton Ms Sarah Thomas Ms Paula Leishman Ms Maria Lurighi Professor Dominic Geraghty Mr Nathan Darke (Board Observer) (a) Directors Remuneration Mr Mark Kelleher 13,140 13,140

AutoRent Hertz Freycinet Lodge Avis Australia Frida’s Sip ‘n’ Paint Hobart Ball and Chain Grill Frogmore Creek Cambridge Bangor Vineyard Shed Gateway Hotel by Nightcap Plus Bay Hotel Apartments Glen Albyn Estate Best Western Hobart Go Walk Tas Best Western Plus Launceston Gordon River Cruises Blundstone Arena Function Centre Gourmania Food Tours Brooke Street Larder Hadley’s Orient Hotel Budget Rent A Car Hobart Brewing Company BW Events Hobart City Hall C3 Convention Centre Hobart Function and Conference Centre Cascade Brewhouse Hobart International Airport Cataract on Paterson Hobart Town Hall City of Hobart Hobart Walking Tours City of Launceston Hobart Yachts Conference Design Hollybank Wilderness Adventures Country Club Tasmania Hotel Grand Chancellor Hobart Country Club Villas Hotel Grand Chancellor Launceston Cradle Mountain Hotel Huon Jet Crowne Plaza Hobart Ibis Styles Hobart Customs House Waterfront Hotel In The Hanging Garden Derwent Entertainment Centre Island Entertainment Design Tasmania James Boag Brewery Experience Destination Southern Tasmania Jill Bannon Corporate Event Management (Tasmania) Display Works Australia Josef Chromy Wines Pty Ltd Drink Tasmania Premium Tours KFM Events Drive Car Hire Lark Distillery Drunken Admiral Seafarers Restaurant Launceston Airport Elite Projex Launceston Chamber of Commerce EventSphere Launceston Conference Centre Experience Tasmania Tours and Charters Launceston Leisure and Aquatic Centre Expo Tas Launceston Travel & Information Centre Fat Pig Farm Leishman Associates Federation Artisan Chocolate Lenna of Hobart Food + Beverage Collective Love Tasmania Tours

Crowne Plaza Hobart

28 Business Events Tasmania | Annual Report | 2019 - 2020 Business Events Tasmania | Annual Report | 2019 - 2020 29 LUKE Corporate Speakers International Seagrass at Long Point MACq 01 Hotel Shene Estate and Distillery Macquarie Wharf No. 2 Cruise Terminal Slick Promotions Mantra Charles Hotel Spirit of Tasmania Mantra Collins Hotel St Ives Apartments Mawson’s Huts Replica Museum Stewarts Bay Lodge Mayfair Plaza Motel Sullivans Cove Apartments McDermott’s Coaches Tamar River Cruises Me Wah Restaurant Tamar Valley Resort Mike Calder Photography Tamar Visitor Centre Mona Tasmania Coachlines Motel 429 Tasmania’s Own Redline Coaches Mures Upper Deck Tasmanian Devil Unzoo and Tracker Adventure My Driver Hobart Tasmanian Gourmet Gifts Nant Distillery Tasmanian Government Navigators Tasmanian Symphony Orchestra Off the Table Experiences & Gourmania Food Tours Tasmanian Travel and Information Centre Old Kempton Distillery Tasmanian Wild Seafood Adventures Osborne Heli Tours Terroir Wine Tours Tasmania palawa kipli The Bakery Media Production Par Avion The Conference Manager paranaple convention centre The Glass House Paul Redding Photographer The Goods Shed Pennicott Wilderness Journeys The Henry Jones Art Hotel Penny Royal Wine Bar & Restaurant The Lounge by Frogmore Creek Peppermint Bay Hotel The Old Woolstore Apartment Hotel Peppers Seaport Hotel The Oyster Butler Experience Peppers Silo Hotel The Sebel Launceston Port Arthur Historic Site The Strahan Village Princes Wharf 1 The Tasman, a Luxury Collection Hotel, Hobart Pristine Catering and Events Thrifty Car Rental Quamby Estate Tourism Tasmania Queen Victoria Art Gallery, Royal Park Tramsheds Function Centre Queen Victoria Museum, Inveresk Travelodge Hobart RACV Hobart Apartment Hotel Travelodge Hotel Hobart Airport Ramada Resort by Wyndham Seven Mile Beach Unique Charters Red Decker Company University of Tasmania Stadium Roaring 40s Kayaking Waji Food Robyn Moore “Beyond Informed to Transformed” Waterside Pavilion Rosevears Hotel Weeding Hire Rotor-Lift Aviation West Tamar Council Royal Tasmanian Botanical Gardens Willie Smith’s Apple Shed Rydges Hobart Wrest Point Hotel & Conference Centre Saffire Freycinet Zero Davey Salamanca Inn - All Suite Hotel Salamanca Wharf Hotel Salters Hire Scene Change Tasmania

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