Tourism Snowy Mountains

ANNUAL REPORT 2015 – 2016

www.snowymountains.com.au Contents

Overview and Vision 2

Organisation 3

Board & Executive Profiles 4

Chair Report 6

EO Report 7

Visitor Statistics 15

Public Officer Report 17

Registered Members & Campaign Contributors 18

Treasurer’s Report & Financial Statement 19

Auditor’s Report 20

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Overview

Tourism Snowy Mountains is still the appointed Regional Tourism Organisation (RTO) for the Snowy Mountains region. The region includes Kosciuszko National Park and covers the Local Government Areas of:

• Cooma-Monaro Shire Council • Snowy River Shire Council (now the Snowy Monaro Regional Council)

• Tumbarumba Shire Council • Tumut Shire Council (now the Snowy Valley Regional Council)

Tourism Snowy Mountains’ vision is to unite the industry and stakeholders through effective leadership and achieve economic growth by creating opportunities for the region as a whole. This will be achieved by strong partnerships with key industry operators, regional and government stakeholders.

Tourism Snowy Mountains’ key roles are to:

• Represent the whole tourism industry.

• Develop cooperative partnerships to increase visitation to Snowy Mountains.

• Work with Destination NSW to deliver campaigns and motivate potential visitors to the destination.

• Work with private enterprise, communities and all government agencies to enhance opportunities.

• Assist in the development of skills and capacity within the tourism sector.

VISION

Snowy Mountains will be recognised as Australia's all year round alpine destination and will remain the leading snow destination, achieving strong visitation, yield and length of visitor stay.

To deliver on this vision, Tourism Snowy Mountains’ external focus is to:

• Lift and maintain the profile of the Snowy Mountains region with Federal, State and Local Governments and their agencies to ensure that the Snowy Mountains region is a top-of-mind tourism destination.

• Be a spokesperson for the Snowy Mountains region on regional tourism issues.

• Identify and leverage funding opportunities as they arise for the benefit of the Snowy Mountains region.

The operational role is to:

• Provide leadership and direction to the regional tourism industry.

• Develop and encourage innovative activities including marketing campaigns that maintain brand awareness and encourage increased visitation.

• Foster and encourage product development in the region and advise, consult and partner with Federal and State Government agencies, Local Government and major stakeholders to facilitate the growth and sustainability of the region’s tourism economy.

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Organisation

Tourism Snowy Mountains employs a full time Executive Officer that reports directly to the Board and works with local industry, tourism operators, Destination NSW and other key stakeholders to market the destination. Tourism Snowy Mountains also employs an Administration Manager who works four days per week.

Governance of Tourism Snowy Mountains is maintained by a 9-member Board consisting of four skills- based members, one local government, three industry/stakeholder representatives and a DNSW appointee.

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Board and Executive Profiles

Peter Cochran- Chairman: With ancestry in Snowy Mountains spanning more than 160 years, Peter brings a deep-seeded passion for the region to the Board. As principal of Cochran Horse Treks, Peter is active in developing unique visitor experiences and growing the visitor economy. He is a former Mayor of Cooma- Monaro Shire Council and member of NSW Legislative Assembly.

Wayne Kirkpatrick- Deputy Chair/Treasurer: Wayne’s experience in tourism is comprehensive. A former Director of Tourism Tasmania and Tourism Australia, Wayne has also held CEO roles at Hamilton Island, Mirage Resorts, Thredbo and Ayers Rock Resort to name a few.

Heath Woolley. Director – Major Stakeholder Appointee & Public Officer/Secretary: With almost 20 years’ experience in management roles within the tourism industry, Heath is currently Manager, Snowy Hydro Visitor Centres across the region. Heath spent seven years with Tourism WA where he managed WA Visitor Centres and was a committee member of the Visitor Centre Association of WA.

Stuart Diver. Director – Major Stakeholder Appointee: As Operations Manager of Kosciuszko Thredbo Pty Limited, Stuart has significant experience in the tourism industry having lived and worked at one of Australia’s premier alpine resorts for more than two decades. Stuart has been instrumental in developing many key product assets in Thredbo, including their extensive mountain bike trail network.

Bruce Marshall. Director – Membership / Small Business Appointee: Bruce has extensive tourism interests and assets in the Snowy Mountains region and across Australia. Owner of premier resort Lake Crackenback Resort & Spa, Bruce brings a wealth of experience to the TSM Board and is passionate about developing non- winter products and activities in the region.

Nolen Oayda. Director – Membership / Small Business Appointee: Nolen is a long-time resident of the Snowy Mountains with experience that spans events management, business development, marketing consultancy and other management positions in tourism businesses. Nolen is owner of Snowy Mountains Cookies, a ‘born and bred’ business in the region.

Bob Stewart. Director – Local Government Appointee (retiring): As GM of Snowy Valley Regional Council, Bob has extensive knowledge of government at all levels and the role of tourism in the four local government areas that TSM represents.

Mick Pettitt. Non-Voting Director – NPWS Appointee: Mick is the Regional Manager of the Southern Ranges Region. Mick’s role with NPWS is extensive, the region he manages covers the Snowy Mountains, which includes the Kosciuszko National Park. Mick’s knowledge of eco-tourism is broad and he is a vital member of the TSM Board as tourism strategies are developed in consultation with NPWS.

Candace Torres. Non-Voting Permanent Invitee – Destination NSW: Candace is the In-Land Zone Manager with Destination NSW. Her role on the Board is one of observer.

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Tourism Snowy Mountains Personnel

Neil Thew- Executive Officer: Neil has Bachelor of Arts and Master of Marketing Communication degrees with management experience in hotel, accommodation, food and beverage, small business, communications, sales and marketing. Neil was co-owner of a locally based snow sport clothing company with distribution in 14 countries and just prior to the TSM role, was Public Relations and Business Development Manager at Perisher for 12 years.

Jacqui Percy- Administration Manager: With a background in small business management in Australia and North America, Jacqui, immediately prior to her arrival in Snowy Mountains, was Department Supervisor of Schwarzkopf Professional (a division of Henkel Australia) where she managed national customer relations, trade education, seminars and events program, and technical hotline.

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Chairman′s Report

Tourism Snowy Mountains (TSM), over the past year, has continued to work effectively and efficiently in representing the Snowy Mountains, local government areas, tourism industry and stakeholders as the appointed Regional Tourism Organisation (RTO) through a process of good governance, professional management and sound strategic decisions.

The Board of TSM has met at regular intervals and according to the constitution has administered stakeholder, government and industry funds in the most effective manner possible; producing positive measurable and tangible outcomes.

A strong relationship with Canberra Airport management and their plans for further introduction of international flights inbound, as well as the on-going relationship with Destination NSW (DNSW), local government and regional industry, plus the emerging relationship with Visit Canberra have strengthened the position of TSM to establish itself as a strong Local Tourism Organisation (LTO) capable of marketing the Snowy Mountains region both domestically and internationally.

Our on-going and effective spring, summer and autumn campaigns have heightened awareness to the broad range of activities such as mountains biking, recreational fishing, horse riding, bushwalking and a wealth of other nature based pursuits; our towns and attractions, food and beverages, events and the culture and history of the Snowy Mountains. Our collaborative winter campaigns with the NSW ski resorts and DNSW have also been successful in keeping our beloved and hugely significant snow seasons top-of-mind and compelling in an environment of high competition.

Maximum use of social media and digital techniques by TSM has demonstrated that opportunities in this field have no bounds in marketing our tourism product in the technology hungry world that we now live in.

TSM is in a sound financial position despite uncertainty created by the NSW Government’s review of RTO’s. Revenues are predicably down (but only slightly) in this financial year due to DNSW’s reform announcement, however, the potential to generate income can be enhanced with the cooperation of the NSW Government, stakeholders and Snowy Monaro Regional Council taking a positive role in establishing TSM as an LTO. If this was to occur, the region would have a balanced and effective voice with representation from both industry and government to continue to develop tourism in the region.

I wish to convey my sincere thanks to those stakeholders and members who have stuck with us during the year. We have runs on the board and it is through your support that we progress the marketing and economic growth of our industry.

I wish to express my sincere thanks to Board Members for their tolerance during a year which has been marked with success by TSM and staff but marred by a prolonged and questionable review of RTO’s.

Finally, I want to record my appreciation of the work by Wayne Kirkpatrick for his role as Deputy Chair and Treasurer in somewhat difficult times; he has kept us in the black. Assisted by Jacqui Percy, bills are paid, cash flow monitored and the books balanced. Thank you Jacqui.

To our Executive Officer Neil Thew, thanks for your loyalty and professional management of our organisation. Your dedication and determination is greatly appreciated by the Board.

Best wishes to all TSM members, stakeholders and staff for a very Merry Christmas and happy and healthy 2017.

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Executive Officer’s Report Tourism Snowy Mountains (TSM) is in another period of transition following the protracted determinations of the Regional Tourism Organisation (RTO) review handed down by the NSW government in early July.

The reforms have resolved that all RTO’s will eventually be dissolved and new Destination Networks (DN) will be established by Destination NSW (DNSW) within the next twelve months. Under this new system, the Snowy Mountains region is to be clustered into what will be known as the Southern NSW Destination Network along with nine other local government areas.

TSM is now negotiating with the Snowy Monaro Regional Council (SMRC) to form a partnership to become a Local Tourism Organisation (LTO) to work along-side the new DN, the Council and regional stakeholders to ensure the region is fully represented and the development of tourism is on-going. Issues relating to Council amalgamations that restrict any funding of TSM are being worked on. Discussions continue at the time of writing, a suggested partnership model has been presented to SMRC by TSM.

TSM has been granted $175,000 in funding by DNSW to assist during the transition period to implement a new 2016-2017 spring, summer and autumn marketing campaign. TSM has been able to raise a further $100,000 for the campaign.

Part of the RTO reforms have resulted in a boundary shift for the region with Tumut and Tumbarumba (newly formed Snowy Valley Regional Council) now joining the Riverina DN. Both are signatories of an existing Heads of Agreement (HOA) with TSM and have fulfilled their financial obligations to TSM under the agreement. The existing HOA will expire 31 December 2016.

To date there has been no news from the NSW government on progress made to implement the new DN’s.

Regardless of the uncertainty surrounding the RTO reforms, TSM in the past twelve months has delivered on all set Key Performance Indicators and has implemented two successful marketing campaigns that have seen significant increases in visitor numbers to the region. Campaign activities and results are outlined below:

WINTER 2016:

The two year $350,000 per season ‘’Go Snowhere Else’’ winter marketing campaign with TSM, DNSW and the alpine resorts was in its’ second year in 2016.

The purely digital and social campaign highlighted the thrill and excitement of taking a snow holiday, encouraging all existing and potential visitors, but in particular first-timers to trial, families and groups achieved via video and inviting imagery. The campaign’s key messages were: skiing, snowboarding and snow- play is fun; booking accommodation is easy; take advantage of special discounted offers and all-inclusive packages, as well as, promoting other non-ski related activities available in the region.

HotelsCombined was integrated onto the Destination NSW and the TSM websites as a booking solution for the campaign. With this, the campaign was able to use the specially designed HotelsCombined Snowy Mountains landing page as the call to action. From here bookings growth data was measured directly in order to exhibit campaign success and measured outcomes.

The 2016 campaign had the following Key Performance Indicators (KPI’s) and results:

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1. Deliver a minimum of 263,210 visits to visitnsw.com Snowy Mountains Pages (+19% Year on Year - YOY) using Google Analytics as the measurement tool. ACHIEVED: 313,209 visits that’s a 27% increase YOY

2. Deliver a minimum of 60,893 leads to industry (+11% YOY). ACHIEVED: 86,855 or a 14% increase YOY

3. Deliver a minimum of 66,984 visits visitnsw.com with the intention to book via campaign partner HotelsCombined

4. Deliver a minimum of 16,746 leads to HotelsCombined

5. Deliver a minimum of 3,851 lead conversions to HotelsCombined ‘’White label’’ booking portal

6. Deliver a 2%-4% conversion rate measured by HotelsCombined

Points 3. 4. 5 and 6 all ACHIEVED: 174% to campaign bookings target. 78% increase in HotelsCombined bookings YOY. As reported by DNSW

Creative examples of 2016 digital placements for the Winter Campaign

TSM Homepage Integration

One interesting item to note, a video vignetter produced for the campaign achieved over 1.4 million views. This shows the huge on-going appetite for snow holidays and related activities in this country.

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SPRING, SUMMER, AUTUMN 2015 – 2016:

The 2015-2016 Spring, Summer and Autumn (SSA) campaign (in market October ’15 to May ’16), was year two of the SSA project (initiated October ’14 to May ’15). Outlined below are the various activities undertaken and the results achieved for year two:

- Digital Media: Targeted Google Display Network (GDN) advertising. Targeting specific interests of: outdoor recreation, food and wine, hobbies and activities including nature, wilderness, lakes and mountains, sports and outdoors, fitness and well-being. Total audience 3.6 million people, 25 years plus. The call to action for the digital campaign was the Snowy Mountains website, resulting in:

• Website Growth: a 113% increase in visitors was recorded. That’s over 82,300 new visitors to the site seeking information about what to do in the Snowy Mountains with over 129,000 additional page views and 97,700 more sessions

Google Analytics Results for the Campaign Period

Example of 2015 GDN

- Social Media: boosted, promoted posts and advertising resulted in:

• Facebook: posts reached a total of 7,882,702 people of which 6,693,815 was achieved via paid Facebook advertising, with high engagement providing excellent word or mouth marketing and endorsement of the region as a desired destination.

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TSM also conducted the ‘’Summer in the Snowies Photo Competition’’ to attract engagement to the page, with thanks to partner Snowy Mountains Cookies a year’s supply of cookies were won by two participants

The Photo Competition achieved excellent engagement with 112 entries; 3,200 website visits, over 1,000 votes; 614 likes, posts and shares; reaching 138,000 people on a $750 investment.

Example of a Facebook Sponsored Post Example of targeted Facebook Advertising

- Corporate Partnership and Accommodation Growth: With accommodation aggregators Stayz and Wotif, burst activities to their more than 2.7 million combined database provided accommodation deals to attract visitors to the region. Essentially these partnerships were implemented as a requirement to exhibit to DNSW benchmarking and accommodation growth data in the region as a result of the campaign. TSM also formed an alliance with HotelsCombined to secure its own accommodation bookings solution via the TSM website.

• Accommodation Growth via Stayz: during the campaign period, 10.1% growth in confirmed bookings; 11.18% growth in confirmed nights; 5% growth in confirmed pax were achieved. That’s $1.91 million in revenue for the region on a $25,000 investment. Combined 2014-2016 resulted in over $3.4m in bookings revenue.

• Accommodation Growth via Wotif: resulted in a 15.7% bookings increase room nights during two week campaign burst period, contributing $187,056 to the visitor economy and continues to take bookings at a $20,000 investment.

• Accommodation Growth via HotelsCombined: 487 bookings were achieved during the campaign period securing $885,982 in direct booking revenue and $382,282 in visitor expenditure. Total $1.27 million contribution to the visitor economy, on a $0 investment.

The Snowy Mountains HotelsCombined booking page

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• Other Accommodation Growth: during the campaign: Riverglade Caravan Park in Tumut recorded a 16.3% increase in bookings and Jindabyne Holiday Park saw a 7.1% increase in bookings.

- TripAdvisor: A new aggregated Snowy Mountains page was established in March 2016 on TripAdvisor, resulting in over 19,000 pages views since being set up and continues to attract potential holiday-makers, providing information and reviews to encourage decision making.

TripAdvisor Snowy Mountains Destination Page

• Signage: Canberra Airport terminal signs were seen by an estimated 300,000 people and resort signage in Thredbo and Perisher were seen by up to 20,000 people per day for three months.

• Traditional Media: The Snowy Mountains secured seventeen editorials and fourteen visiting journalists utilising predominately the services of DNSW’s PR Department and the EO’s contacts.

• Regional Brochure: An additional 5,000 regional brochures (adding to the 10,000 in 2014) were produced distributed throughout Australia with a focus on regional NSW, VIC and SE QLD. QR Codes in the brochures served to drive traffic to the TSM website.

- Other key indicators from around the region during the campaign period:

o Spring, Summer and Autumn campaign period to 2015 saw a 14% growth in traffic flows into and out of Cooma; o The figures achieved by TSM’s two year campaign are also in line with KNP gate (paid) entry figures to 2014: 21.8% increase; o Tumbarumba Visitor Information Centre visits increased by 11% during the SSA period; o Murray 1 Power Station increased visitor numbers by 20% during the same period; o Tourism Research Australia (TRA) December quarter 2015 figures revealed an increase of 15.3% in domestic overnight visitation to the region (100,000 additional people: Sept- Dec). The NSW average was only a 2.2% increase. March quarter 2016 (Jan-March) revealed a further increase of over 80,000. That’s an increase of 180,000 visitors to the Snowy Mountains for the corresponding 2015-2016 period. June Quarter 2016 (Apr- June) resulted in a further 12.2% increase or an additional 81,000 overnight visitors. That’s three straight quarters of growth for the region.

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There was also an investment made, as part of the campaign, to update and improve video and photography assets, these new assets are to be used in future promotion of the region.

The campaign tag-line: ‘’The Snowy Mountains, There’s More to it than You Think’’ continued to be well received by the market and is gaining its own identity. The results above indicate acceptance and understanding, as such the new 2016-2017 will be known as the ‘’More to it than you think’’ campaign.

‘’MORE” Campaign 2016-2017

TSM commenced its new $275,000 summer marketing campaign in early November utilising newly produced edited video clips and improved photography assets across digital and social media platforms.

The campaign activities involve the following elements:

• Website Rebuild: ensuring a better user experience and longer dwell time on the site, including SEO enhancement. At the time of writing, site visits have already increased by 30% in the first month. • Digital Advertising: across various platforms, but particularly targeted Google Display Network placements. • Social Media: targeted advertising and sponsored and boosted posts on Facebook, Instagram and YouTube. Also the ‘Snowies in Summer Photo Competition’. • HotelsCombined: partnership to obtain benchmarking and bookings growth data of the 339 properties they represent, pursuant to DNSW requirements. The goal is to achieve over 600 booking valued at over $1.4m • Region Visitor Guide: 20,000 new Regional Visitor Guides have been delivered nationally. These will have a shelf-life of two years. • Radio: advertisements during winter encouraging people to return in summer. • Signage/Videos: at Canberra domestic and international airports for two weeks in January at no cost, value $17K

New website homepage

The KPI’s set by DNSW for this program are to increase HotelsCombined bookings for the campaign period by 100% (over 600 bookings overall) and to increase website traffic to www.snowymountains.com.au by a further 10%. To date TSM is on track to achieve these KPI’s.

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FINANCIAL SITUATION:

A positive outcome of the previous financial year is that Retained Earnings at the end of the year increased by 11.3% to $272,998 up from 245,251.

Income: overall income decreased by $19,434 on the previous year. This was a result mainly on a decrease in fees earned from DNSW funding ($14,298). Although individual memberships appears to have decreased by $4,110 (in the Income and Expenditure Statement), this is not a true reflection, as some memberships were included in campaign investment income to TSM. In fact the number members remained the same year on year. Bank interest decreased by ($2,514) on the previous year.

Expenditure: TSM worked hard to continue to keep costs down and operate efficiently and effectively. However expenditure was up year on the year by $11,712, this due to a wage increase to staff and the hacking of the website, resulting in an unbudgeted spend of over $5,000 to have it fixed. TSM also participated in a Trade Mission to Singapore with the ACT government to increase the awareness of the region to this important market, the cost of this was just over $2,000 and was also unbudgeted.

At end of the Financial Year (FY) 2015-2016 TSM has achieved an operating surplus of $27,747. This on the back of surplus of $58,893 in 2014-2015.

At the time of writing, it is uncertain what the new government funding model for TSM will be. DNSW has not released information on whether the Regional Visitor Economy Fund will continue, or, if there will be a new grant scheme introduced. It is expected that this will be released early in 2017.

TSM continues to negotiate with SMRC a new partnership that will require some funding changes.

I look forward to working with all stakeholders in helping develop the future of the Snowy Mountains region so that it can truly prosper and realise its outstanding potential as an iconic regional destination in NSW.

Thanks for the support,

Example of 2016 Campaign Ad 2016 Regional Visitor Guide

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Visitor Statistics:

Please note: the below visitor and nights figures do not take into consideration the many unmonitored accommodation options, such as B&B’s, club lodges, privately owned apartments and houses, free camping and others that make up the majority of accommodation options available across the region. Go to: http://www.destinationnsw.com.au/wp-content/uploads/2016/09/Snowy-Mountains-YE-Jun-16.pdf for more information.

Source: DNSW

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Source: DNSW

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Public Officer’s:

Tourism Snowy Mountains Incorporated is an association registered under the Associations Incorporation Act, 1984. The role of the Public Officer is to act as primary contact for the Department of Fair Trading in terms of business registration, statutory reporting and membership registration as specified under the Act.

During the operating period the requisite statements and reports to the Department of Fair Trading have been submitted in accord with the Associations Incorporation Act. The financial year of the Association is the period 1 July through 30 June, inclusive.

The Board would like to take the opportunity of acknowledging and thanking local government, major stakeholders, individual members and Destination New South Wales, for their contributions and support as detailed in this report. Without this on-going support and commitment in working together it would not be possible to achieve the vision of advancing the Snowy Mountains region as one of Australia’s premier tourism destinations.

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Registered Members and Campaign Contributors 2015 - 2016

HOA Major Stakeholders General Members

Cooma Monaro Shire Council Jindabyne Trail Stewardship Snowy River Shire Council Kasees Apts & Mountain Lodge Tumbarumba Shire Council Kosciuszko Mountain Retreat Tumut Shire Council Lake Jindabyne Hotel Snowy Hydro Ltd Lantern Apartments Lake Crackenback Resort Lions club of Lake Jindabyne Selwyn Snowfields Macenmist Black Truffels & Wines Perisher Main Range Real Estate Kosciuszko Thredbo Marlborough Motor Inn Merivale Motel Tumut General Members Mid Perisher Centre Nebula Motel Absolute Alpine Nest Cinema Café and Books Adaminaby Snowy Scheme Collection NSW Interschools Snowsports Alpine Gables Pender Lea Chalets Aymblack Pty Ltd Perisher Manor Banjo Paterson Inn Perisher Resorts Chamber of Commerce Beloka Water Pty Ltd Pine Valley Estate Birdsnest Private Gardens of the Monaro Bimblegumbie Reynella Homestead/Horse trails Boggy Creek Show Ribbonwood Cottages Bungarra Alpine Centre and Action Learning Rydges Horizons Snowy Mountains Initiatives Salzberg Apartments (includes Maritz) Candlelight Lodge Thredbo Ski n Save Snow Holidays Cochran Family Horsetreks Ski Rider Hotel Motel Cooma Tourist Park (Snowy Mountains) Smiggins Hotel Canberra Airport Snowgoose Apartments Courabyra Wines Snowy Mountains Cookies Cool Mountain Lodge Sovereign Motor Inn Discovery Holiday Parks Sundance Bakehouse Elm Cottage Sundeck Hotel Eco Crackenback Snowy Mountains Country Club –Coolamatong Fairidge Snowy Weddings Gaden Trout Hatchery Talbingo Tourist Caravan Park Heli Fun The Denman High Country Outfitters The Jindy Inn High Country Trails & Tucker The Man From Snowy River Hotel Highland Lodge Farm Stay Thredbo YHA Hummingbird Charters Tumbarumba Motel Jindabyne Accommodation Centre The Point Jindabyne Chamber of Commerce Valhalla Perisher Jindabyne Equestrian Resort White Manor Motel Jindabyne Sport & Recreation Centre

THANK YOU!

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Treasurer’s Report and Financial Statement:

TSM continued its important function of being a strong advocate for the region, working with Destination NSW and major stakeholders to mount effective cooperative marketing campaigns promoting the region year-round.

A series of campaigns promoting our region were conducted as outlined in the Executive Officer’s report. The support by the campaign contributors and members listed on page 17 is much appreciated.

Pleasingly, TSM continued to enjoy the support of its major stakeholders, specifically the regions local governments, namely Cooma Monaro Shire Council, Snowy River Shire Council, Tumbarumba Shire Council and Tumut Shire Council.

In addition, substantial support came from Snowy Hydro, Perisher and Thredbo.

Lake Crackenback Resort and Spa, Charlotte Pass Ski Resort and Selwyn Snowfields also made special contributions, as did NPWS and Canberra Airport.

What seems like a decline in small business memberships from the industry of 17.1% is noted in the Executive Officer’s report is not a true reflection with some memberships now forming part of an overall investment package that includes campaign contributions combined with membership.

Total operating revenue for the year decreased 7.3% while total expenses increased 5.6%. Retained earnings increased 11.3% to $272,998 for the full fiscal year.

Even stronger financial support of TSM would enable more comprehensive advocacy and year-round promotion of the region and we remain optimistic that support will grow over time as businesses in the region recognise and appreciate the role played by TSM and the results it generates.

I’d like to thank Neil Thew and Jacqui Percy for their tight and accurate management of TSM’s finances.

Wayne Kirkpatrick

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Auditor’s Report:

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