Annual Report 2019
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ANNUAL REPORT 2019 Venue Management Association (Asia and Pacific) Ltd ABN: 51 056 680 123 Level 1, 110-112 George Street Beenleigh QLD 4207 Australia P: +61 (0) 7 5575 9185 E: [email protected] W: www.vma.org.au Page | 2 Contents Office Bearers ......................................................................................................................................... 4 Board of Directors .............................................................................................................................. 4 Venue Management School Committee ........................................................................................... 4 President’s Report .................................................................................................................................. 5 Venue Management School Chair’s Report ........................................................................................ 12 Financial Report .................................................................................................................................... 16 Directors’ Report .............................................................................................................................. 17 Auditor’s Independence Declaration under S 307C of the Corporations Act 2001........................ 23 Statement of Profit and Loss and other Comprehensive Income .................................................. 24 Statement of Financial Position ....................................................................................................... 25 Statement of Changes in Equity ....................................................................................................... 26 Statement of Cash Flows .................................................................................................................. 27 Notes to the Financial Statements .................................................................................................. 28 Directors’ Declaration ...................................................................................................................... 37 Independent Auditor’s Report ......................................................................................................... 38 Honour Roll ........................................................................................................................................... 40 Honorary Members .......................................................................................................................... 40 Past President’s ................................................................................................................................ 40 Our Brands ............................................................................................................................................ 41 Page | 3 Office Bearers Board of Directors Steve Harper CVE VMA President Chris Farrell AVM Chair, Finance, Audit and Risk Committee David Krug Chair, Membership & Marketing Committee Patricia McNamara CVE Chair, Congress Committee Leighton Wood Chair, Professional Development Committee Brendan Hines Member, Finance, Audit & Risk Committee Phil King AVM Member, Professional Development Committee Milton OBrien CVE Member, Congress Committee Michael Scott Member, Finance, Audit & Risk Committee Paul Sergeant OBE Member, Congress Committee Natalie Valentine Member, Membership & Marketing Committee Judith Vince CVE Member, Membership & Marketing Committee Venue Management School Committee Wayne Middleton CVE Chair Anthony Duffy AVM Dean of Leadership Institute Rebecca Barry Nelita Byrne Dean Hassall AVM Steve Hevern CVE Gavin Taylor Andrew Travis AVM Leighton Wood ex officio VMA Board Page | 4 President’s Report Dear VMA colleagues At this time of the year, it is the role of the VMA President to update Members on the activities, achievements and outcomes of the Association’s previous financial period, which in the case of the VMA is the calendar year. Strictly speaking, if I were to do so, I could hand on heart report to you that 2019 was a stellar year for the VMA, financially, operationally, and most importantly in terms of membership services and attendances. Rest assured this report will still detail the 2019 year that was. But clearly, I felt it is also incumbent on me to address ‘the elephant in the room’. This perhaps may be the most unusual President’s Report authored by a VMA President in its long and proud history. There is no requirement on my part to remind you, our VMA family, of the unprecedented effects of the Covid-19 pandemic for many, if not all of our members and the organisations for which they work or manage. While the attached report provides an overview of the Association’s activities in 2019, given we are now more than half way through 2020 I wanted to acknowledge and address the significant challenges both the Association and the venue industry has faced these past months. During this challenging time our industry, our venues and our members have felt the full brunt of the Covid-19 pandemic. While the Association has also experienced a significant loss of revenue related to the cancelation of the Congress and our annual VMS (School), I wanted to assure you that the Association, through your Board, has been working diligently to achieve two major outcomes during this period: Ensuring the continued solvency and ongoing sustainability of our great Association, and Ensuring we are providing the appropriate and customised support to our members and the wider venue industry. Whilst we have seen a pause to several of our key face to face programs and services, we have placed our focus into other undertakings with great success. All members have been provided a 12- month membership fee free period and we recently launched the VMA Affiliate program to allow the wider industry a sample of the VMA services at no cost and in so doing be welcomed into our community during this period . At the onset of this crisis we formed two new committees: the Crisis Response Committee and the Strategy Planning Committee. From these several noteworthy initiatives have been forthcoming, including the recent 8-week run of our highly successful and well attended VMA Digital Series; our crisis related resource portal on the VMA website, and our ongoing partnership with other industry Associations and the wider industry within the advocacy space. We have collaborated with and aligned our advocacy efforts with Live Performance Australia (LPA), the Exhibition and Event Association of Australasia (EEAA); the Entertainment Venues Association Of New Zealand (EVANZ) and most recently with the Live Entertainment Industry Forum Page | 5 (LEIF). Great progress is being made within the wider industry with various Federal and State government agencies by LEIF having a united and aligned voice as we work towards a reopening of venues. As the Association continues to adapt and we continue to support each other I am confident we will all work through this difficult period together and return to a position of strength soon. As I write this Report, it’s is pleasing to see our colleagues in New Zealand have now been fully reopened for close to a month and Western Australia is heading in a similar direction, but we are also reminded of the fragility of recovery with the imposition of new lockdowns in Melbourne. In the not too distant future I hope to see all our venues and supplier business’s back in full swing, noting however there are ongoing concerns around both the state of the economy and current international boarder closures, which are having major effects on international artists and sports people entering the country, and indeed crossing State and Territory borders. I am pleased to report that 2019 was a monumental year for the Association. We made significant progress in numerous areas, specifically, increased membership and record delegate and student numbers at our annual Congress and School. The Association staffing profile and financial position was at its healthiest and we were expanding our membership services and underway with several exciting new initiatives. Throughout the year I was again reminded of the commitment and enthusiasm demonstrated for the Association by the many dedicated committee members, the Board, the staff, and last but not least our wider member base, sponsors and supporters. It is very rewarding to see this ongoing dedication to the continued growth of the organisation and to ensure the VMA remains as Your Number 1 Venue Industry Network. It is satisfying to know that all the work we undertake has a positive effect on the industry by delivering more highly qualified venue professionals through our extensive networking and educational forums. The 2020 AGM will mark my last official duty as the Association’s President and I would like to thank all the Association’s members, our partners, staff, committees, and fellow Board Directors for helping make my term as President a rewarding and enriching experience. It has been a privilege to serve as the Association’s President over the past three years and as a board member these past nine years. I am very proud of what has been achieved with the Association over my years as a Board member and as President. In my many years on the Board there has been a strong alignment and drive by all my Board colleagues to better the Association. I am honoured to have worked with a dedicated and passionate collective of Board, committee