18-19 ANNUAL 20 REPORT - vtic.com.au · Cape Schanck Resort. VTI LIMITED CHIEF EXECUTIVE’S OPERATING REPORT The events of 2018-19 have allowed VTIC to sharpen its advocacy efforts

ANNUALREPORT20

18-19

YOUR BUSINESS | YOUR INDUSTRY | YOUR PEOPLE

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VICTORIAN TOURISM INDUSTRY LIMITED ABN 85 152 248 541

VTI LIMITED

VTI LIMITED ANNUAL REPORTYear Ended 30 June 2019

Major Partners Industry Partners

Corporate Partners

Contents

Chair’s Message 5

Chief Executive’s Operating Report 7

Directors’ Report 10

Auditor’s Independence Declaration 14

Statement of Comprehensive Income 15

Statement of Financial Position 16

Statement of Changes in Equity 17

Statement of Cash Flows 18

Notes to the Financial Statements 19

Directors’ Declaration 29

Independent Auditor’s Report 30

Acknowledgments 33

Victorian Tourism Industry LimitedABN 85 152 248 541

150 Collins Street, Melbourne, VIC 3000Tel: 03 8662 5425 | Fax: 03 8662 5449Email: [email protected] | www.vtic.com.au

Front and back cover photographer: Mark Watson

Photographer: Robert Blackburn

...travel is essential for the social, economic and environmental future of Victoria.

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VTI LIMITED

2018-19 has been a year of reflection and growth for the Victoria Tourism Industry Council.

In 2018, the VTIC Board undertook a comprehensive strategic planning process in which we engaged deeply with our members. Our member insights helped to shape the strategic direction of the

organisation for the next three years giving VTIC a clear purpose with a defined remit and tangible value for our members.

This process reinforced our belief that travel is essential for the social, economic and environmental future of Victoria. Our mission is to connect and inform our members; create one sector voice that advocates effectively to Government; and provide future-focused insights that enable industry innovation.

Our purpose was very clearly defined in this process - ‘to influence and shape Victoria’ s visitor economy’.

Throughout the year, the industry has been vibrant and thriving as we continue to surpass previous achievements and perform above the national average.

It was pleasing to see that the federal and state governments signed off on the Melbourne Airport Rail Link project in March, a project which VTIC has been advocating for over the past two years. The link will ease congestion and create further capacity to move our visitors across the state with the chosen Sunshine route providing improved connection to regional cities Geelong, Ballarat and Bendigo.

Stage 3 of the Melbourne Park redevelopment began this year, ensuring this sport and entertainment precinct remains world-class, and guaranteeing Melbourne as the home of the Australian Open until at least 2036. In 2019, the Australian Open attracted record crowds, with over 780,000 fans attending the event over the two-week period, delivering a huge boost of over $290 million into the Victorian economy.

In February, VTIC member and partner Victoria University launched the School for the Visitor Economy. The announcement was made at VTIC’s Visitor Economy Forum, addressing the need for a long-term focus on tourism, event and hospitality education to ensure we have the skills and capacity to deliver an outstanding visitor experience into the future.

Building on the entrepreneurial spirit of our young people, VTIC continued the Student Entrepreneurial Award in 2019. Now in its second year, two additional institutions participated in this innovative program - Melbourne Polytechnic and The Hotel School. These new participants joined our 2018 line up with William Angliss Institute; Victoria University; Holmesglen Institute and La Trobe University. The energy, innovation and creativity they demonstrated was inspiring and is a clear indication of the potential our industry’s future holds.

VTIC’s campaign in the lead-up to the 2018 Victorian State Election, Tourism is Victoria’s Business, was the outcome of in-depth conversation with members on the most pressing policy challenges facing our industry. The dedication and collaboration that is alive and well in our sector were clearly evident in the delivery of this campaign, which proved highly effective in ensuring that the visitor economy had high profile with all sides of government leading into the election.

I want to acknowledge and thank outgoing board member Noel Dempsey for his work over the past two years and welcome Terry Robinson, Chief Executive Officer of Destination Gippsland as a Director of the VTIC Board representing the destinations sector.

I would also like to thank my fellow Board members for their tireless commitment to VTIC over the past year. Delivering our state election campaign and strategic plan were huge achievements that required their focus and time well beyond the normal Board requirements. We are excited to now look to the next decade for VTIC, ensuring the organisation is well positioned to adapt to the issues and opportunities presented by today’s business landscape.

I want to extend the sincere thanks of all the Board to Felicia and the entire VTIC team, and many members of the Victorian Chamber of Commerce and Industry who support them, for their efforts in serving our industry and delivering value to our members.

Lastly, and most importantly, I want to thank you, our members and partners, for your continued commitment to and belief in VTIC. Your confidence in us as your industry body is never taken for granted and your support is what allows us to do all that we do on your behalf.

Charles Davidson Chair

CHAIR’S MESSAGE

VTI LIMITED 2014-15 ANNUAL REPORT

Victorian Tourism Conference, RACV Cape Schanck Resort

VTI LIMITED

CHIEF EXECUTIVE’S OPERATING REPORT

The events of 2018-19 have allowed VTIC to sharpen its advocacy efforts.

From the start of the 2018-19 financial year, VTIC went into overdrive in the advocacy arena to ensure that the interests and priorities of our industry were front and centre on the political agenda.

Kicking off the year with a record-breaking Victorian Tourism Conference at the newly redeveloped RACV Cape Schanck Resort on the Mornington Peninsula, the event set the scene for a powerful campaign launch that VTIC prosecuted for the industry leading into the state election in November.

Under the banner of Tourism is Victoria’s Business (TIVB), VTIC developed a comprehensive 5-Point Plan that drove home our key messages to all sides of government ahead of the state election.

The value of the visitor economy in Victoria has reached $31 billion and we are absolutely on track to achieve our target of $36.5 billion by 2025. Most importantly, the tourism industry is now employing more people than ever before - over 230,000 people are employed directly and indirectly in our sector with our jobs growth now exceeding the national average.

Statistics like these can no longer be ignored, and our TIVB campaign laid out an aggressive plan that would ensure the industry’s potential is realised into the future. The visitor economy has an audacious mindset of growth and promise, and we have solidified our position as a key contributor to the economic prosperity of Victoria.

VTIC’s 5-Point Plan created a strong rallying point over the year and allowed the industry to present a cohesive position that remained relevant and powerful well beyond the result of the November election.

In March of this year, the re-elected Andrews Government called for a review into regional tourism, which was strongly welcomed by VTIC. The five key themes identified as part of the consultation phase for the review reinforced the

strategic priorities outlined in our 5-Point Plan, confirming the relevance and critical nature of the focus we put on specific initiatives that would move the needle on the growth of our sector.

VTIC has been engaged deeply during the review consultation process as well as through the period of ultimately formulating our own submission on behalf of industry. The risk of doing nothing or simply maintaining the status quo can be significant; and VTIC has advocated tirelessly to drive forward changes that you our members told us were vital to our future.

The industry is poised to continue its powerful growth trajectory, but this will rely heavily on Government being ready to pull the necessary levers that will create the environment needed to sustain our growth. VTIC remains committed to ensuring the priorities of our members and the broader industry remain at the forefront of government’s focus as they look to grow the economic future of our state.

Beyond our influential advocacy efforts, VTIC has defined key territories of focus for our activities to support our members in growing their businesses. As outlined, advocacy is a key pillar of our deliverables for members; this effort is augmented by our commitment to creating strategic partnerships and services that will drive benefit to the bottom line of our members and industry development initiatives that mean our members are in prime position to leverage global opportunities.

MembershipThrough our strategic planning process in late 2018, our members told us that in addition to strong advocacy for the industry, they wanted VTIC to create opportunities for greater information sharing and to build beneficial strategic partnerships with the private sector.

In response to this, throughout 2018-19 members were offered a suite of business networking and professional development activities that featured a cross-section of

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CHIEF EXECUTIVE’S OPERATING REPORTCONTINUED

business experts from the private sector, as well as tourism specific thought leaders. Through these opportunities, members have collaborated with specialists in their fields, gained insights and knowledge in best practice and formed strong business connections.

Our top-tier members also received a range of additional benefits (further details provided in the events section) including:

– Networking lunches at William Angliss Institute featuring influential guest speakers

– Come From Away preview performance including pre- and post-show networking functions

– Involvement in policy committee meetings and strategic workshops; and

– Exclusive access to premium speakers at the 2019 Victorian Tourism Conference.

Our strategic alliance with the Victorian Chamber of Commerce and Industry (VCCI) has also ensured members of all business sizes are able to access valuable benefits to support their everyday business needs. These benefits include our human resource and workplace relations offerings, encompassing our invaluable Workplace Relation Advice Line to support your issues in this challenging landscape, and our popular internship program afforded to your business each year – both of which continue to be frequently redeemed. In conjunction with the VCCI and our valued VTIC partners, our mandate and focus remain on continuing to build and consolidate this solid offering.

Our commitment to further develop our membership program is underpinned by the new appointment of VTIC’s Head of Member Engagement & Partnerships, which was made at the end of the 2018-19 financial year ensuring greater opportunities and benefits are secured for members into the future.

Industry and Business Development

Quality Tourism Framework

The Australian Tourism Industry Council (ATIC) finalised the rebranding of the Australian Tourism Accreditation Program (ATAP) to the Quality Tourism Framework (QTF) which incorporates the Quality Tourism Accreditation, Australian Tourism Awards and Star Ratings Australia programs. VTIC is exclusively licensed to deliver these critical national programs at a state level.

The Quality Tourism Accreditation Program ended the year with a total of 346 accredited operators, a slight decrease on the previous financial year. VTIC has had ongoing involvement in the national consumer awareness campaign conducted by ATIC through the Quality Tourism Australia Facebook page. Victorian Quality Tourism Accredited businesses have provided prizes for both the summer 2018-19 and winter 2019 competitions. These competition campaigns reached 191,000 and 196,000 people respectively within the target markets.

It was another successful year for the RACV Victorian Tourism Awards Program in 2018. The Awards program attracted 121 entrants across 30 categories with winners announced at the Gala Ceremony in November. Categories 1-25 proceeded through to the Qantas Australian Tourism Awards held in Launceston in February with Victorian entrants recognised with two gold, four silver and three bronze awards. In 2019, RACV and Visit Victoria continue to partner with VTIC in this marque business development program and we thank them for their continued support.

Star Ratings Australia has been going through a transition period with greater alignment with the Accreditation Program. Star Rated properties now have access to the business development tools within the QTF. This is an initiative to improve the business standards of Star Rated properties. At the end of the financial year there were 365 Star Rated properties, with over 300 site visits conducted throughout the year.


8 2018/2019ANNUAL REPORTVTI LIMITED

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VTI LIMITED

Events

VTIC has continued to develop and deliver an engaging program of events to inspire and provide opportunities for our members to meet other like-minded businesses. Over the year VTIC delivered:

– The 2018 Victorian Tourism Conference, held at RACV Cape Schanck Resort in July, attracting over 400 industry professionals from across the state.

– In August, the Victorian Visitor Information Services Summit convened in Bendigo for another successful 3 days of familiarisations, learning and knowledge sharing.

– Premium Member lunches with The Right Honourable the Lord Mayor of Melbourne, Sally Capp; Australia China Business Council Chief Executive Officer, Helen Sawczak; and Melbourne Airport Chief Executive Officer Lyell Strambi alongside Peter Bingeman, Chief Executive Officer of Visit Victoria were conducted through the year.

– An Industry Christmas Celebration was run in partnership with Destination Melbourne and Melbourne Convention Bureau.

– The Visitor Economy Forum was held in February in partnership with Tourism Australia with over 500 participants in the morning and afternoon sessions.

– New monthly Spotlight on a Member events have provided an exciting opportunity for members to come together and network in an informal environment and allowed us to profile key members’ venues and experiences to our broad member base.

Visitor Information Servicing

VTIC continues to manage the Visitor Information Service Accreditation Standards on behalf of the Department of Jobs Precincts and Regions Tourism, Events and Visitor Economy Branch (TEVE), in consultation with the Visitor Information Services (VIS) Reference Group. VTIC developed and implemented a state consumer survey to measure the economic value of accredited Visitor Information Centres to their region’s visitor economy. The survey will be ongoing until June 2020 and has received over 4000 responses to date.

Business Events Victoria

Business Events Victoria (BEV) continued their long-standing partnership with VTIC in 2018-19. BEV signed a new agreement with the State Government to deliver the Regional Victoria Business Events Program until June 2020. For the year, BEV delivered 178 individual leads worth 32,945 delegate days and 15,130 room nights to regional Victoria with an estimated economic value of $11 million.

BEV delivers a full range of activities and co-operative marketing opportunities for industry including:

– A full sales program to key markets in Melbourne, Sydney, Brisbane and Canberra

– Exhibiting at a variety of trade events on behalf of members

– Delivering the Regional Victoria Showcase

– Developing and distributing the Regional Victoria Planner’s Guide

– Conducting a tailored familiarisation program into regional Victoria.

Felicia Mariani Chief Executive

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VTI LIMITED ANNUAL REPORT 2018/2019

DIRECTORS’ REPORTFor the year ended 30 June 2019

The Directors present their report together with the financial report of Victorian Tourism Industry Limited (the “Company”) for the financial year ending 30 June 2019 and the auditor’s report thereon.

Directors

The Directors of the company at any time during or since the end of the financial year are:

NAME, QUALIFICATIONS EXPERIENCE, OTHER DIRECTORSHIPS

Charles DavidsonBachelor of Commerce, Melbourne University (Economics, Law, Marketing)Leading Global Business, Harvard Business School

Elected 12 November 2014; appointed Chair 1 July 2016CEO, Founder, Director, Peninsula Hot SpringsDirector, Maruia Hot Springs, New ZealandDirector, Metung Hot SpringsChair, Global Wellness Institute Hot Springs InitiativeMember, Victorian Chamber of Commerce and Industry Executive Council Member, Victorian Visitor Economy Ministerial Advisory CommitteeCo-founder & Director, Bathe the World FoundationInternational Council Australian Representative, World Federation of Hydrotherapy and Climatotherapy (FEMTEC)

Matthew McDonaldBachelor of Science (Marine Biology), Bachelor of Education (Honours),Master of Business Administration,Diploma of Maritime Operations

Deputy Chairman, appointed 29 November 2017CEO, Searoad FerriesDirector, Searoad Group Director, Sail & Adventure Ltd

Noel Dempsey Bachelor of Applied Science

Elected 30 November 2016, resigned 28 November 2018CEO, Visit Ballarat

Past Directorships:Director, Gold Coast Tourism Corporation

John FormanAssociate Diploma Tourism and Hospitality

Appointed 20 February 2017 (following casual vacancy of a Director)Executive General Manager, Eureka Skydeck, Eureka 89, Journey BeyondPresident, Yarra River Business Association Executive member, World Federation of Great Towers

Matthew JacksonMaster of Business

Elected 30 November 2015; resigned 10 January 2017Appointed as skills-based appointee 23 February 2017CEO, Parks VictoriaCurrent member, Visitor Economy Ministerial Advisory Committee Current member, Zoos Victoria - Animal Welfare Committee Past Directorships:Director, Penguin Foundation Phillip Island CEO, Phillip Island Nature Parks

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VTI LIMITED

NAME, QUALIFICATIONS EXPERIENCE, OTHER DIRECTORSHIPS

Anne JamiesonDiploma Hotel Management and Catering,Finance for Non-Financial Managers - MBSMAICD

Elected 29 November 2017CEO, Saxton Speakers BureauChair, Meetings Events AustraliaConvenor and Judge, Melbourne Awards Member, School of the Visitor Economy Advisory Committee, Victoria University

Nicholas HuntBachelor of Arts (Honours)Masters Education Policy (International)GAICD

Elected 29 November 2017CEO, William Angliss InstituteTreasurer, Victorian TAFE AssociationMember, VTAC Board of Trustees

Fiona SweetmanMTLP Graduate.Business 3000 Female Entrepreneur Award of 2017Melbourne Award Winner 2008.Certificate IV in Small Group Workplace Training

Elected 30 November 2016; re-appointed 28 November 2018Owner of HST Tourism Pty LtdBoard member, Cultural Tourism VictoriaCurrent member, Collins Street Precinct Current member, Disability Advisory Committee (City of Melbourne)Current member, Professional Tour Guides Association of Australia

Elizabeth WhiteBachelor of Education - Social Sciences, Master of Education

Elected 11 November 2015; re-appointed 29 November 2017CEO, Victorian Caravan Parks (VicParks)Member, Advisory Council - Caravan Industry Association Australia

Terry RobinsonBachelor Economics; Grad Dip Australian Tourism, Grad Dip Marketing

Elected 28 November 2018CEO, Destination GippslandChairman, Sydney Melbourne TouringMember, Gippsland Regional Partnership

Past Directorships:Tourism Alliance Victoria

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DIRECTORS’ REPORT CONTINUED For the year ended 30 June 2019

Directors’ Meetings

The number of Directors meetings (including meetings of Committees of Directors) attended by each of the Directors of the Company during the financial year are:

DIRECTOR NUMBER OF MEETINGS HELD WHILE IN OFFICE

MEETINGS ATTENDED

Charles Davidson, Chair 7 7

Matthew McDonald, Deputy Chair 7 7

Noel Dempsey (resigned 28 November 2018) 4 3

John Forman 7 4

Nicholas Hunt 7 4

Matthew Jackson 7 5

Anne Jamieson 7 5

Terry Robinson (elected 28 November 2018) 3 3

Fiona Sweetman 7 7

Elizabeth White 7 5

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VTI LIMITED

Objectives and Strategies

The Company’s objective as the peak body for Victoria’s tourism and events sector is to contribute to the growth and sustainability of the sector. Key areas of operation encompass advocacy and policy; member services and events; and industry development and accreditation. Across these three areas, VTIC connects deeply with members, key stakeholders and with government to ensure that issues of importance to the tourism industry are front and centre on the state agenda.

Strategies

VTIC’s five strategic themes will shape the Company’s future direction and annual priorities.

1. Securing a skilled and adequate workforce to support our industry

2. Enable pathways for infrastructure & investment in the tourism sector

3. Industry advancement to develop capability

4. Support industry responsiveness to key issues

5. Organisational effectiveness as a contemporary industry association.

Principal Activities

The principal activities of the Company during the year ended 30 June 2019 comprised professional advocacy for Victoria’s tourism and events industry and membership attraction and retention.

Key Performance Indicators

As at 30 June 2019, the Company had 1,128 members (2018: 1,367). Revenue from membership operations for the year ended 30 June 2019 was $464,374 (2018: $529,150).

Membership Liability

The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, the constitution states that each member is required to contribute a maximum of $10.00 each towards meeting any outstanding obligations of the entity. At 30 June 2019, the total amount that members of the company are liable to contribute if the company is wound up is $11,280 (2018: $13,670).

Auditor’s Independence Declaration

The lead auditor’s independence declaration for the year ended 30 June 2019 has been received and can be found on page 14 of the financial report.

Charles Davidson Chairman

Melbourne 28 October 2019

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ShineWing Australia ABN 39 533 589 331. Liability limited by a scheme approved under Professional Standards Legislation. ShineWing Australia is an independent member of ShineWing International Limited – members in principal cities throughout the world.

AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001 TO THE DIRECTORS OF VICTORIAN TOURISM INDUSTRY LIMITED

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2019, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit, and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

ShineWing Australia Chartered Accountants

Hayley Underwood Partner

Melbourne, 28 October 2019

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VTI LIMITED

STATEMENT OF COMPREHENSIVE INCOMEFor the year ended 30 June 2019

Note2019

$2018

$

Membership revenue 464,374 529,150

Grants revenue 493,850 390,721

Other revenue 3 1,370,814 1,193,299

Total income 2,329,038 2,113,170

General service agreement expense 2 (2,297,016) (2,028,179)

Operating expenses (73,949) (45,329)

Other administration expenses (34,731) (768)

Total expenses (2,405,696) (2,074,276)

Current year (deficit)/surplus before income tax (76,658) 38,894

Income tax expense – –

Net current year (deficit)/surplus (76,658) 38,894

Net current year (deficit)/surplus attributable to members (76,658) 38,894

Total comprehensive (deficit)/surplus attributable to members (76,658) 38,894

The above Statement of Profit and Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

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STATEMENT OF FINANCIAL POSITIONAs at 30 June 2019

Note2019

$2018

$

ASSETS

Current assets

Cash and cash equivalents 5 356,415 541,003

Trade and other receivables 6 575,426 675,270

Term deposits 7 506,176 430,391

Total current assets 1,438,017 1,646,664

Non-current assets

Total assets 1,438,017 1,646,664

LIABILITIES

Current liabilities

Trade and other payables 8 197,738 338,435

Deferred revenue 9 807,058 798,351

Total current liabilities 1,004,796 1,136,786

Non-current liabilities

Total liabilities 1,004,796 1,136,786

Net assets 433,221 509,878

EQUITY

Contributed equity 489,745 489,745

Accumulated (deficit)/surplus (56,524) 20,134

Total Equity 433,221 509,879

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

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VTI LIMITED

STATEMENT OF CHANGES IN EQUITYFor the year ended 30 June 2019

CONTRIBUTED EQUITY

ACCUMULATED DEFICIT

TOTAL

$ $ $

BALANCE AT 1 JULY 2017 489,745 (18,760) 470,985

Surplus attributable to members of the entity – 38,894 38,894

Equity contribution – – –

Balance at 30 June 2018 489,745 20,134 509,879

Deficit attributable to members of the entity – (76,658) (76,658)

Balance at 30 June 2019 489,745 (56,524) 433,221

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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STATEMENT OF CASH FLOWSFor the year ended 30 June 2019

Note2019

$2018

$

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from members and others 2,401,242 1,967,672

Payments to suppliers and employees (2,520,816) (1,914,203)

Interest received 10,771 9,152

Net cash provided by/(used in) operating activities 10 (108,803) 62,619

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for investments (75,785) (7,775)

Net cash provided by/(used in) investing activities (75,785) (7,775)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase/(decrease) in cash and cash equivalents held (184,588) 54,846

Cash and cash equivalents at beginning of financial year 541,003 486,157

Cash and cash equivalents at end of financial year 5 356,415 541,003

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

VTI LIMITED 19


NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2019

Entity Information

Victorian Tourism Industry Limited (the “Company”) is a not for profit company limited by guarantee. The Company is governed by the rules set out in its own constitution and the Corporations Act 2001.

Basis of Preparation

Reporting Basis and Conventions

The Company applies Australian Accounting Standards Reduced Disclosure Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and AASB 2010 2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.

The financial report is a general purpose financial report that has been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements of the Australian Accounting Standards Board (“AASB”) and the Corporations Act 2001. The Company is a not for profit entity for financial reporting purposes under Australian Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable information about transactions, events and conditions to which they apply. Material accounting policies adopted in the preparation of this financial report are presented below. They have been consistently applied unless otherwise stated.

The financial report, except for the cashflow information, has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected noncurrent assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.

The financial statements were authorised for issue on the same date as the Directors Declaration.

a. Changes in significant accounting policies

First time adoption of AASB 9: Financial Instruments – applicable from 1 July 2018

AASB 9: Financial Instruments replaces AASB 139: Financial Instruments: Recognition and Measurement has been adopted by the Company for the annual period beginning on 1 July 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement, impairment and hedge accounting.

The Company has applied AASB 9 retrospectively with an initial application date of 1 July 2018. Differences arising from the adoption of AASB 9 are not material and therefore comparatives have not been restated.

In summary, upon the adoption of AASB 9, the Company had the following required or elected reclassifications as at 1 July 2018.

NOTE 1: Summary of Significant Accounting Policies

Financial instrument as at 30 June 2018

AASB 139 classification and measurement

AASB 9 classification and measurement

Carrying value at 30 June 2018

Carrying value at 1 July 2018 upon adoption of AAB 9

Trade and other receivables

Loans and Receivable measured at amortised cost

Amortised cost 675,270 675,270

Trade and other payables

Amortised cost Amortised cost 338,435 338,435

Changes in classification on transition to AASB 9

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED For the year ended 30 June 2019

a. Changes in significant accounting policies (continued)

Impairment

Upon adoption of AASB 9 the Company has adopted a forward looking expected credit loss approach. Fundamentally there has been no significant change in the way the Company accounts for their provision for doubtful debtors.

b. Cash and cash equivalents

Cash and cash equivalents include: cash on hand; deposits held at call with banks; and other short term highly liquid investments which are readily convertible to cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents are held for the purpose of meeting short term cash commitments rather than for investment purposes.

c. Financial instruments – applicable up to 30 June 2018

Initial recognition and measurement

For comparative year

Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Company becomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Impairment of Financial Assets

At the end of the reporting period the Company assesses whether there is any objective evidence that a financial asset or Company of financial assets is impaired.

Financial assets at amortised cost

If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective

interest rate.

Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairment losses on financial assets at amortised cost are taken directly to the asset.

Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

Available for sale financial assets

A significant or prolonged decline in value of an available for sale asset below its cost is objective evidence of impairment, in this case, the cumulative loss that has been recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment. Any subsequent increase in the value of the asset is taken directly to other comprehensive income.

For current year

Financial instruments are recognised initially on the date that the Company becomes party to the contractual provisions of the instrument.

On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).

Financial Instruments – applicable from 1 July 2018

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions to the instrument. For financial assets, this is the date that the Company commits itself to either the purchase or sale of the asset (ie trade date accounting is adopted).

Financial instruments (except for trade receivables) are initially measured at fair value plus transaction costs, except where the instrument is classified “at fair value through profit or loss”, in which case transaction costs are expensed to profit or loss immediately. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

NOTE 1: Summary of Significant Accounting Policies (continued)

VTI LIMITED 21


c. Financial instruments - applicable up to 30 June 2018 (continued)

Recognition and derecognition

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Classification and initial measurement of financial assets

Financial assets are classified according to their business model and the characteristics of their contractual cash flows. Except for those trade receivables that do not contain a significant financing component and are measured at the transaction, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable).

Subsequent measurement of financial assets\

For the purpose of subsequent measurement, financial assets, other than those designated and effective as hedging instruments, are classified into the following four categories:

– Financial assets at amortised cost; – Financial assets at fair value through profit or loss

(FVTPL) ; – Debt instruments at fair value through other

comprehensive income (FVTOCI); and – Equity instruments at FVTOCI

All income and expenses relating to financial assets that are recognised in profit or loss are presented within other revenue (note 2), except for impairment of trade receivables which is presented in provision for doubtful debts.

Financial assets at amortised cost

Financial assets with contractual cash flows representing solely payments of principal and interest and held within a business model of ‘hold to collect’ contractual cash flows are accounted for at amortised cost using the effective interest method. The Company’s trade and most other receivables fall into this category of financial instruments.

Trade and other receivables and contract assets

The Company makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance at the amount equal to the expected lifetime credit losses. In using this practical expedient, the Company uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. At 30 June 2019, the Company applies a standardised percentage across all debtors under the expected credit loss model.

d. Trade and other receivables

All trade debtors are recognised at the amounts receivable as they fall due for settlement.

Collectability of trade debtors is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off. A provision for doubtful debts is raised where some doubt as to collection exists.

e. Trade and other payables

These amounts represent liabilities for goods and services provided to the trust prior to the end of the financial year which are unpaid. The amounts are unsecured and usually paid within 30 days of recognition.


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f. Goods and services tax (GST)

Revenue, expenses and assets are recognised net of the amount of (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities, which are recoverable from or payable to the ATO, are presented as operating cash flows included in receipts from customers or payments to suppliers.

g. Income tax

No provision for income tax has been raised as the entity is exempt from income tax under Div 50 of the Income Tax Assessment Act 1997

h. Revenue and other income

(i) Membership revenue

General Membership Revenue is initially recognised on receipt of payment from the member. Subsequent to initial recognition, all membership revenue is recognised on an accruals basis over the twelve month period of the paid membership.

(ii) Events and Sponsorship revenue

Events and Sponsorship Revenue is initially recorded on receipt of payment from the member. Subsequent to initial recognition, all events and sponsorship revenue is deferred until the event is held

(iii) Grant revenue

Grant revenue is recognised in the statement of comprehensive income when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity

and the amount of the grant can be measured reliably. If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied.

(iv) Other revenue

Interest revenue is recognised on an accruals basis taking into account the interest rates applicable to the financial assets. All other items classified as other revenue are recognised on an accruals basis.

All revenue is stated net of the amount of GST.

i. Comparative figures

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

j. Critical accounting estimates and judgments

The Directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Company. Management are required to exercise judgment in the process of applying accounting policies. In preparing the financial statement the following key judgements were made:

Trade receivables

Included in the trade receivables at the end of the reporting period is an amount receivable from customers during the current financial year amounting to $440,100 (2018: $593,276) for the Company. Management have examined the doubtful debts provision, which is determined based on the expected credit loss model as defined under AASB 9. This takes into effect the historical losses over the past years on relative debtors, and is then adjusted for current and potential future events.



VTI LIMITED 23


k. New accounting standards for application in future periods

Accounting Standards issued by the AASB that are not yet mandatorily applicable to the Company, together with an assessment of the potential impact of such pronouncements on the Company when adopted in future periods, are discussed below:

AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019)

When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases.

The main changes introduced by the new Standard include:

– Recognition of a right to use asset and liability for all leases (excluding short term leases with less than 12 months of tenure and leases relating to low value assets);

– Depreciation of right to use assets in line with AASB 116: Property, Plant and Equipment in profit or loss and unwinding of the liability in principal and interest components;

– Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability using the index or rate at the commencement date;

– By applying a practical expedient, a lessee is permitted to elect not to separate non lease components and instead account for all components as a lease; and

– Additional disclosure requirements.

The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors or recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application.

The Directors anticipates that the adoption of AASB 16 will not have an impact on the Company’s financial statements.

AASB 15: Revenue from contracts with customers (applicable to annual reporting periods beginning on or after 1 January 2018, as deferred by AASB 2015 8: Amendments to Australian Accounting Standards, Effective Date of AASB 15).

When effective, this standard will replace the current accounting requirements applicable to revenue with a single, principles based model. Except for a limited number of exceptions, including leases, the new revenue model in AASB 15 will apply to all contracts with customers as well as non-monetary exchanges between entities in the same line of business to facilitate sales to customers and potential customers.

The core principle of the Standard is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. To achieve this objective, AASB 15 provides the following five step process:

– identify the contract(s) with a customer; – identify the performance obligations in the

contract(s); – determine the transaction price; – allocate the transaction price to the performance

obligations in the contract(s); and – recognise revenue when (or as) the performance

obligations are satisfied.

This standard will require retrospective restatement, as well as enhanced disclosures regarding revenue. The Company is in the process of considering the impacts of AASB 15, however early indications are that they are unlikely to have a material impact.


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k. New accounting standards for application in future periods (continued)

AASB 1058: Income recognition by not-for-profits (NFPs) (applicable to annual reporting periods beginning on or after 1 January 2019).

When effective, this Standard will replace most of the NFP income recognition requirements in AASB 1004 Contributions. The scope of AASB 1004 is now limited mainly to parliamentary appropriations, administrative arrangements and contributions by owners.

The purpose of AASB 1058 is to more closely recognise NFP income transactions that are not contracts with customers in accordance with their economic reality. AASB 1058 needs to be considered in conjunction with AASB 15 Revenue from contracts with customers which will also apply to NFPs from 2019.

The main impacts of AASB 1058 are:

– The timing of income recognition will depend on whether there is any performance obligation or other liability. This will result in better matching of income related expenses

– All NFP entities can elect to recognise volunteer services if they can be reliably measured

– NFPs lessees will now recognise peppercorn leases as right- of-use assets at fair value.

The transitional provisions of AASB 1058 allows for either full retrospective transition, or a modified retrospective transition. The Company is in the process of considering the impacts of AASB 1058, however early indications are that they are unlikely to have a material impact.

NOTE 2: Revenue

a. GSA revenue agreement

A General Service Agreement (“GSA”) signed on 1st of January 2018 between the Company and the Victorian Chamber of Commerce and Industry (Victorian Chamber) under which the Victorian Chamber agreed to provide certain management services (Services). The Services covered the performance of tasks necessary for the efficient management of the Company including management and resourcing, membership administration and account management, communications, marketing, policy support, secretariat and finance support. The fee payable to the Victorian Chamber under the GSA is 95% of all revenue streams with the exception of interest receivable, Australian Tourism Accreditation Programme (ATAP),certain

sundry income items and revenue earned under the new Strategic Initiatives, which will be split on a 50% net profit arrangement. The Victorian Chamber will recover all expenses from the company relating to costs relating to the Strategic Initiatives. For the year ended 30 June 2019 this fee totalled $1,837,298.

b. GSA cost recovery agreement

In addition, the Victorian Chamber of Commerce and Industry recovers all the costs spent for running ATAP including management and resourcing, account management, communications, marketing, secretariat and finance support through the GSA Agreement between ATAP and the Company. For the year ended 30 June 2019 these costs totalled $459,718.

VTI LIMITED 25


2019$

2018 $NOTE 3: Other revenue

Events and sponsorship 1,025,569 912,298

Commissions – 449

Interest received 10,771 9,151

Accreditation fees 330,986 268,907

Sundry revenue 3,488 2,494

1,370,814 1,193,299

2019$

2018 $NOTE 4: Surplus/Deficit

Surplus has been determined after:

Consultancy fees 42,421 40,328

2019$

2018 $NOTE 5: Cash and cash equivalent

Cash at bank and in hand 356,415 541,003

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2019 $

2018 $NOTE 6: Trade and other receivables

Trade debtors 440,100 593,276

Less: Impairment (28,247) (5,343)

411,853 587,933

GST paid 35,412 46,189

Other receivables 115,532 21,437

Related party receivable 12,629 19,711

575,426 675,270

PROVISION FOR IMPAIRMENT OF

RECEIVABLES$

Carrying amount at 30 June 2017 389

Charge for the year 4,954

Amounts written off -

Carrying amount at 30 June 2018 5,343

Charge for the year 31,527

Amounts written off (8,623)

Carrying amount at 30 June 2019 28,247

2019 $

2018 $NOTE 7: Financial instruments

Term deposits (amortised cost) 506,176 430,391

Total financial assets 506,176 430,391

VTI LIMITED 27


2019$

2018$NOTE 10: Cash flow information

Deficit/ surplus after income tax (76,658) 39,687

Non cash flows in profit:

– doubtful debts 22,904 –

Changes in assets and liabilities:

– (increase)/decrease in receivables and prepayments (68,633) (460,124)

– increase/(decrease) in payables and deferred income 13,484 483,849

Cashflows from operations (108,803) 62,619

2019 $

2018 $NOTE 8: Trade and other payables

CURRENT

Financial liabilities measured at amortised cost:

Trade creditors 78,959 268,442

Accruals 60,440 500

GST collected 57,821 68,718

Other payables 518 775

197,738 338,435

2019 $

2018 $NOTE 9: Deferred revenue

Deferred membership revenue 212,401 161,917

Deferred events revenue 23,285 28,165

Deferred sponsorship revenue 302,143 258,022

Deferred ATAP Membership Revenue 269,229 350,247

807,058 798,351

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2019$

2018$Note

Financial assets

Cash and cash equivalents 356,415 541,003

Trade and other receivables 6 575,426 675,270

Financial Instruments (amortised cost) 506,176 430,391

Total financial assets 1,438,017 1,646,664

Financial liabilities

Financial liabilities at amortised cost:

Trade and other payables 8 197,738 338,435

Total financial liabilities 197,738 338,435

NOTE 11: Financial risk management

The Company’s financial instruments consist mainly of deposits with banks, short term investments in term deposits and accounts receivables and payables.


12 Related Party Transactions

During the year the Victorian Chamber of Commerce and Industry, under a general service agreement with the Company, collected debtor payments on behalf of the Company through its merchant credit card gateway. At 30 June 2019, $26,067 (2018: $19,711) remained with the Victorian Chamber to be forwarded through to the Company. The Company’s debtor position has been reflected accordingly.

13 Remuneration of Auditors

During the financial year, the auditor of the Company, ShineWing Australia and its related practices earned $14,000 in remuneration for the performance of the annual audit.

14 Events after Balance Date

No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.

15 Company Details

The registered office and principal place of business of Victorian Tourism Industry Limited is:

Level 3 150 Collins Street Melbourne Victoria 3000

VTI LIMITED 29


In accordance with a resolution of the directors of Victorian Tourism Industry Limited, the directors of the Company declare that:

1. The financial statements and notes, as set out on pages 5 to 15, are in accordance with the Corporations Act 2001 and:

a. comply with Australian Accounting Standards Reduced Disclosure Requirements; and

b. give a true and fair view of the financial position as at 30 June 2019 and of the performance for the year ended on that date.

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 become due and payable.

Signed: Charles Davidson Chairman

At Melbourne 28 October 2019

DIRECTORS’ DECLARATION

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ShineWing Australia ABN 39 533 589 331. Liability limited by a scheme approved under Professional Standards Legislation. ShineWing Australia is an independent member of ShineWing International Limited – members in principal cities throughout the world.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF VICTORIAN TOURISM INDUSTRY LIMITED

Opinion

We have audited the financial report of Victorian Tourism Industry Limited (“the Company”) which comprises the statement of financial position as at 30 June 2019, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the directors’ declaration.

In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:

a) giving a true and fair view of the Company’s financial position as at 30 June 2019 and of its financial performance for the year then ended; and

b) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (“the Code”) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 30 June 2019, but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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VTI LIMITED

2

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.

We identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

We conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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3

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

ShineWing Australia Chartered Accountants

Hayley Underwood Partner

Melbourne, 28 October 2019

VTI LIMITED 33


ACKNOWLEDGMENTS

AcknowledgmentsVTIC acknowledges the support of all members who participated in our Policy Committees, events and surveys, or who otherwise volunteered their time to assist with VTIC’s activities. We particularly acknowledge the contribution of the VTIC Board. The ongoing support and goodwill of individuals and organisations across our membership is greatly appreciated.

We thank our partners and sponsors over the last twelve months for their support. Their contributions help us to continue to be a united and independent voice for tourism, promoting and developing a professional and sustainable industry across Victoria.

Board DirectorsCharles Davidson (Chair)

Matthew McDonald (Deputy Chair, Secretary)

Noel Dempsey (Convenor, Destinations Policy Committee)*

John Forman (Convenor, Attractions Policy Committee)

Nicholas Hunt (Convenor, Tourism Services and Hospitality Policy Committee)

Matthew Jackson (Board appointed Director)

Anne Jamieson (Convenor, Victoria Events Industry Council)

Terry Robinson (Convenor, Destinations Policy Committee)*

Fiona Sweetman (Convenor, Tour and Transport Policy Committee)

Elizabeth White (Convenor, Accommodation Policy Committee)

Life MembersSteve Baird

Nola Cuddy

Andrew Dwyer

David Eaton

Roger Grant

Fred Herbert

Jeremy Johnson

Wayne Kayler-Thomson

Tony Lee

John Murphy

Barbara Nixon

Matt Noble

Rhonda Rust (dec.)

Tom Smith

Graeme Stoney

StaffFelicia Mariani, Chief Executive

Ian McDougal, Business Development Manager*

Rohish Gupta, Policy Manager*

Olivia Bowden, Events Manager and Relationship Consultant*

Robert Ratcliffe, Business Development Officer

Chris Porter, Executive Officer – Business Events Victoria

Adeline Keh, Sales Executive – Business Events Victoria

Stephanie Lim, Sales Executive – Business Events Victoria

Michelle Dall’Ava, Tourism Awards Project Manager*

Kate Rickwood, Policy & Research Officer

Grace Maynard, Accreditation Officer- Australian Tourism Accreditation Program

Paul Corrigan, Program Manager - Australian Tourism Accreditation Program*

Sam Crowther, Accreditation Officer- Australian Tourism Accreditation Program*

Annika Hoffman, Accreditation Officer – Australian Tourism Accreditation Program*

*Part year only

Photographer: Michelle Jarni

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