2016 2017 - Tourism New Zealand · AS AT 30 JUNE 2017 Bobbi Brown Graham Brownrigg Deborah Gray,...

20162017

VIN INCORPORATED ANNUAL REPORT

Annual general meeting agenda 14 SEPTEMBER 2017

WelcomePresentApologiesMinutes of Previous AGMChair’s ReportFinancial ReportAppointment of AuditorsAppointment of Directors/ChairGeneral Business

VIN INC Board of Directors AS AT 30 JUNE 2017

Bobbi Brown Graham Brownrigg Deborah Gray, Chair Katherine Lorenzo Tracy Johnston Ross Shearer Sue Whiting

VIN INC Executive AS AT 30 JUNE 2017

Paul Yeo, Executive Manager & Board Secretary

Kia OraIt is my pleasure to present the Visitor Information

Network Incorporated (VIN Inc) 2016/2017

Annual Report at our 2017 Annual Conference

in Ruapehu. Our theme this year is ‘Engaging in

Excellence’.

This Annual Report sets out our financial and service

performance based on the Annual Plan, drawn up

under the 2013-2016 Strategic Plan. This was then

superseded halfway through the financial year by our

current 2017-2020 Strategic Plan.

From a financial perspective, a highlight of this past

year has been the investment in our new campaign

creative and photographic assets, closely aligned with

Tourism New Zealand’s award winning 100% Pure

New Zealand campaign. This alignment is something

our members have long been asking for so it has been

hugely satisfying to have delivered on this. Not only do

both the i-SITE and 100% Pure New Zealand brands

now sit side by side in our advertising but also in a

range of collateral ranging from new welcome signs

and digital displays to our revamped Touring Map that

highlights the breadth of our network.

We have also continued to heavily invest in training

across the network to ensure we continue to enhance

our professionalism and knowledge base as well as

financially support our annual conference and annual

local government owner’s day. Both of these events

help to improve our communication and strengthen

our value proposition with our biggest investor, local

government.

So while we have to look backwards from a reporting

sense we are already much more focussed on our

new key themes and actions: evolving and improving

our brand and awareness; productivity, and customer

experience as well as demonstrating to our stakeholders

that we are a valued network.

Our vision is to be the best official visitor information

and booking network in the world. Our strategy states

that ‘how’ we get there will involve using technology transformation, improving our training and knowledge

management and taking a more commercial lead to

reach our goals. Our new member-based focus groups,

initiated following last year’s conference, aim to give you

as members, more say in how we roll out this strategy.

The year ends with a network of 81 full member i-SITEs

– one more than the same time last year – plus two new

centres approved and due to open later in 2017.

However, despite strong growth in international arrivals

and a steady domestic market that translates to more

visitors using i-SITEs we know that these visitors are

spending less with us. This presents a challenge to

many of our owners who need to understand the value

and benefits that we generate both directly and indirectly,

financially and non-financially.

‘Engaging in Excellence’ in all facets of our behaviour is

one way we can demonstrate value to our customers

and our stakeholders to ensure we continue to provide

manaakitanga that our host communities can take

pride in.

Nga mihi

Deborah Gray Chair | VIN INC

The Auditor-General is the auditor of Visitor Information Network Incorporated (the Society). The Auditor-

General has appointed me, Henry McClintock, using the staff and resources of BDO Wellington, to carry out the

audit of the financial statements and the performance information, of the Society on his behalf.

Opinion on the financial statements and the

performance information

We have audited:

• the financial statements of the Society on pages 9

to 15, that comprise the statement of financial

position as at 30 June 2017, the statement of

comprehensive revenue and expenses, statement

of changes in equity and statement of cash flows

for the year ended on that date and the notes to

the financial statements including a summary of

significant accounting policies; and

• the performance information of the Society on

pages 7 to 8.

In our opinion:

- the financial statements of the Society on pages 9

to 15:

• present fairly, in all material respects:

- its financial position as at 30 June 2017; and

- its financial performance and cash flows for the

year then ended; and

• comply with generally accepted accounting

practice in New Zealand in accordance with PBE

Simple Format Reporting Framework.

- the performance information on pages 7 to 8:

• presents fairly, in all material respects, the Society’s

performance for the year ended 30 June 2017,

including:

- for each class of reportable outputs:

- its standards of delivery performance

achieved as compared with forecasts

included in the statement of performance

expectations for the financial year; and

- its actual revenue and output expenses as

compared with the forecasts included in

the statement of performance expectations

for the financial year; and

• complies with generally accepted accounting

practice in New Zealand.

Auditor’s reportTo the readers of Visitor Information Network Incorporated’s

financial statements and performance informationFOR THE YEAR ENDED 30 JUNE 2017

// 4

V I N I N C A N N U A L R E P O R T 2 0 1 6 / 2 0 1 7

Our audit was completed on 31 July 2017. This is

the date at which our opinion is expressed.

The basis for our opinion is explained on the page

opposite. In addition, we outline the responsibilities

of the Board and our responsibilities relating to

the financial statements and the performance

information, we comment on other information, and

we explain our independence.

Basis of our opinion

We carried out our audit in accordance with the

Auditor-General’s Auditing Standards, which

incorporate the Professional and Ethical Standards and

the International Standards on Auditing (New Zealand)

issued by the New Zealand Auditing and Assurance

Standards Board. Our responsibilities under those

standards are further described in the Responsibilities

of the auditor section of our report.

We have fulfilled our responsibilities in accordance with

the Auditor-General’s Auditing Standards.

We believe that the audit evidence we have obtained

is sufficient and appropriate to provide a basis for our

audit opinion.

Responsibilities of the Board for the financial

statements and the performance information

The Board is responsible on behalf of the Society

for preparing financial statements and performance

information that are fairly presented and comply

with generally accepted accounting practice in New

Zealand. The Board is responsible for such internal

control as they determine is necessary to enable them

to prepare financial statements and performance

information that are free from material misstatement,

whether due to fraud or error.

In preparing the financial statements and the

performance information, the Board are responsible

on behalf of the Society for assessing the Society’s

ability to continue as a going concern. The Board are

also responsible for disclosing, as applicable, matters

related to going concern and using the going concern

basis of accounting, unless there is an intention to

merge or to terminate the activities of the Society, or

there is no realistic alternative but to do so.

The Board’s responsibilities arise from the Crown

Entities Act 2004.

Responsibilities of the auditor for the audit of the

financial statements and the performance information

Our objectives are to obtain reasonable assurance

about whether the financial statements and the

performance information, as a whole, are 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 carried out in

accordance with the Auditor-General’s Auditing

Standards will always detect a material misstatement

when it exists. Misstatements are differences or

omissions of amounts or disclosures, and can arise

from fraud or error. Misstatements are considered

material if, individually or in the aggregate, they could

reasonably be expected to influence the decisions of

readers, taken on the basis of these financial

statements and the performance information.

We did not evaluate the security and controls over the

electronic publication of the financial statements and

the performance information.

As part of an audit in accordance with the

Auditor-General’s Auditing Standards, we exercise

professional judgement and maintain professional

scepticism throughout the audit. Also:

• We identify and assess the risks of material

misstatement of the financial statements and the

performance information, 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

Society’s internal control.

• We evaluate the appropriateness of accounting

policies used and the reasonableness of accounting

estimates and related disclosures made by the Board.

• We evaluate the appropriateness of the reported

performance information within the Society’s

framework for reporting its performance.

• We conclude on the appropriateness of the use of

the going concern basis of accounting by the Board

and, based on the audit evidence obtained, whether

5 \\ V I N I N C A N N U A L R E P O R T 2 0 1 6 / 2 0 1 7

a material uncertainty exists related to events or

conditions that may cast significant doubt on the

Society’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 statements

and the performance information 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

Society to cease to continue as a going concern.

• We evaluate the overall presentation, structure and

content of the financial statements and the

performance information, including the disclosures,

and whether the financial statements and the

performance information represent the underlying

transactions and events in a manner that achieves

fair presentation.

We communicate with the Board 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.

Our responsibilities arise from the Public Audit

Act 2001.

Independence

We are independent of the Society in accordance with

the independence requirements of the Auditor-General’s

Auditing Standards, which incorporate the

independence requirements of Professional and Ethical

Standard 1 (Revised): Code of Ethics for Assurance

Practitioners issued by the New Zealand Auditing and

Assurance Standards Board.

In addition to the audit we have carried out

engagements in the areas of taxation advice, which

are compatible with those independence

requirements. Other than the audit and these

engagements, we have no relationship with or

interests in the Society.

Henry McClintock

BDO Wellington

On behalf of the Auditor-General

Wellington, New Zealand

// 6


The 2016-2017 Annual Business Plan is the last to be delivered in the context of our 2013-2016 Strategic Plan. In late 2016

a new Strategic Plan for 2017-2020 was adopted and this will be used as the basis for our next Annual Business Plans.

VIN Inc Statement of Service Performance 2016/2017

i-SITE NEW ZEALAND STRATEGIC PLAN // 2013-2016

MISSION

OUTCOME 1 OUTCOME 2 OUTCOME 3 OUTCOME 4

GOAL

To be a world leading official information and booking network, delivered on the ground and virtually, by driving value through outstanding visitor experience.

VISION

STRATEGY

To operate i-SITE New Zealand as an innovative business which delivers value to member i-SITEs.

The i-SITE network becomes more viable by:

• Helping more international and domestic customers

• Distributing more product for the industry

• Containing or reducing the local government investment required to underwrite the network.

PRODUCTIVITY FOR PROFIT

MEMBER CONNECTIVITYTARGET FOR VALUE INSIGHT

Grow our profile through partnership brand marketing:

• Refine the i-SITE brand

• Leverage Tourism NZ for brand marketing

• Increase brand awareness domestically

• Immerse i-SITEs in digital promotion and information provision

• Increase provision of free WiFi throughout network.

Boost network productivity:

• Re-focus network training

• Improve booking and information systems

• Foster more productive networking

• Develop and share best practice resources

• Grow margin and new revenue streams.

Adequately resource i-SITE New Zealand and review rules to empower members:

• Strong staffing resource in Tourism New Zealand

• Membership fees inflation indexed

• Revise membership criteria to reduce compliance costs

• Encourage regional integration

• Strengthen partnerships with DOC, Qualmark and Ma-ori product.

Increase i-SITE business intelligence & demonstrate value to our stakeholders:

• Invest in more robust monitors of i-SITE economic impacts

• Plan and deliver a local government and industry advocacy programme

• Engage industry support for sustainable commission booking models.

Partnership brand marketing will grow our profile

i-SITE New Zealand will increase the visibility of the network both online and in traditional media primarily around international gateways to ensure that more visitors are influenced by i-SITEs and that economic value is delivered to the visitor sector.

Network productivity will be boosted

The i-SITE Network has a proven influence in encouraging visitors to do more during their New Zealand holiday. i-SITE New Zealand will provide training and a quality assessment programme to increase the value derived from visitors and improve overall satisfaction of visitors that use i-SITEs. This will extend to the recommendation of experiences that, wherever possible, are based on the Qualmark promise. i-SITE New Zealand will also provide member communications, networking opportunities and administrative support to enable members to deliver the best service offerings.

Membership of the network will be enhanced through resourcing i-SITE New Zealand and reviewing our rules and criteria

Tourism New Zealand and members will adequately resource i-SITE New Zealand, enabling it to lead the network and set membership rules and criteria that reduces compliance costs and improves standards leading to greater efficiencies.

Increased i-SITE business intelligence will demonstrate value to our stakeholders

i-SITEs’ substantial connection with visitors, and the geographical reach of the network, provides significant opportunities for the tourism industry. i-SITE New Zealand will manage relationships and demonstrate value to local government and other owners to maintain their major investment in i-SITEs.

This report covers VIN Inc’s (trading as i-SITE New Zealand) service performance for the year ending 30 June 2017 against the forecast statement of activities, performance measures and standards set out in VIN Inc’s Annual Business Plan 2016-2017.

VIN Inc is a controlled entity of Tourism New Zealand, governed by a Board of Directors. The entity is the owner of the i-SITE brand and livery. Tourism New Zealand provides staff, support services, business systems and marketing to raise the profile of the i-SITE network.

i-SITE New Zealand has established membership standards and requirements that individual centres must achieve to use the i-SITE brand, and become a part of the network of centres. These standards are enforced by site inspections of the centres by Qualmark business advisors.

i-SITE New Zealand has identified four strategic outcomes that will result from achieving the vision, mission and goal:


Output Area 3: Insight (Page 15 VIN Inc Annual Business Plan 2016/17)

INDICATOR PERFORMANCE STATUS

Level of profitability before local government/RTO funding is maintained or improves

Full year result: Local government funding of $10.3 million in 2015/16. Measurement sourced from Deloitte i-SITE Annual Survey. (Down from $10.4 million in 2014/15.)

Achieved

TripAdvisor Net Promoter Score of 60% achieved across the network

Cumulative result: NPS score of 86.0% as at Jun-17. Measurement sourced from TripAdvisor data. (Down from 86.4% as at Jun-16.)

Achieved

Output Area 1: Target for value (Page 5 VIN Inc Annual Business Plan 2016/17)


Prompted awareness of the i-SITE brand by international holiday visitors increases to 60%

Full year result: 58% YE Mar-17. Measurement sourced from International Visitor Survey. (Same result as YE Mar-16.)

Partially achieved


Percentage of international holiday visitors using i-SITEs increases to 45%

Full year result: 45% YE Mar-17. Measurement sourced from International Visitor Survey. (Up from 43% YE Mar-16.)

Achieved


Satisfaction of overall tourism experience by i-SITE users maintained at or above 90% and above that of non-users

Full year result: 92% of users YE Mar-17 – 90% for non-users. Measurement sourced from International Visitor Survey. (Up from 91% of users and 89% of non-users YE Mar-16.)

Achieved

Output Area 2: Productivity for profit ( VIN Inc Annual Business Plan 2016/17)


Percentage of international visitors who were influenced in their decision making by i-SITEs increases to 65%

Full year result: 65% YE Mar-17. Measurement sourced from International Visitor Survey. (Same result as YE Mar-16.)

Achieved


Percentage of international visitors who use i-SITEs to make bookings increases to 45%

Full year result: 35% YE Mar-17. Measurement sourced from International Visitor Survey. (Down from 41% YE Mar-16.)

Not achieved


Satisfaction of overall i-SITE experience for international visitors maintained at 84% or above

Full year result: 85% YE Mar-17. Measurement sourced from International Visitor Survey. (Up from 83% YE Mar-16.)

Achieved


Customer Radar Net Promoter Score of 80% achieved across network

Cumulative result: 87.8% as at Jun-17. Measurement sourced from Customer Radar data. (Up from 84.1% as at Jun-16.)

Achieved

// 8


VIN INC financial statementsFOR THE YEAR ENDED 30 JUNE 2017

Notes 2017 2016

$ $

CURRENT ASSETS

Cash 155,133 195,025

Receivables from exchange transactions 12,705 3,068

Conference Income receivables 7,970 12,598

Sundry Debtors 246 3,246

GST Receivable 7,501 1,424

Prepayments - -

Total Current Assets 183,554 215,361

NON-CURRENT ASSETS INTANGIBLE ASSETS

BookIT Software 5 23,910 35,634

Total Non-current Assets 23,910 35,634

Total Assets 207,464 250,995

CURRENT LIABILITIES

Trade Payables 1,030 831

Other Payables 13,250 13,760

GST Payable - -

Withholding Tax - -

Revenue Invoiced in Advance 10,395 18,750

Total Current Liabilities 24,675 33,341

Total Net Assets/(Liabilities) 182,789 217,654

STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2017

2017 2016

$ $

NET SURPLUS/ (DEFICIT) FOR THE YEAR:

Operations 29,565 95,638

Conference (19,338) (17,250)

Training (45,091) (58,835)

(34,864) 19,553

Opening Equity brought forward 217,654 198,101

Closing Equity 182,789 217,654

STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2017

The notes and accounting policies on pages 13 to 15 form part of and are to be read in conjunction with these financial statements


STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSE - OPERATIONSFOR THE YEAR ENDED 30 JUNE 2017

Notes 2017 2016

$ $

REVENUE FROM NON-EXCHANGE TRANSACTIONS

Tourism New Zealand Grants 6 250,000 250,000

Tourism New Zealand In Kind Grants 6 158,596 142,903

REVENUE FROM EXCHANGE TRANSACTIONS

Membership Subscriptions 160,920 160,438

Customer Radar Fees 29,667 -

NZ Post Income 89,817 111,621

Sale of Uniforms and Products 182 2,470

Interest 5 502

Total Revenue 689,186 667,934

EXPENSE

Badge Flags & Uniform Purchases:

Opening Stock - -

Plus Purchases - 2,364

Less Closing Stock - -

- 2,364

Marketing, Advertising & Campaigns 164,201 167,189

Events 1,470 8,793

Collateral Production & Design 56,962 4,389

Salaries 6 130,723 127,080

i-SITE support expenses 6 27,874 15,823

Quality Assessment 87,056 48,924

Surveys & Research 43,500 27,000

Technology, Website & Extranet costs 162 2,417

Public Relations 231 1,950

Strategy 16,977 12,203

Stocklink 7,692 6,864

Board Expenses 7,989 5,811

NZ Post - Admin support 88,111 110,897

Amortisation Expense 11,724 11,724

Loss on disposal - -

Audit & tax fees 3 14,329 12,180

Legal fees - 6,116

Other expenses 621 572

Total Expense 659,621 572,296

Net Surplus 29,565 95,638


// 10



STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSE - CONFERENCEFOR THE YEAR ENDED 30 JUNE 2017

2017 2016

$ $


Service IQ grant 7,435 15,391

Trainees Fees 16,891 14,522


EXPENSE

Service IQ expense 473 1,878

Co-ordinator 40,792 46,380

Other training expenses 28,153 40,490


Net Deficit (45,091) (58,835)

STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSE - TRAININGFOR THE YEAR ENDED 30 JUNE 2017

2017 2016

$ $


Sponsorship 28,200 28,250

Registrations 48,953 41,370


EXPENSE

Hosting expenses 52,547 42,240

Speakers 2,450 9,732

Board expenses 7,937 4,270

Contractor wages 13,688 13,450

General expenses 19,869 17,178

Total Expense 96,491 86,870

Net Deficit (19,338) (17,250)


STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2017

Notes 2017 2015

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Crown revenue 250,000 250,000

Interest received 5 502

Other revenue from exchange transactions 371,701 384,476

Payments to suppliers (655,521) (591,532)

Goods and services tax (net) (6,078) 5,250

Net cashflow from operating activities 9 (39,893) 48,696

CASH FLOWS FROM INVESTING ACTIVITIES

Sale of property plant and equipment - -

Purchase of property plant and equipment - -

Net cashflow from investing activities - -

Net increase (decrease) in cash held (39,893) 48,696

Opening cash brought forward 195,025 146,330

Cash at end of year 155,133 195,025


// 12


NOTE 1. STATEMENT OF ACCOUNTING

Reporting Entity

Visitor Information Network Incorporated (VIN Inc) is an incorporated society registered under the Incorporated Societies Act 1908.

Visitor Information Network Incorporated is a crown entity subsidiary as it is controlled by the New Zealand Tourism Board, which is a crown entity under the Crown Entities Act 2004. Control is exercised by the New Zealand Tourism Board through its right, under the VIN Inc constitution dated July 2009, to appoint three directors and the chairman of the management board of six directors.

Basis of Preparation

The financial statements have been prepared on a going concern basis, and the accounting policies have been applied consistently throughout the period.

The financial statements have been prepared in accordance with the Financial Reporting Act 2013. They comply with Tier 3 PBE accounting standards and qualify for Tier 3 reporting on the basis that the total expenses for the reporting periods are less than $2m. The financial statements are reported using Simple Format Reporting – Accrual method.

The financial statements comprise statements of: financial position; changes in equity; comprehensive revenue and expense; accounting policies; as well as the notes to these statements.

Amounts are presented in NZD and are rounded to the nearest dollar.

Specific Accounting Policies

The following specific accounting policies, which materially affect the measurement of financial performance and financial position, have been applied

consistently to all years:

Changes in Accounting Policies

There have been no changes to accounting policies

during the financial year

Goods & Services Tax

VIN Inc is registered for GST with all amounts shown exclusive of Goods and Services Tax (GST), except for receivables and payables which are shown inclusive of GST.

Taxation

Income generated from within the circle of membership is income tax exempt based on the principle of mutuality. The income tax expense recognised in the Statement of Financial Performance is the estimated income tax payable in the current year, adjusted for any differences between the estimated and actual income tax payable in prior periods.

Revenue Recognition

Grants

Grants received are recognised as income, unless specific conditions attach to a grant and repayment of the grant is required where these conditions are not met. In these cases, the grant is treated as a liability until the conditions are met.

Membership subscriptions

Membership subscriptions from i-SITE members are recognised in the month membership begins and is measured at fair value of the consideration received or receivable.

Intangible Assets

Intangible assets are recorded at cost and amortised over the estimated useful lives of the assets.

Amortisation

Amortisation is provided on a straight line basis, at rates

calculated to allocate the assets’ cost, less estimated

residual value, over their estimated useful lives. The

amortisation period and the amortisation method are

reviewed at least at the end of each reporting period.

The estimated useful lives of the assets held are:

• Public Campaign Website – 3 years

• BookIT Software – 5 years

Notes to the financial statementsFOR THE YEAR ENDED 30 JUNE 2017


POLICIES

NOTE 2. ECONOMIC DEPENDENCY

To meet the test of a going concern VIN Inc is dependent on continuing funding from the New Zealand Tourism Board. This support is expected to continue into the foreseeable future.

NOTE 3. AUDIT FEES

Other Professional services include preparation and completion of Income Tax Return.

NOTE 4. INCOME TAX EXPENSE

No taxation is provided as VIN Inc has unutilised tax losses. Tax losses bought forward and not recognised in these financial statements and available for offset against current and future taxable income were $81,750 at 30 June 2017 (2016: $345,950).

NOTE 5. INTANGIBLE ASSETS

2017 2016

$ $

FEES PAID TO BDO WELLINGTON

Audit fee 10,409 10,930

Other professional services 3,920 1,250

2017 2016

$ $

Public Campaign Website – Cost - 46,774

Public Campaign Website – Amortisation - (46,774)

- -

BookIT Software - Cost 58,620 58,620

BookIT Software - Amortisation (34,710) (22,986)

23,910 35,634

Total Intangible Assets 23,910 35,634

// 14


Availability of these losses is subject to confirmation by the Inland Revenue Department and applicable taxation legislation. VIN Inc has no imputation credits available as at 30 June 2017 (2016: $Nil).

The public campaign website disposed of as this was replaced by newzealand.com

NOTE 6. RELATED PARTIES

During the period, VIN Inc received cash grants totalling $250,000 from the New Zealand Tourism Board (2016: $250,000).

In addition, during the year, VIN Inc has continued to receive the following “in kind” support from the New Zealand Tourism Board:

• Administrative and accounting services

• Employment and payment of 2 staff mainly devoted to work on VIN Inc

NOTE 7. CONTINGENCIES

There are no contingent assets or contingent liabilities as at 30 June 2017 (2016: Nil).

NOTE 8. STATEMENT OF COMMITMENTS

There are no commitments at balance date (2016: Nil).

NOTE 10. EVENTS AFTER BALANCE DATE

No events occurred subsequent to balance date (2016: Nil).

2017 2016

$ $

Net Operating Surplus (deficit) (34,864) 19,553

Add/(less) non-cash items:Depreciation and amortisation 11,724

11,724

11,724 11,724

Add/(less) items classified as investiing or financing activities:Net Loss/(Gain) on disposal of assets -

-

- -

(Increase) / decrease in receivables (2,008) 11,344

(Increase) / decrease in prepayments & stock - 111

Increase / (decrease) in payables and accruals (312) 1,645

Increase / (decrease) in income in advance (8,355) (930)

(Increase) / decrease in GST (6,078) 5,250

(16,753) 17,419

Net cash inflow (outflow) from operating activities (39,893) 48,696


The basis of valuing this support has been reviewed this year and has been calculated as $158,596 (2016: $142,903).

NOTE 9. RECONCILIATION OF SURPLUS (DEFICIT) WITH CASH FLOWS FROM

OPERATING ACTIVITIES

2016 2017 - Tourism New Zealand · AS AT 30 JUNE 2017 Bobbi Brown Graham Brownrigg Deborah Gray,...

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