GOLD COAST TOURISM CORPORATION
ANNUAL REPORT 2008 / 2009
Contents
About Us......................................................................................................................................5
Message from the Chairman.........................................................................................................7
Chief Executive Officer’s Report....................................................................................................9
Board Members.........................................................................................................................13
Market Summary........................................................................................................................14
Marketing Strategy.....................................................................................................................15
Marketing International...............................................................................................................16
Marketing Domestic....................................................................................................................18
Marketing Business Events.........................................................................................................19
Marketing Activity.......................................................................................................................20
Marketing Publications Suite.......................................................................................................22
Marketing Website Suite.............................................................................................................24
Financial Statements for the year ended 30 June 2009...............................................................26
2008 / 09 ANNUAL REPORT I 2
2008 / 09 ANNUAL REPORT I 3
ABOUT
US
Gold Coast Tourism is a not-for-profit,
membership based, destination marketing
organisation structured to promote the city
as a leisure and business event destination
through global consumer, trade, media and
travel industry channels.
Business Goals
We represent a membership base of more
than 500 accommodation venues, theme
parks and attractions, tour operators,
restaurants and cafes, entertainment venues,
transport providers and professional support
services. Furthermore we work on behalf of
almost 26,600 commercial businesses which
contribute to our operation through a tourism
levy.
• Deliver value to members
Our industry partnerships span all levels of
tourism authority including, but not limited to,
Tourism Australia, Tourism Queensland, Gold
Coast City Council, Connecting Southern
Gold Coast, Broadbeach Alliance and Surfers
Paradise Alliance.
• Operate with a sustainable business
model
• Deliver business outcomes based upon
quality research, best practice and return
on investment
• Apply available resources in the most
effective and productive manner
• Identify and invest in growth opportunities
• Build the capacity of the Gold Coast
Convention Bureau
• Demonstrate industry and destination
management leadership
• Establish Gold Coast Tourism as an
employer of choice
Vision
Brand Values
For the Gold Coast to be recognised locally,
nationally and internationally as one of the
world’s great tourist and business events
destinations.
The Gold Coast is Australia’s playground.
It is a welcoming, vibrant, diverse, fun and
entertaining destination. These values are
reflected in the work of Gold Coast Tourism.
For Gold Coast Tourism to be universally
acknowledged as a successful, globally
aware destination marketing organisation
that embraces a culture of continuous
improvement, customer focus, current
technology, contemporary leadership and
excellence.
Our Role
Mission
To grow tourist visitation and expenditure to
the Gold Coast, thereby facilitating wealth
generation in the tourism and business
events sectors for the benefit of stakeholders
and the community.
To add value for members through promotion
and destination awareness.
2008 / 09 ANNUAL REPORT I 4
• Increase visitor arrivals and expenditure
to the city
Tourism directly contributes $4.2 billion
into the Gold Coast economy annually and
accounts for 19,000 full time equivalent jobs
in the city.
Established in 1978, Gold Coast Tourism
employs a staff of marketing and sales
professionals to positively promote the
destination. Our work generates exposure
and converts the interest of potential leisure
and business consumers from outside the
Gold Coast region into visitation for the
businesses of the city.
Our strategies and activities are developed
in consultation with the local industry, local
council, state and national tourism bodies,
national and international travel trade and
other industry partners.
2008 / 09 ANNUAL REPORT I 5
MESSAGE
FROM THE CHAIRMAN
Paul Donovan
Chairman | Gold Coast Tourism Ltd
2008/2009 was an important year for Gold
Coast Tourism. It was clear that extraordinary
pressures were being applied to all sectors
of the Australian economy resulting from
the international financial crisis. To meet the
challenges head on, the Directors committed
to a significant restructure of the organisation,
including the Board, senior management and
the marketing direction. This decision proved
timely, because as the year unfolded, the
fluctuating Australian dollar, the H1N1 virus,
fuel surcharges and an increased trend for
Australians to holiday overseas compounded
the uncertain external operating environment.
In order to increase operational flexibility
and the company’s ability to react quickly,
a further significant decision was made by
management to retire all company debt and
return the organisation to positive net worth
as quickly as possible without impacting
marketing effectiveness. Gold Coast Tourism is
a well governed and highly effective marketing
organisation which guarantees future business
sustainability and the best possible return
on investment for the Gold Coast’s tourism
industry.
A commitment to implementing best practice
Board governance has been a focus over
the reporting period. Following changes to
the Constitution, the Board was reduced to
seven elected and appointed Directors. A
recommended selection criterion ensures
that the most capable lead the industry,
with a wide range of professional skills and
industry experience. Greater emphasis was
also assigned to the core objectives of Gold
Coast Tourism and this has reconfirmed the
organisation’s role, its guiding principles,
policies, revenue sources and key relationships.
Gold Coast Tourism’s partnerships with the
Gold Coast City Council, Tourism Queensland,
and Tourism Australia have grown substantially
through this process. Valuable business
interaction and the leveraging of significant
additional resources via joint marketing activity
and grants have been achieved.
The Gold Coast tourism industry has proven
to be a tough fighter over a challenging year,
recording a 3% increase in total visitor numbers
and a number of other positive results.
In direct response to Gold Coast Tourism’s
focus on tactical activity in its largest-volume
source market, daytrip visitors to the Gold
Coast increased 11.1% to 5.96 million and
daytrip visitor expenditure increased 36.7%
over the year. Revenue was also up from
international visitors, increasing by 9.3% in
spite of a 7.4% decline in numbers.
2008 / 09 ANNUAL REPORT I 6
Marketing campaigns underpinning this work
reminded holidaymakers of the Gold Coast’s
great value and variety, from the Hinterland to
the beach, all linked to call-to-action booking
opportunities. Disappointingly, domestic
overnight visitor spend and numbers closely
mirrored national and Queensland results,
declining by 13.6% and 8.3% respectively.
The Business Events segment was also
challenged as a result of contraction caused
by the global financial crisis, particularly for
corporate meetings. The latest audited figures
released by the Queensland Government
(2007/2008) confirm however that the Gold
Coast continued to dominate its competitive
set, capturing 54% of all Queensland delegate
days recorded.
The Gold Coast recorded further strong
growth in the number of scheduled flights into
Coolangatta and Brisbane over the year. In an
operating environment when many airlines were
cutting services, Gold Coast Tourism continued
to work closely with its two airport partners,
Gold Coast Airport and Brisbane Airport and its
airline partners Jetstar, AirAsia X, Virgin, Japan
Airlines, Qantas, Air New Zealand, Etihad and
Tiger to produce record seat numbers into
the destination. Aviation is critical to the Gold
Coast’s long term sustainability and central to
the organisation’s forward planning.
As we move into the new financial year, the
Gold Coast will continue to face significant
challenges. However, I remain very confident
that we now have the right people and the
right plan in place to ensure that the Gold
Coast’s most important industry continues
to prosper and is well placed to capitalise on
new opportunities as they arise. A new level
of collaboration has been developed over
the past twelve months and for this I wish to
thank the following: the Mayor, councillors and
management of the Gold Coast City Council;
the Queensland Minister for Tourism and the
Tourism Queensland team; my fellow Board
members - particularly Peter Doggett and
Bruce Nicholls who have reached the end
of their term; the management and staff of
Gold Coast Tourism, and most importantly;
our industry partners, for the faith that they
have placed in the organisation through their
membership.
Cooperation is vital to our success and
together we can achieve increased returns for
all members of the tourism industry and for all
Gold Coast citizens.
2008 / 09 ANNUAL REPORT I 7
CHIEF EXECUTIVE
OFFICER’S REPORT
In response to challenging economic conditions
Gold Coast Tourism actioned a series of
strategic decisions during the 2008/2009 year.
As a result, at year’s end, total tourist numbers
had grown by 3% over the previous year to
9.926 million, hard-won market share was
protected, the company returned to profit and
long term financial sustainability was secured.
Martin Winter
Chief Executive Officer
Gold Coast Tourism Ltd
Remarkably, in spite of a decline in visitor
numbers, dollars spent locally by international
tourists increased by 9.3% to $896 million
over the year. In the light of the World Tourism
Organisation’s prediction that global tourism will
shrink by an estimated 5% in 2009, the Gold
Coast’s capacity to grow revenue to this extent
is a striking testament to the fundamentals
that underpin the Gold Coast’s most important
industry which annually contributes more than
$4.2 billion to the local economy and supports
tens of thousands of jobs.
Domestic visitation to the Gold Coast however
produced mixed results. Whereby daytrip
numbers increased by a healthy 11.1% to 5.96
million and expenditure by a very impressive
36.7%, overnight spend and overnight
numbers were down by 13.6% and 8.3%
respectively. This segment is very important
to Gold Coast tourism business and as a
measure of our concern, marketing investment
in Sydney, Melbourne and Adelaide will be
increased in the forthcoming year.
Five overarching strategies guided Gold
Coast Tourism’s direction in 2008/2009:
• a shift from brand to tactical activity which
promoted the region as a quality, value for
money destination with a broad range of
things to see and do from south to north,
from the hinterland to the sea
• a reassertion that the Gold Coast is
Australia’s favourite holiday playground
for family fun vacations and for social
experience seekers
• the establishment of a dedicated convention
bureau capability to capture more high
yield corporate, association and incentive
business
domestic sector were increased by 40% over
the previous year. This sector was primarily
responsible for the growth in total tourist
numbers achieved.
Over the past twelve months the management
team implemented significant change
throughout the organisation to strengthen
the company structure. Central to this was
a rationalisation of staff numbers and the
closing of the Sydney office; a review of
the function and objectives of the Visitor
Information Centres, and; the implementation
of an organisational review across all business
units which anchored objectives and budgets
to the company’s corporate, membership
and industry responsibilities as defined in our
Mission.
From this conscious focus on financial
management and operational efficiency,
substantial savings were achieved, allowing for
a realignment of financial and human resources
to marketing priorities. In general terms, the
funds freed up were directed towards the
domestic market, allowing for the maintenance
of investment levels in our key long term
international source regions including Japan,
New Zealand, China and the Middle East.
The process also produced an end of year
surplus of $2,608,929 which has facilitated
the repayment in full of the outstanding debt
to Gold Coast City Council as accrued by
the Visitor Information Centre loan, and the
establishment, for the first time, of a modest
but necessary reserve fund. Substantial
savings were made in staff and consulting,
public relations, the renegotiation of airline
commitments, Global Business Insights, retail
administration and other Visitor Information
Centre costs, interest loan repayments and
the abandonment of the Leaders in Dubai
mission. Lesser but nonetheless worthwhile
savings were also made by negotiating free air
travel with partner airlines for staff on sales and
business trips and ensuring staff are engaged
at fair market rates of pay.
• the repayment of all outstanding company
debt to ensure that in the current
volatile and fast moving environment the
business is capable of reacting quickly to
opportunities as they arise, and
• a significant increase in investment in
areas with proven potential to react quickly
to market stimulation and deliver high
volume business during the current global
economic instability, such as the drive
market (four hour drive radius)
As a result, resources devoted to the
2008 / 09 ANNUAL REPORT I 8
2008 / 09 ANNUAL REPORT I 9
CHIEF EXECUTIVE
OFFICER’S REPORT(cont.)
As the peak body responsible for both the
stewardship and leadership of the local industry,
Gold Coast Tourism also stepped up to the
plate in other areas commensurate with the
expectations of stakeholders of the nation’s
leading Regional Tourism Organisation. This
included the rebuilding of relationships with key
stakeholders Gold Coast City Council, Tourism
Queensland and Tourism Australia, and the
strengthening of commercial relationships with
airlines, the Gold Coast’s two international
airports and industry at large to leverage,
align and maximise joint investment. These
partnerships have yielded great results for
the Gold Coast over the past year, and are a
testament to the genuine spirit of engagement
offered by our partners and the joint recognition
of common interest.
Notwithstanding this, frank and forthright
lobbying at federal, state and local government
levels were undertaken to ensure that the
region’s interests, including those of the Gold
Coast’s Local Tourism Organisations - Surfers
Paradise Alliance, Broadbeach Alliance and
Connecting Southern Gold Coast were in the
front of mind of policy makers. Leading input
into the debate surrounding critical supplyside issues such as aging infrastructure and
the need for workforce up-skilling was made
through the membership of a variety of state
and national committee’s, and in conjunction
with Tourism Queensland, the Regional Tourism
Infrastructure and Investment Plan (RTIIP),
which identifies the destination’s product and
infrastructure gaps and opportunities, was
finalised.
Furthermore, we reconnected with our
members to ensure we accurately represented
industry perspectives on these issues, better
met their priorities and maximised the return
on their investment. This process focused on
direct engagement via survey, face to face
meetings in member premises, the delivery of
valuable business education and the creation of
new opportunities that directly impacted their
bottom lines. At the end of the year Gold Coast
Tourism had 473 members, an increase of 71
members over the same time in the previous
year, contributing $503,965 to total revenue.
2008 / 09 ANNUAL REPORT I 10
Although Gold Coast Tourism’s extensive
2008/2009 marketing and corporate
communications activities are outlined in detail
elsewhere in this report, a number of significant
achievements deserve highlighting. Three new
website developments, VeryGoldCoast.com,
YourCoast.com.au and GoldCoastConventions.
com were commissioned to deliver the
destination’s detailed message and provide a
direct sales platform for Gold Coast products
and services. The company’s in-house media
effectiveness was substantially enhanced to
generate a record value of $17.556 million in
non-paid print, television, on-line and other
media exposure relating to the destination,
local products or the organisation. This was
enhanced by cooperative media activity with
Tourism Queensland which generated an
additional $40.889 million in media exposure for
the destination over the year (based on Tourism
Queensland’s media valuation formula). And
a massive calendar of targeted national and
international campaigns, familiarisations, visiting
journalist programs, site inspections and trade
missions were carried out.
In this structured and multi channeled manner,
GCT is confident that it is delivering the most
inclusive and effective return on investment for
the region’s 26,600 tourism levy contributors
and its 500 plus members. Gold Coast
Tourism will continue to drive the messages of
collaboration, cooperation and unity into the
coming year knowing that in the face of ever
growing competition and soft global demand,
the region will maintain its pre eminent position
in the Australian tourism landscape and
continue from strength to strength. In doing
so it is committed to fostering sustainable
business practices in a measured way in its own
operations and amongst the industry at large,
while representing the industry’s interests to the
highest standards.
2008 / 09 ANNUAL REPORT I 11
BOARD
MEMBERS
2008 / 09 ANNUAL REPORT I 12
Paul Donovan (Chairman)
Gold Coast Airport
Peter Doggett (Deputy Chairman)
In2Tourism
John Punch
Short Punch & Greatorix
Peter Brampton
Marriott Hotels
Adrienne Readings
Gold Coast Convention and Exhibition Centre
Paul Steer
KPMG
Steve Howard
News Limited
Bruce Nicholls
Tall Ships Sailing Cruises of Australia
2008 / 09 ANNUAL REPORT I 13
Daytrip
5,961,000
11.1%
$681,000,000.00
36.7%
Domestic Overnight
3,180,000
-8.3%
$2,669,000,000.00
-13.6%
International
785,979
-7.4%
$896,000,000.00
9.3%
Total
9,926,979
3.0%
$4,246,000,000.00
-3.7%
7M
6M
6M
5M
Missions
5M
4M
Gold Coast Tourism delivers a united
approach to destination marketing when
it facilitates member participation on
missions to overseas source markets. The
objective of the collaborative approach
is to showcase the Gold Coast as a
destination and its individual assets to
business and leisure tourism influencers
in target markets. Participating members
gain face to face contact with travel trade,
retail and wholesale product managers,
media and associated tourism industry
personnel allowing ongoing marketing and
sales activities in key cities in the elected
countries.
4M
3M
Trends
Gold Coast Expenditure Trends
Gold Coast Expenditure Trends
3M
1M
$3.5B
2M
0
1M
0
Time of Travel
Time of Travel
Gold Coast Expenditure Trends
$3.5B
$3.0B
$3.5B
$2.5B
Daytrip
Domestic Overnight
International
M Million
Time of Travel
Daytrip
Domestic Overnight Time of Travel
International
M Million
Gold Coast Expenditure
$3.5B
$3.0B
$3.0B
$2.5B
Daytr
Dome
Dayt
Intern
Dom
B Billion
Inter
B Billio
$2.5B
$2.0B
$2.0B
$1.5B
$1.5B
$1.0B
$1.0B
$0.5B
$0.5B
$$-
Gold Coast Expenditure Trends
$3.0B
$2.0B
2008 / 09 ANNUAL REPORT I 14
$2.5B
$1.5B
$2.0B
$1.0B
YE 09
Jun 09
YE Jun
0
YE 08
Jun 08
YE Jun
1M
0
B
Daytrip
Domestic Overnight
International
Billion
Daytrip
Domestic Overnight
International
Time of Travel
YE 09
Jun 09
YE Jun
4M
2M
2M
1M
YE 08
Jun 08
YE Jun
5M
3M
Gold Coast Visitation Trends
YE 07
Jun 07
YE Jun
6M
4M
3M
2M
YE 07
Jun 07
YE Jun
7M
5M
Daytr
Dome
Dayt
Intern
Dom
M Millio
Inter
M Millio
YE 06
Jun 06
YE Jun
6M
Growth %
Gold Coast Visitation Trends
Gold Coast Visitation Trends
7M
Gold Coast Visitation Trends
7M
Expenditure
Gold Coast Visitation Trends
YE 05
Jun 05
YE Jun
Most Gold Coast Tourism marketing
campaigns are positioned at consumers
direct, targeting potential holiday makers at
the consideration or research stage of their
decision making process. Our campaigns
are built to generate exposure and interest
for the destination and convert that interest
into bookings through a direct call to action.
These campaigns are generally seasonal,
focusing on a particular theme or offer over
a defined period, ensuring our efforts are
immediately relevant to the consumer. The
majority of Gold Coast Tourism campaigns are
done in partnership with a trade partner such
as a travel agent, a travel partner such as an
airline or an industry partner such as Tourism
Queensland.
Growth %
YE 05
Jun 05
YE Jun
Campaigns
Visitors
YE Jun 09YE Jun 09
By October, the momentum of the global
financial crisis began to negatively impact
Australian consumer confidence. Under
normal circumstance the resulting low interest
rates and low fuel prices would have boosted
domestic travel conversion to the region;
however these positives were outweighed at
this time by concern over job security
On reflection of the official Tourism Research
Australia International and National Visitor
Surveys for the year ending June 2009, we see
that the overall number of international visitors
to the Gold Coast declined on the previous
year by 7.4% to 785 979 visitors, the average
length of stay increased by 10% and therefore
boosting their expenditure to $896 million. The
largest international markets for the Gold Coast
continue to be New Zealand (204 665 visitors),
Japan (110 602 visitors), China (93 555) and
the United Kingdom (68 441). Domestic
visitation declined in line with national trends
with reductions in the number of nights and
corresponding length of stay. Brisbane and the
drive market provide greatest visitation to the
region, followed by Sydney, Melbourne and
corresponding regional catchment areas. The
primary purposes of visit remain as Holiday,
Visiting Friends and Relatives and Daytrips.
Importantly, Daytrip visitation increased to the
Gold Coast by 4.4% in the year ending June
2009.
Market
YE Jun 08YE Jun 08
The year was a contrast of consumer
confidence and restraint. The financial year
began in the midst of a buoyant Australian
economy, which in association with factors
including the strong purchasing power of the
Australian dollar, cheap outbound air ticketing
and significant competition from international
destinations meant Gold Coast Tourism had to
fight hard to maintain our domestic visitation as
outbound travel increased. The high Australian
dollar and additional events such as the Beijing
Olympics in August and September contributed
to a national decline in international inbound
visitation which was of course reflected on the
Gold Coast.
Gold Coast Tourism marketing and
communication efforts throughout the year
have been focused on delivering these, and
some additional niche elements, to targeted
Drive, Intrastate, Interstate and International
leisure and business audiences. The primary
strategies have focused on the execution of
tactical campaigns direct to the consumer and
the education of and collaboration with Tourism
Australia, Tourism Queensland and key travel
sellers and aviation partners who generate
large volumes of consumer bookings to the
Gold Coast.
The work of Gold Coast Tourism focuses
on three main fundamentals of destination
marketing across all markets in which we are
active; they are Campaigns, Familiarisations
and Missions.
Gold Coast Visitation - for the Year Ended June 2008
Gold Coast Tourism brings over one
hundred influencers to the destination every
year to facilitate their greater understanding
of the destination and specific holiday
experiences. These influencers include
media, travel agents, front line sales
staff and inbound tour operators from
domestic and international source markets.
By experiencing the destination first
hand, these qualified influencers provide
meaningful exposure and advocacy for
the Gold Coast to their audiences and
customers. The familiarisations also
generate strong ongoing relationships
between our local operators and these
travel influencers, resulting in many direct
and commercially valuable outcomes.
YE Jun 07YE Jun 07
This assertive approach enabled Gold Coast
Tourism to generate increased cooperative
marketing opportunities with partners and
member businesses through our ability to
fully negotiate our plans with media and
trade despite one of the most unstable global
operating environments in recent history.
Domestically, government stimulus payments
direct to households and increased campaign
activity from state and federal tourism bodies
over the first two calendar quarters of 2009
benefited the aggressive marketing approach
of Gold Coast Tourism as we reinforced the
value and variety of the destination to Australian
consumers. The trend toward short breaks
close to home was leveraged by Gold Coast
Tourism with activity which targeted south east
Queensland residents leading to positive year
end results from that market.
Familiarisations
The Gold Coast’s proposition as a tourist
destination is based upon a set of strong core
elements including beaches, theme parks,
entertainment, weather, events, ease of access
and value for money.
YE Jun 06YE Jun 06
Our strategy and activity was universally refined
to deliver seasonal, tactical campaigns which
were flexible enough to meet rapidly changing
market and consumer demands but maintained
a consistency in message and method. A
focus on target audience exposure and high
conversion execution maximised outcomes for
the local tourism industry.
and home, savings and investment losses
leading to a comprehensive fall in consumer
confidence. These circumstances were of
course not limited to the Australian market.
Coupled with severe consumer reaction to the
perceived threat of H1N1 virus, outbound travel
from all of our key international source markets
experienced an immediate and continued
decline to the point of some temporary Gold
Coast airline route cancellations.
YE Jun 05YE Jun 05
The efforts of Gold Coast Tourism over the year
were focused on executing the most efficient
and effective consumer, trade, media and
partner activity within our major domestic and
international source markets.
MARKETING
strategy
YE 06
Jun 06
YE Jun
MARKET
SUMMARY
Time of Travel
2008 / 09 ANNUAL REPORT I 15
MARKETING
INTERNATIONAL
This year, the Gold Coast Tourism International
Marketing department was active in 27
overseas source markets, more specifically
though it implemented established plans and
resources in New Zealand, Japan, China,
South East Asia, Malaysia, Korea, India, the
Middle East and the United Kingdom. The
International Marketing plans saw campaigns,
familiarisations and missions undertaken
across all nine key international source markets
with an increased number being delivered in
partnership with Tourism Australia and Tourism
Queensland.
International cooperative campaign activity
with airlines and Gold Coast Airport Limited
also increased this year with the addition of
new international routes into the Gold Coast
boosting our ability to promote direct and cost
effective international access, particularly out of
Japan (Jetstar International), Malaysia (AirAsia
X) and New Zealand (Jetstar International and
Air New Zealand). Collaborative work continues
with Brisbane Airport Corporation and Gold
Coast Tourism in supporting the marketing
initiatives of many of the airlines hubbing from
Brisbane and providing services and valuable
commercial outcomes for the destination and
south east Queensland.
Travel Café - Tokyo
Flight Centre Consumer Campaign - New Zealand
Morinaga Confectionary Campaign - Japan
2008 / 09 ANNUAL REPORT I 16
Quiksilver Trade and Consumer Campaign - China
Yinala Workshop and Famil - Middle East
Japan Australia Mission - Japan
2008 / 09 ANNUAL REPORT I 17
MARKETING
DOMESTIC
MARKETING
BUSINESS EVENTS
The Gold Coast Tourism Australia Marketing
department delivered a refocused strategy
this year which moved our domestic activity
from brand based, aspirational marketing to
product and price based, tactical marketing.
Judging the general shift in national consumer
sentiment early, Gold Coast Tourism’s domestic
marketing campaigns delivered value for
money offers to the source markets with
best access to the destination. Short breaks,
close to home and booked within two weeks
from travel dominated national travel trends
throughout most of the year. Campaigns
providing easily bookable package deals were
the best performers for Gold Coast Tourism
and our campaign partners over the period.
The Gold Coast Tourism Business
Events department evolved into a full
service convention bureau over the year,
dedicated to lead generation and in-market
sales conversion of meeting, incentive,
association and conference business
for the Gold Coast. The intelligence
gathering and sales staff concentrated on
researching and securing business out of
Australia and the wider Asia Pacific region
as priority markets. This restructure led to
an immediate increase in bid activity and
referral of business to local operators.
Greater effort to attract residents from within
the 350 kilometre catchment was made this
year, with the YourCoast sub-brand and
website launched specifically to convert Daytrip
and Overnight visitation from the region. The
YourCoast consumer direct website connects
south east Queensland and northern New
South Wales residents to more than 100 Gold
Coast Tourism member businesses offering
special deals for accommodation, attractions,
tours and dining. Launched in January 2009,
by June 2009 YourCoast had a subscription
database of more than 17,000 consumers
who had downloaded over 67,000 Gold Coast
vouchers. The YourCoast sub-brand and
website was promoted throughout south east
Queensland, in particular in Brisbane, with a
series of multilayered campaigns using print,
radio, cinema, outdoor, transit and public
relations activity to great success.
2008 / 09 ANNUAL REPORT I 18
To manage and track bid and referral
activity the Business Events department
dedicated significant resources throughout
the year to training Gold Coast operators in
the iDSS bureau management system. This
strategy to increase industry productivity
delivered early results with a number of bids
facilitated with increased efficiency.
YourCoast Launch Campaign
YourCoast Launch Campaign
Tiger Airways Campaign
Virgin Blue Campaign
Virgin Blue Campaign
2008
/ 09
ANNUALREPORT
REPORT II 19
07
2008
/ 09
ANNUAL
MARKETING
ACTIVITY
As part of our fundamental destination
marketing responsibility, Gold Coast Tourism
manages, conducts, attends, hosts,
coordinates and leads hundreds of campaigns,
familiarisations (famils) and missions every year.
Below listed are just some of these activities
driven by Gold Coast Tourism between
July 2008 and June 2009 in our key source
markets.
UK / EUROPE
AUSTRALIA
• I’m a Celebrity Get Me Out of Here
Campaign – November 2008 and May 2009
• 108 Things to See and Do Campaign –
November 2008 to January 2009
• Corroboree UK/Europe Mission – April 2009
• YourCoast Launch Campaign – January
2009
NEW ZEALAND
• MATTA Consumer Fairs Malaysia – August
2008 and March 2009
• Virgin Blue Campaign – January 2009
• NATAS Consumer Fairs Singapore –
September 2008
• Channel Nine Getaway Famil – October
2008 and March 2009
• Southeast Asian Mission – October 2008
• Today Show Famil – November 2008 and
July 2009
• Oztalk Trade and Consumer Travel Mission –
February 2009
• Flight Centre Consumer Campaign –
February 2009
• Lotus Travel / Trailfinders Campaign –
February 2009
SE ASIA
• Air New Zealand Mega Famil – October
2008
• AirAsia X Consumer and Trade Campaign –
July 2008 to June 2009
• Pacific Blue / Jetstar Mega Famils – May
2009
KOREA
JAPAN
• Queensland on Tour Mission – August 2008
• Aussie Specialists Famil – April 2009
• Gold Coast Travel Café Campaign –
September 2009
• Hana Tour Convention – May 2009
• Gold Coast Beach Club Campaign –
October 2008 to June 2009
• FRIDAY Magazine Famil – August 2008
• Morinaga Confectionary Campaign –
February to May 2009
• Gold Coast Tourism Japan Mission –
September 2008
• Japan Australia Mission – February 2009
• Gold Coast Marathon Media and Trade Famil
– July 2008
• Jetstar Mega Famil – February 2009
CHINA
• Australian Travel Mission – November 2008
• ANZ Holiday / AirAsia X Mission – May and
June 2009
• China International Travel Mart Mission –
November 2008
• Queensland on Tour China Mission – March
2009
• Quiksilver Trade and Consumer Campaign –
February 2009
2008 / 09 ANNUAL REPORT I 20
• Q Channel TV Program Famil – August 2008
• Mode Tours Home Shopping Campaign –
June 2009
MIDDLE EAST
• Yinala Workshop and Famil – March 2009
• Queensland on Tour Middle East – April
2009
• Emirates Holidays Campaign – May 2009
• Ramadan Campaign – May and June 2009
• Fairfax Campaign – February 2009
• Qantas Holidays Campaign – September
2008
• RACQ Campaign – April 2009
• SuperGP Famil – July 2009
• Tastes of Gold Coast Famil – August 2008
• Huey’s Cooking Adventures Famil – February
2009
BUSINESS EVENTS
• Asia Pacific Incentives and Meetings Expo
Mission – February 2009
• Team Australia Business Events Educational
Mission – March 2009
• IMEX Worldwide Mission – April 2009
• European Incentive, Business Travel and
Meetings Exhibition Mission – December
2008
• Pacific Area Incentives and Conferences
Expo Mission – August 2008
• Asia Pacific Incentives and Meetings Famil –
February 2009
INDIA
• Eva Air Taiwan Famil – June 2009
• Indian Travel Mission – September 2008
• Gold Coast on Show Famil – June 2009
• Kuoni Honeymoon Campaign – November
2008
• New Zealand PCO Famil – November 2008
• South East Asian MICE Famil – May 2009
• CNBC Awaaz Money Yatra Campaign – November 2008
• Weddingsutra.com Honeymoon Campaign –
July to October 2008
• Singh is Kinng Campaign – July to October
2008
2008 / 09 ANNUAL REPORT I 21
MARKETING
PUBLICATIONS
SUITE
om
aradise.c
www.surf
ersp
adise.com
www.surferspar
goldcoastconventions.com
s.com
goldcoastconvention
Gold Coast Traveller | English
Veryexciting
O
n
y
On any givean
n day
V
givenVed
natural
rya
y...
SURFERS
PA
& COOL AN RADISE
GATTA
Gold Coast Guide to Meetings and Incentives | English, Simplified Chinese, Traditional Chinese and Japanese translations
Verywelcoming
SURFERS PAR ADI
SE
& COOLANGATT
A
Gold Coast Study Guide | English
goldcoastconvention
s.com
VeryGC.jp
SURFERS PARADISE
& COOLANGATTA
The Gold Coast Experience
very
a
special place
Veryindulgent
VeryGC.jp
VeryGoldCoast.com
VeryGoldCoast.com
VeryGoldCoas
t.com
t.com
VeryGoldCoas
VeryGoldCoast.com
VeryGoldCoast.co
m
GC.jp
Very
AUSTRALIA
VeryGoldCo
ast.com
ast.com
VeryGoldCo
Gold Coast 108 Things to see and do | English, Korean, Arabic, Japanese, Simplified Chinese and Traditional Chinese translations
2008 / 09 ANNUAL REPORT I 22
Gold Coast Inpirations | English, Korean, Arabic, Japanese, Simplified Chinese and Traditional Chinese translations
2008 / 09 ANNUAL REPORT I 23
MARKETING
WEBSITE SUITE
Gold Coast Tourism website - VeryGoldCoast.com
Gold Coast Convention Bureau website - GoldCoastConventions.com
2008 / 09 ANNUAL REPORT I 24
YourCoast website - YourCoast.com.au
2008 / 09 ANNUAL REPORT I 25
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
Contents
Directors’ Report........................................................................................................................28
Income Statement......................................................................................................................31
Balance Sheet............................................................................................................................32
Statement of Changes in Equity..................................................................................................33
Statement of Cash Flows............................................................................................................34
Notes To and Forming Part of the Financial Statements..............................................................36
Directors’ Declaraton..................................................................................................................50
Auditor’s Independence Declaration............................................................................................51
Independent Auditor’s Report.....................................................................................................52
2008 / 09 ANNUAL REPORT I 26
2008 / 09 ANNUAL REPORT I 27
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
DIRECTORS’
REPORT
DIRECTORS’
REPORT (cont’d)
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
DIRECTORS' REPORT
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
DIRECTORS' REPORT (Cont'd)
The Directors present the following report for the year ended 30 June 2009:
Information on Directors
Directors
Name
Position
Entity
Board Position
No of years
on Board of
Directors:
DONOVAN, Paul
Chief Operating Officer
Gold Coast Airport
Chairman
4 years
Name
Position
Entity
Board Position
No of years
on Board of
Directors:
Name
Position
Entity
STEER, Paul
Partner
KPMG
Name
Position
Entity
The names of Directors who held office at any time during or since the financial year are:
Directors
No. of Directors'
Meetings Attended
During the Year
Paul Donovan (Chairman)
Peter Doggett (Deputy Chairman)
Paul Steer
Bruce Nicholls
Adrienne Readings
Peter Brampton (Appointed 24/11/08)
Stephen Howard (Appointed 11/05/09)
Therese Ferry (Resigned 24/11/08)
Steve McRoberts (Resigned 24/04/09)
7
9
8
9
9
5
1
3
3
No. of Audit
No. of Directors'
No. of Audit
Committee
Meetings Eligible to
Committee
meetings
Attend During the meetings attended
eligible to attend
Year
9
9
9
9
9
5
1
4
7
3
3
1
-
3
3
1
2
-
The position of Honorary Secretary was
held by:
John Punch
8
9
-
-
Principal Activities
The principal activity of the Company for the year ended 30 June 2009 was the marketing of the Gold Coast region as a
business and leisure tourism destination.
There were no significant changes in the nature of the Company's activities during the financial year.
Review and Results of Operations
The Company has achieved a net surplus for the year of $2,608,929 (2008: $315,902 deficit).
DOGGETT, Peter
Director
In 2 Tourism
Deputy Chairman
21 years
Board Position Director
No of years
on Board of
Directors:
2 years
READINGS, Adrienne
General Manager
Gold Coast Convention & Exhibition
Centre
Board Position Director
No of years on
Board of
Directors:
5 years
Name
Position
Entity
Board Position
No of years
on Board of
Directors:
NICHOLLS, Bruce
Managing Director
Tall Ship Sailing Cruises of Australia
Director
Name
Position
Entity
Board Position
No of years
on Board of
Directors:
BRAMPTON, Peter
General Manager
Surfers Paradise Marriott Res. & Spar
Director
Name
Position
Entity
Board Position
No of years
on Board of
Directors:
HOWARD, Stephen
Managing Director
Gold Coast Bulletin
Director
Name
Position
Entity
Board Position
No of years on
Board of
Directors:
McROBERTS, Steve
Director Marketing
Tourism Queensland
Director
Name
Position
Entity
Board Position
No of years
on Board of
Directors:
FERRY, Therese
Divisional Marketing Manager
AMP Capital Shopping Centre
Director
6 years
Appointed May 09
7 months
Resigned April 09
Likely future Developments and Expected Results
The particular information required by section 299(1)(e) of the Corporations Act 2001 has been omitted from the report
because the Directors believe it would result in unreasonable prejudice to the Company.
Significant Changes in State of Affairs
Resigned November 08
There were no significant changes in the state of affairs during the financial year.
After Balance Sheet Date Events
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 the affairs of the Company
in subsequent financial years.
1
2008 / 09 ANNUAL REPORT I 28
2
2008 / 09 ANNUAL REPORT I 29
ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
DIRECTORS’
REPORT (cont’d)
INCOME
STATEMENT
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
INCOME STATEMENT
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009
935 184
FOR THE YEAR
ENDED
30 JUNE 2009
For the year ended 30 June 2009
INCOME STATEMENT
DIRECTORS' REPORT (Cont'd)
FOR THE YEAR ENDED 30 JUNE 2009
Notes
Indemnification and Insurance of Directors and Officers
Revenue
The Company has not, during the financial year, in respect of any person who is or has been an officer or auditor of the
Company or a related body corporate:
Cost of goods sold
∞
∞
indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer, including
costs and expenses in successfully defending legal proceedings; or
paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer for the
costs or expenses to defend legal proceedings.
3, 20
Notes
There have been no breaches of environmental regulations by the Company during or since the financial year.
Proceedings on behalf of the Company
No person has applied for leave of Court to bring proceedings on behalf of the Company in relation to activities performed
by the Company.
Auditor's Independence Declaration
The auditors independence declaration under Section 307C is attached to this financial report on page 5.
12,864,076
2009
$
(150,687)
2008
$
(Restated)
13,353,647
2008
3, 20
12,864,076
(605,779)
$
(614,285)
(Restated)
13,353,647
(939,643)
20
(150,687)
(7,815,372)
(614,285)
(10,034,498)
(605,779)
(1,753,559)
(939,643)
(2,070,860)
(7,815,372)
2,538,679
(10,034,498)
(305,639)
(1,753,559)
102,115
(31,865)
2,538,679
70,250
(2,070,860)
92,373
(102,636)
(305,639)
(10,263)
Financial income
Surplus/(Deficit)
for the year
Financial expenses
Net finance income/(expense)
102,115
2,608,929
(31,865)
70,250
92,373
(315,902)
(102,636)
(10,263)
Surplus/(Deficit) for the year
2,608,929
(315,902)
20
Revenue
Information centre expenses
Cost of goods sold
Promotions and Marketing
Information centre expenses
Administrative expenses
Promotions and Marketing
Surplus/(Deficit) from operating activities
Performance in Relation to Environmental Regulation
2009
$
4
Administrative expenses
Financial income
Financial
expenses
Surplus/(Deficit)
from operating activities
Net finance income/(expense)
4
Signed in accordance with a resolution of the Board of Directors.
..................................................
Director
Dated at ……………………this……………day of……………………………, 2009.
The above Income Statement should be read in conjunction with the attached Notes.
The above Income Statement should be read in conjunction with the attached Notes.
8
3
2008 / 09 ANNUAL REPORT I 30
8
2008 / 09 ANNUAL REPORT I 31
BALANCE SHEET
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
BALANCE
SHEET
STATEMENT OF GOLD COAST TOURISM CORPORATION LIMITED
CHANGES IN EQUITY
ACN 009 935 184
AS AT 30 JUNE 2009
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
AS AT 30 June 2009
BALANCE
Notes SHEET
2009
$
2008
$
2,301,811
95,535
2009
38,244
$
134,005
2,569,595
2,301,811
95,535
260,925
38,244
134,005
260,925
2,569,595
734,746
323,747
2008
209,866
$
67,200
1,335,559
734,746
323,747
548,699
209,866
67,200
548,699
1,335,559
2,830,520
1,884,258
260,925
260,925
1,773,236
201,876
523,863
2,830,520
2,498,975
548,699
548,699
2,580,927
97,948
1,000,000
1,884,258
3,678,875
1,773,236
201,876523,863
13,239
13,239
2,498,975
2,580,927
97,948
491,981
1,000,000
4,025
496,006
3,678,875
2,512,214
13,239
318,306
13,239
4,174,881
491,981
4,025
(2,290,623)
496,006
Members' Equity
TOTAL LIABILITIES
Accumulated
Surplus/(Deficit)
TOTAL SURPLUS/(DEFICIT)
NET ASSETS/(LIABILITIES)
2,512,214
318,306
318,306
318,306
4,174,881
(2,290,623)
(2,290,623)
(2,290,623)
Members' Equity
Accumulated Surplus/(Deficit)
TOTAL SURPLUS/(DEFICIT)
318,306
318,306
(2,290,623)
(2,290,623)
AS AT 30 JUNE 2009
Current Assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
Total Current
Current
AssetsAssets
Cash and cash equivalents
Trade and otherAssets
receivables
Non-Current
Property,
plant and equipment
Inventories
Other Non-Current
current assets Assets
Total
Total Current Assets
TOTAL ASSETS
Non-Current Assets
Property, Liabilities
plant and equipment
Current
Total Non-Current
Assets
Trade
and other payables
Provisions
Borrowings
TOTAL ASSETS
Total Current Liabilities
Current Liabilities
Non-Current
Trade and otherLiabilities
payables
Provisions
Borrowings
Borrowings
Provisions
Total Non-Current
Liabilities
Current Liabilities
Non-Current
Liabilities
TOTAL
LIABILITIES
Borrowings
Provisions
NET ASSETS/(LIABILITIES)
Total Non-Current Liabilities
FOR THE YEAR ENDED 30 JUNE 2009
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2009
5
Notes
6
7
5
86
7
8
9
10
11
9
10
11
11
10
11
10
The above Balance Sheet should be read in conjunction with the attached Notes.
Accumulated deficit at the beginning of the year
Surplus/(Deficit) for the year ended 30 June 2009
Accumulated Surplus/(Deficit) at end of the year
2009
$
2008
$
(2,290,623)
(1,974,721)
2,608,929
(315,902)
318,306
(2,290,623)
The above Statement of Changes in Equity should be read in conjunction with the attached Notes.
9
The above Balance Sheet should be read in conjunction with the attached Notes.
9
10
2008 / 09 ANNUAL REPORT I 32
2008 / 09 ANNUAL REPORT I 33
Cash Flows from Operating Activities
Receipts from sales of goods and
other receipts
14,861,730
GOLD
COAST TOURISM CORPORATION LIMITED
STATMENT
OF
Payments to suppliers and employees
(12,357,555)
ACN 009 935 184
CASH
FLOWS
Interest
received
102,115
For the year ended 30 June 2009
STATEMENT OF CASH FLOWS
Interest paid
(31,865)
Net cash provided by operating activities
1(b)
2,574,425
FOR THE YEAR ENDED 30 JUNE 2009
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
14,923,449
(14,432,593)
92,373
(102,636)
480,593
NOTES TO AND FORMING
GOLD COAST TOURISM CORPORATION LIMITED
PART OF THE FINANCIAL
ACN 009 935 184
STATEMENT OF CASH FLOWS
For the year ended
30 June
2009
NOTES
TO
AND
FORMING PART OF THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2009
Cash Flows from Investing Activities
Payments for plant and equipment
Proceeds from sale of fixed assets
Net cash used in investing activities
(79,819)
2009
40,577
$
(39,242)
(341,589)
2008$
(341,589)
14,861,730
(968,118)
(12,357,555)
(968,118)
102,115
(31,865)
1,567,065
2,574,425
14,923,449
(138,019)
(14,432,593)
(138,019)
92,373
(102,636)
985
480,593
734,746
(79,819)
40,577
2,301,811
(39,242)
733,761
(341,589)
734,746
(341,589)
Cash flows from financing activities
Loans repaid
Net cash used in financing activities
(968,118)
(968,118)
(138,019)
(138,019)
Net increase in cash and cash equivalents
1,567,065
985
734,746
733,761
2,301,811
734,746
Cash flows
Flowsfrom
fromfinancing
Operatingactivities
Activities
Cash
Receipts
from
sales
of
goods
and
other receipts
Loans repaid
Payments
to
suppliers
and
employees
Net cash used in financing activities
Interest received
Interest paid
Net increase in cash and cash equivalents
Net cash provided by operating activities
Cash and cash equivalents at the beginning of the
Cash Flows
financial
yearfrom Investing Activities
Payments for plant and equipment
Proceeds
of fixed assets
Cash
andfrom
cashsale
equivalents
at the end of the financial
year
Net cash used in investing activities
Notes
1(b)
1(a)
Cash and cash equivalents at the beginning of the
financial year
Cash and cash equivalents at the end of the financial
year
1(a)
1.
a)
Cash and Cash Equivalents
For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand and in banks and
investments in money market instruments, net of outstanding bank overdrafts. Cash and cash equivalents at the
end of the year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as
follows:
2009
$
2,301,811
Cash and cash equivalents
b)
2008
$
734,746
Reconciliation of Net Cash Provided By Operating Activities to Surplus/(Deficit)
Surplus/(Deficit) for the year
Depreciation and amortisation
Impairment of property plant & equipment
Profit on sale of assets
Changes in assets and liabilities:
Trade and other receivables
Inventory
Other assets
Trade and other payables
Employee entitlements
Net cash provided by operating activities
2,608,929
226,759
102,232
(1,975)
(315,902)
292,619
314,843
-
230,797
171,622
(69,390)
(807,691)
113,142
2,574,425
(65,104)
167,020
171,515
(22,765)
(61,633)
480,593
Credit Standby Facilities
The Company had credit standby facilities of up to $300,000 available as a business credit card.
Unused/Used Financing Facilities
The Company had financing facilities of up to $100,000 available from ANZ Online.
Unused foreign exchange facility
The Company has a facility of $20,000 in place for foreign exchange contracts.
The above Statement of Cash Flows should be read in conjunction with the attached Notes.
11
Indemnity Guarantees
The Company has indemnity guarantees of $27,053 for the operating leases in Ferny Avenue and Coolangatta.
The above Statement of Cash Flows should be read in conjunction with the attached Notes.
11
12
2008 / 09 ANNUAL REPORT I 34
2008 / 09 ANNUAL REPORT I 35
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
GOLD COAST TOURISM CORPORATION LIMITED
STATEMENTS
ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
STATEMENTS (cont’d) GOLD COAST TOURISM CORPORATION LIMITED
For the year ended 30 June 2009
For the year ended 30 June 2009
1.
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
ACN 009 935 184
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
FOR THE YEAR ENDED 30 JUNE 2009
INTRODUCTION
Gold Coast Tourism Corporation Limited for the year ended 30 June 2009 is an unlisted public Company limited by
guarantee and is incorporated in Australia.
2.
SUMMARY OF ACCOUNTING POLICIES (Cont'd)
c)
Property, Plant & Equipment
Property, plant and equipment are brought to account at cost, less, where applicable, any accumulated depreciation
or amortisation. The carrying amount of property, plant and equipment is reviewed annually by Directors to
ensure it is not in excess of the recoverable amount from these assets.
Operations and Principal Activities
Operations comprise the promotion of tourism in the Gold Coast region as a business and leisure destination.
Currency
The depreciable amount of all property, plant and equipment is depreciated using straight line method (unless
otherwise stated), over their useful lives commencing from the time the asset is held ready for use.
The financial report is presented in Australian dollars and amounts are rounded to the nearest dollar.
Depreciation/amortisation rates for each class of assets are as follows:
Registered Office
- Office furniture & fittings
- Computer equipment
- Motor Vehicles
- Leasehold improvements
- Promotional equipment
The registered office of Gold Coast Tourism is situated at Level 2 64 Ferny Avenue Surfers Paradise Queensland Australia
4217.
20%
40%
22%
20%
33 1/3%
Prime Cost
Prime Cost
Reducing Balance
Prime Cost
Prime Cost
Authorisation of Financial Report
d)
Employee Benefits
The financial report was authorised for issue on 24th September 2009 by the Directors.
2.
Employee benefits relate to amounts expected to be paid to or on behalf of employees for annual leave, long
service leave, workers’ compensation and superannuation.
SUMMARY OF ACCOUNTING POLICIES
The principal accounting policies adopted by Gold Coast Tourism Corporation Limited are stated in order to assist in a
general understanding of the financial report.
a)
b)
Accrued annual leave has been recognised in provisions in the balance sheet and represents the amount which the
Company has a present obligation to pay resulting from employees’ services provided up to balance sheet date.
The accrual has been calculated at nominal amounts based on remuneration rates expected to be paid when the
liability is settled and includes related on-costs.
Basis of preparation
The financial report is a general purpose financial report prepared in accordance with Australian Accounting
Standards (AASBs) adopted by the Australian Accounting Standard Board (AASB) and the Corporations Act
2001.
The provision for long service leave represents the present value of the estimated future cash outflows to be made
by the Company resulting from employees’ services provided up to balance sheet date.
The financial report of the Company complies with International Financial Reporting Standards (IFRSs) and
interpretations adopted by the International Accounting Standards Board (IASB).
The provision comprises amounts that the Company has present obligation to pay resulting from employees’
services provided up to balance sheet date and an estimate of future obligations taking into account future
increases in wage and salary rates, periods of service and experience of employee departures. Related on-costs
have also been included in the provision.
Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories acquired at no cost,
or for nominal consideration, is the current replacement cost as at the date of acquisition. Otherwise costs are
assigned to inventory quantities on hand at reporting date using the weighted average basis.
Contributions are made by the Company to employee superannuation funds and are charged as an expense when
incurred.
e)
Income Tax
No provision for income tax has been made as the Company is exempt under the Income Tax Assessment Act.
13
2008 / 09 ANNUAL REPORT I 36
14
2008 / 09 ANNUAL REPORT I 37
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
GOLD COAST TOURISM CORPORATION LIMITED
STATEMENTS (cont’d)
ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
STATEMENTS (cont’d)
For the year ended 30 June 2009
For the year ended 30 June 2009
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
FOR THE YEAR ENDED 30 JUNE 2009
2.
SUMMARY OF ACCOUNTING POLICIES (Cont'd)
2.
SUMMARY OF ACCOUNTING POLICIES (Cont'd)
f)
Foreign Currency Transactions and Balances
k)
Revenue
i)
Transactions in foreign currencies on initial recognition in the functional currency are recorded by applying to the
foreign currency amount the spot exchange rate at the date of the transaction.
Revenue from the sale of goods is recognised when all significant risks and rewards of ownership have
been transferred to the buyer. In most cases this coincides with the transfer of legal title or the passing of
possession to the buyer.
At each balance sheet date:
(a)
(b)
(c)
foreign currency monetary items are reported using the closing rate;
non-monetary items which are measured in terms of historical cost in a foreign currency are
translated using the exchange rate at the date of the transaction; and
non-monetary items which are measured at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value was determined.
ii)
iii)
Impairment of assets
vi)
Payables
(v)
Member subscriptions
Member subscriptions are recognised over the period for which the subscription is payable.
l)
Leases
Operating lease rental expense is recognised as an expense on a straight line basis over the lease term, or on a
systematic basis more representative of the time pattern of the user's benefit.
m)
Borrowings
Receivables
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in the income statement over the period of the borrowing using the effective interest method.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest rate method, less provision for impairment. A provision for doubtful debts is recognised when
collection of the full amount is no longer probable. Receivables are usually settled on 30 day terms and are
non-interest bearing.
j)
Interest
Interest revenue is recognised using the effective interest method. It includes the amortisation of any
discount or premium.
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not
billed to the Company. Trade and sundry payables are non-interest bearing, and unsecured and are normally
settled on 30 day terms.
i)
Contributions/Grants
Government grants are recognised as income when there is reasonable assurance that all conditions will be
complied with and that the grants will be received.
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s or cash-generating
unit’s fair value less costs to sell and its value in use. Value in use is the present value of future cash flows
expected to be derived from the asset or cash-generating unit. When the future economic benefits of the asset are
not primarily dependent on the asset's ability to generate net cash inflows and when the entity would, if deprived of
the asset, replace its remaining future economic benefits, value in use is depreciated replacement cost of an asset.
h)
Ticket sales
When the Company acts in the capacity of an agent rather than as principal in a transaction, the revenue
recognised is the net amount of commission made by the Company.
Exchange differences arising on the settlement of monetary items or on translating monetary items at rates
different from those at which they were initially translated during the period, or in previous financial statements,
are recognised in profit or loss in the period in which they arise.
g)
Sale of Goods
Financial Instruments
n)
Financial assets and financial liabilities are recognised on the balance sheet when the Company becomes a party to
the contractual provisions of the financial instrument.
A financial asset is derecognised when the contractual rights to the cash flows from the financial assets expire or
are transferred and no longer controlled by the entity.
A financial liability is removed from the balance sheet when the obligation specified in the contract is discharged
or cancelled or expires.
15
2008 / 09 ANNUAL REPORT I 38
Going Concern
At 30 June 2009, the Company achieved an operating surplus of $ 2,608,929 (2008: deficit $315,902), and had a
net asset position of $ 318,306. (2008: net liability $2,290,623). This change in asset position from the previous
year has significantly increased the Company’s ability to continue as a going concern.
The Company has negotiated an agreement with the Gold Coast City Council for funding of $50,000,000 over five
years from 1 July 2006, to support an increase in tourism to the Gold Coast. The Company is confident that these
funds will be provided to enable the Company to pay its debts as and when they fall due.
16
2008 / 09 ANNUAL REPORT I 39
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
GOLD COAST TOURISM CORPORATION LIMITED
STATEMENTS (cont’d)
ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
GOLD COAST TOURISM CORPORATION LIMITED
STATEMENTS (cont’d)
ACN 009 935 184
For the year ended 30 June 2009
For the year ended 30 June 2009
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
FOR THE YEAR ENDED 30 JUNE 2009
2.
SUMMARY OF ACCOUNTING POLICIES (Cont'd)
o)
New Accounting standards and interpretations
2009
$
3.
The following standards, amendments to standards and interpretations have been identified as those which may
impact the Company in the period of initial application.
(i)
Revised AASB 123 Borrowing Costs and AASB 2007-6 Amendments to Australian Accounting
Standards arising from AASB 123
The revised AASB 123 has removed the option to expense all borrowing costs and – when adopted - will
require the capitalisation of all borrowing cost directly attributable to the acquisition, construction or
production of a qualifying asset. The revised standard will become mandatory for the Company’s 30 June
2010 financial report. There will be no impact on the financial report of the Company, as the Company
already capitalises borrowing costs relating to qualifying assets.
(ii)
Revised AASB 101 Presentation of Financial Statements and AASB 2007-8 Amendments to Australian
Accounting Standards arising from AASB 101
The September 2007 revised AASB 101 requires the presentation of a statement of comprehensive income
and makes changes to the statement of changes in equity, but will not affect any of the amounts recognised
in the financial statements. If an entity has made prior period adjustment or has reclassified items in the
financial statements, it will need to disclose a third balance sheet (statement of financial position), this one
being as at the beginning of the comparative period. The revised standard will become mandatory for the
Company’s 30 June 2010 financial report.
(iii)
(iv)
AASB 2008-5, AASB 2008-6, and AASB 2009-4 Amendments to Australian Accounting Standards
arising from the Annual Improvements Project and Further Amendments to Australian Accounting
Standards arising from the Annual Improvements Project. A number of accounting standards have been
amended under the improvement project. The first part contains amendments that result in accounting
changes for presentation, recognition and measurement purposes. The second part contains amendments
that are terminology or editorial changes only, which is expected to have no or minimal effect on
accounting. The amendments will become mandatory for the Company’s 30 June 2010 financial report.
The Company has not yet determined the potential effect of these improvements on the financial report.
AASB 2008-8 Amendment to IAS 39 Financial Instruments: Recognition and Measurement
AASB 2008-8 amends AASB 139 Financial Instruments: Recognition and Measurement and must be
applied retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting
Estimates and Errors. The amendment makes two significant changes. It prohibits designating inflation as
a hedgeable component of a fixed rate debt. It also prohibits including time value in the one-sided hedged
risk when designating options as hedges. The amendments will become mandatory for the Company’s 30
June 2010 financial report. It is not expected to have a material impact on the Company’s financial
statements.
REVENUE
Sale of goods and ticket sales
Tourism Levy - Gold Coast City Council
Grant - Tourism Queensland
Membership subscriptions
Co-Operative Marketing
Profit on sale of fixed assets
Other
Depreciation and amortisation expense
Impairment of property plant & equipment
Inventories:
- Amount of inventories recognised as an expense
Employee benefits expense:
- Salaries and wages
- Superannuation
Foreign exchange losses/(gains)
Minimum operating lease payments
1,070,383
10,000,000
853,672
576,402
829,440
23,750
13,353,647
226,759
102,232
292,619
314,843
150,687
614,285
3,800,545
273,971
3,223
533,880
4,070,486
257,738
(15,743)
584,846
Included in the impairment of property plant & equipment is an amount of $98,015 (2008: $164,033) which is in relation to
the impairment losses recognised on the leasehold assets of the Information and Booking Centres.
5.
TRADE AND OTHER RECEIVABLES
Trade
Sundry
7.
73,358
22,177
95,535
304,155
19,592
323,747
38,244
209,866
115,233
18,772
134,005
47,998
19,202
67,200
INVENTORIES
Ticket and retail merchandise stock at cost
OTHER CURRENT ASSETS
Prepayments
Deposits
17
487,951
10,000,000
985,166
536,203
820,784
1,975
31,997
12,864,076
4.
ITEMS INCLUDED IN SURPLUS/(DEFICIT)
Additional information on the nature of expenses:
6.
2008 / 09 ANNUAL REPORT I 40
2008
$
(Restated)
18
2008 / 09 ANNUAL REPORT I 41
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
NOTES TO ANDNOTES
FORMING
TO AND FORMING PART OF THE FINANCIAL STATEMENTS
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED
NOTES TO AND FORMING ACN 009 935 184
PART OF THE
FINANCIAL
NOTES
TO AND FORMING PART OF THE FINANCIAL STATEMENTS
STATEMENTS (cont’d)
PART OF THE FINANCIAL
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
STATEMENTS (cont’d)
For the year ended 30 June 2009
FOR THE YEAR ENDED 30 JUNE 2009
2009
$
2009
$
2008
$
2008
$
100,553
(90,626)
100,553
9,927
(90,626)
152,104
(117,541)
152,104
34,563
(117,541)
9,927
406,889
(363,209)
406,889
43,680
(363,209)
34,563
441,676
(344,593)
441,676
97,083
(344,593)
43,680
42,972
(24,619)
42,972
18,353
(24,619)
97,083
31,654
(21,861)
31,654
9,793
(21,861)
18,353
300,337
(150,080)
300,337
150,257
(150,080)
9,793
504,836
(140,775)
504,836
364,061
(140,775)
Less: accumulated depreciation
150,257
70,564
(31,856)
70,564
38,708
(31,856)
364,061
53,999
(10,800)
53,999
43,199
(10,800)
Total property, plant and equipment
38,708
260,925
43,199
548,699
260,925
548,699
8.
PROPERTY, PLANT AND EQUIPMENT
8.
PROPERTY, PLANT AND EQUIPMENT
Office Furniture & Fittings- at cost
Less
Officeaccumulated
Furniture &depreciation
Fittings- at cost
Less accumulated depreciation
Computer Equipment - at cost
Less:
accumulated
amortisation
Computer
Equipment
- at cost
Less: accumulated amortisation
Motor vehicles - at cost
Less:
Motoraccumulated
vehicles - at depreciation
cost
Less: accumulated depreciation
Leasehold Improvements – at cost
Less:
accumulated
depreciation
Leasehold
Improvements
– at cost
Less: accumulated depreciation
Promotional equipment - at cost
Less:
accumulated
depreciation
Promotional
equipment
- at cost
Total property, plant and equipment
Movement During the Year
2009
Movement During the Year
Office
2009
Furniture &
Office
Fittings
Furniture &
$
Fittings
Opening written down value
34,563
$
Additions at cost
2,222
Opening written down value
34,563
Disposals at written down
Additions at cost
2,222
value
Disposals
at written
Depreciation
expensedown
(26,858)value
Impairment
Depreciation expense
(26,858)
Closing written down value
9,927
Impairment
Closing written down value
9,927
Computer
Equipment
Computer
Equipment
$
97,083
$
39,054
97,083
39,054
(92,457)(92,457)
43,680
43,680
Promotional
Motor
Leasehold
Vehicles improvements equipment
Promotional
Motor
Leasehold
Vehicles improvements equipment
$
$
$
9,793
364,061
43,199
$
$
$
11,318
10,661
16,564
9,793
364,061
43,199
(38,602)
11,318
10,661
16,564
(38,602)
(2,758)(83,631)
(21,055)(102,232)
(2,758)
(83,631)
(21,055)
18,353
150,257
38,708
(102,232)
18,353
150,257
38,708
Total
For the year ended 30 June 2009
FOR THE YEAR ENDED 30 JUNE 2009
2009
$
2008
$
1,443,054
233,366
96,816
1,773,236
2,093,993
289,916
197,018
2,580,927
201,876
201,876
97,948
97,948
13,239
13,239
4,025
4,025
Current
Unsecured
Gold Coast City Council
523,863
1,000,000
Non-Current
Unsecured
Gold Coast City Council
-
491,981
9.
TRADE AND OTHER PAYABLES
Trade payables
Members subscriptions prepaid
GST
10.
PROVISIONS
Current
Annual leave
Non Current
Long service leave
11.
BORROWINGS
Total
$
548,699
$
79,819
548,699
(38,602)
79,819
(38,602)
(226,759)
(102,232)
(226,759)
260,925
(102,232)
260,925
A loan was provided by the Gold Coast City Council to fund the rollout of the capital and working capital costs of the
Retail Information Centre Strategy. This rollout was not fully implemented and has now been abandoned due to inability
to obtain planning approvals from the Council relating to the Surfers Paradise and Broadbeach sites. The term of the loan
is 10 years expiring on 30 July 2016. The loan bears interest at a fixed rate of 6.5% per annum and is repayable in 36 equal
quarterly instalments, with the first instalment due on 1 July 2007. Based on the change in strategy above, the Company
has repaid $1,000,000 of the loan in July 2008 and the remaining balance of $523,863 in July 2009.
2008
2008
Opening written down value
Additions at cost
Opening written down value
Depreciation expense
Additions at cost
Impairment
Depreciation expense
Closing written down value
Impairment
Closing written down value
Promotional
Office
Computer
Motor
Leasehold
Furniture &
Equipment
Vehicles improvements equipment
Promotional
Office
Computer
Motor
Leasehold
Fittings
Furniture &
Equipment
Vehicles improvements equipment
$
$
$
$
$
Fittings
56,228
291,924
12,227
400,193
53,999
$
$
$
$
$
3,931
67,364
270,295
56,228
291,924
12,227
400,193
53,999
(25,596)
(124,995)
(2,434)
(128,794)
(10,800)
3,931
67,364
270,295
(137,210)
(177,633)
(25,596)
(124,995)
(2,434)
(128,794)
(10,800)
34,563
97,083
9,793
364,061
43,199
(137,210)
(177,633)
19
34,563
97,083
9,793
364,061
43,199
19
2008 / 09 ANNUAL REPORT I 42
Total
Total
$
814,571
$
341,590
814,571
(292,619)
341,590
(314,843)
(292,619)
548,699
(314,843)
548,699
20
2008 / 09 ANNUAL REPORT I 43
GOLD COAST TOURISM CORPORATION LIMITED
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
CORPORATION LIMITED
STATEMENTS (cont’d) GOLD COAST TOURISM
ACN 009 935 184
NOTES TO AND
NOTES FORMING
TO AND FORMING PART OF THE FINANCIAL STATEMENTS
PART OF THE FINANCIAL
FOR THE YEAR ENDED 30 JUNE 2009
STATEMENTS (cont’d)
For the year ended 30 June 2009
For the year ended 30 June 2009
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
12.
14.
RELATED PARTY TRANSACTIONS
During the financial year the following transactions were undertaken between the Company and entities of which the
Directors and senior executive are partners, directors or employees. These transactions were undertaken in the normal
course of business and were made on normal commercial terms and conditions.
Directors
Paul Donovan
(Chairman)
Peter Doggett
(Deputy Chairman)
Paul Steer
Bruce Nicholls
Related Party
Directors position in
related party
Transactions
Gold Coast Airport Pty
Ltd
Warner Village Theme
Parks
Chief Operating
Officer
International
Relationship
Manager
Airport parking
Membership revenue
Familiarizations &
functions
Ticket commission &
membership revenue
Consulting services
Membership revenue
Venue Hire
KPMG
Partner
Tall Ship Sailing Cruises
of Australia
( Including Whale
Watching Gold Coast &
McLarens Landing)
Gold Coast Convention &
Exhibition Centre
Managing Director
Peter Brampton
(Appointed 24/11/08)
Surfer Paradise Marriott
Resort & Spa
General Manager
Stephen Howard
(Appointed 11/05/09)
Gold Coast Bulletin
Managing Director
Adrienne Readings
Steve McRoberts
(Resigned 24/04/09)
Tourism Queensland
Purchases
$
1,124
2,382
5,126
19,000
3,047
20,000
-
22,047
2,000
22,000
460,854
651,966
1,112,820
480,446
1,121,171
1,601,617
700,000
700,000
1,400,000
1,200,000
2,950,000
4,150,000
AUDITOR'S REMUNERATION
Audit of financial report – current year
- prior year underprovision
Other services:
- Preparation of financial report
15.
2008
$
COMMITMENTS FOR EXPENDITURE
Operating lease commitments:
Non cancellable lease commitments:
119,284
7,510
341
4,769
Contracted for but not recognised as liabilities, due:
-within 12 months
-12 months or longer and no longer than 5 years
Ticket commission &
membership revenue
7,783
General Manager
Director Marketing
Venue hire &
accommodation
Membership revenue
Venue hire &
accommodation
Membership revenue
Advertising
Membership revenue
Promotional activities
& advertising
Grants
7,934
Marketing agreements:
3,484
The Company is committed to a marketing agreement to provide
marketing support to an unrelated third party.
1,908
2,575
11,761
341
Contracted for but not recognised as liabilities, due:
-within 12 months
-12 months or longer and no longer than 5 years
712,186
752,318
13.
Revenue
$
2009
$
985,166
1,121,697
EVENTS AFTER THE BALANCE SHEET DATE
There have been no events since the balance sheet date that have a material impact on this report and require inclusion in
this report.
22
2008 / 09 ANNUAL REPORT I 44
21
2008 / 09 ANNUAL REPORT I 45
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
NOTES TO AND FORMING
PART OF THE FINANCIAL
GOLD COAST TOURISM CORPORATION LIMITED
STATEMENTS (cont’d)
ACN 009 935 184
NOTES TO AND FORMING
GOLD COAST TOURISM CORPORATION LIMITED
PART OF THE FINANCIAL
ACN 009 935 184
STATEMENTS (cont’d)
For the year ended 30 June 2009
For the year ended 30 June 2009
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
FOR THE YEAR ENDED 30 JUNE 2009
16.
KEY MANAGEMENT PERSONNEL REMUNERATION
18. FINANCIAL RISK MANAGEMENT continued
No income was received or due and receivable by the Directors for the year. Names of Directors in office during the
financial year are included in the Directors' Report.
30 June 2009
Key executives remuneration included in expenditure amounted to $ 1,284,476 (2008: $1,452,280).
Short-term employee benefits
Post-employment benefits
Termination benefits
2009
$
2008
$
1,181,100
103,376
1,284,476
1,216,369
79,392
156,519
1,452,280
Financial Assets
Cash and cash equivalents
Trade receivables
Financial liabilities
Trade and other payables
Borrowings
SEGMENT INFORMATION
The Company operates in one industry segment being the promotion of tourism on the Gold Coast. The Company operates
predominantly in one geographical segment, that being Queensland, however, operations have been established in New
Zealand and Singapore with a representative office in London.
18.
FINANCIAL RISK MANAGEMENT
Financial Assets
Cash and cash equivalents
Trade receivables
Financial liabilities
Trade and other payables
Borrowings
-1%
Net Assets
$
+1%
Profit
$
(22,947)
-
(22,947)
-
22,947
-
22,947
-
(1,443,054)
(523,863)
-
-
-
-
(22,947)
(22,947)
22,947
22,947
-1%
Profit
$
Carrying amount
$
-1%
Net Assets
$
+1%
Profit
$
(7,269)
-
(7,269)
-
7,269
-
7,269
-
(2,096,382)
(1,491,981)
-
-
-
-
(7,269)
(7,269)
7,269
7,269
Total increase/(decrease)
Primary responsibility for identification and control of financial risks rests with the Directors of Gold Coast Tourism
Corporation Limited. They review and agree to policies for managing each of the risks identified below, including limits
for approved instruments, transaction values and counterparties with whom the Company transacts.
Credit risk arises principally from the Company's receivables and cash and cash equivalents.
a)
(i)
(ii)
+1%
Net Assets
$
726,835
304,155
Gold Coast Tourism Corporation Limited is a not-for-profit tourism promotion agency, primarily funded by the Gold Coast
City Council. The Company manages its capital to ensure that it meets its strategic objectives and to ensure it will continue
as a going concern. The capital structure of the Company consists of cash and cash equivalents and a loan from Gold Coast
City Council.
The Company uses different methods to measure different types of risk to which it is exposed. These methods include
detailed budgeted cashflow analysis for liquidity risk. In terms of interest rate risk the entity does not have significant
exposure at balance sheet date and as such the effect of volatility of interest rates within expected reasonable possible
movements would not be significant.
+1%
Net Assets
$
2,294,668
73,358
Total increase/(decrease)
30 June 2008
17.
-1%
Profit
$
Carrying amount
$
b) Credit risk
Trade receivables are generally on a 30 day terms. Credit risk is kept continually under review and managed to reducethe
incidence of material losses being incurred by the non receipt of monies due.
The Company trades only with recognised, creditworthy third parties, and as such collateral is not requested nor is it the
Company's policy to securitise its trade receivables. It is the Company's policy to consider the credit worthiness of all
customers who wish to trade on credit terms.
Market risk
The Company does not have any significant foreign exchange exposures at balance sheet date and as such the effect
of volatility of foreign exchange rates within expected reasonable possible movements would not be significant.
The Company's main interest rate risk relates to its cash and cash equivalents as its total borrowings are solely from
Gold Coast City Council which is subject to a fixed rate of 6.5% per annum. This loan was repaid in full in July 2009.
At 30th June 2009, if interest rates had changed by -/+ 100 basis points from the year end rates with all other
variables held constant, profit would have been $22,947 lower/higher (2008 change of 100 bps: $7,269 lower/higher )
The following table summarises the sensitivity of the Company's financial assets and liabilities to interest rate risk.
24
2008 / 09 ANNUAL REPORT I 46
23
2008 / 09 ANNUAL REPORT I 47
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
NOTES TO AND FORMING
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
PART OF THE FINANCIAL
STATEMENTS (cont’d)
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
NOTES TO AND FORMING
GOLD COAST TOURISM CORPORATION LIMITED
PART OF THE FINANCIAL
ACN 009 935 184
STATEMENTS (cont’d)
For the year ended 30 June 2009
For the year ended 30 June 2009
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
FOR THE YEAR ENDED 30 JUNE 2009
18. FINANCIAL RISK MANAGEMENT continued
18. FINANCIAL RISK MANAGEMENT continued
The ageing of trade receivables at the reporting date was:
2008
2009
Gross
$
Current
31 - 60 days
61 - 90 days
91 days and over
2009
Allowance
$
2008
Gross
$
2008
Allowance
$
64,035
4,350
4,973
-
233,783
11,484
55,300
3,588
-
73,358
-
304,155
-
Trade payables
Sundry payables and accruals
Gold Coast City Council loan
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due. This process involves the review and updating of cash flow forecasts and, when necessary the
obtaining of credit standby arrangements and loan facilities.
The following is the contractual maturity analysis for financial liabilities:
Trade payables
Sundry payables and accruals
Gold Coast City Council loan
Contractual
Repayment Amount
$
6 mths or
less
$
6 - 12
mths
$
6 - 12
mths
$
1-5
years
$
1,010,228
1,570,699
1,526,518
1,010,228
1,570,699
1,000,000
-
526,518
4,107,445
3,580,927
-
526,518
The carrying amount of financial assets and liabilities recorded in the financial statements are stated at fair value unless
otherwise stated. The fair value of assets is the amount that could be received on disposal less any costs of disposal. The
fair value of liabilities is the amount that could be paid to extinguish the debt, plus any costs of extinguishment.
Cash Investments
The Company limits its risk exposure on cash investments by investing in term deposits or similar, with major banking
institutions, and management does not expect any counterparty to fail to meet its obligations.
2009
6 mths or
less
$
d) Fair Values
As at 30 June 2009 the Company had no significant debts which were deemed irrecoverable.
c)
Contractual
Repayment Amount
$
19.
MEMBERS' GUARANTEE
The Company is limited by guarantee. If the Company is wound up, the Constitution states that each member is required to
contribute a maximum of $20 each towards meeting any outstanding obligations of the Company.
20. CHANGE IN ACCOUNTING POLICY AND PRIOR YEAR ADJUSTMENT
a) Changes in accounting policy
The Directors are of the opinion that the Visitor Information Centres act as agents only in the sale of any tickets not
purchased in advance. As such, the net commissions received have been reflected in the financial statements, as opposed to
the full sale price of the ticket being shown in Revenue and the cost of the ticket being shown in Cost of Sales.
b) Prior Year Adjustment
The change in accounting policy above has been applied retrospectively and comparative figures have been restated. The
change in accounting policy has had no effect on the Surplus/Deficit for either of the financial years reported on.
1-5
years
$
Comparative amounts as at 30 June 2008 have been restated as follows:
513,997
1,259,239
523,863
513,997
1,259,239
523,863
-
-
2,297,099
2,297,099
-
Revenue
Cost of goods sold
Previously
stated
$
Restated
14,988,552
(2,249,190)
13,353,647
(614,285)
12,739,362
12,739,362
$
25
26
2008 / 09 ANNUAL REPORT I 48
2008 / 09 ANNUAL REPORT I 49
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
DIRECTORS’
DECLARATION
AUDITOR’S
INDEPENDENCE
DECLARATION
GOLD COAST TOURISM CORPORATION LIMITED
ACN 009 935 184
DIRECTORS' DECLARATION
The Directors of Gold Coast Tourism Corporation Limited
In the opinion of the Directors of Gold Coast Tourism Corporation Limited:
To:
a)
the accompanying financial statements and notes are in accordance with the Corporations Act 2001, comply with
the Australian Accounting Standards (including Australian Accounting Interpretations) and give a true and fair
view of the Company's financial position as at 30 June 2009 and of its performance for the year ended on that date;
and
b)
at the date of this declaration there are reasonable grounds to believe that the Company will be able to pay its debts
as and when they become due and payable; and
c)
the financial report also complies with International Financial Reporting Standards as disclosed in Note 2.
As lead engagement partner for the audit of Gold Coast Tourism Corporation Limited for the year ended 30 June 2009 I
declare that, to the best of my knowledge and belief, there have been:
To:
The Directors of Gold Coast Tourism Corporation Limited
(a)
no contraventions of the auditor independence requirements of the Corporations Act in relation to the audit; and
To:contraventions
The Directors
of applicable
Gold Coast Tourism
Corporation
Limited
(b) lead no
of for
any
professional
in relation
to the
As
engagement
partner
the audit ofcode
GoldofCoast
Tourismconduct
Corporation
Limited
foraudit.
the year ended 30 June 2009 I
declare that, to the best of my knowledge and belief, there have been:
As lead engagement partner for the audit of Gold Coast Tourism Corporation Limited for the year ended 30 June 2009 I
declare that, to the best of my knowledge and belief, there have been:
(a)
no contraventions of the auditor independence requirements of the Corporations Act in relation to the audit; and
PKF
(b)
no contraventions of any applicable code of professional conduct in relation to the audit.
(a)
no contraventions of the auditor independence requirements of the Corporations Act in relation to the audit; and
(b)
no contraventions of any applicable code of professional conduct in relation to the audit.
Signed in accordance with a resolution of the Directors.
PKF
PKF
John Keating
Partner
..................................................
Director
DatedKeating
at Brisbane this 24th day of September 2009
John
Partner
John Keating
Partner
Dated at …………………….. this .......................day of .................................., 2009
Dated at Brisbane this 24th day of September 2009
Dated at Brisbane this 24th day of September 2009
4
4
5
2008 / 09 ANNUAL REPORT I 50
4
2008 / 09 ANNUAL REPORT I 51
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
GOLD COAST TOURISM CORPORATION LIMITED ACN 009 935 184
INDEPENDENT
AUDITOR’S
REPORT
INDEPENDENT
AUDITOR’S
REPORT (cont’d)
INDEPENDENT AUDITOR’S REPORT
To the members of Gold Coast Tourism Corporation Limited
INDEPENDENT AUDITOR’S REPORT
Report on the Financial Report
To audited
the members
of Gold Coastfinancial
Tourismreport
Corporation
We have
the accompanying
of GoldLimited
Coast Tourism Corporation Limited, which comprises the
balance sheet as at 30 June 2009, and the income statement, statement of changes in equity and cash flow statement for the
Report
Financial
Report
year ended
on on
thatthe
date,
a summary
of significant accounting policies, other explanatory notes and the directors’
declaration.
We have audited the accompanying financial report of Gold Coast Tourism Corporation Limited, which comprises the
balance sheet as at 30 June 2009, and the income statement, statement of changes in equity and cash flow statement for the
Directors’ Responsibility for the Financial Report
year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’
declaration.
The directors
of the Company are responsible for the preparation and fair presentation of the financial report in accordance
with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act
Directors’
Responsibility
forestablishing
the Financial
2001. This
responsibility
includes
andReport
maintaining internal controls relevant to the preparation and fair
presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and
The directors of the Company are responsible for the preparation and fair presentation of the financial report in accordance
applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In
with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act
Note 2 (a), the Directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial
2001. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair
Statements, that compliance with Australian Equivalents to International Financial Reporting Standards ensures that the
presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and
financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards.
applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. In
Note 2 (a), the Directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial
Auditor’s Responsibility
Statements, that compliance with Australian Equivalents to International Financial Reporting Standards ensures that the
financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards.
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance
with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements
Auditor’s Responsibility
relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is
free from material misstatement.
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance
with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.
relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement
free from material misstatement.
of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement
entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal
reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial
control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures
report.
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independence
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
Auditor’s Opinion
Auditor’s Opinion
In our opinion:
In our opinion:
(a)
the financial report of Gold Coast Tourism is in accordance with the Corporations Act 2001, including:
(a)
the financial report of Gold Coast Tourism is in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the entity’s financial position as at 30 June 2009 and of its performance for
(i)
giving
true and
the entity’s financial position as at 30 June 2009 and of its performance for
the
yeara ended
onfair
thatview
date;ofand
the year ended on that date; and
(ii)
complying with Australian Accounting Standards (including the Australian Accounting Interpretations)
(ii)
complying
with Australian
Accounting
(including the Australian Accounting Interpretations)
and
the Corporations
Regulations
2001;Standards
and
and the Corporations Regulations 2001; and
(b)
the financial report also complies with International Financial Reporting Standards as disclosed in Note 2 (a).
(b)
the financial report also complies with International Financial Reporting Standards as disclosed in Note 2 (a).
PKF
PKF
John Keating
John
PartnerKeating
Partner
Dated at Brisbane this 24th day of September 2009
Dated at Brisbane this 24th day of September 2009
6
6
2008 / 09 ANNUAL REPORT I 52
7
7
2008 / 09 ANNUAL REPORT I 53
2008 / 09 ANNUAL REPORT I 55
GOLD COAST TOURISM CORPORATION
ANNUAL REPORT 2008 / 2009
PO Box 7091, GCMC
Queensland 9726 Australia
Level 2/64 Ferny Avenue,
Surfers Paradise, Queensland 4217
Telephone: +61 7 5592 2699
Facsimilie: +61 7 5570 3144
VeryGoldCoast.com
ACN 009 935 184