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Canberra Convention BureauAnnual Report 2004-05
Page 3
Contents
1. Overviews Chairman’s review Page 5 Canberra Convention Bureau at a glance Page 6
2. Report on performance Summary of highlights and achievements Page 9 Key activities 2004-05 Page 11
3. Corporate governance Board structure Page 15 Code of conduct Page 16 Legislation Page 16 Committees Page 16 Reporting Page 16 Risk management Page 16 Communication to stakeholders Page 16
4. Management and accountability Income Page 17 Relocation to Deakin Page 18 Human resources Page 18 Purchaser-provider arrangements Page 19 Environmental sustainability Page 19
5. Membership Page 21
6. Financial statements Page 25
Page 5
Th e Canberra tourism and business events industry has a vested interest in ensuring Canberra is diff erentiated from other cities and that as a destination, it continues to grow its capacity to attract people, organisations and events.
Th e past year has seen signifi cant achievements in this regard as the bureau has moved to both capitalise on emerging opportunities, and to create potential opportunities arising from its endeavours and enterprises.
Th ere is no doubt that Canberra is now fi rmly on the national map as a business events destination and our profi le internationally has also increased. Th ere are many challenges to be faced in terms of competition from new convention centre developments throughout Australia and the world, skills and labour shortages, and increasing competition from new and diff erent sectors. However, Canberra provides a niche for many organisers and delegates such as its unique natural environment, links with the Australian Government, and iconic national capital status.
Th ese distinctive benefi ts were used in clever and innovative ways by the bureau during the year to capture and convert more than $27 million worth of business for Canberra, equating to 186 events and 38,416 delegates. With the upgrade of the National Convention Centre now fi rmly on the ACT Government’s agenda for the end of 2005, we will continue to build on these achievements throughout 2006 and beyond, confi dent in the knowledge that Canberra’s infrastructure will be of a standard to meet the exacting demands of business event buyers and professional conference organisers nationally and internationally.
Th e bureau’s former chief executive, Dee McGrath, resigned at the end of 2004 to take up the role of chief executive for Carers ACT. Dee was with the bureau for 10 years and the business saw outstanding growth during her time with us. We wish Dee every success in her new role.
Th e bureau also relocated its offi ces to Deakin late in 2004.
Robyn Hendry was appointed as chief executive in January
2005. Robyn, who was general manager of Canberra’s National Convention Centre for four years, has worked as a senior executive in the Australian and international meetings and tourism industry for more than 15 years. She brings a wealth of knowledge and experience to the position and has wasted no time in putting her stamp on the bureau’s operations. We have seen major changes over the last six months including a new senior management team, and a new sales team who together bring impressive sales experience which has already impacted positively on the bureau’s bottom line.
As we move into the next fi nancial year, we are well prepared to meet the interesting challenges that lie ahead. Th e bureau has in place one of the strongest teams in Australia, a sound and robust base from which to prepare and launch its bids, and a strong track record to capitalise and build upon.
I would like to thank my fellow board members for their contribution throughout the year. Th anks also to our government and industry partners who have ably supported the bureau’s range of innovative and eff ective marketing programs. Our members, of course, continue to be the most important stakeholders for the Canberra Convention Bureau. Th eir interest, expertise and support enables the bureau to showcase Canberra as Australia’s leading business events market for the ultimate benefi t of members and partners, the local community and the ACT economy.
Lois Fordham
Chairman
1. Overviews
Chairman’s review
Page 6
Annual Report 2004-05
Canberra ConventionBureau at a glanceOur visionTh at Canberra be recognised as a leading business events destination shaped by its competitive advantages.
Our missionAs the key business events marketing body, the bureau is committed to increasing meetings, incentives, conventionsand exhibition activity for the economic benefi t of Canberra and its key stakeholders.
Organisational chart
Membership and ACT Government
RepresentativeBoard
Sales MarketingKnowledgeManagement
CEO
Page 7
Board of directorsLois Fordham, Chairman Australian Sports Commission
Tish Nyar, Vice Chairman Rydges Capital Hill
Andrew Hogg, Treasurer Qantas
Dennis Souter Th e Boat House by the Lake
Karl Diefenbach Hyatt Hotel Canberra
Barry Neame Consec Conference Management
Mark Sproat Th e Brassey
Tom Snow Canberra International Airport
Stephen Floyd Crowne Plaza Canberra and National Convention Centre
Jane Carter Conference Logisitics
Ross MacDiarmid, government appointee Australian Capital Tourism Corporation
James Grigg SBX Systems, resigned March 2005
Peter Gordon, ex offi cio government appointee Chief Minister’s Department, resigned February 2005
Current staffRobyn Hendry Chief Executive (appointed 25 January 2005)
Amanda Hogg Director of Sales ACT
Cindy Young Director of Business Development NSW
Ruth Ellis Business Development Manager VIC, TAS, WA, SA, NT, QLD
Liz Bendeich Knowledge Manager
Carol Scott Marketing Manager
Penny Nowlan Membership and Marketing Executive
Cathryn Hendrickson Business Development Executive
Tracey Hillier Business Development Coordinator
Kamara Schlegel Business Development Coordinator
Joyce Nesbitt Finance Offi cer
Overviews
Page 9
Sales • Sales of more than $27.5 million were achieved
($1.5 million above targeted budget), together with nearly 51,827 room nights.
• Just under 340 enquires for business events were managed during the year.
• Conversion rate for enquires was more than 50% with a total of 172 business events secured.
• An additional $25 million worth of business was pending a decision at 30 June 2005.
Issues management andindustry development • Th e ACT Government purchased the National
Convention Centre in May 2005 and awarded InterContinental Hotels Group a 15 year management contract. ACT Tourism Minister, Ted Quinlan, also announced a $30 million upgrade with work to commence before the end of 2005. Th e bureau secured an undertaking that a full program of works would be available before commencement.
• An updated Canberra Convention Bureau logo was approved by the board in October 2004. Th e new brand was applied to all collateral along with Australian Capital Tourism’s ‘See yourself in Canberra’ logo.
• A new knowledge manager position was introduced in April 2005 to create, generate and maintain a strategic and corporate knowledge base and underpin eff orts for bid conversions. Th e knowledge manager is responsible for administering the bureau’s internal knowledge systems and procedures, and developing business cases for relevant industries and market segments to ensure sales resources and activities are directed to achieve results.
• Strategic research conducted as part of this new role was instrumental in the submission for Canberra to bid for the following business:
• Business Council for Sustainable Energy – ATRAA National Conference 2006
• 8th Australian Space Development Conference – July 2006
• Australian Law Students Association Annual Conference 2007
• 15th Annual Australasian Fire Authorities Council Conference 2008
• Royal Australian Historical Society 2007 National Conference
• International Association of Dance Medicine and Science, 17th Annual Meeting 2007
• Association of Public Authority Surveyors 2007 Annual Conference.
• Th e National Business Events Study, conducted by the Cooperative Research Centre for Sustainable Tourism and Tourism Australia, was released in April to provide data on the economic impact of the business events sector on both the Australian and ACT economies. Th e study reported the business events sector injects approximately $990 million each year into the ACT economy.
Membership • Th e bureau had 120 members at 30 June 2005 and
11 kindred organisations.
CCB events • Th e bureau’s major annual marketing initiative,
Top Secret, was conducted from 20 to 22 May
2. Report on performance
Summary of highlights and achievements
Page 10
Annual Report 2004-05
2005 with 20 buyers and their partners attending from throughout Australia. Participants have the potential to generate up to $6 million in meetings and conference business for Canberra over time.
• Results include one event worth $114,260. Another 12 events were indentifi ed for further action.
• From the 150 appointments conducted over the duration of the AsiaPacifi c Incentive Meetings Expo (AIME) in February 2005, the bureau converted $640,000 in business and has a further $2.7 million pending.
• A further $200,000 worth of business was also converted from AIME for Canberra directly by participating members.
• Seven networking nights were held with the following members as hosts:
• Academy Club • Canberra Southern Cross Club Woden • King O’Malleys • Rydges Lakeside Canberra • Kamberra Wine Company • Crowne Plaza Canberra • Australian Institute of Sport. • Two local familiarisations were held showcasing
member venues and services to Canberra meeting and event planners.
• Outside Top Secret, an additional 36 individual familiarisations were conducted throughout the year with a potential value of just over $10 million.
Page 11
Key activitiesTop SecretTop Secret, the bureau’s major annual marketing initiative for the year, was conducted from 20 to 22 May in 2005. A total of 20 buyers travelled from throughout Australia to participate in the weekend which provided them with an insight into what Canberra has to off er as a business events destination.
Th e initiative involved the collaboration of Canberra’s entire meetings industry and an investment of about $200,000 was made by the city’s venues, hotels and visitor facilities.
Th e event kicked off with a cocktail reception at Parliament House hosted by Senator for the ACT Gary Humphries. Over the weekend, participants were put in the shoes of a conference delegate as they travelled around Canberra’s hotel and meetings venues for a range of interesting and unique experiences.
A highlight was a special themed dinner at the Australian Institute of Sport featuring Olympic Gold Medal swimmer Petria Th omas, Paralympic Gold Medal skier Michael Milton and other Australian athletes.
A post event survey completed by delegates showed exceptional results. When asked to rate their impression of Canberra before the weekend, 52.63% rated Canberra 3 or less out of a maximum score of 5. When asked to rate their impression aft er Top Secret, 100% rated Canberra between 4 and 5.
$114,260 worth of business has been quoted as a result of the 2005 initiative which equates to one event, while an additional 12 events are being pursued.
Meeting Planners GuideA greater investment by members in the Meeting Planners Guide continues to ensure it is the bureau’s premier publication with a distribution estimated to be approximately 5,000 by the end of February 2006. Th e theme for the 2005 issue was Canberra: Meeting Place of a Nation with the House of Representatives at Parliament House featured on the cover.
AsiaPacifi c Incentive Meetings Expo (AIME)AIME showcases Australian, Asia Pacifi c and international destinations, products and services and is the premier meetings, incentive, convention and exhibition event of its type in the southern hemisphere. Th e 2005 event included a record 827 exhibitors from 50 countries.
Th e bureau joined forces with the Australian Institute of Sport, Australian War Memorial, Doma Hotels, Hyatt
Hotel Canberra, National Convention Centre and National Museum of Australia to attend the February 2005 event and conducted 150 appointments at the Canberra stand (the majority pre-scheduled).
From these, the bureau converted $640,000 in business and has a further $2.7 million pending. An additional $200,000 has already been confi rmed directly by members.
Team AustraliaUK/Europe Project Chief executive Robyn Hendry travelled to London from 11 to 15 March to attend the Team Australia UK/Europe Project – a joint initiative between Tourism Australia and the Australian Association of Convention Bureaux.
Th e objectives set by Team Australia for the project were to increase Australia’s profi le in the international marketplace as a viable business tourism destination, and to provide a forum for bureaux and sellers where relationships can be established with incentive buyers and corporate clients from the UK and French markets.
Th e project attracted about 80 buyers, targeting corporate company employees responsible for in-house meetings and incentive programs, and incentive house personnel who make decisions or who infl uence the selection of incentive travel or corporate meeting destinations.
Ms Hendry conducted approximately 36 one-on-one meetings over four days to promote Canberra as a business events destination, and attended three corporate functions with clients.
Olive Expo launchIn February Canberra won the right to host the international Australian Olive Exposition and Conference for the next fi ve years, with an option for a further fi ve years. Th is event is expected to inject in excess of $5 million to the local economy.
Th e expo and conference focuses on the production and processing of olives and provides a valuable educational forum for olive growers. Canberra was chosen because of its accessibility to Australia’s olive growing regions, the capabilities of the proposed expo site (Exhibition Park in Canberra) and its national capital status which provides appeal for European Union markets.
Th e Australian Olive Association expects up to 2,000 delegates and exhibitors to attend this key industry event annually, including those from overseas. Th e fi rst expo will be held in October 2005.
Australian Government Minister for Trade, the Hon. Mark Vaile MP, participated in the offi cial launch and a tree planting ceremony in February 2005. Th is event marked the establishment of a permanent olive grove consisting of 1,800 trees at Exhibition Park to commemorate the conference and expo.
Report on performance
Page 12
Annual Report 2004-05
Canberra city: a redevelopment vision statement Th e bureau, in conjunction with the Australian Hotels Association ACT Branch, Meetings Events Australia (ACT) and Tourism Industry Council (ACT & Region) was the leading force behind the preparation of Canberra city: a redevelopment vision statement – a paper by members of the Canberra tourism and business events industry.
Th e paper provided an overview of the tourism and business events industry’s vision for the city. While it did not provide the solutions, the ideas and directions put forward are critical when considering the future of our city and the sustainability of our industry. Th e paper was submitted to:
• Living City Plan• Canberra City Redevelopment Taskforce• Simon Corbell, Minister for Planning• Shane Gilbert, Chief Executive, Department of
Economic Development• Ted Quinlan, Minister for Tourism and Economic
Development• National Capital Authority.To build on the vision statement, the bureau also lead a group of industry representatives from the Australian Hotels Association, Canberra Business Council, ACT & Region Chamber of Commerce, Meetings Events Australia, National Capital Authority and the Tourism Industry Council to prepare the tourism industry position paper Investing in Canberra’s conference infrastructure. Th is paper will be provided to the ACT Government early in 2005-06.
AusIndustry grant applicationTh e bureau applied for an Australian Government AusIndustry grant under category 2 of the Australian Tourism Development Program to develop a new range of business tourism products.
Independent research indicates a growing interest from existing and potential business events delegates in ecological and cultural tourism options and that the high yield incentive market needs are also under catered for in our region.
Th e aim is to build tourism by further developing a range of initiatives and programs including conference partner programs and delegate pre and post touring and business incentive tourism options. It is planned to develop a product range that leverages Canberra’s national capital attractions together with the region’s diverse nature based assets, encouraging business tourism into regional areas. Th e project is in response to increased interest from regional tourism operators wishing to access
the opportunities provided by the bureau’s cooperative marketing program.
While organisations and communities may develop individual components of the program, the bureau off ers a conduit for collaborative development, quality control, increased distribution and ongoing national and international marketing.
Th e project off ers long-term economic benefi ts to the Canberra region by increasing the number of business tourists, the highest yield tourist. Th e aim is to target a niche market of high yield business travellers who are looking for prestigious experiences that can be tailored to the diversity of their individual interests, varying group sizes and limited time schedules. Th is is an opportunity for participants to take advantage of city amenities while still enjoying rural and regional attractions in comfort and style.
A decision on the grant funding was pending at 30 June with an expected outcome by November 2005.
Systems auditTh e Canberra Convention Bureau systems review and analysis was conducted as an initiative of the Australian Association of Convention Bureaux (AACB) and performed by independent consultant Lisa Kancans.
Th e key objective of the review was to provide an accurate analysis of the bureau’s system needs to support current and future business strategies. Th is intelligence will be used as the basis for creating an ideal national model for the AACB, if possible.
Th e bureau’s systems review provided the research required to eff ectively plan for any future systems or technology improvements as well as addressing current system shortfalls.
It identifi ed that current systems infrastructure satisfactorily supports key business objectives, but that a number of opportunities exist for ongoing improvements in business processes and new developments.
Such opportunities include both enhancements in existing systems infrastructure, operations and activities, as well as providing the foundation for assessment of new business initiatives including a commercialisation strategy.
Systems improvements are currently being implemented through the knowledge manager’s role. Th e board resolved not to pursue a commercialisation strategy within the next three years.
Industry participationTh e Canberra Convention Bureau fosters and encourages partnerships with key kindred organisations to support the business events and tourism industries.
During the year, the bureau participated in, or partnered with, the following organisations:
Page 13
• Australian Association of Convention Bureaux • Dee McGrath and Robyn Hendry, board
members • Amanda Hogg, committee member• ACT and Region Chamber of Commerce• Australian Capital Tourism Corporation• Australian Hotels Association – ACT Branch• Canberra Accommodation Industry Association• Canberra Business Council • Dee McGrath and Robyn Hendry, Economic
and Tourism Task Force committee members• Canberra Region Tour Operators• Meetings and Events Australia • Amanda Hogg, committee member• National Capital Attractions Association• Tourism Events Australia (a division of Tourism
Australia) • member of Team Australia (Australian
Association of Convention Bureaux and Tourism Events Australia partnership)
• Tourism Industry Council • Dee McGrath, board member • Robyn Hendry, councillor.
National Business EventsStudy 2005Dee McGrath, former chief executive, chaired the steering committee for the National Business Events Study 2005 (NBES). Th e study was conducted by the Cooperative Research Centre (CRC) for Sustainable Tourism (an initiative of Tourism Australia) with support from Qantas and leaders within the national business events industry.
Th is was the fi rst major study undertaken since the 1999 report Meetings make their mark. It was completed in 2004 and published in April 2005. According to Chairman of the CRC for Sustainable Tourism, Sir Frank Moore AO, ‘the NBES is truly a national study…the most comprehensive study of the business events sector to date…’
Th e study shows that ACT business events generate $990 million in annual expenditure for the ACT economy and create 6.6 thousand jobs. Th is study is considered to be ‘…the fi rst comprehensive insight into the value of the Australian business events industry, including meetings, conferences, exhibitions and incentive travel’ (Chairman, Tourism Australia, Th e Hon Tim Fischer, February 2005).
Report on performance
Page 15
3. Corporate governance
Board structure
Th e bureau’s member representative board is made up of 11 directors, 10 of whom are bureau members from industry, plus one member nominated by the ACT Government (the ACT Government nominee).
Th e board is elected from the membership for a period of two years. Offi ce bearers including the chairman, vice chairman and treasurer are elected by the board. Th e table below shows the representative board categories.
Category Number of members(a) those who own or are engaged in the management of hotels or motels having at least 100
accommodation units1
(b) those who own or are engaged in the management of hotels or motels and accommodation houses having less than 100 accommodation units
1
(c) those who provide or are engaged in the management of air transport 1(d) those who own or are engaged in the management of restaurants or other outlets, catering
establishments, or engaged in training for the tourism and hospitality industries1
(e) those who own or are engaged in the management of some form of visitor attraction 1(f) those who own or are engaged in the management of convention venues in excess of 500
square metres1
(g) those who provide or are engaged in the provision of convention and meeting organisation 1(h) ordinary members who own or are engaged in the management of some other form of visitor,
tourist or convention business or activity or any other business or activity4
ACT Government nominee 1
A list of board members who served during 2004-05 is provided on page 7. Meeting attendance is recorded in the table below.
Directors Number of meetings attended out of sixLois Fordham 5Andrew Hogg 4Tish Nyar 5Karl Diefenbach 4Dennis Souter 4Barry Neame 4Mark Sproat 3Tom Snow 3Stephen Floyd 4Jane Carter 4Ross MacDiarmid 4
Page 16
Annual Report 2004-05
Code of conductTh e bureau and the board continue to maintain high standards of conduct, underpinned by the ethics and values contained in the organisation’s code of conduct and code of ethics. Ethics and values adhered to in the workplace include:
• responsiveness and initiative in work performance
• eff ective communication and consultation in determining priorities and expectations
• openness to innovation and to contestability of ideas
• professionalism and integrity in carrying out duties
• a cooperative approach to work
• continued development of skills, management capabilities and leadership
• a workplace that is free from discrimination and encourages diversity.
Legislation
Associations Incorporated ActTh e bureau is incorporated under the Associations Incorporation Act 1991 and complies with the requirements of the Act. Annual statements and information relating to the committee (CCB board) and public offi cer are lodged with the ACT Registrar-General’s offi ce.
Privacy ActTh e bureau has a strict code of conduct in relation to privacy and confi dentiality of member information. Advice was sought from solicitors Phelps Reid Lawyers during the year to ensure ongoing compliance with the Privacy Act 1988 for all member communication activities. Th e advice is currently being implemented to ensure all bureau activities continue to meet the requirements of the Act.
Committees
Management committeeAn internal management committee was established in June 2005 to examine all aspects of the bureau’s bid processes. Th e fi ndings of this committee are expected to be implemented in November 2005.
Audit and compliance committeeA committee was established in 2003 consisting of three directors, Pat Napper, Barry Neame and James Grigg, to assess compliance of the constitution with the Associations Incorporation Act 1991 and other matters of corporate governance.
ReportingA monthly report outlining sales, marketing and issues management is prepared by the bureau’s chief executive and distributed to the board. Independent quarterly fi nancial reports are prepared by the bureau’s accountants Wilson, Watt and Papendrea and distributed to the board.
Risk managementTh e bureau is developing a risk management plan covering its activities which will identify operational risks and outline strategies to redress them. Th e plan will be reviewed at regular intervals to ensure currency, and disseminated to key staff at a monthly offi ce management meeting. Occupational health and safety is also a standard agenda item for the monthly meetings.
Communication to stakeholdersTh e bureau takes communications to stakeholders seriously and has a dedicated plan in place to ensure members are informed about activities and abreast of progress and developments.
Key initiatives to communicate to stakeholders during the year included:
• CCB Update newsletters issued in July, August, November and December 2004 and January, February, March, April and June 2005
• a range of media releases and updates leading up to major marketing initiatives including Top Secret
• member networking functions
• 2005 Canberra meeting planners guide.
Page 17
4. Management and accountability
Income
2003-04
$m
2004-05
$m
*2005-06
$mIncome(government and members)
1.34 1.34 1.29
Sales 25.1 27.5 28.0Return on $1 invested $18.73 $20.52 $21.70* Budget
2003/2004 Income
27%
15%58%
Industry Cash
Industry In-kind
Government
2004/2005 Income
30%
11%59%
Industry Cash
Industry In-kind
Government
2005/2006 Budget
32%
15%
53%
Industry Cash
Industry In-kind
Government
2003/2004
Industry Cash $369,392
Industry In-kind $203,976
Government $792,000
Total $1,365,368
Industry Cash $397,543
Industry In-kind $149,490*
Government $792,000
Total $1,339,033 * Reduced from previous year due to less familiarisations being conducted
2005/2006 Budget
Industry Cash $428,478
Industry In-kind $200,000*
Government $692,000
Total $1,320,478 * Increase reflects greater number of familiarisations scheduled
Page 18
Annual Report 2004-05
Relocation to DeakinTh e board was advised in June 2004 that the bureau would be unable to renew its offi ce lease with AMP in the city centre as the space had been assigned to another tenant. Th e bureau relocated in September 2004 and commenced a fi ve-year lease at Unit 8, 3-5 Phipps Close (Football House), Deakin.
CCB and Australian Capital Tourism collocationAn investigation was conducted in response to a proposal in November 2004 to collocate the Canberra Convention Bureau and Australian Capital Tourism at Brindabella Business Park, adjacent to Canberra International Airport.
In response, the board appointed independent consultant Elizabeth Rich to analyse the proposal. Th e investigation included both fi nancial and non fi nancial benefi ts associated with the proposed relocation and a fi nal report was provided at the end of May 2005.
While the report noted the generosity of Australian Capital Tourism’s proposal for the relocation, the board felt that a collocation was not in the best interests of the bureau at that point. Th is decision was based on considerations including the recency of the bureau’s move to new offi ces in Deakin, the establishment of a new team during the fi rst half of 2005 and the liability associated with terminating a fi ve-year lease that commenced in September 2004.
Th e board resolved to defer a decision for another two years, at which time it was considered that the new team would be well established and the ongoing relationship between the two organisations would have further developed.
Human resources
New chief executiveTh e bureau’s former chief executive Dee McGrath resigned in November 2004 aft er a tenure of 10 years. Robyn Hendry commenced her appointment as chief executive on 25 January 2005.
Ms Hendry implemented a new organisation structure shortly aft er her arrival, redefi ning existing roles and reallocating resources to address capability gaps. Th e new structure took eff ect from 1 April 2005 with the commencement of a new marketing manager and a business development manager responsible for NSW.
Key appointmentsTh e bureau introduced an in-market business development manager role in Melbourne during the year, a new position
created to focus on generating more business out of the Melbourne market. Th e manager commenced in September 2004 and since April responsibilities have extended to cover all minor national markets outside the ACT and NSW.
Th e position of knowledge manager was also introduced with the new organisation structure as part of a strategy to increase bid conversion and provide more intelligence on Canberra as a knowledge-based business events destination.
Learning and developmentA capability matrix was completed for all staff during the year, identifying current and future skills gaps and training solutions to bridge these gaps.
Amanda Hogg (Director of Sales ACT), Cindy Young (Director of Business Development NSW) and Penny Nowlan (Membership and Marketing Executive) were enrolled in a Certifi cate IV in Business Marketing through the Australian Institute of Management. Th e course off ers a broad range of electives to suit diff erent roles, consisting of a total of 13 non-recurrent days of course time plus work based assignments. Th e bureau received an ACT Government subsidy of $16,800 reducing the total cost for the bureau to $750. Th e course commenced in May 2005 with expected completion within 18 months.
Th e bureau’s two business development coordinators and business development executive attended a two-day course at the Australian Institute of Management on writing successful proposals and tenders.
Disc Personality profi ling (psychometric testing – maps personality profi les to facilitate better team dynamics through greater understanding) was conducted for all senior managers on 7 June 2005 to assist the positive dynamics of the new team.
Th e knowledge manager attended the EBMS (the main internal soft ware system in the bureau) database user group conference from 30 to 31 May 2005 and following that organised in-house EBMS training for all staff including self paced learning and tutorials. A full systems training needs analysis was also completed, followed by two days training for all team members with introductory and refresher training on the EBMS database. An online training module was installed to enable staff to continue to self train at their own pace. Th is training has been complemented by cross training with the Melbourne Convention and Visitors Bureau.
Business planning workshop A team building and business planning workshop was held at Murramarang Resort on 1 and 2 March 2005 to build and strengthen team dynamics and develop a high-level 2005-06 business plan framework. Th e business plan has since been fi nalised and will take eff ect from 1 July 2005.
Page 19
Policies and proceduresTh e bureau is in the process of reviewing and updating its existing employment policy. Extensive consultation is being undertaken with staff to gain feedback and input on the policy, which is expected to be introduced from 1 October 2005.
Purchaser-provider arrangements
CommunicationsTh e bureau adopted a more aggressive public communications strategy during the year to strengthen stakeholder relationships and raise its public profi le. A public relations program was established through to the end of June 2005 and Morris Walker Pty Limited was appointed as communications provider. Activities were planned on a monthly basis and fortnightly communication meetings ensured plans were adapted to maximise opportunities.
Publicity generated from February to year end was without exception positive and generated both interest and confi dence in the bureau’s activities. Total publicity value from February 2005 to June 2005 was estimated at $525,076.
AuditA decision to appoint new auditors during the year was taken by the board based on the corporate governance principle of ‘separation of duties’. Up until that point, the bureau’s accountants and auditors were one and the same.
Proposals and costs were sought from a range of small to medium size auditors for the board’s consideration. A decision on the appointment of Duesbury Nexia was taken at an Extra-Ordinary General Meeting on 28 July 2005.
Accountancy Wilson Watt and Papendrea continue as the bureau’s accountants, providing independent quarterly fi nancial reports.
Environmental sustainability
RecyclingTh e bureau actively recycles all its papers and cardboard. A ‘no waste’ recycling bin is provided in the kitchen area and each employee has their own ‘paper only’ bin.
Energy effi ciencyTh e bureau’s procedures for energy effi ciency include a system for opening and closing the offi ce to ensure all lights and air-conditioning are turned off at the end of each day along with kitchen appliances using stand-by power such as the toaster, coff ee machine and hot water. Each employee also shuts down their computer before fi nishing for the day.
Management and accountability
Page 21
5. Membership
Platinum membersACTION Charter Buses Novotel Canberra
Australian Institute of Sport Olims Hotel Canberra
Conference Logistics Pavilion on Northbourne
Crowne Plaza Canberra Qantas
Exhibition Park in Canberra Rydges Capital Hill
Hellenic Club of Canberra Ltd Rydges Lakeside Canberra
Hotel Heritage Saville Park Suites Canberra
Hyatt Hotel Canberra Staging Connections Canberra
ICMS ACTS Conferencing Pty Ltd Th e Canberra Times
ICMS Pty Ltd Th e Chifl ey on Northbourne
Medina Executive James Court Th e Ozaccom Group
Murrays Australia Waldorf Apartment Hotel
National Convention Centre
Gold membersAcademy Club Conference Coordinators
Audio Solutions Consec Conference Management
Australian National Botanic Gardens Exec-U-Gift s
Barlens Event Hire Ginger Catering at Old Parliament House
Bentley Suites Hire Intelligence
BlueRock Catering at the National Gallery of Australia Hoteliers International Pty Ltd
Brennon Dowrick - Performancemax Hudsons Catering at Questacon
Canberra Business Promotion Centre Hyatt Catering at Parliament House
Page 22
Annual Report 2004-05
Hyatt Catering at the National Museum of Australia Professional Public Relations
Mammoth Promotions Rydges Eagle Hawk Resort
Murramarang Resort THE Auditorium
National Capital Authority Th e Brassey of Canberra
Outdoor Insights Th e Deck
Poachers Pantry Tour Hosts Conference and Exhibition Organisers
Silver membersAinslie Function Centre Griffi n Hotel, Canberra
Australian National University Pacifi c International Apartments - Capital Tower
Blackchip Entertainment Paddywack Promotional Products
Canberra International Airport Pty Ltd Quality Hotel Diplomat
Canberra Southern Cross Club Woden SBX System Built eXhibitions
Capital Executive Apartment Hotel Th e Boat House By Th e Lake
Corporate Express Tony Magee Creative Events
DBC Management University House
Embassy Motel
Bronze membersACT Aboriginal and Torres Strait Islander Cultural Centre
Australian Railway Historical Society (ACT)
Australian War Memorial
Balloon Aloft
Belconnen Way Motel and Serviced Apartments
Burgmann College
CIM Magazine
Cockington Green Gardens
Countrylink
CRE8IVE
CSIRO Discovery
Dawn Drift ers
Dijon Restaurant
Entertainment Book
Event Pix
Flavours - Th e Culinary Centre
Forrest Inn and Apartments
Gold Creek Country Club
Hire A Guide
Hotel Kurrajong
Hyatt Catering at the Australian War Memorial
Id Photographics
Idol Moments Canberra Private Tours
Kamberra Wine Company
Kid’s Fun Club
King O’Malleys Irish Pub
Let’s Create
Manuka Oval Management Company
mice.net Magazine
National Capital Printing
Page 23
Membership
Club membersCanberra Institute of Technology - Faculty of Tourism & Hotel Management
Meeting and Events Australia
Kindred organisationsACT and Region Chamber of Commerce and Industry
ACT Department of Economic Development
Australian Association of Convention Bureaux
Australian Capital Tourism Corporation
Australian Hotels Association - ACT Region
Canberra Accommodation Industry Association
Canberra Business Council
Canberra Region Tour Operators
National Capital Attractions Association
Tourism Australia
Tourism Industry Council
National Gallery of Australia
National Museum of Australia
Old Parliament House
Parliament House
Peter Jones Special Events
Pinnacle Apartments
Privileges
Quality Hotel Dickson
Quality Hotel Woden
Quest Canberra Serviced Apartments
Questacon - National Science & Technology Centre
Smart Edge Solutions
Studio218
Sweethearts Music Management
Th is Week In Canberra Magazine
Universal Publishers Pty Ltd
University of Canberra Union
Page 25
6. Financial statements
Canberra ConventionBureau Incorporated
Th e executive committee presents the fi nancial report of Canberra Convention Bureau Incorporated (the Association) for the year ended 30 June 2005 and report as follows:
Th e executive committee presents the fi nancial report of Canberra Convention Bureau Incorporated (the Association) for the year ended 30 June 2005 and report as follows:
Executive Committee
Th e following persons held offi ce during the fi nancial year and up to the date of this report:
Lois Fordham (Chairman) Australian Sports Commission
Tish Nyar (Vice Chairman) Rydges Capital Hill
Andrew Hogg (Treasurer) Qantas Airways
Jane Carter (appointed November 2004) Conference Logistics
Karl Diefenbach Hyatt Hotel
Stephen Floyd (appointed November 2004) Crowne Plaza & National Convention Centre
James Grigg (resigned March 2005) SBX – Systems Built Exhibition
Peter Gordon (resigned March 2005) ACT Chief Minister’s Department
Ross MacDiarmid Canberra Tourism & Events Corporation
Barrie Markey (resigned November 2004) ICMS Pty Limited
Noel McMahon, (resigned August 2004) Crowne Plaza Canberra
Barry Neame Consec Conference Management
Tom Snow Canberra International Airport
Dennis Souter Th e Boat House By Th e Lake
Mark Sproat Brassey Hotel
Principal Activities
Th e principal activity of the Association is to promote Canberra as a convention destination. Th ere have been no signifi cant changes in the nature of the Association’s activities during the fi nancial year.
Results
Th e net surplus of the Association for the year ended 30 June 2005 was $60,413 (2004: surplus of $1,956).
Th is report is made and signed at Canberra in accordance with a resolution of the executive committee dated20th September 2005
On behalf of the executive committee
L Fordham
Chairman
A Hogg
Treasurer
Page 27
Financial statements
Page 28
Annual Report 2004-05
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
(Notes to and forming part of these financial statements are annexed)
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2005
Notes
2005$
2004 $
CURRENT ASSETS Cash assets 2 347,610 228,484 Receivables 3 362,884 402,104 Other 4 - 14,473 TOTAL CURRENT ASSETS 710,494 645,061 NON CURRENT ASSETS Plant and equipment 5 12,432 7,222 TOTAL NON CURRENT ASSETS 12,432 7,222 TOTAL ASSETS 722,926 652,283 CURRENT LIABILITIES Payables 6 126,385 78,789 Provisions 7 13,871 34,318 Other 8 366,882 383,801 TOTAL LIABILITIES 507,138 496,908 NET ASSETS $ 215,788 $ 155,374 EQUITY Retained surplus 9 215,788 155,375 TOTAL EQUITY $ 215,788 $ 155,375
Page 29
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
(Notes to and forming part of these financial statements are annexed)
STATEMENT OF FINANCIAL PERFORMANCEFOR THE YEAR ENDED 30 JUNE 2005
Notes2005
$ 2004
$Revenue From Ordinary Activity ACT Government Allocation 792,000 792,000 Cooperative Advertising and Promotions 173,033 172,190 Interest Received 17,231 13,086 Membership Fees and Activities 178,801 181,691 Sundry Income 3,182 2,426Export Marketing Development Grant 25,296 -
Total revenue from ordinary activities 1,189,543 1,161,393
Expenses From Ordinary Activities Accounting & Audit Fees 9,230 7,075 Advertising 26,843 18,912 Collateral Material 73,492 92,987 Data Base & Computer Costs 23,480 17,063 Depreciation 2,269 1,606 Electricity 4,375 2,160 Familiarisation & Promotions 22,483 78,186 Fringe Benefits Tax 23,345 15,130 Insurance 18,090 17,583 Internet & Web Marketing 29,454 30,915 International Sales and Promotions 22,235 2,740 Interstate Sales Office 9,145 4,190 Leasing Charges 23,471 17,396 Motor Vehicle Expenses 29,714 28,312 National Sales Activities 8,604 10,426 Postage and Stationery 27,795 28,144 Professional Fees 5,468 150 Provision for Employees Entitlements (20,447) (14,917) Rent & Cleaning 66,994 52,230 Research 16,921 3,733 Salaries & Wages 560,939 579,411 Staff training 14,070 12,646 Subscriptions 21,687 18,130 Superannuation 41,319 75,681 Telephone & Fax 14,516 18,310 Trade Shows 42,559 37,634 Other expenses 11,079 3,604 Total Expenses from ordinary activities 1,129,130 1,159,437 NET SURPLUS 9 $ 60,413 $ 1,956
Financial statements
Page 30
Annual Report 2004-05
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2005
Notes
2005$
Inflows(Outflows)
2004$
Inflows(Outflows)
Cash flows from Operating Activities
Receipts from members 520,319 368,087 Payments to suppliers and employees (1,202,945) (1,191,111 )Interest received 17,231 13,086 Government Allocation 792,000 792,000
Net cash flow from operating activities 13 126,605 (17,938)
Cash flows from Investing Activities
Payments for property, plant and equipment (7,479) -
Net cash flow from investing activities (7,479) -
Net increase/(decrease) in cash held 119,126 (17,938)
Cash at the beginning of the year 228,484 246,422
Cash at the end of the year 12 $ 347,610 $ 228,484
Page 31
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
NOTE 1 STATEMENT OF ACCOUNTING POLICIES
The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards, Urgent Issues Group Consensus Views, other authoritative pronouncements of the Australian Accounting Standards Board and the provisions of the Associations Incorporation Act 1991 of the Australian Capital Territory.
The financial statements have been prepared on an accruals basis and are based on historical costs and do not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets. The accounting policies have been consistently applied, unless otherwise stated.
The following is a summary of the material accounting policies adopted by the Association in the preparation of the financial statements:
(a) Plant and Equipment
Plant and equipment is brought to account at cost, less, where applicable, any accumulated depreciation. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows which will be received from the assets employment and subsequent disposal. The expected net cash flows have not been discounted to their present values in determining recoverable amounts.
(b) Depreciation
Depreciation is provided on non-current assets by charges against income at rates based on the estimated useful life of the respective assets principally using the straight line method. The rates applied are as follows:
Furniture and Fittings 7.5% - 20% Plant and Equipment 20% - 40%
(c) Employee Entitlements
Provision is made for the Association’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year together with entitlements arising from wages and salaries and annual leave which will be settled after one year, have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Other employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.
Contributions are made by the Association to employee superannuation funds are charged as expenses when incurred
Financial statements
Page 32
Annual Report 2004-05
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
NOTE 1 STATEMENT OF ACCOUNTING POLICIES (CONT’D)
(d) Income Tax
The Association believes it is exempt under section 50-40 of the Income Tax Assessment Act 1997. As a result there is no provision for income tax.
(e) Revenue
Revenue from the sale of goods or services is recognised upon the provision of goods or services to members.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
All revenue is stated net of the amount of goods and services tax (GST).
(f) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of any GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of any GST.
(g) Adoption of Australian Equivalents to International Financial Reporting Standards
Australia is currently preparing for the introduction of Australian Equivalents to the International Financial Reporting Standards (AEIFRS) effective for the Association’s 30 June 2006 financial year. This requires the production of accounting data at 30 June 2005 for comparative purposes.
The Association’s management, along with its auditors, have assessed the significance of the expected changes and are preparing for their implementation.
The executive committee are of the opinion that the key difference in the Association’s accounting policies, and the impact on the financial report which will arise from the adoption of AEIFRS is:
Changes in Accounting Policy
Changes in accounting policies will be recognised by restating comparatives rather than making current year adjustments with note disclosure of prior year effects.
(h) Comparative Figures
Comparative figures have been changed where necessary to facilitate comparison with the current year’s figures.
Page 33
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
2005$
2004 $
NOTE 2 CASH ASSETS
Cash at bank 59,431 46,131 Cash on hand 200 200 Cash on deposit 106,929 100,000 Cash Management Account 181,050 82,153
$ 347,610 $ 228,484
NOTE 3 RECEIVABLES Trade debtors 359,325 397,294
Sundry debtors 3,559 4,810 $ 362,884 $ 402,104 NOTE 4 OTHER CURRENT ASSETS
Prepayments $ - $ 14,473
NOTE 5 PLANT AND EQUIPMENT Plant and equipment - at cost 86,706 85,241 Less accumulated depreciation (81,886 ) (81,327 ) 4,820 3,914 Furniture and fittings - at cost 27,296 21,282 Less accumulated depreciation (19,684 ) (17,974 ) 7,612 3,308 Computers - at cost 16,929 16,929 Less accumulated depreciation (16,929 ) (16,929 ) - - $ 12,432 $ 7,222
Financial statements
Page 34
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
NOTE 5 PLANT AND EQUIPMENT (CONT’D)
Movements in carrying amounts: Opening
WDVAdditions Disposals Depreciation Closing
WDV$ $ $ $ $
Plant & equipment 3,914 1,465 - (559) 4,820 Furniture & Fittings 3,308 6,014 - (1,710) 7,612 Computers - - - - -
7,222 7,479 - (2,269) 12,432
2005 $
2004 $
NOTE 6 PAYABLES Trade creditors and accruals 100,573 44,916
GST payable 25,812 33,873
$ 126,385 $ 78,789 NOTE 7 PROVISIONS
Annual leave 13,871 15,018 Long service leave - 19,300
$ 13,871 $ 34,318
NOTE 8 OTHER LIABILITIES Subscriptions in advance 193,882 185,801 Other income in advance 173,000 198,000 $ 366,882 $ 383,801 NOTE 9 RETAINED SURPLUS Retained surplus at beginning of financial year 155,375 153,419
Net surplus 60,413 1,956 Retained surplus at end of financial year $ 215,788 $ 155,375
Annual Report 2004-05
Page 35
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
2005 $
2004 $
NOTE 10 AUDITOR’S REMUNERATION Amounts received or due and receivable by
the auditor for:
auditing the accounts 3,500 1,800 other services - 5,275 $ 3,500 $ 7,075
NOTE 11 RELATED PARTY DISCLOSURES
The executive committee of the Canberra Convention Bureau Incorporated during the financial year were:
Lois Fordham (Chairman) (appointed 4 November 2004) Australian Sports Commission Tish Nyar (Vice Chairman) (appointed 4 November 2004) Rydges Capital Hill Andrew Hogg (Treasurer) (reappointed) Qantas Airways Jane Carter (appointed 4 November 2004) Conference Logistics Karl Diefenbach (reappointed) Hyatt Hotel Stephen Floyd (appointed 4 November 2004) Crowne Plaza & National Convention Centre James Grigg (resigned March 2005) SBX – Systems Built Exhibition Peter Gordon (resigned March 2005) ACT Chief Minister’s Department Ross MacDiarmid Canberra Tourism & Events Corporation Barrie Markey (resigned 4 November 2004) ICMS Pty Limited Noel McMahon, (resigned August 2004) Crowne Plaza Canberra Barry Neame (reappointed) Consec Conference Management Tom Snow Canberra International Airport Dennis Souter (reappointed) The Boat House By The Lake Mark Sproat (reappointed) Brassey Hotel
During the year the Association paid $4,706 (2004: $4,826) for Associations Liability Insurance, which among other things includes insurance for Office Bearers.
None of the executive committee received, or became entitled to receive, any other remunerationduring the year.
Financial statements
Page 36
Annual Report 2004-05
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
2005 $
2004 $
NOTE 12 RECONCILIATION OF CASH
For the purposes of the Statement of Cash Flows, cash at the end of the financial year as shown in the statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:
Cash assets $ 347,610 $ 228,484 NOTE 13 RECONCILIATION OF NET CASH PROVIDED BY
OPERATING ACTIVITIES TO SURPLUS FROM ORDINARY ACTIVITIES
Surplus from ordinary activities 60,413 1,956
Non Cash Items:
Depreciation of non-current assets 2,269 1,606 Provision for employee entitlements (20,447 ) (14,917 ) 42,235 (11,355 )
Changes in Operating assets and liabilities: (Increase)/Decrease in receivables 39,220 (11,965 ) Increase/(Decrease) in payables 47,596 16,814 Increase/(Decrease) in other liabilities (16,919 ) 3,041
(Increase)/Decrease in prepayments 14,473 (14,473 ) Net cash flow from operating activities $ 126,605 $ (17,938)
Page 37
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
NOTE 14 FINANCIAL INSTRUMENTS
(a) Terms, Conditions and Accounting Policies
The Association’s accounting policies, including the terms and conditions of each class of financial asset, financial liability and equity instrument at the balance date are as follows:
RecognisedFinancial
Instruments Accounting Policies Terms and Conditions (i) Financial Assets Receivables Receivables are recognised at the
nominal amounts due. The collectibility of debts is assessed at the balance date and allowances are made for any doubtful debts. Debts which are known to be uncollectible are written-off.
Receivables are normally 30 day terms.
(ii) Financial Liabilities Payables Liabilities are recognised for amounts
to be paid in the future for goods and services received, whether or not billed to the entity at the balance date.
Payables are normally settled on 30 day terms.
(b) Net Fair Values
Financial assets and financial liabilities are carried at their net fair value at balance date. The carrying value of the Association’s financial assets and financial liabilities has been disclosed in part (d) of this note.
The following methods and assumptions are used to determine the net fair value of financial assets and liabilities:
Recognised financial instruments Cash, receivables and payables: The carrying amount approximates fair value because of their short-term to maturity.
Unrecognised financial instruments There are no unrecognised financial instruments.
(c) Credit Risk Exposure
The credit risk on financial assets of the Association is generally the carrying amount net of any allowance for doubtful debts.
Financial statements
Page 38
Annual Report 2004-05
CANBERRA CONVENTION BUREAU INCORPORATED ABN 76 916 480 704
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005
NOTE 14 FINANCIAL INSTRUMENTS (CONT’D)
(d) Interest Risk Exposure
The exposure to interest rate risk and the effective weighted average interest rate for each class of financial assets and financial liabilities is set out below:
FloatingInterest Rate
Fixed Interest Rate Non Interest Bearing TOTAL
2005 2004 2005 2004 2005 2004 2005 2004Financial Assets Cash assets 240,481 128,284 106,929 100,000 200 200 347,610 228,484 Receivables - - - - 362,884 402,104 362,884 402,104 240,481 128,284 106,929 100,000 363,084 402,304 710,494 630,588
Weighted average interest rate 3.5% 2.5% 5.7% 5.6% n/a n/a
Financial Liabilities Payables - - - - 126,385 78,789 126,385 78,789 126,385 78,789 126,385 78,789
Weighted average interest rate - - - - n/a n/a
Net financial assets $ 584,109 $ 551,799
2005$
2004$
NOTE 15 COMMITMENTS FOR EXPENDITURE
Non cancellable operating leases contracted for at year end but not provided for in the accounts payable:
Not longer than 1 year 73,117 18,920 Longer than 1 year and not longer than 5 years 193,893 46,177 Total commitments $ 267,010 $ 65,097
NOTE 16 ADDITIONAL INFORMATION
The Association had 9 full time equivalent employees at 30 June 2005 (2004: 8)
The Association’s principal place of business and registered office is Unit 8, 3-5 Phipps Close, Deakin, ACT 2600.
NOTE 17 SEGMENT INFORMATION
The Association operates in the Australian Capital Territory to promote Canberra as a convention destination.
Page 39
In the opinion of the executive committee the fi nancial report as set out on pages 27 to 38:
1. Presents fairly the fi nancial position of Canberra Convention Bureau Incorporated as at 30 June 2005 and its performance for the fi nancial year ended on that date in accordance with the Australian Accounting Standards, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board.
2. At the date of this statement, there are reasonable grounds to believe that Canberra Convention Bureau Incorporated will be able to pay its debts as and when they fall due.
Th is declaration is made in accordance with a resolution of the executive committee dated this 20th day of September 2005.
L Fordham
Chairman
A Hogg
Treasurer
Financial statements
Page 40
Annual Report 2004-05