annual 2017 report - ILT...(before tax and grants) $7.601 million ILT Foundation 2017 operating...

annualreport

2017

ANNUAL GENERAL MEETINGTO BE HELD AT ELMWOOD GARDEN

29 AUGUST 2017 AT 7.30PM

INVERCARGILL LICENSING TRUST & ILT FOUNDATION

Invercargill Licensing Trust

Our Vision:For Invercargill to grow and develop into the best place to live, work and play.

GREG MULVEYGeneral Manager

ALAN DENNISPresident

Our Mission:To operate the best quality hospitality businesses, making it possible for us to return signifi cant benefi ts to the people of Invercargill.

The Invercargill Licensing Trust belongs to you, the people of Invercargill. This concept of community

ownership is both the Trust’s uniqueness and its reason for being - with direct accountability back to its

owners, the residents of our city. More than ever, there is an increasing appreciation around the globe

for the benefi ts community organisations such as ours deliver.

ASCOT PARK HOTEL SOUTHERN STEEL

Congratulations to

inaugural winners of the ANZ Premiership 2017

It is our pleasure to present the Invercargill Licensing Trust (Group) Annual Report for the fi nancial year

ended 31 March 2017.

Photographer: Dianne Manson

EXECUTIVE MANAGEMENT TEAMChris Ramsay, Greg McElhinney, Greg Mulvey, Neil Affleck, Terry Laidlaw

$8.75 million ILT Group

total grants 2017:

The Foundry Restaurant

increase of $161,000 or 2.1%. The main factors contributing to this increase were:

• Total sales for the year were $88.5 million – an increase of $8.5 million or 10.6% on last year’s $80.0 million. The majority of this growth stemmed from the extension of our liquor distribution operations in Central Otago following the purchase of the business activities of Queenstown-based Beaver Liquor Ltd in April 2016.

• We recorded modest increases in our bar, restaurant and accommodation activities during the year, ranging from 2.2% to 6.5%. The new Waikiwi Tavern, opened in November 2016, contributed positively to increases in bar and restaurant sales.

• Investment income reduced due to lower interest rates being received on our maturing and reinvested funds during the year.

• Total operating expenses increased due to additional costs involved in the extension of our liquor distribution business in Central Otago and the commissioning and operating costs of the new Waikiwi Tavern.

• Grants of $3.67 million were allocated, slightly lower than the $4.0 million distributed the previous year.

FINANCIAL STRENGTHThe Trust’s fi nancial position remains very strong with a low level of term debt and total assets of $97.5 million, compared to $94.7 million last year. This includes signifi cant cash reserves available for future development projects which will ultimately benefi t our community.

• Equity has increased by $1.9 million to a total of $80.5 million.

• Equity represents 82.5% of total assets.

HOW EACH DOLLAR OF INVERCARGILL LICENSING TRUST (PARENT) INCOME IS DISTRIBUTED

OPERATING PROFIT OVER THE LAST 5 YEARS(before deducting Taxation and Grants)

$9,000,0008,000,0007,000,0006,000,0005,000,0004,000,0003,000,0002,000,0001,000,000

02013

Invercargill Licensing Trust ILT Foundation

20152014 2016 2017

The consolidated group consists of:

• Invercargill Licensing Trust

• ILT Foundation

• The equity accounted value of theInvercargill Licensing Trust’s investmentin DB South Island Brewery Ltd

The ILT Group achieved a surplus after tax, before grants, for the year of $10.144 million. This satisfactory result enabled the Invercargill Licensing Trust and ILT Foundation to provide a high level of grants totalling $8.75 million to a vast array of local community organisations.

GROUP FINANCIAL PERFORMANCEfor the year ended 31 March 2017

ILT (Group) Net After-Tax Profit

2017 ($) 2016 ($)

Invercargill Licensing Trust(Parent) 5,480,000 10,704,000

Change in Value ofAssociate Company 36,000 (38,000)

ILT Foundation 4,628,000 4,552,000

Consolidated (Group) Surplusafter Tax 10,144,000 15,218,000

Less Grants Allocated (8,750,000) (8,030,000)

Net Surplus for the year 1,394,000 7,188,000

overview• With a net surplus before grants and after tax of $5.48 million,

the Invercargill Licensing Trust produced a solid fi nancial result for the year. While the previous year’s surplus was $10.704 million, the diff erence is attributed mostly to the signifi cant benefi ts that year of:

•� a large one-off taxation refund; and• a gain on the disposal of property

• Value of Associated Company: The value of the Trust’s investment in DB South Island Brewery Ltd increased by $36,000 (compared to a $38,000 decrease recorded last year) due primarily to the timing of profi t distributions which aff ects the net tangible asset value included in the Group fi nancial statements.

• The ILT Foundation achieved an increase in surplus to a total of $4.628 million (up from $4.552 million) due to a small increase in sales and continued good control of operating expenses.

• The level of grants made to the community for the year totalled $8.75 million compared to $8.03 million last year.

INVERCARGILL LICENSING TRUST (PARENT) FINANCIAL PERFORMANCEThe Invercargill Licensing Trust’s pre-tax operating surplus, before grants, is $7.601 million. While lower than last year’s result of $8.462 million, that surplus included one-off gains on the sale of property and additional interest income on the large tax refund received in the 2016 year. After excluding these items and other extraordinary items from both year’s results the underlying pre-tax surpluses are $7.708 million in 2017 compared to $7.547 million in 2016 – an

Cost of Goods for Sale56.5%

Staffing Costs21.5%

Sundry Operating Expenses10.3%

Depreciation3.4%

Income tax

2.3%

Surplus available after Tax6.0%

Invercargill Licensing Trust 2017

operating surplus(before tax and grants) $7.601 million

increase of $161,000 or 2.1%. The main factors contributing to this

Total sales for the year were $88.5 million – an increase of $8.5 million or 10.6% on last year’s $80.0 million. The majority of this growth stemmed from the extension of our liquor distribution

for future development projects which will ultimately benefi t our

• Equity has increased by $1.9 million to a total of $80.5 million.

ILT Foundation 2017

operating surplus(before grants) $4.628 million

ILT – Investing in the FutureA fundamental policy of our Trust is to reinvest signifi cant levels of capital into our existing portfolio, where there is a sound business case for doing so, together with the development of new businesses.

The rationale is simple: To ensure the Trust remains au fait with trends in the hospitality industry and continues to meet the ever-changing expectations of customers and guests. Consequently, remaining relevant is critical to the Trust’s future commercial successes and therefore its ongoing ability to maintain its unrivalled contributions to the community.

NEW HOTEL FOR INVERCARGILL CBDExtensive planning was undertaken throughout the year to determine the fi nancial feasibility of a new hotel in Invercargill’s CBD and the potential fl ow-on benefi ts to the community. This work culminated in an announcement in April 2017 confi rming our intention to build a new inner-city hotel.

The development will be on the corner of Don and Dee Streets – an amalgamation of sites already owned by the Trust following the acquisition of a building to the immediate east of The Kiln café/bar. Construction will be completed in two stages with the fi rst featuring 80 guest rooms, function/conference facilities, a restaurant, bar, café and car parking. Stage two will follow when demand warrants it, providing an additional 40 rooms.

With an estimated build cost of around $40 million, the hotel is one of the largest projects ever undertaken by our Trust. Whilst we have been considering this opportunity for several years, it had to make commercial sense to proceed. With growth in tourism nationally forecast to continue, we judged the time was right.

We acknowledge there is an element of commercial/fi nancial risk. While in reality Invercargill hasn’t enjoyed the explosive tourism growth often heralded, we have faith we will continue to benefi t from the tourist spill-over from Central Otago which has given us the courage to proceed. However, it is imperative our city is more eff ectively marketed and promoted as a desirable destination into the future.

ILT FoundationEstablished by the Invercargill Licensing Trust to own and operate all gaming machines in its establishments, the ILT Foundation is an innovative model designed to be responsive to its community and ensure the greatest level of grants are returned.

We’re incredibly proud the ILT Foundation has consistently been one of the highest performing of all gaming trusts in New Zealand with regard to grants generated.

Acutely aware of its social responsibilities, the ILT Foundation is actively implementing innovative harm minimisation practices and is considered by the Department of Internal Aff airs to be a leader in this important aspect of its operation.

• The ILT Foundation’s net surplus of $4.628 million represents an increase of 1.67% on last year’s result of $4.552 million.

• Revenue at $9.6 million was up 2.18% on last year.

• Total grants allocated for the year were $5.083 million, a considerable increase on last year’s $4.027 million.

GRANT DISTRIBUTION RETURN TO COMMUNITY

JACKIE FLUTEYILT Foundation

Manager

It’s important to record we were also strongly infl uenced by a desire to play our part in providing a catalyst for other inner-city developments to assist in the desperately-needed CBD rejuvenation. Further, it ensures we remain true to one of our original mandates of 1944 to provide quality hotel accommodation for the city of Invercargill.

Renovation and maintenance projects were undertaken at the majority of our businesses during the year. The more signifi cant projects were:

WAIKIWI TAVERNConstruction of the new Foundry Restaurant and Waikiwi Tavern on North Road was successfully completed and opened for business in November 2016. Replacing the former Waikiwi Tavern, which was sold in the previous year, this exciting new venture has provided an excellent hospitality venue for the population based in the Waikiwi/Grasmere area.

ASCOT PARK HOTELA refi t and upgrade of Emberz Restaurant was completed at our fl agship hotel Ascot Park. Testament to the success of this project, Emberz was subsequently named as a National Finalist in two categories of Hospitality NZ’s 2016 Awards for Excellence.

KELVIN HOTELAn extensive project to completely refurbish the foyer area of the hotel, including replacement of the original two guest lifts, was substantially completed by year-end. Work on the 5th fl oor upgrade was also fi nished, leaving only the hotel’s second fl oor bathrooms to be revamped during the new fi nancial year.

SOUTHLAND TAVERNThe relocation of the gaming lounge to a purpose-built addition located at the south-east end of the tavern, together with the consequential relocation of the TAB facility to the previous gaming area, was completed and opened in January 2017. Providing a substantial improvement to this successful tavern, the new facility has been well-received by its many patrons.

SNAP SHOTS OF OUR COMMUNITY INVOLVEMENT$8.750 millionIt’s a big number. It’s also the total level of grants allocated in the past year, comprising $3.667 million from the ILT and $5.083 million from the ILT Foundation.

While measuring the impact it’s had in our community isn’t a simple maths equation, it’s unquestionably made a positive diff erence in numerous lives through the 400-plus diverse organisations who benefi tted from funding. The knowledge it reaches every sector of our society is immensely satisfying.

With a publicly elected board, your Trust is directly accountable to the community it represents and genuinely invested in its future. Ultimately all Trust profi ts fl ow back to the people of Invercargill and the advancement of community and social goals remains at the heart of our organisation as we strive to enhance the city within which we operate by initiating and funding valuable projects.

To gauge the value of our funding solely on numbers involved would under value its impact. Rather, it is evidenced by what the money has tangibly achieved for the people of our city.

Below is merely a snap shot of your Trust at work:

COMMUNITY FIRST: Led by a passionate team from South Alive, an ambitious quest to rejuvenate South Invercargill is having a positive infl uence.

Delivering projects which transform community spirit since 2012, the dedication of volunteers was rewarded when named as a fi nalist in the 2016 Kiwibank New Zealander of the Year Awards.

The ILT and ILT Foundation jointly provided a grant of $225,000 to assist with purchasing a building to create a community centre, offi ce space and a retail shop. In a truly collaborative approach, the venture includes a commercial kitchen for a second charitable trust, Koha Kai, which received $80,000 in joint funding.

FAMILY FOCUS:It’s all about family for Presbyterian Support Southland. The organisation’s Family Works sector benefi tted from a joint ILT and

ILT Foundation grant of $140,000 to assist with a Dedicated Intake Service, additional social worker/counsellor and

parenting programmes.

Family Works provides a broad range of services for children, young people and their families,

aimed at creating a home environment which supports development. Many

families have complex needs and Family Works’ ‘wrap around’ service

is one of their strengths, reducing the stress of having to deal with multiple providers.

Funding provided has proven instrumental in eliminating waiting times for initial assessments.

BARD OF OTEPUNI: “All the world’s a stage” … even Otepuni Gardens. The Shakespeare in the Park Charitable Trust staged their 2017 production ‘Games and

Thrones’ at the inner-city location in February 2017, with

design concepts based on the similarly-titled novel and TV series.

Along with an ILT grant of $3700 for the popular performances, an ILT

Foundation Arts/Cultural scholarship of $1200 was awarded to Felicity (Fliss)

Crossley-Pritchard, who was selected to represent New Zealand with the Shakespeare

Globe Centre NZ Young Shakespeare Company 2017 at the Globe Theatre in London.

Minimum required grant distribution return

ILT Foundation achieved grant distribution return48%40%

• The ILT Foundation operates 163 gaming machines in 10 Invercargill Licensing Trust venues.

• Trustees of the ILT Foundation have a strong focus on community benefi t and grant distributions refl ect this by supporting a wide variety of Invercargill charitable and amateur organisations across the arts, culture, education, welfare, health, religion, sport and recreational activities.

• The ILT Foundation Board is comprised of all current Invercargill Licensing Trust Board members, together with the Trust’s solicitor Chris Ward and Jason McKenzie.

EWE BEAUTY: In February 2017, ILT Stadium Southland was converted into a world-class woolshed to stage the World Sheep Shearing and Handling Championships.

Bolstered by $15,000 from the ILT Foundation and $25,000 from the ILT, the event brought an infl ux of visitors from around the globe, including 160 competitors, 40 offi cials, 56 judges and 30 Sheep Shearing Council members. As crowds fl ocked (pun intended!) the event generated over $7 million in the local economy.

As host venue ILT Stadium Southland showcased its fl exibility to hold unique events in the future.

A CLASS ACT: Invercargill primary schools continue to benefi t from the support of an ICT (Information and Communication Technology) facilitator, with ILT Foundation grants contributing for the past eight years.

Initially created to support schools with the Whiteboard Professional Development and Teaching Programme to utilise electronic whiteboards we funded, advancing technology has seen the role evolve to ensure teachers can continue developing and use ICT to enhance student learning.

A SPORTING HAT TRICK: Sport is a vital part of our psyche in the deep south. The history books are testament to our ability to take on the ‘big boys’ – and win. From grassroots to the elite ranks, the ILT injects millions into sport and recreation each year, recognising the important role it plays in creating a healthy, active and parochial community. For our emerging talent, tangible pathways exist with three professional sporting franchises – the Ascot Park Hotel Southern Steel, the Zero Fees Southland Sharks and the Southland Stags – right in their own backyard. Unrivalled Trust funding annually to the trio is imperative to their existence on the national sporting scene.

• � Southland Sharks: Revelling in the excitement of every home game, the public has embraced the Sharks as their own with over 18,000 attending home games in 2017. A formidable opponent which consistently performs in the NBL, their eff orts off the court have invigorated the game locally as children are encouraged to join them in training opportunities off ered by Southland Basketball.

• � Ascot Park Hotel Southern Steel: Finishing the 2017 season with an unbeaten record of 21 games fi rmly intact, the Steel’s prowess on the national netball scene ignited its legion of fanatical fans. After securing the ANZ Premiership title in emphatic fashion at their ILT Stadium Steel fortress, the team added the Super Club silverware just days later. Since the phenomenal era of its predecessor the Sting, the team has proudly emblazoned the Ascot Park Hotel moniker for the past 20 years.

• � Southland Stags: Arguably one of the best-known sporting teams on both the local and national stage, the Stags epitomise the rugged determination of our province. Ongoing support from the ILT enables them to compete in New Zealand’s premier provincial rugby competition whilst providing a pathway for local talent to excel towards higher honours. Home games at Rugby Park attract the largest crowds of any (provincial) sporting event, along with a television audience regularly exposed to Invercargill and Southland brands.

ILT AND ILT FOUNDATION GRANTS BY CATEGORY 2016/2017

community facilities20%sport

43%

community, events & recreation

8%health/welfare

8%

arts/culture

6%

education15%

2017 World Sheep Shearing Championships

photo by photos.southlandonline.co.nz

Shakespeare in the Park

overgranted to the communitysince 2007$100 million

oursupportingcommunityProud to have played a major part in these landmark Invercargill Facilities & Programmes

1956Conon Street Learners Pool

1954 Invercargill

Musical Theatre 1977Ascot Park

Hotel Opens

1965Kelvin Hotel

Opens

1953Band

Rotunda

1944Invercargill Licensing

Trust Formed

2004Splash Palace

2006

2006Velodrome

ILT Tertiary Scholarships

2000Stadium

Southland

2001SIT Zero Fees

2009enrich@ILT

2010

2017

Polyfest

South Alive

2014ILT Stadium

Rebuild

2005ILT Kidzone

1992ILT Over 70’s

Complimentary Christmas Dinner

2013Trade

Scholarships

$0

$8,750,000

2017Total Grants

ILT Foundation 2017

operating surplus(before grants) $4.628 million

ILT – Investing in the FutureA fundamental policy of our Trust is to reinvest signifi cant levels of capital into our existing portfolio, where there is a sound business case for doing so, together with the development of new businesses.

The rationale is simple: To ensure the Trust remains au fait with trends in the hospitality industry and continues to meet the ever-changing expectations of customers and guests. Consequently, remaining relevant is critical to the Trust’s future commercial successes and therefore its ongoing ability to maintain its unrivalled contributions to the community.

NEW HOTEL FOR INVERCARGILL CBDExtensive planning was undertaken throughout the year to determine the fi nancial feasibility of a new hotel in Invercargill’s CBD and the potential fl ow-on benefi ts to the community. This work culminated in an announcement in April 2017 confi rming our intention to build a new inner-city hotel.

The development will be on the corner of Don and Dee Streets – an amalgamation of sites already owned by the Trust following the acquisition of a building to the immediate east of The Kiln café/bar. Construction will be completed in two stages with the fi rst featuring 80 guest rooms, function/conference facilities, a restaurant, bar, café and car parking. Stage two will follow when demand warrants it, providing an additional 40 rooms.

With an estimated build cost of around $40 million, the hotel is one of the largest projects ever undertaken by our Trust. Whilst we have been considering this opportunity for several years, it had to make commercial sense to proceed. With growth in tourism nationally forecast to continue, we judged the time was right.

We acknowledge there is an element of commercial/fi nancial risk. While in reality Invercargill hasn’t enjoyed the explosive tourism growth often heralded, we have faith we will continue to benefi t from the tourist spill-over from Central Otago which has given us the courage to proceed. However, it is imperative our city is more eff ectively marketed and promoted as a desirable destination into the future.

ILT FoundationEstablished by the Invercargill Licensing Trust to own and operate all gaming machines in its establishments, the ILT Foundation is an innovative model designed to be responsive to its community and ensure the greatest level of grants are returned.

We’re incredibly proud the ILT Foundation has consistently been one of the highest performing of all gaming trusts in New Zealand with regard to grants generated.

Acutely aware of its social responsibilities, the ILT Foundation is actively implementing innovative harm minimisation practices and is considered by the Department of Internal Aff airs to be a leader in this important aspect of its operation.

• The ILT Foundation’s net surplus of $4.628 million represents an increase of 1.67% on last year’s result of $4.552 million.

• Revenue at $9.6 million was up 2.18% on last year.

• Total grants allocated for the year were $5.083 million, a considerable increase on last year’s $4.027 million.

GRANT DISTRIBUTION RETURN TO COMMUNITY

JACKIE FLUTEYILT Foundation

Manager

It’s important to record we were also strongly infl uenced by a desire to play our part in providing a catalyst for other inner-city developments to assist in the desperately-needed CBD rejuvenation. Further, it ensures we remain true to one of our original mandates of 1944 to provide quality hotel accommodation for the city of Invercargill.

Renovation and maintenance projects were undertaken at the majority of our businesses during the year. The more signifi cant projects were:

WAIKIWI TAVERNConstruction of the new Foundry Restaurant and Waikiwi Tavern on North Road was successfully completed and opened for business in November 2016. Replacing the former Waikiwi Tavern, which was sold in the previous year, this exciting new venture has provided an excellent hospitality venue for the population based in the Waikiwi/Grasmere area.

ASCOT PARK HOTELA refi t and upgrade of Emberz Restaurant was completed at our fl agship hotel Ascot Park. Testament to the success of this project, Emberz was subsequently named as a National Finalist in two categories of Hospitality NZ’s 2016 Awards for Excellence.

KELVIN HOTELAn extensive project to completely refurbish the foyer area of the hotel, including replacement of the original two guest lifts, was substantially completed by year-end. Work on the 5th fl oor upgrade was also fi nished, leaving only the hotel’s second fl oor bathrooms to be revamped during the new fi nancial year.

SOUTHLAND TAVERNThe relocation of the gaming lounge to a purpose-built addition located at the south-east end of the tavern, together with the consequential relocation of the TAB facility to the previous gaming area, was completed and opened in January 2017. Providing a substantial improvement to this successful tavern, the new facility has been well-received by its many patrons.

SNAP SHOTS OF OUR COMMUNITY INVOLVEMENT$8.750 millionIt’s a big number. It’s also the total level of grants allocated in the past year, comprising $3.667 million from the ILT and $5.083 million from the ILT Foundation.

While measuring the impact it’s had in our community isn’t a simple maths equation, it’s unquestionably made a positive diff erence in numerous lives through the 400-plus diverse organisations who benefi tted from funding. The knowledge it reaches every sector of our society is immensely satisfying.

With a publicly elected board, your Trust is directly accountable to the community it represents and genuinely invested in its future. Ultimately all Trust profi ts fl ow back to the people of Invercargill and the advancement of community and social goals remains at the heart of our organisation as we strive to enhance the city within which we operate by initiating and funding valuable projects.

To gauge the value of our funding solely on numbers involved would under value its impact. Rather, it is evidenced by what the money has tangibly achieved for the people of our city.

Below is merely a snap shot of your Trust at work:

COMMUNITY FIRST: Led by a passionate team from South Alive, an ambitious quest to rejuvenate South Invercargill is having a positive infl uence.

Delivering projects which transform community spirit since 2012, the dedication of volunteers was rewarded when named as a fi nalist in the 2016 Kiwibank New Zealander of the Year Awards.

The ILT and ILT Foundation jointly provided a grant of $225,000 to assist with purchasing a building to create a community centre, offi ce space and a retail shop. In a truly collaborative approach, the venture includes a commercial kitchen for a second charitable trust, Koha Kai, which received $80,000 in joint funding.

FAMILY FOCUS:It’s all about family for Presbyterian Support Southland. The organisation’s Family Works sector benefi tted from a joint ILT and

ILT Foundation grant of $140,000 to assist with a Dedicated Intake Service, additional social worker/counsellor and

parenting programmes.

Family Works provides a broad range of services for children, young people and their families,

aimed at creating a home environment which supports development. Many

families have complex needs and Family Works’ ‘wrap around’ service

is one of their strengths, reducing the stress of having to deal with multiple providers.

Funding provided has proven instrumental in eliminating waiting times for initial assessments.

BARD OF OTEPUNI: “All the world’s a stage” … even Otepuni Gardens. The Shakespeare in the Park Charitable Trust staged their 2017 production ‘Games and

Thrones’ at the inner-city location in February 2017, with

design concepts based on the similarly-titled novel and TV series.

Along with an ILT grant of $3700 for the popular performances, an ILT

Foundation Arts/Cultural scholarship of $1200 was awarded to Felicity (Fliss)

Crossley-Pritchard, who was selected to represent New Zealand with the Shakespeare

Globe Centre NZ Young Shakespeare Company 2017 at the Globe Theatre in London.

Minimum required grant distribution return

ILT Foundation achieved grant distribution return48%40%

• The ILT Foundation operates 163 gaming machines in 10 Invercargill Licensing Trust venues.

• Trustees of the ILT Foundation have a strong focus on community benefi t and grant distributions refl ect this by supporting a wide variety of Invercargill charitable and amateur organisations across the arts, culture, education, welfare, health, religion, sport and recreational activities.

• The ILT Foundation Board is comprised of all current Invercargill Licensing Trust Board members, together with the Trust’s solicitor Chris Ward and Jason McKenzie.

EWE BEAUTY: In February 2017, ILT Stadium Southland was converted into a world-class woolshed to stage the World Sheep Shearing and Handling Championships.

Bolstered by $15,000 from the ILT Foundation and $25,000 from the ILT, the event brought an infl ux of visitors from around the globe, including 160 competitors, 40 offi cials, 56 judges and 30 Sheep Shearing Council members. As crowds fl ocked (pun intended!) the event generated over $7 million in the local economy.

As host venue ILT Stadium Southland showcased its fl exibility to hold unique events in the future.

A CLASS ACT: Invercargill primary schools continue to benefi t from the support of an ICT (Information and Communication Technology) facilitator, with ILT Foundation grants contributing for the past eight years.

Initially created to support schools with the Whiteboard Professional Development and Teaching Programme to utilise electronic whiteboards we funded, advancing technology has seen the role evolve to ensure teachers can continue developing and use ICT to enhance student learning.

A SPORTING HAT TRICK: Sport is a vital part of our psyche in the deep south. The history books are testament to our ability to take on the ‘big boys’ – and win. From grassroots to the elite ranks, the ILT injects millions into sport and recreation each year, recognising the important role it plays in creating a healthy, active and parochial community. For our emerging talent, tangible pathways exist with three professional sporting franchises – the Ascot Park Hotel Southern Steel, the Zero Fees Southland Sharks and the Southland Stags – right in their own backyard. Unrivalled Trust funding annually to the trio is imperative to their existence on the national sporting scene.

• � Southland Sharks: Revelling in the excitement of every home game, the public has embraced the Sharks as their own with over 18,000 attending home games in 2017. A formidable opponent which consistently performs in the NBL, their eff orts off the court have invigorated the game locally as children are encouraged to join them in training opportunities off ered by Southland Basketball.

• � Ascot Park Hotel Southern Steel: Finishing the 2017 season with an unbeaten record of 21 games fi rmly intact, the Steel’s prowess on the national netball scene ignited its legion of fanatical fans. After securing the ANZ Premiership title in emphatic fashion at their ILT Stadium Steel fortress, the team added the Super Club silverware just days later. Since the phenomenal era of its predecessor the Sting, the team has proudly emblazoned the Ascot Park Hotel moniker for the past 20 years.

• � Southland Stags: Arguably one of the best-known sporting teams on both the local and national stage, the Stags epitomise the rugged determination of our province. Ongoing support from the ILT enables them to compete in New Zealand’s premier provincial rugby competition whilst providing a pathway for local talent to excel towards higher honours. Home games at Rugby Park attract the largest crowds of any (provincial) sporting event, along with a television audience regularly exposed to Invercargill and Southland brands.

ILT AND ILT FOUNDATION GRANTS BY CATEGORY 2016/2017

community facilities20%sport

43%

community, events & recreation

8%health/welfare

8%

arts/culture

6%

education15%

2017 World Sheep Shearing Championships

photo by photos.southlandonline.co.nz

Shakespeare in the Park

Alan Dennis (President) Greg Mulvey (General Manager)

“Teamwork makes the dream work. Our continuing success is testament to the dedication and enthusiasm every member of our Board, management and staff invests into our vision for Invercargill. We wish to record our sincere thanks for the extraordinary contribution they make to our Trusts and the wider community we serve.”

THE BOARD

The Invercargill Licensing Trust Board comprises:Alan Dennis (President), Mike Mika (Deputy President), Sean Bellew, Angela Newell, Paddy O’Brien and Suzanne Prentice.

Mike Mika LL.B, Alan Dennis Adv Dip TCHG, Paddy O’Brien ONZM, Angela Newell BA PG Dip, Dip TCHG, LTCL, Suzanne Prentice OBE, Sean Bellew, Jason McKenzie BSR mgmt., PG Dip Tchg, Grad Cert Career Couns, M. Couns, Chris Ward LL.B, MNZTA, Registered Trustee

• An elevated level of redevelopment projects planned in the new year stems from the timing of one or two large projects rather than a shift in our business plan. However, the thrust of this activity is the same as previous years; to ensure the Trust continues to reinvest in its businesses with the goal of helping maintain profi tability in future years.

• A considerable amount of work will be involved in planning for the new hotel which is likely to be an expensive and protracted exercise.

• The Invercargill Licensing Trust budgeted pre-tax surplus for the coming year is expected to be below this past year’s result due mainly to the elevated level of maintenance project work planned. This is purely a timing matter and the Trust’s underlying profi t is expected to be at a similar level to that achieved in this past year.

• The ILT Foundation’s net surplus for the coming year is budgeted to match the past year’s result.

• The level of fi nancial and other support provided by the ILT Group to the numerous community organisations we assist in the coming year is expected to be at comparable levels to the past year.

To The Future

APPRECIATION

The Trustees of the ILT Foundation are:Alan Dennis (Chairman), Mike Mika, Sean Bellew,Angela Newell, Paddy O’Brien, Suzanne Prentice, Chris Ward and Jason McKenzie.

$8.75 million returned to your community

total

GRANTS TO THE COMMUNITYInvercargill Rugby Football Club 17,000Invercargill Secondary Schools’

Network Trust 50,000Invercargill Sunrise Rotary Club 2,500Invercargill Tap Dancing Association 6,000Invercargill Truck Show & Parade 5,000Invercargill Working Men’s Club 3,000James Hargest College 8,000Kingswell High School Reunion 2,000Koru Care Southland Charitable Trust 1,000LUG South 1,200Marching Southland Association Inc 1,500Marist Brothers Old Boys’ Rugby

Football Club 17,000Marist Cricket Club 2,000Meals on Wheels 1,905Metropolitan Cricket Club 2,000Murihiku Maori & Pasifi ka Cultural Trust -

2017 & 2016 Polyfests 29,000Murihiku Swimming Club Inc 1,000NABBA Southland 878National Council of Women Inc 1,000Netball South Zone Inc 250,000Newfi eld Dart Club 1,000NZ Law Society - Southland Branch 1,500NZ Red Cross - Southern Region 500Old Boys’ Association Football Club 7,000Onslow Indoor Bowling Club 600Order of St John - Invercargill Area 1,600OSCAR Childcare 750Otago Southland Employers Association 3,500Outward Bound 15,000Phoenix Synchro (Southland) 15,000Pirates Old Boys’ Rugby Club 3,000Pregnancy Help Inc 4,000Presbyterian Support Services 25,000Probus Club Invercargill Central 700Queens Park Golf Club Inc 4,200Queens Park Ladies’ Golf Club 2,000Rape & Abuse Support Centre

Southland Inc 5,000Rotary Club of Invercargill East 1,200Royal NZ Foundation for the Blind 1,000Royal NZ Plunket Society -

Invercargill Branch Inc 3,000RTLB Positive Start Initiative 2,500Rugby Southland 420,000Sacred Heart School 5,000SBS Golf Invitational 1,200Senior Citizens Christmas Dinner 33,383Shakespeare in the Park Charitable Trust 3,700SLANZA Southland 1,000South Centre Anglican Care

Trust Southland 17,500South Invercargill Urban Rejuvenation

Charitable Trust - South Alive 25,000Southend Boxing & Fitness 19,000Southern District Health Board 639Southern Film Makers Trust 10,000Southern Institute of Technology 2,000Southern Mustang Club 7,500Southern Pastel Artists 4,000Southern Pro-Wrestling Club Inc 1,610Southern Storytellers 2,319Southland A & P Association 1,000Southland Art Society Inc 20,100Southland Basketball Association 161,000Southland BMX Club 1,000Southland Boxing Association Inc 4,000Southland Boys’ High School 5,818Southland Christmas Parade

Charitable Trust 1,587Southland Competitions Society Inc 4,500Southland Cricket Association 22,384

Southland Deer Farmers’ Association 3,000Southland Disability Enterprises Inc 5,178Southland District Rugby

Football League Inc 1,500Southland Football Inc 46,000Southland Girls’ High School 10,500Southland Indoor Bowls Centre Inc 5,000Southland Indoor Leisure Centre

Charitable Trust - ILT Stadium Southland 950,000Southland Literacy Association 8,648Southland Mathematical Association Inc 1,000Southland Museum and Art Gallery Trust 2,500Southland Musicians’ Club 6,000Southland Olympic Weightlifting Inc 700Southland Otago Amateur

Weightlifting Association 3,000Southland Rowing Association Inc 3,700Southland Secondary Schools’

Cultural Scholarship 4,500Southland Secondary Schools

Principals’ Association 21,000Southland Secondary Schools Sport 13,000Southland Softball Association 15,000Southland Table Tennis Association Inc 1,000Southland Teachers & Judges Association 500Southland Tennis Association Inc 20,000Southland Triathlon & Multisport Club 6,200Southland Youth One Stop Shop Trust 10,000Sport Southland 32,500Squash City Invercargill Inc 9,500Squash Southland 20,000St Catherine’s College Reunion 500St John’s Girls School 2,500St Mary’s Netball Club 5,000Stadium Southland Ltd 89,390Star Rugby Football Club 2,000Swim Southland 19,000Talent Development Southland

Charitable Trust 10,000Te Rangi Bowling Club 600Te Whanau O Whanganui Ki Te Tonga 500Te Wharekura O Arowhenua 11,100Tertiary Education Scholarships 386,000The Caberet Club 2,500The Parenting Place 1,000Touch Southland 12,000Venture Southland 53,109Venture Southland - Promotion Fund 19,150Verdon College 4,250Volleyball Southland Inc 20,000Waikiwi Bowling Club 600Waikiwi Rugby Club 2,000Waverley Bowling Club 2,600Windsor Community Church 1,200YMCA Charitable Trust Southland 5,000Youth Development Southland

Regional Trust 3,589Youthline Southland Inc 2,500Small Grants under $500 18,504Grants Refunded - not required

from previous years (106,741)

2nd NZEF Club 50060s Up Movement 500A Capella Singers Inc 2,000Able Charitable Trust 2,000Alzheimers Society Southland Inc 2,500Amputee Society of Otago &

Southland Inc 1,000Appleby Cricket Club 3,500Ascot Sports Club 1,000Association of Blind Citizens of NZ

(Southland Branch) 500Athletics Southland 23,000Aurora College 3,000Badminton Southland 18,500Battle Ready 500Bellyfull Invercargill 1,196BWR Sports Club 1,000Blue Light Invercargill Branch Inc 14,000Bowls Southland 17,000Chamber Music NZ - Southland Branch 12,000Chamber of Commerce Southland 4,387City of Invercargill Highland Pipe Band 20,000Clifton Car & Bike Club 1,300Clifton Pool Club 2,200Club Southland Inc 500Collegiate Netball Club 1,500Collegiate Rugby Football Club Inc 2,000Cooks Rugby League Club 2,000Cowboys Rugby League Club 2,000Cycling Southland 30,700Dan Davin Literary Foundation 6,000Dance Opportunities Inc 2,000Demons Softball Club 5,000Diabetes Southland Inc 700Downtown Rod & Custom Club 2,500Eastern Suburbs Dart Club 664Eastern Suburbs Rebels Pool Team 3,500FibreOctave 750First Presbyterian Church 5,000Foveaux Toastmasters Club 500Georgetown Bowling Club 800Girl Guiding NZ - Southland 1,700Glen 560 All Sports Club 2,000Glengarry Community Action Group 3,000Golf Southland Inc 10,000Grasmere Netball Club 1,200Grey Power Southland 10,000Hawaiian Delights Rugby Team 1,500Hearing Association Southland Branch 8,000Heart Foundation - Southland Branch 5,500Heritage South 2,000Hockey Southland Inc 20,561Hospice Southland Charitable Trust 42,733ILT Hockey Turf Charitable Trust 5,000ILT Trade Scholarships 52,000Invercargill Bowling Club 700Invercargill City Charitable Trust -

2017 Southland Buskers’ Festival 12,500Invercargill City Council - 2017 Schools

Swimming Programme, Nitro Circus 30,000Invercargill Contract Bridge Club 1,500Invercargill Garrison Band/Ascot Park

Brass of Invercargill 22,569Invercargill Gymnastic Club Inc 8,000Invercargill Harness Racing Club Inc 500Invercargill Hockey Association 8,000Invercargill Irish Society 650Invercargill Musical Theatre Inc 20,000Invercargill Old Boys’ Cricket Club 2,500Invercargill Primary Principals’ Association 900Invercargill Primary School Educational

Initiatives Trust - enrich@ILT, Sing Out 137,000Invercargill Repertory Society Inc 12,500Invercargill Rock ‘n’ Roll Club 3,670

$3,666,930Invercargill Licensing Trust

total

Marching Southland Association Inc 7,000Metropolitan Cricket Club 1,200Murihiku Maori & Pasifi ka Cultural Trust

- 2017 & 2016 Polyfests 51,000Murihiku Maori & Pasifi ka Cultural Trust

- scholarship 2,000Murihiku Maori Wardens 3,499Murihiku Marae - Waihopai Runaka 2,836Murihiku Swimming Club Inc 1,000Myross Bush Netball Club 2,676Netball South Zone Inc 150,000Nga Kete Matauranga Pounamu

Charitable Trust 9,500NZ Choral Federation Inc 1,500NZ Symphony Orchestra Foundation

- Invercargill performance 2,500Omaui Landcare Charitable Trust 15,000Orca Swimming Club Inc 3,000Order of St John - Invercargill Area 28,200Oreti Park Speedway 1998 - 3 scholarships 2,100Orphans Aid International Charitable Trust 500Otago Southland Chinese Association

- Invercargill Branch 200Otatara Bowling Club 3,000Otatara Netball Club 2,000Otatara School 2,072Panthers Softball Club 5,750Phoenix Synchro (Southland) 30,000Pirates Old Boys’ Rugby Club 15,000Port Softball 3,500Pregnancy Counselling Services 800Presbyterian Support Services

- Family Works; Children’s Day 117,000Queens Park Ladies’ Golf Club 700Rape & Abuse Support Centre Southland Inc 15,000Ronald McDonald House 2,500Royal NZ Ballet - Invercargill performances 10,000Royal NZ Foundation for the Blind 4,500Royal NZ Pipe Bands-Southland Branch

- 3 scholarships 3,600Royal NZ Plunket Society-

Invercargill Branch Inc 3,000RSPCA - Southland 6,000Rugby Southland 340,000Rugby Southland Supporters Club 10,000Salford School 2,500Samoan Methodist Church 500Scout Association of New Zealand-

Southland Zone 3,000Senior Net (South) Inc 974Shakespeare in the Park Charitable Trust

- 2 scholarships 2,400South City Community Choir 1,000South Invercargill Urban Rejuvenation

Charitable Trust - South Alive 200,000Southern Adult Literacy Inc 3,000Southern Cross Greyhound Adoptions 500Southern Flyers Invercargill H3 1,200Southern Institute of Technology

- 2016 Trade Scholarships 11,000Southern National Miniature Horse Club 500Southern Sou’NZ Inc 2,000Southland A & P Association 4,000Southland ACC Advocacy Trust 5,000Southland Art Society Inc 10,000Southland Asthma Society 12,000Southland Basketball Association 82,000Southland Basketball Association

- 3 scholarships 2,100Southland Benefi ciaries and Community Rights 25,000Southland Boxing Association Inc 3,000Southland Canoe Club 3,500Southland Christmas Parade Charitable Trust 11,000Southland Clay Target Club - scholarship 500Southland Community Nursery Conservation Trust 5,000Southland Competitions Society Inc 3,500Southland Cricket Association 135,000Southland Darts Association 1,600Southland District Rugby Football League Inc 45,000Southland Education 15,000Southland Filipino Society 1,000Southland Fire Service Museum Society 5,000Southland Foodbank Charitable Trust 20,000Southland Football Incorporated 98,000Southland Golf Club Inc 1,750Southland Greyhound Adoption Trust 500Southland Greyhound Racing Club 1,000Southland Indoor Bowls Centre Inc 22,000Southland Indoor Bowls Umpires’ Association 500Southland Indoor Leisure Centre

Charitable Trust - ILT Stadium Southland 400,000Southland Kennel Association 800Southland Kindergarten Association 8,000

Southland Life Education Community Trust 15,000Southland Literacy Association 7,500Southland Loss and Grief Interest Group 10,000Southland Masters’ Badminton Club 2,000Southland Mature Employment Services 5,000Southland Motorcycle Club Inc

- 2016 Burt Munro Challenge;2017 Superbike Road Race Nationals 45,000

Southland Multicultural Council Inc 12,000Southland Multiple Sclerosis Society Inc 20,490Southland Musicians’ Club - scholarship 700Southland Olympic Weightlifting Inc

- 2 scholarships 1,700Southland Piping & Drumming

Development Trust 35,000Southland Pony Club Inc 1,010Southland Power Boat Club 12,000Southland Racing Club 20,000Southland Riding for the Disabled 20,000Southland Rodeo Association Inc 5,500Southland Rowing Association Inc 8,500Southland Rowing Association Inc

- 2 scholarships 2,400Southland Science & Technology Fair 1,500Southland Secondary Schools’ Sport 12,000Southland Social Sciences Fair 1,500Southland Society of Model Engineers Inc 2,000Southland Softball Association 40,000Southland Softball Association

- redevelopment of softball clubroomsand playing facilities 250,000

Southland Sports Car Club 30,000Southland Sports Car Club - 2 scholarships 1,400Southland Stock Car Drivers’ Association 20,500Southland Stroke Club 10,000Southland Table Tennis Association Inc 22,000Southland Tennis Association Inc 55,000Southland Triathlon & Multisport Club 4,500Southland Womens’ Club Inc 700Southland Woodworkers Guild 25,000Southland Youth One Stop Shop Trust 35,000Sport Southland 176,000Squash City Invercargill Inc 20,000Squash Southland 45,000St Andrews Indoor Bowling Club 500St Joseph’s School 2,500St Patrick’s Primary School 3,143St Paul’s Harrier & Amateur Athletic Club Inc 7,500St Theresa’s School 2,500Stadium Southland

- replacement basketball hoops 15,000Strings of Southland Charitable Trust 2,200Swim Southland 70,000Taki Rua Productions Society Inc 3,500Talent Development Southland Charitable Trust 128,931Target Shooting Invercargill Inc 3,500Tay Music Trust - scholarship 500Te Rangi Bowling Club 2,908Te Wharekura O Arowhenua 5,336The Parenting Place 2,500Thistle AFC Inc 1,500Tisbury Primary School 2,500TOA Fighting Systems Southland Inc

- 4 scholarships 4,800Touch Southland 40,000Touch Southland - 4 scholarships 2,000Venture Southland - 2017 Ultimate Waterman

Competition; 2017 Kidzone Festival;Southland Festival of the Arts 2017 150,500

Volleyball Southland Inc 32,000Volleyball Southland Inc - 2 scholarships 1,400Waihopai Association Football Club 5,000Waikiwi Bowling Club 6,000Waikiwi Highland Piping and Dancing Society 1,000Waikiwi Rugby Club 15,000Windsor North School 2,345YMCA Charitable Trust Southland 32,500Young Spirit Indoor Bowls Club 200Youth Development Southland Regional Trust

- 2017 ‘Kiwi Can’ & ‘Career Navigator’ programmes 23,000Youthline Southland Inc 3,500Grants Refunded not required (122,340)

Age Concern Southland 6,942Alzheimers Society Southland Inc 5,000Anderson Park Art Gallery - scholarship 1,200Aqua Health Inc 2,000Ascot Community School - 2017 Interactive

Whiteboard Teaching & equipmentprogramme (on behalf of all InvercargillPrimary Schools) 96,999

Ascot Community School- 6 iPad minis & covers 2,416

Ascot Park Racing Consortium Inc 5,879Athletics Southland 76,500Autism New Zealand Southland Branch 5,000Badminton Southland 60,000Barnardos NZ - Invercargill Branch 27,000Blue Jay Marching Club 5,500Blues Indoor Bowling Club 400Bluff Oyster & Food Festival 5,000Bluff Rugby Club 2,000Bluff Yacht Club 300Bowls Southland 45,000Bowls Southland Umpires Association 200Bush Haven Native Bird Rehabilitation Trust 1,000CCS Disability Action Southland 12,000City of Invercargill Rugby League Club 2,000City of Invercargill Highland Pipe Band 49,500Collegiate Rugby Football Club Inc 10,000Conductive Education Southern

Charitable Trust 12,000CS Arts Charitable Trust 5,000Cycling Southland 160,000Cycling Southland - 6 scholarships 8,300Deaf Aotearoa NZ Inc - Southland Branch 2,000Deep South Debonaires 1,500Diabetes Southland Inc 6,900Disabilities Resource Centre

Southland Charitable Trust 19,200Dodgers Softball Club - Invercargill 5,000Edupaws Kids 1,074English Language Partners NZ Trust

- Southland 3,000Epilepsy Association of NZ - Southland Branch 7,500Eventing Southland 5,000First Presbyterian Church 5,000Foveaux Harmony Chorus Inc - 3 scholarships 3,600Friends of Cathedral Music - Southland Branch 1,500Georgetown Indoor Bowls Club 500Gladstone Scout Group 5,000Glengarry Community Action Group 600Golf Southland Inc 25,000Grasmere Indoor Bowls Club 350Greenacres Country Club Inc 4,200Head Injury Society of Southland Inc 8,000Heartsafe Invercargill Communities 2,734Hockey Southland Inc 75,000Hospice Southland Charitable Trust 35,000ILT Hockey Turf Charitable Trust 5,000Invercargill Citizens Bowling Club 4,500Invercargill City Charitable Trust

- 2017 Southland Buskers’ Festival 12,500Invercargill City Council

- 2017 Schools Swimming Programme;Oreti Beach entrance carpark area project;staging community workshops 146,965

Invercargill Contract Bridge Club 3,000Invercargill Garrison Band/Ascot Park

Brass of Invercargill 60,000Invercargill Garrison Band - 4 scholarships 4,000Invercargill Golf Club Inc 2,700Invercargill Gymnastic Club Inc 8,000Invercargill Harness Racing Club Inc 10,000Invercargill Indoor Bowls Sub Centre 1,200Invercargill Kart Club 15,000Invercargill Musical Theatre Inc 30,000Invercargill Netball Centre 50,000Invercargill Poultry & Pigeon Club 500Invercargill Primary School Educational

Initiatives Trust - enrich@ILT 267,450Invercargill Repertory Society Inc 22,500Invercargill Rowing Club 15,000Invercargill Secondary Schools’ Network Trust 100,000Invercargill Sejong Taekwondo Club Inc 8,000Invercargill Sejong Taekwondo Club Inc

- scholarship 1,200Invercargill Summer Festival Charitable Trust 10,000Invercargill Toy & Puzzle Library 2,500James Hargest College 2,500Jellicoe Sea Scouts 20,000Jet Boating NZ Inc - Southland Branch 1,000Jubilee Budget Advisory Service Ltd 15,000Kew Bowling Club Inc 1,400Makarewa Playcentre 500Makarewa School 2,000

$5,082,989ILT Foundation

P 03 211 3640 F 03 214 4418

E [email protected]

PO Box 208, Invercargill 9840, New Zealand

www.ilt.co.nz

P 03 211 3640 F 03 214 4418

E [email protected]

PO Box 1771, Invercargill 9840, New Zealand

www.iltfoundation.org.nz

Quantum 53926

annual 2017 report - ILT...(before tax and grants) $7.601 million ILT Foundation 2017 operating...

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Transcript of annual 2017 report - ILT...(before tax and grants) $7.601 million ILT Foundation 2017 operating...