AnnuAl REPORT 10/11 - Grow Wellington

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4 JOint ChaiR & CeO’s messaGe COnt The soon-to-open Victoria University Programme of Computer Graphics combines innovation and investment from across both the education and screen sectors. Grow Wellington has worked alongside world-class Wellington companies, local and national Government and Victoria University to create a programme that will be a beacon for emerging and established digital talent both nationally and globally. The programme will address capability gaps for digital companies, as well as generating graduates and connecting more businesses to world-leading research and development. There is significant potential for new opportunities to emerge, resulting in high-value commercialisation of ideas and innovation. These opportunities will be a driving force for economic growth within our region in the 21st century. Our Food and Beverage programme continues to have significant successes with the Visa Wellington On a Plate festival, and the Sydney Pop Up restaurant WLG, generating unprecedented levels of Australian public and media interest in Wellington’s food and beverage industry. These two activities continue to develop the global perception of Wellington as the Culinary Capital of New Zealand. The Visa Wellington On a Plate festival moved into its second year in 2010. With the continuing focus being on sustainable growth for this event, the results generated by this joint venture are already impressive. The economic impact study undertaken by BERL estimated total turnover for participating restaurants was up by $1.8 million. Local suppliers and producers involved in Visa Wellington On a Plate have seen real benefits from the event with around 30% of participating restaurants starting to use their products. This is expected to increase substantially for the 2011 event as it has become a requirement for restaurants to use and name local ingredients on their menus. After years of careful planning and establishing connections, Grow Wellington was proud to see this culminate in the announcement of Le Cordon Bleu New Zealand Culinary Institute. This joint venture of Le Cordon Bleu International, WelTec and Ucol is another example of Grow Wellington’s ability to work across sectors and organisations to generate results that have long-term benefits for the region. Like the Victoria University Programme of Computer Graphics, this world-renowned culinary school will attract and generate talent to the region that will be a key engine for growth in this sector for years to come. The end of the financial year has seen changes to our Board. We say farewell to the previous Chair – Murray McCaw and goodbye also to John Lumsden and John McFadzean. The work the Board has undertaken will stand the organisation in good stead for many years to come. Grow Wellington welcomes Anders Crofoot, Richard Stone, Barry Brook and Karen Fifield to the Board from 1 July 2011. The calibre of board members both incoming and outcoming remains very high at Grow Wellington. We feel confident that the changes to the board will continue to ensure the success and relevance of the organisation going forward. The commitment to the Wellington Regional Strategy has been made by our shareholders. There have been many changes in Grow Wellington’s environment demonstrating the willingness and enthusiasm of the organisation to meet the challenges of the new environment. Grow Wellington has been mindful of the economic conditions it is working in and the need to ensure investment is made under the most optimal conditions. The $120,000 underspend for the 2010/11 year, accumulated largely in the Clean Technology Centre of Excellence, is indicative of this. Overall the review of the WRS has reflected the successes of Grow Wellington and also highlighted the need for ongoing development of our activities. Finally, we would like to thank the staff of Grow Wellington. The results of their quality, hard work, passion and skill are detailed throughout the pages of this report. We are consistently impressed with what the staff have brought to the organisation; they are genuinely connected and committed to the on-going success of businesses of this region and they are an asset to both this organisation and the Wellington Region itself. Paul meRsi and niGel KiRKPatRiCK
stRateGiC aliGnment the Wellington Regional strategy and Grow Wellington The Strategy (WRS) identifies a number of activities and partnerships which will drive the Wellington region’s success. The following diagram sets out how our organisation will contribute. Wellington Regional StRategy genuine PRogReSS indicatoR monitoRS tHe acHievement of tHe WRS nine HigH level community outcomeS of WHicH tHe folloWing PeRtain to gRoW Wellington PRoSPeRouS community connected community entRePReneuRial and innovative Region gRoW Wellington contRibuteS to tHeiR deliveRy by “inveSting in gRoWing ouR economy, eSPecially ouR exPoRtS” gRoW Wellington Will do tHiS by develoPing centReS of excellence SuPPoRting PRioRity SectoRS gRoWing individual buSineSS imPRoving tHe uSe and SuPPly of bRoadband 5
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Page 16 and 17: 16 PieCinG tOGetheR the suPPORt FOR
Page 18 and 19: 18 FOOd & BeveRaGe seCtOR The Time
Page 20 and 21: 20 Business GROWth the Business Gro
Page 22 and 23: 22 im-aBle Grow Wellington got behi
Page 24 and 25: 24 RePORt On statement OF intent me
Page 26 and 27: 26 CentRes OF exCellenCe Biotech &
Page 28 and 29: 28 CREATIVE HQ Implement new struct
Page 30 and 31: 30 seCtORs agreed activities agreed
Page 32 and 33: 32 FinanCial statements FOR the yea
Page 34 and 35: 34 director’s Remuneration Remune
Page 36 and 37: 36 Grow Wellington limited statemen
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Page 40 and 41: 40 Actual results may differ from t
Page 42 and 43: 42 (i) Additions The cost of replac
Page 44 and 45: 44 (vi) Interest Revenue Revenue is
Page 46 and 47: 46 8. INCOME TAX EXPENSE PARENT GRO
Page 48 and 49: 48 11. TRADE AND OTHER RECEIVABLES
Page 50 and 51: 50 22. CATEGORIES OF FINANCIAL ASSE
Page 52 and 53: 52 24. PROPERTY, PLANT AND EQUIPMEN
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54 Auditor’s report independent a
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56 We believe we have obtained suff
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58 RaChel taulelei Rachel Taulelei
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60 Level 5, 50 Manners Street www.g
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AnnuAl REPORT 10/11 - Grow Wellington

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