Business Events Perth 2022 Annual Report

B USINESS EVENTS PER T H A N N U A L R E P OR T 2 0 2 2

C ONTENTS Mes s age f rom B u s i n e s s Ev e n ts Pe r th Ch a ir

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Executive Ov e r v i ew 03 Highlights 05 Director ’s Rep or t 13 A udi tor ’s Ind e p e n d e n ce De cl a ra ti on

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Fi nanci al S tate m e n ts 22 Platinum Mem b e r s 57

IMAGE: C A P E LEV EQ UE, TO UR IS M WA

AC K NOW L E DG M E NT O F COU N T R Y B u sin e s s E v e nt s P e rt h a c knowl e dges A bo r igina l p e o p le s a s t he Tra d i t i o na l C us t o d ia ns o f Wes ter n

Au s t ralia a nd p a y o ur re s p e c t s t o E lder s pa s t a nd

p re se n t . We c e l e b ra t e t he d i v e rs i ty o f A bo r igina l We st Au s t ra l i a ns a nd ho no ur t h eir c o ntinuing c o n n e c t io n t o C o unt ry, c ul t ure a nd c o mmunity.

M E S S AGE F R OM THE CHAIR Th is h a s b e e n a y e a r o f c ha l l e ng e a n d pro mis e fo r Bus ines s

next s ta ge in turbo-charging WA’s econom ic transition after

We s t e r n Au st ra l i a . COV I D - 1 9 i s s ue s have impa c ted c o nfidenc e

fro m Gove rnm ent w as instrum ental to BE Perth’s new four-year

Eve n t s P e r t h ( B E P e rt h) a nd t he b us i n es s events indus tr y in

an d t h e a b ility f o r t ra v e l , howev e r s tro ng S ta te Gover nment su p p o r t w a s d e l i v e re d t owa rd s e na b l i n g rec over y.

F o r t h e 2 0 2 1 - 2 2 f i na nc i a l y e a r, a o ne - y e ar extens io n to BE P er th’s Se r vic e Ag re e m e nt wi t h To uri s m We ster n A us tra lia ( To ur is m

WA) c o n t in u e d t o s up p o rt a nd d ri v e o utc o mes fo r the bus ines s eve n t s in d u s t ry l o c a l l y. B E P e rt h f o c u s ed its ma r k eting a nd b id d in g ac t ivit i e s t o s e c ure na t i o na l a nd inter na tio na l bus ines s eve n t s fo r WA , a s we l l a s t a i l o re d s uppo r t fo r lo c a l bus ines s

a greement w ith Tourism WA for the 2023-2026 period.

On beha lf of the BE Perth Board and Executive, w e thank the

Gover nment of Western Australia through the Prem ier, the H o no ura ble Mark McGow an MLA and Ministers for Tourism , the

H o no ura ble David Tem plem an MLA and the Honourable R oger

C o o k MLA , for their support and recognition of the role BE Perth pla y s in a ttracting high value business tourism to the State.

eve n t s.

We a c k now ledge and thank BE Perth’s Major Stakeholder,

Th e St a t e Gov e rnm e nt ’s $ 1 9 5 m i l l i o n Rec o nnec t WA pa c k a ge

Ba in, C hie f Executive Officer R ebecca Brow n and Managing

w a s c o mmit t e d t o s a f e l y re - e ng a g e wi t h the wo r ld fo llowing the tra n s it io n o f b o rd e r c o nt ro l s d ue t o COV I D -19. This inc luded

th e M a y 2 0 2 2 b o o s t f und i ng c o m m i t m ent o f $70 millio n, a s the

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the s uc c e ssful m anagem ent of COVID-19. Proactive support

To ur is m WA, particularly Tourism WA’s Board, led by Chair Di

D irec to r Carolyn Turnbull for their extensive support and c o lla bo ra tion w ith BE Perth throughout the year.

M a jo r St a k e h o l d e r, t he C i t y o f P e rt h, p rovides va lued s uppo r t to

I a m mo st grateful to current and past Board Directors for

an d Ch ie f Exe c ut i v e O f f i c e r Mi c he l l e R ey no lds fo r their o ngo ing

C EO Ga reth Martin and his team of professional and experienced

B u s in e ss Eve nt s P e rt h a nd we t ha nk Lo rd Ma y o r Ba s il Zempila s

c o n t r ib u t io n t o B E P e rt h t owa rd s s e c uring bus ines s events fo r

th e s t at e . B E P e rt h’s p o s i t i v e l o ng - t e rm rela tio ns hip with Ma jo r St a k e h o ld e r the C i t y o f P e rt h i s re f l e c ted in a new three-y ea r

genero us l y volunteering their expertise and tim e. Finally, to s ta ff a big Thank You from all of us for your innovation, hard wo r k a nd com m itm ent to the industry.

sp o n so r sh ip a g re e m e nt , c o m m e nc i ng in the 2022-23 fina nc ia l ye a r.

B E P e r t h is pro ud t o wo rk c l o s e l y wi th o ur Ma jo r P a r tner s ,

Crow n P e r t h a nd P e rt h C o nv e nt i o n a nd Exhibitio n C entre, a nd w it h all B E P e rt h m e m b e r p a rt ne rs , t o s ec ure bus ines s events fo r t h e St a t e .

I a c k n ow le d g e t he d i l i g e nt wo rk a s C ha ir, my predec es s o r

B RAD L E Y WO O DS CH AI R

K evin Sk ipw o rt h C VO und e rt o o k p ri or to his retirement in

Se p t e mb e r 2 0 2 1 . My t ha nks t o C ha i r o f the F ina nc e, A udit, Ris k

an d M e mb e r s hi p C o m m i t t e e , I a n G a y f o r his c o ntr ibutio n a nd ex t e n s ive c o r p o ra t e knowl e d g e he b ri n gs to the Bo a rd.

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E X E C U TIV E O VE RV IEW

F unded by the Wes ter n A us tra lia n Gover nme nt through Tourism Western Australia (Tourism WA),

the C ity o f P er th a nd o ur Member P a r tner s a cross the State, Business Events Perth (BE Perth) has

been s ec ur ing luc ra tive c o nferenc es , meetings and incentive groups attracting international and na tio na l bus ines s tra veller s to Wes ter n A us tralia for 50 years.

Bus ines s Events c o nnec t peo ple to gether fo r th e sharing of know ledge and innovation. They support ec o no mic develo pment, tra de a nd inves tment opportunities and the advancem ent of an educated,

pro s pero us s o c iety. Thes e s ignific a nt lega c ies contribute further value to the initial direct tourism expenditure o f a Bus ines s Event.

F o r the pa s t two y ea r s , the COV I D -19 pa nde m ic has significantly im pacted the Business Events

indus tr y. A us tra lia’s inter na tio na l bo rder rem ained closed until February 2022 and State borders s hifted thro ugho ut the y ea r dependent o n c om m unity cases of COVID-19 and resultant State and Ter r ito r y bo rder res tr ic tio ns , with the WA bo rder re-opening in March 2022.

I gra tefully a c k nowledge the c o ns idera ble ongoing support and increased investm ent from the Gover nment o f Wes ter n A us tra lia , thro ugh Tourism WA for BE Perth to secure Business Events for Wes ter n A us tra lia a nd provide ma ter ia l s upport to industry during a challenging period.

F o r the 2021-22 fina nc ia l y ea r, BE P er th s ec ured 67 national and international Business Events, set to o c c ur in Wes ter n A us tra lia fro m 2022 o ut to 2027 and boosting the State’s econom y by m ore tha n $68. 5 millio n. I n a dditio n, funding fro m the State Governm ent through Tourism WA enabled BE P er th to direc tly s uppo r t the s ta ging o f 150 local Business Events. These events connected over 21, 000 delega tes a c ro s s the S ta te, a iding indu stry recovery and support for local jobs in 2021-22.

D ue to the c ha nging COV I D -19 enviro nment a n d im pacts, BE Perth actioned a flexible R ecovery Plan thro ugh the y ea r inc lus ive o f extens ive industry focused m arketing initiatives to profile Western A us tra lia a nd o ur Member P a r tner s . I n a highly com petitive m arketplace, BE Perth also produced

innova tive pro gra ms s uc h a s the Key no te S peaker incentive to support the staging of Business Events a nd dr ive future bus ines s to WA .

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B U SIN ESS E V E NTS PE RT H A N N UAL R E P O R T 2 0 2 2

Th a n k yo u t o Ma j o r S t a ke ho l d e r C i t y o f Per th fo r y o ur c o ntinued

Tha nk y ou to Chair Bradley Woods for his leadership and

o u r M e mb e r P a rt ne rs , t ha nk y o u f o r y o ur muc h va lued s uppo r t.

the

e n g a g e me n t to s e c ure hi g h p ro f i l e B us ines s Events . To a ll o f

I ac k n ow le d ge t he re s i l i e nc e a nd ha rd wo r k o f o ur Member s th ro u g h t h e s e v e ry c ha l l e ng i ng t i m es a nd lo o k fo r wa rd to

o u r c o n t in u e d p a rt ne rs hi p a nd a m o re pro s pero us future a s WA re c o n n e c t s wi t h t he wo rl d . I wo uld lik e to a c k nowledge

B E P e r t h’s M a j o r P a rt ne rs C rown P e rt h a nd P er th C o nventio n an d Ex h ib it io n C e nt re f o r t he i r s i g ni f ic a nt indus tr y fina nc ia l c o n t r ib u t io n a nd c o l l a b o ra t i o n t hro ug ho ut the y ea r.

M y p e r so n al t h a nks t o B E P e rt h’s B o a rd o f D irec to r s led by C ha ir

c o mmitme nt to BE Perth and collaborative engagem ent w ith Wes tern

Australian

Governm ent

generating

increased

funding f or Business Events. My appreciation also to form er C ha ir Kev in Skipw orth CVO, for his energy and dedication to BE P er th a nd the Business Events industry, particularly advocating

ea r ly s upport for industry during the onset of COVID-19. I look

fo r wa rd to continued collaboration w ith the BE Perth Board to

s ignific a ntly profile the diverse value of Business Events tow ard the vis itor econom y, supporting jobs and grow th for Western A us tra lia .

B ra d ley Wo o ds , f o r t he i r m uc h- v a l ue d time, c o ntr ibutio n a nd

I n c lo s ing, I w ould like to personally thank the BE Perth team

w h ile p rovid i ng s t ra t e g i c g ui d a nc e towa rds s ec ur ing high

wo r k ing h ard behind the scenes to deliver w ide-ranging support

d ire c t io n t o su p p o rt i ng a ro b us t l o c a l bus ines s events indus tr y, yie ld n at io n a l a nd i nt e rna t i o na l b us i ne s s events fo r the S ta te.

Th ro u g h t h e B o a rd ’s s t ro ng l e a d e rs h ip, BE P er th delivered

ex t e n s ive in dus t ry s up p o rt t o Me m b er P a r tner s thro ugh the 2 0 2 1 - 2 2 ye ar i n l i g ht o f s i g ni f i c a nt COV I D -19 impa c ts to the

who , through challenging tim es rem ained focused and positive, to indus try and innovative program s w hile also securing a future pipeline of Business Events. This w ork sets a strong path to rec overy for the WA Business Events industry ahead.

se c t o r. Th e h a l f - y e a r m e m b e rs hi p re b a te fo r renewing Member P ar t n e r s,

ex t e ns i v e

d ev e l o p m e nt

of

member

ma r k eting

re s o u rc e s in c l ud i ng 3 D v e nue t o urs a n d c o ntent c rea tio n a nd ac t iva t in g s t a t e - b a s e d B us i ne s s E v e nts ea c h delivered va lue

to o u r M e mb e r P a rt ne rs . F urt he rm o re , the la unc h o f the new d ig it al B u s in e s s E v e nt P l a nne r G ui d e , c o mplimenta r y to a ll

M e mb e r P a r t n e rs a nd i nc l us i v e o f WAI TOC , regio na l to ur is m o rg a n isa t io n s

a nd

t he i r

m e m b e rs

will

genera te

G ARETH M A R TIN CH I EF EX E C UTIV E O FFIC ER

o ngo ing

o p p o r t u n it y a nd b e ne f i t s t o B E P e rt h M ember P a r tner s a s the

ind u s t r y lo o k s t o re - c o nne c t wi t h ev e nt pla nner s a nd s upplier s ac ro ss t h e c o u nt ry a nd a ro und t he wo r ld.

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H I G HL IG H TS 20 2 1 - 2 2 DIVERSIFY WA B E P e r t h h a s d ev e l o p e d i nc re a s e d s t ra tegic fo c us towa rds

dr ive inbo und international student grow th.

se c u r in g b u s i ne s s ev e nt s a l i g ne d t o t he S ta te gover nment ’s

SITE INSPECTIONS AND FAMILIARISATIONS

an d d ive r sific a t i o n o p p o rt uni t i e s . T he se s ec to r s inc lude Energy ;

BE P er th ho s ted virtual site inspections as required throughout

D e fe n c e I n d u s t ri e s ; Mi ni ng a nd ME T S ; S pa c e I ndus tr ies ; H ea lth

This ena bled decision-m akers to view and consider WA for their

p r io r it y e c o n o m i c s e c t o rs , whi c h p re s e nt s ignific a nt growth

To u r is m, Eve n t s a nd C re a t i v e I nd us t ri es ; I nter na tio na l Educ a tio n; an d M e d ic a l L i f e S c i e nc e s ; a nd P ri m a ry I ndus tr ies .

BID WIN HIGHLIGHTS B E P e r t h se c u re d t a rg e t e d b us i ne s s ev ents a c ro s s D iver s ify WA’s

the y ea r due to COVID-19 border closures and travel restrictions. future na tio n al and international business events. 8 in-person

s ite ins pec tions w ere held, subject to border restrictions at the

time fo r na tional association clients w ith business valued at $14 millio n D irec t Delegate Expenditure.

k ey in d u st r y s e c t o rs i nc l ud i ng f i f t e e n H ea lth a nd Medic a l Life

VIRTUAL BID PRESENTATIONS

Eve n t s an d Cre a t i v e i nd us t ri e s , e l ev e n Educ a tio n s ec to r bus ines s

V ir tua l des tination bid presentations w ere delivered in

b u s in e ss eve nt s f ro m Mi ni ng a nd ME T S s ec to r s fo r the S ta te.

c o ns idera tio n of Perth and Western Australia continued, despite

Sc ie n c e s b u sine s s ev e nt s , s i x b us i ne s s events fro m To ur is m,

eve n t s, fo u r bus i ne s s ev e nt s a c ro s s P ri ma r y I ndus tr ies a nd nine

Se c u r in g ICEF A us t ra l i a N ew Z e a l a nd ( AN ZA ) 2023 in c o lla bo ra tio n

c o lla bo ra tio n w ith BE Perth’s Mem ber Partners to ensure bo rder res tr ictions due to COVID-19.

w it h St u d y P e rt h a nd t he D e p a rt m e nt o f J o bs , To ur is m S c ienc e

VIRTUAL REALITY (VR) EXPERIENCES

Ed u c a t io n p o r t f o l i o . T hi s b us i ne s s ev e n t will give educ a tio n

BE P er th s ec u red the support of Business Events Australia (BEA)

me e t w it h t o p i nt e rna t i o na l s t ud e nt re cr uitment a gents fro m

rea lity ( V R) . T hese included Go Cultural Aboriginal Tours and

an d I n n ova t io n ( J T S I ) wa s a hi g hl i g ht f or the I nter na tio na l

p rovid e r s fro m A us t ra l i a a nd N ew Z e a l and the o ppo r tunity to aro u n d t h e w o rl d a nd i s s e t t o a t t ra c t 450 a ttendees . This

b u s in e ss eve nt wi l l g e ne ra t e up t o $ 9 50, 000 in D irec t D elega te

Ex p e n d it u re fo r t he WA e c o no m y a nd provide s ignific a nt expo s ure

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a nd o ppo r tunity for local education providers and institutions to

to c o -fund th e creation of four key Perth experiences in virtual Exper ienc e, Sandalford Wines, Optus Stadium and R ottnest C r uis es .

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B U SIN ESS E V E NTS PE RT H A N N UAL R E P O R T 2 0 2 2

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IMAGE: BUSI NE SS E V E N T S P E R T H 20 21 T E LE T H O N K I D S I NS TI TU TE AS P I RE AWARD WI NNER

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NATIONAL DESTINATION SHOWCASE EVENTS

in their field of study or w ork. In 2021, eleven recipients w ere

B E P e r t h h o s t e d WA S howc a s e ev e nt s i n -ma r k et, in Melbo ur ne a nd

wo r k . D igita l assets w ere produced, profiling the 2021 Aspire

Syd n ey in c o ll a b o ra t i o n wi t h m a j o r p a r tner s P er th C o nventio n

an d Ex h ib it io n C e nt re a nd C rown P e rt h to re-c o nnec t with c lients

a wa rded a BE Perth Aspire Aw ard for excellence in their field of A wa rd winners and their organisations.

fa c e t o fac e a nd s howc a s e B E P e rt h’s l a tes t initia tives s uc h a s

WESTERN AUSTRALIA’S BRIGHTEST MINDS

Th e eve n t s sa w ov e r t we nt y C E O ’s a nd indus tr y lea der s fro m the

This event brought together Western Australia’s brightest m inds,

We s t e r n Au s t ra l i a n g ue s t s p e a ke r. B us ines s Events A us tra lia ( BEA )

D r C ra ig C ha llen CS OAM, an Australian cave diver, notable for

th e K eyn o t e S p e a ke r I nc e nt i v e , V i rt ua l To ur s a nd 3D Exper ienc es . as so c iat io n an d c o rp o ra t e s e c t o rs a t t e nd a nd hea r fro m a n ic o nic su p p o r t e d B E P e rt h’s S howc a s e ev e nt s thro ugh their do mes tic B o o st F u n d p ro g ra m . Le a d s g e ne ra t e d by the D es tina tio n

Sh ow c a se Eve nt s re p re s e nt b us i ne s s ev ent o ppo r tunities fo r WA va lu e d a t a n e s t i m a t e d $ 3 1 m i l l i o n i n es tima ted D irec t D elega te Ex p e n d it u re (D D E ) .

KEYNOTE SPEAKER INCENTIVE B E P e r t h c o n ti nue d i t s K ey no t e S p e a ke r I nc entive o ffer ing

rec ipients o f the 2021 Aspire Aw ards, to hear from guest speaker his effo r ts in saving a soccer team of tw elve youths and their

c o a c h in the 2018 Thai Cave R escue. His unw avering and selfless bra ver y s a w h im be aw arded w ith the Star of Courage for the

s uc c es s ful rescue of the trapped soccer team . In 2019, alongside D r Ric ha rd H arris SC OAM, Dr Craig Challen w as nam ed as the fir s t dua l A ustralians of the Year.

NATIONAL TRADESHOWS

th ro u g h o u t 2 0 2 1 - 2 2 . T hi s i ni t i a t i v e s uppo r ted a s s o c ia tio n a nd

A I ME 2022, M elbourne - The Asia Pacific Incentives and Meetings

n a t io n al b u sine s s ev e nt s a ny whe re i n Aus tra lia , s ubs equently

a nd event industry in the Asia Pacific region and provides

eve n t p lan n e r s t o s e c ure a hi g h- p ro f i l e k ey no te s pea k er fo r

g e n e ra t in g le a d s f o r f ut ure c o nf e re nc e s to c o me to Wes ter n

Au st ra lia. I n t he 2 0 2 1 - 2 2 f i na nc i a l y e a r, 11 future bus ines s events fo r WA w e re c o nf i rm e d a s a re s ul t o f t his initia tive, va lued a t

Event ( A I ME) is the leading trade event for the m eetings

pres c heduled m eetings w ith clients across 3 days. BE Perth exhibited in-person alongside m em ber partners at AIME.

$ 1 9 .3 millio n i n D i re c t D e l e g a t e E x p e nditure ( D D E) .

N a tio na l F ra n chise Convention 2022, Melbourne- The National

ASPIRE AWARDS

F ra nc his e C o uncil of Australia. Attendees include franchisors and

B E P e r t h P ar t ne rs wi t h t he S t a t e’s p re mier res ea rc h, ter tia r y a nd lo c al g ove r n m e nt o rg a ni s a t i o ns t o p rov ide tra vel s c ho la r s hips

fo r lo c a l We s t A us t ra l i a ns t o a t t e nd a n inter na tio na l c o nferenc e

F ra nc his e C o nvention (NFC) is the signature national event of the their s enio r decision m akers from head office, franchisees, and

s upplier s to the sector. BE Perth co-exhibited w ith Crow n Perth, Optus S ta dium and Perth Convention and Exhibition Centre.

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As so c iat io n F o rum N a t i o na l C o nf e re nc e 2022, Melbo ur ne- This

BUSINESS EVENT PLANNERS GUIDE

ex p e r t s in t h e i r f i e l d t o l e a d d i s c us s i o n s o n the k ey is s ues

I n 2021-22, BE Perth launched its first-ever com pletely digital,

P e r t h c o - ex h ibi t e d wi t h C rown P e rt h a nd Optus S ta dium.

a c o mprehensive directory show casing WA’s business events

c o n fe re n c e att ra c t s S e ni o r exe c ut i v e s , Bo a rd member s , a nd

affe c t in g t h e a s s o c i a t i o ns , c ha ri t i e s a n d no t-fo r -pro fit s ec to r. BE

INTERNATIONAL TRADESHOWS B E P e r t h jo in e d To uri s m A us t ra l i a’s s t a nd in-per s o n, a t the

IMEX Fran k fu r t t ra d e s how t o p ro m o t e Wes ter n A us tra lia to th e Eu ro p e an m a rke t s t hro ug h ov e r t wenty pres c heduled ap p o in t me n t s .

B E P e r t h at t e n d e d T he Me e t i ng S how i n -per s o n, in Lo ndo n,

Ju n e 2 0 2 2 t o pro m o t e We s t e rn A us t ra l ia to the United Kingdo m an d Eu ro p e a n m a rke t s t hro ug h ov e r f i f teen pres c heduled ap p o in t me n t s .

VIRTUAL TRADESHOWS B E P e r t h p ar t i c i p a t e d i n v i rt ua l t ra d e s hows a nd a gent tra ining

o ffer ing, pa c ked w ith inform ation on w hat every business event pla nner a nd delegate locally, nationally, and internationally

s ho uld k now about holding or attending a business event on A us tra lia’s we st coast.

3D VENUE TOURS 3D venue to urs of key venues in Perth w ere created in

pa r tner s hip with BE Perth Mem ber Partners, and w ith support fro m Bus iness Events Australia (BEA). Tours of 35 Perth

metro po lita n and 9 regional venues w ere released and feature on BE P er th’s we bsite. These self-navigated assets enable business

event pla nners to experience a virtual site visit of venues across P er th a nd regional WA, w hich w as particularly valuable during per io ds o f restricted travel due to border closures.

w e b in a r s t o d e l i v e r We s t e rn A us t ra l i a des tina tio n info r ma tio n to

MEDIA ACTIVITY

as so c iat io n d e c i s i o n- m a ke rs a ro und t he wo r ld. Thes e inc luded

I n the 2021-22 year, BE Perth’s m edia statem ents w ere published

vir t u ally w it h ov e r t we nt y c o rp o ra t e o rga nis a tio ns a nd c o r po ra te

public a tio ns .

c o r p o rat e an d i nc e nt i v e m e e t i ng a g e nts a nd c lients , a s well a s

Trave l M e e t A s i a , whi c h g a v e B E P e rt h the o ppo r tunity to meet

tra ve l a g e n t s a c ro s s S i ng a p o re , Ma l a y s ia , I ndia , J a pa n I ndo nes ia , Vie t n a m a n d T ha i l a nd .

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intera c tive Bu siness Event Planners Guide. The docum ent is

o n 124 s epa rate occasions in relevant business event industry

IMAGE: BUSI NESS E V E N T S P E R T H V I R T UA L R E AL I TY EX P E RI ENCE S H OWCAS E

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IMAGE: BUSI NE SS E V E N T S P E R T H P LAT I N U M M E M B ERS F U NCTI O N 2 02 1

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SO CI AL M ED IA G R OW T H

o utc o mes a nd services; COVID-19 im pacts to business and future

B E P e r t h’s so c i a l m e d i a f o l l owi ng ex p e r ienc ed s tro ng growth in

pla nning in the year ahead. 85% of respondents w ere very

2 0 2 1 - 2 2 , w it h Li nke d I n c o nt i nui ng t o p rove the bes t pla tfo r m fo r e n g a g e me n t wi t h 1 7 . 5 % g rowt h.

CO NTENT CR E AT I O N

c a pa c ity a nd business resilience and confidence for business

s a tis fied o r s atisfied w ith the m em bership initiatives offered.

ED UC ATI ON A L , NETWOR KING AND INDU STR Y U PDATES •

Oc to ber 2021 – Mem ber Netw orking held at the Esplanade

Au st ra lia’s So ut h We s t . T he s e a s s e t s will be us ed in o n-go ing

•

N ovember 2021 – 49th Annual General Meeting, held at PCEC

b u s in e ss eve nt s d e s t i na t i o n.

•

D ec ember 2021 – End-of-year function held in partnership

•

Ma y 2022 – Mem ber Educational & Industry U pdate held at

B E P e r t h ex p a nd e d t he s uc c e s s f ul c o nt ent c rea tio n pro gra m

to c a p t u re re g i o na l b us i ne s s ev e nt v e nues a nd exper ienc es in b id d in g ac t ivi t i e s a nd m a rke t i ng c o l l a tera l pro mo ting A S W a s a

2 0 2 1 - 2 2 M EM BE R PA R T N E R S B E P e r t h is p ro ud t o p ro m o t e t he We s t e r n A us tra lia n bus ines s eve n t s in d u s t ry a nd s up p o rt c o l l a b o ra tio n a c ro s s a wide

H o tel F rem antle by R ydges for 70 attendees

with D es tination Perth

F ra s er ’s Kings Park for 50 attendees

ra n g e o f lo c a l p ro d uc t , ex p e ri e nc e s a nd s er vic es . With o ne

P LATI N UM ME MBER FU NCTION

o rg a n isa t io n s i nc l ud e d c o nf e re nc e , ho tel a nd a c c o mmo da tio n

The 2021 P la tinum Mem bers’ Function w as held at The Westin

c o mp an ie s , t ra ns p o rt c o m p a ni e s , p ho t o gra pher s , unique venues

gues ts inc luded representatives from BE Perth’s Major

h u n d re d a n d t we nt y - o ne Me m b e r P a rt ner s in 2021-22, thes e ve n u e s , p ro fe s s i o na l c o nf e re nc e o rg a nis er s , a udio vis ua l

an d a c t ivit ie s wi t h b e s p o ke o p e ra t o rs a c ro s s regio na l WA a nd me t ro p o lit a n P e rt h.

M EM B ER PAR T N E R S URV E Y B E P e r t h c o n duc t e d a n a nnua l m e m b e r s hip s ur vey in F ebr ua r y.

P er th with 58 invited guests. Welcom ed by Kerry-Ann Winm ar, S ta k eho lder s Tourism WA; CEO R ebecca Brow n, Chair Di Bain a nd Ma na ging Director Carolyn Turnbull, and City of Perth

repres ented by Lord Mayor The R ight Hon Basil Zem pilas and CEO Mic helle Rey n olds; as w ell as Major Partners PCEC and Crow n

P er th, BE P erth Board Directors and Platinum Mem ber Partners.

Th e su r vey c a p t ure d m e m b e r i np ut o n BE P er th member s hip

12

DIREC TORS ’ R EPO R T F OR THE Y EA R ENDED 3 0 J U N E 2 0 2 2 Yo u r D ire c t o r s p re s e nt t he i r re p o rt o n Bus ines s Events P er th fo r the fina nc ia l y ea r ended 30 June 2022.

1.

GENERAL INFORMATION

(A)

DIRECTORS

Th e n a me s o f t he d i re c t o rs i n o f f i c e a t a ny time dur ing, o r s inc e the end o f, the y ea r a re: Na m es ( A ppoi nt e d /Te rm c o nc l ud e d ) •

R e n e e J u lia B E N N E T T ( Re - a p p o i nt e d 18 N ovember 2021)

•

P e t e r CH I N

•

Eu g e n e D E V I L LI E R S

•

Cra ig St u a rt ME N Z I E S ( Te rm c o nc l uded 18 N ovember 2021)

•

D an ic ia Q U I N L A N ( A p p o i nt e d 1 8 N ovember 2021)

D ire c t o r s h ave b e e n i n o f f i c e s i nc e t he s ta r t o f the fina nc ia l y ea r to the da te o f this repo rt unless otherw ise stated.

Th e n a me s o f e a c h C o ns ul t i v e D i re c t o r thro ugho ut the y ea r a nd a t the da te o f this repo r t are:

13

•

M ic h a e l Vi c t o r A LT I E R I ( R e s i g ne d 2 4 J a nua r y 2022)

•

P e t e r B R AMP TO N ( A p p o i nt e d 1 8 N ovember 2021)

•

An d rew CA I R N S ( A p p o i nt e d 1 7 F e b rua r y 2022)

•

Ian P h ilip G AY

•

B in d i Th ro s by G OV E ( R e s i g ne d 3 0 S eptember 2021)

•

M e lis sa K A R L S O N ( A p p o i nt e d 1 8 N ovember 2021)

•

Nig e l K EEN

•

K evin L e s l i e S K I P WO RT H C VO ( Te rm c o nc luded 27 S eptember 2021)

•

B ra d ley WO O D S ( A p p o i nt e d 2 8 S e p tember 2021)

(B)

PRINCIPAL ACTIVITIES

Th e p r in c ip al a c t i v i t i e s o f B us i ne s s E v e nts P er th dur ing the fina nc ia l y ea r were to : •

mar k e t t h e S t a t e o f We s t e rn A us t ra lia a s a prefer red c o nventio n, exhibitio n a nd inc entive travel destination;

•

as sist o rg a ni s e rs i n t he wi nni ng a nd pro mo tio n o f their bus ines s events in Wes ter n A u stralia; and

•

mak e re c o m m e nd a t i o ns t o To uri s m Wes ter n A us tra lia fo r the implementa tio n o f ma r keting and sales projects and activities.

D u e t o t h e g l o b a l he a l t h p a nd e m i c , COV I D -19 a nd res ulting bo rder a nd tra vel res tr ic tions, changes in how business w as conducted w ere

im p le me n t e d . C ha ng e s i nc l ud e d e ns uri ng the a bility o f s ta ff to ma inta in wo r k duties dur in g periods of State governm ent im posed 'lockdow ns',

in- mar k e t B u s i ne s s D ev e l o p m e nt Ma nager s in S y dney a nd Melbo ur ne, a nd funding s upport for state-based business events to proceed in WA b e in g o ffe re d i n 2 0 2 1 /2 2 , t o e ns ure c o ntinued a c tivity fo r the lo c a l bus ines s events industry. With open borders, BE Perth actively resum ed tra d it io n a l ma rke t i ng a nd b us i ne s s d ev elo pment a c tivities inc luding a ttenda nc e a t tra deshow s and hosting of site inspections.

(C)

SHORT AND LONG TERM OBJECTIVES AND STRATEGIES

Th e Co mp an y ’s s ho rt t e rm o b j e c t i v e s a re to : •

mar k e t an d p ro m o t e t he S t a t e o f Wes ter n A us tra lia a s a prefer red bus ines s events de stination in Australia and w orldw ide;

•

se c u re n a t i o na l a nd i nt e rna t i o na l bus ines s events to be held in Wes ter n A us tra lia ;

•

g e n e ra t e s o c i a l a nd e c o no m i c b e nefits fo r the peo ple o f the S ta te o f Wes ter n A us tra li a through securing business events to be held in the

•

c o mmis sio n re s e a rc h a nd m a rke t i n telligenc e to identify the ec o no mic impa c t o f bus iness events relevant to other tourism funded

•

e n c o u rag e B us i ne s s E v e nt s P e rt h m ember s hip to provide a n inter na tio na l s ta nda rd o f product and service delivery.

St a t e ;

ac t ivit ie s , p o t e nt i a l f o r j o b d i v e rs i f ic a tio n a nd pr io r ity s ta tus ; a nd

14

To a c h ieve t h e s e o b j e c t i v e s , t he C o m p a ny ha s : •

at t rac t e d a nd re t a i ne d q ua l i t y s t a f f c o mmitted to Bus ines s Events P er th’s s ho r t a nd long term objectives;

•

e n s u re d s t a f f wo rk c l o s e l y i n p a rt ne r s hip with member s , s ta k eho lder s a nd the bus iness events industry to support the Com pany ’s projects an d in it ia t i v e s ;

•

st a ff w h o s t ri v e t o m e e t c o ns i s t e nt s ta nda rds o f bes t pra c tic e a nd who provide c lea r expectations of professional standards and re s p o n s ib i l i t i e s t o a l l m e m b e rs a nd s ta k eho lder s ; a nd

•

c o mmis sio ne d ex t e rna l re s e a rc h t o review a nd upda te the ec o no mic impa c t o f bus iness events.

(D)

KEY PERFORMANCE MEASURES

Th e Co mp an y ’s p e rf o rm a nc e a s d e f i ne d by its s er vic e c o ntra c t to To ur is m Wes ter n A us tralia, and as adopted by the Board for the sam e p u r p o se , me a s ure s : •

D i re c t D e l e ga t e E x pe n di t u re ( D D E ) | D D E is a univer s a l k ey per fo r ma nc e indic a to r ( KPI) specific to convention bureau nationally and

in t e r n at io na l l y. I t i s a n e c o no m i c K PI ba s ed o n a c a lc ula tio n o f the a vera ge o n-gro und spend of conference delegates w hilst in the State o f We s t e r n A us t ra l i a . T hi s v a l ue i nc ludes a c c o mmo da tio n, delega te fee a nd a ll o n-ground costs.

B u s in e ss Eve nt s P e rt h a c hi ev e d $ 6 8 . 5 millio n in D irec t D elega te Expenditure ( D D E) a ga ins t a target of $110m illion for the 2021/ 22 financial year.

Trave l a n d b o rd e r re s t ri c t i o ns d ue t o COV I D -19 c o ntinued to s ignific a ntly impa c t the s ta ging of national and international business events. In M a y 2 0 2 1 , t h e f o rwa rd 2 0 2 1 /2 2 key p e r fo r ma nc e indic a to r ( KP I ) ta rgets were s et a s s umin g a ‘full’ opening of national borders are quarantine me as u re s by J ul y 2 0 2 1 a nd a ‘s t a g e d ’ re -o pening o f inter na tio na l bo rder s in J a nua r y 2022.

Ind u st r y F in an c i a l C o nt ri b ut i o n ( I F C ) w a s a F ina nc ia l Repo r ting I tem fo r BE P er th in 2021/ 22 w ith a target set for $500,000. Business Events P e r t h a c h ieve d $ 1 , 4 7 8 , 6 7 0 i n I nd us t ry F ina nc ia l C o ntr ibutio n fo r the y ea r.

Th e p e r fo r ma nc e a g a i ns t t he s e key p e rfo r ma nc e indic a to r s is lis ted a s fo llows : 20 22

D IR ECT D E L E G ATE E XP E N D I TU R E ( DDE) IN D UST R Y F I N A N C I A L CO N TR I B U TIO N ( I F C)

15

2 02 2

2 02 1

2 02 1

TA RGET

AC TUAL

TARG E T

AC TUAL

$110, 000, 000

$68,500,000

$115,000,000

$54,001,826

$500, 000

$1,478,670

N/ A

$1,064,153

(E)

COVID-19 NOMINAL MEMBE RSHIP

Ac k n ow le d g ing t he s i g ni f i c a nt c ha l l e nges fa c ing s ma ll bus ines s , to ur is m o pera to r s , ho tel and venue facilities due to the COVID-19 pandem ic, th e B o ard o f D i re c t o rs a p p rov e d una ni m o us ly, the mo tio n to provide member s hip in 2021/ 22 for renew ing financial m em bers at a nom inal ra t e o f $ 1 .0 0 + G S T f o r t he f i rs t 6 - m o nt hs with a retur n to full-member s hip fee ( pa id pro -rata) for the rem aining 6-m onths of the year. New me mb e r s re c rui t e d d uri ng 2 0 2 1 /2 2 we re required to pa y no r ma l member s hip fees a t the applicable level.

(F )

INFORMATION ON DIRECTORS

Th e n a me s o f e a c h p e rs o n who ha s b e e n a direc to r dur ing the y ea r a nd to the da te o f this report are: Mi c hae l Vi c t or A LT IE R I

● Co n su lt a t ive D i re c t o r ( Re s i g ne d 2 4 J a nua r y 2022)

● M e mb e r, Fina nc e , A ud i t , Ri s k a nd Me mber s hip C o mmittee ● D ire c t o r, Eve nt s a nd C o nf e re nc e s , C rown P er th R e ne e Jul i a BE N N E T T

● D ire c t o r (R e - a p p o i nt e d 1 8 N ov e m b e r 2021) ● D ire c t o r, Enc a nt a E v e nt Ma na g e m e nt

● Co u n c illo r - We s t e rn A us t ra l i a , P CO As s o c ia tio n P e t e r B RA MP TON

● Co n su lt a t ive D i re c t o r ( A p p o i nt e d 1 8 N ovember 2021) ● Ge n e ra l M a na g e r, T he We s t i n P e rt h

● Ch air ma n , M a rri o t t I nt e rna t i o na l A N ZP Bus ines s C o unc il And rew CAI RN S

● Co n su lt a t ive D i re c t o r ( A p p o i nt e d 1 7 F ebr ua r y 2022) ● M e mb e r, Fina nc e , A ud i t , Ri s k a nd Me mber s hip C o mmittee ● Exe c u t ive Ge ne ra l Ma na g e r, C rown Hotels P er th P e t e r CHI N ● D ire c t o r

● M an ag in g D i re c t o r, Va l e nt i no Ho l i d a ys

16

Eug e ne D E VIL L IE R S ● D ire c t o r

● CEO, L ib e r t y I nt e rna t i o na l A us t ra l i a & N ew Zea la nd I an P hi l i p GAY

● Co n su lt a t ive D i re c t o r

● Ch air, Fin a nc e , A ud i t , R i s k a nd Me m ber s hip C o mmittee ● Ch air, Au s t ra l i a’s N o rt h We s t To uri s m B i nd i T hro s by G OV E

● Co n su lt a t ive D i re c t o r ( Re s i g ne d 3 0 S e ptember 2021) ● D ire c t o r, B urs wo o d P a rk Trus t Me l i s s a K AR LS ON

● Co n su lt a t ive D i re c t o r ( A p p o i nt e d 1 8 N ovember 2021) ● M an ag in g D i re c t o r W y l l i e G ro up N i g e l K EEN

● Co n su lt a t ive D i re c t o r

● M e mb e r, Fina nc e a nd Me m b e rs hi p C o mmittee

● Ge n e ra l M a na g e r, P e rt h C o nv e nt i o n E xhibitio n C entre & D irec to r H o s pita lity WA ● D ire c t o r, Ex hi b i t i o n a nd E v e nt A s s o c i atio n o f A us tra la s ia ( EEA A ) ● D ire c t o r, B us i ne s s E v e nt C o unc i l A us tra lia ( BEC A ) Crai g St uar t M E N Z IE S

● D ire c t o r (Te rm c o nc l ud e d 1 8 N ov e m ber 2021)

● Ge n e ra l M a na g e r F o o d a nd B ev e ra g e , Venues Live/Optus S ta dium ● Ch air p e r so n a nd B o a rd Me m b e r, Ho s pita lity D is a bility N etwo r k D ani c i a Q U I NL A N

● D ire c t o r (Ap p o i nt e d 1 8 N ov e m b e r 2 0 21) ● CEO, F re ma nt l e C ha m b e r o f C o m m e rce

● Co mmit t e e M e m b e r, Mi ni s t e ri a l C o m mittee fo r F uture F rema ntle, WA P C

● Co mmit t e e M e m b e r, S up e ry a c ht S t ra tegy Wo r k ing Gro up Wes ter n A us tra lia , J TS I

17

K evi n Le s l i e S K IP WO R T H C VO

● Fo r me r c h a i r, C o ns ul t a t i v e D i re c t o r ( Ter m c o nc luded 27 S eptember 2021) ● M e mb e r, Fina nc e a nd Me m b e rs hi p C o mmittee

● D e p u t y Ch a i rm a n, B e ni g n E s s e nt i a l Blepha ro s pa s m A us tra lia Bo a rd

● Co mmit t e e m e m b e r, P e rro n I ns t i t ut e fo r N euro lo gic a l a nd Tra ns la tio na l S c ienc e Ltd, D onor R elations and Advocacy Com m ittee ● Co mmit t e e m e m b e r, T he R oy a l We s t e r n A us tra lia n H is to r ic a l S o c iety ( RWA H S ) , H is to r y West Com m unity Centre ● Co mmit t e e m e m b e r, We s t e rn A us t ra l i a n C o o k S o c iety ; C o mmittee member, The J o int Loyal Societies B rad l ey WO OD S

● Ch a ir, Co n s ul t a t i v e D i re c t o r ( A p p o i nt e d 28 S eptember 2021) ● M e mb e r, Fina nc e , A ud i t , Ri s k a nd Me mber s hip C o mmittee ● CEO, Au st ra l i a n Ho t e l s A s s o c i a t i o n WA ● B o a rd M e mbe r o f To uri s m A us t ra l i a ● Ch air, Au s t ra l i a D a y C o unc i l WA

● Ch air, Co mm o nwe a l t h G ov e rnm e nt – To ur is m, Tra vel a nd H o s pita lity I ndus tr y Referenc e Com m ittee ● Ch air, H o sp i t a l i t y G ro up Tra i ni ng

● B o a rd M e mbe r, Ro na l d Mc D o na l d Ho us e P er th

● Ch air, Ed it h C owa n Uni v e rs i t y - To uri sm a nd H o s pita lity Ma na gement C o ns ulta tive C o mm ittee ● Co - Fo u n d e r a nd B o a rd Me m b e r, He a l thy Mind Menu I nc .

(G)

MEMBERS GUARANTEE

B u s in e ss Eve nt s P e rt h i s a C o m p a ny l i m ited by gua ra ntee. I f the C o mpa ny is wo und up, the constitution states that each m em ber is required to c o n t r ib u t e a m a x i m um o f $ 2 0 e a c h towa rds meeting a ny o uts ta nding o bliga tio ns o f the Com pany. At 30 June 2022, the total am ount that me mb e r s o f t h e C o m p a ny a re l i a b l e t o c o ntr ibute if the C o mpa ny is wo und up is $2, 420 ( 2021: $2,720).

2.

CO M PA N Y S E C R E TA R Y

Th e fo llow in g p e rs o n he l d t he p o s i t i o n o f c o mpa ny s ec reta r y a t the end o f the fina nc ia l year: P at r ic ia Elizabe t h Mc K a y ha s b e e n t he c o mpa ny s ec reta r y s inc e 23 Ma y 2019.

18

3.

M EET IN G S O F D I R E C TO R S

D u r in g t h e fin a nc i a l y e a r, 1 3 m e e t i ng s o f D irec to r s ( inc luding C o mmittees o f D irec to r s ) were held. Attendances by each Director during the ye a r w e re a s f o l l ows :

BOAR D O F D IR EC TO R S ’ M EET ING S N U MBE R E L IG IB L E TO AT T END

NU M B ER AT T END ED

F INA NC E, A U D IT, R I SK A ND M EM B ER SHI P CO M M IT T EE M EET I NGS NU M B ER EL IG IB L E TO AT T END

NUM B ER AT T END ED

Michael Vi ctor A LTI ER I

6

6

1

1

Renee Julia BENNET T

9

6

-

-

Peter BRA MPTON

4

4

-

-

A ndrew CA IRN S

3

3

1

1

Peter CHIN

9

8

-

-

Eugene DE VIL LI ER S

9

8

-

-

Ian Phi l i p GAY

9

9

4

4

Bi ndi Throsby GOVE

4

2

-

-

Mel i s s a KA RL S O N

4

3

-

-

Ni gel KEE N

9

4

1

1

Crai g S tuart M ENZ I ES

4

2

-

-

Dani cia QUINLA N

5

3

-

-

Kev i n Les l i e SK I PWO R TH CVO

2

2

1

1

Bradl ey WOOD S

7

7

3

2

Th e B o ard a ls o ha s a n A p p o i nt m e nt s a nd Remunera tio n C o mmittee whic h meets o n a n ‘a s needs’ basis.

Th e n a me o f the F i na nc e a nd Me m b e rs hip C o mmittee wa s c ha nged to the F ina nc e, A udit, R isk and Mem bership Com m ittee, endorsed u n an imo u sly a t t he 1 8 N ov e m b e r 2 0 2 1 A nnua l Genera l Meeting, a nd to o k effec t fro m tha t date.

19

4.

A UD ITO R ’ S I N D E P E N D E N C E D E C L A RATI O N

Th e le a d a u d it o r ’s i nd e p e nd e nc e d e c l a ra tio n in a c c o rda nc e with s ec tio n 307C o f the C o r porations Act 2001, for the year ended 30 June 2022 h a s b e e n re c e i v e d a nd c a n b e f o und o n pa ge 7 o f the fina nc ia l repo r t.

Sig n e d in a c c o rd a nc e wi t h a re s o l ut i o n o f the Bo a rd o f D irec to r s :

D ire c t o r : B ra d ley WO O D S D at e d t h is 2 9 t h d a y o f S e p t e m b e r 2 0 2 2

20

IMAGE: DREAM T I M E 20 19 , P C E C

21

STATEM E NT O F PR O F IT O R L OSS A N D OT HE R COMP R E HE N S I VE I NCO ME F OR THE Y EA R ENDED 3 0 J U N E 2 0 2 2

N o te

2022 $

2021 $

R eve n u e

4

6,265,405

6,028,296

Fin a n c e in c o m e

5

42,836

91,468

(1,942,065)

(1,677,652)

(181,439)

(194,825)

(337,645)

(396,696)

(2,991,908)

(3,328,391)

M ar k e t in g ex p e ns e s

(614,024)

(316,287)

O t h e r ex p e n s e s

(162,678)

(97,389)

(11,141)

(19,064)

67,341

89,460

-

-

67,341

89,460

-

-

67,341

89,460

Emp loye e b e ne f i t s ex p e ns e D e p re c ia t io n a nd a m o rt i s a t i o n ex p e ns e

6

Ad min is t ra t io n ex p e ns e s B u sin e s s d ev e l o p m e nt ex p e ns e s

6

Fin a n c e ex p e ns e s

5

P ro fit befo re i nc o m e t a x I n c o me t ax ex p e ns e

2( b)

P ro fit fo r th e y e a r O th er co mpre he nsi ve i nc o m e f o r t he y ea r, net of ta x To t a l c o mp re he ns i v e i nc o m e f o r t he y ea r

T h e a c c o mp a n y i n g n o te s f o r m p a r t o f th e s e f i n a n c i a l s tat em ent s.

22

STATEM E NT O F F INA NC IA L P OS I T I ON AS AT 3 0 JU NE 20 22 N o te

2022 $

2021 $

Cas h an d c a s h e q ui v a l e nt s

7

17,203,995

15,707,878

Trad e an d o the r re c e i v a b l e s

8

67,749

12,022

O t h e r a ss e t s

9

82,944

157,177

17,354,688

15,877,077

ASSETS CU R R ENT ASS E T S

TOTAL CU R R E N T A S S E T S NO N- CU R R EN T A S S E T S P ro p e r t y, p la nt a nd e q ui p m e nt

10

33,439

28,554

R ig h t - o f- u s e a s s e t

11

126,907

296,118

160,346

324,672

17,515,034

16,201,749

TOTAL NO N- C URRE N T A S S E T S TOTAL ASSET S

LIABILITIES CU R R ENT L IA B I L I T I E S Trad e an d o the r p a y a b l e s

12

3,458,512

7,222,180

Co n t ra c t lia b i l i t i e s

13

5,219,377

3,675,251

L e a se liab ilit i e s

11

143,069

178,147

Emp loye e b e ne f i t s

14

279,789

267,763

9,100,747

11,343,341

TOTAL CU R R E N T LI A B I LI T I E S

23

NO N- CU R R EN T LI A B I LI T I E S Trad e an d o the r p a y a b l e s

12

6,447,973

4,016,883

C o n t rac t liabi l i t i e s

13

1,171,196

-

L e as e lia b iliti e s

11

-

143,123

E mp loye e b e ne f i t s

14

42,884

13,509

7,662,053

4,173,515

16,762,800

15,516,856

752,234

684,893

Re t a in e d e a rni ng s

752,234

684,893

TOTAL EQ U IT Y

752,234

684,893

TOTAL NO N- C U RRE N T LI A B I LI T I E S TOTAL L IAB I LI T I E S N ET ASSETS

EQUITY

T h e a c c o m p a n y i n g n o te s f o r m p a r t o f th e s e f i n a n c i a l s ta t em ent s.

24

STATEM E NT O F C H A NG E S I N E QU I T Y F OR THE Y EA R ENDED 3 0 J U N E 2 0 2 2 2022

RETAINED EARNINGS

TOTA L

$

$

684,893

684,893

67,341

67,341

752,234

752,234

RETAINED EARNINGS

TOTA L

$

$

595,433

595,433

89,460

89,460

684,893

684,893

B a la n ce a t 1 Jul y 2 0 2 1 P ro fit at t r ib u t a b l e t o m e m b e rs o f t he entity B a la n ce a t 30 June 2 0 2 2

2021

B a la n ce a t 1 Jul y 2 0 2 0 P ro fit at t r ib u t a b l e t o m e m b e rs o f t he entity B a la n ce a t 30 June 2 0 2 1

T h e a c c o m p a n y i n g n o te s f o r m p a r t o f th e s e f i n a n c i a l s ta t em ent s.

25

STATEM E NT O F C A S H F L O WS F OR THE Y EA R ENDED 3 0 J U N E 2 0 2 2

2022

2021

$

$

392,503

64,200

6,488,851

7,228,866

(5,105,817)

(4,335,977)

63,761

113,671

(11,141)

(19,064)

-

67,500

(136,726)

(146,962)

1,691,431

2,972,234

P u rc h a se o f p ro p e rt y, p l a nt a nd e q ui pment

(17,113)

(12,246)

Ne t c as h u s e d i n i nv e s t i ng a c t i v i t i e s

(17,113)

(12,246)

R e p a yme n t s o f l e a s e l i a b i l i t i e s

(178,201)

(163,487)

Ne t c as h u s e d i n f i na nc i ng a c t i v i t i e s

(178,201)

(163,487)

Ne t in c re a se i n c a s h a nd c a s h e q ui v a l e nts held

1,496,117

2,796,501

15,707,878

12,911,377

17,203,995

15,707,878

N o te

CASH FLOWS FROM OPERATING ACTIVITIES: R e c e ip t s fro m c us t o m e rs Se r vic e fe e a nd f und i ng re c e i v e d P ayme n t s t o s up p l i e rs a nd e m p l oy e e s In t e re st re c e i v e d In t e re st ex p e ns e o n l e a s e l i a b i l i t i e s COVI D - 1 9 a ss i s t a nc e re c e i v e d f ro m g over nment Sh o r t - t e r m, l ow- v a l ue a nd v a ri a b l e l e a s e pa y ments Ne t c as h p rov i d e d by o p e ra t i ng a c t i v i ties

21( b)

CASH FLOWS FROM INVESTING ACTIVITIES:

CASH FLOWS FROM FINANCING ACTIVITIES:

Cas h an d c a s h e q ui v a l e nt s a t b e g i nni n g o f y ea r Cas h an d c a s h e q ui v a l e nt s a t e nd o f f ina nc ia l y ea r

21( a )

T h e a c c o m p a n y i n g n o te s f o r m p a r t o f th e s e f i n a n c i a l s ta t em ent s.

26

NOTES TO TH E F INA NC IA L S T A T E ME N T S F OR THE Y EA R ENDED 3 0 J U N E 2 0 2 2 Th e fin a n c ial s t a t e m e nt s c ov e r B us i ne ss Events P er th ( the ' C o mpa ny ' ) a s a n individua l entity. Business Events Perth is a public com pany lim ited by g u a ra n t e e , i nc o rp o ra t e d a nd d o m i c i led in A us tra lia .

Th e p r in c ip al a c t i v i t i e s o f t he C o m p a ny fo r the y ea r ended 30 J une 2022 were to ma r k et th e State of Western Australia and Perth as a preferred c o n ve n t io n , ex hi b i t i o n a nd i nc e nt i v e t ra vel des tina tio n; a s s is t o rga nis er s in the winning and prom otion of their business events in Western Au st ra lia; a n d i m p l e m e nt a t i o n o f m a rketing a nd s a les pro jec ts a nd a c tivities a s a pproved by Tourism Western Australia.

Th e fin an c ia l s t a t e m e nt a m o unt s a re pres ented in A us tra lia n do lla r s unles s s ta ted o ther w ise. The Com pany presents am ounts rounded to the

n e a re s t w h o le d o l l a r i n a c c o rd a nc e wi th A S I C C o r po ra tio ns ( Ro unding in F ina nc ia ls /D irectors' R eports) Instrum ent 2016/ 191 and Am endm ent Ins t r u me n t 2 0 2 2 /5 1 9 .

Co mp arat ive s a re c o ns i s t e nt wi t h p ri o r y ea r s , unles s o ther wis e s ta ted.

1.

BASIS OF PREPARATION

Th e fin an c ia l s t a t e m e nt s a re g e ne ra l p ur po s e fina nc ia l s ta tements tha t ha ve been prepa red in accordance w ith Australian Accounting Standards

- Simp lifie d D i s c l o s ure s , I nt e rp re t a t i o n s o f the A us tra lia n A c c o unting S ta nda rds Bo a rd, and the Corpora tions Act 2 0 0 1 . The Com pany is a notfo r - p ro fit e n t i t y f o r f i na nc i a l re p o rt i ng pur po s es under A us tra lia n A c c o unting S ta nda rds .

Th e fin an c ia l s t a t e m e nt s c o m p l y wi t h A us tra lia n A c c o unting S ta nda rds - S implified Disclosures. They com ply w ith the recognition and me as u re me n t re q ui re m e nt s o f A us t ra l ia n A c c o unting S ta nda rds , their pres enta tio n requ irem ents as m odified by AASB 1060 Genera l P urpose Fin a n c ia l S t a t e m e nt s - S i m pl i f i e d Di s c l o s ure s for For -Profit and Not-for -Profit Tie r 2 E ntitie s , and the disclosure requirem ents of AASB 1060.

Th e fin an c ia l s t a t e m e nt s , exc e p t f o r t he c a s h flow info r ma tio n, ha ve been prepa red o n an accruals basis and are based on historical costs mo d ifie d , w h e re a p p l i c a b l e , by t he m e a s urement a t fa ir va lue o f s elec ted no n-c ur rent a s sets, financial assets and financial liabilities.

Sig n ific an t a c c o unt i ng p o l i c i e s a d o p t e d in the prepa ra tio n o f thes e fina nc ia l s ta tements are presented below and are consistent w ith prior re p o r t in g p e r i o d s unl e s s o t he rwi s e s t a ted.

27

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A)

REVENUE AND OTHER INCOME

R eve n u e is re c o g ni s e d whe n t he b us i ne s s is entitled to it.

R eve n u e fro m c o nt ra c t s wi t h c us t o m e rs Th e c o re p r in c i p l e o f A A S B 1 5 i s t ha t revenue is rec o gnis ed o n a ba s is tha t reflec ts the transfer of prom ised goods or services

to c u st o me r s a t a n a m o unt t ha t re f l e c ts the c o ns idera tio n the C o mpa ny expec ts to rec eiv e in exchange for those goods or se r vic e s. R eve nue i s re c o g ni s e d by a p ply ing a five-s tep mo del a s fo llows : 1.

I d e nt i f y t he c o nt ra c t wi t h the c us to mer

3.

D e t e rm i ne t he t ra ns a c t i o n pr ic e

2.

4.

5.

I d e nt i f y t he p e rf o rm a nc e o bliga tio ns

A l l o c a t e t he t ra ns a c t i o n pr ic e to the per fo r ma nc e o bliga tio ns

Re c o g ni s e rev e nue a s a n d when c o ntro l o f the per fo r ma nc e o bliga tio ns is transferred

G e n e rally t h e t i m i ng o f t he p a y m e nt fo r s a le o f go o ds a nd render ing o f s er vic es c o r re sponds closely to the tim ing of satisfaction of the

p e r fo r ma n c e o b l i g a t i o ns , howev e r whe re there is a differenc e, it will res ult in the rec o gniti on of a receivable, contract asset or contract liability.

No n e o f t h e rev e nue s t re a m s o f t he C o mpa ny ha ve a ny s ignific a nt fina nc ing ter ms a s there is less than 12 m onths betw een receipt of funds and sa t is fa c t io n o f p e rf o rm a nc e o b l i g a t i o ns .

R e nd e r i ng o f s er v i c es R eve n u e in re l a t i o n t o re nd e ri ng o f s e rvic es is rec o gnis ed a t a po int in time when the given perform ance obligation is m et, that is, w hen clients

re c e ive s a n d c o ns um e s t he b e ne f i t s o f the s er vic es a s the C o mpa ny provides them, the rev enue recognition m odel is based on the tim e elapsed o u t p u t me t h o d .

A re c e iva b le i n re l a t i o n t o t he s e s e rv ic es is rec o gnis ed when a bill ha s been is s ued, as this is the point in tim e that the consideration is u n c o n d it io n al b e c a us e o nl y t he p a s s a ge o f time is required befo re the pa y ment is due.

28

O p e rat i ng g ra n t s Wh e n t h e Co m p a ny re c e i v e s o p e ra t i ng gra nt revenue fro m gover nment, it a s s es s es whether the contract is enforceable and has sufficiently sp e c ific p e r fo rm a nc e o b l i g a t i o ns i n a c co rda nc e to A A S B 15.

Wh e n b o t h t he s e c o nd i t i o ns a re s a t i s f i e d, the C o mpa ny : •

i d e nt i t i e s ea c h p e r f or m a n c e ob l i g a tion re la ting to the gra nt;

•

re c o g ni s es rev e n u e a s i t s a t i s f i es its pe rform a nce obliga tions.

•

re c o g ni s es a c on t ra c t l i a b i l i t y f or its obliga tions unde r the a gre e m e nt; a nd

Wh e re t h e c o nt ra c t i s no t e nf o rc e a b l e or do es no t ha ve s uffic iently s pec ific per fo r ma nc e obligations, the Com pany: •

re c o g n is e s t he a s s e t re c e i v e d i n a c c o rda nc e with the rec o gnitio n requirements o f o th er applicable accounting standards (for

•

re c o g n is e s re l a t e d a m o unt s ( b e i ng c o ntr ibutio ns by owner s , lea s e lia bility, fina nc ia l in strum ents, provisions, revenue or contract

•

ex amp le A A S B 9 . A A S B 1 6 , A A S B 1 1 6 a nd A A S B 138) ;

liab ilit y ar i s i ng f ro m a c o nt ra c t wi t h a c us to mer ) ; a nd

re c o g n is e s i nc o m e i m m e d i a t e l y i n pro fit o r lo s s a s the differenc e between the initia l carrying am ount of the asset and the related amo u n t .

If a c o n t ra c t l i a b i l i t y i s re c o g ni s e d a s a rela ted a mo unt a bove, the C o mpa ny rec o gnis e s incom e in profit or loss w hen or as it satisfies its o b lig at io n s u nd e r t he c o nt ra c t .

Sp o ns o r s hi p rev en u e D ire c t s p o n s o rs hi p rev e nue re p re s e nt s c a s h a c quired in exc ha nge fo r va lue a wa rded to a sponsor (e.g. nam e recognition, nam ing rights etc).

M a n a g e me n t ha s a s s um e d t ha t v a l ue p rovided in exc ha nge fo r c a s h is a wa rded over the te rm of the contract. Therefore, revenue recognition of c as h s p o n s o r s hi p i s s p re a d ev e nl y ov e r the ter m o f the c o ntra c t to ma tc h the va lue provided as this is w hen the perform ance obligation is m et.

Sub s c r i p t i o ns R eve n u e fro m t he p rov i s i o n o f m e m b e rs hip s ubs c r iptio ns is rec o gnis ed over the membership period this is w hen the perform ance obligation is me t .

29

In te re s t rev e n u e Int e re st reve nue i s re c o g ni s e d us i ng t he effec tive interes t metho d.

G ai n o n d i s p os a l of n on - c u r re n t a s s e ts Wh e n a n o n - c urre nt a s s e t i s d i s p o s e d , the ga in o r lo s s is c a lc ula ted by c o mpa r ing pro c ee ds received w ith its carrying am ount and is taken to p ro fit o r lo s s.

O t he r i nc o m e O t h e r in c o me i s re c o g ni s e d o n a n a c c ru a ls ba s is when the C o mpa ny is entitled to it.

(B)

INCOME TAX

Th e Co mp a n y i s exe m p t f ro m i nc o m e ta x under D ivis io n 50-40 o f the I nc o me Ta x A s s es s m ent Act 1997. Accordingly, no incom e tax expense is re c o g n is e d in t he f i na nc i a l s t a t e m e nt s .

(C)

GOODS AND SERVICES TAX (GST)

R eve n u e , ex p e ns e s a nd a s s e t s a re re c ognis ed net o f the a mo unt o f go o ds a nd s er vic es tax (GST), except w here the am ount of GST incurred is n o t re c ove ra b l e f ro m t he A us t ra l i a n Ta xa tio n Offic e ( ATO) .

R e c e iva b le s a nd p a y a b l e a re s t a t e d i nc lus ive o f GS T. Cas h flow s in t he s t a t e m e nt o f c a s h f lows a re inc luded o n a gro s s ba s is a nd the GS T com ponent of cash flow s arising from investing and fi n an c in g a c t i v i t i e s whi c h i s re c ov e ra b le fro m, o r pa y a ble to , the ta xa tio n a utho r ity is c la ssified as operating cash flow s.

(D)

PROPERTY, PLANT AND EQUIPMENT

Eac h c las s o f p ro p e rt y, p l a nt a nd e q ui p m ent is c a r r ied a t c o s t o r fa ir va lue les s , where a ppli cable, any accum ulated depreciation and im pairm ent.

30

P l ant and e q u i p m en t P la n t an d e q u i p m e nt a re m e a s ure d us ing the c o s t mo del.

P ro p e r t y, p la nt a nd e q ui p m e nt , i s d e p re c ia ted o n a reduc ing ba la nc e o r s tra ight line ba s is over the assets useful life to the Com pany, com m encing w h e n t h e as se t i s re a d y f o r us e .

Th e d e p re c iati o n ra t e s us e d f o r e a c h c la s s o f deprec ia ble a s s et a re s hown below: F i xe d as s e t c l a s s P la n t an d Eq u i p m e nt

D e p rec i a t ion ra te 5 - 40%

At t h e e n d o f e a c h a nnua l re p o rt i ng p e r io d, the deprec ia tio n metho d, us eful life a nd res idual value of each asset is review ed. Any revisions are ac c o u n t e d fo r p ro s p e c t i v e l y a s a c ha nge in es tima te.

G ain s a n d lo s s e s o n d i s p o s a l s a re d e t e rmined by c o mpa r ing pro c eeds with the c a r r y ing a m ount. These gains and losses are recognised in profit o r lo s s in t h e p e ri o d i n whi c h t hey a ri se.

(E)

FINANCIAL INSTRUMENTS

I ni t i al re c o g n i t i on a n d m ea s u re m e n t F in an c ia l as se t s a nd f i na nc i a l l i a b i l i t i e s a re rec o gnis ed when the C o mpa ny bec o mes a party to the contractual provisions to the instrum ent.

F o r fin a n c ial a s s e t s , t hi s i s t he d a t e t h a t the C o mpa ny c o mmits its elf to either the purc h ase or sale of the asset (i.e. trade date accounting is ad o p t e d ).

F in an c ia l in strum e nt s ( exc e p t f o r t ra d e rec eiva bles ) a re initia lly mea s ured a t fa ir va lue plus transaction costs, except w here the instrum ent

is c la ss ifie d “a t f a i r v a l ue t hro ug h p ro f it o r lo s s ”, in whic h c a s e tra ns a c tio n c o s ts a re expensed to profit or loss im m ediately. Where available, q u o t e d p r ic e s i n a n a c t i v e m a rke t a re u s ed to deter mine fa ir va lue. I n o ther c irc ums ta nc e s, valuation techniques are adopted.

Trad e re c e iva b l e s a re i ni t i a l l y m e a s ure d a t the tra ns a c tio n pr ic e if the tra de rec eiva bles do not contain significant financing com ponent.

31

F i nanc i al as s e t s All re c o g n is e d f i na nc i a l a s s e t s a re s ub s equently mea s ured in their entirety a t either a mo r tised cost or fair value, depending on the classification o f t h e fin a n c ia l a s s e t s .

Cla ssif ic a t ion O n in it ial re c o g ni t i o n, t he C o m p a ny c l as s ifies its fina nc ia l a s s ets into the fo llowing c a tegories, those m easured at: •

amo r t i s e d c o s t

•

fa ir va l ue t hro ug h o t he r c o m p rehens ive inc o me - equity ins tr ument ( F VOC I - equity)

• •

fa ir va l ue t hro ug h p ro f i t o r l o s s - F V TP L

fa ir va l ue t hro ug h o t he r c o m p rehens ive inc o me - debt inves tments ( F VOC I - debt)

F in an c ia l a ss e t s a re no t re c l a s s i f i e d s ubs equent to their initia l rec o gnitio n unles s the Com pany changes its business m odel for m anaging fi n an c ia l as se t s .

A m or t ise d c ost As se t s me a su re d a t a m o rt i s e d c o s t a re fina nc ia l a s s ets where: • •

t h e b us i ne s s m o d e l i s t o ho l d a ss ets to c o llec t c o ntra c tua l c a s h flows ; a nd

t h e c o nt ra c t ua l t e rm s g i v e ri s e o n s pec ified da tes to c a s h flows a re s o lely pa y ments of principal and interest on the principal amo u nt o ut s t a nd i ng .

Th e Co mp an y 's f i na nc i a l a s s e t s m e a s ured a t a mo r tis ed c o s t c o mpr is e tra de a nd o ther receivables and cash and cash equivalents in the st a t e me n t o f f i na nc i a l p o s i t i o n.

Su b se q u e n t t o i ni t i a l re c o g ni t i o n, t he s e a s s ets a re c a r r ied a t a mo r tis ed c o s t us ing th e effective interest rate m ethod less provision for im p air me n t .

Int e re st in c o m e , f o re i g n exc ha ng e g a i ns o r lo s s es a nd impa ir ment a re rec o gnis ed in pro fit or loss. Gain or loss on derecognition is recognised in p ro fit o r lo s s .

32

F i nanc i al l i ab i l i t i es Th e Co mp an y m e a s ure s a l l f i na nc i a l l i abilities initia lly a t fa ir va lue les s tra ns a c tio n c o s ts, subsequently financial liabilities are m easured at amo r t is e d c o s t us i ng t he e f f e c t i v e i nt e res t ra te metho d.

Th e fin a n c ial l i a b i l i t i e s o f t he C o m p a ny c o mpr is e tra de pa y a bles , ba nk a nd o ther lo a ns a nd finance lease liabilities.

(F )

CASH AND CASH EQUIVALENTS

Cas h an d c a s h e q ui v a l e nt s c o m p ri s e s c a s h o n ha nd, dema nd depo s its a nd s ho r t-ter m investm ents w hich are readily convertible to know n amo u n t s o f c a s h a nd whi c h a re s ub j e c t to a n ins ignific a nt r is k o f c ha nge in va lue.

(G)

LEASES

At in c e p t io n o f a c o nt ra c t , t he C o m p any a s s es s es whether a lea s e exis ts , i. e. do es the contract convey the right to control the use of an ide n t ifie d as s e t f o r a p e ri o d o f t i m e i n exc ha nge fo r c o ns idera tio n.

T h e Com p a n y a s a l es s e e Th e Co mp an y re c o g ni s e s l e a s e l i a b i l i t i es to ma k e lea s e pa y ments a nd r ight-o f-us e a s s ets representing the right to use the underlying assets if t h e re a re le a s e s p re s e nt . Howev e r, a ll c o ntra c ts tha t a re c la s s ified a s s ho r t- ter m lea ses (lease w ith rem aining lease term of 12 m onths or le ss ) an d le a s e s o f l ow v a l ue a s s e t s a re rec o gnis ed a s a n o pera ting expens e o n a s tra ight-line basis over the term of the lease. The non-lease c o mp o n e n t s i nc l ud e d i n t he l e a s e a g re ement ha ve been s epa ra ted a nd a re rec o gnis ed a s an expense as incurred. (i)

R i g ht - o f - u s e a s s e t

R ig h t - o f- u s e a s s e t s a re re c o g ni s e d a t the c o mmenc ement da te o f the lea s e ( i. e. the da te the underlying asset is available for use). R ight-of-

u s e a ss e t s are m e a s ure d a t c o s t , l e s s a ny a c c umula ted deprec ia tio n a nd a ny impa ir ment losses, and adjusted for any rem easurem ent of lease

li a b ilit ie s. Th e c o s t o f ri g ht - o f - us e a s s ets inc ludes the a mo unt o f lea s e lia bilities rec o gnised, initial direct costs incurred, and lease paym ents mad e a t o r b e f o re t he c o m m e nc e m e nt da te les s a ny lea s e inc entives rec eived. Right-o f-use assets are depreciated on a straight-line basis over th e sh o r t e r o f t he l e a s e t e rm s a nd t he es tima ted us eful lives o f the a s s ets a s fo llows : B u ild in g

33

5 y e a rs

If ow n e r s h ip o f t he l e a s e d a s s e t t ra ns fer s to the C o mpa ny by the end o f the lea s e ter m or the cost reflects the exercise of a purchase option, d e p re c iat io n i s c a l c ul a t e d us i ng t he e s tima ted us eful life o f the a s s et. (ii)

Le as e l i a b i l i t i e s

L e a se liab ilit ie s a re re c o g ni s e d a t t he co mmenc ement da te o f the lea s e a t the pres ent value of lease paym ents to be m ade over the lease te r m. Th e le as e p a y m e nt s i nc l ud e d i n the mea s urement o f the lea s e lia bility a re a s fo llows: •

fixe d pa y m e nt s ( i nc l ud i ng i n- s ubs ta nc e fixed pa y ments ) les s a ny lea s e inc entives receivable;

•

t h e am o unt s ex p e c t e d t o b e p a ya ble by the les s ee under res idua l va lue gua ra ntee s;

• • • •

va r iab l e l e a s e p a y m e nt s t ha t d e pend o n a n index o r a ra te, initia lly mea s ured us ing the index or rate at the com m encem ent date; t h e exe rc i s e p ri c e o f a p urc ha s e o ptio n rea s o na bly c er ta in to be exerc is ed by the Com pany;

le a se p a y m e nt s und e r ex t e ns i o n o ptio ns if the les s ee is rea s o na bly c er ta in to exercise the options; and

p ayme nt s o f p e na l t i e s f o r t e rm i na tio n o f a lea s e, if the lea s e ter m reflec ts the C o mpany exercising the option to term inate the lease.

Th e va r iab le le a s e p a y m e nt s t ha t d o not depend o n a n index o r a ra te a re rec o gnis ed a s an expense in the period in w hich the event or c o n d it io n t h at t ri g g e rs t he p a y m e nt o c c ur s .

In c alc u lat in g t he p re s e nt v a l ue o f l e a s e pa y ments , the C o mpa ny us es its inc rementa l bo rrow ing rate at the lease com m encem ent date

b e c au se t h e in t e re s t ra t e i m p l i c i t i n t he lea s e is no t rea dily deter mina ble. A fter the c o mmencem ent date, the am ount of lease liabilities is

inc re a se d t o re f l e c t t he a c c re t i o n o f i nteres t a nd reduc ed fo r the lea s e pa y ments ma de. I n addition, the carrying am ount of lease liabilities is re me a su re d i f t he re i s a m o d i f i c a t i o n , a c ha nge in the lea s e ter m, a c ha nge in lea s e pa ym ents (e.g., a change to future lease paym ents re s u lt in g fro m a c ha ng e i n a n i nd ex o r ra te) o r a c ha nge in a s s es s ment o f a n o ptio n to pu rchase the underlying asset. (i i i )

A d o p ti o n o f s h o r t t e r m l e a s e s or l ow v al ue asset excep ti on

Th e Co mp an y ha s e l e c t e d t o a p p l y t he rec o gnitio n exemptio n fo r lea s es o f low-va lue a s s ets to lease of photocopier that is considered to be low va lu e .

L e a se p ayme nt s o n s ho rt - t e rm l e a s e s and lea s es o f low-va lue a s s ets a re rec o gnis ed a s a n expense on a straight-line basis over the lease te r m.

34

( H)

EMPLOYEE BENEFITS

P rovis io n is m a d e f o r t he C o m p a ny 's l i ability fo r employ ee benefits a r is ing fro m s er vic es rendered by em ployees to the end of the reporting p e r io d . Emp loy e e b e ne f i t s t ha t a re ex pec ted to be who lly s ettled within o ne y ea r ha ve been m easured at the am ounts expected to be paid w h e n t h e liabi l i t y i s s e t t l e d .

Emp loye e b e n e f i t s ex p e c t e d t o b e s e t t l ed mo re tha n o ne y ea r a fter the end o f the repo r ti ng period have been m easured at the present value o f t h e e st imate d f ut ure c a s h o ut f l ows to be ma de fo r tho s e benefits . I n deter mining the liability, consideration is given to em ployee w age inc re a se s a n d t he p ro b a b i l i t y t ha t t he employ ee ma y s a tis fy ves ting requirements . C a s hflow s are discounted using m arket yields on high

q u a lit y c o r p o ra t e b o nd ra t e s i nc o rp o ra ting bo nds ra ted A A A o r A A by c redit a genc ies , with term s to m aturity that m atch the expected tim ing o f c as h flow s. C ha ng e s i n t he m e a s ure ment o f the lia bility a re rec o gnis ed in pro fit o r lo s s.

( I)

PROVISIONS

P rovis io n s are re c o g ni s e d whe n t he C o mpa ny ha s a lega l o r c o ns tr uc tive o bliga tio n, a s a result of past events, for w hich it is probable that an o u t flow o f e c o no m i c b e ne f i t s wi l l re s ult a nd the o utflow c a n be relia bly mea s ured.

( J)

ECONOMIC DEPENDENCE

Bus i ness E v ents Pe r th i s d e p e n d e n t on Tou r is m We s t e r n Aus t ra lia f o r t h e ma jo r it y o f it s reve nu e u s ed to op erate th e b u si n ess. A t th e d ate of th i s re p or t th e di rectors have n o re a s on to b e l i ev e th a t Tour is m We s t e r n Aus t ra lia w ill no t c o n t inu e t o s up p o r t B us in e ss E v e n ts Pe r th .

(K)

COMPARATIVE FIGURES

When requi red by A ccou n ti n g S ta n d a rd s , co m p a ra t ive f ig ure s ha ve b e e n a d jus t e d t o c o nf o r m t o c h a n g e s i n p re se n tati on f or th e cu r ren t f i n an ci al year.

(L)

ADOPTION OF NEW, REVISED OR AMENDED ACCOUNTING STANDARDS

The Company h a s a d op te d :

35

•

A A S B 1 0 6 0 Ge ne ral P ur po s e F i nanc i al St a t em en t s - Sim p lif ied D isclos u res f or F or-P rof it a n d N ot -f or - P rof i t Ti e r 2 E n t i t i e s;

•

A A S B 2 0 2 1 - 1 A m e ndm e nts to Aus tral ia n A ccou n t in g St a n d a rd s - Tra n s it ion t o T ier 2 : Sim p lif ied D i scl osu re s f or N ot -f or -P rof i t E n t i t i e s; an d

•

The rev i s e d Con ce p tu a l F ra m ewor k f o r F ina n c ia l R e p o r t ing

for the f i rst time i n th e s e fi n a n ci a l s ta te m e n t s . T he s e s t a n d a rd s up d a t e t h e ma n d a t o r y p re s e n t a t io n an d d i scl osu res to b e mad e i n g en eral p u r p ose f i n an ci al statements f or Ti e r 2 re p or ti n g e n ti ti e s .

Apart f rom the ch a n g e i n p re s e n ta ti on a n d d is c lo s ure re q u ire m e n t s , t h e a d o p t io n o f AAS B 1060 a n d A A SB 2021-1 h as h ad n o mate r i al i mp act on th e Comp an y and there i s no ch a n g e to th e re cog n i ti on and me a s ure me n t a p p lie d in t h e s t a t e m e n t s o f f in a n c ia l p osi ti on , p rof i t or l oss an d oth er comp re h e n si v e i n come and cas h f lows of th e Com p a n y b e ca u s e th e C o m p a n y 's p revio us f in a n c ia l s t a t e m e n t s c o m p lie d w it h A u stral i an A ccou n ti n g Stan d ard s - Red u ce d Di scl osu re Requirements.

The Company h a s a d op te d a l l of th e oth e r n ew, revis e d o r a m e n d e d a c c o u n t ing s t a nd a rd s a nd int e r pre tati on s i ssu e d by th e A u stral i an A ccou n ti n g Stan d ard s Board that are m a n d a tor y for th e cu r re n t rep o r t in g p e r io d .

( M)

NEW ACCOUNTING STANDARDS AND INTERPRETATIONS

The A A S B has is s u e d n ew a n d a m e n d e d A c c o u n t ing S t a nd a rd s a n d I n t e r p re t a t io n s t h a t ha ve ma n d ator y ap p l i cati on d ate s f or f u tu re re p or ti n g p er i od s. T h e Company has d e ci d e d n ot to e a r l y a d op t th e s e S t a n d a rd s . T h e f o llow in g t a b le s u mma r is e s t ho s e f u tu re req u i re men ts, an d th e i r i mp act on th e Comp an y wh ere the s tandard i s re l ev a n t:

STA NDARD NA ME A A S B 2 0 2 0 - 1 A m e n d m e n ts to A us tralian A ccou n ti n g S tandards – Cla s s i fi ca ti on s of Liabi l i ties a s Cu r re n t or Non- Current AA S B 2 0 2 0 - 6 A mendments t o A u s tra l i a n A ccounti ng S tan d a rd s – Cl assif i cation of Li a b i l i ti e s as Current or N on cu r re n t – Def erral of Effe cti v e Da te

E F F E CTI V E DATE F O R E N TI TY

REQUIREMENTS

IMPACT

Annual re p or ti n g p e r i od s beginning on or a fte r 1 January 2023

T his S t a n d a rd a me n d s AAS B 101 t o c la r if y re q u ire m e n ts f or th e p re se n tati on of lia b ilit ie s in t h e s t a t e m e n t o f f ina n c ia l p o s it io n a s c ur re n t or n on -cu r re n t.

F o r exa m p le , t h e a me n d me n t s c la r if y t h a t a lia b ilit y is cl assi f i ed as n on cu r ren t i f a n e n t it y ha s t he r ig h t a t t h e e n d o f t h e re p o r t in g p e r i od to d e f e r settl e men t of th e lia b ilit y f o r a t le a s t 12 mo n t h s a f t e r t h e re p o r t in g p e r i od . T h e me an i n g of se ttl eme n t of a lia b ilit y is a ls o c la r if ie d .

Li ttl e i mp act ex p e cted b u t man ag e men t wi l l con si d er th e ap p rop r i ate cl assi f i cati on of l i ab i l i ti es as cu r ren t or n on -cu r re n t.

36

A A S B 2 0 2 1 - 2 A m e n d m e n ts to A us tralian A ccou n ti n g S tandards – Di s cl os u re of A ccounti ng Pol i ci e s a n d Def initi on of Accou n ti n g Esti mates [ame n d s A A S B 7 , A A S B 1 0 1 , A A SB 1 0 8 , A A S B 1 3 4 & A A S B Pra cti ce S tatement 2 ] A A S B 2 0 2 1 - 6 A m e n d m e n ts to A us tralian A ccou n ti n g S tandards – Di s cl os u re of A ccounti ng Pol i ci e s : Ti e r 2 and Other A u s tra l i a n A ccounti ng S tan d a rd s

3.

Annual re p or ti n g p e r i od s b e g i n n i n g on or a fte r 1 January 2023

AAS B 2021-2 a m e n d s a nu mb e r o f s t a n d a rd s a s f o llow s: • AAS B 7, t o c la r if y t ha t inf o r m a t io n a b o u t me a s ure me n t b ases f or f i n an ci al in s t r u me n t s is exp e c t e d t o b e m a t e r ia l t o a n e n t it y ’s f i n an ci al state men ts; • AAS B 101, t o re q u ire e nt it ie s t o d is c lo s e t he ir ma t e r i al accou n ti n g p ol i cy i n f or mati on ra t he r t ha n t h e ir s ig n if ic a n t a c c o u n t ing p o lic ie s ; • AAS B 108, t o c la r if y how e n t it ie s s h o u ld d is t in g u is h ch an g e s i n accou n ti n g p ol i ci es a nd c h a n g e s in a c c o u n t ing e s t ima t e s ; • AAS B 134, t o id e nt if y m a t e r ia l a c c o un t ing p o lic y inf or mati on as a comp on e n t of a c o m p le t e s e t o f f ina n c ia l s t a t e m e n t s ; a n d • AAS B P ra c t ic e S t a t e me n t 2, t o p rovid e g u id a nc e o n h ow to ap p l y th e con ce p t of m a t e r ia lit y t o a c c o u n t ing p o lic y d is c lo s u re s . AAS B 2021-6 amen d s ce r tai n accou n ti n g s t a n d a rd s t o a d d re s s t he d is c lo s u re o f ma t e r ia l a c c o un ti n g p ol i cy i n f or mati on rath er t ha n s ig n if ic a n t a c c o u n t ing p o lic ie s c o n s is t e nt w it h AASB 2021-2 as f ol l ows: • AAS B 1049, t o re q u ire e nt it ie s t o d is c lo s e t he ir ma t er i al accou n ti n g p ol i cy i n f or mati on ra t he r t ha n t h e ir s ig n if ic a n t a c c o u n t ing p o lic ie s ; • AAS B 1054, t o re f le c t t he u p d a t e d t e r m ino lo g y us e d i n A A SB 101; an d • AAS B 1060, t o re q u ire e nt it ie s t o d is c lo s e t he ir ma t er i al accou n ti n g p ol i cy i n f or mati on ra t he r t ha n t h e ir s ig n if ic a n t a c c o u n t ing p o lic ie s a n d to cl ar i f y th at i n f or mati on ab ou t m e a s ure me n t b a s e s f o r f in a n c ia l ins t r u me n t s is exp e c ted to b e mater i al to an e n ti ty ’s f in a n c ia l s t a t e m e n t s .

No i mp act on re p or ted f i n an ci al p er f or man ce or p osi ti on .

Red u cti on s i n q u an tu m of accou n ti n g p ol i ci e s d i scl osu re s to f ocu s on key d e ci si on areas an d mater i al p ol i ci es on l y.

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Th e d ire c t o r s m a ke e s t i m a t e s a nd j ud gments dur ing the prepa ra tio n o f thes e fina nc ia l s tatem ents regarding assum ptions about current and fut u re eve n t s a f f e c t i ng t ra ns a c t i o ns a n d ba la nc es .

Th e s e e s t ima t e s a nd j ud g e m e nt s a re ba s ed o n the bes t info r ma tio n a va ila ble a t the time of preparing the financial statem ents, how ever as ad d it io n al in fo rm a t i o n i s known t he n t he a c tua l res ults ma y differ fro m the es tima tes .

Th e sig n ific an t e s t i m a t e s a nd j ud g e m e nts ma de ha ve been des c r ibed below.

K ey es tima te s - I n- ki nd s up p o rt Th e Co mp an y re c e i v e d a s s i s t a nc e f ro m s o me o f its member s dur ing the y ea r in the fo r m of airfares, accom m odation, m eals and functions.

In t h e s e in s t a nc e s , t he C o m p a ny ha s t o a s s es s a bes t es tima te fo r the va lue o f this in-k in d support using values given by the m em bers w ho p rovid e d t h e i n- ki nd s up p o rt .

37

K ey ju dgm ent s - C o nv e nt i o n f und i ng Th e Co mp an y ha s a n o b l i g a t i o n t o p ro mo te P er th a s a bus ines s event des tina tio n a nd ide ntify new event opportunities and bring them to We s t e r n Au s t ra l i a und e r t he c o nt ra c t w ith To ur is m Wes ter n A us tra lia . The va lua tio n o f c onvention funding for each conference or event re q u ire s ju d g e m e nt i n a s s e s s i ng t he v alue tha t the c o nferenc e o r event will br ing to the State, based on the calculated direct delegate

ex p e n d it u re (D D E ) o f t ha t c o nf e re nc e o r event, e. g. event ty pe, number o f da y s fo r the event, num ber of attendees (including State, national an d in t e r n a t io na l ) a nd d i re c t c o m p e t i t io n fo r the c o nferenc e o r event.

K ey ju dgm ent s - p e rf o rm a nc e o b l i g a t ions under A A SB 15 To id e n t ify a pe rf o rm a nc e o b l i g a t i o n under A A S B 15, the pro mis e mus t be s uffic iently s pe cific to be able to determ ine w hen the obligation is sa t is fie d . M a na g e m e nt exe rc i s e s j ud g e ment to deter mine whether the pro mis e is s uffic ie ntly specific by taking into account any conditions sp e c ifie d in t he a rra ng e m e nt , ex p l i c i t o r implic it, rega rding the pro mis ed go o ds o r s er vices. In m aking this assessm ent, m anagem ent inc lu d e s t h e na t ure / t y p e , c o s t / v a l ue , qua ntity a nd the per io d o f tra ns fer rela ted to the goods or services prom ised.

K ey ju dgm ent s - l e a se t e rm a nd o p t i on to extend under A A SB 16 Th e le a se t e r m i s d e f i ne d a s t he no n- c a nc ella ble per io d o f a lea s e to gether with bo th periods covered by an option to extend the lease if the le ss e e is re a s o na b l y c e rt a i n t o exe rc i s e tha t o ptio n; a nd a ls o per io ds c overed by a n o ption to term inate the lease if the lessee is reasonably

c e r t a in n o t t o exe rc i s e t ha t o p t i o n. T he o ptio ns tha t a re rea s o na bly go ing to be exerc is ed is a key m anagem ent judgem ent that the Com pany w ill ma k e . Th e C o m p a ny d e t e rm i ne s t he lik elines s to exerc is e the o ptio ns o n a lea s e-by -le ase basis looking at various factors such as w hich as se t s a re st ra t e g i c a nd whi c h a re key to future s tra tegy o f the C o mpa ny.

K ey ju dgm ent s - e m p l oye e b e ne f i t s F o r t h e p u r p o s e o f m e a s ure m e nt , A A S B119: Employ ee Benefits defines o bliga tio ns fo r s hort-term em ployee benefits as obligations expected to b e se t t le d w ho l l y b e f o re 1 2 m o nt hs a fter the end o f the a nnua l repo r ting per io d in wh ich the em ployees render the related services. As th e Co mp an y ex p e c t s t ha t m o s t e m p l oyees will no t us e a ll o f their a nnua l lea ve entitlements in the sam e year in w hich they are earned or d u r in g t h e 1 2- m o nt h p e ri o d t ha t f o l l ow s des pite a n info r ma l c o mpa ny po lic y tha t requires annual leave to be used w ithin 18 m onths, the

Co mp an y b e liev e s t ha t o b l i g a t i o ns f o r a nnua l lea ve entitlements s a tis fy the definitio n o f other long-term em ployee benefits and, therefore, are re q u ire d t o b e m e a s ure d a t t he p re s ent va lue o f the expec ted future pa y ments to be m ade to em ployees.

38

4. REVENUE 2022

2021

$

$

5,766,207

5,464,148

5,000

230,000

90,000

100,000

211,861

12,474

- B u sin e s s ev e nt s b o o s t /a d v a nc e p ro g ra m

95,000

110,000

- I n d u st r y c o nt ri b ut i o n c o - o p e ra t i v e ma r k eting

85,009

35,929

- Other

12,328

8,245

-

67,500

6,265,405

6,028,296

42,836

91,468

42,836

91,468

11,141

19,064

11,141

19,064

R eve n u e fro m c o nt ra c t s wi t h c us t o m e r s ( A A S B 15) - Se r vic e fe e s - Sp o n s o r s h ip s - EM D G - M e mb e r su b s c ri p t i o ns

R eve n u e re c o g ni s e d o n re c e i p t ( no t e nfo rc ea ble o r no s uffic iently sp e c ific p e r fo rm a nc e o b l i g a t i o ns - A A SB 1058) - COVID - 1 9 gov e rnm e nt s t i m ul us

5. FINANCE INCOME AND EXPENSES Fin a n ce in co m e In t e re st in c o m e - Ass e t s me as ure d a t a m o rt i s e d c o s t

Fin a n ce ex pe ns e s In t e re st ex p e ns e o n l e a s e l i a b i l i t y

39

6. RESULT FOR THE YEAR Th e re s u lt fo r t he y e a r i nc l ud e s t he f ollowing s pec ific expens es :

2022

2021

N o te

$

$

10

12,228

25,614

11

169,211

169,211

181,439

194,825

B id d eve lo p m e nt

1,390,768

1,840,484

D e s t in at io n s p o ns o rs hi p

1,450,915

1,314,811

150,225

173,096

2,991,908

3,328,391

124,296

133,602

5

5

Cas h at b an k

8,318,062

6,346,903

Sh o r t - t e r m ba nk d e p o s i t s

8,885,928

9,360,970

17,203,998

15,707,878

D e p re c iat io n a nd a m o rt i s a t i o n D e p re cia tio n - pla nt a nd equipment D e p re c ia t i o n - ri g ht - o f - us e a s s e t s To t a l d e p re c i a t i o n a nd a m o rt i s a t i o n B u s in e ss d ev e l o p m e nt ex p e ns e s

Sit e in sp e c t i o n To t al b u sin e s s d ev e l o p m e nt ex p e ns e s L ow - va lu e a s s e t l e a s e ex p e ns e s a nd o u tgo ings

11

7. CASH AN D CASH EQUIVALENTS Cas h o n h a n d

16

Inc lu d e d in c a s h a nd c a s h e q ui v a l e nt s is a n a mo unt o f $120, 000 ( 2021: $120, 000) whic h w as not available for use by the Com pany. This amo u n t re lat e s t o a s e t o f f a rra ng e m e n t with Ba nk o f Wes ter n A us tra lia fo r c redit c a rd facilities provided by the bank.

40

8. TRADE AND OTHER RECEIVABLES 2022 $

2021 $

67,749

12,022

67,749

12,022

P re p a yme n t s

60,992

114,300

Ac c r u e d in c o m e

21,952

42,877

82,944

157,177

N o te CU R R ENT Trad e re c e iva b l e s

16

9. OTHER ASSETS CU R R ENT

41

10. PROPERTY, PLANT AND EQUIPMENT 2022

2021

$

$

209,170

192,057

A c c u mu la t e d d e p re c i a t i o n

(175,731)

(163,503)

To t a l p la n t an d e q ui p m e nt

33,439

28,554

To ta l pro pert y, p l a nt a nd e q ui p m e nt

33,439

28,554

P lan t a n d e q ui p m e nt At cost

(a )

M ov em e nt s i n C a rry i ng A m o unts M ove m e nt i n t he c a rry i ng a m o u nts fo r ea c h c la s s o f pro per ty, pla nt a nd equipment betw een the beginning and the end of the current fin a n c i a l y e a r:

EQUIPMENT

TOTA L

$

$

B alan c e a t t h e b e g i nni ng o f y e a r

28,554

28,554

Ad d it io n s

17,113

17,113

(12,228)

(12,228)

33,439

33,439

Yea r en ded 30 June 2 0 2 2

D e p re c iat io n ex p e ns e B a la n ce a t the e nd o f t he ye a r

42

11. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES Th e Co mp an y ha s a l e a s e c o nt ra c t f o r a n o ffic e us ed in its o pera tio ns . The lea s e ha s a term of 5 years. There is a 3- year extension option for th e le a se w h ic h i s o nl y exe rc i s a b l e by the C o mpa ny. The extens io n o ptio n ha s no t been included in the calculation of the right-of-use asset.

(a ) R igh t- o f- us e a s s e t s

2022

2021

$

$

634,540

634,540

(507,633)

(338,422)

126,907

296,118

BUILDINGS

TOTA L

$

$

296,118

296,118

(169,211)

(169,211)

126,907

126,907

NO N- CU R R EN T B u ild in g s At c o st

Ac c u mu lat e d d e p re c i a t i o n To t al r ig h t - o f - us e a s s e t s

(b) M ov em ent i n c a rry i ng a m o unt

Yea r en ded 30 June 2 0 2 2 B alan c e a t b e g i nni ng o f y e a r D e p re c iat io n c ha rg e B a la n ce a t e nd o f y e a r

43

(c )

L ea s e l i a b i l i t i e s

Th e mat u r it y a na l y s i s o f l e a s e l i a b i l i t i es ba s ed o n c o ntra c tua l undis c o unted c a s h flows is show n in the table below :

Lease liabilities

< 1 year

1 - 5 y ea r s

> 5 y ea r s

$

$

$

included in this

Total undiscounted

Statem ent Of

lease liabilities

Financial Position

$

$

2022 145,841

-

-

145,841

143,069

189,288

145,841

-

335,129

321,270

2022 $

2021 $

143,069

178,147

143,069

178,147

NO N- CU R R EN T

-

143,123

L e a se liab ilit i e s

-

143,123

L e a se liab ilit i e s

2021 L e a se liab ilit i e s

CU R R ENT L e a se liab ilit i e s

44

(d ) Sta temen t o f P ro f i t o r L o ss a nd O ther Comprehensiv e I nc ome Th e amo u n t s re c o g ni s e d i n t he s t a t e m ent o f pro fit o r lo s s a nd o ther c o mprehens ive inc o m e relating to leases w here the Com pany is a lessee are s h ow n b e l ow:

I n t e re s t ex p e ns e o n l e a s e l i a b i l i t y Var ia b le le a s e p a y m e nt s no t i nc l ud e d in the mea s urement o f lea s e lia bilities E x p e n se s re la t i ng t o s ho rt - t e rm o r l ow va lue lea s es D e p re c ia t io n - ri g ht - o f - us e a s s e t s

45

2022

2021

$

$

11,141

19,064

122,593

131,826

1,703

1,776

169,211

169,211

304,648

321,877

12. TRADE AND OTHER PAYABLES N o te

2022 $

2021 $

16

622,645

611,798

Cu r re n t GST/B A S l i a b i l i t i e s

127,599

138,859

In c o me in a d v a nc e

178,685

70,573

2,529,583

6,400,950

3,458,512

7,222,180

6,447,973

4,016,883

6,447,973

4,016,883

To u r is m We s t e rn A us t ra l i a s e rv i c e f e e s

925,893

1,048,700

To u r is m Au s t ra l i a p ro j e c t s f e e s

193,484

130,000

St rat e g ic B u s i ne s s E v e nt s F und

2,200,000

2,200,000

Co n ve n t io n B i d F und i ng a l l o c a t i o n

1,900,000

296,551

5,219,377

3,675,251

1,171,196

-

1,171,196

-

CU R R ENT Trad e p ayab l e s

Co n ve n t io n f und i ng a l l o c a t i o n

16

NO N- CU R R EN T Co n ve n t io n f und i ng a l l o c a t i o n

16

13. CONTRACT LIABILITIES CU R R ENT

NO N- CU R R EN T Co n ve n t io n B i d F und i ng a l l o c a t i o n

To u r ism We s t e rn A us t ra l i a s e rv i c e f e e s a nd To ur is m A us tra lia pro jec t fees a re enfo rc ea ble and has sufficiently specific perform ance

o b lig a t io n s in a c c o rd a nc e wi t h A A S B 1 5. The a mo unt rec eived a t tha t po int in time, is recognised as a contract liability until the perform ance o b lig a t io n s h a v e b e e n s a t i s f i e d .

46

14. EMPLOYEE BENEFITS 2022

2021

$

$

An n u al le ave p rov i s i o n

173,447

133,952

L o n g s e r vic e l e a v e p rov i s i o n

106,342

98,727

-

35,084

279,789

267,763

42,884

13,509

42,884

13,509

CU R R ENT

Sic k le a ve p rov i s i o n NO N- CU R R EN T L o n g s e r vic e l e a v e p rov i s i o n

P rovis io n fo r e m p l oy e e b e ne f i t s re p re s ents a mo unts a c c r ued fo r a nnua l lea ve a nd lo ng s e rvice leave.

Th e c u r re n t po rt i o n f o r t hi s p rov i s i o n inc ludes the to ta l a mo unt a c c r ued fo r a nnua l lea ve entitlem ents and the am ounts accrued for long

se r vic e le ave e nt i t l e m e nt s t ha t ha v e v e s ted due to employ ees ha ving c o mpleted the required period of service. Based on past experience, the Co mp an y d o e s no t ex p e c t t he f ul l a m o unt o f a nnua l lea ve o r lo ng s er vic e lea ve ba la nc es classified as current liabilities to be settled w ithin

th e n ex t 1 2 m o nt hs . Howev e r, t he s e a m o unts mus t be c la s s ified a s c ur rent lia bilities s inc e the Com pany does not have an unconditional right to d e fe r t h e s e t t l e m e nt o f t he s e a m o unts in the event employ ees wis h to us e their lea ve entitlem ent.

Th e n o n - c u r re nt p o rt i o n o f t hi s p rov i s io n inc ludes a mo unts a c c r ued fo r lo ng s er vic e lea ve entitlem ents that have not yet vested in relation to th o s e e mp loye e s who ha v e no t y e t c o m pleted the required per io d o f s er vic e.

In c alc u lat in g t he p re s e nt v a l ue o f f ut ure c a s h flows in res pec t o f lo ng s er vic e lea ve, the probability of long service leave taken is based on h ist o r ic a l d at a . T he m e a s ure m e nt a nd rec o gnitio n c r iter ia rela ting to employ ee benefits have been disclosed in Note 2(h) to this report.

47

15.

CAPITAL AND CONTRACTUAL COMMITMENTS CONTRACTUAL COMMITMENTS

No n - c an c e llabl e c o m m i t m e nt s c o nt ra c ted fo r but no t c a pita lis ed in the fina nc ia l s ta tements

2022 $

2021 $

1,135

1,703

-

1,135

1,135

2,838

P a ya b le - mini m um l e a s e p a y m e nt s : no la t e r t h a n o ne y e a r be t w e e n o n e y e a r a nd f i v e y e a rs

Th e n o n - c an c e l l a b l e c o nt ra c t ua l c o m m itments rela te to the lea s e o f a pho to c o pier with re nt payable m onthly for 60 m onths com m encing on 2 0 M arc h 2 0 1 8 .

48

16.

FINANCIAL RISK MANAGEMENT

Th e Co mp an y i s ex p o s e d t o a v a ri e t y o f fina nc ia l r is k s thro ugh its us e o f fina nc ia l ins tr uments.

F in an c ia l in st r um e nt s us e d Th e p r in c ip al c a t e g o ri e s o f f i na nc i a l i ns tr ument us ed by the C o mpa ny a re tra de rec eiva bles, cash at bank and trade and other payables:

N o te

2022 $

2021 $

F in a n c ial Ass e t s C a sh a n d c as h e q ui v a l e nt s

7

17,203,995

15,707,878

Tra d e a n d o t he r re c e i v a b l e s

8

67,749

12,022

17,271,744

15,719,900

To t a l fin a n c ia l a s s e t s F in a n c ial L ia b i l i t i e s F in a n c ial lia b i l i t i e s a t a m o rt i s e d c o s t - Tra d e a n d o t he r p a y a b l e s

12

9,600,201

11,029,631

- L e as e lia b ili t i e s

11

143,069

321,270

9,743,270

11,350,901

To t a l fin a n c ia l l i a b i l i t i e s

49

17.

MEMBERS' GUARANTEE

Th e Co mp an y i s i nc o rp o ra t e d und e r t he C o r po ra tio ns A c t 2001 a nd is a C o mpa ny limited by guarantee. If the Com pany is w ound up, the

c o n s t it u t io n s t a t e s t ha t e a c h m e m b e r is required to c o ntr ibute a ma ximum o f $ 20 ea c h tow ards m eeting any outstandings and obligations of th e Co mp an y. A t 3 0 J une 2 0 2 2 t he num ber o f member s wa s 121 ( 2021: 136) .

18.

INTERESTS OF KEY MANAGEMENT PERSONNEL

P e r s o n s w h o ha v e a c t e d a s c ha i rp e rs o n dur ing the y ea r rec eived the a mo unt o f $35, 620 (2021: $38,325) including occupational

su p e ra n n u a t io n o f 1 0 % whe re a p p l i c a ble fo r a c ting in the po s itio n o f C ha ir per s o n. Thes e am ounts have been included in the key m anagem ent p e r s o n n e l re m une ra t i o n b e l ow.

Th e t o t al re mune ra t i o n p a i d t o key m a na gement per s o nnel o f the C o mpa ny is $ 318, 520 (2021: $ 258,220). No other Directors received any re mu n e ra t io n f o r t he i r s e rv i c e s .

19.

AUDITORS' REMUNERATION

R e mu n e rat io n o f t he a ud i t o r D ry K i rknes s , fo r :

- a u d it in g o r rev i ewi ng t he f i na nc i a l s ta tements

2022 $

2021 $

15,000

19,075

15,000

19,075

20. RELATED PARTY TRANSACTIONS D u r in g t h e ye a r, t he C o m p a ny p urc ha s ed s er vic es fro m entities a s s o c ia ted with s o me o f the Directors. All transactions w ere m ade on norm al te r ms a n d c o nd i t i o ns , whi c h wo ul d ha ve been a do pted if dea ling a t a r m's length.

50

21.

CASH FLOW INFORMATION

2022 $

2021 $

17,203,995

15,707,878

67,341

89,460

181,439

194,825

(55,727)

(5,450)

- (in c re a se ) /d e c re a s e i n o t he r a s s e t s

20,925

22,203

- (in c re a se ) /d e c re a s e i n p re p a y m e nts

53,308

(26,352)

- in c re a se / ( d e c re a s e ) i n i nc o m e i n a dva nc e

48,789

728,837

1,333,955

1,938,487

41,401

30,224

1,691,431

2,972,234

a ) R eco n cilia t i o n o f c a s h Cas h at t h e e nd o f t he f i na nc i a l y e a r as s hown in the s ta tement o f c a s h flows is rec o nc ile d to item s in t h e st a t e me nt o f f i na nc i a l p o s i t i o n a s fo llows : Cas h an d c a s h e q ui v a l e nt s (b) R eco n cili a t i o n o f re sul t f o r t he y ea r to c a sh flows from opera ting a c tiv ities R e c o n c ilia t io n o f ne t i nc o m e t o ne t c a s h provided by o pera ting a c tivities : P ro fit fo r t h e y e a r No n - c as h flows i n p ro f i t : - D e p re c iati o n ex p e ns e Ch a n g e s in a s s e t s a nd l i a b i l i t i e s : - (in c re a se ) /d e c re a s e i n t ra d e a nd o ther rec eiva bles

- in c re a se / ( d e c re a s e ) i n t ra d e a nd o ther pa y a bles - in c re a se / ( d e c re a s e ) i n e m p l oy e e b enefits Cas h flow fro m o p e ra t i o ns (c ) Credit s ta nd by a rra ng e m e nt a nd l oa n fa c ilities Th e Co mp an y ha s no c re d i t s t a nd by o r lo a n fa c ilities .

51

22.

EVENTS AFTER THE END OF THE REPORTING PERIOD

Th e fin a n c ial re p o rt wa s a ut ho ri s e d f o r is s ue o n 29 S eptember 2022 by the Bo a rd o f D irectors.

In J u ly 2 0 2 2 , t he B o a rd a l l o c a t e d $ 1 m i llio n fro m the P rovis io n fo r C o nventio n F unding to a Provision for Boost Funding to support the WA G ove r n me n t R e c o nne c t WA p a c ka g e . T his a llo c a tio n ha s no t been reflec ted in the fina nc ial statem ents.

Th e d ire c t o r s ha v e rev i ewe d t he i r f i na n c ia l fo rec a s ts in res po ns e to COV I D -19 a nd, the possible effect on future business events that can be

h e ld in P e r t h a nd We s t e rn A us t ra l i a f o r the fo res eea ble future. The C o mpa ny is c o ntinuing to m onitor the situation and adjust its continuity

me as u re s as the s i t ua t i o n ev o l v e s . How ever, the qua ntum o f a ny s uc h impa c t is c ur rently unable to be accurately estim ated and, as such, no ad ju s t me n t s to t he f i na nc i a l s t a t e m e nts ha ve been ma de a s a res ult o f the COV I D -19 s ituation.

Exc e p t o f t h e a b ov e , no o t he r m a t t e rs o r c irc ums ta nc es ha ve a r is en s inc e the end o f the financial year w hich significantly affected or m ay

sig n ific an t ly a f f e c t t he o p e ra t i o ns o f t h e C o mpa ny, the res ults o f tho s e o pera tio ns o r the state of affairs of the Com pany in future financial ye a r s .

23.

COMPANY DETAILS

Th e re g ist e re d o f f i c e a nd p ri nc i p a l p l a c e o f bus ines s o f the C o mpa ny is : •

24.

B u s in e ss E v e nt s P e rt h, L ev e l 1 3 , 2 2 5 S t Geo rge's Ter ra c e, P er th WA 6000

ASSISTANCE PROVIDED TO BUSINESS EVENTS PERTH

Th e Co mp an y re c e i v e d a s s i s t a nc e f ro m s o me o f its member s dur ing the y ea r in the fo r m of airfares, accom m odation, m eals and functions.

Th e amo u n t ha s no t b e e n re c o g ni s e d a s the va lue c a nno t be relia bly mea s ured. H owever, the am ount is estim ated to be approxim ately $6,160 (20 2 1 : $ 2 7 ,3 3 4) .

25.

SEGMENT REPORTING

Th e Co mp an y p ro m o t e s We s t e rn A us t ra lia a nd the P er th metro po lita n a rea a s a c o nvention, exhibition and incentive travel destination. It is invo lve d in t h i s i nd us t ry i n t he o ne g e ogra phic lo c a tio n o f Wes ter n A us tra lia .

52

DIREC TORS ' DEC L A R A TIO N Th e d ire c t o r s o f t he C o m p a ny d e c l a re tha t, in their o pinio n: a)

t h e re a re re a s o na b l e g ro und s t o believe tha t the C o mpa ny is a ble to pa y o f its debts as and w hen they becom e due and payable; and

b)

t h e at ta c he d f i na nc i a l s t a t e m e n ts a nd no tes thereto a re in a c c o rda nc e with the C orporations Act 2001, including: (i)

g i v i ng a t rue a nd f a i r v i ew o f the fina nc ia l po s itio n a nd per fo r ma nc e o f the Com pany; and

(ii)

c o m p l y i ng wi t h A us t ra l i a n A c c o unting S ta nda rds - S implified D is c lo s ures .

Sig n e d in a c c o rd a nc e wi t h a re s o l ut i o n o f the direc to r s ma de pur s ua nt to s . 295( 5) o f the Corporations Act 2001.

D ire c t o r

B ra d l ey WO O D S

D at e d t h is 2 9 t h d a y o f S e p t e m b e r 2 0 2 2

53

IMAGE: DREAM T I M E 20 19

54

IM AGE: DR EAM TI M E 20 19

05 5 1

56

M AJOR STA KEH O L DER S Tourism Wester n A u s tra l i a Ci ty of Perth

M AJOR PA R TNER S Crown Perth Perth Conventio n a n d Ex h i b i ti on Ce n tre

PL AT INUM M E M BE R P A R TN E R S Bus i ness E v ents Pe r th a ck n owl e d g e s ou r Pl a t in u m Me m b e r P a r t n e r s w ho re p re s e nt t h e k ey in di v i dual contr i b u tor s to B E Pe r th’s fu n d i n g in 2021-2022:

A ccommodati on Li n k

N ovo t e l P e r t h L a ng ley

A l of t Perth

N ovo t e l P e r t h Mur ra y S t re e t

A rinex

O p t u s S t a d iu m

Crown Perth

P a n P a c if ic P e r t h

Doubl etree by Hi l ton Nor th b r i d g e

P a r m e lia H ilt o n P e r t h

Doubl etree by Hi l ton Wa te r fron t

P e r t h C o n ve nt io n a n d E xh ib it io n C e n t re

Encanta E v ent M a n a g e m e n t

QT P e r t h

Esplanade Hotel F re m a n tl e by R yd g e s

R e nd ez vo us H o t e l P e r t h S c a r b o ro ug h

Four Poi nts by Sh e ra ton Pe r th

S h ire o f E xm o u t h ( N in g a lo o C e nt re )

Fras er S ui tes Per th

T he As s o c ia t io n S p e c ia lis t s

Hyatt Regency Pe r th

T he R it z -C a r lt o n, P e r t h

Leeuwin E s tate W i n e r y

T he We s t in P e r t h

Mercure Perth

57

B U S I N E S S E V E N T S P E RT H A N N UA L RE P O RT 2 0 2 2

IMAGE: WA’ S BR IGHTES T MIN DS EV EN T AT TEN DEES

58

Level 13, 2 2 5 St G e o rge s Te rrac e , Pe rth, 6 0 0 0 , West e rn A u st ral i a. inf o@b e p ert h.c om b usinesseve nt spe rt h . c om

M AJOR STA KEH O L DER S