1 Accounting Policies
Basis of Reporting The consolidated special purpose financial statements have been prepared applying the accounting principles of accrual accounting and double-entry accounting. The special purpose financial statements have been prepared on the basis of historical cost. The consolidated special purpose financial statements comprise the Consolidated Statement of Financial Position, Performance, Movements in Equity and accounting policies as well as the notes to these statements. The financial statements are presented in New Zealand Dollars (NZ$). Consolidation The consolidated special purpose financial statements include the parent (NNZ) and its subsidary (New Netball Team Ltd), which are accounted for using the purchase method. All significant inter-company transactions are eliminated on consolidation. Going Concern The consolidated special purpose financial statements have been prepared on a going-concern basis.
Revenue Recognition The revenue from Sponsorship contracts is allocated over the term of the contract. Where the Sponsorship relates to a specific event the revenue is recognised when the event occurs. The revenue from Grants that are project specific is recognised when the project occurs.
Commitments Under Non-Cancellable Operating Leases Current
NNZ 2020 $000
NNZ 2019 $000
217
219
Income
Operating Surplus includes:
NNZ 2020 $000
NNZ 2019 $000
Non-current
54
215
Sponsorship
10,705
10,384
Total Operating Lease Commitments
271
434
Sport NZ and HPSNZ
5,202
2,571
Contra Contra is to recognise in-kind contributions. These are recognised as Sponsorship revenue and expenses when amounts are quantifiable in terms of the Sponsorship contract.
Grants
2,322
2,540
Audit Fees
20
20
Depreciation
61
104
Accounts Receivable Accounts Receivable are shown at an amount which represents their estimated realisable value.
Rental and Operating Lease Expenses
146
215
Change in Market Value of Investments
197
408
Expenses
Investments Investments have been valued at market value as at 30 November 2020. The change in market value during the year is recognised through the Consolidated Special Purpose Statement of Financial Performance. Plant, Equipment and Depreciation Plant and Equipment is stated at cost less accumulated depreciation. Plant and Equipment have been written off over their estimated useful lives on a straight-line basis to calculate the depreciation charge for the period as follows: Office Alterations .......... 10 years Office Equipment ........... 2-5 years Furniture and Fittings.... 2-15 years Other Equipment ........... 2-5 years
4 Plant and Equipment NNZ 2020 ($000)
NNZ 2019 ($000)
Cost
Depn
Accum Depn
Book Value
Cost
Depn
Accum Depn
Book Value
Office Alterations
80
0
77
3
80
23
77
3
Office Equipment
122
4
103
19
149
6
126
23
Furniture and Fittings
143
14
118
25
147
14
107
40
Other Equipment
617
43
532
85
705
61
655
50
Total Plant and Equipment
962
61
830
132
1,081
104
965
116
Uniforms Uniforms are expensed at the time of purchase, unless purchased for future squads.
COVID-19 had an impact on the organisation in 2020. It is expected that COVID-19 will continue to impact the business in 2021. The potential effects of any disruption are being planned for, and mitigations are in place, however, the financial impact of these disruptions cannot currently be quantified.
Taxation NNZ is a Non-profit body for taxation purposes under section CW 46 of the Income Tax Act 2007 and therefore no taxation is payable on the profit for the year.
Goods and Services Tax (GST) Figures shown in these consolidated special purpose financial statements are exclusive of GST, with the exception of Accounts Receivable and Accounts Payable.
Changes in Accounting Policies There has been no change in accounting policies during the year and all policies have been applied on a consistent basis to all periods presented in these consolidated special purpose financial statements.
We live this game.
3 Operating Surplus
FINANCIALS
Reporting Entity Netball New Zealand Incorporated (NNZ) is an Incorporated Society in New Zealand. NNZ is a Public Benefit Entity. The primary objectives of NNZ is for the administration, promotion and development of Netball in New Zealand. The consolidated special purpose financial statements of NNZ comprise NNZ and its subsidiary New Netball Team Limited, together referred to as NNZ. The consolidated special purpose financial statements have been prepared in accordance with s23(i) of the Incorporated Societies Act 1908.
2 Commitments
Netball New Zealand Annual Report 2020
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