Silver Ferns 1938–2020

1 Accounting Policies

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.

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.

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.

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. 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.

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.

Accounts Receivable Accounts Receivable are shown at an amount which represents their estimated realisable value.

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

Uniforms Uniforms are expensed at the time of purchase, unless purchased for future squads.

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.

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.

2 Commitments

Commitments Under Non-Cancellable Operating Leases Current

NNZ 2020 $000

NNZ 2019 $000

217 219

Non-current 54 215 Total Operating Lease Commitments 271 434

3 Operating Surplus

Operating Surplus includes: Income Sponsorship Sport NZ and HPSNZ Grants

Expenses Audit Fees

NNZ 2020 $000

10,705 10,384 5,202 2,571 2,322 2,540

20 20

Depreciation 61 104 Rental and Operating Lease Expenses 146 215 Change in Market Value of Investments 197 408

4 Plant and Equipment

Office Alterations NNZ 2020 ($000)

Cost Depn Accum Depn NNZ 2019 ($000)

Book Value Cost Depn

Accum Depn 80 0 77 3 80 23 77 3

Office Equipment Furniture and Fittings 122 4 103 19 149 6 126 23

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