8 Netball Waikato Bay of Plenty
6 Members’ Equity NNZ Group 2021 $000
NNZ Group 2020 $000
General Funds
5,105
4,194
Poipoia Reserve
2,577
1,500
750
250
8,432
5,944
International Teams Reserve Total Members’ Equity
During 2021, the Board of Netball New Zealand resolved that a portion of the 2021 surplus be ringfenced to ensure the strategic direction of Netball and our international teams can be catered for after the ongoing effects of COVID-19. Poipoia Reserve: This reserve is to be used to achieve strategic priorities. An additional amount of $1,077k was transferred to the Poipoia Reserve in 2021, due to covid-related savings. In 2022 it is expected the Poipoia reserve is used to undertake a select number of projects with the aim of building system wide capability and alignment. The largest project being digital infrastructure, including Competition and Member Management. International Teams Reserve: This reserve is to be used to support international campaigns. This may include Silver Ferns, NZA, U21s and NZSS as appropriate. An additional amount of $500k was transferred to the International Teams Reserve in 2021 due to camps and programmes being moved from 2021 to 2022. It is expected the reserve will also be used to cover the increased preparation costs associated with the Commonwealth Games.
7 Cash and Investments
Cash and short-term investments Investment – 50% share in Sportfit Ltd Partnership Investments - long term Total Cash and Investments
NNZ Group 2021 $000
NNZ Group 2020 $000
14,671
11,983
222
-
3,835
4,139
18,728 16,122
NNZ has an overdraft facility of $200,000 (2020: $200,000), this has not been drawn on in this financial year.
We live this game.
(“the Zone”)
Thank you to our Partners.
After due diligence was completed, it was decided by the NNZ Board that the Netball Waikato Bay of Plenty Zone would remain under NNZ administration. Due to the nature of the relationship it was determined NNZ had obtained control over the Zone which has resulted in Netball Waikato Bay of Plenty Zone’s financial statements being consolidated within the Group financial statements. At the start of the financial year, NNZ applied the modified pooling of interests method in relation to the Netball Waikato Bay of Plenty Zone, whereby the assets and liabilities at that date were included at their book values on that date, with the net difference recorded directly in equity.
9 Guarantee and Contingencies There were no Guarantees for Contingencies for 2021. (2020: $nil)
10 Related Party Transactions The ANZ Premiership commenced in 2017, this competition is owned by NNZ. New Netball Team Ltd was established for the 6th team (Northern Stars), that participates in the competition. This company is 100% owned by NNZ and is also consolidated into NNZ Group results. NLNZ Ltd was established for the Mainland Tactix Team that participates in the competition. This company is 100% owned by NNZ and is consolidated into the NNZ Group results. One of the NNZ Board members is also a Board Member of New Zealand Community Trust (NZCT). NNZ has recognised NZCT grant income of $469,128 (2020: $232,464). The Board Member removes themselves from any NZCT discussions regarding NNZ funding.
11 Subsequent Events There have been no events subsequent to balance date that would have a material impact on the financial statements. (2020: $nil)
Netball New Zealand Annual Report 2021
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