Final 2015/2016 Accounts

Performance Report

Economic Development Agencies of New Zealand
As at 30 June 2016

Prepared by Go Figure 2005 Limited

Contents

3 Compilation Report
4 Entity Information
6 Approval of Financial Report
7 Statement of Service Performance
8 Statement of Financial Performance
9 Statement of Financial Position
10 Statement of Cash Flows
11 Statement of Accounting Policies
12 Notes to the Performance Report

Performance Report Economic Development Agencies of New Zealand Page 2 of 13

Compilation Report

Economic Development Agencies of New Zealand
For the year ended 30 June 2016

Compilation Report to the Board of Economic Development Agencies of New Zealand.
Scope
On the basis of information provided and in accordance with Service Engagement Standard 2 Compilation of Financial
Information, we have compiled the financial statements of Economic Development Agencies of New Zealand for the year ended
30 June 2016.
These statements have been prepared in accordance with the accounting policies described in the Notes to these financial
statements.
Responsibilities
The Board are solely responsible for the information contained in the financial statements and have determined that the Special
Purpose Reporting Framework used is appropriate to meet your needs and for the purpose that the financial statements were
prepared.
The financial statements were prepared exclusively for your benefit. We do not accept responsibility to any other person for the
contents of the financial statements.
No Audit or Review Engagement Undertaken
Our procedures use accounting expertise to undertake the compilation of the financial statements from information you
provided. Our procedures do not include verification or validation procedures. No audit or review engagement has been
performed and accordingly no assurance is expressed.
Independence
We have no involvement with Economic Development Agencies of New Zealand other than for the preparation of financial
statements and management reports and offering advice based on the financial information provided.
Disclaimer
We have compiled these financial statements based on information provided which has not been subject to an audit or review
engagement. Accordingly, we do not accept any responsibility for the reliability, accuracy or completeness of the compiled
financial information contained in the financial statements. Nor do we accept any liability of any kind whatsoever, including
liability by reason of negligence, to any person for losses incurred as a result of placing reliance on these financial statements.

                                                          
Go Figure 2005 Limited

Dated: 9 April 2017

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Entity Information

Economic Development Agencies of New Zealand
For the year ended 30 June 2016

'Who are we?', 'Why do we exist?'
 

Legal Name of Entity
Economic Development Agencies of New Zealand

Entity Type and Legal Basis
 Incorporated Society

Registration Number
 869952

Entity's Purpose or Mission
Economic Development Agencies New Zealand (EDANZ) supports, coordinates and advocates for economic development in New
Zealand through its representation of economic development agencies (EDAs).
EDANZ’s focus is on building the conditions for combined efforts from local government, central government, iwi and the private
sector, to help further New Zealand’s economic performance.

Entity Structure
EDANZ is organised as 14 key regional groups at the governance level to provide national coverage.
EDANZ is governed by 14 regional representatives as below:
Dr David Wilson, Chair of EDANZ
Patrick McVeigh, Auckland
Kelvyn Eglinton, Waikato
Cheryl Lewis, Bay of Plenty
Steve Breen, Gisborne
Tom Skerman, Hawkes Bay
Stuart Trundle, Taranaki
Chris Whelan, Wellington
Mark Rawson, Nelson and Marlborough
Heather Warwick, Canterbury
John Christie, Otago
Paul Casson, Southland
Chris Mackenzie, West Coast

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Entity Information

Main Sources of Entity's Cash and Resources
EDANZ's current main resources are membership fees collected from EDANZ's members.
Main Methods Used by Entity to Raise Funds
EDANZ is reviewing its services to ensure its financial sustainability.
Entity's Reliance on Volunteers and Donated Goods or Services
EDANZ is currently not rely on Volunteers and donated goods or services.
Postal Address
PO Box 10347, The Terrace, Wellington, New Zealand, 6143

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Approval of Financial Report

Economic Development Agencies of New Zealand
For the year ended 30 June 2016

The Board are pleased to present the approved financial report including the historical financial statements of Economic
Development Agencies of New Zealand for year ended 30 June 2016.

 
 
APPROVED

                                                          
Dr David Wilson
Chair of EDANZ

Date .....................................

Performance Report Economic Development Agencies of New Zealand Page 6 of 13

Statement of Service Performance

Economic Development Agencies of New Zealand
For the year ended 30 June 2016

'What did we do?', 'When did we do it?'

Description of Entity's Outcomes
Economic Development Agencies of New Zealand's members are impartial local and regional bodies which each year spend over
$70 million on the productive develpment of New Zealand's economy.
Economic Development Agencies of New Zealand produces publications as part of EDANZ's commitment to the communicating
with members and key stakeholders.
Economic Development Agencies of New Zealand provides members with useful resources, valuable tools and indicators that
are sourced from reputable organisations internationally.
During 2015/2016 a partnership was formed with professional services firm Martin Jenkins.

Description and Quantification of the Entity's Outputs 2016

Members 14
6
Area of resources provided

Description and Quantification of the Entity's Outputs
During the year 2015-2016, Economic Development Agencies of New Zealand received total of $26,000 membership fees from its
members. EDANZ has a net surplus of $2,942.61 for year 2015-2016

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Statement of Financial Performance NOTES 2016
1
Economic Development Agencies of New Zealand 1 1,425
For the year ended 30 June 2016 26,000
2 27,425
'How was it funded?' and 'What did it cost?'
24,483
Revenue 24,483

Interest, dividends and other investment revenue 2,943
Membership Fees
Total Revenue

Expenses

Costs related to providing goods or service
Total Expenses

Surplus/(Deficit) for the Year

This statement has been prepared without conducting an audit or review engagement, and should be read in conjunction with the attached Compilation Report.

Performance Report Economic Development Agencies of New Zealand Page 8 of 13

Statement of Financial Position NOTES 30 JUN 2016

Economic Development Agencies of New Zealand 3 95,210
As at 30 June 2016 3 2,872

'What the entity owns?' and 'What the entity owes?' 98,082
 
5-
Assets -

Current Assets 98,082
Bank accounts and cash
Debtors and prepayments 4,600
Total Current Assets 4 1,500

Non-Current Assets 6,100
Property, Plant and Equipment 6,100
Total Non-Current Assets
91,982
Total Assets
6 91,982
Liabilities 91,982

Current Liabilities
Overpayments
Creditors and accrued expenses
Total Current Liabilities

Total Liabilities

Total Assets less Total Liabilities (Net Assets)

Accumulated Funds

Accumulated surpluses or (deficits)
Total Accumulated Funds

This statement has been prepared without conducting an audit or review engagement, and should be read in conjunction with the attached Compilation Report.

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Statement of Cash Flows 2016

Economic Development Agencies of New Zealand 34,500
For the year ended 30 June 2016 1,425
2,851
Cash Flows from Operating Activities 38,777

Cash Received (49,581)
Membership Fees Received (3,207)
Interest received (52,787)
GST (14,011)
Total Cash Received
-
Cash Paid -
Payments to suppliers and employees (14,011)
GST
Total Cash Paid 109,220
95,210
Total Cash Flows from Operating Activities (14,011)

Cash Flows from Financing Activities

Other cash items
Total Cash Flows from Financing Activities

Net Cash Flows

Cash Balances

Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Net change in cash for period

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Statement of Accounting Policies

Economic Development Agencies of New Zealand
For the year ended 30 June 2016

'How did we do our accounting?'

Basis of Preparation
The entity has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) on the
basis that it does not have public accountability and has total annual expenses equal to or less than $2,000,000. All transactions
in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the
assumption that the entity will continue to operate in the foreseeable future.

Goods and Services Tax (GST)
The entity is registered for GST. All amounts are stated exclusive of goods and services tax (GST) except for accounts payable
and accounts receivable which are stated inclusive of GST.

Income Tax
Economic Development Agencies of New Zealand is wholly exempt from New Zealand income tax having fully complied with all
statutory conditions for these exemptions.

Bank Accounts and Cash
Bank accounts and cash in the Statement of Cash Flows comprise cash balances and bank balances (including short term
deposits) with original maturities of 90 days or less.

Changes in Accounting Policies
There have been no changes in accounting policies. Policies have been applied on a consistent basis with those of the previous
reporting period.

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Notes to the Performance Report 2016

Economic Development Agencies of New Zealand 26,000
For the year ended 30 June 2016 26,000

1. Analysis of Revenue 1,425
1,425
Fees, subscriptions and other revenue from members
Membership Fees 2016
Total Fees, subscriptions and other revenue from members
681
Interest, dividends and other investment revenue 28
Interest Income 1,600
Total Interest, dividends and other investment revenue 171
165
2. Analysis of Expenses 1,355
18,756
Costs related to providing goods or services 590
ACC 161
Advertising 131
Audit Fees 48
Bank Fees 269
Computer Expenses 435
Consulting & Accounting (36)
Contractors 128
Entertainment 24,483
General Expenses
Insurance 2016
IRD Use of Money Interest and Penalty
Meeting Costs 77,648
Subscriptions 17,562
Telephone & Internet 95,210
Travel - National
Total Costs related to providing goods or services 1,428
1,444
3. Analysis of Assets 2,872

Bank accounts and cash Page 12 of 13
EDANZ 15 - Online Saver
Westpac Cheque Account
Total Bank accounts and cash

Debtors and prepayments
GST Receivable
Prepayments
Total Debtors and prepayments

Performance Report Economic Development Agencies of New Zealand

Notes to the Performance Report

4. Analysis of Liabilities 2016

Creditors and accrued expenses 4,600
Overpayments from Members 1,500
6,100
Provisions
Total Creditors and accrued expenses

5. Property, Plant and Equipment 2016

Plants and Equipment 45,604
Plants and Equipment owned (45,604)
Accumulated depreciation - Plants and Equipment
Total Plants and Equipment -
-
Total Property, Plant and Equipment

  Economic Development Agencies of New Zealand's plants and equipments have been fully depreciated since 2015.

6. Accumulated Funds 2016

Accumulated Funds 89,039
Opening Balance 2,943

Accumulated surpluses or (deficits) 91,982
Total Accumulated Funds 91,982

Total Accumulated Funds

7. Contingent Liabilities and Guarantees
 There are no contingent liabilities or guarantees as at 30 June 2016 (Last year 2015 - nil).

8. Related Parties
There were no transactions involving related parties during the financial year.

9. Events After the Balance Date
There were no events that have occurred after the balance date that would have a material impact on the Performance Report
(Last year 2015 - nil)

10. Ability to Continue Operating
The entity will continue to operate for the foreseeable future. 

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