New Zealand National Fieldays Society (NZNFS) released its Annual Report following a virtual Annual General Meeting of Society Members held on Saturday. The new format report uses an all-inclusive approach to reflect the evolution of the organisation and reframe its wider impact.
Historically, the Society has provided an Economic Impact Report on its flagship event Fieldays® followed by a constitutional Annual Report – separate documents telling the Society’s story from different perspectives.
However, as the Society and the global landscape have evolved, a new approach to tell a more holistic story has been identified. The new-look report is also a step forward in aligning the economic analysis with Ministry of Business, Innovation and Employment (MBIE) guidelines.
Based on research by the University of Waikato, the Annual Report for the 2020-2021 financial year combines the two separate reports to showcase both the Society’s internal activities and wider external impacts. The new-look report uses a four-point scorecard to generate a Performance Score in the areas of sustainability, wellness, the economy, and community. This highlights an exciting new move where success is measured through the wider wellness of connections the Society creates, both in New Zealand, and globally.
James Allen, President of New Zealand National Fieldays Society notes the Society has changed in ways that were unimaginable just two years ago, and praises those involved for their commitment.
“In the past year alone, the economic landscape has changed, as well as the reassessment of what is important in life for so many. We are committed to evolving with this. It’s been a pivotal point in the Society history. We have identified new ways of working and created a more resilient organisation.
“We are both fortunate, and proud, to have a community that has supported us through uncertain times, whilst also dealing with the pandemic themselves. It really does show the essence of New Zealand and the importance of connectedness. Without wellness within our Society connections, we would have faced many more challenges. For this reason, it was an easy decision for us to realign how we report to focus more on the wider impacts of our Society connections.” James remarks.
Sustainability, wellness and community connectedness are critical elements of the report supporting the legacy of economic impact Fieldays 2021 which was a welcome boost to the New Zealand economy and the many businesses who missed out on the physical 2020 event due to COVID-19.
Fieldays 2021 saw visitors release pent up spend from the hiatus and delivered an impressive $675m in sales revenue for New Zealand firms with $234m going into the Waikato region alone. $330m additional GDP was also generated for the New Zealand economy at Fieldays 2021, and almost 3,000 full-year jobs (part-time and full-time) were sustained.
When calculating using the MBIE methodology, Fieldays return on investment to the New Zealand economy created a 496% overall return.
NZNFS Chief Executive, Peter Nation says this new, integrated approach to reporting NZNFS results will set a standard for industry performance and impact the long-term value creation of the Society and is well placed ahead of the new financial standards for tier two organisations coming into effect in 2023.
“These days, reporting the financial results of an organisation is simply not enough. Changing social expectations mean there is more demand for measurement surrounding sustainability, wellness, community as well as the economics. In the long term the Society will look to extend these metrics across all activities held at its venue Mystery Creek Events Centre, which plays in important role in the local community as well as seeding positive impacts to New Zealand as whole.”
“These annual results are our north star and will help us create a focused pathway on our mission to advance agriculture and bring town and country together.”
To read the full 2020/2021 Annual Report, head to nznfs.co.nz/annual-reports