The New Zealand National Fieldays Society (NZNFS) released its annual report following a virtual annual general meeting of the society’s members held on Saturday. The new reporting format uses a holistic approach to reflect the evolution of the organization and reframe its broader impact.
Historically, the Company has provided an economic impact report on its flagship FieldaysÂ® event, followed by an annual constitutional report – separate documents telling the history of the Company from different angles.
However, as the Company and the global landscape have evolved, a new approach to telling a more holistic story has been identified. The new report is also a step forward in aligning the economic analysis with the guidelines of the Ministry of Enterprise, Innovation and Employment (MBIE).
Based on research from the University of Waikato, the annual report for fiscal year 2020-2021 combines the two separate reports to present both the internal activities of the Company and the broader external impacts. The new report uses a four-point scorecard to generate a performance score in the areas of sustainability, well-being, economy and community. It highlights an exciting new movement where success is measured through the broader well-being of the connections the Company creates, both in New Zealand and around the world.
James Allen, president of the New Zealand National Fieldays Society, notes that the Society has changed in ways unimaginable just two years ago, and commends those involved for their commitment.
âIn the past year alone, the economic landscape has changed, as has the reassessment of what is important in the lives of so many people. We are committed to evolving with this. This was a turning point in the history of the Company. We have identified new ways of working and created a more resilient organization.
âWe are both fortunate and proud to have a community that has supported us through uncertain times, while facing the pandemic themselves. It really shows the essence of New Zealand and the importance of connectivity. Without the well-being within our relationship with the Society, we would have faced many other challenges. For this reason, it was easy for us to make the decision to realign our reports to focus more on the broader impacts of our relationship with the Company. James remarks.
Sustainability, well-being and connectivity with the community are essential elements of the report supporting the Legacy of Fieldays Economic Impact 2021, which has been a welcome boost to the New Zealand economy and many businesses. who missed the 2020 physical event due to COVID-19.
Fieldays 2021 saw visitors release pent-up spending from the break and generated a staggering $ 675 million in revenue for New Zealand businesses, with $ 234 million for the Waikato region alone. An additional GDP of $ 330 million was also generated for the New Zealand economy during Fieldays 2021, and nearly 3,000 full-time jobs (part-time and full-time) were maintained.
When calculated using the MBIE methodology, Fieldays’ ROI in the New Zealand economy created an overall return of 496%.
NZNFS CEO Peter Nation said this new integrated approach to reporting NZNFS results will set an industry performance standard and impact long-term value creation for the company. effective in 2023.
âThese days, reporting on the financial results of an organization is just not enough. Changing social expectations mean that there is an increased demand for measures regarding sustainability, well-being, community as well as the economy. In the long term, the Company will seek to extend these measures to all activities organized at its Mystery Creek Events Center site, which plays an important role in the local community and has positive impacts on New Zealand as a whole.
“These annual results are our north star and will help us create a focused path towards our mission to advance agriculture and bring city and country closer together.”
To read the full 2020/2021 Annual Report, visit nznfs.co.nz/annual-reports
About the New Zealand National Fieldays Society
The New Zealand National Fieldays Society was established in 1968 to bring city and country together and advance agriculture for the benefit of New Zealand through collaborative leadership in innovation, education and globalization.
The company owns FieldaysÂ® and operates the Mystery Creek Events Center, supports education through grants and scholarships, and gives back to the community through its charitable activities.
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