The surplus for 2010, confirmed at the sports annual congress in Auckland today, represents the third consecutive year NZF has been in the black after four consecutive deficits from 2004 to 2007.
Prize money from the FIFA World Cup in South Africa accounts for the lion’s share of that figure but prudent financial management in the past three years and increased commercial revenue has seen the surplus net of prize money rise to $756,000, the largest in at least 10 years.
van Hattum says the onus is now on NZF to invest wisely and navigate its way prudently through the years ahead without looking to large FIFA payouts.
“Last year was a high-tide mark in terms of income but it equips us to take advantage of the opportunity our increased profile and the current goodwill towards the game offers us,” van Hattum says. “For the game’s sake, it’s an opportunity that we cannot afford to miss, and we don’t plan to.”
The Whole of Football Plan, NZF’s development blueprint based on world’s best practice, is in the first year of a six-year rollout.
van Hattum says the initiative has been thoroughly resourced and planned with certainty as a result of the current financial position.
“It’s also a key sign, and there are many, that we are not doomed to repeat the mistakes of 1982 and lose the opportunity the game had,” van Hattum says“Through some very hard work, we’re in a stable and sustainable position now and together with our federations we are implementing a strategy to move the game forward.”
During 2010, New Zealand Football established the independently-governed New Zealand Football Foundation with $4 million seed funding to support grassroots initiatives and attract new funds to the sport.
It also re-established reserves for international activity – to the tune of $2.5 million – so national and age-group teams could gain the international exposure they needed to qualify for and be competitive in FIFA events without relying on a potential four yearly ‘World Cup windfall’ or impacting on grassroots development.
The repayment of a $ 1.5 million loan, taken out when New Zealand Football faced a net working capital shortage of over $2 million in 2007, had been completed a year ahead of schedule.
The sport’s annual congress also confirmed a new seven-member board with Bill Moran reappointed for a four-year term. Former co-opted board member and current CEO of Canoe Racing New Zealand Paula Kearns is appointed as a full member on a three-year term, and Auckland-based business director and consultant Martin Fenwick has been appointed on a one-year term.
Kearns and Fenwick replace Andrew Titter, who resigned due to work commitments in Australia, and Peter O’Hara who stepped down to take on a project manager role inside NZF.
The board’s terms rotate over a four-year cycle and the terms of the new members reflect the time that remained in the terms of the board members who resigned.
In addition, one of the four elected board positions had reached the end of its term, but chairman Frank van Hattum was re-elected unopposed.
Meanwhile, changes to the New Zealand Football Foundation board were made with Mark Stewart stepping down as chairman due to increased work commitments as a result of the Christchurch earthquake.
Stewart will remain as a trustee and is succeeded as chairman by newly-appointed trustee Andrew Clements. Carmel Fisher has resigned due to work commitments and will be replaced as a trustee by Mike Norris.
The foundation is now fully operational and over $100,000 to date been pledged for the future development of grassroots football in New Zealand.
Story courtesy of New Zealand Football.
For more on New Zealand football go to www.nzfootball.co.nz