ACT 1987
Annual report
The 2022/23 annual report is made up two separate sections:
AND MEETINGS
1. The financial statements and appendices shown in this document from pages 1–27; and
2. The ‘A year of stories’ which can be accessed via our website – hps:/ creativehq.co.nz/annual-report/
INFORMATION
RELEASED UNDER THE LOCAL GOVERNMENT OFFICIAL
Your place
of innovation.
creativehq.co.nz
ACT 1987
Financial statements
For the year ended 30 June 2023 AND MEETINGS
INFORMATION
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Annual report 2023
Pg. 2 / 26
Directors’ Report
The Board of Directors present their annual report for the year ended 30 June 2023.
State of Aairs
The state of the Creative HQs aairs at 30 June 2023:
Actual 2023
Actual 2022
$
$
Total Assets
4,201,963
4,979,476
ACT 1987
Financed by:
Total Equity
2,580,547
3,082,407
Total Liabilities
1,621,416
1,897,069
4,201,963
4,979,476
AND MEETINGS
Equity at the beginning of the year
3,082,407
2,490,868
Total comprehensive revenue or expense
501,860
591,539
Equity at 30 June
2,580,547
3,082,407
INFORMATION
Dividends
The directors recommend that no dividend be paid for the year.
Transfers
It is not proposed to make any transfer to reserves.
As required by section 211 of the Companies Act 1993, we disclose the fol owing information:
Nature of business
Creative HQ aims to be a global y recognised leader in innovation management and innovation discipline for startups, corporates and
government, operating a platform business headquartered in Wel ington, supporting the Wel ington region as wel as clients al around New
Zealand and overseas. The nature of the Creative HQ's business has not changed during the year.
Use of Company information
The Board received no notices during the year from directors requesting to use company information, received in their capacity as directors,
which would not have otherwise been available to them.
Share dealings
No director acquired or disposed of any interest in shares in Creative HQ during the year.
Indemnities
The Company has entered into indemnity insurance in respect of any liability that the directors may incur in their capacity as directors.
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Directors’ report – continued
Interests register
Please refer to the appendix at the end of this report.
Statement of responsibility
We are responsible for the preparation of Creative HQ's financial statements and statement of performance, and for the judgements made in
them.
We have the responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the
integrity and reliability of financial reporting.
In our opinion, these financial statements and statement of performance fairly reflect the financial position and operation of Creative HQ for
the year ended 30 June 2023.
ACT 1987
Signed on behalf of the Board
Lance Walker
Suse Reynolds
Chair
Director
AND MEETINGS
29 September 2023
29 September 2023
INFORMATION
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Annual report 2023
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Creative HQ Limited
Statement of Service Performance
For the year ended 30 June 2023
Entity’s Purpose:
Strategic Vision:
To be a world-leading, thriving, hub of innovation, anchored in Wel ington, where leaders and changemakers learn how to solve problems and
make bold ideas take flight.
Strategic Mission:
To make the Wel ington Region wildly famous for innovation.
Strategic Goals:
1 People know who we are and what we do
2 People want to work with us and for us
ACT 1987
3 People want to invest in us
How do we achieve our Vision, Mission and Goals:
1 Building Startups
2 Placemaking Wel ington as a world leader of Government Innovation
3 Building talent and capability through our School of Innovation
AND MEETINGS
How we Measure our Vision, Mission and Goals:
Description and Quantification of outputs
FY23
FY23
FY22
Actual
Budget
Actual
People know who we are and
Number of people through our programmes
1,533
INFORMATION
5,336
5,336
what we do. People want to
Number of people that aended our events
1,989
1,482
1,482
work with us and for us.
Average NPS Score (Average for the ful year)
57
53
53
People want to invest in us
Marketing indicator - Number of Website visits
103,856
40,000
36,587
Number of Pre-Incubation founders
589
60
96
Building Startups
Number of Teams Accelerated
26
20
18
Number of Accelerators
2
2
2
Number of NZ GovTech Accelerators
1
1
1
Number of NZ GovTech Accelerator Teams
5
8
8
Number International GovTech Accelerators
1
1
1
Government Innovation
Number of International GovTech Accelerator Teams
2
1
1
Number of International Startup Programmes
0
1
1
Number of Standalone projects
25
70
75
School of Innovation
Number of Individuals receiving Qualifications e.g.
253
220
113
Diplomas and Certificates
Number if Individuals in Programmes e.g Young founder
374
212
45
Incubator's, Pakihi and Wel ington Innovation Hack
Number of individuals in Experiences e.g Rol icking Good
82
51
0
idea, Executive capability training and networking
events, GovTech tasters and teasers
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Creative HQ Limited
Statement of Comprehensive Revenue and Expense
For the year ended 30 June 2023
Notes
Actual 2023
Budget 2023
Actual 2022
$
$
$
Revenue from non–exchange transactions
Cal aghan Innovation
710,000
700,000
993,800
Wel ingtonNZ
1,198,068
1,400,350
1,176,875
MSD funding
3
-
38,388
38,388
Hu and Porirua City Councils
-
884,020
5,000
1,908,068
3,022,758
2,214,063
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Revenue from exchange transactions
Service revenue
3
2,732,737
5,654,073
4,452,005
Sponsorship
339,922
515,000
584,044
Other revenue
3
8,249
11,169
249,859
3,080,908
6,180,242
5,285,908
AND MEETINGS
Total revenue
4,988,976
9,203,000
7,499,971
Expenditure
Personnel costs
4
3,539,564
4,371,572
3,421,002
Depreciation expense
77,991
98,265
77,350
INFORMATION
Directors’ fees
4
65,000
65,000
64,167
Other expenses
5
1,727,030
4,365,427
3,701,511
Total expenditure
5,409,58 5
8,900,264
7,264,031
Operating surplus / (deficit) before finance costs, share of surplus /
(deficit) of equity accounted investees and tax
420,609
302,736
235,940
Net finance cost
5
27,423
9,605
1,749
Share of surplus / (deficit) of equity-accounted investees
9
-
–
2,749
Surplus/(deficit) before tax
393,186
312,341
234,940
Tax benefit
6
74,892
53,698
39,291
Surplus/(deficit) after tax
318,293
258,643
195,651
Other comprehensive revenue and expense
Fair value movement of investment in incubator and accelerator
companies
8
183,567
–
395,888
Total other comprehensive revenue and expense
183,567
–
395,888
Total comprehensive revenue and expense
501,860
258,643
591,539
Explanations of major variance against budget are provided in note 16.
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The accompanying notes form part of these financial statements.
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Creative HQ Limited
Statement of Financial Position
As at 30 June 2023
Notes
Actual 2023
Budget 2023
Actual 2022
$
$
$
Assets
Current assets
Cash and cash equivalents
1,030,053
1,574,742
987,720
Other financial assets
11
1,400
–
803,403
Receivables
1,056,536
1,000,388
935,361
Stock
-
8,000
3,892
Income tax receivable
6
14,829
672
3,592
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Total current assets
2,102,818
2,583,802
2,733,968
Non-currents assets
Property, plant and equipment
7
266,354
323,278
335,849
Investment in incubator and accelerator companies
8
1,695,904
1,437,025
1,879,471
Equity-accounted investees
9
–
–
AND MEETINGS
–
Deferred tax asset
6
136,887
27,392
30,188
Total non-current assets
2,099,145
1,787,695
2,245,508
Total assets
4,201,963
4,371,497
4,979,476
INFORMATION
Liabilities
Current liabilities
Payables
331,975
375,000
313,645
Employee entitlements
4
151,017
157,090
237,095
GST payable NZ and Australia)
114,093
100,000
64,454
Creative HQ incubatee bonds
2,000
4,500
1,750
Deferred revenue
622,331
585,397
880,125
Total current liabilities
1,221,416
1,221,987
1,497,069
Non-current liabilities
Loan from Wel ington NZ
12
400,000
400,000
400,000
Total non-current liabilities
400,000
400,000
400,000
Total liabilities
1,621,416
1,621,987
1,897,069
Net assets
2,580,547
2,749,509
3,082,407
Equity
Accumulated surplus
690,370
993,314
1,008,663
Fair value reserve
1,890,177
1,756,195
2,073,744
Total equity
2,580,547
2,749,509
3,082,407
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Explanations of major variance against budget are provided in note 16. The accompanying notes form part of these financial statements.
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Creative HQ Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Actual 2023
Budget 2023
Actual 2022
$
$
$
Balance at 1 July
3,082,407
2,490,866
2,490,868
Total comprehensive revenue and expense for the year
501,860
258,643
591,539
Balance at 30 June
2,580,547
2,749,509
3,082,407
Components of Equity
Fair value reserve
ACT 1987
Balance at 1 July
2,073,744
1,756,195
1,677,856
Other comprehensive revenue and expense for the year
183,567
-
395,888
Balance at 30 June
1,890,177
1,756,195
2,073,744
Accumulated comprehensive revenue and expense
Balance at 01 July
1,008,663
734,671
813,012
AND MEETINGS
Net surplus for the year
318,293
258,643
195,651
Balance at 30 June
690,370
993,314
1,008,663
Total Equity
2,580,547
2,749,509
3,082,407
Explanations of major variance against budget are provided in note 16.
INFORMATION
The accompanying notes form part of these financial statements.
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Creative HQ Limited
Statement of Cash Flows
For the year ended 30 June 2023
Cash flows from operating activities
Actual 2023
Budget 2023
Actual 2022
$
$
$
Cash was received from:
Grant revenue
1,880,668
2,960,738
2,248,213
Other revenue
2,700,783
6,488,239
5,549,282
Tax refund
3,592
717
717
GST
49,639
-
-
ACT 1987
Cash was paid to:
Suppliers
1,777,581
4,398,519
3,717,947
Employees
3,625,642
4,442,560
3,399,488
Net GST payable
-
16,391
51,938
Net tax payments
14,829
672
3,592
AND MEETINGS
Net cash flow from operating activities
783,370
591,552
625,247
Cash flows from investing activities
Cash was received from:
Interest
49,932
20,400
15,939
INFORMATION
Sale of investments
4,000
52,729
234,697
Proceeds from sale of property, plant and equipment
1,596
-
687
Proceeds from term deposits
802,402
-
-
Cash was paid to:
Loan to subsidiary
400
-
1,000
Investment in term deposits
-
-
802,402
Purchase of property, plant and equipment
10,038
67,301
59,415
Net cash flow from investing activities
847,492
5,818
611,494
Cash flows from financing activities
Cash was paid to
Interest on the loan
21,789
10,795
9,409
Finance lease repayments
-
20,561
20,561
Interest on finance leases
-
-
4,781
Net cash flow from financing activities
21,789
31,356
34,751
Net increase / (decrease) in cash and cash equivalents
42,333
566,024
20,998
Cash and cash equivalents at the beginning of the year
987,720
1,008,718
1,008,718
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Cash and cash equivalents at the end of the year
1,030,053
1,574,742
987,720
Explanations of major variance against budget are provided in note 16.
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Creative HQ Limited
Notes to the financial statements
1. Reporting entity
The financial statements presented are for Creative HQ Limited ("Creative HQ").
Creative HQ is a company incorporated in New Zealand under the Companies Act 1993 and is domiciled in New Zealand and operates from
Wel ington. Creative HQ is whol y owned by the Wel ington Regional Economic Development Agency Limited (trading as Wel ingtonNZ and is a
Council Control ed Organisation as defined under section 6 of the Local Government Act 2002.
The primary objective of the Company is to encourage, promote and support the establishment and growth of business investment and
employment opportunities within the region, rather than make a financial return.
ACT 1987
The registered oice of Creative HQ is Level 1, 7 Dixon Street, Te Aro, Wel ington, New Zealand.
The financial statements are for the year ended 30 June 2023. The financial statements were authorised for issue by the Board on 29
September 2023.
Venture Studios Limited VSL is a whol y owned subsidiary. This company is currently dormant and non-trading. Due to immateriality the
financials have not been consolidated with Creative HQ Limited
AND MEETINGS
2. Statement of accounting policies
Accounting policies are included in the note to which they relate. Accounting policies that do not relate to a specific note are outlined below.
Basis of preparation
The financial statements have been prepared on a going concern basis, and the accounting policies have been applied consistently
throughout the period.
INFORMATION
Statement of compliance
The financial statements are prepared in accordance with the requirements of the Local Government Act 2002, which includes the
requirement to comply with New Zealand General y Accepted Accounting Practice NZ GAAP . The financial statements have also been
prepared in accordance with the requirements of the Companies Act 1993.
The primary objective of Creative HQ is to encourage, promote and support the establishment and growth of business investment and
employment opportunities within the region, rather than to make a financial return. Therefore, Creative HQ is a Public Benefit Entity PBE for
financial reporting purposes.
The financial statements have been prepared in accordance with Tier 2 PBE Standards and disclosure concessions have been applied.
Creative HQ meets the requirements for Tier 2 PBE accounting standards as its expenses are less than $30 mil ion, but greater than $2 mil ion
and is not defined as publicly accountable in accordance with the PBE accounting standards. These financial statements comply with Tier 2
PBE Standards.
Basis of measurement
The financial statements have been prepared on an historical cost basis, except for certain financial assets that have been measured at fair
value. The financial statements are presented in New Zealand dol ars ($). This is the functional currency.
Budget figures
The budget figures are derived from the statement of intent as approved by the Board at the beginning of the financial year. The budget
figures have been prepared in accordance with NZ GAAP, using accounting policies that are consistent with those adopted by the Board in
preparing these financial statements.
Critical accounting estimates and assumptions
The preparation of financial statements requires management to make judgements, estimates and assumptions that aect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may dier from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimates are revised and in any future periods aected.
●
Note 7 provides information about the estimates and assumptions applied in determining the fair value of property, plant and
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equipment, and intangible assets.
●
Note 8 provides information about the estimates and assumptions applied in determining the fair value of investments.
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Critical judgements in applying accounting policies
Management has exercised critical judgements in applying accounting policies in the fol owing areas.
●
Grants – see note 3 for explanation
●
Leases – see note 10 for explanation
Comparatives
To ensure consistency with the current year, certain comparative information has been reclassified where appropriate. This has occurred:
●
where Creative HQ has made additional disclosures in the current year, and where a greater degree of disclosure of prior year
amounts and balances is required; and
●
where there has been a change in accounting policy (there has been no change in the 2022/23 year that aects prior year
comparatives).
Goods and services tax
ACT 1987
Al items in the financial statements are presented exclusive of GST, except for receivables and payables, which are presented on a
GST-inclusive basis. Where GST is not recoverable as input tax, it is recognised as part of the related asset or expense.
The net amount of GST recoverable from, or payable to, the IRD is included as part of receivables or payables in the statement of financial
position.
The net GST paid to, or received from, the IRD, including the GST relating to investing and financing activities, is classified as a net operating
cash flow in the statement of cash flows.
Commitments and contingencies are disclosed exclusive of GST.
AND MEETINGS
Deferred revenue
Revenue that spans balance date has been recognised as conditions pertaining to eligible expenditure or milestones have been fulfil ed. The
balance has been recorded as deferred revenue.
Equity
Equity is measured as the dierence between total assets and total liabilities. Equity is disaggregated and c
INFORMATION lassified into the folowing
components;
●
accumulated surplus/(deficit)
●
fair value through other comprehensive revenue and expense reserves.
Fair value through other comprehensive revenue and expense reserves
This reserve comprises the cumulative net change of financial assets classified as fair value through other comprehensive revenue and
expense.
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3. Revenue
Accounting policy
Revenue
Revenue is measured at the fair value of consideration received or receivable.
Exchange revenue
Service Revenue
Revenue received from services provided is recognised in proportion to the stage of completion at balance date.
Sponsorship
Sponsorship is recognised as revenue when received and al associated obligations have been met. Sponsorship received for which the
requirements and services have not been met are treated as “deferred revenue” under current liabilities.
ACT 1987
Non-exchange revenue
Wel ington Regional Economic Development Agency (trading as Wel ingtonNZ
Wel ingtonNZ contributions are recognised as revenue upon entitlement as conditions pertaining to eligible expenditure have been fulfil ed.
Grants
Grant revenue is recognised upon entitlement as conditions pertaining to eligible expenditure or milestones are achieved. Creative HQ must
exercise judgement when recognising grant revenue to determine if conditions of the grant contract have been satisfied. This judgement wil
be based on the facts and circumstances that are evident for each contract.
AND MEETINGS
Donated goods or services received not recognised
Creative HQ receives significant support from business mentors, coaches and guest speakers who provide their time free of charge to our
programmes including Accelerators and Incubators.
Service revenue
2023
2022
Government (New Zealand)
INFORMATION
882,100
2,821,825
International
262,184
976,507
School of innovation
1,174,708
419,406
Enterprise
364,981
190,674
Other
48,764
43,593
Total service revenue
2,732,737
4,452,005
Other revenue
2023
2022
Gain on sale of investments
4,000
234,697
Gain on sale of fixed assets
42
637
Other income
4,207
14,525
Total other revenue
8,249
249,859
MSD funding
2023
2022
Venture Up Programme funding
-
38,388
Total MSD funding
-
38,388
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4. Personnel costs and employee entitlements
Accounting policy
Short-term employee entitlements
Employee benefits, that are due to be seled within 12 months after the end of the period in which the employee renders the related service,
are measured based on accrued entitlements at current rates of pay. These include salaries, accrued up to balance date, and annual leave
earned but not yet taken at balance date.
A liability and an expense are recognised for bonuses where there is a contractual obligation or where there is a past practice that has created
a constructive obligation and a reliable estimate of the obligation can be made.
Presentation of employee entitlements
Annual leave is classified as a current liability. Al other employment entitlements are classified as a non-current liability.
Defined contribution schemes
Obligations for contributions to KiwiSaver are accounted for as defined contribution superannuation schemes and are recognised as an
ACT 1987
expense in the surplus or deficit as incurred.
Analysis of personnel costs
2023
2022
Salaries and wages
3,437,212
3,334,062
Defined contributions plan employer Kiwisaver contributions
102,352
93,226
Kiwisaver contributions refunded from prior year
-
6,286
AND MEETINGS
Total personnel costs
3,539,564
3,421,002
Employee remuneration
Total remuneration paid to employees during the year:
2023
2022
<$100,000
21
33
INFORMATION
$100,000-$109,999
4
2
$110,000-$119,999
-
-
$120,000-$129,999
2
1
$130,000-$139,999
2
3
$140,000-$149,999
4
2
$150,000-$159,999
5
2
$170,000-$179,999
3
-
$190,000-$199,999
-
1
$200,000-$209,000
1
-
$230,000-$239,999
-
1
$240,000-$249,999
1
-
Total employees during the year
43
45
At balance date, CreativeHQ employed 25 2022: 23 ful -time and 0 part-time employees 2022:7 part-time employees, equal ing 5.6 ful -time
equivalent). A ful -time employee is determined on the basis of a 40-hour working week.
Analysis of employee entitlements
2023
2022
Accrued salaries and wages
11,963
-
Accrued annual leave
139,054
195,639
Accrued bonuses
-
41,456
Total employee entitlements
151,017
237,095
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4. Personnel costs (continued)
Board member remuneration
The total value of remuneration paid or payable to each Board member during the year was:
2023
2022
Independent Directors
Lance Walker
20,000
19,167
Susan Reynolds
10,000
10,000
Wayne Mul igan
10,000
10,000
Diana Siew
10,000
10,000
Trent Mankelow
10,000
10,000
Chief Executive of WellingtonNZ
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John Al en
5,000
5,000
Total Board member remuneration
65,000
64,167
Director fees are $10,000 per annum. The Chair receives $20,000 and the Chief Executive of Wel ingtonNZ receives $5,000 per annum.
AND MEETINGS
Key management personnel compensation
2023
2022
Board of Directors
Remuneration
65,000
64,167
Ful time equivalent members
6.0
6.0
Leadership team
INFORMATION
Remuneration
1,502,335
1,339,086
Ful time equivalent members
9.0
8.3
Total key management personnel remuneration
1,567,335
1,403,253
Total full time equivalent members
15.0
14.3
Board members are calculated as ful -time equivalents based on the amount of time served on the board.
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5. Other expenses
Analysis of other expenses
2023
2022
Contractors
458,941
1,397,084
Marketing and events
295,549
428,402
Premises rental
228,000
222,930
Travel
207,228
101,980
Technology
150,821
163,317
Other expenses
120,700
1,014,343
Training and recruitment
85,078
94,429
Oice expenses
81,481
81,467
Legal and professional fees
35,990
133,776
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Operating lease expense
6,6569
7,251
Memberships
1,395
11,270
Fees to auditor for Creative HQ financial statement audit
37,760
38,095
Other foreign exchange gains and losses
17,506
919
Impairment to investments
-
4,819
Loss on sale of assets
11
3,267
AND MEETINGS
Total other expenses
1,727,030
3,701,511
Net finance costs
INFORMATION
2023
2022
Interest income
49,932
15,939
Interest expense on loan with Wel ingtonNZ
22,509
7,814
Interest expense on leases
-
6,376
Total net finance costs
27,423
1,749
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6. Tax expense
Accounting policy
Current Tax
Current tax is calculated by reference to the amount of income taxes payable or receivable in respect of the taxable profit or tax loss for the
period, adjusted for any dierence between the estimated and actual revenue tax payable in prior periods. It is calculated using tax rates (and
tax laws) that have been enacted or substantively enacted at balance date. Current tax for current and prior periods is recognised as a liability
or (asset) to the extent that it is unpaid (or refundable). Tax assets and liabilities are oset only when Creative HQ has a legal y enforceable
right to set o the recognised amounts and intends to sele on a net basis.
Tax expense/(benefit) comprises:
2023
2022
ACT 1987
Current tax expense / (income)
-
16,557
(Over)/under provision of income tax in previous period
879
1,719
Overseas withholding tax
31,807
25,530
Deferred tax expense/(income) relating to the origination and reversal of temporary dierences
105,821
4,515
Total income tax expense / (benefit) is aributable to continuing operations
74,892
39,291
AND MEETINGS
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax expense in the
financial statements as follows:
Net surplus before tax
393,186
234,940
Income tax expense calculated at 28%
110,091
65,780
Tax eect of:
INFORMATION
Permanent dierences – current year
4,271
53,741
105,820
12,042
(Over)/under provision of income tax in previous period
879
1,719
Overseas withholding tax
31,807
25,530
Income tax expense / (benefit)
74,892
39,291
Current tax
Opening balance
3,592
717
Tax refunds received
3,592
717
Resident withholding tax
14,829
3,592
Income tax refund
14,829
3,592
RELEASED UNDER THE LOCAL GOVERNMENT OFFICIAL
Creative HQ |
Annual report 2023
Pg. 16 / 26
6. Tax expense (continued)
Accounting policy
Deferred Tax
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary dierences arising from the
dierence between the carrying amounts for assets and liabilities in the financial statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for al tax temporary dierences. Deferred tax assets are recognised to the extent that it is
probable that suicient taxable amounts wil be available against which deductible temporary dierences or unused tax losses and tax osets
can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary dierences giving rise to them arise from the
initial recognition of assets and liabilities (other than as the result of a business combination) which aects neither taxable income nor
accounting profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving
rise to them are realised or seled, based on the tax rates (and tax laws) that have been enacted or substantively enacted by reporting date.
ACT 1987
The measurement of deferred tax liabilities and assets reflects the tax consequences that would fol ow from the manner in which Creative HQ
expects, at the reporting date, to recover or sele the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are oset when there is a legal y enforceable right to set o income taxes levied by the same taxation
authority and Creative HQ intends to sele its current tax assets and liabilities on a net basis.
Deferred tax
2023
2022
The balance comprises temporary dierences aributable to:
AND MEETINGS
Tax losses
100,055
-
Temporary dierences
36,832
30,188
Balance at 30 June
136,887
30,188
INFORMATION
Employee
Property, plant
Sundry
Movements
Provisions
and equipment
Creditors
Losses
Total
At 1 July 2022
39,624
9,437
-
-
30,188
Charged to income
690
2,747
4,587
100,055
106,699
At 30 June 2023
38,934
6,690
4,587
100,055
136,887
Employee Property, plant and
Movements
Provisions
equipment
Intangibles
Losses
Total
At 1 July 2021
40,258
12,866
-
-
27,392
Charged to income
634
3,430
-
-
2,796
At 30 June 2022
39,624
9,437
-
-
30,188
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Annual report 2023
Pg. 17 / 26
7. Property, plant and equipment, and intangible assets.
Accounting policy
Property, plant and equipment consists of the fol owing asset classes: equipment, oice furniture and fiings and computer software.
Intangible assets consist of software. Asset classes are measured at cost, less accumulated depreciation and impairment losses.
Additions and Disposals
The cost of an item of property, plant and equipment or intangible asset is recognised as an asset only when it is probable that future economic
benefits or service potential associated with the item wil flow to Creative HQ and the cost of the item can be measured reliably. In most
instances, an item of property, plant and equipment, or intangible asset is initial y recognised at its cost. Where an asset is acquired through
non-exchange transaction, it is recognised at its fair value as at the date of acquisition.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset. Gains and losses on disposals
are reported net in the surplus or deficit.
Subsequent costs
Costs incurred subsequent to initial acquisition are capitalised only when it is probable that future economic benefits or service potential
ACT 1987
associated with the item wil flow to Creative HQ and the cost of the item can be measured reliably. The costs of day-to-day servicing of
property, plant, and equipment are recognised in the surplus or deficit as they are incurred.
Depreciation and Amortisation
Depreciation is provided on a straight-line basis on al property, plant and equipment other than land, at rates that wil write-o the cost (or
valuation) of the assets to their estimated residual values over their useful lives. The useful lives and associated depreciation rates of major
property, plant, and equipment have been estimated as fol ows:
●
Computer Hardware 1–7.5 years
AND MEETINGS
●
Equipment 1.5–12 years
●
Furniture 5–12 years
●
Oice fit out 3–14.5 years
Amortisation is provided on a straight-line basis on al intangible assets, at rates that wil write-o the cost (or valuation) of the assets to their
estimated residual values over their useful lives. The useful lives of major intangible assets been estimated as fol ows:
●
Software 3 years
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated remaining
INFORMATION useful lives of the improvements,
whichever is the shorter.
The residual value and useful life of an asset is reviewed, and adjusted if applicable, at each financial year-end.
Impairment of property, plant and equipment, and intangible assets
Creative HQ does not hold any cash-generating assets. Assets are considered cash-generating where their primary objective is to generate a
commercial return.
Property, plant, and equipment and intangible assets held at cost that have a finite useful life are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which
the asset’s carrying amount exceeds its recoverable service amount. The recoverable service amount is the higher of an asset’s fair value less
costs to sel and value in use.
Value in use is determined using an approach based on either a depreciated replacement cost approach, restoration cost approach, or a
service units approach. The most appropriate approach used to measure value depends on the nature of the impairment and availability of
information.
If an asset’s carrying amount exceeds its own recoverable service amount, the asset is regarded as impaired and the carrying amount is wrien
down to the recoverable amount. The total impairment loss is recognised in the surplus or deficit. The reversal of an impairment loss is
recognised in the surplus or deficit.
Estimating useful lives and residual values of property, plant and equipment, and intangible assets
At each balance date, the useful lives and residual values of property, plant and equipment, and intangible assets are reviewed. Assessing the
appropriateness of useful life and residual estimates of property, plant and equipment, and intangible assets requires a number of factors to be
considered such as the physical condition of the asset, expected period of use of the asset by Creative HQ, and expected disposal proceeds
from the future sale of asset.
An incorrect estimate of the useful life or residual value wil aect the depreciation or amortisation expense recognised in the surplus or deficit,
and carrying amount of the asset in the statement of financial position. Creative HQ minimises the risk of this estimation uncertainty by
physical inspection of assets, asset replacement programs, review of second-hand market prices for similar assets and analysis of prior assets
sales.
Creative HQ has not made significant changes to past assumptions concerning useful lives and residual values for property, plant and
equipment.
RELEASED UNDER THE LOCAL GOVERNMENT OFFICIAL
Creative HQ |
Annual report 2023
Pg. 18 / 26
7. Property, plant and equipment, and intangible assets (continued)
Oice furniture
Computer
2023
Equipment
and fiings
hardware
TOTAL
Opening net book value
Cost or deemed cost 1 July 2022
110,735
444,229
74,435
629,399
Accumulated depreciation
54,929
186,029
52,593
293,550
Net carrying value 1 July 2022
55,806
258,200
21,843
335,849
ACT 1987
Additions
-
-
10,061
10,061
Disposals
4,606
-
5,063
9,669
Depreciation
22,426
41,737
13,828
77,991
Elimination on disposal - current year
3,041
-
5,063
8,104
Net movement
23,991
41,737
3,767
69,495
AND MEETINGS
Closing net book value
Cost or deemed cost 30 June 2023
106,130
444,229
79,433
629,792
Accumulated depreciation
74,314
227,766
61,358
363,438
Net carrying value 30 June 2023
31,816
216,463
18,075
266,354
INFORMATION
2022
Opening net book value
Cost or deemed cost 1 July 2020
79,382
432,896
58,164
570,442
Accumulated depreciation
32,661
143,535
40,003
216,199
Net carrying value 1 July 2020
46,721
289,361
18,161
354,243
Additions
31,353
11,333
16,271
58,957
Disposals
5,720
5,340
12,000
23,060
Depreciation
22,268
42,493
12,589
77,350
Elimination on disposal
5,720
5,340
12,000
23,060
Net movement
9,085
31,160
3,682
18,393
Closing net book value
Cost or deemed cost 30 June 2022
110,735
444,229
74,435
629,399
Accumulated depreciation
54,929
186,029
52,593
293,550
Net carrying value 30 June 2022
55,806
258,200
21,843
335,849
RELEASED UNDER THE LOCAL GOVERNMENT OFFICIAL
Creative HQ |
Annual report 2023
Pg. 19 / 26
8. Investments in incubator and accelerator companies
Accounting policy
Investments in incubator and accelerator companies
The measurement of financial assets depends on their classification based on the purpose for which financial assets were acquired.
Management determines the classification of financial assets at initial recognition.
Creative HQ receives shares from clients involved in its incubation programme as part consideration for the services and support provided by
Creative HQ and the Lightning Lab to the client. The shares received represent a smal proportion of the total equity of the client company.
These shares are investments in equity instruments that do not have a quoted market price in an active market and are designated as available
for sale.
Creative HQ recognises the initial investment in the companies according to the programme the company is involved in, incubator programme
or accelerator programme. Companies in the incubator programme do not have a value on initial recognition as no external investment has yet
occurred and therefore the fair value of the initial investment is valued at nil. Companies in the accelerator programme have initial recognition
at fair value through other comprehensive revenue and expense.
ACT 1987
The valuation of these investments is undertaken by Creative HQ using accepted industry guidelines. The International Private Equity and
Venture Capital Valuation Guidelines IPEV have been accepted as the industry standard valuation guidelines and are based on the principle of
‘fair value’ and are reviewed fol owing any relevant changes in accounting standards or market practices. The IPEV Guidelines provide a
framework for private equity and venture capital investors to arrive at a fair value for their investments. The IPEV are of the view that compliance
with PBE accounting standards can be achieved by fol owing the guidelines.
IPEV Guidelines recommend that for early-stage investments, where it is diicult to assess the future profitability of the company, fair value is
general y determined by the price of the most recent investment. This methodology is appropriate until the circumstances of the company
change such that an alternative valuation methodology (such as, but not limited to price/earnings analysis or discounted cash flow) is
appropriate or there is evidence that the value of the investment should be adjusted. An adjustment is considered necessary where the
AND MEETINGS
performance of the investment is significantly below the expectations on which the investment was based, leading to a diminution in value. The
level of adjustment can range from nil to 100% of the value.
A significant or prolonged decline in fair value of the investment below its cost is considered to be objective evidence of impairment. Where the
asset is disposed of or is determined to be impaired, the cumulative gain or loss previously recognised in the Fair value reserve is reclassified
from equity to surplus or deficit as a reclassification or adjustment. Any increase in fair value subsequent to an impairment loss is recognised in
other comprehensive revenue and expense and accumulated as a separate component of equity in the Fair value reserve.
As at 30 June 2023, the valuation of Creative HQ's investments is based on the price of the most recent investment made by external investors,
unless there is evidence that the value of the investment should be adjusted as the performance of the inve
INFORMATION stment is significantly below the
expectations on which the investment was based, leading to a diminution in value. Creative HQ is reliant on receiving recent investment
information from incubator and accelerator companies directly through yearly information requests.
Investment in incubator and accelerator companies
2023
2022
Opening balance
1,879,471
1,437,024
Additions
-
46,559
Movement in fair value of accelerator and incubator companies
183,567
395,888
Total investment in incubator and accelerator companies
1,695,904
1,879,471
Creative HQ invests in unlisted early-stage companies. Unlisted investments are general y not publicly traded. As there may be no open market
to establish an independent value for certain unlisted investments, there can be no assurance that a determination of fair value for an unlisted
investment wil be obtainable in the market, or that there wil be a market for the unlisted investment.
Notwithstanding the uncertainty of the valuation of the investment, the Board is of the view that the fair values of the unlisted investments in
these financial statements represent the best available information.
Creative HQ’s exposure to changes in investment value could be material to the financial statements. As Creative HQ is not reliant on the cash
flows from the investments, changes in value do not impact the underlying viability of Creative HQ. In the event that an investment wil be
considered to be impaired, it wil have a non-cash eect on the surplus / (deficit) of Creative HQ.
RELEASED UNDER THE LOCAL GOVERNMENT OFFICIAL
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Annual report 2023
Pg. 20 / 26
9. Equity accounted investments
Accounting policy
Joint Venture
A joint venture is a binding arrangement whereby two or more parties are commied to undertake an activity that is subject to joint control.
Joint control is the agreed sharing of control over an activity. The results and assets and liabilities of the joint venture are incorporated in these
financial statements using the equity method of accounting.
Joint Venture/Wholly owned subsidiary
Venture Studio Limited VSL was a joint venture in which Creative HQ had joint control and held a 33.33% ownership interest. VSL was
incorporated on 21 June 2019 and prepared its first set of financial statements on 31 March 2020. VSL is not publicly listed.
1987
VSL was created to support projects from the Creative HQ government accelerator program, which present a commercial opportunity outside
of government.
ACT
There were no active projects in VSL and it was in the process of being shut down when Creative HQ identified a number of future opportunities
that may require a separate legal entity to be established. Therefore, Creative HQ decided to acquire VSL as a 100% whol y owned subsidiary. As
there was no value left in the entity, the other two shareholders agreed to transfer their shares to Creative HQ (at nil cost), which took place on
3 November 2021
The fol owing table summarises the financial information of VSL as included in its own financial statements to 31 March 2023.
VSL's comprehensive revenue for 2023 is considered immaterial to the results of Creative HQ and so has not been included as consoli
MEETINGS dated
financial statements .
AND
Net assets
2023
2022
Current assets
-
-
Current liabilities
-
-
Net assets 100%)
-
-
Creative HQ’s share of net assets 33.33%) and carrying amount of investment in JV
-
-
INFORMATION
Comprehensive revenue and expense
2023
2022
Revenue
7
-
Cost of sales
OFFICIAL
-
-
Operating expenses
506
214
Surplus / (deficit) and total comprehensive revenue and expense 100%)
499
214
Creative HQ’S share of surplus and comprehensive revenue and expense 33.33%)
499
214
GOVERNMENT
LOCAL
THE
UNDER
RELEASED
Creative HQ |
Annual report 2023
Pg. 21 / 26
9. Equity accounted investments (continued)
Associate
Creative HQ had a direct holding of 73.08% interest in the Lightning Lab Fintech 2017 Limited Partnership LP . Creative HQ was also the General
Partner for this partnership. The LP invests in early-stage companies and these are measured at fair value consistent with Creative HQ’s
accounting policy as shown in note 8.
During the prior year, the limited partners agreed to transfer the remaining investment, Tapi Limited, to direct shareholdings for each of the
limited partners and to progress with the disestablishment of the LP. The transfer of the Tapi Limited shares took place on 27 October 2021 and
the final audit for the entity for the year end 31 March 2021 was completed in May 2022. The General Partner completed the final set of financial
statements for the 13 months ended 30 April 2022 and started the formal process for closing the limited partnership. The partnership was
oicial y de-registered on 7 September 2022
The fol owing table summarises the financial information of the LP as included in its own financial statements. The table also reconciles the
summarised financial information to the carrying amount of Creative HQ’s interest in the LP.
1987
2023
2022
ACT
Percentage ownership interest
73.08%
73.08%
Non-current assets
-
-
Current assets
-
-
Current liabilities (see prior year adjustment note below)
-
-
MEETINGS
Net assets 100%)
-
-
Creative HQ share of net assets – based on 20% carry for General Partner
-
-
AND
Creative HQ share of net assets – based on remaining 80%
-
-
Carrying amount of interest in associate
-
-
Reclassification adjustment for transfer of shares
-
43,700
Expenses
-
1,723
INFORMATION
Prior year adjustment (see note below)
-
1,781
Surplus from continuing operations
-
47,204
Distribution to partners
-
43,700
Net (deficit) / surplus after distribution 100%)
OFFICIAL
-
3,504
Creative HQ share of net (deficit) / surplus based on 20% carry for General Partner
-
701
Creative HQ share of net (deficit) / surplus based on remaining 80%
-
2,048
Creative HQ total share of associate’s net (deficit) / surplus
-
2,749
GOVERNMENT
Reconciliation of carrying value
Opening balance
-
52,729
Share transfer to direct holding by Creative HQ
-
49,980
LOCAL
-
2,749
THE
Creative HQ share of net (deficit)/surplus
-
2,749
Creative HQ share of other comprehensive income and expense
-
-
UNDER
Total Investment in Associate
-
-
RELEASED
Creative HQ |
Annual report 2023
Pg. 22 / 26
10. Leases as lessee
Accounting policy
Operating lease payments
An operating lease is a lease that does not transfer substantial y al the risks and rewards incidental to ownership of an asset to the lease.
Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term. Lease incentives received
are recognised in the surplus or deficit as a reduction of rental expense over the lease term.
Critical judgments in applying accounting policies
Lease classification
Determining whether a lease agreement is a financial lease or an operating lease requires judgement as to whether the agreement transfers
1987
substantial y al the risks and rewards of ownership to Creative HQ.
Judgement is required on various aspects that include, but are not limited to, the fair value of the leased asset, the economic life of the leas
ACT ed
asset, whether or not to include renewal options in the lease term, and determining an appropriate discount rate to calculate the present value
of the minimum lease payments. Classification as a finance lease means the asset is recognised in the statement of financial position as
property, plant, and equipment, whereas for an operating lease no such asset is recognised.
Operating leases as lessee
MEETINGS
Non-cancellable operating leases
2023
2022
Not later than one year
96,227
229,227
AND
Later than one year and not later than five years
2,044
98,271
Later than five years
-
-
Total non-cancellable operating leases
98,271
327,498
These operating leases relate to the oice space at 7 Dixon Street and the copier lease. The oice lease commenced in December 2014,
with 2 rights of renewal of 3 years each. The market rent review date was December 2020, when the lease was extended for a further three
INFORMATION
years. The lease renewal negotiations al owed for the rent to be held at the same level as 2019/20 for a 12 month period and then increased
for the remainder of the lease term. The final expiry date is December 2023. The copier lease commenced in March 2022 for a 5 year period.
Fixed monthly payments are made for both leases.
OFFICIAL
11. Other financial assets and liabilities
Accounting policy
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held on cal with banks, and other short-term highly liquid investments with original
maturities of three months or less
.
Other financial assets
GOVERNMENT
Other financial assets include investments with a maturity longer than three months, but less than 12 months, and loans to the subsidiary
Venture Studio Limited.
Receivables
Short-term receivables are recorded at their fac
LOCAL e value, less any provision for impairment. A receivable is considered impaired when there is
evidence that Creative HQ wil not be able to col ect the amount due. The amount of the impairment is the dierence between the carrying
amount of the receivables and the present value of the amounts expected to be col ected.
THE
Payables
Short-term payables are recorded at their face value.
Derivative financial instruments
UNDER
Derivative financial instruments are used to manage the group’s exposure to foreign exchange risk arising from its operational activities. The
group does not hold or issue derivative financial instruments for trading purposes. The group has not adopted hedge accounting.
Derivatives are initial y recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at each balance date with the resulting gain or loss recognised in surplus or deficit.
Forward foreign e
RELEASED xchange derivatives are classified as current if the contract is due for selement within 12 months of balance date. Otherwise,
the fair value of foreign exchange derivatives is classified as non-current.
Borrowings
Borrowings on normal commercial terms are initial y recognised at the amount borrowed plus transaction costs. Interest due on the borrowings
is subsequently accrued and added to the borrowings balance until paid.
Creative HQ |
Annual report 2023
Pg. 23 / 26
2023
2022
Financial assets
Loans and receivables
Cash and cash equivalents
1,030,054
787,093
Term deposits with maturities less than 3 months
-
200,627
Term deposits with maturities greater than 3 months and less than 12 months
-
802,402
Loan to Venture Studio Limited
1,400
1,000
Trade and other receivables
1,056,533
935,361
Total loans and receivables
2,087,987
2,726,483
1987
Financial assets at fair value through other comprehensive revenue and expense
Investments in incubator and accelerator companies
1,695,904
1,879,471
ACT
Total assets at fair value through other comprehensive revenue and expense
1,695,904
1,879,471
Financial liabilities measured at amortised cost
Trade and other payables
331,975
313,645
MEETINGS
Loan with Wel ingtonNZ*
400,000
400,000
Total financial liabilities measured at amortised cost
731,975
713,645
AND
*Creative HQ currently maintains a $1m loan facility with its parent Wel ingtonNZ, with $400,000 drawn at the year-end 2022: $400,000 . Interest
on this loan is paid monthly and is detailed in note 5.
Financial instruments – Measured at fair value through surplus or deficit
Forward foreign exchange contracts in liability position
-
-
INFORMATION
Total financial instruments measured at fair value
-
-
12. Related party transactions
Related party disclosures have not been made for transactions with related parties that are within a normal supplier or client/recipient
OFFICIAL
relationship on terms and conditions no more or less favourable than those that it is reasonable to expect Creative HQ would have adopted in
dealing with the party at arms’ length in the same circumstances.
In 2019/20, Wel ingtonNZ provided a loan of $400,000 to support the growth plan aspirations of the business. The loan was on normal
commercial terms until 1st May 2020, when it was changed to a low interest rate loan, with an interest rate based on the OCR rate plus 1.5%.
Currently no repayments are scheduled to be made on the $400,000 loan until at least 1 July 2024 when Wel ingtonNZ wil reassess repayment
obligations for the financial year ahead.
GOVERNMENT
In the current year, Creative HQ loaned Venture Studio Limited, a whol y owned subsidiary, $400 2022: $1,000 to cover administrative
expenses. The total value loaned is now $1,400.
Refer to Note 4. for board and senior leadership team remuneration.
LOCAL
13. Commitments
THE
There were no commitments at the balance date 2022: $5,000 . The prior year commitment related to Venture Studios Limited, a company
registered on 24th June 2019, with three equal shareholders holding 300 shares each. Creative HQ Limited was one of those shareholders and
under the shareholder agreement, Creative HQ had commied to providing funding of $5,000 to this entity. This entity changed ownership
during the 21/22 year and is now 100% owned by Creative HQ Limited.
UNDER
14. Contingent liabilities and assets
There were no contingent liabilities or contingent assets at balance date 2022: $Nil).
15. Events after t
RELEASED
he balance date
There were no post balance sheet events that required adjustment.
Creative HQ |
Annual report 2023
Pg. 24 / 26
16. Explanation of major variance against budget
Explanations for major variances from Creative HQ’s budgeted figures in the statement of intent are as follows:
Statement of comprehensive revenue and expense
Revenue from non-exchange transactions
The revenue from non-exchange transactions was $1.1m lower than budget. $884k of this relates to funding from councils to run accelerator
programmes that did not progress.
Revenue from exchange transactions
The revenue from non-exchange transactions was $3.1m lower than budget. Almost $2m related to an accelerator programme in Saudi Arabia
that Creative HQ tendered for but did not subsequently win. The remaining variance is related to delays for international deals being signed.
Expenses
1987
Total expenditure was $3.5m below budget. The majority of this was due to reducing both sta costs and contractors associated with the
above projects not progressing.
ACT
Statement of financial position
Cash and Cash Equivalents
Cash and cash equivalents were lower than budget due to lower international work and less additional funding expected from councils
Receivables
Receivables were slightly higher than budget due to the timing of funding payments
MEETINGS
Property, plant and equipment
AND
PPE was lower than budget due to reduced staing levels and reduced capital expenditure required
Investments in incubator and accelerator companies
A review of incubator and accelerator valuations only happens at the year end and are diicult to budget for. Therefore, for budgeting
purposes, a conservative approach is taken.
Payables
Payables were slightly lower than budget due to lower activity levels
INFORMATION
Employee entitlements
Employee entitlements are slightly lower than budget, with a number of sta finishing just prior to year end
Deferred revenue
OFFICIAL
This is slightly higher than budget due to delays in starting work but prepaid by the customer
Loan from Wel ingtonNZ
The loan from Wel ingtonNZ currently has no repayment dates set. No further drawings have been made during 2022/2023.
GOVERNMENT
LOCAL
THE
UNDER
RELEASED
Creative HQ |
Annual report 2023
Pg. 25 / 26
Appendix – Directors’ interests during the year
Lance Walker
Board member/Trustee
Wel ington Regional Sports Trust (Nuku Ora)
Director
Avidity Consulting
CEO
Accuro Health Insurance Ltd
Trustee
Young Enterprise Scheme YES
Shareholder
Marsel o Ltd.
Suse Reynolds
1987
Shareholder
Beyond VR
8Wire
Varigate
Times7
Seen Safety Lab
Pyper Vision
ACT
Mish Guru
Ask Nicely
Wipster
AmyAI
Sharesies
Paernsnap
Tourwriter
Press Patron
CoGo
Narrative Muse
Marama Labs
Trustee
La Mothe Trust
Project Crimson Trust
Global Entrepreneurship Network
MEETINGS
Director
Courtfield Holdings
Narrative Muse Chair
Institute of Directors
Investor
Lightning Lab XX 2016 LP
Zino Ventures
Movac
AND
Other
Startup Advisor Council Deputy Chair
Angel Association NZ Chair
John Allen
Chair
Be Accessible Charitable Trust
VUW Council
CEO
Wel ingtonNZ
Board member
Koi Tu, Centre for Informed Futures Auckland
INFORMATION
University
Member
Wel ington Uni-Professional Board
Wel ington Regional Skil s Leadership Group
Wayne Mulligan
CEO / Shareholder
Fomana Capital Ltd
OFFICIAL
Director / Shareholder
NUKUTOI
CreNative Ltd
Innative Ltd
Chair / Director
Tui Ora Ltd
Wel ingtonNZ
Shareholder
HoneyLab Ltd
Wel ington Tenths Trust
PKW
Trustee
Midland Regional Health Charitable Trust Fale Charitable Trust (Wel ington pacific island community)
Chair / Director / Shareholder
Nuku ki te Puku Ltd
CEO / Director / Shareholder
NZ Bio Forestry Limited
GOVERNMENT
Diana Siew
Shareholder
Adisel Investment Limited
Advisor
Return on Scienc
LOCAL e Medtech and surgical Investment Panel
Advisor
Cal aghan Innovation Heathtech Activator Advisory Group
THE
Member
Precision Driven Health Independent Advisory Group
Director
Pharmac
UNDER
Trent Mankelov
Shareholder
Spotlight Reporting Limited
Optimal Workshop Limited
UBCO
Supie
Taurus Concrete
Mevo
Upstock
Excel ent
RELEASED
Director
Summer of Technology Limited
Creative HQ |
Annual report 2023
Pg. 26 / 26
