ANNUAL REPORT 2014/2015

OSPRI | FINANCIAL STATEMENTS 2014/2015
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 JUNE 2015
A
REPORTING ENTITY
These financial statements are for OSPRI New Zealand Ltd (the Parent), as a separate entity and the consolidated
financial statements are for the OSPRI New Zealand Ltd Group (the Group), which includes the subsidiaries
National Animal Identification and Tracing Limited (NAIT) and TBfree New Zealand Limited (TBfree). The Parent
and the Group are designated as public benefit entities for financial reporting purposes. OSPRI New Zealand Ltd
is a company incorporated in New Zealand; the registered office of OSPRI is located on Level 9, CallActive House,
15 Willeston Street, Wellington 6011.
TBfree manages the National Pest Management Plan (NPMP) for bovine tuberculosis (TB) in accordance with the
provisions of the Biosecurity Act 1993.
NAIT is responsible for implementing New Zealand’s National Animal Identification and Tracing (NAIT) programme
and operates under the National Animal Identification and Tracing Act 2012.
The Parent was incorporated on 6 June 2013; the Group was formed upon the acquisition of NAIT and TBfree. The
Parent and the Group are domiciled in New Zealand and are registered under the Companies Act 1993.
These financial statements for the year ended 30 June 2015 were approved for issue by the Board of Directors on
18 August 2015.
B
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared in accordance with the Companies Act 1993, the Biosecurity
Act 1993, the National Animal Identification and Tracing Act 2012 and the Charities Act 2005, which require
compliance with New Zealand generally accepted accounting practice (NZGAAP) for large companies.
Both the Parent and Group financial statements have been prepared in accordance with NZGAAP and comply
with New Zealand equivalents to International Financial Reporting Standards and other applicable Financial
Reporting Standards, as appropriate for public benefit entities.
(a) Basis of Preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been consistently applied to all the periods presented, unless otherwise stated.
(i) Historical cost convention
These financial statements have been prepared under the historical cost convention.
(ii) Accrual basis and going concern
The accrual basis of accounting has been used unless otherwise stated and the financial statements have
been prepared on a going concern basis.
(b) Functional and Presentation Currency
Items included in the financial statements are presented in New Zealand dollars, which is the Group’s and
Parent’s functional and presentational currency. All values are rounded to the nearest thousand dollars ($000)
unless otherwise stated.
(c) Income Tax
The Parent and all subsidiaries are registered as charitable entities with the Charities Commission and are
therefore exempt from income tax on normal operations.
(d) Goods and Services Tax
The Statement of Comprehensive Income has been prepared so that all components are stated exclusive of
GST. All items in the Statement of Financial Position are stated net of GST, with the exception of receivables
and payables, which include GST invoiced.
(e) Employee Benefits
All employees of the Group are employed by the Parent. Liabilities for wages and salaries, and annual leave
are recognised in the provision for employee benefits in respect of employees’ service up to the reporting
date and measured at the amounts expected to be paid when the liabilities are settled. These are allocated to
each member of the Group on a proportional basis.
(f) Expense Allocation
OSPRI as the Parent incurs expenditure on behalf of its subsidiaries. Expenses that relate to the activities
of a subsidiary are charged to that subsidiary. Central governance and other expenditure is charged to the
subsidiaries according to appropriate allocation principles.
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