ANNUAL REPORT 2014/2015

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OSPRI | FINANCIAL STATEMENTS 2014/2015 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 Reconciliation of the Carrying Values of Intangible Assets Software Group WIP 1 Total Software Parent WIP 1 Total $000 $000 $000 $000 $000 $000 Cost Opening Balance - - - - - - Additions on Acquisition 14,768 1,973 16,741 613 55 668 Additions 3,175 3,142 6,317 248 193 441 Capitalisation of Work-in-Progress - (3,175) (3,175) - (248) (248) Disposals (2,820) - (2,820) - - - Balance at 30 June 2014 15,123 1,940 17,063 861 - 861 Opening Balance 15,123 1,940 17,063 861 - 861 Additions 4,010 2,300 6,310 - - - Capitalisation of Work-in-Progress - (4,010) (4,010) - - - Disposals - - - - - - Balance at 30 June 2015 19,133 230 19,363 861 - 861 Accumulated Amortisation Opening Balance - - - - - - Additions on Acquisition 10,070 - 10,070 578 - 578 Amortisation Expense 1,387 - 1,387 72 - 72 Disposals (2,820) - (2,820) - - - Balance at 30 June 2014 8,637 - 8,637 650 - 650 Opening Balance 8,637 - 8,637 650 - 650 Amortisation Expense 1,826 - 1,826 70 - 70 Disposals - - - - - - Balance at 30 June 2015 10,463 - 10,463 720 - 720 Carrying Value At 30 June 2014 6,486 1,940 8,426 211 - 211 At 30 June 2015 8,670 230 8,900 141 - 141 The majority of computer software comprises the NAIT database and disease management systems. Both systems have estimated remaining useful lives of five years as at 30 June 2015. 6 FINANCIAL INSTRUMENTS The Group and the Parent are party to financial instruments as part of their operation. Financial instruments carried in the Statement of Financial Position include cash and cash equivalents, receivables and payables. All financial assets are classified as loans and receivables and are initially recorded at fair value and subsequently measured at amortised cost using the effective interest method. Financial assets are derecognised when the rights to receive cash flows have been transferred and the entity has transferred substantially all the risks and rewards of ownership. All financial liabilities are initially recorded at fair value and subsequently measured at amortised cost using the effective interest method. (i) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits with financial institutions with an original maturity of less than 90 days and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the Statement of Financial Position. (ii) Term deposits Investments are classified as held to maturity if the holder has the intention and ability to hold them until maturity. The Group classifies six month and longer-term deposits as held-to-maturity investments. 1 Work-in-Progress 82
OSPRI | FINANCIAL STATEMENTS 2014/2015 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 (iii) Accounts receivable Accounts receivable are carried at estimated realisable value after providing for debts where collection is doubtful. The collectability of accounts receivable is reviewed on an ongoing basis. Debts that are known to be uncollectable are written off. A provision for doubtful debts is established when there is objective evidence that the Group will not be able to collect all amounts due according to their original terms. The amount of the provision is recognised in the Statement of Comprehensive Income. (iv) Accounts payable These amounts represent liabilities for goods and services provided to the Group and Parent prior to the end of the financial year that are unpaid. The amounts are unsecured and are usually paid with 30 days of recognition. 6.1 Credit Risk Credit risk arises from cash and cash equivalents as well as credit exposures to industry participants including outstanding receivables and committed transactions. The Group does not require any collateral or security to support financial instruments relating to receivables or financial institutions. The Group holds all its cash and cash equivalents with New Zealand-registered banks with a short-term debt ratings of not less than A-1. All receivables are current. The carrying value of collective financial assets for which an impairment allowance has been recognised by the Group is $9,000. (2014: $9,000) This relates solely to the Otago Land Levy. The maximum exposure to credit risk is equivalent to the amounts recorded in the Statement of Financial Position. 6.2 Interest Rate Risk The Group is exposed to interest rate risk through the returns on any funds it has invested and the cost of borrowed funds, which will fluctuate due to changes in market interest rates. Interest rate risk is monitored on a regular basis. 6.3 Liquidity Risk The Group’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient cash and borrowing facilities to meet its liabilities when due, under both normal and stressed conditions. The only financial liabilities that the Group has are payables and accruals, which are expected to settle within 60 days of the Statement of Financial Position date. 6.4 Fair Value The fair value is equivalent to the carrying amount disclosed in the Statement of Financial Position. 6.5 Capital Management The Group’s capital includes retained earnings. The Group manages its capital with long-term objectives tailored to each subsidiary. 6.6 Financial Instruments by Category The Group’s and Parent’s financial instruments by category are equivalent to the values disclosed in the Statement of Financial Position. Group 2014/2015 2013/2014 $000 $000 Parent 2014/2015 2013/2014 $000 $000 Assets as per Statement of Financial Position Trade Receivables 6,525 6,621 195 506 Cash and Cash Equivalents 12,833 7,894 6 179 Bank Term Deposits with Maturities Greater than 3 Months - 3,500 - - 19,358 18,015 201 685 Liabilities as per Statement of Financial Position Trade Payables 6,028 7,804 797 863 Non-Non-Trade Payables and Accrued Expenses 3,793 3,747 126 277 Employee Entitlements 817 1,389 817 1,389 10,638 12,940 1,740 2,529 83
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