ANNUAL REPORT 2014/2015

OSPRI | FINANCIAL STATEMENTS 2014/2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
9 STATEMENT OF COMMITMENTS AS AT 30 JUNE 2014
9.1 Capital Commitments
Capital commitments for the Parent and Group at 30 June 2015 are $105,360 (2014: $214,000).
9.2 Pest Management Carry Forwards
TBfree enters into contractual arrangements for the completion of pest control operations.
The assessed cost to complete pest control operations that were not accrued, but had been contracted at 30
June 2015 is $0.97 million. (2014: $1.78 million). All of these operations will be completed within the following
financial year from funding contained within the 2015/16 year’s budget.
9.3 Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified
as operating leases. Operating lease payments are expensed on a straight-line basis over the periods of the leases.
The Group has entered into a number of non-cancellable operating leases for buildings, operating equipment
and motor vehicles. The Parent’s lease commitments include building and office equipment. The lease
commitments are based on current rentals. Future commitments at year end in respect of these are as follows:
Group
Parent
2014/2015
$000
2013/2014
$000
2014/2015
$000
2013/2014
$000
Property Leases 1,381 2,316 1,021 1,699
Vehicle Leases 354 489 - -
Office Equipment Leases 70 157 70 157
Total 1,805 2,962 1,091 1,856
Group
Parent
2014/2015
$000
2013/2014
$000
2014/2015
$000
2013/2014
$000
Less than One Year 1,182 1,293 740 765
Longer than One Year but No Longer than Two Years 580 1,128 348 740
Longer than Two Years but No Longer than Five Years 43 541 3 351
Total 1,805 2,962 1,091 1,856
9.4 Research Contracts
TBfree has entered into a number of funding agreements for research projects. The continued funding of these is subject
to performance reviews. Future commitments at year end in respect of these funding agreements are as follows:
Group
Parent
2014/2015
$000
2013/2014
$000
2014/2015
$000
2013/2014
$000
Less than One Year 1,082 1,971 - -
Longer than One Year but No Longer than Two Years 1,065 1,160 - -
Longer than Two Years but No Longer than Five Years 740 487 - -
Total 2,887 3,618 - -
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