NAIT implementation. Regulations developed on data access, compliance and those specific to deer

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1 Annual Report

2 NAIT implementation Planning and development NAIT Scheme Mandatory NAIT legislation developed and NAIT Ltd approved to deliver the NAIT scheme Regulations on NAIT obligations and exemptions developed Regulations developed on data access, compliance and those specific to deer Consultation on accreditation (Oct ) Accreditation and auditing of meat processors, saleyards and information providers Consultation on levies (Dec ) Levies in place Design, build and pilot of NAIT IT system Customer support and contact centre developed Customer support and contact centre is operational NAIT scheme is mandatory for cattle NAIT scheme is mandatory for deer Voluntary tagging of cattle Mandatory tagging of cattle Voluntary registration (PICA and location) to get NAIT number Mandatory (PICA and location) to get NAIT number Cattle registered and movements recorded with NAIT Compliance policy developed Compliance management Voluntary tagging of deer Mandatory deer tagging, registration and movement recording Communication and education campaign Planning and development Operational Operational on mandatory basis All timeframes are approximate and may change. 2

3 NAIT and its mission NAIT Limited is the industry-owned company responsible for implementing the NAIT scheme. Once the scheme is up and running, it will provide lifetime traceability for cattle and deer, enhance New Zealand s biosecurity response, and safeguard our New Zealand brand and farmers income. Our mission is to link people, property and livestock through high quality data and an easy to use system. NAIT Limited is governed by an independent board of directors and supported by a stakeholder reference group. We have three industry shareholders representing the beef, dairy and deer sectors. They are Beef + Lamb New Zealand Limited, DairyNZ Incorporated, and Deer Industry New Zealand. The stakeholder reference group provides an industry link between NAIT Limited s shareholders and board of directors. The group advises and makes recommendations to the NAIT Limited board on NAIT operational policy. It is also responsible for making recommendations to NAIT Limited s shareholders on appointments to the NAIT Limited board. The industry organisations represented are: Beef + Lamb New Zealand Limited Dairy Companies Association of New Zealand Deer Industry New Zealand DairyNZ Incorporated Federated Farmers of New Zealand Ministry of Agriculture and Forestry Meat Industry Association New Zealand Stock & Station Agents Association NAIT Limited s objective is to implement a national animal identification and tracing scheme for cattle and deer that will assure New Zealand s overseas markets that livestock disease can be quickly contained in the event of any biosecurity incidents. 3

4 From the Chairman The past year has been an important one for NAIT Limited. Since it was established in June 2010, it has appointed a chief executive and staff to implement the scheme. The initial objective of cattle tagging becoming mandatory in November has been delayed. Pending the passing of legislation early next year, cattle tagging and movement recording will be compulsory from mid This delay has been greeted with impatience by some and relief by others. In reality, the NAIT board and its staff cannot implement the scheme on its own. They need the support of farmers and their representative organisations to make sure it is practical, effective and cost efficient. This will ensure that the scheme works for the benefit of all, especially farmers. The role of NAIT Limited is to get the scheme up and running. Once that has been achieved, it will merge with the Animal Health Board. From 1 July 2013, the new organisation will combine the operations of both. This will reduce the duplication of services and create synergies. It has been an exciting challenge to develop NAIT to the point where it is poised for take off. My board and I appreciate the support of industry participants and the Government. We are also grateful to the staff of NAIT who have shown a strong commitment to the scheme. Finally, I would like to thank my fellow directors Lindsay Burton, Lesley Campbell, Jeff Grant and Steve Wakefield for all their work during the past year. We look forward to 2012, when we will finally see NAIT come to fruition. I have no doubt that the scheme s benefits will repay the support we have received. Ted Coats 4

5 Chief Executive s Report The chairman has outlined the significance of the past year, during which NAIT has developed from a theoretical concept into a functioning organisation. In addition to employing staff, NAIT has also engaged a company to create an information technology system and supporting database. This is a vital part of the National Animal Identification and Tracing scheme which, pending the passing of legislation, will become compulsory for cattle in July Deer are set to join the scheme on 1 March In the meantime, we are focussed on making the scheme as practical as possible for all participants. We are about to consult with farmers about the recovery of the costs for the scheme. This is required by legislation. Their feedback will complement discussions with our shareholders which have provided valuable financial and practical support during the scheme s development. We have also worked closely with the Ministry of Agriculture and Forestry to ensure that Government policy and legislation are effectively aligned with NAIT s proposed systems. Between now and July next year, the NAIT team will oversee the scheme s implementation. This will include the establishment of a call centre to handle enquiries. Information is already available on the NAIT website, one of a number of tools we have developed to explain and promote the benefits of NAIT. The board has provided wise and prudent counsel. I d particularly like to thank Ted Coats who, as the Chair, has provided strong leadership. I also appreciate the valuable advice and support he has given me during a sometimes challenging year. I d like to especially acknowledge the NAIT staff who have worked hard over the last 12 months to make NAIT a reality. Russell Burnard 5

6 Statement of Comprehensive Income FOR THE YEAR ENDED 30 JUNE Note Income Funding Contributions 2 2,620 Interest Income 8 Other Income Total income 2,934 Expenditure Personnel and consultancy costs 4 2,242 Travel and stakeholder management expenses 201 Operating expenditure Financial and legal costs 18 Operating lease 58 Property costs 28 Total expenditure 2,934 Net surplus/(deficit) 0 Other comprehensive income 0 Tax expense 3 Total comprehensive income for the period (3) Statement of Changes in Equity FOR THE YEAR ENDED 30 JUNE Share Capital Accummulated Losses Total Equity Balance 1 July 2010 (unpaid) Total comprehensive income for the period Deficit for the period (3) (3) Other comprehensive income Equity issued during the year 1 1 Total equity at 30 June 1 (3) (2) 6

7 Statement of Financial Position AS AT 30 JUNE Current Assets Note Cash and cash equivalents 583 Funding receivables Other receivables 18 Accrued Revenue 95 Total current assets 1,023 Total assets 1,023 Current Liabilities Creditors and other payables Employee entitlements 42 Funders Revenue Advances Tax payable 6 3 Total current liabilities 1,025 Equity 1,000 $1 (unpaid) 1 Accumulated Losses (3) Total Equity 2 Total equity and liabilities 1,023 The financial statements were authorised for issue by the Board of Directors on 1 September. Signed: Signed: EG (Ted) Coats SJ (Steve) Wakefield

8 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE 1. Significant accounting policies Reporting entity National Animal Identification and Tracing (NAIT) Limited NAIT is a company incorporated and domiciled in New Zealand and registered under the Companies Act NAIT is an industry owned company responsible for implementing New Zealand s National Animal Identification and Tracing scheme and is based in Wellington. Basis of preparation These financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with NZ IFRS and other applicable Financial Reporting Standards, as appropriate for public benefit entities that qualify for and apply differential reporting concessions. The Company qualifies for Differential Reporting exemptions as it has no public accountability and the Company is not considered large under the Framework for Differential Reporting. All available reporting exemptions allowed under the Framework for Differential Reporting have been adopted. Basis of measurement The financial statements have been prepared on a historical cost basis. Presentation currency The financial statements are presented in New Zealand dollars, and all values are rounded to the nearest thousand dollars (). Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. 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. Financial instruments NAIT is a party to financial instruments as part of its operation. Financial instruments carried in the Statement of Financial Position include cash and cash equivalents, receivables and payables. All financial assets and liabilities are measured at fair value plus transaction costs at recognition and subsequently at amortised cost or they are carried at fair value. 8

9 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE Cash and cash equivalents Cash includes cash on hand and funds on deposit with banks and is measured at face value and used in day to day cash management. Accounts receivable Receivables are measured at their cost less any impairment Share Capital Share Capital represents the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. Equal rights, no preferences and no restrictions are attached to the shares. No dividends were payable during the year. Accounts payable These amounts represent liabilities for goods and services provided to NAIT prior to the end of the financial year, which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Employee benefits Obligations for contributions to defined contribution pension plans are recognised as an expense in the Statement of Comprehensive Income as incurred. Employee entitlements Liabilities for wages and salaries, and annual leave, are recognised in the provision for employee benefits in respect of employees services up to the reporting date, and measured at the amounts expected to be paid when the liabilities are settled. Funders revenue advances Funding received from funding providers and not fully expended in the financial year has been recognised as a liability and held as Funders Revenue Advances in the Statement of Financial Position. Revenue Revenue recognition Revenue comprises revenue from Funding Agreements with the Ministry of Agriculture and Forestry (MAF), DairyNZ Incorporated, Beef + Lamb New Zealand Limited and Deer Industry New Zealand. Other income is for IT services provided to MAF towards the development of the NAIT IT system. 9 9

10 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE Revenue is recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, the costs incurred or to be incurred can be measured reliably, and when the criteria for each of NAIT s different activities have been met. These activity-specific recognition criteria are based on the goods or services provided to the customer and the contract conditions in each case. Finance income Finance income comprises interest income. Interest income is recognised using the effective interest method. Expenses Expenses are recognised in the Statement of Comprehensive Income upon utilisation of the service or at the date of their origin. Operating leases Payments made under operating leases are recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Lease incentives received are recognised in the Statement of Comprehensive Income over the lease term as an integral part of the total lease expense. 2. Funding Crown funding is made under a Cabinet Agreement of 19 January 2010 where it agreed to the development of NAIT through a collaborative industry-crown initiative. Industry funders entered into a Memorandum of Understanding with the Ministry of Agriculture and Forestry (MAF) to deliver the NAIT scheme. It was agreed the industry operational funding of NAIT would be shared as follows: DairyNZ Incorporated 53.5% Beef + Lamb New Zealand Limited 44.5% Deer Industry New Zealand 2.0% Crown revenue 1,809 DairyNZ Incorporated 434 Beef + Lamb New Zealand Limited 361 Deer Industry New Zealand Total funding 2,620 10

11 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE 3. Other Income NAIT contracted resources are working with MAF to develop a NAIT Information System. The costs of these contractors are recovered from MAF. Other income comprises: Reimbursement of resource costs 306 Total other income Personnel and Consultancy Costs Salaries and wages 699 Contractors and consultants 1,244 Directors fees 165 Stakeholder Reference Group fees 11 Other employee related costs 112 Employer contributions to defined contribution plan - Kiwisaver 11 Total Personnel and contractor costs 2, Operating Expenditure Operating expenditure is administration or other expenditure that supports the implementation of NAIT. Communications 210 IT costs 77 Printing and postage 15 Insurance 5 Audit fee 12 Service contracts 23 Other operating expenses 45 Total operating costs

12 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE 6. Taxation Reconciliation of effective tax rate Profit before tax 0 Tax at 30% 0 Written back for tax purposes: Annual Leave 3 Entertainment expenses 0 Tax expense 3 7. Accounts Receivable The carrying value of debtors and other receivables approximates their value. Related Party Debtors 327 Other receivables 18 Total receivables Creditors and other payables Creditors and other payables are non-interest bearing and are normally settled on 30-day terms. The carrying value of creditors and other payables therefore approximates their fair value. Creditors and accrued expenses

13 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE 9. Funders revenue advances Funds received by NAIT and not fully expended are held as revenue in advance to be held for future use. DairyNZ Incorporated 286 Beef + Lamb New Zealand Limited 237 Deer Industry New Zealand 11 Total funding revenue in advance Statement of Commitments as at 30 June There were no capital commitments at 30 June. Non-cancellable operating lease commitments NAIT has entered into a non-cancellable operating lease for its premises. The lease expires in 2012 with another 2 year right of renewal. Not later than one year 69 Later than one year and not later than five years - Later than five years Contingencies NAIT did not have any contingent liabilities as at 30 June. NAIT did not have any contingent assets as at 30 June. 13

14 Notes to the financial statements FOR THE YEAR ENDED 30 JUNE 12. Financial instruments by category NAIT s financial instruments by category are equivalent to the values disclosed in the Statement of Financial Position. Loans and receivables Cash and cash equivalents 583 Debtors and other receivables 345 Total loans and receivables 928 Financial liabilities measured at amortised cost Creditors and other payables 446 Total creditors and payables Related Parties No related party debts have been written off or forgiven during the year. MAF are purchasing the software developed by NAIT for the tracing of animals. In the year to 30 June MAF has reimbursed NAIT $306,242 excluding GST for resource costs and $92,688 including GST is due to NAIT. MAF has paid $1,808,734 excluding GST towards operational costs that has been incurred by NAIT. $131,790 including GST is due to NAIT. Beef + Lamb New Zealand Limited has paid $360,642 excluding GST towards operational costs that have been incurred by NAIT. $102,350 including GST is due to NAIT. $237,647 is currently recorded as revenue in advance in relation to Beef + Lamb New Zealand Limited and will be payable if NAIT ceases operations. Deer Industry New Zealand has paid $16,208 excluding GST towards operational costs that have been incurred by NAIT. There is no outstanding balance. $10,681 is currently recorded as revenue in advance in relation to Deer Industry New Zealand and will be payable if NAIT ceases operations. DairyNZ Incorporated has paid $433,580 towards operational costs that have been incurred by NAIT. There is no outstanding balance. $285,710 is currently recorded as revenue in advance in relation to DairyNZ Incorporated and will be payable if NAIT ceases operations. Revenue from related parties is deferred until it is spent. The balance of revenue in advance with related parties is disclosed in Note 9. 14

15 Directors remuneration The total sum of $165,000 for Directors Fees was approved by the Stakeholder Reference Group on the recommendation of the Board Chairman taking into account their respective chairing and committee responsibilities. Directors have also been remunerated for supplementary specialist work undertaken at the request of the Chief Executive. Edward Coats 45 Lindsay Burton 30 Lesley Campbell 30 Jeff Grant 30 Steve Wakefield 30 Total Directors Fees 165 Payments to Key Management Personnel Short term remuneration $250, Subsequent Events after balance date On 24 August, subsequent to initial scoping, MAF has signed a contract with Fronde Systems Group to develop the NAIT system which comprises a database and web solution that is integral to the long term operation of NAIT. Construction of the solution is scheduled to be completed by 1 July NAIT will face depreciation and capital charges on this system once it moves into production. 15

16 Independent Auditor s Report To the Shareholders of National Animal Identification and Tracing (NAIT) Limited Report on the Financial Statements We have audited the accompanying financial statements of National Animal Identification and Tracing (NAIT) Limited ( the company ) on pages 5 to 14. The financial statements comprise the statement of financial position as at 30 June, the statements of comprehensive income and changes in equity for the year then ended, and a summary of significant accounting policies and other explanatory information. Directors Responsibility for the Financial Statements The directors are responsible for the preparation of financial statements in accordance with generally accepted accounting practice in New Zealand that give a true and fair view of the matters to which they relate, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company s preparation of the financial statements that give a true and fair view of the matters to which they relate in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as well as evaluating the presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Other than in our capacity as auditors we have no relationship with, or interests in, the company. Opinion In our opinion the financial statements on pages 5 to 14: comply with generally accepted accounting practice in New Zealand; give a true and fair view of the financial position of the company as at 30 June and of its financial performance for the year then ended. Report on Other Legal and Regulatory Requirements In accordance with the requirements of sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993, we report that: we have obtained all the information and explanations that we have required; and in our opinion, proper accounting records have been kept by the Company as far as appears from our examination of those records. 1 September Wellington 16

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20 NAIT Limited, Level 4 Berl House, 108 The Terrace, PO Box , Wellington 6143 T F E info@nait.co.nz E

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