Wintec Annual Report 2009

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FINANCIAL PERFORMANCE NOTES TO THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 31 DECEMBER 2009 18 COMMITMENTS AND CONTINGENCIES Operating lease commitments - institute as lessee The institute has entered into commercial leases on certain motor vehicles and items of small machinery where it is not in the best interest of the institute to purchase these assets. These leases have an average life of between 4 and 10 years with renewal terms included in the contracts. Renewals are at the option of the specific entity that holds the lease. There are no restrictions placed upon the lessee by entering into these leases. Future minimum rentals payable under non-cancellable operating leases as at 31 December are as follows: CONSOLIDATED PARENT 2009 2008 2009 2008 $000 $000 $000 $000 Within one year 1,439 1,156 1,439 1,156 After one year but not more than five years 5,179 4,443 5,179 4,443 More than five years 23,140 16,510 23,140 16,510 Total non-cancellable operating leases 29,758 22,109 29,758 22,109 These commitments include the lease with Tainui for the City Campus land. The term of the lease is 20 years with further rights of renewal of 20 years. In regards to this and the other campus leases, it is assumed that all rights of renewal will be exercised. Finance lease and hire purchase commitments The Institute has no finance leases or hire purchase contracts. Capital commitments At 31 December 2009 the institute had commitments of $19.534 million (2008: $19.151 million). These consisted of contracts for the Avalon Hub and F Block buildings. The work related to the capital commitments may be ceased or varied by Wintec at any time in the event that something unforeseen happens to Wintec’s position. In April 2008, the institute entered into an agreement with Sports Waikato whereby it has the right to buy the building that Sports Waikato has built on the Wintec Campus. Sports Waikato also has the right to require the institute to buy the building. These rights are exercisable in April 2013. The purchase price at the time will be the market value of the building with a minimum purchase price of the certified construction cost. The minimum purchase price is included in the capital commitments figures above as this is the most reliable estimate currently available. Contingent assets The Institute and group has no contingent assets (2008: Nil). Contingent liabilities The Institute and group has no contingent liabilities (2008: Nil). 74 _ Wintec Annual Report 2009
FINANCIAL PERFORMANCE NOTES TO THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 31 DECEMBER 2009 19 RELATED PARTY DISCLOSURE The Institute is the parent of the group and controls seven entities and has significant influence over two others (refer Note 24). The Institute and group enters into transactions with government departments, state-owned enterprises and Crown entities. Those transactions that occur within a normal supplier or client relationship on terms and conditions no more or less favourable than those which it is reasonable to expect the Institute and group would have adopted if dealing with that entity at arm’s length in the same circumstances have not been disclosed. RELATED PARTY TRANSACTIONS WITH SUBSIDIARIES AND ASSOCIATES. 2009 2008 $000 $000 SUBSIDIARIES Wintec Foundation Debtor for services provided by the institute 27 - Soda Inc Limited Services provided to the institute 1 - Services provided by the institute 7 - Debtor for services provided by the institute 192 - Prima Group Limited Services provided to the institute 119 - Debtor for services provided by the institute 187 Prima Limited No related party transactions were entered into during the year - - Learning Works Limited Debtor for services provided by the institute 385 - Wintec Education and Training Limited No related party transactions were entered into during the year - - Waikato International Limited No related party transactions were entered into during the year - - Wintec Annual Report 2009 _ 75
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Wintec Annual Report 2009
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OVERVIEW Overview of Wintec AS AN A
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OVERVIEW 1995 Land is purchased on
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OVERVIEW Chair & Chief Executive’
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OVERVIEW 9 _ Wintec Annual Report 2
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CHAIR & CHIEF EXECUTIVE’S REPORT
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OVERVIEW Highlights 13 _ Wintec Ann
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HIGHLIGHTS HIGH SPEED CONNECTION TO
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HIGHLIGHTS ENHANCING ACADEMIC QUALI
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HIGHLIGHTS MEETING THE NEEDS OF EMP
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HIGHLIGHTS RELEVANT RESEARCH AND TE
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Page 87 and 88: EQUAL OPPORTUNITIES EQUAL OPPORTUNI
Page 89 and 90: EQUAL OPPORTUNITIES EQUAL EDUCATION
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Wintec Annual Report 2009

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