Wintec Annual Report 2009

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FINANCIAL PERFORMANCE NOTES TO THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 31 DECEMBER 2009 19 RELATED PARTY DISCLOSURE (CONT) RELATED PARTY TRANSACTIONS WITH SUBSIDIARIES AND ASSOCIATES (CONT) 2009 2008 $000 $000 ASSOCIATES Vital English Limited Services provided to the institute 6 - Services provided by the institute 304 - Debtor for services provided by the institute 230 - Hamilton Fibre Network Limited Share of income recognised 1,057 - Share of loss recognised 219 - Unsecured loans payable to the institute 892 816 During the year, the Institute and group purchased services from Hamilton City Council on which Council Chairperson, Gordon Chesterman is a Councillor. These services cost $230,667 (2008 $162,872) and were supplied on normal commercial terms. There is a balance of $6,153 (2008 $0). During the year, the institute and group provided services to the value of $2,138 to the Students Residence Trust of which Councillor Aaron Rink is a trustee. 76 _ Wintec Annual Report 2009
FINANCIAL PERFORMANCE NOTES TO THE FINANCIAL STATEMENTS (CONT) FOR THE YEAR ENDED 31 DECEMBER 2009 19 RELATED PARTY DISCLOSURE (CONT) Terms and conditions of transactions with related parties Providing of ancillary services to and purchases from related parties are made in arm’s length transactions at both normal market prices and normal commercial terms. Outstanding balances at 31 December 2009 and 2008 are unsecured and settlement occurs in cash. The balances are included as part of student fees and other receivables in the Statement of Financial Position. There have been no guarantees provided or received for any related party receivables. For the year end 31 December 2009, the Institute has not raised any provision for doubtful debts relating to amounts owed by related parties as the payment history has been excellent (2008: $nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. When assessed as required the Institute raises such a provision. CONSOLIDATED PARENT 2009 2008 2009 2008 $000 $000 $000 $000 Key management personnel compensation - - - - Short term benefits 1,502 1,638 1,502 1,638 Employee welfare expenses - - - - Post employment benefits - - - - 1,502 1,638 1,502 1,638 Key management personnel includes all members of the Senior Executive and Council. Wintec Annual Report 2009 _ 77
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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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HIGHLIGHTS ‘ WE RECEIVED THE GLOB
Page 25 and 26: HIGHLIGHTS ‘ KIA HORA TE MARINO K
Page 27 and 28: HIGHLIGHTS WORKING WITH OTHER EDUCA
Page 29 and 30: OVERVIEW Financial Performance 29 _
Page 31 and 32: FINANCIAL PERFORMANCE
Page 33 and 34: FINANCIAL PERFORMANCE STATEMENT OF
Page 37 and 38: FINANCIAL PERFORMANCE CASH FLOW STA
Page 41 and 42: FINANCIAL PERFORMANCE NOTES TO THE
Page 75: FINANCIAL PERFORMANCE NOTES TO THE
Page 83 and 84: FINANCIAL PERFORMANCE 2009 STATEMEN
Page 85 and 86: FINANCIAL PERFORMANCE 2009 STATEMEN
Page 87 and 88: EQUAL OPPORTUNITIES EQUAL OPPORTUNI
Page 89 and 90: EQUAL OPPORTUNITIES EQUAL EDUCATION
Page 92: www.wintec.ac.nz
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Wintec Annual Report 2009

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