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