Wintec Annual Report 2009

FINANCIAL PERFORMANCE
NOTES TO THE FINANCIAL STATEMENTS (CONT)
FOR THE YEAR ENDED 31 DECEMBER 2009
21 EVENTS AFTER THE BALANCE SHEET DATE
No significant events occurred after balance date requiring adjustments
to any amount recognised in the financial report.
22 AUDITORS’ REMUNERATION CONSOLIDATED PARENT
2009 2008 2009 2008
$000 $000 $000 $000
Audit of financial statement 88 86 88 86
Prior year audit costs 23 - 23 -
Internal audit services not provided by Audit NZ 104 203 104 203
Other services - - - -
215 289 215 289
23 PERFORMANCE AGAINST BUDGET
Revenue was above budget by $4.6m. TEC funding was higher due to replacing contracted EFTS with
higher value core EFTS. Domestic and International tuition fees were higher than budgeted due to the
achievement of higher than expected EFTS in all areas Investment income was also higher than budget
due to higher than expected cash balances being held.
Costs have exceeded budget by $2.9m, primarily due to increased operating costs associated with the
achievement of the additional revenue e.g. additional overseas commission, additional costs associated
with delivering increased EFTS etc.
There was also increased salary costs associated with servicing the additional EFTS as well as higher
than expected restructuring costs and leave accrual.
Wintec Annual Report 2009 _ 79