2012 wintec annual report

NOTES TO THE
FINANCIAL STATEMENTS
For the year ended 31 December 2012.
Steven Tucker is Chair of the Wintec Finance and Audit Committee and Deputy CEO of Gallagher Group Ltd. During the year Wintec received
$20,000 for advertising space in Wintec’s magazine, $1,132 for venue hire and $1,488 for student fees from the Gallagher Group.
Mark Flowers is a director of Polytechnics International (NZ) Ltd. During 2012 Polytechnics International (NZ) Ltd paid Wintec $4,779 for
directors fees and travel from Hamilton to Wellington for directors meetings.
Clint Baddeley is a Wintec Council member, as well as a Councillor for Waikato District Council. During the year Wintec received $604 from
Waikato District Council for student fees.
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 2012 and 2011 are unsecured and settlement occurs in cash.
There have been no guarantees provided or received for any related party receivables.
CONSOLIDATED
2012
$’000
2011
$’000
2012
$’000
PARENT
2011
$’000
Key management personnel compensation
Short term benefits (salary) 2,218 1,902 1,887 1,902
Employee welfare expenses - - - -
Post-employment benefits - - - -
Total 2,218 1,902 1,887 1,902
Key management personnel includes all members of the senior executive.
While Councillors are considered key management personnel, their fees have been separately presented in note 23.