2012 wintec annual report

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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.
WINTEC ANNUAL REPORT 2012 71 18 CHILDCARE SUMMARY Actual 2012 $’000 Budget 2012 $’000 Income Government grants (children under two) 217 170 154 Government grants (children over two) 75 124 110 Government grants (free Early Childhood Education) 290 251 224 Government grants (provisionally registered teachers) - - 6 Government grants (free subsidy) 43 36 33 Incentive grant - - 12 Fees Work and Income New Zealand (WINZ) 132 171 161 Other fees 106 69 67 Other Trading Income 864 822 766 Actual 2011 $’000 Expenses Staffing 621 627 631 Other Costs 67 81 76 Other Trading Expenses 689 708 707 Trading Surplus 176 114 60 Provisionally registered teachers (PRT) support grant There were no PRT grants received in 2012 (2011 $5,627). FINANCIAL PERFORMANCE 1 2 3 4 5 6 7 8 9 10
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2012 wintec annual report
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WINTEC ANNUAL REPORT 2012 5 OVERVIE
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WINTEC ANNUAL REPORT 2012 7 1995 La
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WINTEC ANNUAL REPORT 2012 09 Qualit
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In 2012 we drove further innovation
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We continued to develop relationshi
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6 4 2 1 3 7 5 Our Council On April
Page 19 and 20: WINTEC ANNUAL REPORT 2012 19 HIGHLI
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Page 32 and 33: Statement of Responsibility The Cou
Page 34 and 35: AUDIT REPORT (Continued) We did not
Page 36 and 37: STATEMENT OF FINANCIAL POSITION As
Page 38 and 39: STATEMENT OF CHANGES IN EQUITY As a
Page 40 and 41: STATEMENT OF CASH FLOWS (Continued)
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Page 82 and 83: The Investment Plan is Wintec’s f
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Page 86 and 87: EDUCATIONAL OUTCOMES Educational pe
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Page 90 and 91: CUSTOMERS AND STAKEHOLDERS (Continu
Page 92 and 93: RESEARCH Our research and commercia
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