2012 wintec annual report

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NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2012. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to Standard and Poor’s credit ratings (if available) or to historical information about counterparty default rates: CONSOLIDATED PARENT 2012 $’000 2011 $’000 2012 $’000 2011 $’000 COUNTERPARTIES WITH CREDIT RATINGS Cash at bank and term deposits AA - - - - AA- 1,339 (3,111) (65) (4,992) Total cash at bank and term deposits 1,339 (3,111) (65) (4,992) COUNTERPARTIES WITHOUT CREDIT RATINGS Loans to related parties Existing counterparty with no defaults in the past - - - - Existing counterparty with defaults in the past - - - - Total loans to related parties - - - - Debtors and other receivables Existing counterparty with no defaults in the past 12,248 12,717 13,887 14,639 Existing counterparty with defaults in the past - - - - Total debtors and other receivables 12,248 12,717 13,887 14,639 Liquidity risk Management of liquidity risk Liquidity risk is the risk that the Institute and Group will encounter difficulty raising liquid funds to meet commitments as they fall due. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. Flexibility in funding is maintained by keeping committed credit lines available. The Institute and Group have a maximum amount that can be drawn down against their overdraft facility of $5m (2011 $5m). This facility can be used for a maximum period of 90 days in any twelve month period. The Institute and Group manages liquidity risk by continuously monitoring forecast and actual cash flow requirements and matching the maturity profiles of financial assets and liabilities for 2012.
WINTEC ANNUAL REPORT 2012 75 Contractual maturity analysis of financial liabilities, excluding derivatives The table below analyses financial liabilities (excluding derivatives) into relevant maturity groupings based on the remaining period at the balance date to the contractual maturity date. Future interest payments on floating rate debt are based on the floating rate on the instrument at the balance date. The amounts disclosed are the contractual undiscounted cash flows. Carrying amount $’000 Contractual cashflows $’000 3 years $’000 Institute 2012 Bank overdraft 72 72 72 - - - - Creditors and other payables 6,656 6,656 6,656 - - - - Accrued pay 334 334 334 - - - - Secured loans 7,240 7,240 - 80 - - 7,160 Total 14,302 14,302 7,062 80 - - 7,160 Group 2012 Bank overdraft - - - - - - - Creditors and other payables 7,717 7,717 7,717 - - - - Accrued pay 334 334 334 - - - - Secured loans 7,240 7,240 - 80 - - 7,160 Total 15,291 15,291 8,051 80 - - 7,160 Institute 2011 Bank overdraft 5,000 5,000 5,000 - - - - Creditors and other payables 5,577 5,577 5,577 - - - - Accrued pay 819 819 819 - - - - Secured loans 8,044 8,044 - - - - 8,044 Total 19,440 19,440 11,396 - - - 8,044 FINANCIAL PERFORMANCE Group 2011 Bank overdraft 4,996 4,996 4,996 - - - - Creditors and other payables 5,779 5,779 5,779 - - - - Accrued pay 819 819 819 - - - - Secured loans 8,044 8,044 - - - - 8,044 Total 19,638 19,638 11,594 - - - 8,044 Contractual maturity analysis of derivative financial liabilities The Institute and Group do not have derivative financial liabilities. 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
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WINTEC ANNUAL REPORT 2012 19 HIGHLI
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WINTEC ANNUAL REPORT 2012 21 The ac
Page 23 and 24: WINTEC ANNUAL REPORT 2012 23 World
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Page 27 and 28: WINTEC ANNUAL REPORT 2012 27 EQUAL
Page 29: WINTEC ANNUAL REPORT 2012 29 Equal
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)
Page 42 and 43: NOTES TO THE FINANCIAL STATEMENTS F
Page 82 and 83: The Investment Plan is Wintec’s f
Page 84 and 85: PARTICIPATION AND PROVISION (Contin
Page 86 and 87: EDUCATIONAL OUTCOMES Educational pe
Page 88 and 89: EDUCATIONAL OUTCOMES (Continued) In
Page 90 and 91: CUSTOMERS AND STAKEHOLDERS (Continu
Page 92 and 93: RESEARCH Our research and commercia
Page 94 and 95: FINANCE, CAPITAL ASSETS AND PERFORM
Page 96 and 97: FINANCE, CAPITAL ASSETS AND PERFORM
Page 98 and 99: TEACHING AND LEARNING AND CAPABILIT
Page 101 and 102: WINTEC ANNUAL REPORT 2012 101 ackno
Page 103 and 104: WINTEC ANNUAL REPORT 2012 103 Hamil
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