geoff hawkings - Waiariki Institute of Technology

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stateMent oF accounting Policies reporting entity Waiariki Institute of Technology was established as a Polytechnic under Section 162 of the Education Act 1989. The Institute changed its name during 1998 - previously it was known and traded as Waiariki Polytechnic. This annual report has been produced pursuant to Section 203 of the Education Act 1989, Section 41 of the Public Finance Act 1989 and generally accepted accounting practice. Measurement base The financial statements have been prepared on an historical cost basis, modified by the revaluation of certain fixed assets. accounting Policies The following accounting policies, which materially affect the measurement of results and financial position, have been applied: budget Figures The budget figures are those approved by Council on 19 April 2006. The budget figures have been prepared in accordance with generally accepted accounting practice and are consistent with the accounting policies adopted by the Council for the preparation of the financial statements. goods and services tax (gst) All items in the financial statements are exclusive of GST, with the exception of receivables and payables, which are stated GST inclusive. Where GST is not recoverable as an input tax then it is recognised as part of the related asset or expense. taxation Tertiary institutions are exempt from the payment of income tax as they are treated by IRD as charitable organisations. Accordingly, no provision for income tax has been made. revenue recognition Government Grants and Student Tuition Fees Government Grants are recognised as revenue when entitlement to the grants is established. Student tuition fees are recognised as revenue on a course percentage of completion basis. equity Equity is the community’s interest in Waiariki Institute of Technology and is measured as the difference between total assets and total liabilities. Public equity is disaggregated and classified into Accumulated Funds and Capital reserve which was a creation of the Council. It enables a clearer identification of the specified uses that the Council makes of its accumulated surpluses. capital reserve This is a component of equity. It was established by Council decision. Transfers to and from these reserves are at the discretion of the Council. accounts receivable Account receivables are stated at expected realisable value after providing for doubtful and uncollectable debts. 48 2006 ANNUAL REPORT
investments All investments are stated at the lower of cost and net realisable value. Any write-downs are recognised in the Statement of Financial Performance. inventories and Work in Progress Inventories are valued at the lower of cost (determined on a first-in, first-out basis) and net realisable value. This valuation includes allowances for slow moving and obsolete inventories. Work in progress is valued at cost price. employee entitlements Provision is made in respect of Waiariki Institute of Technology ‘s liability for annual leave. Fixed assets VALUATION a. All Fixed Assets The majority of our land and buildings were owned by the Ministry of Education. In accordance with generally accepted accounting practice, they have been included in our financial statements. All fixed assets excluding periodicals, library cassettes and text books and motor vehicles were valued by the firm of Rolle Limited MREINZ as at 31 December 2003. The basis of valuation was the fair value as per FRS-3. In 2006, only the land and buildings were revalued by Reid and Reynolds as at 30 October 2006. b. Depreciation Fixed Assets are depreciated at rates that will write off the cost or value of the assets over their estimated useful life. The depreciation rates used in the preparation of these statements are as follows: Equipment 2% - 100% straight line Furniture and Fittings 5% - 100% straight line Periodicals, Library Cassettes and Text Books 25% straight line Motor Vehicles 20% straight line Plant and Machinery 4% - 100% straight line Computers 20% - 100% straight line Buildings 2% - 33% straight line Work in Progress Not depreciated Course and Degree Development Cost 33% straight line Assets are depreciated from the date of purchase. assets under construction Capital Work in Progress is valued on the basis of expenditure incurred and Certified Gross Progress Claim Certificates up to balance date. Work in Progress is not depreciated. The total cost of a project is transferred to the relevant asset class on its completion and then depreciated. course and Degree Development costs Costs incurred on development of new courses are capitalised to the extent that such costs are expected to be recovered. Capitalised costs are amortised from the commencement of a particular course on a straight line basis over the period of their expected benefit, which is three years. 2006 ANNUAL REPORT 49
Page 3 and 4: contents DIRECTORY Waiariki Council
Page 5 and 6: Directory 2006 ANNUAL REPORT 3
Page 7 and 8: te Mana Mātauranga MeMbers For the
Page 9 and 10: oVerVieW 2006 ANNUAL REPORT 7
Page 11 and 12: The RADI partnership has completed
Page 13 and 14: I WOULD LIKE TO HIGHLIGHT SOME ADDI
Page 15 and 16: values poster which emerged from a
Page 17 and 18: oVerVieW oF Waiariki Waiariki Insti
Page 19 and 20: stateMent oF corPorate PerForMance
Page 21 and 22: strategic goal b : to be recogniseD
Page 23 and 24: strategic goal e : be a Desirable P
Page 25 and 26: Waiariki VALUES Mana Honour Prestig
Page 27 and 28: scHool PrograMMe anD PerForMance in
Page 29 and 30: school of engineering and rural stu
Page 31 and 32: Waiariki VALUES Spiritualism Wairua
Page 33 and 34: school of Forestry and Wood Process
Page 35 and 36: school of nursing and Health studie
Page 37 and 38: school of social science and educat
Page 39 and 40: te Pā karo a ihenga (school of Mā
Page 41 and 42: school of tourism and Hospitality -
Page 43 and 44: Waiariki institute of technology In
Page 45 and 46: Financial stateMents 2006 ANNUAL RE
Page 47 and 48: waiariki_auditors_report.pdf 23/4/0
Page 49: Five Year Financial Performance Sum
Page 53 and 54: Statement of Financial Performance
Page 55 and 56: Statement of Cash Flows For the yea
Page 57 and 58: Notes to and Forming Part of the Fi
Page 59 and 60: note 6: accumulated Funds 2006 2005
Page 61 and 62: note 13: accounts Payable and accru
Page 63 and 64: note 19: segmental information Waia
Page 65 and 66: 2006 Payments to Councillors Total
Page 67 and 68: Statement of Cost of Services schoo
Page 69 and 70: school of business and computing -
Page 71 and 72: academic Directorate - te aro kura
Page 73 and 74: stateMent oF resources 2006 ANNUAL
Page 75 and 76: stateMent oF HuMan resources Ka kii
Page 77 and 78: FurtHer stateMents 2006 ANNUAL REPO
Page 79 and 80: 3. information centre A team of Stu
Page 81 and 82: stateMent oF researcH 2006 saw a ma
Page 83 and 84: CONFERENCE PRESENTATIONS National c
Page 85 and 86: Peer esteem EDITORIAL BOARD MEMBERS
Page 87 and 88: Waiariki local aDVisory coMMittees
Page 89 and 90: Māori studies Materoa Brian Peni N

geoff hawkings - Waiariki Institute of Technology

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