geoff hawkings - Waiariki Institute of Technology

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leases FINANCE LEASES Leases which effectively transfer to Waiariki Institute of Technology substantially all the risks and benefits of ownership of the leased item are classified as finance leases. These are capitalised at the lower of the fair value of the asset or the present value of the minimum lease payments. The leased assets and corresponding lease liabilities are recognised in the Statement of Financial Position. The leased assets are depreciated over the period Waiariki Institute of Technology is expected to benefit from their use on a straight line basis. statement of cash Flows Cash means cash balances on hand, held in bank accounts, demand deposits and other highly liquid investments in which Waiariki Institute of Technology invests as part of its day to day cash management. Operating activities include cash received from all income sources of the Institute and record the cash payments made for the supply of goods and services. Investing activities are those activities relating to the acquisition and disposal of non current assets. Financing Activities comprise activities that change the equity and debt capital structure of Waiariki Institute of Technology. Financial instruments Waiariki Institute of Technology is party to financial instruments as part of their normal operations. These financial instruments include bank accounts, investments, debtors, creditors and loans. All financial instruments are recognised in the statement of financial position and all revenues and expenses in relation to financial instruments are recognised in the statement of financial performance. Except for loans, which are recorded at cost, and those items covered by a separate accounting policy, all financial instruments are shown at their estimated fair value. cost of service statements The Cost of Service Statements, as provided in the Statements of Objectives and Service Performance, report the net cost of services for significant activities of Waiariki Institute of Technology and are represented by the costs of providing the service less all revenue that can be allocated to these activities. cost allocation Waiariki Institute of Technology has derived the net cost of service for each significant activity to Waiariki Institute of Technology using the cost allocation system outlined below. COST ALLOCATION POLICY Direct costs are charged directly to significant activities. Indirect costs are charged to significant activities based on cost drivers and related activity/usage information. CRITERIA FOR DIRECT AND INDIRECT COSTS “Direct Costs” are those costs directly attributable to a significant activity. “Indirect Costs” are those costs which cannot be identified in an economically feasible manner with a specific significant activity. COST DRIVERS FOR ALLOCATION OF INDIRECT COSTS The costs of internal services not directly charged to activities are allocated as overheads using appropriate cost drivers such as actual usage, Equivalent Full Time Students (EFTS), staff numbers and floor area. Direct costs assigned to significant activities Indirect costs accounted for 35.06% of Waiariki Institute of Technology ’s total costs in 2006 (35.44% in 2005, 35.36% in 2004 and 36.86% in 2003). changes in accounting Policies There have been no change in accounting policies since the date of last audited financial statements. The policies have been applied on basis consistent with prior years. 50 2006 ANNUAL REPORT
Statement of Financial Performance For the year ended 31 December 2006 revenue Actual Budget Actual Note 2006 2006 2005 $000s $000s $000s Income from bulk and other grants 1 15,970 15,863 16,696 Student tuition fees 2 5,958 6,551 7,211 Other Revenue 3 1,029 713 1,297 Access/Link Grants 995 1,135 984 Interest Income 261 90 195 Sawmill Trading Revenue 1,071 1,100 1,008 Income – Special Funds 293 269 Operating Revenue 25,577 25,452 27,660 Other Government Funding 1 1,778 Total Revenue 27,355 expenditure Cost of Services Expenditure 5 25,601 26,390 25,592 Sawmill Trading Expenditure 966 1,076 1,153 Expenditure from Special Funds 293 269 Total Cost of Operation 26,860 27,466 27,014 NET SURPLUS/(DEFICIT) FOR THE PERIOD 4 495 (2,014) 646 Statement of Movements in Equity For the year ended 31 December 2006 Actual Budget Actual Note 2006 2006 2005 $000s $000s $000s Opening Public Equity 29,334 29,334 28,688 Revaluation Reserve 9,231 - - Net Surplus/(Deficit) for the period 495 (2,014) 646 TOTAL PUBLIC EqUITY CARRIED FORWARD 39,060 27,320 29,334 The accompanying accounting policies and notes from pages 47 to 62 form an integral part of these financial statements. 2006 ANNUAL REPORT 51
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 and 50: Five Year Financial Performance Sum
Page 51: investments All investments are sta
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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