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Student AccommodationDuring 2012 the Council approved a business case for studentaccommodation in Wellington. Being able to offer accommodationwill help Council’s goal of growing the international student marketin Wellington. A suitable site was found and the Council approvedentering into a long-term lease for premises at 222 Willis Street.The building was gutted, earthquake strengthened and refurbishedat the start of 2013 and when complete will provide 280 beds in apurpose-designed and built high-standard facility. It is scheduled foroccupation in early 2014.Strong financial management and surplusat end of yearTotal SAC funding was achieved with the WelTec parent finishing2012 with an operating profit of $1.6m representing a 2.9 percentreturn. The Group result, incorporating WelTec and WelTec ConnectLtd, showed a 2.2 percent surplus equating to $1.2m. Total operatingrevenue at $55m, an increase of almost 5 percent over 2011 was verypleasing. The Schools of IT and Business had an outstanding yearachieving higher than budgeted domestic and international studentnumbers.Securing sources of other income remained a high priority. Theinstitute completed the year by showing an improvement in this areaby almost 30 percent more revenue compared with 2011. This waspartly attributable to the profit share from the investment in ComputerPower Plus. Offsetting this good result was marginally higher thananticipated costs of services, but crucially for a tertiary educationinstitution personnel costs were maintained to less than 60 percentof income.Net assets of almost $73m were maintained, with improvements inrelation to debt and income in advance. The year end cash positionof $8.7m represents a very good result as $7m was invested in 2012 inthe new School of Hospitality. The minimum 12.5 percent cash coverposition was exceeded with 25 percent achieved at year end.AcknowledgementsI thank my Council colleagues for their ongoing support and guidancethis year. On behalf of the Council, I again thank our Chief Executive,Dr Linda Sissons, who continues to lead WelTec with the wisdom andcourage for which she is widely recognised. With all its successes theyear was both rewarding and challenging. Linda’s leadership createsan environment that fosters achievement and engenders support forWelTec.More culinary accoladesIn 2012 WelTec again won the national Toque D’Orcooking competition, following on from success in2011. The Nestlé Toque d’Or is New Zealand’s longestrunningand most prestigious student cookery and foodservice event. It is held in 17 countries around the worldand has launched the careers of many world-famouschefs, including Jamie Oliver.WelTec students Beth Christieson and Wei Jun Leetriumphed over 20 culinary students from around NewZealand and the Pacific to create six covers of a threecoursemeal in just two-and-a-half hours. The team’sfront of house competitor Iain Charlton served the dishesto invited guests. The panel of judges included leadingchefs and culinary professionals.WelTec tutor and chef mentor Ray Morrell said themost important factor in the team’s win was teamwork.Students were supported not only by everyone on theSchool of Hospitality staff, but also by industry partners,including Shaun Clouston from Logan Brown.We owe this very successful year to a team of talented and dedicatedpeople. WelTec staff and management have worked hard to achievean outstanding result in 2012. Our students and our support in thecommunity are the evidence of that commitment.Hon Roger SowryONZMCouncil Chair2012 ANNUAL REPORT | 19