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Notes to the Financial Statements14 INVESTMENT IN ASSOCIATE AND JOINTLY CONTROLLED ENTITIES (CONTINUES)CybusWelTec and Universal College of Learning (UCOL)have a 50% interest in a joint venture, Cybus,which undertakes academic and support serviceson contract to the Le Cordon Bleu New ZealandInstitute Limited Partnership. The followingamounts on the right represent the group’s shareof the assets, liabilities, income and expenses ofthe joint venture:Group2012 Actual$0002012 Budget$0002011 Actual$000Investment in Cybus - - -AssetsGROUPCurrent assets 157 85 104Total assets 157 85 104LiabilitiesCurrent liabilities (157) (85) (104)Total liabilities (157) (85) (104)Income 825 1,143 363Expenses (825) (1,143) (363)Profit/(Loss) - - -Share of joint venture’s contingentliabilities- - -Share of joint venture’s commitments - - -Computer Power PlusWelTec and Whitireia Community Polytechnichave a 50% interest in a joint venture, ComputerPower Plus, which undertakes academic andsupport services on contract to Whitireia NewZealand Limited. The following amounts on theright represent the group’s share of the assets,liabilities, income and expenses of the jointventure:ParentInvestment in Computer Power Plus 140 - -GroupInvestment in Computer Power Plus 356 - -AssetsCurrent assets 703 - -Non current assets 111 - -Total assets 814 - -LiabilitiesCurrent liabilities (458) - -Total liabilities (458) - -Income 1,964 - -Expenses (1,748) - -Profit/(Loss) 216 - -Share of joint venture’s contingentliabilities- - -Share of joint venture’s commitments 149 - -70 | WELLINGTON INSTITUTE OF TECHNOLOGY
GROUPPARENT2012 Actual$0002012 Budget$0002011 Actual$0002012 Actual$0002012 Budget$0002011 Actual$00015 OTHER FINANCIAL ASSETSCurrentTerm deposits with maturities greater than3 months and remaining duration less than12 monthsNon Current3,500 - - 3,500 - -Loans to subsidiary - WelTec Connect Limited - - - - - 3,150Unlisted shares - in Polytechnics InternationalNew Zealand Limited (PINZ) (at cost)14 - - 14 - -3,514 - - 3,514 - 3,150Fair ValueLoans to related parties - loans to related parties were unsecured, non-interest bearing and were repayable on demand. On 24 April 2012 the Councilagreed to convert the $3.2m related party loan to WelTec Connect Limited to capital. During 2012 a further $1.3m of intercompany payable balances wasconverted to capital within WelTec Connect.Unlisted shares - unlisted shares are held in non-commercial entities and are carried at cost less impairment because either the fair value of the investmentcannot be reliably determined using a standardised valuation technique or due to cost not being materially different to fair value.16 PROPERTY, PLANT AND EQUIPMENTGROUP 2012 $000Land &BuildingsLeaseholdImprovementEquipmentHardwareFurniture& FittingsLibraryCollectionAssets underConstructionTotalGross Carrying AmountBalance as at 1 January 50,517 3,286 5,584 9,343 2,117 1,724 1,982 74,553Additions 1,474 5,188 368 973 115 197 878 9,193Disposals - - (385) (1,537) (4) - - (1,926)Reclassifications 85 1,785 45 - - - (1,869) 46Net revaluation increments/decrements(1,691) - - 22 - - (114) (1,783)Balance as at 31 December 50,385 10,259 5,612 8,801 2,228 1,921 877 80,083Accumulated DepreciationBalance as at 1 January - 3,274 1,960 6,281 1,710 1,189 - 14,414Depreciation Expense 1,471 144 774 1,700 226 219 - 4,534Disposals - - (359) (1,490) (4) - - (1,853)Reclassifications - - (17) 17 - - - -Net revaluation increments/decrements(1,471) - - - - - - (1,471)Balance as at 31 December - 3,418 2,358 6,508 1,932 1,408 - 15,624Net Book Value 50,385 6,841 3,254 2,293 296 513 877 64,4592012 ANNUAL REPORT | 71
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2012ANNUAL REPORTLACHLAN CLELLAND -
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Mission/KaupapaWellington Institute
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2012 SummaryADDING VALUE9489 STUDEN
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2012 SummaryFUNDINGEFTS BY SOURCEFU
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Aka ArthurAka Arthur, of Ngati Toa,
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James SmithCHIEF FINANCIALOFFICERPe
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Industry Advisory CommitteesAlcohol
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Whakarongo ake auKi te tangi a te m
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Minister for Tertiary Education, Sk
Page 20 and 21: 20 | WELLINGTON INSTITUTE OF TECHNO
Page 22 and 23: Ma wai raa, e tau rimaTe Whare Wana
Page 24 and 25: Scott Bregmen, teaching rhythm and
Page 28 and 29: Pasifika TradesPasifika students ga
Page 32 and 33: Qualification completion2010Actual2
Page 44 and 45: Staff attend WelTec Day in the Stud
Page 46 and 47: Our EnvironmentWe are proud to have
Page 48 and 49: National winnerHairdressing student
Page 50 and 51: Educational PerformanceActual 2011
Page 52 and 53: Business Plan PerformanceOur Busine
Page 54 and 55: Business Plan PerformanceCHALLENGE
Page 58 and 59: Statement of Comprehensive IncomeFo
Page 60 and 61: Balance SheetAs at 31 December 2012
Page 62 and 63: Notes to the Financial Statements1
Page 64 and 65: Notes to the Financial Statementsof
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Page 80 and 81: Notes to the Financial StatementsCa
Page 82 and 83: ResponsibilitiesIn the financial ye
Page 84 and 85: circumstances but not for the purpo
Page 88: Private Bag 39803Wellington Mail Ce
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