Annual Report 2009 (PDF 2 MB) - Wellington Institute of Technology

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STUDENT SUCCESSThe Tertiary Education Commission (TEC) introduced a newfocus on successful course completions and qualifications, andparticularly focussed on young students studying at higher levels.We were pleased to record strong improvements in thesecategories from 2008 – 2009. The smallest improvement was alift of five percentage points in qualification completion rates forLevel 4 and above qualifications; the largest a lift of 19 percentagepoints in successful qualification completions at Level 4 andabove for young people under 25.We were able to raise the percentage of successful completionsfor our most at risk student groups (those with no formalsecondary qualifications, Pasifika, Maori) by between 6 and 9percentage points over the 2008 year.The trend to providing more opportunities at levels 4-7 on theNational Qualifications Framework continued, with 72% of allstudents enrolled in programmes at those levels.In 2009 WelTec achieved 4465 Equivalent Full Time Students(EFTS) and focused on building staff capability through astructured professional development programme. Excellentfinancial management and strong controls on expenditure wererewarded by a “Low” risk rating issued by the Tertiary EducationCommission, and culminated in the conversion to equity of thefinal Crown loan tranche. These are both significant achievementsfor WelTec.Return on investment/assets (net surplus/total assets) was 4.8%with a net surplus of $3.7m (representing 7.6% of total revenue).Our operating expenses per EFTS fell as we had strong controlson expenditure in place. Other efficiencies included improvingour academic staff to EFTS ratio.All key performance targets articulated in the SustainabilityBusiness Case were met. These financial disciplines havebecome part of our approach to business as usual.To facilitate containing personnel costs, Human Resourcesfocused on improving management reports on: personnel costs;staff leave liability; and FTE numbers. This greatly assistedmanagers in the overall result of personnel costs being kept withinbudget and accurate recording of staff leave.Through sound financial management in 2009 we haveestablished a strong platform on which we can build to targetimproved performance in key areas such as student completions,achieving a greater share of the international market by buildingour graduate diploma market particularly for internationalstudents, and building capability within our organisation.2009 was the kind of year that for many organisations, threwup more questions than answers. But through it all WelTec hasthrived.This is true testament to the dedication of the Council,management, staff and students at WelTec who are focused onproducing graduates who will participate in the transformation ofNew Zealand to a knowledge-based economy.Thank you all for thinking outside the box.Dr Linda SissonsChief ExecutiveWelTecCHIEF EXECUTIVE’S REPORTRichard Taylor, Oscar winner and co-creator of enterprising New Zealanddigital-effects company WETA, spoke of opportunity and innovationwhen he was presented with a WelTec Honorary Bachelor of CreativeTechnologies at the 2009 graduation ceremony.Taylor is a man symbolic of the successes of cutting-edge technologyand forward thinking. With regard to the route WelTec is taking, his wordsseemed particularly apt.WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT11
ResponsibilitiesRESPONSIBILITIESIn the financial year ended 31 December 2009, the Council and management of Wellington Institute ofTechnology were responsible for: and the judgments used therein. reasonable assurance, as to the integrity and reliability of financial reporting.In the opinion of Council and management of Wellington Institute of Technology, the financial statements andstatement of service performance for the year ended 31 December 2009 fairly reflect the financial positionand operations of Wellington Institute of Technology.P PRESTONCHAIRPERSON7 APRIL 2010L SISSONS (DR)CHIEF EXECUTIVE7 APRIL 201012WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT
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Annual Report 2009 (PDF 2 MB) - Wellington Institute of Technology

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