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

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Rendering of servicesRevenue from a contract to provide services is recognised by reference to the stage of completion of the contract atthe balance sheet date.Interest revenueInterest revenue is recognised on a time-proportionate basis that takes into account the effective yield on thefinancial asset.TaxationTertiary institutions are exempt from payment of income tax, as they are treated by the Inland Revenue Department ascharitable organisations. Accordingly, no income tax is provided for.CHANGES IN ACCOUNTING POLICIESThere have been no changes in accounting policies in 2009. (2008, no changes.)ACCOUNTING STANDARDS IN ISSUEThe following Standard was in issue but not yet effective as at 31 December 2009:FINANCIAL STATEMENTSSTANDARD/INTERPRETATIONEFFECTIVE DATENZ IAS 24 Amendment - Related Party Disclosures Annual periods commencing onor after 1 January 2011The amendments to NZ IAS 24 will be adopted by Wellington Institute of Technology for the first time for its financialreporting period ending 31 December 2011. The amendment to NZ IAS 24 simplifies the definition of a related party,clarifying its intended meaning and eliminating inconsistencies from the definition. The amendment is not expectedto have any impact on the Wellington Institute of Technology’s accounting policies.WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT33
Income StatementFor the year ended 31 December 2009Note 2009 2009 2008Actual Budget Actual$000 $000 $000Operating IncomeGovernment Grants 1 28,292 27,954 25,457FINANCIAL STATEMENTSTertiary Fees 2 13,501 12,979 11,638Contract Income 3 4,285 4,538 7,557Trading Income 4 3,213 2,377 4,634Total Operating Income 49,291 47,848 49,286Cost of ServicesEducation Outcomes 34,164 34,643 35,089Self Supporting 506 539 696Transformation 2,615 2,430 4,033Significant Assets 8,259 8,644 8,847Finance - 49 -Total Cost of Services 5 45,544 46,305 48,665Profit 3,747 1,543 621Statement of Comprehensive IncomeFor the year ended 31 December 2009Note 2009 2009 2008Actual Budget Actual$000 $000 $000Profit 3,747 1,543 621Gain/(loss) on equipment revaluation - - (136)Gain/(loss) on property revaluation 386 - 4,219Total comprehensive income 4,133 1,543 4,70434WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT
Page 4 and 5: New Strategic Alliance with Metro G
Page 6 and 7: In August, the Government introduce
Page 10 and 11: STUDENT SUCCESSThe Tertiary Educati
Page 13 and 14: Advisory Committees 2009ADVISORY CO
Page 15 and 16: STATEMENT OF OBJECTIVES AND SERVICE
Page 27 and 28: Wellington Institute of TechnologyS
Page 29 and 30: Impairment of AssetsAt each reporti
Page 31: DepreciationDepreciation has been p
Page 35 and 36: Balance SheetAs at 31 December 2009
Page 37 and 38: Notes to the Financial Statements20
Page 39 and 40: 2009 2009 2008Actual Budget Actual$
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Page 45 and 46: 23. LEASES(a) Leasing arrangementsW
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Annual Report 2009 (PDF 2 MB) - Wellington Institute of Technology

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