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

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Statement of Cash FlowsFor the year ended 31 December 2009Note 2009 2009 2008Actual Budget Actual$000 $000 $000Cash flows from operating activitiesReceipts from customers 50,120 47,238 46,150Interest received 863 361 614Payments to suppliers and employees (40,423) (39,014) (42,264)GST paid (214) (49) (5)Net cash provided by/(used in) operating activities 18 10,346 8,536 4,495Cash flows from investing activitiesMaturity of term investment 4,150 - -Proceeds from sale of property, plant and equipment 7 50 86Payment for property, plant and equipment (8,457) (17,426) (7,996)Payment for intangible assets (131) (307) (280)FINANCIAL STATEMENTSNet cash provided by/(used in) investing activities (4,431) (17,683) (8,190)Cash flows from financing activitiesProceeds from equity injection - - 385Proceeds from borrowings - 3,650 -Net cash provided by financing activities - 3,650 385Net increase (decrease) in cash and cash equivalents 5,915 (5,497) (3,310)Cash and cash equivalents at the beginning of the financial year 6,077 10,227 9,387Cash and cash equivalents at the end of the financial year 18 11,992 4,730 6,077Represented by:Cash at bank and in hand 1,842 580 1,077Term deposits - ASB Bank 8,150 - 2,000Term deposits - BNZ 2,000 4,150 -Term deposits - Citibank - - 2,000Term deposits - National Bank - - 1,00011,992 4,730 6,077WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT37
Notes to the Financial Statements2009 2009 2008Actual Budget Actual$000 $000 $0001.GOVERNMENT GRANTSStudent Component Funding 18,609 18,495 17,317FINANCIAL STATEMENTSBase Funding 7,987 7,866 5,202Grants 1,696 1,593 2,93828,292 27,954 25,4572.TERTIARY FEESDomestic Students 9,256 8,307 8,134International Students 4,245 4,672 3,50413,501 12,979 11,6383.CONTRACT INCOMEContract Students 3,734 4,288 4,312Contract Income 551 250 3,2454,285 4,538 7,557Contract Income for 2008 includes $0.9M of QRP capital funding received under an agreement negotiated in 2006 with the TEC. In April2009 the TEC advised all ITP's that QRP payments in relation to 2008 capital funding were sourced from a Capital Appropriation as opposedto an Expenditure Appropriation as had been the case in 2007. The TEC requested that ITP's reflect the funding as a capital contributionrather than as revenue due to this fact. Wellington Institute of Technology did not adopt this accounting treatment for the 2008 annual reportand as a result a qualified audit report was issued.4.TRADING INCOMERecovery Income 1,026 1,004 1,137Trading Sales 197 240 423Early Childhood 564 552 587Gifted Assets 63 - -Other Income 813 220 1,449Interest on Bank deposits 550 361 1,0383,213 2,377 4,63438WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT
Page 4 and 5: New Strategic Alliance with Metro G
Page 6 and 7: In August, the Government introduce
Page 10 and 11: STUDENT SUCCESSThe Tertiary Educati
Page 13 and 14: Advisory Committees 2009ADVISORY CO
Page 15 and 16: STATEMENT OF OBJECTIVES AND SERVICE
Page 27 and 28: Wellington Institute of TechnologyS
Page 29 and 30: Impairment of AssetsAt each reporti
Page 31 and 32: DepreciationDepreciation has been p
Page 33 and 34: Income StatementFor the year ended
Page 35: Balance SheetAs at 31 December 2009
Page 39 and 40: 2009 2009 2008Actual Budget Actual$
Page 41 and 42: 2009 2009 2008Actual Budget Actual$
Page 43 and 44: Section (a) reconciles the reported
Page 45 and 46: 23. LEASES(a) Leasing arrangementsW
Page 47 and 48: AUDIT REPORT48WELLINGTON INSTITUTE
Page 49 and 50: AUDIT REPORT50WELLINGTON INSTITUTE

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

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