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

5.COST OF SERVICES (BY NATURE OF EXPENDITURE)2009 2009 2008Actual Budget Actual$000 $000 $000Employee Benefit ExpensesKey Management Compensation:Short term employee benefits 1,484 1,495 1,684Council fees 75 85 85Staff Compensation:Short term employee benefits 23,815 24,092 24,228Associated Personnel Expenses 653 940 1,03226,027 26,612 27,029Operating ExpensesAdministrative Expenditure 8,777 8,409 9,860Class Materials 2,524 2,483 2,396Operating Leases 1,592 1,598 1,975Interest on Loans - 49 -FINANCIAL STATEMENTSBad Debts written off 45 60 50Provision for Doubtful Debts Expense 31 - 68Remuneration of External Auditors 97 71 76Loss on Disposal of Assets 3 - 10Depreciation 5,143 5,575 5,010Amortisation 497 599 412Non Operating Items18,709 18,844 19,856Loss on revaluation 513 - -Non-current asset write down - 650 597Restructuring 92 - 681Efficiencies project 183 200 472Other 20 - 29808 850 1,779Cost of Services 45,544 46,305 48,6656.TRADE AND OTHER RECEIVABLESTrade receivables 511 346 726Student receivables 5,357 3,771 3,824Tertiary Education Commission receivable - - 763Provision for doubtful debt (163) (64) (132)5,705 4,054 5,181The average credit period on all receivables is 60 days. A provision has been made for estimated irrecoverable amounts based on the statusof individual receivable balances as at 31 December 2009. Bad debts are written off when identified.WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT39