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

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2008 Actual $000Accumulated DepreciationLand &BuildingsLeaseholdImprovements Equipment HardwareFurniture &FittingsLibraryCollectionAssets underConstructionTotalBalance as at 1 January - 4,690 614 1,250 1,015 375 7,944Depreciation expense 1,293 1,109 1,003 1,298 127 180 - 5,010Disposals - (856) (44) (5) - - - (905)Reclassifications - - - - - - - -Net revaluation decrements (1,293) - - - - - - (1,293)Balance as at 31 December - 4,943 1,573 2,543 1,142 555 - 10,756Net Book Value 42,840 3,198 5,338 2,689 584 550 154 55,353Land and buildings carried at fair valueAn independent valuation of the land and buildings was performed by Darroch Limited, registered independent valuers as at 31 December2009. This valuation of campus buildings was completed using the depreciation replacement cost methodology. This methodology is anacceptable estimate of fair value due to the lack of market-based evidence for education delivery purposes.10. INTANGIBLE ASSETS$000 SoftwareGross Carrying AmountCourseDevelopment2009 2008Assets underConstruction Total SoftwareCourseDevelopmentAssets underConstructionTotalFINANCIAL STATEMENTSBalance as at 1 January 1,577 973 - 2,550 1,379 851 12 2,242Additions 3 - 127 130 199 122 - 321Disposals - - - - (1) - (12) (13)Reclassifications - - - - - - - -Net revaluation increments - - - - - - - -Balance as at 31 December 1,580 973 127 2,680 1,577 973 - 2,550Accumulated AmortisationBalance as at 1 January 1,254 256 - 1,510 1,085 13 - 1,098Amortisation Expense 176 321 - 497 169 243 - 412Disposals - - - - - - - -Reclassifications - - - - - - - -Net revaluation increments - - - - - - - -Balance as at 31 December 1,430 577 - 2,007 1,254 256 - 1,510Net Book Value 150 396 127 673 323 717 - 1,0402009 2009 2008Actual Budget Actual$000 $000 $00011. TRADE AND OTHER PAYABLESTrade payables 2,901 3,060 3,383Student component funding payable 35 - -Goods and services tax (GST) payable 851 508 8603,787 3,568 4,243WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT41
2009 2009 2008Actual Budget Actual$000 $000 $00012. OTHER FINANCIAL LIABILITIESStudent income in advance 5,855 3,519 4,469Other income in advance 379 19 466,234 3,538 4,51513. CURRENT PROVISIONSFINANCIAL STATEMENTSEmployee benefits 2,081 2,040 2,0462,081 2,040 2,04614. NON CURRENT PROVISIONSEmployee benefits 181 164 164Leased premises fit-out reinstatement:Opening balance 923 812 818Capitalised during the period 62 - 105Leased premises fit-out reinstatement balance at end of financial year 985 812 9231,166 976 1,08715. CROWN EQUITYNotional Equity 19,712 19,712 19,712Received EquityOpening balance 14,970 15,000 14,585Crown loan Tranche B transferred from Suspensory Equity 4,150 4,150 -ITP Distinctive Contribution Equity Injection - - 385Received Equity closing balance 19,120 19,150 14,970Suspensory EquityOpening balance 4,150 4,150 4,150Crown loan Tranche B transfer to Received Equity (4,150) (4,150) -Suspensory Equity closing balance - - 4,150Crown Equity at end of financial year 38,832 38,862 38,832Notional EquityNotional Equity represents the carrying value of Crown-owned land and buildings at the date the Crown vested all the normal risks andrewards of ownership to Wellington Institute of Technology.Received and Suspensory EquityWellington Institute of Technology entered into a new loan agreement with the Crown on 27 July 2007. Under this agreement previous loansfrom the Crown were restructured into two Tranches. Tranche A totalling $8.6M was converted to equity in 2007. Tranche B totalling $4.15M,treated as suspensory equity in 2008 has been capitalised in 2009 with Wellington Institute of Technology achieving the agreed conversioncriteria, including the delivery of efficiency savings totalling in excess of $4.15M at the end of 2009.42WELLINGTON INSTITUTE OF TECHNOLOGY | 2009 ANNUAL REPORT
Page 4 and 5: New Strategic Alliance with Metro G
Page 6 and 7: In August, the Government introduce
Page 10 and 11: STUDENT SUCCESSThe Tertiary Educati
Page 13 and 14: Advisory Committees 2009ADVISORY CO
Page 15 and 16: STATEMENT OF OBJECTIVES AND SERVICE
Page 27 and 28: Wellington Institute of TechnologyS
Page 29 and 30: Impairment of AssetsAt each reporti
Page 31 and 32: DepreciationDepreciation has been p
Page 33 and 34: Income StatementFor the year ended
Page 35 and 36: Balance SheetAs at 31 December 2009
Page 37 and 38: Notes to the Financial Statements20
Page 39: 2009 2009 2008Actual Budget Actual$
Page 43 and 44: Section (a) reconciles the reported
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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