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

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