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CHIEF EXECUTIVE' S FOREWORD

WelTec Performance in 2015 For tertiary education institutions, recruitment of students into training programmes is the foundation of their operation. In total 4,066 EFTS were achieved in 2015. Although falling short of the forecast Student Achievement Componant (SAC) level 3 enrolments at just under 99%, careful management of expenditure resulted in a higher than forecast year-end financial result. While the overall performance was largely the same as 2014, there were some key differences in the composition of this. International EFTS in 2015 were 491 compared to 365 the previous year. This represents an increase of 35% compared to 2014, and equates to around $1.9M additional international tuition fee income compared to 2014. While growth in enrolments occurred across several source markets, including China (29%) and more modest growth from other countries including The Philippines, Nepal, Bangladesh, Cambodia, and Brazil, the most significant growth occurred from India with 73% growth in EFTS compared to 2014. There remain significant growth opportunities in terms of the international student market particularly for Wellington.

96% of students reported they were satisfied with their experience at WelTec.

For SAC funded and Youth Guarantee students with literacy levels below TEC benchmarks when they started their study, 69% showed a gain in literacy and 65% showed a gain in numeracy.

As per previous years, course completion results (provisional at the time of this Report) were high and consistent with 2014 results which should place WelTec in the top quartile of institutions for this metric. Retention figures were also strong. Qualification completion results tracked in the right direction with WelTec above the median.

WelTec’s operating performance was strong despite a drop in revenue due to reduced EFTS. An operating surplus of 2.1% was reached for the Group for 2015. Total comprehensive income of $3.97M resulted in a final year equity position of $77.9M. The liquid funds ratio at 21.3% exceeded the minimum TEC requirements.

Across SAC funded courses WelTec achieved 81% course completions and 69% qualification completions. This places WelTec in the top quartile of ITP performance in the country (based on indicative results) and is largely consistent with previous years. For Māori students course completions were 75% and for Pasifika they were 68% in 2015 and for learners under 25 78% successfully completed a course they were enrolled in.

The investment in the Wellington Regional School of Construction, revamp of the School of Construction and commitment to a creative technologies and arts campus in the CBD represents a major step forward in enhancing students’ learning environment. A Campus Development Plan to invest in technology and other site improvements at Petone will further enhance the student learning environment.

In the student satisfaction survey 96% of students reported they were satisfied with their experience at WelTec.

Above: Wellington Trades Academy Fitness students enjoy some break out time after one of their classes.

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2015 WelTec Annual Report