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WE LTEC ANNUAL REPORT 2015 GROUP

9

2015 Actual $000

2014 Actual $000

2015 Actual $000

2014 Actual $000

1,028

946

1,004

935

876

1,016

661

784

66

1

66

1 2,201

INFRASTRUCTURE Information and computer technology Insurance Loss on disposal of assets

10

11

Operating leases

4,412

4,214

2,139

Occupancy

2,564

2,405

2,288

2,101

8,946

8,582

6,158

6,022

Depreciation

3,641

3,777

3,626

3,767

Amortisation

304

303

295

294

3,945

4,080

3,921

4,061

(130)

DEPRECIATION AND AMORTISATION

NON OPERATING ITEMS Redundancies

(204)

(130)

(204)

WelTec Student Accommodation equity

-

-

(246)

-

Gain on revaluation of N Block

-

27

-

27

Students First - joint expenses with Whitireia

-

(87)

-

(87)

Students First - campus development

-

(344)

-

(344)

WelTec Connect related contract delivery

12

PARENT

-

(318)

-

(318)

(204)

(852)

(450)

(852)

TRADE AND OTHER RECEIVABLES Student receivables

4,316

4,470

4,316

4,470

Trade receivables

1,174

1,775

1,136

1,473

Related party receivables (note 31) less provision for impairment

372

857

372

1,038

(233)

(688)

(233)

(688)

5,629 6,414 5,591 6,293 Fair value Student receivables are inclusive of exchange and non-exchange transactions. All student fees are due before a course commences or upon enrolment if the course has already begun. Student fee receivables are non-interest bearing and are generally paid in full by course commencement date. Therefore, their carrying value approximates their fair value. Other receivables are non-interest bearing and are generally settled on 30-day terms. Therefore the carrying value of other receivables approximates their fair value. The ageing profile of student receivables as at year end is detailed below.

Not past due

4,025

3,997

4,025

3,997

Past due 1 – 30 days

3

-

3

-

Past due 31 – 60 days

65

150

65

150

Past due 61 – 90 days

8

48

8

48

Past due over 90 days

215

275

215

275

4,316

4,470

4,316

4,470

All receivables greater than 30 days in age are considered to be past due. There are provisions for impairment on receivables with overdue amounts. Due to the large number of student fee receivables, the impairment assessment is performed on a collective basis, based on an analysis of past collection history and debt write-off. Movements in the provision for impairment of receivables are as follows:

At 1 January Provisions reversed during the year Bad debts written off against provision during the year Provision released/(additional provision made) during the year At 31 December

58

(688)

(332)

(688)

(318)

444

-

444

-

84

120

84

106

(73)

(476)

(73)

(476)

(233)

(688)

(233)

(688)


2015 WelTec Annual Report