12 MAY2010 EDUCABUN AND SCIENCE COMMITTEE WAIARIKI INSTITUTE OF TECNOLOGY DIRECTORY. Mokoia Drive ROTORUA. Chartered Accountant ROTORUA.

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1 J RECEIVED 12 MAY2010 EDUCABUN AND SCIENCE COMMITTEE i,, t WAIARIKI INSTITUTE OF TECNOLOGY STUDENTS Financial ASSOCIATION Statements For the Year Ending 31st December 2009 DIRECTORY Balance Date: Location: Telephone: Accountant: Auditor 31st December Mokoia Drive ROTORUA +64 (7) Ees 900s J?imited Chartered Accountants ROTORUA Allan Jeffs Chartered Accountant ROTORUA Bankers: Bank of New Zealand ROTORUA

2 PAGE INDEX for the Year Ended 31 December 2009 REPORTS PAGE Statement of Accounting Policies 1 Audit Report... 3 Shop Trading Account... 4 Statement of Financial Performance 5 Statement of Movements inequity 7 Statement of Financial Position Schedule of Fixed Assets and Depreciation 10

3 STATEMENT OF ACCOUNTING POLICIES as at 31st December 2009 GENERAL ACCOUNTING POLICIES a) The entity is an Incorporated Society established under the Incorporated Societies Act b) These Financial Statements have been prepared in accordance with generally accepted accounting practice. c) The measurement base adopted is historical cost. PARTICULAR ACCOUNTING POLICIES Differential Reporting The entity qualifies for differential reporting due to its meeting the following: * Revenue less than 5 million. * Assets less than 2.5 million. * Employs less than 20 Full time eqivalent emplyoees. Goods & Services Tax The Accounts are are stated Exclusive of GST. Depreciation Depreciation rates used have been in accordance with the scale rates approved for taxation purposes by the Inland Revenue Department. These rates are detailed on the attached Asset Schedule. Stock on Hand Stocks have been stated at the lesser of cost or obsolescence. estimated market value after due allowance for Debtors Debtors have been stated in terms of collectable debts and since balance date have largely been collected. It is the policy of the management to write off in full any debts that are irrecoverable. Repairs & Maintenance All repairs and maintenance expenditure has been written off in this financial year. The Auditors Report and Notes form an integral part of these statements. 1

4 STATEMENT OF ACCOUNTING POLICIES as at 31st December 2009 Fixed Assets Fixed Assets are stated at cost less depreciation at allowable rates for taxation purposes. depreciation rates are detailed in the Asset Schedule. Contingent Liabilities There are no contingent liabilities which could give rise to any material financial outlay. CHANGES IN ACCOUNTING POLICIES There have been no changes in accounting policies. CONSISTENCY These accounts have been prepared on the same basis as previous years. EVENTS SINCE BALANCE DATE There have been no significant events since balance date. The The A uditors Report and Notes form an integral part of these statements. 2

5 Waiariki Institute of Technology Students Association Inc Auditors Report for the Period ended the 31" December To the readers of the Financial Reports of the Waiariki Institute of Technology Students Association Inc. I have Audited the attached Financial Statements. These Financial Statements provide information about the past financial performance of the Institute for the year ended on the 3I" December Committee Responsibilities The Committee is responsible for the preparation of financial statements which give a true and fair view of the financial position and the results of operations for the period ended on the 31s' December It is my responsibility to express an independent opinion on these statements as presented by the Committee Other than as Auditor I have no other affiliation or relationship with the Institute and when carrying out this Audit I followed the independence requirements of the NZ Institute of Chartered Accountants. Basis of Opinion An Audit includes examining on a test basis, evidence relating to the amounts and disclosures in the financial reports. It also includes assessing whether the Accounting Policies are appropriate to the Institutes' circumstances, consistently applied and adequately disclosed. I conducted my Audit in accordance with generally accepted Audit Standards in New Zealand. I planned and performed my Audit so as to obtain all the information and explanations that I considered necessary in order to provide me with sufficient evidence to give me reasonable assurance that the statements are free from material misstatements whether caused by error or fraud Auditors Unqualified Opinion I have received all the information and explanations that I have required and confirm that ** Proper accounting records are being kept by the Waiariki Institute of Technology Students Association Inc. **The Statement of Financial Performance and the Statement of Financial Position comply with generally accepted accounting practice.. ** The Financial Statements give a true and fair view of the financial position of the Waiariki Insitute of Technology Students Association Inc as at the 31" December 2009 and the results of their operations for the year ended on that date. My Auditw on īh e 16th March 2010 and my opinion expressed on that date Accountant)

6 WAIARIKI POLYTECHNIC SHOP TRADING ACCOUNT For the Year Ending 31st December 2009 Last Year This Year INCOME 36,768 Shop Sales 63,501 COST OF SALES 1,385 Opening Stock 1,357 1,385 1,357 Add 36,518 Shop Purchases 58,875 36,518 58,875 37,904 Total Stock Cost 60,232 Less 1,357 Closing Stock 1,409 1,357 1,409 36,547 Total Cost of Goods Sold 58,823 36,547 Total Expenses 58, Gross Profit (Loss) 4,678 The Auditors Report and Notes form an integral part of these statements. 4

7 STATEMENT OF FINANCIAL PERFORMANCE For the Year Ending 31st December 2009 Last Year , , ,927 INCOME Shop Trading Account Profit (Loss) Student Membership Entertainment & Social Donations Sundry Interest Total Income This Year 4, , , ,298 Less OPERATING EXPENSES 22, ,424 21,067 9,204 2,368 3, ,126 Working Expenses Administration Wages Entertainment & Social Marketing Regional / Satellite Campuses Sponsorship 48, ,865 16,928 9,621 2, ,600 3,642 Repairs & Maintenance Plant & Equipment 1,360 2,167 Vehicle Expenses Motor V ehicle Expenses 3,777 1,397 Administration Expenses Telephone & Fax 469 1, ,436 Standing Charges Professional Fees Insurance 1,750 2,264 4,014 The Auditors Report and Notes form an integral part of these statements. 5

8 STATEMENT OF FINANCIAL PERFORMANCE For the Year Ending 31st December 2009 Last Year 4,844 Depreciation Depreciation This Year 5, , ,315 Total Expenses Net Surplus (Deficit) 278,125 92,173 The Auditors Report and Notes form an integral part of these statements. 6

9 STATEMENT OF MOVEMENTS IN EQUITY For the Year Ending 31st December 2009 Last Year 260, ,3 15 5,356 99, ,806 Opening Balance Net Surplus (Deficit) Less Prior Year Adjustments Total Movement Closing Balance This Year 92, ,806 92, ,979 The A uditors Report and Notes form an integral part of these statements. 7

10 STATEMENT OF FINANCIAL POSITION As at 31st December 2009 Last Year ASSETS This Year ,497 2,345 2, ,755 62,074 1, ,093 Current Assets WestpacTrust ( Whakatane) Cheque Account WestpacTrust (Whakatane) Student Emergancy Fund WestpacTrust (Tokoroa) Cheque Account WestpacTrust (Tokoroa) Cheque Account Shop Float National Bank NZ 01 WITSA National Bank NZ 02 Shop National Bank NZ 03 Support National Bank NZ 23 Online Savings Debtors Stock on Hand Non Current Assets Investments 113,556 National Bank NZ Term Deposit 19,223 National Bank NZ Services Term Deposit 3,346 National Bank NZ Vol Term Deposit 136,125 Fixed Assets 11,716 Total Assets as per Fixed Asset Schedule 369,934 TOTAL ASSETS ,886 6,628 2, ,368 84,168 1, ,585 20,413 3, , ,527 12, ,582 The Auditors Report and Notes form an integral part of these statements. 8

11 STATEMENT OF FINANCIAL POSITION As at 31st December 2009 Last Year This Year LIABILITIES Current Liabilities 9,128 Creditors Accumulated Funds 360,806 Accumulated Funds as scheduled 369,934 TOTAL ACCUMULATED FUNDS & LIABILITIES 9, , ,582 The Auditors Report and Notes form an integral part of these statements. 9

12 SCHEDULE OF FIXED ASSETS & DEPRECIATION as at 31st December 2009 Asset Book Gain/Loss Cost Value Additions on Price 01/01/2009 Disposals Disposal Accum Book Capital D e p r e c i a t i o n Deprec Value Profit Mth Rate 31/12/ /12/2009 Motor Vehicles Toyota Van WITSA Plates Total Motor Vehicles 16,000 3, %DV %DV 16,496 3, ,486 2, ,898 2,598 Furniture & Fittings Europlan Filing Cabinet Display Panel Europlan 4 Draw Chair Total Furniture & Fittings 1, %DV %DV %DV %DV 2, l1 1, , Plant & Equipment Hot Food Cabinet Student Cafe Panasonic Microwaves (2) Bar B Que Panasonic Microwave Fridge/Frezzer 380 M403R Miniportrait Camera Air Conditioner TV &DVD Karaoke System + Skytec 2.1 Live Karaoke Microphone F3 Evolution Coffee Machine Total Plant & Equipment Office Equipment Laminator Computer Workstaion Beech (3) Returns Beech (3) Bookcase Beech Mobile File Cabinet Beech (3) UBIX Printer Ramtec Computer Fridge/Frezzer 395 Digital Camera Furniture Fax Machine Brother 827 ERA 420 Sharp Cash Register Computer Total Office Equipment Taupo Assets Deacons Retravision Wall Heater Panasionic Microwave Furniture Total Taupo Assets %DV %DV %DV %DV %DV 1, %DV 2, %DV 1, %DV 1, %DV %DV 4, %DV 8,414 1,792 7,163 1, %DV 1, %DV 1, %DV %DV %DV %DV 2, %DV 4, %DV %DV %DV 1, %DV %DV 1, %DV 2, %DV 20,833 3, %DV %DV 1, %DV 1, , , , ,760 1,760 3,129 3,373 9,995 5,582 l1 1, , , , , , , ,068 18,349 2, , Timber Industry Training Centr The Auditors Report and Notes form an integral part of these statements. 10

13 Asset SCHEDULE OF FIXED ASSETS & DEPRECIATION as at 31st December 2009 Book Gain/Loss Cost Value Additions on Price 01/01/2009 Disposals Disposal Accum Book Capital D ep r e c i a t i o n Deprec Value Profit Mth Rate 31/12/ /12/2009 Fridge/Frezzer Total Timber Industry Assets Tokaroa Assets Furniture Total Tokaroa Assets %DV , %DV , Whakatane Assets BBQ & Gas Bottle BBQTable Furniture Total Whakatane Assets %DV %DV , %DV , , Total Fixed Assets 54,177 11,719 7,163 5,906 48,364 12,976 The Auditors Report and Notes form an integral part of these statements. 11