Annual report 2012
20 Events after the balance date
There were no events after the balance date.
21 Performance against budget
Statement of comprehensive income
Student Fees
Tauira fees income is below budget by $2.4m due to lower than expected international tauira enrolments and a
change in the programme mix.
Other income
Other income is above budget by $1.7m due to a joint venture with Unitec (carpentery programme), the successful
tender of a Ministry of Social Development contract for youth mentoring services and a gain realised from a stocktake
of artwork.
Personnel costs
Personnel costs are below budget by $1.2m due to delayed and lower staff appointments than expected.
Other expenses
Other expenses are below budget by $1.2m due to lower than expected spend in tauira resources and consultancy.
Statement of financial position
Property, plant and equipment
Group property, plant and equipment is below budget by $3.5m as a result of the decrease in property valuation.
Cash and other financial assets
Cash and other financial assets are above budget by $7.3m due to a higher than anticipated surplus and opening
account position.
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