81 TE PŪRONGO 2013
Contingent Liabilities
Litigation
Te Wānanga o Aotearoa and Open Wānanga Limited have no contingent liabilities as at balance date (2012 - two).
Government funding
Te Wānanga o Aotearoa has a contingent liability of $692,533 (2012 - $692,533) related to the creation of a new early
learning centre in Manukau. In order to fulfil the conditions of funding the centre must remain open for ten years. The centre
opened in 2008 and must remain open until 2018. Failure to achieve this will result in the repayment of the funding.
Financial guarantee
Te Wānanga o Aotearoa entered an arrangement in 2008 with the Bank of New Zealand to provide a guarantee for Open
Wānanga Limited. This still exists as at balance date.
Te Wānanga o Aotearoa has an overdraft facility of $1 million in place as at 31 December 2013 (2012 - $1 million).
The overdraft facility ceased on 17 January 2014. This was a result of Te Wānanga o Aotearoa changing to a new banking
provider.
Contingent Assets
Te Wānanga o Aotearoa has no contingent assets as at balance date (2012 - NIL).
