H U-W ANGA
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Toi tu te whenua
ANNUAL REPORT 2017
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Matua Te Mana te tū mai Ngā wai o huka ka rewa Whāngaihia te kiri o Papatūānuku Kia matomato ai te tupu o tēnei me te ora Te ora ā-whenua, te ora ā-rau, te ora ā-kararehe Te ora ā-tāngata, tērā i heke mai hei uri Ka ora, ka mate Ka tangihia ai, ka whakahokia ai ki te whenua Kia rere tōna wairua ki Te Turi o Murimotu Ki runga i a koe anō e Te Pari i te Tai Tonga Kia riporipo mai Te Wai ā-Moe Haere, haere, haere. E te ora ā-tāngata te noho tonu nei ki te ao tūroa Nei rā a mihi te tukuna atu i runga i te hari me te koa Haere mai, haere mai, ki Whanganui tātau katoa hui ai Tēnā tātau katoa
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CONTENTS TOITŪ TE MANA 6 Ātihau Whanganui Incorporation Chairperson's Report 8 Board Members 9 Strategic Overview 10 Partnership Grows From Common Ground TOITŪ TE WHENUA 12 CEO Report 17 Summary of Key Financial Information TOITŪ TE TANGATA 18 Te Āti Hau Trust Chairperson's Report 20 Trustee Members 21 Long History Brings New Opportunity 22 2016/17 Trust Grant Recipients ĀTIHAU-WHANGANUI INCORPORATION FINANCIAL STATEMENTS 38 Contents 39 Shareholding and Committee of Management Disclosures 40 Statement of Comprehensive Income 41 Statement of Changes in Equity 42 Balance Sheet 43 Statement of Cash Flows 44 Notes to and forming part of the Financial Statements 60 Auditors' Report TE ĀTI HAU TRUST FINANCIAL STATEMENTS 62 Contents 63 Entity Information 64 Statement of Service Performance 65 Statement of Financial Performance 66 Statement of Financial Position 67 Statement of Cash Flows 68 Notes to and forming part of the Performance Report 72 Auditors' Report APPENDIX 74 Glossary of Terms 75 Notes
Cover: Kevin McDonnell (Ngāti Rangi) is a Senior Beekeeper working as part of the AWHI Apairy Team.
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Ātihau-Whanganui Incorporation CHAIRPERSON'S REPORT
AS A BOARD, WE ENSURE THAT EVERY DISCUSSION, EVERY PROPOSAL AND EVERY DECISION IS REFERENCED TO THOSE GUIDING PRINCIPLES TOITŪ TE WHENUA, TOITŪ TE TANGATA, TOITŪ TE MANA.
Ko te kupu, te kupu Ko to atua, te atua Ko Ranginui ki runga Ko Papatūānuku ki raro Ka mate ai te tangata Ka pō, Ka ao, Ka awatea Tihei mauriora As I take a moment to think back over the year just past, I find it is marked by a sense of purpose, with a sharper focus on what we want to achieve. On behalf of your Board, I am proud to present to you this 47th annual report, as a reflection of the work programme completed over the past year. In 2016, we shared our strategic overview with goals, values and priorities and these continue to be the lighthouse we follow. As a Board, we ensure that every discussion, every proposal and every decision is referenced to those guiding principles Toitū te whenua, Toitū te tangata, Toitū te mana.
Toitū te Whenua Although by law we are only required to report on our financial results, our
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purpose of ‘productive land’ goes so very much further than the dollar bottom line. While financial success is important, we are challenging ourselves to be so much more than that. We look forward to unveiling, at this Annual General Meeting, our first effort to report to a consistent Quadruple Bottom Line model. Not only will you be presented with financial results, but also key performance indicators from; • Farm and Environmental outputs, • Social impact outputs, and • Tikanga activities. An important component of this reporting is to ensure that we have balance, that we are not being driven purely for financial gain. Tikanga is just, if not more, important as dollar value as it is about the essence of who we
Ātihau-Whanganui Incorporation CHAIRPERSON'S REPORT
are, so it makes sense that we should consistently report on this in a more formal manner. The same goes for our social outputs through Te Āti Hau Trust. In the past our farm outputs have been reported within the financial report. We will now report farm and environmental outputs separately. We hope this makes as much sense to you as it does to the Board. We look forward to your feedback and thoughts.
Toitū te Tangata Becoming a high performing organisation has required a shift in both our processes and our culture. These changes are not always easy and it has been a transitional period for many of us, as our CEO Andrew Beijeman realigns and refocuses his team. We acknowledge Andrew and his team as they work through the organisational culture change to enable us to keep taking these steps forward. The board is pleased with the actions of management, as current and new staff receive reo lessons to get some basic fundamentals right. It is an empowering time when we have our non Māori staff nail the kōrero. Our associate directors and the independent trustees for Te Āti Hau Trust have made valuable contributions, and we are very pleased with the results these initiatives are delivering. From a strategic perspective, we are delighted to be delivering on a strategic goal to grow leadership. This is succession planning to ensure our future endeavours remain strategically focused for all of Ātihau Whanganui Incorporation (AWHI). Communications through the AWHI magazine continues to be well received. It is a thrill to profile our whānau and their activities. If you are
Toitū Te Mana
a budding journalist, please come and talk to us as we collect stories and histories. You will find all copies on our website www.atihau.com
Toitū te Mana Part of our work plan has been to position our land products closer to the end customer. This has been a great strategy and is working well. On a personal note, I have spent time engaging with the chairs and boards of some of our key clients, service providers and colleagues to ensure AWHI is well represented. I was invited to and attended a forum of 30 NZ Business and Public Leaders to share and consider our collective role in the restoration and preservation of our natural resources. It was a pleasure to attend the Ahuwhenua Awards and celebrate one of our own being recognised as a finalist of the Young Māori Farmer of the Year. It has been a busy year. I would like to take this opportunity to acknowledge Andrew, Sarah and their lovely new addition Belle. To the AWHI team, whether in the offices or on farm, the board extends its appreciation. To my fellow Board members, I express my sincere thanks for the efforts, dedication and passion you bring to our table. And, finally, to our AWHI whānau, thank you for the continued faith you hold in us all. It is our pleasure and privilege to serve you.
Toitū te Whenua Productive Land
Toitū te Tangata Prosperous People
Toitū te Mana Passionate Customers
Kia tau te rangimārie
Mavis Mullins Chairperson
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Ātihau-Whanganui Incorporation BOARD MEMBERS
Ātihau-Whanganui Incorporation Board Members (Back row, left to right): Shar Amner, Keria Ponga, Brendon Te Tiwha Puketapu, Francene Wineti, Che Wilson. Front row, left to right): Toni Waho, Whatarangi Murphy-Peehi, Mavis Mullins (Chair).
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Toitū Te Mana
OUR PURPOSE. TOITŪ TE WHENUA PRODUCTIVE LAND
TOITŪ TE TANGATA PROSPEROUS PEOPLE
TOITŪ TE MANA PASSIONATE CUSTOMERS
OUR PRIORITIES. OUR PEOPLE THE ENVIRONMENT PROFITABILITY VALUE DIVERSIFICATION SHAREHOLDER CONNECTIVITY
OUR VALUES.
ONE FARM, ONE TEAM PROVIDING MANAAKI FOR LAND, ANIMALS, RESOURCES AND PEOPLE. SEEKING CONTINUOUS IMPROVEMENT. DELIVERING CUSTOMER VALUE. ACTING WITH INTEGRITY. SHAPING A BETTER FUTURE FOR MOKOPUNA.
STRATEGIC OUTCOMES. OPERATIONS WE ARE THE BEST AT WHAT WE DO.
CUSTOMERS WE HAVE PASSIONATE AND SATISFIED CUSTOMERS.
WEALTH WE HAVE SUSTAINED ECONOMIC GROWTH.
ENVIRONMENT WE LOVE AND NURTURE OUR ENVIRONMENT.
SHAREHOLDERS WE BENEFIT AND ENGAGE WITH URI IN MEANINGFUL WAYS.
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Partnership grows from common ground Speak to Gary Bowick, Ravensdown’s National Customer Relationships Manager, and you’re left in no doubt that the company is about much more than just selling fertiliser.
“There is a perception that is all we do,” Gary laughs. “And, of course, providing the nutritional requirement the land needs to be productive is an important part of our business. “But we firmly believe in enabling smarter farming for a better New Zealand and that means working closely with our customers, forming strong partnerships with them, to create the best outcomes in many diverse areas.” Being sensitive to environmental needs and respecting the land is a central tenet to Ravensdown’s desire to support farmers to be long-term stewards of the land they care for, enabling them to create a legacy for future generations. The company is also firmly committed to supporting and nurturing people, providing a quality product that customers value and continually striving to be the best it can be. “Ravensdown’s purpose and goals resonate with us because they are so closely aligned with our own strategic values and outcomes,” says Andrew Beijeman, CEO, Ātihau Whanganui Incorporation (AWHI). “This common ground has provided a very strong foundation on which to grow our partnership, which is going from strength to strength.” Ravensdown has been working with AHWI’s operations staff and farm managers to help them better
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understand what the land they are responsible for needs.
more importantly, nothing of what it doesn’t.”
“We bring considerable expertise when it comes to optimising the value out of land,” says Gary. “Technology enables us to examine the soil and analyse it so we can diagnose what it needs and when it is best to make that provision.”
But the work doesn’t stop there. Ravensdown also plays a huge role in enabling the land’s response to those nutrients to be measured and assessed.
Samples of soil and plant tissue are sent to Ravensdown’s laboratory in Napier where they are tested and recommendations are made to restore any nutrient inbalances. AWHI’s more rugged terrain can be challenging to access and manage but Ravensdown will be bringing in similar aerial scanning technology used by NASA to map and analyse the surface of Mars so a comprehensive plan can be laid down of where nutrients need to go and, just as importantly, where they are not needed. “We can clearly indentify waterways, for example, where we do not want products to go,” Gary explains. “Our aerial spreading fleet is becoming more precise about where distribution happens. Our technology takes all the guesswork out of what is needed, in what quantities and where. “This means that our customers can be sure that every dollar off the bottom line is being used in the most efficient way possible, giving them more bang for their buck, if you like. There is minimal wastage and the environment is getting exactly what it needs and,
“It is important that our customers get the results they want and we can’t achieve that without monitoring and measuring,” says Gary. “Knowledge is power - we work together to make sure decisions are made from a basis of fact.” That knowledge extends to the provision of animal health products, agrichemicals and seeds through the Cropmark brand. Passing on knowledge is also a vital part of what Ravensdown does – and that is not restricted to its own people. The partnership includes a training agreement where Ravensdown enables AWHI staff to complete courses, administered by Massey University, where they can gain skills and learning that is brought back to the farm. Financial support for education is also available. The Ātihau Ravensdown Scholarship was established in 2011 and reflects the shared commitment the partnership holds to support the next generation of Māori involvement and contribution to the agircultual sector. Its current recipient, Clay Langford, is in his first year of study
towards a Bachelor of Agriculture at Lincoln University. Clay has a whakapapa relationship back to AWHI through his grandmother. It is clear that the partnership between Ravensdown and AWHI is very much more than that of supply and demand. Both organisations have a vested interest in working together for the betterment of the land, the people who care for it and the future of those to come. The relationship made it ideal to be part of the Primary Growth Partnership (PGP), a joint venture between government and industry that invests in long-term innovation programmes to increase the market success of the primary industries.
“We are a complete agribusiness that is continually pushing the boundaries of what can be achieved and the legacies we can leave for future generations.” says Gary. “And when we find a partner like Ātihau Whanganui Incorporation which shares that passion, great things can happen.”
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Ātihau-Whanganui Incorporation CEO REPORT
THE STRATEGIC OVERVIEW ALSO LAYS DOWN THE VALUES WE HOLD OF PROVIDING MANAAKI FOR OUR LAND, ANIMALS, RESOURCES AND PEOPLE, SEEKING CONTINUOUS IMPROVEMENT, DELIVERING CUSTOMER VALUE, ACTING WITH INTEGRITY AND SHAPING A BETTER FUTURE FOR OUR MOKOPUNA.
Keeping a clear focus on our
process and are providing a solid
organisation’s priorities, as set out in
foundation for everything we do across
the Ātihau Whanganui Incorporation
our growing organisation.
(AWHI) strategic overview, has proved to be a successful formula for our business over the last year. We have seen progress in each of those areas of: 1. Our People, 2. The Environment, 3. Profitability,
The greatest resource AWHI has is our people. The organisation will succeed or founder on the skills and attitude of those working for us, at every level. Therefore, it makes good sense to invest in our people, to give them the tools to be the best they can be.
4. Value,
We have made a concerted effort
5. Diversification and
this year to grow the people skills
6. Shareholder Connectivity,
of our team so each individual can communicate freely and effectively,
and I am pleased to be able to report
manage conflict positively, collaborate
on the steps we are taking to move our
to find solutions to challenges and
business forward together.
bring the ability to motivate and inspire
The strategic overview also lays
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People
those they work with every day.
down the values we hold of providing
We wanted to change our managers
manaaki for our land, animals,
into great team leaders that stepped
resources and people, seeking
up without leaving their team behind.
continuous improvement, delivering
To this end, each manager received
customer value, acting with integrity
leadership training with follow-
and shaping a better future for our
up coaching to ensure that the
mokopuna. These values have been
lessons learned were being put into
at the core of our decision-making
practice. This training included how
Ä€tihau-Whanganui Incorporation CEO REPORT
to communicate and motivate, how
A drugs and alcohol policy has also
to coach, and how to delegate and
been introduced. This makes our
empower staff. Managers were taught
expectation of our staff very clear that
that people are individuals that behave
they are able to carry out their work in
differently and given the skills to be
a clear-headed and safe fashion.
able to respond to achieve positive outcomes. We also gave all our staff the opportunity to learn more about themselves, how to manage their own behaviour and relate to their colleagues so the whole team can work better together. Our shepherds also received training from Lloyd Smith, one of New Zealand’s best-known and respected sheep dog trainers and trialists. The one-on-one time each staff member spent with him was extremely instructive and the follow-up session a few months later invaluable. Seeing how things are done by others is never a wasted experience and so all our farm managers visited stations and farms in the South Island to look at processes and people-management in different contexts. These training investments are already paying dividends as we now have a more engaged and committed workforce who are determined to continue their growth on both a professional and personal level. Keeping our people safe at their work is hugely important and health and safety continues to be a priority. With this in mind, we held a health and safety training day for all staff to bring
ToitĹŤ Te Whenua
Farm Angel, a world-first technology system that tracks vehicles, enables communication and automatically alerts key people when there has been accident, has been rolled out across all our farms. While there have been several false alarms as we bed the system in, it is providing a level of confidence for team members and managers that no matter how remote someone may be, help is not far away should they need it. Our emphasis on health and safety has been not been restricted to our own staff as it is vital our contractors are also aware of the role they have to play in keeping work place incidents to a minimum. We held a successful health and safety event to engage with our contractors where Mike Cosman from Cosman Parkes, a health and safety expert, was invited along to outline how new legislation affects them. Mike also provided invaluable information on what steps to take to develop a health and safety plan. Part of our policy of setting high standards for ourselves in this area included commissioning an external
17.8kg Average lamb carcass weight
1,200 Hives wholly owned by AWHI
10km Fencing installed, protecting 7km of waterways & 1,000 ha nature bush
health and safety audit across the organisation which was completed
them up-to-date with new legislation
earlier this year. While it was gratifying
and their responsibilities to it. Key
to receive positive feedback about
health and safety risks were also
work we have already done, it was our
indentified and we worked with staff
intention to find out where we could do
to develop safe work procedures to
more and that information has proved
mitigate each one.
to be invaluable for our health and
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Ātihau-Whanganui Incorporation CEO REPORT
safety planning moving forward. Our Awhiwhenua training programme continues to be successful with every member of the class of 2016 either finding employment or taking the opportunity to continue with a second year, being placed on an AWHI farm so cadets can continue to learn practical skills while completing further study. The opening of a residential block at Te Pā, where the first year of the practical training is based, with the capacity to house six cadets and a kaiawhi has been a big step forward in the development of Awhiwhenua. Running the residential programme is a new experience for AWHI and we have met many challenges along the way. But it is clear that we are learning and improving all the time and the future of this programme, and what it means for the organisation as a whole, is an exciting one.
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Farming
wet weather did mean lambs could
Previous years have seen us dealing
be carried to higher weights, making
with dry conditions over the summer
the average carcass weight 17.8kg
months but this was certainly not the
(up from 17.6 kg in 2016). A total of
case in 2016/2017! We experienced
55,329 lambs were sold directly to the
high levels of rain across every
works, with an average price per lamb
season which affected all our farming
of $96.97.
concerns.
Birth numbers of beef calves was on
Lamb numbers were down on previous
a par with previous years at 3,880.
years due to a combination of a lower
Due to a record kill last year and the
birth rate − attributed to facial eczema
decision to take more steers over
affecting conception rates – and the
winter, steer sales were down on
wet weather contributing to greater
2016. The two-year-olds that did go to
lamb losses.
slaughter received an average price of
The decision was taken to sell store
$1,795.77.
lambs at both the start and the end of
Our dairy production followed the
the season this year, which enabled
downward trend experienced across
us to take advantage of points in
the country caused by wet spring
the store schedule when prices are
weather. We continued to follow our
higher. It also meant we could move
strategy to remove costs from our dairy
on stock that would have traditionally
business by wintering all our cows in
impacted on breeding performance
Ohākune, rather than trucking them
by taking pasture away from ewes,
to warmer climates for the duration.
both before and during pregnancy. The
We also installed an in-shed feeding
Ātihau-Whanganui Incorporation CEO REPORT
system which drastically reduced feed
the trend found in many areas of the
wastage and cut tractor costs.
country who suffered a terrible honey
Early in the year we future-mapped all our farms, identifying what each station required in terms of fencing, housing, tracks, water provision, yards and soil fertility to be fully developed. This exercise was essential to enable us to deliver customer satisfaction,
season. A delay in the flowering season aligned perfectly with a stretch of good weather, allowing the bees to harvest plenty of nectar. The late season did mean, however, that we as we had originally planned in the autumn. Despite this, hives owned
well increasing productivity while being
wholly by the organisation have
better stewards of the land.
increased to 1,200, meaning that 35%
plan has been implemented with $1.4million being spent directly on farms. We are now working in phase 2 and I look forward to reporting on these developments in future editions of AWHI magazine.
Some honey payments have been delayed into the 2018 financial year as a change in labelling standards for mānuka honey caused disruption in the industry.
were unable to split as many hives
as laid down in our value strategy, as
The first phase of the development
of the honey shed being built.
of the 3,100 hives currently on AWHI
Te Hou
The development focus that has been on Te Hou, as part of our diversification strategy, is beginning to pay dividends with an increased and more consistent
land belong to us.
production output. That focus has
A further 100 hives were placed on
upgrades to the dairy effluent system
land owned by others, and the apiary team contract-managed a further 100 hives under a profit-share agreement. The team itself was doubled with the employment of two more beekeepers
Apiary
and capital investment in this area
Production of 80,760 kg of honey (at
continues with the purchase of a
an average of $69.50 per kg) bucked
specialised apiary truck and stage one
continued this year with significant and extension of the irrigation system on the dry stock block. This work means that 320 ha on the dry stock block is now fully irrigated – double that of last year. Preparations have also been made on another 53 ha so it can be irrigated next year. This increase in irrigation has meant
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Ātihau-Whanganui Incorporation CEO REPORT
THIS REPORT HAS HIGHLIGHTED SOME OF THE GREAT ACHIEVEMENTS WE HAVE MADE THIS PAST YEAR.
crop sales have doubled to $600,000
protecting almost 7 km of waterways
this past year. It has taken the passion,
as more area is available for cropping.
and and nearly 1,000 ha of native
commitment and skill of every single
bush.
member of the AWHI team to continue
Dairy production increased by
to make the vision we have for our
36,000 kgMS from 422,000 kgMS to 458,000 kgMS as more cows were being milked. However, the numbers were not sustainable and have been since reduced so this will be reflected in future production rates. Looking to the future, an improved
As at 30 June 2017 our borrowings stood at $30.7m. This number includes $1.1m of trade (e.g delayed honey sale income) and other receivables. Cost of finance is down $100,000 on last year
dairy payout is likely to have a flow-on
to $1.68m.
effect to increased grain prices which
A decline in revenues from wool and
will have a positive impact on next year’s income.
Environment
One of our strategic priorities is the environment and Atihāu Whanganui
livestock were offset by increases from
thank everyone for their efforts. I look forward to seeing the continued growth across AWHI as we work on our programme of continuous improvement and development. Enabling our people to be the best they can be for themselves and the business, revising internal processes to ensure they work for the benefit of our strategic aims and never forgetting
resulted in our total revenue increasing
our purpose of toitū te whenua, toitū te
from $19.1m to $19.3m.
tangata and toitū te mana will ensure
Our total equity increased to $132m (a gain of $3.9m) due to an increase in livestock values.
in partnership with Horizons Regional
Our net surplus (before finance costs
preserve and protect native bushland
organisation into a reality and I wish to
our honey and dairy operations which
Incorpration is proud to be working Council and Ngā Whenua Rāhui to
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Financial Results
us of another successful year. Ngā mihi
and non-operating revaluations) stands at $2.1m, up considerably on the
and waterways on AWHI land.
$1.7m AWHI achieved last year.
Nearly 10 km of fencing has been
This report has highlighted some of
installed across all our stations
the great achievements we have made
Andrew Beijeman CEO
Ä€tihau-Whanganui Incorporation SUMMARY OF KEY FINANCIAL INFORMATION For the Year Ended 30 June 2017 AT A GLANCE
2017 $'000
2016 $'000
Total Revenue
19,290
19,139
Livestock
13,156
13,582
Milk
1,263
930
Wool
1,705
2,240
Apiary
2,716
1,490
17,231
17,430
2,059
1,709
Total Expenses Net surplus before finance costs and non operating revaluations
Apiary
Te Hou
Farming
80,760kg Honey
Total 458,000kgMS
17.8kg average CW
$69.50 PER kg AVERAGE PRICE
DAIRY PRODUCTION UP BY 36,000kgMS
$96.97 PER LAMB AVERAGE PRICE
Total Revenue
Total Equity
Net Surplus*
$19.3M
$132M
$2.1M
$0.2M increase on 2016
$3.9M increase on 2016
$0.4M increase on 2016*
* Before finance costs and non-operating revaluations.
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Te Āti Hau Trust CHAIRPERSON'S REPORT
OUR GRANTS HAVE HELPED PEOPLE TO REPRESENT THEIR COUNTRY, REGION, COMMUNITY OR SCHOOL IN A HUGE RANGE OF SPORTS, ENABLED KAUMĀTUA TO LIVE MORE COMFORTABLY, SUPPORTED THE EDUCATION OF YOUNG AND NOT SO YOUNG PEOPLE IN A WIDE RANGE OF SUBJECTS AND PROVIDED VITAL SUPPORT FOR PROJECTS THAT BENEFIT OUR COMMUNITIES.
Tēnā kautau e ngā uri nō whenua morehu. Nā ō tātau tupuna ēnei taonga i tuku iho mai ki ao āpōpō. He tika te whakaaro kia kore e warewaretia nā ā rātau mahi i ahei ai ngā kawai hekenga ki te tū hei mana reo mō te whenua mai i te kahui hukapapa ki te wai mirimiri ō mātua tūpuna. Oti atu te po tango, nau mai aotea ki mua. Ānei nā te purongo ā tau 2017 e whakaatu nei i ngā painga me ngā rawenga mō te putea tautoko i tuaina atu ai ki ngā tauira, ki ngā pahake, ki ngā tāngata hākinakina, ki ngā marae, ara noa atu. Heoi ano, kore mutu ai te mihi kau atu ki ngā reo o te Kopereihana. Nā kautau i karanga ai ki te awhiawhi, ki te manaaki i te iti me te rahi. Tēnā tātau katoa.
STRATEGIC PARTNERSHIP The purpose of the Te Āti Hau Trust is to assist our shareholders, and their whānau, kaumātua, tamariki and mokopuna, in the pursuit of their
year. We are pleased to have supported, contributed and shared in the stories of our people seeking to achieve their goals and succeed with
aspirations and goals with grants for
their initiatives.
a variety of purposes including sport,
Our grants have helped people
education, health and wellbeing, and marae initiatives. On behalf of Te Āti Hau Trust Board
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applications we received this financial
to represent their country, region, community or school in a huge range of sports, enabled kaumātua to live
members - Jenny Tamakehu, Anton
more comfortably, supported the
McKay, Shar Amner and Keria Ponga, I
education of young and not so young
wish to thank our shareholders for your
people in a wide range of subjects and
ongoing support and endorsement
provided vital support for projects that
of the education and general grant
benefit our communities.
Te Āti Hau Trust CHAIRPERSON'S REPORT EDUCATION GRANTS The great majority of our grants are to support study and learning. We continue to help new generations of medical professionals, lawyers, teachers, artists, farmers, engineers
Toitū Te Tangata
are standing on the world stage and doing us proud. The Trust distributed $18,700 in this area. Interestingly, 50% of all applications received for general grants were for sport, art and travel interests.
and many more to go out into the world and make their mark. This year the Trust approved 416 education grant applications to distribute a total of $265,200 (an increase of $65,000 from last year). The trustees always appreciate the acknowledgement the Trust receives about the difference a grant has made to a recipient and how they are progressing and achieving on their chosen path. It has been a pleasure to assist
Culture
The Trust approved and distributed $19,700 to projects and activities that promote and support cultural activities. In total, the funds received by successful applicants made up 26% of the total available for general grants. Successful applications received funding for the restoration of a church, support for the annual Hui Aranga gathering and help to promote Te Reo.
our people no matter what their circumstances to strive forward and achieve educational success. The
Kaumātua
The kaumātua grant policy is intended
list of education recipients makes for
to offer support to improve quality of
interesting reading when identifying
life, health and well-being. Applications
connections and seeing some of the
ranged from personal needs such as
more interesting education activities people are involved in.
GENERAL GRANTS Our general grants cover sport, art and travel, cultural activities, kaumātua health and well-being and marae
and kaumatua grants have been available and it is exciting to see more applicants taking up the opportunity.
Sport, Art and Travel
Our tamariki are travelling the world
Approved
healthy teeth and hearing disabilities, to assisting with the warmth of the home. In this category, $12,949 was distributed. On behalf of our shareholders, many of whom are our kaumātua, the Trust is pleased to provide assistance for kaumātua activities and their general well-being.
initiatives. This is the second year that marae
416 Education Grants
Marae
In this financial year the Trust has
$265,200 Total Education Grants Distributed
$76,849 Total General Grants Distributed
been able to support three marae applications. While we received a relatively small number of applications in comparison to other grant categories, total funds approved for distribution in this area totalled
achieving great things in a wide
$25,500. These funds are supporting
variety of sports. From trampolining to
the restoration and conservation of the
taekwondo and netball to dance. They
wharepuni Akerautangi, improving the
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Te Āti Hau Trust CHAIRPERSON'S REPORT stormwater drainage at Maungarongo
continue to respond to the needs of
Finally, I would encourage all those
Marae and supporting the provision
our shareholders and their whānau.
who wish to make an application
of a ride-on lawn mower for Te
No doubt, this will be an important
to carefully complete the details
Upoko o Te Whenua Marae. The
focus for Trust activities in the coming
required and ensure it is accompanied
Trust recognises that our marae are
year.
with supporting evidence. The
important to us all for our gatherings and shared interests and invites applications for projects and initiatives that support the home people who look after our marae for the rest of us.
approval process is usually a
I would also like to take this opportunity to acknowledge Frances Te Porana’s years of service, in-depth knowledge and responsiveness to our shareholders and beneficaries while
straightforward one, aided by the revised administrative procedures for the receiving and processing of applications. Our staff, Keri and Charmaine, are available at the office
With the completion of this AGM
she enjoys retirement. In her time
report, the trustees thank the Ātihau
with the Incorporation and the Trust
Whanganui Incorporation (AWHI)
she supported many visitors to the
shareholders for your ongoing trust
office with information and assistance.
and confidence in our work. I have
Many of us know that her wealth of
appreciated my time as the chair
experience and understanding of
for the Trust and now look forward
the shareholder register was well
to the incoming chair, Keria Ponga,
recognised. She has passed the
Dr Brendon Te Tiwha Puketapu
continuing the Trust’s positive activities.
baton into the capable hands of Keri
Chair, Te Āti Hau Trust
As the shareholders of the AWHI and
and Charmaine, however, we may
beneficiaries of Te Āti Hau Trust, you
have the opportunity to call upon
can be assured that the trustees will
Frances’s skills in the future.
to assist you. Nāku iti nei,
Te Āti Hau Trust TRUSTEES
Brendon Te Tiwha Puketapu (Chair)
20
Shar Amner
Keria Ponga
Anton McKay Independent Trustee
Jenny Tamakehu Independent Trustee
Long history brings new opportunity A new scholarship launched this year
he says “The long history of the
operations. The recipient of this
stands as a testament to the strength
partnership and a deep understanding
scholarship will spend time learning
of the relationship between Ātihau
of the goals and aspirations of Te Āti
about aspects of our business,
Hau Trust led to a desire to further
providing them with valuable
help and assist AWHI. We created
knowledge and experience as they go
this new and exciting scholarship with
forward on their chosen path.”
Whanganui Incorporation (AWHI), Balance Chartered Accountants (Balance) and Deloitte. Whanganui based Balance has been providing AWHI with accounting, secretarial and governance support services for more than 50 years. The partnership was further enhanced in 2015 when Balance came to enjoy the support of Deloitte, the multinational professional services firm, in what Balance’s Chairperson Russell Bell describes as a ‘modern and dynamic partnership which gives AWHI and its team access to advice and expertise that is second to none’. Russell is also Balance’s Lead Partner for Ātihau Whanganui Incorporation and Te Āti Hau Trust and has been working closely with AWHI for the past year.
this in mind and are excited by the possibilities the opportunity presents to the AWHI shareholders and their uri in supporting an individual to expand their capabilities.” The Accounting Scholarship is one of four special scholarships offered by the Trust and will provide $1000 per year for three years along with the valuable offer of eight weeks’ work experience at Balance and Deloitte.
Tiwha Puketapu, Chairman of the Te Āti Hau Trust Board, is pleased that the partnership is able to help shareholders, and their whānau, tamariki and mokopuna, pursue their aspirations and goals. “Assisting people to build their knowledge, their skills and their capability not only benefits the individual, it helps our community to grow and succeed.” he says. “The
“I think accountants suffer a bit of an
Board is delighted to have been able
image problem,” laughs Russell.
to work with Balance and Deloitte to
“We are much, much more than musty
provide this scholarship for our future
bean counters sitting in an office full of
business managers, consultants and
ledgers! I spend almost all of my time
financial experts and look forward to
consulting and helping people make
seeing what rewards it will reap.”
their businesses better.”
Prospective applicants are encouraged
“We provide advice and insight to
to contact Keri in the AWHI office
Committed to finding opportunities
help businesses to make decisive
to receive advice about how best to
to add value to the work of the Trust,
and focused decisions about their
present their application.
21
Te Āti Hau Trust GENERAL GRANTS LIST Sport, Art and Travel Recipients
General Grant Categories
$
Anika Robinson
2017 Waka Ama Nationals
100
Connor Dobbyn
Under 14 Representative Rugby League
250
Faith McCallum
Waka Ama
250
Steele Spence
Under 14 Representative Rugby League
250
Maia Ramis
Attending NZ Basketball Academy
400
Summah Hartley
Course Fees
450
Adalene Hay
Representing region at Bowls Nationals
500
Alicia Colledge
Representing NZ mixed Indoor Netball
500
Awatere McLean Wano
Australia - Representing Basketball
500
Belinda Kimiora Katene (on behalf of her son Karepa Wiremu Heke Kaiawha)
2017 UCI BMX World Championships
500
Benet Kumeroa
Representing School at Junior World Weightlifting Champinships in Thailand
500
Caleb Akapita
Representing school at NZ National Secondary School Rowing Championships
500
Donovan Thompson
Representing school at NZ National Secondary School Rowing Championships
500
Eliza Muldrock
Representing NZ National Cheer-leading
500
Janae Whakarau
NZ Representing Taekwondo World Championships in Ireland
500
Jaqiya2k Kora
NZ U17 Mixed Indoor Netball Team
500
Jaxon Waters
Representing NZ overseas in NZ Trampoline Team
500
Kayzia Goss
NZ U15 Girls Indoor Netball Team
500
Laticia-Leigh Transom
Represent NZ at 2017 Youth Commonwealth Games in Nassau - Bahamas
500
Latrell Teka
Australia - Representing Basketball
500
Liam Goodhall
NZ Judo Team
500
Rangi Kui
Representing school at Under 16 Boys Whanganui Touch Nationals
500
Sharnay Leef
Representing NZ U17 Mixed iIndoor Netball Team
500
Shenea Whakarau
NZ Representing Taekwondo World Championships in Ireland
500
Mitchell Millar
Representing NZ U20 Mixed Touch Team
1,000
Tirorangi Marae
Taonga restoration
1,000
Benet Kumeroa
Olympic Weightlifting
1,500
Bryan Nuku
NZ Team Marathon
1,500
Shenaragh Nemani
Representing NZ in World Latin Dance Cup in Miami
2,000
Whanganui Hunting & Fishing Festival
Support community project
2,500
Ruapehu College
Support and develop youth CACTUS programme
2,500 18,700
22
Te Āti Hau Trust GENERAL GRANTS LIST Cultural $
Recipients
General Grant Categories
Bayley Mihaka
Te Reo - Manu Korero competition
200
Kids Foundation
Delivering of vital services to our families
500
Pakaitore Ruapehu Māori Catholic Club
Support annual Pakaitore celebrations Hui Aranga 2017
1,000 1,000
St Peter Chanel Catholic Club
Hui Aranga 2017
1,000
St Vincent’s Māori Club
Hui Aranga 2017
1,000
Te Roopu O Parikino
Hui Aranga 2017
1,000
Te Roopu O Te Whiti Māori Culture Club Whangarei Ki Hokianga
Hui Aranga 2017
1,000
Te Roopu Kapahaka o Te Matapihi
2017 National Kapahaka - Te Matatini
1,000
Ruapehu College
CACTUS Scheme
2,500
Te Takanga o Materoa
Re-erect memorial
4,500
Te Reo Whakamoemiti
Church Restoration
5,000 19,700
Kaumatua $
Recipients
General Grant Categories
Adelaide Kellett
Kaumatua
150
Evelyn Myrtle Takarangi
Kaumatua
849
Hohepa Kotuku
Kaumatua
950
Aloha Tamihana-Gray
Kaumatua
1,000
Georgie Wardlaw
Kaumatua
1,000
Geraldine Taurerewa
Kaumatua
1,000
Howard Brooks
Kaumatua
1,000
Lorraine Lewis
Kaumatua
1,000
Makarita Smallman
Kaumatua
1,000
Mary Te Haara
Kaumatua
1,000
Rangi Bristol
Kaumatua
1,000
Tamaohungia Te Patu
Kaumatua
1,000
Te Rangatapu Wirihana Wilson
Kaumatua
1,000
Terence Hikaka
Kaumatua
1,000
Te Reo Whakamoemiti
Church Restoration
5,000 12,949
Marae
$
Recipients
General Grant Categories
Nathan Pari Maungarongo Marae Trustees
Ride-on Lawnmower -Te Upoko o Te Whenua Marae Marae - Stormwater drainage
Te Ao Marama Whakaihuwaka C3A Marae repairs - Restoration & conservation of the Wharepuni Akerautangi
3,500 7,000 15,000 25,500
Net General Grants
76,849
23
Te Āti Hau Trust EDUCATION GRANTS LIST
Secondary School (Yr 10-11)
24
$
Recipients
School
Aaliyah Ranginui
Whanganui High School
250
Akaylah Ranginui
Whanganui High School
250
Ani Waitai-Ngatuere
Whanganui High School
250
Anika Read
Kamo High School
250
Anika Robinson
Whanganui Girls College
250
Arama Waitai-Ngatuere
Cullinane College
250
Ariana Potaka
St. Josephs MÄ ori Girls College
250
Arielle O'Keefe
2016 Napier Girls High School
250
Arielle O'Keefe
2017 Napier Girls High School
250
Ashleigh Naomi Edwards
Wanganui Girls College
250
Beau Hourigan
Wanganui Collegiate
250
Braxton Whale
Cullinane College
250
Brayden Tyson
Whanganui City College
250
Caleb Akapita
Hamilton Boys High School
250
Chelsea Haami-Heron
Tararua College
250
Collis McNaughton
Onslow College
250
Connor Dobbyn
Rotorua Boys High School
250
Connor Matenga
Feilding High School
250
Connor Pauro
Whanganui City College
250
Cruz Pauro
Whanganui City College
250
Cymfani-Dawn Waters
Rosehill College
250
Dakota Ratana
Hato Paora College
250
Danielle Tahana
Whanganui City College
250
Danika Hawira
Whanganui City College
250
Daysha Maniapoto
Hastings Girls High School
250
Dean Christensen
Hamilton Boys High School
250
Devon Malcolm
Whanganui High School
250
Dryden Mihaka
Western Heights High School
250
Epic Tuirirangi-Rapana
Wanganui City College
250
Erana Pei-Aati
Cullinane College
250
Falcon Neilson
Mairehau High School Christchurch
250
Haize Mihaka
Opotiki College
250
Hana Gussey
2016 Carmel College
250
Hana Gussey
2017 Carmel College
250
Harlen Awhitu
St. Johns College
250
Te Āti Hau Trust EDUCATION GRANTS LIST
Secondary School (Yr 10-11) $
Recipients
School
Harmony Ngatoa-Wallace
Cullinane College
250
Heavenly Mihaka
Western Heights High School
250
Herena Taylor-Heke
Wanganui High School
250
Hunter Morrison
Wanganui Collegiate
250
Isaiah Teki
Cullinane College
250
Jade Johnson
2016 Wanganui High School
250
Jade Johnson
2017 Whanganui High School
250
Jardyn Tamati
PN Boys High School
250
Jayden Williams
Western Springs College
250
Jaysire Hura
Whanganui High School
250
Jessie Haami-Heron
Tararua College
250
Jhavanni Allen
Cullinane College
250
Joey Richards-Wiari
Ruapehu College
250
John Benjamin Richards
Ruapehu College
250
Jorja Stout
Taupo Nui A Tia College
250
Joshua Fortuin-Tiraha
Aotea College
250
Joshua Korewha
Wanganui High School
250
Kairon Repia
Hato Paora College
250
Kenayla Edwards
Te Puke High School
250
Kiana Millar
Cullinane College
250
Kuramaiki Whana
Hukarere Girls College
250
Latrell Teka
New Plymouth Boys High
250
Lilli Hammond
Wanganui Collegiate
250
Logan Kumeroa
Gore High School
250
Lyric Bishop
Whanganui Girls College
250
Manea-Mabel Hawke
St. Josephs MÄ ori Girls College
250
Matthew Oberdries
Mt. Albert Grammar School
250
Merenia Ratana-Peina
Manukura
250
Mikaylah Macdonald
Wanganui High School
250
Monika Hough
Wanganui Girls College
250
Natalia Healey-Forde
Rotorua Girls High School
250
Natalia Ranginui
Wanganui City College
250
Paige Taiaroa
Feilding High School
250
Paris Urwin
Tauranga Boys High
250
Patrick Hourigan
Wanganui Collegiate
250
25
Te Āti Hau Trust EDUCATION GRANTS LIST
Secondary School (Yr 10-11) $
Recipients
School
Petera Haami
Tararua College
250
Phoenix Neilson
Mairehau High School Christchurch
250
Pita Townsend
Whanganui High School
250
Rangi Kui
2016 Wanganui City College
250
Rangi Kui
2017 Wanganui City College
250
Rata Puru
Flaxmere College
250
Rawiri Winikerei
St. Johns College
250
Rayarn Mataora Tamati
Trident High School
250
Riley Haenga
Whanganui High School
250
Rongomai McLean-Wanoa
Cullinane College
250
Rukuwai Te Weri
Manukura
250
Shantala Mitchell
Upper Hutt High School
250
Skyelah-Breez' Te Ua Wright
Cullinane College
250
Steele Spence
Rotorua Boys High
250
Summah Hartley
Te Puke High School
250
Tangata Kee Matenga
Taita College
250
Tauri Maniapoto-Cheer
Central Hawkes Bay College
250
Tayla Ataerihia Kuiti
Manawatu College Foxton
250
Te Aratu Ngaire Maihi
Newlands College
250
Te Atawhai Wanihi Quirke
Whanganui High School
250
Te Hau Bhreeeze Maihi-Fore
Cullinane College
250
Te KaoKao Kairimu
Ruapehu College
250
Te Paea Rogers
2016 Wanganui High School
250
Te Paea Rogers
2017 Hukarere Girls College
250
Toni Tutemahurangi
Kapiti College
250
Tumanako Te Awhe
Cullinane College
250
Tyra-Jade Alexander
Manukura
250
Uenuku Maru-Patea
St. Josephs Māori Girls College
250
Wharewaiata Rolls
2016 Hato Paora College
250
Wharewaiata Rolls
2017 Hato Paora College
250
Wikitoria Marshall
Whanganui Girls College
250
Wyllow Machin-Clark
St. Josephs Māori Girls College
250
Zachary Campbell-Smith
Rongotai College
250 Net Secondary Grants
26
25,750
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General $
Recipients
Qualification
Dylan Karamaena
Bachelor of Business Studies
250
Camilla Allen
Bachelor of Applied Business Studies
300
Olivia O'Neil-Cockburn
Bachelor of Science
300
Paul Baker
International Diploma in Cheffing
300
Pirihira Waitai
Te Tohu Paetahi Diploma in Te Reo Māori
300
Pita Taylor-Heke
Conjoint Bachelors Degree in Design Innovation and Commerce
300
Decadia Pakinga
NZ Law Society Legal Executive Diploma Level 6
350
Janelle Gray
Bachelor of Social Studies
350
Joella Tahi
Marketing Research
350
Kristy Byres
National Certificate in Business Administration & Computing Level 3
350
Ngahina Peeti-Green
NZ Certificate in Apiculture
350
Sharon Marshall
Bachelor of Social Work
350
Te Rangi Peeti-Green
NZ Certificate in Apiculture
350
Charles Simon
Certificate in Apiculture Level 3
400
Faith Tioro (McCallum)
Heke Kaitiakitanga Putaiao
400
Gipsy Alysha Foster
Bachelor of Nursing
400
Hamish Nicoll
Bachelor of Engineering
400
Jaymie Kate Wardlaw
Bachelor of Law
400
Jesse Lee Rihia
Bachelor of Science
400
Karli Selwyn
Bachelor of Health Science in Oral Health
400
Kelsi Jackson
Bachelor of Teaching (Early Childcare)
400
Melissa Hiroti
Toi Paematua Diploma in Māori Art
400
Natalie Ngamotu-Healey
Bachelor of Laws
400
Nikita Hiroti
Bachelor of Arts
400
Alexandra Brooks
Bachelor of Teaching (Primary)
500
Anahera Faith Sheehy
Bachelor of Health (Occupational Therapy)
500
Awhina Haenga
Bachelor of Social Work Year 3
500
Ayalla Buchanan
Bachelor of Applied Arts
500
Blake Matthew Akapita
Bachelor of Computing and Mathematical Sciences
500
Jacob Hiroti
Certificate in Carpentry Level 4
500
Karamea Graham-Ratana
Bachelor of Health Science (Health Promotion)
500
Kayana Tahana-Hopkins
Bachelor of Business (Property)
500
Nova Lindsay
Te Tohu Paetahi Nga Poutoko Whakarara Oranga
500
Penelope Wiari
Te Tahu Paetahinga Poutoko Whakarara Oranga
500
Tibet Ranginui
Bachelor of Fine Arts with Honours
500
Trina Paewai
Bachelor of Business
500
27
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General
28
$
Recipients
Qualification
Taara Green
Apiculture Course
600
Ahlia-Mei Ta'ala
Architecture
600
Samuel Wright
Bachelor of Applied Science
600
Rachel O'Halloran
Bachelor of Applied Management
600
Dakota Lawrence
Bachelor of Arts
600
Madison Durston
Bachelor of Arts
600
Sidney Taku
Bachelor of Arts
600
Rachael MM Reihana
Bachelor of Arts and Social Services
600
Shaqkinem Stebbing
Bachelor of Arts in Criminology & Education
600
Kealyn Marshall-Nyman
Bachelor of Arts, Teaching
600
Kayla Wareham
Bachelor of Business
600
Ana Allen
Bachelor of Business Studies
600
Kaylin Huwyler-Hunia
Bachelor of Commerce and PE
600
Sonny Houpapa
Bachelor of Creative Enterprises
600
Kristie Rose Rihia
Bachelor of Education
600
Michael Stewart
Bachelor of Engineering (Honours)
600
Tania Pirikahu
Bachelor of MÄ ori Visual Arts
600
Angeline Walters
Bachelor of Science
600
Maggie Tapa
Bachelor of Science
600
Fiona Nicoll
Bachelor of Science
600
Cortenay Durston
Bachelor of Social Sciences
600
Grant Te Patu
Bachelor of Social Work
600
Maddiesen Ratten
Bachelor of Sport and Recreation
600
Kahutianui Lawrence
Bachelor of Sport, Health and Human Performance
600
Rangitarewa Woon
Bachelors of Law and Art
600
Christina-Rose Malcolm
Certificate in Agriculture Level 3
600
Cameron Tawaroa
Certificate in Apiculture Level 3
600
Mahinarangi Richards
Certificate in Beauty Services
600
Lonnie Kwocksun
Certificate in Engineering Level 3
600
Teresa Peeti
Cookery Level 5 Diploma
600
Jordan Makatea
Diploma in Exercise Science Level 6
600
Monique Haami-Heron
Diploma in Hotel Management
600
Diane Wildermoth
Diploma in Tertiary Teaching
600
Paul Hallett
Diploma Forest Manage Level 6
600
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General $
Recipients
Qualification
Connor Hourigan
Electrical Apprenticeship
600
Elizabeth Namana
Kawai Ruapapa Level 4
600
Tawhiao McMaster
LLB & BA
600
Hinepuaraurangi Hawira
NZ cert in Art & Design Level 3
600
Rena Akapita
NZ Diploma Travel & Tourism Level 5
600
Chontelle Wallace
Post Grad Diploma in Teaching
600
Valencia Poutini
Poutuarongo Kaiwhakaako
600
Klay Pukutohe
Sport and Recreation
600
Shaia Twomey
Te Aho Tatairangi
600
Aleisha Amohia
Bachelors of Computer Science and Commerce
700
Alice Poutini
Hospitality
700
Angela Johnson
Bachelor of Arts/Bachelor of Business
700
Anita Clay
Bachelor of Education
700
Ariaana Osborne
Bachelor of Performing Arts
700
Ariana Joseph
Matauranga MÄ ori
700
Arthur John Takiari
Certificate in Apiculture
700
Ashleigh Aldworth
Bachelor of Science
700
Ashley Te Weri
Certificate in Health and Science Level 3
700
Autumn-Leigh Ratana
Bachelor of Arts and Design
700
Awhina Piripi
Diploma in Freight and Shipping
700
Baileigh Rameka
National Certificate in Security
700
Bernard Matthews
Certificate in Exercise and Sport Performance Level 4
700
Billie Mills
Certificate in Business Level 4
700
Caitlin Macdonald
Bachelor of Electronic Commerce
700
Capryce Taurerewa
NZQA National Certificate Emerging Stylist
700
Casey Jones
Heke Rongoa
700
Celine Selwyn
Bachelor of Sport & Exercise Science
700
Chaana Morgan
Diploma in Waka (Level 5)
700
Chaye Tawaka
Dip. Professional Scuba Instruction & Certificate Medic First Aid Career Instruction
700
Chelsea Walsh
2016 Bachelor of Architecture
700
Chelsea Walsh
2017 Bachelor of Architecture
700
Chevy-Lee Winterburn
NZ Certificate Food & Beverages Level 3
700
Chontelle Wallace
Poutuarongo Whare Tapere
700
29
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General
30
$
Recipients
Qualification
Claudia Raupita
Diploma of Arts - Psychology
700
Corinna Goff
National Certificate in Security
700
Dakota Lawrence
Bachelor of Arts - Anthropology
700
Damien Rowe
Heke Te Rangakura-Kaiwhakaako
700
Damon Taura
Bachelor of Social Work Level 7
700
Daniel Tauru
Electrical Engineering
700
Dariann Sigley
2016 Bachelor of Arts Majoring in English Literature
700
Dariann Sigley
2017 Bachelor of Arts Majoring in English Literature
700
Dave Hori Pauro
Certificate in Apiculture Level 3
700
Dhinisti Patea
Poutuarongo Whare Tapere
700
Diane Wildemoth
Bachelor of Māori Art
700
Faith Taputoro
Certificate in Tourism Level 3
700
Florence McDonald
Bachelor of Arts majoring in Social Policy
700
Gemma Fore
Bachelor of Social Work
700
Grace Pokiha
Bachelor of Arts - Psychology
700
Haarangi Harrison
Bachelor of Sport and Leisure
700
Hanna Wheller
Foundation Education Health Science
700
Hinetiki Karaitiana
Bachelors of Education
700
Hope Tioro
Bachelor of Arts
700
Huiariki Ratana-Waho
Heke Matauranga Māori
700
Jaan Turia
Bachelor of Commerce
700
Jack Potaka
2016 Bachelor of Law
700
Jack Potaka
2017 Bachelor of Arts/Bachelor of Laws Conjoint Degree
700
Jacon McGregor
Bachelor of Arts International Relations and Political Science
700
Jade Hohepa
Certificate in Hospitality
700
James Tuipea
Bachelor of Sport and Recreation
700
Jesse-Lee Kingi
Bachelor of Science
700
Joanne Piripi
Diploma in Māori Arts L5
700
Kaha Mai O Te Rangi Simon
Bachelor of Teaching Māori Medium/Diploma Māori Education
700
Kahumoerangi Te Kani
Bachelor of Science
700
Kahutianui Lawrence
Bachelor of Sport and Leisure
700
Kataraina Ngairo
Bachelors of Education
700
Katrina Daly
Poutuarongo Whakaakoranga
700
Kauri Neilson
Bachelor of Computer Graphic Design
700
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General $
Recipients
Qualification
Keith Phillips
Apiculture
700
Kelly Kingi
Bachelor of Arts Majoring in Māori Resource Management
700
Kimberly Kawau
Cookery Level 5 Diploma
700
Kupe Timmo Renata
Bachelor of Musical Arts
700
Leah Marumaru-Flynn
Graduate Diploma of Teaching (Secondary)
700
Leanne Hiroti
NZ Diploma in business
700
Luke Whanarere
Poutuarongo Whare Tapere
700
Mahirini Whale
Apprencticeship Plumbing and Drainlaying Level 4
700
Maihi Potaka
Bachelor of Māori Visual Arts
700
Mako Osborne
Bachelor of Commerce
700
Manaia Ratana
Poutuarongo Whare Tapere
700
Mani Rameka
National Certificate in Security
700
Mary Whanarere
Poutuarongo Whare Tapere
700
Meisha Wallace
Diploma in Interior Design Level 5
700
Michael Robert Thompson
Toi Whakarakai/Carving
700
Mike Hina
National Certificate of Security
700
Moewai Gilsenan
Heke Te Rangakura - Kaiwhakaako
700
Monique Taylor
Bachelor of Social Practice
700
Natalia Green
Māori Natural Resource Management
700
Naumai Kairimu
Poutuarongo Te Rangakura
700
Nicola Walsh
Bachelor of Law, Criminology & Psychology
700
Nicole Woon
NZ Certificate in Animal Technology (Vet Nursing)
700
Nooti Waho
Chinese Language Course
700
Odette Edmonds
Level 4 Early Childhood Practice
700
Paddy Tawaka
Certificate in Cookery Level 4
700
Pania Hemopo
NZ Diploma in Business
700
Patricia Mareikura
Bachelor of Arts Te Reo Māori 7 Tikanga Māori
700
Poutama Taiaroa
Bachelor of Sport and Exercise
700
Quentin Tawaka
Certificate In Hospitality Level 3
700
Rachel O'Halloran
Bachelor of Business Studies
700
Racquel McKenzie
Poutuarongo Whare Tapere
700
Rangimarie Teki
Bachelor of Sport, Health and Human Performance
700
Rangipai Kawau
Bachelor of Teaching
700
Raukura Hoerara-Smith
Bachelor of Commerce and Admin
700
31
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General
32
$
Recipients
Qualification
Raungohi Skye Grace
Rumaki Reo - Certificate of Proficiency in Māori Language
700
Rawiri Kapea
Bachelor of Arts
700
Rawiri Kerehoma Hoerara
Bachelor of Law and Management Studies
700
Reihana Wiari
Diploma in Contemporary Music Performance
700
Rhys Ngatuere
Ag Challenge
700
Rikki-Leigh Madams
Certificate Business Studies
700
Roimata Harding
Certificate in Beauty Specialist & Electrical Epilation
700
Ruaturia Marshall-Ponga
Diploma in Applied Sport & Exercise Leadership
700
Ruby August
Bachelor of Teaching
700
Sarah Wallace
Bachelor of Arts (Criminology)
700
Severen Rameka
National Certificate in Security
700
Shane Tawhitapou
Certificate in Apiculture Level 3
700
Shannon Baker
Certificate in Health and Science Level 3
700
Sharnarose Pehi
Poutuarongo Whare Tapere
700
Shayna Te Riaki
2016 Certificate in Agriculture Level 3
700
Shayna Te Riaki
2017 Diploma in Waka
700
Sidney Taku
Bachelor of Arts Classical Studies
700
Simone Graham
Heke Reo
700
Slade Rehu-Hill
NZ Institute of Sports
700
Sonny Nepia
Bachelor of Business
700
Stephanie Potaka - Osborne
Bachelors Degree in Accounting
700
Taine Julian
Bachelor of Commerce
700
Tamahauiti Potaka
Bachelor Commerce & Science
700
Tamahina Sheridan
Bachelor of Arts
700
Tameka Solomon
Bachelor of Teaching ECE
700
Tania-Rose Taitoko
Bachelor of Business - Accounting
700
Tawhiao McMaster
Bachelor of Law and Arts - Māori
700
Taylor Barnett
Bachelor of Science - Computers
700
Te Amorangi Karaitiana
Matauranga Māori
700
Te Autiti Gilsenan-Hikaka-Jones
Bachelor of Design with Honours
700
Te Mana-o-Tawhaki Huwyler
Bachelor of Design Innovation
700
Te Ngaahere Peeti
Certificate in Health and Science Level 3
700
Te Ngauora Kerehoma Hoerara
Bachelor of Business Studies
700
Te Āti Hau Trust EDUCATION GRANTS LIST
Tertiary - General $
Recipients
Qualification
Te Oranga Whanarere
Poutuarongo Whare Tapere
700
Te Puawai Wilson-Leahy
Bachelor of Arts and Bachelor of Laws (Māori & Indigenous Studies)
700
Te Raurangi Tamakehu
Certificate in Health and Science Level 3
700
Te Rehia Kendrick
Certificate in Health and Science Level 3
700
Te-Awhina Plumridge
Bachelor of Law and Bachelor of Arts
700
Tess Kora
Heke Rongoa Diploma
700
Time Patea
Certificate in Contemporary Music
700
Titaha Townsend
Certificate in Business Studies Level 4
700
Tukariri Dryden
Bachelor of Electronic Commerce
700
Tukotahi Phillips
Bachelor of Business Administration and Māori
700
Tyson Christopher Prince
Bachelor of Musical Arts
700
Waimiha Maniapoto-Love
Bachelor of Fine Arts with Honours
700
Whare Te Riaki
Diploma in Waka Level 5
700 Net Tertiary General Grants
137,000
33
Te Āti Hau Trust EDUCATION GRANTS LIST
Medical
34
$
Recipients
Qualification
Darinee Ratana
Bachelor of Nursing
300
Pounamu Tawaroa
Certificate in Health Science
350
Jamie Blackett
Bachelor of Occupational Therapy
400
Karen Butler
Bachelor of Nursing
400
Mathew John Brownbridge
Bachelor of Medicine & Bachelor of Surgery
400
Alexandra Kumeroa
Bachelor of Nursing
500
Claire Enright
Bachelor of Midwifery
500
Dayna Stevenson
Bachelor of Science Majoring in Pharmacology
500
Jhonelle Richards
Bachelor in Nursing
500
Mikaere Teki
Health Science First Year
500
Tara Ngatai-Broughton
Bachelor of Nursing
500
Brittany Lambert
Bachelor of Midwifery
600
Jessica Hamilton
Bachelor of Nursing
600
Lace Neilson
2016 Bachelor of Nursing
600
Leilani Fonotoe
Bachelor of Nursing
600
Paris Butters
Health Sciences First Year (Dental Surgery)
600
Sandy Mitchell
Diploma in Nursing
600
Selena Wallace
Bachelor of Nursing
600
Symmone Yates
Bachelor of Nursing
600
Taini Te Awhe
Health Science
600
Waimarama Bartlett
Bachelor of Nursing
600
Alicia Barrett
Bachelor of nursing
700
Ashleigh Tahiwi
Certificate in Foundation Health Science
700
Awhina Dixon
2017 Bachelor of Nursing
700
Awhina Dixon
2016 Certificate in Health Science
700
Freeman Apou
Bachelor of Medicine and Surgery
700
Hanna Mei Wheeler
Bachelor of Nursing (First Year)
700
Hayley Robinson
Bachelor of Nursing 500 Level
700
Jesse-Lee Kingi
Bachelor of Science
700
Jocelyn Arahanga
2016 Bachelor of Nursing
700
Jocelyn Arahanga
2017 Bachelor of Nursing
700
Kama Whatu
Bachelor of Nursing
700
Lace Neilson
2017 Bachelor of Nursing
700
Louise Jansen
Bachelor of Physiotherapy
700
Marcia Apatu
Bachelor of Nursing Level 7
700
Te Āti Hau Trust EDUCATION GRANTS LIST
Medical $
Recipients
Qualification
Rachel Pirere
Certificate in Science & Health
700
Ranee Nikora-Rehu
Certificate in Science & Health Level 3
700
Rayden Huwyler-Hunia
Health Science First Year
700
Rylee Dudley
Health Sciences First Year
700
Sarah Cornes
Bachelor of Medicine and Surgery
700
Talia Poutini Lawrence
Heke Kawa Oranga
700
Waimarama Matena
Bachelor of Medicine & Surgery
1,000
Hoani MacFater
Bachelor of Medicine & Bachelor of Surgery
1,000
Malachi Ropata
Bachelor of Medicine & Bachelor of Surgery
1,100
Katie Scorringe
Bachelor of Medicine & Bachelor of Surgery
1,100
Kelli-Ann Tyson
Professional Nursing Practice
1,300
Kelly Harper-Waho
Physiology & Pathophysiology Post Graduate
1,300
Dr Wiremu McFater
PhD in Philosophy in Surgery Department
1,400
Layne Neil Kay
Bachelor of Science Majoring in Genetics
1,500
Deshannon Matthews
Applied Patho Physiology - Post Graduate
1,500
Siobhan Wooding
Bachelor of Medicine & Bachelor of Surgery
1,500 Net Medical Grants
36,750
High Performance $
Recipients
Qualification
Julia Meriana Wikeepa
Bachelor of Social Sciences
1,000
Lara Amy Takarangi
Bachelor of Health Science in Nursing
1,000
Maia Maniapoto-Cheer
Bachelor of Tourism Management
1,000
Manaia Ratana
Heke Matauranga MÄ ori and Heke Toi Whakarakai
1,000
Natarsha Johnson
Bachelor of Arts
1,000
Samantha Farrell
Bachelor of Health Science (Physiotherapy)
1,000
Net High Performance Grants
6,000
35
Te Āti Hau Trust EDUCATION GRANTS LIST
Overseas $
Recipients
Qualification
Jacob McGregor
BA in Political Science and International Relations
700
Stephanie Osborne
2016 Degree in Business & Technology
700
Kayla Tyson-Tahana
Bachelor of Midwifery
2,000
Sarah Reo
Executive Masters in Business Administration
2,000 Net Overseas Grants
5,400
Agriculture $
Recipients
Qualification
Jacob Robinson
PhD - Earth Sciences
3,000
James Coogan
Bachelor of Agriculture
3,000 Net Agricultural Grants
6,000
Music $
Recipients
Qualification
Liam Wooding
Master of Music & Professional Performance Programme Net Music Grants
36
6,000 6,000
Te Āti Hau Trust EDUCATION GRANTS LIST
Post Graduate $
Recipients
Qualification
Casper'Rose Marama
Business Management
700
Jordan Hoerara
Post Grad Diploma in Arts majoring in Psychology
750
Kylie Takarangi
Masters in Sports Physiotherapy (Part time)
750
Mary TK Jones
Masters of Māori & Pacific Development
800
Kayla Gray
Post grad Diploma of Arts (Psychology)
900
Vasilios Kostidis
Bachelor of Screen Arts - Acting
900
Kevin Haunui
Doctor of Philosophy in Education
1,100
Joel Rudolph
Masters in Fine Art
1,200
Leanne Kerehoma
Master of Philospophy (Humanities & Social Science)
1,200
Simon Miles
Bachelor of Engineering with Honours
1,200
Gabriel Baron
Masters of Arts in Māori Development
1,300
Mahinarangi Kerehoma-Torrey
Te Aho Paerewa - Post graduate Diploma in Māori Medium Teaching
1,300
Marama Cameron
Masters in Management - Health Service)
1,300
Stephanie Osborne
2017 Masters of Business Administration in Technology
1,300
Te Herekiekie Herewini
PhD in Māori Studies
1,300
Te Rangimarie Stanley
Post Grad Diploma in Teaching
1,300
Tutakangahau Williams
Masters in Indigenous Studies
1,300
Dinah Vette
Masters in Public Management
1,400
Maehe Thompson
Post Grad Diploma in Furniture Making and Design
1,400
Rama Ashford
Tahuhu Matauranga Māori
1,400
Annie Ball
Grad Diploma in Science
1,500
Barbara Murdoch
Masters of Business & Administration
1,500
Belinda Katene
Postgraduate Diploma in Business Administration
1,500
Dylan Knapp
Masters of Applied Information Technology
1,500
Geoffrey Hipango
Masters in Indigenous Studies
1,500
Jason Love
Post Grad Diploma of Education
1,500
Kevin Haunui
Doctor of Philosophy in Education
1,500
Leslie Hoerara
Masters in Education - last paper
1,500
Maria Bound-Gussey
Masters in Specialist Teaching
1,500
Ngawai Hooker
Masters of Education
1,500
Ricky Cribb
Masters in Māori Visual Arts
1,500
Charlotte Connell
PhD Exercise Sciences
3,000 Net Post Graduate Grants
42,300
37
Ä€tihau-Whanganui Incorporation FINANCIAL STATEMENTS 2017
CONTENTS
38
39
Shareholding and Committee of Management Disclosures
40
Statement of Comprehensive Income
41
Statement of Changes in Equity
42
Balance Sheet
43
Statement of Cash Flows
44
Notes to and forming part of the Financial Statements
60
Auditors' Report
Ä€tihau-Whanganui Incorporation SHAREHOLDING & COMMITTEE OF MANAGEMENT DISCLOSURES For the Year Ended 30 June 2017 Shareholding Information
Greater than 5,000 shares Between 1,000 and 5,000 shares Between 500 and 1,000 shares Between 100 and 500 shares Between 5 and 100 shares Between 1 and 5 shares Under 1 share Totals
No. of Shareholders 12 238 305 1,436 3,905 1,507 1,166 8,569
0.15% 2.85% 3.70% 16.98% 46.06% 17.33% 12.93% 100%
No. of Shares Held
111,973.40 458,476.54 215,669.83 340,109.82 125,926.75 3,936.77 435.89 1,256,529
8.91% 36.49% 17.16% 27.07% 10.02% 0.32% 0.03% 100%
Committee of Management - Shareholding CoM members have the following shares in the Incorporation registered in their names as at 30 Sept 2017. Che Wilson Keria Ponga Mavis Mullins (Chairperson) Shar Amner Te Tiwha Puketapu Toni Waho Whatarangi Murphy-Peehi
61.05 1,000.00 274.28 2,640.76
This schedule does not include shareholdings registered in the name of Trusts of which a CoM member may be a beneficiary. Committee of Management - Meeting Attendance There were eleven monthly meetings and one AGM of the Committee during the year. Member's attendance was as follows: Che Wilson Jim Edmonds (To 2 December 2016) Keria Ponga Mavis Mullins (Chairperson) Shar Amner (From 2 December 2016) Te Tiwha Puketapu Toni Waho Whatarangi Murphy-Peehi
Ordinary 9 5 10 11 6 9 10 10
AGM 1 1 1 1 N/A 1 1 1
Committee of Management Associate - Meeting Attendance Francene Wineti
10
1
Committee of Management - Remuneration Members were paid fees and travel allowances during the financial year.
Che Wilson Jim Edmonds Keria Ponga Mavis Mullins (Chairperson) Shar Amner Te Tiwha Puketapu Toni Waho Whatarangi Murphy-Peehi
Fees $
25,000 10,753 25,000 45,000 14,247 25,000 25,000 25,000
Travel $ 1,438 683 564 893 3,470 2,666 1,030
Comment
Vehicle Provided
39
Ä€tihau-Whanganui Incorporation STATEMENT OF COMPREHENSIVE INCOME For the Year Ended 30 June 2017 Note REVENUE Livestock
2
2017 $
2016 $
13,156,037
13,582,084
Milk
1,263,198
930,200
Wool
1,704,685
2,240,428
Apiary
2,716,428
1,490,563
18,840,347
18,243,275
(36,000)
315,691
Other gains and losses
3
Finance income
4
Rental income Other income
50,289
73,483
325,819
394,593
109,606
111,800
19,290,060
19,138,842
Farm working expenses
8,661,258
9,041,364
Personnel
3,562,834
3,149,924
1,990,284
2,425,314
Repairs and maintenance
946,218
789,027
Governance and shareholder expenses
633,852
559,107
TOTAL REVENUE EXPENSES
Depreciation and loss on sale
5
Donations and scholarships Other operating expenses
6
TOTAL EXPENSES NET SURPLUS BEFORE FINANCE COSTS AND NON OPERATING REVALUATIONS
362,000
384,000
1,074,623
1,081,082
17,231,069
17,429,818
2,058,991
1,709,024
(1,675,699)
(1,774,741)
FINANCE COSTS Interest
REVALUATION GAINS / (LOSSES) Gain / (loss) from equity accounted investments
(444,513)
85,951
Gain / (loss) due to price changes on livestock
4,928,913
387,975
NET SURPLUS / (DEFICIT) BEFORE INCOME TAX
4,867,692
408,209
-
-
4,867,692
408,209
Income tax expense
7
8
NET SURPLUS / (DEFICIT) AFTER INCOME TAX OTHER COMPREHENSIVE INCOME Revaluation of available-for sale-investments
40
18,633
159,369
Revaluation of emission trading units
(165,558)
3,509,562
TOTAL OTHER COMPREHENSIVE INCOME
(146,925)
3,668,931
TOTAL COMPREHENSIVE INCOME / (DEFICIT)
4,720,767
4,077,140
These financial statements are to be read in conjunction with the accompanying notes
Ä€tihau-Whanganui Incorporation STATEMENT OF CHANGES IN EQUITY For the Year Ended 30 June 2017 Capital PPE Reval Reserves Reserve $ $
BALANCE AT 1 JULY 2016
Retained Earnings $
30,098,776 72,260,903 19,398,566
ETU AFS Share Reserve Reserve $ $
Total Equity $
6,192,656
369,030
128,319,931
Dividends paid
-
-
(691,089)
-
-
(691,089)
Transactions with owners
-
-
(691,089)
-
-
(691,089)
Net Surplus after Income tax
-
-
4,867,692
-
-
4,867,692
- Revaluation of emission trading units
-
-
-
(165,558)
-
(165,558)
- Revaluation of available-for-sale financial assets
-
-
-
-
18,633
18,633
Total Comprehensive Income for the Year
-
-
4,867,692
(165,558)
18,633
4,720,766
Transfer to Retained Earnings
-
-
1,996,748 (1,996,748)
-
-
Other Comprehensive Income
BALANCE AT 30 JUNE 2017
30,098,776 72,260,903 25,571,917
4,030,350
387,663
132,349,608
BALANCE AT 1 JULY 2015
30,098,776 72,260,903 19,679,641
2,683,094
211,466
124,933,880
Dividends paid
-
-
(691,089)
-
-
(691,089)
Transactions with owners
-
-
(691,089)
-
-
(691,089)
Net Surplus after Income tax
-
-
408,209
-
-
408,209
- Revaluation of emission trading units
-
-
-
3,509,562
-
3,509,562
- Reclassification of AFS financial assets on sale
-
-
1,805
-
(1,805)
-
- Revaluation of available-for-sale financial assets
-
-
-
-
159,369
159,369
Total Comprehensive Income for the Year
-
-
410,014
3,509,562
157,564
4,077,140
30,098,776 72,260,903 19,398,566
6,192,656
369,030
128,319,931
Other Comprehensive Income
BALANCE AT 30 JUNE 2016
A description of the nature and purpose of each reserve is stated in note 27. These financial statements are to be read in conjunction with the accompanying notes
41
Ātihau-Whanganui Incorporation BALANCE SHEET As at 30 June 2017 Note
2017 $
2016 $
Cash and cash equivalents
7,119
140,432
Trade and other receivables
2,909,158
1,780,323
Stock on hand
1,050,818
466,243
31,980,408
26,959,951
35,947,503
29,346,949
1,635,473
-
37,582,976
29,346,949
CURRENT ASSETS
Biological assets
9
Investments classified as held for sale
11
TOTAL CURRENT ASSETS NON CURRENT ASSETS Property, plant & equipment
14
112,097,446
110,935,686
Investment property
10
7,871,400
7,871,400
Investments in associates and joint ventures
11
6,284,224
7,965,630
Share Investments
12
1,552,168
1,378,971
Intangibles
13
4,032,529
5,440,588
TOTAL NON CURRENT ASSETS
131,837,767
133,592,275
TOTAL ASSETS
169,420,743
162,939,224
1,385,650
1,087,490
GST payable
401,718
303,999
Te Āti Hau Trust
100,000
40,000
265,970
257,255
-
-
2,153,338
1,688,744
CURRENT LIABILITIES Trade and other payables
Employee entitlements Provisions
15
TOTAL CURRENT LIABILITIES NON CURRENT LIABILITIES Borrowings
16
30,731,208
28,891,208
Unclaimed Dividends
17
2,119,923
1,972,675
Limited Partnership deferred capital contribution
18
2,066,666
2,066,666
TOTAL NON CURRENT LIABILITIES
34,917,797
32,930,549
TOTAL LIABILITIES
37,071,135
34,619,293
132,349,608
128,319,931
NET ASSETS EQUITY Retained Earnings Reserves TOTAL EQUITY
27
25,571,917
19,398,566
26 & 27
106,777,692
108,921,365
132,349,608
128,319,931
The Committee of Management of Ātihau-Whanganui Incorporation authorised the financial statements for issue on 20 October 2017. Signed for and on behalf of the Committee of Management:
Mavis Mullins Chairperson 20 October 2017
42
Whatarangi Murphy-Peehi Chairman of the Audit and Risk Committee 20 October 2017 These financial statements are to be read in conjunction with the accompanying notes
Ä€tihau-Whanganui Incorporation STATEMENT OF CASH FLOWS For the Year Ended 30 June 2017
CASH FLOWS FROM OPERATING ACTIVITIES
2017 $
2016 $
19,044,085
18,856,943
50,289
73,483
19,094,374
18,930,426
14,651,308
14,374,263
1,675,699
1,774,741
67,610
117,806
16,394,617
16,266,810
2,699,757
2,663,616
1,840,000
-
Cash was provided from: Receipts from operations Interest & Dividends Received Cash was disbursed to: Payments to suppliers and employees Interest Paid Net GST Paid
NET CASH FLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Cash was provided from: Proceeds from borrowings Proceeds from disposals of property, plant & equipment
272,655
179,458
2,112,655
179,458
3,503,710
1,471,883
Cash was disbursed to: Acquisition of property, plant & equipment Purchase of Investments
536,175
173,758
4,039,885
1,645,641
(1,927,230)
(1,466,183)
Repayment of Borrowings
-
921,759
Distributions & donations
905,840
949,746
905,840
1,871,505
NET CASH FLOWS FROM FINANCIAL ACTIVITIES
(905,840)
(1,871,505)
Net Increase / (Decrease) in Cash Held
(133,313)
(674,072)
140,432
814,504
7,119
140,432
NET CASH FLOWS FROM INVESTING ACTIVITIES CASH FLOWS FROM FINANCIAL ACTIVITIES Cash was disbursed to:
Cash at the Beginning of the Year CASH AT THE END OF THE YEAR
These financial statements are to be read in conjunction with the accompanying notes
43
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
1. REPORTING ENTITY Ātihau-Whanganui Incorporation (AWHI) is registered under the Te Ture Whenua Māori Act 1993 and is incorporated in New Zealand. Statement of Compliance and Basis of Preparation The financial statements for the Ātihau-Whanganui Incorporation have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP) under the requirements of the Financial Reporting Act 2013 and the Te Ture Whenua Māori Act 1993. Ātihau-Whanganui Incorporation is a for-profit entity for the purposes of complying with NZ GAAP. AWHI qualifies for NZ IFRS (RDR) as it is not a large for-profit entity. The Incorporation is eligible for and has elected to report in accordance with Tier 2 For Profit accounting standards and has applied disclosure concessions. The preparation of financial statements in conformity with NZ IFRS (RDR) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Incorporation's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant are disclosed at the end of the accounting policies. Basis of Preparation The financial statements have been prepared under the historical cost basis except for biological assets and some financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historic cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. The information is presented in New Zealand Dollars and all values are rounded to the nearest dollar. The financial statements have been prepared using the significant account policies and measurement basis that are in effect at 30 June 2017 as summarised below. These were used throughout all periods presented in the financial statements. Specific Accounting Policies The following specific accounting policies which materially affect the measurement of the Statement of Comprehensive
44
Income and Balance Sheet have been applied: (a) Revenue Recognition Revenue is measured at the fair value of the consideration received or receivable. Sales of livestock and other agricultural produce are recognised upon receipt by the customer and when the significant risks and rewards of ownership of the goods have been transferred. Rental income is recognised on a straight line basis over the term of the lease. Dividends received are recognised on receipt, net of nonrefundable tax credits. Milk proceeds are recognised in alignment with the processor Fonterra, recorded on a per dollar per kilogram of milk solid production basis. (b) Expenses Expenses are recognised on a functional basis in the period in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. (c) Trade Receivables Trade Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectable amounts. Individual debts that are known to be uncollectable are written off in the period that they are identified. (d) Property, Plant & Equipment Items of property, plant and equipment, except for land, are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of property, plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
Land is revalued every three years to the most recent rateable value consistent with the Te Ture Whenua Māori Act 1993. Revaluations are reflected through Other Comprehensive Income and cumulative revaluations reflected in the PPE Revaluation Reserve.
have been classified as available-for-sale. At balance date shares are revalued to fair value and any gains or losses reflected through other comprehensive income.
All other repairs and maintenance are recognised as expenses in the Statement of Comprehensive Income in the financial period in which they are incurred.
Emission trading units have been purchased and earned off growing forestry.
The depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding freehold land, is depreciated on a straight-line or diminishing value basis over the asset's useful life to the entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. Depreciation rates applied to classes of assets are: Class Land Buildings Bridges Development Improvements Plant & Machinery Furniture & Fittings Motor Vehicles
From To 0% 0% 0% 20% DV 2% SL 20% DV 5% DV 25% SL 0% 40% DV 6% DV 36% DV 8% DV 40% DV 6% DV 36% DV
Gains and losses on disposal are determined by comparing proceeds with carrying amount. These are included in the Statement of Comprehensive Income. (e) Investment Property Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are measured initially at cost, including transaction costs. Revaluations are performed every three years to rateable value in accordance with the Te Ture Whenua Māori Act 1993. Gains and losses on revaluation are reflected through net surplus. (f) Income Tax The Incorporation is registered as a Māori Authority for income tax purposes. Income tax expense for the year comprises current income tax expense and deferred tax expense. Where there is a deferred tax asset an assessment is performed annually as to whether recognition is required. (g) Investments Investments in shares can be categorised as held-fortrading, held-to-maturity or available-for-sale. Shares held
(h) Intangible Assets (Emission Trading Units)
Pre-1990 Forest Land Ātihau-Whanganui Incorporation land contains pre-1990 forest land subject to the provision of the NZ emissions trading scheme (ETS). If the land is deforested the owner is required to surrender NZ Emission Trading Units (NZU's) and any shortfall not held by the owner must be purchased for surrender. As there is no intention to change the land use (native forest) Ātihau-Whanganui Incorporation recognises them initially at cost and revalues them at reporting date through other comprehensive income and reserves. Post-1989 Forest Land Ātihau-Whanganui Incorporation chose to enter the ETS for post-1989 forest land and earns NZUs as forests grow and carbon is stored in the forest from a 2008 baseline. NZUs are required to be returned to the Crown if the carbon stored in the specified area reduces. NZUs are initially recognised at cost and revalued to market value at reporting date. If the obligation to return units arises this obligation is recognised on the Balance Sheet. Net proceeds relating to the trading of NZUs are reflected in Net Surplus. (i) Financial Instruments Financial assets and financial liabilities are recognised when Ātihau-Whanganui Incorporation becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through net surplus) are added to or deducted from the fair value of the financial assets or financial liabilities, as approriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through net surplus are recognised immediately in net surplus. Financial Assets Financial assets are classified into specified categories: financial assets "at fair value through net surplus", "held to maturity" investments, "available-for-sale" (AFS) financial assets and "loans and receivables". The classification depends on the nature and purpose of the financial assets
45
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
and is determined at the time of initial recognition. All transactions are recognised (or derecognised) on a trade date basis. Ātihau-Whanganui Incorporation does not currently hold any held for trading financial assets or held-to-maturity investments. Available-for-sale financial assets are non-derivatives that are either designated as AFS or are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through net surplus. AFS financial assets held by Ātihau-Whanganui Incorporation include supplier shares which are issued at $1 and if surrendered are repaid at $1. Where shares are able to be traded on the listed or unlisted exchange these are reflected at market value. They also hold shares for which there are value changes, including Fonterra shares. These are reflected at values advised by Fonterra. Dividends on AFS equity instruments are recognised in net surplus when Ātihau-Whanganui Incorporation's right to receive the dividends is established. Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted on an active market. Loans and recievables (includes trade and other receivables, and cash and cash equivalents) are measured at amortised cost using the effective interest rate, less any impairment. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Impairment of financial assets: Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been effected.
(j) Provisions Provisions are recognised when the entity has an obligation which can be reliably measured at balance date as a result of a past event and it is probable that the entity will be required to settle the obligation. Where the entity expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Statement of Comprehensive Income net of any reimbursement. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the obligation at balance date. Movements in the best estimate are recorded in the Net Surplus (Statement of Comprehensive Income). (k) Development Expenditure Development costs are deferred where expenditure is carried out on Ātihau-Whanganui Incorporation's farming property over and above normal maintenance and future benefits are expected to exceed those costs. Deferred development costs are amortised over future periods in relation to expected future revenue in each period. Unamortised costs are reviewed at each balance date to determine the amount (if any) that is no longer recoverable, and any amount so identified is written off. Deferred development expenditure is reflected within property, plant and equipment.
Impairments are assessed on an individual basis.
(l) Goods and Services Taxation (GST)
Financial Liabilities Financial liabilities are classified as either financial liabilities at fair value through net surplus or other financial liabilities.
All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST.
No financial liabiliites are held at fair value through net surplus.
(m) Investments in Associates and Joint Ventures
Other financial liabilities (including borrowings and trade and other payables) are initally recorded at cost and
46
subsequently measured at amortised cost using the effective interest method. Due to the short term nature of trade and other payables these are not discounted. Borrowings are subsequently measured at amortised cost using the effective interest method. All borrowing costs are recognised as an expense in the period they are incurred.
Associates are those entities over which Ātihau-Whanganui Incorporation is able to exert significant influence but which are not subsidiaries.
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
A joint venture is an arrangement that Ātihau-Whanganui Incorporation controls jointly with one or more other investors and over which Ātihau-Whanganui Incorporation has rights to a share of the arrangement's net assets rather than direct rights to underlying assets and obligations for underlying liabilities.
(p) Dividends
The Incorporation's investment in associates and joint ventures are accounted for using the equity method of accounting in the financial statements.
The provision for employee entitlements is recognised as a liability in the Balance Sheet. These benefits include salaries, wages and annual leave.
Under the equity method, investments in associates and joint ventures are carried in the Balance Sheet at cost plus post-acquisition changes in the share of net assets of the associates and joint ventures.
(r) Stock feed and Inventory
The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise Ātihau-Whanganui Incorporation's share of the net surplus and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with Ātihau-Whanganui Incorporation's accounting policies. (n) Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is met when the asset (or disposal group) is available for immediate sale in present condition and the sale is highly probable. Management is committed to the sale which is expected to be completed within one year from the date of classification. Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. (o) Biological Assets Livestock are valued at their fair market value. Changes in the value of livestock are recognised in the Statement of Comprehensive Income. Value changes that form part of Ātihau-Whanganui Incorporation livestock management policies including animal growth and changes in livestock numbers are recognised in the Statement of Comprehensive Income within Revenue. Changes in value due to general livestock price movements are beyond Ātihau-Whanganui Incorporation control. These value changes are recognised in the Statement of Comprehensive Income as gain/loss due to price changes on livestock.
Provision is made for the amount of any dividend declared on or before the end of the financial year but not distributed at balance date. (q) Employee Benefit
Stock feed on hand and other inventories are stated at the lower of cost and net realisable value. (s) Critical Judgements in Applying Accounting Policies Valuation of Livestock Ātihau-Whanganui Incorporation values livestock using market values provided by PGG Wrightson Ltd. These market values reflect livestock of similar age, breed and genetic merit throughout New Zealand. Depreciation Rates Assessments are made of appropriate depreciation rates to be applied to property, plant and equipment based on useful lives and residual values of the assets. (t) Changes in Accounting Policies and Disclosures The Incorporation has changed the accounting policy for recording livestock value changes due to price change in the 2017 year. Changes in value resulting from general livestock price change are now recognised in the Statement of Comprehensive Income within "Other Comprehensive Income" whereas previously they were shown in the Statement of Comprehensive Income within "Revenue". Comparatives have been restated to reflect this change in policy. All other accounting policies are consistent with the prior year.
47
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
2. LIVESTOCK REVENUE
Sales Sheep Cattle
2017 $
2016 $
8,859,937
8,904,382
5,324,112
6,846,344
14,184,049
15,750,726
Sheep
(207,779)
(386,700)
Cattle
(631,412)
(676,176)
(3,000)
-
Total Purchases
(842,191)
(1,062,876)
Increase / (Decrease) in value due to change of numbers
(185,822)
(1,105,766)
13,156,037
13,582,084
2017 $
2016 $
Total Sales Purchases
Horses
Total Livestock Revenue
3. OTHER GAINS AND LOSSES
Gain on disposal of property, plant and equipment Gain on disposal of investments
-
37,136
-
1,805
Gain / (loss) on disposal of emission trading units
(36,000)
276,750
Total Gains and (Losses)
(36,000)
315,691
2017 $
2016 $
4. FINANCE INCOME
Dividends received Interest income Total Finance Income
48
49,953
67,058
336
6,425
50,289
73,483
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
5. DEPRECIATION & LOSS ON SALE
Depreciation Loss on sale of property, plant and equipment Total Depreciation & Loss on Sale
2017 $
2016 $
1,953,754
2,368,490
36,530
56,824
1,990,284
2,425,314
2017 $
2016 $
6. OTHER OPERATING EXPENSES
Audit Fees
64,215
30,285
Accountancy, legal and consultancy
365,488
581,509
Administration expenses
463,312
369,047
Project expenses
115,678
94,661
65,931
5,580
1,074,623
1,081,082
2017 $
2016 $
Other operating expenses Total Operating Expenses
7. EQUITY ACCOUNTED INVESTMENTS
Share of surplus / (deficit) after tax Revaluations and other movements Total increase / (decrease) in Equity Accounted Investments
(444,513)
(750,503)
-
836,454
(444,513)
85,951
49
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
8. INCOME TAX
a) Tax Expense
Net Surplus / (deficit) before income tax Tax at the New Zealand tax rate applicable to MÄ ori Authorities (17.5%)
2017 $
2016 $
4,867,692
408,209
851,846
71,437
(932,176)
206,001
In calculating taxable income the following adjustments were made: Temporary differences - livestock
- depreciation - other temporary differences Permanent differences - livestock
268,845 (222,057)
-
(373,171)
- other permanent differences
(60,855)
48,946
Increase in tax losses to carry forward
114,715
-
-
-
2017 $
2016 $
9,942,193
12,670,292
(159,551)
2,075,742
Net tax expense
b) Deferred tax liabilities and assets
Taxation losses available for offset against future income Deductible temporary differences not recognised in the Balance Sheet
Net deferred tax (liability) or benefit including the benefit of the taxation losses above which have not been recognised (due to uncertainties about timing and certainty).
50
38,943 (12,473)
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
9. BIOLOGICAL ASSETS
Sheep
Balance at the beginning of the year Increase due to purchases Decrease due to sales Biological transformations Changes in fair value Total sheep on hand Cattle (Dairy & Beef)
Balance at the beginning of the year Increase due to purchases Decrease due to sales Biological transformations
2017 $
2016 $
12,846,725
12,326,880
207,779
386,700
(8,859,937)
(8,904,382)
7,767,690
7,741,699
2,335,580
1,295,828
14,297,837
12,846,725
14,106,014
15,343,650
631,412
676,176
(5,324,112)
(6,846,344)
4,948,230
4,724,778
Changes in fair value
3,036,449
207,754
Total cattle on hand
17,397,993
14,106,014
Horses on hand Bees on hand
Total Livestock
7,212
7,212
277,366
-
31,980,408
26,959,951
2017 $
2016 $
10. INVESTMENT PROPERTY
Balance at beginning of the year Revaluations Balance at end of the year
7,871,400
7,871,400
-
-
7,871,400
7,871,400
51
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
11. INVESTMENTS IN ASSOCIATES & JOINT VENTURES
Ātihau-Whanganui Incorporation has the following investments in associates & joint ventures:
Papahau Forestry Partnership
Ownership & Voting
Basis
2017 $
2016 $
50%
Valuation
1,635,473
1,645,136
Te Hou Limited Partnership
33.33%
Cost
6,284,224
6,320,494
Te Hou GP Limited
33.33%
Cost
-
-
7,919,697
7,965,630
1,645,136
799,107
Te Hou Limited Partnership is based on audited financial statements. Papahau forestry partnership accounts are unaudited. Ātihau-Whanganui Incorporation intends to dispose of the Papahau investment hence the investment in Papahau has been classed as an investment held for sale. Management believe the fair value less costs to sell is higher than the carrying value. Papahau Forestry Partnership
Balance at the beginning of the year Share of surplus / (deficit)
Note 7
Capital contributions Revaluations
Note 7
Balance at the end of the year Te Hou Limited Partnership
Balance at the beginning of the year Share of surplus / (deficit)
Note 7
Development capital contributions Revaluations
52
Note 7
(26,455)
(503)
16,792
10,078
-
836,454
1,635,473
1,645,136
6,320,494
6,152,253
(418,058)
(750,000)
381,788
918,241
-
-
Balance at the end of the year
6,284,224
6,320,494
Classified as held for sale
1,635,473
-
Classified as non current assets
6,284,224
7,965,630
Total Investments in Associates & Joint Ventures
7,919,697
7,965,630
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
12. SHARE INVESTMENTS 2017
2016
2017 $
2016 $
500,000
500,000
500,000
148,021
1,044,864
871,844
-
7,304
7,127
1,552,168
1,378,971
2016
2017 $
2016 $
Number of Shares
Number of Shares
Ravensdown
500,000
Fontera Co-operative Group
174,144 -
Available for Sale Investments
Other share investments Total Share Investments
13. INTANGIBLES (EMISSION TRADING UNITS) All units are NZUs
2017
Number of Units
Number of Units 426,512
5,440,588
2,687,026
Additions
-
-
-
-
Disposals
(70,000)
(120,000) -
(1,242,500)
(756,000)
-
(165,559)
3,509,562
236,512
306,512
4,032,529
5,440,588
Balance at beginning of the year
Revaluations Balance at end of the year
306,512
53
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 14. PROPERTY, PLANT & EQUIPMENT As at 30 June 2017 OPENING Acc Dep
Cost
Class
Freehold Land
87,119,700
Improvements
As at 30 June 2016
-
Cost
87,119,700
87,119,700
Bk Value
-
87,119,700
4,934,359
773,031
4,161,328
4,934,359
719,288
4,215,071
14,151,192
1,976,344
12,174,848
14,063,793
1,919,062
12,144,731
Plant & Machinery
1,971,896
1,184,890
787,006
1,679,944
1,055,711
624,233
Motor Vehicles
2,600,182
1,207,007
1,393,175
1,999,766
901,218
1,098,548
750,993
487,586
263,407
677,333
440,346
236,987
20,143,531
15,186,323
4,957,211
19,904,533
13,411,066
6,493,469
20,815,181 110,856,675
130,379,428
18,446,691
111,932,739
79,011
-
-
-
20,815,181 110,935,686
130,379,428
18,446,691
111,932,739
Buildings & Bridges
Furniture & Fittings Development
131,671,853 Uncompleted Capital Works Total Property, Plant & Equipment
79,011
-
131,750,864
As at 30 June 2017 Class
Additions
Disposals
Freehold Land
-
-
Improvements
-
-
Buildings & Bridges
As at 30 June 2016
Revaluations
Depn & Amort
Additions
Disposals
-
-
-
-
-
44,960
-
-
Revaluations
Depn & Amort
-
-
-
53,743
1,172,873
-
-
73,223
87,399
-
-
57,282
Plant & Machinery
352,856
77,440
-
129,611
371,526
79,574
-
129,179
Motor Vehicles
875,857
231,745
-
382,359
719,988
119,572
-
305,789
76,676
-
-
50,842
73,660
-
-
47,240
1,025,448
-
-
1,272,760
238,998
-
-
1,775,257
3,503,710
309,185
-
1,953,754
1,491,571
199,146
-
2,368,490
-
79,011
-
-
79,011
-
-
-
3,503,710
388,196
-
1,953,754
1,570,582
199,146
-
2,368,490
Furniture & Fittings Development
Uncompleted Capital Works Total Property, Plant & Equipment
As at 30 June 2017 Class
As at 30 June 2016
CLOSING Acc Dep
Cost
Bk Value
Cost
CLOSING Acc Dep
Bk Value
Freehold Land
87,119,700
-
87,119,700
87,119,700
-
87,119,700
Improvements
4,934,359
817,991
4,116,368
4,934,359
773,031
4,161,328
Buildings & Bridges
15,324,065
2,049,567
13,274,499
14,151,192
1,976,344
12,174,848
Plant & Machinery
2,247,312
1,314,501
932,811
1,971,896
1,184,890
787,006
Motor Vehicles
3,244,294
1,589,366
1,654,928
2,600,182
1,207,007
1,393,175
827,669
538,428
289,241
750,993
487,586
263,407
21,168,979
16,459,083
4,709,899
20,143,531
15,186,323
4,957,211
22,768,936 112,097,446
131,671,853
20,815,181
110,856,675
-
79,011
-
79,011
22,768,936 112,097,446
131,750,864
20,815,181
110,935,686
Furniture & Fittings Development
134,866,378 Uncompleted Capital Works Total Property, Plant & Equipment
54
OPENING Acc Dep
Bk Value
134,866,378
-
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
15. PROVISIONS 2017 $
2016 $
Balance at the beginning of the year
-
438,492
Amounts charged to the provision
-
-
Amounts used
-
(438,492)
Balance at the end of the year
-
-
Balance at the beginning of the year
-
39,993
Amounts used
-
(39,993)
Balance at the end of the year
-
-
Total Provisions
-
-
2017 $
2016 $
-
-
Non-Current
30,731,208
28,891,208
Total Borrowings
30,731,208
28,891,208
Provision for storm damage
Provision for future forestry expenses
16. BORROWINGS
Secured Current
Secured liabilities and assets pledged as security The BNZ borrowings are secured by a registered first mortgage over specific land and a charge over all livestock owned by Ātihau-Whanganui Incorporation. Alienation of such Māori freehold land is subject to Te Ture Whenua Māori Act 1993 requirements. The carrying value of assets pledged as security for borrowings are: Certificate WN7D/391 Livestock Total pledged assets
117,091,866 116,290,345 31,980,408
26,959,951
149,072,274 143,250,296
55
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
17. UNCLAIMED DIVIDENDS
Balance at the beginning of the year Dividend declared
2017 Cents per share
2016 Cents per share
55
55
Dividends paid Total Unclaimed Dividends
2017 $
2016 $
1,972,675
1,847,104
691,089
691,089
(543,841)
(565,518)
2,119,923
1,972,675
2017 $
2016 $
18. LIMITED PARTNERSHIP DEFERRED CAPITAL CONTRIBUTIONS
Capital Contribution Liability
2,066,666
2,066,666
On 26 May 2014 Ātihau-Whanganui Incorporation entered into a Limited Partnership which operates an arable, dairy and dry stock operation with forestry. The agreement includes the requirement to contribute capital to the limited partnership. This is due in 2019. There is also an obligation to contribute development capital contributions which are contingent on cash requirements of the Limited Partnership and these amounts are included in contingent liabilities.
56
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
19. FINANCIAL INSTRUMENTS
Financial Assets 2017 Cash and cash equivalents Trade and other receivables (GST excl)
Amortised Cost $
Financial Liabilities 2017 Trade and other payables (GST excl)
Fair Value through Other Comp Inc $
$
Total $
7,119
-
-
7,119
2,517,006
-
-
2,517,006
-
-
1,552,168
1,552,168
2,524,126
-
1,552,168
4,076,294
Investment in shares Total Financial Assets
Cost
Amortised Cost $
Cost
Fair Value through Other Comp Inc $
$
Total $
984,463
-
-
984,463
2,066,666
-
-
2,066,666
Borrowings
30,731,208
-
-
30,731,208
Total Financial Liabilities
33,782,337
-
-
33,782,337
Te Hou LP deferred contribution
Financial Assets 2016 Cash and cash equivalents Trade and other receivables (GST excl)
Amortised Cost $
Financial Liabilities 2016 Trade and other payables (GST excl) Te Hou LP deferred contribution
Fair Value through Other Comp Inc $
$
Total $
140,432
-
1,518,210
-
-
1,518,210
-
-
1,378,971
1,378,971
1,658,642
-
1,378,971
3,037,613
Investment in shares Total Financial Assets
Cost
Amortised Cost $
Cost
-
Fair Value through Other Comp Inc $
$
140,432
Total $
882,081
-
-
882,081
2,066,666
-
-
2,066,666
Borrowings
28,891,208
-
-
28,891,208
Total Financial Liabilities
31,839,955
-
-
31,839,955
57
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 20. MĀORI AUTHORITY CREDIT ACCOUNT 2017 $
a) Māori Authority Credit Account balance at the end of the year b) Balance of retained earnings earned prior to 2004.
2016 $
365,097
370,516
14,912,229
15,603,318
Dividends paid from retained earnings prior to 2004 have no Māori Authority Credits attached. 21. RELATED PARTIES
a) Te Āti Hau Trust
2017 $
2016 $
Donations during the year
350,000
380,000
Year end Payable
100,000
40,000
Ātihau-Whanganui Incorporation is the settlor of Te Āti Hau Trust and appoints the trustees (3 from the Ātihau-Whanganui Incorporation Committee and 2 Independents). The results of the Trust have not been consolidated as the effect would be immaterial. b) Kaahu Estate Ltd (W Murphy-Peehi (CoM) is a Shareholder and director)
Total for the year
84,384
-
Year end Payable
84,384
-
Ātihau-Whanganui Incorporation manages hives on behalf of Kaahu Estate Ltd on their land. The income resulting from the produce of those hives is shared. Payment terms depend on when revenue is received from the purchaser of the honey. Key Management Personnel Compensation
Key management of the Incorporation are the members of the Committee of Management, the Chief Executive Officer, Farm Operations Manager and the Station Managers. Total Key Management Personnel remuneration
2017 $
2016 $
1,418,085
1,445,829
2017 $
2016 $
22. CONTINGENT LIABILITIES
a) Arising from the Emissions Trading Scheme
8,060,166
3,773,328
272,710 272,710
381,788 272,710 654,498
There is a Contingent Liability relating to the Carbon Account Record which represents the total number of units which are required to be surrendered when or if land is withdrawn from the ETS. Management have no plans to change land use at this time which would trigger such a liability. The forest on land is insured against forest fire. b) Arising from interest in a Joint Venture
The development liability to the Te Hou Limited Partnership is contingent on the future cash requirements of the Limited Partnership. Due 30/06/2017 Due 30/06/2018 Total
58
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 23. SUBSEQUENT EVENTS There have been no subsequent events after year end (2016: Nil). 24. OPERATING LEASE ARRANGEMENTS
Operating leases relate to leases of offices and land. Operating lease expense (included in Farm working and Other operating expenses) Non-cancellable operating lease commitments Not later than 1 year
Later than 1 year and less than 5 years
2017 $
2016 $
49,387
59,477
70,087
70,818
160,380
212,520
Later then 5 years
-
12,658
230,467
295,996
2017 $
2016 $
25. COMMITMENTS FOR EXPENDITURE
Commitments for the acquisition of property, plant and equipment
611,808
440,382
2017 Number
2016 Number
26. CAPITAL
Number of shares (fully paid)
1,256,529
1,256,529
These shares have no par value and share equally in dividends paid. 27. RESERVES Retained Earnings Retained Earnings comprise the incorporations net profits less dividends paid. Capital Reserves Capital Reserves represent realised capital profits predominantly arising from Crown grants. Property Revaluation Reserve The property reserve arises on the revaluation of land and buildings. When revalued land and buildings are sold, the proportion of the property revaluation reserve that relates to the asset is transferred to capital reserves. ETU Reserve The Emissions Trading Units Reserve represents revaluations of Emission Trading Units. When revalued ETUs are sold, the proportion of the reserve that relate to those units are transferred to retained earnings. AFS Share Reserve The available for sale share reserve represents unrealised revaluations of share investments.
59
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ĀTIHAU WHANGANUI INCORPORATION Qualified Opinion We have audited the financial statements of Ātihau Wanganui Incorporation, which comprise the Balance Sheet as at 30 June 2017, and the Statement of Comprehensive Income, Statement of Changes in Equity and Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements of the Incorporation are prepared, in all material respects, in accordance with New Zealand equivalents to International Financial Reporting standards – Reduced Disclosure Regime (“NZ IFRS RDR”). Basis for Qualified Opinion Ātihau Whanganui Incorporation’s Land and Investment Properties are revalued every 3 years at Rateable Value in accordance with the Te Ture Whenua Māori Act 1993. This constitutes a departure from New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime (“NZ IFRS RDR”) which requires Land and Investment Properties to be revalued to fair value. Consequently, we were unable to determine whether any adjustment to these amounts was necessary. We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Ātihau Whanganui Incorporation in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor we have no relationship with, or interests in, Ātihau Whanganui Incorporation. Restriction on Responsibility This report is made solely to the members of Ātihau Whanganui Incorporation. Our audit work has been undertaken so that we might state to the members those matters which we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the members as a body for our audit work, for this report or for the opinions we have formed. Committee of Management’s Responsibility for the Financial Statements The Committee of Management is responsible on behalf of the entity for the preparation and fair presentation of the financial statements in accordance with NZ IFRS RDR, and for such internal control as the Committee of Management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Committee of Management is responsible on behalf of the entity for the entity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Committee of Management either intend to liquidate the entity or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of these financial statements.
60
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of the use of the going concern basis of accounting by those charged with governance and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the entity to cease to continue as a going concern. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements • The Share Register and Index of Shareholders required by Section 263 of the Te Ture Whenua Māori Act 1993, has been compiled and correctly kept by the Incorporation. • The Incorporation’s assets have been recorded at estimated current market value in the financial statements with the latest Rateable Values used as an estimate of current market value for land and Investment Properties. Whilst this is a departure from New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime (“NZ IFRS RDR”), it is consistent with Section 276A(3)(c) of the Te Ture Whenua Māori Act 1993 The engagement partner on the audit resulting in this independent auditor’s report is Brent Hood.
Spooner Hood & Redpath Ltd Chartered Accountants Whanganui, New Zealand 20 October 2017
61
Te Āti Hau Trust FINANCIAL STATEMENTS 2017
CONTENTS
62
63
Entity Information
64
Statement of Service Performance
65
Statement of Financial Performance
66
Statement of Financial Position
67
Statement of Cash Flows
68
Notes to and forming part of the Performance Report
72
Auditors' Report
Te Āti Hau Trust ENTITY INFORMATION For the Year Ended 30 June 2017
Te Āti Hau Trust is a Discretionary Trust, established by a trust deed dated 23 April 2009 and registered under the Charities Act 2005.
Entity's Purpose or Mission
The support of the educational and cultural aims of the Māori people in the District. Operations are governed by its Trust Deed that aligns to and supports the requirements of the Charities Act.
Address
c/- Balance Chartered Accountants Limited 16 Bell Street WHANGANUI 4500
Entity Structure
Te Āti Hau Trust is a Charitable Trust incorporated under the Charitable Trusts Act 1957 and is also registered under the Charities Act 2005.
Trustees
Appointed by Ātihau Whanganui Incorporation: Tiwha Puketapu (Chairperson) Keria Ponga Shar Amner Independent Trustees: Anton McKay Jenny Tamakehu (from 1/01/2017) Kapitorina Hall (ceased 1/12/2016)
Beneficiary
Ātihau Shareholders & Stakeholders
Main Source of Cash and Resources
Tribal purposes grant from Ātihau Whanganui Incorporation approved annually at the Ātihau Annual General Meeting.
GST
Not Registered
Accountants
Balance Chartered Accountants Limited 16 Bell Street Whanganui
Auditor
Spooner Hood & Redpath Limited Chartered Accountants Whanganui
Bankers
Bank of New Zealand Whanganui
Solicitors
Horsley Christie Whanganui
IRD Number
102-612-817
Registered Charity Number
CC41172
63
Te Āti Hau Trust STATEMENT OF SERVICE PERFORMANCE For the Year Ended 30 June 2017 Description of Trust Outcomes Te Āti Hau Trust was estabilished in 2009 as a charitable arm of Ātihau Whanganui Incorporation to apply funding for charitable, cultural, philanthropic, educational, recreational and other purposes, being purposes beneficial principally to the Shareholders and Stakeholders. Those grants may include Māori cultural development and support, educational and vocational development and support, social development and support, marae development and support, health and welfare development and support, and the fostering of strategic alliances with persons promoting or assisting with any of these objects. The grants are made under the following guiding principles: Matauranga Education Kotahitanga Unity of Purpose Manaakitanga Nurture and reciprocate Whanaungatanga Collaboration Rangatiratanga Leadership Wairuatanga Spirituality Mana Whenua Responsibility to the land and the people Kaitiakitanga Active stewardship Mana Tupuna Legitimacy Te Reo Identity
Actual 2017 Number
Actual 2016 Number
Actual 2017 $
Actual 2016 $
Sports Art and Travel
29
24
18,700
11,445
Cultural
12
7
19,700
14,500
General Grants
Marae Tangihanga tent Kaumatua Assistance
3
1
25,500
2,500
53
42
15,900
12,600
14
-
12,949
-
111
74
92,749
41,045
217
129
137,000
88,800
51
48
36,750
40,850
103
71
25,750
17,750
6
3
6,000
3,000
32
14
42,300
20,400
2
2
6,000
6,000
Education Grants Tertiary - Undergraduate Full Time Medical Secondary School - Year 10 and 11 High Performance Post Graduate Agriculture PHD
-
1
-
3,000
Overseas Grants
4
9
5,400
21,000
Music
64
1
-
6,000
-
416
277
265,200
200,800
These financial statements are to be read in conjunction with the accompanying Notes.
Te Āti Hau Trust STATEMENT OF FINANCIAL PERFORMANCE For the Year Ended 30 June 2017
Note
Actual 2017 $
Actual 2016 $
Donations, fundraising and other similar revenue
2
350,000
380,000
Interest, dividends and other investment revenue
3
28
103
350,028
380,103
10,178
13,987
Revenue
Total Revenue Less Expenses
Volunteer and employee related costs
4
Costs related to providing goods or services
5
52,913
65,152
Grants and donations
6
357,949
241,884
Other expenses
7
5,114
5,649
Total Expenses
426,153
326,671
(Deficit) / Surplus
(76,125)
53,432
These financial statements are to be read in conjunction with the accompanying Notes.
65
Te Āti Hau Trust STATEMENT OF FINANCIAL POSITION As at 30 June 2017
Note
2017 $
2016 $
9
391
76,516
391
76,516
13,550
43,556
Debtors and Prepayments
100,001
40,100
Total Current Assets
113,551
83,656
987
1,719
Total Assets
114,538
85,375
Current Liabilities Creditors and Accrued Expenses
114,147
8,859
Total Liabilities
114,147
8,859
391
76,516
Accumulated Funds
Trust Capital
Total Accumulated Funds Represented by: Current Assets
Cash & Bank Balances
Non Current Assets Property, Plant & Equipment
8
Net Assets
For and on behalf of the Trustees:
Brendon Te Tiwha Puketapu Chairperson 20 October 2017
66
Keria Ponga Trustee 20 October 2017
These financial statements are to be read in conjunction with the accompanying Notes.
Te Āti Hau Trust STATEMENT OF CASH FLOWS For the Year Ended 30 June 2017
Note
Cash Flows from Operating Activities Cash was received from:
Donations, fundraising and other similar revenue Interest, dividends and other investments Cash was applied to:
Payments to suppliers and employees Donations and grants paid Employee and Volunteer Costs Other Expenses
Net Cash Flows from Operating Activities Net Decrease in Cash Held
2017 $
2016 $
290,099
340,000
28
119
290,127
340,119
64,816
67,575
255,317
277,697
-
16,462
-
3,978
320,133
365,712
(30,006)
(25,593)
(30,006)
(25,593)
Cash at the Beginning of the Year
43,556
69,149
Cash at the End of the Year
13,550
43,556
13,550
43,556
This is represented by: Cash & Bank Balances
These financial statements are to be read in conjunction with the accompanying Notes.
67
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2017
1. STATEMENT OF ACCOUNTING POLICIES Statement of Compliance and Basis of Preparation Te Āti Hau Trust is eligible to apply Tier 3 PBE Accounting Standards : PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit), on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000. The trust has elected to report in accordance with PBE SFR-A (NFP). All transactions in the Performance Report are reported using the accrual basis of accounting. The accounting principles recognised as appropriate for the measurement and reporting of the Statement of Financial Performance and Statement of Financial Position on a historical cost basis are followed by the trust, unless otherwise stated in the Specific Accounting Policies. The information is presented in New Zealand dollars. All values are rounded to the nearest $.
c) Trade Receivables Trade Receivables are recognised at estimated realisable value. d) Property, Plant & Equipment Property, plant and equipment is recognised at cost less aggregate depreciation. Historical cost includes expenditure directly attributable to the acquisition of assets, and includes the cost of replacements that are eligible for capitalisation when these are incurred. All other repairs and maintenance are recognised as expenses in the Statement of Financial Performance in the financial period in which they are incurred. Depreciation has been calculated using rates appropriate to spread the cost of the asset less any residual value over its useful life.
The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future.
The following estimated depreciation rates/useful lives have been used:
SPECIFIC ACCOUNTING POLICIES The following specific accounting policies which materially affect the measurement of the Statement of Financial Performance and Statement of Financial Position have been applied:
Gains and losses on disposal of fixed assets are taken into account in determining the net result for the year.
a) Revenue Recognition Grant income is received annually as a result of an agreed tribal purposes grant. Any outstanding grant income not utilised by 30 June is not returnable. Interest received is recognised as interest accrued, gross of refundable tax credits received. b) Expenses Expenses have been classified by their business function.
Office Equipment
13 - 50%
e) Income Tax The Trust has charitable status and is exempt from income tax. f) Goods and Services Taxation (GST) The amounts recorded in the performance report are inclusive of GST (if any). The trust is not registered for GST. g) Changes in Accounting Policies There have been no changes in accounting policies. All policies have been applied on a basis consistent with those from the previous performance report.
2. DONATIONS, FUNDRAISING AND OTHER SIMILAR REVENUE
68
2017 $
2016 $
Ātihau Whanganui Incorporation Tribal Purposes Distributions
350,000
380,000
Total Donations, fundraising and other similar revenue
350,000
380,000
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2017
3. INTEREST, DIVIDENDS AND OTHER INVESTMENT REVENUE Interest Received - Gross Total Interest, dividends and other investment revenue
2017 $
2016 $
28
103
2017 $
2016 $
28
103
4. VOLUNTEER AND EMPLOYEE RELATED COSTS Trustee Fees
10,178
13,987
Total Volunteer and employee related costs
10,178
13,987
2017 $
2016 $
5. COSTS RELATED TO PROVIDING GOODS OR SERVICES Administration, Accountancy & Secretarial Bank Fees & Charges
50,772
60,185
45
45
Charities Commission
-
51
Committee Expenses
2,096
1,868
-
3,003
52,913
65,152
2017 $
2016 $
Tangihanga Koha
15,900
12,600
Sport, Art & Travel
18,700
11,445
Cultural
19,700
14,500
Kaumatua Assistance
12,949
-
Marae
25,500
2,500
137,000
88,800
25,750
17,750
Grants Administrator Expenses Total Costs related to providing goods or services
6. GRANTS AND DONATIONS Awhiwhenua Training Project
Tertiary Full Time Secondary Yr 10 & Yr 11 High Performance
-
39
6,000
3,000
36,750
40,850
-
3,000
Overseas
5,400
21,000
Agriculture
6,000
6,000
42,300
20,400
6,000
-
357,949
241,884
Medical PHD
Post Graduate Music Scholarship Total Grants and Donations
69
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2017
7. OTHER EXPENSES 2017 $
Audit Fees Depreciation Loss on Sale of Fixed Assets Total Other Expenses
2016 $
4,382
3,979
732
1,429
-
241
5,114
5,649
8. PROPERTY, PLANT & EQUIPMENT
Property, Plant & Equipment 2017 Office Equipment
Purchases/ Depreciation (Sales or & Disposals) Impairment $ $
Closing Carrying Amount $
GDPro Database Software
957
-
478
479
Filing Cabinet
341
-
44
297
HP Laptop case and configuration
210
-
105
105
Microsoft Office and Remote User Networks
211
-
105
106
1,719
-
732
987
1,719
-
732
987
Purchases/ Depreciation (Sales or & Disposals) Impairment $ $
Closing Carrying Amount $
Total Property, Plant & Equipment
Property, Plant & Equipment 2016 Office Equipment
Apple iPads 32G (2)
Opening Carrying Amount $
241
(241)
-
-
1,915
-
958
957
Filing Cabinet
392
-
51
341
HP Laptop case and configuration
420
-
210
210
Microsoft Office and Remote User Networks
421
-
210
211
3,389
(241)
1,429
1,719
3,389
(241)
1,429
1,719
GDPro Database Software
Total Property, Plant & Equipment
70
Opening Carrying Amount $
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2017
9. ACCUMULATED FUNDS
Trust Capital Other Accumulated Funds
Balance at beginning of the year Surplus / (deficit) for the year
2017 $
2016 $
100
100
76,416
22,984
(76,125)
53,432
Balance at the end of the year
291
76,416
Total Accumulated Funds
391
76,516
10. RELATED PARTY INFORMATION
Related party matters arise with respect to Ātihau Whanganui Incorporation ("AWHI") in that under the terms of the Trust Deed three appointed trustees are also members of the AWHI Committee of Management and the Incorporation is the settlor of the Trust. Annual grants are received from AWHI, and AWHI previously advanced unclaimed dividends to the Trust. During the year there were no services provided to the Trust by related parties. (2016: $542). From time to time Trustees have and disclose interests in, or a relationship with individual applicants and/or grantee organisations and abstain from those decisions.
11. TRIBAL PURPOSES
Ātihau Whanganui Incorporation annually distribute funds to the Trust which is used to distribute for charitable purposes. During the year $350,000 was granted.
12. COMMITMENTS, CONTINGENT LIABILITIES AND GUARANTEES
The trust has no commitments, contingent liabilities and guarantees as at 30 June 2017, (2016: Nil).
13. EVENTS OCCURRING AFTER BALANCE DATE There have been no significant events since balance date.
71
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2017 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF TE ĀTI HAU TRUST Report on the Performance Report We have audited the performance report of Te Āti Hau Trust, which comprises the entity information, the statement of service performance, the statement of financial performance and statement of cash flows for the year ended 30 June 2017, the statement of financial position as at 30 June 2017, and the statement of accounting policies and other explanatory information. Opinion In our opinion: a) the reported outcomes and outputs, and quantification of the outputs to the extent practicable, in the statement of service performance are suitable; b) the accompanying performance report presents fairly, in all material respects, • the entity information for the year then ended; • the service performance for the year then ended; and • the financial position of Te Āti Hau Trust as at 30 June 2017, and its financial performance and cash flows for the year then ended in accordance with Public Benefit Entity Simple Format Reporting – Accrual (Not-For-Profit) issued by the New Zealand Accounting Standards Board. Basis for Opinion We conducted our audit of the statement of financial performance, statement of financial position, statement of cash flows, statement of accounting policies and notes to the performance report in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)), and the audit of the entity information and statement of service performance in accordance with the International Standard on Assurance Engagements (New Zealand) ISAE (NZ) 3000 (Revised). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Performance Report section of our report. We are independent of Te Āti Hau Trust in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor we have no relationship with, or interests in, Te Āti Hau Trust. Restriction on Responsibility This report is made solely to the Trustees, as a body, in accordance with section 42F of the Charities Act 2005. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Trustees’ Responsibility for the Performance Report The Trustees are responsible on behalf of the Trust for: (a) identifying outcomes and outputs, and quantifying the outputs to the extent practicable, that are relevant, reliable, comparable and understandable, to report in the statement of service performance; (b) the preparation and fair presentation of the performance report which comprises: • the entity information; • the statement of service performance; and • the statement of financial performance, statement of financial position, statement of cash flows, statement of accounting policies and notes to the performance report in accordance with Public Benefit Entity Simple Format Reporting – Accrual (Not-For Profit) issued in New Zealand by the New Zealand Accounting Standards Board, and (c) such internal control as the Trustees determine is necessary to enable the preparation of a performance report that is free from material misstatement, whether due to fraud or error.
72
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2017
In preparing the performance report, the Trustees are responsible on behalf of Te Āti Hau Trust for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Performance Report Our objectives are to obtain reasonable assurance about whether the performance report is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAE (NZ) 3000 (Revised) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of this performance report. As part of an audit in accordance with ISAs (NZ) and ISAE (NZ) 3000 (Revised), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the performance report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Incorporation’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of the use of the going concern basis of accounting by the Trustees and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the performance report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Trust to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the performance report, including the disclosures, and whether the performance report represents the underlying transactions and events in a manner that achieves fair presentation. • Perform procedures to obtain evidence about and evaluate whether the reported outcomes and outputs, and quantification of the outputs to the extent practicable, are relevant, reliable, comparable and understandable. We communicate with the Trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Spooner Hood & Redpath Ltd Chartered Accountants Whanganui, New Zealand 20 October 2017
73
GLOSSARY OF TERMS
Accounts Receivable: Money owed to AWHI from customers at year end, also known as Trade Debtors
Hogget: A young sheep between a lamb and a 2 tooth, from approx. 10 to 16 months of age
Accounts Payable: Money owed by AWHI to suppliers of goods or services at year end, also known as Trade Creditors
Interest: What AWHI needs to pay for the money it borrows from the bank
Accrued Income: Income earned by AWHI where cash has yet to be received
Meat Processing: Process of taking live animals, humanely slaughtering them and then breaking down into saleable beef or sheep meat
Accrued Expenses: Expenses incurred by AWHI where cash has yet to be paid Asset: Anything owned by AWHI to use in generating income Balance Date: Term used to describe the end of AWHI’s financial year – 30th June Brassica: The plant family which includes turnips, swedes, rape, kale, cauliflower, cabbages, etc. Capital Stock: The breeding stock on AWHI farms that produce revenue or trading stock to generate income Carbon Credits on Hand: Number of NZ units (NZU) owned at balance date under the NZ Emissions Trading Scheme valued at market value. An NZU = 1 tonne of carbon dioxide equivalent of emissions or removals. Carrying Capacity: Number of livestock a property can graze annually without importation of feed or the deterioration of the property
Liability: General term for what AWHI owes
Milk Solids (MS): The valued solid components in milk – at present, milk-fat and protein, expressed as kg MS Net Farm Income: Income earned from farm activities less the direct costs of these activities Net Operating Surplus / (Deficit): Difference between revenue and the costs incurred to earn this revenue. Prime (livestock): Term used to describe animals that are ready for slaughter Provision for Dividend: Allowance for a Dividend distribution to AWHI shareholders Revaluation of Shares: Difference in the market value of shares that AWHI holds in other companies at this balance date compared to the previous year.
Change in Livestock Numbers: Difference in livestock numbers at end of year compared to the beginning of the year at market values
Revaluation of Livestock: The livestock price movement being the livestock value at year end versus opening values less the amount attributed to change in livestock numbers
Cull: To remove animals from a breeding population generally because of physical or performance deficiencies
Soil Moisture Deficit: Deficit between the actual amount of water in a soil versus its water holding capacity
Current Asset: An asset of AWHI that is expected to be converted into cash within the next year
Statement of Cash-flow: Shows the cash movements for the year in Operating, Investing and Financing categories
Current Liability: A liability of AWHI which is generally due to be settled within 12 months of balance date
Statement of Financial Performance: Shows how well AWHI has performed in its trading activities.
Depreciation: The apportionment of cost of an asset over the useful life of the asset. An accounting method used to reflect the aging and use of an asset
Statement of Movements in Equity: Reports the change in AWHI’s ownership interest in the year
Direct Farm Expenses: Expenses incurred by AWHI’s farming operations in generating farm income
Statement of Financial Position: A snapshot” in time that reflects where the money has come from (Equity + Liabilities) and how the money has been used (Assets)
Drought: A long period of time during which there is very little or no rain Dry Matter: The plant material left after all water has been removed – using DM% comparisons can be made between different feeds such as pasture, swedes, grains, hay, etc. Employee Entitlements: Holiday pay and other leave entitlements owing to employees at balance date Equity: A measure of the shareholders’ total interest in AWHI – the amount by which the value of assets exceed the value of liabilities Feedlot: A third party location where AWHI’s cattle are fed a high protein diet over the winter months Fertility (of soil): Status of soil in terms of the amount of plant-available nutrients it can supply Finishing (livestock): The process of growing animals to a point they are considered ready for slaughter Fixed Asset: Assets held for use by AWHI rather than for sale or conversion into cash Genetics (livestock): Branch of biology concerned with trait inheritance from parents to offspring – important to use the right animals (male or female) to establish and continue AWHI’s breeding programme Greenfeed: Annual crops, usually cereals, grasses or brassicas, grown for animal feed Gross Revenue: What is earned by AWHI from selling goods and services Hectare (ha): A standard metric measurement of land, 1 ha = 10,000m2 = 2.471 acres Heifer: Term used to describe a young female cattle beast
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Stock on hand: Inventory of goods held for resale or for AWHI’s use, including livestock Stock Units: Livestock in NZ are commonly given a “stock unit” (su) value or measure. The basic unit (1 su) is one breeding ewe that weighs 55kgs; bears 1 lamb; and consumes approx. 550 kilograms of dry matter each year. A beef breeding cow is commonly given a value of 6 su. Stock units have a number of uses e.g. to determine how much feed is required; the stocking rate of a farm, etc. Store (livestock): A term used to describe animals destined for “finishing” that are sold off country, which does not have the potential to finish them, to specialist “finishing” operations on easier more productive country Supplements: Additional animal feed often in the form of conserved hay, silage fodder crops (greenfeeds and brassica crops) or concentrates such as grains or meals Term Liabilities: A liability of AWHI which is generally due to be settled more than 12 months after balance date Unclaimed Dividends Due – Te Āti Hau Trust: Funds relating to unclaimed dividends from the previous year which are advanced to Te ti Hau Trust to invest Weaner: A young animal that has been weaned from its mother’s milk, capable of living completely on pasture Yield (carcass): Proportion of useable (saleable) meat from a carcass expressed as a percentage of total carcass weight Yield (fibre): Proportion of useable fibre present in a quantity of greasy wool expressed as a percentage
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Toi tu te whenua
16 Bell Street, Whanganui 4500, New Zealand Postal Address PO Box 4035 Whanganui 4540 New Zealand