H U-W ANGA
AT I
I NU
HA
IN
CO
RPORATI
ON
Toi tu te whenua
ANNUAL REPORT 2021
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Tangi kau ana te ngākau, Ko Roimata, ko Hupe e rere tonu nei Mō kautau kua riro atu. Haere atu rā ki te iwi nui Ki ngā mātua tūpuna i te rangi Okioki mai rā. Huri mai ki tātau, Te mōrehu tangata i te mōrehu whenua E pupuri nei i te ōhāki o ngā mātua tūpuna Toitū te whenua, Toitū te tangata, Toitū te mana He whenua, he tangata Ka puta, ka ora e.
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COVER: Keelan Pehi (Te Ātihaunui-ā-Pāpārangi) works with his sons Malachi and Avril in Ātihau-Whanganui Incorporation's thriving miere (honey) business.
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CONTENTS TOITŪ TE MANA 6
10 11
Ātihau-Whanganui Incorporation Chairperson Report Board Members
Business and Brand Strategy 2021
TOITŪ TE WHENUA 12
CEO Report
18
Partnership with iwi in diverse venture brings multiple benefits
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20 21
Executive Team
Performance at a Glance Performance Highlights
TOITŪ TE TANGATA 22
Te Āti Hau Trust Chairperson Report
26
Summary of Key Trust Financial Information
25 28 29
Te Āti Hau Trust Trustees
Māori Education Trust chips in with big boost for scholars 2020/21 Trust Grant Recipients
ĀTIHAU-WHANGANUI INCORPORATION FINANCIAL STATEMENTS 42
Contents
44
Statement of Comprehensive Income
43
45 46 47 48 68
Shareholding and Committee of Management Disclosures Statement of Changes in Equity Statement of Financial Position Statement of Cash Flows
Notes to and forming part of the Financial Statements Auditors' Report
TE ĀTI HAU TRUST FINANCIAL STATEMENTS 72
Contents
74
Statement of Service Performance
73 75 76 77 78 79 82
Entity Information
Statement of Financial Performance Statement of Financial Position Statement of Cash Flows
Statement of Accounting Policies Notes to the Performance Report Auditors' Report
APPENDIX 84 85
Glossary of Terms Notes
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Ātihau-Whanganui Incorporation CHAIRPERSON REPORT
Mavis Mullins Chairperson
E ngā mate huhua o te tau, Moe mai rā i ngā manaakitanga O te wāhi ngaro, Waiho atu mātou Hei tangi, hei haku mō kautau Kia au te moe.
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Tēnā hoki tātau i runga i ngā āhuatanga o te wā. Ka nui te mihi kau me te aroha nui Ki ngā mana, ki ngā tapu. Nōku te honore nui Kia whārikihia te pūrongo-ā-tau Ki mua tonu i te aroaro. Nau mai, hoki mai Ki tō tātaou Hui-a Tau. Ngā mihi.
TOITŪ TE MANA On behalf of the Board of ĀtihauWhanganui Incorporation, it is a pleasure to present the Annual Report for the 2020/2021 financial year. As in previous years, the report reflects our five strategic pou: Tangata, Whai Hua, Morimori, Mana and Whakapapa (People, Productivity, Care, Value and Brand) and the tenet Toitū te Mana, Toitū te Whenua, Toitū te Tangata – an expression that gives consideration to our purpose, our legacy: to look after nature, so nature can look after us. All of this – everything we do as an organisation – is predicated on the way we see ourselves as an Indigenous, whānau-centred collective set up 51 years ago to protect and preserve our whenua, our interests and our people.
As a Board, we have worked diligently for the past five years on the task of defining the Incorporation’s organisational culture. We have asked hard questions of ourselves to understand our values and evaluate our behaviours. The goal is to apply this mātauranga to policy, systems, processes and everyday practice in both governance and operations. Done well, this foundational element will give strength and clarity to our vision for the wellbeing of land and people. We have called this the AWHI Way, the components of which will be the guiding tenets of our organisation. Some elements have already been applied, such as the development of our
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Ātihau-Whanganui Incorporation CHAIRPERSON REPORT
own brand, enabling Ātihau to tell our own, true story to restaurant owners, chefs and consumers throughout the world. From this strategy also came the appointment three years ago of a Tikanga and Branding Manager to the executive team, ensuring our unique worldview is front and centre in our operational approaches. It has been an amazing journey. Focusing our leadership on building this strategy has kept us on a path to realising the intent of those at the turn of the twentieth century who fought to retain our whenua, and of those five decades ago who worked to bring back opportunity for the tangata whenua of this land. Toitū te Mana The year in review has shown like no other the importance to Ātihau of manaakitanga and whanaungatanga. In trying times, we naturally turn to our alliances, collectives and whānau to protect our interests and help each other get through as best we can. The Covid-19 crisis has underlined this truth. We have set out over the past year to cautiously advance our diversification
and investment partnerships. This includes our relationships with other iwi/Māori, business allies and industry enablers to collectively build our resources, opportunities, and resilience.
"We have never been just farmers; we are caretakers. Legislation is merely catching up with the kaitiakitanga our tūpuna practised."
Examples include our branded or business-to-business partnership programmes: quality food distribution company Foodchain, which takes our brand into high-end Auckland restaurants; the GAP (Global Animal Partnership) welfare programme, which provides access to premiums for heavier lambs; and Angus Pure and the Alliance’s new premium meat product programme Handpicked, a valuable addition to our marketing outreach. We are able to do this not only because of the partnerships we have nurtured, but because our story (our history, our whakapapa and our location) and the care and attention our animals receive adds value and positions our offerings globally as premium products. Our expanding strategic relationships with iwi, post-treaty governance entities and other Māori organisations and trusts are very important developments, already bringing benefit and opportunity for our shareholder whānau.
An example is our relationship with Te Rūnanga o Ngā Wairiki Ngāti Apa. Our partnership in the highly productive Te Hou Farms, west of Bulls, is flourishing – and not just in the business sense. These collaborations add value and are good for our financial bottom line. But equally important is the trust, respect and whanaungatanga that develops between us, making it easy to apply our relationship to problem solving – for example, in finding solutions for our respective honey businesses, with 1,000 Ātihau hives wintering on the coast with Ngā Wairiki Ngāti Apa, and 200 of their hives benefiting from time on our mānuka blocks. I am pleased, also, to see the immediate benefits accruing to many of our educational grant recipients through our new joint venture with the Māori Education Trust – Toitū Kaupapa Māori Mātauranga (MET). It has resulted in the distribution in FY20/21 of an additional $63.8k to grant recipients who meet MET’s criteria. MET has also joined our existing agreement with Victoria University of Wellington – Te Herenga Waka in which every Te Āti Hau Trust education grant to a scholar at Te Herenga Waka is matched dollar for dollar by the partners, tripling the initial value of the grant. Through this tripartite arrangement, MET contributed a further $9,750 in FY20/21 to 13 uri.
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TOITŪ TE MANA Ātihau continues to reach out to all our iwi, hapū, fellow land trusts, settlement entities and Māori organisations to leverage our collective resources and work together to propel, lift and accelerate the wellbeing of our people.
as we respond to climate change. For example, pulling back stock units and doing better with less, and developing the potential of our honey business by planting more mānuka and natives on otherwise unproductive land.
Toitū te Whenua
As we await a mass of legislation (including fresh water, climate change and resource management) that will alter the way agriculture operates, the value of mātauranga Māori in our environmental practices will become increasingly clear to the world. We have never been just farmers; we are caretakers. Legislation is merely catching up with the kaitiakitanga our tūpuna practised.
The development of a Taiao Strategy is almost complete, setting out our commitment to the kaitiakitanga of our whenua. Our mātauranga-led strategy will inform a management framework to ensure our commercial activities are environmentally sustainable. Environmental guru Tina Porou has been engaged to help develop the strategy, which will set an aspirational platinum standard for best practice and establish a mandated position on kaitiakitanga to inform business decisions going forward. In the meantime, we have advanced our programmes of riparian fencing, planting against erosion, and fencing to protect native bush. The fact we are able to report a decent result despite the challenges of this financial year is due in no small part to the work to diversify and better understand our land use capability. Diversification provides resilience and options, and this is particularly important
Toitū te Tangata We have brought a focus to health, safety and wellbeing in the past year, with the appointment of a fulltime advisor to lead the work in this priority area. This is an essential element of the AWHI Way, encompassing what we value, our day-to-day practices, and how we treat people. From this comes the AWHI Promise, focusing on our commitment to the integrity of our product as delivered to our consumers. It is, in effect, a promise to our consumers that our animals, our whenua and our people are well cared for.
In closing, I want to thank our kaimahi, our Board and our chief executive Andrew Beijeman for their care and attention over the past year. After 12 years in this role, I am proud to look back at all we have achieved together. It has been a privilege and an honour to work with such a talented and dedicated team. This will be my last report as chair of the Incorporation. My term comes to an end next year, and as indicated last year, I intend to retire before the term ends. This will allow me to tautoko the transition to a new chair. The way we support and encourage succession is vital, and room must be made to allow the cohort of emerging leaders who are waiting in the wings to step forward. I look forward with excitement to the possibilities that lie ahead for our Incorporation as we strive collectively to add to the legacy left by our tūpuna. Noho ora mai
Mavis Mullins Chairperson
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Ātihau-Whanganui Incorporation BOARD MEMBERS
Mavis Mullins Chairperson
Che Wilson
Keria Ponga
Brendon Te Tiwha Puketapu
Whatarangi Murphy-Peehi
Rāwiri Tinirau
Shar Amner Chairperson Te Āti Hau Trust
INDEPENDENT BOARD MEMBERS Joe Hanita Audit & Risk Committee David Nelson Farm & Environment Committee
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TOITŪ TE MANA
Ātihau-Whanganui Incorporation BUSINESS AND BRAND STRATEGY 2021
Why
Our Purpose.
Toitū te Mana, Toitū te Whenua, Toitū te Tangata
Our Purpose, Our Legacy, is to look after nature, so nature can look after us.
How
How we'll generate value.
Tikanga
Tikanga is our source of legacy and competitive advantage.
What
&
Products and Experiences
Foods Value Propositions Simply the purest foods, raised with wholehearted care.
Other Value Propositions To be developed based on offer and audience.
Our 5 Strategic Pou - our immediate focus areas
Tangata People
Whai Hua Productivity
Growing the mana and wellbeing of our people, partners and customers.
Our Values
Continuously improving through our collective wisdom and creativity.
Morimori Care
Nurturing and protecting all life, and appreciating that all life is connected.
Mana Value
Exploring and bringing higher value products and applications to new and existing markets.
Whakapapa Brand
Building a premium brand through sharing our Tikanga and rich history.
Informing our actions everywhere, every day.
Think creatively, act courageously
Treat people and nature as family
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Ātihau-Whanganui Incorporation CEO REPORT
Andrew Beijeman CEO
Tēnei te mhi kau atu i runga anō i ngā āhuatanga o te wā. Ka nui anō te aroha mai i ngā kaimahi o tō tātau koporeihana. Nōku te honore kia whāriki tēnei pūrongo ki mua i ngā kaihea, i ngā whānau o te koporeihana. E mihi ana.
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TOITŪ TE WHENUA Tēnā koutou katoa. It is my pleasure to present the annual report for the financial year from 1 July 2020 to 30 June 2021. The year was impacted by challenges arising from the Covid-19 pandemic, including ongoing disruption to supply chains and markets. Overseas, lockdowns restricted restaurants from opening, suppressing meat prices. The negative impact continued for the first eight months of the year. Honey sales were also delayed. One of our largest buyers stopped purchasing honey, and other wholesale buyers turned to closely managing their stocks: instead of buying honey straight off the hive, they reverted to shifting honey
supplies held in storage, and only started purchasing again once they had run down their inventory. The resulting jolt to our revenue streams underscored the imperative to manage cashflow effectively. This was achieved through a close focus on cost management and forecasting. Decisions made to protect cashflow included slowing capital development, holding back for a second year on some hill-country maintenance fertiliser, and negotiating a two-year payment period for the latest resumptions. This considered and conservative approach has resulted in a $3.5m net surplus (before finance cost and nonoperating valuations).
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Ātihau-Whanganui Incorporation CEO REPORT
The uncertainty of the times and our fluctuating markets will demand continued caution in the year ahead. However, there are positive signs as the restaurant trade fires up overseas, with current pricing at an unprecedented high. Farming For the third year running, our seven breeding stations, two finishing stations and dairy unit faced a dry summer and autumn, slowing pasture growth. Grasseating Porina and Tasmanian grass grubs presented a challenge in late autumn, requiring immediate attention. If left uncontrolled, these insects can eat as much as livestock and destroy pastures. Farm development continued. For the second year in a row, maintenance fertiliser was not applied to some hill-country farms as a cashflow management tool. Applying this fertiliser and getting soil fertility back to previous levels will be prioritised over the next two years. A shift in focus was made to add weight to lambs rather than buying in additional stores. With the increasing number of dry summers, this strategy reduces risk and allows Ātihau to take full advantage of the GAP (Global Animal Partnership) welfare programme to which all Ātihau farms are now accredited. As a result, fewer lambs were sold, but at heavier weights. Pricing was suppressed due to pandemic responses and the resulting lack of demand. As countries emerged from lockdown later in the year, prices began rising steadily to all-time highs. A total of 89,317 lambs were born (FY19/20 88,568). The number of calves born decreased from 3,606 (FY19/20) to 3,396. Total lamb sales were 65,789 (FY19/20 69,379). Price per kilo dropped 20 cents, but price per head rose from $121.10 to $125.00 because of extra weight. Prime lambs sold at 18.0 kg CW (carcass weight) (FY19/20 17.1 kg CW).
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At 2,409, the number of steers sold was similar to last year (FY19/20 2,377) and average weight was up slightly at 314kg (FY19/20 310kg). Price per kilo was down 27 cents and they fetched $1,727 per head (FY 19/20 $1,792). Our dairy unit achieved record milk production of 252,008 kg/MS (FY19/20 241,006.6 kg/MS), with the farm making good production gains through spring. Apiary Ātihau placed 3,029 hives on the flow during the 20/21 season, producing 87,993kg of honey with an average yield per hive of 29kg (FY19/20 31kg). Total output from the block was 136,047kg (including honey from external beekeepers). A key focus has been securing
improved wintering sites for our hives. Our hives do better when wintering away from the mountain in warmer areas. The search benefited from our relationship with Te Rūnanga o Ngā Wairiki Ngāti Apa, resulting in 1,000 Ātihau hives wintering over in Ngā Wairiki Ngāti Apa forestry blocks. In return, Ātihau has housed 200 Ngā Wairiki Ngāti Apa hives on our mānuka block. More on the partnership can be found on page 18 in this publication. Honey sales proved challenging. Our main buyer, along with others in the industry, stopped buying, deciding to reduce inventory levels as well. Considerable effort was put into finding a new buyer. I’m pleased to report that a new buyer was identified and this has resulted in a $3.7m sales contract
TOITŪ TE WHENUA
$23.3m Total Revenue
"A Health, Safety and Wellbeing Advisor was appointed during the year to lead the development and implementation of our health, safety and wellbeing system."
for the year just ended. This continues to be an area of focus as we look to increase the certainty within our apiary business. The new relationship has been extended, with further sales already negotiated to the end of the 21/22 financial year. Ongoing advance sales put the apiary in a much better position than previously and provides cashflow security. As is usual at the end of the financial year, the season’s remaining 2019/20 stock of honey was valued at market
prices, resulting in a reduction in value of $1.8m. Environmental Demand for mānuka honey continues to shape the development of our apiary business, supported in the past year with the planting of 181ha in mānuka to provide a quality food source for our bees. Kaitiakitanga and our impact on the environment has been a continued focus. An additional 38ha of bush was protected from grazing by 5.9km of new fencing, and 12.7km of riparian fencing
"Pricing was suppressed due to pandemic responses and the resulting lack of demand. As countries emerged from lockdown later in the year, prices began rising steadily to all-time highs."
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Ātihau-Whanganui Incorporation CEO REPORT
adding 2,678ha to the resumption portfolio. To manage cashflow, agreement was reached for payment in two instalments, 12 months apart, one on 30 June 2021 and the other on 30 June 2022. The Marshall brothers will continue to run the properties for the next 12 months, with any honey revenue being shared. Ātihau will place hives on the whenua from the 2022/2023 season onwards. Te Hou The year in review saw the exit of Hew and Roger Dalrymple from the threeway equal partnership with Te Rūnanga o Ngā Wairiki Ngāti Apa and Ātihau in the Te Hou joint venture.
was built to protect our waterways. A further 300 poplar poles were also planted to reduce erosion. People A Health, Safety and Wellbeing Advisor was appointed during the year to lead the development and implementation of our health, safety and wellbeing system. This is an integral part of improving outcomes across the business, and the fulltime appointment will enable a priority focus on this important area. Work continued on defining our organisational culture, the AWHI Way, including defining team values and behaviours. This significant area of development is benefiting from a considered approach and the investment of time. Our shareholder engagement team’s mission to connect shareholder whānau with unclaimed dividends continued in earnest, with the ongoing support of whakapapa and whānau workshops with our kaumātua. At the end of the financial year, Ātihau marked its 50th anniversary with the Whiti Ora dinner, which brought 400 shareholders and whānau together in Whanganui in a fitting celebration of the Incorporation’s remarkable half-century.
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Added Value The focus on initiatives to bring added value to the business and achieve consistent returns saw almost all our prime cattle going into either branded or B2B partnership programmes, either through Angus First or the Alliance’s new Handpicked programme. The Handpicked programme is a good addition to Ātihau’s premium meat product marketing. In the year just ended, 98% of all our prime cattle, steers and heifers made it into a value-add programme, fetching at least 20c more per kilo above the commodity markets (an increase of about $60 per animal). Ātihau achieves high rates of success, with more than 80% of animals achieving the required marbling grading. All Ātihau farms have been accredited to the GAP (Global Animal Partnership) welfare programme, giving access to additional premiums for heavier lambs. Our online honey sales advanced significantly, with 1,788 jars sold (FY19/20 421 jars). Resumptions Blocks previously leased to brothers Kevin and Barry Marshall were resumed,
Ātihau opted not to increase our share in the business and remains a one-third owner of the partnership farm at Bulls. Ngā Wairiki Ngāti Apa has purchased the additional share, and now owns two-thirds of the dairy, blueberry, beef and cropping operation. Te Hou is now operating as a standalone business without external support and employs an operations manager (previously the manager of the dairy farm). Although the blueberries operation has been hit by twisted crown, which has stifled production, the dairy farm continues to perform very well. Financials Total revenue for the 2020/2021 financial year was $23.3m, a decrease on the previous year (FY20/21 $27.2m). This includes the $1.8m devaluation of honey on hand.
"Work continued on defining our organisational culture, the AWHI Way, including defining team values and behaviours."
The year ahead
at $19.8m, just below the previous
As many countries ease Covid-19 restrictions and patrons return to restaurants, demand is increasing and prices are on the rise. Honey contracts are in place, reducing cashflow pressure. The year ahead looks positive.
year’s $19.9m expenditure. The Incorporation achieved a net surplus (before finance cost and non-operating valuations) of $3.5m compared to $7.4m in FY19/20, predominantly due to a reduction in livestock revenue (price) and the writedown in honey valuation. While back on the FY19/20 result, the FY20/21 net surplus tracked just above the FY18/19 figure of $3.2m. Equity increased to $220m and debt reduced by $704,968 from approximately $39.5m to $38.8m.
Reflecting on another tricky but rewarding year, I wholeheartedly acknowledge the tenacity of our dedicated and agile staff in the face of the vagaries of the coronavirus. I also wish to thank the Board of Ātihau-Whanganui Incorporation for its continued support and direction. In closing, I’d like to acknowledge Kevin and Barry Marshall for their open
TOITŪ TE WHENUA
Tight management kept total expenses
approach to this year’s resumptions and for making the process unexpectedly easy. My thanks, also, to Dana Blackburn for his advice and continued commitment to bringing leased land back into the hands of the Incorporation and our shareholder whānau.. Mauri Ora.
Andrew Beijeman Chief Executive Officer
Ātihau-Whanganui Incorporation EXECUTIVE TEAM
Andrew Beijeman Chief Executive Officer
Whetu Moataane Tikanga and Brand Manager
Siwan Shaw Business Manager Farming
Dan Adams Business Manager Apiary
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PARTNERSHIP WITH IWI IN DIVERSE VENTURE BRINGS MULTIPLE BENEFITS A strategic partnership between Ātihau-Whanganui Incorporation (Ātihau) and iwi entity Te Rūnanga o Ngā Wairiki Ngāti Apa is flourishing as the Rangitīkei farm they own together goes from strength to strength.
In 2014, the former agricultural training
until we could develop the capacity and
school Flock House Farm went up for
capability ourselves. And we didn’t have
sale 14km from Bulls, at Parewanui.
the funds available to do it on our own.”
Tangata whenua Ngā Wairiki and Ngāti Apa began looking for potential partners as they went into negotiations to buy the 1224ha farm from AgResearch.
for an experienced farming enterprise with similar values to support the venture and approached Ātihau. The
Ngā Wairiki Ngāti Apa chair Pahia Turia
Incorporation had embarked on its
says finding the right partners was
strategy of diversification and saw the
critical.
joint venture opportunity as a good fit
“There were a couple of things we had
from every angle.
to acknowledge,” Pahia says. “We’d
The third important part of the equation
been away from our land for a good
was the neighbouring fifth-generation
100 years – we weren’t ready to pick up
Dalrymple brothers farming operation,
a large farm and run it on the existing
Waitatapia Station. A three-way equal
skills and expertise we had as an iwi
partnership was created.
entity.
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Ngā Wairiki Ngāti Apa prioritised looking
“We have placed huge value on the
“It was important to partner with
expertise of Ātihau and the Dalrymples,”
someone who did have that expertise
Pahia said.
TOITŪ TE WHENUA
“ITS SIZE, THE RANGE OF SOIL TYPES, AND THE AQUIFERS THROUGHOUT THE DISTRICT MEAN WE CAN BE A BIG PLAYER IN FRUIT PRODUCTION, MILK, CROPS, AND ANYTHING ELSE WE PRODUCE OFF THE WHENUA.” Pahia Turia
Renamed Te Hou and run by a partnership board, the farm is an intensive and diversified agribusiness with cropping, dairy, and beef. Cropping includes maize for grain and silage, potatoes, barley for malting, and it produces 145ha of peas for McCain Foods. A mixture of fertile alluvial river soils and sand country, it has come through six years of development. With more than half of the large farm under irrigation – sand country is particularly fertile when irrigated – Te Hou has diversified further into blueberries grown in tunnel houses. “The farm has worked out well for all the partners,” Pahia says. “Its size, the range of soil types, and the aquifers throughout the district mean we can be a big player in fruit production, milk, crops, and anything else we produce
off the whenua. If you can make it rain
“We also place a lot of value in the
when you need it to, you can grow
partnership itself. The relationship with
anything.” Last summer, the Dalrymple brothers Hew and Roger decided to sell their share, their contribution to the farm’s transformation into a highly-productive and diverse operation roundly acknowledged by the iwi. Ngā Wairiki Ngāti Apa bought the Dalrymples’ share, now holding a twothird interest in Te Hou while Ātihau retains one third. Ātihau chief executive Andrew Beijeman says the investment “is good for us”. “It aligns with our diversification strategy and is returning cash. The land is now flat and has water – you can pretty much do whatever you want on it.
Ngā Wairiki Ngāti Apa has grown to include our respective honey operations, with 1,000 of our hives in their forestry blocks over winter, where it’s closer to the sea and warmer, and 200 Ngā Wairiki Ngāti Apa hives coming to us to get mānuka honey on flow.” The arrangement works well, Pahia Turia says. “It gets really cold up home round the mountain,” he says. “Ātihau were looking for somewhere to winter their hives – they’ve come down here with us. And they’ve made room for our hives on some of their blocks. “It’s that reciprocal relationship. We’re here to help each other be successful, and it’s just worked out great.”
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Ātihau-Whanganui Incorporation PERFORMANCE AT A GLANCE For the Year Ended 30 June 2021
Lambs born
Beef calves born
2017/2018
2018/2019
94,336
95,418
88,568
3,464
3,584
249,172
Milk production
2019/2020
2020/2021
89,317
3,606 3,396
252,008 241,006
226,077
(Kg of milksolids)
87,993 74,041
Honey Production
40,302 22,979
(Kg Ātihau hives)
27,260,624
Total Revenue ($)
21,569,032
23,927,198
20,745,166
Total Expenses ($)
23,355,704
19,862,969
19,863,685
18,507,867
7,397,655
Net Surplus ($) before finance costs and non operating revaluation
3,061,164
3,492,018
3,182,032
219,749,157
Equity ($)
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159,614,522
160,118,407
178,067,045
TOITŪ TE WHENUA
Ātihau-Whanganui Incorporation PERFORMANCE HIGHLIGHTS For the Year Ended 30 June 2021
Milk Production
252,008kg of milk solids up from 241,006kg last year
Lamb carcass weight
Environmental Responsibility
per head up from 17.1 last year
12.7km riparian fencing
18kg
Ave. value per head
$122
$112 (2020)
Total Honey Produced
38ha bush protected from grazing 300 Poplar poles planted
$3.7m
Honey Contracted 136,047 Kg for Sale
Total Revenue
Total Equity
Net Surplus*
$23.35m
$220m
$27.2m (2020)
$178m (2020)
$3.5m $7.4m (2020) *before finance costs and non-operating revaluations
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Te Āti Hau Trust CHAIRPERSON REPORT
Shar Amner Trust Chairperson
Ngā mate o tau kua hipa ake nei, haere atu rā. Okioki mai rā i te wāhi ngaro. Huri mai ki tātau ngā waihotanga o rātou mā, tēnā tātau. Nei rā te whakamānawa atu ki kautau, ā, kia tau iho ko te rangimārie ki runga tātau katoa. Ka nui te mihi.
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During the 2020/21 financial year, the Trust increased its distribution of grants in almost every area of funding, reflecting a considerable increase in applications for support. This change signals a need to review the Trust’s strategic approach and consider the future requirements of our shareholder whānau, particularly in the area of non-tertiary based learning, skills development and general grants, for which applications have escalated significantly. The contribution from the Incorporation to the Trust for the year was $540k, up more than $107k from the $432.8k received in FY19/20. Just over $364k was distributed through 549 gants to advance the education, cultural, health and wellbeing aspirations of those who whakapapa to Ātihau whenua. This was an increase of $78,350 from the previous year (FY19/20 $284.7k), with 120 more grants distributed (FY19/20 429). General grants A total of 195 general grants were approved, up from 131 the previous year. These were valued at just over $142k (FY19/20 $99.3k). Cultural grants more than doubled to $6.3k, with 19 applicants supported as compared with three the previous year. Forty whānau were assisted with koha toward a tangihanga tent, an increase of 12 on the previous year, and sports, art and travel grants increased to $8.1k (FY19/20 6.5k). Support for the 46 marae with connections to the Incorporation has been an ongoing area of focus over
TOITŪ TE TANGATA
It is a pleasure to present the annual report on the performance of Te Āti Hau Trust for the financial year ending 30 June 2021. Te Āti Hau Trust has been the charitable arm of Ātihau-Whanganui Incorporation since 2009, applying funding for charitable, educational, recreational and other purposes that benefit our shareholder whānau.
the year as the Trust considers how best to contribute to maintenance and development needs. Many marae in the rohe are advancing development through a Provincial Growth Fund (now Kanoa) regional economic drive. This work has helped marae understand their future development needs and aspirations, and Te Āti Hau Trust is assessing how best to assist. Under discussion is making support more accessible for all marae, supporting a simple application process, and providing support on a regular basis. More work will be done in the year ahead to finalise the right strategic approach. To that end, we have begun proactive discussions on potential strategic partnerships with other entities, such as Ngā Tāngata Tiaki o Whanganui and Te Whāwhaki Trust, to find effective ways of providing support jointly or collectively. In the meantime, grants to marae almost doubled in the past year with $38.3k going to seven marae (FY19/20 $19.2k for two marae). Funding purpose varies, ranging from infrastructure including water reticulation, to heating, lighting and lawn mowers. The Trust has also noted a sizeable increase in applications from kaumātua for wellbeing assistance (FY20/21 101, FY19/20 77). A total of $77.4k in assistance was provided, up $17.6k on the previous year. While it is unsurprising to see grant applications climb as our shareholders age and the need for support increases (for example, for dental work, hearing aids and glasses), there has been a significant rise in ad hoc applications. The Trust has moved to support this need by improving our response time for kaumātua applications and simplifying the application process. An online application system is to be established as one way of improving access to this support, and Kaumātua Assistance applications are now considered
23
Te Āti Hau Trust CHAIRPERSON REPORT
$364,112 Total Distributed
"To feed the skills pipeline and support a future workforce on our whenua, we must provide support to our rangatahi to consider agriculture-based study as a career pathway." monthly rather than quarterly. All other grants will continue to be considered on a quarterly basis. Educational grants This year, 354 individuals received education grants worth $222k, with an increase in overall grant value of 19.5%. Fifty-six more students were supported than in the previous year. Of those who received a grant, 199 students were studying undergraduate courses (23 more than last year), representing an increase in grant value of $22.6k. Applications from postgraduate scholars increased by 50%, with many more students enrolling in part-time study, and nearly 100 Yr 10 and Yr 11 students received grants – 17 more than the previous year. A recently developed partnership with the Māori Education Trust (MET)
24
is bringing valuable additional grant funding to Te Āti Hau Trust grant recipients who meet MET criteria. MET contributed an additional $63.8k to eligible Te Āti Hau Trust grant recipients for the 2020/21 financial year, increasing the value of their grants by approximately 60%. In addition, a tripartite agreement between Victoria University of Wellington – Te Herenga Waka, MET and Te Āti Hau Trust means every Te Āti Hau Trust education grant to a scholar at Te Herenga Waka is matched dollar for dollar, tripling the initial value of the Te Āti Hau Trust grant. In 2020/21, Te Herenga Waka and MET each contributed $9,750 to match Te Āti Hau Trust grants worth $9,750. The total MET contribution to Te Āti Hau Trust grant recipients during the year was $73.6k.
Strategic approach We have met our strategic intent for the year. Over the past five years, Te Āti Hau has focused on maturing as a Trust and consolidating its processes and systems, including the database of shareholders and descendants. It is now ready to transition into setting strategic direction for the next five years, focusing on Trust development and understanding future needs. The foundational purpose of the Trust – supporting tertiary education – remains relevant, but as mentioned earlier, the Trust must also focus on forecasting future needs, anticipating the requirements of a population that may live longer as well as those of a growing rangatahi demographic as our uri base continues to increase. In the year ahead, we will look to develop a range of initiatives to
TOITŪ TE TANGATA address this task. A wider approach by the Incorporation may be needed to support this major piece of work. One area of concern that must be addressed in the year ahead is the decline in applications for agricultural scholarships. To feed the skills pipeline and support a future workforce on our whenua, we must provide support to our rangatahi to consider agriculturebased study as a career pathway. Acknowledgements Firstly, I would like to acknowledge the breadth and potential impact of the activities, research, learning and development work our grant recipients are undertaking, from Yr 10 students
through to doctoral candidates through to the trusts and committees looking after our marae. The outreach to our shareholder whānau and their descendants stretches across the motu and the scale of what we are able to support, albeit in a small way, is nothing short of astonishing. I want to thank my fellow trustees and the staff of the Ātihau office, each one of whom is driven in their busy and demanding mahi by the purpose of the Trust – to deliver benefit to the people. They do it because they love it, and they see the results. Finally, on behalf of Te Āti Hau Trust, I wish to thank the Incorporation for
its continued support, which, in turn, supports our shareholders and uri. I am thankful for this enabling pūtea, but, in closing, I am setting an aspiration for the Incorporation to increase its dividend to the Trust year-on-year … we are going to need it if we are to continue to enable and assist our shareholder whānau in the years ahead. Ngā mihi maioha
Shar Amner Trust Chairperson
Te Āti Hau Trust TRUSTEES
Shar Amner (Trust Chair)
Whatarangi Murphy-Peehi
Rāwiri Tinirau
Jessica Smith (Independent Trustee)
Aaron Rice-Edwards (Independent Trustee)
25
Te Āti Hau Trust SUMMARY OF KEY TRUST FINANCIAL INFORMATION For the Year Ended 30 June 2021
Places of study Universal College of Learning Massey University Victoria University of Wellington University of Otago Te Wananga o Aotearoa University of Waikato University of Canterbury University of Auckland Te Wananga o Raukawa Toi Ohomai Institute of Technology Waikato Institute of Technology Other (22 Different Tericary & Educational Providers)
46 36 28 22 21 16 14 11 8 6 6 39
18% 14% 11% 9% 8% 6% 6% 4% 3% 2% 2% 15%
NORTHLAND
$2,200 5 Grants
AUCKLAND
$14,150 24 Grants
Areas of study Health & Medicine Te Ao Māori Business Arts Science Law Engineering & Design Education Other Trades Agriculture
59 40 37 34 21 17 13 13 12 5 2
23% 16% 15% 13% 8% 7% 5% 5% 5% 2% 1%
WAIKATO
$15,765
BAY OF PLENTY
$17,464 26 Grants
31 Grants
GISBOURNE
$6,450
TARANAKI
9 Grants
$8,668 15 Grants
HAWKE'S BAY
$6,998
NELSON, MARLBOROUGH, TASMAN
$1,500
12 Grants
WHANGANUI-MANAWATU
$239,695 345 Grants
1 Grant
WELLINGTON
$34,208 54 Grants
CANTERBURY
$11,085 16 Grants
Total grants distribution $364,112 549 grants
OTAGO
SOUTHLAND
$600
2 Grants
26
$4,850 8 Grants
TOITŪ TE TANGATA
Te Āti Hau Trust SUMMARY OF KEY TRUST FINANCIAL INFORMATION For the Year Ended 30 June 2021
General Grants
Education Grants
$142,112
$222,000
195 Total Grants up from $99,337 (2020)
354 Total Grants up from $187,500 (2020)
Postgraduate Grants
Undergraduate Grants
$58,100
Secondary School Grants Y10-11
$121,850
$24,000
up from $99,250 (2020)
up from $19,750 (2020)
48 TOTAL
up from $50,050 (2020)
199 TOTAL
96 TOTAL
Marae
Cultural
$38,321
$6,250
7 total grants distributed
19 total grants distributed
up from $19,193 (2020)
up from $2,850 (2020)
Kaumātua
Sport Art Travel
$77,418
$8,123
101 total grants distributed
28 total grants distributed
up from $59,784 (2020)
up from $6,550 (2020)
27
MĀORI EDUCATION TRUST CHIPS IN WITH BIG BOOST FOR SCHOLARS Recipients of educational grants awarded by Te Āti Hau Trust are reaping the benefits of a new partnership with the Māori Education Trust - Toitū Kaupapa Māori Mātauranga (MET).
MET provides financial assistance to Māori undertaking secondary or tertiary study.
demonstrates the potential value of both an ongoing joint venture with MET and the tripartite agreement.
Following discussion in the later part of the 2020/21 financial year, a jointventure agreement was forged between MET and Te Āti Hau Trust, resulting in the distribution of an additional $63.8k to grant recipients who met MET’s criteria.
“This is a partnership that we need to celebrate and acknowledge. Our conversations last year showed MET is a good fit with Te Āti Hau Trust and the values and principles we work to. Our partnership enhances the distribution and reach for both trusts.
The contribution was in addition to the $107,650 awarded to those students by Te Āti Hau Trust. MET’s contribution increased the value of awards to eligible grant recipients by approximately 60%, taking the overall value of the jointventure grants to $171,475.
“Ātihau uri have benefited from our longstanding scholarship relationship with Te Herenga Waka, which matched our grants to our Victoria University students dollar for dollar. Now, with MET at the table, that contribution is increased.
The 175 recipients of the jointventure awards included Year 10 and 11 students, undergraduates and postgraduates, and medical students.
“We hope our relationship with MET will continue to strengthen as we support a growing number of our uri into tertiary education.”
In addition, a tripartite agreement has been established between Te Āti Hau Trust, MET and Victoria University of Wellington – Te Herenga Waka. The agreement means every Te Āti Hau Trust education grant to a scholar at Te Herenga Waka is matched dollar for dollar by MET and Te Herenga Waka, tripling the initial value of the Te Āti Hau Trust grant.
The Māori Education Trust is the successor to the Māori Education Foundation, established in 1961 to support Māori education. The Trust is supported by the Government to administer scholarships on behalf of donors and bequests. It gave out more than 800 scholarships worth just over $1m last year to secondary school students, those studying for an initial tertiary qualification and those undertaking post-graduate study.
As a result, Te Herenga Waka and MET each contributed $9,750 in FY20/21 to match Te Āti Hau Trust grants worth $9,750 to 13 uri studying at Victoria University. The total MET contribution to Te Āti Hau Trust grant recipients during the year was $73.6k. Te Āti Hau Trust chairperson Shar Amner said the first-year contribution
28
General Manager John Cribb said MET implemented a new relationship framework in April and approached Te Āti Hau Trust immediately. “Te Āti Hau is one of the first land trusts we have built a relationship with. We worked together to bring in the joint-venture concept, and then came
Māori Education
Annual Report
2018 in as a third partner forTrust the tripartite agreement with Victoria University – and we managed to do all of this in the three months between April and the end of the financial year in June.
“With a bit of luck, we’re looking to fund more scholarships this financial year. As we bring more partners on board, we’re looking to go from supporting 800 students last year to 1,500 this year, and that’s all thanks to new partnerships including with Te Āti Hau Trust. “Collaboration and partnership are great – allocating scholarships in this way is an opportunity to support what our various iwi do across the country. The more we get onboard, the further it spreads the resource, which is supported by MET and funded by the Ministry of Education. “With the spread of our current resource, future funding is going to be at a premium to assist all our new partners. MET currently has 40 partnerships, including 11 with iwi and 20 with land trusts and nine sponsors. We aim to have 50 partners on board by the end of June next year.”
“COLLABORATION AND PARTNERSHIP ARE GREAT – ALLOCATING SCHOLARSHIPS IN THIS WAY IS AN OPPORTUNITY TO SUPPORT WHAT OUR VARIOUS IWI DO ACROSS THE COUNTRY.” John Cribb
TOITŪ TE TANGATA
Te Āti Hau Trust EDUCATION GRANTS LIST SPECIAL SCHOLARSHIPS The Trust's recommendations to the Ātihau Board for the following scholarships are accepted: Robin Murphy-Peehi Liam Wooding
$8,000 per year for two years
Ohotū
Jasmine Fraser
$2,000 per year for two years
Lena Kemp
$2,000 per year for two years
Moana Ellis
$2,000 per year for two years
Taylor Hibbard
$2,000 per year for two years
Ātihau-Whanganui Ravensdown Scholarship To be awarded
TE ĀTI HAU TRUST SCHOLARSHIPS PHD Scholarships
Qualification
PhD in Environmental Science
$2,250
Justin Brooks
PhD in Physics
$1,500
Leana Barriball
Agriculture Scholarships Ezekiel Anderson (2020)
$
$3,000
Hezakaya Treanor-Metekingi
$1,500
Legacy Hiroti
$1,500
POST GRADUATE & PHD TOTAL: $ 58,100 Recipient
Qualification
Diploma in Nursing Science
600
Jolene Yandall
Diploma - Certificate of Proficiency
700
Michelle Cribb
Masters in Educational Leadership
700
Angela Tahiwi
Certificate in Health Science
750
Angelique Maureen Bainbridge
Masters of Education
750
Damian Peeti
Masters in Professional Practice
750
Donna Lee Stott (2020)
Graduate Diploma in Chartered Accounting
750
Donna Lee Stott (2021)
Graduate Diploma in Chartered Accounting
750
Jolene Yandall
Diploma in Health Science
750
Layce Madams
Masters Degree in Nursing Science
750
Leana Barriball
Environmental Sciences PhD Thesis
750
Lorraine Tyson
HLTH Clinical Pharmacology
750
Maaki Iwa Tuatini
Certificate of Proficiency Arts
750
Marcelus Paki
Certificate in Health
750
Meretini Bennett-Huxtable
Master of Māori & Indigenous Leadership
750
Michelle Cribb
Masters in Educational Leadership
750
Wavell Madams
NETP-Transition to Nursing
Layne Neil Kay
Masters of Plant Biotechnology
1,200
Amiria Paranihi
Masters in Education
1,400
Deanna Haami
PhD Doctor of Philosophy (Psychology)
1,400
Sarah Teki-Clark
Masters in Arts Social Policy
1,400
Tania McDonnell
Masters in Māori & Indigenous Studies
1,400
Tara Ngatai-Broughton
$
750
CONTINUED
29
Te Āti Hau Trust EDUCATION GRANTS LIST
POST GRADUATE & PHD (CONTINUED)
TOTAL: $ 58,100
Recipient
Qualification
Masters in Māori and Indigenous Leadership
1,400
Whakaae Marama Baron
Masters in Māori and Indigenous Leadership
1,400
Alicia Peata Daly
Poutāhū Whakaakoranga
1,500
Asher Katene
Master of Arts/Diploma of Clinical Psychology
1,500
Ashleigh Hobbs
Diploma in Nursing
1,500
Ashleigh Tahiwi
Graduate Diploma of learning and teaching
1,500
Cole Sharland
Masters in Creative Writing
1,500
Elizabeth Meremere
Diploma in Leadership
1,500
Eva Kataraina Ngamanu
Bachelor of Design with Honours & Textile Design Major
1,500
Flynn Matiu Oberderies
Bachelor of Science
1,500
Geoffrey Hipango
Diploma in Kaitiakitanga (Supervision)
1,500
Heni Unwin
Masters of Environmental Science
1,500
Hope Tioro
Masters of Health Psychology
1,500
Justin Brooks
PhD in Physics
1,500
Katarina Morgan
Diploma in Educational Leadership
1,500
Marilyn Davis
Masters of Indigenous Studies
1,500
Mikaere Teki
Diploma in Science & Sport
1,500
Miriama Cribb
PhD in Management
1,500
Moana Ellis
Master of Māori & Indigenous Leadership
1,500
Olive Jonas
Master of Māori Indigenous Leadership
1,500
Olympia Pearl Fazakerley
Graduate Diploma of Arts/Master of Arts
1,500
Poutamakiterangi Hamahona-Taiaroa
Diploma of Learning and Teaching
1,500
Raukurawaihoea Naani Jane Whakaipo Waitai
Master of Māori Visual Arts
1,500
Reweti Piwa Kuka
Graduate Diploma in Teaching
1,500
Sarah Teki-Clark
Diploma in Arts
1,500
Suzanne Maria-Rewa Hepi
Master of Business Studies
1,500
Victory Tia-Makere Jordan Takarangi
$
MEDICAL 4YRS+ TOTAL: $ 8,300 Recipient
Qualification
Bachelor of Medicine & Surgery
1,300
Freeman Meaatarangi Apou
Bachelor of Medicine & Surgery
1,300
Benjamin Ratana
Bachelor of Medicine & Surgery
1,400
Emily-Louise Dixon
Bachelor of Midwifery
1,400
Jasmyn Williams
Bachelor of Medicine & Surgery
1,400
Fiona Louise Kataraina Nicoll
Bachelor of Medicine & Surgery
1,500
Brittany Taylor
30
$
TOITŪ TE TANGATA
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE TOTAL: $ 121,850 Recipient
Qualification
Business Management
250
Fiona Te Haara
Bachelor of Nursing
250
Tamahauiti Potaka
Bachelor of Commerce & Bachelor of Science
300
Te Awhina May Plumridge
Bachelor of Laws/Bachelor of Arts
300
Anna Lee Ngatai-Broughton
Bachelor of Environmental Science
350
Aroha Kahurangi Sell
Diploma in Business
350
Ashleigh Naomi Edwards
Certificate in Career Preparation Level 4
350
David Marshall
Certificate in Adult & Tertiary Teaching
350
Faith Mataki
NZ Certificate in Business Level 4
350
Hine Moana Potaka
Diploma in Addiction Counselling Level 7
350
Jenna Connors
Bachelor of Law & Bachelor of Arts
350
Jordan Collins-Fore
Graduate Diploma in Environment
350
Kelly Karena
Bachelor of Counselling
350
Mihiata Davis
Bachelor of Applied Business Studies
350
Mona Hartley
Bakery Level 3
350
Neo Roberts
Introduction to Infrastructure Works
350
Robyn Poutini
National Certificate in Health & Well-being
350
Sandra Durston
Bachelor of Business
350
Te Puna Anthony Sellars
Engineering A
350
Jack Potaka
Bachelor of Laws
400
Michelle Balsley
Bachelor of Nursing
400
Nicola Walsh
Bachelor of Laws with Honours & Bachelor of Arts
400
Paris Butters (2021)
Bachelor of Dental Surgery
400
Rio Bell
Bachelor of Commerce
400
Sonny Te Ata Karauria Te Hemapo Vercoe
Bachelor of Civil & Environmental Engineering
400
Te Rua Wallace
Bachelors of Environmental Planning
400
Tibet Ranginui
Bachelor of Fine Arts with Honours
400
Arihia Maria Hartley
Nursing
500
George Langford Miles
Bachelor of Sport and Exercise
500
Haukapuanui Vercoe
Bachelor of Engineering (Honours)
500
Karanga Morgan
Toi Paematua
500
Larissa Tucker
Bachelor of Law of Arts (Te reo Māori major)
500
Luke Enoka
Bachelor of Te Reo Māori
500
Metiria Hinekorangi Doyle
Bachelor of Law & Bachelor of Commerce (Finance)
500
Natayla Peni (2021)
Bachelor of Health Sciences
500
Raukura Doyle
Bachelor of Health and Bachelor of Laws Conjoint
500
Reanna Hogg
Diploma of Business Level 5
500
Sofia Tucker
Bachelor of Arts
500
Susan Vette
Bachelor of Midwifery
500
Te Puawai Wilson-Leahy
Bachelor of Laws
500
Te Wainuiarua Poa
Bachelor of Arts & Bachelor of Laws
500
Terrence Ranginui
Bachelor of Applied Science
500
Vaieshalee Berridges Renata
Bachelor of Nursing
500
Waimihia Maniapoto-Love
Bachelor of Arts Majoring in Māori Studies
500
Crystal Marsh
$
CONTINUED
31
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) TOTAL: $ 121,850 Recipient
Qualification
Bachelor of Commerce: Double Major (Accounting & Māori)
600
Amelia Peni
Bachelor of Animal Science
600
Arama Tuka
Bachelor of Design & Arts Level 7
600
Ashleigh Tahiwi
Bachelor of Science (Physiology Major)
600
Ashley Beard
Bachelor of Laws
600
Atiria Menehira-Mcleod
Bachelors of Applied Management
600
Brodie Karaitiana
Bachelors of Business & Bachelors of Law
600
Brooklyn Bishop
Division of Arts, Law, Psychology & Social Sciences
600
Caitlin Aroha Huria
Health Sciences Year 1
600
Caitlin Fowlie
Diploma in Beauty Therapy
600
Camryn Williams
Bachelor of Laws
600
Casper-Rose Marama
Nail Tech Level 4
600
Celone Tuka
Bachelor of Nursing
600
Christian Tu Kaiora Tinielu Hawira Seanoa
Bachelor of Fine Arts with Honours
600
Cindy Rameka
He pi ka pao level 2 Te Reo
600
Constance Marshall-Waiwiri
Bachelor of Occupational Therapy
600
Darinee Ratana
Certificate in Small Business & Project Management
600
Herena Taylor- Heke
Certificate of Endured Nursing
600
Allandria Te Rina Puna
$
Huki Ana Whaktotopipi Bishop-Williams Bachelor of Applied Management (Accounting)
600
Kayla Waudby
Bachelor of Environmental Planning
600
Kelly Harrison
Te Aupikitanga o te reo Kairangi
600
Kodi Madams
Bachelor of Nursing
600
Leslie Katehane Hiwarau
Bachelor of Humanities
600
Lisamarie Madams
Bachelor of Nursing
600
Luke August
Bachelor of Mechanical engineering
600
Madison Florence
Bachelor of Social Work
600
Marcia Cheryl Ranginui
NZ Certificate in Construction Level 3
600
Megan Fowlie (2020)
Bachelor of Nursing
600
Mollie Tuohy
Bachelor of Criminal Justice
600
Natasha Rose Fowlie (2020)
Bachelor of Nursing
600
Natayla Peni (2020)
Bachelor of Health Sciences (Public Health)
600
Neco Holster-Tocker
Primary Industry Skills L2
600
Netta McNaughton
Bachelor of Arts
600
Noah Blackburn
Bachelor of Law & Commerce
600
Paretao Tipoki Hansen
Bachelor of Health Sciences majoring in Māori Health
600
Renee Lauese (2021)
He Pi Ka Rere
600
Roimata Blackburn
Bachelor of Applied Science
600
Sarah Whitiora Trinder
Whanau Ora
600
Suraya Goss
Bachelor of Arts (Māori Knowledge)
600
Te Kopae Taputoro
Certificate in Waka Ama (Level 4)
600
Te Rangimarie Rangi
Bicultural Social Services
600
Te Rina Porou-Ellis (2021)
Bachelor of Communications
600
Tengaahere Peeti
Bachelor of Nursing
600
Trixie Baker (2021)
He Pii Ka Rere
600
CONTINUED
32
TOITŪ TE TANGATA
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) TOTAL: $ 121,850 Recipient
Qualification
NZ Diploma in Business
600
Uenuku Maru Patea
Te Aho Tatairangi - Bachelor of Teaching
600
Zion Tawaroa (2020)
NZ Diploma in Information technology
600
Aareta Mohi
Te Aho Tatairangi
700
Ally Evelyn Ataria
Bachelor of Design (Honours) Textile Design
700
Amber-Rose Te Huia
Bachelor of Health Science
700
Arasi Taputoro-Filo (2020)
Certificate in Waka Ama Level 4
700
Arasi Taputoro-Filo (2021)
Construction Trade Skills Level 3
700
Atama Kawana John Waitai Ngatuere
Level 4 Music
700
Azarlea Chadfield
Business and Tech Level 4
700
Bailey Marumaru
Diploma in Animation
700
Ben Henare Kidd
Bachelor of Communication Studies
700
Caleb Collins-Fore
Bachelor of Business
700
Camelah Te Huia
Bachelor in Social Science Majoring in Psychology & Human Development
700
Candy Manaia Harrison
Certificate in Beauty Therapy
700
Christina Mcmaster
Heke te rangakura kaiwhakaako
700
Claire Maree Rangiataahua Taipari
Heke Reo 2021
700
Claymore Selwyn
Level 4 in music
700
Cleo Fitzgerald
Heke Mātauranga Māori
700
Cody Hiri
Bachelors Degree
700
Ebony Rangituranga Forde
Bachelor of Creative Industries
700
Emily Bell
Bachelor of Nursing
700
Erana Ngarewa
Bachelor in Primary Teaching
700
Francessca Maslin
Poutuaorongo Reo
700
Hailey Mareikura
Bachelor of Teaching ECE
700
Heleni Misiloi
Bachelor of Nursing
700
Hine Ngarewa
Bachelor of Criminal Justice
700
Huia Wiari
Bachelor of Business Studies
700
Ian Schaef Takarangi
Poutuarongo Reo
700
Isiah Selwyn
New Zealand Certificate in Commercial Barbering
700
Jakob Bell-Kake
Bachelor of Commerce
700
Jendy Leigh Nathan
Diploma in Law
700
Joann Judaline Byles
Bachelor of Humanities
700
Joan-Waetford Taiwiri Menehira
Bicultural Social Services Level 4
700
Joy Marriott
Bachelor of Teaching (ECE)
700
Judith Pene Jones
Bachelor of Applied Management
700
Kaea Raukura
Bachelor of Health, Sport & Human Performance
700
Kaheiana Hansen
Bachelor of Business (Accountant Major, Management Minor)
700
Kapi Siddells
Construction Course
700
Katalina Patelesio
New Zealand Diploma of Enrolled Nursing
700
Kayin Katene
Bachelor of Health Sport and Human Performance
700
Kayzia Goss (2020)
Bachelor of Arts (Māori Visual Arts)
700
Kayzia Goss (2021)
Bachelor of Arts (Māori Visual Arts)
700
Kereru Mako Kairimu
NZCEE Theory Level 3
700
Keryn Coogan
Bachelor of Business
700
Tyra Pene-Herewini (2021)
$
CONTINUED
33
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) TOTAL: $ 121,850 Recipient
Qualification
Bachelor of Architectural Studies
700
Korimako Huia Mako
Bachelor of Teaching
700
Kura Josephine Ratana
Nga Poutoko Whakarara Oranga
700
Lara Rena Maniapoto
Hair Design Year 1
700
Logan Davis
NZ Certificate in Business Level 1
700
Louie McLeod (2020)
Bachelor of Building science
700
Louie McLeod (2021)
Bachelor in Building Science
700
Lucy Brown (2020)
Bachelor of Health Science
700
Lucy Brown (2021)
Bachelor of Health Science
700
Mahinarangi Millar-Potaka
Diploma in Hospitality Management
700
Maia Nikora-Davis
Bachelor of Arts
700
Makayla Kahi
Bachelor of Science Majoring in Biomedical Science
700
Makiya Katene
Bachelor of Arts Education Psychology Major and Māori Studies Major
700
Maria Waitokia
New Zealand Diploma in Business (Level 5) & Human Resource Management
700
Marino Doyle
Bachelor of Engineering
700
Marisse Te Kani-Love
Heke Rangakura-Kaiwhakaako
700
Marsh Thompson
Te Haputanga o te reo
700
Mary Whanarere
Te Aupikitanga o Aotearoa
700
Mattie Taiwhati
Business, Administration & Finance Level 3
700
Maze Thompson-Koro
Bachelor of Business & Laws
700
Megan Fowlie (2021)
Bachelor of Nursing
700
Mya Mataki-Wilson
Bachelor of Engineering (Honours)
700
Nakeisha Race
Bachelor of Nursing
700
Natalia Healey-Forde
Bachelor of Science
700
Natasha Rose Fowlie (2021)
Bachelor of Nursing
700
Orewea Wanakore
Te Ara Reo Māori Level 1 & 2
700
Paia Marumaru
Diploma in Animation
700
Paris Butters (2020)
Bachelor of Dental Surgery
700
Patrice Oliver
Bicultural Social Services
700
Paula Green
Bachelor of Nursing
700
Poipoia Te Taonga Poa
Bachelor of Commerce double major in Finance & Computer Science
700
Puna Whakaata Maniapoto Love
Bachelor of Laws & Arts Conjoint
700
Rangimarie Huriwaka Masters
Bachelor of Nursing
700
Rebekah Butters-Chamberlain
Psychology
700
Renee Lauese (2020)
He Pi Ka Pao Level 2
700
Renee Rynolds
NZ Forestry Management Diploma
700
Roimata Forde
Certificate in Therapeutic & Sports Massage
700
Ruby Pearce
Bachelor of Design
700
Rukuwai Te Weri
Bachelor of Health, Sport & Human Performance
700
Samuel Buckley
Bachelor of Engineering
700
Seanae Marino
NZ Diploma in Enrolled Nursing
700
Seona Healey Forde
Bachelor of Business
700
Shannon Baker Pokotea
He Pii Ka rere
700
Sharna Jones
NZ Diploma in Business
700
Sheldon Pakinga
Certificate Level 3 & Level 4 in fitness
700
Kiana Lawton
$
CONTINUED
34
TOITŪ TE TANGATA
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) TOTAL: $ 121,850 Recipient
Qualification
Bachelor of Commerce
700
Tamsyn Harawira
Professional Face Body & Spa Therapies
700
Te Aratu Ngaire Maihi
Health Sciences Year 1
700
Te Nga o Te Rangi Hartley
NZ Certificate in Security Level 3
700
Te Ngaahere Peeti
Bachelor of Nursing
700
Te Paea Rogers
Bachelor of Nursing
700
Te Pono Tamaki
Bachelor of Arts
700
Te Rina Porou-Ellis (2020)
Bachelor of Communications
700
Timoti Chadfield
Business Administration & Technology Level 4
700
Tony Herbert Te Iwimate
Diploma in Nursing
700
Trixie Baker (2020)
He Pi ka Pao Level 2
700
Tuera Pirikahu
Ngā Poutoko Whakarara Oranga
700
Tyra Jade Alexander
Bachelor of Applied Sciences
700
Tyra Pene-Herewini (2020)
Business Administration & Technology Level 4
700
Whakaaria-Mai Poutini Lawrence
NZ Certificate in Maritime Operations
700
William MacFater
Bachelor of Commerce
700
Willow Helen Singh
Business & Communications (Double major)
700
Winnie Tawaroa
NZ Certificate in Business
700
Wiremu Kingi Hipango
Bachelor of Language (Japanese)
700
Wiremu Nepia
NZ Certificate in Music
700
Zion Tawaroa (2021)
Bachelor of Information & Communications Technology
700
Sophie Tuohy
$
35
Te Āti Hau Trust EDUCATION GRANTS LIST SECONDARY - YEAR 10 ($250) Recipient Akerehanara Tamakehu- Keremeneta Alexander Pahl Blane Edwards-Wanoa Brody Flett Thompson Broughton Paris Ataria Caleb Blackmore Carlos King Carmel Hope Malcolm Conner Chadwick Evangaline McNeill Filiki Taupa'u- Rogan Grace Carston Harley Gardiner Hinewaiatarua Pirikahu-Joseph Isaac John Moroati Sinclair Jai Ngataki-Karehana Jayaiah Dante Tama Ashford Jaydis Hammond Jayla Alexander Jerell-Jamar Taputoro-Filo
Education Provider Te Aho o te Kura Pounamu Hutt Valley High School Cullinane College Taita College Horowhenua College New Plymouth Boys' High School Horowhenua College Cullinane College St Patricks College Wellington St Andrews College Te Kura Kaupapa Māori o Tupoho Baradene College Tauranga Boys' College Cullinane College Taieri College Hato Paora College Otaki College Ruapehu College Dannevirke High School Manukura
Recipient Education Provider Jilyzah Tonihi Whanganui High School Jordan Herewini Palmerston North Boys' High School Kody Tahiwi Palmerston North Boys' High School Kōkiri Hinepaearo Wharakura Te Kura o Kokohuia Maadi Glennys Hihiria Ngamanu Aotea College Marich Young-Moeke Tongariro School Mikaere Cooper Hato Paora Nia Sophina Kataraina Edwards Cullinane College Pia Toia Nganeko Bennett Manukura Rākeinohowhetū Puahiwahiwa Whanganui City College Hawira Raniera Kumeroa TeUa Whanganui City College Reign Winiata Queen Elizabeth College Tamelia Ma'afu Kathleen Whanganui High School Blackburn Te Aomihia McLean-Wanoa Tolaga Bay Area School Te Awa Reyn Baker-Fitzgerald Taumarunui High School Te Awanui Rice-Edwards Palmerston North Boys' High School Tiaana Kaa Rolls St Josephs Māori Girls' School Zane Arizona Lewis Collegiate School
SECONDARY - YEAR 11 ($250) Recipient Education Provider Alexander Nohomai Gallagher St Josephs Māori Girls' School Amy Te Rato Bate Hukarere Girls College Anya Race Freyberg High School Arapeta Reihana Tauhara College Blane Edwards Wanoa Cullinane College Braxdyn Mohaka Christy Tongariro School Carmel Valerie Malcolm Cullinane College Chad Whale Taihape Area School Conner Chadwick St Patricks College Demitri-Cody Pire Anderson Whanganui High School Denva Rawinia Leach Tauhara College Estienne-Jane Boladuadua Te Kura Māori o Porirua Grace Carston Baradene College Hania John Joseph James Ruta Henderson High School Hannah Catherine Huria Kapiti College Isaac Marumaru Manurewa High School Jackson Taye Meyer Mount Maunganui College Jacob Read Whangarei Boys' High School Jahnae Mahina Graham New Plymouth Girls' High School Jasmine Giacon Katikati College Jayden Kingi Siddells Tauhara College Jordez Marshall Flaxmere College Jorzahn McCallum Te Kura o Kokohuia Kade Whitiora Pohe Winiata Queen Elizabeth College Kate Teinaki Tongariro School Kate Vernon Burnside School Kiira Parkinson Tauranga Boys' College Kire Reihana Northland College Ky-mani Tonihi Whanganui High School Mackenzie Pritchard Ormiston Senior College
36
TOTAL: $ 9,500
Recipient Mereana Aniwa Pearce Mia Tahiwi Nani-Rose Sadlier Oceania Marino Oliver Wynen Portia Tonel Afendoulis Quade Tamati Ryan Saskia Martyn Sean Dobbyn Sefululima Emelio Leo Seth Sims Shawnee Cook-Lawrence Stevie Ngatai Te Aroha Healey-forde Te Oka Ngataierua Thmyuisi Fox-Te Rangi Tiaana Kaa Rolls Tiana Aroha Colleen Angus Tiare Thompson-Wymer Tinka Legend Baker Toa-te-Ra Tawhitapou Tomairangi Wharakura Trinity Herewini Tuari Gavin Maxwell Reweti Vincent Rogan Waimarama Sinai Wairere Cook-Lawrence William Dalton Richards- Warbrick
TOTAL: $ 14,500
Education Provider Matamata College Manukura Cullinane College Whanganui City College Christchurch Boys' High School Tauhara College Menzies College Tauhara College Taupo Nui a Tia College Te Kura o Kokohuia Whanganui High School Te Rangi Āniwaniwa Manukura Rotorua Girls' High School Whanganui City College Tauhara College St Josephs Māori Girls' School Whanganui Girls' College Whanganui Girls' College Taumarunui High School Whanganui High School Hato Paora College Whanganui High School Cullinane College Te Kura Kaupapa Māori o Tupoho Whanganui High School Te Rangi Āniwaniwa Ruapehu College
TOITŪ TE TANGATA
Te Āti Hau Trust GENERAL GRANTS LIST CULTURAL TOTAL: $ 6,250 Recipient
Grant Category
Mana Kuratahi Kapa Haka Nationals
250
Waikohu Gray
Mana Kuratahi Kapa Haka Nationals
250
Aumangea Hales-Tamaiparea
Mana Kuratahi Kapa Haka Nationals
250
Ihaka Whanarere
Mana Kuratahi Kapa Haka Nationals
250
Leila Jane Poutini
Mana Kuratahi Kapa Haka Nationals
250
Nevaar Whanarere-Matthews
Mana Kuratahi Kapa Haka Nationals
250
Tiare-Tiana Filipo-Osborne
Mana Kuratahi Kapa Haka Nationals
250
Whitirangi Patea-Matiaha-Tapa
Mana Kuratahi Kapa Haka Nationals
250
Darius Meiha Foster
Mana Kuratahi Kapa Haka Nationals
250
Iyelah-Briez Ellison Rogan
Mana Kuratahi Kapa Haka Nationals
250
Kaiya-Jane Green
Mana Kuratahi Kapa Haka Nationals
250
Liana Edwards
Mana Kuratahi Kapa Haka Nationals
250
Lousheanna Green
Mana Kuratahi Kapa Haka Nationals
250
Moana Taupa'u-Rogan
Mana Kuratahi Kapa Haka Nationals
250
Shayden Rawiri
Mana Kuratahi Kapa Haka Nationals
250
Tyjahlion Marshall
Mana Kuratahi Kapa Haka Nationals
250
Waiora Dixon
Mana Kuratahi Kapa Haka Nationals
Pakaitore Committee
Te Rā o Pakaitore
1,000
Te Wainui-a-Rua Culture Club
Cost of Hosting Club Hui Aranga
1,000
Manaia-Tamatea Gray
$
250
MARAE TOTAL: $ 38,321 Recipient
Grant Category
Replace & Install New Sump
3,321
Ngapuwaiwaha Marae
Blue Seal Gas/Electric Stove
5,000
Opaea Marae
Marae upkeep
5,000
Putiki Marae
Heat pumps for Kaumatua Flats
5,000
Tirorangi Marae
Kitchen Compliance
5,000
Makaranui Marae
Marae upkeep
7,500
Tuhi Ariki Marae
Marae upkeep
7,500
Parikino Marae
$
37
Te Āti Hau Trust GENERAL GRANTS LIST SPORTS, ART & TRAVEL TOTAL: $ 8,123.15 Recipient
Grant Recipient Category Whanganui Under 15 Reps
150
Isabella Kidd
Counties Manukau Touch Assoc
178
Lucas Maihi
Volleyball Inter provincial competition
198
Niki Ngaone Haitana Lawrence
U18 Netball Manawatu rep 2020
200
Isabella Kidd
Counties Manukau Touch Assoc
222.15
Manaia Marshall-Ponga
Whanganui Under 14 Reps
230
Novamarie Plumridge
Whanganui Under 14 Reps
230
Te Moana Hagley
Whanganui Under 14 Reps
230
Akiwa Koro
Whanganui Under 18 Touch team
250
Aria Bannister
Whanganui Swimming Club
250
Awatea Barratt
Whanganui Under 16 Reps
250
Conner Chadwick
National Māori League Tournament
250
Deshaye Hinetekawa Thomson-Laulu
U19 Basketball Nationals
250
Hera Peeti Maihi
NZ Barbarians Tag Football
250
Hera Peeti Maihi
Wellington U16 girls touch team Oct 2020
250
Jaeda Rose Hagley-Tutauha
Whanganui Under 14 Reps
250
Jahnaia Brown
Whanganui Under 14 Reps
250
Jordan Herewini
Manawatu U15 Basketball tournament
250
Maraki Aumua
Under 16 boys Touch
250
Maze Thompson-Koro
Whanganui Under 18 Touch team
250
Oliver Wynen
Canterbury U16 Boys Touch team
250
Paige Taiaroa
Manawatu Basketball Reps
250
Season Wiari
Whanganui Under 16 Touch team
250
Stevie Ngatai
Manawatu Basketball U17 Reps
250
Andrea Williams
Canterbury Women 35's Touch team
485
Rangi Kui
Whanganui Open Mens Touch Representative Team for NZ Bunning National Touch Championship 2021
500
V'Chay-Latrell Wiari Hemopo
NZ Australasian ASA Nationals
Jane Edwards Whanau
Māori Basketball Tournament
Ali Whanarere-Tauri
38
$
500 1,000
TOITŪ TE TANGATA
Te Āti Hau Trust GENERAL GRANTS LIST KAUMĀTUA - HEALTH & WELLBEING (UP TO $1,000) Recipient
Recipient
June Mary McKay
Annasophia Calman
Peter Pauro
Anne MeteKingi
Annette Hawe (2020)9
Carole Jay Ranginui
Makareta Mataki Casey
Cassandra Kathleen Katarina Reid
Flo Farquhar
Chery Maru
Kurai Toura
Christina Karaihi Tapa
Terence Hikaka
Dave Puohotaua
Phillip Tuhinga Reweti (2020)
Dino Te Karere Ashford
Errol Ruruku
Echo Haronga
Angela Sharyn Tioro-Teki
Elizabeh Tira Graham
Mary Joyce Te Haara
Ellen Marina Haami
Tuihana Phillips
Georgina Materina Duncan (2021)
Mary Wakefield (2021)
Gerald Heremia Taputoro
Patrice Robinson
Henare Potaka
Darrel Ashley Hall
Henare Ryder
Lilian Wardlaw
Herehere Patricia Pene
Mere Ruiha Millar
Joseanne Goodhall
Karen Herbert
Josephina Titaha Te Tana Wymer
Michael Kenneth Wardlaw
Judaline Anne Byles
Cedric Chadwick
June Dorothy Hall
Robert Hikaka
Kahukura Venning Edwards
Charmaine Horiwia Puru
Manu Tukapua
Georgina Materina Duncan (2020)
Marcia Williams
Jane Edwards
Margaret Menehira (2020)
Jennifer Bartlett
Margaret Menehira (2021)
Liszette Riripeti Harawira
Mary Wakefield (2020)
Martha Renwick
Mereana Mary Hemopo
Lorraine Dawn Tapa
Patricia Ashford (2021)
Linda Klue
Patrick Matthew Makatea Marino
Emily Campbell
Rangi Taylor
Lance Alfred Teki
Rangi Wilson II
Patricia Ashford (2020)
Rangirea Williams (2020)
Dawn Hatton
Rangirea Williams (2021)
Dale Edwards
Raymond Whakapono Hina
Phillip Tuhinga Reweti (2021)
Rexina Dryden
Te Aroha Hakaraia
Roberston Te Huia
Mangu Karauria Scurr
Te Aroha Tawaroa
Mathew Mataki
Te Huiakama Borell
Joyce Kani
Te Werahiko Nikorima
Judy Pickthall
Teresa Ranginui
Margaret Waitai
Thomas Kopeke
Annette Hawe (2021)
Tommy Ross
Elizabeth Piere Taurua
Turuhia Mohi
Heeni Ranginui
Valma Alexandria Wallace/Warahi
Shona Marama Mako
Vivienne Matthews
Aileen Whakatotopipi Bishop
Vonny Joanne Erena Hawkins
Alan Neil McRitchie
Witerina Cooper
Ruth Erita Carol Hammond
TOTAL: $ 77,418
Angela Lawton (2021)
Angela Lawton (2020)
39
40
Ātihau-Whanganui Incorporation Financial Statements for the year ended 30 June 2021
41
Ātihau-Whanganui Incorporation FINANCIAL STATEMENTS 2021
CONTENTS
42
43
Shareholding & Committee of Management Disclosures
44
Statement of Comprehensive Income
45
Statement of Changes in Equity
46
Statement of Financial Position
47
Statement of Cash Flows
48
Notes to and forming part of the Financial Statements
57
14 Cash and Cash Equivalents
57
15 Trade and Other Receivables
57
16 Stock on Hand
57
17 Biological Assets
59
18 Leases
60
19 Investments in Associates & Joint Ventures
61
20 Property, Plant & Equipment
62
21 Share and Bond Investments
48
1 Reporting Entity
62
22 Intangibles (Emission Trading Units)
48
2 Statement of Compliance and Basis of Preparation
62
23 Borrowings
48
3 Basis of Preparation
63
24 Financial Instruments
48
4 Specific Accounting Policies
64
25 Programmed Property Maintenance
53
5 Critical Accounting Estimates
64
26 Unclaimed Dividends
54
6 Revenue from Contracts with Customers
64
27 Māori Authority Credit Account
54
7 Other Income
65
28 Related Parties
55
8 Gains / (Losses) from Sale of Emission Trading Units
66
29 Contingent Liabilities
55
9 Finance Income
66
30 COVID-19
55
10 Depreciation & Loss on Sale
67
31 Subsequent Events
55
11 Other Operating Expenses
67
32 Commitments for Expenditure
55
12 Equity Accounted Investments
67
33 Capital
56
13 Income Tax
67
34 Reserves
68
Auditors' Report
Ātihau-Whanganui Incorporation SHAREHOLDING & COMMITTEE OF MANAGEMENT DISCLOSURES For the year ended 30 June 2021 Share 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
No. of Shares Held
12 234 283 1,514 4,311 1,646 1,399
0.13% 2.49% 3.01% 16.11% 45.87% 17.51% 14.88%
111,994.52 443,311.12 200,579.20 355,214.41 140,444.13 4,458.14 527.48
8.91% 35.28% 15.96% 28.27% 11.18% 0.35% 0.04%
9,399
100.00%
1,256,529.00
100.00%
Pursuant to s278 (4) of the Te Ture Whenua Māori Act 1993, Balance chartered accountants have verified the equity value per share of the incorporation as at 30 June 2021 is $174.89 per share. They note that this share value includes land based on ratings values. A valuation of land performed by valuers on a market basis may differ from such ratings valuations. Committee of Management - Shareholding CoM members have the following shares in the Incorporation registered in their names as at 30 June 2021. Che Wilson Keria Ponga Mavis Mullins (Chairperson) Rāwiri Tinirau Shar Amner Te Tiwha Puketapu Whatarangi Murphy-Peehi
61.05 1000.00 543.36 3104.35
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 nine monthly meetings and one AGM of the Committee during the year. Member's attendance was as follows:
Che Wilson Keria Ponga Mavis Mullins (Chairperson) Rāwiri Tinirau Shar Amner Te Tiwha Puketapu (Audit & Risk sub committee Chair) Whatarangi Murphy-Peehi (Farm sub committee Chair) Sub committee independent members David Nelson (Farm sub committee) Joe Hanita (Audit & Risk sub committee)
Ordinary
AGM
Audit & risk Farm Subcommittee Subcommittee
Other
9 9 9 9 8 9 9
1 1 1 1 1 1 1
4 4 4 7 1
1 6
2 2 -
N/A N/A
1
7
6 -
-
Committee of Management - Remuneration Members were paid fees and travel allowances during the financial year.
Che Wilson Keria Ponga Mavis Mullins (Chairperson) Rāwiri Tinirau Shar Amner Te Tiwha Puketapu Whatarangi Murphy-Peehi Joe Hanita David Nelson
Fees $
Comment
32,000 32,000 58,000 Vehicle provided 32,000 32,000 32,000 32,000 6,400 3,250
43
Ātihau-Whanganui Incorporation STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 June 2021 Note
REVENUE FROM CONTRACTS WITH CUSTOMERS Livestock
6
Milk Wool Apiary
6
OTHER INCOME
2020 $
14,259,880
15,352,504
1,883,228
1,702,024
605,701
914,815
4,532,124
6,840,749
21,280,934
24,810,092
Gain/(loss) from sale of emission trading units
8
119,644
294,581
Finance income
9
42,337
22,623
307,673
377,399
7
1,605,116 2,074,770
1,755,929 2,450,532
23,355,704
27,260,624
EXPENSES Farm working expenses
8,521,492
9,127,009
Employee benefits expense
5,625,632
5,204,545
Rental income Other income TOTAL REVENUE & OTHER INCOME
Depreciation and loss on sale
1,981,310
2,055,981
Repairs and maintenance
924,819
809,841
Governance and shareholder expenses
805,297
769,568
Donations and scholarships
550,500
441,827
Other operating expenses
10
11
TOTAL EXPENSES NET SURPLUS BEFORE FINANCE COSTS AND NON OPERATING REVALUATIONS FINANCE COSTS Interest expense REVALUATION GAINS (LOSSES)
Profit / (Loss) from equity accounted investments
12
Profit / (Loss) due to price changes on livestock Reversal of share investments impairment
1,454,635
1,454,200
19,863,685
19,862,969
3,492,018
7,397,655
(1,556,171)
(1,811,030)
224,130
136,044
3,981,808
(4,049,654)
-
87,872
6,141,785
1,760,887
814,806
1,269,696
NET SURPLUS AFTER INCOME TAX
5,326,979
491,191
OTHER COMPREHENSIVE INCOME Revaluation of share investments
1,149
-
NET SURPLUS / (DEFICIT) BEFORE INCOME TAX Income tax expense - current year movement
13
Revaluation of property, plant & equipment
20
31,966,500
15,767,800
Revaluation of emission trading units
22
7,785,181
2,557,929
Share of gain or (loss) on property revaluation of associates
12
(224,193)
454,898
Income tax relating to items that will not be reclassified subsequently
13
(2,129,135)
(506,439)
TOTAL OTHER COMPREHENSIVE INCOME - GAIN
37,399,502
18,274,188
TOTAL COMPREHENSIVE INCOME
42,726,481
18,765,379
These financial statements are to be read in conjunction with the accompanying notes
44
2021 $
Ātihau-Whanganui Incorporation STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2021 Capital Reserves $ BALANCE AT 1 JULY 2020
PPE Reval Reserve $
Retained Earnings $
ETU Reserve $
24,311,005 116,590,673 27,991,123
9,174,244
Share Reserve $
Total Equity $
- 178,067,045
Dividends paid
-
- (1,005,223)
-
-
(1,005,223)
Transactions with owners
-
- (1,005,223)
-
-
(1,005,223)
Net Surplus after Income tax
-
-
5,326,979
-
-
5,326,979
Other Comprehensive Income - Revaluation of emission trading units
-
-
-
7,785,181
-
7,785,181
- Revaluation of property, plant & equipment
-
31,966,500
-
-
-
31,966,500
- Revaluation of share investments
-
-
-
-
1,149
1,149
-
(224,193)
-
-
-
(224,193)
-
(805,875)
39,147 (1,362,407)
-
(2,129,135)
Total Comprehensive Income for the Year
-
30,936,432
5,366,126
6,422,774
1,149
42,726,481
Imputation credits converted to losses
-
-
(39,147)
-
-
(39,147)
Transfer to Retained Earnings
-
-
1,765,448 (1,765,448)
-
-
- Share of gain (loss) on property revaluation of associates - Income tax relating to items that will not be reclassified subsequently
BALANCE AT 30 JUNE 2021
24,311,005
147,527,105 34,078,328 13,831,570
BALANCE AT 1 JULY 2019
24,311,005
100,874,414 26,471,118
8,653,800
1,149 219,749,157 (191,929) 160,118,407
Dividends paid
-
-
(816,741)
-
-
(816,741)
Transactions with owners
-
-
(816,741)
-
-
(816,741)
Net Surplus after Income tax
-
-
491,191
-
-
491,191
- Revaluation of emission trading units
-
-
-
2,557,929
-
2,557,929
- Revaluation of property, plant & equipment
-
15,767,800
-
-
-
15,767,800
- Revaluation of share investments
-
-
-
-
-
-
-
454,898
-
-
-
454,898
-
(506,439)
-
-
-
(506,439)
Total Comprehensive Income for the Year
-
15,716,259
491,191
2,557,929
-
18,765,379
Transfer to Retained Earnings
-
-
1,845,556 (2,037,485)
191,929
-
Other Comprehensive Income
- Share of gain (loss) on property revaluation of associates - Income tax relating to items that will not be reclassified subsequently
BALANCE AT 30 JUNE 2020
24,311,005
116,590,673 27,991,123
9,174,244
- 178,067,045
A description of the nature and purpose of each reserve is stated in note 34.
These financial statements are to be read in conjunction with the accompanying notes
45
Ātihau-Whanganui Incorporation STATEMENT OF FINANCIAL POSITION As at 30 June 2021 Note
2021 $
2020 $
CURRENT ASSETS Cash and cash equivalents
14
-
97,590
Trade and other receivables
15
4,501,934
2,032,273
Stock on hand
16
8,783,941
8,181,617
Biological assets TOTAL CURRENT ASSETS
17
35,775,906 49,061,780
32,641,449 42,952,929
NON CURRENT ASSETS Property, plant & equipment
20
197,246,285
163,130,774
Right-of-use assets
18
510,162
404,491
Investments in associates and joint ventures
19
9,843,979
10,084,297
Share Investments
21
1,873,805
1,850,224
Intangibles TOTAL NON CURRENT ASSETS
22
13,831,569 223,305,800
9,174,244 184,644,030
272,367,580
227,596,959 -
TOTAL ASSETS CURRENT LIABILITIES Cash & cash equivalents
14
380,032
Borrowings
23
9,000,000
-
Lease liabilities
18
81,000
69,915
2,045,358
1,558,404
423,955
343,178
599,587 12,529,932
549,128 2,520,625
Trade and other payables GST payable Employee entitlements TOTAL CURRENT LIABILITIES NON CURRENT LIABILITIES Borrowings
23
29,463,750
39,538,750
Programmed property maintenance
25
163,357
266,163
Lease liabilities
18
448,632
348,361
3,023
3,687
LIC Share Liability Unclaimed dividends
26
2,654,715
2,441,257
Deferred tax liability TOTAL NON CURRENT LIABILITIES
13
7,355,014 40,088,490
4,411,072 47,009,289
52,618,422
49,529,914
219,749,157
178,067,045
34,078,328
27,991,123
185,670,829
150,075,921
219,749,157
178,067,045
TOTAL LIABILITIES NET ASSETS EQUITY Retained earnings Reserves
34
TOTAL EQUITY
The Committee of Management of Ātihau-Whanganui Incorporation authorised the financial statements for issue on 24 September 2021. Signed for and on behalf of the Committee of Management:
Mavis Mullins Chairperson 24 September 2021
Brendon Te Tiwha Puketapu Chairman of the Audit and Risk Committee 24 September 2021 These financial statements are to be read in conjunction with the accompanying notes
46
Ātihau-Whanganui Incorporation STATEMENT OF CASH FLOWS For the year ended 30 June 2021 2021 $
2020 $
23,011,306
24,113,771
CASH FLOWS FROM OPERATING ACTIVITIES Cash was provided from: Receipts from operations Interest, dividends and other investments received Grants received
40,839
22,623
546,591
460,410
23,598,736
24,596,804
Cash was disbursed to: Payments to suppliers and employees
19,491,396
19,601,892
Interest paid
1,556,171
1,833,413
Net GST paid
143,664 21,191,231
93,678 21,528,983
2,407,505
3,067,821
194,085
94,824
NET CASH FLOWS FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Cash was provided from: Proceeds from disposals of property, plant & equipment Investment and Intangibles proceeds and disposals
3,497,500
1,721,500
3,691,585
1,816,324
Acquisition of property, plant & equipment
4,061,013
3,248,140
Purchase of investments
23,432 4,084,445
3,704 3,251,844
NET CASH FLOWS FROM INVESTING ACTIVITIES
(392,860)
(1,435,520)
(1,075,000)
(63,250)
(1,075,000)
(63,250)
Dividends
791,765
721,833
Grants & donations
550,500
441,827
75,000 1,417,265
1,223,577
(2,492,265)
(1,286,826)
Net (Decrease)/Increase in Cash Held Cash at the Beginning of the Year
(477,620) 97,589
345,475 (247,886)
CASH AT THE END OF THE YEAR
(380,031)
97,589
Cash was disbursed to:
CASH FLOWS FROM FINANCIAL ACTIVITIES Cash was provided from: Proceeds from borrowings Cash was disbursed to:
Lease payments
NET CASH FLOWS FROM FINANCIAL ACTIVITIES
59,917
These financial statements are to be read in conjunction with the accompanying notes
47
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
STATEMENT OF ACCOUNTING POLICIES 1. REPORTING ENTITY Ātihau-Whanganui Incorporation (Ātihau) is registered under the Te Ture Whenua Māori Act 1993 and is incorporated in New Zealand. 2. 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. Ātihau 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. 3. BASIS OF PREPARATION The financial statements have been prepared under the historical cost basis except for land & buildings, 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. Historical 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
48
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 accounting policies and measurement basis that are in effect at year end as summarised below. These were used throughout all periods presented in the financial statements. 4. SPECIFIC ACCOUNTING POLICIES The following specific accounting policies which materially affect the measurement of the Statement of Comprehensive Income and Balance sheet have been applied: (a) Revenue Recognition Revenue from Contracts with Customers Revenue from contracts with customers comprises the expected value for the sale of goods and services, excluding Goods and Services Tax. Revenue is recognised either over time or at a point in time, as follows: Sale of Goods - Livestock Ātihau sells livestock to third-party buyers. The livestock revenue is recognised at the point in time that control is assumed by the buyer, being the date that the animal is killed. The amount of revenue recognised is based on the industryaccepted market price provided by the buyer. Sale of Goods - Apiary Ātihau sells honey product to a third-party buyer. Honey sale revenue is recognised when control
of the goods has passed to the customer, being the point in time that the goods are delivered to the customer. The amount of revenue recognised is based on an agreed price list and is not subject to any variations or warranties. Sale of Goods - Milk Ātihau sells milk to a third-party buyer. The milk revenue is recognised at the point in time that control is assumed by the buyer, being the date of collection. Payment is paid on a per kg milksolids basis based upon the forecast milk price payable. Approximately 85% is received upon collection and the balance is deferred, spread over the months up to September following year end. Sale of Goods - Wool Ātihau sells wool to third-party buyers. The wool revenue is recognised at the point in time that control is assumed by the buyer, being the date the wool is collected, or the date the wool is sold at auction. The amount of revenue recognised is based on the industryaccepted market price provided by the buyer. Other Income 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. The policy for recognition of revenue for Emissions trading units is described in policy (g) below.
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
(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 impairment. To determine impairment, Ātihau uses a simplified approach to assess its expected credit losses. The impairment loss is recognised in the profit and loss component of the Statement of Comprehensive Income. (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.
are included in the Statement of Comprehensive Income.
Land is revalued every three years to the most recent rateable value (consistent with the requirements of Te Ture Whenua Māori Act 1993). Revaluations to rateable value are considered a departure from accounting standard NZIAS16 because ratings values are general rather than specific revaluations. Revaluations are reflected through Other Comprehensive Income and cumulative revaluations reflected in the PPE Revaluation Reserve.
(e) Income Tax
All other repairs and maintenance are recognised as expenses in the Statement of Comprehensive Income in the financial period in which they are incurred. The depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding freehold and leasehold land, is depreciated on a straightline 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 0% 0% 2%SL 5%DV 0% 6%DV 8%DV 6%DV
To 0% 20%DV 20%DV 25%SL 40%DV 40%DV 40%DV 36%DV
Gains and losses on disposal are determined by comparing proceeds with carrying amount. These
Ātihau is registered as a Māori Authority for income tax purposes. Current income tax assets and/or liabilities comprise those obligations to, or claims from, Inland Revenue and other taxation authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by Ātihau and it is probable that reversal will not occur in the foreseeable future. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognised
49
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
to the extent that it is probable that they will be able to be utilised against future taxable income, based on Ātihau's forecast of future operating results which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax losses or credit. Deferred tax liabilities are always provided in full. Deferred tax assets and liabilities are offset only when Ātihau has a right and intention to set off current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in the profit or loss, except where they relate to items that are recognised in other comprehensive income (such as the revaluation of land) or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or equity, respectively. (f) Investments Investments in shares have been classified as fair value through other comprehensive income (OCI) for equity instruments. At balance date shares are revalued to fair value and any gains or losses reflected through other comprehensive income. (g) Intangible Assets (Emission Trading Units) Emission trading units have been purchased and earned (ie internally generated) off growing forestry and are considered to have indefinite useful life (as long as the market regulatory framework is not changed significantly). Pre-1990 Forest Land Ātihau land contains pre-1990 forest land subject to the provision of the NZ emissions trading scheme (ETS).
50
If the land is deforested the owner is required to surrender NZ Emission Trading Units (NZUs) 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 recognises them initially at cost and revalues them at reporting date through other comprehensive income and reserves. Post-1989 Forest Land Ātihau chose to enter the ETS for post -1989 forest land and earn 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 through comprehensive income and reserves. If the obligation to return units arises the obligation is recognised on the Balance Sheet. Revenue recognition - on derecognition gains or losses from the carrying value relating to the trading of NZUs are reflected in Net Surplus and the carrying value is transferred from revaluation reserve to retained earnings. (h) Financial Instruments Financial assets and financial liabilities are recognised when Ātihau 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 liabilities (other than financial assets and financial liabilities that are fair value through profit and loss) are added to or deducted from the
fair value of the financial assets or financial liabilities as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in the profit and loss. Financial Assets Ātihau classifies its financial assets into the following categories: "amortised cost" and "fair value through OCI for equity instruments". The classification depends on the nature and purpose of the financial assets, and is determined at the time of initial recognition and is reevaluated by Management at every reporting date. All transactions are recognised (or derecognised) on trade date basis. Fair value through OCI for equity instrument financial assets held by Ātihau 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 these financial assets are recognised in net surplus when Ātihau's right to receive the dividends is established. Financial assets recognised at amortised cost are non-derivative financial assets that are held with the objective to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financial assets include trade and other receivables, and cash and cash equivalents and
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
are measured at amortised cost using the effective interest rate, less any impairment.
any provision is presented in the Statement of Comprehensive Income net of any reimbursement.
than direct rights to underlying assets and obligations for underlying liabilities.
Impairment of financial assets: At reporting date Management reviews financial assets for impairment using the expected credit loss model. Any impairment loss is recognised in the profit and loss component of the Statement of Comprehensive Income.
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).
Ātihau's investment in associates and joint ventures are accounted for using the equity method or accounting in the financial statements.
Financial Liabilities
(j) Development Expenditure Development costs are deferred where expenditure is carried out on Ātihau'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.
Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities. No financial liabilities are held at fair value through profit and loss. Other financial liabilities (including borrowings and trade and other payables) are initially recorded at cost and 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. (i) 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
Deferred development expenditure is reflected within property, plant and equipment. (k) Goods and Services Taxation (GST) All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST. (l) Investments in Associates and Joint Ventures Associates are those entities over which Ātihau is able to exert significant influence but which are not subsidiaries. A joint venture is an arrangement that Ātihau controls jointly with one or more other investors over which Ātihau has rights to a share of the arrangement's net assets rather
Under the equity method, investments in associates and joint ventures are carried in the Statement of Financial Position at cost plus post-acquisition changes in the share of net assets of the associate and joint ventures. The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise Ātihau's share of the net surplus and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with Ātihau's accounting policies. (m) 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 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's control. These value changes are recognised in the Statement of Comprehensive Income as gain/loss due to price changes on livestock. Bees are measured at fair value less point of sale costs. (n) Dividends Provision is made for the amount of any dividend declared on or before
51
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
the end of the financial year but not distributed at balance date. (o) Employee Benefit The provision for employee entitlements is recognised as a liability in the Balance Sheet. These benefits include salaries, wages and annual leave. (p) Inventory Inventories are stated at the lower of cost and net realisable value. The cost formula for specific inventory items has been disclosed below: Stock feed on hand is stated at fair value at point of harvest, less costs to realise. Agricultural produce inventory from biological assets is valued at fair value, by reference to market prices for bulk honey and wool, less estimated point of sale costs. Packaged honey is valued at the bulk honey value plus cost of raw materials used. (q) Government Grants Government grants (relating to assets) are deducted in arriving at the carrying amount of the asset. (r) Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: • leases of low value assets; and
On initial recognition, the carrying value of the lease liability also includes: • amounts expected to be payable under any residual value guarantee; • the exercise price of any purchase option granted in favour of Ātihau if it is reasonably certain; • any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of the termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: • lease payments made at or before commencement of the lease; • initial direct costs incurred; and • the amount of any provision recognised where Ātihau is contractually required to dismantle, remove or restore the leased asset.
NZ IFRS 16 was adopted 1 July 2019 without restatement of comparative figures. For the impact of the application as at 1 July 2019, see note 18. The following policies apply subsequent to the date of initial application.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the shorter of the remaining term of the lease or the remaining economic life of the asset.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over
When Ātihau revises its estimate of the term of any lease it adjusts the carrying amount of the lease
• leases with a duration of 12 months or less.
52
the lease term, with the discount rate determined by reference to the rate inherent in the lease. Variable lease payments are expensed in the period to which they relate.
liability to reflect the payments to make over the revised term. An equivalent adjustment is made to the carrying value of the right-ofuse asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss. When Ātihau renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: • generally, where the renegotiations increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount • if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. For contracts that both convey a right to Ātihau to use an identified asset and require services to be provided to Ātihau by the lessor, Ātihau accounts for the entire contract as a lease, i.e. it
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
does allocate any amount of the contractual payments to, and account separately for, any services provided by the supplier as part of the contract. (s) Changes in Accounting Policies and Disclosures There have been no changes in accounting policies during the financial year. 5. CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements in conformity with NZ IFRS RDR requires the use of critical accounting estimates. It also requires Management to exercise its judgement in the process of applying Ātihau's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant, are disclosed below. Valuation of Livestock Ātihau 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 value of the assets. Valuation of Honey Harvested and Honey on Hand Honey is tested for MGO quality and valued using forecast farmgate prices listed by a significant customer reflecting market value at year end.
53
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 6. REVENUE FROM CONTRACTS WITH CUSTOMERS 6a. Livestock Revenue
2021 $
2020 $
11,160,328
11,389,999
Sales Sheep Cattle
6,033,490
6,397,766
17,193,817
17,787,765
Sheep
(404,010)
(1,274,349)
Cattle
(1,648,961)
(1,659,888)
Total Sales Purchases
Horses Total Purchases Increase / (Decrease) in value due to change in numbers Total Livestock Revenue
6b. Apiary Revenue
-
-
(2,052,971)
(2,934,237)
(880,966)
498,977
14,259,880
15,352,504
2021 $
2020 $
3,703,426
2,100,184
(3,669,332)
(2,032,946)
34,094
67,238
6,331,282
6,773,511
Sales Honey sales Less carrying value of Honey sold Gain on honey sold Other Apiary inventory movements Honey harvested - Bulk Honey revaluation to NRV
Total Apiary Revenue
(1,833,252)
-
4,498,030
6,773,511
4,532,124
6,840,749
Honey harvested is initially valued at fair value less future costs of sale. Fair value is assessed using market comparison (where values are based on the latest market prices) for the type of honey and its UMF factor. At the year end, the carrying value of Honey stock on hand is revalued to Net Realisable Value (NRV) to reflect honey attribution changes and estimated future achievable sales values.
7. OTHER INCOME
Apiary leases Insurance recoveries Rebates received Other income
54
2021 $
2020 $
1,140,931
1,283,608
3,006
71,530
73,489
136,836
387,690
263,955
1,605,116
1,755,929
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 8. GAINS / (LOSSES) FROM SALE OF EMISSION TRADING UNITS 2021 $
2020 $
Gain / (loss) on disposal of emission trading units
119,644
294,581
Total Gains and (Losses)
119,644
294,581
2021 $
2020 $
Dividends received
20,311
12,542
Interest income
21,704
10,081
322
-
42,337
22,623
2021 $
2020 $
1,911,366
1,900,738
Depreciation - Right-of-use assets
59,239
67,844
Loss on sale of property, plant and equipment
10,705
87,399
1,981,310
2,055,981
2021 $
2020 $
23,795
41,199
Accountancy, legal and consultancy
297,204
335,659
Administration expenses
990,602
818,435
Project expenses
143,034
258,907
1,454,635
1,454,200
2021 $
2020 $
224,130
136,044
(224,193)
454,898
(62)
590,942
9. FINANCE INCOME
Imputation Credits Total Finance Income
10. DEPRECIATION & LOSS ON SALE
Depreciation
Total Depreciation & Loss on Sale
11. OTHER OPERATING EXPENSES
Audit Fees
Total Operating Expenses
12. EQUITY ACCOUNTED INVESTMENTS
Share of surplus / (deficit) after tax Property revaluations and other comprehensive income movements (OCI Total (increase) / decrease in Equity Accounted Investments
55
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 13. INCOME TAX 13a. Income tax recognised in profit & loss
2021 $
2020 $
Deferred tax expense/(income) re the origination & reversal of temporary differences
814,806
1,269,696
Total income tax recognised in the current year
814,806
1,269,696
Net Surplus / (deficit) before income tax
6,141,785
1,760,887
Tax at the New Zealand tax rate applicable to Māori Authorities (17.5%)
1,074,812
308,155
(326,463)
(430,829)
- capex and depreciation
(59,600)
(416,081)
- other temporary differences
553,611
184,669
- permanent differences
(308,251)
1,112,864
Adjustments recognised in current year in regard to current & deferred tax of prior years Income tax credit recognised in profit & loss
(119,303)
510,918
814,806
1,269,696
2021 $
2020 $
Deferred tax
(2,129,135)
(506,439)
Total income tax recognised in other comprehensive income
(2,129,135)
(506,439)
2021 $
2021 $
2021 $
Opening balance
Movement in profit & loss, other comp income or equity
Closing balance
(923,454)
(326,463)
(1,249,917)
(2,980,426)
(865,475)
(3,845,901)
70,727
14,511
85,238
1,112,397
(934,109)
178,288
Other
(1,690,316)
(832,405)
(2,522,721)
Total deferred tax liability
(4,411,072)
(2,943,942)
(7,355,014)
The income tax expense for the year reconciles to the accounting profit as follows:
In calculating taxable income the following adjustments were made: Temporary differences - livestock
Permanent differences
13b. Income tax recognised in other comprehensive income
13c. Deferred tax liability Deferred tax assets & (liabilities) in relation to:
Livestock Property plant & equipment Provisions Unused tax losses
56
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 2021 $
2020 $
(385,160)
91,512
5,129
6,079
(380,032)
97,590
2021 $
2020 $
4,346,778
1,992,768
155,155
39,505
4,501,934
2,032,273
2021 $
2020 $
512,510
484,345
31,295
37,369
543,805
521,714
8,051,255
7,394,877
14. CASH AND CASH EQUIVALENTS Cash at bank / (overdrawn) Deposits on call
Ātihau has an overdraft facility of $1,000,000 and a credit card facility of $20,000.
15. TRADE AND OTHER RECEIVABLES
Revenue from contracts with customers Other receivables
16. STOCK ON HAND Raw Materials Feed Apiary raw materials Total Raw Materials Merchandise Honey - bulk Honey - packaged
126,498
93,124
62,382
171,902
Total Merchandise
8,240,135
7,659,903
Total Stock on hand
8,783,941
8,181,617
2021 $
2020 $
17,391,577
18,431,819
404,010
1,274,349
(11,160,328)
(11,389,999)
9,832,066
9,789,263
Wool
17. BIOLOGICAL ASSETS Sheep Balance at the beginning of the year Increase due to purchases Decrease due to sales Biological transformations Changes in fair value
2,956,578
(713,855)
Total sheep on hand
19,423,904
17,391,577
Balance at the beginning of the year
14,559,735
17,070,170
Increase due to purchases Decrease due to sales
1,648,961 (6,033,490)
1,659,888 (6,397,766)
Cattle (Dairy & Beef)
Biological transformations
4,437,209
4,378,878
Changes in fair value
1,015,835
(2,151,435)
Total cattle on hand
15,628,250
14,559,735
57
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 17. BIOLOGICAL ASSETS (CONTINUED) 2021 $
2020 $
672,137
366,470
Bees (Biomass) Balance at the beginning of the year Increase due to hive growth Changes in fair value Total bees on hand Horses on hand Total Biological Assets
35,115
36,892
-
268,775
707,252
672,137
16,500
18,000
35,775,906
32,641,449
Livestock consists of mixed age sheep and cows which are held for dairy and dry stock farming. The units on hand were counted and independently verified by PGG Wrightson (PGG) prior to years end. A fair value valuation of the sheep and cattle was undertaken by S Luoni (employed by PGG). The valuation is based on reference to market evidence of current prices less point of sale costs. PGG is an independent registered valuer not related to Ātihau. The valuers hold recognised and relevant professional qualifications and have recent experience in the category of biological asset they have valued. Bees on hand consist of queen and worker bees. Hive valuations were verified independently by Angela Matthews (Ngāti Apa), in June 2021 on a random sample (approx 30%) of Ātihau hives.Values were based on the size of the hive, and included both biomass (bees) and hiveware components. The biomass component is calculated by deducting the hiveware component from hive value. 2021 Units
2020 Units
MA Ewes
32,431
33,589
2-Tooth Ewes
17,259
17,408
Ewe Hoggets
19,028
19,186
Mixed Lambs
22,584
27,450
1,052
901
Quantity of Sheep on Hand
Breeding Rams MA Wethers
117
69
92,471
98,603
MA Cows
2,239
2,285
R4 Heifers
1,026
971
R3 Heifers
1,354
1,281
R2 Heifers
1,833
1,899
Heifer Calves
1,810
1,956
188
191
Quantity of Beef and Dairy Cattle on Hand
Breeding Bulls R3 Bulls
58
10
15
R3 Steers
788
822
R2 Steers
2,207
2,056
Steer Calves
1,682
1,802
13,137
13,278
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 18. LEASES 2021 $
2020 $
Opening Balance
404,491
472,335
Additions
173,289
-
Ātihau leases land and buildings and the below relates to those asset classes Right-of-use assets
(8,379)
-
Depreciation
Lease variations & term adjustments
(59,240)
(67,844)
Closing Balance
510,162
404,491
Opening Balance
418,276
472,335
Additions
173,289
-
Interest expense
(25,982)
(22,383)
Lease payments
(75,000)
(82,300)
39,049
50,624
529,632
418,276
Lease Liabilities
Lease variations & term adjustments Closing Balance
59
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 19. INVESTMENTS IN ASSOCIATES & JOINT VENTURES 2021 $
2020 $
Ātihau has the following investments in associates & joint ventures: Ownership & Voting
Valuation method
50%
Fair Value
1,007,646
1,011,664
Te Hou Limited Partnership
33.33%
Equity
8,836,333
9,072,634
Te Hou GP Limited
33.33%
Equity
-
-
9,843,978
10,084,297
Papahau Forestry Partnership
Te Hou Limited Partnership is in the business of Sheep, Beef and Dairy farming and is audited. Papahau forestry partnership is a separately structured vehicle whose accounts are unaudited. The primary activity is forest plantation.The Ātihau share of this forest investment is market valued by Stuart Orme, a RMNZIF Registered Forestry Consultant of Woodnet (2005) Limited. Realisation of this investment will require investment in a bridge. Accordingly, the forest valuation has been reduced by 50% of the $2.2m bridge cost estimate (estimated by bridge engineers). 2021 $
2020 $
1,011,664
966,568
(15,499)
41,078
Papahau Forestry Partnership Balance at the beginning of the year Share of surplus / (deficit) Capital contributions Balance at the end of the year
11,481
4,018
1,007,646
1,011,664
9,072,634
8,752,940
Te Hou Farms Limited Partnership Balance at the beginning of the year Share of surplus / (deficit) Revaluations Distributions and other adjustments
60
237,892
90,229
(224,193)
455,122
(250,000)
(225,657)
Balance at the end of the year
8,836,333
9,072,634
Total Investments in Associates & Joint Ventures
9,843,979
10,084,297
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 20. PROPERTY, PLANT & EQUIPMENT
As at 30 June 2021
Class
OPENING Acc Depn
Cost
Freehold Land
113,960,000
Leasehold Land
18,191,000
Improvements Buildings & Bridges
As at 30 June 2020 Bk Value
OPENING Acc Depn
Cost
-
113,960,000
105,230,000
-
18,191,000
11,490,400
Bk Value
-
105,230,000
-
11,490,400
5,384,351
903,332
4,481,019
5,269,969
866,738
4,403,231
18,044,650
2,335,560
15,709,090
17,421,604
2,190,855
15,230,749
Plant & Machinery
3,427,093
1,515,931
1,911,162
3,684,150
1,490,928
2,193,222
Motor Vehicles
3,343,485
1,731,318
1,612,167
3,339,198
1,553,442
1,785,756
Furniture & Fittings Development Uncompleted Capital Works Total Property, Plant & Equipment
945,145
553,117
392,028
852,824
511,505
341,319
25,978,835
19,641,559
6,337,276
24,485,348
18,630,252
5,855,096
189,274,559
26,680,817
162,593,742
171,773,493
25,243,720
146,529,773
537,032
-
537,032
154,231
-
154,231
189,811,591
26,680,817
163,130,774
171,927,724
25,243,720
146,684,004
As at 30 June 2021 Class
Additions
Freehold Land Leasehold Land
Disposals
As at 30 June 2020
Revaluations
-
-
25,507,000
Depn & Amort
-
Additions
Disposals
Revaluations
-
-
8,730,000
Depn & Amort
-
-
-
1,854,500
-
-
-
6,700,600
-
Improvements
115,633
-
-
39,103
114,384
-
-
36,593
Buildings & Bridges
659,361
-
4,605,000
163,251
385,386
69,465
337,200
174,786
Plant & Machinery
570,516
-
-
439,766
522,394
606,783
-
184,381
Motor Vehicles
801,557
194,085
-
410,239
354,697
90,628
-
435,610
93,070
-
-
61,194
56,180
700
-
57,174
908,149
-
-
797,813
1,493,490
-
-
1,012,193
3,148,286
194,085
31,966,500
1,911,366
2,926,531
767,576
15,767,800
1,900,738
1,653,913
537,032
-
-
537,032
154,231
-
-
4,802,199
731,117
31,966,500
1,911,366
3,463,563
921,807
15,767,800
1,900,738
Furniture & Fittings Development Uncompleted Capital Works Total Property, Plant & Equipment
As at 30 June 2021 Class
Freehold Land
Cost
Bk Value
Cost Restated
20,045,500
-
20,045,500
18,191,000
-
18,191,000
5,499,984
942,435
4,557,549
5,384,351
903,332
4,481,019
23,309,011
2,498,811
20,810,200
18,044,650
2,335,560
15,709,090
Plant & Machinery
3,941,398
1,955,396
1,986,002
3,427,093
1,515,931
1,911,162
Motor Vehicles
3,707,418
1,852,815
1,854,603
3,343,485
1,731,318
1,612,167
Buildings & Bridges
Furniture & Fittings Development Uncompleted Capital Works Total Property, Plant & Equipment
-
Bk Value Restated
139,467,000
Improvements
113,960,000
CLOSING Acc Depn
-
Leasehold Land
139,467,000
CLOSING Acc Depn
As at 30 June 2020
113,960,000
953,425
577,735
375,691
945,145
553,117
392,028
26,971,775
20,475,947
6,495,827
25,978,835
19,641,559
6,337,276
223,895,511
28,303,139
195,592,372
189,274,559
26,680,817
162,593,742
1,653,913
537,032
-
537,032
197,246,285
189,811,591
26,680,817
163,130,774
1,653,913 225,549,424
28,303,139
20a. Land was revalued to latest general revaluation performed by Quotable Value Limited as at 15 August 2020 (Ruapehu District Council). The valuation by Quotable Value ('ratings valuation') is considered a departure from accounting standard NZ IAS 16 primarily because ratings valuations are general rather than specific appraisals.
61
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 20. PROPERTY, PLANT & EQUIPMENT (CONTINUED) 20b. In 2021 Grants from Horizons Regional Council, $115,995, Ngā Whenua Rāhui fund, $32,685, and One Billion Trees programme $322,272 were deducted before arriving at capitalised fencing and native tree planting classed as development. (2020: $220,931). 20c. Ātihau has resumed three leases totalling 2,679 ha. On resumption compensation is payable to the lessee based on an agreed value of the lessee improvements between Ātihau and the lessees. The compensation agreed has been included in Uncompleted Capital Works. This compensation has a base value of $1,425,000. The first tranche of $712,500 was paid on 30 June 2021 and the second of approximately $712,500 is due for payment on 30 June 2022 and has been included in accrued payables.
21. SHARE AND BOND INVESTMENTS
2021 Number of Shares
2020 Number of Shares
2021 $
2020 $
Ravensdown
590,784
590,784
590,784
590,784
Fonterra Co-operative Group
193,515
189,764
727,616
709,717
N/A
N/A
500,000
500,000
-
-
55,405
49,722
1,873,805
1,850,224
2021 $
2020 $
9,174,244
7,817,800
RAL Gondola Shares Other share investments Total Share Investments Refer to Note 30 regarding the RAL Gondola Bonds.
22. INTANGIBLES (EMISSION TRADING UNITS) All units are NZUs Balance at beginning of the year
2021 Number of Units
285,802
2020 Number of Units
337,702
Additions (revalued at 30 June)
129,972
8,100
-
25,434
Disposals
(97,441)
(60,000)
(3,127,856)
(1,226,919)
-
-
7,785,181
2,557,929
318,333
285,802
13,831,569
9,174,244
2021 $
2020 $
9,000,000
-
Non-Current
29,463,750
39,538,750
Total Borrowings
38,463,750
39,538,750
171,330,576
140,487,385
35,052,154
31,951,312
206,382,730
172,438,697
Revaluations Balance at end of the year
23. 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. The carrying value of assets pledged as security for borrowings are: Land and buildings Livestock Total pledged assets
62
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 24. FINANCIAL INSTRUMENTS
Financial Assets 2021 Trade and other receivables (GST excl.)
Amortised Fair Value through Cost or Cost Other Comp Income $ $
Total $
4,072,935
-
4,072,935
-
1,873,805
1,873,805
4,072,935
1,873,805
5,946,740
380,032
-
380,032
1,934,155
-
1,934,155
529,632
-
529,632
Borrowings
38,463,750
-
38,463,750
Total Financial Liabilities
41,307,568
-
41,307,568
Investment in shares Total Financial Assets Financial Liabilities 2021 Cash and cash equivalents Trade and other payables (GST excl.) Lease Liabilities
Financial Assets 2020 Cash and cash equivalents
Amortised Fair Value through Cost or Cost Other Comp Income $ $
Total $
97,590
-
97,590
1,904,957
-
1,904,957
-
1,850,224
1,850,224
2,002,547
1,850,224
3,852,771
1,375,501
-
1,375,501
418,276
-
418,276
Borrowings
39,538,750
-
39,538,750
Total Financial Liabilities
41,332,527
-
41,332,527
Trade and other receivables (GST excl.) Investment in shares Total Financial Assets Financial Liabilities 2020 Trade and other payables (GST excl.) Lease Liabilities
63
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 25. PROGRAMMED PROPERTY MAINTENANCE 2021 $
2020 $
Current liabilities - included in Trade and other payables
182,380
176,915
Non current liabilities - Programmed property maintenance
163,357
266,163
345,737
443,078
Ātihau have eight agreements with Programmed Property Services Ltd (the contractor) for an agreed programme of work covering a ten year period. The programme provides for exterior paint of farm buildings and farm houses, with regular maintenance in subsequent years. The agreements have total annual payments of $182,380 (gst excl.) (2020: $176,915). The liability is a best estimate of the actual amount of work performed by the contractor for which the contractor has not been paid at balance sheet date. The liability has not been adjusted for inflation and the effect of the time value of money.
26. UNCLAIMED DIVIDENDS 2021 $
2020 $
-
2,441,257
2,346,348
80
65
1,005,223
816,741
Dividends paid
-
-
(791,765)
(721,833)
Total Unclaimed Dividends
-
-
2,654,715
2,441,257
2021 $
2020 $
Balance at beginning of the year
2021 Cents per share
2020 Cents per share
Dividend declared during the year
-
27. MĀORI AUTHORITY CREDIT ACCOUNT
a) Māori Authority Credit Account balance at the end of the year b) Balance of retained earnings earned prior to 2004.
408,151
414,170
11,582,435
12,587,658
Dividends paid from pre 2004 retained earnings have no Māori Authority Credits attached.
64
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 28. RELATED PARTIES
Payments received or (paid) during the year and amounts receivable or (payable)
2021 $
2020 $
(10,756)
-
37,095
-
-
107,525
26,339
107,525
1,865,557
1,873,883
250,000
225,434
(9,744)
(14,633)
(540,000)
(432,827)
(299,744)
(222,026)
28.1 Key management personnel members and entities where they or immediate family have significant interest Transactions are carried out on terms and conditions no more or less favourable than those which it is reasonable to expect Ātihau would have adopted if dealing with that entity at arm’s length in the same circumstances a) Ngā Waihua o Paerangi (K Ponga and R Tinirau are trustees) Ātihau made payments for water monitoring and room hire. b) Ngā Whenua Rāhui (M Mullins is a trustee) Funds receivable for Fencing R&M and Development. (GST incl) c) StockX Ltd (M Mullins is a board member) Ātihau sold livestock to StockX Ltd Total transactions with entities related to key management personnel 28.2 Key management personnel remuneration Key management of Ātihau are the members of the Committee of Management, the Chief Executive Officer, Finance Manager, Business Manager, People & Safety Manager and the Station Managers. Total key management personnel remuneration 28.3 Amounts receivable or payable at year end The amount from Ngā Whenua Rāhui has not yet been received at year end. Apart from this no other amounts are payable to or receivable from key management personnel or related entities at year end 28.4 Associates and Joint Ventures a) Te Hou LP Ātihau received distributions from Te Hou b) Papahau Forestry Partnership Ātihau paid contribution to partnership expenses for insurance, marketing and rates 28.5 Te Āti Hau Trust Donations to the Trust Ātihau is the settlor of Te Āti Hau Trust and appoints three of the five trustees (two are Independents). The results of the Trust are not consolidated Total transactions with Associates & Joint Ventures
65
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 29. CONTINGENT LIABILITIES
2021 $
2020 $
a) Contingent liabilities arising from the Emissions Trading Scheme (ETS)
29,769,159
19,103,866
Total
29,769,159
19,103,866
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 affected land is insured against forest fire.
30. COVID-19 The COVID-19 pandemic had a material impact on the financial performance of Ātihau in the year ending 30 June 2021 due to reduced product pricing. This has in part been caused by reduction in market demand, and an increase in the costs of getting product to market. Ātihau continues to monitor and take proactive steps in the management of the effects of the COVID-19 pandemic and challenges of new variants. This includes: •
Weekly monitoring of product prices against budget forecasts.
•
Adjusting sales and purchase decisions to mitigate the impacts of potential future lockdowns on production.
•
Adjusting expenditure patterns to mitigate the impact of potential future lockdowns on liquidity.
•
Ensuring precautions are in place to limit the spread of Covid 19 within and between business units
Current and forecasted product prices have not decreased enough to place into doubt the ability of Ātihau to continue as a going concern. In 2019 Ātihau invested $500,000 in Ruapehu Alpine Lifts Gondola Bonds (RAL). RAL operate ski fields on Mt Ruapehu and RAL directors advise that while guest numbers are ahead of last year, the company financial position remains challenged. RAL has agreed extended banking terms with their bank until 30 November 2022 subject to final negotiations.
66
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021 31. SUBSEQUENT EVENTS Apart from the continuing effects of Covid 19, there have been no material subsequent events after year end (2020: Nil)
32. COMMITMENTS FOR EXPENDITURE
2021 $
2020 $
Acquisition of share investments
50,153
58,004
Total commitments
50,153
58,004
There is a commitment to purchase 50,153 Alliance Group Ltd shares to fulfill shareholding requirements. This amount will be deducted from future livestock sales to Alliance Group.
33. CAPITAL Number of shares (fully paid)
2021 Number
1,256,529
2020 Number
1,256,529
These shares have no par value and share equally in dividends paid.
34. RESERVES Retained Earnings Retained Earnings comprise Ātihau's accumulated net profits less dividends paid. Capital Reserves Capital Reserves represent realised capital profits predominantly arising from Crown grants. PPE revaluation reserve The property plant equipment revaluation reserve arises mainly on the revaluation of land and buildings. When revalued property plant or equipment is sold, the proportion of the 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 or surrendered, the proportion of the reserve that relate to those units are transferred to retained earnings. Share Reserve The Available For Sale share reserve represents unrealised revaluations of share investments.
67
INDEPENDENT AUDITORS REPORT To the Shareholders of Atihau Whanganui Incorporation Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Atihau Whanganui Incorporation (the Incorporation) on pages 44 to 67, which comprise the statement of financial position as at 30 June 2021, and the statement of comprehensive income, statement of changes in equity and statement of cash flows 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 matters described under the Basis for Qualified Opinion section, the accompanying financial statements present fairly, in all material respects, the financial position of the Incorporation as at 30 June 2021, and its financial performance and its cash flows for the year then ended in accordance with New Zealand equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR). Basis for Qualified Opinion As disclosed in the accounting policy (d) on page 49 to the financial statements, the land and buildings are reported at the latest government value “(“Quotable Value”). This is a departure from the New Zealand Equivalents to International Financial Reporting Standards – NZ IAS 16 Accounting for Property, Plant & Equipment, which, when the revaluation model is chosen for property, plant and equipment, require such assets to be stated at fair value at the date of the revaluation less any subsequent accumulated depreciation and impairment losses. 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 the 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 Committee and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. 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, the Incorporation. Committee Members Responsibilities for the Financial Statements The Committee Members are responsible on behalf of the Incorporation for the preparation and fair presentation of the financial statements in accordance with NZ IFRS RDR, and for such internal control as the Committee Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
68
Ātihau-Whanganui Incorporation NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2021
In preparing the financial statements, the Committee Members are responsible on behalf of the Incorporation for assessing the Incorporation’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 Members either intend to liquidate the Incorporation or to cease operations, or have no realistic alternative but to do so. Auditors 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 economic decisions of users taken on the basis of these financial statements. A detailed description of the auditors’ responsibilities including those related to assessment of risk of material misstatement, evaluation of appropriateness of going concern assumptions and determining key audit matters are available on the external reporting Committee website: http://www.xrb.govt.nz/standards-for-assurance-practitioners/ auditors-responsibilities/audit-report-8/ 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. Restriction on Distribution or Use This report is made solely to the Shareholders, as required by section 277 of the Te Ture Whenua Māori Act. Our audit has been undertaken so that we might state to the Incorporation’s shareholders 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 Incorporation Shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
Cameron Town Silks Audit Chartered Accountants Ltd Whanganui, New Zealand Date:
24 September 2021
69
70
Te Āti Hau Trust Financial Statements for the year ended 30 June 2021
71
Te Āti Hau Trust FINANCIAL STATEMENTS 2021
CONTENTS 73
Entity Information
74
Statement of Service Performance
75
Statement of Financial Performance
76
Statement of Financial Position
77
Statement of Cash Flows
78
Statements of Accounting Policies
79 Notes to the Performance Report 79 1 Analysis of Revenue 79 2
Analysis of Expenses
80 3
Property, Plant & Equipment
80 4
Trust Capital
80 5
Accumulated Funds
81 6
Related Party Information
81 7
Tribal Purposes
81 8
Commitments
81 9
Contingent Liabilities and Guarantees
81 10 Events Occurring After Balance Date 81 11 Goods and Services In Kind 81 12 COVID-19 82
72
Auditors' Report
Te Āti Hau Trust ENTITY INFORMATION For the year ended 30 June 2021 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
Te Āti Hau Trust aims to support shareholders, uri and Māori communities from the rohe to pursue their aspirations and full potential in accordance with the trust deed.
Address
35 Drews Avenue, WHANGANUI 4500
Trustees
Appointed by Ātihau-Whanganui Incorporation ("Ātihau") Shar Amner (Chairperson) Whatarangi Murphy-Peehi Rāwiri Tinirau Independent Trustees Aaron Rice Edwards Jessica Smith
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. The Te Āti Hau Trust board comprises of five trustees, three are members from the Ātihau-Whanganui Incorporation Committee of Management and two independent members which are appointed in accordance with the trust deed.
Beneficiary
Ātihau Shareholders & Stakeholders
Main Sources of Entity's Cash and Resources
Tribal purposes grant from Ātihau approved annually at the Ātihau Annual General Meeting.
GST
Not Registered
Accountants
Balance Chartered Accountants Limited Chartered Accountants 16 Bell Street Whanganui
Auditor
Silks Audit Chartered Accountants Whanganui
Bankers
Bank of New Zealand Whanganui
Solicitors
Horsley Christie Whanganui
IRD Number
102-612-817
Registered Charity Number
CC41172
The Trustees are pleased to present the approved Performance Report including the historical Performance Report of Te Āti Hau Trust for the year ended 30 June 2021. For and on behalf of the Trustees:
Shar Amner Trust Chairperson 17 September 2021
Whatarangi Murphy-Peehi Trustee 17 September 2021
73
Te Āti Hau Trust STATEMENT OF SERVICE PERFORMANCE For the year ended 30 June 2021 Description of Trust's Outcomes Te Āti Hau Trust was estabilished in 2009 as a charitable arm of Ātihau 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 objectives. The grants are made under the following guiding principles: Mātauranga 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
Grants Made Actual 2021 $
2021 Numbers
Actual 2020 $
2020 Numbers
8,123
28
6,550
19
Cultural
6,250
19
2,850
3
Marae
38,321
7
19,193
2
-
-
2,610
2
General Grants Sports Art and Travel
Community Tangihanga tent
12,000
40
8,350
28
Kaumātua Assistance
77,418
101
59,784
77
Total General Grants
142,112
195
99,337
131
121,850
199
99,250
176
Education Grants Tertiary - Undergraduate Medical
8,300
6
9,700
7
Secondary School - Year 10 and 11
24,000
96
19,750
79
Post Graduate
58,100
48
50,050
32
Agriculture
6,000
3
-
-
PHD
3,750
2
6,000
3
-
-
1,000
1
222,000
354
185,750
298
Balance / Deloitte Total Education Grants
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
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Te Āti Hau Trust STATEMENT OF FINANCIAL PERFORMANCE For the year ended 30 June 2021
Note
2021 $
2020 $
Donations, fundraising and other similar revenue
1
540,000
432,827
Other Revenue
1
29
-
Interest, dividends and other investment revenue
1
86
88
540,115
432,915
Revenue
Total Revenue Expenses Grants and donations made
2
363,091
284,741
Costs related to providing goods or service
2
10,111
15,328
Volunteer and employee related costs
2
12,135
8,999
Other expenses
2
86
826
Total Expenses
385,423
309,893
Surplus/(Deficit) for the Year
154,692
123,022
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
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Te Āti Hau Trust STATEMENT OF FINANCIAL POSITION As at 30 June 2021
Note
2021 $
2020 $
Accumulated surpluses or (deficits)
5
315,878
161,186
Trust Capital
4
Accumulated Funds
100
100
315,978
161,286
Bank accounts and cash
479,349
215,222
Total Current Assets
479,349
215,222
Property, Plant & Equipment
-
281
Total Non-Current Assets
-
281
479,349
215,503
Creditors and Accrued Expenses
163,372
54,217
Total Current Liabilities
163,372
54,217
Total Liabilities
163,372
54,217
Total Assets less Total Liabilities (Net Assets)
315,978
161,286
Total Accumulated Funds Assets Current Assets
Non-Current Assets
Total Assets Liabilities Current Liabilities
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
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Te Āti Hau Trust STATEMENT OF CASH FLOWS For the year ended 30 June 2021 'How the entity has received cash and used cash'
Cash Flows from Operating Activities
2021 $
2020 $
540,000
432,827
Cash was received from: Donations, fundraising and other similar receipts Interest, dividends and other investment receipts Total Cash was received from:
86
88
540,086
432,915
Cash was applied to: Payments to suppliers and employees
(24,837)
(28,899)
Donations and grants paid
(251,345)
(272,078)
Total cash was applied to:
(276,182)
(300,978)
263,904
131,938
Receipts from sale of property, plant and equipment
224
-
Total Cash Flows from Investing Activities
224
-
264,128
131,938
Cash and cash equivalents at beginning of period
215,222
83,284
Net change in cash for period
264,128
131,938
Cash and cash equivalents at end of period
479,349
215,222
Total Cash Flows from Operating Activities Cash Flows from Investing Activities Cash was received from:
Net Increase/ (Decrease) in Cash Cash Balances
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
77
TE ĀTI HAU TRUST STATEMENT OF ACCOUNTING POLICIES For the year ended 30 June 2021
Statement of Compliance and Basis of Preparation Te Āti Hau Trust is eligible to apply Tier 3 PBE Accounting Requirements: Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit) PBE SFR-A (NFP), 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 $. The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future.
78
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: 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. Grant expenses are recognised when approved by the trustees. c) 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 following estimated depreciation rates/useful lives have been used: Office Equipment 13 - 50% Gains and losses on disposal of fixed assets are taken into account in determining the net result for the year. d) Income Tax The Trust has charitable status and is exempt from income tax. e) 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. f) 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 reports.
Te Āti Hau Trust NOTES TO THE PERFORMANCE REPORT For the year ended 30 June 2021 1. ANALYSIS OF REVENUE
2021 $
2020 $
Ātihau Tribal Purposes Distributions
540,000
432,827
Total Donations, fundraising and other similar revenue
540,000
432,827
Gain on Sale of Fixed Assets
29
-
Total Other Revenue
29
-
Interest Income
86
88
Total Interest, dividends and other investment revenue
86
88
2021 $
2020 $
528
5,360
Donations, fundraising and other similar revenue
Other Revenue
Interest, dividends and other investment revenue
2. ANALYSIS OF EXPENSES Costs related to providing goods or services Administration Bank Fees
45
81
Charities Commission
51
Committee Expenses
1,659
310
Consulting, Accounting and Audit Fees
7,763
9,151
66
374
10,111
15,328
General Expenses Total Costs related to providing goods or services
51
Grants and donations made Grants - Post Graduate
58,100
50,050
Grants - PHD
3,750
6,000
Grants - Agriculture
6,000
-
Grants - Medical
8,300
9,700
Grants - Secondary Yr 10 and 11
24,000
19,750
Grants - Tertiary - Undergraduate
121,850
99,250
Grants - Community
-
2,610
Grants - Marae
38,321
19,194
Grants - Kaumatua Assistance
77,418
59,784
Grants - Sport, Art and Travel
8,123
6,550
Grants - Cultural
6,250
2,850
Grants Returned/Recovered Grants - Balance Deloitte Tangihanga Koha
(1,021)
(346)
-
1,000
12,000
8,350
363,091
284,741
Trustee Fees
12,135
8,999
Total Volunteer and employee related costs
12,135
8,999
86
-
General Fees
-
711
Depreciation
-
115
86
826
Total Grants and donations made Volunteer and employee related costs
Other expenses Loss on Disposal of Fixed Assets
Total Other expenses
79
Te Āti Hau Trust NOTES TO THE PERFORMANCE REPORT For the year ended 30 June 2021
3. PROPERTY, PLANT & EQUIPMENT Property, Plant & Equipment 2021
Office Equipment GDPro Database Software Filing Cabinet
Opening Carrying Amount $
Purchases/ Depreciation (Sales or & Disposals) Impairment $ $
Closing Carrying Amount $
59
(59)
-
-
195
(195)
-
-
HP Laptop case and configuration
13
(13)
-
-
Microsoft Office and Remote User Networks
14
(14)
-
-
Total Property, Plant & Equipment
281
(281)
-
-
Property, Plant & Equipment 2020
Opening Carrying Amount $
Purchases/ Depreciation (Sales or & Disposals) Impairment $ $
Closing Carrying Amount $
Office Equipment GDPro Database Software
119
-
60
59
Filing Cabinet
224
-
29
195
HP Laptop case and configuration
26
-
13
13
Microsoft Office and Remote User Networks
27
-
13
14
396
-
115
281
2021
2020
100
100
2021
2020
Total Property, Plant & Equipment
4. TRUST CAPITAL Trust Capital Total Trust Capital
100
100
5. ACCUMULATED FUNDS
80
Opening Balance
161,186
38,164
Accumulated surpluses or (deficits)
154,692
123,022
Total Accumulated Funds
315,878
161,186
Te Āti Hau Trust NOTES TO THE PERFORMANCE REPORT For the year ended 30 June 2021
6. RELATED PARTY INFORMATION Related party matters arise with respect to Ātihau, in that under the terms of the Trust Deed three appointed trustees are also members of the Ātihau Committee of Management and Ātihau is the settlor of the Trust. Annual grants are received from Ātihau, and Ātihau previously advanced unclaimed dividends to the Trust. During the year there were administration services provided to the Trust by Ātihau on an in-kind basis. 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.
7. TRIBAL PURPOSES Ātihau annually distributes funds to the Trust which is then distributed for charitable purposes. During the year $540,000 was granted. (2020: $432,827).
8. COMMITMENTS The Trust has no commitments as at 30 June 2021. (2020: Nil).
9. CONTINGENT LIABILITIES AND GUARANTEES The Trust has no contingent liabilities and no guarantees as at 30 June 2021. (2020: Contingent Liabilities Nil. Guarantees Nil.)
10. EVENTS OCCURRING AFTER BALANCE DATE There have been no significant events since balance date.
11. GOODS AND SERVICES IN KIND During the year there were administration services provided to the Trust by Ātihau on an in-kind basis.
12. COVID-19 On March 11, 2020, the World Health Organisation declared the outbreak of a coronavirus (COVID-19) pandemic. As a result, ongoing economic uncertainties have arisen which could negatively affect our operations and services due to the restrictions imposed to prevent the spread of the virus. The New Zealand Government announced a COVID-19 nationwide lock down on 17 August 2021. When the financial statements were approved by the Trustees on 17 September 2021, different restrictions were in place across the country. The Trustees had not had an opportunity to determine the full financial impact of the COVID-19 pandemic that may affect Te Ati Hau Trust prior to this meeting.
81
Te Āti Hau Trust NOTES TO THE PERFORMANCE REPORT For the year ended 30 June 2021
INDEPENDENT AUDITORS REPORT To the Trustees of Te Āti Hau Trust Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Te Āti Hau Trust (the Trust) on pages 74 6 toto15, 81,which which comprise the statement of financial position as at 30 June 2021, and the statement of financial performance and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Trust as at 30 June, and its financial performance and its cash flows for the year then ended in accordance with Public Benefit Entity Simple Format Reporting Standard – Accrual (Not-For-Profit). Basis for Opinion 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 the 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 the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. 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, the Trust. Other information The Trustees is responsible on behalf of the Trust for the other information. The other information comprises the Entity information and Statement of Service performance but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If based, on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. -16-
82
Trustees’ Responsibilities for the Financial Statements In preparing the financial statements, the Trustees are responsible on behalf of the 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. Auditors 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 economic decisions of users taken on the basis of these financial statements. A further description of the auditors responsibilities for the audit of the financial statements is located at the External Reporting Board’s website at: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/auditreport-8/
Cameron Town Silks Audit Chartered Accountants Ltd Whanganui, New Zealand Date: 17 September 2021
-17-
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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
Milk Solids (MS): The valued solid components in milk – at present, milk-fat and protein, expressed as kg MS
Balance Date: Term used to describe the end of AWHI’s financial year - 30th June
Net Farm Income: Income earned from farm activities less the direct costs of these activities
Brassica: The plant family which includes turnips, swedes, rape, kale, cauliflower, cabbages, etc.
Net Operating Surplus / (Deficit): Difference between revenue and the costs incurred to earn this revenue.
Capital Stock: The breeding stock on AWHI farms that produce revenue or trading stock to generate income
Prime (livestock): Term used to describe animals that are ready for slaughter
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 Change in Livestock Numbers: Difference in livestock numbers at end of year compared to the beginning of the year at market values Cull: To remove animals from a breeding population generally because of physical or performance deficiencies Current Asset: An asset of AWHI that is expected to be converted into cash within the next year Current Liability: A liability of AWHI which is generally due to be settled within 12 months of balance date 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 Direct Farm Expenses: Expenses incurred by AWHI’s farming operations in generating farm income 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
84
Liability: General term for what AWHI owes
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. 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 Soil Moisture Deficit: Deficit between the actual amount of water in a soil versus its water holding capacity Statement of Cash-flow: Shows the cash movements for the year in Operating, Investing and Financing categories Statement of Financial Performance: Shows how well AWHI has performed in its trading activities. Statement of Movements in Equity: Reports the change in AWHI’s ownership interest in the year 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) 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 Āti 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 usable (saleable) meat from a carcass expressed as a percentage of total carcass weight Yield (fibre): Proportion of usable fibre present in a quantity of greasy wool expressed as a percentage
NOTES
85
NOTES
86
NOTES
87
H U-W ANGA
AT I
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IN
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Toi tu te whenua
35 Drews Avenue Whanganui 4500 New Zealand Postal Address PO Box 4035 Whanganui 4540 New Zealand