Review helps to strengthen Trust's financial processes

A review of the Ngāti Tawhirikura Hapū Trust 2021/22 performance report provided valuable insight into improving the financial systems and processes of the organisation.

The review, carried out by accountancy firm Vanburwray Chartered Accountants (VBW), was required after the Trust changed ‘tiers’ (from Tier 4 to Tier 3) which define the reporting standards required of registered charities. The change occurred due to the increased amount of funding the Hapū received over the year.

“The review was a welcome opportunity to get an outside perspective on the effectiveness of our accounting systems and internal controls,” explained Bev Gibson, Trust Chair.

“Several areas were highlighted for improvement, and the Hapū Trust has been working to address those enhancements over the past year.”

One of the key focus areas was to implement more robust and effective financial management systems that brought different elements of Trust activities together under a single overview.

“We have appointed an independent financial service provider, Graham Brown & Co, to ensure all Hapū financial transactions are efficiently and transparently managed to meet our reporting responsibilities”, says Bev.

Document management was another area where existing practices needed to be improved. All Hapū documentation, policies, agreements, and Trust meeting minutes are catalogued in an ordered systemised manner within an installed computer software system. Boardpro aims to help ensure paperwork and records are easily accessible.

Trustees have also developed, approved, and implemented policies relating to governance, finance, human resources, and operations. Further work is being carried out to finalise health and safety policies.

Contractor agreements have been formalised. Invoice rationalisation processes are also in place to ensure consistency and compliance.

The 2021/2022 financial statements were reviewed and several errors were identified and corrected – the updated version is available at the AGM.

“Ultimately, the review has enabled the Trustees to ensure the Hapū activities are managed as required by legislation,” says Bev. “It will mean we will be better placed to carry out the mahi we do on behalf of our uri and whānau going forward.”