ANNUAL REPORT
PŪRONGO A TAU FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2020
CONTENTS 4
Our Kaupapa, Our Vision, Our Mission, Our Values
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Pouwhakarae Report
12 Long Term Plan 2040 14 Annual Plan 2019-2020 Highlights 20 Key Operating Data - At A Glance 22 Te Kīwai Mauī o Ngāruahine Pouwhakarae Report 26 FINANCIAL STATEMENTS 2020 29 Independent Auditor’s Report 31 Statement of Comprehensive Income 32 Statement of Financial Position 33 Statement of Changes in Equity 34 Statement of Cash Flows 35 Notes to the Financial Statements 54 Annual Plan 2020-2021 54 SUPPLEMENTARY INFORMATION 56 Minutes of the 2019 Annual General Meeting 58 Te Korowai o Ngāruahine Trustees 59 T e Korowai o Ngāruahine Independent Members 59 T e Korowai o Ngāruahine Committee and Subsidiaries 60 Trustee Interests and Qualifications 63 Independent Members Qualifications 64 Governance Meetings 64 Te Korowai Kaimahi
Cover photo: Korra Maraki, she's with her koko Ray Maraki at the 2020 Ngāruahine iwi picnic
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OUR KAUPAPA Te Korowai o Ngāruahine Trust is the mandated post-settlement governance entity for Ngāruahine Iwi. We recognise we have a duty to manage our settlement assets, not just for our generation but for generations that follow us.
OUR VISION KA ORA TAKU TOA (KIA TŪ NGĀRUAHINE AI TĀTOU)
OUR MISSION Enabling Ngāruahine potential and wellbeing.
OUR VALUES NGĀKAUNUI Sound Judgement
MĀHAKITANGA Respect & Humility
MAHI KA TIKA Transparency
MAHI PONO Trustworthiness
MANAAKITANGA Sharing & Caring
HARI ME TE KOA Fun & Celebration
Photo: 2020 Te Reo o Ngaruahine Hikoi
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Photo: 2020 Te Reo o Ngaruahine Hikoi
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TE KOROWAI O NGĀRUAHINE TRUST DEED SCHEDULE 6 REQUIREMENTS FOR PLANS AND REPORTS Three Requirements for Annual Report An Annual Report prepared in accordance with clause 10.1 shall be made available not less than 20 Working Days before an Annual General Meeting and shall contain, in respect of that Financial Year, the following information: a) a comparison of the Ngāruahine Group’s performance against the annual plan; b) a balance sheet and income and expenditure statements and notes so as to give a true and fair view of the financial affairs of the Trust and the Ngāruahine Group for that Financial Year. The financial statements shall include as a separate item: i) d etails of any remuneration or fees paid to any Trustee or any Trustee’s firm and details of any premiums paid in respect of Trustees’ indemnity insurance; ii) c hanges in the value of the Trust Fund; iii) profit distribution; c) the steps taken by the Trust to increase the number of registered Members; d) details the sales and exchanges of Settlement Quota in the previous Financial Year, including: i) the quantity of Settlement Quota held by the AssetHolding Company of the Trust at the beginning of that year; ii) t he value of Settlement Quota sold or exchanged; iii) t he identity of the purchaser or other party to the exchange; iv) any transaction with Settlement Quota that has resulted in a registered interest by way of caveat or mortgage being placed over the Settlement Quota; v) the Settlement Quota interests that have been registered against the Quota Shares of the Trust; and vi) the value of Income Shares sold, exchanged, or acquired. e) the interactions of the Trust in fisheries matters, including: i) with other entities within Ngāruahine; and ii) with other Mandated Iwi Organisations; and iii) w ith Te Ohu Kai Moana Trustee Limited; f) any changes made to the constitutional documents of the Trust or Trust Entities.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT $4.4m after tax profit for Y20. ($2.3m: Y19)
Launch of the new Te Korowai tohu.
E ngā iwi, e ngā reo, e ngā karangatanga maha o ngā hau e wha, tēnei te mihi atu ki a koutou katoa. On behalf of the Te Korowai Trustees, I am pleased to present the report for the Te Korowai o Ngāruahine Trust Group for 2019 - 2020. As the Pouwhakarae, my primary responsibility is to chair the Te Korowai Board and ensure that every trustee provides their input and contributes to the decision-making process. This year has been full of continued progress and gains, but also one that confirms Te Korowai o Ngāruahine still has some way to go to achieve our Vision, Ka Ora Taku Toa.
During 2019 - 2020, two new entities were established. These structures were reported to uri at the half-yearly hui held at Ngākaunui Marae in April 2019 (FIG 1).
The Te Korowai Group
• The Te Korowai o Ngāruahine Custodian Company Limited, today, holds and protects all assets like whenua, shares, and quota. Individual trustees of 2017 held these assets in their personal names before the Custodian Company was established. The Directors of the Custodian Company are the Pouwhakarae and Pouhautū or trustees who hold these positions. They are signatories only to this entity and act on the direction and the instruction of the Te Korowai Board.
The Te Korowai Group now consists of six legal entities - each with a specific purpose. Uri might ask why there are so many entities. This is because
• Te Kīwai Matau o Ngāruahine Charitable Trust manages all charitable activities for the Te Korowai Group. Examples of these
We started the year with the resignation of Daisy Tihi Noble. Several months later in June 2019, Ngāruahine Iwi and Aotearoa celebrated the life of Omahuru Robinson. Allen Webb and Paula Carr (Cuff) were appointed, and in December 2019, the Board had a full complement of trustees.
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the right type of entity allows the Trust to foster relationships with other similar entities. For example, funding agencies have an understanding of our Charitable Trust structure. Investment companies have greater confidence in the Te Korowai investment group, Te Kīwai Mauī o Ngāruahine Limited, and the representatives upon this entity.
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charitable activities include hapū distributions, scholarships, pātaka, and wānanga. Unspent pūtea accumulates for future activities. The Te Korowai Board are the trustees for this Charitable Trust. Te Korowai is the sole shareholder for Te Kīwai Mauī o Ngāruahine Limited, which is responsible for all of the commercial decisions and the management of Te Rere o Kapuni Limited (Dawson Falls Lodge). The Te Korowai Board is also the mandated iwi organisation (MIO) under the Māori Fisheries Act and has delegated the day to day management of Ngāruahine Fisheries Limited to Te Kīwai Mauī o Ngāruahine Limited. Ngāruahine Fisheries Limited is the entity that holds the fisheries settlement and provides pātaka to hapū and uri. TRUST DEED REVIEW In April 2017, the Board began the process of reviewing the Te Korowai Trust Deed. This work was completed in August 2019 and 35 clauses of the Deed were updated. At the same time, registered uri were invited to vote on a change to reduce the number of Board members. Any special resolution requires 75% of registered members to agree for the Trust Deed to be amended and even
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT FIG 1 Te Korowai o Ngāruahine Trust
Te Korowai o Ngāruahine Custodian Company Limited (as bare trustee for Te Korowai)
Te Kīwai Mauī o Ngāruahine Limited
Te Kīwai Matau o Ngāruahine Charitable Trust
Ngāruahine Fisheries Limited
Te Rere o Kapuni Limited though the resolution to change the existing Board representation model only achieved 66% interest, as the Pouwhakarae, I am pleased the Board brought this question to members for their consideration. REVIEW OF TE KOROWAI STRATEGY 2040 Each year the Te Korowai Board reviews management performance against the strategy and its relevance. The vision Ka Ora Taku Toa reminds us all that we must acknowledge the past and remember our tūpuna who fought for our survival, building upon their sacrifice to flourish together. And yet, we must also look forward to equip our rangatahi, tamariki, and mokopuna for the future. COVID-19 interrupted the review of the strategy, however, following numerous early morning and weekend Zoom meetings, the Te Korowai Board have agreed on the revised mission “Enabling Ngāruahine Wellbeing and Potential”. This simple mission statement will ensure that all kaupapa Te Korowai is involved in, enables the wellbeing and potential of all Ngāruahine uri. As the outgoing Board, this mission has
been gifted to the incoming Board as they continue to complete the task of reviewing the 2040 strategy.
Te Korowai Boards will do the same to reflect the views and thinking of the time.
TE KOROWAI TOHU
HAPŪ DISTRIBUTIONS
At the 2019 AGM, Te Korowai o Ngāruahine Trust launched the new Te Korowai tohu. While the tohu received mixed feedback, in the main, the design and its meaning have been well-received by uri and the wider community.
In March 2018, payments to marae were placed on pause because process and transparency were absent, and this had led to financial uncertainty for Te Korowai. Also, guidelines were unclear and it was difficult for Te Korowai to explain why some marae expenses were paid and others were not. This highly controversial kaupapa received a large amount of feedback from uri, with an expectation that hapū distributions should be fair, equal, transparent, and sustainable. In December 2019, the Te Korowai Board approved a hapū distribution programme.
The tohu may have changed, however, the meaning has not. The foundations of our future are the six hapū, and our identity and relationship with Taranaki Maunga and the coastline remain. The colours represent the vibrant diversity of Ngāruahine and the unwoven elements represent the future who, as mokopuna, have yet to weave their story into the korowai of Ngāruahine iwi. There have been many questions and one in particular, is, “Who designed the tohu?” The Te Korowai Board is proud to reply with confidence, “The people of Ngāruahine designed the tohu”. Many uri participated through wānanga and feedback; the tohu is a representation of our people and their ideas. It is expected that future
The Board discussed the merits of two factors concerning a hapū distribution programme - equity and equality. After 19 months of healthy debate, the Board decided on a distribution model of equality based on an arrangement framework that provides for a ‘catch up’ period for those marae/hapū who have yet to receive pūtea, all six hapū will receive equal pūtea by March 2023. >>
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT >> Distributions are extracted from the dividend Te Korowai receives from Te Kīwai Mauī (the commercial arm). With prudent monitoring from the Te Korowai Board and wise investment and management by Te Kīwai Mauī, distributions to hapū are projected to increase each year as the capital continues to grow. Hapū can now uplift their distributions for the 2019-2020 and the 2020-2021 financial year. There are guidelines and reporting measures for hapū in accepting the pūtea, however, these directives ask no more or less than what is expected of Te Korowai when reporting to uri at an AGM in showing how pūtea contributes to the aspirations of Ngāruahine Iwi. DEFERRED SETTLEMENT PROPERTIES Another highly controversial kaupapa is the Deferred Settlement Properties. There are ten properties located across the Ngāruahine rohe that are part of the Ngāruahine Settlement and surplus to requirements by the government. Early in 2019, all ten properties were assessed for their commercial value. Only one property was deemed to have commercial potential, however, the Te Korowai Board withdrew its interest after a strong tono was made by board members of Kanihi-Umutahi who expressed an interest in purchasing Te Rua O Te Moko. The Te Korowai Board decided not to purchase any of the remaining properties, offering hapū the option to purchase these properties instead. Two hapū (Ngāti Tamaahuroa me Titahi and Ngāti Manuhiakai hapū) withdrew their interest in these properties due to a lack of pūtea. The four other hapū (Okahu-Inuawai, Kanihi-Umutahi, Ngāti Haua, and Ngāti Tu) remain interested in purchasing the respective properties in their rohe. There is an expectation
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that Te Korowai assists hapū to purchase these properties. Te Korowai has repeatedly advised all hapū of the Board’s position that any future purchase of assets or property will belong to the entire Ngāruahine uri and not to individual hapū. Should hapū decide to purchase these properties, they can do so independently.
organisation successfully receives through its Takutai Moana application and asked if we (Te Korowai and the six hapū) could go together as a whānau along the Crown pathway. I am hopeful that this is still possible since the alternative will only lead to increased legal costs and delays of many years, with our mokopuna left to manage this issue.
TAKUTAI MOANA APPLICATIONS
OUR FINANCIAL POSITION
In 2014, Te Korowai was mandated by the registered members of Ngāruahine Iwi to represent and engage with the Crown seeking recognition to customary interests in the Marine and Coastal Area (under the Takutai Moana Act). In 2016, Terms of Engagement were signed between Te Korowai o Ngāruahine Trust on behalf of Ngāruahine Hapū with the Crown. However, in 2020, Te Korowai and all six hapū have individual Takutai Moana applications. This has made this kaupapa very challenging, and Te Korowai and the six hapū have not found a way forward to progress the applications together. The lack of agreement within Ngāruahine Iwi and the complex, vague, and underresourced Takutai Moana process will result in further delay. The High Court has already confirmed it will take years for the applications to be considered.
The financial position of the Te Korowai group in 2020 is more robust than in 2019. Our total equity has increased by $4.4m to $88.4m (2019: $84.0m), and this is due to two critical factors:
Just like the Deferred Settlement Properties, the Te Korowai Board has dedicated an enormous amount of time to this kaupapa. The hapū want to receive these legal recognitions (mandate and terms of the agreement) but cannot as Te Korowai is obligated to progress this application. In 2017 at Waiokura Marae, I stated that Te Korowai would transfer and return to hapū any Customary Marine Titles and Protected Customary Rights the
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• An overall increase in income and a reduction in operational expenditure; and • The investment knowledge and expertise of Te Kīwai Mauī to grow the pūtea and assets. Across the Group, total revenue increased by $277k, and expenses decreased by $311k. This is an indication of strong financial policies and prudent management practices. The Te Korowai Trust expended $129k for hapū, whānau, and uri initiatives compared to $369k last year. However, there is $397k yet to be expended and this represents unpaid distributions to hapū, and a GIS mapping project focusing on wahi tapu; as well as Kaumatua wellbeing and increasing environmental awareness. The GIS mapping project has been carried into the next financial year. GOVERNANCE SUPPORT The Board has benefited immensely from the professional expertise of the independent members upon the Trust’s sub-committees. As independent members, this allows them to focus on the respective matters that arise in committee
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT GROUP INCOME INCREASE, AND EXPENDITURE DECREASE
discussions pertinent to their field of expertise. We are grateful to Neil Taylor, who has been an independent member of Te Ohu Arotake (Audit and Risk) since 2016. Neil is a Fellow of the Institute of Chartered Accountants Australia & New Zealand. Earlier this year, he was awarded the Queen Service Medal for services to people with intellectual disabilities. Te Korowai welcomed the appointment of Phillippa Wilson to Te Ohu Arotake in November 2019. Phillippa is a Chartered Accountant of the Institute of Chartered Accountants Australia & New Zealand and was the Corporate Services Manager for the South Taranaki District Council. The decision to appoint a second accountant is part of a succession strategy. Neil is helping Phillipa understand the nuances of Te Korowai pending his retirement in May 2022. David Patten is a barrister and was appointed to Te Arohaehae Hautū (HR Committee) in December 2019. David's expertise is in human resource law and dispute resolution, and he is also a Fellow of the Arbitrators’ and Mediators’ Institute of New Zealand. As the Pouwhakarae, I am proud to demonstrate genuine partnership in action and to work alongside people who are willing and pleased to provide their professionalism, skills, and expertise to the sub-committees of Te Korowai. Uri can be assured Te Korowai will continue to deliver safely at all levels of the organisation. THE OFFICE As the Pouwhakarae, I would like
HAPŪ DISTRIBUTION PLAN APPROVED
TRUST DEED REVIEW COMPLETED
to acknowledge Te Ahu Rei, Kiri Erb, Donna Ngatai, and Ripeka Hudson for their contribution to Te Korowai. Thank you for being our rock stars, and offering your selfless and genuine care to our Ngāruahine people during your tenure. I know you are all still involved with your marae and hapū and each of you have moved onto other exciting kaupapa. I also would like to extend a farewell to Dr. Louise Tester who is branching into contract work and Andrea Rowe who has fulfilled her contract with Te Korowai.
understandably, the Board’s positions
This year, the Pouhautū reviewed the operational structure. Some roles were dis-established and new roles created to accommodate for the changing business environment. The new structure accommodates three teams responsible for:
on Ngāruahine’s pathway into the
• oversight and management of day to day operations; • building relationships with Ngāruahine uri; and • developing stronger relationships with external organisations to assist Te Korowai to achieve Ngāruahine Iwi aspirations. I would like to welcome, Tami Cave (Kairangahau), Bonnie Johnstone (Kaitiaki Rārangi), Paul Scott (Pouhapai), Kawarau Ngaia (Pouurihi-a-Iwi) and Sue Matehaere (Kaituhituhi). Thank you to the new staff who will complement an amazing team, including Bonita Bigham (Pouuruhi lead), Bart Jansma (Taiao), and Allie Hemara-Wahanui (General Manager).
will differ from time to time with different kaupapa. However, ensuring that Ngāruahine uri is at the core of the Te Korowai strategy is allimportant and our priority. The land confiscations in 1860 led us down a path of deprivation and trauma, and 160 years later, we are still recovering. The Te Korowai Board accepts that what it does will never be enough. However, Te Korowai is only seven years young and has just started its journey to focus future. Ours is a long journey, and like the generations before us, Te Korowai is tasked to leave a legacy we can look back on and be proud of while developing and leaving a brighter future for our tamariki and mokopuna, our future generations. There are no simple solutions to the challenges Te Korowai o Ngāruahine Trust faces, however, I am grateful to have shared the board table with my fellow Trustees. At this time, I would like to mihi to Ngawai Henare, Wendy Eynon, David More, and Dr.Will Edwards, who are not seeking re-election. Thank you for your service at the Te Korowai Board table for Ngāruahine. We are all whānau of Ngāruahine, we are the fabric of this rohe, and we are strongly connected to our koro, Taranaki Maunga. Pai marire
CONCLUSION The relationship between Te Korowai and hapū will always be dynamic, so
Bev Gibson, Pouwhakarae
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
LONG TERM PLAN 2040
VISION
Ka ora taku toa (Kia tū Ngāruahine ai tātou)
MISSION
Enabling Ngāruahine potential and wellbeing
VALUES
Ngākaunui, māhakitanga, manaakitanga, mahi ka tika, mahi pono, hari me te koa
STRATEGIC POU
Mana Motuhake, Ngāruahinetanga, Manaakitanga, Kaitiakitanga, Tahua o Puanga Kairau
Photo: Gregg Parata, 2019 Annual General Meeting
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
LONG TERM PLAN 2040
STRATEGIC OBJECTIVES – RELATIONSHIPS NGĀRUAHINE IWI, HAPŪ AND WHĀNAU ARE CONNECTED AND FLOURISHING INITIATIVES 1. Whanaungatanga agreements in place with all Ngāruahine hapū
MEASURES 1. Ngāruahine has control or significant influence of all decisions that affect our rohe
2. Tikanga based relationships with Iwi and other organisations
2. Active hapū and marae forum to discuss priorities and opportunities
3. F acilitate strong engagement with hapū and marae to increase Ngāruahine vitality
3. Relationship arrangements reviewed every five years.
4. Access resources to support Ngāruahine goals.
4. Access to external resources increased by 10% every two years 5. Net asset value at $90m.
STRATEGIC OBJECTIVES – CAPABILITY CAPABILITY BUILDING THROUGH WHĀNAU, HAPŪ, IWI INITIATIVES 1. T he environment is the starting point for Ngāruahine initiatives
MEASURES 1. Iwi and hapū environmental plans in place and kaitiaki are developed
2. P rovide opportunities for uri to strengthen their knowledge of Ngāruahine reo and tikanga
2. Successful rangatahi initiatives that transmit iwi values are in place
3. G row rangatahi as future successors
3. Annual wānanga developed and delivered.
4. C apture Ngāruahine history and knowledge, and transmit to all uri
4. Increased number of Ngāruahine te reo speakers from 2018.
5. B uild financial capability of Ngāruahine whānau, hapū and marae.
STRATEGIC OBJECTIVES – SELF-RESILIENCE NGĀRUAHINE WHĀNAU, HAPŪ AND MARAE ARE MAKING DECISIONS THAT LEAD TO BETTER OUTCOMES INITIATIVES 1. A chieve sustainable revenues to uphold Ngāruahine 2040 strategies and vision 2. 0% youth unemployment in Ngāruahine rohe by 2030 3. E mpower uri with financial knowledge and wealth creation 4. Whānau has access to wellbeing support 5. E nsure whānau have healthy, self-sufficient and sustainable homes.
MEASURES 1. Wharekura in place and five kōhanga operating 2. 80% of Ngāruahine uri in Taranaki are in the green zone for the TDHB 3. All marae are functional and operational 4. 50% on Māori roll and 90% of Ngāruahine vote 5. Hapū hui commences in Māori 6. Assist whānau to develop their own whānau plans.
6. F acilitate, lead and support a drug free, healthy eating living.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
This section of the report describes how we have contributed to the three strategic objectives set out in the 2019 Annual Plan and the 2040 Long-Term Strategy. These activities also inform the Annual Plan for the 2020-2021 year.
STRATEGIC OBJECTIVE - RELATIONSHIP ACTIVITIES Formalise relationships with other parties that will contribute to achieving Ngāruahine goals. Maintaining relationships with Taranaki iwi and Māori organisations remains an ongoing priority. While we have similar overarching goals, different priorities, capacity, and capability can be a challenge to collaborate. There is a high level of sharing to and from Te Korowai.. This kaupapa will continue into the next financial year. Support Hapū development through a sustainable distribution policy. A distribution programme was approved in December 2019 and all distributions are met from the annual
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dividend.
contemporary way.
The distribution programme acknowledges that pūtea to Ngāruahine marae and hapū has been inconsistent over the years, and by 31 March 2023 equality will be achieved.
Progress the Takutai Moana applications with Ngāruahine Hapū.
Distributions from the 2019-2020 year can now be transferred to hapū to contribute to their aspirations. Accountability to Te Korowai and the wider hapū rests with each hapū. This kaupapa will continue into the next financial year. Review the Te Korowai tohu. The tohu was designed by uri through a series of wānanga and launched at last year’s AGM. The tohu tells the same Ngāruahine story in a
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Both Te Korowai and hapū have Takutai Moana applications. Te Korowai is one of a few applicants in Aotearoa to have signed terms of engagement with the government; this includes claimant funding to progress the application. However, due to Government capacity, all progress has stalled. Ngāruahine hapū are pursuing their applications through the High Court, unfortunately, another slow pathway. Between Te Korowai and Hapū, uri are fortunate to have signed terms of engagement and priority High Court
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS applications; both are rare. However, Te Korowai and hapū have not agreed on how these factors can be used to increase our likelihood of success. Therefore this kaupapa will continue into the next financial year. Influence central and local government through Mana Whakahono a Rohe Agreements. The majority of Taranaki iwi are working together to develop a regional Mana Whakahono a Rohe agreement with the regional and local councils. This agreement is another avenue iwi, and councils can work together under the Resource Management Act. Participating iwi are united to increase our influence in how the Act is applied.
Te Korowai communications build the confidence of members and uri. Te Korowai uses a wide range of avenues to keep members informed, and it is typical to receive feedback that the communications are appreciated and needs improving. Both perspectives are valid and appreciated.
previously. A vital advantage of the database is the ability for members to share their contact details with another iwi they whakapapa to; provided those iwi use TikiOs as well. At this time only Te Korowai and Taranaki Iwi use the same database, and we are actively promoting this tool to all iwi.
Grow the iwi register, data is correct and a strategy in place to manage missing members This will be an ongoing priority for Te Korowai. The register has strategic importance, and its accuracy is essential for Te Korowai to engage with members. Te Korowai now uses a database (TikiOs) designed explicitly for iwi and offers better functionality and reporting not readily available
NGARUAHINE REGISTER Tamariki
1,402
27%
Aotearoa
Adult voters
3,919
73%
Taranaki based
Registered members
5,321
100%
Hapū Electorate
Voters
%
Okahu-Inuawai
790
20%
Kanini-Umutahi
780
19%
Ngāti Tu
690
17%
Ngāti Manuhiakai
584
15%
Ngāti Haua
589
15%
Ngāti Tamaahuroa me Tihai 486
12%
Total adult voters
1,273
32%
Everywhere else
2,646
67%
Total adult voters
3,919
3,919
NGĀRUAHINE IWI REGISTER 31 MARCH 2019
5,115 5,321 206 31 MARCH 2020
NEW MEMBERS
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
Photo: (l-r) Patina Edwards, Henare Ngaia, Ripeka Hudson
STRATEGIC OBJECTIVE – CAPABILITY ACTIVITIES Implement the Iwi scholarship programme
their review and input or to use as a base for their responses.
Support Hapū and Marae to grow their governance capability
Received 33 applications (17 applications for 2019) and awarded 14 (10 awarded in 2019) scholarships to uri valued at $1,500 each. The increase in applications was expected as whānau become aware of the support, and we expect competition to increase as well.
Te Korowai has supported hapū wānanga sharing knowledge about local councils, the Resource Management Act, consents and submissions. The priority for the new year is to establish a centralised database so hapū can access all Te Korowai submissions for their information.
Funders like the TSB Community Trust are genuine in supporting Marae. Te Korowai hosted a hui for Advisors from the Trust to meet with representatives from six marae committees. The hui was appreciated everyone and for many, connections were made and relationships strengthened.
The programme deliberately pathways into the Parininihi ki Waitotara Trust tertiary grants programme and uri are encouraged to apply to both programmes. Grow the environmental capability of Ngāruahine uri, whānau and Hapū Te Korowai continues to respond to resource consents, applications and submissions across the rohe and share these responses with hapū for
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Successfully deliver on the Curious Minds kaupapa Te Korowai delivered a Curious Minds community science programme at Auroa and Manaia Primary Schools. The project monitored the habitat of the Whio (Blue Duck) along the Kaupokonui River and tamariki collected and compared samples while learning about this endangered duck.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS NGĀRUAHINE TERTIARY SCHOLARSHIP RECIPIENTS Alexandra Tahau
Bachelor of Commerce – Victoria University
Alison Brooks
Bachelor of Laws and Science – Victoria University
Aotahi Keepa
Bachelor of Health Science – University of Otago
Charlotte Webb
Bachelor of Laws and Arts – Victoria University
Kayla Hemara-Wahanui
Bachelor of Nursing – Western Institute of Technology
Kim Tamaka
Bachelor of Te Reo Māori – Te Wānanga o Raukawa
Lena Kemp
Bachelor of Health Science – Auckland University of Technology
Maria Mako
Bachelor of Te Reo Māori – Te Wānanga o Raukawa
Martin King
Master of Indigenous studies – Victoria University
Neave Burgess
Bachelor of Science – Auckland University
Ngawai Hernandez-Walden
Post Graduate Diploma in Business – Auckland University
Riley Davison
Bachelor of Health Science – Massey University
Taine Paki
Bachelor of Architectural Studies – Victoria University
Tracy Edwards
Bachelor of Social Work – Massey University
PARININIHI KI WAITOTARA TRUST & TE KOROWAI JOINT UNDERGRADUATE SCHOLARSHIP Mariah Katene-Rawiri
Bachelor of Social Work – Massey University
Photo: 2019 Ngaruahine Graduate Ceremony, Bev Gibson (Pouwhakarae) with Madison Robinson Johnson (Bachelor of Communications), brother Archie (Certificate in Electrical Engineering) and mother Toni Robinson (Certificate in Advanced Professional Cookery)
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
Photo: Andy and Tūheimoa Maruera, 2019 AGM Graduate Luncheon
STRATEGIC OBJECTIVE – SELF-RESILIENCE Pilot a mapping project with at least two Ngāruahine hapū Due to a lack of operational capability, this project has been carried into the 2020 financial year. Draft a Ngāruahine Iwi plans in Kaumātua Wellbeing, Health, Education and Te Reo Te Korowai and the Ngāruahine Iwi Health Service collaborated with the Taranaki District Health Board to survey Ngāruahine whānau and kaumātua about their housing situation. Advocating access to services is vital for kaumātua to ensure they receive the support they are entitled to. Te Korowai and the Ngāruahine Iwi Health Service along with Tui Ora are working with Ruawaawa Kaumātua
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Charitable Trust and Waikato University to assess the reach and impact of social services and their delivery to (Ngāruahine) kaumātua. This kaupapa will continue into the next financial year. Complete the Ngāruahine Iwi Taiao Strategy for implementation in 2020 Plan drafted and an internal launch to share the plan with hapū has been organised. This kaupapa will continue into the next financial year. Draft a Ngāruahine Engagement Plan in partnership with Waikato University The University of Waikato is developing an engagement plan for Te Korowai. This includes collecting data about the Ngāruahine population. This kaupapa is in its
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
early stages and will continue into the next financial year. Complete the review of the Te Korowai Trust Deed An all of Trust Deed review was completed, the first since Te Korowai was established in 2014. Complete the Deferred Selection Properties Te Korowai had the option to purchase ten surplus government properties. The due diligence found nine properties were unsuitable commercial investments, and the Board chose not to purchase any property. The 10th property had some potential, and after strong lobbying from the hapū, the Board chose not to pursue this property too. Therefore Te Korowai are not
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS purchasing any of the properties and invited hapū to do so instead. Four hapū have an interest in these properties and Ngāti Tamaahuroa me Titahi and Ngāti Manuhiakai hapū withdrawn their interest due to a lack of finance. This kaupapa will continue into the next financial year.
Management of Ngāruahine Fisheries Te Korowai is the mandated iwi
organisation for the fisheries settlement. Each year Te Korowai purchases kaimoana for hapū to use throughout the year along with accessing fish through Pātaka Whata kaimoana provided through a cultural permit.
livelihoods of those working in the fishing industry; including uri. Te Korowai continues to support Te Ohu Kaimoana (the Māori Fisheries Commission) by maintaining the strategic relationship and providing feedback on the strategies they have developed to protect our fisheries settlements.
The government are supporting a policy to protect the endangered Maui Dolphin, and this is likely to harm iwi settlements and the
Ngāruahine Pātaka
Allocation
Expended
Kanihi-Umutahi Hapū
$3,000
$3,000
Okahu-Inuawai Hapū
$3,000
$1,873
Ngāti Manuhiakai Hapū
$3,000
$589
Ngāti Tu Hapū
$3,000
$2,757
Ngāti Hāua Hapū
$3,000
$1,298
Ngāti Tamaahuroa me Titahi
$3,000
$2,776
Te Korowai o Ngāruahine
$2,000
$2,084
Total
$20,000
$14,377
Pātaka Whata A total of 20 requests made during the year 2
Ngāruahine Iwi Hui
1
Ngāruahine marae hosting the Hui Aranga
17
Tangihanga
Photos taken at the Ngāruahine Iwi Special General Meeting (April 2019). TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
19
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
Photo: Te Korowai Curious Minds Project, Auroa and Manaia Primary Schools at Waiokura Marae
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
TOTAL LIABILITIES
$206,119
2017/18
$308,399
2018/19
$310,205
2019/20
TOTAL ASSETS
$81,906,496
2017/18
$84,373,649
2019/19
$88,752,954
2019/20
TOTAL EQUITY
$81,700,377
2017/18
$84,065,251
2018/19
$88,442,749
2019/20
GROUP PROFIT
GROUP PROFIT
(AFTER TAX)
(AFTER TAX)
$2.3M
$4.4M
2019
2020
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
$86 million total tribal pūtea
POUWHAKARAE REPORT
$5.7 million profit after tax
net assets by $3.7m; • Investment of c. $10.9m in Crown leaseback properties via the Tai Hekenga joint venture, providing secure attractive rental returns and capital gains of over $3.4m (31%) this year;
I am proud to present the third year of operations of Te Kiwai Maui o Ngaruahine Limited (Maui). We are the commercial arm of Te Korowai o Ngāruahine Trust, and our goal is to support Ngāruahine to be a healthy, wealthy, and culturally vibrant iwi by being an outstanding investment company. Our investment strategy is to progressively build over time a portfolio of high-quality direct investments to increase our investment returns for Ngaruahine, while reducing our risk exposure to market uncertainty. This year we were able to successfully implement a number of key investments, which has positioned us well to navigate through Covid and deliver a strong performance, despite the ongoing challenges presented by the pandemic. Key highlights for the financial year ended 31 March 2020 (FY20) have included: • Total net profit before tax of $5.89m (combined Maui and Ngaruahine Fisheries Limited), delivering a return on opening net assets of 7% (excluding internal lending); • Payment of dividends of $1.88m to Te Korowai while also growing our
22
• Investment of c. $5m in a portfolio of commercial property via an iwi joint venture consortium, delivering stable cash returns of over 8.6% through Covid; • Other investments in infrastructure and New Zealand private equity collective investment vehicles; • Repositioning our managed fund investments into lower risk fund positions in Mercer's socially responsible funds, which has helped shelter us from the market fallout post the Covid outbreak; • Improving the operational performance at Te Rere o Kapuni (trading as Dawson Falls Mountain Lodge), with occupancy revenues up 28% over last year. Now that Covid restrictions have lifted we are very excited about the future of the lodge and developing it as a cultural tourism destination on the Maunga. OUR INVESTMENT STRATEGY To best support Ngaruahine, we focus on the following long-term investment goals: EXCELLENCE: Achieve leading sector risk-adjusted returns on investment. GROWTH: Achieve continual long-
term asset and distribution growth via
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
investment returns. LEADERSHIP: Lead and exert
rangatiratanga through successful performance.
INTEGRITY: Enhance the reputation of Ngāruahine as a responsible member of te ao Māori and the community.
We strive to achieve the above goals by building a high-quality investment portfolio based on the following principles: • We will take a long-term commercially disciplined approach to investment decisions, thus being patient in waiting for the right opportunities and will only invest where we believe it can generate appropriate risk-adjusted returns on capital; • We will seek a balanced portfolio that generates the necessary cash flow to sustain distributions for Te Korowai but also provides for longterm capital growth; • Our direct investments will centre on opportunities that play to our strengths, including our settlement rights, and opportunities that arise from our relationships and partnerships, including within Māoridom; • We will partner with other likeminded entities, in particular iwi in Taranaki, enabling access to a greater range of investment opportunities and to larger scale investments which are more likely to have the required quality of structure, governance and management
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT Maui Investment portfolio ($ million) ($MILLION) - March 2020 FIG 1: MAUĪ INVESTMENTS PORTFOLIO
Maui Investment portfolio ($ million) - March 2019
Fish Assets 2.3
Other 0.9
Fish Assets 2.0 Cash & Term Deposits 20.6
Direct Investments 26.3
• We will uphold and promote Ngāruahine values and pou in our investment practices, particularly in relation to cultural, social and environmental responsibilities.
OUR PUTEA
Managed Income Funds 34.9
2019
Managed Income Funds 22.7
Managed Growth Funds 24.1
Taari Nicholas is on the Tai Hekenga Board.
revaluations will be performed to
and Ministry of Justice properties.
record capital movements on the
Another school and Internal Affairs
investment.
properties are in the process of
including managing the fisheries
the Tai Hekenga portfolio is expected
Ltd (NFL).
c. 8%. In FY20, the investment
acquisition. Once fully implemented,
assets held by Ngāruahine Fisheries
to deliver cash returns on equity of
timing, our asset portfolio has
predominantly been made up
of conservative and balanced
managed fund portfolio investments supplemented by cash term
deposits. Under our investment strategy, we are progressively
building a balanced resilient portfolio of direct investments. Our progress
Iwi Commercial Property (ICP) Joint Venture
Maui is also a foundation investor in the ICP JV providing access to a portfolio of quality commercial
We have committed $2.5m investment groups in a collective
return of 6.3% plus capital revaluation investment by $3.4m up to $14.4m.
Te Pūia Tāpapa alongside other iwi and Māori
delivered an interim cash operating gains of 31%, increasing our
delivered a cash operating return is 30 June, at which point capital
acquired a number of schools
in total tribal assets (FY19: $83m),
During FY20, the ICP investment of 8.6%. The ICP’s balance date
To-date, the Tai Hekenga JV has
Maui now oversees $86.5 million
Given our relatively recent settlement
Direct Investments 1.3
Cash & Term Deposits 19.2
2020 Managed Growth Funds 13.6
Other 1.0
direct investment vehicle, “Te Pūia Tāpapa”, which together with major NZ investors will target premium large-scale local investments. Strategically this commitment gives us access to good quality, operational direct investments supported by high quality investment analysis.
property across targeted New
Through FY20 the Te Pūia Tāpapa
Zealand sectors and locations,
investment committee got up
delivering stable cash returns, plus
and running and into its detailed
Tai Hekenga
capital gains.
work. It is tasked with sourcing,
The Tai Hekenga joint venture is a
Maui has committed c. $11 million
iwi formed to acquire a large portfolio
date) to this investment, of which
properties in Wellington that offer
FY20. In addition to the Tai Hekenga
returns. In FY20, Maui invested
a foundation investor. Our director
during FY20 is illustrated in FIG1. KEY INVESTMENTS
recommending and then progressing opportunities for the fund. Following
consortium of Taranaki Whānui linked
($3.6m committed post balance
of Crown settlement leaseback
c. $5 million was invested during
high quality secure low risk rental
directorship, Taari Nicholas sits on
Consistent with our investment
the ICP Board, providing Maui with
principles, Te Pūia Tāpapa will
c. $10.9 million in Tai Hekenga as
good governance oversight across
be patient and wait for the right
our property investments.
opportunities. It is currently in
the detailed review of a number of opportunities, the fund has made its first investment in July 2020.
>>
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT >> the process of executing its first
valuation basis and accounting
investment. It is expected that the
for expenses to date, the fund has
fund will become fully invested over five years. AMP Capital Australasian
Diversified Infrastructure Trust During the year, Maui invested c.$5m into AMP Capital’s Australasian Diversified Infrastructure Trust. This is an unlisted c $1.5bn fund, domiciled in Australia but investing in both Australian and New Zealand infrastructure assets covering rail, airports, energy and student accommodation. One of their major assets is local energy distribution company, PowerCo. During FY20, Maui received cash dividends of c. 6% on its investment. The fund has been impacted by Covid, particularly its airport and student accommodation investments, which led to a revaluation down across its asset portfolio of 8% at March year end. This is a longterm investment for Maui, which will enable us to ride out market impacts like Covid. Oriens Capital Maui has made an investment commitment of $2.55m in the Oriens Capital Private Equity Fund Limited Partnership, which invests in privately owned New Zealand businesses which have succession or growth capital opportunities. The Partnership has to-date called 64% of committed capital, investing in five portfolio companies, including an anchor investment in apple company, Rockit Global Limited. The fund has now been operating
maintained its net asset value at just above par (1.11x paid-in capital). Given the relatively early stage of the fund’s development and level of capital called, this is viewed as a positive result, with returns expected to increase as the fund matures. The fund has not been materially adversely impacted by Covid. Todate, Maui has invested $1.63m of its $2.55m commitment. Managed funds In November 2019, we repositioned our managed fund investments ($48m held with Harbour and Milford fund managers) into lower risk fund positions in Mercer’s socially responsible funds ($36m), with the balance ($12m) retained as cash to help fund our direct investments described above. This repositioning to more conservative positions was driven by our views that global equity markets were unstable and overpriced. We invested in a mix of Mercer’s Socially Responsible Balanced and Socially Responsible Conservative funds, which have a greater weighting in more defensive investments, such as bonds and income bearing instruments. This change has helped shelter us from the full market fallout post the Covid outbreak. Despite the market falls arising in March, our managed funds delivered returns of ~$2m over the full year. Our decision to invest in socially responsible funds aligns with our commitment to uphold Ngāruahine values in our investment practices
for over three years. On a market
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
Te Rere o Kapuni (Dawson Falls Lodge)
In addition to forming part of our commercial portfolio, the lodge represents a strategic asset of very high cultural importance for Ngāruahine. We have placed considerable focus during the year on improving the operational performance of the lodge. Lodge Manager, Dean Kira and his team have done a great job, which has reflected in the lodge’s results. Lodge occupancy revenues are up 28% over last year. As a consequence of its improved performance, the lodge has been able to provide greater local employment, including opportunities for nine Ngaruahine members during FY20. The lodge necessarily closed during Covid, although it has since reopened as restrictions lifted. Our core market is domestic, and we have seen strong demand as we reopened our doors, with New Zealanders wanting to experience the relaxing natural environment that the Maunga and national park offers. We are very excited about the future of the lodge and have started looking at potential development opportunities that represents our relationship with Taranaki Maunga and Te Rere o Kapuni. It is our goal that the lodge becomes a first class destination that proudly reflects Ngāruahine iwi and connects us to Aotearoa and beyond. Ngaruahine Fisheries Limited (NFL)
NFL is a streamlined operation
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT managed by Maui, with all quota leased out and income also coming from ownership of shares in Moana New Zealand (formally Aotearoa Fisheries Limited).
our portfolio.
CONCLUSION
At year end, NFL’s fair valuation of
We are pleased with the investments
the Moana shares was reassessed
we have been able to achieve this
against comparable valuations per
year, and our financial performance,
dividend recorded by other iwi. This
FY20 was a good year operationally, for NFL, pre-tax profit grew by 10% over last year. Covid has
particularly in light of the Covid
led to an adjustment downwards by
challenges. This gives us confidence
23.6%, bringing the valuation down
we are on the right path of building a
to $965k, within comparable ranges
portfolio of quality direct investments,
subsequently impacted fishing
of other iwi.
operations, particularly in sectors
FY20 FINANCIAL PERFORMANCE
returns with good resilience to market
The financial performance of the
Ngaruahine with confidence we
such as Crayfish, reliant on export markets such as China. The industry has been managing its recovery as restrictions lifted, however the impact will inevitably impact next year’s results. NFL makes up 3% of our asset portfolio, so the Covid impact is not expected to be material across
providing secure long-term attractive impacts like Covid. This can provide
Maui Commercial Group (including
will continue to grow the putea and
NFL) is set out in FIG 2.
distributions to achieve our mission of enabling Ngāruahine to be a healthy,
Overall, the Maui group delivered
wealthy and culturally vibrant iwi.
a total pre-tax FY20 return of 7% (excluding internal lending) on
I wish to thank the contributions of
opening assets (FY19: 5.3%).
my fellow directors Taari Nicholas, Bev Gibson, Te Aroha Hohaia and associate director Dion Maaka,
FIG 2: TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED COMMERCIAL GROUP* FINANCIAL PERFORMANCE
together with the work of our management team in achieving our
FY20 FY19 ($million) ($million)
Total Income Total Expenses
2.9
3.1
(1.1)
(1.2)
4.1
2.4
Plus Capital Investment Gains / Foreign Currency Gains & Losses / Impairment Profit before Tax Income Tax
5.9
4.3
(0.2)
(0.4)
5.7
3.9
Total Comprehensive Income
progress to-date. I am also grateful to the trustees and staff of Te Korowai for their support, and in particular Pouhautu, Allie Hemara-Wahanui.
Ngā mihi nui Hinerangi Raumati-Tu'ua, Chair
*Commercial Group includes Mauī and Ngāruahine Fisheries Limited
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
Hinerangi Raumati-Tu’ua Pouwhakarae
Taaringaroa Nicholas Director
Bev Gibson Director
Te Aroha Hohaia Director
Dion Maaka Associate Director
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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CONTENTS Auditors' report Financial statements Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cash Flows Notes to the financial statements 1 Summary of significant accounting policies 2 Trading revenue 3 Other revenue 4 Expenses 5 Cash & cash equivalents 6 Trade & other receivables 7 Goods and services tax 8 Prepayments & accrued income 9 Current investments 10 Property, plant and equipment 11 Intangibles 12 Investments 13 Impairment 14 Trade & other payables 15 Other current liabilities 16 Income tax expense 17 Financial instruments 18 Treaty settlements 19 Reserves & retained earnings 20 Trustee remuneration 21 Directors remuneration 22 Remuneration of key management personnel 23 Investments in subsidiaries 24 Statement of cash flows 25 Accounting judgements & estimates 26 Related party transactions 27 Commitments and contingencies 28 Events occurring after the reporting period
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29 31 32 33 34 35 36 37 38 40 40 40 41 41 41 42 43 44 45 45 45 46 47 47 48 48 48 49 49 49 50 51 51
Independent auditor’s report To the Directors of Te Korowai o Ngaruahine Group We have audited the consolidated financial statements which comprise:
the statement of financial position as at 31 March 2020;
the statement of comprehensive income for the year then ended;
the statement of changes in equity for the year then ended;
the statement of cash flows for the year then ended; and
the notes to the consolidated financial statements, which include a summary of significant accounting policies.
Our opinion
In our opinion, the consolidated financial statements of Te Korowai o Ngaruahine Group (the Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial position of the Group as at 31 March 2020, 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 opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners (PES 1) 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. Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Information other than the consolidated financial statements and auditor’s report
The Directors are responsible for the annual report. Our opinion on the consolidated financial statements does not cover the other information included in the annual report and we do not and will not express any form of assurance conclusion on the other information. At the time of our audit, there was no other information available to us. In connection with our audit of the consolidated financial statements, if other information is included in the annual report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact.
PricewaterhouseCoopers, Level 3, 6 Albion St, PO Box 645, Napier, 4110, New Zealand T: +64 6 835 6144, pwc.co.nz
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the consolidated financial statements in accordance with NZ IFRS RDR, and for such internal control as theDirectors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’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 Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated 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) and ISAs 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 consolidated financial statements. A further description of our responsibilities for the audit of the consolidated financial statements is located at the External Reporting Board’s website at: https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/auditreport-7/ This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s Directors, as a body. Our audit work has been undertaken so that we might state those matters which 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 Company and the Company’s Directors, as a body, for our audit work, for this report or for the opinions we have formed. The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John Dixon. For and on behalf of:
Chartered Accountants 7 July 2020
PwC
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
Napier
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAUKI WHĀNUI MONI WHIWHI STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 POUTŪTERANGI 2020 Note
2020
2019
566,494 120,702 687,196
462,051 119,893 581,944
Dawson Falls Mountain Lodge Cost of Sales Fisheries Fees Total Cost of Sales
140,435 17,171 157,606
130,776 13,181 143,957
Gross Profit
529,590
437,987
TRADING REVENUE Dawson Falls Mountain Lodge Income Fisheries Income Total Trading Revenue
2 2
COST OF SALES
OTHER REVENUE Investment Income
3
2,725,645
2,636,409
Other Income
3
199,767
103,663
Total Other Revenue
2,925,412
2,740,072
Total Revenue
3,455,002
3,178,059
EXPENSES Advisory, Consulting and Professional Fees
4
626,063
711,866
Communications and Engagement
4
94,936
75,025
Governance
4
391,140
369,925
IT Expenses
4
44,337
42,745
Office and General Expenses
4
398,248
386,092
Personnel Expenses Projects and Priorities Travel
4 4
846,155 129,974 52,856
901,962 364,859 42,077
2,583,709
2,894,551
Total Expenses OTHER INCOME Fair Value Adjustment of Moana investment
(298,000)
-
Foreign Currency Gains and (Losses)
12
(178,938)
-
Unrealised Investment Gains
4,596,899
2,385,109
PROFIT/(LOSS) FOR THE YEAR BEFORE TAX
4,991,253
2,668,617
613,754
348,966
4,377,499
2,319,651
INCOME TAX Income Tax Expense TOTAL COMPREHENSIVE INCOME
16
These accounts are to be read in conjunction with the attached notes.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
RIPANGA KAUTE O TE TŪRANGA PŪTEA STATEMENT OF FINANCIAL POSITION AS AT 31 POUTŪTERANGI 2020 Note
31 Mar 2020
31 Mar 2019
Current Assets Cash and cash equivalents Trade and other receivables
5 6
7,671,624 82,183
1,092,889 113,692
Prepayments and accrued income
8
151,038
227,253
ASSETS
Inventory Current tax receivables Current Investments Goods and services tax Total Current Assets
9
8,733
9,860
426,725 14,700,000 31,914 23,072,217
517,543 18,700,000 15,812 20,677,050
1,040,377
1,086,164
Non-Current Assets Property, Plant and Equipment
10
Intangibles
11
1,071,461
1,071,461
Investments
12
63,568,900
61,538,975
Total Non-Current Assets
65,680,738
63,696,600
TOTAL ASSETS
88,752,954
84,373,649
LIABILITIES Current Liabilities Creditors and accrued expenses
14
204,266
304,999
Other current liabilities
15
105,940
3,400
Total Current Liabilities
310,205
308,399
TOTAL LIABILITIES
310,205
308,399
88,442,749
84,065,251
68,457,501
68,457,501
Total Assets less Total Liabilities (Net Assets) ACCUMULATED FUNDS Treaty Settlement
18
Reserves
19
1,830,998
1,433,998
Retained earnings
19
18,154,250
14,173,751
88,442,749
84,065,251
TOTAL ACCUMULATED FUNDS
Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 19 June 2020:
Bev Gibson Pou Whakarae Date: 19 June 2020 These accounts are to be read in conjunction with the attached notes.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
Caroline Scott Chair, Te Ohu Arotake Date: 19 June 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAUKI TŪTANGA REREKĒTANGA STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
Treaty Settlement BALANCE AT 1 APRIL 2018
Other Reserves
Retained Earnings
Total Equity
68,457,501
1,433,998
11,808,876
81,700,376
Profit for the period
-
-
2,319,651
2,319,651
Tai-Hekenga Contribution
-
-
45,224
45,224
68,457,501
1,433,998
14,173,751
84,065,251
BALANCE AT 31 MARCH 2019
Treaty Settlement
BALANCE AT 1 APRIL 2019
Other Reserves
Retained Earnings
Total Equity
68,457,501
1,433,998
14,173,751
84,065,251
Profit for the period
-
-
4,377,499
4,377,499
Transfers
-
397,000
(397,000)
-
68,457,501
1,830,998
18,154,250
88,442,749
BALANCE AT 31 MARCH 2020
These accounts are to be read in conjunction with the attached notes.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAUKI AURERE PŪTEA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020 2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers
809,270
762,077
(2,458,370)
(2,769,020)
(42,596)
(535,190)
8,405
19,814
Interest, dividends and other investment receipts
1,251,922
2,596,383
Total Cash Flows from Operating Activities
(431,369)
74,064
144,659,217
21,105,000
Payments to Suppliers and Employees Income tax Received / (Paid) GST Received / (Paid)
CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES Receipts from maturing term deposits and investments Payments to acquire property, plant and equipment
(18,679)
(8,678)
Payments to purchase investments
(59,530,435)
(2,091,090)
Investment in term deposits
(78,100,000) (18,700,000)
Total Cash Flows from Investing and Financing Activities
7,010,104
305,232
Net Increase/ (Decrease) in Cash
6,578,735
379,296
Cash and cash equivalents at beginning of period
1,092,889
713,593
Cash and cash equivalents at end of period
7,671,624
1,092,889
NET CHANGE IN CASH FOR PERIOD
6,578,735
379,297
CASH BALANCES
These accounts are to be read in conjunction with the attached notes.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(b) Principles of consolidation
(a) Basis of preparation
Subsidiaries
Entities reporting
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns (i.e. profit/losses) from its involvement with the entity and has the ability to affect those returns through its control over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and removed from the date that control ceases.
The entity reporting is Te Korowai o Ngāruahine Trust (Te Korowai) and its subsidiaries Te Kiwai Maui o Ngāruahine Limited, Te Rere o Kapuni Limited, Ngāruahine Fisheries Limited and Te Kīwai Matau o Ngāruahine Charitable Trust (together the 'Group'). Te Korowai is the mandated post settlement entity for Ngāruahine. Basis of preparation The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand and the requirements of the Trustee Act 1956 and the Financial Reporting Act 2013. The Group is a for-profit entity for the purposes of complying with NZ GAAP. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards ('NZ IFRS') and other applicable Financial Reporting Standards, as appropriate for profitoriented entities. The Group is eligible to and has applied Tier 2 For-profit Accounting Standards (New Zealand equivalents to International Financial Reporting Standards - Reduced Disclosure Regime ('NZ IFRS RDR') on the basis that it does not have public accountability and is not a large for-profit public sector entity. The Group has elected to report in accordance with NZ IFRS RDR and has applied disclosure concessions. Historical cost convention The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through the statement of comprehensive income. Measurement Basis All of the Group's transactions are conducted in New Zealand dollars and the financial statements are presented in New Zealand dollars. Where transactions were undertaken in foreign currency the New Zealand dollar amount recorded by the bank has been used as the transaction value.
The Group applies the acquisition method to account for any businesses that become part of the Group. The amount recorded for the acquisition of a subsidiary is the fair values of the assets transferred, liabilities accepted (including any that are contingent on certain events occurring) and the equity interests issued by the Group to bring it to the total acquisition price. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The amount paid above the fair value of the net assets acquired is recorded as goodwill. If the total of the price paid is less than the fair value of the net assets again on acquisition is recognised in the statement of comprehensive income. Inter-company transactions, balances and unrealised gains on transactions between group entities are excluded from the financial statements as the net effect for the Group is zero. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. (c) Changes in Accounting Policies NZ IFRS 16 Leases The group has adopted IFRS 16 Leases retrospectively from 1 April 2019, but has not restated comparatives for the 2019 reporting period, as permitted under the specific transition provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the opening balance of 1 April 2019. The new accounting policies are disclosed in Note 10 and 15.
35 | 35
KOROWAI NGĀRUAHINE ANNUAL REPORT 2020 TETE KOROWAI OO NGĀRUAHINE ANNUAL REPORT 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
On adoption of IFRS 16, the group recognised a lease liability in relation to leases which had previously been classified as an ‘operating lease’ under the principles of IAS 17 Leases. The liability was measured at the present value of remaining lease payments, discounted using the
2
lessee’s incremental borrowing rate as of 1 April 2019. The lessee’s incremental borrowing rate applied to the lease liabilities on 1 April was 4.89%. All other accounting policies were applied on a consistent basis during the year.
TRADING REVENUE 2020
2019
Dawson Falls Mountain Lodge income
566,494
462,051
Fisheries Income - ACE Leasing
120,702
119,893
TOTAL TRADING REVENUE
687,196
581,944
Lodge income The Group operates Dawson Falls Mountain Lodge on Maunga Taranaki, which is owned by its subsidiary company Te Rere o Kapuni Limited. Revenue is recorded at a point in time and is recognised in the Statement of Comprehensive Income when the customer has received the related services and goods. Fisheries income The Group operates Ngāruahine Fisheries Limited (NFL), sales of annual catch entitlements (ACE) are recognised when invoiced.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
3
OTHER REVENUE 2020
2019
333,853
-
INVESTMENT INCOME ADIT Infrastructure Income Dividend Income
451,463
40,026
Interest Received
577,384
644,728
Iwi Commercial Property LP Income
202,447
-
PIE Income
826,765
1,951,656
Tai Hekenga LP Income Total Investment Income
333,733
-
2,725,645
2,636,409
OTHER INCOME Charitable Distributions Contract Income Gain/(Loss) on Assets Sold Grants Received Koha MSD Wage Subsidy Other Income
201,012
-
-
739
51
-
9,200
35,932
500
200
3,622
-
33,382
18,792
Takutai Moana Claimant Funding
(48,000)
48,000
Total Other Income
199,767
103,663
2,925,412
2,740,072
TOTAL OTHER REVENUE
Interest income Interest is recognised by the Group using the effective interest method. PIE income Portfolio Investment Entity (PIE) income and dividends are recognised when received. Dividend income is distributions from investments in managed PIE funds. Grant income, dividends and koha is recognised when it is received. All other income is recognised at the point a service has been delivered or commitment made by a customer. Other income is the reimbursement of costs from other parties where we have shared the costs of an event.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 37
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020 4
EXPENSES 2020
2019
ADVISORY, CONSULTING AND PROFESSIONAL FEES Accounting Fees
30,000
26,770
Audit Fees
92,463
54,750
Consultants & Professional Fees
122,631
92,737
Fund Manager Fees
133,660
197,394
Legal Fees Investment Management Oriens Partnership Loss Technical Services - Contractors Valuation Fees Total Advisory, Consulting and Professional Fees
70,328
134,283
120,000
144,545
-
59,887
55,481
-
1,500
1,500
626,063
711,866
69,720
52,367
COMMUNICATIONS AND ENGAGEMENT Communications Election costs
11,037
22,435
Taranaki Tu Mai Costs
14,179
223
Total Communications and Engagement
94,936
75,025
17,461
22,773
120,313
109,943
GOVERNANCE Catering Director Fees Governance & Trustee Review
13,886
-
Membership Committee Fees
-
1,600
15,000
6,949
-
1,656
Te Ohu Arotake Te Pouhautu Performance Review Committee
8,507
16,714
Trustee Fees
Training and Development
215,973
210,289
Total Governance
391,140
369,925
IT Maintenance & Support
16,054
17,949
Licences and Subscriptions
28,283
24,796
Total IT Expenses
44,337
42,745
13,077
13,372
Bank Fees
1,458
1,380
Catering Non-Governance
6,245
-
IT EXPENSES
OFFICE AND GENERAL EXPENSES Advertising
Commission
14,885
14,180
157,545
122,143
Donations/Sponsorship
-
2,057
Entertainment
-
1,270
Depreciation
38
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020 4
EXPENSES (CONTINUED) 2020
2019
OFFICE AND GENERAL EXPENSES (CONTINUED) Equipment Hire Freight & Courier
1,398
918
402
3,420
General Expenses
3,802
844
Health and Safety
1,280
607
Internet & Telephone Insurance
8,411
6,012
44,517
47,432
Interest Expense
2,783
2,300
Koha
2,468
3,615
Lease
15,609
10,105
Light, Power & Heating
22,101
21,291
-
25,279
Loss on sale of assets Low Value Assets under $500
4,100
8,351
Motor Vehicle Expenses
9,076
10,999
Office Expenses Office Rental Photocopier Lease Printing & Stationery Rates Repairs & Maintenance Security Uniforms Venue Hire Waste Management Total Office and General Expenses
7,811
3,897
11,149
44,437
2,280
2,280
11,576
11,809
7,134
3,232
43,229
19,160
348
602
-
513
3,213
3,000
2,350
1,585
398,248
386,092
PERSONNEL EXPENSES ACC Employer Premiums Salaries & Wages - Te Kīwai Mauī o Ngāruahine
3,410
3,624
-
18,896
Salaries & Wages - Te Korowai o Ngāruahine Trust
505,507
558,407
Salaries & Wages - Te Rere o Kapuni Limited
324,269
321,035
12,969
-
846,155
901,962
Training & Development Total Personnel Expenses PROJECTS AND PRIORITIES Project - Capability Priorities Bureau Services
13,806
-
5,450
18,306
Curious Minds
18,475
-
Iwi Scholarships
21,000
-
Capability Priorities
Support and strengthen hapū and marae governance Total Project - Capability Priorities
3,000
-
61,731
18,306
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
39
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
4
EXPENSES (CONTINUED) 2020
2019
16,720
21,495
PROJECTS AND PRIORITIES (CONTINUED) Project - Relationship Priorities Pataka
6,304
15,240
Takutai Moana
Relationship Priorities
11,199
-
Total Project - Relationship Priorities
34,223
36,735
Project - Self-resilience Priorities DSP Acquisition Costs
7,200
-
Develop Ngāruahine Iwi Plans
1,360
-
2,601
309,819
21,251
-
Project - Self-resilience Priorities Swim Like a Fish Taiao Strategy Total Project - Self-resilience Priorities Total Projects and Priorities TOTAL EXPENSES
1,609
-
34,020
309,819
129,974
364,859
2,530,853
2,852,473
During the 2019 Year, Project - Self-resilience Priorities includes Marae expenditure of $207,979. Audit fees showing in the 2020 year are made up of the actual costs for 2019 and accrued costs for 2020. 5
CASH & CASH EQUIVALENTS 2020
2019
Cash at bank & on hand
7,671,624
1,092,889
TOTAL CASH & CASH EQUIVALENTS
7,671,624
1,092,889
Cash and cash equivalents include: petty cash and bank accounts. Bank accounts earn interest at specified rates on daily balances and term deposits earn interest at the rate set at the time the investment is made. Short term deposits are included if they have an original maturity of less than 90 days. 6
TRADE & OTHER RECEIVABLES 2020
2019
Accounts Receivable
82,183
113,692
TOTAL TRADE & OTHER RECEIVABLES
82,183
113,692
Trade receivables are the amounts that are owed to us by other organisations or individuals. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. 7
GOODS AND SERVICES TAX
All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
8
PREPAYMENTS & ACCRUED INCOME 2020
2019
Accrued Income
121,178
177,610
Acquisition Costs
10,592
5,830
Prepayments TOTAL PREPAYMENTS & ACCRUED INCOME
19,268
43,813
151,038
227,253
Prepayments are recorded at cost and expensed over the period they cover. Prepayments include office rent and insurance paid in advance. Accrued income is interest accrued on term deposits that will be received when the term deposits mature and accrued PIE income on the managed investments that is received quarterly. 9
CURRENT INVESTMENTS
Current investments include term deposits invested for less than 12 months at cost. ASB Bank Term Deposits BNZ Term Deposits
2020
2019
10,000,000
-
4,700,000
18,700,000
14,700,000
18,700,000
2020
2019
Opening carrying value
296,501
296,501
Total Land
296,501
296,501
TOTAL CURRENT INVESTMENTS Current investments include term deposits invested for less than 12 months at cost.
10
PROPERTY, PLANT AND EQUIPMENT
Land
Buildings Opening carrying value
375,000
375,000
Total Buildings
375,000
375,000
Opening carrying value
5,351
10,545
Additions
9,306
2,902
(6,572)
(7,869)
-
(364)
8,086
5,213
278,605
355,038
4,752
5,776
(75,177)
(81,940)
-
(269)
208,181
278,605
Computer Equipment
Depreciation Disposals Total Computer Equipment Furniture, Fittings and Office Equipment Opening carrying value Additions Depreciation
Disposals Total Furniture, Fittings and Office Equipment
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
41
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
10
PROPERTY, PLANT AND EQUIPMENT (CONTINUED) 2020
2019
Motor Vehicles Opening carrying value Depreciation Total Motor Vehicles
36,935
52,622
(15,687)
(15,687)
21,248
36,935
93,910
135,429
Chattels Opening carrying value Additions
864
-
(16,460)
(16,648)
Disposals
(1,514)
(24,871)
Total Chattels
76,800
93,910
98,210
-
Depreciation
Right of Use Assets Additions Depreciation Total Right of Use Assets
TOTAL PROPERTY, PLANT AND EQUIPMENT
(43,649)
-
54,561
-
1,040,377
1,086,164
All property plant and equipment is recorded at cost less accumulated depreciation, except for land which is recorded at fair value. Buildings were not depreciated in 2020. Subsequent costs, such as additions or further development of the asset, are recognised as a separate asset. This occurs at the point it is probable that the economic benefits of the asset will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are recorded as expenses in the year that they are incurred. The residual values and estimated useful lives are reviewed at the end of each financial year to see if they are still appropriate. • Computer equipment 40% - 67% DV • Office equipment 7% - 50% DV • Fixtures and fittings 7% - 20% DV • Motor vehicles 21% DV 11
INTANGIBLES 2020
2019
1
1
Quota Shares
1,071,460
1,071,460
TOTAL INTANGIBLES
1,071,461
1,071,461
Goodwill Goodwill Intangibles
Goodwill Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Dawson Falls Mountain Lodge.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
11
INTANGIBLES (CONTINUED)
Fishing Quota Fisheries quota held by Ngāruahine Fisheries Limited (NFL) is an indefinite life intangible asset because there is no foreseeable limit to the period over which the quota is expected to generate cash inflows for NFL. The fishing quota is recognised at cost. The fishing quota is reviewed annually for impairment or whenever there is an indication that it may be impaired, there were no indications of impairment during the year (2019: Nil). The current market valuation undertaken at 31 March 2020 is $2,232,116. The quota consists of settlement quota of 59,791,957 shares and regular quota of 241,406 shares. 12
INVESTMENTS 2020
AMP Capital Diversified Infrastructure Trust (ADIT) Harbour Asset Management Ltd Iwi Commercial Property Limited Partnership
2019
4,808,539
-
-
17,940,557
4,999,140
-
Milford Private Wealth Managed Fund
-
41,078,936
Mercer Investments (New Zealand) Ltd
36,294,347
-
1,809,155
1,174,917
964,630
1,262,630
Oriens Private Equity Investment Shares in Moana New Zealand Tai-Hekenga Property Limited Partnership Te Pūia Tāpapa Limited Partnership TOTAL INVESTMENTS
14,434,852
61,935
258,237
20,000
63,568,900
61,538,975
Investments is comprised of investments in managed funds, Moana New Zealand shares and private equity as detailed below: Managed Funds Investment in managed funds are recognised at fair value. Changes in the fair value are recognised in profit and loss. If the value of the managed fund has increased it will appear as income, if it has decreased it will appear as a loss. Investments are recorded at market value as determined by the fund managers using unit prices at year end. Moana New Zealand Shares Moana New Zealand (Formerly Aotearoa Fisheries Limited) shares are recognised at fair value. Changes in the fair values of investments are recognised in profit and loss. If the value of the shares has increased it will appear as income, if it has decreased it will appear as a loss. Management assesses fair value at year end taking into account the dividend yield valuation, comparison to valuations from other lwi for Moana New Zealand shares and other external sources of information regarding Moana New Zealand's current situation and future projections. The impairment is based on a fair value of $1,000 per share, resulting in an impairment in the current year of $298,000 (Last year: nil) Private Equity Investments Private Equity Investments are recognised at fair value. Changes in the fair values of investments are recognised in profit and loss. If the value has increased it will appear as income, if it has decreased it will appear as a loss. The Oriens Private Equity Investment is recorded at market value as determined by the fund at year end. Investments in Partnerships are stated at cost.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
43
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
13
IMPAIRMENT
(i) Financial assets The Group assesses at the end of each year whether a financial asset or group of financial assets is impaired. Impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events since initial recognition of the asset (a loss event) and that loss event has an impact on the estimated future cash flows from the financial asset, which can be reliably estimated. Evidence of impairment may include that a debtor is experiencing significant financial difficulty, default or delinquency in payments, the probability that they will enter bankruptcy or other financial re-organisation, and where data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. The amount of the loss is measured as the difference between the carrying amount and the present value of estimated future cash flows (discounted at the original effective interest rate). The carrying amount of the asset is reduced and the amount of the loss is recognised in the Statement of Comprehensive Income. If, in a subsequent period, the amount of the impairment loss decreases and that decrease can be objectively linked to an event after the impairment was recognised, the previously recognised impairment loss is reversed and recognised in the Statement of Comprehensive Income. (ii) Non-financial assets Intangible assets that have an indefinite useful life, or intangible assets that are not ready to use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount is the higher of the assets fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
44
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
14
TRADE & OTHER PAYABLES
Accounts Payable BNZ Credit Cards TOTAL TRADE & OTHER PAYABLES
2020
2019
201,327
300,890
2,938
4,109
204,266
304,999
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. They represent the amounts we owe for goods and services provided to the Group to the end of the financial year that are due to be paid. The amounts are unsecured and are paid within 30 days of an invoice being received.
15
OTHER CURRENT LIABILITIES 2020
2019
Lease Liability
55,772
-
MSD Covid 19 Wage Subsidy
39,838
-
Vouchers Sold
10,330
3,400
105,940
3,400
TOTAL OTHER CURRENT LIABILITIES
Vouchers are vouchers sold during the year which have yet to be redeemed for accommodation at Dawson Falls Mountain Lodge.
16 INCOME TAX EXPENSE
Profit from continuing operations
2019
2019
3,507,166
1,994,092
Income tax@ 17.5%
613,754
348,966
INCOME TAX EXPENSE
613,754
348,966
The tax expense for a period comprises current tax. Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws effective at year end. It establishes provisions where appropriate, on the basis of amounts expected to be paid to the Inland Revenue Department. All entities in the Group are registered Māori Authorities for taxation purposes and pay income tax at 17.5%. Taxation is calculated on net profit before taxation, making any adjustments for amounts that are not tax deductible.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
45
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
17
FINANCIAL INSTRUMENTS 2020
2019
Cash and cash equivalents
7,669,909
1,091,175
Investment in Partnerships
21,501,385
1,256,852
Term Deposits
14,700,000
18,700,000
222,629
335,115
44,093,923
21,383,142
42,067,516
60,282,123
Assets At amortised cost
Trade and other receivables Total at amortised cost At fair value through profit and loss Investments Total at fair value through profit and loss
42,067,516
60,282,123
Total Assets
86,161,438
81,665,265
Trade and other payables
201,327
300,890
Total at amortised cost
201,327
300,890
Total Liabilities
201,327
300,890
85,960,111
81,364,375
Liabilities At amortised cost
TOTAL FINANCIAL INSTRUMENTS
The Group's financial assets and liabilities are detailed below. Prepayments, GST and income tax are excluded from the table as they do not meet the definition of a financial instrument. For financial instruments, which are measured at fair value, changes in the fair values of these financial instruments are shown under the profit and loss section of the statement of comprehensive income. If the value of the financial instruments has increased it appears as income, if they have decreased it is a loss. Revenue earned on financial instruments for example interest, dividends and PIE income, is recorded separately in the profit and loss section of the statement of comprehensive income, this revenue is not included when calculating changes in fair value of the financial instruments.
46
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
18
TREATY SETTLEMENTS 2020
Ordinary shares Historical treaty settlement - Quantum Historical treaty settlement - Quota Historical treaty settlement - Land TOTAL TREATY SETTLEMENTS
2019
100
100
67,089,539
67,089,539
1,071,461
1,071,461
296,501
296,501
68,457,601
68,457,601
The Group's equity is the sum of the funds received from the Ngāruahine historical treaty settlement plus share capital. As part of the Ngāruahine Claims Settlement Act 2916, Te Korowai o Ngāruahine Trust received four properties; Te Kohinga (Ohawe Beach), Te Ngutu o te Manu site A (Ahipaipa Road), Waipakari (Ohawe Beach), Te Poho o Taranaki (Manaia Road). The fair value of the properties received amounted to $296,501. 19
RESERVES & RETAINED EARNINGS 2020
2019
1,433,998
1,433,998
1,433,998
1,433,998
Growing Ngāruahine environmental capability
10,000
-
Kaumatua Wellbeing Plan
11,000
-
Mapping the Ngāruahine rohe
140,000
-
Support Hapū development (distributions)
236,000
-
(a) Reserves Ngāruahine Fisheries Limited gain on acquisition Movements: Opening Balance Te Kīwai Matau o Ngāruahine Charitable Trust Reserves
Total Te Kīwai Matau o Ngāruahine Charitable Trust Reserves
397,000
-
1,830,998
1,433,998
Opening Balance
14,173,751
11,808,876
Profit for the year
4,377,499
2,319,651
-
45,224
CLOSING BALANCE (b) Retained earnings. Movements in retained earnings were as follows:
Tai-Hekenga Contribution Transfer to Reserves CLOSING BALANCE
(397,000)
-
18,154,250
14,173,751
(c) Nature and purpose of reserves The gain on acquisition reserve arose when Te Korowai acquired the assets and liabilities of Nga Hapu o Ngāruahine lwi Inc (NHONI) (including Ngāruahine Fisheries Limited, (NFL) via the Ngāruahine Claims Settlement Act 2016. The Group prepaid $672k in 2015 for NFL but received a net asset at book value of $2.7M resulting in a $1.94M net gain after deducting the liabilities of NHONI. The gain on acquisition may only be applied to charitable purposes as NHONI was a registered charity at the time the transfer occurred.Te Kīwai Matau o Ngāruahine Charitable Trust reserves were set aside by the Trustees for capability, relationship and self-resilience priorities for the benefit of Ngāruahine uri. The Board is currently in the process of finalising the broader fund structure and distribution policies.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
20 TRUSTEE REMUNERATION 2020
2019
Beverly Gibson (Pou Whakarae)
62,693
60,000
Te Aroha Hohaia
12,539
12,000
William Edwards
12,539
12,000
Omahuru Robinson John Hooker
3,626
12,000
16,539
12,000
Christine Ngawai Henare (Chair, Te Ira Auaha)
14,846
16,000
Wendy Eynon
12,539
12,000
Cheryl Luke-Maraki
15,660
12,000
David More
12,539
12,000
Caroline Scott (Chair, Te Ohu Arotake)
16,718
16,000
2,769
12,000
Daisy Noble Paula Cuff Ferinica Foreman Allen Webb
5,615
-
12,539
10,615
5,615
-
The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $12,000 per annum (2019:$12,000 per annum). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration.
21 DIRECTORS REMUNERATION
Hinerangi Raumatu Tu'ua (Chair & independent director)
2020
2019
53,711
44,000
Taari Nicholas (independent director)
34,397
34,000
Beverly Gibson (Trust appointed director)
15,204
15,000
Te Aroha Louie Rauhuia Hohaia
13,750
13,750
Dion Brent Maaka (Associate director) TOTAL DIRECTORS REMUNERATION
3,250
2,500
120,313
109,250
Directors remuneration refers to directors' fees paid to the directors of Te Kiwai Maui o Ngāruahine Limited. No directors' fees are paid to directors of Ngāruahine Fisheries Limited and Te Rere o Kapuni Limited.
22 REMUNERATION OF KEY MANAGEMENT PERSONNEL
Over $100,000
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2020
2019
1
1
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23
INVESTMENT IN SUBSIDIARIES
The Group had the following subsidiaries at 31 March 2020, all subsidiaries are included in the consolidation
• Ngāruahine Fisheries Limited
• Te Rere o Kapuni Limited trading as Dawson Falls Mountain Lodge
• Te Kīwai Mauī o Ngāruahine Limited
• Te Kīwai Matau o Ngāruahine Charitable Trust
24
STATEMENT OF CASH FLOWS
The following definitions are used in the Statement of Cash Flows:
• Cash and cash equivalents can all be readily converted into cash and includes any at call borrowings such as bank overdrafts used by the Group as part of its day to day cash management.
• Operating activities include all transactions and other events that are incurred in the day-to-day running of the Group. It does not include any investment activities.
• Investing activities includes the cash flow that is obtained from the investments that the Group makes, such as our managed funds.
• Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.
25
ACCOUNTING JUDGEMENTS & ESTIMATES
The preparation of the financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods. All judgements and estimates made are believed to be reasonable given the current circumstances and information available. Judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements include the following:
• Revenue recognition
• Intangible assets
• Valuation of investments
• Useful life, recoverable amount, depreciation and rates
• Impairment
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
26
RELATED PARTY TRANSACTIONS
The accounting standards require us to disclose information about related parties. Related parties are organisations and individuals that have significant influence, control over, common management personnel or similar Board to the Group. This means any organisation that a Trustee is also a Trustee or Director on is a related party. The Group's related parties during the year were:
• The members of the Te Korowai Board as individuals
• The directors of all subsidiary companies
• Waiokura Marae and Reserves Trust: Te Aroha Hohaia and Cheryl Luke-Maraki are Trustees of Te Korowai and Waiokura Marae and Reserves Trust
• Ngati Haua Whanui Incorporated: David More and Christine Ngawai Henare are Trustees of Te Korowai and Ngati Haua Whanui Inc.
• Hohaia Van Passen Limited; Te Aroha Hohaia is a Director of Te Kiwai Maui o Ngāruahine and also a Director of Hohaia Van Passen Limited
• Parininihi ki Waitotara Incorporation; Beverly Gibson and Hinerangi Raumati-Tu'ua are Directors of Te Kiwai Maui o Ngāruahine and also a Director of Parininihi ki Waitotara Incorporation
• The Bishop Action Foundation; Te Aroha Hohaia is a Director of Te Kiwai Maui o Ngāruahine and also a Trustee of The Bishop Action Foundation
• Venture Taranaki; Hinerangi Raumati-Tu'ua is a Director of Te Kiwai Maui o Ngāruahine and also a Trustee of Venture Taranaki
• Ngati Manuhiakai Hapu; Ferinica Hawe-Foreman is a Trustee of Te Korowai and Ngati Manuhiakai Hapu
• Te Rangatapu Pa; Ferinica Hawe-Foreman is a Trustee of Te Korowai and Te Rangatapu Pa
The Group's related parties during the 2019 year were:
50
• The members of the Te Korowai Board as individuals
• The directors of all subsidiary companies
• Waiokura Marae and Reserves Trust: Te Aroha Hohaia and Cheryl Luke-Maraki are Trustees of Te Korowai and Waiokura Marae and Reserves Trust
• Ngati Haua Whānui Incorporated: David More and Christine Ngawai Henare are Trustees of Te Korowai and Ngati Haua Whanui Inc.
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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2020
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RELATED PARTY TRANSACTIONS (CONTINUE) • Hohaia Van Passen Limited; Te Aroha Hohaia is a Director of Te Kiwai Maui o Ngāruahine and also a Director of Hohaia Van Passen Limited
• Mentoa Consultants; Omahuru Robinson is a Trustee of Te Korowai o Ngāruahine Trust and a Director of Mentoa Consultants
• Parininihi ki Waitotara Trust; Beverely Gibson is a Director of Te Kiwai Maui o Ngāruahine and also a Director of Parininihi ki Waitotara
• The Bishop Action Foundation; Te Aroha Hohaia is a Director of Te Kiwai Maui o Ngāruahine and also a Trustee of The Bishop Action Foundation
• Venture Taranaki; Hinerangi Raumati-Tu'ua is a Director of Te Kiwai Maui o Ngāruahine and also a Trustee of Venture Taranaki
27. COMMITMENTS AND CONTINGENCIES As at 31 March 2020 the Group had no contingent liabilities or assets (2019: $Nil). Te Kīwai Maui o Ngāruahine Limited has entered into an agreement to become a limited partner in the Te Pūia Tāpapa Limited Partnership. Te Kīwai Maui o Ngāruahine Limited has committed $2,500,000 of capital with $258,237 paid as at balance date. (2019: $20,000). Te Kīwai Maui o Ngāruahine Limited has entered into an agreement to become a limited partner in the Oriens Capital Private Equity Fund Limited Partnership. Te Kīwai Maui o Ngāruahine Limited has committed $2,550,000 of capital with $1,632,000 paid as at balance date. (2019: $1,147,500). Te Kīwai Maui o Ngāruahine Limited has entered into an agreement to become a limited partner in the Iwi Commercial Property Limited Partnership. Te Kīwai Maui o Ngāruahine Limited has committed $7,500,000 of capital with $4,945,264 paid as at balance date.
28. EVENTS OCCURRING AFTER THE REPORTING PERIOD On March 11, 2020, the World Health Organisation declared the outbreak of a coronavirus (COVID-19) a pandemic and two weeks later the New Zealand Government declared a State of National Emergency. As a result,economic uncertainties have arisen which could negatively affect our operations and services. As the declaration was made during the reporting period the Group believes it constitutes an 'Adjusting Event', as defined in NZIAS 10 Events after the Reporting Period. Te Rere o Kapuni Limited received the Ministry of Social Development's wage subsidy to ensure staff were paid during lockdown when the business was closed. At this time, it is difficult to determine the full financial impact of the COVID-19 pandemic that may affect the Group. (Last Year: Nil).
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2020-2021
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2020-2021 STRATEGIC PRIORITY – RELATIONSHIPS 1
Formalise relationships with other parties that will contribute to achieve Ngāruahine goals
2
Establish strategic relationships with Taranaki iwi to further the interests of Ngāruahine iwi and the region
3
Support Hapū development through a sustainable distribution policy
4
Progress the Takutai Moana applications with Ngāruahine Hapū
5
Influence central and local government through Mana Whakahono a Rohe Agreements
6
Te Korowai communications build confidence of members and uri
7
Develop a Ngāruahine narrative about Te Rere o Kapuni
8
Draft a Ngāruahine rangatahi strategy to be led by rangatahi.
9 Develop and deliver a Ngāruahine wānanga that attracts uri to learn about Ngaruahine iwi and increases our sense of belonging.
STRATEGIC PRIORITY – CAPABILITY 10 Implement the Iwi scholarship programme for the 2021 academic year 11 Grow the environmental capability of Ngāruahine uri, whānau and Hapū 12 Support Hapū and Marae to grow their governance capability 13 Establish Tui Tuia (cultural reference group) to support Te Korowai operation 14 Develop a GIS mapping programme in partnership with hapū
STRATEGIC PRIORITY – SELF-RESILIENCE 15 Complete the Ngāruahine Iwi Taiao Strategy for implementation in 2020 16 Draft a Ngāruahine Engagement Plan in partnership with Waikato University 17 Progress the development of a Ngāruahine kaupapa Māori principle and assessment framework 18 Complete the Deferred Selection Properties 19 Develop a Te Korowai climate change plan to reduce our environmental footprint 20 Manage the Iwi register
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
SUPPLEMENTARY INFORMATION
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF THE ANNUAL GENERAL MEETING FOR THE YEAR ENDED 31 POUTŪTERANGI 2019 SATURDAY, 31 AUGUST 2019 AT 9.00AM, ASSEMBLY OF GOD CHURCH, HIGH STREET, TE HĀWERA
1. MIHI / WELCOME Bev Gibson (Pouwhakarae) 2. ATTENDANCE Karl Adamson, Kaye Adamson, Ngaputiputi Akapita, Ngawai Akapita, Stacey Alrarez, Raewyn Te Rongopai Ashby, Bonita Bigham, Hinewaito Bigham, Cecilia Boylan, Sharelle Brooke-Williams, Ngaraina Brooks, Patsy Broughton, Ella Burrows, Natalie Cameron, Tami Cave, Te Rawanake Coles, Lyn Comp, Rhonda Craig, Te Rau Oriwa Davis, Te Aorangi Dillon, Erana Edwards, Maakere Edwards, Manuirirangi Edwards, Elly Edwards, Patina Edwards, Will Edwards, Manu Edwards, Ray Edwards, Kiri Erb, Raymond Eynon, Aaron Eynon, Wendy Eynon, Margaret Eynon, Leah Eynon, James Eynon, Gary Foreman, Paula Frearson, Bev Gibson, Sera Gibson, Ferinica HaweForeman, Allie Hemara-Wahanui, Craig Hemara-Wahanui, Erin Hemara-Wahanui, Ryan Hendrinks, Zoe Hendrinks, Peter Hikaka, Jazmin Hoffman, Te Aroha Hohaia, Te Maramatanga Hohaia, John Hooker, Hoani Horsfall, Puawai Hudson, Ripeka Hudson, Kevin Huxtable, Archie Johnson, Madison Johnson, Kris Johnson, John Kahu, Ivy Kearney, Syd Kershaw, Floyd King, Daphine Kira Luke, Santina Knowles, Tamaari Kupe-King, Cheryl Luke-Maraki, Turake Manuirirangi, Mel Martin, Andy Maruera, Janine Maruera, Tuheimoa Maruera, Taniya Miles, Peter Moeahu, David More, Pam Morehu-Wharepapa, Vonnie Ngatai, Heavenlee Ngatai, Donna Ngatai, Sid Ngatai, Toni Ngatai-Oliver, Geraldine Nicholas, Mark Nicholas, Jenny Noble, Tihi Daisy Noble, Lynette Noble, Christine O'caroll, Aaliyah Olliver, Gregg Parata, Lorna Parata, Emma Park, Mitchell Pera, Rere-No-a-Rangi Pope, Takawai Pouwhare, Doug Puke, Arama Rata, Chris Rata, Aroha Rauhiri, Hinerangi Raumati, Cilla Rei, Te Ahu Rei, Taarewa i te rangi Rei, Te Koomuri Rei, George Robinson, Carla Robinson, Toni Robinson, Irene Robinson, Archie Robinson Johnston, Madison Robinson Johnston, Betty Robinson-Goedhart, Acushla Sciascia, Caroline Scott, Gordan Sole, Fay Spring, Mike Spring, Nicki Spring, Penny Taha, Adrian Taylor, Janie ThompsonKatene, Raanga Walker, Willie Walker, Elaine Webb, Allen Webb, Thomas Webb, Henry Wensor, Lois Weston, Bee Weston-Jacobson, Piki Te Ora Weston-Jacobson, Shaniqua Weston-Jacobson, Tisha Weston-Jacobson, Nadya WestonJacobson, Darlene Weston-Jacobson, Marian Whakatutu, Goergina Wharepapa, Gloria White, Te Raunatanga Williams-Edwards, Renee Wright, Daryl Young, Kendall Young, Nicolette Young. 3. APOLOGIES Holloway Fredwick Ashby, Chelsie-Capree Ashby, Ewin Ngamaanaki Ashby, Doug Brooks, Rhegan Brooks, Naomi Brooks, Tyran Brooks, Tane Brooks, Ethan Brooks, Kaylee Brooks, Linda Davidson, Te Puhunga Marty Davis, Ruta Davis, Dorothy Delgar, Hinerangi Edward , Pat Galagher, 56
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David Gibson, Lane Gibson, Wairingiringi HemaraWahanui, Christine Henare, Natalie Hodge, Maraekura Horsfall, Rangihuna Hudson, Paharakeke Hudson, Ruinga Hudson, Ritihia Hudson, Kura Hudson, Ann Johnston, Lola Katene, Dinah King, Phillip King, Marika Kupe-King, Judy Maruera, James Matangi, Denise Matangi, Sharon Nixon, Te Aira Nyman, Adrian Nyman, Julie Nyman, Te Ora Nyman, Annette Nyman-Riddle, Tina Parata, Norah Puketapu-Collins, Mataana Rei, Neta Riley, Hayley-James Ihaka Robinson, Witchy Rupapera, Raniera Toa, Moetu Tonga, Tumi Toro, Garfield Toro, Tia Turahui, Garth Weston , Grant Weston, Maraea Wharehoka, Mairi Wharehoka, Peeti Wharehoka-Watene. It was resolved that Apologies be accepted. Moved: Doug Brooks Seconded: Te Rawanake Coles CARRIED 4. PREVIOUS MINUTES It was resolved that Minutes of the 2018 AGM be accepted. Moved: Peter Moeahu Seconded: Te Rawanake Coles CARRIED 5. POUWHAKARAE REPORT It was resolved that the Pouwhakarae report be taken as read. Moved: Peter Moeahu Seconded: Karl Adamson CARRIED The Pouwhakarae advised that: a. T he Te Korowai Board quorum was amended to ‘any seven trustees’. b. T he Taranaki Māori Trust Board is leading the dissolution and Maunga negotiations; meetings are pending for both kaupapa. c. The Taranaki Iwi Chairs are also considering representation at the Taranaki Regional Council and noted the interest from Peter Moeahu. It was resolved that the Pouwhakarae report be accepted Moved: Greg Parata Seconded: Te Maramatanga Hohaia CARRIED 6. POUHAUTŪ REPORT a. There were views that Te Korowai is doing very little for marae and those living at home and that Te Korowai
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF THE ANNUAL GENERAL MEETING FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
should take their direction from the ahi ka. The Pouhautū reminded the hui that Te Korowai has a duty to all uri regardless of where they live. b. Hapū continue to wait for the hapū distributions and some have now established legal entities. The Pouhautū acknowledged that this kaupapa has taken a while for the Te Korowai Board to finalise the process of the distribution to hapū. c. The Pouhautū acknowledged the role of Te Kura o Ngāruahinerangi and their commitment to the promotion of Te Reo Māori me ona tikanga. 7. TE KOROWAI GROUP FINANCIAL STATEMENTS a. Adrian Taylor (Vanburwray Accountants) presented the group statements and explained that the increase in professional costs related to the review of Trust Deed and developing the Board Charter. That a contribution to Te Aroha Marae was coded as a grant and was not a Te Korowai operating expense. That $3m was transferred from term deposits and invested into a managed fund portfolio for a higher return. 8. TE KIWAI MAUI O NGĀRUAHINE LIMITED REPORT a. The meeting asked how Te Kīwai Maui could assist with purchasing back whenua, growing uri, their role regarding the Deferred Selection Properties and expenses. b. The Chair replied that Te Kīwai Maui has an investment strategy that includes investment opportunities alongside other Iwi e.g. Te Tai Hekenga and that Te Rere O Kapuni or Dawson Falls Lodge is a significant local investment. The challenge for the lodge is to achieve a cash neutral position and noted staff levels have increased to ensure there was sufficient cover to run the Lodge. The Chair also confirmed that last year’s issue of employment agreements has been resolved. c. The Chair advised that Te Kīwai Maui continues to assist with the Deferred Selection Properties, with commercial advice and engaging with the Crown. There were views from the attendees at the hui who were for and against Te Korowai purchasing these properties for hapū. There was also an assurance that Te Korowai has been discussing this kaupapa with hapū throughout the year. From the floor, Karl Adamson proposed a resolution: That the Te Korowai Board purchase the DSP Properties on behalf of Ngāruahine hapū Moved: Karl Adamson Seconded: Te Rau Oriwa Davis The Pouhautū received the resolution and declined to put it to the vote because this resolution should be considered by all registered adult members of Te Korowai, not just those at the hui today.
It was resolved that the 2019 Annual Report be approved. Moved: Peter Moeahu Seconded: Te Rawanake Coles Objection: Karl Adamson CARRIED 9. APPOINTMENT OF THE AUDITOR It was resolved that PriceWaterhouse Cooper be appointed Auditor for the 2019-20 year. Moved: Peter Moeahu Seconded: Natalie Cameron CARRIED 10. 2020 ANNUAL PLAN The Pouhautū noted that the 2020 Annual Plan featured in the Annual Report. It was resolved that the 2019-20 Annual Plan is approved. Moved: Natalie Cameron Seconded: Toni Robinson CARRIED 11. GENERAL BUSINESS a. Launch of the New Te Korowai Tohu The Pouwhakarae acknowledged the current tohu designed by Pahi O’Carroll, the revised vision being the inspiration launching the new tohu today. Poutakawaenga (Bonita Bigham) explained the process used for the new design and that it was a collaboration of uri who participated in the many wānanga and workshops held during the year. Some whānau expressed sadness about the tohu being replaced. Christine O’Carroll also shared her disappointment with the communications between the Pouhautū and her son Pahi and felt the conversation could have been better timed. b. Tauranga Waka A request was made that Te Korowai assist hapū with the maintenance of Tauranga Waka. c. T ransparency to meet with the Board A request for clear processes for hapū to meet with the board was also made. 12. GRADUATES ACKNOWLEDGEMENT Sixteen uri who graduated over the previous 18 months were recognised by Te Korowai and Ngāruahine Iwi for receiving their respective tohu. 13. KARAKIA WHAKAMUTUNGA Will Edwards TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KOROWAI O NGĀRUAHINE TRUST
Bev Gibson (Pouwhakarae)
Allen Webb
Caroline Scott
Cheryl Luke-Maraki
Christine Ngawai Henare
David More
Ferinica Hawe-Foreman (Elected May 2018)
John Hooker
Paula Cuff
Te Aroha Hohaia (JP)
Wendy Eynon (JP)
Will Edwards
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Te Wehi Wright Governance Intern
TE KOROWAI O NGĀRUAHINE TRUST GROUP
INDEPENDENT MEMBERS
David Patten Te Arohaehae Hautu
Neil Taylor, FCA. QSM. Te Ohu Arotake
Phillippa Wilson Te Ohu Arotake
TE KOROWAI O NGĀRUAHINE TRUST GROUP
COMMITTEES AND SUBSIDIARIES TE KOROWAI GOVERNACE SUB-COMMITTEES The Pouwhakarae sits on all committees as an ex-officio member. TE OHU AROTAKE (Audit & Risk) Caroline Scott (Chair) David More Will Edwards Neil Taylor Phillippa Wilson TE IRA AUAHA (Governance & Nominations) Christine Ngawai Henare (Chair) Wendy Eynon Tihi Daisy Noble
TE KOROWAI SUBSIDIARIES TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED Hinerangi Raumati-Tu’ua (Chair) Bev Gibson Te Aroha Hohaia Taaringaroa Nicholas Dion Maaka (Associate Director) NGĀRUAHINE FISHERIES LIMITED Hinerangi Raumati-Tu’ua Te Aroha Hohaia Taaringaroa Nicholas TE RERE O KAPUNI LIMITED Hinerangi Raumati-Tu’ua
TE KĪWAI MATAU O NGĀRUAHINE CHARITABLE TRUST Bev Gibson Will Edwards Wendy Eynon Ferinica Hawe-Foreman Te Aroha Hohaia John Hooker Cheryl Luke-Maraki David More Christine Ngawai Henare Paula Cuff Allen Webb Caroline Scott TE KOROWAI O NGĀRUAHINE CUSTODIAN COMPANY LIMITED Bev Gibson Allie Hemara-Wahanui
TE AROHAEHAE HAUTŪ Cheryl Luke-Maraki (Chair) John Hooker David Patten
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS AND QUALIFICATIONS Bev Gibson
Cheryl Luke-Maraki
Master of Management, Post Graduate Diploma in Health Service Management, Bachelor of Arts (majors in Nursing and Education), Diploma in Nursing, Diploma in Māori.
Araukuku Catholic Māori Club
Treasuer
Patea Māori Cultural Theatre Trust
Trustee (Treasurer)
Lantern House Trust
Independent Trustee Trustee (Chair)
Local Distribution Committee (COGS)
Member
Mahia Mai Whaitara Parininihi Ki Waitotara Incorporation
Director
South Taranaki District Council Iwi Liaison Committee
Member
Parininihi ki Waitotara Trust
Trustee
Trustee
Quality Visions Limited
Managing Director
Te Kīwai Matau o Ngāruahine Charitable Trust
Tamariki Pakiri
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Te Kīwai Mauī o Ngāruahine Limited
Director
Te Korowai o Ngāruahine Trust Te Arohaehae Hautū
Chair
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Kahui Maunga AMPAC
Trustee
Te Kura Kaupapa o Ngāti Ruanui
Te Korowai o Ngāruahine Custodian Company Limited
Director/Shareholder
Kaimahi and Secretary
Trustee (Pouwhakarae)
Te Mana Kuratahi Primary School National Kapa Haka Competition
Delegate (Aotea)
Te Korowai o Ngāruahine Trust
Te Korowai o Ngāruahine Trust, Applicant Marine & Coastal Area Act
Waiokura Marae and Reserves Trust
Trustee (Deputy Chair)
Allen Webb
Christine Ngawai Henare
Mawhitiwhiti-Kanihi Pa
Secretary, Treasurer
Post Graduate Diploma in Business (Māori Development).
Kanihi Umutahi (me etahi) Hapū
Secretary
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Aotearoa Marae
Trustee (Treasurer)
Mangawhero #2
Advisory Trustee
Te Korowai o Ngāruahine Trust
Trustee
Trustee
Te Kupenga o Kanihi Charitable Trust
Secretary, Treasurer
Ngāti Haua Whānui Incorporated Taranaki District Health Board
Chief Advisor Māori Health
Taranaki ki te Tonga Māori Health Forum
Convenor
Te Kawau Mārō Alliance Health Leadership Team
Member
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Caroline Scott Katere Trust
Secreatary, Treasurer
Ngāti Tamaahuroa me Titahi Hapū, Marine & Coastal Area Act
Applicant
Te Hanatoa Trust
Treasurer
Ngāti Tamaahuroa me Titahi Hapū Trustee Ngāti Tamaahuroa me Titahi Hapū Pataka Kaitiaki
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Oeo Pā
Trustee (Secretary, Treasurer)
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Te Korowai o Ngāruahine Trust Te Ohu Arotake
Committee Member (Chair)
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Whakatipuranga Rima Rau Trust Trustee
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS AND QUALIFICATIONS David More
John Hooker
Bachelor of Arts (Combined Honours).
Bachelor of Agricultural Science, New Zealand Institute of Valuers Rural (Professional Qualifications), Te Rangakura Diploma Primary School Bilingual Bicultural Teaching, Whakapakari Tino Rangatiratanga o Te Kohanga Reo.
New Plymouth District Council Kaimahi (Kaitohutohu) New Zealand Qualifications Authority
Contractee
Ngāruahine Hapū Takutai Moana Collective
Chair
Ngāti Haua 16 Maori Reservation
Trustee
Ngāti Hāua Whānui Incorporated Society
Eva Harris Trust
Trustee
Inuawai 1C,2B Trust
Advisory Trustee
Mangawhero 2 Trust
Advisory Trustee
New Zealand Māori Councilor
Member
Ngāruahine Kaumatua Kaunihera
Chair
Trustee (Deputy Chair)
Ngāti Hāua 5 Trust
Advisory Trustee
Ngāti Hāua Whānui Incorporated Trust
Trustee (Deputy Chair)
Ōkahu-Inuawai (me etehi atu) Hapū
Chair
Ngāti Hāua Hapū, Marine & Coastal Area Act
Applicant
Ōkahu-Inuawai (me etehi atu) Hapū
Hapū Environmental Contact
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Ōkahu Inuāwai (me etahi atu) Incorporated Society
Chair
Takutai Moana 6 Hapū Committee
Chair
Ōkahu-Inuawai Hapū, Marine & Coastal Area Act
Applicant
Te Korowai o Ngāruahine Trust
Trustee
Opunake High School
Te Korowai o Ngāruahine Trust - Te Ohu Arotake
Committee Member
Board of Trustee (Member)
Ruaputahanga Māori Wardens
Chair
South Taranaki District Council Iwi Liason Committee
Member
Stratford High School
Kaimahi
Taranaki Māori Trust Board
Member
Ferinica Hawe-Foreman Beach Energy, Todd Energy, Taranaki By-Products
Hāpu Representative
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Foreman Shearing Ltd
Director
Te Korowai o Ngāruahine Trust
Trustee
Ngāti Manuhiakai Hapū
Secretary
Ngāti Manuhiakai 5A2
Trustee
Te Korowai o Ngāruahine Trust Te Arohaehae Hautū
Committee Member (Chair)
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Kura Kaupapa Māori O Tamarongo
Reliever
Te Korowai o Ngāruahine Trust
Trustee
Te Rangatapu Pa
Trustee (Secretary)
Paula Cuff Creative New Zealand
Kaimahi
IR & PK Cuff Family Trust
Trustee
Mawhitiwhiti-Kanihi Pa
Trustee
Te Kupenga o Kanihi Charitable Trust
Trustee
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS AND QUALIFICATIONS
Dr Te Aroha Hohaia (JP)
Dr Will Edwards
Bachelor of Management Studies, Master of Public Policy, Doctor of Philosophy.
Bachelor of Arts (Tohu Paetahi), Bachelor of Horticulture, Diploma of Advanced Taranaki Māori Language, Master of Philosophy, Doctor of Philosophy.
Bashford-Nicholls Charitable Trust
Trustee Trustee
Ageing Well National Science Challenge
Member (Deputy Chair)
Bishop's Action Foundation Bizlink Hawera Incorporated
Member
Brain Research New Zealand
Scientific Advisory Panel
Business & Professional Women Hawera
Member
Hāwera High School
Board of Trustees
Health Research Council
Māori Health Committee
Federated Mountain Clubs of New Zealand Incorporated
Member
MOMWD Trustee Limited
Director
Ngāruahine Fisheries Limited
Director
Member
South Taranaki Association
Justice of the peace
National New Energy Development Centre Steering Group
Te Ara Pae Trust
Trustee (Chair)
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Ngāti Tupaia Hapū Incorporated
Director
Te Korowai o Ngāruahine Trust
Trustee
Parininihi Ki Waitotara Incorporation
Te Kīwai Mauī o Ngāruahine Limited
Director
Parininihi ki Waitotara Trust
Trustee Director
Te Puni Kokiri
Contractor
R & R Edwards Whanau Trust Limited
Trinity Home and Hospital Ltd
Director
Tangahoe Tribal Trust
Chair
Hohaia van Paassen Limited
Director
Taranaki Futures Trust
Trustee
Waiōkura Marae & Reserves Trust
Trustee (Secretary, Treasurer)
Taranaki Māori Trust Board
Potential Contractor
Tatai Hono Research Project, University of Waikato
Community Researcher
Taumata Associates
Director
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Te Korowai o Ngāruahine Trust - Te Ohu Arotake
Committee Member
Wendy Eynon (JP) Diploma in Advanced Career Guidance. Kaponga Progressive Committee Member
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Ngāti Mauhiakai Hapū
Treasurer Contractor
Te Kupenga Mātauranga o Taranaki Trust
Trustee (Co-Chair)
Puawai 05 Pathways RJ & WMJ Eynon Nominees
Trustee
Te Mana Ririki Trust
First Named Investigator
Spotswood College
Kaimahi
Te Poutiringa Incorporated
Trustee
Stratford Branch Taranaki Justice Secretary/Treasurer of the Peace Association
Te Reo o Taranaki Trust
Board Member
Tui Ora Limited
Director
Te Ara Pae Trust
Manager
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
University of Auckland, Advisory Group (Longitudinal Study ‘Cost of doing Nothing’)
Advisory Group Member (Named Investigator)
Te Korowai o Ngāruahine Trust
Trustee
Te Korowai o Ngāruahine Trust Te Ira Auaha
Committee Member
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
Te Wehi Wright (Governance Intern) Te Korowai o Ngāruahine Trust
Governance Intern
Te Kīwai Matau o Ngāruahine Charitable Trust
Governance Intern
Tuaropaki Trust
Coordinator
TE KOROWAI O NGĀRUAHINE TRUST GROUP
INDEPENDENT MEMBERS QUALIFICATIONS
David Patten
Phillippa Wilson
Bachelor of Laws, Bachelor of Arts, Master of Business Studies (in Dispute Resolution), Diploma of Business Studies (in Dispute Resolution), Fellow of the Arbitrators' and Mediators' Institute of New Zealand, Member of the New Zealand Law Society, Member of the Australasian Association of Workplace Investigators.
Bachelor of Business Studies, Chartered Accountant of the Institute of Chartered Accountants Australia & New Zealand, Master of Public Policy.
Neil Taylor, FCA. QSM. Fellow of the Institute of Chartered Accountants Australia & New Zealand, Queen's Service Medal.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
GOVERNANCE MEETINGS Board Meetings Attended
Board Meetings Eligible
Sub Committee Meetings Attended
Sub Committee Meetings Eligible
11 10 10 10 10 10 9 8 8 8 3 3 2 1
11 11 11 11 11 11 11 11 11 11 3 3 2 1
13 5 7 3 4 2 7 2 -
14 5 7 5 5 2 7 2 -
1 April 2019 - 31 March 2020
Trustees Bev Gibson Caroline Scott Cheryl Luke-Maraki David More Ferinica Hawe-Foreman William Edwards Te Aroha Hohaia Christine Ngawai Henare John Hooker Wendy Eynon Allen Webb Paula Cuff Tihi Daisy Noble Omahuru Robinson
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KOROWAI KAIMAHI
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Allie Hemara-Wahanui Ngaruahine iwi Te Pouhautū (General Manager) Master of Business Administration
Tami Cave Ngaruahine iwi Bachelor of Science, majoring in Psychology Bachelor of Physical Education, majoring in Sport and Leisure Postgraduate Diploma in Public Health Master of Health Science
Bonita Bigham Ngaruahine iwi Master of Fine Arts Diploma in Journalism
Bonnie Johnstone Whakatohia iwi Bachelor of Business Studies with a major in Management Systems
Kawarau Ngaia Ngaruahine iwi Bachelor of Education (Teaching) Whakapiki Te Reo
Paul Scott Bachelor of Commerce with a Double Major in Accounting & Finance, and Economics Chartered Accountant of the Institute of Chartered Accountants Australia & New Zealand Member of the International Association for Public Participation
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2020
Bart Jansma Bachelor of Science with Honours (Ecology)
E kore au e mate, Ka mate ko te mate Ka mate ko te mate Ka ora taku toa This kōrero is to remind us of the campaign of Titokowaru. 'E kore au e mate, ka mate ko te mate' reflects a time when our tupuna fought to the bitter end and even after death, they refused to give up. They refused to die because our existence as Ngāruahine, tangata whenua was paramount. Today, our mere existence cannot be our goal. 'Ka ora taku toa' is our rallying cry that we must flourish and thrive. Ngāruahine iwi take every action to be a healthy, wealthy and culturally vibrant iwi and 'ka ora taku toa' is our vision for Ngāruahine iwi. E kore au e mate, Ka mate ko te mate Ka mate ko te mate Ka ora taku toa
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NOTES
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| TE KOROWAI O NGÄ€RUAHINE ANNUAL REPORT 2020
NOTES
TE KOROWAI O NGÄ€RUAHINE ANNUAL REPORT 2020
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147 High Street, Hawera PO Box 474, Hawera, Taranaki 4640 Phone: 06 278 7411 www.Ngāruahine.iwi.nz Ngāruahine