TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT $3m increase in Trust Equity from last year.
2040 long term plan now in place.
VISION Ka ora taku toa – Kia tu Ngāruahine ai tatou MISSION A healthy, wealthy and culturally vibrant iwi PRIORITIES Relationships Capability Self-resilience
Tēnā Koutou Ngāruahine uri, tēnā koutou katoa. On behalf of the trustees I am pleased to present the annual report on the performance of Te Korowai o Ngāruahine Trust (Te Korowai) which includes Te Kīwai Maui Limited (Maui), the commercial arm, and Ngāruahine Fisheries Limited. This report is for the period 1 April 2017 to 31 March 2018. It has been a busy year for the group with the year beginning with leadership changes at the Trust level and in management. Te Korowai have emerged in a stronger position in terms of direction and relevance. FINANCIAL RESULTS Te Korowai has no bank debt and meets its operating costs derived from the interest generated by its investments. The Treaty settlement quantum ($67m) remains intact and the Trust’s equity has increased by $4m (FY17/18: $82m, FY16/17: $79m) which is a significantly improved position
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that can be attributed to the mahi of the commercial arm, Te Kīwai Maui Limited. The Chair, Hinerangi Raumati-Tu’ua provides more detail in her report. This year the group are also reporting a $1.4m increase in our unrealised gains (FY17/18: $2.5m per profit and loss, FY16/17: $2.4m). Unrealised gains are investments that have not been sold. When they are sold they shift from being an unrealised gain, to being cash and are recorded as profit. Although it is not real cash, it’s worth keeping track on how our unrealised gains are performing. During this period there was a $285k increase in trading revenue compared to the previous year (FY 17/18: $2.7m, FY16/17: $2.4m) courtesy of pūtea made from our investments and income from Dawson Falls Lodge. However, at the same time there was an $800k increase in expenses (FY17/18: $3.3m, FY16/17: $2.4), and together this resulted in a net profit of $197k, a $60k increase from the year before (FY16/17: $137k).
