ANNUAL REPORT
PŪRONGO A TAU FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2019
CONTENTS 5
Our Kaupapa, Our Vision, Our Mission, Our Values
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Pouwhakarae Report
12 Long Term Plan 2040 14 Annual Plan 2018-2019 Highlights 20 Key Operating Data - At A Glance 20 Te Kīwai Mauī o Ngāruahine Report 22 Pouwhakarae Report 26 FINANCIAL STATEMENTS 2019 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 2019-2020 56 SUPPLEMENTARY INFORMATION 58 Minutes of the 2018 Annual General Meeting 60 Te Korowai o Ngāruahine Trustees 61 T e Korowai o Ngāruahine Committee and Subsidiaries 62 Trustee Interests 65 Governance Meetings 65 Te Korowai Kaimahi
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HE TANGI MŌ OMAHURU Kei runga Puanga Kei raro Matariki Kei tua Ngārongo Kua ngū tō reo Omahuru i ngā pātū o Hoani Pāpita Haere koe i te ara ukuuku o Ruaputahanga Ka nuku ki Kanihi Ka neke ki Umutahi Ka Māwhitiwhiti ki Ngāti Tū Haere koe i te ara tāpokopoko o nunui mā! Haere koe ki te kāinga i tauiratia mō te tangata Haere, haere Kāti ake rā! Waiho mai ngā kaupapa maha i wawatatia Mā mātou e oke, e koke, e kōkiri e Tihei Mauriora!
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Photo: Breeya Martin (Mum) and Armani-Rose Tomokino.
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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 A healthy, wealthy and culturally vibrant iwi.
OUR VALUES NGĀKAUNUI Sound Judgement
MĀHAKITANGA Respect & Humility
MAHI KA TIKA Transparency
MAHI PONO Trustworthiness
MANAAKITANGA Sharing & Caring
HARI ME TE KOA Fun & Celebration
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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) details 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) a ny 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) t he 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.
Photo: Te Rau Oriwa Davis.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
$2.3m after tax profit for Y19. ($2.7m: Y18)
Special Resolution approved to revive the 2014 Trust Deed to present day.
E ngā iwi, e ngā reo, e ngā karangatanga maha o ngā hau e whā, tēnei te mihi atu ki a koutou katoa.
Limited (“Custodian Company”)
n behalf of the Board of Trustees, O it is with pleasure that I present the Annual Report on the performance of Te Korowai o Ngāruahine Trust Group (“the Group”).
the properties and shareholdings
TE KOROWAI O NGĀRUAHINE GROUP STRUCTURE
protected and preserved in the
The entities of the group structure include Te Korowai o Ngāruahine Trust, Ngāruahine Fisheries Limited, Te Kīwai Mauī o Ngāruahine Limited, and Te Rere o Kapuni Limited. Two new entities were established in this reporting year, the Te Korowai o Ngāruahine Custodian Trustee
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and Te Kīwai Matau o Ngāruahine Charitable Trust (“Charitable Trust”). The Custodian Company secures of Te Korowai. Before this entity was established, the settlement assets were held in the names of the Trustees. These assets are now Custodian Company rather than by individual Trustees. The Charitable Trust is now positioned to make charitable distributions. The Ngāruahine Whānui Distribution Policy will provide guidelines and requirements of hapū to receive a distribution or grant from the Charitable Trust.
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2040 LONG-TERM STRATEGY During the year, Te Korowai o Ngāruahine Board of Trustees (“Board”) completed the review of the long-term strategy. This was approved at the 2018 Annual General Meeting. This Annual Report is an account of the organisation's performance in line with this strategy. STRENGTHENING GOVERNANCE A self-governance evaluation review and an Institute of Directors threeday governance training, were part of the professional development programme for the Board. Wellconstructed and informed training will remain an ongoing priority for governance.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
REVIEW OF THE TE KOROWAI O NGĀRUAHINE TRUSTEE STRUCTURE A succession of consultation hui, distribution of a formal proposal, information hui and then a formal vote by Adult Registered Members have led to a review of the Trustee structure. In April, Ngāruahine members selected the Combined Hapū/Iwi model (9 Trustees) instead of the Iwi wide model (7 Trustees) as their preferred alternative for electing of Te Korowai o Ngāruahine Trustees. A referendum inviting all Adult Registered Members to approve or decline the Combined Hapū/Iwi model (9 Trustees) will be held in August this year. The outcome will determine the trustee structure for the 2020 year elections and beyond. REVIEW OF THE TRUST DEED AND CODE OF CONDUCT The 75% threshold to amend the Trust Deed was met (77.8%), and changes have been made to update the 2014 Trust Deed to 2019. The Code of Conduct was also incorporated into the review. This document is now a separate governance document, known as the Board Charter (“Charter”). The Charter details the practices and etiquette for the Board, and is a guiding document to how Trustees will exercise their role as governors. The Charter is a living document, and can now be amended by the Trustees to stay
current and in the present time. The Charter will be adopted in the 2019/20 financial year. STRATEGIC PRIORITIES The 2040 strategy and annual plan focus are on three strategic priorities: Relationships Communications to strengthen our relationship with members and uri remains a high priority. There is now a full suite of communication pathways such as the Iwi newsletter ‘Te Korowai’, the weekly briefing ‘He Pākiki’, the Te Korowai o Ngāruahine half-yearly hui, website, and regular Facebook posts have helped communicate Te Korowai o Ngāruahine activities. The 2018 Iwi Survey informs the Board and Management, and will become a biannual event. Building Capability Many Ngāruahine uri have participated in the different kaupapa Te Korowai management has organised over the year. These included wānanga facilitated by Te Reo o Ngāruahine, workshops on governance (effective chairing and finance essentials) targeting hapū and marae trustees with the Wheelhouse Group, and a Xero (accounting software) workshop with BDO Accountants. Management also supported a kaupapa Māori science holiday
programme for tamariki in October 2018. This led to Curious Minds, a community science programme involving tamariki from Manaia and Auroa Primary Schools. The Board appointed the first governance intern (Te Wehi Wright), awarded 10 tertiary scholarships and established a joint scholarship with Parininihi ki Waitotara Trust. In addition, a Memorandum of Understanding (MOU) was signed to provide joint scholarships for Ngāruahine uri attending Victoria University of Wellington. Te Korowai o Ngāruahine will explore how to take advantage of this new relationship in the next financial year. The first Iwi Whānau picnic was co-hosted by Te Korowai o Ngāruahine and the Ngāruahine Iwi Health Service in the summer of December 2018. A warm sunny day at the Hāwera Aquatic Centre attracted many whānau who are not usual attendees to iwi, hapū or marae hui. For some, this was their first encounter with Ngāruahine even though they knew their Iwi affiliation. This picnic event paved the way for the highly successful ‘Swim like a Fish’ (an Iwi swimming programme), that aligned meticulously with the vision ‘Ka ora taku toa, kia tū Ngāruahine ai tatou'. This programme appealed to
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
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all ages, individuals, and whānau, and was made possible because of the positive relationships allying Te Korowai and the Ngāruahine Iwi Health Service. Self-Resilience In the absence of a policy, no planning, and inadequate transparency saw the deferment of the Marae payments in February 2018. The Board began this financial year with a commitment to developing a Ngāruahine Whānui Distribution Policy where administration of funds would be equitable and sustainable from 1 April 2019. This policy is now complete. Environmental resilience, led by the Research and Policy team (Louise Tester & Bart Jansma), has taken a considerable amount of time and effort. The drafting of the Ngāruahine Kaitiaki Plan and Mana Whakahono a Rohe Agreement has lead to in-depth conversations between Taranaki iwi, the Regional and District Councils. The agreement will outline how Te Korowai o Ngāruahine Iwi and Councils will discuss and agree on working relationships under the Resource Management Act. Both kaupapa are progressing slowly. Te Korowai o Ngāruahine continues to
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respond to queries from government agencies such as the Ministry of Business, Innovation and Employment (MBIE), Department of Conservation (DoC), Ministry for Environment (MfE) and is building relationships to benefit Ngāruahine. Te Korowai o Ngāruahine welcomes Bart Jansma to the team. Bart is a water scientist and brings to the Iwi his knowledge and matauranga to build upon the organisation’s environmental capability. For Ngāruahine the Marine and Coastal Act (MACA) or Takutai Moana, has multiple and overlapping applications that continue to challenge Te Korowai o Ngāruahine. Therefore, all six hapū will be discussing how they can work together to progress this kaupapa. The Board has resolved not to purchase any Deferred Settlement Properties (DSPs) and hapū have been invited to purchase these properties instead. If and when Te Korowai purchases any properties or assets, we will be consistent with the Deed of Setlement, and will make these decisions on behalf of all Ngāruahine uri. Ngāruahine kaumātua accompanied Te Korowai o Ngāruahine and the Ngāruahine Iwi Health Service to
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the National Kaumātua Providers Conference in New Plymouth in November 2018. Since attending the conference, Ngāruahine has established a relationship with Hamilton-based Kaumātua Charitable Trust, Rauawaawa. The association with Rauawaawa has led to Ngāruahine being one of 10 groups who will participate in a nation-wide kaumātua research wellbeing programme. The detail of this kaupapa will unfold in the 20192020 year. FINANCIAL POSITION Te Korowai o Ngāruahine Trust Group position shows a $2.4 million growth in capital. Our net assets are now in excess of $84 million, representing an increase in equity by 3%. Te Kīwai Mauī is at the start of a new investment journey to build a balanced resilient portfolio of direct investments. Overall the commercial group made a $3.9 million profit (after tax), up from $3.3 million from last year. From this, a distribution of $1.8 million was made to Te Korowai o Ngaurahine Trust for governance and operations which include direct investment back into the Ngāruahine community.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
CONCLUSION
I acknowledge each and every one of
Signed for and on behalf of the Te Korowai o Ngāruahine Trustees.
you for this support.
It has been a very busy year and due to the commitment of the Trustees, Te Kīwai Mauī Directors and the Te Korowai staff led by the Pouhautū, there have been a number of successful events. Equally, your support throughout the year has been formidable.
As Pouwhakarae, I continue to look forward to leading Te Korowai o Ngāruahine into a future that truly represents “Ka ora taku toa, kia tū Bev Gibson, Pouwhakarae
Ngāruahine ai tatou”. Mauri ora!
TE KOROWAI GROUP Te Korowai was established in 2013 to receive and manage the treaty settlement assets on behalf of Ngāruahine Iwi.
Since formation, Te Korowai has established the following structure to hold the Settlement.
Assets and to undertake investment, commercial and charitable activities on behalf of Ngāruahine iwi.
Te Korowai o Ngāruahine Trust
Te Korowai o Ngāruahine Custodian Company Limited (as bare trustee for Te Korowai)
Te Kīwai Mauī o Ngāruahine Limited
Ngāruahine Fisheries Limited
Te Kīwai Matau o Ngāruahine Charitable Trust
Te Rere o Kapuni Limited
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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
A healthy, wealthy and culturally vibrant iwi
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: Te Rawhitiora Edwards-Hammond. Science School Holiday Programme, October 2018.
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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. Facilitate 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. I wi 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. S uccessful 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. I ncreased 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. 8 0% 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 assesses how we have contributed to the three strategic priorities in the 2040 Long-Term Strategy. This strategy informed the 2019 Annual Plan and we are pleased to provide a summary of the activities to achieve this plan.
RELATIONSHIPS LONG TERM STRATEGIC PRIORITY INITIATIVES
ANNUAL PLAN FOCUS
• Grow strong relationships,
• Grow strong relationships, internally and externally
internally and externally • Whanaungatanga agreements in place with all hapū • Tikanga based relationships with iwi and other organisations • Strong engagement with hapū and marae • Access resources to support goals
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ACTIVITIES, ACHIEVEMENTS AND HIGHLIGHTS • Strong relationships with all Taranaki iwi and a growing Aotea relationship with Ngāti Ruanui and Ngaa Rauru. • Signed formal relationship agreements with Tamarind Resources, Victoria University of Wellington and Parininihi ki Waitotara Trust. The tikanga
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underpinning these agreements are manaakitanga (sharing and caring), mahi ka tika (transparency) and mahi pono (trustworthiness). • Secured external funding from Te Puni Kokiri and the Ministry of Business Innovation and Employment for iwi projects. • Valued relationship with the Ngāruahine Iwi Health Service in place with co-hosting the end of year Ngāruahine Iwi Whānau picnic and organising the Iwi swimming programme, Swim Like a Fish.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
• Accompanied Ngāruahine Kaumātua to the Ngāruahine Kaumātua Providers Conference. Now part of a National Kaumātua research project with other Kaumātua groups.
• Continued to participate in the Mana Whakahono a Rohe agreements alongside other Taranaki Iwi, Regional and District Councils.
• Continued sharing environmental consents and applications etc. to Hapū and inviting their feedback.
• Communications have improved significantly, recently culminating with a hardcopy of the Iwi newsletter distributed to all households.
• Pātaka continues to provide hapū, marae and whānau with kaimoana. Consumed entire allocation of Pātaka purchased by the Ngāruahine Fisheries Limited ($21,495:2019, $15,418:2018). • Accessed customary pātaka through Pātaka Whata. A total of 14 permits were issued (15: 2018) totalling 1,337kgs of fish (1,217kgs: 2018).
• Rebranding project underway collecting feedback from uri about a possible rebranding option. • Surveyed 426 uri with education, health and Kaumātua being high priorities. This feedback will inform the iwi strategy hui during 2019/20.
11 KAUMĀTUA ATTENDED KAUMĀTUA CONFERENCE
441 URI ATTENDED 2018 IWI PICNIC
426 URI COMPLETED IWI SURVEY
175 RESOURCE CONSENTS AND STATUTORY APPLICATIONS SUBMITTED
Photos taken during the Swim like a Fish wānanga (April 2019) and the Ngāruahine Iwi Whānau Picnic (December 2018).
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
CAPABILITY LONG TERM STRATEGIC PRIORITY INITIATIVES
ANNUAL PLAN FOCUS
• Foster relationships with Ngāruahine roopu to achieve the Te Korowai vision
• Foster relationships with Ngāruahine roopu to achieve the Te Korowai vision
• Grow the capability of Ngāruahine uri, whānau, hapū and marae
• Grow the capability of Ngāruahine uri, whānau, hapū and marae.
• Environment is the starting point for Ngāruahine initiatives
ACTIVITIES, ACHIEVEMENTS AND HIGHLIGHTS
• Strengthen uri knowledge of Ngāruahine reo and tikanga
• Nurtured relationship with Te Reo o Ngāruahine to increase the number of Ngāruahine speakers of Te Reo Māori.
• Grow rangatahi as future successors • Capture Ngāruahine history and knowledge, and transmit to all uri • Build financial capability of Ngāruahine uri, hapū and marae
• Te Reo o Ngāruahine, established roopu to represent Ngāruahine at local and national kaupapa eg: Titokowaru Commemoration, Ngā rā o Parihaka, Te Koroneihana and Te Matatini. • Partnered with MetaMāori to deliver a kaupapa Māori holiday programme based around science.
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• Secured funding to deliver a community-based science programme for tamariki attending Auroa and Manaia Primary schools. Project focuses on the Kaupokonui River as a potential habitat for the endangered Whio (Blue Duck). • Supported MenToa, a tikangabased programme to mentor Māori men. • Organised three wānanga for hapū and marae trustees on effective chairing, an introduction to governance and finance. Wānanga were well supported and will become an annual activity. • Engaged BDO Accountants to deliver a Xero workshop to hapū and marae treasurers.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS • Reviewed the Bureau Services so hapū and marae are managing their responsibilities. No longer centralised by Te Korowai. • Organised highly successful ‘Swim Like a Fish’ an iwi swimming programme. • Successfully implemented the Ngāruahine Tertiary Scholarship
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Policy. 17 applications received and 10 scholarships awarded. • Established a joint scholarship with Parininihi ki Waitotara Trust. 11 applications received and one scholarship awarded. All other applicants received a PKW Trust tertiary grant.
NGĀRUAHINE TERTIARY SCHOLARSHIPS AWARDED
131 URI JOINED IWI SWIMMING PROGRAMME, SWIM LIKE A FISH 11 KAUMĀTUA 59 PAHAKE 61 TAMARIKI
NGĀRUAHINE TERTIARY SCHOLARSHIP RECIPIENTS Kelsey Adamson
Bachelor of Teaching and Learning University of Canterbury
Corban Agar
Health Sciences (First Year) - University of Otago
Bonita Bigham
Masters in Fine Arts - Massey University
Alison Brooks
Bachelor of Laws - Victoria University
Kavahna Cooper-Ruri
Poutuarongo Kaitiaki Putaiao - Te Wānanga o Raukawa
Samme-Sara Harrop-Marriner Diploma in Veterinary Nursing - Universal College of Learning Kayla Hemara-Wahanui
Bachelor of Nursing - Western Institute of Technology
Aotahi Keepa
Health Sciences (First Year) - University of Otago
Ngawhira Omecia Kennedy
Bachelor of Laws - University of Otago
Dion Luke
Master of Planning - Lincoln University
JOINT SCHOLARSHIP WITH PARININIHI KI WAITOTARA TRUST Bee Weston
Graduate Diploma in Teaching - Victoria University
Photos: Jude Cornelius-Nuku (Meta Maori) and tamariki at the Science School Holiday Programme (October 2018).
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
Photo: Jasmine Miles, mokopuna of Tohepakanga Ngatai.
SELF-RESILIENCE LONG TERM STRATEGIC PRIORITY INITIATIVES
ANNUAL PLAN FOCUS
• N gāruahine iwi makes robust and sustainable decisions to achieve its vision
• N gāruahine iwi makes robust and sustainable decisions to achieve its vision.
• A chieve wellbeing for Ngāruahine uri (financial, health and homes)
• A chieve wellbeing for Ngāruahine uri (financial, health and homes).
• Achieve sustainable revenues
ACTIVITIES, ACHIEVEMENTS AND HIGHLIGHTS
• 0 % youth unemployment in Ngāruahine by 2030 • E mpower uri with financial knowledge and wealth creation • W hānau has access to wellbeing support • E nsure whānau have healthy, selfsufficient and sustainable homes • F acilitate, lead and support a drug free, healthy eating living
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• K aitiaki (Taiao) Plan drafted with consultation to take place in the 2020/21 year. • T akutai Moana Relationships Agreement between Ngāruahine Hapū and Te Korowai drafted. Agreement confirms Te Korowai transferring Takutai Moana awards to hapū.
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• S igned purchase agreements with three Ngāruahine Hapū confirming their interest in Deferred Selection Properties (DSPs) in their area. Agreement outlines role and responsibility of hapū and Te Korowai. • U nderlying tikanga for these agreements are Ngākaunui (sound judgement) and Mahi ka tika (transparency) to provide clarity between hapū and Te Korowai. • G overnance Internship Policy approved and implemented. Seven applications received and Te Wehi Wright appointed.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 HIGHLIGHTS
• Te Korowai supported Te Aroha Marae with the rebuilding of their Marae.
• Established Custodian Company to protect Ngāruahine assets and properties for all of Ngāruahine.
• Considerable discussions regarding a Ngāruahine Whānui Distribution Policy. Policy approved in April 2019. This will clarify the level of financial support available, and offer transparency.
• Governance self-review completed and training delivered by the Institute of Directors.
• Ngāruahine Adult Registered Members approve the changes to the Trust Deed. Enables the Board to practice good governance and provide clear leadership.
Many of the activities, achievements and highlights for this year focused on the making of robust and sustainable decisions. Improving the wellbeing for Ngāruahine uri (financial, health and homes) is a focus for the next financial year.
APPOINTED FIRST GOVERNANCE INTERN
CHARITABLE TRUST ESTABLISHED
DISTRIBUTION POLICY APPROVED
• Established and registered the Te Kīwai Matau o Ngāruahine Charitable Trust. Vehicle to make charitable distributions to Ngāruahine.
Photos taken at the Ngāruahine Iwi Special General Meeting (April 2019).
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
Photo: Raiha Ngatai-Oliver. Science School Holiday Programme (October 2018).
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE TOTAL LIABILITIES
$96,942
2016/17
$206,119
2017/18
$308,399
2018/19
TOTAL ASSETS
$79,083,549
2016/17
$81,906,496
2017/18
$84,373,649
2018/19
TOTAL EQUITY
$78,984,416
2016/17
$81,700,377
2017/18
$84,065,251
2018/19
IWI REGISTER
5115
272
4843 190
GROUP PROFIT
GROUP PROFIT
(AFTER TAX)
(AFTER TAX)
$2.7M
$2.3M
2018
2018
2019
REGISTERED MEMBERS
2018
2019
2019
NEW MEMBERS
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TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT
$2.5 million increase in tribal pūtea growth since 2018. $3.9 million profit after tax.
" This is a long-term plan; however I am pleased with our progress to-date, and confident we making the right steps towards our mission of enabling Ngāruahine to be a healthy, wealthy and culturally vibrant iwi."
I am proud to report on the second full year of operations of Te Kīwai Mauī o Ngāruahine Limited (Mauī). We are the commercial arm of Te Korowai o Ngāruahine Trust (Te Korowai), and our vision is to be an outstanding investment company enabling Ngāruahine to be a healthy, wealthy and culturally vibrant iwi.
OUR FOCUS EXCELLENCE Achieve leading sector risk-adjusted returns on investment. GROWTH Achieve continual longterm asset and distribution growth via 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.
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OUR PŪTEA In total, Mauī now oversees $83.2 million in tribal pūtea (FY18: $80.2m), including the fisheries assets held by Ngāruahine Fisheries Ltd (NFL). Given our relatively recent settlement timing, our asset portfolio is currently predominantly made up of conservative managed fund portfolio investments, supplemented by cash term deposits until we execute our investment strategy of building a balanced resilient portfolio of direct investments. See Fig 1. 2019 PERFORMANCE The financial performance of the Mauī Commercial Group (including NFL) is set out below. Overall, the Mauī group delivered a total pre-tax FY19 return of 5.4% on opening assets (FY18: 4.7%). We are pleased with this return,
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT
FIG 1: MAUĪ INVESTMENTS PORTFOLIO ($MILLION) Other $2.2
Fish assets $2.3
Other $1.3
Managed growth funds $24.1
Cash & term deposits $19.2
Fish assets $2.4
Managed growth funds $21.6
Cash & term deposits $21.1
2019
2018
Managed income funds $34.9
Managed income funds $33.7
which is consistent with the risk profile of the portfolio, given the significant cash and conservative managed funds components. As asset diversification is gradually implemented in accordance with our direct investment strategy we would expect to see this return rise over time. See Fig 2.
INVESTMENT STRATEGY
IMPLEMENTATION OF OUR
•
commercially disciplined approach to investment decisions, thus
Our investment strategy is to
being patient in waiting for the right
progressively build over time,
opportunities and will only invest
a portfolio of high-quality direct
where we believe it can generate
investments to increase our
appropriate risk-adjusted returns on
investment returns and pūtea for
capital.
Ngāruahine, consistent with the
•
following principles:
We will seek a balanced portfolio
that generates the necessary cash
We will take a long-term
flow to sustain distributions for Te
Korowai but also provides for longterm capital growth.
FIG 2: TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED COMMERCIAL GROUP* FINANCIAL PERFORMANCE Total Income
•
2.5
(1.2)
(0.9)
Plus Capital Investment Gains
2.4
2.0
Profit before Tax
4.3
3.6
(0.4)
(0.3)
3.9
3.3
Total Expenses
Income Tax Total Comprehensive Income
on opportunities that play to our
FY19 FY18 ($million) ($million) 3.1
*Commercial Group includes Mauī and Ngāruahine Fisheries Limited
Our direct investments will centre strengths, including our settlement rights, and opportunities that
arise from our relationships and partnerships, including within Māoridom. •
We will partner with other like-
minded entities, in particular iwi in Taranaki, enabling access to a greater range of investment
opportunities and to larger scale
>>
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 23
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT
>>
investments which are more likely to have the required quality of structure, governance and management. Our progress to-date in implementing our investment strategy has involved developing the following key opportunities: Te Pūia Tāpapa We have committed to investing alongside other iwi and Māori investment groups in a collective direct investment vehicle, “Te Pūia Tāpapa”, which together with major NZ investors will target premium large-scale local investments. Strategically this participation should give us access to good quality, operational direct investments supported by high quality investment analysis. Mauī has committed $2.5m to Te Pūia Tāpapa, and expects that this will be called over three to five years. Tai Hekenga We are also progressing the participation in the “Tai Hekenga” joint venture together with Taranaki Whānui and Port Nicholson Block Settlement Trust to acquire a large portfolio of Crown settlement leaseback properties in Wellington that offer high quality secure low risk rental returns. Our intended investment in this opportunity is $11 million.We expect part of this investment to be activated in July 2019.
24
Crown property Te Korowai has access to a range of properties for purchase from the Crown as part of its settlement. Mauī has been delegated responsibility for managing the commercial assessment of these properties and facilitating the exercise of the settlement right process on behalf of Te Korowai.
to increase as the fund matures. To-
Mauī has been conducting assessment of a number of properties available for purchase and working with Te Korowai and Hapū in relation to the acquisition process under the Deed of Settlement.
investing in both Australian and
Oriens Capital Mauī 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 45% of committed capital, investing in four portfolio companies, including an anchor investment in apple company; Rockit Global Limited. The fund has been operating for two and half years. On a market valuation basis and accounting for expenses to date, the fund has maintained its net asset value at just above par (1.02x paid-in capital). Given the early stage of the fund’s development and level of capital called, this is viewed as a positive result, with returns expected
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
date, Mauī has invested $1.15m of its $2.55m commitment.
AMP Capital Australasian
Diversified Infrastructure Trust Mauī has been reviewing an
investment into AMP Capital’s
Australasian Diversified Infrastructure Trust. This is an unlisted c $1.5bn fund, domiciled in Australia but
New Zealand infrastructure assets covering rail, airports, energy and student accommodation. One of
their major assets is local energy distribution company, PowerCo. This fund provides exposure to
low-volatility cash flows, backed by solid assets available at a
more competitive entry price than comparable listed entities, which
help to provide diversification and also insulation in the event of a downturn.
The fund has delivered returns (on average) of just over 15% over the past five years. We consider this
opportunity a long-term investment
into a portfolio of quality infrastructure assets with a proven track record of good performance, akin to a
direct investment consistent with
Mauī’s long-term investment strategy
approach. The Mauī Board approved an investment of AUD $5m (NZ
$5.3m) in May, so the effect of the
investment will only be visible in 2020.
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
POUWHAKARAE REPORT
Dawson Falls Lodge
The above opportunities complement
our acquisition in 2016 of the Dawson Falls Lodge, which in addition to forming part of our commercial portfolio, represents a site of
very high cultural importance for
Ngāruahine. During the year, new
live-in management Dean and Bernie Kira came on-board. Together with their team, Dean and Bernie have
done a great job in making the lodge
a fantastic experience for our guests. This has reflected in the feedback received and sales, with revenue for the six months to March 2019
15% up over the equivalent period last year (and continuing to grow
into the new financial year). We are
passionate about further developing
the lodge as a first-class cultural and tourist attraction on the maunga.
our management team in achieving
CONCLUSION
like to thank the trustees and staff
our progress to-date. I would also of Te Korowai for their support, and
Given the relatively recent timing of the settlement, we are still very early in our journey of building the pūtea and investment returns for Ngāruahine. This is a long-term plan; however I am pleased with our progress to-date and confident we making the right steps towards our mission of enabling Ngāruahine to be a healthy, wealthy and culturally vibrant iwi.
in particular the Pouhautū, Allie Hemara-Wahanui.
Ngā mihi nui Hinerangi Raumati-Tu'ua, Chair
I am very grateful for the contributions of my fellow directors Taari Nicholas, Bev Gibson, Te Aroha Hohaia and associate director Dion Maaka, together with the work of
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 2019
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| TE KOROWAI O NGÄ€RUAHINE ANNUAL REPORT 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 27
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 Changes in accounting policies 27 Related party transactions 28 Commitments and contingencies 29 Events occurring after the reporting period
28
| TE KOROWAI O NGÄ€RUAHINE ANNUAL REPORT 2019
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 49 49 49 50 50 51 53 53
TE KOROWAI O NGÄ€RUAHINE ANNUAL REPORT 2019
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30
| TE KOROWAI O NGÄ€RUAHINE ANNUAL REPORT 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAUKI WHĀNUI MONI WHIWHI STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 POUTŪTERANGI 2019 Note
2019
2018
462,051 119,893 581,944
427,975 134,822 562,797
130,776 13,181 143,957
95,380 14,221 109,601
437,987
453,196
TRADING REVENUE Dawson Falls Mountain Lodge Income Fisheries Income Total Trading Revenue
2 2
COST OF SALES Dawson Falls Mountain Lodge Cost of Sales Fisheries Fees Total Cost of Sales
4
Gross Profit OTHER REVENUE Investment Income
3
2,596,383
2,225,668
Other Income
3
143,689
793,474
Total Other Revenue
2,740,072
3,019,142
Total Revenue
3,178,059
3,472,338
EXPENSES Advisory, Consulting and Professional Fees
4
711,866
650,600
Communications and Engagement
4
96,520
87,003
Governance
4
369,925
406,999
IT Expenses
4
42,745
53,805
Office and General Expenses
4
386,092
437,229
Personnel Expenses Projects and Priorities Travel
4 4
901,962 343,364 42,077
924,947 661,095 67,511
Total Expenses
2,894,551
3,289,188
OTHER INCOME Unrealised Investment Gains
2,385,109
-
PROFIT FOR THE YEAR BEFORE TAX
2,668,617
183,150
348,966
(13,896)
-
2,518,912
2,319,651
2,715,958
INCOME TAX Income Tax Expense
16
OTHER COMPREHENSIVE INCOME Unrealised Capital Investment Gains TOTAL COMPREHENSIVE INCOME
These accounts are to be read in conjunction with the attached notes.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 31
TE KOROWAI O NGĀRUAHINE TRUST GROUP
RIPANGA KAUTE O TE TŪRANGA PŪTEA STATEMENT OF FINANCIAL POSITION AS AT 31 POUTŪTERANGI 2019 Note
31 Mar 2019
31 Mar 2018
Current Assets Cash and cash equivalents Trade and other receivables
5 6
1,092,889 113,692
713,593 104,912
Prepayments and accrued income
8
227,253
247,622
ASSETS
Inventory
9,860
9,052
517,543 18,700,000 15,812 20,677,050
331,319 21,105,000 35,626 22,547,123
10
1,086,164
1,225,135
Investments
12
61,538,975
57,062,776
Intangibles
11
1,071,461
1,071,461
Total Non-Current Assets
63,696,600
59,359,371
TOTAL ASSETS
84,373,649
81,906,494
Current tax receivables Current Investments Goods and services tax Total Current Assets
9
Non-Current Assets Property, Plant and Equipment
LIABILITIES Current Liabilities Creditors and accrued expenses
14
304,999
201,809
Other current liabilities
15
3,400
4,310
Total Current Liabilities
308,399
206,119
TOTAL LIABILITIES
308,399
206,119
84,065,251
81,700,376
68,457,501
68,457,501
Total Assets less Total Liabilities (Net Assets) ACCUMULATED FUNDS Treaty Settlement
18
Reserves
19
1,433,998
1,433,998
Retained earnings
19
14,173,751
11,808,876
84,065,251
81,700,376
TOTAL ACCUMULATED FUNDS
Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 14 June 2019:
_______________________________
_______________________________
Bev Gibson Pou Whakarae Date: 14 June 2019
Caroline Scott Chair, Te Ohu Arotake Date: 14 June 2019
These accounts are to be read in conjunction with the attached notes.
32
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAUKI TŪTANGA REREKĒTANGA STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
Treaty Settlement BALANCE AT 1 APRIL 2017
8,877,789
78,984,417
-
-
2,715,958
2,715,958
296,501
-
(296,501)
-
(511,630)
511,630
-
1,433,998
11,808,876
81,700,376
- 68,457,501 Treaty Settlement
BALANCE AT 1 APRIL 2018
Total Equity
1,945,628
Transfer to Reserves BALANCE AT 31 MARCH 2018
Retained Earnings
68,161,000
Profit for the period
Transfer to Treaty Settlement
Other Reserves
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 – Prior period
-
-
45,224
45,224
68,457,501
1,433,998
14,173,751
84,065,251
BALANCE AT 31 MARCH 2019
These accounts are to be read in conjunction with the attached notes.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 33
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAUKI AURERE PŪTEA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019 2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to Suppliers and Employees Income tax Received / (Paid) GST Paid Interest, dividends and other investment receipts Total Cash Flows from Operating Activities
762,077
1,879,377
(2,769,020)
(3,101,350)
(535,190)
(39,122)
19,814
80,398
2,596,383
-
74,064
(1,180,697)
21,105,000
1,347,954
(8,678)
(13,570)
(2,091,090)
(25,500)
CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES Receipts from maturing term deposits and investments Payments to acquire property, plant and equipment Payments to purchase investments Investment in term deposits
(18,700,000)
-
Total Cash Flows from Investing and Financing Activities
305,232
1,308,884
Net Increase/ (Decrease) in Cash
379,296
128,187
713,593
585,406
1,092,889
713,593
379,297
128,187
CASH BALANCES Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period NET CHANGE IN CASH FOR PERIOD
These accounts are to be read in conjunction with the attached notes.
34
| TE KOROWAI O 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 2019
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 Kīwai Mauī o Ngāruahine Limited, Te Rere o Kapuni Limited and Ngāruahine Fisheries Limited (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. No foreign currency accounts are maintained.
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) Standards, amendments and interpretations to existing standards that are not yet effective Some changes to accounting standards have been published that will be mandatory for the Group to follow incoming financial years and have not been adopted early: •
NZ IFRS 16 'Leases' (compulsory from 1 January 2019). NZ IFRS 16 replaces NZ IAS 17. Under NZ IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 35
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) NZ IAS 17, required a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). However, NZ IFRS 16 requires a lessee to recognised, a lease liability reflecting future lease payments and a 'right-of-use asset' for virtually all lease contracts, meaning they will appear on the
2
balance sheet. Included is an optional exemption for leases to exclude certain short-term leases and leases of low-value assets. The Group will adopt NZIFRS 16 for the 2019/2020 financial year. There are no other changes to accounting standards that are not yet effective that would be expected to have a material impact on the Group.
TRADING REVENUE 2019
2018
Dawson Falls Mountain Lodge income
462,051
427,975
Fisheries Income - ACE Lease Sales
119,893
134,822
TOTAL TRADING REVENUE
581,944
562,797
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.
36
| TE KOROWAI O 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 2019
3
OTHER REVENUE 2019
2018
644,728
738,092
INVESTMENT INCOME Interest Received PIE Income
1,951,656
1,487,576
Total Investment Income
2,596,383
2,225,668
OTHER INCOME Contract Income
739
3,157
Dividend Income
40,026
45,145
Grants Received
35,932
66,043
-
304,348
200
755
-
100
Other Revenue
18,792
38,144
Takutai Moana Claimant Funding
48,000
-
-
39,282
Grants Received on behalf of Ohunuku Reserve Koha Office Hireage
Taranaki Tu Mai Treaty settlements received Total Other Income TOTAL OTHER REVENUE
-
296,501
143,689
793,474
2,740,072
3,019,142
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 2019 4
EXPENSES 2019
2018
ADVISORY, CONSULTING AND PROFESSIONAL FEES Accounting Fees
26,770
-
Audit Fees
54,750
50,452
Consultants & Professional Fees
92,737
65,166
Fund Manager Fees
197,394
161,447
Legal Fees
134,283
82,194
Investment Management
144,545
19,688
Oriens Partnership Loss
59,887
14,444
-
257,209
1,500
-
711,866
650,600
Communications
52,367
-
Election costs
22,435
24,641
Pataka
21,495
15,418
Technical Services - Contractors Valuation Fees Total Advisory, Consulting and Professional Fees COMMUNICATIONS AND ENGAGEMENT
Taranaki Tu Mai Costs Total Communications and Engagement
223
46,944
96,520
87,003
22,773
28,148
109,943
75,209
-
1,000
GOVERNANCE Catering Director Fees Disputes Committee Fees Conference Fees Membership Committee Fees Professional Memberships Te Ohu Arotake Te Pouhautu Performance Review Committee Training and Development
-
560
1,600
6,000
-
9,480
6,949
7,667
1,656
-
16,714
76,471
Trustee Fees
210,289
202,464
Total Governance
369,925
406,999
17,949
25,128
IT EXPENSES IT Maintenance & Support
38
Licences and Subscriptions
24,796
28,677
Total IT Expenses
42,745
53,805
| TE KOROWAI O 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 2019 4
EXPENSES (CONTINUED) 2019
2018
OFFICE AND GENERAL EXPENSES Advertising
13,372
9,648
Bad Debts
-
1,288
Bank Fees
1,380
1,979
-
169
Cleaning Commission
14,180
16,881
Depreciation
122,143
131,137
Donations/Sponsorship
2,057
754
Entertainment
1,270
1,331
918
6,005
3,420
1,473
844
4,272
Equipment Hire Freight & Courier General Expenses Health and Safety
607
1,960
6,012
10,860
47,432
36,624
2,300
69
Koha
3,615
32,073
Lease
10,105
10,712
Light, Power & Heating
21,291
20,821
Loss on sale of assets
25,279
601
8,351
5,086
-
17,708
10,999
29,109
Internet & Telephone Insurance Interest Expense
Low Value Assets under $500 Marketing Motor Vehicle Expenses Office Expenses Office Rental Photocopier Lease Printing & Stationery Rates Repairs & Maintenance
3,897
4,186
44,437
43,178
2,280
190
11,809
14,534
3,232
5,576
19,160
18,760
Security
602
423
Uniforms
513
5,888
3,000
-
Venue Hire Waste Management Total Office and General Expenses
1,585
3,933
386,092
437,229
3,624
2,339
-
169
PERSONNEL EXPENSES ACC Employer Premiums Recruitment Salaries & Wages - Te Kīwai Mauī o Ngāruahine Salaries & Wages - Te Korowai o Ngāruahine Trust
18,896
29,324
558,407
671,717
Salaries & Wages - Te Rere o Kapuni Limited
321,035
221,397
Total Personnel Expenses
901,962
924,947
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
| 39
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
4
EXPENSES (CONTINUED) 2019
2018
PROJECTS AND PRIORITIES Bureau Services
-
14,622
Marae Expenditure
-
646,473
Project - Capability Priorities
18,306
-
Project - Relationship Priorities
15,240
-
Project - Self-resilience Priorities
309,819
-
Total Projects and Priorities
343,364
661,095
2,852,473
3,221,677
TOTAL EXPENSES
Project - Self-resilience Priorities includes Marae expenditure of $207,979. Last year Marae expenditure was offset by Grants Received on behalf of Ohunuku Reserve Trustee - Ta Whitinui Pa of $304,348 leaving a net spend of $342,125. 5
CASH & CASH EQUIVALENTS 2019
2018
Cash at bank & on hand
1,092,889
713,593
TOTAL CASH & CASH EQUIVALENTS
1,092,889
713,593
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 2019
2018
Accounts Receivable
113,692
104,912
TOTAL TRADE & OTHER RECEIVABLES
113,692
104,912
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 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
8
PREPAYMENTS & ACCRUED INCOME
Accrued Income Acquisition Costs Prepayments TOTAL PREPAYMENTS & ACCRUED INCOME
2019
2018
177,610
208,429
5,830
-
43,813
39,193
227,253
247,622
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.
2019
2018
BNZ Term Deposits
18,700,000
21,105,000
TOTAL CURRENT INVESTMENTS
18,700,000
21,105,000
2019
2018
Opening carrying value
296,501
296,501
Total Land
296,501
296,501
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
10,545
14,896
2,902
6,185
(7,869)
(10,273)
(364)
(263)
5,213
10,545
355,038
437,525
5,776
-
(81,940)
(82,487)
(269)
-
278,605
355,038
Computer Equipment Opening carrying value Additions 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 2019
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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 2019
10
PROPERTY, PLANT AND EQUIPMENT (CONTINUED) 2019
2018
52,622
67,048
-
1,239
(15,687)
(15,665)
36,935
52,622
135,429
153,083
-
3,557
Depreciation
(16,648)
(21,211)
Disposals
(24,871)
-
93,910
135,429
1,086,164
1,225,135
Motor Vehicles Opening carrying value Additions Depreciation Total Motor Vehicles Chattels Opening carrying value Additions
Total Chattels
TOTAL PROPERTY, PLANT AND EQUIPMENT
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 2019. 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 2019
2018
1
1
Goodwill Goodwill Intangibles Quota Shares
1,071,460
1,071,460
TOTAL INTANGIBLES
1,071,461
1,071,461
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 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
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 (2018: Nil). The current market valuation undertaken at 31 March 2019 is $2,196,277. The quota consists of settlement quota of 59,791,957 shares and regular quota of 241,406 shares.
12
INVESTMENTS 2019
2018
Harbour Asset Management Ltd
17,940,557
16,765,949
Milford Private Wealth Managed Fund
41,078,936
38,563,371
Oriens Investment
1,174,917
470,826
Shares in Moana New Zealand
1,262,630
1,262,630
61,935
-
Tai-Hekenga Property Partnership Te Pūia Tāpapa Limited Partnership TOTAL INVESTMENTS
20,000
-
61,538,975
57,062,776
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. 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 2019
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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 2019
12
INVESTMENTS (CONTINUED)
Significant accounting policies Investments and other financial assets Classification From 1 April 2018, the Group classifies its financial assets in the following measurement categories:
- those to be measured subsequently at fair value through profit and loss, and
- those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in profit or loss. The Group reclassifies investments when and only when its business model for managing those assets changes. Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Accounting policies applied until 31 March 2018 The Group has applied NZ IFRS 9 retrospectively, but has elected not to restate comparative information. As a result, the comparative information provided continues to be accounted for in accordance with the Group’s previous accounting policy. 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 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
14
TRADE & OTHER PAYABLES
Accounts Payable BNZ Credit Cards TOTAL TRADE & OTHER PAYABLES
2019
2018
300,890
195,711
4,109
6,098
304,999
201,809
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 2019
Income Received in Advance
2018
-
162
Vouchers Sold
3,400
4,147
TOTAL OTHER CURRENT LIABILITIES
3,400
4,310
Income received in advance is prepaid accommodation at Dawson Falls Mountain Lodge. Vouchers are vouchers sold during the year which have yet to be redeemed for accommodation at Dawson Falls Mountain Lodge.
16 INCOME TAX EXPENSE 2019
2018
1,994,092
183,153
348,966
32,052
Income not subject to tax
-
(51,888)
Expenses not deductible for tax purposes
-
5,940
348,966
(13,896)
Profit from continuing operations Income tax@ 17.5% Tax effects of:
INCOME TAX EXPENSE
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 2019
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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 2019
17
FINANCIAL INSTRUMENTS 2019
2018
Cash and cash equivalents
1,091,175
711,878
Investment in Partnerships
1,256,852
470,826
18,700,000
21,105,000
335,115
352,534
21,383,142
22,640,238
Investments
60,282,123
56,591,950
Total at fair value through profit and loss
60,282,123
56,591,950
Total Assets
81,665,265
79,232,188
Trade and other payables
300,890
195,011
Total at amortised cost
300,890
195,011
Total Liabilities
300,890
195,011
81,364,375
79,037,177
Assets At amortised cost
Term Deposits Trade and other receivables Total at amortised cost At fair value through profit and loss
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.
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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
18
TREATY SETTLEMENTS 2019
Ordinary shares Historical treaty settlement - Quantum Historical treaty settlement - Quota Historical treaty settlement - Land TOTAL TREATY SETTLEMENTS
2018
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 Groups 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 2019
2018
1,433,998
1,433,900
1,433,998
1,945,628
-
(511,630)
1,433,998
1,433,998
11,808,876
8,877,786
2,319,651
2,715,959
45,224
-
(a) Reserves Ngāruahine Fisheries Limited gain on acquisition Movements: Balance 1 Paengawhawha Charitable spending (Marae Expenditure & Bureau Services) BALANCE 31 POUTUTERANGI (b) Retained earnings. Movements in retained earnings were as follows: Balance 1 Paengawhawha Profit for the year Tai-Hekenga Contribution – prior period Transfer to reserves
-
511,630
Transfer to treaty settlement
-
(296,500)
14,173,751
11,808,875
BALANCE 31 POUTUTERANGI
(c) Nature and purpose of reserves The gain on acquisition reserve arose when Te Korowai acquired the assets and liabilities of Ngā Hapū 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 KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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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 2019
20 TRUSTEE REMUNERATION 2019
2018
Beverly Gibson (Current Pou Whakarae)
60,000
23,731
Te Aroha Hohaia
12,000
22,057
William Edwards (former Pou Whakarae)
12,000
29,769
Omahuru Robinson
12,000
18,398
John Hooker
12,000
13,013
Tumi Toro (retired November 2017)
-
7,249
Paula Cuff (retired October 2017)
-
5,667
Christine Ngawai Henare (Chair, Te Ira Auaha)
16,000
12,590
Wendy Eynon
12,000
11,205
Ngaraina Brooks (retired October 2017)
-
4,667
12,000
11,205
Pat Gallagher (retired October 2017)
-
4,000
Cilia Rei (retired October 2017)
-
5,667
David More (elected October 2017)
12,000
5,538
Caroline Scott (elected October 2017) (Chair, Te Ohu Arotake)
16,000
6,923
Daisy Noble (elected October 2017)
12,000
5,538
Cheryl Luke-Maraki
The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $12,000 per annum (2018:$12,000 per annum). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration. 21 DIRECTORS REMUNERATION 2019
2018
Hinerangi Raumatu Tu'ua (Chair & independent director)
44,000
35,000
Taari Nicholas (independent director) - appointed December 2017
34,000
9,154
Beverly Gibson (Trust appointed director) - appointed October 2017
15,000
5,769
-
11,958
William Edwards (Trust appointed director - retired October 2017) Tumi Toro (Trust appointed director - retired November 2017) Te Aroha Louie Rauhuia Hohaia TOTAL DIRECTORS REMUNERATION
-
12,203
13,750
-
106,750
74,084
Directors remuneration refers to directors' fees paid to the directors of Te Kīwai Mauī o Ngāruahine Limited. No directors' fees are paid to directors of Ngāruahine Fisheries Limited and Te Rere o Kapuni Limited.
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| TE KOROWAI O 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 2019
22 REMUNERATION OF KEY MANAGEMENT PERSONNEL
Over $100,000
23
2019
2018
1
2
INVESTMENT IN SUBSIDIARIES
The Group had the following subsidiaries at 31 March 2019, 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.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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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 2019
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
26
CHANGES IN ACCOUNTING POLICIES
There have been changes in accounting policy during the year. Comparative balances have been reclassified to conform with changes in IFRS9 and IFRS15 presentation and classification in the current period. NZ IFRS 9 Financial Instruments NZ IFRS 9 replaces the provisions of NZ IAS 39 that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments and impairment of financial assets. The adoption of NZ IFRS 9 Financial Instruments from 1 April 2018 resulted in changes in accounting policies and adjustments to the amounts recognised in the financial statements. The new accounting policies are set out in note 12 below. In accordance with the transitional provisions in NZ IFRS 9 (7.2.15) and (7.2.26), comparative figures have not been restated. a) Classification and measurement On 1 April 2018 (the date of initial application of NZ IFRS 9), the Group’s management has assessed which business models apply to the financial assets held by the Group and has classified its financial instruments into the appropriate NZ IFRS 9 categories. The main effect resulting from this is that the managed funds, Moana New Zealand shares and private equity investments have been reclassified from available for sale to fair value through profit and loss. b) Reclassification from available-for-sale to fair value through profit and loss The managed funds, Moana New Zealand shares and private equity investments were reclassified from available-for-sale to financial assets at fair value through profit and loss ($60,194,410 at 1 April 2018). They do not meet the NZ IFRS 9 criteria for classification at amortised cost, because their cash flows do not represent solely payments of principal and interest.
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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪTERANGI 2019
26
CHANGES IN ACCOUNTING POLICIES (CONTINUED)
c) Reclassifications of financial instruments on adoption of NZ IFRS 9 On the date of initial application, 1 April 2018, the financial instruments of the Group were as follows, with any reclassifications noted: Reclassification table
Measurement category Original NZ IAS 39
Carrying amount New IFRS 9
Original NZ IAS 39
New IFRS 9
Difference
Non current financial assets
Managed funds
Available for sale
FVPL
59,019,493
59,019,493 -
Moana New Zealand shares
Available for sale
FVPL
1,262,630
1,262,630 -
Private equity investments
Available for sale
FVPL
1,174,917
1,174,917 -
Amortised cost
Amortised cost
Investments in partnerships
81,935 81,935
Current financial assets
Trade receivables
Amortised cost
Amortised cost
335,115 335,115 -
Cash and cash equivalents
Amortised cost
Amortised cost
1,091,175 1,091,175 -
Term deposits
Amortised cost
Amortised cost
18,700,000
18,700,000 -
Current financial liabilities Trade payables
Amortised cost
Amortised cost
300,890
300,890 -
The Group has initially applied NZ IFRS 15 Renenue from Contracts with Customers from 1 January 2018. The standard replaces NZIAS 11 Construction Contracts and NZ IAS 18 Revenue and establishes a new framework for determining when and how much revenue to recognise. The standard introduces a five-step model to be applied to all contracts with customers in order to establish the revenue recognition. The Group has assessed the impact of NZ IFRS 15 on its business model and has come to the conclusion that the standard has no significant financial effect on the timing and amount of revenue recognised in the Group's account compared to the previously existing framework.
27
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.
• Ngāti Haua Whanui Incorporated: David More, Cilia Rei and Christine Ngawai Henare are Trustees of Te Korowai and Ngāti Haua Whanui Inc.
• Hohaia Van Passen Limited; Te Aroha Hohaia is a Director of Te Kīwai Mauī o Ngāruahine and also a Director of Hohaia Van Passen Limited. TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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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 2019
27
RELATED PARTY TRANSACTIONS (CONTINUED)
• 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 Kīwai Mauī o Ngāruahine and also a Director of Parininihi ki Waitotara.
• The Bishop Action Foundation; Te Aroha Hohaia is a Director of Te Kīwai Mauī o Ngāruahine and also a Trustee of The Bishop Action Foundation.
• Venture Taranaki; Hinerangi Raumati-Tu'ua is a Director of Te Kīwai Mauī o Ngāruahine and also a Trustee of Venture Taranaki.
The Group's related parties during the 2018 year were:
52
• The now wound up pre-settlement entity Ngā Hapū o Ngāruahine lwi Incorporated (NHONI). Several of the Te Korowai trustees were also trustees of NHONI.
• Te Reo o Taranaki: Will Edwards a Te Korowai Trustee is also a Trustee on the board of Te Reo o Taranaki.
• TSB Community Trust, Te Aroha Hohaia is also a Trustee on the Board of the TSB Community Trust.
• Ngāti Haua Sub 16: David More is a Trustee of Te Korowai and Ngāti Haua Sub 16.
• Aotearoa Pa: Christine Ngawai Henare and Ngaraina Brooks were Trustees of Te Korowai during the year and Aotearoa Pa.
• Okahu-lnuawai (me etehi atu) Hapū: John Hooker is a Trustee of Te Korowai and Chair of Okahu-lnuawai (me etehi atu) Hapū.
• Oeo Pa: Caroline Scott is a Trustee of Te Korowai and Trustee, Secretary and Treasurer of Oeo Pa.
• Kanihi-Mawhitiwhiti Pa: Paula Cuff and Omahuru Robinson were Trustees of Te Korowai during the year and Kanihi-Mawhitiwhiti Pa.
• Other Pa and Hapū are not related parties as defined by the accounting standards but for the purpose of transparency all amounts spent on them have been included.
| TE KOROWAI O 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 2019
28
COMMITMENTS AND CONTINGENCIES
As at 31 March 2019 the Group had no contingent liabilities or assets (2018: $Nil). Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Te Pūia Tāpapa Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $2,500,000 of capital with $20,000 paid as at balance date. (2018: $Nil). Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Oriens Capital Private Equity Fund Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $2,550,000 of capital with $1,147,500 paid as at balance date. (2018: $459,000)
29
EVENTS OCCURRING AFTER THE REPORTING PERIOD
There were no events occurring subsequent to balance date which require adjustment to or disclosure in the financial statements. (2018: nil).
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020
Photo: Jacob Hakopa Backhurst. Annual General Meeting (August 2018).
54
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN 2019-2020 STRATEGIC GOVERNANCE 1
Maintain oversight of policy and legislative changes
2
Engage in Taranaki maunga negotiations
3
Implement distributions policy
4
Monitor accountability and reporting requirements
STRATEGIC PRIORITY – RELATIONSHIPS 5
Formalise relationships with other parties that will contribute to achieve Ngāruahine goals
6
Support Hapū development through a sustainable distribution policy
7
Establish a Ngāruahine entreprenuers network and mentoring programme
8
Review the Te Korowai logo
9
Relationship agreements in place with at least two Ngāruahine Hapū
10 Progress the Takutai Moana applications with Ngāruahine Hapū 11 Influence central and local government through Mana Whakahono a Rohe Agreements 12 Te Korowai communications build confidence of members and uri 13 Grow the iwi register, data is correct and a strategy in place to manage missing members
STRATEGIC PRIORITY – CAPABILITY 14 Implement the Iwi scholarship programme for the 2020 academic year 15 Grow the environmental capability of Ngāruahine uri, whānau and Hapū 16 Successfully deliver on the Curious Minds kaupapa 17 Support Hapū and Marae to grow their governance capability
STRATEGIC PRIORITY – SELF-RESILIENCE 18 Pilot a mapping project with at least two Ngāruahine hapū 19 Draft Ngāruahine Iwi plans in Kaumātua Wellbeing, Health, Education and Te Reo 20 Complete the Ngāruahine Iwi Taiao Strategy for implementation in 2020 21 Draft a Ngāruahine Engagement Plan in partnership with Waikato University 22 Complete the review of the Te Korowai Trust Deed 23 Complete the Deferred Selection Properties 24 Management of Ngāruahine Fisheries 25 Build a high quality direct investment portfolio 26 Improve Dawson Falls operational performance 27 Develop investment relationships with other like-minded entities
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
SUPPLEMENTARY INFORMATION
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF THE ANNUAL GENERAL MEETING FOR THE YEAR ENDED 31 POUTŪTERANGI 2018 SATURDAY, 25 AUGUST 2018 AT 9.00AM, AOTEAROA MARAE, HASTINGS ROAD, OKAIAWA
MIHI / WELCOME Bev Gibson 1. KARAKIA Will Edwards 2. ATTENDANCE A Noble, Adrian Taylor, Allie Hemara-Wahanui, Andrew Callander, Andy McMinn, Barbara More, Bee Weston, Bernie King, Betty Jane Roinson, Bev Gibson, Caroline Scott, Cheryl Luke-Maraki, Christine Ngawai Henare, Cilla Rei, David Maha, David More, Dinnie Moeahu, Donna Ngatai, Doreen Bilski, Doug Brooks, Doug Katene, Esther Clay (Haddon), Fay Hohaia, Ferinica Hawe-Foreman, Gale Watson, Gareth Kahui, Garfield Toro, Garnet Weston Matehaere, Gary Foreman, Georgina Wharepapa, Hinerangi Raumati-Tu'ua, Hinewaito Bigham, Hori Clay, Irene Robinson, Ivan Hare, Janie Katene, Jenny Noble, Jodi Hawe, John Dixon, John Hooker, Julie-Anne Broughton, Karena Hockley, Karl Adamson, Kawarau Ngaia, Kaye Adamson, Kiri Erb, Lola Katene, Lorna Katene, Lynette Noble, Mana Jenkins, Maraea Paringatai, Maraea Wharehoka, Maria Robinson, Mary Nicholson, Maureen King, Michael Savage, Mitchell Pera, Natalie Hodge, Natasha King, Neta Riley, Ngaraina Brooks, Nigel Nuku, Norah Puketapu, Omahuru Robinson, Pam Johnston, Pam Morehu Wharepapa, Peeti Watene, Peter Moeahu, Philip Nuku, Phoebe Paraha, Pikiora Weston-Jacobson, Puawai Waller, Puhi Nuku, Rachael Vainoso, Raewyn Ashby, Rangihuna Waller, Rangikura Mete, Raymond Eynon, Reign Weston, Ripeka Hudson, Robin Katene, Rowan Reihana, Ruta Hanikawhe Davis, Sera Gibson, Sid Ngatai, Sue Tito, Tami Cave, Te Ahu Rei, Te Aroha Hohaia, Te Oranga Whareora, Te Rau Oriwa Davis, Te Rawanake Coles, Teresa Goldsmith, Tihi Daisy Noble, Tisha Weston-Jacobson, Tumi Toro, Tya Robinson, Valda Hawe, Vincent Nuku, Wendy Eynon, Wihau Tamihana, Will Edwards. 3. APOLOGIES Adrian Nyman, Aisha Ross, Anne Phillips, Annette Nyman, Aroha Paenga, Barry O’Brien, Bonita Bigham, Brian Nyman, Catherine Booker, Chelsie Ashby, Cilla Henry-McDonald, David Gibson, Debbie Ngarewa Packer, Ewyn Ashby, Faith Wharemate, Floyd King, Graeme Snooks, Hayley Paki Robinson, Heavenlee Ngatai, Hinerangi Edwards, Holloway Ashby, Ivy Kearney, Julie Nyman, Justine Ngatai, Kaylee Brooks, Keonte Ngatai, Kurarauringa Waller, Lane Gibson, Leah Eynon, Linda Davidson, Maakere Edwards, Mairi Wharehoka, Maria Nyman, Michele Hawe, Moetu Tonga, Naomi Brooks, Natalie Cameron, Neil Packer, Ngawai Hooker, Nicholas Ngatai, Paharakeke Waller, Pat Gallagher, Patina Edwards, Pikiteora Ngāhina Tamairangi Takiari-toro, Ray Edwards, Rhegan Brooks, Raiha Hooker,
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Riki Taha-Kahui, Ritihia Te Wehi Waller, Ron Hudson, Roena Ruakere-TeUira, Ruby Taha-Kahui, Rukutai Watene, Sarah Matangi, Sharon Whana, Tane Brooks, Taniya Miles, Taryn Brooks, Te Aira Nyman, Te Aroha Hohaia, Te Ora Nyman, Te Ua Te Moanaroa. 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 2017 AGM be accepted. Moved: Peter Moeahu Seconded: Georgina Wharepapa CARRIED Follows is a record of main points raised from the Minutes: • That Te Korowai and ASB Bank no longer has a working relationship. • That the Pouwhakarae will talk about Iwi-Hapū representation as part of her report. • An uri questioned the appropriateness of a non-uri member speaking at the 2018 Half-yearly hui. The Pouwhakarae offered an apology for it happening during a Te Korowai hui. It was moved that matters arising is accepted. Moved: Peter Moeahu Seconded: Te Rawanake Coles CARRIED 5. POUWHAKARAE REPORT a. T he Pouwhakarae talked about the Te Korowai Group structure and the purpose of the Custodian Trustee Company, a new entity for the group. b. I n this year, the Board had completed the review of its long-term strategy that included revising the Vision and Mission. c. During the year, the Board participated in governance training and completed a self-assessment. This raised questions about the Trust Deed and the Code of Conduct. d. Staffing changes led to the appointment of the Pouhautū and of external accountants, Vanburwray. e. Questions were raised about the different Trustee structural representative models and a request for information regarding their advantages. The Pouwhakarae advised that consultation hui are being organised for November 2018.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF THE ANNUAL GENERAL MEETING FOR THE YEAR ENDED 31 POUTŪTERANGI 2018
6. POUHAUTŪ REPORT a. Takutai Moana project has five (5) hapū working together, Ngāti Hāua, Ngāti Tamāhuroa me Tītahi, Ngāti Manuhiakai, Ōkahu-Inuawai and Kānihi-Umutahi. b. A request that hard copies of the iwi newsletter be sent to members. c. Strategic questions were raised by uri e.g. bringing whānau home, addressing unemployment, whānau accessing wellbeing support, rangatahi and scholarships/grants for those pursuing academic and non-academic pathways. d. Questions around Marae development was raised noting that the Board are still working through this kaupapa. e. Many questions were raised with regard to the Financial Audit whereby the financial performance/position of all Te Korowai entities were incorporated into a single audit report. Whānau struggled to make sense of the audit and the notes were unhelpful. The people asked for greater transparency on the different entities within the Te Korowai Group. It was resolved that the Audited Financial Report for the year ending March 2018 be accepted. Moved: Peter Moeahu Seconded: Te Rau Oriwa Davis CARRIED It was resolved that the 2018 Annual Report be adopted Moved: Pam Wharepapa Seconded: Maureen King CARRIED
8. APPOINTMENT OF THE AUDITOR It was resolved that Price Waterhouse Cooper be appointed the Auditor for 2018 - 2019 financial year. Moved: Ngaraina Brooks Seconded: Te Rawanake Coles Against: Garfield Toro CARRIED 9. 2019 ANNUAL PLAN The Pouhautū presented the 2019 Annual Plan highlighting that the plan is represented by three strategic objectives. The Board were asked how Te Korowai will support the wellbeing of Kaumātua and were requested to consider this kaupapa. It was resolved that the people of Ngāruahine approve to adopt the 2018/19 Annual plan. Moved: Peter Moeahu Seconded: Anaru Hooker CARRIED 10. GENERAL BUSINESS The Pouwhakarae welcomed the Maunga negotiation team (Jamie Tuuta, Hemi Sundgren, Daisy Noble and Liana Poutu). The negotiation team provided an overview of the negotiation process, their principles and aspirations for Maunga Taranaki. They committed to keeping Iwi informed. Piripi Nuku talked about the upcoming commemorations for Te Ngutu o te Manu Commemorations and encouraged people to participate. 11. CLOSING KARAKIA 1.50pm Aroha Wharemate
7. TE KĪWAI MAUĪ REPORT a. The Chair for Te Kīwai Mauī (Mauī) explained that their role is to grow the Ngāruahine assets. b. Te Kīwai Mauī Board have put in place a succession plan with the appointment of an Associate Director Dion Maaka (Ngāruahine). c. The work on the Deferred Selection Properties has commenced. d. Questions were raised about the due diligence of Dawson Falls Lodge. The Chair of Te Kīwai Mauī explained that Te Korowai Board had previously managed this investment and Mauī are now committed to making this decision work. e. The whānau appreciated the actions around a programme that invested in Ngāruahine succession. f. A request was made that future audits disclose the expenditure of Dawson Falls Lodge to understand how this asset is performing.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KOROWAI O NGĀRUAHINE TRUST
Bev Gibson (Pouwhakarae)
Will Edwards
Wendy Eynon (JP)
Ferinica Hawe-Foreman (Elected May 2018)
Te Aroha Hohaia (JP)
John Hooker
Cheryl Luke-Maraki
David More
Christine Ngawai Henare
Tihi Daisy Noble
Omahuru Robinson
Caroline Scott
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Neil Taylor Te Ohu Arotake Independent Advisor
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 (Independent) TE IRA AUAHA (Governance & Nominations) Christine Ngawai Henare (Chair) Wendy Eynon Tihi Daisy Noble TE AROHAEHAE HAUTŪ John Hooker Cheryl Luke-Maraki
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 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 Tihi Daisy Noble Omahuru Robinson Caroline Scott TE KOROWAI O NGĀRUAHINE CUSTODIAN COMPANY LIMITED Bev Gibson Allie Hemara-Wahanui
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS Bev Gibson
Dr Will Edwards
Master of Management, Post Graduate Diploma in Health Service Management, Bachelor of Arts, Diploma in Nursing (Registered Nurse) and Diploma in Māori.
Doctor of Philosophy, Master of Philosophy, Bachelor of Horticulture, Bachelor of Arts (Tohu Paetahi), Diploma of Advanced Taranaki Māori Language.
Lantern House Trust
Independent Trustee
Member (Deputy Chair)
Mahia Mai Whaitara
Trustee (Chair)
Ageing Well National Science Challenge
Parininihi Ki Waitotara Incorporation
Director
Health Research Council of New Zealand
Member
Parininihi ki Waitotara Trust
Trustee
MOMWD Trustee Limited
Director
Quality Visions Limited
Managing Director
Ngāti Tupaia Hapū Incorporated
Trustee
Tamariki Pakiri
Trustee Board Member
R & R Edwards Whanau Trust Limited
Director
Taranaki District Health Board Te Kīwai Mauī o Ngāruahine Limited
Director
Tangahoe Tribal Trust
Trustee
Taranaki Futures Trust
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Taumata Associates
Director
Te Korowai o Ngāruahine Custodian Company Limited
Director/Shareholder
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee (Pouwhakarae)
Te Korowai o Ngāruahine Trust
Trustee
Te Korowai o Ngāruahine Trust - Te Ohu Arotake
Committee Member
Te Kupenga Mātauranga o Taranaki Trust
Trustee (Co-Chair)
Te Mana Ririki Trust
First Named Investigator
Te Poutiringa Incorporated
Trustee
Te Reo o Taranaki Trust
Board Member
Tui Ora Limited
Director
University of Auckland, Advisory Group ‘Cost of doing Nothing’
Advisory Group Member (Named Investigator)
Waikato University Research Project
Community Researcher
Te Korowai o Ngāruahine Trust, Applicant Marine & Coastal Area Act
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS Wendy Eynon (JP)
Dr Te Aroha Hohaia (JP)
Diploma in Advanced Career Guidance, Diploma of Business, Diploma in Teaching, National Certificate in Business (First-Line Management).
Doctor of Philosophy, Master of Public Policy, Bachelor of Management Studies. Access Radio Taranaki Trust
Trustee (Chair)
Community Organization Grants Scheme - South Taranaki Local
Member
Bashford-Nicholls Charitable Trust
Trustee
Central Taranaki Association of Justice of the Peace
Justice of the Peace
Bishop's Action Foundation
Trustee
Bizlink Hawera Incorporated
Member
Business & Professional Women Hawera
Member
Federated Mountain Clubs of New Zealand Incorporated
Member
Ngāti Tu Hapū Whenua Topu Trust
Secretary
Ngāruahine Fisheries Limited
Director
Kaponga Progressive Committee Member Puawai 05 Pathways
Contractor
RJ & WMJ Eynon Nominees
Trustee
Spotswood College
Kaimahi
Te Ara Pae Trust
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
South Taranaki Association
Justice of the peace
Committee Member
Taranaki District Health Board
Member
Te Ara Pae Trust
Trustee (Chair)
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Te Kīwai Mauī o Ngāruahine Limited
Director
Te Puni Kokiri
Contractor
Trinity Home and Hospital Ltd
Director
Waiōkura Marae & Reserves Trust
Trustee (Secretary, Treasurer)
Te Korowai o Ngāruahine Trust Te Ira Auaha
Ferinica Hawe-Foreman Beach Energy, Todd Energy, Taranaki By-Products
Hāpu Representative
Foreman Shearing Ltd
Director
Ngāti Manuhiakai Hapū
Secretary
Ngāti Manuhiakai 5A2
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Te Rangatapu Pa
Trustee (Secretary)
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS
64
John Hooker
David More
Bachelor of Agricultural Science, NZ Institute of Valuers (Prof Quals) Rural, Te Rangakura Diploma Primary School Bilingual Bicultural Teaching, Whakapakari Tino Rangatiratanga o Te Kohanga Reo.
Bachelor of Arts (Combined Honours). New Plymouth District Council
Kaimahi (Kaitohutohu)
Employee
Te Kura o Ngāruahinerangi
New Zealand Qualifications Authority
Contractee
Eva Harris Trust
Trustee
Ngāti Hāua 16 Māori Reservation Trustee
Inuawai 1C,2B Trust
Advisory Trustee
Mangawhero 2 Trust
Advisory Trustee
Ngāti Hāua Whānui Incorporated Society
Trustee (Deputy Chair)
New Zealand Māori Councilor
Member
Ngāruahine Kaumatua Kaunihera
Chair
Ngāti Hāua Whānui Incorporated Trust
Trustee (Deputy Chair)
Ngāti Hāua 5 Trust
Advisory Trustee
Ngāti Hāua Hapū, Marine & Coastal Area Act
Applicant
Ōkahu-Inuawai (me etehi atu) Hapū
Chair
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Ōkahu-Inuawai (me etehi atu) Hapū
Hapū Environmental Contact
Te Korowai o Ngāruahine Trust
Trustee Committee Member
Ōkahu Inuāwai (me etahi atu) Incorporated Society
Chair
Te Korowai o Ngāruahine Trust Te Ohu Arotake
Ōkahu-Inuawai Hapū, Marine & Coastal Area Act
Applicant
Opunake High School
Board of Trustee (Treasurer)
Ruaputahanga Māori Wardens
Chair
Cheryl Luke-Maraki
Stratford High School
Kaimahi
Araukuku Catholic Māori Club
Treasuer
Taranaki Māori Trust Board
Member
Trustee (Treasurer)
Taranaki Regional Council - Iwi Standing Committee
Committee Member
Patea Māori Cultural Theatre Trust
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust Te Korowai o Ngāruahine Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Committee Member
Te Korowai o Ngāruahine Trust Te Arohaehae Hautū
Committee Member (Chair)
Te Korowai o Ngāruahine Trust - Te Arohaehae Hautū Te Kahui Maunga AMPAC
Te Kura Kaupapa Māori O Tamarongo
Reliever
Trustee (Secretary, Treasurer)
Te Kura O Ngāruahinerangi
Kaimahi
Te Kura Kaupapa o Ngāti Ruanui
Kaimahi and Secretary Treasurer to the Board of Trustees
Te Mana Kuratahi Primary School National Kapa Haka Competition
Delegate (Aotea)
Waiokura Marae and Reserves Trust
Trustee (Deputy Chair)
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE INTERESTS
Christine Ngawai Henare
Omahuru Robinson
Post Graduate Diploma in Business (Maori Development). Aotearoa Marae
Trustee (Treasurer)
Mangawhero #2
Advisory Trustee
Diploma in Te Pīnakitanga ki te Reo Kairangi, Diploma in Bilingual/Bicultural Teaching, National Diploma in Hauora, Postgraduate Certificate in Youth Health Sciences, Certificate in Māori Mental Health.
Ngāti Haua Whānui Incorporated
Trustee
Hawera High School
Board of Trustee
Taranaki District Health Board
Chief Advisor Māori Health
Hawera High School Whānau
Whanau Group (Chair)
Taranaki ki te Tonga Māori Health Forum
Convenor
Kanihi-Umutahi Hapū
Trustee
Mawhitwhiti-Kanihi Pa Trust
Trustee
Te Kawau Mārō Alliance Health Leadership Team
Member
Mentoa Consultants
Managing Director
St Joseph’s School, Hawera
Board of Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
South Taranaki District Council Iwi Liaison Committee
Member
Te Korowai o Ngāruahine Trust
Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Tekau-ma-rua Member
Member
Tuhono
Director
Umatahi 2A1 Trust
Trustee
Umutahi 2B2 Trust
Trustee
Te Korowai o Ngāruahine Trust - Committee Member Te Ira Auaha (Chair) Te Rau Pani Trust Māori Mental Health Trust (in the process of winding up)
Trustee
Whakatipuranga Rima Rau Trust Trustee
Tihi Daisy Noble
Caroline Scott
Certificate in Achievement for Māori Authorities, Certificate of Achievement Management of Māori Resources.
Katere Trust
Trustee
Ngāti Tamaahuroa me Titahi Hapū, Marine & Coastal Area Act
Applicant
Kanihi-Umutahi Hapū, Marine & Coastal Area Act
Applicant
Ngāti Tamaahuroa me Titahi Hapū Secretary, Treasurer
Te Kīwai Matau o Ngāruahine Charitable Trust
Trustee
Te Korowai o Ngāruahine Trust
Trustee
Te Korowai o Ngāruahine Trust Te Ira Auaha
Committee Member
Te Kupenga o Kanihi (me etahi) hapū
Trustee (Chair)
Te Kupenga o Kanihi (me etahi) hapū
Hapū Environmental Contact
Te Rua o te Moko 2B Trust
Secretary/ Beneficiary
Tihi Consultants Limited
Director
Ngāti Tamaahuroa me Titahi Hapū Pataka Kaitiaki 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)
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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TE KOROWAI O NGĀRUAHINE TRUST GROUP
GOVERNANCE MEETINGS 1 April 2018 - 31 March 2019 Board Meetings Attended
Board Meetings Eligible
Sub Committee Meetings Attended
Sub Committee Meetings Eligible
Bev Gibson (Current Pouwhakarae)
9
9
12
12
Caroline Scott (Chair of Te Ohu Arotaki)
8
9
7
7
Christine Ngawai Henare (Chair of Te Ira Auaha)
8
9
1
1
John Hooker (Chair of Te Arohaehae Hautū)
7
9
4
4
Will Edwards
8
9
7
7
David More
8
9
7
7
Te Aroha Hohaia
7
9
-
-
Cheryl Luke-Maraki
9
9
4
4
Wendy Eynon Ferinica Hawe-Foreman Tihi Dasiy Noble
7 8 9
9 9 9
1 1
1 1
Omahuru Robinson
7
9
-
-
Trustees
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KOROWAI KAIMAHI
66
Allie Hemara-Wahanui Te Pouhautū (General Manager) Master of Business Administration
Te Ahu Rei Te Poutakawainga (Iwi Engagement Manager) Master of Philosophy, Bachelor of Education, Diploma of Teaching
Dr Louise Tester Policy & Research Manager PhD, MA (Environment, Policy and Society), BA(Hons) (Politics with Sociology), PG Cert (Health Sciences), Grad. Cert (Maori Cultural Studies), National Cert. Adult Teaching and Learning, Cert. (Adult Literacy and Numeracy)
Bart Jansma Environmental Policy Advisor Bachelor of Science with Honours (Ecology)
Kiri Erb Executive Assistant
Ripeka Hudson Administration & Iwi Engagement Support
| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
Donna Ngatai Iwi Registrar
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
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2019
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147 High Street, Hawera PO Box 474, Hawera, Taranaki 4640 Phone: 06 278 7411 www.Ngāruahine.iwi.nz Ngāruahine
