Te Kapu O Waitaha Annual Report 2016 by Te Kapu o Waitaha

CONSOLIDATED ANNUAL REPORT Te Kapu O Waitaha 2016 Report Set One

ANNUAL REPORT 2016 -2016

SET One

TE KAPU O WAITAHA TRUST GROUP FINANCIAL PERFORMANCE

SET Two

TABLE OF CONTENTS

Page

Chairman’s Statement

4 -5

General Manager’s Report

6 -7

Governance

8 -9

Communications

10 – 13

Iwi register

14 – 17

Education

18 – 19

Environment

20 -23

Economic

24 – 30

Previous Minutes

31 – 40

Elections 2016 Confirmation

Board of Trustees

Notes Page

Vision Ruia he kākano ka tupu, ā konei nga hua. Āpopo he ngāherere ora!

Values Mā muri kā tika ā mua, mā mua kā tika ā muri

Financial position 2015 to 2016 was another strong year in terms of the balance sheet despite a deficit following annual adjustments in the profit and loss. We remain confident in the application of prudent financial management evidenced in our net cash flows from operating activities of $ 77,606 at year closing. Macroeconomic conditions this year has been extremely challenging with low interest rates, and a global weak economy impacting projected income on investment. In addition there has been a lot of activity across the year divesting and re- investing where performance of investment showed signs of weakening. Despite a realised loss on some investments, overall the revaluation values by year end showed gains of $ 101,613. A key focus this year was to deliver on our strategic commitment to provide benefit back to the iwi. As a board we invested in an online grants system with lighter features such as â&#x20AC;&#x153;live chatâ&#x20AC;?. We also exceeded our target of generating $ 100,000 in accumulated interest within the Hakaraia Endowment portfolio. This places the Board in a position to distribute education grants by Feb â&#x20AC;&#x201C; March 2017. A further priority has been the review across the performance of income from Trust property assets. Three years down the track we now turn our focus to increasing income streams, and improving asset performance. This will be achieved through targeted options aligned to financial targets, economic forecasts, including the future and lifecycle of current assets. We will continue to honour our commitments to maintaining an efficient balance sheet whilst retaining those investments and assets with sufficient performance against cost and benefit.

Core Values

Mission

Protect, preserve, and promote the health, wealth, and wellbeing of Waitaha

To deliver on Trust strategic commitments in a manner that successfully benefits Waitaha whanau, iwi

Waitaha 4

Responsible Business Being a responsible Trust is an integral part of delivering on our strategy. It is not only reflected in our culture, but also in our approach to governance and doing the right thing. Our commitment to Trust beneficiaries is to ensure we engage on matters that impact on realising intended benefit, and the cost of that benefit. This is reflected in the special general meeting held in May this year in relation to the delivery of the History Project and accessibility by the iwi to the documented history of Waitaha. I report at this time that the Board approved an extension of time in support of the history project completion. This was recently agreed to by Maranga Waitaha Trust, who will now be required to work through a process with the History project team and others on an agreeable plan for completion.

The Board Critical to the success of the Trust is ensuring we maintain the breadth and balance of skills to suit both the existing shape of the Trust and to support our future growth. We have, for example, recognised that technology will continue to be an important part of our future. Equally important, is ensuring the Board has absolutely the right processes in place to ensure it is operating as efficiently and effectively as possible, and is helping to set the agenda for the Trust to succeed both in the short and long term. This will continue to be a priority in 2017 and beyond.

Governance High standards of governance are fundamental to the way the must Trust operate. The Board is committed to ensuring that we not only operate effectively, but that each Trustee is committed to the role and continues to make a valuable contribution. This year we underwent elections for three trustee positions. I congratulate first those beneficiaries who voted, and those nominees who were successful.

Into the future Despite nga piki me nga heke, it has been another year of further progress. There is, however, no complacency in going forward. We need to continue to focus our energies on the deployment of those things that give effect to positive change for Waitaha. We can only do this successfully with excellent people and, on behalf of the Board, I would like to thank koeke for their input, our employees, and advisors for their very considerable efforts in the past year. Na,

Frank Grant Chairman

The key initiatives underpinning the ten year strategy continue to progress. We continue to transform the value we offer beneficiaries by providing the benefits of online, connected experiences. Importantly, we do this through powerful technology that is non-disruptive and, which supports our progressive move to cloud based technologies. Our approach to strategic management has seen investment prioritised to key initiatives to deliver on legacy products. These include the uptake of environmental responses relating to areas where Waitaha historically and culturally is present, aligning ourselves for the development of a Waitaha history archival platform, the investment for the delivery of the documented history of Waitaha, the launch of the Hakaraia Education grants due to roll out in October this year online. Achieving key performance indicators has not been without itsâ&#x20AC;&#x2122; challenges as we evolve from a phase of establishment. In strengthening our political position among Local and territorial government influences, the demands have increased reflected in the number of notified consents, environmental responses, and presence on large scale project developments. While a huge investment of time and effort is provided to these areas, the key drivers are undoubtedly the interdependence and reliance between whanau and our natural resources. We continue to work collaboratively with Waitaha iwi reps and koeke in to provide a united and collective approach to environmental matters. While we have been proactive in the area of environmental issues, we have also initiated the scoping for a reserves plan. This will involve the Department of Conservation and the Trust as the legal administrator. This provides the opportunity to embed also the obligations by DOC toward giving effect to whakairinga korero with accountabilities provided for in their annual conservation management plans. We have experienced growth in the iwi register this year, in particular online registrations. A fey focus has been to lighten the burden on beneficiaries in their ability to inform changes to their registration record through the website and social media platforms. With the recent elections, we received a number of contacts advising of change. While our response to updates is immediate, I do however emphasise the importance of beneficiary responsibility. You will note this year a change of financial performance reporting. This is implemented due to the introduced New Zealand Accounting standards. Such changes have significantly impacted on the profit and loss by including what traditionally was accounted for in the balance sheet. Despite these changes, the balance sheet reflects a significant increase in equity. This is largely due to the increased rateable value of Te Houhou. In order to improve the management and controls over profit margins we will need to adapt new reporting systems that include adjustments month by month where possible as opposed to end of year. This will also include a change in monthly investment performance reporting. Our ability to remain agile to change will be an important aspect to ensuring the longevity of prudent financial management.

The Statement of Intent is a five year strategy with specific accountabilities across multiple objectives. While we have achieved good results in some areas, we will focus more directly on others with increased resource and capability which was allocated toward the end of this fiscal year. Those priority areas are the education, cultural, and investment strategies of the Charitable Trust. We have previously reported the future establishment of a holdings company. This is subject to many considerations and not a straight forward exercise. A key aspect has been in determining what kind of investment and economic development could be entered into, and more importantly managing the risk on return. This has continued to be an area of caution given limited resource and risk thresholds. In response, an analysis of asset performance has initiated increased income targets for 2017. Specifically performance targets across all property assets will be properly researched, with economic options that will achieve financial performance expectations. This is scheduled to be completed by late December early January. The future focus remains on the success of outcomes where whanau remain at the heart of Trust strategies. A disciplined approach will continue to drive quality and a blue print for continuous growth by the leaders of tomorrow. Finally, I would like to thank the staff for their commitment, and also Waitaha koeke including iwi representatives for their valued input over the year. Na,

Vivienne Robinson General Manager

Operations are governed by the Trustâ&#x20AC;&#x2122;s constitution that aligns with and supports the regulatory requirements for which is mandated through Waitaha Claims Settlement ACT 2013

The Board employs a Governance Policy model designed to empower the Trustees to fulfil their obligation of accountability. Policy Governance separates issues of organizational purpose from all other organizational placing primary importance on Trust purposes. Policy Governance demands accomplishment of purpose, and only limit the staff's available means to those which do not violate the board's pre-stated standards of prudence and ethics.

Outputs 

Corporate statements clearly publicize strategic expectations including risk return profile and benefits to be achieved by Trust subsidiaries

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Review and develop 5 year SOI consistent with TKOW 2015 2025 strategy and corporate statements Risk return profile review with financial targets

2015 – 2016 KPI   

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Development of SOI 2015 – 2020 Accountability mechanisms to be integrated into SOI to include Waitaha linkages

Increased Governance competency through targeted training

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Economic development workshop – Trade NZ

Annual impact benefit and asset growth review

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Economic workshop Review of assets and performance Financial target setting

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Development of annual work plans, data systems, and reporting Development of election information material Website promotions Social media promotions

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Development of a five year Statement of Intent with clear accountabilities

 Processes are developed for measuring the performance of results by Te Kapu O Waitaha entities

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Information for Trust elections encourages increased interest and participation Waitaha affairs

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SOI 2015-20 aligned to TKOW strategy 2015 – 2025 and Waitaha Iwi Management Plan 100% corporate documents publicized through AGM, website, social media SIPO reviewed with increased risk return SOI 2015-20; iwi endorsement Feb 2016 SOI linkages and accountabilities include statutory, regulatory, nonstatutory, and iwi management plans

Reduced focus on economic possibilities to “cost of benefit and income generation” decision model Asset performance review completed; business case development initiated Income targets & allocations established KPI’s developed to track service and financial performance Election publications completed and made accessible New visits to web 73.68% increase 6 nominations as opposed to 0 nominations previous election

Reach Relationship

digital platforms

relevant content

Depth data management

Outputs 

Trust website becomes the conduit for all Waitaha communications

Manage and administrate web communications

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Communication network strategy for Waitaha

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Re-direct traffic from Waitaha Facebook to website increasing exposure to web content and accessibility to Waitaha info Monitor online web responses networked with Waitaha admin email platforms Establish online grants system networked to Waitaha admin email function Provide analysis of effectiveness of communication networked platforms

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2015 – 2016 KPI 179 posts average of 15 per month Hei Marae online booking system reviewed and updated Waitaha Hauora 1% of total posts 20% posts Waitaha “iwi” rep related 6% posts Te Arawa Takutai moana – Waitaha interests 73% posts -Te Kapu O Waitaha & Waitaha Charitable Trust publications, notifications, information Traffic between Facebook and website is 2%. Remained constant. Enquiries via website has increased by 2.5% opposed to previous year Online grants system network completed –rollout 10/16 Analysis of networked platforms highlights unique users therefore different preferences. A more targeted approach will be implemented in the next fiscal year. Networked linkages between Waitaha website and Te Arawa Fisheries with relevance to increasing accessibility for grant options by Oct 16

224 people per day are talking about our posts on Facebook

Over 15,000

27,000 Clicks on our Facebook page per month

Page views to our website

Outputs 

Optimal technological capabilities to include beneficiary living overseas to participate in beneficiary interests

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All registered beneficiaries know where to access Waitaha information

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Expand web capabilities for engagement in real time Monthly notifications via web and face book platforms Actively promote web based online registration, and email functions Notifications monthly via mail chimp to subscribers

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2015 – 2016 KPI LIVE CHAT developed roll out Oct 2016 179 posts, average 1415 posts per month on website Registration page ranked 2nd highest for number of visits over the year Online registrations increased by 25% on last year 130 Published posts on Facebook page – average engagement of 65 consumers per post 15,109 website page views with 87.2% new viewers 11% increase of subscribers to Waitaha notifications via Mailchimp.com function Zero negative feedback indicating any issues with finding information

Outputs 

Iwi database registrations has increased and contains current data

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Monthly transfers to the adult register of those turning 18years and are listed on the mokopuna database Deceased records are flagged monthly GNA’s are sustained at less than .05% of the current database Responses to updated registration information occurs within a 24 hour period Develop new database fields to support the interface between the iwi register and WCT grants online Internal control checks annually Registration validations on-going Register numbers and trends are tracked monthly

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2015 – 2016 KPI Iwi register has increased by 196 new memberships since 2015 GNA’s below the threshold of .5% of the total register @ 30 June 100% of the register records are validated as affiliated to Waitaha Spikes in the register occurred during the months of Aug – Sept, and March – May. Analysis indicates increases are due to 18 year old registrations during those periods were significantly higher than other months Database field inclusions completed and networked for WCT grants online – roll out Oct 2016 Register analysis has provided critical data intelligence that otherwise is not available through Statistics NZ, and furthermore has helped determine iwi priorities from a Trust and iwi perspective. The reviewed SOI strategy is based on current register information and projected register trends out 15 years

Te Kapu o Waitaha Registered Adults 196 member increase

Gender Ratio

1600 1550 1500

47%

1450 1400

Male Female

53%

1350 1300 1250 June July Aug Sept Oct Nov Dec Jan Feb March April May June 2015 2015 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2016 (1354) (1359) (1361) (1455) (1461) (1477) (1488) (1488) (1496) (1501) (1522) (1541) (1550)

The highest number of registered are within the BOP, of which 48% register their address as Te Puke

60yrs Plus 190 185

31% of online registrations also registered with Te Arawa Fisheries by consent

180 175

60+

170

165

Waitaha population identifying with multiple iwi affiliations will likely increase 16

160 2014

2015

2016

Outputs Enhanced capacity that identifies Waitaha capability

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Development of Trust policies to the management and preservation of whakapapa linkages for current and future generations

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Establish vocational data fields within existing database system Establish fields that capture geographical place of study, faculty and level of study Establish reporting mechanisms aligned to Waitaha capability data

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Establish and review every two years iwi register policies

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2015 – 2016 KPI Vocational fields integrated into database completed Study fields integrated into current database system completed Reporting mechanisms established via export to excel spread sheets from database Policy and records management standards for the preservation of whakapapa in perpetuity completed

The first attempt at capturing Waitaha population statistics was in the year 1881, which at that time 19 people in Te Puke identified themselves as being of Waitaha descent

NZ Statistics record Waitaha population in the Bay Of Plenty region at 975 as at 2013

The Trust manages two iwi registers totalling 2,105 Waitaha beneficiary records 17

Of all agencies, we are in the best position to build on the accuracy and reliance of Waitaha data.

Outputs 

Initiatives that improve training and job opportunity for Waitaha whanau

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Evaluation of cadetship programme Administer and manage Waitaha Youth Job Board

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Waitaha Charitable Trust is fully operationalized by 2015

WCT grant distribution functions are fit for purpose

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Whanau engaged in Waitaha wananga

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An informed long term sustainable education strategy for Waitaha

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A record of the corrected history of Waitaha is available Learning initiatives are relevant to those priorities identified by Waitaha whanau Trust cadetship programme is established to provide for succession planning

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Support Waitaha programmes/wananga 5 and 10 year strategy development Commission documented history Education and grant policies reflect individual choice Establish Waitaha cadetship program

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2015 – 2016 KPI Evaluation completed, and next intake scheduled for Jan 2017 57 apprenticeships posted Total 62 vacancies for youth 19 job board uploads July 1 2015 – 30 June 2016 Hakaraia Education Grants include Ist year tertiary grants and apprenticeships WCT grant policies completed Online grants systems accessible by Oct 16 Integration systems and reporting functions added to iwi database operational Oct 2016 Administration business standards completed Governance Grants policy guidelines completed Accountability Linkages from TKOW strategy and WCT SOI completed Waitaha Puna Reo COMS 4 posts between June 2015 – August 2016 Education 5 year strategy included in WCT SOI Extension of contract time granted  Policies are based on Waitaha tikanga principles - manaaki  New intake 2017

Outputs  

Formalised reporting structure for monitoring the health of our natural resources between DOC and Local and Territorial Government bodies

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Quarterly meetings with DOC Respond to Resource Consent applications and notifications relevant to Waitaha Attend and continue input to special environmental projects Analyse and develop responses to environmental health reports Collaborate with Waitaha environmental iwi representations to formalise collective responses where relevant

2015 – 2016 KPI  Whakairinga korero - plans initiated with DOC to be included in the conservation annual plan supported by DOC resourcing  121 Resource Consents notified; increased from previous year by 9%  Major responses for consent applications include Te Puke Waste water treatment plant, Ohau channel wall renewal, four Orchid water take applications, Fulton Hogan harvest management, eight developer consents – East Papamoa and Wairakei, Port of Tauranga (completing assessment of consent).  Responses to environmental research projects have included Pukepine storm water discharge impact report commissioned by BOP RC; Kaituna River Management plan draft; Kaituna re-diversion project  Attended 4 hui with TCC concerning the development of the Wairakei cultural management plan, 1st draft due in preparation for consultation toward end of year  Attended 3 workshops for the development and input of the cultural monitoring plan for Kaituna re-diversion project  Attended 2 workshops for Kaituna Maketu catchment – freshwater futures community group

Continued support to promoting Waitaha interests through input and hosting Te Arawa Takitai moana hui. Kaupapa included â&#x20AC;&#x201C; Rena appeal, Kaituna re-diversion, whale stranding policy development, Coastal marine, and customary fishing titles (these kaupapa are on-going and yet to reach final conclusion)

We have maintained a position of only supporting water take provided conditions are included in the consent that require a water harvesting and riparian management plans

We have provided cultural impact assessments on major influences where water quality is affected, we emphasise the point of tikanga making any level of contamination unacceptable. We will continue to exercise this stance, notably is the minimisation of cultural considerations, we will push for changes that reflect better the integrity of Waitaha input, and consultation outcomes.

Outputs Development of an electronic database for environmental resource, inventory, recording Waitaha waahi tapu sites, streams, rivers, puna, maunga, and taonga inclusive of rare species within the Waitaha area of interest

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Integrate all information and environmental mapping into Waitaha history - archives

Greenbelt areas of Te Houhou block are recognized as taonga by Local Government as opposed to just recreational areas

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Waitaha input to Wairakei reserve cultural management plan

Partnerships and protocols enable visibility of Waitaha tribal footprint

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Waitaha influences visible in the Wairakei cultural management plan, and Papamoa Regional Heritage Park All consents notified by local and regional government agents that impact within the Waitaha area of interest Follow up of all CIA assessments by Waitaha to ensure recommendations are implemented

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2015 – 2016 KPI  Dedicated resource to established in November 2016

 Native planting approved by council throughout the Wairakei reserve corridor  Cultural plan draft continued between Waitaha Council BECA and other iwi  Waitaha historical account for provided for input to Wairakei Reserve cultural plan  Consent notification referrals by council has risen by 12% on last year  All CIA assessments have been followed up, 90% of recommendations have been considered via conditions to consents, or willingness of applicant, some long term others short term. Examples; Te Puke Waste water Treatment plan – 4 stage 10 year plan; Fulton Hogan agreement to re-plant natives following commercial forest harvest  Collaboration with iwi rep with regards to cultural constructs within the Regional Heritage Park

Investment Portfolio and risk management Financial performance anaysis and reporting Asset allocation and protection

Taxation minimization 25

Outputs 

The most effective management of Tax complexities achieving maximum benefit possible

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Achieve increased wealth and maintain positive cash flow to meet Trust obligations to stakeholders and beneficiaries

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WCT annual reporting to Charities Commission Tax credit distributions IRD returns furnished

Prudently manage cash inflow and expenditure Monitor investment targets

2015 – 2016 KPI  Annual reports furnished – tax emption continued for WCT  IRD compliances met  Tax credit distributions to occur between TKOW and WCT following advice from Accountant – 2017 period  Taxation expert advice considerations included in business proposals for increasing asset performance TKOW Net cash flows from operating activity $ 77,606 increase of $ 76,678 from previous year  Investment income target not met as at June 30 by $ 19,538  Realised loss on sale of investments $ 16, 518 however Investment revaluation gains as at 30 June $101,613  Administration cost $ 66,000 offset through proposed Tax credit distribution to WCT 2017 WCT  Investment revenue up $ 41,594 on previous year  Changes in fair value of available for sale assets up $ 51,000 on previous year  Net cash flows from operating activities (5,140) due to EOY adjustments

HAKARAIA EDUCATION ENDOWMENT SOCIAL ENDOWMENT

Outputs Statement of Investment policies are approved and implemented

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SOI review

Investment is managed professionally

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Invest and divest approvals meet Trust policies

2015 – 2016 KPI  WCT and TKOW SIPO reviewed with increased thresholds  

Ensure liquidity ratios are maintained at an appropriate level and are reviewed every 6 months

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Provide monthly investment reports for Board approval

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Impact investment model and measurement is developed

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Define asset and investment performance over time Review financial targets

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Craigs Partners maintain investment management over trust funds 100% approvals for investing and divesting achieved through management approvals as per Trust policy Liquidity ratio TKOW is 63.47:1 far exceeds the minimum threshold of 2% Investment and financial performance is reviewed monthly for TKOW and WCT Endowment portfolio WCT Liquidity ratio is 114. 47:1, this exceeds the minimum threshold of 2% Analysis of yield and income performance across all property assets completed – resulting in business case options to improve financial performance Financial target review completed – linked to business case development for improved financial performance across property assets

Rental income has increased by 15,000 up on previous year. Upgrades and compliance measures has enabled increased tenancies

Housing demand has influenced recent government valuation of land. Te Houhou block rateable value has increased by $ 7million, as a result rates has more than trebled for this block. The yield from this block is the lowest across all assets. Performance is under review and is a priority in the overall business case development

Performance review – proposed targets

Dunlop Road Lenihan Drive Schools Te Houhou Craigs Investment

Annual income $ 24,000 $ 39,000 $ 167,000 $ 11,000 $ 155,000

Current Yield 2% 4.60% 5.% 0.01% 4.60%

Target 8 – 10% 5% 5.50% 10 – 12% subject to options 5%

PREVIOUS MINUTES

TE KAPU O WAITAHA ANNUAL GENERAL MEETING 2014 Saturday February 13th 2016 Hei Marae, Manoeka Road, Te Puke

Agenda: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

Karakia/mihi Apologies Previous minutes â&#x20AC;&#x201C; Page 54 Matters arising Receive and approve the Trust Audited Consolidated Financial Statements ending 30, June 2015 - Page 33 Receive and approve Te Kapu O Waitaha Group Consolidated Annual Report 2015 Receive and approve updated Waitaha Charitable Trust Statement of Intent 2015 -2020 Re-confirm the approval of the Trust(s) Accountant Re-confirm the approval of the Trust(s) Auditor Re-confirm Trustee remuneration Notified General Business Trust Acknowledgements Closing Karakia

ATTENDENCE RECORDED Te Kapu O Waitaha Beneficiaries: (Quorum required 20, registered beneficiaries) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. Item 1

BR# 0887 Tapua Te Amo (Trustee) BR# 0241 Frank Grant (Trustee) BR# 0250 Joshua Grant (Trustee) BR# 1027 Carol Whare (Trustee) BR# 1279 William Wihapi BR# 0675 Whareoteriri Rahiri BR# 0631 Maru Tapsell BR# 1153 Craig Watson BR# 0518 Vervies Punohu McCausland BR# 1146 Heeni Jane Potene BR# 0517 Thomas Tame McCausland BR# 1014 Mackie Watson BR# 0539 Dennis Minarapa BR# 0393 Petipeti October BR# 0259 Paul Grant BR# 0638 Mohi Potaka BR# 1621 Andrew Clarke BR# 0915 Wharekonehu Te Moni BR# 0229 Archie Grant BR# 1038 Ngarohaere Ted Whare BR#1813 Terri Te Amo Hinemarama Te Amo (Not Registered) Ben Marr – Videographer (Not Registered) Mere George – GHA Accountant Te Arangi Anasta – Not Registered (Staff) Vivienne Robinson – Not Registered (GM)

Karakia/Mihi Wharekonehu Te Moni [0915] Mackie Watson [1014] Frank Grant [0241] Meeting declared open: 9.42am Tame McCausland [0517], Heeni Potene [1146] and Whareoteriri Rahiri [0675] expressed their disappointment regarding the last minute changes to the dates of the AGM. Frank Grant (Chairman) [0241] Acknowledges the change of dates and explained to the floor the reasons for that. He also emphasised the Trust complied with its Deed in terms of notice period. Resolution: That these comments coming from the floor be formally noted and recorded in the minutes Moved: Punohu McCausland [0518] Second: Mackie Watson [1014] Against: 0 33

Carried Item 2

Apologies: BR#1046 Wehi Clarke [TKOW Trustee] BR#0622 Tuihana Phillips BR#0866 Rahoroi Te Amo BR#0885 Elizabeth Te Amo BR#0511 Tame Minarapa BR#0374 Mokai Karaka BR#0375 Pikowai Karaka BR#0378 Haimona Karaka BR#1493 Tamoe Rahiri BR#1155 Areta Gray BR#1023 Alexis Whare BR#1044 Wairaka Whare BR#1031 Frederick Whare BR#1035 Karla Whare BR#1143 Grace Koce BR#1034 Jean Whare BR#1009 Ratu Watson BR#0389 Matewai Karaka BR#1048 Bernard Whareaorere BR#1089 Mere Wihapi BR#1488 Lena Nahu BR#0565 Mike Nahu BR#0400 Huriana Kaui [N/R] Ngaire Dinsdale [N/R] [N/R] Hone Karaka [N/R] Zoe Grant [N/R] Polly Clarke Resolution: Moved apologies be received Moved: Frank Grant [0241] Second: Petipeti October [0393] Against: 0

Item 3

Carried Frank Grant [0241]: Chair advised a change to agenda format bringing forward the financial report to accommodate GHA time commitments. Financials: Audit ended 30.06.2015 FINANCIAL POSITION Board accountant, Mere George reported   

This is a good Auditors report for Te Kapu o Waitaha illustrating that TKOW has complied meeting all the reporting requirements. income increased by $71k due to the establishment and administration for WCT, and rental income also increased interest income is down to $133k. Interest rates fell this year and because of WCT set up 34

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there was less on term deposit under the name Te Kapu o Waitaha. funds were moved to Craigs Investments creating a diversified portfolio

Maru Tapsell [0631]: enquired about the taxation of TKOW, and further explained that the intent of the treaty negotiations was for the PSGE to set up separate Charitable entities for each endowment. Mere George: Responded that the Trust was a Maori Authority therefore paid 17.5% tax as opposed to 33% tax, adding that one Charitable Trust was established with multiple purposes aligned to each endowment, this was a cost saving measure. Tame McCausland [0517]: Requested a breakdown of the rental income from the schools, and commercial properties. Mere George: Responded that those details would be covered further into the report, and requested that questions be raised at the end of the report. Continuing, Mere reported;   

expenditure has gone from $209k to $450k much of that increase reflects that the trust has been fully operational for a 12 month period. the bottom line for Te Kapu O Waitaha Trust is a profit of $28k. That is the statement of financial performance. the Trust had an opening value of $11.2m at the end of the financial year 30 June 2015. The value of the trust is now $13.7m as a result of including the value of the schools in this audit.

BALANCE SHEET       

total current assets have grown by $3.3m non-current assets, investments and intangibles have increased by $2.6m from $11.2 in 2014 to $13.7 in 2015. ASB Term Deposits is $0 due shifting out the funds to Craig Partners now appearing at $3.2m as Investments managed by Craigs. $3m was transferred from TKOW to Waitaha Charitable Trust and the rest went into the operating account so it moved from non-current assets to the current assets. total liability has also increased from $37k to $50k provision for annual leave” has increased due to staff working for longer, accrued expenses have appeared for audit fees. Trust worth is $13.7m.

TAXATION NOTES  tax liability to IRD $2,145.  earnings suggest the Trust owes $2,145 tax however a refund of $41,000 is owed by IRD due to being a Maori Authority and investment opportunities where the tax is paid on the Trusts behalf Whareoteriri Rahiri [0675]: Asked if the Trust can receive interest on the $41,000 Mere George: Responded – Yes in the event of time delays by IRD KEY POINTS TO QUESTIONS RAISED 

Enquiry by the Trust underway to ensure rates for Te Houhou were established at the correct amount given the non- rateable areas across the block 35

 A subsequent valuation of Te Houhou will be included in the next financial year reporting  Last year’s valuations dropped due to the schools not included in the valuations. This year that has been included  Rental income breakdowns; Schools $ 16k per month, $18k per annum HDG caravans, $400 per week 1 Lenihan Drive, Star Ltd & rental from Te Houhou makes up the balance of the rental income  Contracted services related to a feasibility study for Te Houhou, and specialist advice WAITAHA CHARITABLE TRUST FINANCIAL STATEMENTS Noted is that this is the first year of operations so there is no comparative. The auditor’s opinion is that of a good financial performance.    

earned income of $221k much of which came from interest received and also the allocation of the settlement funds to those Endowments. expenditure is $184k most of which is the expenses of delivering of projects. overall for the WCT has a profit of $36k. the “Main Account” is the overheads to exist such as Accounting Fees Bank Fees Audit Fees etc. It cost $12,340 to set up the trust, so that main account is operating in a deficit of $12k.

Hakaraia Endowment:  earned income of $96,551.  a total of $48k was spent on admin establishment, Grants etc. Expenditure is within the confines of what income has been earned so the original putea is still intact and there is a surplus of $48k. History Endowment:  earned income $92k, $4k was interest and $87k of that came from settlement funds.  Costs totalled 92k  Break even due to attributing funding that was received for this for the Endowment therefore have apportioned it to match exactly to the expenses and deliveries of the History work. There were no overheads.  income received from the Endowment can be expended to cover the overheads for the Trust like paying the Charities Commission fee or any operational costs. Social Endowment:  earned $32k spent $32k, $27k of that came from original principal funds and $5k came from interest earned on those funds and that is what funded projects.

SUMMARY  an overall profit of $36k.  the main account was in deficit of $12k, but the income earned will cover those costs.  none of the endowments principal funds have been spent.  current assets have are $643k and non-current assets at $3.2m. Total assets of $3.9m offsetting that against our liabilities $12k most of it is made up of trade payables and audit fees.  non-current assets show the internal transactions between winding up WRT and the funds that were transferred from TKOW.  total value WCT $ 44,214 and is not a full financial year is $44,214. 36



related Party Transaction between TKOW and WCT is not an actual loan; it is an accounting standard and provides a trail of movement of cash from one trust to another.

KEY POINTS TO QUESTIONS RAISED    

Clarification that Maranga Waitaha is the philosophy underpinning the Social Endowment, and is not termed within the settlement as the Maranga Waitaha Social Endowment $15k received from WCT Endowments are apportioned to administration costs Part of the principle of the History Endowment is being used for the History project Interest earned is treated as income – Deed states the Trust may use income earned to properly administer the Trust/endowments

No further discussion

Resolution: Receive and approve the Trust Audited consolidated Financial Statements ending 30.06.2015 Moved: P McCausland [0518] Seconded: Archie Grant [0229] Against: 0 Carried Item 4

Previous Minutes 7 December 2014: Read by Vivienne Robinson Comments: Punohu McCausland [0518]: recommended that a page by page summary be provided in the future Mohi Potaka [0638]: Expressed that his preference to have the minutes read in full as opposed to a summarized version. Frank Grant: [0241]: Explains that minutes are not legally required to be read out at AGM hui, however financials are. Resolution: To present a summary of minutes in future hui. Moved: Punohu McCausland [0518] Second: Whareoteriri Rahiri [0675] Against: 1 – Mohi Potaka [0638] Carried Resolution: Moved minutes dated Sunday 7th December 2014 accepted and approved as true and correct Moved: Archie Grant [0229] Seconded: Paul Grant [0259] 37

Against: 0 Carried Item 5

Annual Report presentation by GM & Staff A video presentation was played prepared by staff to view some highlights for 2014/2015 Vivienne Robinson [GM] presents the Annual Report. The Iwi Management Plan helps to formulate Te Kapu o Waitaha strategy. Also the reviewed Statement of Intent and reviewed structure were presented. Highlights included the following: Vivienne presented the annual report illustrating key points on the following; - Environmental performance, special projects and consenting - Asset protection and capital works programme for 2 Dunlop Rd - Developer interest in Trust lands/properties - Growth in iwi database, and summary of the value of register information - Communications and statistical metrics - Investment and equity growth across both Trusts - Cadetship programme - Endowment performance Finally acknowledges koeke for their input throughout the year. P McCausland [0518]: Advises that the McDonalds vouchers that were given to the panui delivery boys for Christmas had expired before they could use them. GM apologises and this will be rectified. M Tapsell [0631] Shares his views on the structure and register of the Trust. Vivienne Robinson [GM] Key objectives in the reviewed SOI: 1. 2. 3. 4.

Education Social Environmental Cultural

COMMENTS Punohu McCausland [0518]: Thanks Te Arangi for the register work along with suggestions to TAF, and Vivienne for the report Mohi Potaka [0638]: Supported Maru's suggestion for the Trust to undertake a workshop on the Treaty Claim Wiremu Kepa Wihapi [1279]: Expressed his disappointment at the attendance of the hui, however felt the reports are professional and acknowledges some points by the koroua (Tame McCausland) Heni Potaka [1146]: Reported that her whanau still participate by reading the reports, however she attends the hui and endorses previous comments on the professionalism of the reports.

No further discussion Resolution: Receive and approve Te Kapu o Waitaha Group Consolidated Annual Report 2015 Moved: Punohu McCausland [0518] Seconded: Mackie Watson [1014] Against: 0 Carried Item 6

Statement of Intent â&#x20AC;&#x201C; WCT Resolution: Receive and approve updated Waitaha Charitable Trust Statement of Intent 2015-2020 Moved: Wharekonehu Te Moni [0915] Second: Whareoteriri Rahiri [0675] Against: 0 Carried

Item 7

Reconfirm Trust Accountant

Resolution: Move that Mere George of GHA Chartered Accountants continue as Board Accountant Moved: Punohu McCausland [0518] Seconded: Paul Grant [0259] Against: 0 Carried Item 8

Reconfirm Trust Auditor

Resolution: Move that Fred Cookson of Cookson Forbes & Ass LTD continue as the Board Auditor Moved: Willie Wihapi [1279] Seconded: Mohi Potaka [0638] Against: 0

Item 9

Carried Re-confirm Trustee Remuneration:

Resolution: Move to increase Trustee remuneration from $240 per meeting to $ 280 per meeting Moved: Punohu McCausland [0518] Seconded: Mackie Watson [1014] Against: 0

Carried Item 10

General Business Punohu McCausland [0518] raised the following; -

Waitaha to finalise a Waitaha iwi Authority Otawa Lodge a standing agenda item Consideration to present a Waitaha education scholarship for Te Puke High School Fundraising by the marae to help pay marae insurance and costs by whanau; $20 bi yearly for those who work, and $10 for those who are not working

Frank Grant [0241]: Chair put to the floor that they consider whether or not the Trust should pay for the Marae Insurance again this year. Whareoteriri Rahiri [0675] Acknowledges the trust and all the mahi put in this year. Punohu McCausland [0518] moved the following resolution; Resolution: That Te Kapu o Waitaha continues to pay insurance for Hei Marae annually and will be reviewed from time to time. Moved: Punohu McCausland [0631] Second: Whareoteriri Rahiri [0675] Against: 0 Carried Item 11

Trust Acknowledgements Frank Grant [0241]: Chair advised the importance of sticking to an agenda and encourages that the tone of future hui be more contained. Further thanks the staff and those staff who werenâ&#x20AC;&#x2122;t in attendance. Also the koeke for tikanga advice, the marae komiti for hosting the AGM the Trust advisors, Craig Watson nga mokopuna and trust members.

Item 12

Closing karakia/mihi: Mackie Watson [1014] â&#x20AC;&#x201C; 1:20pm hui closed

ELECTION CONFIRMATION 2016

BOARD OF TRUSTEES 2016

Frank Grant Chairman Re-elected

Tonty Te Amo Vice Chair

Carol Whare Chair Grants Re-elected

Joshua Grant Trustee Re-elected

Ki nga whanau, whaanui o Waitaha

George Clarke Trustee

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