Annual Report 2019 Contents
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ANNUAL REPORT 2019 CONTENTS About Us 04 Governance 05 Chairman’s Report 06 Looking Ahead: Strategic 08 Plan 2018-2020 Management 10 Operational Report 12 Grants 12 Member Register 13 Database Investment Managed Funds 14 Our Investment Partnerships 16 Forest Hapū Cluster 18 Trust Visit Kaumātua Dinner 2019 19 Housing 20 New Website 20 Organisational Structure 21 Financial Performance 21 Financial Position 24 2018 AGM Minutes 26 Audited Accounts 36 ABOUT US OUR BOARD Tūwharetoa Settlement Trust’s values are: TŪWHARETOA SETTLEMENT TRUST • Kia Pononga – Honesty OUR CURRENT We are the Post-Settlement Governance Entity (PSGE) that manages the • Kia Mana – Integrity TRUSTEES ARE: financial resources returned to Ngāti Tūwharetoa in the Central North Island • Kia Rongonui – Reputation • Kotahi te kī – Good communication Forests Iwi Collective settlement. Approved by Ngāti Tūwharetoa, the Trust • Kotahi te kōrero – Professionalism was established on 1 July 2009, and has been operating for the benefit of • Kotahi te wānanga – Transparency Ngāti Tūwharetoa ever since. All these values are held closely by our Board and management, but we are tested on them and measured against them by you – the Tūwharetoa people. THE CNI SETTLEMENT AND OUR OBJECTIVES ARE TO: OUR BOARD Tūwharetoa Settlement Trust is governed by NGĀTI TŪWHARETOA: • Complete the Mana Whenua determination seven Trustees from within Ngāti Tūwharetoa. Te Ariki Tā Tumu over land held by Central North Island Iwi Ngāti Tūwharetoa is one of eight iwi included in te Heuheu the CNI settlement. Our Iwi received: Holdings Limited (CNIIHL); TRUSTEE - TE ARIKI O NGĀTI TŪWHARETOA • A payment of $66 million of accumulated • Complete the cultural redress on the rentals, with approximately $29 million for CNIIHL lands; the associated forest hapū; • Establish Forest Hapū Cluster Trusts (FHCs), • 25.9 per cent of annual Crown Licence hold and distribute funds belonging to those fees until the year 2043; Hapū Trusts; and • An equal shareholding in CNIIHL (the • Realise the opportunities in the Deferred company holds 176,000 hectares of the Selection Process (DSP) of the CNI settlement CNI forest land, with the actual land holding (property purchases). by iwi to be determined by Mana Whenua); • A share of three million NZUs (carbon OUR TRUSTEES’ credits); and RESPONSIBILITIES ARE: Rakeipoho Taiaroa Hon Dame Georgina Paranapa Otimi CHAIRMAN - MAATAAPUNA te Heuheu, QSO TRUSTEE - IWI WHĀNUI • Preferential rights to buy certain Crown • Strategic direction DEPUTY CHAIR - assets (DSP). • Setting values and principles IWI WHĀNUI • Monitoring performance OUR ROLE IS TO: • Reporting to members • Protect and enhance the arikitanga, mana and • Risk management rangatiratanga of Ngāti Tūwharetoa. • Legislative compliance • Promote and advance the social, economic • Policy formulation and cultural wellbeing of our members and their hapū. • General Manager selection The Trustees have delegated implementation and operations to the General Manager, through policy Dylan Tahau Joanne Te Huia Judy Harris and a Delegated Authorities Manual. TRUSTEE – HIKUWAI TRUSTEE - TAI HAUĀURU TRUSTEE - TAI TONGA ANNUAL REPORT 2019 5 INVESTMENTS CHAIRMAN’S Our investments and investment partnerships continue to go from strength to strength. Our investments in Kākano, Hautū Rangipō and our managed funds continue to perform above REPORT expectations. Additional investments in Sky Waka, Tūwharetoa Hau Rau and Tauwhara ki te Hikuwai (11 Tūwharetoa Street) are yet to be fully developed. Since the end of the financial year, we have launched our social housing project, including the purchase TĒNĀ KOUTOU KATOA, of six properties at Wairakei and an opportunity to purchase some sections in Tūrangi. Whilst the project On behalf of the Board, I am pleased to is still in its early stages we are very excited to be able to have the opportunity to provide benefit in this present this Annual Report for Tūwharetoa very complex space. Settlement Trust in the 2018/19 financial year. The year 2043 is a very important milestone for the Trust, as at this point we are likely to see a significant Rakeipoho Taiaroa, Chairman decrease in our forestry rental income. The Trust will continue to improve its financial position to ensure The Trust has continued to achieve positive results with a strong focus sustainability and growth of benefits to members. on our overall vision – to grow the world of Tūwharetoa for our people, Nā reira, we look forward to another year of positive results, and I acknowledge the work to further strengthen our hapū foundations as stated in our Strategic Plan. and dedication of our Trustees and staff, led by our General Manager, Greg Stebbing. The Trust’s mahi over the year has seen us continue to make progress in building a solid foundation for a Ngā manaakitanga o te runga rawa ki runga i a koutou katoa mō tēnei wā o te hari koa. prosperous future. Meri Kirihimete, tēnā koutou katoa. Robust systems and processes are in place, which means we are in a good position to achieve our strategic goals. Importantly, we are collaborating strongly, now more than ever, with other Tūwharetoa entities and drawing on each other’s strengths to achieve collective successes for Ngāti Tūwharetoa. STRATEGIC DIRECTION Our Trustees have done some great work throughout the year, including ensuring we remain true to Rakeipoho Taiaroa our strategic direction. In the financial year, our key strategic focuses have included collaborating with CHAIRMAN other Tūwharetoa entities; developing and enhancing Iwi and Hapū relationships; building governance capabilities to enhance Iwi reputation, trust and respect; continuing to enhance our financial strength and sustainability; and maintaining the Trust’s fiduciary responsibilities. GROWTH I am pleased to report that the Trust’s equity increased by $7.3 million to $52.7 million compared to $47.5 million in the previous year. COLLABORATION We have continued our collaborative mahi with the Tūwharetoa Māori Trust Board and Ngāti Tūwharetoa Fisheries Charitable Trust. We were pleased to launch our shared member database, using Salesforce, the world’s #1 Customer Relationship Management (CRM) platform. We are now focused on finalising the Community Portal for our members. This will enable members to easily access and check their own information, apply for grants, check the status of their current grant applications, check grant history, update generic details or contact us. 6 TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2019 7 LOOKING AHEAD: STRATEGIC OBJECTIVES STRATEGIC GOALS Build governance to enhance Iwi • Complete final resolution of the CNI mana STRATEGIC PLAN 2018-2020 reputation, trust and respect. whenua process. • Complete the establishment of the Taurewa Forest Hapū Cluster Trust. • Increase level of distributions/grants to VISION Tūwharetoa Marae and Uri. Collaborate with other • Implement improvement initiatives identified in Tipua te ao o Tūwharetoa mō te iwi, Tūwharetoa Iwi entities to the MOU with TMTB and NTFCT. build unity and strength. ki te hāpai ngā hapū taketake. • Seek out further co-investment opportunities. • Maintain relationship to Paramountcy through Grow the world of Tūwharetoa for its people, his TST representative. to further strengthen our hapū foundations. • Collaborate with other external parties where objectives are aligned. Develop and enhance Iwi and • Enhance the relationships with the Forest Hapū Hapū relationships through Cluster Trusts. good communication. MISSION • Regular, open and transparent communication with Iwi and Hapū – including through • To continue to grow the Trust for Ngāti Tūwharetoa. newsletters and social media. • To promote and advance the wellbeing of Ngāti Tūwharetoa Uri. • Continue increasing the number of registered members and accuracy of the Iwi Database. • To demonstrate and champion, trust, respect and good leadership. • Hāpai Tūwharetoa me tōna Arikitanga. Continue to enhance financial • Resolve outstanding financial guarantees and strength and sustainability liabilities matters. through to and beyond 2043. • Implement and closely monitor performance of the Managed Funds portfolio. • Develop a strong business case for the VALUES development of 11 Tūwharetoa Street. • Enhance financial reporting to Governance Kia Pononga Honesty and Membership. • Continue to build on the strong financial and Kia Mana Integrity administration systems within TST. • Complete a robust analysis of TST’s Kia Rongonui Reputation financial position through to and beyond the 2043 milestone. Kotahi te kī Good Communication Complete and maintain the • Continue to develop and sustain Tūwharetoa Kotahi te kōrero Professionalism Trust’s fiduciary responsibilities. Settlement Trust’s fiduciary responsibilities to our people. Kotahi te wānanga Transparency • Work closely with other Tūwharetoa entities on initiatives aimed at satisfying our fiduciary responsibilities. 8 TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2019 9 MANAGEMENT OUR OPERATIONAL TEAM Our operational team includes our General Manager and Financial Administrator. Greg Stebbing Te Aroha Woods GENERAL MANAGER - FINANCIAL NGĀTI RUINGARANGI ADMINISTRATOR - NGĀTI KURAUIA TŪWHARETOA MĀORI TRUST BOARD SHARED SERVICES STAFF Left to right: Courtney Marshall, ADMINISTRATOR Gaye Stebbing, ADMINISTRATOR Kim Alexander, CORPORATE SERVICES MANAGER Claire Northcroft, EXECUTIVE ASSISTANT Marie Otimi, STRATEGIC ANALYST 10 TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2019 11 MEMBER REGISTER DATABASE OPERATIONAL The Trust, in collaboration