Annual Report 2018

Patiki (Black Flounder) RHOMBOSOLEA RETIARIA

21 Rostrevor Street, PO Box 9338, Hamilton | p. +64 7 839 7966 | e. [email protected] Contents

Vision 1

Report of the Co-Chairs 2

Highlights 4

Looking forward 5

Completed projects 6 Ambitious undertaking in Waipā 8 Vision Funding recipients 10 for the Waikato River

Authority Board Member Profiles 12 Our vision is for a future where a healthy Waikato River

Summary of Attendance 14 sustains abundant life and prosperous communities who, in turn, are all responsible for restoring and protecting Financial Statements: the health and wellbeing of the Waikato River, and all it Waikato River Authority 16 embraces, for generations to come.

Waikato River Clean-up Trust 30 Tooku awa koiora me oona pikonga he kura tangihia o te maataamuri. The river of life, each curve more beautiful than the last. These words form part of the vision and are taken from the maimai aroha, or lament, by Kiingi Taawhiao, the second Maaori King, in which he recorded his adoration for the Waikato River and the significance of the river as a treasure for all generations. These visionary words inspire the actions that will be necessary to restore the health and wellbeing of the Waikato River.

1 Waikato River Authority Annual Report 2018

Report of the Co-Chairs .org.nz waikatoriver www.

The past year has seen the Waikato River Authority Key participants at the Restoration Strategy launch at Hopuhopu in consolidate a strategic approach to the clean-up of April 2018. Left to right: Bob Penter, Hon David Parker, Heemi Biddle, Jim the Waikato River and Waipā River catchments. van der Poel, Hon John Luxton, Alan Livingston and Pokaia Nepia.

This has largely come about through of the 46 projects ultimately approved improve the '5-Year Catchment Report the launch of the Restoration Strategy for support. Card' previously published by the for the Waikato and Waipā Rivers in Authority. We also worked closely with During the year we considered how April 2018. The culmination of this the Office of the Auditor-General to best to report on project outcomes, collaborative work was both a milestone discuss the challenges associated with and in particular if this was technically for the catchment and the Authority. outcome monitoring as this coincided possible. Project outputs (such as the The strategy was a multi-year project with a freshwater workstream identified number of trees planted) are relatively undertaken by the Waikato Regional by the Auditor-General. straightforward to report while project Council, DairyNZ, and the Authority. It outcomes (such as changes to water In presenting this 8th Annual Report is expected that the strategy will be a quality) are enormously complex. This of the Waikato River Authority, we blueprint for clean-up initiatives for at is because outcomes may take many again acknowledge the support of the least the next decade. The Authority was years to appear to a point where they five Waikato River Iwi and the special mindful of the need to move away from can be measured and may be influenced working relationship between the an annualised approach to funding which by a wide variety of factors external Authority and the Waikato Regional had the potential to create an ad hoc to a funded project. The difficulty lies Council. restoration programme. The completed in understanding project outcomes strategy enables a masterplan for the The Waikato River Clean-up Trust, the at a granular project level when the mahi ahead. body responsible for the allocation of project owner does not control all the funding for projects, was formed at the The 2018 year also saw a strong level outcome influencing factors within same time as the Waikato River Authority of funding allocated from the Authority the environment where the project is (which is the sole trustee of the Waikato (through the Waikato River Clean-up located. River Clean-up Trust). This Annual Report Trust). For the first time a decision was The Authority held a workshop with River therefore includes the affairs of both the made to increase our annual funding Iwi, Waikato Regional Council, scientists Clean-up Trust and the Authority. Hon John Luxton Tukoroirangi Morgan quantum following an unprecedented and practitioners to consider this co-chair co-chair level of strong project applications. Teenaa koutou, teenaa koutou, teenaa challenge for how best to report project The increase of funding from the initial koutou katoa.

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring outcomes. It was agreed that the best allocation of $6 million to an eventual approach is to identify opportunities to $7.3 million was testament to the quality

2 3 Waikato River Authority Annual Report 2018 Highlights

Launch of Restoration Strategy Seventh Funding Round The launch of the Restoration Strategy for the Waikato The Authority’s seventh funding round was completed and Waipā Rivers was a significant highlight for the in the last year with a total of 46 projects selected for Looking forward Authority in the past year. The strategy is a masterplan funding. The Authority had originally made available .org.nz waikatoriver www. for restoration activities throughout the catchment for up to $6 million for projects, however the strength of Vision & Strategy Review Completion of 8th funding round the next five to 15 years. applications saw this funding quantum increase to We anticipate engagement with River Iwi and the The year ahead will see the Authority complete its 8th $7.3 million. The collaborative nature, in the way in which the Crown regarding the review. Any changes to the annual funding round. Applications for funding closed strategy was developed, means there is substantial Vision & Strategy recommended by the Waikato in August 2018 with successful projects announced support for restoration priorities outlined. Completed Projects River Authority will ultimately be jointly decided prior to the end of 2018. In the past seven years the by River Iwi and the Crown. We also wish to talk Authority has funded 250 projects and allocated more The work on this multi-year project culminated in During the past year, the Authority saw the completion with key stakeholders regarding their experiences than $38 million. April 2018 with the official launch by Minister for the of 28 funded projects. These projects were spread with the Vision & Strategy, and areas where they Environment, Hon David Parker. The project was a joint from 2011 (the first year of funding) through to 2017 The 2018 funding round will see the new online consider amendments to the Vision & Strategy may initiative between the Authority, the Waikato Regional (last year). The Waikato River Authority funding for SmartyGrants software system used for the first time. be desirable. Subject to progressing these initial Council and DairyNZ. these completed projects was just over $3 million. A full record of completed projects is listed on page 6 conversations a public workshop will be held in the Working with OAG of this Annual Report. first half 2019. Vision & Strategy Review The Authority will this year work closely with the Office of the Auditor General on a project it is The planning and approach for the review of Vision Healthy Rivers Health and Safety undertaking on processes and outcomes for fresh & Strategy was key piece of work undertaken by the The Authority continued to give particular focus to Healthy Rivers: Plan for Change/Wai Ora: He Rautaki water funding improvement. Authority in the past year. The Vision & Strategy has Whakapaipai remains of utmost importance to the Health and Safety requirements for its funded projects This continues our earlier work considering how the highest legal standing as a policy and primary Waikato River Authority. While the Plan was notified during the year. Auditing of projects was carried out, project outcomes can be reported beyond project direction setting document in the Waikato River by the Waikato Regional Council last year, there are with the strong desire to see everyone involved in outputs. It is a complex area and we welcome the and Waipā River catchments, with policy from still further public submissions prior to a hearing other agencies required to give effect to the Vision projects associated with the Authority adopt best opportunity to work with the OAG. practice health and safety. process before independent commissioners. The & Strategy. Authority will remain closely connected to the Plan process. Funded project outcomes Following feedback from river iwi, the Authority AGM at Wairakei decided to factor in additional time to the review to The Authority will this year get underway with a ensure all parties could participate in a meaningful The Annual General Meeting for both the Waikato System Upgrades project to improve documentation of completed River Authority and the Waikato River Clean-up Trust projects. All projects currently complete a final way and allowing time for the Healthy Rivers Plan The Authority is focused on continuous improvement was held in the most southern part of the catchment milestone report, however, this year we will begin process to advance. around its processes and systems. It will look to during the year. revisiting successfully completed projects (since ‘bed-in’ the new online funding applications software the first 2011 funding round) to understand what Investment Fund The AGM at Wairakei was well attended and featured a SmartyGrants in the coming year. Other areas of has happened since the project was completed. This The Authority’s long-term investment fund increased number of presentations from successfully run clean- improvement include consolidating to a cloud- approach will help us remain connected to previous by $5.6m to a total of $63.5m in the year to 30 June up projects funded by the Authority. based document and file storage arrangement, and funding recipients, understand where projects could 2018 including investment returns of $4.45m and net evaluation of an electronic board paper system. be expanded, and highlight how enduring projects are cashflows to and from the fund. The investment fund International attention after completion. is split into three portfolios comprising a Treasury The Waikato River Authority received international Implementation of Restoration Strategy

Portfolio which increased +2.5% over the year, the recognition for its role in the clean-up of the Waikato The Authority will be seeking to further leverage the Fixed Interest Portfolio which rose +3.6% and a and Waipā rivers at an international conference in India strategic approach to clean-up initiatives that have Long-term Growth Portfolio which was up +10.3%. attended by Authority Chief Executive Bob Penter. been detailed with the publishing of the Restoration Growth assets performed strongly with Global Shares The India Water Impact Summit was jointly organised Strategy for the Waikato and Waipā rivers. up +18.7% and Australasian Shares up +14.3% by the Centre for Ganga River Basin Management and It is anticipated that a large number of projects despite some investor concerns that share markets Studies and the National Mission for Clean Ganga to funded through the Authority in future, will have were overvalued at the start of the year. bring together national and international experts and been identified in the five to 15 year strategy. The investment fund is conservatively invested and key stakeholders for wide-ranging discussions and holds a diversified portfolio of high quality growth and exchange of ideas on India’s water and environment fixed interest securities which will assist to smooth and management of river basins. performance over time.

$ 2017 2016 2015 2014 2013 2012 2011 38.1 $7.3m $4.3m $5m $6m $5m $5m $5.5m 250 allocated to allocated to allocated to allocated to allocated to allocated to allocated to PROJECTS MILLION 46 projects 38 projects 32 projects 33 projects 30 projects 30 projects 41 projects

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring IN SEVEN YEARS ALLOCATED

4 5 Waikato River Authority Annual Report 2018

Completed projects 2017/2018

During the past year, the Authority saw the completion of 28 funded projects. These projects were spread from 2011 (the first year of funding) through to 2017 (last year). The Waikato .org.nz waikatoriver www. Clean-up Trust funding for these completed projects was just over $3 million.

ORGANISATION AMOUNT PROJECT

Performing Arts Community Trust $15,000 Flowing Water: A story of the Waikato River Waikato Rowing Club $15,000 Waikato 100 King Whenua - Te Kauri Restoration Project Enterprise 303 Ltd $17,325 2018 Enterprise 303 Ltd $44,561 Te Kauri Puna restoration stage one Stuart Muir $20,000 Whitebait habitat educational access Stuart Muir $50,000 Te Papa/Mangati restoration project NIWA $195,500 Shallow lake restoration - Phase 1 Maniapoto Māori Trust Board $113,113 Maniapoto Taonga Register Project Wai o Tapu Weed Management Plan and Ngati Tahu-Ngati Whaoa Runanga Trust $15,238 Control of Wilding Pines Puniu River Care Inc. $241,568 Wharekorino Wetland Enhancement Project Ngaati Hauaa Mahi Trust $50,564 St Peters Riparian Planting Project International Society for River Science University of Waikato $39,500 Hosting Waipa Catchment Afforestation Feasibility Waikato Regional Council $100,000 Study Sean Francis and Jeanie Barnes $18,337 Mangamingi Stream Restoration Ngaati Hauaa Mahi Trust $29,367 St Peters Wetland Planting Project Lake Waikare Northern Foreshore Waikato Regional Council $34,189 Enhancement JD & RD Wallace $31,092 Te Awakoura Restoration Project St Peter’s Dairy Farm Wetland Lincoln University $160,000 Environmental Education and Monitoring Project Resthills Park - Mangakotukutuku Stream Mangakotukutuku Stream Care Group Inc. $8,692 Restoration Waikato Balance Farm Environment Awards New Zealand Farm Environment Trust $15,000 Programme Queen Elizabeth II National Trust $69,283 Lake Maratoto Restoration South Waikato Environmental Initiatives South Waikato Environmental Initiatives $62,855 Stream and Wetland enhancement in the South Waikato District Waikato Regional Council $90,650 Moakurarua River Restoration Project Implementation of Waipa Catchment Plan Waikato Regional Council $1,000,000 Soil conservation schemes Opus International Consultants Ltd $49,300 Restoration from Willows Otorohanga District Council $96,649 Otorohanga Waterways and Surrounds Waikato Regional Council $46,428 Mangapu River Riparian Restoration Restore Riparian Ecosystems on the Lower Waikato RiverCare $377,550 Waikato River Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring TOTAL $3,006,761 Work undertaken on the riverbank at Turangawaewae includes bank 6 stabilisation as part of erosion protection. 7 Waikato River Authority Annual Report 2018

Ambitious undertaking in Waipā .org.nz waikatoriver www. catchment delivers results Outcomes from the Waipā Catchment Plan The past year has seen the Waikato River Authority consolidate a strategic implementation approach to the clean-up of the Waikato River and Waipā River catchments.

35properties involved in planting and Stone groynes installed in the Oamaru Stream west of What was the largest physical works planting. Just behind Honikiwi Hall, Otorohanga have made a positive difference in preventing project to be funded by the Waikato around three hectares of land was physical works further stream bank erosion, which has previously seen the River Authority was successfully retired from grazing and more than release of tonnes of sediment. completed in the 2017/2018 year. 10,000 natives species planted. The planting will help water quality in The project, primarily around soil 88,700 the immediately adjacent Mangaone conservation schemes in the Waipā, mixed native species Stream. involved 35 properties in the first major planted programme of implementation for the “As landowners we have always valued Waipā Catchment Plan. waterways and biodiversity and we felt from the start that this project The project was a big commitment from was a natural synergy between us, the Authority with $1 million allocated 11,400 the Waikato Regional Council, and the in the 2014 funding round, which also exotics (sterile willow, Waikato River Authority. In many ways included significant contributions from poplar, and pine) this is an extension of the work we have landowners and the Waikato Regional done since the 1980s where we have The Kaniwhaniwha Stream (here near Te Pahu) has also Council. retired gullies and waterways from undergone restoration work as part of the overall project. The stream has a small number of the 200,000 manuka that The project was delivered by the grazing where it makes sense to do so,” 57.3 kilometres were planted across the catchment. In addition, ‘J-hook’ Regional Council, with project manager says Earl Rattray. of stock exclusion and groynes were placed in the stream in some areas which have Grant Blackie describing the programme improved fish habitat significantly increasing fish life. Further west from Honikiwi, where waterway fencing as “ambitious”. the Oamaru Stream runs through the “The level of uptake from landowners Earwaker property, a large amount of wanting to be involved in environmental physical works have taken place to halt works on their properties was just stream erosion. 477hectares of great. It was a real case of everyone land retired from grazing Many tonnes of stream bank has been working together. At the Waikato eroded in recent years, but that is now Regional Council we had to resource being controlled with physical works up considerably in order that we could which involve installing stone groynes ensure that we delivered,” he says. 3 farmer field days to push water away from the fragile with about a 100 In virtually all circumstances, banks, protecting them from erosion. landowners fully embraced what was It is a costly exercise that is unlikely attendees trying to be achieved which was to to have been put in place when it was reduce sediment loads into the streams without the project funding. Iwi contractors employed and waterways leading to the Waipā Another example on the Maungapu where available River. Stream below the Oparure Marae. Here One example is at Honikiwi, west more than ten kilometres of stream of Otorohanga. Part of a dairy farm bank has been planted and protected. A property owned by Earl and Joanne local initiative which has seen the local Rattray has undergone significant community involved.

Grant Blackie (Waikato Regional Council project

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring manager) and Michelle Hodges (Waikato River Authority Funding Manager) look over the recently completed planting on the Rattray’s retired grazing land above the Honikiwi Hall. 8 9 Waikato River Authority Annual Report 2018

Funding recipients 2017/2018

APPROVED APPROVED ORGANISATION PROJECT ORGANISATION PROJECT MAXIMUM MAXIMUM .org.nz waikatoriver www. Waikato Regional Council - working with Waipa Catchment Erosion and Sediment National Institute of Water and $1,500,000 $122,000 Shallow lakes rehabilitation: phase 2 50-60 landowners Reduction Projects (2017-2019) Atmospheric Research Ltd (NIWA)

Water quality and habitat enhancement of Raukawa Charitable Trust $81,385 Raukawa Kaitiaki Freshwater Project Department of Conservation $960,619 Lake Whangape Stuart Muir - landowner $50,000 Te Papa / Mangati restoration project Ngā Puna o Mangaonua me Mangaone ki Ngāti Hauā Mahi Trust $299,806 Waikato - Ecological Catchments Plan Lake Rotongaro Riparian restoration year Lance Kerr - landowner $74,939 3 and 4 Ngā Kaitiaki o te Awa o Puniu (Guardians Pūniu River Care Inc. $777,440 of the Puniu River) Ata Te Ao $17,565 Te Ao Puna Restoration - Te Puuaha

Afforestation of upper Tunaeke Stream South Waikato District Council $50,000 Momona Farm Ecological Restoration Ian Balme - landowner $98,825 catchment: Balme property Kingi Whenua – Te Kauri Restoration Enterprise 303 Ltd $62,860 Waikato Regional Council - working Upper Matahuru Catchment Management Project 2018a $223,802 across 9 farms Programme Community Development Trust Waikato River Festival - He Piko He $15,000 Final Stage: Lakes Tutaeinanga and Taniwha 2018 Ngāti Tahu-Ngāti Whaoa Rūnanga Trust $10,931 (Application Withdrawn) Ngapouri Riparian Restoration King Whenua – Te Kauri Restoration Enterprise 303 Ltd $17,325 Fusion of maatauranga Maaori and science Project 2018 National Institute of Water and to improve on-site marae wastewater $247,415 Atmospheric Research Ltd (NIWA) management through integrated Tūwharetoa Maori Trust Board $10,000 Ngāti Tūwharetoa Area B Marae Wananga constructed wetlands (Application Withdrawn) Waikato RiverCare Inc. North Waikato Waikato RiverCare $75,630 Investing in Waipa catchment: due Projects Bancorp $400,000 diligence for organic dairy and forestry Whirinaki Valley Integrated Management opportunities Waikato Regional Council and TARIT $366,150 Project Laurie Phipps - landowner $32,896 Range View Farms Restoration Project Maungatautari Wetland Restoration Stage Williams family - landowner $55,000 Tūwharetoa Maori Trust Board Ngāti Tūwharetoa Archive Project - Archive 4 $40,000 (Application Withdrawn) scoping and collation project Ohaki Wetland enhancement and Ngāti Tahu-Ngāti Whaoa Rūnanga Trust $93,169 restoration National Institute of Water and Waikato/Waipā River modelling $30,000 Atmospheric Research Ltd (NIWA) framework Investigation of Tuna, Koura and Ngāti Tahu-Ngāti Whaoa Rūnanga Trust $16,675 Watercress ponds (Kai Bowl) for Cultural Te Rūnanga O Ngāti Kea Ngāti Tuara Trust $3,761 Water Monitoring of the Pokaitu River Harvest Waikato Rowing Club $15,000 Waikato 100 Biodiversity Enhancement of Kukutāruhe Stage 3 - Restoration of the Matahuru Kukutaruhe Education Trust $101,256 Stream and gully in Fairfield, Hamilton - Nikau Farm Estate Trust $145,000 Phase 1 Wetland Lake Waikare

Flowing Water: A story of the Waikato Te Rūnanga O Ngati Kea Ngati Tuara Trust $40,830 Horohoro Riparian Planting Performing Arts Community Trust $15,000 River Fagan Family Partnership Mangarapa Sir David Fagan - landowner $100,000 Catchment Restoration Project John Missen - landowner $31,095 Pukerangi

Te Arawa River Iwi Capacity Building J & J Milburn - landowner $8,473 Mangauika Project Te Arawa River Iwi Trust $10,000 Project Kōrero tupuna - recording the voices of Tūwharetoa Māori Trust Board $51,000 Tūwharetoa ancestors University of Waikato $50,000 Te Waiora

Ngaati Maahanga - Oomaero Paa Puna New Zealand Rowing Association Inc $400,000 Rowing New Zealand Partnership Ngaati Maahanga $17,250 Restoration (Whatawhata) Maniapoto Māori Trust Board $100,000 Maniapoto Kaitiaki Wānanga Lake Downs Hill Country Erosion Keith Lambeth - landowner $21,010 Maniapoto Māori Trust Board $150,000 Taonga Register Project II

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring Management Project

Waikato Regional Council $85,303 Moanatuatua Peat Bog Restoration Waipa District Council $210,000 Lake Ngaroto Land Purchase

10 11 Waikato River Authority Annual Report 2018

Waikato River Authority our Board .org.nz waikatoriver www.

Hon John Luxton QSO Tukoroirangi Morgan Traci Houpapa MNZM JP Heemi Biddle Roger Pikia Barry Harris Peter Buckley Weo Maag Alan Livingston ONZM Vanessa Eparaima Co-Chair, Crown appointee Co-Chair, Iwi appointee Deputy Co-Chair, Crown Deputy Co-Chair, Iwi appointee Crown appointee Crown appointee Iwi appointee Crown appointee MNZM appointee Iwi appointee John was a Member of Tukoroirangi is from Roger is of Te Arawa and Barry Harris is a company Peter is a councillor Weo is a tribal member Alan is the chair of the Iwi appointee Parliament for the Waikato Waikato-Tainui and his Traci is an award winning Heemi is of Ngati Tainui descent. He is Chair director with extensive and past chair of the of Maniapoto and is a Waikato Regional Council Region from 1986 through hapuu are Ngati Makirangi company director and Tuwharetoa descent and of the Te Arawa River Iwi governance and executive Waikato Regional Council current trustee of their Iwi and has previously had Vanessa (Raukawa, until 2002. As a Cabinet and Ngati Mahuta. a recognised industry can whakapapa to Ngati Trust and was the inaugural experience. Barry has that has broad-ranging authority, Maniapoto Māori four terms as the Mayor of Ngāti Tuwharetoa) is the Minister for nine years he leader. She specialises in Tahu, Te Arawa, Ngati Chief Executive Officer of Raukawa Settlement Trust His professional career held a number of Chief responsibilities for the Trust Board. He was an Waipa District. In addition held a number of portfolios strategic and economic Raukawa, Ngati Tuhoe and Te Arawa Group Holdings Executive Chairperson, includes secondary school Executive roles including economic, environmental, inaugural member of the he completed two terms including Lands, Forestry, development advice to other hapu and iwi of the (TAGH), the commercial Chairperson of the Rau- teaching, television Environment Waikato, social, and cultural Guardians Establishment as a Waipa councillor. He is Agriculture, and Maori Maori, iwi, public and central North Island. arm of Te Arawa. kawa Charitable Trust, and journalism, and in 1996 Greater Wellington well-being of the Waikato Committee (forerunner a Crown appointee to the Affairs. He is a graduate of private sector clients a Director of Raukawa Iwi he was elected Member His career has seen him Roger was previously a Regional Council and region. to the WRA) and was also Waikato River Authority Massey University – B.Agr. throughout New Zealand. Development Ltd. of Parliament for Te involved in a number business consultant with Hamilton City Council. He a negotiator for the Ngā and was a Crown appointee Sc., M.Mgmt and he has an Traci is known for her Peter was first elected to Taihauauru electorate. of industries including a range of commercial was also a senior executive wai o Maniapoto (Waipa to the Authority’s She is a Director of CNI Honorary D.Sc from Lincoln strong and inclusive the council to represent He was also formerly forestry, tunnelling, clients. This included with Fonterra for five years. River) Act 2012. Weo forerunner the Guardians Iwi Holdings, a Co-Chair of University. His career leadership and her clear North Waikato-Hauraki President of the Maori security, education, consultancy work for the has a particular focus Establishment Committee. CNI Iwi Land Management prior to becoming an MP focus on building the Barry is currently Chair of in 2007. Prior to his Party. Tukoroirangi banking, and more New Zealand Government on the sustainable use and a Director on Te Pūia involved farming and wealth and prosperity of Wintec, Food Innovation election to the Regional He is a graduate of Lincoln was also previously recently, geothermal in United Nations climate of land and water, and Tāpapa Fund, a Māori international consulting. Aotearoa New Zealand. Waikato and McFall Fuels. Council, Peter had 25 years University, with a B Agri Chairman of Te Arataura energy development. change forums across improving economic investment fund. He has farming and He is also Chair of NIWA involvement with Waikato Com in valuation and farm – the executive board Named in the BBC's Top Europe. and environmental business interests in the He has a NZ Certificate and OSPRI (formerly Federated Farmers. His management. For the past Vanessa is the Chair of the of Waikato-Tainui Te 100 most influential performance specifically Waikato. He is currently in Forestry, Bachelor of Roger has a background in Animal Health Board). In leadership positions 30 years Alan has been Council of Te Wānanga Kauhanganui Incorporated women in the world, Traci on Ahuwhenua Trusts Chairman of the Asia Business Studies degree the primary sector having addition, Barry is also a at branch and regional a sheep and beef farmer o Aotearoa (Te Mana and Co-Negotiator for has been recognised as (Māori land). NZ Foundation, Pouarua majoring in finance and he spent five years as a senior director of DairyNZ and levels culminated in him at Te Pahu. He is a life Whakahaere) and is a the Waikato-Tainui treaty one of the top ten most Farm Partnership Ltd and has completed professional manager with AgResearch. WEL Networks Limited. holding the presidency Weo is a member of the member of the Queen recipient of a New Zealand claims. influential women in New Wallace Corporation Ltd. governance training in His interests include the before becoming council Collaborative Stakeholders Elizabeth II Trust and a Order of Merit for services Zealand agribusiness, Previous boards include He is a past director and His current responsibilities both Australia and New dairy, sheep, and beef chairman. Group for the Healthy covenanter of two bush to Māori. amongst the Listener’s CentrePort, RD1, Rivers: Plan for Change/ blocks along with smaller chair of Tatua Co-op Dairy include: Zealand. He is a current industries. Roger continues Peter has also been top ten influencers in New AgResearch, International Wai Ora: He Rautaki bush areas which have She is a business Co Ltd and DairyNZ and a member of the Tuwharetoa to serve as a Chairman heavily involved in his • Chairman of Iwi Zealand, and included in Nutritionals, Hamilton Whakapaipai. He is also a been fenced and retired. consultant, company former director of Landcare Maori Trust Board and and Trustee of Māori land local community working International Limited, Westpac’s New Zealand Riverside Hotels, Waikato Trustee and a committee He is a former Trustee director and former chief Research and Royal NZ other current involvements trusts which hold interests with schools, sports Chairman of Kaitiaki Women Powerbrokers Local Authority Shared member of several of the Maungatautari executive in the tourism Ballet. include: in the geothermal and clubs, support trusts, and Tagaloa list. She won the Fairfax Services, and Primary ITO. entities, has a diploma Ecological Island Trust with sector. Vanessa sits on a agribusiness sectors. veterinary clubs. He has range of business and not- • Chair of Tainui Media Westpac Women • Chairman Tauhara Middle Barry has a Masters of in Agribusiness, and is which he has continuing dairy farmed in partnership for-profit boards. She is a Development Authority of Influence Board and 15 Trust also a certified Resource involvement. Agricultural Science with Judi for 45 years at Management Award and • Opepe Farm Trust Management Act hearings passionate advocate for • Member of the Iwi (Honours) and lives in Island Block. Alan is chair of the Waikato was awarded the Massey commissioner. Māori, the community and leaders forum. • Lake Taupo Forest Trust Hamilton. Mayoral Forum, and also a University Distinguished Peter is the Regional for environmental issues. • Lake Rotoaira Forest Trust Weo lives in Te Kuiti. trustee of Sport Waikato. Alumni Service Award for Chairman of the Waikato She has a strong history • Ngati Tuwharetoa services to agribusiness Medical Research of working with the wider Fisheries and Maori. Foundation and is also community, kaumātua, • Tuwharetoa Hapu Forum. Traci has an MBA from a member of the Future iwi chairs, Ministers, Massey University and Proof Committee. He is Members of Parliament and is a Member of the New also a member of the numerous stakeholders to Zealand Order of Merit, a Waikato Regional Council achieve positive outcomes Justice of the Peace and a Lower Waikato Liaison for the communities she Marriage Celebrant. Catchment Committee. serves. Vanessa is married to Ngarepo and is the proud mother of three young adults. Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring

12 13 Waikato River Authority Annual Report 2018 Summary of Attendance

Summary of attendance by Board members at meetings during the year: .org.nz waikatoriver www.

August 2017 Waikato River Clean-up Trust – 14 December Waikato River Clean-up Trust – 10 August Hon. John Luxton, Heemi Biddle, Traci Houpapa, Weo Maag, Vanessa Eparaima, Tukoroirangi Morgan, Heemi Biddle, Traci Houpapa, Roger Pikia, Weo Maag, Peter Buckley, Barry Harris Alan Livingston Apologies received from: Apologies received from: Tukoroirangi Morgan, Alan Livingston, Roger Pikia Hon. John Luxton, Peter Buckley, Vanessa Eparaima, Barry Harris Waikato River Authority – 14 December Waikato River Authority – 10 August Hon. John Luxton, Heemi Biddle, Traci Houpapa, Weo Maag, Vanessa Eparaima, Tukoroirangi Morgan, Heemi Biddle, Traci Houpapa, Roger Pikia, Weo Maag, Peter Buckley, Barry Harris Alan Livingston, Barry Harris Apologies received from: Apologies received from: Tukoroirangi Morgan, Alan Livingston, Roger Pikia Hon. John Luxton, Peter Buckley, Vanessa Eparaima, Barry Harris February 2018 September 2017 Waikato River Authority – 8 February Investment Committee – 28 September Hon. John Luxton, Heemi Biddle, Weo Maag, Vanessa Eparaima, Peter Buckley, Traci Houpapa, Hon. John Luxton, Roger Pikia (via Teleconference), Tukoroirangi Morgan, Alan Livingston Heemi Biddle (via Teleconference) Apologies received from: Apologies received from: Roger Pikia, Traci Houpapa, Barry Harris Alan Livingston, Tukoroirangi Morgan

April 2018 October 2017 Waikato River Clean-up Trust – 12 April Waikato River Clean-up Trust – 12 October Hon. John Luxton, Tukoroirangi Morgan (via phone), Alan Livingston, Hon. John Luxton, Tukoroirangi Morgan, Heemi Biddle (via Teleconference), Heemi Biddle, Weo Maag, Peter Buckley, Roger Pikia, Vanessa Eparaima Roger Pikia, Weo Maag, Alan Livingston, Vanessa Eparaima, Peter Buckley Apologies received from: Apologies received from: Traci Houpapa, Barry Harris Barry Harris, Traci Houpapa Waikato River Authority - 12 October Waikato River Authority – 12 April Hon. John Luxton, Tukoroirangi Morgan, Heemi Biddle (via Teleconference), Hon. John Luxton, Heemi Biddle, Weo Maag, Vanessa Eparaima, Peter Buckley Roger Pikia, Weo Maag, Alan Livingston, Vanessa Eparaima, Peter Buckley Apologies received from: Apologies received from: Traci Houpapa, Barry Harris, Alan Livingston, Tukoroirangi Morgan, Barry Harris, Traci Houpapa Roger Pikia

November 2017 June 2018 Investment Committee – 9 November Waikato River Clean-up Trust – 14 June Traci Houpapa, Hon. John Luxton, Tukoroirangi Morgan, Alan Livingston, Alan Livingston, Heemi Biddle, Weo Maag, Barry Harris, Traci Houpapa, Heemi Biddle Vanessa Eparaima, Hon. John Luxton, Peter Buckley Apologies received from: Apologies received from: Roger Pikia Roger Pikia, Tukoroirangi Morgan Waikato River Authority – 14 June December 2017 Alan Livingston, Heemi Biddle, Weo Maag, Barry Harris, Annual General Meeting – 1 December Traci Houpapa, Vanessa Eparaima, Hon. John Luxton, Peter Buckley Heemi Biddle, Hon. John Luxton, Tukoroirangi Morgan, Traci Houpapa, Apologies received from: Barry Harris, Peter Buckley, Weo Maag, Alan Livingston Roger Pikia, Tukoroirangi Morgan Apologies received from:

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring Vanessa Eparaima, Roger Pikia

14 15 Financial Statements of Waikato River Authority for the year ended 30 June 2018 Waikato River Authority Annual Report 2018

Financial Statements

for the year ended 30 June 2018 .org.nz waikatoriver www. Waikato River Authority Financial Statements for the year ended 30 June 2018

Index Page

Directory 17

Auditor’s Report – WRA 18-19

Statement of Comprehensive Revenue & Expense 20

Statement of Financial Position 20

Statement of Changes in Equity 21

Statement of Cash Flows 21

Notes to the Financial Statements 22-28

Directory

Nature of Business: Protect and restore the health and wellbeing of the Waikato River for future generations

Business Location: 21 Rostrevor Street, Hamilton

Bankers: ANZ, Hamilton

Accountants: KPMG, Hamilton

Auditors: Audit New Zealand, Auckland

The Kukutāruhe Gully in Fairfi eld Hamilton is undergoing a major restoration. The multi 30 year community project received funding from the Waikato River Authority in 2017. 31 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018

Waikato River Clean-up Trust .org.nz waikatoriver www. Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring

32 33 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

Statement of Comprehensive Revenue & Expense Statement of Financial Position As at 30 June 2018 For the year ended 30 June 2018 Note 2018 2017 Note 2018 2017 Assets Revenue Cash and cash equivalents 8 5,886,092 6,113,141 Settlement funds * - - Receivables 9 21,137 2,882 Other revenue 4 625,920 1,165,042 Funding receivable 10 6,922,174 6,922,175 Finance revenue 5 6,756,427 7,434,850 GST 404,853 243,156 Total revenue 7,382,347 8,599,892 Other financial assets 11 6,331,392 5,240,587

Total current assets 19,565,648 18,521,941 Expenses

Depreciation 12 (34,695) (38,991) Funding receivable 10 77,632,740 79,819,142 Amortisation 13 (3,077) (3,078) Property, plant and equipment 12 1,029,745 889,053 Other expenses 6 (1,686,055) (1,385,218) Intangible assets 13 18,465 21,542 Grants payments 7 (4,884,738) (4,647,577) Other financial assets 11 51,293,512 46,493,793 Total expenses (6,608,565) (6,074,864) Total non-current assets 129,974,462 127,223,530

Surplus / (deficit) for the period 773,782 2,525,028 Total assets 149,540,110 145,745,471 Other comprehensive revenue & expense

Gain / (loss) on investment revaluations 2,471,351 1,240,287 Liabilities Total other comprehensive revenue & expense 2,471,351 1,240,287 Payables 14 1,227,292 601,553 Total comprehensive revenue & expense for the period 3,245,133 3,765,315 Provisions 15 2,677,294 2,753,527

Total current liabilities 3,904,586 3,355,080

Total liabilities 3,904,586 3,355,080

Net assets 145,635,524 142,390,391

Equity

Retained earnings 140,474,740 139,700,958

Revaluation reserves 5,160,784 2,689,433

Total equity 145,635,524 142,390,391

Hon John Luxton Weo Maag co-chair DEPUTY co-chair

* Subject to the Waikato-Tainui Raupatu Claims (Waikato River) Settlement Act 2010 the Trust is to receive settlement funds of 11 October 2018

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring $210,000,000 over 27 years (20 years remaining). Additional settlement funds of $10,000,000 will be received over 27 years (20 years remaining) under the Nga Wai o Manipoto (Waipa River) Act 2012. Refer to note 10 for further details. The accompanying notes form part of these financial statements The accompanying notes form part of these financial statements.

34 35 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

Statement of Changes in Equity Statement of Cash Flows For the year ended 30 June 2018 For the year ended 30 June 2018

Revaluation Retained Note 2018 2017 reserves earnings Total Equity Cash flows from operating activities Balance as at 1 July 2016 1,449,146 137,175,930 138,625,076 Settlement funds received 7,333,000 7,333,000 Total comprehensive revenue & expense for the year GST 810,213 783,034 Surplus / (deficit) for the year - 2,525,028 2,525,028 Interest revenue received 1,016,102 1,219,819 Other comprehensive revenue & expense 1,240,287 - 1,240,287 Dividend revenue received 604,841 614,316 Total comprehensive revenue & expense for the year 1,240,287 2,525,028 3,765,315 Rent received 6,409 -

Balance at 30 June 2017 2,689,433 139,700,958 142,390,391 Payments to suppliers (1,755,231) (965,427)

Grant payments (5,256,083) (5,271,257) Balance as at 1 July 2017 2,689,433 139,700,958 142,390,391 Net cash flows from operating activities 2,759,251 3,713,485 Total comprehensive revenue & expense for the year Cash flows from investing activities Surplus / (deficit) for the year - 773,782 773,782 Proceeds from disposal of investments 1,450,000 - Other comprehensive revenue & expense 2,471,351 - 2,471,351 Purchase of investments through introduction Total comprehensive revenue & of funds (3,000,000) (2,330,000) expense for the year 2,471,351 773,782 3,245,133 Purchase of investments through reinvestment Balance at 30 June 2018 5,160,784 140,474,740 145,635,524 of funds (1,260,914) (8,343,523)

Purchase of property, plant, and equipment (175,386) -

Net cash flows from investing activities (2,986,300) (10,673,523)

Net increase/ (decrease) in cash, cash equivalents, and bank overdrafts (227,049) (6,960,038)

Cash, cash equivalents, and bank overdrafts at the beginning of the year 6,113,141 13,073,179

Cash, cash equivalents, and bank overdrafts at the end of the year 8 5,886,092 6,113,141 Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring

The accompanying notes form part of these financial statements. The accompanying notes form part of these financial statements.

36 37 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www. Notes to the Financial Statements 3 Significant accounting policies For the year ended 30 June 2018 a) Financial instruments i) Non-derivative financial instruments

1 Reporting entity Non-derivative financial instruments comprise investments in term deposits, receivables, cash and cash equivalents and payables. The Waikato River Clean-up Trust (the Trust) has been established by virtue of the provision of section 32 (2) of the Waikato-Tainui Raupatu Claims (Waikato River) Non-derivative financial instruments are recognised initially at fair Settlement Act 2010 and section 33 (2) of the Ngati Tuwharetoa, Raukawa, and Te value, plus, for instruments not at fair value, they are recognised through Arawa River Iwi Waikato River Act 2010. These financial statements have been the Statement of Comprehensive Revenue & Expense with any directly prepared in accordance with schedule 5 of the Waikato-Tainui Raupatu Claims attributable transaction costs. Subsequent to initial recognition non- (Waikato River) Settlement Act 2010. Further legislation was enacted in April 2012 derivative financial instruments are measured as described below. and the Trust has to meet its obligations in accordance with the Nga Wai o Maniapoto A financial instrument is recognised if the Trust becomes a party to the (Waipa River) Act 2012 from the Act’s establishment. contractual provisions of the instrument. Financial assets are derecognised The Trust has been established to restore and protect the health and wellbeing of the if the Trust’s contractual rights to the cash flows from the financial assets Waikato River for future generations. Accordingly the Trust has designated itself as a expire or if the Trust transfers the financial asset to another party without public benefit entity (PBE) for financial reporting purposes. retaining control or substantially all risks and rewards of the asset. Purchases and sales of financial assets are accounted for at trade date, i.e., the date that The financial statements are for the year ended 30 June 2018 the Trust commits itself to purchase or sell the asset. Financial liabilities are The financial statements were approved by the Trustees on 11 October 2018. derecognised if the Trust’s obligations specified in the contract expire or are discharged or cancelled. 2 Basis of preparation Cash and cash equivalents a) Going concern Cash and cash equivalents comprise cash balances, call deposits and other The financial statements have been prepared on the going concern basis, and the highly liquid investments with maturities of three months or less. Bank accounting policies have been applied consistently throughout the period. overdrafts that are repayable on demand and form an integral part of the Trust’s cash management are included as a component of cash and cash b) Statement of compliance equivalents for the purpose of the Statement of Cash Flows. The financial statements of the Trust have been prepared in accordance with New Fair value through other comprehensive revenue and expense/available for sale Zealand Generally Accepted Accounting Practice (NZ GAAP). Financial assets at fair value through other comprehensive revenue and The Trust has designated itself as a public benefit entity (PBE) for the purposes of expense are those that are designated into the category at initial recognition complying with NZ GAAP. or are not classified in any of the other categories above. They are included The financial statements have been prepared in accordance with and comply with in non-current assets unless management intends to dispose of, or realise, PBE standards RDR (Tier 2). The Trust is eligible to report under PBE standards the investment within 12 months of balance date. The Trust includes in this RDR (Tier 2) as it is not defined as a large entity and has no public accountability category: (as defined) but has expenses over $2 million and less than $30 million. • investments that it intends to hold long-term but which may be realised The Trust has taken advantage of all Reduced Disclosure Regime (RDR) disclosure before maturity; and concessions, however it has elected to still provide a cash and cash equivalents • shareholdings that it holds for strategic purposes. accounting policy and disclose the amount of additional grant provisions made in note 15. These investments are measured at their fair value, with gains and losses recognised in other comprehensive revenue & expense, except for c) Basis of measurement impairment losses, which are recognised in surplus or deficit. The gain or loss The financial statements have been prepared on the historical cost basis, except does not include interest or dividend income. where modified by the revaluation of certain financial instruments. On derecognition, the cumulative gain or loss previously recognised in other d) Presentation currency and rounding comprehensive revenue is reclassified from equity to surplus or deficit. These financial statements are presented in New Zealand dollars ($) and all Receivables values are rounded to the nearest dollar. Receivables are recorded at the amount due less any provision for e) Use of estimates and judgements uncollectability. The preparation of financial statements requires management to make Payables judgements, estimates and assumptions that affect the application of accounting Payables are recorded at the amount payable. policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may differ from these estimates. Loans and receivables Estimates and underlying assumptions are reviewed on an ongoing basis. Loans and receivables are non-derivative financial assets with fixed or Revisions to accounting estimates are recognised in the period in which the determinable payments that are not quoted in an active market. They are estimate is revised and in any future periods affected. included in current assets, except for maturities greater than 12 months after balance date, which are included in non-current assets. b) Impairment The carrying amounts of the Trust’s assets are reviewed at each balance sheet

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring date to determine whether there is any objective evidence of impairment. An impairment loss is recognised whenever the carrying amount of an asset exceeds

38 39 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

3 Significant accounting policies (continued) to be required to settle the obligation using a pre-tax discount rate that its recoverable amount. Impairment losses directly reduce the carrying amount of reflects current market assessments of the time value of money and the risks assets and are recognised in the surplus or deficit. specific to the obligation. The increase in the settlement grants due to the passage of time is recognised in finance revenue. i) Impairment of loans and receivables ii) Unwind discount on funding receivable Impairment losses on an individual basis are determined by an evaluation of the exposures on an instrument by instrument basis. All individual The increase in the government settlement grants due to the passage of instruments that are considered significant are subject to this approach. time is recognised in finance revenue as an unwind discount on funding receivable. For receivables which are not significant on an individual basis, collective d) Finance revenue and expenses impairment is assessed on a portfolio basis based on numbers of days overdue, and taking into account the historical loss experience in portfolios Finance revenue comprises interest revenue on funds invested, dividend revenue with a similar amount of days overdue. and gains on the disposal of available-for-sale financial assets. Interest revenue The recoverable amount of the Trust’s loans and receivables carried at is recognised as it accrues, using the effective interest method. Dividend revenue amortised cost is calculated as the present value of estimated future cash is recognised on the date that the Trust’s right to receive payment is established. flows, discounted at the original effective interest rate (i.e., the effective Finance expenses comprise interest expense on borrowings, unwinding of interest rate computed at initial recognition of these financial assets). discount on provisions, changes in the fair value of financial assets at fair value Receivables with short duration are not discounted. through surplus or deficit and impairment losses recognised on financial assets If, in a subsequent period, the amount of the impairment loss decreases (except for receivables). and the decrease can be related objectively to an event occurring after e) Grant expenditure the impairment was recognised, the previously recognised impairment Grants are those grants awarded if the grant application meets the specified loss is reversed. The reversal does not result in a carrying amount of the criteria and have been approved by the Board. These are recognised as financial asset that exceeds what the amortised cost would have been had expenditure based on the deliverables and timeframe set out in the signed the impairment not been recognised at the date the impairment is reversed. funding deeds. The amount of the reversal is recognised in the Statement of Comprehensive Revenue & Expense. All grants will be recognised as an expense when a milestone is met, including a provision for costs incurred between milestones. Grants that are not recognised c) Revenue are recorded as funding commitments. Revenue is measured at fair value. Revenue may be derived from either exchange For grants under $50,000, an 80% payment is made upfront and the remaining or non-exchange transactions. is paid on completion of the project. Grants over $50,000 require evidence of Exchange transactions deliverables completed before payment is made. Exchange transactions are transactions where the Trust receives assets or f) Property, plant, and equipment services, or has liabilities extinguished, and directly gives approximately equal Property, plant, and equipment consists of the following asset classes: motor value to another entity in exchange. vehicles, office equipment, furniture & fittings, buildings and land. The Trust receives the following exchange revenue streams: The asset classes are measured at cost, less accumulated depreciation and i) Interest and dividends impairment losses. Interest revenue is recognised using the effective interest method. Additions Dividends are recognised when the Trust’s right to receive the payment is The cost of an item of property, plant, and equipment is recognised as an asset established. only when it is probable that future economic benefits or service potential ii) Services associated with the item will flow to the Trust and the cost of the item can be measured reliably. In most instances, an item of property, plant, and equipment Revenue from services rendered is recognised in surplus or deficit in is initially recognised at its cost. Where an asset is acquired at no cost, or for a proportion to the stage of completion of the transaction at the balance nominal cost, it is recognised at its fair value as at the date of acquisition. date. The stage of completion is measured with reference to the project Disposals milestones. Non-exchange transactions Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset. Gains and losses on disposals are reported net These are all other transactions that are not exchange transactions. in the surplus or deficit. The Trust receives the following non-exchange revenue streams: Subsequent costs i) Government grants Costs incurred subsequent to initial acquisition are capitalised only when it is Grants received from the government are the primary source of funding probable that future economic benefits or service potential associated with the to the Trust and are restricted for the purposes of the Trust meeting its item will flow to the Trust and the cost of the item can be measured reliably. objectives as specified in the Waikato-Tainui Raupatu Claims (Waikato The costs of day-to-day servicing of property, plant, and equipment are River) Settlement Act 2010. If the Trust is unable to cover its operating recognised in surplus or deficit as they are incurred. costs from government funding, then it is able to use cash from its reserves. Depreciation Government grants are recognised as revenue when they become receivable unless there is an obligation to return the funds if conditions of the grant are Depreciation is provided on a straight-line basis on all property, plant, and not met. If there is such an obligation, the grants are initially recorded as equipment other than land, at rates that will write-off the cost of the assets

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring grants received in advance and recognised as revenue when conditions of the to their estimated residual values over their useful lives. The useful lives and grant are satisfied. associated depreciation rates of major classes of property, plant, and equipment have been estimated as follows: Settlement grants are measured at the present value of the revenue expected 40 41 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018

.org.nz waikatoriver www.

3 Significant accounting policies (continued) current market assessments of the time value of money and the risks specific Office equipment 1.5 to 5.7 years 17.5%-67% to the obligation. The increase in the provision due to the passage of time is recognised in finance expenses. Building 14.2 to 50 years 2%-7% j) Income tax Furniture & fittings 7 to 9.5 years 10.5%-14.3% In accordance with schedule 5 of Waikato-Tainui Raupatu Claims (Waikato River) Motor vehicles 4.7 years 21.0% Settlement Act 2010 the Trust has been granted exemption from income tax. Plant & equipment 5.7 years 17.5% Income Tax Act 2007 section CW 41 specifies non business revenue will be exempt from tax. The Trust has been granted charitable status by the Charities The residual value and useful life of an asset is reviewed, and adjusted if Commission and is registered as a charity. applicable, at each financial year end. k) Goods and Services Tax g) Intangible assets All items are stated exclusive of GST except for receivables and payables, which Software acquisition and development are presented on a GST inclusive basis. Acquired computer software licenses are capitalised on the basis of the costs The GST paid to, or received from the IRD, including the GST relating to investing incurred to acquire and bring to use the specific software. and financing activities, is classified as an operating cash flow in the Statement Costs that are directly associated with the development of software for internal of Cash Flows. use are recognised as an intangible asset. Direct costs include the software Commitments and contingencies are disclosed exclusive of GST. development employee costs and an appropriate portion of relevant overheads. l) Equity Staff training costs are recognised in surplus or deficit when incurred. Equity is measured as the difference between total assets and total liabilities. Costs associated with maintaining computer software are recognised as an Equity is disaggregated into the following components: expense when incurred. • Retained earnings Amortisation • Financial assets at fair value through other comprehensive revenue and The carrying value of an intangible asset with a finite life is amortised on a expense reserve. straight-line basis over its useful life. Financial assets at fair value through other comprehensive revenue and expense Amortisation begins when the asset is available for use and ceases at the date reserve that the asset is derecognised. This reserve comprises the cumulative net change of financial assets classified at The amortisation charge for each period is recognised in surplus or deficit. fair value through other comprehensive revenue and expense (otherwise known The useful lives and associated amortisation rates of major classes of intangible as “available for sale” financial assets). assets have been estimated as follows: m) Critical accounting estimates and assumptions Management software 10 years 10% In preparing these financial statements, the Trust has made estimates and h) Impairment of property, plant, and equipment and intangible assets assumptions concerning the future. The Trust does not hold any cash generating assets. Assets are considered cash These estimates and assumptions may differ from the subsequent actual generating when their primary objective is to generate a commercial return. results. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events Non-cash generating assets that are believed to be reasonable under the circumstances. The estimates and Property, plant and equipment and intangible assets held at cost that have a assumptions that have a significant risk of causing a material adjustment to finite useful life are reviewed for impairment whenever events or changes in the carrying amounts of assets and liabilities within the next financial year are circumstances indicate that the carrying amount may not be recoverable. discussed below: An impairment loss is recognised for the amount by which the asset’s carrying i) Settlement funds and funding receivable amount exceeds its recoverable amount. The recoverable amount is the higher of Refer to note 10 an asset’s fair value less costs to sell and value in use. ii) Grant provisions Value in use is determined using an approach based on either a depreciated replacement cost approach, restoration cost approach, or a service units Refer to note 15 approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availability of information. 4 Other revenue If an asset’s carrying amount exceeds its recoverable amount, the asset is regarded as impaired and the carrying amount is written-down to the recoverable 2018 2017 amount. The total impairment loss is recognised in surplus or deficit. The reversal of an impairment loss is recognised in surplus or deficit. Grants received from the Waikato i) Provisions River Authority - 568,457

A provision is recognised for future expenditure of uncertain amount or timing Lease revenue 1,156 1,156 when there is a present obligation (either legal or constructive) as a result of a past event, it is probable that expenditure will be required to settle the Rent received 5,253 5,478 obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses. Dividends received 619,511 589,951 Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring Provisions are measured at the present value of the expenditure expected to 625,920 1,165,042 be required to settle the obligation using a pre-tax discount rate that reflects

42 43 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018

4 Other revenue (continued) .org.nz waikatoriver www. 2018 2017

The Crown provides $910,000 directly to the Authority to cover reasonable E Berryman-Kemp 32,609 - operational costs for the Authority and Trust. These transactions have been recognised in the Statement of Comprehensive Revenue & Expense. During the 2017 Enterprise 303 Ltd 32,474 34,609 year, the Trust made the decision to fund its own expenditure and accordingly grants ESR Limited 155,281 23,660 made to the Trust in 2018 are nil (2017: $568,457). G Williams 26,063 24,766 The Authority does make payments on behalf of the Trust and the Authority is regularly reimbursed. Amounts that are outstanding at 30 June 2018 are recorded as Greening Taupo 16,140 12,741 a payable to the Authority in the Statement of Financial Position. H Esendam 3,681 2,741 There are no unfulfilled conditions and other contingencies attached to grants recognised. I Balme 44,726 -

5 Finance revenue J & J Milburn 4,613 -

2018 2017 J Missen 26,159 -

Interest on term deposits and investments 1,016,238 1,219,829 K & K Bucher (10,257) 14,618

Unwind discount on funding receivable 5,146,600 5,268,856 K Lambeth 6,294 -

Capital gain on sale of investments 593,589 946,165 Karapiro Gully Cambridge (235) 38,718

6,756,427 7,434,850 Kerr Farms Limited - 60,573 Kukutaruhe Education Trust 1,680 -

L Kerr 60,513 - 6 Other expenses Landcare Reseach Ltd 1,601 8,961 Note 2018 2017 Landcorp Farming Limited (205) 11,035 Other expenses include: Lincoln University - 77,440 Accounting fees 52,544 52,017 Mangakotukutuku Stream Care Group 43,040 15,406 Audit fees - current year 26,642 22,820 Mangamingi Stream Restoration - 15,945 Audit fees - prior year 198 227 Lower Mangapiko Stream Care Group 5,389 1,581 Consultant and contractor fees 749,352 809,513 Maniapoto Māori Trust Board 246,500 75,224 Trustees’ fees 18 61,140 58,419 Mercury 29,794 2,571 Trustees’ and governance expenses 18 7,796 7,818 Motukakaho Island Restoration Trust (1,643) 55,556 Other operating expenses 788,384 434,404 New Zealand Rowing Association Inc 73,813 - 1,686,055 1,385,218 Nga Uri a Maahanga - (18,000)

Ngaati Hauaa Mahi Trust 210,405 282,713 7 Grants Ngaati Maahanga 13,000 -

Ngaati Tahu-Ngaati Whaoa Runanga Trust 87,210 77,991 2018 2017 Nikau Family Estate Trust 83,215 - Ata Te Aho 1,001 - Nikau Farm Estate Trust 49,583 178,276 Auckland/Waikato Fish and Game (283) 5,556 NIWA 128,047 273,567 Bancorp 301,722 - NIWA-Waikato Raupatu River Trust 351,997 244,265 Beef & Lamb NZ 14,273 18,949 NJ & LM Williams (1,095) 8,978 Boffa Miskell Ltd (2,106) 34,233 NZ Farm Environment Trust - 522 Buddle Finlay (7,000) 7,000 NZ Landcare Trust 84,116 30,246 C Lea 24,864 27,850 Opus International Consultants Ltd - 159 D Barke 3,229 8,949 Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring Otorohanga District Council (2,914) - Dairy NZ Limited 133,591 656,286

Department of Conservation (66,875) 98,396 44 45 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018

8 Cash and cash equivalents 2018 2017 .org.nz waikatoriver www. Performing Arts Community Trust 13,043 - 2018 2017

Pukeroa Hangatiki A55 Trust (382) 1,216 Bank balances 2,380,168 2,717,880

Puniu River Care Inc 155,764 154,584 Term deposits with maturities of less than 3 months 502,655 1,401,381

Queen Elizabeth II National Trust 7,197 13,615 Portfolio call accounts 3,003,269 1,993,880

Raukawa Charitable Trust 51,619 - Total cash and cash equivalents in the Statement of Cash Flows 5,886,092 6,113,141 Riverdale Group Ltd 54,297 135,678

Sir David Fagan 53,834 - Fair value

SMP Muir 41,159 29,391 The carrying value of cash at bank and short-term deposits with maturities less than three months approximates their fair value. Solid Energy NZ Ltd & Waahi Whanui Trust (2,847) 7,293 Portfolio call accounts South Waikato District Council 14,593 36,656 Portfolio call accounts are recognised at fair value. The fair value of the portfolio call accounts are determined by reference to published current bid price quotations in an South Waikato Environmental Initiatives (5,532) 4,603 active market. St Peters College 2,834 38,700 Cash funds Sustainable Coastlines Charitable Trust (7,147) 46,217 Cash funds are recognised at fair value. The fair value of the cash funds are determined by reference to published current bid price quotations in an active Tainui Development Authority 63,883 312,119 market. Te Arawa Lakes Trust 23,522 22,780 9 Receivables Te Arawa River Iwi Trust 59,851 20,034

Te Runanga O Ngaati Kea Ngaati Tuara Trust 32,368 - 2018 2017 Receivables from exchange transactions: Te Toke Ahu Whenua Trust 6,652 24,021 Prepayments 19,209 814 Toro Atu Charitable Trust 5,153 11,508 Other receivables 1,928 2,068 Turangawaewae Trust Board 163,354 14,867 21,137 2,882 Waikare Marae 17,391 200,000

Waikato District Council 70,913 122,930 Short term receivables are recorded at the amount due, less any provision for Waikato District Council & Ngaati Hauaa Mahi Trust 15,652 46,338 uncollectability. A receivable is considered uncollectable when there is evidence that the amount due will not be fully collected. The amount that is uncollectable Waikato Regional Council 1,369,567 752,115 is the difference between the amount due and the present value of the amount expected to be collected. Waikato Regional Council & Te Arawa River Iwi Trust 40,000 -

Waikato Regional Council & Maniapoto Trust - 577 9 Funding receivable

Waikato Regional Council & Nga Uri a Maahanga - 6,167 2018 2017

Waikato Regional Council & NZ Police - 6,957 Funding receivables from non-exchange transactions:

Waikato River Care (34,136) 243,566 Current 6,922,174 6,922,175

Waikato River Trails 58,897 70,961 Non-current 77,632,740 79,819,142

Waikato Rowing Club 13,044 - 84,554,914 86,741,317 Waikato University 45,606 4,743

Waikato-Tainui College 172,206 (214,194) Under the terms of the Waikato-Tainui Raupatu Claims (Waikato River) Settlement Act 2010, the Trust is to receive $7,000,000 each year over the next 20 years in Waipa District Council 178,618 32,407 settlement funding. This revenue has been recognised upfront and the related receivable has been discounted back at 6.0% which was the upfront treasury risk- Whaingaroa Harbourcare Inc (245) 89,648 free discount rate at settlement. The funding receivable of $140,000,000 has been 4,884,738 4,647,578 discounted by $59,710,551 to provide the present value of $80,289,449. Under the terms of the Nga Wai o Maniapoto (Waipa River) Act 2012, the Trust is to The Board approved these payments during the year. receive $1,333,333 in year one and $333,333 each year after over the next 20 years in settlement funding. This revenue has been recognised upfront and the related Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring receivable has been discounted back at 4.69% which was the treasury risk-free rate at 30 June 2012. The funding receivable of $6,666,667 has been discounted by $2,401,202 to provide the present value of $4,265,465. 46 47 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

11 Other financial assets 12 Property, plant and equipment

2018 2017 Furniture Office Plant & Motor Cost Buildings Land & fittings equipment Artwork Equipment vehicles Total Current investments Balance at 1 July 2016 575,278 314,077 17,622 60,078 - - 65,589 1,032,644 Term deposits with maturities of Balance at 30 June 2017/ 4-12 months 3,521,603 3,537,083 1 July 2017 575,278 314,077 18,839 68,319 - - 65,589 1,042,102 NZ bonds (includes capital notes) 2,809,789 1,703,504 Additions - - - 6,717 168,000 670 - 175,386 Total current investments 6,331,392 5,240,587 Disposals ------

Balance at 30 June 2018 575,278 314,077 18,839 75,036 168,000 670 65,589 1,217,488 Non-current investments

NZ bonds (includes capital notes) 13,662,582 13,964,640 Accumulated depreciation and impairment losses Listed shares in Australasian Equities 8,137,719 6,661,813 Balance at 1 July 2016 37,879 - 4,089 50,293 - - 21,797 114,058 Listed shares in International Equities 12,575,478 11,436,033 Balance at 30 June 2017/ International speciality funds 1,270,339 1,321,899 1 July 2017 51,024 - 6,315 60,140 - - 35,570 153,049

PIE cash funds 15,647,394 13,109,408 Depreciation expense 13,145 - 2,302 5,453 - 22 13,773 34,695

Total non-current investments 51,293,512 46,493,793 Elimination of disposal ------

Total other financial assets 57,624,904 51,734,380 Balance at 30 June 2018 64,169 - 8,617 65,593 - 22 49,343 187,744

Fair value Carrying amounts Term deposits At 1 July 2016 537,399 314,077 13,533 9,785 - - 43,792 918,586 The carrying amount of term deposits approximates their fair value. At 30 June 2017 and Listed shares 1 July 2017 524,254 314,077 12,524 8,179 - - 30,019 889,053 Listed shares are recognised at fair value. The fair values of listed shares are determined by reference to published current bid price quotations in an active At 30 June 2018 511,109 314,077 10,222 9,443 168,000 648 16,246 1,029,745 market. Bonds Impairment Bonds are recognised at fair value. The fair value of the bonds are determined by There have been no impairment losses recognised or reversed for property, plant and equipment (2017: Nil). reference to published current bid price quotations in an active market. Work in progress Speciality funds The total amount of property, plant and equipment in the course of construction is Nil (2017: Nil) Speciality funds are recognised at fair value. The fair value of the speciality funds Restrictions are determined by reference to published current bid price quotations in an active market. There are no restrictions over the title of property, plant and equipment. No property, plant and equipment are pledged as security for liabilities. Fair value hierarchy disclosures Capital commitments For those instruments recognised at fair value in the Statement of Financial Position, fair values are determined according to quoted market price (level 1) – Financial The Trust has no capital commitments (2017: Nil). instruments with quoted prices for identical instruments in active markets. 13 Intangible assets Impairment There were no impairment expenses or provisions for other financial assets. At balance date, none of these financial assets are either past due or impaired. Management Cost software Total

Balance at 1 July 2016 73,649 73,649

Balance at 30 June 2017/1 July 2017 73,649 73,649

Additions - -

Disposals - -

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring Balance at 30 June 2018 73,649 73,649

48 49 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

Management 2018 2017 software Total Current 2,677,294 2,753,527 Accumulated amortisation and impairment losses Non-current - - Balance at 1 July 2016 49,029 49,029 Total provisions 2,677,294 2,753,527 Balance at 30 June 2017/1 July 2017 52,107 52,107

Amortisation charge 3,077 3,077 Grant provisions Elimination of disposal - - The current portion relates to grants that are due to be paid out in the next financial year. It is calculated by adding together overdue amounts (for grant project Balance at 30 June 2018 55,184 55,184 milestones completed but not yet invoiced) and a provisional estimate. The estimate pro-ratas the next milestone amount due after balance date over the period of the milestone that falls before balance date. Changes to the next milestone amount or Carrying amounts completion date will affect the amount and timing of the outflow of funds.

Balance at 1 July 2016 24,620 24,620 16 Capital management At 30 June 2017 and 1 July 2017 21,542 21,542 The Trust manages its revenues, expenses, liabilities, and general financing dealings prudently. The Trust’s equity is largely managed as a by-product of managing At 30 June 2018 18,465 18,465 revenue, expenses, assets, liabilities, and compliance with the Board’s instructions. The operating revenue and cash flows, including other comprehensive revenue, more There are no restrictions over the title of intangible assets. No intangible assets are than covers the Trust’s operating expenses and cash outflows. As a result, the Trust’s pledged as security for liabilities. capital base is maintained.

14 Payables

2018 2017

Payables from exchange transactions:

Payables and accrued expenses 17,642 13,820

Reimbursement payable to the Waikato River Authority 158,546 -

176,188 13,820

Payables from non-exchange transactions:

Other payables 1,051,104 587,733

1,051,104 587,733

1,227,292 601,553

Short-term payables are recorded at the amount payable.

15 Provisions

2018 2017

Grant provisions

Opening balance 2,753,527 2,314,662

Additional provisions made 1,348,895 1,724,873

Amounts used (1,282,226) (1,053,814)

Unused amounts reversed (142,902) (232,194)

Closing balance 2,677,294 2,753,527 Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring

50 51 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

17 Financial instruments Classification and fair values Other Total Loans and Available- amortised carrying Fair Note receivables for-sale* cost amount value Other Total Loans and Available- amortised carrying Fair 2017 2017 2017 2017 2017 Note receivables for-sale* cost amount value

2018 2018 2018 2018 2018 Financial liabilities

Financial assets Payables 14 - - 601,553 601,553 601,553

Cash and cash equivalents 8 5,886,092 - - 5,886,092 5,886,092 Total current liabilities - - 601,553 601,553 601,553

Receivables 9 1,928 - - 1,928 1,928 Total financial liabilities - - 601,553 601,553 601,553

Funding receivable 10 6,922,174 - - 6,922,174 6,922,174

Other financial assets 11 3,521,603 2,809,789 - 6,331,392 6,331,392 *Also known as Fair Value Through Other Comprehensive Revenue and Expense

Total current financial assets 16,331,797 2,809,789 - 19,141,586 19,141,586 18 Related parties Related party disclosures have not been made for transactions with related parties that are within a normal supplier or client/recipient relationship on terms and Funding receivable 10 77,632,740 - - 77,632,740 77,632,740 condition no more or less favourable than those that it is reasonable to expect the Other financial assets 11 - 51,293,512 - 51,293,512 51,293,512 Trust would have adopted in dealing with the party at arm’s length in the same circumstances. Related party disclosures have also not been made for transactions Total non-current with entities related to the Trust (such as funding and financing flows), where the financial assets 77,632,740 51,293,512 - 128,926,252 128,926,252 transactions are consistent with the normal operating relationships between the entities and are on normal terms and conditions for such transactions. Total financial assets 93,964,538 54,103,301 - 148,067,839 148,067,839 Transactions with key management personnel including Trustees Financial liabilities Key management personnel compensation comprised: Payables 14 - - 1,227,292 1,227,292 1,227,292 Note 2018 2017 Total current liabilities - - 1,227,292 1,227,292 1,227,292 Trustee fees Total financial liabilities - - 1,227,292 1,227,292 1,227,292 - H Biddle Iwi appointee 5,016 4,104

- P Buckley Crown appointee 3,192 2,280 Other Total Loans and Available- amortised carrying Fair - A Livingston Crown appointee 3,648 2,736 Note receivables for-sale* cost amount value - Hon. J Luxton Crown appointee 16,790 13,140 2017 2017 2017 2017 2017 - T Morgan Iwi appointee 13,120 13,140 Financial assets - R Pikia Iwi appointee 4,114 6,839 Cash and cash equivalents 8 6,113,141 - - 6,113,141 6,113,141 - J Vernon1 Crown appointee - 4,195 Receivables 9 2,068 - - 2,068 2,068 - W Maag Iwi appointee 6,384 5,777 Funding receivable 10 6,922,175 - - 6,922,175 6,922,175 - T Houpapa Crown appointee 4,128 3,700 Other financial assets 11 3,537,083 1,703,504 - 5,240,587 5,240,587 - V Eparaima Iwi appointee 3,380 1,824 Total current financial assets 16,574,467 1,703,504 - 18,277,971 18,277,971 - B Harris Crown appointee 1,368 684

6 61,140 58,419 Funding receivable 10 79,819,141 - - 79,819,141 79,819,141

Other financial assets 11 - 46,493,793 - 46,493,793 46,493,793 Trustee expenses Total non-current financial assets 79,819,141 46,493,793 - 126,312,934 126,312,934 - H Biddle Iwi appointee 2,093 1,495

Total financial assets 96,393,608 48,197,297 - 144,590,905 144,590,905 - P Buckley Crown appointee 728 607 Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring

52 53 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018 Waikato River Authority Annual Report 2018 .org.nz waikatoriver www.

Note 2018 2017 2018 2017

- A Livingston Crown appointee 340 291 I Balme 34,029 -

- Hon. J Luxton Crown appointee - - J & J Milburn 2,755 -

- T Morgan Iwi appointee 799 1,372 J Missen 880 -

- R Pikia Iwi appointee 665 736 K & K Bucher 14,057 3,800

- J Vernon1 Crown appointee - 462 K Lambeth 11,976 -

- W Maag Iwi appointee 1,419 1,641 Kukutaruhe Education Trust 86,369 -

- V Eparaima Crown appointee 950 633 L Kerr 4,651 -

- T Houpapa Iwi appointee 762 555 Landcare Research Ltd - 5,995

- B Harris Crown appointee 40 26 Landcorp Farming Limited 11,908 11,703

6 7,796 7,818 Mangakotukutuku Stream Care Group 41,866 84,906

Total paid to trustees 68,936 66,237 Lower Mangapiko Stream Care Group 1,487 6,874

Contractor expenses (1 FTE) 253,151 247,928 Maniapoto Māori Trust Board 352,697 381,805

Total key management personnel compensation 322,087 314,165 Mercury 38,364 68,157

1 J Vernon was removed 10 April 2017. Motukakaho Island Restoration Trust 2,609 966

Key management personnel have not entered into any transactions with the Trust New Zealand Rowing Association Ltd 274,013 - other than the above. Due to the difficulty in determining the full-time equivalent Ngaati Hauaa Mahi Trust 271,805 255,007 for the Trustees, the full-time equivalent figure is taken as the number of Trustees (2018:10, 2017: 10). Ngaati Maahanga 2,000 - The Trust Board members are not involved in approving any grant funding for Ngaati Tahu-Ngaati Whaoa Runanga Trust 134,901 77,852 organisations they are involved in. All grants are approved at an arm’s length. Nikau Family Estate Trust 7,937 91,153 19 Funding Commitments Nikau Farm Estate Trust 76,504 - Grants The Trust has funding commitments relating to grant applications for the following NIWA 220,991 26,034 funding recipients. NIWA-Waikato Raupatu River Trust 104,059 456,056

2018 2017 NZ Landcare Trust 161,868 245,985

Ata Te Aho 14,272 - Pukeroa Hangatiki A55 Trust 15,485 15,102

Bancorp 46,104 - Puniu River Care Inc 575,747 55,476

Beef & Lamb NZ 114,865 128,877 Queen Elizabeth II National Trust - 7,820

Boffa Miskell Ltd 232,399 230,293 Raukawa Charitable Trust 19,150 -

C Lea 24,865 49,731 Riverdale Group Ltd 121,951 176,247

D Barke - 5,841 Sir David Fagan 33,122 -

Dairy NZ 301,816 435,407 SMP Muir 2,319 -

D Barke 2,612 - Solid Energy NZ Ltd & Waahi Whanui Trust 9,017 -

Department of Conservation 902,195 - South Waikato District Council 34,030 48,145

E Berryman-Kemp 10,870 - South Waikato Enviromental Initiatives - 680

Enterprise 303 Ltd 41,391 4,139 St Peters College - 2,799

ESR Ltd 84,016 239,288 Sustainable Coastlines Charitable Trust 16,914 9,768

G Williams 34,166 12,403 Tainui Development Authority 193,690 257,573

Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring Greening Taupo 33,672 49,811 Te Arawa Lakes Trust 83,593 107,114

H Esendam 24 3,704 Te Arawa River Iwi Trust 9,571 58,128

54 55 Financial Statements of Waikato River Clean-up Trust for the year ended 30 June 2018

2018 2017

Te Raunga O Ngaati Kea Ngaati Tuara Trust 6,408 -

Te Toke Ahu Whenua Trust 1,336 1,617

Toro Atu Charitable Trust 124 5,153

Turangawaewae Trust Board 6,950 170,303

Waikare Marae - 17,391

Waikato District Council 111,061 190,668

Waikato District Council & Ngaati Hauaa Mahi Trust - 15,653

Waikato Regional Council 863,929 664,116

Waikato Regional Council & Te Arawa River Iwi Trust 278,391 -

Waikato River Care 194,476 157,122

Waikato River Trails Trust 47,878 107,297

Waikato Tainui College 116,075 288,281

Waikato University - 2,127

Waipa District Council 3,990 -

Whaingaroa Harbourcare Inc - 44,536

6,446,200 5,278,903

Grants approved may include multiple grant applications/projects to make up the total included.

20 Contingencies The Trust has no contingent assets or liabilities to disclose (2017: Nil).

21 Subsequent events The Trust has no subsequent events to disclose (2017: Nil). Restoring and protecting the health and wellbeing of the Waikato River Waikato of the and wellbeing health the and protecting Restoring

56 21 Rostrevor Street, PO Box 9338, Hamilton | p. +64 7 839 7966 | e. [email protected]