Annual Report for the Year Ending 31St March 2017
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2017 ANNUAL REPORT FOR THE YEAR ENDING 31ST MARCH 2017 TE PAE O WAIMIHIA CONTENTS 02 TRUSTEES 04 CHAIRMAN’S REPORT 11 2016 AGM MINUTES 17 FINANCIAL REPORT • Entity Information • Statement of Financial Performance • Statement of Financial Position • Statement of Cash Flows • Statement of Accounting Policies • Notes to the Performance Report • Audit Report 31 DISTRIBUTIONS 42 STRATEGIC PLAN | 1 TRUSTEES DEPUTY CHAIRMAN CHAIRMAN Ngahere Wall Dominic Bowdon William Wall Ngāti Tutemohuta Ngāti Te Urunga Ngāti Hinerau Matiu Heperi Northcroft Gregory Stebbing Arapiu Pohokura Seymour Ngāti Tutetawha Ngāti Rauhoto Ngāti Hineure 2 | TE PAE O WAIMIHIA Nukuhau Marae received a Capital Grant for their kitchen upgrade, and received the Te Pae o Waimihia Operational Grant of $150,000. | 3 CHAIRMAN’S REPORT Tena koutou katoa, 3. To upgrade Pakira Marae and Mai te awa o te atua ki Tauhara Tutetawha Marae. maunga Ko Tauhara te maunga DISTRIBUTION FRAMEWORK Ko Taupō te moana This year we were extremely pleased Kei raro ra te mana o nga hapu o to launch the first stage of our Grants Waimihia I Te Maru o ō tatou maunga and Distributions Plan. This included Tapu e tū mai rara the roll-out of our health, sporting, Tihei mauri ora education, tangihanga and kaumatua On behalf of the trustees of Te Pae o grants (total distribution of $220,000 Waimihia, it is my pleasure to present over the twelve months ending the Chairman’s Report on the activities September 2017). of the trust for the twelve-month The remaining distribution activity period ended 31st March 2017. My focused on our marae, where report will focus on the progress made over $2million in capital grants towards the three strategic goals that were provided to support the were prioritised at the beginning of redevelopment of Pakira Marae, the year: Tutetawha Marae, and the kitchen 1. To develop and implement the upgrade of Nukuhau Marae. A one-off Te Pae o Waimihia distribution capital development fund of $5million framework. has been set aside to fund these types 2. To develop and begin of projects. implementation of the Te Pae o The trust also distributed a $150,000 Waimihia Investment Strategy. operational grant to each of our four 4 | TE PAE O WAIMIHIA marae, and has provided accounting Nukuhau Marae and administration services through The trust has also provided a grant of our service provider He Akina Limited. $170,000 to Nukuhau Marae towards the kitchen refurbishment and the Whilst considerable effort has gone marae now has a fully functioning into developing the trust’s distributions commercial kitchen that can cater to framework, the trustees commit to larger numbers of manuhiri. continuously research and understand what distributions are required to INVESTMENTS meet the needs of the hapū. To ensure distributions will be available A complete list of the trust’s on a sustainable basis for future distribution activity over the period generations, the Trust Fund must grow June 2016 to September 2017 will each year by between 2% and 3% (this follow in the distributions section of is required to counter the impact of this Annual Report. inflation and population / membership growth). Guided by this requirement, MARAE UPGRADES and with the support of Iwi Investor Pakira Marae Limited, we have developed our ‘Statement of Investment Policy It is my pleasure to report that the and Objectives’ (SIPO), which will Pakira Marae redevelopment is now set a framework for the trust’s future complete. The project has been a investment activity. This will involve a huge success and I would like to transition from our current investments personally thank the project team in Term Deposits (generating returns of (Wades Construction, Tom Sando, Wi around 3%), to a diversified investment Tawhai, and marae trustees) for their portfolio with a portion of funds expertise, effort and commitment. invested in the bonds and equity I would also like to thank all the markets (whilst more volatile have whānau who gave freely of their time proven over time to generate higher for this kaupapa. I am sure you are average returns). as proud as we are, to have played a part in the revitalisation of our marae A significant proportion of our trust complex. funds are still being held on trust by Tūwharetoa Settlement Trust (TST) Tutetawha Marae awaiting completion of the CNI Tutetawha Marae trustees have Mana Whenua process. The trustees finalised the conceptual design and requested that TST consider transferral are currently applying for building of additional funds and I am pleased consent through the district council. to report that an additional $6.7million Once building consent is granted was received in June 2016. Since then, the plans will be issued to three the trustees have had discussions commercial construction companies with TST to facilitate the transfer of all for (price) tendering. remaining funds held on trust. We have This project is a priority for the trust, been informed that in order to action and we endeavour to complete the the transfer, TST will need to amend mahi over the next financial year. its Trust Deed, which will require the support of its membership. 2017 ANNUAL GENERAL MEETING | 5 The trust has taken the opportunity of the Taupō area, the trust could be party to the Iwi / Māori Investment become the entity to hold some of Fund (Fund). The Fund is a collective the cultural redress lands (out of the investment vehicle co-investing Tūwharetoa Comprehensive Claim alongside the New Zealand Settlement) and will have the financial Superfund focussed on large-scale capacity to realise the commercial direct investments in New Zealand opportunities for the hapū. businesses. The Fund should generate long-term returns that comfortably LOOKING FORWARD exceed New Zealand’s listed public While there is a lot of work to do in the market, and most private equity funds, next year, we are optimistic about the given this low cost and the relatively direction the trust is headed. Our key uncontested areas the Fund will invest areas mahi will focus on the following into. Guided by our SIPO and financial strategic goals; forecasts, the trustees have resolved to invest up to 5% total assets through • To improve marae/hapū financial the Fund. capacity • To improve te reo me ona tikanga In July of this year the property ‘11 within our membership and rohe Tūwharetoa Street’ was offered for • To upgrade Tutetawha Marae sale by the Crown to TST under the ‘Right of First Refusal’ process. TST • To support the finalisation of the then approached Te Pae o Waimihia mana whenua process to enter into a 50/50 joint partnership • To establish a commercial building arrangement to purchase the on the DoC site property. After considerable due • To roll out the trust’s investment diligence the trustees agreed to the strategy. proposed terms and the purchase was completed on the 20th October Finally, on behalf of the trustees, I 2017. We are very excited about wish to acknowledge the professional the commercial opportunities the support provided by our key services property provides, and along with TST providers: He Akina Ltd (Financial/ will look to present the options over Administration), Cargill Stent (Legal), the coming months. Iwi Investor (Funds Management), TST (Members Register) and BNZ We are also considering a number (Banking). of direct investment opportunities, including options for the other Nakū iti nei, nā three Kaimanawa / Scannell Street sections vested by DoC to Te Pae o Waimihia, and potential commercial development options involving Tauhara hapū cultural redress lands (Parakiri, Huka, Wharewaka). Ngahere Wall As Te Pae o Waimihia is already Chairman established to represent six hapū Te Pae o Waimihia 6 | TE PAE O WAIMIHIA Waipahihi Marae received the Te Pae o Waimihia Operational Grant of $150,000. Te Puawaitanga Kohanga Reo received $5,000 through the Te Pae o Waimihia Kohanga / Kura Grant. | 9 Photographs from Pakira Marae Opening Ceremony held on 21st October 2017. Pakira Marae received a Capital Grant to fund the redevelopment of the marae complex, and received the Te Pae o Waimihia Operational Grant of $150,000. 2016 ANNUAL GENERAL MEETING MINUTES Sunday 18th September 2016 MEETING ADMINISTRATION Waipahihi Marae Meeting opened at 10.05am with Greg Waitahanui, Taupō Stebbing welcoming the owners to the Te Pae o Waimihia Annual General Trustee’s Present: Meeting. Arapiu Seymour also gave Greg Stebbing (Chairman) a mihi welcoming everyone to the Ngahere Wall (Deputy Chairman) meeting. Abe Seymour Matiu Northcroft William Wall Apologies Dominic Bowden Apologies were captured in the Apologies Register. Members Present: There were 76 members present per the Attendance Register. Minutes of Previous Meeting / Matters Arising: In Attendance: • Harvey Karaitiana noted an Vernon Rameka (He Akina – General amendment to the minutes; that Manager), Kathryn Moffat (He Akina - the trustees are to give consideration Minute Taker) to reimbursement of costs related to historical claims lodged with the Meeting Opened: 10.05am Waitangi Tribunal on behalf of all Karakia: William Wall claimants with Te Pae o Waimihia. 2017 ANNUAL GENERAL MEETING | 11 - Greg Stebbing confirmed that the • Once the mana whenua process over trustees have been requested to give Waimihia Forest is finalised, all the this some consideration, they haven’t funds and ultimately the land titles done this yet but will look do so. will be transferred back to Te Pae o Waimihia. • Tūwharetoa Property Investment Resolution: Limited Partnership was formed That the minutes of the previous to purchase a number of crown meeting of 7th November 2015 be owned properties around Taupō. confirmed as a true and accurate The partners include Tūwharetoa record, subject to the amendment Settlement Trust (TST), Tūwharetoa above. Māori Trust Board and Lake Rotaira Forest Trust.