2018 Annual Report
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TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2018 CONTENTS About Us . 04 Governance . .. 05 Chairman’s Report . 06 Management. 09 Operational Report . 10 Grants. 10 Member Register Database . 11 Investments .. 12 Our Relationships . 14 CNI Land Management . 16 Mana Whenua Update . 16 Kaumātua Dinner 2018 . 18 Te Hui Nui Ki Pukawa . 19 Organisational Structure . 20 Financial Performance . 21 Financial Position . 22 Looking Ahead: Strategic Plan 2018-2020 . 24 2017 AGM Minutes . 26 Audited Accounts . 34 All imagery of trees published in this Annual Report is original photography of our very own Kaingaroa Forest . TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2018 ABOUT US GOVERNANCE TŪWHARETOA SETTLEMENT TRUST: THE CNI SETTLEMENT AND NGĀTI TŪWHARETOA SETTLEMENT TRUST’S VALUES ARE WISDOM, INTEGRITY, FAIRNESS, TOLERANCE, We are the Post-Settlement Governance Entity TŪWHARETOA: ACCOUNTABILITY AND COURAGE. ALL THESE VALUES ARE HELD CLOSELY BY THE TRUST, AND WE (PSGE) that manages the financial resources Ngāti Tūwharetoa is one of eight iwi included in ARE MEASURED AGAINST THEM BY YOU, THE TŪWHARETOA PEOPLE. returned to Ngāti Tūwharetoa in the Central North the CNI settlement . Our Iwi received: Island Forests Iwi Collective settlement . OUR BOARD • A payment of $66m of accumulated rentals, Tūwharetoa Settlement Trust is governed by seven Trustees from within Ngāti Tūwharetoa. Approved by Ngāti Tūwharetoa, the Trust was with approximately $29m for the associated Our current Trustees are: established on 1 July 2009, and has been forest hapū; operating for the benefit of Ngāti Tūwharetoa • 25 .9% of annual Crown Licence fees until the ever since . RAKEIPOHO TAIAROA DYLAN TAHAU year 2043; CHAIRMAN TRUSTEE – HIKUWAI OUR ROLE IS TO: TRUSTEE – MAATAAPUNA • An equal shareholding in CNIIHL (the company Protect and enhance the arikitanga, mana and • holds 176,000ha of the CNI forest land, with the rangatiratanga of Ngāti Tūwharetoa. actual land holding by iwi to be determined by • Promote and advance the social, economic and Mana Whenua); cultural wellbeing of our members and their • A share of three million NZUs (carbon credits); hapū. and OUR OBJECTIVES ARE TO: • Preferential rights to buy certain Crown assets 04 05 HON DAME GEORGINA TE JOANNE TE HUIA • Complete the Mana Whenua determination over (DSP). HEUHEU, QSO TRUSTEE – TAI HAUĀURU land held by Central North Island Iwi Holdings DEPUTY CHAIRMAN Limited (CNIIHL); OUR TRUSTEES’ RESPONSIBILITIES ARE: TRUSTEE – IWI WHĀNUI • Strategic direction • Complete the cultural redress on the CNIIHL lands; • Setting values and principles • Establish Forest Hapū Cluster Trusts (FHCs), • Monitoring performance hold and distribute funds belonging to those • Reporting to members Hapū Trusts; and • Risk management • Realise the opportunities in the Deferred PARANAPA OTIMI JUDY HARRIS • Legislative compliance Selection Process (DSP) of the CNI settlement TRUSTEE – IWI WHĀNUI TRUSTEE – TAI TONGA (property purchases). • Policy formulation • General Manager selection The Trustees have delegated implementation and operations to the General Manager, through policy and a Delegated Authorities Manual . JEFFREY BENNETT TRUSTEE – TE ARIKI REPRESENTATIVE TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2018 CHAIRMAN’S REPORT We welcome these new Trustees, and also COLLABORATION FOREST HAPŪ CLUSTER PŪTEA express our thanks and best wishes to the three In the previous year, Tūwharetoa Settlement At the last AGM, special resolutions were passed retiring Trustees: Eruini George; Te Kanawa Pitiroi; Trust signed a Memorandum of Understanding amending the Trust Deed to grant Trustees and Dr Charlotte Severne. Ngā mihi for your (MOU) with the Tūwharetoa Māori Trust Board and discretion to make further distributions to the commitment to Ngāti Tūwharetoa. Ngāti Tūwharetoa Fisheries Charitable Trust. This FHCs . I am pleased to advise that Te Pou Whenua STRATEGIC DIRECTION formalised our committment to work together in O Waituhi Trust has now received 100 percent of a positive, efficient and respectful manner for the funds held on behalf and a further distribution One of the first tasks undertaken by our new Board benefit of Ngatī Tūwharetoa. will be made shortly to Te Pae o Waimihia Trust . of Trustees was to review and refresh the Strategic The establishment of the Taurewa FHC is not yet Plan . We have placed emphasis on the Trust’s We have continued to conduct our mahi in a finalised, with discussions underway between the long-term position and growth, including resolving collaborative way, and our current focus is on a relevant hapū. the outstanding Mana Whenua agreement for common Member Shared Database, which we Waimihia, Waimaroke and Pukuriri. We are pleased will implement in January 2019 . This database Nā reira, it is encouraging to reflect on another RAKEIPOHO TAIAROA, CHAIRMAN to share this new Strategic Plan with you on page will provide our Tūwharetoa whānui with a single year of positive mahi and I acknowledge the work 24 of this Annual Report . point of registration for all three Trusts, making and dedication of our staff, led by our General the process much more efficient. The Trust also Manager, Greg Stebbing. GROWTH TĒNĀ KOUTOU KATOA, intends to advance our discussions with Te As per the kōrero in my last report, in 2013 we Ngā manaakitanga o te runga rawa ki runga i a Kotahitanga o Ngāti Tūwharetoa and hope they On behalf of the Board, I am pleased to present undertook an audit of the financials that showed, 06 07 koutou katoa mo tēnei wā o te hari koa. this Annual Report for Tūwharetoa Settlement will join our MOU in the future . after taking account of the Trust’s liabilities to the Meri Kirihimete, tēnā koutou katoa. Trust in the 2017/18 financial year. The Trust has FHCs, the residual Trust Equity was only $16.2 INVESTMENTS continued to achieve positive results for our iwi, million. Now in 2018, it is my pleasure to report Joint investment within Ngāti Tūwharetoa with our focus firmly on our mission – to actively that through the Trust’s careful management and has been a strong theme again this year with improve the social, economic and cultural strategic investments, Tūwharetoa Settlement Tūwharetoa Settlement Trust joining other Rakeipoho Taiaroa wellbeing of Ngāti Tūwharetoa. Trust’s Equity has increased to $47.5 million and we Tūwharetoa commercial entities to form two new Chairman The Trust’s mahi over the year has seen us make are completely debt-free. This is an outstanding partnerships: the Tūwharetoa Hau Rau (100 Winds) further progress in building a solid foundation for a result to benefit the people of Ngāti Tūwharetoa. Limited Partnership, and the Tūwharetoa Gondola prosperous future . Robust systems and processes The Trust’s success in the 2017/18 financial year Limited Partnership. The combining of our financial are in place, which means we are in a good has seen us achieve a net profit after tax of $8.5 resources allows Ngāti Tūwharetoa to be involved position to achieve our strategic goals . A highlight million, which represents an increase of $3.9 in investment opportunities that would generally has been the Trust’s allocation of funds to our four million compared to last year . be too large for a single entity to realise on their own . These investments are explained further in Forest Hapū Cluster Trusts (FHCs) during the year, There has also been great progress with regard the Operational Report from page 10 . which has enabled them to return these funds to to the Trust’s grants . I am delighted to report that whānau through grants. in 2018 we increased the total funds available Under the CNI Right of First Refusal (RFR) process, ELECTIONS for grants to just under $1 million, through the a property at 11 Tūwharetoa Street in Taupō was In December 2017 the Trustee election process addition of Marae Capital Works grants and purchased on a 50-50 share basis with Te Pae 2 was completed, with three new Trustees elected STEM (Science, Technology, Engineering and O Waimihia Trust. This is a 2,000m commercial to the Board: Paranapa Otimi (Iwi Representative); Mathematics). property in the Taupō CBD. We continue to assess Joanne Te Huia (Tai Hauāuru Taiwhenua options for development, including a potential joint Representative); and Judy Harris (Tai Tonga venture incorporating the eastern neighbouring Taiwhenua Representative). property . TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2018 HEADING MANAGEMENT OUR TEAM The Tūwharetoa Settlement Trust operational team includes our General Manager, Executive Administrator and Administration Assistant. We also contract a part-time Finance Administrator. Oversight of financial services is provided by Beker Findlay Allen, and legal advice is provided by Lisle McErlane. GREG STEBBING TE AROHA WOODS GENERAL MANAGER FINANCE ADMINISTRATOR 08 09 MERE TAHUPARAE-LUINSTRA MERIANA MOREHU EXECUTIVE ADMINISTRATOR ADMINISTRATION ASSISTANT Our role is to protect and enhance the arikitanga, OUR TRUST’S VALUES mana and rangatiratanga ARE WISDOM, INTEGRITY, of Ngāti Tūwharetoa. FAIRNESS, TOLERANCE, ACCOUNTABILITY AND COURAGE. TŪWHARETOA SETTLEMENT TRUST ANNUAL REPORT 2018 OPERATIONAL REPORT Marae Operational Support grants were provided MEMBER REGISTER DATABASE to 30 marae, receiving $15,000 each. The Hapū Validation process that began in 2016 Board and Ngāti Tūwharetoa Fisheries Charitable has been slower than expected to complete, with Trust is implementing a new shared Members Education grants were provided in partnership many hapū finding the validation task a daunting Database