2016 annual report - ngāti tūwharetoa fisheries ... · 2016 was $1,093,815. this was down 21% on...

2016 ANNUAL REPORTNGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUST

“

KARE-A-ROTO / VALUES

Tirohanga Whanui Insightful

Kokiri Whakamau Progressive

Mahi Tika, Mahi Pono Transparent and Accountable

Kakama Agile

WHAKATAUKI

Tūwharetoa e!

Kia ata whakatere i te waka, kei pariparia e te tai kei monenehu te kura.

Whakamarotia atu ano, ka whakahokia mai ki te kapua whakapipi.

Ka mate kainga tahi ka ora kainga rua.

Behold Tūwharetoa!

Take care when launching your canoe lest it be overcome by the tide and its decorative plumes become drenched.

It is all very well to go your separate ways but your strength will always be with your people.

A person with one house perishes, a person with two houses survives.

“

PO Box 126, Taupō, 3330 l Ph +64 7 377 [email protected] l www.ntf.maori.nz

Annual Report 2016 I Page 1

“Tūwharetoa ki tai he ika unahi. Tūwharetoa ki uta he ika kiri maheni.

To the coast I see Tūwharetoa and the fish with scales. I turn to the hinterlands and I see Tūwharetoa and the fish smooth and sleek.

MOEMOEA / VISION

“

KAUPAPA / MISSION

Kia matara Tūwharetoa, kokiri whakamua, whaia te pai tawhiti, whakamaua kia tina.

Arise Tūwharetoa, advance and reach for the distant horizons and achieve your aspirations.

| Ngāti Tūwharetoa Fisheries Charitable Trust

Telephone: +64 7 377 3176Email: [email protected]: www.ntf.maori.nz

OFFICENgāti Tūwharetoa Fisheries Office81 Horomatangi StreetTaupō 3330

POSTAL ADDRESSPO Box 126Taupō 3351

ACCOUNTANTFlash Admin & Taxation Services Limited Accountants & Business Advisors Taupō

AUDITORSilks Audit Chartered Accountants Wanganui

BANKERSBank of New Zealand Taupō

FUNDS MANAGERSIWIinvestor

SOLICITORSKahui Legal Wellington

TRUST DIRECTORY


2 Trust Directory

4 Governance

5 Chairman’s Report

8 Trust Report

14 Investment Report

18 Financial Statements and Auditor’s Reports

42 AGM Minutes

44 Annual Scorecard

45 Annual Plan

45 Strategic Plan

46 Pataka Kai

CONTENTS


As at September 2016

GOVERNANCE

TRUSTEESTe Kanawa Pitiroi (Chairperson)Judy Harris (Deputy Chairperson)Heemi BiddleShaneen Simpson-AlmondTuirirangi te HeuheuJonathan Te Rire

DIRECTORSNathan ReidPaki RawiriDanny Loughlin

Left to right: Judy Harris, Tuirirangi te Heuheu, Te Kanawa Pitiroi (Chairman), Danny Loughlin, Shaneen Simpson-Almond, Heemi Biddle, Jonathan Te Rire


Ka huri e au te tuku reowhakamihi ki ngā maunga me ngā waiora o to tātou rohe.

He rerenga wai, he hononga toto: Te Kāhui maunga ki tai, E Tūwharetoa whanui tena koutou katoa. Haerere tonu te reo poroporoake ki a ratou kua ngaro atu ki te po, moe mai koutou katoa, ki a tātou katoa, tena koutou.

CHAIRMAN’S REPORT

The board of Ngāti Tūwharetoa Fisheries is pleased to present this year’s report into the activities of Ngāti Tūwharetoa Fisheries Charitable Trust and our Asset Holding Company, Ngāti Tūwharetoa Fisheries Holdings Ltd for the year ending 30 September 2016. The year ending September 2016 was a satisfactory year for the Trust.

Highlights for the year include:

• Completion of our 2015 Trustee Election

• Completion of our part of the engagement over the Māori Fisheries Review

• Continued engagement with the Tūwharetoa Māori Trust Board, Ngāti Tūwharetoa BOP Settlement Trust and the Tūwharetoa Settlement Trust to explore opportunities to work together as well as understand the impact of our comprehensive treaty settlement

• Attendance at opening of Ngāti Tūwharetoa BOP Settlement Trust’s new building

• Sharing of a receptionist in the Taupō office

• Storage and delivery of Pataka Kai by the Ngāti Tūwharetoa BOP Settlement Trust

I want to congratulate our new trustees Shaneen Simpson-Almond and Tuirirangi te Heuheu on their election to the Trust. I would also like to thank our retiring trustees Topia Rameka and Anthony Olsen for their important service. Mihi nui kia koe.

2016 saw the board increasingly focussed on protecting Māori fishing rights and the treaty settlement.

This included discussions around the role of Te Ohu Kaimoana and managing threats from the Kermadec Ocean Sanctuary and other access threats, such as the imposition of MPAs and the SeaChange talks in respect of the Hauraki Gulf.

One of significant outcomes of the Māori Fisheries Review is that Ngāti Tūwharetoa will receive voting shares in Aotearoa Fisheries Ltd (Moana) which will provide additional dividends and a clearer role in appointment of directors.

The board is also focussed on making sure any surplus funds held by Te Ohu Kaimoana are distributed on a population basis to ensure fairness for Ngāti Tūwharetoa.

Voting has now closed for the ratification of the Ngāti Tūwharetoa Deed of Settlement


with the Crown for settling the balance of our Treaty of Waitangi claims.

The beneficiaries of Ngāti Tūwharetoa Fisheries Charitable Trust stretch ‘Mai Maketu ki Tongariro, whakawhiti ki Tokorangi’.

Our legal advice was that Ngāti Tūwharetoa Fisheries could not be merged into the proposed Post Settlement Governance Entity (PSGE), and that our Trust must remain as a separate legal entity.

I would like to thank my board, our subsidiary companies and our General Manager for their hard work, and their continued support of this important organisation.

No reira tena koutou, tena tatou katoa,

Te Kanawa Pitiroi

“2016 saw the board increasingly focussed on protecting Māori fishing rights and the treaty settlement.


TRUST REPORT

TRUST PERFORMANCEKaupapa 7 of Schedule 7 to the Māori Fisheries Act 2004 requires the Trust to be accountable for its performance to all members of the iwi. The Trust has completed its new 2015-2017 Strategic Plan. The summary is on page 45. The balanced Scorecard in page 44 reports the performance for the year ended 30 September 2016 against the Trust’s Annual Plan.

FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 SEPTEMBER 2016New reporting standards came into effect on 1st April 2015 and as a registered charity we are required to prepare financial statements in line with these new standards. The Trust has adopted Tier 3 reporting.

Ngāti Tūwharetoa Fisheries Group Revenue for the year ended 30 September 2016 was $1,093,815. This was down 21% on last year’s income of $1,384,855. This was driven by three factors:• 27% drop in our dividend from Aotearoa Fisheries Ltd (Moana). • 17% drop in Fisheries Revenue. Mainly due significant TACC cuts to hoki and

oreo, and a lack of nationwide fishing capacity and an oversupply of quota available on the market. This has resulted in a lack of demand for third party quota/ACE and subsequently a reduction in ACE prices fishing companies are willing to pay.

• 22% drop in Interest Revenue. This was mainly due to lower interest rates (see Investment Report).

Operating Revenue 2016 2015 INC/DEC

Fisheries 557,167 670,274 -17%

Interest Revenue 211,955 273,162 -22%

Dividend Received 311,997 429,150 -27%

Other Income 12,696 12,269 3%

1,093,815 1,384,855 -21%

Operating Expenses 2016 2015 INC/DEC

Operating Expenses 516,502 509,129 1%

Grants 394,620 393,288 0%

Total Expenses 911,122 902,417 1%

Total Expenses were $911,122 (up 1% on last year). Operating Expenses were up 1% on last year, even after election costs. The main driver was an investment loss compared to a gain on investments last year.

The directors transitioned from an annual payment to quarterly fees, which is why 2015 fees were higher. The trustees have approved Directors Fees at $10,000 per director.

Operating Surplus was $182,693 (down 62% on last year). This was primarily due to the drop in Operating Revenue.

Operating Surplus 2016 2015 INC/DEC

Operating Surplus 182,693 484,339 -62%

The lower Operating Surplus was reflected as a 1% improvement in Total Assets and Total Equity (Accumulated Funds).

Financial Position 2016 2015 INC/DEC

Total Assets 25,616,073 25,479,251 1%

Total Equity 25,591,476 25,408,783 1%

The Statement of Cash Flows reflects the lower cash from Operating Activities. The group held a high balance in cash at September 2015 for an investment opportunity. This investment wasn’t approved, and the funds were invested in Term Deposits. This was reflected in a $1.4 million Net Outflow from Investing. The group held a cash balance of $110,223 at September 2016 for operational requirements.

Cashflows 2016 2015 INC/DEC

Net Cash Inflow Operating Activities 5,326 323,393

Net Cash (Outflow) from Investing (1,451,440) 448,257

Net Increase (Decrease) In Cash (1,446,114) 771,650

Cash 1 October 2015 1,556,337 784,687

Cash 30 September 2016 110,223 1,556,337 -93%


INVESTMENTSThe investment portfolio of the Trust had a gross (before fees, and taxes) return of 5.35% the year ended 30 September 2016, 2.35% (2015: 4.6%) after fees, and taxes.

The detail is set out in the Investment Report on page 14.

2015 ELECTIONThe results for the 2015 Trustee Election for the Ngāti Tūwharetoa Fisheries Charitable Trust that closed on Friday 23 October 2015 are:

The voter return was 17.08% (18.32% voted via the internet and 81.68% voted by post).

The returning office was Anthony Morton from ElectionNZ.com.

SHARE REGISTERThe Trust uses its website to increase the number of registered members. Last year the Trust held the 2015 Election.

This process led to a significant number of new registrations as well as people who

updated their address details, and noting those who are now deceased.

GRANTS$200,000 was paid to the Tūwharetoa Māori Trust Board (TMTB). This was a contribution towards education and kaumatua grants.

$120,000 was paid to Ngāti Tūwharetoa BOP Settlement Trust (NTBOPST) for pakeke, tertiary and school grants.

COLLABORATIONThe Trust attended the opening of Ngāti Tūwharetoa (BOP) Settlement Trust’s new office in May 2016.

NTBOPST now holds the Pataka kai fish for Tūwharetoa Marae in Kawerau and Matata.

Our organisation continues to work with the Tūwharetoa Māori Trust Board and the Ngāti Tūwharetoa Settlement Trust to explore opportunities to provide better service to or people.

The three entities now share a receptionist in the Taupō Office.

TE OHU KAIMOANADuring the 2016 financial year, Peter Douglas resigned as Chief Executive to take up a role with government. Peter headed Te Ohu Kaimoana for more than 12 years.

Dion Tuuta from Taranaki was appointed as the Chief Executive in April 2016.

2015 REVIEW OF THE MĀORI FISHERIES SETTLEMENT STRUCTURESAt the close of the 2016 financial year, Te Ohu Kaimoana completed the report to the Minister for Primary Industries detailing the decisions taken by iwi through the 2015 Review and the changes required to the Māori Fisheries Act.

Ngāti Tūwharetoa (BOP) Settlement Trust

Shaneen Simpson-Almond

Northern Lake Taupō Ward

Tuirirangi te Heuheu

Southern Lake Taupō Ward

Heemi Biddle

Tūwharetoa Bay of Plenty Ward

Jonathan Te Rire

Tūwharetoa Māori Trust Board

Te Kanawa Pitiroi

Tūwharetoa Southern Ward

Judy Ngapera Harris


Since the review report was released to iwi in March 2015, considerable work has been done to formalise iwi decisions taken at the Special General Meeting in June 2015.

Te Ohu Kaimoana have held numerous hui and developed several discussion documents for iwi to elicit views on implementing the recommendations made by the reviewer and to set the future direction of Te Ohu Kaimoana.

The work is carried out over 18 months, with most workshops and hui attended by the Trust.

KERMADEC OCEAN SANCTUARY BILL Iwi are the exclusive owners of quota surrounding the Kermadecs (FMA10).

The 14 iwi that form part of the Iwi Collective Partnership beneficially own 31% of that quota.

The Kermadec Ocean Sanctuary proposal – to create a huge no-fishing, no-mining marine protected area in the Kermadec region north of New Zealand – expropriates fishing rights returned to Māori through the 1992 Fisheries Settlement.

During the year in review, iwi and Te Ohu Kaimoana worked to inform New Zealand of the adverse effects the Bill on the Māori Fisheries Settlement and the rights contained within it. At the time of publication of this annual report, the Bill was on hold.

Rik Witana, the chairman of Te Rūnanganui o Te Aupōuri, has taken an active role in

General Manager Danny Loughlin with Evelyn Bennett and Hinewaka James at the opening of Ngāti Tūwharetoa (BOP) Settlement Trust’s new office in May 2016


ongoing discussions with the government, and discusses his iwi’s view of the sanctuary proposal.

MARINE PROTECTED AREAS CONSULTATIONOver the last couple of years, there has been significant developments proposed in respect of marine protected areas (MPA) and marine management.

The Trust supports the Te Ohu Kaimoana positon that advocates for an MPA policy that is based on sound science and protects the interests of iwi in fisheries and aquaculture.

Also, it’s important that if policies do restrict the use of fisheries and aquaculture assets, that there is adequate redress, although this is not our preferred positon.

The Iwi Collective Partnership made a submission on behalf of the 14 ICP iwi members.

FISHERIES MANAGEMENT REVIEWLast year, the Minister for Primary Industries announced an operational review of the Fisheries Act 1996.

Undertakings were given that this would not undermine the QMS or Fisheries Settlement.

Te Ohu held a workshop with iwi in late 2015 to identify issues iwi considered needed to be addressed and these were incorporated in a submission to the Ministry.

It wasn’t until November 2016 that MPI released a set of policy proposals “Te Huapae Mataora Mo Tangaroa – Future of Our Fisheries”, and invited submissions on them.

At a hui in Wellington on 7 December, attended by the Trust, iwi opposed the proposals and the Ministry’s assumption

that the Crown can unilaterally, without consultation and discussion, repudiate the Fisheries Deed of Settlement and related legislation.

Iwi also instructed Te Ohu to take appropriate legal action against the Crown for this and other related breaches of the Fisheries Deed of Settlement.

The Trust made submission in December 2016 expressing our concerns, and support of the submissions of Te Ohu Kaimoana, ICP and Moana New Zealand.

WESTPORT SCHOLARSHIPThe Westport Deepsea Fishing School has been operating since 1988, and since 2000 has been owned and run by Peter Maich, a former commercial fisherman with a passion for the industry and a desire to see young adults in meaningful work.

With an almost 90 percent post-learning employment success rate, the school is vital in keeping the industry rejuvenated with skilled employees.

The school educates anywhere between 20 and 40 people at a time in a residential environment where the students live and learn together, supporting each other through the 12-week course.

Te Pūtea Whakatupu Trust continues to co-fund this scholarship with Te Ohu Kaimoana. The Trust will be providing additional travel and other support for this course.

Piki te Ora

Danny LoughlinGeneral Manager


Ngāti Tūwharetoa Fisheries Charitable Trust: Annual Report to September 2016

INVESTMENT REPORT

The Ngāti Tūwharetoa Fisheries Charitable Trust has funds invested with IWIinvestor, providing investment advice, portfolio construction and management. The investment activity is governed by the Trust’s Statement of Investment Parameters and Objectives (SIPO) and accepted risk tolerance and capacity.

The Iwi Investor investment committee and management team ensure that your portfolio contains quality securities and investment funds. Iwi Investor monitors and manages credit, market, liquidity, and control risk where possible to enhance the capital protection of your funds.

Ngāti Tūwharetoa Fisheries Charitable Trust is invested in an Income Focus Portfolio. Assets are invested as follows:

Ngāti Tūwharetoa Fisheries Charitable Trust Actual Weightings as at 30 Sep 16

NZ FixedInt 20.2%

NZ Cash79.8%

Ngāti Tūwharetoa Fisheries Charitable Trust Target Weightings

NZ FixedInt 58%

NZ Cash42%

Asset Class Value Actual Target

NZ Cash $3,775,063 79.8% 42.0%

NZ Fixed Int $953,803 20.2% 58.0%

Total Assets $4,728,866 100% 100%


ASSET ALLOCATIONThe portfolio is overweight NZ Cash and Money Market (term deposits) and underweight NZ Fixed Interest. Maturiting fixed interest investments (which are longer term investments) have been reinvested into Money Market while the trustees have undertaken a review of the Ngāti Tūwharetoa Fisheries Charitable Trust’s SIPO. The SIPO has now been completed after an internal review of investment strategy. The trustees will be looking to increase growth exposure in the portfolio with a move to a balanced asset allocation in the 2017 financial year.

PORTFOLIO REVIEW SUMMARY

The Ngāti Tūwharetoa Fisheries Charitable Trust portfolio had a gross return of 2.35% for the year ended 30 September 2016.

The annual result reflects the higher weighting in NZ Cash and Money Market over the year while the SIPO review was conducted.

As fixed interest investments have been reinvested into NZ Cash and Money Market during the year, this has resulted in a shorter duration in your fixed interest portfolio. A shorter duration means on average your fixed interest portfolio has more bonds a shorter time until maturity (1 to 3 years) than bonds with a longer time to maturity (3 to 7 years). Strong returns from fixed interest with longer duration during the year, benefitted the performance of the index.

The following table shows the performance of your investments for the last quarter, the last 12 months, the past 5 years, and since inception (2005).

30 Sep 2016 Gross Return

Net Return NZ Cash NZ Fixed Int

1 year 2.35% 2.35% 1.7% 3.9%

Indices 2.7% 6.4%

5 years 3.75% 3.75% 3.7% 5.3%

Indices 3.0% 5.4%

Inception 5.40% 5.40% 5.0%

Indices 4.6%


The following represents Ngāti Tūwharetoa Fisheries Charitable Trust’s net cumulative returns since inception (2005). We have compared it to net 90 day bank bill and inflation.

Economic outlook:

The global economy continues to perform below average but is growing modestly with contribution from emerging markets (China and India, in particular).

Structural impediments remain to curb consumption and investment growth necessary for a tangible uplift in the global economy. These impediments include excess borrowing by governments and households and excess capacity in manufacturing and commodities.

These impediments have also contributed to low inflation globally which has enabled central banks to reduce interest rates in an effort to stimulate the economies. However, even negative interest rates have proven to be futile when companies are reluctant to invest when there is excess capacity and most borrowers are reducing their indebtedness.

Low interest rates have benefitted borrowers and boosted investment assets but not the productive sector.

The outlook remains more of the same unless politicians abandon debt reduction and use tax incentives and/or infrastructure spending in an

Ngāti Tūwharetoa Fisheries Charitable Trust Net Performance Since Inception

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jun0

5

Jun

06

Jun

07

Jun

08

Jun

09

Jun

10

Jun

11

Jun

12

Jun

13

Jun

14

Jun

15

Jun

16

Annualised Net Return 5.40%

NTFC (Net) Inflation 90 day (net)


effort to stimulate the economies. Increasingly, even central banks are calling on politicians for support in stimulating the economy.

New Zealand has been a bright spot on the globe as its economy has been growing above historical average benefitting from construction (residential and commercial), tourism and some exports despite the weakness in the dairy sector. Migration gains have curtailed wage pressure but has contributed to house price inflation.

Our Reserve Bank has lowered the cash rate in an effort to lower the New Zealand dollar and thereby raise the price of imported goods and lift inflation towards its medium term target.

In 2016, to date, this has largely been ineffective as the ‘kiwi’ dollar has risen against the United States dollar (adversely impacting rural exports) and fluctuated significantly against the Australian dollar (creating headaches for manufacturing exports).

The outlook for the New Zealand economy remains favourable as migration gains continue, housing remain in short supply, commodity prices appears to have stabilised (although dairy may see further weakness given US production surge), tourism remains constrained only by its supporting infrastructure and we now have a budget surplus which offers opportunities for the government to spend or offer tax cuts. However, we are not immune from international developments and while the global economy is gradually improving, some debilitating political trends are emerging.

Investment assets have generally been in a consolidating phase in 2016 as investors gauge economic and political trends. Share markets have been flat, although New Zealand has been an outperformer given its favourable economy. Interest rates have largely declined and property values have risen as investors chase yields.

The outlook for growth assets is again, more of the same with both shares and properties gaining from an improving global economy, albeit modest, and low interest rate environment.

Central banks are likely to move away from their current accommodative stance and move gradually to a neutral position. Short term interest rates should increase but again modestly.

Politics, however, could alter the scenario as the population demands more nationalistic policies.


FINANCIAL STATEMENTS AND AUDITOR’S REPORTSNGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUSTConsolidated Performance ReportFor the Year Ended 30th September 2016 Pages 19 - 30

NGĀTI TŪWHARETOA FISHERIES HOLDINGS LIMITEDConsolidated Performance ReportFor the Year Ended 30th September 2016 Pages 31 - 40


Legal Name of EntityNgāti Tūwharetoa Fisheries Group is comprised of Ngāti Tūwharetoa Fisheries Charitable Trust (NTFCT) and its subsidiary Ngāti Tūwharetoa Fisheries Holdings Limited (NTFHL).

Entity Type and Legal BasisNgāti Tūwharetoa Fisheries Charitable Trust is a Charitable Trust incorporated under the Charitable Trusts Act 1957.Ngāti Tūwharetoa Fisheries Holdings Limited is a company registered under the Companies Act 1993.

Registration NumberNTFCT: Charities Commission registration number CC20197.NTFHL: Charities Commission registration number CC20221 and Company Office number 1899480.

Entity’s Purpose or MissionThe purposes for which the Trust is established are to receive, hold, manage and administer the Trust Fund for every charitable purpose benefiting Ngāti Tūwharetoa including:(a) the protection and enhancement of

the mana and rangatiratanga of Ngāti Tūwharetoa, its taonga, its Arikitanga and its members;

(b) the promotion of the educational, spiritual, economic, social and cultural advancement and well-being of Ngāti Tūwharetoa and its Hapū;

(c) the maintenance and establishment of places of cultural or spiritual significance to Ngāti Tūwharetoa;

(d) the promotion within Ngāti Tūwharetoa of health and well-being and relief of the aged; and

(e) any other matter beneficial to the community of Ngāti Tūwharetoa and all the Members of Ngāti Tūwharetoa.

Main Sources of the Entity’s Cash and ResourcesThe main source of the company’s cash and resources is from sales of ACE and dividends received.

Entity’s Reliance on Volunteers & Donated Goods or ServicesNTFCT and NTFHL are not reliant on volunteers or donated goods and services in their operations.

Main Methods Used by the Entity to Raise FundsThe main method used by the Group to raise funds is by way of selling ACE quota held by NTFL and dividends from its investments.

NGATI TUWHARETOA FISHERIES CHARITABLE TRUST ENTITY INFORMATIONAs at 30th September 2016

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Trustees Te Kanawa PitiroiJudy HarrisShaneen Simpson-AlmondJonathan Te RireTuirirangi te HeuheuHeemi Biddle

Accountants Flash Admin & Taxation Services LimitedPO Box 1998Taupō

NGATI TUWHARETOA FISHERIES CHARITABLE TRUST DIRECTORYAs at 30th September 2016

Auditors Silks Audit Chartered Accountants Limited

Bankers Bank of New Zealand

Date of Formation 30th January 2007

Solicitors Kahui LegalWellington

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Description of the Entity’s OutcomesThe purposes for which the Trust is established are to receive, hold, manage and administer the Trust Fund for every charitable purpose benefiting Ngāti Tūwharetoa including:(a) the protection and enhancement of

the mana and rangatiratanga of Ngāti Tūwharetoa, its taonga, its Arikitanga and its members;

(b) the promotion of the educational, spiritual, economic, social and cultural

NGATI TUWHARETOA FISHERIES CHARITABLE TRUST STATEMENT OF SERVICE PERFORMANCE

For the Year Ended 30th September 2016

2016 2015

Activities in the Year to Balance Date:

Number of Trustees meetings held 5 6

Number of Directors meetings held 2 4

TMTB Distributions

Education Grants $200,000 $200,000

NTBOP Distributions

School Costs Grant, Pakeke Grant,and University Grants

$120,000 $120,000

Description and Quantification of the Entity’s Outputs

advancement and well-being of Ngāti Tūwharetoa and its Hapū;

(c) the maintenance and establishment of places of cultural or spiritual significance to Ngāti Tūwharetoa;

(d) the promotion within Ngāti Tūwharetoa of health and well-being and relief of the aged; and

(e) any other matter beneficial to the community of Ngāti Tūwharetoa and all the Members of Ngāti Tūwharetoa.

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21 to 30

Chartered Accountants Ltd


2016$

2015$

RevenueMarquee Hire 10,313 12,269ACE Revenue 523,142 634,697Share of ICP Koura Operations LP profit 20,659 21,657Share of Koura Facilities LP profit 13,366 13,920Interest Received 211,955 273,162Dividend Received 311,997 429,150Other Income 2,383 - Total Income 1,093,814 1,384,855Less ExpensesACC & Insurance 5,069 4,828Accountancy/Secretarial 20,161 20,523AGM Expenses 20,266 20,436Audit 11,489 11,270Bank Charges 483 543Communications - 3,780Computer Expenses 1,246 1,641Conference/Hui Expenses 6,344 10,335Consulting & Legal 2,192 18,905Depreciation 9,465 12,383Directors Expenses 2,800 2,296Directors Fees 20,000 37,388Election costs 7,602 23,292Governance Costs 80,080 80,885Investment (Gains)/Losses 34,191 -10,749Iwi Register 3,960 3,960Koha 3,426 115Investment Fees 27,374 28,899Office Expenses 19,915 17,812Professional Development/ Training 2,873 3,854Salaries & Related Costs 112,229 101,888Seafood Levies 108,147 93,982Telephone & Tolls 6,033 6,169Travel & Accommodation 10,319 13,564Website Expenses 840 1,132Total Expenses 516,502 509,129

577,311 755,220Iwi BenefitsMiscellaneous 12,293 10,361Marquee Expenses 13,702 15,947Paramountcy Support 40,000 40,000Pataka Kai 8,625 6,980Social 320,000 320,000Total Iwi Expenses 394,620 393,288NET SURPLUS/(DEFICIT) $182,692 $482,438

NGATI TUWHARETOA FISHERIES CHARITABLE TRUST STATEMENT OF FINANCIAL PERFORMANCEFor the Year Ended 30th September 2016

The accompanying notes form part of these financial statements. These financial statements should be read in conjunction with the attached Audit Report.

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Note 2016$

2015$

RevenueCURRENT ASSETSCash and cash equivalents 110,223 1,556,337GST Refund Due 6,864 4,890Taxation 7 132,273 77,479Trade and other receivables 11 76,285 118,117Total Current Assets 325,644 1,756,823

NON-CURRENT ASSETSFixed Assets as per Schedule 8 18,185 26,210Investments 9 25,272,244 23,696,218Total Non-Current Assets 25,290,428 23,722,428TOTAL ASSETS 25,616,073 25,479,251

CURRENT LIABILITIESTrade and other payables 12 19,742 67,930Employee costs payable 13 4,855 2,538Total Current Liabilities 24,597 70,468

TOTAL LIABILITIES 24,597 70,468NET ASSETS $25,591,476 $25,408,783

Represented by;ACCUMULATED FUNDSFunds Settled 2,649,443 2,649,443Retained Earnings 14 22,942,032 22,759,340TOTAL ACCUMULATED FUNDS $25,591,476 $25,408,783

NGATI TUWHARETOA FISHERIES CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION

As at 30th September 2016


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NGATI TUWHARETOA FISHERIES CHARITABLE TRUST STATEMENT OF CASH FLOWSFor the Year Ended 30th September 2016

2016$

2015$

OPERATING ACTIVITIESCash was provided from:Receipts from customers 601,424 755,204Dividends received 257,397 354,047Interest received 31,203 50,070Net GST refunds received from IRD - 110,765

890,025 1,270,087

Cash was applied to:Payments to suppliers and employees 863,315 929,907Rent paid 18,321 16,410Net GST paid to IRD 2,135 -Income tax paid 929 377

884,699 946,694

Net Cash Inflow (Outflow) from Operating Activities 5,326 323,393

INVESTING & FINANCING ACTIVITIESCash was provided from:Sale of investments - 451,863

- 451,863

Cash was applied to:Purchase of fixed assets 1,440 3,606Purchase of investments 1,450,000 -

1,451,440 3,606

Net Cash Inflow (Outflow) from Finance & Investing Activities

-1,451,440 448,257

NET INCREASE (DECREASE) IN CASH HELD -1,446,114 771,650

Cash and cash equivalents as at 1 October 2015 1,556,337 784,687Cash and Cash Equivalents as at 30 September 2016 110,223 1,556,337


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NGATI TUWHARETOA FISHERIES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS


1. STATEMENT OF ACCOUNTING POLICIES Ngāti Tūwharetoa Fisheries Charitable Trust has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format

Reporting - Accrual (Not for Profit) as established by the External Reporting Board for registered charities, on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000.

All transactions in the Statement of Financial Performance are reported using the accrual basis of accounting. The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis have been used, with the exception of certain items for which specific accounting policies have been identified.

The Financial Statements are prepared under the assumption that the entity will continue to operate in the foreseeable future.

This is the first year of adoption of Public Benefit Entity Simple Format Reporting in light of the requirements of the Charities Act 2005.

On 31 October 2015 Ngāti Tūwharetoa Fisheries Limited (NTFL) transferred its assets and liabilities to Ngāti Tūwharetoa Fisheries Holdings (NTFHL) as part of the amalgamation. Refer to Note 15 for further information on the amalgamation.

The consolidated performance report comprise of Ngāti Tūwharetoa Fisheries Charitable Trust and its subsidiary Ngāti Tūwharetoa Fisheries Holdings Limited.

Changes in Accounting Policies There have been no changes in accounting policies during the financial year. However, it should be noted that the basis of

preparation has changed from adopting NZ GAAP to Tier 3 Public Benefit Entity Simple Format Reporting - Accrual (Not-for-Profit) guidance issued by the External Reporting Board.

(a) Property, Plant & Equipment The entity has the following classes of Property, Plant & Equipment; Office Equipment 16-67% DV Plant & Equipment 13-48% DV All property, plant & equipment except for land is stated at cost less depreciation. Depreciation has been calculated in accordance with rates permitted under the Income Tax Act 2007. (b) Goods & Services Tax These financial statements have been prepared on a GST exclusive basis with the exception of accounts receivable

and accounts payable which are shown inclusive of GST. (c) Taxation The entity is wholly exempt from New Zealand Income tax having fully complied with all statutory conditions for

these exemption. (d) Basis of Consolidation The consolidated financial statements include the parent Trust and its subsidiaries are accounted for using the

purchase method. All significant inter-Trust transactions are eliminated on consolidation. In the Trust’s financial statements investments

in subsidiaries are recognised at cost. (e) Investments Aotearoa Fisheries Limited (AFL) Income Shares

Ngāti Tūwharetoa Fisheries Holdings Limited received Fisheries Settlement Assets of 5,039 Aotearoa Fisheries Limited AFL Income Shares for NIL consideration pursuant to Section 139 of the Maori Fisheries Act 2004. These have been entered into the accounts in accordance with the ‘Not for Profit - Financial Reporting Guide’ para 4.122.The share value as at 30 September 2016 is based upon the share valuation commissioned by Te Ohu Kaimoana. The share valuation was completed by Taylor Duignan Barry Limited on the 28 January 2009. Te Ohu Kaimoana have not commissioned any subsequent valuation to date. The Company has recorded the AFL shares value on the latest available valuation. The Company owns 5,039 out of a total of 125,000 income shares in AFL. During the 2013 year, Ngāti Tūwharetoa Fisheries Holdings Limited received a one for one bonus issue of shares in AFL. Ngāti Tūwharetoa Fisheries Holdings Limited now owns 10,078 out of 250,000 shares in AFL.

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NGATI TUWHARETOA FISHERIES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTSFor the Year Ended 30th September 2016

Iwi Collective Partnership (ICP) General Partner Limited Shares As a result of the Amalgamation with Ngāti Tūwharetoa Fisheries Limited, Ngāti Tūwharetoa Fisheries Holdings Limited holds 1 ordinary share issued by ICP General Partner Limited at a cost price of $167. This equates to 6.67% of total shares issued.ICP Koura Facilities LP Ngāti Tūwharetoa Fisheries Holding Limited has contributed $172,533 (2015: $Nil) in working capital to the ICP Koura Facilities LP as at 30 September 2016.ICP Koura Operations LP Ngāti Tūwharetoa Fisheries Holding Limited has contributed $Nil (2015: $Nil) in working capital to the ICP Koura Operations LP as at 30 September 2016.

(f) Revenue Interest is recorded as revenue as it is earned during the period.

Dividend income is recognised when the dividend is declared. (g) Employee Benefits

Employees benefits is recognised when the service is performed. Annual leave is accrued as earned. (h) Receivables

Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified.

(i) Provisions Provisions are recognised when the entity has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

(j) Going Concern These financial statements have been prepared on the basis that the trust is a going concern.

2. AUDIT These financial statements have been subject to audit, please refer to Auditor’s Report.

3. CONTINGENT LIABILITIES At balance date there are no known contingent liabilities (2015:$0). Ngāti Tūwharetoa Fisheries Charitable Trust has not

granted any securities in respect of liabilities payable by any other party whatsoever.

4. EVENTS AFTER THE BALANCE DATE There were no events that have occurred after the balance date that would have a material impact on the Performance

Report.

5. RELATED PARTIES Related Party transactions of a material nature that occurred during the financial year for which these financial statements

are prepared are: (a) No related party debts have been written off or forgiven during the year. (b) Director Danny Loughlin is also the General Manager of Ngāti Tūwharetoa Fisheries. (c) Director (Robert) Nathan Reid is also the director of ICP General Partner Limited of which Ngāti Tūwharetoa

Fisheries Holdings Limited holds 6.67% of the shares.

6. SECURITIES AND GUARANTEES There was no overdraft as at balance date nor was any facility arranged.

7. TAXATION The Company has charitable status and is exempt from Income Tax. The Company, under its charitable status, is entitled to

claim from Inland Revenue Department the Maori Authority tax credits attached to the AFL dividend received. During the year ended 30 September 2017, a claim will be made for $132,273 which relates to the 2015 and 2016 years.

During the year ended 30 September 2016, there were no receipts in relation to Maori Tax Credits.

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2016$

2015$

Provision for Holiday Pay 1,269 2,538Wages Payable 3,586 -

4,855 2,538

13. EMPLOYEE COSTS PAYABLE

2016$

2015$

BNZ Term Deposit account 1,459,220 -207,143 CRA3 Quota shares 210,210 210,21094,205 CRA4 Quota shares 203,211 203,211Te Kupenga Trust Fund 10,519 12,595Aotearoa Fisheries Limited (AFL) Income Shares (10,078) 11,892,040 11,892,040Quota allocation on formation 6,039,611 6,039,611Purchased Quota (Antons) 555,867 555,867ICP General Partner Ltd shares (1,703,200) 167 167ICP Koura Facilities LP - new transactions - 159,165ICP Koura Facilities LP 172,533 -ICP Koura Operations LP - 3,109Taupō Moana Investments 4,728,866 4,620,244

25,272,244 23,696,218

NGATI TUWHARETOA FISHERIES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS


8. PROPERTY, PLANT & EQUIPMENT 2016$

2015$

Office EquipmentOpening Carrying Amount 8,671 12,783Purchases 1,440 2,582Current year depreciation & impairment -3,570 -6,693Sales/Disposals -1,728 -

4,813 8,671Plant & EquipmentOpening Carrying Amount 17,539 22,204Purchases - 1,025Current year depreciation & impairment -4,167 -5,690

13,372 17,538

Total Property, Plant & Equipment $18,185 $26,210

9. INVESTMENTS

10. CAPITAL EXPENDITURE COMMITMENTS

2016$

2015$

Accounts Receivable 71,743 113,575Payments in Advance 4,541 4,542

76,285 118,117

There are no capital expenditure commitments as at balance date (2015 - nil).

11. TRADE AND OTHER RECEIVABLES

2016$

2015$

Accounts Payable 19,742 67,93019,742 67,930

12. TRADE AND OTHER PAYABLES

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NGATI TUWHARETOA FISHERIES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTSFor the Year Ended 30th September 2016

15. AMALGAMATION

2016$

2015$

Retained Earnings opening balance 22,759,341 22,276,902Net Surplus after tax 182,692 482,438Available for appropriation 22,942,032 22,759,340Retained Earnings Closing Balance 22,942,032 22,759,340

14. RETAINED EARNINGS

On 31 October 2015 NTFL transferred all its assets and liabilities to NTFHL as part of the amalgamation, which both entities’ directors voted in favour of.The fair value of the identifiable assets and liabilities of NTFL as at the date of acquisition were:

Cash and cash equivalents 340,102 22,276,902and other assets 238,250 482,438Total assets 578,352 482,438Payables and other liabilities -4,090 22,759,340NTFCT Current Account -330,000Total identifiable net assets at fair value 244,262 22,759,340

The fair value amounts represent the price that would be received to sell an asset or paid to transfer the liability in an orderly transaction in the principal market at the acquisition date.The fair value of trade receivables amounted to $75,075 which is the amount expected to be collected.Investments in Iwi Collective Partnership (ICP) entities were at cost.There was no consideration paid or payable to NTFL or the NTFCT in respect of the amalgamation.Hence, there was no goodwill or gain on amalgamation.

16. EXPLANATION OF THE TRANSITION TO PBE SRF-A (NFP)

The financial statements for the year ended 30 September 2016 are the first annual financial statements prepared in accordance with PBE SRF-A (NFP). Ngāti Tūwharetoa Fisheries Holdings Limited has applied PBE SRF-A (NFP) paragraphs B4 & B5 around “An entity that is reporting in accordance with this standard for the first time, shall apply this Standard from the beginning of the earliest comparative period presented.As a result of the adoption of the new standards the revenue recognition of dividend income has changed. As a result dividend income has been brought forward from prior period. This has resulted in ‘Accumulated funds’, ‘Taxation’ and ‘Trade and other receivables’ being restated for the 2015 and 2016 periods.

2016$

2015$

Reconciliation of Accumulated FundsOpening balance under previous NZ FRS 23,071,338 22,706,052Deferred Dividend Income -311,997 -429,150Total $22,759,341 $22,276,902

Reconciliation of TaxationOpening balance under previous NZ FRS - 132,079Deferred Maori Authority Credits - -54,600Total - $77,479

Reconciliation of Dividend ReceivableOpening balance under previous NZ FRS - 257,398Deferred Dividend Income - -257,398

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Legal Name of EntityNgāti Tūwharetoa Fisheries Holdings Limited (NTFHL)

Entity Type and Legal BasisNgāti Tūwharetoa Fisheries Holdings Limited is a company registered under the Companies Act 1993.

Registration NumberCharities Commission registration number CC20221. Company Office number 1899480.

Entity’s Purpose or MissionNTFHL holds Settlement Quota, the Income Shares and other assets for the benefit of NTFCT the Shareholder, such purposes to be promoted by the payment of dividends or other revenue or capital distributions to the Shareholder.

Main Sources of the Entity’s Cash and ResourcesThe main source of the company’s cash and resources is from sales of ACE and dividends received.

Entity’s Reliance on Volunteers & Donated Goods or ServicesNTFHL is not reliant on volunteers but does received donated goods and services in its operations

Main Methods Used by the Entity to Raise FundsThe main method used by the Group to raise funds is by way of selling ACE quota held by NTFL and dividends from its investments

NGATI TUWHARETOA FISHERIES HOLDINGS LIMITEDENTITY INFORMATIONAs at 30th September 2016

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Registered Office Flash Admin & Taxation Services Limited22 Ohuanga RoadTurangi 3334

Directors Danny A LoughlinPaki R RawiriRobert N Reid

Company Number 1899480

Auditors Silks Audit Chartered Accountants Limited

NGATI TUWHARETOA FISHERIES HOLDINGS LIMITED DIRECTORYAs at 30th September 2016

Company Status Closely Held CompanyPO Box 1998Taupō

Bankers Bank of New Zealand

Date of Formation 19th January 2007

Shareholders Ngāti Tūwharetoa Fisheries Charitable Trust 100 / 100 Ordinary Shares

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Description of the Entity’s OutcomesThe purposes for which the company is established is to hold Settlement Quota, the Income Shares and other assets for

NGATI TUWHARETOA FISHERIES HOLDINGS LIMITEDSTATEMENT OF SERVICE PERFORMANCE


2016 2015

Numbers at Balance Date:

Number of investment opportunities being investigated

2 2

Activities in the year to balance date:

Number of Directors meetings held 2 4

Distribution to Shareholder $550,000 $230,000

Description and Quantification of the Entity’s Outputs

the benefit of NTFCT the Shareholder, such purposes to be promoted by the payment of dividends or other revenue or capital distributions to the Shareholder.

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33 to 40


2016$

2015$

RevenueICP Holdings 377,602 -ICP Inshore 28,041 -ICP Koura Operations 48,895 -AFL - Ihu to Mai 68,603 72,814Dividend Received 311,997 429,150Interest Received 29,135 21,397Share of ICP Koura Operations profit 20,659 -Koura Facilities LP profit 13,366 -Sundry Income 1,014 -Amalgamation of Business 244,262 -Total Income 1,143,574 523,361

Less ExpensesAccountancy 3,553 3,513Audit 5,284 2,835Bank Charges 85 77Consultancy - 1,551Directors Fees 20,000 37,388Directors Expenses 2,800 2,296Legal Expenses - 155Office Expenses 89 44Operating Expenses 30,000 -Seafood Levies 108,147 93,982Total Expenses 169,957 141,841

NET SURPLUS/(DEFICIT) $973,617 $381,520

NGATI TUWHARETOA FISHERIES HOLDINGS LIMITEDSTATEMENT OF FINANCIAL PERFORMANCE



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Note 2016$

2015$

CURRENT ASSETSCash and cash equivalents 37,116 851,091GST Refund Due 4,049 1,838Taxation 7 132,273 76,736Trade and other receivables 10 70,943 53Total Current Assets 244,381 929,719

NON-CURRENT ASSETSInvestments 8 19,831,498 18,900,938Total Non-Current Assets 19,831,498 18,900,938TOTAL ASSETS 20,075,880 19,830,657

CURRENT LIABILITIESTrade and other payables 11 14,844 13,239Beneficiaries' Current Accounts 50,000 230,000Total Current Liabilities 64,844 243,239

TOTAL LIABILITIES 64,844 243,239NET ASSETS $20,011,036 $19,587,418

Represented by;ACCUMULATED FUNDSRetained Earnings 12 20,011,036 19,587,418TOTAL ACCUMULATED FUNDS $20,011,036 $19,587,418

NGATI TUWHARETOA FISHERIES HOLDINGS LIMITED STATEMENT OF FINANCIAL POSITIONAs at 30th September 2016

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NGATI TUWHARETOA FISHERIES HOLDINGS LIMITED STATEMENT OF CASH FLOWS


2016$

2015$

OPERATING ACTIVITIESCash was provided from:Receipts from customers 553,856 75,551Dividends received 257,397 354,048Interest received 21,275 21,999Net GST refunds received from IRD - 82,400

832,529 533,999

Cash was applied to:Payments to suppliers and employees 168,352 147,963Net GST paid to IRD 7,317 -Income tax paid 938 -

176,606 147,963

Net Cash Inflow (Outflow) from Operating Activities 655,923 386,036

INVESTING & FINANCING ACTIVITIESCash was provided from:Sale of investments - 450,193Transfer of cash on amalgamation 340,102 -

340,102 450,193

Cash was applied to:Purchase of investments 750,000 -Payments to shareholders 1,060,000 -

1,810,000 -

Net Cash Inflow (Outflow) from Finance & Investing Activities

-1,469,898 450,193

NET INCREASE (DECREASE) IN CASH HELD -813,975 836,229

Cash and cash equivalents as at 1 October 2015 851,091 14,862Cash and Cash Equivalents as at 30 September 2016 37,116 851,091


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NGATI TUWHARETOA FISHERIES HOLDINGS LIMITEDNOTES TO THE FINANCIAL STATEMENTSFor the Year Ended 30th September 2016

1. STATEMENT OF ACCOUNTING POLICIES These financial statements are for Ngāti Tūwharetoa Fisheries Holdings Limited. Ngāti Tūwharetoa Fisheries Holdings

Limited is domiciled in New Zealand and is a charitable organisation registered under the Charities Act 2005. Ngāti Tūwharetoa Fisheries Holdings Limited has elected to apply PBE SFR-A (NFP) Public Benefit Entity Simple Format

Reporting - Accrual (Not for Profit) as established by the External Reporting Board for registered charities, on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000.

All transactions in the Statement of Financial Performance are reported using the accrual basis of accounting. The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position

on an historical cost basis have been used, with the exception of certain items for which specific accounting policies have been identified.

The Financial Statements are prepared under the assumption that the entity will continue to operate in the foreseeable future.

This is the first year of adoption of Public Benefit Entity Simple Format Reporting in light of the requirements of the Charities Act 2005.

On 31 October 2015 Ngāti Tūwharetoa Fisheries Limited (NTFL) transferred its assets and liabilities to Ngāti Tūwharetoa Fisheries Holdings (NTFHL) as part of the amalgamation. Refer to Note 13 for further information on the amalgamation.

Changes in Accounting Policies There have been no changes in accounting policies during the financial year. However, it should be noted that the basis of preparation has changed from adopting NZ GAAP to Tier 3 Public Benefit Entity Simple Format Reporting - Accrual (Not-for-Profit) guidance issued by the External Reporting Board.

(a) Goods & Services Tax These financial statements have been prepared on a GST exclusive basis with the exception of accounts receivable and accounts payable which are shown inclusive of GST.

(b) Investments Aotearoa Fisheries Limited (AFL) Income Shares

Ngāti Tūwharetoa Fisheries Holdings Limited received Fisheries Settlement Assets of 5,039 Aotearoa Fisheries Limited AFL Income Shares for NIL consideration pursuant to Section 139 of the Maori Fisheries Act 2004. These have been entered into the accounts in accordance with the ‘Not for Profit - Financial Reporting Guide’ para 4.122.The share value as at 30 September 2016 is based upon the share valuation commissioned by Te Ohu Kaimoana. The share valuation was completed by Taylor Duignan Barry Limited on the 28 January 2009. Te Ohu Kaimoana have not commissioned any subsequent valuation to date. The Company has recorded the AFL shares value on the latest available valuation. The Company owns 5,039 out of a total of 125,000 income shares in AFL. During the 2013 year, Ngāti Tūwharetoa Fisheries Holdings Limited received a one for one bonus issue of shares in AFL. Ngāti Tūwharetoa Fisheries Holdings Limited now owns 10,078 out of 250,000 shares in AFL.Iwi Collective Partnership (ICP) General Partner Limited Shares As a result of the Amalgamation with Ngāti Tūwharetoa Fisheries Limited, Ngāti Tūwharetoa Fisheries Holdings Limited holds 1 ordinary share issued by ICP General Partner Limited at a cost price of $167. This equates to 6.67% of total shares issued.ICP Koura Facilities LPNgāti Tūwharetoa Fisheries Holding Limited has contributed $172,533 (2015: $Nil) in working capital to the ICP Koura Facilities LP as at 30 September 2016.ICP Koura Operations LPNgāti Tūwharetoa Fisheries Holding Limited has contributed $Nil (2015: $Nil) in working capital to the ICP Koura Operations LP as at 30 September 2016.

(c) Revenue Interest is recorded as revenue as it is earned during the period.

Dividend income is recognised when the dividend is declared. (d) Receivables

Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified.

(e) Going Concern These financial statements have been prepared on the basis that the company is a going concern.

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2016$

2015$

BNZ Term Deposit account 757,860 -207,143 CRA3 Quota shares 210,210 210,21094,205 CRA4 Quota shares 203,211 203,211Aotearoa Fisheries Ltd (10,078 Income Shares) 11,892,040 11,892,040Quota allocation on formation 6,039,611 6,039,611Purchased Quota 555,867 555,867ICP General Partner Ltd (1 share) 167 -ICP Koura Facilities LP 172,533 -

19,831,498 18,900,938

NGATI TUWHARETOA FISHERIES HOLDINGS LIMITEDNOTES TO THE FINANCIAL STATEMENTS


2. AUDIT These financial statements have been subject to audit, please refer to Auditor’s Report.

3. CONTINGENT LIABILITIES At balance date there are no known contingent liabilities (2015:$0). Ngāti Tūwharetoa Fisheries Holdings Limited has not

granted any securities in respect of liabilities payable by any other party whatsoever.

4. EVENTS AFTER THE BALANCE DATE There were no events that have occurred after the balance date that would have a material impact on the Performance

Report.

5. RELATED PARTIES Related Party transactions of a material nature that occurred during the financial year for which these financial statements

are prepared are:(a) The Company both provided funding to and received funding from the parent during the year. The amount

outstanding at balance date was $50,000 (2015 -$230,000 ) which is due and payable to Ngāti Tūwharetoa Fisheries Charitable Trust.

(b) No related party debts have been written off or forgiven during the year.(c) Director Danny Loughlin is also the General Manager of Ngāti Tūwharetoa Fisheries.(d) Director Nathan Reid is also a Director of ICP General Partner Limited.

6. SECURITIES AND GUARANTEES There was no overdraft as at balance date nor was any facility arranged.

7. TAXATION The Company has charitable status and is exempt from Income Tax. The Company, under its charitable status, is entitled to

claim from Inland Revenue Department the Maori Authority tax credits attached to the AFL dividend received. During the year ended 30 September 2017, a claim will be made for $132,273 which relates to the 2015 and 2016 years.

During the year ended 30 September 2016, there were no receipts in relation to Maori Tax Credits.

8. INVESTMENTS

9. CAPITAL EXPENDITURE COMMITMENTS There are no capital expenditure commitments as at balance date (2015 - nil).

2016$

2015$

Accounts Payable 14,844 13,23914,844 13,239

11. TRADE AND OTHER PAYABLES

2016$

2015$

Accounts Receivable 70,943 5370,943 53

10. TRADE AND OTHER RECEIVABLES

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NGATI TUWHARETOA FISHERIES HOLDINGS LIMITEDNOTES TO THE FINANCIAL STATEMENTSFor the Year Ended 30th September 2016

13. AMALGAMATION

2016$

2015$

Retained Earnings opening balance (see note 14) 19,587,418 19,435,898Net Surplus after tax 973,617 381,520Available for appropriation 20,561,036 19,817,418Dividends paid 550,000 230,000Retained Earnings Closing Balance 20,011,036 19,587,418

12. RETAINED EARNINGS

On 31 October 2015 NTFL transferred all its assets and liabilities to the Entity as part of the amalgamation, which both entities’ directors voted in favour of. The amalgamation enables the Entity to reduce operating costs.The fair value of the identifiable assets and liabilities of NTFL as at the date of acquisition were:

Cash and cash equivalents 340,102and other assets 238,250Total assets 578,352Payables and other liabilities -4,090NTFCT Current Account -330,000Total identifiable net assets at fair value 244,262

The fair value amounts represent the price that would be received to sell an asset or paid to transfer the liability in an orderly transaction in the principal market at the acquisition date.The fair value of trade receivables amounted to $75,075 which is the amount expected to be collected.Investments in Iwi Collective Partnership (ICP) entities were at cost.There was no consideration paid or payable to NTFL or the NTFCT in respect of the amalgamation.Hence, there was no goodwill or gain on amalgamation.

14. EXPLANATION OF THE TRANSITION TO PBE SRF-A (NFP)

The financial statements for the year ended 30 September 2016 are the first annual financial statements prepared in accordance with PBE SRF-A (NFP). Ngāti Tūwharetoa Fisheries Holdings Limited has applied PBE SRF-A (NFP) paragraphs B4 & B5 around “An entity that is reporting in accordance with this standard for the first time, shall apply this Standard from the beginning of the earliest comparative period presented.As a result of the adoption of the new standards the revenue recognition of dividend income has changed. As a result dividend income has been brought forward from prior period. This has resulted in ‘Accumulated funds’, ‘Taxation’ and ‘Trade and other receivables’ being restated for the 2015 and 2016 periods.

2016$

2015$

Reconciliation of Accumulated FundsOpening balance under previous NZ FRS 19,899,415 19,865,048Deferred Dividend Income -311,997 -429,150Total $19,587,418 $19,435,898

Reconciliation of TaxationOpening balance under previous NZ FRS - 131,336Deferred Maori Authority Credits - -54,600Total - $76,736

Reconciliation of Dividend ReceivableOpening balance under previous NZ FRS - 257,398Deferred Dividend Income - -257,398

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Held 2nd April 2016 at Nukuhau Marae, Taupō.

AGM MINUTES

WELCOME AND KARAKIAMeeting opened at: 10.11amKarakia: Te Kanawa PitiroiMihimihi: Te Kanawa Pitiroi

Present:Te Kanawa Pitiroi (Chair), Judy Harris, Jonathan Te Rire, Tuirirangi Te Heuheu, Heemi Biddle, Shaneen Simpson-Almond

In Attendance: Danny Loughlin (General Manager), Nathan Reid (Director), Miria Stephens (He Akina, minute taker).Members as per attendance register taken.

Trustees introduce themselves to the members, Danny Loughlin presented the agenda and introduced the staff.

Apologies Paki Rawiri, Topia Rameka and members as per the Apologies Register.

Resolution: That the beneficiaries receive and accept the apologies as per the Apologies Register. Moved: Michael Pitiroi Seconded: Gloria McLaughlin Carried Unanimously

MINUTES OF PREVIOUS HUI Presented by Judy Harris.

Carol Mitchell suggested that the minutes be sent out prior to the meeting and be added to the mail out list. The General Manager noted that there were over 6,000 registered members and that it wouldn’t be cost effective. Trust would consider mailout to members who attended the AGM.

Resolution:That the minutes of the meeting held 28th March 2015 be received.Moved: Isobel Westbury Seconded: Gloria McLaughlin Carried Unanimously

CHAIRMANS REPORTPresented by Heemi Biddle as submitted in the Annual Report.

Resolution: That the Chairman’s Report be noted and received.Moved: Te Hononga MarshallSeconded: Faye WalkerCarried Unanimously

TRUST REPORT Danny Loughlin presented the Trust report to the members including the Trust Structure and representation.

Major recent highlights: • Renewal of ICP lease for another 5 years.• Changeover from leasing deepwaterquota

from Sanford to Sealord.• Iwi benefit distributions of $393,288.• Māori Fisheries review.• Te Kawai Taumata represented by Heemi

Biddle.• Completion of the trust elections.• Investment SIPO.

Distributions and grants:• Miscellaneous grants $10,361.• Marquee expenses $15,947.• Paramountcy support $40,000. • Tangihanga fish to 26 marae with a

total of 1,940kg fish distributed over 97 tangihanga at a cost of $6,980.


Clarification that grant is only for Tūwharetoa Marae.

• Education and Kaumatua $320,000 now distributed through TMTB and TST.

Resolution: That the Trust report be noted and received.Moved: Edward HaySeconded: Tiwana Tibble Carried Unanimously

IWI COLLECTIVE PARTNERSHIP COMPANY UPDATENathan Reid presented on the ICP and the subsidiary companies.

• The Iwi Collective Partnership comprises of 14 iwi. With 6 seats on the ICP, Nathan currently occupies one on behalf of the company.

• Allocation of quota owned for inshore at 28% and deep sea at 72% return of the revenue.

• The company has moved from Sanford to Sealord as the company is also a shareholder in Aotearoa Fisheries Limited (AFL) which owns half of Sealord.

• AFL is encouraging training for youth at the Westport facility that is building new trawlers.

FINANCIAL REPORTAnnual Financial Report ended 30th September 2015 presented by Danny Loughlin.

Operating Revenue $1,264,349Operating Expenses $902,417Operating Surplus $361,932Group Assets $25,788,105

Resolution: That the Audited Financial Annual Reports for the years ending 30th September 2015 of the Ngāti Tūwharetoa Fisheries Charitable Trust (which is Ngāti Tūwharetoa Fisheries Holdings Limited and Ngāti Tūwharetoa Fisheries Limited) are received.Moved: Isobel WestburySeconded: Michael PitiroiCarried Unanimously

Resolution: That the reappointment of Silks Auditor for Ngāti Tūwharetoa Fisheries Charitable Trust (which includes Ngāti Tūwharetoa Fisheries Holdings Limited and Ngāti Tūwharetoa Fisheries Limited) to: • hold office until the end of next Annual

Meeting.• audit the financial statements of Ngāti

Tūwharetoa Fisheries Charitable Trust for the next accounting period.

Moved: Carol MitchellSeconded: Celia LindsayCarried Unanimously

INVESTMENT REPORTNgāti Tūwharetoa Fisheries Charitable Trust’s advisor is IWIinvestor. Currently the portfolio risk sits the “defensive tier” meaning a low risk profile.

A cumulative performance of 6.08% gross annualised return since inception (June 2005)

The Trust’s portfolio investments were $4,620,244 made up of cash, money market and fixed interest.

Resolution: That the Investment Report for the year ending 30th September 2015 of Ngāti Tūwharetoa Fisheries Charitable Trust is received.Moved: John Church Seconded: Connie Underwood Carried Unanimously

VIDEO PRESENTATIONThe Aotearoa Fisheries re-branding / marketing video was presented to the members.

MEETING CLOSUREMeeting closed at: 11.54amKarakia Whakamutunga: Jonathan Te Rire


ANNUAL SCORECARDACTIVITY KEY RESULT AREA ACHIEVED KEY RESULT AREA

Build overarching growth policy Achieved Overall Policy completed and approved

Develop global (whole of balance sheet) SIPO:

Partial Draft completed

Pursue and implement projects which meet investment criteria

Achieved No projects met criteria

Build, maintain and operate risk register (financial, political, HR, cultural, H&S, etc)

Achieved Risk Regsiter in Place. Quarterly Reviews

ACTIVITY KEY RESULT AREA ACHIEVED KEY RESULT AREA

New website Partial Completed 2017Participate in Tūwharetoa Newsletter

Achieved October 2015 Tūwharetoa Newsletter

Increase number of registered beneficiaries

Achieved New registrations from election

Relationships with external organisations e.g. ICP, Sanfords, Te Arawa Fisheries

Not Achieved

Provide work experience for young Ngāti Tūwharetoa

Achieved Student Intern employed

ACTIVITY KEY RESULT AREA ACHIEVED KEY RESULT AREA

Review training requirements at board and management levels (e.g. cultural, commercial)

Partial

Identify opportunities with likeminded organisations

Achieved Shared Reception. Joint meetings with TMTB and TST regarding collaboration. Shared work on Investment SIPO.

STRATEGIC GOAL 1: ASSET GROWTH

Long term positive asset growth

Operate risk register

STRATEGIC GOAL 2: SUPPORTING OUR PEOPLE

STRATEGIC GOAL 3: STRENGTHENING OUR ORGANISATION

Communicate and engage effectively with our people

Facilitate employment opportunities for our people

Governance and management training

Collaborate with Tūwharetoa and other related organisation

2015 / 2016


ACTIVITY KEY RESULT AREA

Update Strategic PlanInvestigate 3 ProjectsImplement projects which meet investment criteria

Operate risk register Maintain risk register (financial, political, HR, cultural, H&S, etc)


Complete New WebsiteNewsletter ArticleIncrease number of registered beneficiaries by 5%Investigate Westport Grant Provide Work ExperienceRelationships External Organisations (TOKM, Moana and others)


Undertake Board Review (IOD or equivalent)Investment Training CourseNTBOPST: Identfy and implement opportunityTMTB: Identfy and implement opportunityTST: Identfy and implement opportunity

STRATEGIC GOAL 1: ASSET GROWTH

Long term positive asset growth

STRATEGIC GOAL 2: SUPPORTING OUR PEOPLE

STRATEGIC GOAL 3: STRENGTHENING OUR ORGANISATION



Provide appropriate training to ensure high performance governance and management

Collaborate with Tūwharetoa and other related organisations to improve productivity and quality of service

ANNUAL PLAN

STRATEGIC PLAN

2016 / 2017

2015 / 2017

Asset Growth Long term positive asset growth

Operate a comprehensive risk register

Supporting Our People



Foster and advocate connection between our people and takutai moana

Strengthening Our Organisation

Provide appropriate training to ensure high performance governance and management

Collaborate with Tūwharetoa and other related organisations to improve productivity and quality of service

TE WERO: “Kia matara Tūwharetoa, kokiri whakamua, whaia te pai tawhiti, whakamaua kia tina”

CORE STRATEGIES

Tirohanga Whanui - Insightful, Kokiri Whakamua - Progressive, Mahi Tika, Mahi Pono- Transparent and Accountable, Kakama - Agile

VALUES

“Tūwharetoa ki tai he ika unahi. Tūwharetoa ki uta he ika kiri maheni.” (To the coast I see Tūwharetoa and the fish with scales.

I turn to the hinterlands and I see Tūwharetoa and the fish smooth and sleek).

MOEMOEA:


Since September 2007, the Trust has provided seafood at a market value of around $250 to each tangihanga held on a Ngāti Tūwharetoa marae within the rohe upon receipt of a request by our office. The purpose of this initiative is to support our bereaved whānau to host those attending to pay their respects. Nearly 90 whānau received seafood in the financial year worth a total value of over $22k. We also assist Te Arawa Fisheries by holding fish for Ngāti Rangitihi in the Ngāti Tūwharetoa BOP Settlement Trust’s freezer.

PATAKA KAI


Johnson Te Rire HahuruBev Hughs Te Rire HahuruJames Hiraka HahuruAnthony Karaitiana HahuruJesse Newara Te Riini HahuruMereteuia Gemmel HahuruAnn Hemopo HikairoAlan Te Ahuru HikairoSoloman N Hemopo HikairoIsaacs Hemopo HikairoCourtney Hemopo HikairoLeslie Otene HikairoJimmy Dunster HirangiMarina Smallman HirangiStu Carroll HirangiRiccardo Tutemahurangi KakahiJo Takiwa KakahiSusan Blandford KakahiAna Ham KakahiWilliam Chadwick KaurikiCecilia Kingi KaurikiMatetu McLeod KaurikiAubrey Tūwharetoa Warahi KaurikiJacqueline Biddle KoroheFred Kapua KoroheDiane Pine Ham KoroheJames Biddle KoroheMae Ham KoroheJordan Wilson MaroanuiAneta Blincoe MaroanuiJoseph Smith MokaiKahu Subritzky NukuhauMack Clarke NukuhauHuri Wynard NukuhauGreggory Clarke NukuhauEdna Issacs NukuhauFrancis Rakei NukuhauGovey Wickliffe OruanuiEna Grant OruanuiLeah Katene OtukouDav Cook OtukouWally Dalton Otukou

Eileen Konui Otukou Patricia Parker Otukou August PakiraGeorge Blake PakiraPhillip Warren PapakaiDorothy Norman PukawaElizabeth Manunui PukawaAviu Senitu Te Rangiita ki NukuhauElizabeth Wall (Blake) Te Rangiita ki NukuhauSue Francis Gregory Te Rangiita ki NukuhauPakau Whakatihi TokaanuHarvey Kereopa TokaanuPiko Gotty TokorangiMutu Paranihi TokorangiBernie Kumeroa TokorangiBella Johnson TokorangiRowe Whanau TokorangiJames Hunia UmutahiLucy Anne Hunia UmutahiFrank Rota UmutahiJoseph Taanoa WaihiRongomai Keepa WaihiHarry Wairau WaipahihiNikau Te Paiho WaipahihiTawhiri Rameka WaipahihiEmi Wall WaipahihiRaymond Rehua WaipahihiRangimarie Ngamotu WaipahihiHaraina Ross WaipahihiNeville Knight WaipahihiMontgomery Broughton WaitahanuiHeramana Johns WaitahanuiHarold Te Paire Tahau WaitahanuiTokoahu Te Paora WaitetokoTinirau Fleeming WaitetokoOrlando Bell WaitetokoRangi Maniapoto WaitetokoBriar Moana Duff WaitetokoParerahui Shepard WaitetokoJacob Hepi Whanganui BayWalter Cashell Whitikaupeka

NAME OF DECEASED MARAE

The Santy Maria is the first of a series of up to six new fishing vessels that will supply Aotearoa Fisheries (AFL), the largest iwi-owned fisheries company. The Rawlinson (Ngāti Awa) whānau owned Tauranga fishing company RMD welcomed its unique new $5m state-of-the-art 24m trawler Santy Maria with a traditional Māori blessing at the Marine Precinct in October 2016.

Some of the images in this resource have been supplied by Moana New Zealand, and nzstory.govt.nz.

2016 ANNUAL GENERAL MEETINGSATURDAY 1ST APRIL 2017LAKE TAUPŌ YACHT CLUB, TAUPŌ

2016 annual report - ngāti tūwharetoa fisheries ... · 2016 was $1,093,815. this was down 21% on...

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