annual report 2011€¦ · te ariki te heuheu tukino viii tumu e te iwi, tēnā tātou katoa, when...

2011AnnuAl RepoRt

NGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUSTPO Box 126, Taupo, 3330tel +64 7 377 3176FAx +64 7 377 4326EmAIL [email protected] www.ntf.maori.nz

TūwhareToa e!Kia aTa whaKaTere i Te waKa,

Kei pariparia e Te TaiKei monenehu Te Kura.whaKamaroTia aTu ano,

Ka whaKahoKia maiKi Te Kapua whaKapipi.

Ka maTe Kainga TahiKa ora Kainga rua.

Behold TūwhareToa!TaKe care when launching your canoe

lesT iT Be overcome By The Tideand 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.

WHAKATAUKI

CONTENTSTRUST

DIRECTORY

32

TrusT direcTory

Foreword

TrusTees

chairman’s reporT

Business overview

The Trust

Trust Register

The Maori Aquaculture Settlement Trust – Takutai Trust

Ngāti Tūwharetoa Fisheries Holdings Ltd and Ngāti Tūwharetoa Fisheries Ltd

Trust Assets

The Iwi Collective Partnership (ICP)

Arikitanga

Distributions

Pataka Kai

Funds managemenT and invesTmenT

Taupō Moana Funds

sTraTegic plan 2010 - 2013

Trust Distributions Policy

Grants

Financial sTaTemenTs & audiTor’s reporTs

Consolidated Financial Statements

Ngāti Tūwharetoa Fisheries Charitable Trust

Ngāti Tūwharetoa Fisheries Holdings Limited

Ngāti Tūwharetoa Fisheries Limited

appendix 1: minuTes oF The previous annual general meeTing

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06

07

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TrusTeesTe Kanawa Pitiroi

Anthony OlsenJudy HarrisTina Porou

Topia RamekaJonathan Te Rire

regisTered oFFiceOpepe Administration Centre

Waikato StreetTaupo

posTal address PO Box 126

Taupo, 3330

Telephone+64 7 377 3176

Facsimile+64 7 377 4326

[email protected]āori.nz

weBsiTewww.ntf.Māori.nz

accounTanTDPA & Associates

Chartered AccountantsTaupo

audiTorSilks

Chartered AccountantsWanganui

BanKersBank of New Zealand

Taupo

Funds managersIwi Investor

soliciTorsKahui Legal

Wellington

54

FOREWORD TRUSTEES

As we look toward the future, I am heartened by the continued work of the Ngāti Tūwharetoa Fisheries Charitable Trust to build toward a prosperous future for our rangatahi. In doing so we know full well that all of this could only be made possible through the sacrifices that were made by our tūpuna so that our generation would be provided for. It is my hope that the Ngāti Tūwharetoa Fisheries Charitable Trust continues to become symbolic of the collective strength of Ngāti Tūwharetoa whānui.

No reira tēnā koutou, tēnā tātou katoa.

Te ariki te heuheu Tukino viii Tumu

E te Iwi, tēnā tātou katoa,

When the Te Arawa waka first landed, so too began the association of Ngāti Tūwharetoa with the whenua.

Ngatoroirangi’s early explorations beginning at Te Awa a Te Atua, then onward to Putauaki, Tauhara and eventually to Tongariro, laid the foundation for Ngāti Tūwharetoa, which we still encapsulate today with the words…

Mai te Awa a te Atua, Ki Putauaki, Ki Tauhara, Ki Tongariro, Puta atu ki te TongaNga Pou Here o Ngāti Tūwharetoa whānui

As we gather here today at Te Tikanga Marae, I am inspired by the continued work of the Ngāti Tūwharetoa Fisheries Charitable Trust and the coming together of Ngāti Tūwharetoa whānui, inclusive of both Tūwharetoa ki Kawerau and Tūwharetoa ki Tongariro. This in itself is an important kaupapa that continues to strengthen the whakapapa of Ngāti Tūwharetoa.

Te Kanawa pitiroi (Tūwharetoa māori Trust Board)

anthony olsen (ngāti Tūwharetoa ((Bay of plenty)) settlement Trust)

Topia rameka (northern lake Taupo)

Tina porou(southern lake Taupo)

Trustees as at October 2010 and current through to September 2011The Trustees as at October 2010 and current through to September 2011 are:

Judy harris(Tūwharetoa southern)

Jonathan Te rire(Tūwharetoa Bay of plenty)

Tina porou

DirectorsThe current Directors for the Ngāti Tūwharetoa Fisheries Holdings Company and the Ngāti Tūwharetoa Fisheries Limited are:

nathan reid paki rawirianthony olsen (chairman)

76

CHAIRMAN’S REPORT

BUSINESSOVERVIEW

Established communication systems Appointment of new and skilled

commercial directors Continued provision of kaimoana to

tangihanga Continued support of the Tūwharetoa

Paramountcy

We also acknowledge with sadness the passing of our people of Ngāti Tūwharetoa. The provision of kaimoana to all tangihanga within Ngāti Tūwharetoa is our commitment to ensuring that whanau, hapu and marae are supported during these times.

Lastly, can I take this opportunity to acknowledge the continued support and leadership of our Ariki in all aspects of our work. On behalf of Ngāti Tūwharetoa and the generations to come, we acknowledge and thank you for your commitment and leadership.

No reira tena koutou, tena tatou katoa,

Te Kanawa pitiroi

Tūwharetoa ki tai he ika unahiTūwharetoa ki uta he ika kirimaheni –To the coast I see Tūwharetoa and the fish with scales. I turn to the hinterlands and see Tūwharetoa and the fish smooth and sleek

It is a pleasure to provide this second report of the Ngāti Tūwharetoa Fisheries Charitable Trust.

The year ending September 2011 was a successful year for this Trust.

Highlights for the year include:

Participation in the Iwi collective Partnership which manages over 15,000 tonnes of quota on behalf of 12 Iwi, in partnership with New Zealand’s leading fishing companies. Development of an Iwi benefits

programme Establishment of an Iwi benefits

programme

The Trust The Ngāti Tūwharetoa Fisheries Charitable Trust was set up to act, amongst other things, as the Mandated Iwi Organisation of Ngāti Tūwharetoa for the purpose of the Māori Fisheries Act 2004 and to act as the Iwi Aquaculture Organisation for the purpose of the Māori Commercial Aquaculture Claims Settlement Act 2004.

The Trust Deed sets out the functions and purposes, and provides for the control, governance and operation of the Ngāti Tūwharetoa Fisheries Charitable Trust.

If the Trust wishes to undertake commercial aquaculture activities (as that term is used in the Māori Commercial Aquaculture Claims Settlement Act 2004), it must establish an enterprise which is separate from, but responsible to, the Trust to undertake those activities, and which may be the Asset Holding Company that receives the Settlement Quota and Income Shares. This enterprise is Ngāti Tūwharetoa Fisheries Holdings Limited.

The Trust must also hold an Asset Holding Company. The Trust must ensure that it has at least one Asset Holding Company which will be wholly owned by the Trust to perform the functions and complies with the requirements set out in sections 16 and 17 of the Act. This enterprise is Ngāti Tūwharetoa Fisheries Limited.

The Trust:

directly receives and hold, on behalf of Ngāti Tūwharetoa, settlement assets allocated and grants made to Ngāti Tūwharetoa by Te Ohu Kai Moana Trustee Limited,

receive distributions from Te Putea Whakatupu Trustee Limited and Te Wai Māori Trustee Limited.This means we are able to consult further on strategic focus areas such as Habitat protection and native species enhancement, research and education and strategic relationships that affect Ngāti Tūwharetoa rohe moana and freshwater fisheries.

act on behalf of Ngāti Tūwharetoa in relation to aquaculture claims and settlement assets under the Māori Commercial Aquaculture Claims Settlement Act 2004;

directly receive and hold, on behalf of Ngāti Tūwharetoa, Settlement Assets allocated to Ngāti Tūwharetoa by Te Ohu Kai Moana Trustee Limited in accordance with the Māori Commercial Aquaculture Claims Settlement Act 2004; and

enter into agreements with other Iwi aquaculture organisations in relation to the allocation of Settlement Assets.

Trust registerSince 2006 the Trust has had a strong membership drive to increase the amount of Ngāti Tūwharetoa enrolled on the register. The Ngāti Tūwharetoa Fisheries Charitable Trust entered into an agreement with both the Tūwharetoa Māori Trust Board and the Bay of Plenty Settlement Trust for purposes related to elections and communication which is subject to confidentiality provisions pursuant to the Privacy Act 1993. As the Ngāti Tūwharetoa Fisheries Charitable Trust has done mail distribution to those beneficiaries, we have also sought from them approval so that their information is transferred to the Trust register in full.

Other measures include communications via a quarterly newsletter, online at our website and through marae participation.

A beneficiary is any person with whakapapa links to Ngāti Tūwharetoa (not including whangai) and who has completed a registration form that is approved and recorded in the register.

As at 30 September 2011, there were 6050 registered beneficiaries.

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ngāti Tūwharetoa

Bay of plenty settlement Trust

Tūwharetoa Bay of plenty

Tūwharetoa māori Trust

Board

northern lake Taupō

southern lake Taupō

Tūwharetoa southern

ngĀTi TūwhareToa

Fisheries chariTaBle

TrusTngĀTi

TūwhareToa Fisheries holdings limiTed

ngĀTi TūwhareToa

Fisheries limiTed

all memBers oF ngĀTi TūwhareToa selecT

TrusTees

The maori aquaculture settlement Trust – Takutai Trust

what is the Takutai Trust?Takutai Trust facilitates agreements between Iwi Aquaculture Organisations on the allocation of their entitlements under the Aquaculture Settlement. However, Takutai Trust does not have any formal role in deciding on conflicting claims by iwi. The Trusts role is to facilitate iwi agreements for determining the amount and location of assets to iwi.

Ngāti Tūwharetoa is a registered IAO.

what does the maori commercial aquaculture claims settlement act provide for iwi?The Crown will provide Māori with the equivalent of 20% of all marine farming space created around New Zealand’s coasts and specfic harbours since 21 September 1992. The Maori Commercial Aquaculture Claims Settlement Act 2004 sets out two ways to do this: 1. it will provide water-space rights for 20% of all ‘new’ space created; 2. it will provide either equivalent water- space rights or the financial equivalent for 20% of ‘pre- commencement space’.

These assets will be held by the Takutai Trust, on a region-by-region basis and will then be allocated amongst each region’s iwi, in accordance with the Act.

how do iwi get assets from the aquaculture settlement?For iwi to be eligible for assets from the Aquaculture Settlement, they must be a Mandated Iwi Organisation under the Maori Fisheries Act, and must be authorised as an Iwi Aquaculture Organisation. Iwi within a region must also agree to how the aquaculture assets will be allocated.

Ngāti Tūwharetoa are both an MIO and IAO.

how are aquaculture settlement assets allocated?Aquaculture Settlement assets will be allocated based on the jurisdictions of regional councils and unitary authorities. The exception is those harbours identified by the Second Schedule of the Maori Commercial Aquaculture Claims Settlement Act 2004

what are amas and how do iwi get 20%?At present, any aquaculture activity only takes place within Aquaculture Management Areas (AMAs). AMAs are established through a plan change to the

Regional Coastal Plan. Existing permitted aquaculture licenses before the new aquaculture reforms will have AMAs automatically created. The Aquaculture Settlement assets being allocated are the rights to apply for a resource consent in the 20% of new aquaculture space, this is referred to as the authorisation to apply for a consent, or to hold the consent in 20% of existing space.

There are two AMA’s in our Rohe – Opotiki and Pikowai. However one of the key aspects of the new legislation, passed August 2011, was the removal of the requirement for Aquaculture Management Areas, or AMAs, to be established before consent applications can be made.

What is new space?New space is any marine farming space that becomes available under the current aquaculture regime that came into effect on the 1st January 2005. This includes space covered by any marine farm permit applications that did not get ‘notified’ by regional councils before the moratorium on 28 November 2001.

What is pre-commencement space?Any marine farming space covered by permits, leases, or licenses first issued

between 21 September 1992 and 1 January 2005 is referred to as ‘pre- commencement space’. This includes any space that is first approved under the old legislation after 1 January 2005. So any authorisations issued in this way are deemed to be ‘pre-commencement space’ (even though they will have been issued after 1 January 2005).

How much pre-commencement space is there?As of December 2009 there is a total area of 15,786.30 hectares of marine farming space that was created between 21 September 1992 and 1 January 2005. 20% of the 15,786.30 hectares equates to 3,157.26 hectares of pre-commencement space for iwi.The Ministry of Fisheries website (www.fish.govt.nz) keeps an updated register of pre-commencement space for each region.

Which iwi will receive AMA waterspace under this settlement?The Maori Commercial Aquaculture Claims Settlement Act 2004 states that iwi with coastal rohe/area are entitled to a share of the 20% of all new AMAs created in their area under the current aquaculture regime. Iwi without coastline receive no water-space under this settlement. Iwi that have rohe/area that includes a specfic harbour will share 20% of new AMAs created within that harbour.Before receiving waterspace under the Maori Commercial Aquaculture Claims Settlement Act, iwi organisations must be recognised under the Maori Fisheries Act 2004 and therefore meet certain minimum requirements relating to governance and management.

Ngāti Tūwharetoa have a 20% allocation their share of pre-commencement space for both the existing Opotiki and Pikowai AMA’s.

What are Iwi Aquaculture Organisations (IAOs)?The vehicle for receiving an iwi’s assets equivalent to 20% of water-space created in coastal waters since 21 September 1992 is an Iwi Aquaculture Organisation (IAO). An IAO must be a Mandated Iwi Organisation (MIO) for the purpose of receiving fisheries settlement assets under the Maori Fisheries

Act. There are some additional matters that a MIO must reflect in its constitution in order to be recognised as an IAO under the Maori Commercial Aquaculture Claims Settlement Act.

Does the Maori Commercial Aquaculture Claims Settlement include land based aquaculture?No. The Maori Aquaculture Settlement only relates to commercial marine farming in coastal waters out to 12 nautical miles. The settlement does not relate to freshwater aquaculture, land based aquaculture (fresh or salt water) or beyond the jurisdiction of a Council’s coastal waters.

ngāti Tūwharetoa Fisheries holdings limited and ngāti Tūwharetoa Fisheries limited. While the Trust is the mandated Iwi organisation with ultimate responsibility for managing the Tūwharetoa Fishery assets, the Trust also has established an additional entity to hold the assets – Ngāti Tūwharetoa Fisheries Holdings Limited, and another body to manage the assets, Ngāti Tūwharetoa Fisheries Limited.

Both these companies are wholly owned subsidiaries of the Ngāti Tūwharetoa Fisheries Charitable Trust with direct responsibility for the management of the assets. The directors of both Companies over the reporting period are listed below:

Ngāti Tūwharetoa Fisheries Charitable Trust and Ngāti Tūwharetoa Fisheries Limited directors from 01 September 2010 – 01 September 2011 are;

Anthony Olsen (Chairperson) Nathan Reid Paki Rawiri Tina Porou

Trust assetsThe assets received by the Trust consisted of fishing quota, shares in Aotearoa Fisheries Limited and cash which were valued at $16,093,000.00 in total at September 2007. The quota, shares and most of the Group’s cash are held within Ngāti Tūwharetoa Fisheries Holdings

Limited. The quota generates an Annual Catch Entitlement (ACE) which is then sold. The shares in Aotearoa Fisheries Limited produced an annual dividend of $304,262.08 for the year ending 30 September 2011.

The total assets of the Group as at 30 September 2011 were valued at $16,468,158 which included $4,443,759 invested with Taupo Moana Group.

The iwi collective partnership (icp)Iwi Collective Partnership (ICP) – Ngāti Tūwharetoa has been a partner in the ICP since 2010. The ICP in currently made up of 12 iwi members, the ICP has four operating Limited Partnership’s:

Inshore Limited Partnership (in partnership with AFL); ACE Limited Partnership; Koura Operations Limited Partnership

and Korua Facilities Limited Partnership.

port nicholson Fisheries – ICP through the Koura LPs purchased a 24% share of $15m PNF investment, partnering with Parinihi ki Waitotara incorporation (PKW) and NMOW O Wharekauri Asset Holding Company Ltd (NMOW).

sanford / icp scholarship – A scholarship programme have been established to provide opportunities for ICP whanau and Sanford staff to develop their expertise and participation in the fishing industry by building ability and influence. These programs include:

step out and go fishing – recipients of these scholarships are guaranteed an employment opportunity within the Sanford deep water fleet and will be provided with ongoing encouragement to work towards their searfarer tickets.

grow your network – one fully funded registration to the Māori Fishing Conference and one fully funded registration to the Seafood Industry Council Conference.

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FUNDS MANAGEDAND INVESTMENT

18%cash

22%

nZ money marKeT

60%

nZ – Fixed inTeresT

NGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUST AS AT 30 SEPT 2011

Taupō moana FundsTaupo Moana Funds (TMF) investment philosophy is a risk based assessment process, combined with prudent investment principles. TMF takes a total balance sheet risk capacity assessment overlaid with a collective risk tolerance determined by the Ngāti Tūwharetoa Fisheries Charitable Trust Trustees and moderated by Māori cultural values and principles.

Ngāti Tūwharetoa Fisheries Charitable Trust Statement of Investment Parameters and Objectives (SIPO) has identified your strategy within your accepted risk tolerance and capacity. The SIPO has identified that an income focused portfolio is appropriate for Ngāti Tūwharetoa Fisheries Charitable Trust.

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

Assets are invested as follows:

work over summer – applicants background experiences, career aspirations and the job opportunities available at the time.

develop yourself – six months work experience on a range of fishing vessels and six months with Sanford before secondment the Ministry of Fisheries or TOKM.

power up (Te Reo Māori language training and cultural awareness).

deep-sea vessel purchase– In light of the changes to the foreign charter vessel requirements, ICP are investigating deepsea vessel purchase options.

Trident systems ltd – ICP is now a shareholder of Trident. Trident is industry owned and operated, with the purpose of utilising industry resources to undertake stock and fishery specific research more cost effectively than current methods.

arikitangaThe Trust continues its support on behalf of Ngāti Tūwharetoa whanui to the Ariki by providing an annual grant to the Ngāti Tūwharetoa Paramountcy Charitable Trust. The purpose of the Trust is to support the work that the Ariki does for and on behalf of Ngāti Tūwharetoa and the Motu.

distributions The Trust has made significant distribution in its first year of establishment Over $80,000 has been distributed to tribal initiatives. These distributions included support to priority areas such as cultural, social, kaumatua activities, rangatahi programmes, sporting challenges and kapa haka. The trustees’ endeavour to continue with financial support to assist the beneficiaries with their commitments that reflect in a positive way forward for Ngāti Tūwharetoa.

pataka Kai“Ko te tohu o te rangatira, koo te manaaki I nga manuhiri”

The Trust has continued its support of providing kaimoana to significant tribal events over the past year.

The Trust has also provided kaimoana to Tangihanga when requested by the haukainga. This cost is significant yet important to the whanau and the trust is committed to its continuity.

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We measure your performance against the following indices:

Money Market we compare to 90 day Bank Bill index NZ Fixed Interest we compare to ANZ

Composite A Grade Index

The investment portfolio of Ngāti Tūwharetoa Fisheries Charitable Trust had a gross (before fees, and taxes) return of:

6.17% for the 3 years ending 30 september 2011The three year annualised performance of 6.17% reflects the strong performance of your fixed interest portfolio. As interest rates fell during the global financial crisis and then the European sovereign debt crisis this led to positive performances for fixed interest portfolios. The Reserve Bank of NZ

lowered the Official Cash Rate to a record low of 2.5% in 2009 which lowered Money Market returns. The introduction of fixed interest to your portfolio in December 2008 assisted with compensating for the change in Money Market returns.

6.54% for the year ending 30 september 2011The year to 30 September 2011 saw a continuation of the European sovereign debt crisis. The uncertainty about Greece and other European nations created volatility in equity markets and drove demand for fixed interest investments. Your portfolio benefitted from this with a 8.54% return for fixed interest for the year.

summary:Turmoil in Europe and concerns for global economic growth have driven volatility

in equity markets and produced positive returns for fixed interest in recent years. Investors have been driven towards the perceived ‘safe haven’ investments of fixed interest which has benefitted your portfolio.

The following represents Ngāti Tūwharetoa Fisheries Charitable Trust’s Gross cumulative returns over the last three years. We have compared it to the Gross 90 day Bank Bill index and Inflation.

The graph below shows the steady cumulative performance of the portfolio over the last three years of 18.1%. The portfolio outperforms the 90 day bank bill index after the introduction of fixed interest in December 2008 and continues to outperform inflation.

Indices

30 SEP 2011ONE YEAR

6.54% 6.35% 4.15% 8.54%

7.86%2.99% Indices

30 SEP 2011THREE YEARS

6.17% 5.99% 4.45%

8.45%3.51%

8.85%GROSS RETURN NET RETURN NZ CASH NZ FIXED

INTERESTGROSS RETURN NET RETURN NZ CASH NZ FIXED

INTEREST

NGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUST 3 YEAR CUMULATIVE PERFORMANCE

SEP 08 SEP 11SEP 10SEP 09

Your ‘income focused’ portfolio places a high emphasis on lower risk, income generating investments. As at 30 September 2011, your portfolio has 60% Fixed Interest, it is the performance of these investments that contribute the most to your overall performance, as shown in the performance table below.

The below table shows the annualised performance of your investments for the last 12 months and the past three years to 30 September 2011:

17.74%

59.88%

22.38%

INVESTMENT SECTOR PERCENT CURRENT VALUATION NZD

cash

nZ – FixedinTeresT

nZ – money marKeT

$788,158

$2,660,911

$994,690

ToTal 100.00% $4,443,759

NGĀT

I TŪW

HARE

TOA

FISH

ERIE

S CH

ARITA

BLE

TRUS

T AS

AT 3

0 SE

PT 2

011

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STRATEGIC PLAN2010-2013

grants1. Paramountcy Support $30,000This fund is paid to the office of the Paramountcy on an annual basis which reflects the value that the Arikitanga provides Ngāti Tūwharetoa Fisheries Charitable Trust. This payment reflects the risks faced by Te Arikitanga and therefore all of Ngāti Tūwharetoa when representing or supporting Ngāti Tūwharetoa Fisheries.

2. Cultural $100,000This fund is for Discretionary or Special Projects run by Ngāti Tūwharetoa Fisheries.

a. Pātaka Kai (fish for tangi)b. Coastline Protection and Customary Fishing c. Aquaculture Managementd. Whakawhanaungatanga o Ngāti Tūwharetoa ki Kawerau me Ngāti Tūwharetoa ki Tongariro

3. Social $50,00075% of this fund is for the benefit of Ngāti Tūwharetoa Rangatahi by providing assistance for both individuals and groups. 75% ($37,000) will be focussed on Ngāti Tūwharetoa Rangatahi projects in particular those under the age of 25 years. 25% ($13,000) will be focussed on Rangatahi gaining employment and also Rangatahi with special needs and disabilities.

4. Infrastructure and Capital Support $40,000 This fund will be utilised for the purposes of assets which will contribute to capital improvement of the Iwi. This includes vehicles, equipment and tools. Assets will be owned by the Ngāti Tūwharetoa Fisheries Charitable Trust (NTFCT) and managed by the Trust and let out on a hireage system. For each purchase an associated policy will be developed.

5. Miscellaneous $30,000This is a discretionary grant that can be applied to applications that do not meet any of the criteria set for other grants – this will be at the trustees discretion and approval.

12%PARAMOUNTCY$30,000

20% SOCIAL$50,000

40% CULTURAL$100,000

16%INFRASTRUCTURE AND CAPITAL SUPPORT$40,000

12%MISCELLANEOUS$30,000

The Trust has developed its Strategic Plan through to 2013. This work is focused primarily on some key objectives that the The Trust has developed its Strategic Plan through to 2013. This work is focused primarily on some key objectives that the Trust believes are essential to our on-going success as a Trust and for the benefit of Ngāti Tūwharetoa as a whole.

These objectives are focused on:

The areas of our responsibilities to our shareholders; Our requirements under the fisheries

legislation; and Being a responsible, capable and

communicative trust and building opportunities in optimising revenue from our fisheries assets.

Trust distributions policy We have developed Trust policy and guidelines to clearly reflect the use of the funds, provide focus and direction to Ngāti Tūwharetoa and accountability and transparency back to the Trust. Our intent is to create meaningful and appropriate distribution strategies that mean we create real, tangible change for Ngāti Tūwharetoa within our limited resources.

NTFCT believes that the following strategies will assist in providing benefits to Ngāti Tūwharetoa.

FINANCIALSTATEMENTSCONTENTS

For The year ended 30 sepTemBer 2011

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NGATI TUWHARETOAFISHERIES CHARITABLE TRUST

CONSOLIDATED FINANCIAL STATEMENTS

ngĀTi TūwhareToa Fisheries chariTaBle TrusT

ngĀTi TūwhareToa Fisheries holdings limiTed

ngĀTi TūwhareToa Fisheries limiTed

1736

45TrusT direcTory

sTaTemenT oF Financial perFormance

sTaTemenT oF movemenTs in eQuiTy

sTaTemenT oF Financial posiTion

noTes To The Financial sTaTemenTs

audiTor’s reporT

17

18

19

20

21

25

naTure oF BusinessCharitable Trust

regisTered oFFiceRussell McVeagh

WELLINGTON

TrusTees Te Kanawa Pitiroi


Topia Rameka

accounTanTsDPA Limited

Chartered AccountantsTAUPO

audiTorsSilks Audit

Chartered AccountantsWANGANUI


TAUPO

soliciTorsRussell McVeagh

WELLINGTON

Business locaTion63 Waikato Street

TAUPO

TRUST DIRECTORYINDEX

STATEMENT OF MOVEMENTS IN EQUITY


Ngāti Tūwharetoa Fisheries Charitable Trust consolidaTed Financial sTaTemenTs

STATEMENT OF FINANCIAL PERFORMANCEFor The year ended 30 sepTemBer 2011

Ngāti Tūwharetoa Fisheries Charitable Trust consolidaTed Financial sTaTemenTs

1918 This Statement must be read in conjunction with the attached “Notes to the Financial Statements” and Audit Report This Statement must be read in conjunction with the attached “Notes to the Financial Statements” and Audit Report

GROUP GROUP PARENT PARENT

NOTES 2011 2010 2011 2010

Operating Revenue 2 1,101,564 998,723 888,384 1,913,075

Operating Surplus (Deficit) before Taxation 3 469,039 1,944,286 402,806 1,447,414

Income Tax Benefit (Expense) - - - -

Operating Surplus (Deficit) after Taxation 469,039 1,944,286 402,806 1,447,414

NET SURPLUS (DEFICIT) ATTRIBUTABLE TO THE SHAREHOLDERS OF THE PARENT TRUST 469,039 1,944,286 402,806 1,447,414


NOTES 2011 2010 2011 2010

EQUITY AT BEGINNING OF PERIOD 15,921,602 15,465,429 4,010,090 2,531,962

Net Surplus (Deficit) Attributable to:

Parent Trust Shareholders 469,039 1,944,286 402,806 1,447,414

Increase/Decrease in General Revaluation Reserve 27,691 30,713 27,691 30,713

TOTAL RECOGNISED REVENUES AND (EXPENSES) FOR THE YEAR 496,730 1,974,999 430,497 1,478,127

Settlement - Marine Fisheries Committee - - - -

Settlement - Māori Fisheries Trust - - - -

Dividend Declared - 1,518,826 - -

EQUITY AT END OF YEAR 4 16,418,332 15,921,602 4,440,587 4,010,090

NOTES TO AND FORMAING PART OFTHE FINANCIAL STATEMENTS


STATEMENT OF FINANCIAL POSITIONas aT 30 sepTemBer 2011

2120 This Statement must be read in conjunction with the attached “Notes to the Financial Statements” and Audit Report

Ngāti Tūwharetoa Fisheries Charitable Trust consolidaTed Financial sTaTemenTs Ngāti Tūwharetoa Fisheries Charitable Trust consolidaTed Financial sTaTemenTs


NOTES 2011 2010 2011 2010

EQUITY

Attributable to Parent Trust 4 16,418,332 15,921,602 4,440,587 4,010,090

Shareholders

TOTAL EQUITY 16,418,332 15,921,602 4,440,587 4,010,090

CURRENT LIABILITIES

Bank Overdraft & Credit Cards 1221 962 1221 962

Accounts Payable & Accruals 52,611 31,190 51,294 22,169

Current Portion of Term Liabilities - - - -

Provision for Annual Leave & Other - - - -

Provision for Tax - - - -

GST Payable/(Receivable) (4,006) (8,017) 1,843 19,958

Customer Deposits - - - -

TOTAL CURRENT LIABILITIES 49,826 24,135 54,358 43,089

NON CURRENT LIABILITIES

Finance Leases - - - -

Loans - - - -

TOTAL NON CURRENT LIABILITIES - - - -

TOTAL EQUITY AND LIABILITIES 16,468,158 15,945,737 4,494,945 4,053,179

CURRENT ASSETS

Cash and Bank 13,300 36,444 3,093 26,453

Accounts Receivable and Prepayments 78,817 - - -

Ngāti Tūwharetoa Marine Fisheries Committee - - - -

Inventories - - - -

Finance Lease – Unexpired Interest - - -

Tax Refund Due 954 - - -

TOTAL CURRENT ASSETS 93,071 36,444 3,093 26,453

NON CURRENT ASSETS

Property, Plant & Equipment Investments 7 39,121 12,535 39,121 12,535

Taupo Moana Investments 4,443,759 4,004,718 4,443,759 4,004,718

AFL 11,892,040 11,892,040 - -

ICP General Partner Ltd 167 - - -

Goodwill on Consolidation - - - -

Investment in Subsidiary 8 - - 8,972 9,472

TOTAL NON CURRENT ASSETS 16,375,087 15,909,293 4,491,852 4,026,725

TOTAL ASSETS 16,468,158 15,945,737 4,494,945 4,053,178

Signed for and on behalf of the board:

Director Director19th March 2012 19th March 2012

1. sTaTemenT oF accounTing policies reporting entityNGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUST (‘the Trust’) is a Charitable Trust. The financial statements of Ngāti Tūwharetoa Fisheries Charitable Trust have been prepared in accordance with Generally Accepted Accounting Practice. The entity qualifies for differential reporting as it is not publicly accountable and is not large as defined within the financial reporting framework. The entity has taken advantage of all differential reporting exemptions. measurement Base The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis are followed by the Trust. specific accounting policies The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied: a) Trade receivable Trade receivables are recognised at estimated realisable value. b) property, plant & equipment Property, Plant & Equipment are recognised at cost less aggregate depreciation. Depreciation has been calculated using the maximum rates permitted by the Income Tax Act 2007. Expected useful lives of major asset categories are as follows: Office Furniture and Equipment 4-5 years Plant and Equipment 4-10 years The entity has the following classes of Property, Plant & Equipment: Office Furniture and Equipment 16% - 67% DV Plant & Equipment 13% - 48% DV c) leases The Trust leases certain office equipment, land and buildings, and a motor vehicle. Operating lease payments, where the lessors effectively retain substantially all of the risks and benefits of ownership of the leased items, are recognised in the determination of the operating surplus in equal instalments over the lease term. d) gsT The financial statements have been prepared on a GST exclusive basis. e) income Tax The Trust has charitable status and is exempt from income tax.

2322


f) Basis of consolidation – purchase method 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. g) differential reporting The Trust qualifies for differential reporting as it is not publicly accountable and is not large as defined in the Framework for Differential Reporting. The Trust has taken advantage of all available differential reporting exemptions. h) investments Aotearoa Fisheries Limited (AFL) Income Shares are recorded at periodic valuation. 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 Māori 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 is per the share valuation completed by Taylor Duignan Barry on 28 January 2009.

Iwi Collective Partnership (ICP) General Partner Limited Shares are recorded at cost. Pursuant to Section 50 of the Companies Act 1993, Ngāti Tūwharetoa Fisheries Limited became the holder of 1,669,245 ordinary shares issued by ICP General Partner Limited at a cost price of $0.01c per share. This equates to 13.3% of the total shares issued.

Taupo Moana Portfolio 2011 2010

Cash 788,158 1,092,674

NZ Fixed Interest 2,660,911 1,407,078

NZ Money Market 994,690 1,504,965

4,443,759 4,004,717

i) changes in accounting policies There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2. operaTing revenue


NOTES 2011 2010 2011 2010

Reimbursement of Expenditure - - 87,027 -

Sales 557,966 807,463 - -

Interest Revenue 237,322 191,260 234,430 191,241

Dividend Received 304,262 - - -

Non taxable Dividend received - - 564,913 -

Exchange Rate Gains/(Losses) - - - -

OTHER INCOME 2,014 - 2,014 -

1,101,564 998,723 888,384 191,241

3. operaTing surplus (deFiciT) BeFore TaxaTion


2011 2010 2011 2010

The operating surplus (deficit) from trading was arrived at after charging the following expenses: 469,039 1,944,286 402,806 1,447,414

Depreciation 14,386 7,837 14,386 7,837

Bad and Doubtful Debts; Expense - - - -

Interest and Finance Charges 14 97 14 47

(Profit)/Loss on Disposal of Assets 847 1,774 847 1,774

Rental and Operating Lease Expenses 13,184 9,264 13,184 9,264

Auditors Fees:

Auditing financial statements 8,204 7,530 5,519 5,180

Other services - - - -

Diminution in the Value of Assets - - - -

Goodwill written off - - - -

Amortisation of Goodwill - - - -

Directors’ Fees 29,851 - - -

4. ToTal eQuiTy

NOTES GROUP GROUP PARENT PARENT

2011 2010 2011 2010

Share Capital/Corpus 2,649,443 2,649,443 2,649,443 2,649,443

Retained Earnings 5 13,768,889 13,272,159 1,791,144 1,360,647

16,418,332 15,921,602 4,440,587 4,010,090

5. reTained earnings

NOTES GROUP GROUP PARENT PARENT

2011 2010 2011 2010

Balance at Beginning of Year 13,272,159 12,815,986 1,360,647 (117,480)

Net Surplus (Deficit) Attributable to Parent Trust Shareholders 496,730 456,173 430,497 1,478,127

BALANCE AT YEAR END 13,768,889 13,272,159 1,791,144 1,360,647

6. relaTed parTy TransacTions

During the year: The company provided funding to the parent during the year. The amount outstanding at balance date was $100,081 (2010:

$228,362) which is due and receivable from Ngāti Tūwharetoa Fisheries Holdings Limited.

2524


7. properTy, planT & eQuipmenT


2011 2010 2011 2010

Office Equipment 39,338 44,468 39,338 44,468

Accumulated Depreciation (31,826) (33,396) (31,826) (33,396)

7,512 11,072 7,512 11,072

Other Property, Plant & Equipment 42,462 2,672 42,462 2,672

Accumulated Depreciation (10,853) (1,209) (10,853) (1,209)

31,609 1,463 31,609 1,463

Total Property, Plant & Equipment 39,121 12,535 39,121 12,535

8. invesTmenT in suBsidiaries

RESULTS OF SUBSIDIARIES PERCENTAGE HELD BUSINESS

2011 2010 2011 2010

Ngāti Tūwharetoa Fisheries Holdings Limited 100% 100% 100,081 228,362

Ngāti Tūwharetoa Fisheries Limited 100% 100% 8,972 9,472

9. capiTal and operaTing lease commiTmenTs


2011 2010 2011 2010

CAPITAL COMMITMENTS

Estimated capital expenditure contracted for at balance date but not provided for: NIL NIL NIL NIL

OPERATING LEASE COMMITMENTS

Commitments under Non-Cancellable Operating Leases:

MOTOR VEHICLE

Current - - - -

Non Current - - - -

PHOTOCOPIER

Current 2,557 3,835 2,557 3,835

Non Current - 2,557 - 2,557

PREMISES

Current 7,667 11,500 7,667 11,500

Non Current - 7,667 - 7,667

TOTAL OPERATING LEASE COMMITMENTS 10,224 25,559 10,224 25,559

10. conTingenT liaBiliTies The Trust has no significant contingent liabilities that the Board is aware of (2010: Nil).

11. evenTs aFTer Balance daTe No significant events have occurred since balance date.

26 27

NGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUST TOTAL ASSETS

TAUPO MOANA INVESTMENTS CASH & BANKACCOUNTS RECEIVABLEPROPERTY, PLANT & EQUIPMENT


NGATI TUWHARETOAFISHERIES CHARITABLE TRUST

FINANCIAL STATEMENTS

audiT reporT

TrusT direcTory

sTaTemenT oF income

schedule oF expenses

sTaTemenT oF changes in eQuiTy


schedule oF Fixed asseTs and depreciaTion

resulTs in BrieF


25

27

28

29

31

32

33

34

35

naTure oF BusinessCharitable Trust

TrusT ird numBer096-060-394

daTe incorporaTed30th January 2007

chariTies regisTraTion11th December 2007 - CC20197

TrusTees Te Kanawa Pitiroi


Topia Rameka

seTTlorTumu Te Heu Heu



audiTorsSilks Audit



TAUPO


WELLINGTON

TRUST DIRECTORYINDEX

EQUITY

RETAINED EARNINGS

2007 2008 2009 201012

13

14

16

15

2011

NGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUST

NGĀTI TŪWHARETOA FISHERIES CHARITABLE TRUSTNET SURPLUS (DEFICIT)

2010 $456,1732009 $356,291

2011 $496,730

AFL

ICP GENERALPARTNER LIMITED

SCHEDULE OFEXPENSES


STATEMENT OF INCOMEFor The year ended 30 sepTemBer 2011


Ngāti Tūwharetoa Fisheries Charitable Trust Financial sTaTemenTs Ngāti Tūwharetoa Fisheries Charitable Trust Financial sTaTemenTs

NOTES 2011 2010

REVENUE

Reimbursement of Expenditure 87,027 202,989

Marquee Hire 2,014 -

89,041 202,989

LESS EXPENSES

Operating Costs 236,939 282,435

Financial Expenses 24,794 19,920

Administration Expenses 70,510 113,695

Depreciation 15,233 9,611

347,476 425,661

OPERATING SURPLUS (DEFICIT) (258,435) (222,672)

ADD OTHER INCOME

Interest Received 234,430 191,241

Inter Entity Dividend Received 564,913 1,518,826

Net Surplus (Deficit) Before Distribution to Beneficiaries 540,908 1,487,395

TRUST SURPLUS (DEFICIT) 540,908 1,487,395

Other Adjustments and Appropriations

Capital Profit on Sale of Investments (5,705) 19

(5,705) 19

Iwi Benefits

Paramountcy Support 30,000 30,000

Cultural 35,217

Social 18,770

Infrastructure & Capital 14,125

Miscellaneous 34,283 10,000

132,395 40,000

NET SURPLUS (DEFICIT) 402,809 1,447,415

NET SURPLUS (DEFICIT) 402,809 1,447,414

NOTES 2011 2010

OPERATING COSTS

Wages 59,096 165,836

Accident Compensation 468 1,199

Advertising/Promotional 5,224 350

Cleaning 3,161 3,672

Conference/Hui Expenses 6,318 3,710

Consulting Fees 16,609 14,297

Elections - 11,363

Electricity 2,213 1,444

Iwi Register 6,564 3,000

Koha 2,700 5,600

Pataka Kai 4,075 1,381

Plant Hire 4,357 4,860

Repairs & Maintenance 539 578

Replacements 597 995

Security 411 -

Manaaki 2,363 3,664

Sponsorship - 2,222

Server Maintenance 1,305 333

Trustee Meeting & Mileage 38,281 30,075

Trustee Meals 1,768 1,431

Trustee Travel & Accomm 21,072 15,916

Website Expenses 3,006 1,685

Vehicle Expenses - 350

Vehicle Lease - 8,474

AGM Expenses 56,814 -

236,939 282,435

FINANCIAL EXPENSES

Bank Charges 525 489

LT Moana Fees 6,766 7,165

Insurance 4,305 2,955

Interest - Cheque 14 47

Rent 13,184 9,264

24,794 19,920

STATEMENT OF CHANGES IN EQUITY


SCHEDULE OFEXPENSES CONTINUEDFor The year ended 30 sepTemBer 2011



NOTES 2011 2010

ADMINISTRATION EXPENSES

Audit 5,519 5,180

Accountancy/Secretarial 28,228 19,793

Computer Expenses 2,761 3,008

General Expenses 605 852

Licences & Subscriptions 1,171 1,556

Office Expenses 233 1,595

Printing & Stationery 3,046 2,882

Professional Development/Training 3,304 3,630

Telephone & Tolls 12,946 27,175

Admin Travel 6,645 34,733

Admin Meals 744 3,662

Admin Accommodation 941 9,628

Human Resources 4,300 -

GST Rate Adjustment 67 -

70,510 113,695

DEPRECIATION

Ordinary Depreciation 14,386 7,837

Loss on Sale of Assets 847 1,774

15,233 9,611

347,476 425,661

2011 2010

EQUITY AT 1ST OCTOBER 2010 4,010,090 2,531,962

Net Surplus (Deficit) for Period 402,809 1,447,414

Increase in General Revaluation Reserves 27,689 30,713

TOTAL RECOGNISED REVENUES AND EXPENSES FOR PERIOD 430,498 1,478,127

EQUITY AT 30TH SEPTEMBER 2011 4,440,588 4,010,090

SCHEDULE OF FIXED ASSETS AND DEPRECIATION





NOTE 2011 2010

CURRENT ASSETS

Bank Account - Cheque 3,093 26,453

Ngāti Tūwharetoa Fisheries Limited 8,972 9,472

Accounts Receivable 100,081 228,362

112,146 264,288

CURRENT LIABILITIES

BNZ Credit Card 1,221 962

Ngāti Tūwharetoa Fisheries Holdings Limited 100,081 228,362

GST Payable 1,843 19,958

Accounts Payable 51,294 22,169

154,439 271,451

NET CURRENT ASSETS (LIABILITIES) (42,293) (7,163)

NON CURRENT ASSETS

Fixed Assets (as per schedule) 39,121 12,535

INVESTMENTS

Taupo Moana Investments 4,443,759 4,004,718

Shares - Ngāti Tūwharetoa Fisheries Ltd (100) - -

Shares - Ngāti Tūwharetoa Fisheries Holdings Ltd (100) - -

4,443,759 4,004,718

4,440,587 4,010,090

NET ASSETS (LIABILITIES) 4,440,587 4,010,090

TRUST CAPITAL

CORPUS

Opening Balance 2,649,443 2,649,443

CLOSING BALANCE 2,649,443 2,649,443

RESERVES

Realised Capital Reserve (5,686) 19

General Revaluation Reserves 6 60,749 33,060

Retained Earnings (Accumulated Losses) 1,736,081 1,327,568

TOTAL TRUST CAPITAL 4,440,587 4,010,090

These Financial Statements have been audited. For and on behalf of the Trust

Trustees Trustees

Asset Cost Price

Book Value

1/10/10

Additions Disposals

Gain/Loss on

Disposal

Capital Profit

---- D e p r e c i a t i o n ---- AccumDeprec

30.09.11

BookValue

30.09.11 Mth Rate $

OFFICE EQUIPMENT

Office Furniture 2,566 1,158 12.00 19% DV 222 1,630 936

Video Recorder 488 52 - (52) 12.00 48% DV - - -

Blackberry's x 5 1,506 72 - (72) 12.00 60% DV - - -

Telephone System 738 170 12.00 36% DV 61 629 109

Server 12,070 618 12.00 60% DV 371 11,823 247

Office Furniture 1,262 633 12.00 19% DV 122 751 511

Blackberry 8707 915 50 - (50) 12.00 60% DV - - -

Printer 500 30 12.00 60% DV 18 488 12

Blackberry 8310 888 78 - (78) 12.00 60% DV - - -

Laptop ex Noel Leeming 244 43 - (43) 12.00 50% DV - - -

Toshiba Portege R400 2,115 374 - (374) 12.00 50% DV - - -

Website 5,882 1,041 12.00 50% DV 521 5,362 521

Office Furniture 4,711 3,102 12.00 16% DV 496 2,105 2,606

Laptop & Software 4,915 708 12.00 60% DV 425 4,632 283

Blackberry 8310 799 122 - (122) 12.00 60% DV - - -

2 x Blackberries 1,891 756 12.00 60% DV 454 1,589 302

Blackberries x 2 (9700) 1,956 1,271 12.00 60% DV 763 1,448 508

Blackberry Phone 1,022 794 12.00 67% 532 760 262

Toshiba M11 Laptop 1,825 - 1,825 8.00 50% DV 609 609 1,216

TOTAL OFFICE EQUIPMENT 43,903 11,072 1,825 (791) 4,594 31,826 7,512

PLANT & EQUIPMENT

Camcorder 204 56 - (56) 12.00 40% DV - - -

Alarm 1,015 472 12.00 30% DV 142 685 330

Data Projector 533 222 12.00 48% DV 107 418 115

Freezer 920 713 12.00 30% DV 214 421 499

Marquee 32,044 32,044 11.00 30% DV 8,812 8,812 23,232

Tandem Trailer 7,950 7,950 6.00 13% DV 517 517 7,433

TOTAL PLANT & EQUIPMENT 42,666 1,463 39,994 (56) 9,792 10,853 31,609

TOTAL ASSETS 86,569 12,535 41,819 (847) 14,386 42,679 39,121

NOTES TO THEFINANCIAL STATEMENTS


RESULTSIN BRIEFFor The year ended 30 sepTemBer 2011



2011 % INCOME 2010 % INCOME 2009 % INCOME

Income Income Income

GROSS RECEIPTS 89,041 100.0 202,989 100.0 229,023 100.0

Operating Expenses 236,939 266.1 282,435 139.1 304,309 132.9

Financial Expenses 24,794 27.8 19,920 9.8 14,019 6.1

Administration Expenses 70,510 79.2 113,695 56.0 148,476 64.8

Depreciation 15,233 17.1 9,611 4.7 11,852 5.2

347,476 390.2 425,661 209.6 478,656 209.0

Net Operating Surplus (258,435) (290.2) (222,672) 109.7 (249,633) (109.0)

(Deficit)

Add Other Income 799,343 897.7 1,710,067 842.4 215,190 94.0

NET SURPLUS (DEFICIT) 540,909 607.5 1,487,395 732.7 (34,443) (15.0)

BUSINESS INDICATORS

WORKING CAPITAL (42,293) (7,163) (1,045,870)

SUNDRY DEBTORS 100,081 228,362 578,517

SUNDRY CREDITORS 51,294 22,169 75,320

1. sTaTemenT oF accounTing policies

reporTing enTiTyNgāti Tūwharetoa Fisheries Charitable Trust is a Charitable Trust.

The financial statements of Ngāti Tūwharetoa Fisheries Charitable Trust have been prepared in accordance with Generally Accepted Accounting Practice.

The entity qualifies for differential reporting as it is not publicly accountable and is not large as defined within the financial reporting framework. The entity has taken advantage of all differential reporting exemptions.

measuremenT BaseThe accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical basis have been followed by the entity, except where revaluations of assets are incorporated.

speciFic accounTing policiesThe following specific accounting policies, which materially affect the measurement of financial performance and financial position of the entity, have been applied:

goods and services TaxThe Financial Statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and payable.

Fixed assetsFixed assets are valued at cost less aggregate depreciation.

depreciationDepreciation of the assets has been calculated at the maximum rates permitted by the Income Tax Act 2007. This method is considered appropriate to the business. The rates used are shown on the depreciation schedule forming part of the accounts.

accounts receivableAccounts receivable are stated at their estimated realisable value.

investmentsInvestment with Taupo Moana Investments is valued at market value and includes accumulated interest.

income TaxThe Trust has charitable status and is exempt from income tax.

changes in accounTing policiesThere have been no changes in accounting policies. All policies have been applied on a basis consistent with those used in previous years.

2. conTingenT liaBiliTiesNo contingent liabilities are known to exist at balance date.

3. relaTed parTy TransacTionsThe Company provided funding to the parent during the year. The amount outstanding at balance date was $100,081 (2010: $228,362) which is due and receivable from Ngāti Tūwharetoa Fisheries Holdings Limited.

No related party debts have been written off or forgiven during the year.

4. lease and capiTal commiTmenTsThere are no capital commitments at balance date (2010 $NIL).

5. comparaTive FiguresThe previous year’s (comparative) figures in the financial statements relate to a period of 12 months.

6. general revaluaTion reservesThis represents an increase in the Taupo Moana Investments Portfolio valuation between October 2010 and September 2011.

ANNUAL REPORTFor The year ended 30 sepTemBer 2011

Ngāti Tūwharetoa Fisheries Holdings Limited Financial sTaTemenTs

3736


NGATI TUWHARETOAFISHERIES HOLDINGS LIMITEDFINANCIAL STATEMENTS

company direcTory

annual reporT

audiT reporT



sTaTemenT oF changes in eQuiTy


resulTs in BrieF


36

37

38

39

40

41

42

43

44

naTure oF BusinessInvestor

company ird numBer096-036-434

QualiFying company sTaTusClosed Company

company regisTraTion numBer1899480

daTe oF incorporaTion19th January 2007

chariTies regisTraTion11th December 2007 -CC20221

regisTered oFFice77 Titiraupenga StreetTAUPO

shares on issue100 Ordinary Shares

shareholdersNgāti Tūwharetoa Fisheries

Charitable Trust 100 shares

direcTorsAnthony William OlsenTina Tania Whaiora PorouPaki Rameka RawiriRobert Nathan Reid

accounTanTsDPA LimitedChartered AccountantsTAUPO

audiTorsSilks AuditChartered AccountantsWANGANUI

BanKersBank of New ZealandTAUPO

soliciTorsRussell McVeaghWELLINGTON

COMPANY DIRECTORYINDEX The financial statements for the year are attached.

The shareholders of the Company have exercised their right under Section 211(3) of the Companies Act 1993 and unanimously agreed that this annual report need not comply with any of Sections 211(1)(a) and (d)-(j).

For and behalf of the board:

Director Director19 march 2012 19 march 2012

STATEMENT OF FINANCIAL PERFORMANCE


Ngāti Tūwharetoa Fisheries Holdings Limited Financial sTaTemenTs Ngāti Tūwharetoa Fisheries Holdings Limited Financial sTaTemenTs


2011 2010

REVENUE

A.C.E Transfers 557,966 807,463

557,966 807,463

LESS EXPENSES

Operating Costs 224,964 302,690

Financial Expenses 71 143


231,057 307,553

OPERATING SURPLUS (DEFICIT) 326,909 499,910

ADD OTHER INCOME

Interest Received 2,892 19

Dividend Received 304,262 -

307,154 19

NET SURPLUS (DEFICIT) 634,063 499,929

STATEMENT OF CHANGES IN EQUITY


SCHEDULE OFEXPENSESFor The year ended 30 sepTemBer 2011



2011 2010

OPERATING COSTS

Directors Fees 29,851 -

Directors Expenses 5,231 -

Operating Expenses 87,027 202,989

Seafood Levies 102,855 99,701

224,964 302,690

FINANCIAL EXPENSES

Bank Charges 71 93

Interest - Cheque - 50

71 143


Audit 1,890 1,645

Accountancy 4,080 2,965

Office Expenses 44 111

GST Rate Adjustment 8 -

6,023 4,721

231,057 307,553

2011 2010

EQUITY AT 1ST OCTOBER 2010 11,919,550 12,938,447

Net Surplus (Deficit) for Period 634,063 499,929

TOTAL RECOGNISED REVENUES AND EXPENSES 634,063 499,929

Inter Entity Dividend Declared 564,913 1,518,826

EQUITY AT 30TH SEPTEMBER 2011 11,988,700 11,919,550

RESULTS IN BRIEFFor The year ended 30 sepTemBer 2011




2011 2010

CURRENT ASSETS

Bank Account - Cheque - 00 8,224 8,682

Bank Account - Savings - 25 938 -

Ngāti Tūwharetoa Fisheries Limited 3,000 -

Ngāti Tūwharetoa Fisheries Charitable Trust 100,081 228,362

GST Refund Due 5,693 27,849

Tax Refund Due 954 -

Accounts Receivable 78,817 -

197,707 264,893

CURRENT LIABILITIES

Accounts Payable 101,047 237,383

NET CURRENT ASSETS (LIABILITIES) 96,660 27,510

Investments

Aotearoa Fisheries Limited (AFL) Income Shares (5,039) 11,892,040 11,892,040

11,988,700 11,919,550

NET ASSETS (LIABILITIES) 11,988,700 11,919,550

SHAREHOLDERS' FUNDS

Retained Earnings (Accumulated Losses) 11,988,700 11,919,550

TOTAL SHAREHOLDERS' FUNDS 11,988,700 11,919,550

These Financial Statements have been audited.For and behalf of the board:

Director Director19th march 2012 19th march 2012


GROSS RECEIPTS 557,966 100 807,463 100 720,624 100.0

Operating Expenses 224,964 40.3 302,690 37.5 326,693 45.3

Financial Expenses 71 - 143 - 349 -

Administration Expenses 6,023 1.1 4,721 0.6 5,142 0.7

231,057 41.4 307,553 38.1 332,184 46.1

Net Operating Surplus (Deficit) 326,909 58.6 499,910 61.9 388,440 53.9

Add Other Income 307,154 55.0 19 0.0 - -

NET SURPLUS DEFICIT 634,063 113.6 499,929 61.9 388,440 53.9

BUSINESS INDICATORS

WORKING CAPITAL $96,660 $27,510 $1,046,407

SUNDRY DEBTORS $78,817 - -

SUNDRY CREDITORS $101,047 $237,383 $580,636

NOTES TO THEFINANCIAL STATEMENTSFor The year ended 30 sepTemBer 2011

44 45


NGATI TUWHARETOAFISHERIES LIMITED

FINANCIAL STATEMENTS

company direcTory

annual reporT

audiT reporT




resulTs in BrieF


45

46

47

48

49

50

51

52

COMPANY DIRECTORYINDEX

naTure oF BusinessNon-trading

company ird numBer096-041-425

QualiFying company sTaTusClosed Company

company regisTraTion numBer1899266

daTe oF incorporaTion19th January 2007

chariTies regisTraTion11th December 2007 - CC20206

regisTered oFFice77 Titiraupenga Street

TAUPO

shares on issue100 Ordinary Shares

shareholdersNgāti Tūwharetoa Fisheries

Charitable Trust: 100 shares

direcTorsAnthony William Olsen

Tina Tania Whaiora PorouPaki Rameka RawiriRobert Nathan Reid



audiTorsSilks Audit



TAUPO


WELLINGTON

Ngāti Tūwharetoa Fisheries Holdings Limited Financial sTaTemenTs

reporTing enTiTyNgāti Tūwharetoa Fisheries Holdings Limited is a company registered under the Companies Act 1993.

Ngāti Tūwharetoa Fisheries Holdings Limited is a reporting entity for the purposes of the Financial Reporting Act 1993. The financial statements of Ngāti Tūwharetoa Fisheries Holdings Limited have been prepared in accordance with the Financial Reporting Act 1993.

measuremenT BaseThe accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical basis have been followed by the entity, except where revaluations of assets are incorporated.

speciFic accounTing policiesThe following specific accounting policies, which materially affect the measurement of financial performance and financial position of the company, have been applied:

goods and services TaxThe Financial Statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and payable.

accounts receivableAccounts receivable are stated at their estimated realisable value.

investmentsAotearoa 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 Māori 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 2011 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 but intend to commence the 4th valuation in March 2011. 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. This shareholding has a book value of $15.8M based upon the AFL audited financial statements dated September 2010.

differential reportingThe company qualifies for differential reporting as it is not publicly accountable and is not large. The company has taken advantage of all differential reporting exemptions.

changes in accounTing policiesThere have been no changes in accounting policies. All policies have been applied on a basis consistent with those used in previous years.

1. conTingenT liaBiliTiesNo contingent liabilities are known to exist at balance date.

2. relaTed parTy TransacTionsThe Company provided funding to the parent during the year. The amount outstanding at balance date was $100,081 (2010: $228,362) which is due and payable to Ngāti Tūwharetoa Fisheries Charitable Trust.

No related party debts have been written off or forgiven during the year.

3. capiTal commiTmenTsThere are no capital commitments at balance date (2010 $NIL).

4. comparaTive FiguresThe previous year’s (comparative) figures in the financial statements relate to a period of 12 months.

5. income Tax sTaTusThe 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 Māori Authority credits deducted from the AFL dividend received. During the year ended 30 September 2012, a claim will be made for $73,703.24

ANNUAL REPORTFor The year ended 30 sepTemBer 2011

4746

Ngāti Tūwharetoa Fisheries Limited Financial sTaTemenTsNgāti Tūwharetoa Fisheries Limited Financial sTaTemenTs

The financial statements for the year are attached.

The shareholders of the Company have exercised their right under Section 211(3) of the Companies Act 1993 and unanimously agreed that this annual report need not comply with any of Sections 211(1)(a) and (d)-(j).

For and behalf of the board:


SCHEDULE OFEXPENSES


STATEMENT OF FINANCIAL PERFORMANCEFor The year ended 30 sepTemBer 2011



2011 2010

REVENUE

- -

LESS EXPENSES

Financial Expenses 53 55


2,917 3,057

OPERATING SURPLUS (DEFICIT) (2,917) (3,057)

ADD OTHER INCOME - -

NET SURPLUS (DEFICIT) ($2,917) ($3,057)

2010 2009

FINANCIAL EXPENSES

Bank Charges 53 55


Audit 795 705

Accountancy 2,069 2,297

2,864 3,002

$2,917 $3,057

RESULTS IN BRIEFFor The year ended 30 sepTemBer 2011




2011 2010

CURRENT ASSETS

Bank Account - Cheque 1,045 1,309

GST Refund Due 156 126

1,201 1,435

CURRENT LIABILITIES

Ngāti Tūwharetoa Fisheries Holdings Limited 3,000

Ngāti Tūwharetoa Fisheries Charitable Trust 8,972 9,472

Accounts Payable 351 -

12,323 9,472

NET CURRENT ASSETS (LIABILITIES) (11,122) (8,037)

INVESTMENTS

ICP General Partner Ltd shares (1,669,245) 167 -

(10,955) (8,037)

NET ASSETS (LIABILITIES) (10,955) (8,037)

SHAREHOLDERS' FUNDS

Retained Earnings (Accumulated Losses) (10,955) (8,037)

TOTAL SHAREHOLDERS' FUNDS (10,955) (8,037)

These Financial Statements have been audited.For and behalf of the board:



GROSS RECEIPTS - - - - - -

LESS

Operating Expenses - - - 1,055 -

Financial Expenses 53 - 55 - 96 -

Administration Expenses 2,864 - 3,002 - 1,659 -

2,917 - 3,057 - 2,810 -

Net Operating Surplus (Deficit) (2,917) - (3,057) - (2,810) -

NET SURPLUS DEFICIT ($2,917) - ($3,057) - ($2,810) -

BUSINESS INDICATORS

WORKING CAPITAL ($11,122) ($8,037) ($4,981)

SUNDRY CREDITORS $351 - $713

APPENDIX 1: MINUTES OF THEPREVIOUS ANNUAL GENERAL MEETING

summary oF The annual general meeTing oF The ngĀTi TūwhareToa Fisheries chariTaBle TrusT, saTurday 30Th July 2011, umuTahi marae, maTaTa, 1pm

NOTES TO THEFINANCIAL STATEMENTSFor The year ended 30 sepTemBer 2011

5352

Ngāti Tūwharetoa Fisheries limiTed Financial sTaTemenTs

reporTing enTiTyNgāti Tūwharetoa Fisheries Limited is registered under the Companies Act 1993. It is an exempt company for purposes of the Financial Reporting Act 1993. The financial statements of the entity have been prepared in accordance with Section 12 of the Financial Reporting Act 1993 and the Financial Reporting Order 1994.

accounTing policiesThe measurement base adopted is historical cost.

There are no Operating Lease Payments included as an expense item in the Statement of Financial Performance.

There are no Finance Lease Payments included as an expense item in the Statement of Financial Performance.

The Financial Statements have been prepared on a GST exclusive basis, with the exception of accounts receivable and payable.

changes in accounTing policiesThere have been no changes in accounting policies. All policies have been applied on bases consistent with those in previous years.

capiTal commiTmenTsThere are no capital commitments at balance date (2010 $NIL).

conTingenT liaBiliTiesThere are no known contingent liabilities at 30th September 2011 (2010: $NIL). Ngāti Tūwharetoa Fisheries Limited has not granted any securities in respect of liabilities payable by it or any party.

evenTs suBseQuenT To Balance daTeNo significant events have occurred since balance date. (2010 $NIL)

comparaTive FiguresThe previous year’s (comparative) figures in the financial statements relate to a period of twelve months.

income Tax sTaTusThe company has charitable status and is exempt from income tax.

going concernNgāti Tūwharetoa Fisheries Charitable Trust, as the Shareholder of Ngāti Tūwharetoa Fisheries Limited, have undertaken not to call up their advance account within the next 12 months to ensure that the going concern principle is retained.

invesTmenTsIwi Collective Partnership (ICP) General Partner Limited Shares

Pursuant to Section 50 of the Companies Act 1993, Ngāti Tūwharetoa Fisheries Limited became the holder of 1,669,245 ordinary shares issued by ICP General Partner Limited at a cost price of $0.01 cent per share. This equates to 13.3% of the total shares issued.

presenTTe Kanawa Pitiroi ChairpersonAnthony Olsen TrusteeJudy Harris TrusteeTina Porou TrusteeTopia Rameka TrusteeJonathan Te Rire Trustee

also in aTTendanceAngela Clark Accountant, DPA Ltd,TaupoBrett Keno Manager, Taupo Moana FundsPaula Rihia Executive Officer

Attendees: Per attendance registerApologies: Per attendance register

sTarT 1pm

mihimihiTrust Chairman Te Kanawa Pitiroi opened the hui along with Matua Boyce Te Rire.

introductionsThe Chairperson thanked beneficiaries for attending and introduced the trustees and Directors.

apologiesHono LordTumihikai Rairoro

RESOLVED that the apologies be accepted.Moved: shaneen simpson-almondSeconded: ngaiterangi smallmanCarrieD

matters arisingQ Ngaiterangi Smallman – Suggestion forward regarding Oniao and a regular/bi-annual seafood festival or fishing trip. Not mentioned in the annual report.

a Topia Rameka – yes it is missing, will be amended. Arohamai

chairperson’s reporTTe Kanawa Pitiroi presented the Chairperson’s report for the period to September 2010.

RESOLVED that the Chairperson’s report be received.Moved Jeff BennettSeconded ngaiterangi smallman

TrusT reporTJonathan Te Rire presented the Trust Report for the period to 2010.

Strategic Plan: The Trust has completed its Strategic Plan and the highlights are an iwi benefits programme and iwi communications plan. During this period we have purchased a marquee for tribal use. The Trust has continued its support to Ngāti Tūwharetoa tangi.

Communication Strategy: The key aspects of the communications strategy include a new website, bi-annual newsletters and marae information hui.

paTaKa KaiJudy Harris presented the Pataka Kai report and concluded by presenting kaumatua Jim and Audrey Rota with a small gift as a token of the Trust’s appreciation for distributing Pataka kai within the Tuwharetoa ki Kawerau Ward.

coasTline and aQuaculTure seTTlemenTAnthony Olsen reported the coastline and aquaculture settlement report and the freshwater commercial fisheries report.

iwi collecTive parTnershipTina Porou presented the Iwi Collective Partnership Report. Key points are: The trust is moving from passive landlords to participating

Fisheries leaders. There are opportuniites to go beyond fish. Looking to

the future we could consider other primary sectors in farming, forestry and horticulture. Employment opportunities from Sanford’s are being

discussed. These training benefits will be distributed to the beneficiaries when things are concluded. A decline in the fishing industry fish prices will bring down

the price of fish.

54 55

Q Tuatea Smallman: If ICP has a certain percentage who has the balance. If we have unextinguishable quota holdings can we increase the industry.

a We dont have the fishing boats or expertise at this stage to fish our own or process our own fish.

Q Shaneen Simpson-Almond: Re security of offshore non Māori fishing trawlers. What measures do we have here?

a We dont have any aquaculture mechanisms at this time but are working together with the Bay of Plenty whanau to do these things. Aquaculture is very pricey and we need to be careful before we rush into anything as a collective.

Q Tahau Wiremu: Likes what he hears in terms of employment of Rangatahi and programmes. Hopes that the Trust develops this in full.

Q Tuatea Smallman: Is the quota passed along to other companies? Or do the bigger companies use their assets to leverage their 50%. We as owners should have a bigger percentage.

a Noted.

Q Tuatea Smallman: Is there a percentage of putea that ensures sustainability of fish species and coastline protection. We need to look at preserving what we have for tomorrow. Are we charged with the job of policing the areas along the coast? Piwharau fish is declining, can this be farmed and monitored?

a One of our core principals is kaitiakitanga. This is our first steps and most important. There is a national Māori body NEA which deals with Māori to sustain koura, eel and piwharau.

Q Jeff Bennett: Relationships with AFL and Sanford. How long is the agreement for? How many other companies did we look at? Will the ICP look at going globally?

a 3 year agreements, Tendered to all the major fish companies. If the ICP considered going global that would be great. ICP will market and sustain NZ fish for now and has not considered global as yet.

Q Shaneen Simpson-Almond: There are many risks around fishing. What does ICP do to manage those risks against the asset.

a The ICP will not cross into any boundary but will certainly assist if iwi need it. Ngāti Tūwharetoa has not had this korero yet.

RESOLVED that the Trust’s report be received.Moved: Tipene marrSeconded: shaneen simpson-almondCarrieD

Financial reporTAngela Clark presented the consolidated financial report for the year 2010 ending 30 September 2010. A PowerPoint presentation highlighted:

Total Revenue from Fisheries, Investment and AFL Income Shares Expenditure covering operating expenses, seafood

levies, wages and consultants, elections, Paramountcy support, trustee meeting and mileage, travel and accommodation and kaitiaki grants. The statement of Position for the group up to 30

September 2010 and the draft statement of position for 2010.

RESOLVED that the Audited Financial Annual Reports for the year ending 30 September 2010 of the Ngāti Tūwharetoa Fisheries Charitable Trust (which includes Ngāti Tūwharetoa Fisheries Holdings Limited and Ngāti Tūwharetoa Fisheries Limited) are received.Moved: ngaiterangi smallman Seconded: Tuatea smallman CarrieD

And

RESOLVED to reappoint Silks as 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 the next Annual Meeting audit the financial statements of Ngāti Tūwharetoa

Fisheries Charitable Trust for the next accounting period.Moved: danny paranihiSeconded: rahera Te riiniCarrieD

Questions:Nil

invesTmenT reporTBrett Keno presented the Investment reports for the years 2010 ending 30 September 2010. A PowerPoint presentation highlighted:

RESOLVED that the Investment report for the years ending 30 September 2007, 2008 and 2009 of the Ngāti Tūwharetoa Fisheries Charitable Trust is received.Moved: Jeff BennettSeconded: Tipene marr

Beneficiary QuestionsQ Ngaiterangi Smallman: Is there anything in investing in Gold?

a Equity Trading Funds are being used. NZ is a sought after destination in terms of investing. Debt sealings are being had at the moment. Once this foundation crashes then the next market is gold. We stick with the more conservative elements and have not considered gold.

Q Tipene Marr: NT is in a safe place in bonds and cash. a All money is in Australasian banks. They have a different set of governance requirements and alot more regulation. Australasian banks are in the top 10 of the world.

Q Tuatea Smallman: Why are we tied to the rise and fall of the economy? We should have equitable title and equitable ownership. Māori contribute a huge amount of monies to the economy of this country.

a We needed more diversification in the portfolio at that time. As things started to fall cash rates were overnight. We dont want to be tied to one type of portfolio so we spread it around. NZ is a very small fish and we don’t have control over and do not have equitable title or ownership.

The Trust has decided to invest its money in a conservative portfolio rather than risk losing it in one basket or keeping in a non investment earning account.

Q Shaneen: Has Taupo Moana Funds done any research in carbon credits?

a There is alot of work being done around the value of the carbon credit unit. Still alot of unknown questions.

general BusinessQ Virginia Church: Representing Maria Parekarangi. She is setting up some land trusts which have been offered back to the Trust. Is there a possibility that this Trust will consider low interest free loans for whanau to cement their respective trusts?

a The Trusts distribution criteria have been set. You are welcome to apply and if we cannot help we may be able to refer you to another entity.

Q Freda - Can marae purchase fish through the Trust?

a Yes.

Q What coordination do we have with other Trust’s to fund ?

a This entity looks at funding Ngāti Tūwharetoa katoa and we need to look at consolidating our effort in this regard.

KaraKiameeTing closed 2.55pm

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