te tumu kaituna 14 trust - deloitte united states · 2020-05-17 · te tumu kaituna 14 trust...
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TeTumuKaituna14Trust
Annual Reports &
Financial Statements
2009 to 2011
DIRECTORY
TRUSTEES MALCOLM SHORT (CHAIRMAN) ANARU BIDOIS KEITA EMERY UENUKU FAIRHALL PIRIHIRA FENWICK WALDO HOUIA ANDREW ROLLESTON EMILY ROTA‐BIDOIS ARTHUR WARREN SECRETARY IAN HULTON BANKERS BANK OF NEW ZEALAND ROTORUA SOLICITOR GRAEME DENNETT LANCE LAWSON
PO BOX 2279 ROTORUA OFFICE HULTON PATCHELL LIMITED CHARTERED ACCOUNTANTS 2/1176 AMOHAU STREET P O BOX 12003 ROTORUA PHONE: (07) 343 1050 FAX: (07) 343 1051 WEBSITE: WWW.HULTONPATCHELL.CO.NZ
TABLE OF CONTENTS
PAGE 1 AGENDA
2 MINUTES
6 CHAIRMAN’S REPORT
8 FINANCIAL REPORT
10 ANNUAL ACCOUNTS
TE TUMU KAITUNA 14 TRUST
GENERAL MEETING OF OWNERS AT TE AOMARAMA, OHINEMUTU
ON SATURDAY 17TH DECEMBER 2011, AT 10.00 A.M.
AGENDA
1. APOLOGIES
2. MINUTES AND MATTERS ARISING
3. CHAIRMAN’S REPORT
4. DEVELOPMENT UPDATE
5. FINANCIAL REPORT
6. GENERAL BUSINESS
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Te Tumu Kaituna 14 – Chairman’s Report
The trustees record with sadness the passing of fellow trustee, Frank Maika.
It is just over 3 years since our last AM held here at Te Ao Marama. Progress with development and farming on the block has been slow. Despite this we have progressed through the Plan Change 44 which has been five years in the planning system. What we have established is the Comprehensive Stormwater Consent process for the whole of Papamoa from start to finish so that we don’t end up carrying the cost of getting the stormwater from the Wairakei Stream to the Kaituna River. This will mean, amongst other benefits, a significant reduction in future costs of development.
The Tauranga Eastern Arterial route has become a reality and work has started on this project. The concerns over our Bell Road access to the block have been sorted out and the only major issue we have with now this project is the motorway exit and entry facility to service the block.
Through our development manager Jeff Fletcher we have raised this issue with NZTA (ex Transit NZ) and the TCC (Tauranga City Council) but they have gone cold on the idea. They say an interchange is not needed for another 10 to 15 years. We agree with this but our position is that a roundabout will be needed in the meantime.
Likewise our construction precinct is on hold until access is sorted and TCC planning get their heads around this request.
The sand mining is in full swing again with Fulton Hogan requiring lots of sand for pre‐loading the new highway. The Holiday Park development is also on hold pending developments with TCC planning. We have also had enquiries to develop a cultural and entertainment centre for the cruise ship industry.
Finally we have a reggae rock concert programme for New Years Eve on the block and this has the approval of Council, Police EBOP and your trustees. It is a trial to see how things pan out and if successful will be on‐going for the future.
My thanks go to my fellow trustees for their assistance and our administration team from Hulton Patchell also.
Nga mihi mahana.
Malcolm T Short, ONZM
CHAIRMAN
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STATEMENT OF FINANCIAL PERFORMANCE
For the Three Years Ended 31st March 2011
2009 20010 2011INCOME
Grazing/cropping 6,000 15,600 12,000
Royalties ‐ Sand 48,650 35,257 52,541
Dividends/Interest/Rebates Received 14,614 1,863 2,371
Total Income 69,264 52,720 66,912
LESS EXPENSES
AdministrationAdvertising & AGM Costs 3,971 ‐ ‐ Bad debts 9,600 Bank Charges & General Expenses 646 ‐ ‐ Entertainment 631 527 Printing, Stationery & Postage 2,238 609 1,282 Secretarial & Accounting 9,114 5,355 4,940 Share Register 424 373 308 Strategic Plan 916 ‐ Subscriptions 1,000 500 1,500 Trustees Fees & Expenses 2,584 2,345 2,774
19 977 10 729 20 931
TE TUMU KAITUNA 14 TRUST
19,977 10,729 20,931Financial ChargesRates 23611 24,804 18,433Depreciation
23,611 24,804 18,433
Total Expenses 43,588 35,533 39,364
Non‐operating Expenses 525 Provision for Tax 3,047
NET PROFIT $25,676 $17,187 $27,548
0
50,000
100,000
150,000
200,000
250,000
2006 2007 2008 2009 2010 2011
Profit
Income Expenses Profit
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STATEMENT OF FINANCIAL POSITION
For the Three Years Ended 31st March 2011
2009 20010 2011ASSETS
Current AssetsAccounts Receivable 9,597 28,137 26,599 GST Refund 9,491 4,666 6,978 Bank of New Zealand 11,240 9,102 13,339 National Bank Investment 31,943 16,569 44,217 Tax Refund Due 2,765 298 ‐ Rates Paid in Advance 5,976 6,495 3,968
71,012 65,267 95,101 InvestmentsTe Tumu Kaituna Lands Co Ltd 45,224 45,224 45,224 Kaituna Waters Development Ltd 525 525 ‐ Shares ‐ Farmlands 700 700 800 Shares ‐ Trustpower Ltd 14,400 14,480 14,360
60,849 60,929 60,384 Fixed Assets (at Ratings Valuations)Land 33,900,000 16,900,000 16,900,000 Property Improvements 48,000 45,000 45,000
33,948,000 16,945,000 16,945,000 Intangible Assets
TE TUMU KAITUNA 14 TRUST
Project Costs 490,409 548,846 548,846
Total Assets 34,570,270 17,620,042 17,649,331
LESS CURRENT LIABILITIES
Accounts Payable 32,984 68,489 71,108 Provision for Taxation ‐ ‐ 2,714 Total Liabilities 32,984 68,489 73,822
NET ASSETS/EQUITY $34,537,286 $17,551,553 $17,575,509
0
10,000,000
20,000,000
30,000,000
40,000,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Equity
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