Hotuhotu te manawa
Maringi noa ngā roimata me te hupe Mō kautau kua riro atu rā
Haere atu rā ki te kāinga wairua i te rangi, Ki ngā mātua tūpuna, ki te iwi nui i te pō. Okioki mai rā.
Hoki mai rā ki tātou i te ao kōmiro nei, Tātou te mōrehu tangata i te mōrehu whenua
E ū ana, e whakatīnana ana i te ōhāki o ngā mātua tūpuna
Hei oranga mō te whenua, mō te tangata anō hoki.
Haere mai rā ki tō tātou Hui-ā-Tau.
As Chair of the Committee of Management of Ātihau-Whanganui Incorporation, I am pleased to present our annual report for the financial year from 1 July 2021 to 30 June 2022.
You will notice some changes. This year, in response to shareholder requests, we launched an initiative to improve the way we communicate through the annual report.
We have engaged directly with shareholders and worked with KPMG to set a framework for improvement and we hope that in the following pages you will find a more detailed report of the year that has been, as well as more information about our intentions for the future.
It has been a quick turn-around and this is only a starting point. Further improvements are planned over the next three years to provide the detail you have asked for and a more in-depth insight into our business.
"... in response to shareholder requests, we launched an initiative to improve the way we communicate through the annual report."
Forty percent of Ātihau staff are now uri. This is an important milestone and a further step in the journey to ensure the legacy left by our tūpuna is built upon to empower and support their descendants.
The spread of that 40% is as important as the number: uri are employed not only on the farms but also in our executive, management, and administration teams. Reaching this milestone is, in part, a consequence of the strategic decision to move from outsourcing our accounting and administration needs to establishing in-house teams.
On our farms, we are beginning to see some of our Awhiwhenua cadet graduates taking up senior roles. Again, this is all part of the legacy, bringing focus to the non-financial value of our efforts to enable our people to prosper and engage with Ātihau in ways that allow them to develop, pursue and achieve their goals.
We are pleased to note that our staff have been well cared for during the Covid-19 pandemic. This is reflected in the low workforce turnover during this difficult period and also in high scores for staff engagement, as reported through staff surveys.
I would like to take this opportunity to thank all our Ātihau staff for their commitment and efforts, not only during the year in review but also through the ongoing challenges of a global pandemic.
As the world works through the impact of Covid-19, New Zealand’s mānuka honey industry has experienced a drop in demand over the past two years. This, and the rapid expansion of the industry prior to Covid-19, has resulted in an oversupply of mānuka honey, forcing a restructure of the industry. Hive numbers across the country have already declined by at least 100,000 and are expected to drop further, and, as cashflow is squeezed,
some beekeepers are selling up and leaving the industry.
Our apiary business has for the first time made a loss as we recognise a decline in the market value for honey held at the end of the financial year. For the Committee of Management (the Board), this raises the need to review the business model for our investment in honey. Given the downsizing of activity in the industry and across global honey markets, we will need to consider how best to position ourselves for the future.
It will be both an opportunity and a challenge to navigate this period of industry decline. In the meantime, we have paused the growth of our apiary business and will take the time to focus on efficiency gains. We will also continue to build our relationships with honey buyers and external beekeepers as we work to reduce risk in the sales side of the business.
"Given the downsizing of activity in the industry and across global honey markets, we will need to consider how best to position ourselves for the future."
Our farms continue to be the main source of revenue for Ātihau, and their performance remains a priority. That performance was well supported during the year, as evidenced in the cost inputs.
It must be noted that while revenue has gone up, costs have also increased and therefore the margins between revenue and expenditure during the period have decreased. One of the areas where rising costs have dramatically impacted upon return is fertiliser.
Shareholders will note the varied profitability of our farms, with our finishing and breeding/finishing farms (those on better country) performing better than our straight breeding farms. Historically, these farms have relied more heavily on wool and recently on honey income to be profitable. Some of these properties were particularly challenged during the year by porina, and crop and new grass failures.
Improving farm profitability continues to be a priority for the Board, with the ongoing work of the Farm and Environment Committee focused over the past 12 months on reviewing farm improvement plans and supporting their implementation.
Lifting the reproductive performance of breeding farms remains a key focus for the governance committee, as well as rationalising farmland that may be better suited to an alternative use.
While the farms and executive teams focus on productivity, the
Board is increasing its attention to value. It is one thing to produce well, but if we are not able to sell our products, we risk producing a lot for little gain. By way of example, meat prices have been good, but this has been countered by a slowdown in processing and challenges in the wool industry. Similarly, we produced a lot of honey but could not sell it all. Our shareholders expect good productivity but also an economic return.
As we look to the future, the Board is focused on how we contribute to the Ātihau legacy. In the immediate term, this includes preparing for the impact of climate change. That means taking the necessary steps within our business to reduce emissions, while capitalising on the opportunities created through the emissions trading scheme.
This, along with the work completed to optimise land use, will see a change in our landscape over the next few years as we look to lift profit per hectare, and to ensure that every part of Ātihau is contributing to its potential.
In some respects, this is new territory for Ātihau: we are having to respond to circumstances that didn’t exist 20 or 100 years ago. By 2025, regulatory change will require a formal response to reducing our footprint and impact.
Although we will need to be thoughtful and purposeful about that, looking after our land and people, our environment and our animals has always been fundamental to our drive and vision. For generations we have been gearing our activities in this direction; our long-term view is implicit in all that we do.
As we look five to 10 years ahead, we are thinking about what comes next for Ātihau.
Our Statement of Investment Policy and Objectives (SIPO) points to the need to rebalance the spread of our income-generating assets toward those that generate more cash, rather than a combination of cash and capital gain. This involves reviewing our current assets, understanding where we can release capital and where it can be re-invested to generate better cash returns.
Diversification remains a key strategy, firstly to look after what we already have by reducing the impact of our activity on the land, and secondly to generate income, increase our resilience through diverse cash flows, and reduce debt. As a Board, we must forever be alert and mindful not only of
what is happening in the present but also of the potential challenges and opportunities of the future.
A Chairwoman’s legacy
Finally, I take this opportunity to acknowledge and thank my predecessor Mavis Mullins, who steps down this year from the Committee of Management after many years of dedication to the Incorporation, the land and its people.
Her leadership as Chair – and the first woman to lead Ātihau in this way – set the imperative for diversification to ensure that the Incorporation is able to spread risk and strengthen resilience. This year’s financial results demonstrate the wisdom of this approach: despite the difficulties and extremes of the times, we have benefited from the ability to earn income from not just sheep and beef
but a diversity of business activities.
Your Committee of Management has appreciated the heart-felt commitment that Mavis exemplified. She concentrated our focus on those things that are most important to us – looking after our land and providing for our people. We are thankful for her wealth of governance experience, foresight, and strategic vision.
Tiwha Puketapu Chairperson
Toitū te Mana, Toitū te Whenua, Toitū te Tangata
Our Purpose, Our Legacy, is to look after nature, so nature can look after us.
Tikanga is our source of legacy and competitive advantage.
Foods Value Propositions Simply the purest foods, raised with wholehearted care.
Other Value Propositions To be developed based on offer and audience.
Growing the mana and wellbeing of our people, partners and customers.
Continuously improving through our collective wisdom and creativity.
CARE
Nurturing and protecting all life, and appreciating that all life is connected.
Exploring and bringing higher value products and applications to new and existing markets.
Whakapapa
Building a premium brand through sharing our Tikanga and rich history.
Be authentically natural Think creatively, act courageously Treat nature and people as family
This section of the Annual Report is strategically focused and future oriented. It highlights the value Ātihau-Whanganui Incorporation places on the taiao, our people, and how our tikanga and the way we work can help us farm better. It focuses on how we create value through relationships with others, extending beyond merely preserving or preventing the erosion of the values on which we base our business.
This section provides an organisational overview, setting the context in which Ātihau operates, including external factors such as economic conditions, the global pandemic and climate change. It reports on how governance is supporting the incorporation to create value and details the organisation’s strategy and resources before, finally, examining the risks and opportunities of the year ahead.
“Our purpose, our legacy is to look after nature so nature can look after us.”
The past 12 months has seen the finalising of the Āti Hau Way, a philosophy that recognises and defines the way things are done at Ātihau, setting expectations for our actions and behaviour.
The name has changed from the AWHI Way to reflect alignment between the incorporation and Te Āti Hau Trust. These two entities together will be referred to as the Āti Hau Group, and the Āti Hau Way will sit across both. The acronym AWHI was also associated with branding, at times causing confusion across the organisation.
In May, a workshop with staff, governance and a small group of shareholders identified the key elements of the Āti Hau Way as being purpose, connection and belonging. This was tested with staff and then translated into four value statements. The value statements are:
Kia Āti Hau te titiro Applying an Ātihau lens over everything we do, honouring those that have been before us and adding to their legacy.
Ohotu ki uta, Ohotu ki tai Connecting to create strong relationships, understanding the impact of our decisions on others.
Mōrehu Whenua, Mōrehu Tangata
Caring for our place, caring for people.
Mā te rahi Āti Hau Working together we can achieve our collective aspirations.
These value statements will now be translated into a set of behaviours to be decided upon and adopted by each individual team. In turn, these team behaviours will be used to set in place collective behaviours across the organisation.
As part of the process, a culture workshop was held in August 2021 with Dana Blackburn to help staff
better understand the history of the incorporation, the resumptions programme, and Dana’s key learnings while he was part of the incorporation.
Workshops with staff will now be held to introduce the values and behaviours and allow kaimahi to become comfortable with the concepts. In addition to this, the Āti Hau Way and its associated value statements will be shared with our shareholder whānau over the year ahead through the usual communication channels.
“Building a premium brand through sharing our tikanga and rich history.”
Our investment in te reo Māori capability continues, with tutor Goldie Akapita working with kaimahi at the Ohakune office and with our farm and apiary te reo champions. The classes encompass not only te reo Māori but also tikanga and local history as we continue working to integrate te reo me ōna tikanga into our work places.
The Taiao workplan was signed off by the Committee of Management during the year in review and will now be implemented.
The new role of Taiao Manager was established and Ātihau uri Courtney Haywood has been employed in this important position.
Planning has been completed to reduce methane emissions by 10%. Toward this, in a significant
project during the past year, baseline measurements of gross emissions from 2020/21 and 2021/22 have been taken.
The plan to reduce methane emissions centres primarily on reducing livestock numbers through land use change to mānuka and forestry. Other measures encompass productivity improvements, predominantly on the finishing farms.
"The plan to reduce methane emissions centres primarily on reducing livestock numbers through land use change to mānuka and forestry."
The Land Use Change initiative, funded by the Whenua Māori Fund through Te Puni Kōkiri, has been under way for several years to discover the best use for Ātihau land. This work has been completed during the past 12 months.
The project has considered which Ātihau whenua is less productive and what is the best use for that land.
A work programme was set across the organisation to understand the profitability per hectare of our sheep and beef farms, and to identify areas of the farms that are less profitable under sheep and beef farming, and more profitable under honey or forestry.
We identified areas that are producing less grass in areas where the whenua is steeper, has lower soil fertility, or is higher in altitude and therefore colder. This whenua is better suited for honey production or forestry.
At the same time, the project considered what could be done to bring the rest of the farm to its full potential. Development opportunities on farm have been identified and performance targets set for the next six years. A business case will be completed to support the development.
The changes align with one of the goals of our Taiao Strategy – to achieve 10% reduction in greenhouse gas emissions partly through reducing stock numbers in lower performing areas, and partly through increased performance across the rest of the farm – and will be completed in tandem with the Taiao work programme and targets.
An on-farm discussion group has been formed to support the achievement of performance goals.
In addition to this, the Farm and Environment committee – which includes independent specialists in this area – provides another layer of rigour and advice to support the achievement of these targets.
“Nurturing and protecting all life and appreciating that all life is connected.”
Ātihau has worked with Koau
Capital to develop a Statement of Investment Policy and Objectives (SIPO), which sets investment priorities. It was signed off during the year in review.
Ātihau generates profit in two ways: through capital gain and through cash. Ātihau is over-weighted toward growth assets (those that generate both capital gain and cash profits) and needs to invest in more cash-generating assets to balance
the portfolio and deliver consistent and higher returns. This will enable reinvestment in the business and/or greater distribution to shareholders.
To make this change will require the Capital to invest, with possible sources including carbon sales, exiting Te Hou Farms Limited Partnership or milling of some forestry.
There is potential under the Land Use Change plan outlined previously to plant pines in areas that are easy
to access for harvest (this would account for less than 2% of Ātihau whenua) and to generate funds through the sale of carbon credits.
Building an investment fund may also include exiting Te Hou Farm, our joint investment in the Bulls area with Ngā Wairiki Ngāti Apa, and the milling of Papahaua forest.
While a capital fund is being created, a number of potential alternative investments which would generate cash rather than capital gain are being investigated. Possibilities include alternative power generation and tourism opportunities across Ātihau whenua. Further investigation is also under way into the possibility of residential development on Ātihau land on the outskirts of Ohakune.
"While a capital fund is being created, a number of potential alternative investments which would generate cash rather than capital gain are being investigated."
The Awhiwhenua farm apprenticeship scheme has undergone review and changes. It will now take on fewer farm cadets – two sheep and beef farm apprentices each year – and will expand to include apiculture (bee-keeping), aiming to take on two apprentice apiarists each year.
The apprenticeships are now paid and will focus on supporting in-residence apprentices to complete a three-year on-farm or apiculture programme.
The benefits of investing in the apprentice programme are beginning to return to Ātihau, with past cadets returning to the organisation to take up leadership roles on farms – one recent example being Te Paenga Station’s new Head Shepherd, Jade Johnson.
With the establishment of a new governance committee, the Committee of Management now has direct oversight of the programme.
“Growing the mana and wellbeing of our people, partners, customers.”
During the year, we canvassed staff to discover their views on how Ātihau is performing. Using a tool called Ask Your Teams, we asked several questions to find out how organisational culture is tracking and where the incorporation can do better. Staff responses were kept anonymous.
The results of this first survey are pleasing, giving clear insight into opportunities for the organisation to lift its game and improve the experience of our kaimahi.
A total of 78% of staff gave feedback and Ātihau received an average rating across the agree/ disagree framework of 69%, which is above average compared to
other groups that take the test. It was particularly pleasing that the highest-ranking response related to the statement “I enjoy working at Ātihau”, with 88% of staff either agreeing or strongly agreeing.
When we asked why people enjoy working for Ātihau, common responses were the care shown for staff, the strong purpose and values of Ātihau, a whakapapa connection, the people within the immediate team, and teamwork.
Other top 10 responses indicate that people have access to the information they need to do their job properly, managers’ actions are consistent with the Āti Hau Way, and health and safety and the environment are priorities at Ātihau.
The lowest-rating responses are an indication of areas where improvement is needed. The three areas we will work on in the year ahead are:
• Pay structure, seen as below the market across all business units except the apiary.
• Performance management, including managing poor performers, holding people accountable, and providing informal feedback.
• Connection between individual teams across Ātihau – while kaimahi feel connected to their own team, greater connection is needed across all teams so that people understand and feel involved in the wider organisation’s goals.
These areas are being addressed in several ways including reviewing staff salaries against industry benchmarks, providing leadership training to our people leaders, bringing teams together more to connect, and creating more transparency across the organisation.
Implementing these actions will take at least nine months but early progress will be apparent in the next month or so. As we work through the changes, we will follow up with kaimahi through questionnaires to assess the level of improvement or if more work is needed in a specific area.
He aha ōu whakaaro mō te koporeihana o Ātihau-Whanganui?
"The results of this first survey are pleasing, giving clear insight into opportunities for the organisation to lift its game and improve the experience of our kaimahi."
"... we were cash-flow focused over the year, and this enabled the Incorporation to pay back more debt than planned."
It has been a challenging period. The year has been marked by the ongoing constraints of the Covid-19 pandemic, combined with rising costs and challenging market conditions for some revenue items.
Honey sales were down and we faced logistical difficulties brought on by the pandemic, including the impact of illness among our own staff.
That said, we were cash-flow focused over the year, and this enabled the Incorporation to pay back more debt than planned.
A wet winter, dry summer and rising costs had a negative impact on the farm business. Some crops were late going in because of the wet winter. This was followed by a dry December, resulting in crop failures on some of the farms. Porina and grass grub continued to affect pasture, impacting upon production. Despite these challenges, total production was similar to previous years, with 90,289 lambs born (89,317 in 2020), steers being
processed at 312kg CW/head (314kg in 2020) and works lambs being processed at 18.0kg (18.0kg in 2020).
Costs increased, particularly for fuel and fertiliser due to inflation and the war in Ukraine. As well as maintenance fertiliser, additional fertiliser was applied to replace that which was deferred over the previous two years.
The market for red meat recovered
on the previous year and was the best in recent memory. The average steer price was $1885 per head ($1727/head the year before) and the average for all lambs sold was $137 per head ($122 the year prior). Processing was delayed particularly in April, May and June because of staff shortages at processing plants. Good, strong relationships with our processors helped get us through these difficulties. 95,418 94,336 88,568 89,317 90,289 3,584 3,464 3,606 3,396 3,280 226,077 40,302 22,979
74,041 87,993 103,254
Lamb finishing went well, achieving 120 grams per day on a 100% pasture-based finishing regime, and the feedback from buyers was very positive about the quality and presentation of the stock on delivery. The benefit of building strong relationships was also made apparent with very little delay in meat processors taking our lambs, something other farmers experienced due to staff shortages at plants during the COVID-19 pandemic.
Lambs achieved heavier weights at sale time, despite the ravages of porina grub in spring, which saw large amounts of feed across parts of the property consumed by the pasture pest. The increase in lamb weights was due to the improved management of summer crops. Tasks onfarm have been made more efficient with the rebuilding of the sheep yards on the McCarthy block, incorporating an existing woolshed. The purchase of quality DNArecorded Angus heifers has improved the quality of the breeding stock, which should mitigate the reduced calving percentage experienced this season.
A good lambing percentage of 145% was achieved across both two-year-old (two tooth) and mixed age (MA) ewes, an excellent result for the team. Trials to reduce nutrient and sediment loss were carried out (in partnership with PGG Wrightson) involving the planting of companion crops alongside winter brassicas – this will hopefully deliver improved environmental outcomes. Manager Steve Tapa underwent major surgery – we are pleased to report he is recovering well.
Reduced overall stock numbers, enabling more proactive management across the entire flock, saw better than normal growth rates for lambs and increased scanning results for ewes. Poor weather delayed the sowing of some fodder crops, which then subsequently failed, requiring a re-sowing. This was disappointing. Team-wise, there were staff shortages throughout the year, which proved to be a challenge when completing the work schedule. Overdue renovations to staff housing were completed, bringing a couple of houses up to a more modern standard of living.
The decision to increase the monitoring of one-year-old (two tooth) ewes enabled improved short- and long-term management decisions to be made. While porina grub significantly impacted pasture availability during spring, the overall amount of pasture was increased by 40 hectares after a controlled burn of scrub on the better hill country in the middle of the farm. Ease of calving for first-time heifers will be a focus area going forward.
expenditure as pastures had to be resown and paddocks treated for porina. However, the opportunity to use subsidised environmental fencing to further subdivide large paddocks will make pasture management easier. The refurbishment of the cattle yards will enable increased monitoring of young stock, with the intention of delivering improved growth rates, and better calving results in first-calving heifers.
$0.2 million deficit before finance costs and non-operating expenses. This deficit is primarily due to additional regrassing costs associated with establishment failures and porina damage
Overview 400 effective hectares Financial Performance $0.8 million surplus before finance costs and non-operating expenses
Our apiary team performed well despite the pressure to harvest honey and remove hives quickly before staff members were impacted by the COVID-19 virus. We also incurred higher helicopter costs in the key hive-moving window in early December, due to wet weather preventing ground-based access to mānuka sites. The business achieved record production of 103 tonnes of mānuka honey. We were also able to return approximately 40 tonnes of bush honey to hives as feed – a more natural and nutritious diet than supplementary feeding over winter and early spring.
Warmer than usual winter temperatures meant Varroa mites survived the season, also aided by uninterrupted brood production by our queens. This meant a higher level of management and miticides were required for some hives, particularly in the Whanganui area. Hive numbers grew to 3600 hives on the flow. The Organic hive operations was disestablished due to welfare concerns, specifically to do with Varroa mite, as it is much harder to treat using only organic methods. Work was done to build stronger relationships with some of our key partners; Manukora and Oha Honey.
Overview
22
ha replanted
dairy unit to increase to 1300 cows
Despite the very wet conditions making harvesting a real challenge, 27 hectares on Ohorea was milled, resulting in 22,904 tonnes of logs being sold. Planting preparation work was completed at Tawanui and at Waipuna, and the thinning and pruning of some existing trees was carried out. The business took advantage of a fixed domestic price opportunity to achieve good returns in a fluctuating market. Progress was made in submitting an application to register several areas of mānuka with the Emissions Trading Scheme (ETS).
A total of 14.5 hectares of mixed natives were planted, mainly on Ohotu and Tohunga. The timing of a follow-up release spray coincided with a lockdown period, and resulted in a delayed release, negatively impacting the survival rate of these plants. A further 5.7 km of riparian fencing was completed collectively on Te Pā, Papahaua and Waipuna.
tonnes of logs sold
27 hectares milled on Ohorea 14.5 hectares of mixed natives were planted
of riparian fencing completed
Although the pandemic curtailed plans for annual review workshops and other shareholder engagement events, the Kei whea koe? roadshow in Ohakune was well-attended and several shareholder hunts were popular with uri. An increase in the number of kaumātua grants being distributed indicates that people are accessing the support they need for their wellbeing.
PeopleManaaki of staff affected by the COVID-19 virus was a high priority, with all getting a medical kit and care package to help their recovery. A very low staff turnover at 19.1%, is very gratifying and we are pleased to be able to report that 40% of staff members are now uri. An external Health and Safety audit highlighted a number of areas where we could improve our health and safety systems. One of the recommendations was an audit of all farm bridges. Some require repairs and maintenance to be made safe and others complete replacement. This mahi will be a focus for us in the year ahead.
With a slump in demand due to Covid-19, and a large amount of honey sitting in storage, honey sales haven’t increased to match the increase in production we have experienced. The decline in demand relates to particular markets such as China, whose zero-Covid and lockdown strategy has meant one of the world’s biggest pre-pandemic consumers has not been buying the volumes it has in the past.
Risk management centres on maintaining the relationship with our current buyers and considering alternative sales channels, which may include joint-venture arrangements, while taking a more conservative approach to the valuation of honey moving forward.
The development of our apiary business has been paused during this period. Access to additional mānuka is being sub-contracted
and an external beekeeper is placing hives on those parts. The apiary business will not grow until guaranteed markets are found for the honey.
We anticipate the recovery of the honey market to occur over the next few years, as Covid-19 becomes endemic across the world, economies return to normal and production in New Zealand reduces as hive numbers reduce and the market consolidates.
In the meantime, cash returns into the business continue to be gained from external beekeepers from Ngā Wairiki Ngāti Apa and Oha Honey (Ngāi Tahu), who have hives on whenua owned by Ātihau, and through the continued sale of honey to our partners Manukora.
The level of uncertainty in the world means there is a good chance that
market prices, for both income and expenditure items, will change between the time the budget was set (in June) and the time income and expenditure actually occur.
A close watch is being kept on pricing, with adjustments being made as required. Capital spend is being phased until there is more certainty around cash flows. For example, before confirming the next tranche of capital spend, we will wait until November when we have a better idea of pricing for lamb and honey sales for the full financial year.
The impact of labour shortages is being felt not only in our business but also across the industry. The tight market includes farming, apiculture, and administration roles within the farming sector and also among our suppliers and partners, including vets, builders, consultants and the meat processing industry.
This affects our ability to deliver on some projects. We will continue to take a conservative approach to production to manage risk, lower the possibility of having a lot of animals in a dry summer, and reduce pressure on the business.
Farm production is expected to increase, with 93,000 lambs and
3580 calves born due to ongoing improvements in farm infrastructure, improved soil fertility, and a decrease in pasture pests. The dairy farm is forecast to produce 255,000 kg MS, while total honey production is expected to increase to 110,000 kg as the team focuses solely on production rather than growth.
Total Revenue is expected to
be $29.5 million, ahead of 2021 revenue because we are not expecting to repeat the write-down of honey values that occurred last year.
Total expenses are also expected to increase to $24.6 million due to inflationary pressures and interest costs to $2.0 million due to rising interest costs.
For the year ended 30 June 2022, Ātihau-Whanganui Incorporation has generated a net surplus of $1.4 million, which is below our 2021 net surplus of $3.5 million. Total equity has increased by $12.2 million, from $219.7 million up to $231.9 million. Ātihau-Whanganui Incorporation has achieved a net surplus before finance costs, revaluations, and tax of $1.4 million (2021: $3.5 million). Net profit after income tax (NPAT) is $1.0 million compared with $5.3 million in the year prior.
In June 2021, the Board approved its Budget 2021/2022 in an unprecedented environment due to the ongoing impacts of the Covid-19 pandemic on New Zealand and the global economy. Compared to the prior year, Ātihau projected an increase in both operating revenue and expenditure of around $2.0 million and a budgeted surplus of $1.8 million.
Pricing and production were conservatively forecasted at levels similar to those achieved in 2020/21, while recognising further possible upside in both price and production. Farm expenditure was budgeted to increase by $1.8 million, mainly due to an increase in maintenance fertiliser, some of
which was planned to be caught up from the previous two years of deferrals.
For the year ended 30 June 2022, Ātihau has delivered a solid result during a challenging period. Revenue during the year was $24.5 million compared to $23.4 million in 2021, this is an increase of $1.1 million. Apiary revenue of $3.8 million was lower than the prior year by $1.8 million, mainly due to a noncash adjustment to the value of the year’s harvest, and honey on hand to account for the slow-moving nature of the market. This reduction more than offset increases in the sale of livestock, which increased by $1.3 million to $15.6 million. Other income from forestry logs harvested and forestry revaluations was $1.3 million, an increase of $1.1 million compared to 2020/21.
We delivered our work programme through operating expenditure of $23.1 million compared to $19.9 million in 2020/21, an increase of $3.2 million. Farm expenses of $11 million were $3.5 million higher than the prior year; fertiliser, cropping and pastures, and vehicle running costs have increased mainly due to rising inflation and constraints caused by the war in Ukraine.
We delivered our capital works programme with capital expenditure of $2.8 million, compared to a capital budget of $2.3 million. The priorities included resumptions, farm development, and environmental works including the planting of natives under the One Billion Trees programme, and staff housing.
Total equity increased $12.2 million, from $219.7 million to $231.9 million. Emissions trading units held as at 30 June 2022 were revalued, resulting in a $15 million increase in the value of assets.
We have a total term debt facility of $38.4 million, of which $37.5 million (2021: $38.8m) was drawn down as at 30 June 2022, and a seasonal facility of $7.5 million, which was fully repaid at the end of the year. The value of our stock and biological assets, which is used as security, exceeds total debt by nearly $7 million. Importantly, $1.4 million of debt was repaid during the year as a result of our strong focus on organisational agility and efficiency.
$23.9m $21.6m
$27.3m $23.4m $24.5m
$7.4m $3.4m $1.4m
$219.7m $231.9m
$20.7m $18.5m $19.9m $19.9m $23.1m $160.1m $159.6m $178.1m
"... it is gratifying to look back and see how many shareholder whānau we have supported to reach for their dreams, improve their wellbeing and serve their communities."
On behalf of Te Ātihau Trust, I am pleased to present the report for the 2021/22 financial year.
It has been a busy and successful year for us, despite the challenges of COVID-19 restrictions, and, as always, it is gratifying to look back and see how many shareholder whānau we have supported to reach for their dreams, improve their wellbeing and serve their communities.
We aim to enable shareholders and beneficiaries to achieve their aspirations by reducing some of the financial challenges, guided by our principles of mātauranga (education), kotahitanga (unity of purpose), manaakitanga (nurturing and reciprocation), whanaungatanga (collaboration), kaitiakitanga (active stewardship), mana tūpuna (legitimacy) and te reo (identity).
In the past, the applications we received were very much in the tertiary education space, and it is a source of pride for us all that so many of our rangatahi have chosen to follow this pathway to success.
But, as a Trust, we must serve all our people, and so a more balanced approach to where our pūtea is distributed is now emerging, reflecting the diversity we have in our own communities.
The number of grants awarded for trades training programmes is increasing, and we are working hard to be more responsive around the needs of our marae, as they have a vital role in our Whanganuitanga and day-to-day lives.
We have also seen a marked increase in the number of kaumātua grants, which indicates our efforts have been effective in raising awareness about the support available to support the wellbeing and comfort of our elderly.
Being able to provide the simple gift of improved sight or hearing, for example, can make a huge difference in quality of life for our kaumātua, and, with our shareholder population ageing, this will remain an important area for the Trust.
This year we approved 131 grants totaling $95,775 (an increase of just under $20k on last year’s figure) to fund dental work, hearing aid devices, medical and pharmaceutical expenses, visual aids, and home improvements such as heat pumps and disability access. It is very pleasing to know that support is contributing to making a wellbeing difference for our pāhake.
Last year we distributed $135,950 in 203 separate grants for courses that cover subjects such as medicine, Māori visual arts, teaching, law, dentistry, and business management – again a reflection of the diversity we have in our communities.
Supporting our high school students in their studies is also an important aspect of our work and this year 47 students benefited from funding totaling $11,750.
We also awarded three grants totaling $2,100 for those embarking on a trade learning journey – we welcome applications from rangatahi wishing to pursue this path.
Working in partnership with other
entities is an important approach. By providing access to more support and opportunity we are able to leverage what we can offer and achieve more for our people.
The Trust Board is pleased to have signed a partnership agreement with the Māori Education Trust, which means larger grants can be awarded to qualifying recipients. We will be working to grow and strengthen this relationship over the next year.
I would like to thank my fellow trustees for their support and mahi during a challenging year.
Of course, we must acknowledge the ongoing support of the ĀtihauWhanganui Incorporation, the foundation of everything we do at the Trust, and thank the Committee of Management for their leadership.
Ngā
mihiShar
Amner Te Āti Hau Trust Tiamana
A math whizz, a snow bunny and wannabe legal eagle all received support to pursue their dreams and aspirations from the Te Āti Hau Trust, but ended up with more than just pūtea – they found a reconnection with te ao Māori.
The support Te Āti Hau Trust gave to Gus Brooks not only helped him to complete a doctorate at the worldleading Robinson Research Institute at Victoria University of Wellington, but also provided him with the opportunity to find his place in the world.
“There is a perception that science is all about the physical world and how things work, but it isn’t – it helps you to understand who you are, what you value and to find your place in the world. I love it,” he said.
“When I was younger, my Māori culture was something I just took for granted, but I attended my first Ātihau-Whanganui Incorporation AGM last year and it opened my eyes a bit to everything they do. I am definitely keen to connect a bit more with the organisation.”
His study focus was on ‘superconductors’ and how they can be used in ground-breaking new technologies and provide solutions for industries worldwide.
When the COVID-19 pandemic kept 16-year-old snowboarding champion Tui Wikohika from the
ski fields of the USA, it gave him the time, space, and opportunity to connect more strongly with his Māori culture.
Te Āti Hau Trust supported Tui for several years as he progressed through the ranks of his chosen sport chasing Olympic dreams, but experiencing the whanaungatanga of being part of his community in Raetihi gave the young athlete a different perspective on life.
“I think not having time with his siblings and us, he saw that as a sacrifice, “says his mother, Lauren. “Tui understands as a result how participating in an elite sport does come down to having money. That’s why he is so determined to be successful when he competes to demonstrate his appreciation for what everyone has done to help him.”
While at home, enjoying the chance to spend time in person at Ruapehu College instead of completing his classes online, Tui joined his local waka ama team.
“Being able to participate in waka ama is something he always missed out on because of snowboard training. Just being with the waka team, crew and coaches has really exposed him to his culture, to te ao Māori,” said Lauren.
Another scholarship recipient last year to reconnect with her Māori heritage was law student Nicola Walsh.
“I was not brought up in a tikanga Māori environment,” she says. “But being chosen as the Māori, Pasifika, and International public law tutor when I was, on a regular basis, teaching and communicating with Māori and Pasifika students meant that I felt something was missing in terms of me and who I am.
“I took a paper in Māori customary law, which made me a lot more confident in myself. It’s really helped me get a better idea of who I am as a person and it’s brought me a lot closer to my family, and lots of different people.”
Her journey has helped Nicola, of Te Ātihaunui-a-Pāpārangi and Ngāti
Raukawa heritage, to cement her future dreams. “I really wanted to pick a profession where I could help vulnerable people or minority groups, particularly Māori people.” "Connection is important," says Shar Amner, chair of Te Āti Hau Trust. “Reaching out to our shareholder whānau and helping them to find the connections with Ātihau and their Māori heritage is a very important aspect of what we do. We are pleased that Gus, Tui and Nicola have experienced the manaaki and support of their iwi, which in turn has encouraged them to reconnect with the Incorporation and their culture.”
“Reaching out to our shareholder whānau and helping them to find the connections with Ātihau and their Māori heritage is a very important aspect of what we do."
Wānanga o Aotearoa
Victoria University of Wellington
University of Otago
University of Waikato
University of Auckland
Te Wānanga o Raukawa
University of Canterbury
Waikato Institute of Technology
Open Polytechnic Otago University
Ātihau Scholarships awarded by the Ātihau Committee of Management during the year ended 30 June 2022. Recommended by Te Āti Hau Trust.
Robin Murphy-Peehi
Liam Wooding $8,000 per year for two years
Jasmine Fraser
$2,000 per year for two years
Lena Kemp $2,000 per year for two years
Moana Ellis $2,000 per year for two years
Taylor Hibbard $2,000 per year for two years
TE ĀTI HAU TRUST SCHOLARSHIPS
TOTAL: $ 6,000
PHD Scholarships Qualification $
Leana Barriball PhD in Environmental Science 3,000 Justin Brooks PhD in Physics 3,000
TRADES
TOTAL: $ 2,100
Recipient Qualification $
Raukawa Paama
Masterlink - Plumbing, Gas, Fitting and Drainage Apprenticeship 700
Chase Leach BICTO - Building Apprenticeship 700
Kereru Mako-Kairimu Skills - Electrical Apprenticeship 700
MEDICAL 4YRS+
Recipient
Fiona Nicoll
TOTAL: $ 5,700
Qualification $
Bachelor of Medicine and Surgery 1,400
Jasmyn Williams Bachelor of Medicine and Surgery 1,400
Paris Butters Bachelor of Dental Surgery 1,500
Waimarama Matena Bachelor of Medicine and Surgery 1,400
POST GRADUATE
TOTAL: $ 37,300
Recipient Qualification $
Angela Tahiwi
Postgraduate Diploma in Health Science 700
Davina Cooper Doctorate of Philosophy in Māori Studies 700
Tiara Arahanga Postgraduate Diploma in Nursing 750
Trina Paewai Postgraduate Diploma in Psychology 750
Deanna Haami (2021) Doctorate of Philosophy in Psychology 1,200
Deanna Haami (2022) Doctorate of Philosophy in Psychology 1,300
Bailey Williams Postgraduate Diploma in Psychological Practice 1,300
Tania McDonnell Master of Māori & Indigenous Leadership 1,300
Hope Tioro Master of Health Psychology 1,400
Melanie Brooks Master of Education 1,400
Meretini Huxtable Master of Māori & Indigenous Leadership 1,400
Raukurawaihoea Waitai Master of Māori Visual Arts 1,400
Suzanne Hepi Master of Business Studies 1,400
Wavell Madams Certificate in Applied Pathophysiology 1,400
Winsome Burgess Master of Māori & Indigenous Leadership 1,400
Anne Paranihi Postgraduate Diploma in Business 1,500
Brooke Whanarere Postgraduate Diploma in Te Aho Paerewa 1,500
Denise Cribb-Fox Master of Applied Indigenous Knowledge 1,500
Haukapunui Vercoe PhD in Civil Engineering 1,500
Ngahuia Kawau Postgraduate Diploma in Education 1,500
Rhys Moh Master of Māori & Indigenous 1,500
Seth Haapu Bachelor of Arts in Psychology (Honours) 1,500
Shaia Twome Te Reo Kairangi 1,500
Sio Ikenasio Graduate Programme in Learning & Teaching (Primary) 1,500
Te Ara O'Brien Poutāhu Whakaakoranga 1,500
Toangina Nikora Davis Poutāhu Whakaakoranga Akoranga 1,500
Tomairangi Hipango Honours Degree Bachelor of Arts Mātauranga Māori 1,500
Wynita Katene Master of Contemporary Education 1,500
UNDERGRADUATE
TOTAL: $ 73,100
Recipient Qualification $
Maria Waretini
Anna Ngatai-Broughton
Jenna Connors
Toi Ora Whānau 250
Bachelor of Enviromental Science 300
Bachelor of Law/ Bachelor of Arts 300
Leila Blackburn Bachelor of Applied Science 300
Luke Enoka Bachelor of Te Reo Māori 300
Sandra Durston
Diploma in Māori Knowledge 300
Waiata Edmonds Certificate in Health & Wellbeing 300
Charleena Young Certificate in Study and Career Prep 350
Jana Topia Bachelor of Counselling 350
Ronald Dennis Certificate in Te Reo Māori Level 2 350
Caitlin Huria Bachelor of Science 400
George Miles Bachelor of Sport & Exercise 400
Larissa Tucker
Bachelor of Law/ Bachelor of Arts 400
Leila Blackburn Bachelor of Applied Science 400
Raukura Doyle Bachelor of Health & Bachelor of Law 400
Caitlin Huria Bachelor of Science 500
Fiona Te Haara Bachelor of Nursing 500
Huki-Ana Bishop Bachelor of Applied Management (Accounting) 500
Kayzia Goss
Bachelor of Māori Visual Arts 500
Madison Florence Bachelor of Social Work 500
Makayla Kahi Bachelor of Medicine and Surgery 500
Noah Blackburn Bachelor of Business & Bachelor of Science 500
Orewea Wanakore Certificate in He Pī Ka Rere 500
Puna Whakaata Maniapoto Love Bachelor of Laws and Bachelor of Arts 500
Te Kopae Taputoro Bachelor of Arts 500
Te Reo Moana Whakaruru Bachelor of Nursing 500
Te Rina Porou Ellis Bachelor of Communication 500
Aareta Mohi Bachelor of Te Aho Tātairangi 600
Ally Ataria Bachelor of Design (Honours) 600
Asha Masters Bachelor of Teaching 600
UNDERGRADUATE (CONTINUED)
TOTAL: $ 73,100
Recipient Qualification $
Asha Masters Bachelor of Education He Korowai Akonga 600
Ashleigh Edwards Bachelor of Nursing 600
Brogan Takarangi Certificate in Interior Design 600
Caleb Colins-Fore Bachelor of Business 600
Cody Hiri Bachelor of Arts 600
Dylan Budge Bachelor of Engineering 600
Emily Jane Bell Bachelor of Nursing 600
Heleni Misiloi Bachelor of Nursing 600
Ioane Takiari Bachelor of Design & Art 600
Jakob Bell-Kake Bachelor of Commerce 600
Jamie Wharepapa Gray Bachelor of Health Science 600
Kayla Waudby Diploma in Te Tohu Paetahi 600
Maia Nikora Davis Bachelor of Arts 600
Mike Taurerewa Certificate in Te Reo 600
Natalia Healey-Forde Bachelor of Science 600
Paris King Bachelor of Science 600
Peppa Reweti Bachelor of Design (Honours) 600
Rangimarie Huriwaka Masters Bachelor of Nursing 600
Ruby Pearce Bachelor of Design 600
Seona Healey Bachelor of Business 600
Wiremu Hipango Bachelor of Japanese 600
Abbey Dee Julian Bachelor of Nursing 700
Aneka Paranihi Bachelor of Applied Management 700
Arapera Tapiata Bachelor of Arts 700
Ashlee Ponga Bachelor of Teaching - ECE 700
Asrana Blackstock Certificate in Personal Training 700
Baile Afendoulis Bachelor of Teaching - Primary 700
Brogan Takarangi Cerificate in Interior Design 700
Brooke Whanarere Diploma in Te Aupikitanga ki te Reo Kairangi 700
Caitlin Kaye Macdonald Bachelor of Business 700
CONTINUED
UNDERGRADUATE (CONTINUED)
TOTAL: $ 73,100
Recipient Qualification $
Cheyenne Church
Bachelor of Animal Science 700
Cruz Peter Pauro Certificate in Carpentry 700
Dean Christensen Certificate in Foundations Studies 700
De'Arne Tamaki Certificate in Putaketanga Level 4 Te Reo Māori 700
Deejae Taiwhati Bachelor of Civil Engineering 700
Deejay Taiwhati Bachelor of Civil Engineering 700
Devon Olliver Bell Bachelor of Applied Science 700
Donna Mcleod Diploma in Te Haputanga o te Reo 700
Emily Craig Diploma in Teaching 700
Gemma Walsh Bachelor of Arts 700
Grace O'shaughnessy
Hiria Mohi
Bachelor of Enviromental Policy & Planning 700
Bachelor of Arts & Te Reo Māori 700
Imogen McNeill Bachelor of Arts and Bachelor of Science 700
Ioane Takiari Diploma in Arts and Design 700
Jacqueline Smith Diploma in Te Tohu Paetahi 700
Jade Matthews Diploma in Business & Admin 700
Jamie Cornes Bachelor of Medicine and Surgery 700
Jamie Wharepapa-Gray Bachelor of Health Science 700
Jennifer Kumeroa Te Ua Certificate in Level 3 Carpentry 700
Jessica Hobbs Certificate in Pre Health 700
Jill Sheehy Diploma in Arts 700
Josh Waitai Diploma in Construction 700
Joziah Townsend Bachelor of Arts 700
Kaycee Lee Babbington Bachelor of Teaching - ECE 700
Kim Schriefer Diploma in Rongoā 700
Krystal Tinirau Bachelor of Nursing 700
Madalyn Thompson Bachelor of Arts 700
Maemae Martini Bachelor of Social Work - Poutuarongo Toiora Whānau 700
Matthew Oberdries
Bachelor of Dental Surgery 700
Megan Lambert Bachelor of Fine Arts 700
UNDERGRADUATE (CONTINUED)
TOTAL: $ 73,100
Recipient Qualification $
Melanie Spooner
Bachelor of Education in ECE 700
Michelle Balsley Bachelor of Nursing 700
Neve Duxfield Bachelor of Criminal Justice and Psychological Studies 700
Ngarangi Mason Bachelor of Arts 700
Niki Haitana Lawrence Bachelor of Arts 700
Nikita Turoa Bachelor of Medicine and Surgery 700
Pania Tutemahurangi Bachelor of Resource & Enviromental Planning 700
Paris Urwin Certificate in Creative Media 700
Piata Marie Simon Certificate in Te Ara Reo Māori Level 2 700
Raukaahu Gray-Sharp Bachelor of Arts 700
Reina Puohotaua Bachelor of Nursing 700
Riley Shepperd- Pereka Bachelor of Commerce 700
Rosina Hari-Hari Bell Bachelor of Māori Arts 700
Rylee Wroe Certificate in Early Childhood Education and Care 700
Sarah Marshall Dipolma in Whānau Ora 700
Sheena Mareikura Edmonds Diploma in Tohu Pōkairua 700
Shona Hetaraka Heke Reo Diploma 700
Sophia Unga Bachelor of Arts 700
Stacey Bell Certificate in Farming Systems & Equipment 700
Tatiana Siddlers Certificate in Outdoors & Adventure Education 700
Te Otene Urwin Bachelor of Computer Science 700
Te Paea Rogers Bachelor of Nursing 700
Tia Parkinson Bachelor of Commerce 700
Tina Marie Tahi Diploma in Whānau Ora Level 5 700
Tipuna Smith Certificate in Māori Level 1 & 2 700
Toi Royal Bachelor of Design 700
Turehu Simon Mokai Certificate in Te Reo 700
Vayva Ridle Bachelor of Arts 700
Waiata Edmonds Certificate in Administration 700
SECONDARY - YEAR 10 ($250)
Recipient Education Provider
Summah Mackey Queen Elizabeth College
Keara Moses Whanganui Girls College
Amokura Royal Wellington Girls' High School
Bobbigirl Watson St Joseph's Māori Girls' College
Diaz Wright Palmerston North Boys' High School
Grace Asher Woodford House Secondary School
Hiraka Waitai-Haenga Hamilton Boys' High School
Jahnaia Brown Ruapehu College
Jeremiah Nicholls St Bernard's College
Kahupounamu Potaka Feilding High School
Kwade Chadwick St Patrick's College
Lukitama Sialemisa St John's College
Manaia Marshall-Ponga Whanganui City College
Mark Houpapa-David Hato Paora Boys' College
SECONDARY - YEAR 11 ($250)
Recipient Education Provider
Awa Baker-Fitzgerald Taumarunui High School
Broughton Ataria Horowhenua College
Caleb Blackmore New Plymouth Boys' High School
Hinewaiatarua Pirikahu-Josephs Cullinane College
Hiraka Waitai-Haenga Hamilton Boys' High School
Jaydis Albert-Hammond Ruapehu College
Jayla Alexander Dannevirke High School
Jilyzah Tonihi Whanganui High School
Keira Schriefer Rutherford College
Kody Tahiwi Palmerston North Boys' High School
TOTAL: $ 7,000
Recipient Education Provider
Mary Carston Baradene College of the Sacred Heart
Max Campbell-Smith Rongotai College
Miriama Iversen Mahurangi College
Petaera Pehi Ruapehu College
Petera Rogers Whanganui High School
Riley Coogan Taihape Area School
Shyniah Te Ua Patea Area School
Starcia Borck Horowhenua College
Steelie Albert-Hammond Ruapehu College
Tamauira Hawira-Harrison Whanganui City College
Te Karami Barratt Whanganui City College
Thomas Campbell Cullinane College
Zavier Alexander Dannevirke High School
Ziah Ratana-Horton Feilding High School
TOTAL: $ 4,750
Recipient Education Provider
Levi Hartley-Waihi Whakatane High School
Pera Maraku Whanganui City College
Rakeinohowhetu Hawira Whanganui City College
Raniera Kumeroa Te Ua Whanganui City College
Rihari Raupita Whanganui City College
Ronnie Dennis St John's College
Te Awanui Rice-Edwards Palmerston North Boys' High School
Wanita Muldrock Aotea College
Wiremu Raupita Whanganui City College
TOTAL: $ 11,320
Recipient Representative Team / Event $
Jaeda Rose Hagley-Tutauha
Aotea Māori Netball U15 Tournament 120
Hayley Wakefield-Fowlie Aotea Māori Netball U13 Tournament 200
Paige Perkins-Topine Whanganui U16 Rep Netball 250
Haeley Perkins-Tamatea Whanganui U16 Rep Netball 250
Vaitini Tinomana Geresoma Reweti Whanganui U18 Rep Netball 250
Saasha Spooner-Wallace Region 8 National Darts Competition 250
Kwade Chadwick Māori Rugby League U15 Nationals 250
Haedyn-Reeve Parekowhai Ruiterman Eastern Bay of Plently U18 Rep Netball 250
Conner Chadwick Māori Rugby League U17 Nationals 250
Jahnaia Brown Whanganui U14 Rep Netball 250
Ana-Louise Reuben-Peina Manawatu U14 Rep Netball 250
Jaeda Rose Hagley-Tutauha Manawatu U14 Rep Netball 250
Te Moana Kloe Leoni Hagley Whanganui U16 Rep Netball 250
Te Ari o te Kahurangi Paranihi Whanganui U16 Rep Netball 250
Tukarepa NZ U14 Basketball Development Squad 250
Keely Osborne Dunedin Womens Premier Touch League 250
Akuhata Rewi
National Youth Touch Championship - Manawatu U18 Mixed 250
Charlise Graham National Youth Touch Championship - Taranaki U18 250
Jahnae Graham National Youth Touch Championship - Taranaki U19 250
Pepi Rose Olliver Bell National Age Group Tournament 250
Thomas Campbell National Youth Touch Championship - Whanganui U16 250
Hiraka Waitai-Haenga National Junior Touch Championship - U16 250
Macee Huwyler Whanganui U14 Rep Netball 250
Merengaika Hetet Peina Whanganui U13 Rep Basketball 250
Petera Patea-Koro Trans-Tasman Youth Touch Mixed U18 Team 250
Te Atakura Potaka-Osborne Whanganui U14 Rep Netball 250 Milner-Skudder
Witerina Hough Whanganui U13 Rep Basketball 250
Keara Moses Whanganui U16 Rep Netball 250
Mya Mahony Manawatu U16 Rep Netball 250
Ta Anewai Te Uamairangi Ahikaa Netball 250
Troy Hewson
IVF Va'a World Sprint Champs 500
Hunter Hewson IVF Va'a World Sprint Champs 500
Leroy Hiroti
IVF Va'a World Sprint Champs 1,000
Anthony Te Wekepiri IVF Va'a World Sprint Champs 1,000
Tahi Nepia IVF Va'a World Sprint Champs 1,000
KAUMĀTUA - HEALTH & WELLBEING (UP TO $1,000)
Recipient
Adalene Hay
Alan McRitchie
Alice Faye Matthews
Alistair Goff
Angela Tioro-Teki
Anna Sullivan
Anne Wikitoria Metekingi
Annette Hawe
Belinda Bartlett
Bessie Williams
Billy Reihana
Boyd Te Rawhiti Pene
Boydie Ashford
Bradley McDermit
Brenda Toner
Bubby Biel
Charmaine Puru
Christopher Te Iwimate
Christopher Tonihi
Corrine Kawana
Daisy Cameron Daisy Cameron
Darrel Hall
Denise Golf
Dennis Arahanga
Donna Hartley
Duncan Metekingi
Earle Barrie
Edna Blackburn
Elaine Farr
Eloise Ranginui-Hall
Erana Brooks
Errol Ruruku
Fiona Phillips
Florence Potaka
Florence Potaka-Osborne
Guy Timu
Harold Taurerewa
Harry Dansey
Henry Warahi
Hine Stanley
TOTAL: $ 95,775
Recipient
Hira Hilda Downes
James Churchward
Jane Edwards
Janet Tutaki
Jean Alison Pou
Jean Cunningham
Jean Pou
Jennifer Tamehana
Jocelyn Nikora Johanne Patel
John Niko Maihi
Joyce Kani (Tamakehu)
Juliana Hook
June McKay
Kahukura Edwards
Karen Herbert Kataraina Millin
Kerrian Duff Korea Matthews
Korina Te Whaea Waitai
Korralie Bailey-Taurua Kuini Waretini Kurai Toura
Lance Teki Laurel Tuatini
Lilian Wardlaw
Lorraine Tapa
Marama Taurerewa
Marcia Williams
Maree Myers
Margaret Waitai Mary Wakefield
Materina Duncan Matiu Wilson
Mere Millar
Mereana Hemopo
Merolyn Raukura Kiriona
Michael Matthews
Michael Ngaronga
Minnie Pine
Moewai Hyland
Neville Bason
Patiwha Metekinga
Patricia Pene
Pearl Haami
Peter Pauro
Puawai Thompson
Raewyn McDonnell
Rangi Marie Bell
Rangi Taylor
Raymond Hina Raymond Menehira
Rena August Riripeti Liszette Harawira
Robert Edward Coneybeer
Robert Hikaka Ruth Hammond Soraya Peke Mason Tamaohungia TePatu Tamati Williams Tamati Williams
Tawake Golf
Te Anateira Akuhata
Te Aroha Hakaraia
Te Aroha Tawaroa
Te Huiakama Borell
Te Mataara Pehi
Te Pura Cedrick Chadwick Te Rangianganoa Hawira
Terence Hikaka
Terence Te Tua Ranginui
Thomas Cooper
Tina Downs
Titikura Kipo Simon
Valda Wallace
Vanessa Thompson Waikaramihi Robinson
Wayne Ormsby
Wendy Pittaway Whetu Bennett Yvonne Rakatau
CULTURAL
TOTAL: $ 1,000
Recipient Event $
Te Wainui-a-Rua Cultural Club Hui Aranga 1,000
MARAE
TOTAL: $ 10,000
Recipient Grant Project $
Rakato Marae New Water Tank & Piping 5,000
Te Ao Hou Marae Weatherproof Mahau 5,000
Ātihau-Whanganui Incorporation
66
67
70
70
70
70 3
70 4
71 5
72 6
73 7
73 8
73 9
73 10
74 11
76 12
76
76 14 Trade and Other Receivables 77 15 Stock on Hand 78 16 Biological Assets 80 17 Leases 81 18 Investments in Associates & Joint Ventures 83 19 Property, Plant & Equipment 85 20 Share and Bond Investments 86 21 Intangible Assets 88 22 Contingent Liabilities 88 23 Provisions 89 24 Borrowings 90 25 Financial Instruments 92 26 Programmed Property Maintenance 93 27 Related Parties 94 28 Unclaimed Dividends 94 29 Subsequent Events 94 30 Commitments for Expenditure 95 31 Capital 95 32 Reserves 96 Auditors' Report
Ātihau-Whanganui Incorporation
SHAREHOLDING & COMMITTEE OF MANAGEMENT DISCLOSURES
For the year ended 30 June 2022
No. of Shareholders
No. of Shares Held
Greater than 5,000 shares 12 0.12% 111,994.52 8.91%
Between 1,000 and 5,000 shares 231 2.40% 437,252.63 34.80%
Between 500 and 1,000 shares 285 2.97% 201,642.15 16.05%
Between 100 and 500 shares 1543 16.06% 359,241.86 28.59%
Between 5 and 100 shares 4378 45.58% 141,216.00 11.24%
Between 1 and 5 shares 1699 17.69% 4,621.81 0.37%
Under 1 share 1458 15.18% 560.024 0.04%
Totals 9606 100.00% 1,256,529.00 100.00%
The following CoM members have shares in the Incorporation registered in their names as at year end. Excludes shares registered in trust names of which the CoM member may be a beneficiary.
Keria Ponga 61.05
Mavis Mullins 1000.00
Rāwiri Tinirau 543.36
Whatarangi Murphy-Peehi 3104.35
There were ten Committee of Management monthly meetings and one general meeting held during the year. Member's attendance was as follows:
Committee of Management Subcommittees Ordinary AGM Audit & Risk Farm Awhiwhenua
Che Wilson (ARC subcommittee Chair) 8 1 3 - -
Keria Ponga 9 1 4 - 2
Mavis Mullins (CoM Chair until 1 Feb 2022) 10 1 5* 4 2
Rāwiri Tinirau 7 1 - -Shar Amner (ARC member until 1 August 2021) 8 1 1 - -
Te Tiwha Puketapu (ARC Chair until 1 Feb 2022 and CoM Chair from then) 10 1 7** 4 2
Whatarangi Murphy-Peehi (Farm & Awhiwhenua subcommittee Chair) 10 1 7 5 2
*attendance ex-officio ** 3 hui attended ex-officio
Independent subcommittee members
Joe Hanita (Independent ARC member) N/A N/A 5 -David Nelson (Independent Farm subcommittee member) N/A N/A - 5 -
Che Wilson 32,000
Keria Ponga 32,000
Mavis Mullins (Chair to 1 Feb 2022) 47,315 Vehicle provided during her term as Chair
Rāwiri Tinirau 32,000
Shar Amner 32,000
Te Tiwha Puketapu (Chair from 1 Feb 2022 42,685
Whatarangi Murphy-Peehi 32,000
Independent subcommittee members
Joe Hanita 6,400
David Nelson 3,500
Ātihau-Whanganui Incorporation
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2022
FROM CONTRACTS WITH CUSTOMERS
Note 2022 $ 2021 $
Livestock 5 15,605,283 14,259,880
Milk 2,235,916 1,883,228 Wool 802,797 605,701 Apiary 5 2,342,831 4,532,124 20,986,827 21,280,934
OTHER INCOME
Gain/(loss) from sale of emission trading units 21 - 119,644
Finance income 7 70,423 42,337
Rental income 328,279 307,673 Other income 6 3,172,598 1,605,116 3,571,299 2,074,770
TOTAL REVENUE & OTHER INCOME 24,558,127 23,355,704
EXPENSES
Farm and Apiary operating expenses 8 12,045,911 8,617,720
Employee benefits expense 5,759,351 5,625,632
Depreciation and loss on sale 9 1,881,493 1,981,310
Repairs and maintenance 939,490 924,819 Governance and shareholder expenses 795,062 805,297 Donations and scholarships 556,248 550,500
Other operating expenses 10 1,182,278 1,358,407
TOTAL EXPENSES 23,159,833 19,863,685
NET SURPLUS BEFORE FINANCE COSTS AND NON OPERATING REVALUATIONS 1,398,293 3,492,018
FINANCE COSTS
Interest expense (1,579,831) (1,556,171)
REVALUATION GAINS (LOSSES)
Profit / (Loss) from equity accounted investments 18 (394,588) 224,130
Profit / (Loss) due to price changes on livestock 932,182 3,981,808
NET SURPLUS / (DEFICIT) BEFORE INCOME TAX 356,056 6,141,785
Income tax expense - current year movement 11 (648,573) 814,806
NET SURPLUS AFTER INCOME TAX 1,004,629 5,326,979
OTHER COMPREHENSIVE INCOME
Revaluation of share investments (164,569) 1,149
Revaluation of property, plant & equipment 19 - 31,966,500
Revaluation of emission trading units 21 15,163,267 7,785,181
Provision for ETU surrender 23 (1,010,724) -
Share of gain or (loss) on property revaluation of associates 18 861,207 (224,193)
Income tax relating to items that will not be reclassified subsequently 11 (2,653,572) (2,129,135)
TOTAL OTHER COMPREHENSIVE INCOME 12,195,609 37,399,502
TOTAL COMPREHENSIVE INCOME 13,200,238 42,726,481
These financial statements are to be read in conjunction with the accompanying notes
For the year ended 30 June 2022
Capital Reserves $
PPE Reval Reserve $
Retained Earnings $
ETU Reserve $
Share Reserve $
Total Equity $
BALANCE AT 1 JULY 2021 24,311,005 147,527,105 34,078,328 13,831,570 1,149 219,749,157
Dividends paid - - (1,005,223) - - (1,005,223)
Transactions with owners - - (1,005,223) - - (1,005,223)
Net Surplus after Income tax - - 1,004,629 - - 1,004,629
- Revaluation of emission trading units - - - 15,163,267 - 15,163,267
- Revaluation of property, plant & equipment - - - - - -
- Revaluation of share investments - - (164,569) - - (164,569)
- Provision for ETU surrender - - - (1,010,724) - (1,010,724)
- Share of gain (loss) on property revaluation of associates - 861,207 - - - 861,207
- Income tax relating to items that will not be reclassified subsequently - - - (2,653,572) - (2,653,572)
Total Comprehensive Income for the Year - 861,207 840,060 11,498,971 - 13,200,238
Transfer to Retained Earnings - - (2,653,572) 2,653,572 - -
BALANCE AT 30 JUNE 2022 24,311,005 148,388,312 31,259,593 27,984,113 1,149 231,944,172
BALANCE AT 1 JULY 2020 24,311,005 116,590,673 27,991,123 9,174,244 - 178,067,045
Dividends paid - - (1,005,223) - - (1,005,223)
Transactions with owners - - (1,005,223) - - (1,005,223)
Net Surplus after Income tax - - 5,326,979 - - 5,326,979
Other Comprehensive Income
- Revaluation of emission trading units and provisions - - - 7,785,181 - 7,785,181
- Revaluation of property, plant & equipment - 31,966,500 - - - 31,966,500
- Revaluation of share investments - - - - 1,149 1,149
- Share of gain (loss) on property revaluation of associates - (224,193) - - - (224,193)
- Income tax relating to items that will not be reclassified subsequently - (805,875) 39,147 (1,362,407) - (2,129,135)
Total Comprehensive Income for the Year - 30,936,432 5,366,126 6,422,774 1,149 42,726,481
Imputation credits converted to losses - - (39,147) - - (39,147)
Transfer to Retained Earnings - - 1,765,448 (1,765,448) - -
BALANCE AT 30 JUNE 2021 24,311,005 147,527,105 34,078,328 13,831,570 1,149 219,749,157
A description of the nature and purpose of each reserve is stated in note 32.
These financial statements are to be read in conjunction with the accompanying notes
Ātihau-Whanganui
As at 30 June 2022
CURRENT ASSETS
Note 2022 $ 2021 $
Cash and cash equivalents 13 242,783Trade and other receivables 14 2,652,521 4,501,934 Stock on hand 15 7,917,286 8,783,941 Biological assets 16 36,088,258 35,775,906
TOTAL CURRENT ASSETS 46,900,848 49,061,780
NON CURRENT ASSETS
Property, plant & equipment 19 197,652,342 197,246,285
Right-of-use assets 17 446,109 510,162 Investments in associates and joint ventures 18 10,035,629 9,843,979 Share and bond Investments 20 1,717,059 1,873,805 Intangible assets 21 28,994,836 13,831,569 Biological assets - non current 16 600,000TOTAL NON CURRENT ASSETS 239,445,975 223,305,800
TOTAL ASSETS 286,346,822 272,367,580
CURRENT LIABILITIES
Cash & cash equivalents 13 - 380,032 Borrowings 24 10,578,750 9,000,000
Lease liabilities 17 81,000 81,000 Trade and other payables 1,754,425 2,045,358 Provisions 23 1,010,724GST payable 353,522 423,955 Employee entitlements 750,517 599,587
TOTAL CURRENT LIABILITIES 14,528,938 12,529,932
NON CURRENT LIABILITIES
Borrowings 24 27,140,000 29,463,750
Programmed property maintenance 26 49,670 163,357
Lease liabilities 17 393,105 448,632
LIC Share Liability 2,464 3,023
Unclaimed dividends 28 2,928,462 2,654,715
Deferred tax liability 11 9,360,012 7,355,014
TOTAL NON CURRENT LIABILITIES 39,873,713 40,088,490
TOTAL LIABILITIES 54,402,651 52,618,422
NET ASSETS 231,944,171 219,749,157
EQUITY
Retained earnings 31,259,593 34,078,328 Reserves 32 200,684,579 185,670,829
TOTAL EQUITY 231,944,171 219,749,157
The Committee of Management of Ātihau-Whanganui Incorporation authorised the financial statements for issue on 30 September 2022. Signed for and on behalf of the Committee of Management:
Brendon Te Tiwha Puketapu
Chair 30 September 2022
Che Phillip Wilson Chair of the Audit and Risk Committee 30 September 2022
These financial statements are to be read in conjunction with the accompanying notes
For the year ended 30 June 2022
CASH FLOWS FROM OPERATING ACTIVITIES
2022 $ 2021 $
Cash was provided from: Receipts from operations 29,904,243 23,011,306 Interest, dividends and other investments received 68,606 40,839 Grants received 330,085 546,591 30,302,934 23,598,736
Cash was disbursed to: Payments to suppliers and employees 23,038,231 19,491,396 Interest paid 1,519,287 1,556,171 Net GST paid 277,955 143,664 24,835,473 21,191,231
NET CASH FLOWS FROM OPERATING ACTIVITIES 5,467,461 2,407,505
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from: Proceeds from disposals of property, plant & equipment 85,080 194,085 Investment and Intangibles proceeds and disposals 286,169 3,497,500 371,249 3,691,585
Cash was disbursed to: Acquisition of property, plant & equipment 3,095,157 4,061,013 Purchase of investments 7,264 23,432 3,102,421 4,084,445
NET CASH FLOWS FROM INVESTING ACTIVITIES (2,731,172) (392,860)
CASH FLOWS FROM FINANCIAL ACTIVITIES
Cash was disbursed to: Repay Borrowings 745,000 1,075,000 Dividends 731,475 791,765 Grants & donations 556,000 550,500 Lease payments 81,000 75,000 2,113,475 2,492,265
NET CASH FLOWS USED IN FINANCIAL ACTIVITIES (2,113,475) (2,492,265)
Net (Decrease)/Increase in Cash Held 622,814 (477,620) Cash at the Beginning of the Year (380,031) 97,589 CASH AT THE END OF THE YEAR 242,783 (380,031)
These financial statements are to be read in conjunction with the accompanying notes
For the year ended 30 June 2022
Ātihau-Whanganui Incorporation (Ātihau) is registered under the Te Ture Whenua Māori Act 1993 and is incorporated in New Zealand.
Ātihau-Whanganui Incorporation is a for-profit entity for the purposes of complying with NZ GAAP. Ātihau qualifies for NZ IFRS (RDR) as it is not a large for-profit entity. The Incorporation is eligible for and has elected to report in accordance with Tier 2 For Profit accounting standards and has applied disclosure concessions.
The financial statements have been prepared under the historical cost basis except for land & buildings, biological assets and some financial instruments that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in a orderly
transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.
The information is presented in New Zealand Dollars and all values are rounded to the nearest dollar.
The financial statements have been prepared using the significant accounting policies and measurement basis that are in effect at year end as summarised below. These were used throughout all periods presented in the financial statements.
Accounting policies which materially affect the measurement of the Statement of Comprehensive Income and Statement of Financial Position are disclosed as follows and under the notes to which they relate.
Expenses are recognised on a functional basis in the period in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
All amounts are stated exclusive of goods and services tax except for accounts payable and receivable which are inclusive of GST.
There have been no changes in accounting policies during the financial year.
The preparation of these financial statements requires Management to exercise its judgement in the process of applying Ātihau's accounting policies that effect the reported amounts in the financial statements. Judgements and estimates are based on external advice, historical experience and other factors that they believe is relevant to the circumstances. Actual results may differ from those estimates.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant are listed throughout the notes to the financial statements.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
5a. Livestock Revenue 2022 $ 2021 $ Sales
Sheep 12,111,536 11,160,328 Cattle 6,763,087 6,033,490 Total Sales 18,874,624 17,193,817
Purchases
Sheep (368,050) (404,010) Cattle (2,203,634) (1,648,961)
Total Purchases (2,571,684) (2,052,971)
Increase / (Decrease) in value due to change in numbers (697,656) (880,966)
Total Livestock Revenue 15,605,283 14,259,880
5b. Apiary Revenue 2022 $ 2021 $
Sales
Honey sales
3,267,927 3,703,426 Less carrying value of honey sold (3,151,733) (3,669,332) Gain on honey sold 116,194 34,094
Other Apiary inventory movements
Honey harvested - bulk 4,977,170 6,331,282 Honey revaluation to NRV (2,750,533) (1,833,252) 2,226,637 4,498,030
Total Apiary Revenue 2,342,831 4,532,124
Honey harvested is initially valued at fair value less future costs of sale. Fair value is assessed using market comparison (where values are based on the latest market prices) for the type of honey and its UMF factor. At the year end, the carrying value of Honey stock on hand is revalued to Net Realisable Value (NRV) to reflect honey attribution changes and estimated future achievable sales values.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
Revenue from contracts with customers comprises the expected value for the sale of goods and services, excluding Goods and Services Tax. Revenue is recognised as follows:
Ātihau sells livestock to third-party buyers. The livestock revenue is recognised at the point in time that control is assumed by the buyer, being the date that the animal is killed. The amount of revenue recognised is based on the industry market price provided by the buyer.
Ātihau sells honey product to third-party buyers. Honey sale revenue is recognised when control of the goods has passed to the customer, being the point in time that the goods are delivered to the customer. The amount of revenue recognised is based on an agreed price list adjusted to account for current market conditions.
Ātihau sells milk to a third-party buyer. The milk revenue is recognised at the point in time that control is assumed by the buyer, being the date of collection. Payment is paid on a per kg milksolids basis based upon the forecast milk price payable. Approximately 85% is received upon collection and the balance is deferred, spread over the months up to September following year end.
Ātihau sells wool to third-party buyers. The wool revenue is recognised at the point in time that control is assumed by the buyer, being the date the wool is collected, or the date the wool is sold at auction. The amount of revenue recognised is based on industry-accepted market price provided by the buyer.
2022 $ 2021 $
Apiary leases 1,535,991 1,140,931
Forestry - logs harvested 667,998 166,471
Forestry - valuation movement 600,000Rebates received 64,729 73,489
Other income 303,880 224,225 3,172,598 1,605,116
Rental income is recognised on a straight line basis over the term of the lease. Dividends received are recognised on receipt, net of non-refundable tax credits. The policy for recognition of revenue for emissions trading units is described in the Intangible Assets note below.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
2022 $ 2021 $
Dividends received 52,158 20,311
Interest income 18,264 21,704
Imputation Credits - 322
Total Finance Income 70,423 42,337
2022 $ 2021 $
Apiary expenses 951,619 1,080,575
Cropping and pasture 2,438,107 2,054,047
Farm expenses 4,057,430 3,379,541
Feed 499,935 347,154
Fertiliser 3,272,400 1,178,446
Vehicles 826,420 577,958
Total Farm & Apiary Operating Expense 12,045,911 8,617,720
2022 $ 2021 $
Depreciation 1,805,692 1,911,366
Depreciation on Right-of-use assets 64,053 59,239
Loss on sale of property, plant and equipment 11,748 10,705
Total Depreciation & Loss on Sale 1,881,493 1,981,310
2022 $ 2021 $
Audit Fees 24,795 23,795
Accountancy, legal and consultancy 521,847 297,204
Administration expenses 585,055 894,374
Project expenses 50,581 143,034
Total Operating Expenses 1,182,278 1,358,407
For the year ended 30 June 2022
Income tax expense reflects the impact of current and deferred tax and is recognised in profit & loss unless it relates to an item in other comprehensive income.
11a. Income tax recognised in profit & loss 2022 $ 2021 $
Deferred tax expense / (income) re the origination & reversal of temporary differences (648,573) 814,806
Total income tax recognised in the current year (648,573) 814,806
The income tax expense for the year reconciles to the accounting profit as follows:
Net Surplus / (deficit) before income tax 356,056 6,141,785 Tax at the New Zealand tax rate applicable to Māori Authorities (17.5%) 62,310 1,074,812
In calculating taxable income the following adjustments were made:
Temporary differences - livestock 621,906 (326,463) - capex and depreciation (46,301) (59,600) - other temporary differences 26,436 553,611
Permanent differences - permanent differences (716,715) (308,251)
Adjustments recognised in current year in regard to current & deferred tax of prior years (596,209) (119,303)
Income tax credit recognised in profit & loss (648,573) 814,806
For the year ended 30 June 2022
11b. Income tax recognised in other comprehensive income 2022 $ 2021 $
Deferred tax (2,653,572) (2,129,135)
Total income tax recognised in other comprehensive income (2,653,572) (2,129,135)
11c. Deferred tax liability 2022 $ 2022 $ 2022 $
Deferred tax assets & (liabilities) in relation to: Opening balance Movement in profit & loss, other comp income or equity
Closing balances
Livestock (1,249,917) 621,906 (628,011)
Property plant & equipment (3,845,901) (46,301) (3,892,202)
Provisions 85,238 19,952 105,190
Unused tax losses 178,288 55,975 234,263
Other (2,522,721) (2,656,530) (5,179,251)
Total deferred tax liability (7,355,014) (2,004,998) (9,360,012)
Ātihau is registered as a Māori Authority for income tax purposes. Current income tax assets and/or liabilities comprise those obligations to, or claims from, Inland Revenue Department relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred income taxes are calculated in respect to temporary differences between the carrying amounts of assets and liabilities and the amounts used for tax purposes. It is not provided on the initial recognition of an asset or liability unless the transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by Ātihau and it is probable that reversal will not occur in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income, based on Ātihau's forecast of future operating results which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused tax losses or credit. Deferred tax liabilities are always provided in full.
Deferred tax assets and liabilities are offset only when Ātihau has a right and intention to set off current tax assets and liabilities.
Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in the profit or loss, except where they relate to items that are recognised in other comprehensive income (such as the revaluation of land) or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or equity, respectively.
Ātihau-Whanganui Incorporation
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
2022 $ 2021 $
a) Māori Authority Credit Account balance at the end of the year 412,946 408,151
b) Balance of retained earnings earned prior to 2004. 10,577,213 11,582,435
Dividends paid from pre 2004 retained earnings have no Māori Authority Credits attached.
2022 $ 2021 $
Cash at bank / (overdrawn) 237,626 (385,160) Deposits on call 5,157 5,129 242,783 (380,032)
Ātihau has an overdraft facility of $1,000,000 and a credit card facility of $20,000.
2022 $ 2021 $
2,555,997 4,346,778 Other receivables 96,524 155,155
Revenue from contracts with customers
2,652,521 4,501,934
Trade Receivables are recognised initially at fair value and subsequently measured after impairment (if any). Any impairment loss is recognised in the profit and loss component of the Statement of Comprehensive Income.
For the year ended 30 June 2022
2022 $ 2021 $
Feed 594,427 512,510
Apiary raw materials - 31,295
Total Raw Materials 594,427 543,805
Merchandise
Honey - bulk 7,117,808 8,051,255
Honey - packaged 83,495 126,498
Wool 121,556 62,382
Total Merchandise 7,322,859 8,240,135
Total Stock on hand 7,917,286 8,783,941
Inventories are stated at the lower of cost and net realisable value. The cost formula for specific inventory items is as follows:
Stock feed on hand is stated at fair value at point of harvest, less costs to realise. Agricultural produce inventory from biological assets is valued at fair value, by reference to market prices for bulk honey and wool, less estimated point of sale costs.
Bulk Honey is valued at estimated Net Realisable Value (NRV) to reflect honey attribution changes and estimated future achievable sales values. Writedown of carrying value to NRV is offset against Apiary Revenue. Honey is MGO quality tested, and is an estimate of market price, valued using forecast farmgate prices listed by a significant customer. This is discounted further to account for slow moving stock.
Packaged honey is valued at the bulk honey value plus cost of raw materials used.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
2022 $ 2021 $
Balance at the beginning of the year 19,423,904 17,391,577
Increase due to purchases 368,050 404,010
Decrease due to sales (12,111,536) (11,160,328)
Animal growth 11,181,735 9,832,066
Changes in fair value (681,213) 2,956,578
Total sheep on hand 18,180,939 19,423,904
Cattle (Dairy & Beef)
Balance at the beginning of the year 15,628,250 14,559,735
Increase due to purchases 2,203,634 1,648,961
Decrease due to sales (6,763,087) (6,033,490)
Animal growth 4,175,406 4,437,209
Changes in fair value 1,861,537 1,015,835
Total cattle on hand 17,105,740 15,628,250
Balance at the beginning of the year 707,252 672,137
Increase due to hive growth 79,327 35,115
Total bees on hand 786,579 707,252
Horses on hand 15,000 16,500
Total Biological Assests - Current 36,088,258 35,775,906
Biological Assets - Non Current (Forest) 600,000 -
Livestock consists of mixed age sheep and cows which are held for dairy and dry stock farming. The units on hand were counted and independently verified by PGG Wrightson (PGG) prior to year end.
A fair value valuation of the sheep and cattle was undertaken by S Luoni (employed by PGG). The valuation is based on reference to market evidence of current prices less point of sale costs. PGG is an independent registered valuer not related to Ātihau. The valuers hold recognised and relevant professional qualifications and have recent experience in the category of biological asset they have valued.
Bees on hand consist of queen and worker bees. Hive valuations were verified independently by A Matthews (Apiary Business Manager with Ngāti Apa), in June 2022 on a random sample of Ātihau hives. Values were based on the size of the hive, and included both biomass (bees) and hiveware components. The biomass component is calculated by deducting the hiveware component from hive value.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
Biological assets include livestock, bees and forests and are valued using market values by industry experts. Livestock market values reflect livestock of similar age, breed and genetic merit. Changes in the value of livestock are recognised in the Statement of Comprehensive Income. Value changes that form part of Ātihau livestock management policies including animal growth and changes in livestock numbers are recognised as Revenue in the Statement of Comprehensive Income.
Changes in value due to general livestock price movements are beyond Ātihau's control and are recognised in the Statement of Comprehensive Income as gain/loss due to price changes on livestock. Bees are measured at fair value less point of sale costs.
Non current Biological Assets are forestry not held through the Papahaua JV and are located across Ohorea, Waipuna, Te Paenga and Tawanui blocks. Management have valued these using a discounted future cash flow basis.
2022 Units 2021 Units
Quantity of Sheep on Hand
MA Ewes
31,162 32,431
2-Tooth Ewes 17,419 17,259
Ewe Hoggets 19,070 19,028
Mixed Lambs 20,610 22,584 Breeding Rams 1,175 1,052 MA Wethers 45 117 89,481 92,471
Quantity of Beef and Dairy Cattle on Hand
MA Cows 2,524 2,239
R4 Heifers 920 1,026
R3 Heifers 1,050 1,354
R2 Heifers 1,676 1,833
Heifer Calves 1,810 1,810 Breeding Bulls 212 188
R3 Bulls 7 10
R3 Steers 810 788
R2 Steers 2,317 2,207
Steer Calves 1,619 1,682 12,945 13,137
For the year ended 30 June 2022
Ātihau leases land and buildings and the below relates to those asset classes
Right-of-use assets
2022 $ 2021 $
Opening Balance 510,162 404,491 Additions - 173,289 Lease variations & term adjustments - (8,379) Depreciation (64,053) (59,240) Closing Balance 446,109 510,162
Opening Balance 529,632 418,276
Additions - 173,289
Interest expense 26,280 (25,982)
Lease payments (81,000) (75,000) Lease variations & term adjustments (807) (12,915)
Total Closing Balance 474,105 529,632
Classified as current liability 81,000 81,000
Classified as non current liability 393,105 448,632
Total 474,105 529,632
All significant leases over twelve months term are accounted for by recognising a right-of-use asset and a lease liability:
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease. Variable lease payments are expensed in the period to which they relate.
Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for lease payments made at or before commencement of the lease, initial direct costs incurred; and the amount of any provision recognised where Ātihau is contractually required to dismantle, remove or restore the leased asset.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.
For the year ended 30 June 2022
Ātihau has the following investments in associates & joint ventures:
2022 $ 2021 $
Papahau Forestry Partnership 50% Fair Value 366,916 1,007,646
Te Hou Limited Partnership 33.33% Equity 9,669,891 8,836,333 10,036,807 9,843,978
Te Hou Limited Partnership is in the business of Sheep, Beef and Dairy farming and is audited. Papahau forestry partnership is a separately structured vehicle whose accounts are unaudited. The primary activity is forest plantation.The Ātihau share of this forest investment is market valued by Stuart Orme, a RMNZIF Registered Forestry Consultant of Orme & Associates Limited. Realisation of this investment will require investment in a bridge. Accordingly, the forest valuation has been reduced by 50% of the $2.2m bridge cost estimate (estimated by bridge engineers).
2022 $ 2021 $
Papahau Forestry Partnership
Balance at the beginning of the year 1,007,646 1,011,664
Share of surplus / (deficit) (16,378) (15,499)
Revaluation - Forestry (635,551)Funds advanced 11,199 11,481 Balance at the end of the year 366,916 1,007,646
Te Hou Farms Limited Partnership
Balance at the beginning of the year 8,836,333 9,072,634 Share of surplus / (deficit) 498,618 237,892
Revaluation - Forestry (241,277)Revaluation - Land & Buildings (OCI) 861,207 (224,193) Distributions and other adjustments (286,169) (250,000) Balance at the end of the year 9,668,713 8,836,333
Total Investments in Associates & Joint Ventures 10,035,629 9,843,979
For the year ended 30 June 2022
2022 $ 2021 $
Total Share of surplus / (deficit) after tax for Joint Ventures (including forestry revaluation) (394,588) 224,130
Total other comprehensive income movements (including land & building revaluation) 861,207 (224,193)
Total incease / (decrease) in Equity Accounted Investments
466,620 (62)
Associates are those entities over which Ātihau is able to exert significant influence but which are not subsidiaries.
A joint venture is an arrangement that Ātihau controls jointly with one or more other investors over which Ātihau has rights to a share of the arrangement's net assets rather than direct rights to underlying assets and obligations for underlying liabilities.
Ātihau's investment in associates and joint ventures are accounted for using the equity method of accounting in the financial statements.
Under the equity method, investments in associates and joint ventures are carried in the Statement of Financial Position at cost plus post-acquisition changes in the share of net assets of the associate and joint ventures.
The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise Ātihau's share of the net surplus and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with Ātihau's accounting policies.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
As at 30 June 2022
Class Cost OPENING Acc Depn Book Value Cost
As at 30 June 2021
OPENING Acc Depn Book Value
Freehold Land 139,467,000 - 139,467,000 113,960,000 - 113,960,000 Leasehold Land 20,045,500 - 20,045,500 18,191,000 - 18,191,000 Improvements 5,499,984 942,435 4,557,549 5,384,351 903,332 4,481,019 Buildings & Bridges 23,309,011 2,498,811 20,810,200 18,044,650 2,335,560 15,709,090 Plant & Machinery 3,941,398 1,955,396 1,986,002 3,427,093 1,515,931 1,911,162 Motor Vehicles 3,707,418 1,852,815 1,854,603 3,343,485 1,731,318 1,612,167
Furniture & Fittings 953,425 577,735 375,691 945,145 553,117 392,028 Development 26,971,775 20,475,947 6,495,827 25,978,835 19,641,559 6,337,276 223,895,511 28,303,139 195,592,372 189,274,559 26,680,817 162,593,742
Uncompleted Capital Works 1,653,913 - 1,653,913 537,032 - 537,032
Total Property, Plant & Equipment 225,549,424 28,303,139 197,246,285 189,811,591 26,680,817 163,130,774
As at 30 June 2022
As at 30 June 2021
Class Additions Reclass Disposals Revaluations Depn Additions Disposals Revaluations Depn
Freehold Land - 7,509,000 - - - - - 25,507,000Leasehold Land - (7,509,000) - - - - - 1,854,500Improvements 72,527 - - - 41,119 115,633 - - 39,103 Buildings & Bridges 727,028 - - - 149,867 659,361 - 4,605,000 163,251 Plant & Machinery 298,678 - 7,464 - 468,874 570,516 - - 439,766 Motor Vehicles 421,064 - 71,520 - 410,649 801,557 194,085 - 410,239 Furniture & Fittings 61,041 - 2,988 - 69,852 93,070 - - 61,194 Development 2,149,101 - - - 665,501 908,149 - - 797,813 3,729,439 - 81,972 - 1,805,862 3,148,286 194,085 31,966,500 1,911,366
Uncompleted Capital Works 218,366 - 1,653,913 - - 1,653,913 537,032 -Total Property, Plant & Equipment 3,947,805 - 1,735,885 - 1,805,862 4,802,199 731,117 31,966,500 1,911,366
As at 30 June 2022
Class Cost
CLOSING
Acc Depn Book Value Cost
As at 30 June 2021
CLOSING
Acc Depn Book Value
Freehold Land 146,976,000 - 146,976,000 139,467,000 - 139,467,000
Leasehold Land 12,536,500 - 12,536,500 20,045,500 - 20,045,500 Improvements 5,572,511 983,554 4,588,957 5,499,984 942,435 4,557,549
Buildings & Bridges 24,036,039 2,648,678 21,387,361 23,309,011 2,498,811 20,810,200
Plant & Machinery 4,219,159 2,410,818 1,808,341 3,941,398 1,955,396 1,986,002
Motor Vehicles 3,942,064 2,148,566 1,793,498 3,707,418 1,852,815 1,854,603
Furniture & Fittings 982,234 618,342 363,892 953,425 577,735 375,691
Development 29,120,875 21,141,449 7,979,426 26,971,775 20,475,947 6,495,827 227,385,382 29,951,406 197,433,976 223,895,511 28,303,139 195,592,372 Uncompleted Capital Works 218,366 - 218,366 1,653,913 - 1,653,913 Total Property, Plant & Equipment 227,603,748 29,951,406 197,652,342 225,549,424 28,303,139 197,246,285
For the year ended 30 June 2022
19a. Land was revalued to latest general revaluation performed by Quotable Value Limited as at 15 August 2020 (Ruapehu District Council). The valuation by Quotable Value ('ratings valuation') is considered a departure from accounting standard NZ IAS 16 primarily because ratings valuations are general rather than specific appraisals.
19b. 19c.
In 2022 Grants from Horizons Regional Council, $67,982, Ngā Whenua Rāhui fund, $102,696, and One Billion Trees programme $51,407 were deducted before arriving at capitalised fencing and native tree planting classed as development. (2021: $470,952).
Ātihau has resumed three leases totalling 2,679 ha. On resumption compensation was paid to the lessee based on an agreed value of the lessee improvements between Ātihau and the lessees. The $1.4m compensation paid is included as asset additions. The $7.5m value of the land was reclassed from Leasehold to Freehold class.
Items of property, plant and equipment, except for land, are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. In the event the carrying amount of property, plant and equipment is greater than its estimated recoverable amount, the carrying amount is written down immediately to its estimated recoverable amount and impairment losses recognised either in profit or loss or as a revaluation decrease if the impairment losses relate to a revalued asset. A formal assessment of recoverable amount is made when impairment indicators are present.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
Land is revalued every three years to the most recent rateable value (consistent with the requirements of Te Ture Whenua Māori Act 1993). Revaluations to rateable value are considered a departure from accounting standard NZIAS16 because ratings values are general rather than specific revaluations. Revaluations are reflected through Other Comprehensive Income and cumulative revaluations reflected in the PPE Revaluation Reserve.
The depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding freehold and leasehold land, is depreciated on a straight-line or diminishing value basis over the asset's useful life. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
Land is not depreciated. Depreciation rates applied to significant classes of assets are:
Buildings & Bridges 0% 20%DV
Development & Improvements 0% 40%DV
Motor Vehicles , Plant & Machinery 6%DV 40%DV
Furniture & Fittings 8%DV 40%DV
Gains and losses on disposal are determined by comparing proceeds with carrying amount and are included in the Statement of Comprehensive Income.
Development costs are where expenditure is carried out on Ātihau's farming property over and above normal maintenance. Development costs are capitalised and depreciated over future periods in relation to expected future benefit.
Government grants relating to PPE assets are deducted in arriving at the initial carrying amount of the asset.
Ātihau-Whanganui Incorporation
FORMING
For the year ended 30 June 2022
2022 Number of Shares
2021 Number of Shares
2022 $ 2021 $
Ravensdown 590,784 590,784 590,784 590,784
Fonterra Co-operative Group 193,515 193,515 561,194 727,616
RAL Gondola Bonds N/A N/A 500,000 500,000
Other share investments - - 65,081 55,405
Total Share Investments 1,717,059 1,873,805
Investments in shares have been classified at fair value through other comprehensive income (OCI) for equity instruments. At balance date shares are revalued to fair value and any gains or losses reflected through other comprehensive income.
Ātihau-Whanganui Incorporation
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
All units are NZU/s
2022 Number of Units
2021 Number of Units
2022 $ 2021 $
Balance at beginning of the year 318,333 285,802 13,831,569 9,174,244
Additions (revalued at 30 June) 63,178 129,972 -Disposals - (97,441) - (3,127,856) Revaluations - - 15,163,267 7,785,181
Balance held at year end 381,511 318,333 28,994,836 13,831,569
Included in the above are units attaching to harvested forest (refer note 23) 13,299 - 1,010,724 -
21a. Units held 21b. 21c.
Included in the above balance are units attaching to the Papahau JV 209,353 209,353 15,910,828 9,096,388
Ātihau holds 209,353 ETU's which attach to unharvested forest in the Papahau JV. In the event that these trees are harvested the ETU's will need to be surrendered.
21d. Gains / (Losses) from sale of emission trading units
2022 $ 2021 $
Gain / (loss) on disposal of emission trading units - 119,644
Total Gains and (Losses) - 119,644
For the year ended 30 June 2022
Emission trading units have been purchased and earned (ie internally generated) off growing forestry and are considered to have indefinite useful life (as long as the market regulatory framework is not changed significantly).
Pre-1990 Forest Land
Ātihau land contains pre-1990 forest land subject to the provision of the NZ emissions trading scheme (ETS). If the land is deforested the owner is required to surrender NZ Emission Trading Units (NZUs) and any shortfall not held by the owner must be purchased for surrender. As there is no intention to change the land use (native forest) Ātihau recognises them initially at cost and revalues them at reporting date through other comprehensive income and reserves.
Post-1989 Forest Land
Ātihau chose to enter the ETS for post -1989 forest land and earn NZUs as forests grow and carbon is stored in the forest from a 2008 baseline. NZUs are required to be returned to the Crown if the carbon stored in the specified area reduces. NZUs are initially recognised at cost and revalued to market value at reporting date through comprehensive income and reserves. If the obligation to return units arises the obligation is recognised on the Statement of Financial Position
Revenue recognition - when sold gains or losses on the carrying value relating to the trading of NZUs are reflected in Net Surplus and the carrying value is transferred from revaluation reserve to retained earnings.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
2022 $ 2021 $
Contingent liabilities arising from the Emissions Trading Scheme (ETS) 51,059,612 29,769,159
Total 51,059,612 29,769,159
There is a contingent liability relating to the Carbon Account Record which represents the total number of units which are required to be surrendered or if land is withdrawn from the ETS. Management have no plans to change land use at this time which would trigger such a liability. The amount includes Papahau JV ETU's. The forest on affected land is insured against forest fire.
2022 $ 2021 $
Provision for surrender of ETU's on harvested forest 1,010,724 -
Total 1,010,724 -
This is a provision for the cost of the ETU's which are required to be surrendered on harvested forest (due March 2023). Refer note 21b.
Provisions are recognised when there is an obligation which can be reliably measured at balance date as a result of a past event and it is probable that Ātihau will be required to settle the obligation. Where Ātihau expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Statement of Comprehensive Income net of any reimbursement. Provisions are measured at the present value of Management's best estimate of the expenditure required to settle the obligation at balance date. Movements in the best estimate are recorded in the net surplus.
For the year ended 30 June 2022
Secured
2022 $ 2021 $
Current 10,578,750 9,000,000
Non-Current 27,140,000 29,463,750
Total Borrowings 37,718,750 38,463,750
Secured liabilities and assets pledged as security
The borrowings are secured by a registered first mortgage over the original land title (approx 41k Ha), and over livestock owned by Ātihau.
The carrying value of assets pledged as security for borrowings are:
Land and buildings 180,931,744 171,330,576
Livestock 35,286,679 35,052,154
Total pledged assets 216,218,423 206,382,730
a) Loans classed as current are those that have a maturity date within the next year.
b) Ātihau has a total debt facility of $45.9m, of which $37.8m (2021: $38.5m) is drawn down at year end
c) The purpose for each of the loan facilities is summarised below: $m
Resumptions and farm development 25.0
Te Hou investment 8.1
Seasonal debt facility 6.5
Diversification into apiary unit 3.5
Investments of RAL bonds and other shares 1.8
Overdraft facility 1.0 45.9
d) Annual principal repayments are made on the Te Hou and RAL investment floating loans ($240k and $105k respectively pa).
e) Interest rate risk is primarily mitigated by using flexible terms and interest rates. Customised average rate loans provide flexibility for drawdown and repayment dates. Total principal loan amounts are divided into portions, each portion being allocated a different interest rate, hence mitigating interest rate risk. Interest rates can be floating, fixed and capped.
Ātihau-Whanganui Incorporation
For the year ended 30 June 2022
Financial Assets 2022
Amortised Cost or Cost $
Fair Value through Other Comp Income $
Total $
Cash and cash equivalents 242,783 -Trade and other receivables (GST excl.) 2,495,964 - 2,495,964
Investment in shares - 1,717,059 1,717,059
Total Financial Assets 2,738,747 1,717,059 4,213,023
Financial Liabilities 2022
Trade and other payables (GST excl.) 1,578,249 - 1,578,249
Lease Liabilities 474,105 - 474,105 Borrowings 37,718,750 - 37,718,750
Total Financial Liabilities 39,771,104 - 39,771,104
Amortised Cost or Cost $ Fair Value through Other Comp Income $
Total $
Financial Assets 2021
Trade and other receivables (GST excl.) 4,072,935 - 4,072,935
Investment in shares - 1,873,805 1,873,805
Total Financial Assets 4,072,935 1,873,805 5,946,740
Financial Liabilities 2021
Cash and cash equivalents 380,032 - 380,032 Trade and other payables (GST excl.) 1,934,155 - 1,934,155
Lease Liabilities 529,632 - 529,632 Borrowings 38,463,750 - 38,463,750
Total Financial Liabilities 41,307,568 - 41,307,568
For the year ended 30 June 2022
Financial assets and financial liabilities are recognised when Ātihau becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities that are fair value through profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in the profit and loss.
Ātihau classifies its financial assets into the following categories: "amortised cost" and "fair value through OCI for equity instruments". The classification depends on the nature and purpose of the financial assets,and is determined at the time of initial recognition and is re-evaluated by Management at every reporting date. All transactions are recognised (or derecognised) on trade date basis.
Fair value through OCI for equity instrument financial assets held by Ātihau include supplier shares which are issued at $1 and if surrendered are repaid at $1. Where shares are able to be traded on the listed or unlisted exchange these are reflected at market value. They also hold shares for which there are value changes, including Fonterra shares. These are reflected at values advised by Fonterra. Dividends on these financial assets are recognised in net surplus when Ātihau's right to receive the dividends is established.
Financial assets recognised at amortised cost are non-derivative financial assets that are held with the objective to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financial assets include trade and other receivables, and cash and cash equivalents and are measured at amortised cost using the effective interest rate, less any impairment.
Impairment of financial assets: At reporting date Management reviews financial assets for impairment using the expected credit loss model. Any impairment loss is recognised in the profit and loss component of the Statement of Comprehensive Income.
Financial liabilities are classified as either financial liabilities at fair value through profit and loss or other financial liabilities.
No financial liabilities are held at fair value through profit and loss.
Other financial liabilities (including borrowings and trade and other payables) are initially recorded at cost and subsequently measured at amortised cost using the effective interest method. Due to the short term nature of trade and other payables these are not discounted. Borrowings are subsequently measured at amortised cost using the effective interest method. All borrowing costs are recognised as an expense in the period they are incurred.
For the year ended 30 June 2022
2022 $ 2021 $
Current liabilities - included in trade and other payables 191,021 182,380
Non current liabilities - Programmed property maintenance 49,670 163,357 240,691 345,737
Ātihau have eight agreements with Programmed Property Services Ltd (the contractor) for an agreed programme of work covering a ten year period. The programme provides for exterior paint of farm buildings and farm houses, with regular maintenance in subsequent years. The agreements have total annual payments of $191,021 (gst excl.) (2021: $182,380). The liability is a best estimate of the actual amount of work performed by the contractor for which the contractor has not been paid at balance date and is not adjusted for inflation.
For the year ended 30 June 2022
Ātihau has a related party relationship with key management personnel, its Joint venture partners and Te Āti Hau Trust. Key management are the members of the Committee of Management, the Chief Executive Officer, Business Managers, CFO, People & Safety Manager and the Station Managers.
2022 $ 2021 $
27.1 Key management personnel remuneration
Committee of management fees 250,000 250,000
Key management team remuneration 1,648,149 1,615,557
Total key management personnel remuneration 1,898,149 1,865,557
27.2 Transactions with CoM members or related entities
a) Ngā Waihua o Paerangi (R Tinirau and W Moataane are trustees)
Ngā Waihua o Paerangi purchased honey. (Last year Ātihau paid for water monitoring) (3,750) 10,756
b) Ngā Whenua Rāhui (M Mullins is a trustee)
Subsidy funding received and receivable for fencing r&m and development. (102,696) (37,095)
27.3 Transactions with other key management personnel 53,091 30,613
Total transactions with key management personnel and related entities 1,844,794 1,869,831
Transactions are carried out on terms and conditions no more or less favourable than those which it is reasonable to expect Ātihau would have adopted if dealing with an entity at arm’s length in the same circumstances
27.4 Transactions with Associates & Joint Ventures
a) Te Hou LP
Ātihau received distributions from Te Hou (286,169) (250,000)
b) Papahau Forestry Partnership
Ātihau contributed to partnership expenses for insurance, marketing and rates 9,744 9,744
27.5 Te Āti Hau Trust
Donations to the Trust 540,000 540,000
Total transactions with Associates & Joint Ventures 263,575 299,744
Ātihau-Whanganui Incorporation
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 30 June 2022
2022
Cents per share
2021 Cents per share
2022 $ 2021 $
Balance at beginning of the year - - 2,654,715 2,441,257
Dividend declared during the year 80 80 1,005,223 1,005,223 Dividends paid - - (731,475) (791,765)
Total Unclaimed Dividends - - 2,928,462 2,654,715
Provision is made for the amount of any dividend declared on or before the end of the financial year. Amounts undistributed at balance date are unclaimed.
There have been no material subsequent events after year end (2021: Nil)
2022 $ 2021 $
Consultancy 136,713Property, plant & equipment 322,987Share investments 55,216 50,153
Total commitments 514,916 50,153
The Shares commitment is to purchase 55,216 Alliance Group Ltd shares to fulfill shareholding requirements. This amount will be deducted from future livestock sales to Alliance Group.
For the year ended 30 June 2022
2022 Number 2021 Number
Number of shares (fully paid) 1,256,529 1,256,529
These shares have no par value and share equally in dividends paid. Refer to the below note for detail regarding retained earnings and reserves
Capital Reserves represent realised capital profits predominantly arising from Crown grants.
The property plant equipment revaluation reserve arises mainly on the revaluation of land and buildings. When revalued property plant or equipment is sold, the proportion of the revaluation reserve that relates to the asset is transferred to capital reserves.
Retained Earnings comprise Ātihau's accumulated net profits less dividends paid.
The Emissions trading units reserve represents revaluations of emission trading units. When revalued ETUs are sold or surrendered, the proportion of the reserve that relate to those units are transferred to retained earnings.
The Available For Sale share reserve represents unrealised revaluations of share investments.
We have audited the financial statements of Atihau Whanganui Incorporation (the Incorporation) on pages 2 to 31, which comprise the statement of financial position as at 30 June 2022, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, except for the possible effects of the matters described under the Basis for Qualified Opinion section, the accompanying financial statements present fairly, in all material respects, the financial position of the Incorporation as at 30 June 2022, and its financial performance and its cash flows for the year then ended in accordance with New Zealand equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR).
65 to 95, which 83 & 84
As disclosed in note 19 on pages 19 & 20 to the financial statements, the land and buildings are reported at the latest government value “(“Quotable Value”). This is a departure from the New Zealand Equivalents to International Financial Reporting Standards – NZ IAS 16 Accounting for Property, Plant & Equipment, which, when the revaluation model is chosen for property, plant and equipment, require such assets to be stated at fair value at the date of the revaluation less any subsequent accumulated depreciation and impairment losses.
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Incorporation in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Committee and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Incorporation.
The Committee Members are responsible on behalf of the Incorporation for the preparation and fair presentation of the financial statements in accordance with NZ IFRS RDR, and for such internal control as the Committee Members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Committee Members are responsible on behalf of the Incorporation for assessing the Incorporation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Committee Members either intend to liquidate the Incorporation or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A detailed description of the auditors’ responsibilities including those related to assessment of risk of material misstatement, evaluation of appropriateness of going concern assumptions and determining key audit matters are available on the external reporting Committee website: http://www.xrb.govt.nz/standards-for-assurance-practitioners/ auditors-responsibilities/audit-report-8/
The Share Register and Index of Shareholders required by Section 263 of the Te Ture Whenua Maori Act 1993, has been compiled and correctly kept by the Incorporation.
This report is made solely to the Shareholders, as required by section 277 of the Te Ture Whenua Maori Act. Our audit has been undertaken so that we might state to the Incorporation’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Incorporation Shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 30 September 2022
For the year ended 30 June 2022
Te Āti Hau Trust is a Discretionary Trust, established by a trust deed dated 23 April 2009 and registered under the Charities Act 2005.
Entity's Purpose or Mission
Te Āti Hau Trust aims to support shareholders, uri and Māori communities from the rohe to pursue their aspirations and full potential in accordance to the trust deed.
Address 35 Drews Avenue, Whanganui 4500
Trustees
Appointed by Ātihau-Whanganui Incorporation ("Ātihau")
Shar Amner (Chair)
Rāwiri Tinirau
Mavis Mullins (appointed in February 2022) Whatarangi Murphy-Peehi (resigned in February 2022)
Independent Trustees
Aaron Rice Edwards (resigned in June 2022)
Jonelle Hiroti-Kinane (appointed in November 2021) Jessica Smith (resigned in September 2021)
Entity Structure
Te Āti Hau Trust is a Charitable Trust incorporated under the Charitable Trusts Act 1957 and is also registered under the Charities Act 2005. The Te Āti Hau Trust board comprises of five trustees, three are members from the Ātihau-Whanganui Incorporation Committee of Management and two independent members which are appointed in accordance with the trust deed.
Beneficiary
Ātihau Shareholders & Stakeholders
Main Sources of Entity's Cash and Resources Tribal purposes grant from Ātihau approved annually at the Ātihau Annual General Meeting.
GST Not Registered Accountants
Balance Chartered Accountants Limited Chartered Accountants 16 Bell Street Whanganui
Auditor Silks Audit Chartered Accountants Whanganui Bankers Bank of New Zealand Whanganui Solicitors Horsley Christie Whanganui
IRD Number 102-612-817
Registered Charity Number CC41172
The Trustees are pleased to present the approved Performance Report including the historical Performance Report of Te Āti Hau Trust for the year ended 30 June 2022. For and on behalf of the Trustees:
Shar Amner Trust Chair
Rāwiri Tinirau Trustee
For the year ended 30 June 2022
Te Āti Hau Trust was estabilished in 2009 as a charitable arm of Ātihau to apply funding for charitable, cultural, philanthropic, educational, recreational and other purposes, being purposes beneficial principally to the Shareholders and Stakeholders. Those grants may include Māori cultural development and support, educational and vocational development and support, social development and support, marae development and support, health and welfare development and support, and the fostering of strategic alliances with persons promoting or assisting with any of these objectives.
The grants are made under the following guiding principles:
Mātauranga Education
Kotahitanga Unity of Purpose
Manaakitanga Nurture and reciprocate
Whanaungatanga Collaboration
Rangatiratanga Leadership
Wairuatanga Spirituality
Mana Whenua Responsibility to the land and the people
Kaitiakitanga Active stewardship
Mana Tupuna Legitimacy
Te Reo Identity
Grants Made 2022 Number 2022 $ 2021 Number 2021 $
Sports Art and Travel 35 11,320 28 8,123 Cultural 1 1,000 19 6,250 Marae 2 10,000 7 38,321 Community - - -Tangihanga tent 40 12,000 40 12,000 Kaumātua Assistance 131 95,775 101 77,418 Total General Grants 209 130,095 195 142,112
Undergraduate 119 73,100 199 121,850 Medical 4 5,700 6 8,300 Secondary School - Year 10 and 11 47 11,750 96 24,000 Post Graduate 28 37,300 48 58,100 Agriculture - - 3 6,000 PHD 2 6,000 2 3,750 Trades 3 2,100 -Total Education Grants 203 135,950 354 222,000
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
For the year ended 30 June 2022
Note 2022 $ 2021 $
Donations, fundraising and other similar revenue 1 540,000 540,000 Other Revenue 1 - 29
Interest, dividends and other investment revenue 1 193 86
Total Revenue 540,193 432,915
Grants and donations made 2 261,045 363,091
Costs related to providing goods or service 2 8,423 10,111
Volunteer and employee related costs 2 5,133 12,135 Other expenses 2 - 86
Total Expenses 274,602 385,423
Surplus/(Deficit) for the Year 265,591 154,692
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
As at 30 June 2022
Note 2022 $ 2021 $
Accumulated surpluses or (deficits) 5 581,469 315,878 Trust Capital 4 100 100
Total Accumulated Funds 581,569 315,978
Current Assets
Bank accounts and cash 623,626 479,349 Debtors and prepayments 750Total Current Assets 624,376 479,349
Total Assets 624,376 479,349
Liabilities
Current Liabilities Creditors and Accrued Expenses 42,807 163,372 Total Current Liabilities 42,807 163,372
Total Liabilities 42,807 163,372
Total Assets less Total Liabilities (Net Assets) 581,569 315,978
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
For the year ended 30 June 2022
'How the entity has received cash and used cash'
Cash Flows from Operating Activities
2022 $ 2021 $
Cash was received from: Donations, fundraising and other similar receipts 540,000 540,000 Interest, dividends and other investment receipts 193 86
Total Cash was received from: 540,193 540,086
Cash was applied to: Payments to suppliers and employees (13,027) (24,837) Donations and grants paid (382,889) (251,345) Total cash was applied to: (395,916) (276,182)
Total Cash Flows from Operating Activities 144,277 263,904
Cash Flows from Investing Activities
Cash was received from: Receipts from sale of property, plant and equipment - 224 Total Cash Flows from Investing Activities - 224
Net Increase/ (Decrease) in Cash 144,277 264,128
Cash and cash equivalents at beginning of period 479,349 215,222 Net change in cash for period 144,277 264,128 Cash and cash equivalents at end of period 623,626 479,349
These financial statements are to be read in conjunction with the Notes to the Financial Statements and the accompanying Auditors Report.
For the year ended 30 June 2022
Te Āti Hau Trust is eligible to apply Tier 3 PBE Accounting Requirements : PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit), on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000. The Trust has elected to report in accordance with PBE SFR-A (NFP). All transactions in the Performance Report are reported using the accrual basis of accounting.
The accounting principles recognised as appropriate for the measurement and reporting of the Statement of Financial Performance and Statement of Financial Position on a historical cost basis are followed by the Trust, unless otherwise stated in the Specific Accounting Policies.
The information is presented in New Zealand dollars. All values are rounded to the nearest $.
The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future.
The following specific accounting policies which materially affect the measurement of the Statement of Financial Performance and Statement of Financial Position have been applied:
a) Revenue Recognition Grant income is received annually as a result of an agreed Tribal purposes grant. Any outstanding grant income not utilised by 30 June is not returnable. Interest received is recognised as interest accrued, gross of refundable tax credits received.
b) Expenses Expenses have been classified by their business function. Grant expenses are recognised when approved by the Trustees.
The Trust has charitable status and is exempt from income tax.
d) Goods and Services Tax (GST)
The amounts recorded in the performance report are inclusive of GST (if any). The Trust is not registered for GST.
There have been no changes in accounting policies. All policies have been applied on a basis consistent with those from the previous performance report.
For the year ended 30 June 2022
Donations, fundraising and other similar revenue
2022 $ 2021 $
Ātihau Tribal Purposes Distributions 540,000 540,000
Total Donations, fundraising and other similar revenue 540,000 540,000 Other Revenue
Gain on Sale of Fixed Assets - 29
Total Other Revenue - 29
Interest, dividends and other investment revenue Interest Income 193 86
Total Interest, dividends and other investment revenue 193 86
Grants and donations made
2022 $ 2021 $
Grants - Trades 2,100Grants - Postgraduate 37,300 58,100 Grants - Agriculture - 6,000
Grants - Medical 5,700 8,300 Grants - Secondary Yr 10 and Yr 11 11,750 24,000 Grants - Undergraduate 73,100 121,850 Grants - Marae 10,000 38,321 Grants - Kaumātua Assistance 95,775 77,418 Grants - Sport, Art and Travel 11,320 8,123 Grants - Cultural 1,000 6,250 Scholarships - PHD 6,000 3,750 Tangihanga Koha 12,000 12,000
Previous Grants Returned/Recovered (5,000) (1,021)
Total Grants and donations made 261,045 363,091
Costs related to providing goods or services
Accounting Fees 1,610 4,025
Audit Fees 3,968 3,738
Administration 1,307 528
Bank Fees - 45
Charities Commission 51 51
Committee Expenses 270 1,659
General Expenses - 66
Legal Expenses 1,218 -
Total Costs related to providing goods or services 8,423 10,111
Volunteer and employee related costs
Trustee Fees 5,133 12,135
Total Volunteer and employee related costs 5,133 12,135
Other expenses
Loss on Disposal of Fixed Assets - 86
Total Other expenses - 86
For the year ended 30 June 2022
Property, Plant & Equipment 2022
Opening Carrying Amount $
Purchases/ (Sales or Disposals) $
Depreciation & Impairment $
Closing Carrying Amount $
Total Property, Plant & Equipment - - - -
Property, Plant & Equipment 2021
Opening Carrying Amount $
Purchases/ (Sales or Disposals) $
Depreciation & Impairment $
Closing Carrying Amount $
GDPro Database Software 59 (59) - -
Filing Cabinet 195 (195) -HP Laptop case and configuration 13 (13) - -
Microsoft Office and Remote User Networks 14 (14) - -
Total Property, Plant & Equipment 281 (281) -2022 2021
Trust Capital 100 100
Total Trust Capital 100 100 2022 2021
Opening Balance 315,878 161,186
Accumulated surpluses or (deficits) 265,591 154,692
Total Accumulated Funds 581,469 315,878
For the year ended 30 June 2022
Related party matters arise with respect to Ātihau, in that under the terms of the Trust Deed three appointed trustees are also members of the Ātihau Committee of Management and Ātihau is the settlor of the Trust.
Annual grants are received from Ātihau, and Ātihau previously advanced unclaimed dividends to the Trust.
During the year there were administration services provided to the Trust by Ātihau on an in-kind basis.
From time to time Trustees have and disclose interests in, or a relationship with individual applicants and/or grantee organisations and abstain from those decisions.
Ātihau annually distributes funds to the Trust which is then distributed for charitable purposes. During the year $540,000 was granted, (2021: $540,000).
The Trust has no commitments as at 30 June 2022. (2021: Nil).
The Trust has no contingent liabilities and no guarantees as at 30 June 2022. (2021: Contingent Liabilities Nil. Guarantees Nil.)
There have been no significant events since balance date.
During the year there were administration services provided to the Trust by Ātihau on an in-kind basis.
To the Trustees of Te Ati Hau Trust
We have audited the financial statements of Te Ati Hau Trust (the Trust) on pages 7 to 14, which comprise the statement of financial position as at 30 June 2022, and the statement of financial performance and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
(the Trust) on pages 102 to 109, which
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Trust as at 30 June 2022, and its financial performance and its cash flows for the year then ended in accordance with Public Benefit Entity Simple Format Reporting Standard – Accrual (Not-For-Profit).
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Trust in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Trust.
The Trustees is responsible on behalf of the Trust for the other information. The other information comprises the Entity information and Statement of Service Performance but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If based, on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
The Trustees are responsible on behalf of the Incorporation for the preparation and fair presentation of the financial statements in accordance with Public Benefit Entity Simple Format Reporting Standard – Accrual (Not-For-Profit), and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible on behalf of the Trust for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of the auditors responsibilities for the audit of the financial statements is located at the External Reporting Board’s website at: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/auditreport-8/
Date: 3 October 2022
Accounts Receivable: Money owed to Ātihau from customers at year end, also known as Trade Debtors
Accounts Payable: Money owed by Ātihau to suppliers of goods or services at year end, also known as Trade Creditors
Accrued Income: Income earned by Ātihau where cash has yet to be received
Accrued Expenses: Expenses incurred by Ātihau where cash has yet to be paid
Asset: Anything owned by Ātihau to use in generating income
Balance Date: Term used to describe the end of Ātihau’s financial year - 30th June
Brassica: The plant family which includes turnips, swedes, rape, kale, cauliflower, cabbages, etc.
Capital Stock: The breeding stock on Ātihau farms that produce revenue or trading stock to generate income
Carbon Credits on Hand: Number of NZ units (NZU) owned at balance date under the NZ Emissions Trading Scheme valued at market value. An NZU = 1 tonne of carbon dioxide equivalent of emissions or removals.
Carrying Capacity: Number of livestock a property can graze annually without importation of feed or the deterioration of the property
Change in Livestock Numbers: Difference in livestock numbers at end of year compared to the beginning of the year at market values
Cull: To remove animals from a breeding population generally because of physical or performance deficiencies
Current Asset: An asset of Ātihau that is expected to be converted into cash within the next year
Current Liability: A liability of Ātihau which is generally due to be settled within 12 months of balance date
Depreciation: The apportionment of cost of an asset over the useful life of the asset. An accounting method used to reflect the aging and use of an asset
Direct Farm Expenses: Expenses incurred by Ātihau’s farming operations in generating farm income
Drought: A long period of time during which there is very little or no rain
Dry Matter: The plant material left after all water has been removed – using DM% comparisons can be made between different feeds such as pasture, swedes, grains, hay, etc.
Employee Entitlements: Holiday pay and other leave entitlements owing to employees at balance date
Equity: A measure of the shareholders’ total interest in Ātihau – the amount by which the value of assets exceed the value of liabilities
Feedlot: A third party location where Ātihau’s cattle are fed a high protein diet over the winter months
Fertility (of soil): Status of soil in terms of the amount of plant-available nutrients it can supply
Finishing (livestock): The process of growing animals to a point they are considered ready for slaughter
Fixed Asset: Assets held for use by Ātihau rather than for sale or conversion into cash
Genetics (livestock): Branch of biology concerned with trait inheritance from parents to offspring – important to use the right animals (male or female) to establish and continue Ātihau’s breeding programme
Greenfeed: Annual crops, usually cereals, grasses or brassicas, grown for animal feed
Gross Revenue: What is earned by Ātihau from selling goods and services
Hectare (ha): A standard metric measurement of land, 1 ha = 10,000m2 = 2.471 acres
Heifer: Term used to describe a young female cattle beast
Hogget: A young sheep between a lamb and a 2 tooth, from approx. 10 to 16 months of age
Interest: What Ātihau needs to pay for the money it borrows from the bank Liability: General term for what Ātihau owes
Meat Processing: Process of taking live animals, humanely slaughtering them and then breaking down into saleable beef or sheep meat
Milk Solids (MS): The valued solid components in milk – at present, milk-fat and protein, expressed as kg MS
Net Farm Income: Income earned from farm activities less the direct costs of these activities
Net Operating Surplus / (Deficit): Difference between revenue and the costs incurred to earn this revenue.
Prime (livestock): Term used to describe animals that are ready for slaughter
Provision for Dividend: Allowance for a Dividend distribution to Ātihau shareholders
Revaluation of Shares: Difference in the market value of shares that Ātihau holds in other companies at this balance date compared to the previous year.
Revaluation of Livestock: The livestock price movement being the livestock value at year end versus opening values less the amount attributed to change in livestock numbers
Soil Moisture Deficit: Deficit between the actual amount of water in a soil versus its water holding capacity
Statement of Cash-flow: Shows the cash movements for the year in Operating, Investing and Financing categories
Statement of Financial Performance: Shows how well Ātihau has performed in its trading activities.
Statement of Movements in Equity: Reports the change in Ātihau’s ownership interest in the year
Statement of Financial Position: "A snapshot" in time that reflects where the money has come from (Equity + Liabilities) and how the money has been used (Assets)
Stock on hand: Inventory of goods held for resale or for Ātihau’s use, including livestock
Stock Units: Livestock in NZ are commonly given a “stock unit” (su) value or measure. The basic unit (1 su) is one breeding ewe that weighs 55kgs; bears 1 lamb; and consumes approx. 550 kilograms of dry matter each year. A beef breeding cow is commonly given a value of 6 su. Stock units have a number of uses e.g. to determine how much feed is required; the stocking rate of a farm, etc.
Store (livestock): A term used to describe animals destined for “finishing” that are sold off country, which does not have the potential to finish them, to specialist “finishing” operations on easier more productive country
Supplements: Additional animal feed often in the form of conserved hay, silage fodder crops (greenfeeds and brassica crops) or concentrates such as grains or meals
Term Liabilities: A liability of Ātihau which is generally due to be settled more than 12 months after balance date
Unclaimed Dividends Due – Te Āti Hau Trust: Funds relating to unclaimed dividends from the previous year which are advanced to Te Āti Hau Trust to invest
Weaner: A young animal that has been weaned from its mother’s milk, capable of living completely on pasture
Yield (carcass): Proportion of usable (saleable) meat from a carcass expressed as a percentage of total carcass weight
Yield (fibre): Proportion of usable fibre present in a quantity of greasy wool expressed as a percentage
