H U-W ANGA
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IN
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Toi tu te whenua
ANNUAL REPORT 2020
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Heke iho ana te reo kōruarua I Paretetaitonga ki tai Me ō reira kōrero Toitū te whenua Toitū te tangata Tōitu te mana He whenua, he tangata Ka puta, ka ora e. Waipuketia ana te whenua E Roimata, e Hupe Mō kautau te hunga Kua riro atu ki te pō Kia moe mārire, kia au te moe Pō atu, ao mai. Tēnei tātau te mōrehu tāngata Huihui mai anō tātau Ki tō tātau Hui-ā-Tau Nau mai, hoki mai rā E tau.
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COVER: Shareholder Engagement Officers Charmaine Teki and Jonelle Hiroti-Kinane. Char and Jonelle are familiar faces to our shareholders and are based at our Whanganui office.
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CONTENTS TOITŪ TE MANA 6
10 11
Ātihau-Whanganui Incorporation Chairperson's Report Board Members
Business and Brand Strategy 2018
TOITŪ TE WHENUA 12
CEO Report
18
50 Years of Partnership
17 20 21
Executive Team
Performance At A Glance Performance Highlights
TOITŪ TE TANGATA 22
Te Āti Hau Trust Chairperson's Report
25
Summary of Key Trust Financial Information
24 26 28
Te Āti Hau Trust Trustees Honouring A Legacy
2019/20 Trust Grant Recipients
ĀTIHAU-WHANGANUI INCORPORATION FINANCIAL STATEMENTS 40
Contents
42
Statement of Comprehensive Income
41
43 44 45 46 66
Shareholding and Committee of Management Disclosures Statement of Changes in Equity Statement of Financial Position Statement of Cash Flows
Notes to and forming part of the Financial Statements Auditors' Report
TE ĀTI HAU TRUST FINANCIAL STATEMENTS 72
Contents
74
Statement of Service Performance
73 75 76 77 78 82
Entity Information
Statement of Financial Performance Statement of Financial Position Statement of Cash Flows
Notes to and forming part of the Performance Report Auditors' Report
APPENDIX 84 85
Glossary of Terms Notes
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Ātihau-Whanganui Incorporation CHAIRPERSON'S REPORT
Mavis Mullins Chairperson
Ka tangi te aroha Ki te hunga kua ngaro Kua riro ki tua o Murimotu Ki te ara wairua e Huri atu rā pō Nau mai rā te ao. Hoki mai rā ki tō tātau hui-ā-tau Nō mātou anō te honore Kia whārikihia tēnei pūrongo-ā-tau Ki mua i te aroaro. Ka rere a whakamānawa, a mihi Ki kautau, oti noa ki tātau. Tēnā tātau.
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TOITŪ TE MANA IT IS AGAIN A PRIVILEGE TO PRESENT THE ANNUAL REPORT FOR THE 2019/2020 FINANCIAL YEAR ON BEHALF OF THE ĀTIHAU-WHANGANUI INCORPORATION BOARD.
Each year we tailor our report around our story and our five Strategic Pou of Tangata, Whai Hua, Morimori, Mana and Whakapapa (People, Productivity, Care, Value and Brand). We present in this manner again. 2020 will be remembered as a year like no other. The unprecedented events of the COVID-19 pandemic and its inevitable impact on both domestic and global markets has made other challenges, such as a 50-year drought to test our farming resilience and increased compliances for the industry, that much
more complex and sets the stage for a different normal. The Alert Level 4 lockdown across the country was not an easy one for many, and we are aware that for some the hardships have continued. I would like to acknowledge the iwi groups and other Māori entities who stepped up quickly and comprehensively to bring support to those who have needed it. We extend aroha to those who have been particularly impacted by this devastating virus. We continue to consolidate and review our progress and growth. We are still
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Ātihau-Whanganui Incorporation CHAIRPERSON'S REPORT
Net Surplus*
$7.4m $3.0m (2019) *before finance costs and non-operating revaluations
a very future-focused organisation, but the business of the day remains the priority as we look at new models of having to do business, alternative strategies and ensuring our pipelines to market remain strong and operational. Most recently we have implemented a Farm and Environment Sub-Committee, along with a Tikanga Sub-Committee. Adding these sub-committees to our governance structure are an indication of the commitment we put on filling the skills and expertise gaps of the board, in line with our kaupapa that Productivity and Tikanga should lead hand in hand. Toitū te Whenua Our ‘Why’ as an Incorporation is to help people and nature to flourish together. It is important that our responsibilities of kaitiakitanga, of guardianship and care of our whenua, are carried out to ensure the environment is nurtured in the same way as our animals and are given a
priority in our day-to-day activities. With this in mind, we are bringing a new strategic focus to how we use our whenua, making sure we understand the size of our carbon footprint and putting our activities under an environmental microscope. A $125k grant from Te Puni Kōkiri has provided the impetus for a project to explore different uses for our land and investigate ways of boosting its productivity. The project will also contain an environmental element by establishing indicators to accurately measure and monitor the impact any land use is having on our whenua and awa. We will continue the development of a Taiao Strategy, an active approach to bring the land, the waterways, and people together in a way that benefits all. Our tikanga-led approach also means
we will be investigating the influence of ‘maramataka’, or lunar change and movement, on commonly held best farm practice. This will include the relevance and practical application of Māori ancient knowledge into our farming approach, alongside the science and technology tools we already employ. The concept of aligning old Māori lore with the ever-progressing Western scientific approach is an interesting one. We look forward to considering how we can do more to work with the natural rhythms of Papatūānuku. Toitū te Tangata Tikanga is an essential part of the Ātihau-Whanganui story and it is important for our staff who are not from our culture to understand te ao Māori, our unique perspective and why we do what we do. We have been providing opportunities for people to gain this knowledge, along with learning te reo Māori, to help staff really engage in our kaupapa. Feedback from the team suggests that people are enjoying the experience of this learning. Finding connection with others is an essential part of what it is to be Māori, and our shareholder engagement team have been working hard to find those with unclaimed dividends so they can renew their connection with the Incorporation.
"...with increases in both equity and surplus, which means we are able to consider an increase in the dividend distribution once more."
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TOITŪ TE MANA
It seems to be a never-ending task, but the issue is one we will always be trying to resolve, and we commend the team for their efforts. Despite the geopolitical situation we have been operating in this year, it has been a positive one financially for the business, with increases in both equity and surplus, which means we are able to consider an increase in the dividend distribution once more. I would like to take this opportunity to thank our staff for their mahi that enables this to happen – delivering year-on-year growth in a primary sector industry based business is not easy and while we lay down the strategic guidelines for the business, it is the management and operations teams who put them into action. Every day their contribution makes a difference to our growth. The COVID-19 pandemic not only challenged us in a practical sense, but also meant that an important milestone in the Incorporation took place without the celebration and acknowledgement we had originally planned. So therefore, during 2021, we will be marking ĀtihauWhanganui Inc’s 51st anniversary with a series of hui and events that will allow us to reconnect with each other, our whenua and the organisation. Keep an eye out for announcements to come! Toitū te Mana While we as an organisation were dealing with the impact of COVID-19, we also took the time to reach out to our external partners see how they were coping with the situation. It was
important we understood the challenges they were facing and the obstacles they were needing to overcome, so we could continue to move forward together in the face of global disruption. Our suppliers Broadleaf (in Los Angeles) and Foodchain (Auckland) appreciated our care and concern, further strengthening the relationship between us. It is always heart-warming when we practice manaakitanga, and I am proud that AWHI Ruapehu Angus Beef is being included in food parcels sent out to whānau by The Good Kai Project, a collaboration between Ngāti Whātua Ōrākei, Waikato Tainui, Waahi Paa and Ngāti Kuri. The impetus behind the project is to give whānau access to better quality food at more affordable prices through a co-operative model approach. We watch with interest and plan to introduce the concept to Te Ranga Tupua o Whanganui, our iwi alliance.
Acknowledgements I would like to sincerely thank my fellow Board directors for their support and input again this year, with a particular mention to those who are up for reelection once more. Any successful business needs a knowledgeable and skilled governance team, and our Incorporation and shareholders are fortunate to have such talent in their corner. At Ātihau-Whanganui Inc we have always put an emphasis on good succession planning with our associate directorship programme, so I am confident that we are building a strong cohort of leadership capability to maintain a level of excellence we have at Board level into the future. This ‘new blood’ provides the opportunity to bring fresh energy and perspectives into our governance thinking, a valuable strategy for any business. It also means current board members need to consider our future roles, as we look to make way for these aspiring leaders. Thank you to our CEO, Andrew, and his management team, for another year of commitment and dedication. And, of course, to you, our whānau whānui, for your continued tautoko and manaaki. Noho ora mai
Mavis Chairperson
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Ātihau-Whanganui Incorporation BOARD MEMBERS
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Mavis Mullins (Chair)
Che Wilson
Keria Ponga
Brendon Te Tiwha Puketapu
Whatarangi Murphy-Peehi
Rāwiri Tinirau
Shar Amner (Trust Chair)
Joe Hanita (Independent Director, Audit and Risk Committee)
TOITŪ TE MANA
Ātihau-Whanganui Incorporation BUSINESS AND BRAND STRATEGY 2020
Why
Our Purpose.
Toitū te Mana, Toitū te Whenua, Toitū te Tangata
Our Purpose, Our Legacy, is to look after nature, so nature can look after us.
How
How we'll generate value.
Tikanga
Tikanga is our source of legacy and competitive advantage.
What
&
Products and Experiences
Foods Value Propositions Simply the purest foods, raised with wholehearted care.
Other Value Propositions To be developed based on offer and audience.
Our 5 Strategic Pou - our immediate focus areas
Tangata People
Whai Hua Productivity
Growing the mana and wellbeing of our people, partners and customers.
Our Values
Continuously improving through our collective wisdom and creativity.
Morimori Care
Nurturing and protecting all life, and appreciating that all life is connected.
Mana Value
Exploring and bringing higher value products and applications to new and existing markets.
Whakapapa Brand
Building a premium brand through sharing our Tikanga and rich history.
Informing our actions everywhere, every day.
Think creatively, act courageously
Treat people and nature as family
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Ātihau-Whanganui Incorporation CEO REPORT
Andrew Beijeman CEO
HE MAHA NGĀ PIKINGA ME NGĀ HEKENGA, NGĀ AKORANGA ME NGĀ HUA I PUTA MAI AI I TE TAU 2020. KO TĒTEHI KAUPAPA TINO PAI MŌKU KO NGĀ WĀNANGA KURA REO I TIMATAHIA I TENEI TAU. HE TINO WHEAKO TE MARAMATANGA MŌKU ANŌ, NŌ REIRA NGĀ MIHI KI TE PŌARI O ĀTIHAU. HE KŌRERO TAPIRI E WHAI AKE NEI.
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TOITŪ TE WHENUA Tēnā kautau katoa We are pleased to announce another good year for the Ātihau-Whanganui Incorporation (Ātihau) in the face of severe disruption to our markets and supply chains due to the COVID-19 pandemic. Resilience and flexibility is a key feature of all successful organisations, and our team works hard to assess a situation, formulate a plan and put it into action within a short timeframe – crucial when you are dealing with an ever-changing and dynamic situation. I wish to acknowledge the team, those who work in our offices and those out
on the whenua, for their contribution to the effort that went into the COVID-19 response and, ultimately, the positive result we can present to you today. Farming Our day-to-day business was able to continue during the Alert Level 4 lockdown with social distancing restrictions which forced the whole team to work in a different way. We did make management decisions to restrict spending to protect our cashflow. One of the decisions was that we did not apply some maintenance fertiliser this year, which has been included in the 2020/21 budget.
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Ātihau-Whanganui Incorporation CEO REPORT
As usual in farming, the weather dictated the year’s success and failures, with a wet winter and spring impacting negatively on lamb survival numbers. Then a very dry summer, autumn and early winter restricted grass growth, affecting our ability to finish stock. The lack of rain last autumn also affected ewe scanning percentage rates, leading to a reduction in the number of lambs born, 88,568, compared to 95,418 in 2018/19. The number of calves born was slightly elevated though, at 3,606 compared to 3,584 last year, which will go some way to compensate. The impact of a dry autumn two years running was also seen in a reduction in carcass weight of our steers to a 310kg average (326kg FY 18/19) but the per kilo price was up 10c on average. Total steer sales were 2,377 (FY 18/19 2,364) at an average price of $1,792 (FY 18/19 $1,851). Total lamb sales came to $69,379, less than last year as fewer lambs were bought in this season. Price per head averaged at $111.70 ($119.20 FY 18/19). The lack of rain impacting grass growth did see a fall in production in our dairy units, with a total of 241,006.6 kg/MS against 249,172 kg/MS in the 18/19 season, although it is worth noting that this is still the third highest annual milk production figure the farm has recorded. Apiary The future of honey in both domestic and overseas markets is looking positive, so we have put a lot of focus on the careful strategic development of our apiary business this year. A restructuring of the unit created the role of Apiary Business Manager, which has been filled by Dan Adams, under which are three teams, each with its own manager. This structure means there is a greater focus on hives and bees, leading to better outcomes. Ātihau hives produced 74,041 kilograms of honey this year, from 3000 hives,
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with hives from outside beekeepers producing a further 56,788 kilograms. Average yield per hive was 31kg, a significant increase on last year and representative of a better season, and just as important a better aligned team structure. The quality of the honey also saw an increase, although elevated C4 sugar levels were found in a proportion of the harvest which has restricted market channels. As per normal, at the end of the financial year this season’s honey remained unsold and was valued at market prices. Environment Caring for our whenua is an area where we are always working to improve and this year a further 10.35km of riparian fencing has been completed to protect waterways, 15ha of bush has been
retired and 400 poplar poles have been planted. We were also delighted that our application to the One Billion Trees Project, run by Te Uru Rākau, or Forestry New Zealand, was successful. The funding will see 235.43 ha of mānuka and a further 68.32 ha of indigenous species planted over the next three years. This will not only assist our apiary business by providing high quality food sources, but will continue our aim of establishing wildlife corridors that connect different bush habitats and waterways. People The wellbeing and safety of our people while they are at work is very important and we continue to improve
TOITŪ TE WHENUA
$27.2m Total Revenue
"We were also delighted that our application to the One Billion Trees Project, run by Te Uru Rākau, or Forestry New Zealand, was successful."
our performance in this area. We have adopted Safety 365, a self-auditing tool which allows us to evaluate our health and safety practices, and established baseline data so we can continue to monitor and improve. Reconnecting with shareholders who have unclaimed dividends remains a challenge. Our shareholder engagement team have been working hard and
delivering encouraging results. Our social media campaign, Kei whea koe? which specifically targets shareholders with more than $1k in unclaimed dividends owing, has resulted in 60 individuals either being paid out or succeeded. A hui held in Whanganui with kaumātua enabled the team to kōrero directly with those who hold knowledge that might be the key
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Ātihau-Whanganui Incorporation CEO REPORT
"Our whole team, and their families, pulled together and got through what was a worrying and unsettling time [COVID-19], I am proud and humbled at their efforts to look after each other."
to finding whānau. Our presentation provided much discussion about whakapapa and whānau connections. Added Value Added value is an ongoing focus of the business to achieve consistent returns over time. 83% of steer sales, of which 23% were through our own Awhi Ruapehu Angus brand, were into value add programmes, attracting a premium price. Just under 14,000 lambs were sold into the US market under the Awhi brand, via our strategic partners Broadleaf in America and Wilson Hellaby here in NZ. Currently, COVID-19 has reduced the demand for lamb in the US meaning this programme is unsustainable and has therefore been discontinued. We will continue to assess the market and maintain our relationship with our partners in anticipation the situation may change in the future.
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Awhi Honey was launched online through Amazon at the end of November 2019, and then subsequently through our own online store both in the US and in NZ. To date sales have been well below expectation at just 421 jars. Getting a foothold in the US market was always going to be difficult, but one we believe over time should prove worthwhile. We have learned a lot of lessons over the last 12 months and have adjusted our approach for the coming year. This cycle of refinement will continue until we optimise our market approach. Financials Total revenue for the 2019/2020 financial year was $27.2m, a favourable increase on last year (FY18/19 $24.0m) Reduced expenditure due to the pandemic mean this year’s figure is down $0.88m to $19.9m. We have already increased the budgeted spend for the 2020/21 year to compensate for this.
The Incorporation’s net surplus (before finance cost and non-operating valuations) increased to $7.4m from the FY18/19 figure of $3.2m. COVID-19 Impact The impact of the pandemic on our business has been multi-faceted with reduced market prices for our beef and lamb along with challenges in the processing chain, leading to stock spending longer on farm, negatively affecting productivity. We have also seen some markets dry up altogether, meaning that some revenue streams have not performed as well as may have been expected. Completing strategic and capital projects was made much more difficult due to social distancing rules and lockdown legislation. Social distancing also made day-to-day working life more challenging for our kaimahi, and some teams were split up to reduce the risk of COVID-19 transmission.
Our whole team, and their families, pulled together and got through what was a worrying and unsettling time, I am proud and humbled at their efforts to look after each other. The year ahead The legacy COVID-19 has created for Ātihau is reduced market prices and so reduced income streams. Our diversity strategy has been pivotal in terms of reducing risk exposure.
We took a conservative approach to our budget forecast, expecting further declines in product prices. Accordingly, our spending intentions for next year are somewhat subdued. We continue to monitor the situation closely. We know there are challenges ahead, but we believe we have the strong foundations needed to face them and forge on with our purpose of Toitū te Whenua, Toitū te Tangata, Toitū te Mana. Thank you to the Ātihau-Whanganui Incorporation Board for their guidance and support in this most unprecedented of years, and to the team who never
TOITŪ TE WHENUA
We made sure to carry out welfare checks on all staff and maintained communication through social media and email to support our whānau throughout the lockdown.
disappoint in their ability to bring determination and dedication to their mahi each day. Ngā mihi maioha
Andrew Beijeman Chief Executive Officer
Ātihau-Whanganui Incorporation EXECUTIVE TEAM
Andrew Beijeman (Chief Executive Officer)
Dan Adams (Business Manager Apiary)
Whetu Moataane (Tikanga and Brand Manager)
Siwan Shaw (Business Manager Farming)
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50 YEARS OF PARTNERSHIP Ātihau-Whanganui Incorporation’s 50 year relationship with BNZ is just one example of how important strategic partnerships are to its success.
“Building strong connections has always been part of our kaupapa and it’s fair to say without the relationship with the bank, our organisation wouldn’t have even existed, let alone thrived as it has,” says Mavis Mullins, Chair of the ĀtihauWhanganui Inc Board. “We are grateful for the support and opportunity it has given us over the years.” Ātihau-Whanganui Inc was formed in 1970 with a land portfolio of just one station, Ohorea. But the Committee of
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Management, led by the indomitable Dr Whakaari Rangitākuku Metekingi, had set themselves a clear goal to resume Māori land when the leases were up. “They knew the Tawanui Station and Omerei Station leases would be up in 1975 – which gave them just five years to raise as much capital as they could,” says Lex Moodie, who was the self-described CEO, secretary and accountant of the fledgling
TOITŪ TE WHENUA
“WE WERE ALWAYS VERY CAREFUL NOT TO TAKE ON MORE THAN WE COULD HANDLE AND THAT WE KEPT OUR SIDE OF THE BARGAIN WITH THE BANK, NEVER MISSING A PAYMENT.” Mavis Mullins
Incorporation. Lex was recruited by
“When I started the Ātihau work was
“I felt very much that my role was to
Robson and Partners in Whanganui
supposed to be just 10% of what I did,
as they needed someone who had a
but it went up and up 20%, 50% until
advocate for the Incorporation and help
good understanding of the issues and
it was all I was doing,” he laughs. “But
challenges affecting Māori land, its
I really enjoyed working with them all.
ownership and use. Lex was a good
They did a great job laying down such
fit because he had cut his accounting
solid foundations.”
teeth at the Department of Māori Affairs. “Rangi and the Board knew they wouldn’t have enough, so approached the Whanganui branch of the BNZ to see if they would help,” says Lex. It was a very big step for all concerned, but from the start the local bank advocated for the Incorporation and secured the loan they needed.
them to make their vision a reality,” he says. “I left that job with a real sense of personal satisfaction and professional pride that I had been part of something really important.”
“I see where the business is today and I do feel proud that I had part in it.”
Grant handed the BNZ baton to the current relationship manager,
Grant Bridges was Lex’s counterpart
Rob Gemmell, who has been the
at the Whanganui BNZ as the Senior
Incorporation’s agri-business partner
Relationship Manager there from the
for the last 20 years.
mid-1980s. “We always had a wonderful relationship with Ātihau-Whanganui Inc, both
“The relationship with AWHI is one we are immensely proud of, and one we consider to be a true taonga and so we
with Lex and the Board,” he says.
treat it as such.”
“We were always very careful not to
“One thing that always stood out was
take on more than we could handle and
their governance and their approach
that we kept our side of the bargain with
to borrowing, always taking the
the bank, never missing a payment.”
conservative route.”
Lex remained the Incorporation’s money
Grant had to work hard to persuade
man for 30 years, finally retiring in 2000,
‘Head Office’ to approve the loans on
NB: Omeri Station subsequently
and remembers his time fondly.
occasion.
became part of Te Pā Station.
“Being part of the progress the business has made over the last 20 years has been one of the most satisfying aspects of my role with BNZ.”
“THE RELATIONSHIP WITH AWHI IS ONE WE ARE IMMENSELY PROUD OF, AND ONE WE CONSIDER TO BE A TRUE TAONGA AND SO WE TREAT IT AS SUCH.” Rob Gemmell
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Ātihau-Whanganui Incorporation PERFORMANCE AT A GLANCE For the Year Ended 30 June 2020
2016/2017
2017/2018
2018/2019
94,336
95,418
100,202
Lambs born
Beef calves born
88,568
3,573
3,464
3,584
249,172
Milk production
2019/2020
218,043
3,606
241,006
226,077
Litres 74,041 40,302
Honey Production (Kg Ātihau hives)
22,979 10,737
27,260,624
Total Revenue ($)
19,290,060
21,569,032
23,927,198
20,745,166
Total Expenses ($)
17,231,069
19,862,969
18,507,867
7,397,655
Net Surplus ($) before finance costs and non operating revaluation
2,058,991
3,061,164
159,614,522
Equity ($)
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132,349,608
3,182,032
160,118,407
178,067,045
TOITŪ TE WHENUA
Ātihau-Whanganui Incorporation PERFORMANCE HIGHLIGHTS For the Year Ended 30 June 2020
Livestock
Increase in calves born
3,606
up from 3,584 last year Steers average price of $1,851
Lambs Born
88,568
Environmental Responsibility
down from 95,418
10,350m riparian fencing
Price per lamb
15ha bush retired
$112
(average price)
Total Honey Produced 130,820 Kg
400 Poplar poles planted
Atihau Hives produced 74,041 Kg Honey Harvested 2020 $6.7m up from 2019 $2.5m
Total Revenue
Total Equity
Net Surplus*
$27.2m
$178m
$24m (2019)
$160m (2019)
$7.4m $3.0m (2019) *before finance costs and non-operating revaluations
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Te Āti Hau Trust CHAIRPERSON'S REPORT
Shar Amner Trust Chairperson
Tēnei rā ka tangihia ngā mate huhua o te wā. E rere atu rā ki te kāinga wairua i te rangi. Okioki mai rā. Huri mai ki tātau te hunga ngā waihotanga o rātau mā, tēnei te mihi kau atu. E tautoko ana i ngā mihi ki kautau, otinoa ki tātau, ā, mouri ora ki tātau.
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Of course, the COVID-19 pandemic and the subsequent lockdown response has put many businesses and families under pressure and our thoughts are with any of our shareholders and whānau who are dealing with personal challenges because of this. One of the torches passed to me by previous chair Keria Ponga was the overhaul of the Trust’s application forms and website with the aim of making it easier for shareholders and beneficiaries to apply for grants. This is making progress with new forms making the processing of grant applications much more efficient for our wonderful administration staff and we will continue to focus on streamlining our systems and making online applications possible. Improving our service delivery is something I am passionate about, ensuring our support is accessible for those who need it and that they know we are here to help. General Grants
ON BEHALF OF THE TE ATIHAU TRUST BOARD, I AM PLEASED TO PRESENT THE REPORT FOR THE 2019/2020 FINANCIAL YEAR.
The Trust is keen to support marae and community groups with funding that will enable projects designed to benefit the local iwi and hapū to be carried out. We feel that those groups know best what their local community needs and so our application criteria have been made less restrictive. Please contact our office to find out how we can help you make your project a reality. Helping to make the lives of our kaumātua easier and more comfortable is a key area for us as we know there are people in real need. This year we distributed more than $59,000 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 our pūtea is making a real difference to our pahake.
TOITŪ TE TANGATA
This is my first report as Chair, and it has been an interesting and challenging 12 months on many different levels.
Sporting and cultural events are important occasions that ensure our people have opportunities to come together, to connect and to compete. The Trust has helped ensure participation at the Ngā Pū Kōrero competition, Mana Kuratahi National Kapa Haka, the National Māori Basketball Tournament at all age levels, various Motocross events, the NZ Rodeo High School Trans-Tasman Challenge and the NZ Youth Development Volleyball team in Canberra, Australia. Educational Grants Supporting aspirations of our rangatahi through educational grants continues to be a large part of our funding distribution. The variety of studies being undertaken by our young people is wide-ranging and gives us confidence that the future of these individuals, their whānau and their iwi is a positive one. Last year we distributed more than $140,000 in 248 separate grants for courses that cover subjects such as medicine, Māori visual arts, teaching, law, dentistry, and business management. Supporting our high school students is also a key element in this area and this year 79 students benefitted from funding totalling $19,750. We also believe in recognising and acknowledging achievement and this year awarded two High Performance grants of $1k each. Strategic approach The Trust is guided by our principles of 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) and Te Reo (identity) and the Board works hard to ensure they are at the core of all decisions we make.
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Te Āti Hau Trust CHAIRPERSON'S REPORT
$284,741 Total Distributed
"Supporting our high school students is also a key element in this area and this year 50 students benefitted from funding totalling $12,500." But Whanaungatanga stands out for us
our people and making a significant
because by working in partnership with
difference to their lives.
others, be they other iwi, other Māori entities, educational establishments or strategic business partners, we will be able to leverage what we have available to us to achieve more for our people. Access to more support, access to more opportunity and access to a bright future.
Acknowledgements I would like to thank my fellow Board members for their support this year, my fourth as Trustee and first as Chair.
Thank you also to our shareholders and their whānau for their continued drive and enthusiasm to improve not only their own lives, but also the lives of all Māori. Ngā mihi
Together we make a great team. It is important we acknowledge the ongoing support of the Ātihau-Whanganui
Our strategic planning is focused
Incorporation, the foundation of
on delivering the most benefit for all
everything we do at the Trust.
Shar Amner Trust Chairperson
Te Āti Hau Trust TRUSTEES
Shar Amner (Trust Chair)
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Whatarangi Murphy-Peehi
Rāwiri Tinirau
Jessica Smith (Independent Trustee)
Aaron Rice-Edwards (Independent Trustee)
TOITŪ TE TANGATA
Te Āti Hau Trust SUMMARY OF KEY TRUST FINANCIAL INFORMATION For the Year Ended 30 June 2020
FT Tertiary Undergraduate
General Grants
$99,250
Secondary School Grants Y10-11
$99,337
$19,750
176 TOTAL
131 TOTAL
79 TOTAL
Agriculture
$6,000
Postgraduate
2 Total up from $3,000 (2019)
20 Total approved
Marae
$37,600
$19,193
distributed
distributed
Kaumātua Considerable increase on last year's distribution
$59,784 $42,276 (2019)
Kaumātua
assistance supported Dental work Hearing Aids Prescription Glasses Warm, dry, safe homes
25
HONOURING A LEGACY Robin Murphy-Peehi was a man who had big aspirations and the tenacity to do the hard mahi to reach them – so a scholarship that requires those qualities in its recipients is a worthy tribute.
The Robin Murphy-Peehi Scholarship is awarded every two years to a Te Āti Hau Trust applicant who is achieving at the highest level in their chosen study at post-graduate level. Worth $16,000, it is a significant award, and as such granted by the Trust Board when a suitable candidate is identified.
youth in Māori language revival, and
There is honour and prestige in being chosen to receive this scholarship, and expectations are high that the student in question will continue to deliver at the highest academic level.
journey I felt like I wasn’t alone,” she
The Robin Murphy-Peehi Scholarship was first awarded to Hinurewa Poutu, whose studies explored the role of
26
the factors that influence the use of te reo Māori among those who’ve been educated in wharekura. She completed her doctorate from Massey University in 2014. “I felt assured my iwi were supporting my mahi, so throughout my whole said in an interview with AWHI Magazine in 2019. “I also didn’t want to let my iwi down. They put their trust in me to complete my postgraduate studies. It can get really difficult when you’re in the depths of trying to figure out how to write and explain your kaupapa. There
were moments when I thought ‘My iwi thinks I can do this’ and that motivated me to keep going.” Robin Murphy-Peehi was a member of the Committee of Management for Ohorea Station, the farm that was to be the foundation for the ĀtihauWhanganui Incorporation, and, subsequently, a member of the first Awhi Board. He became its second chairman on the passing of Dr Rangi Metekingi, a man of immense standing. “They were big shoes to fill,” says Tiwha Puketapu, current Chair of the Incorporation’s Audit and Risk Committee. “But Robin knew he
Robin Murphy-Peehi could do the job and set out with his characteristic focus to do what he saw as the most important thing at that time – the resumption of land.” “He saw things as very black and white and nothing could deter him once he had decided on a course of action.” “His work created the solid foundations that we are building on today. He left us a legacy that benefits us now, and will for generations to come.” Legacy was something Robin understood, returning to his family land after 12 years at the New Zealand Dairy Company in Tirau. He started with a 195-acre block of unproductive scrub, 100 sheep and no money, and turned it into the thriving 3000-acre Te Kaahu Estate. His wife, Te Uta, said when he passed away in 1992 that ‘Our elders dreamed dreams, but we were to make it a reality.” “He was a very quiet man, but very astute when it came to business,” says his son, Whatarangi Murphy-Peehi, himself a Board member of the ĀtihauWhanganui Incorporation for more than 30 years.
TOITŪ TE TANGATA
“THERE WERE MOMENTS WHEN I THOUGHT ‘MY IWI THINKS I CAN DO THIS’ AND THAT MOTIVATED ME TO KEEP GOING.”
“He was very frugal – he had no money at all then. They produced their own food, and he would do the odd job here and there when he needed to buy something for the farm.” “Nothing stopped him doing what he thought he needed to do, he always found a way.” If Robin was the machine, Te Uta was the engine, providing the drive and propulsion he needed to get things done. “She was a real powerhouse and made sure he knew what she thought should be happening with the Incorporation,” says Whatarangi. “They complemented each other and made for a formidable team.” “I think when he became Chair, the Incorporation had just $250,000 in borrowed capital to start with. It was an extremely hard row to hoe, but he was a practical farming man and just got on with the job.” The esteem in which he was held by his people and the local community was evident at his tangi, when multitudes came to pay their respects as he lay in state at Tirorangi Marae, which was founded by his grandfather, Te Ahitoro Akapita Peehi. “It is our responsibility to maintain the integrity of his legacy, to build on all he did to improve the social, cultural, educational, and environmental situation for all shareholders and their whānau,” says Tiwha. “Our generation, and those in the future, owe a great deal to Robin and the way he chaired his Board.” Shar Amner, current Chair of the Te Āti Hau Trust, says that awarding the scholarship is getting harder every year – because the quality and number of applicants for a Trust grant is increasing every year. “For our uri to be aiming to study at that level, to perform and achieve academically at the very top, gives us great confidence in our future. Robin’s legacy is creating a legacy of its own, helping our young people to gain the knowledge they will need in the future as we continue to build as a Trust, as an Incorporation and as a people.”
“OUR GENERATION, AND THOSE IN THE FUTURE, OWE A GREAT DEAL TO ROBIN AND THE WAY HE CHAIRED HIS BOARD.” Tiwha Puketapu
27
Te Āti Hau Trust EDUCATION GRANT RECIPIENTS
" It allowed her to compete in double classes, upgrade her license fro club to championship, and train at the nationals track with top rider Rhys Carter before nationals, which I think helper her so much." Kiriana Henare-Gembitsky, Karaitiana Horne’s Mum National Sport Grant Recipient
" I am proud to be in a position where I can be a bit of a role model for young Māori because hopefully, if they see what I am doing and achieving, they will feel they can aim high too." Wiremu MacFater High Achiever Scholarship Recipient
" Never quit, commit." V’Chay Hemopo National Sport Grant Recipient
" I’m not an inside person at all, I knew straight away that my future was working out on the land." Ezekiel Anderson Agriculture Scholarship Recipient
28
Te Āti Hau Trust EDUCATION GRANTS LIST
BALANCE/DELOITTE GRANT Recipient
Aaron Arona Whetuariki McGregor
Scholarship
Bachelor of Business (Accounting & Management) 2019
$
1,000 TOTAL 1,000
POST GRADUATE & PHD Recipient
Qualification
Applied Pathophysiology
$250
Kelly Harper-Waho
Postgraduate Diploma in Nursing
$550
Anahera Hemara
Postgraduate Certificate in Health Sciences
$650
Jocelyn Kay McLean
NZ Diploma in Conveyance Level 6
$700
Davina Cooper
Doctorate of Philosophy
$750
Melissa Joy Stewart
PhD in Psychology (Industrial & Organisational)
$750
Saskia Alexander-Paewai
Postgraduate Diploma/Masters in Veterinary Physiotherapy
$750
Susie Wakefield
Masters Thesis
$750
Te- Rina Lind
Postgraduate Diploma of Nursing Science
$750
Kayla Renee Gray
Masters in Arts (Psychology)
Tu Williams
Masters of Indigenous Studies
$1,100
Angeline Cherokee Leilani Walters
Postgraduate Diploma in Science (Physiology)
$1,300
Karanga Morgan
Masters Applied Indigenous Knowledge
$1,300
Shona Kapea-Maslin
PhD Māori Studies Te Tumu
$1,300
Tara Ngatai-Broughton
Postgraduate Diploma in Nursing Science
$1,300
Soraya Peke-Mason
Executive Master Business Administration (EMBA)
$1,350
Bailey Williams
Masters in Science
$1,400
Barbara Jean Murdoch
Master of Business Administration (MBA)
$1,400
Cerline Selwyn
Masters in Science (Human Performance)
$1,400
Shona Kapea-Maslin
PhD-Doctor of Philosophy
$1,400
Amiria Tereasa Paranihi
Master of Education
$1,500
Andrea Williams
Masters Indigenous Māori Leadership
$1,500
Asher Katene
Master of Arts Post Graduate Diploma in Clinical Psychology
$1,500
Ashleigh Rose Hobbs
Postgraduate Diploma in Nursing
$1,500
Ella Duxfield
Master of Dietetics
$1,500
Isabella Hammond
Master of Communication
$1,500
Jarvell Paraka
Postgraduate Diploma in Arts (Geospatial Science)
$1,500
Joseph James Taihana Tyro
Masters in Māori & Indigenous Leadership
$1,500
Kahumoerangi Sairose O'Neill Te Kani
Postgraduate Diploma- Health Sciences
$1,500
Lena Bezems Kemp
Bachelor of Health Sciences with Honours: Psychology Major
$1,500
Madison Jayne Durston
Graduate Diploma in Teaching (Primary)
$1,500
Melanie Brooks
Masters of Contemporary Education
$1,500
Nicola Walsh
Bachelor of Laws and Bachelor of Arts
$1,500
Olympia Pearl Fazakerley
Master of Applied Management
$1,500
Rerekohu Pewairangi
Graduate Diploma in Teaching (Primary)
$1,500
Tamahina Sheridon
Master in Indigenous Studies
$1,500
Tawhiao McMaster
Professional Legal Studies
$1,500
Taylor Reweti Hibbad
Master of Science in Cell & Molecular Bioscience
$1,500
Victory Takarangi
Master of Māori and Indigenous Leadership
$1,500
Whakane Marama Baron
Master of Māori and Indigenous Leadership
$1,500
Winsome Lee Sturess
Master of Māori and Indigenous Leadership
Lorraine Roberta Tyson
Less 2019 Conditionally Approved Grants where requirements were not met
$
$800
$1,500 -$1,400 Total $50,050
29
Te Āti Hau Trust EDUCATION GRANTS LIST
MEDICAL 4YRS+ Recipient
Qualification
Bachelor of Medicine & Surgery
$1,200
Freeman Heaatarangi Apou
Bachelor of Medicine & Surgery
$1,300
Kelli-Ann Tyson
Postgraduate Diploma - Nurse Science
$1,300
Brittany Taylor (2020)
Bachelor of Medicine & Surgery
$1,400
Benjamin Tamihana Ratana
Bachelor of Medicine & Surgery
$1,500
Jasmine Miriama Williams
Bachelor of Medicine & Surgery
$1,500
Waimarama Matena
Bachelor of Medicine & Surgery
Brittany Taylor (2019)
$
$1,500 TOTAL $9,700
SCHOLARSHIPS Recipient
Qualification
Doctorate of Philosophy In Education
$3,000
Wiremu McFater
Doctorate of Philosophy In Surgery
$3,000
Kevin Haunui
30
$
TOTAL $6,000
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE Recipient
School
Bachelor of Social work
$100
Natalie Ruth Ngamotu-Healey
Bachelor of Laws
$100
Paul Baker
Bachelor of Culinary Arts
$100
Faith Taputoro
NZ Cert in Study & Career Preparation Health Science (level 3
$250
Gabriel Baron
He Puawai - Certificate in Adult and Tertiary Teaching
$250
Sidney Taku
Bachelor of Arts
$250
Adrienne Harris
Nebosh General Certificate in Occupational Health & Safety
$300
Chrystal Ruru-Canterbury
Bachelor of Arts (Māori Studies)
$300
Harmony Te Amo
Diploma in Travel & Tourism Management Level 5
$300
Katrina Ripeka Daly
Bachelor of Business (Accounting & Management)
$300
Manaia Margaret Rose Ratana
Te Whakapakiri Tino Rangatira
$300
Maria Waretini
Toiora Whānau (Social Service)
$300
Mikaere Teki
Bachelor of Applied Science
$300
Roimata Blackburn
Bachelor of Applied Science (Radiography)
$300
Alexandra Patu-Taylor
Health and Care Preparation (Level 3)
$350
Apanui Poihipi-Tiraha
NZ Diploma in Construction (Level 6)
$350
Cousina Robert Morrell
NZ Diploma in Health & Wellbeing (Level 5)
$350
Kaz Reihana Hema
Introduction to infrastructure Works (Level 2)
$350
Linda Cribb
NZ Certificate in Apiculture Level 3 -NZ 2223
$350
Lynora Te Kotuku
Certificate in Health & Wellbeing (Advanced Support) Community Support Services (Level 4)
$350
Sarah Elizabeth Tapa
NZ Certificate in Study and Career Prep
$350
Sarah Trinder
NZ Certificate in Whanau Ora
$350
Te Nga O Te Rangi Hartley
NZ Certificate in Construction Trade Skills (Level 3)
$350
Zion Tawaroa
NZ Certificate in Business Administration & technology level 3)
$350
Daniel Ephraim Tauru
Certificate in Rongoa (Level 4)
$400
Ebony McMasters
Bachelor of Nursing
$400
Haukapuanui Vercoe
Bachelor of Engineering (Honours)
$400
Julia Wareham
Bachelor of Law
$400
Kahurangi Te Kani
Bachelor of Science
$400
Luke Enoka
Te Reo Māori
$400
Mikaere Teki
Bachelor of Applied Science
$400
Rayden Huwyler-Hunia
Bachelor of Science
$400
Tamahauiti Samuel Potaka
Conjoint SSc & B Comm
$400
Te Awhina Plumridge
Bachelor of Arts / Bachelor of Laws Conjoint (Sociology and Māori)
$400
Waimihia Maniapoto-Love
Bachelor of Arts (Māori & Politics)
$400
Alexander Damsted-Andersen
Diploma of Arts
$500
Ariana Tia Joseph
Te Aho Tātairangi: Bachelor of Teaching (Māori Medium)
$500
Ashley Hape-Tonihi
Bachelor of Nursing
$500
Autumn-Leigh Ratana
Bachelor of Design & Arts
$500
Danielle Ella Rae Rihia
Bachelor of Education
$500
Ebony Kaye Ripeka McMaster
Bachelor of Nursing
$500
Elizabeth Namana
Certificate of Te Reo Māori
$500
Emily-Louise Adrianne Dixon
Bachelor of Midwifery
$500
Hayley Robinson
Bachelor of Nursing
$500
Lynda Holster
$
CONTINUED
31
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) Recipient
School
Bachelor of Business Management
$500
Leila Blackburn
Bachelor of Applied Science (Medical Imaging Technology, Radiology)
$500
Manaia Ratana
Te Whakapakari Tino Rangatiratanga
$500
Rio Harvey Bell
Bachelor of Commerce
$500
Sonny Vercoe
Bachelor of Civil & Environmental Engineering (Honours)
$500
Tamahauiti Potaka
Conjoint Bachelor of Commerce & Bachelor of Science
$500
Te Miringa Parkes
Bachelor of Arts / Bachelor of Commerce Conjoint
$500
Te Rua Wallace
Bachelors of Environmental Planning
$500
Wavell Madams
Bachelor of Nursing (Level 7)
$500
Aisha Lavinia Short
Bachelor of Business (Accounting)
$600
Alexander Damsted
Bachelor of Informational Services
$600
Arama James Tuka
Diploma in Arts
$600
Awhina CM Kingi
Bachelor of Nursing
$600
Christian Hawiri Seanoa
Bachelor of Fine Arts
$600
Crystal Marsh
Business Management Diploma
$600
Dakota Hall
Bachelor of Nursing
$600
Fiona Te Haara
Bachelor of Nursing
$600
Flynn Oberdries
Bachelor of Science - (Major Information Science, Minor Statistics)
$600
Frances Watson
Bachelor of Nursing Level 7
$600
Francessca Hera Maslin
Poutuarongo Reo
$600
Gaylene Dobbyn
Certificate in Small Business & Project Management
$600
Jack Potaka
Bachelor of Laws & Bachelor of Arts Conjoint
$600
Jesse Williams
Bachelor of Engineering (Hons) (Network Engineering)
$600
Krystal Elizabeth Hirana Tinirau
Bachelor of Nursing (Level 7)
$600
Macy Duxfield
Bachelor of Laws & Bachelor of Arts
$600
Manahi Gardiner
Bachelor of Science (Physics)
$600
Marilyn Tamakehu
Bachelor of Social Work/ Poutuarongo Toi ora Whānau
$600
Michelle Robb
Te Ara Tuatahi mo te reo Māori
$600
Mikayla Teki
Bachelor of Nursing
$600
Monique Heke
Bachelor of Community Health
$600
Nova Elers
Bachelor of Arts
$600
Orewea Wanakore
Diploma Tourism and Travel (Level 5)
$600
Pafe Mamalu Momoisea
Bachelor of Science
$600
Paige Harawira
Bachelor of Teaching (Professional Education- Primary)/Bachelor of Social Sciences $600
Paulette Paretauhaunga Le Gros
Diploma in Construction
$600
Puna Whakaata Maniapoto-Love
Bachelor of Laws & Bachelor of Arts Conjoint
$600
Raymond Marshall
National Certificate in Carpentry
$600
Ronan Heathcoate
Bachelor of Fine Arts
$600
Raukura Te Ruihi Mihiata Doyle
Bachelor of Health and Bachelor of Laws Conjoint
$600
Saandra Phillips
Bachelors of Social Work
$600
Suraya Goss
Bachelor of Arts (Māori Knowledge)
$600
Suzanne Hepi
Bachelor of Business
$600
Taylor Tuhakaraina
Bachelor of Nursing
$600
Te Matau o Te Rangi Allen
Bachelor of Engineering with Megatronics (Hons)
$600
Te Reo M Whakaruru
Bachelor of Nursing
$600
Jordan Ranginui Urwin
$
CONTINUED
32
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) Recipient
School
Bachelor of Nursing
$600
Terrence Ranginui
Bachelor of Applied Science
$600
Tibet Xing Chi Tuhoro Mauri Ranginui
Bachelor of Fine Arts (Hons)
$600
Tunisha-Faith Anateira Akuhata
Bachelor of Health Science Māori Nursing
$600
Vaieshalee Berridge Renata
Bachelor of Nursing
$600
Amelia Peni
Bachelor of Veterinary Science
$700
Aaliyah Hutana
Bachelor of Arts (Social Sciences)/ Bachelor of Arts (Māori)
$700
Adrienne Harris
Heke Reo
$700
Alyssa Mei Beer
NZ Certificate Hairdressing (Level 4)
$700
Anahera Paranihi
Diploma in Hospitality Management
$700
Anne Michelle Paranihi
Bachelor of Teaching (ECE)
$700
Anthony Wanakore
Bachelor of Arts - (Māori Studies and Māori Resource Management)
$700
Asha Hera Huriwaka Masters
He Korowai Akonga - Bachelor of Primary Teaching
$700
Ashley Crystal Beard
Bachelor of Arts majoring in Law
$700
Atiria Menehira McLeod
Business & Accounting
$700
Ben Kidd
Bachelor of Communications
$700
Brodie-Leigh Karatiana
Bachelor of Business & Bachelor of Laws (Double Major)
$700
Brooklyn Bishop
Bachelor of Arts Majoring in Psychology and Sociology
$700
Brylee Te Rauna Tauri
Toiora Whānau
$700
Caleb Ezra Collins-Fore
Bachelor of Business
$700
Camryn Williams
Bachelor of Arts / Bachelor of Laws Conjoint
$700
Celone Tuka
Bachelor of Nursing
$700
Cheyanne Netana Rowe
Diploma of Business & Accounting Level 5
$700
Christian Hawira-Seanoa
Bachelor of Fine Arts
$700
Cody Te Manu Stephen Hiri
Bachelor of Arts
$700
Crystal Sheree Madams
NZ Certificate in study career preparation L 3 & L4
$700
Danielle Pearce
Bachelor of Management Studies BMS (Hons)
$700
Dylan Budge
Bachelor of Engineering (Hons)-Mechanical
$700
Eilish Holmes-Mustart
Bachelor of Arts / Bachelor of Commerce Conjoint
$700
Ella Rerekura
Bachelor of Performing Screen Arts
$700
Ethan Paurini Mason Asher
Diploma in Agriculture
$700
Gerald Taputoro
Certificate in Waka Ama (Level 4)
$700
Teresa Wakefield
$
Huki Ana Whakatotopipi Bishop-Williams NZ Diploma in Business Level 5
$700
Jack Potaka
Bachelor of Laws & Bachelor of Arts (Te Reo) Conjoint
$700
Janaya Leef
Diploma in Tourism & Travel Level 5
$700
Jasmine Raukawa Fraser
Bachelor of Management Studies, Major-Marketing, Minor Agribusiness
$700
Jordan Daly
Poutuaronga Whakaakoranga Kōhungahinga
$700
Jordyn Paerau-Hopkins
Bachelor of Engineering (Civil Engineering, Engineering Mathematics)
$700
Jury Kauwhata Teniteni-Meaton
Bachelor of Laws
$700
Kayla Mahina Waudby
Bachelor of Environmental Planning
$700
Kimiora Kumeroa-Rowe
Bachelor of Nursing
$700
Kodi Madams
Bachelor of Nursing
$700
Kura Ratana
Nga Poutoko Whakarara Oranga: Bachelor of Bicultural Social Work
$700
Laurayne Ryder
Bachelor of Architecture
$700
Leiana Marie Hiri
Bachelor of Nursing
$700 CONTINUED
33
Te Āti Hau Trust EDUCATION GRANTS LIST
UNDERGRADUATE (CONTINUED) Recipient
School
Bachelor of IT
$700
Lisa Tamati
Ngā Poutoko Whakarara Oranga Bachelor of Bicultural Social Work
$700
Lisamarie Madams
Bachelor of Nursing
$700
Madison Jane Florence
Bachelor of Social Work
$700
Maia Hemara-Tylden
Bachelor of Arts in Māori Development
$700
Makayla Kahi
Certificate of Health Science
$700
Mareikura Kaire
Poutuaronga Whakaakoranga
$700
Melissa Maria Jane Spierling
Bachelor of Teaching (Primary)
$700
Mike Mcleod- Taurerewa
Te Pokaitahi Reo
$700
Monica Moir
NZ Diploma in Hospitality Management (Level 5)
$700
Monique Marie Heke
Bachelor of Community Health
$700
Natalya Maria Holmes
Bachelor of Arts / Bachelor of Laws Conjoint(Classics and History)
$700
Noah Blackburn
Bachelor of Law and Commerce
$700
Oriwia Hohaia-Hall
Conjoint degree Law & Arts (Māori Resource Management)
$700
Paris Lauryn Jade King
Health Science
$700
Paul Tamati
Ngā Poutoko Wakarara Oranga
$700
Peppa Reweti
Bachelor of Design (Hons)
$700
Piri-Kite-Atua
Heke Whakaakoranga
$700
Raukura Te Ruihi Mihiata Doyle
Bachelor of Health and Bachelor of Laws Conjoint
$700
Reuben Hauiti Bruce T King
Bachelor of Engineering (Hons)
$700
Rewai Teka
Te Ara Reo Māori- He Pi Ka Rere L4
$700
Rihari Morrison Peeti
Bachelor of Applied Science (Wellness and Exercise)
$700
Rukuwai Te Weri
Bachelor of Engineering (Hons) in Civil Engineering
$700
Sharyn Leigh Cassidy
Te Poutāhu Whakaakoranga
$700
Shay Winston Winterburn
Awhiwhenua
$700
Sophie Tuohy
Bachelor of Commerce (Māori Resource Management)
$700
Suraya Jasmine Goss
Bachelor of Arts (Māori Knowledge)
$700
Suzanne Maria-Rewa Hepi
Bachelor of Business
$700
Tawaroa Te Tana Ponga
Bachelor of Engineering
$700
Taylar Tuhakaraina
Bachelor of Nursing
$700
Te Aratu Ngaire Maihi
Health Sciences
$700
Te Awhina Hamahona
Bachelor of Arts (Social Policy)
$700
Te Hiringa Harrison
Automotive Engineering Level 3
$700
Leon Tutauha
Te Ruawai Pikotuku Te Huia Tahuparae Te Wananga o Raukawa
$700
Trinity Rowe
Bachelor of Applied Management
$700
Urupaina Marama Taniwha
NZ Certificate in Health & Wellbeing
$700
Whitney Teka
Bachelor of Business (Accounting & Marketing)
$700
Paris Butters
Bachelor of Dental Surgery
Jasmine Raukawa Fraser
Bachelor of Management Studies (Hons)
Raukurawaihoea Naami Waitai
Bachelor of Māori Visual Arts
Less 2019 Conditionally Approved Grants where requirements were not met
34
$
$750 $1,000 $1,000 -$2,350 TOTAL $99,250
Te Āti Hau Trust EDUCATION GRANTS LIST
SECONDARY Recipient
School
Whanganui City College
$250
Alexander Gallagher
St Joseph Māori Girls School
$250
Alice Heathcote
Whanganui Girls College
$250
Amber Neilson
Hamilton Girls' High School
$250
Arama Te Reo
Botany Downs Secondary College
$250
Arapeta Reihana
Tauranga Boys' College
$250
Arepa Taputoro-Perkins
Manu Kura
$250
Awatere McLean-Wanoa
Cullinane College
$250
Awerangi Te Weri
Manu Kura
$250
Chad Kahukura Whale
Taihape Area School
$250
Charlise Graham
New Plymouth Girls High School
$250
Chase Benjamin Leach
Tauhara College
$250
Cheyanne Violet Hinepai Long
Whanganui Girls College
$250
David Robinson
Piopio College
$250
Demitri Anderson
Whanganui High School
$250
Denva Rawinia Leach
Tauhara College
$250
Devon Maihi
Whanganui High School
$250
Elijah Brown
Ruapehu College
$250
Elijah Hepi-Hika
Cullinane College
$250
Elinor King
Manu Kura
$250
Estienne-Jane Leinah Boladuadua
Te Kura Māori O Porirua
$250
Harmony Bishop-Nahona
Whanganui High School
$250
Heta Mako
Newlands College
$250
Hollyrae Mete-Renata
Whanganui High School
$250
Ihipera Koria Amakohu Tauariki-Mete
Whanganui High School
$250
Indiana Rico Ratana
Hato Paora College
$250
Jacob Read
Whangarei Boys' High School
$250
Jahzay Muru-Albert
Ruapehu College
$250
Jai Tamati
Rotorua Boys High School
$250
Jenna Chapman
Taihape Area School
$250
Jenna Marise Chapman
Epsom Girls Grammar
$250
Johnnie Jnr Tuka
Cullinane College
$250
Jurnee Scanlon-Martin
Te Kura o Kokohuia
$250
Kaitini Reweti
Whanganui Girls College
$250
Kartiah Taiaroa
Manu Kura
$250
Kaya-Mae Awhitu
Papamoa College
$250
Kayley Ngataierua
Whanganui City College
$250
Kees Jahnke
Palmerston North Boys High School
$250
Kire William Reihana
Kaiapoi High School
$250
Ky-Mani Tonihi
Whanganui High School
$250
Maia Grace Blackburn (2019)
Tauranga Girls College
$250
Maia Grace Blackburn (2020)
Tauranga Girls College
$250
Maraki Aumua
Rotorua Boys High School
$250
Mia Ngapeka Gardiner
Tauranga Girls College
$250
Milla Ka Hapai te Rama Ranginui
Whanganui High School
$250
Ahmir John Scurr
$
CONTINUED
35
Te Āti Hau Trust EDUCATION GRANTS LIST
SECONDARY (CONTINUED) Recipient
School
Woodford House Boarding School
$250
Mollie Ramari Mason Asher (2020)
Woodford House Boarding School
$250
Ngakura Ponga (2019)
Manukura
$250
Ngakura Ponga (2020)
Manukura
$250
Nicholas Spence
Tauhara College
$250
Oceania Rangaihi Sincerely Marino
Whanganui City College
$250
Oliver Wynen
Christchurch Boys' High School
$250
Pera Maraku
Whanganui City College
$250
Poppy Gem Downs-Holden
New Plymouth Girls' High
$250
Quade Tamati Ryan
Menzies College
$250
Retitia Raureti
Te-Kura-a-Iwi-o Whakatupuranga Rua Mano
$250
Rikau Neilson
Rotorua Boys High School
$250
River-Jade Love-Anderson
Whanganui City College
$250
Robert Wynyard
Hato Paora College
$250
Seth Sims
Whanganui High School
$250
Shannon Alan Davis
Mana College
$250
Mollie Ramari Mason Asher (2019)
Shawnee Waihemonga Cook-Lawrence Te Rangi Āniwaniwa
$250
Sophia 'Unga-Cribb
Whanganui High School
$250
Stacey Joy Bell
St Peters College Cambridge
$250
Tahi Butcher
New Plymouth Boys High School
$250
Tayahna-Maree Perkins-Taputoro
Manukura
$250
Te Awanuiarua Maru-Patea
Te Kura o Kokohuia
$250
Te Oka Ngataierua
Whanganui City College
$250
Tejay Kete
Te Kuiti High School
$250
Teofilo Kepa
St Thomas of Canterbury College
$250
Tiako Kahurangi Waitokia
Hato Paora College
$250
Tiana Alice Graham
Wairarapa College
$250
Tiori Gallagher-Moko
St Josephs Māori Girls School
$250
Tōmairangi Wharakura
Hato Paora College
$250
Troy Davy-Beech
Waitara High School
$250
Waimarama Sinai
Whanganui High School
$250
Wairere Serena Cook Lawrence
Te Rangi Āniwaniwa
$250
Zach Mikaere Doolan (2019)
Feilding High School
$250
Zach Mikaere Doolan (2020)
Feilding High School
$250
36
$
TOTAL $19,750
Te Āti Hau Trust GENERAL GRANTS LIST
COMMUNITY
Recipient
Grant Recipient Category Koha to event costs
$1,000
Te Whakaaronui Ki Te Ora (Whanganui Branch)
Attending 67th annual conference for Māori Women's Welfare league
$1,610
Taipahake Kaumātua Olympics
$
TOTAL $2,610
MARAE
Recipient
Grant Recipient Category
Paraweka Marae with Tamaupoko Community led Trust
Marae Infrastructure: Installation and freight costs for TCLT gifted generator
Matahiwi Marae
$
Marae Renovations: Renovating ablution block
$7,693.50 $11,500.00
TOTAL $19,193.50
CULTURAL Recipient
Grant Recipient Category
Atihau Whanganui Incorportation
50th Anniversary Book
Pakaitore Committee
Koha for Pakaitore Day - February 2020
Cruz Pauro
Ngā Pū Kōrero Competition
$
$ 350 $ 1,500 $ 1,000 TOTAL $ 2,850
SPORT ART TRAVEL Recipient
Grant Recipient Category
Netball Australia Netfest - October 2019
$ 250
Karaitiana Horne
NZ Junior & Women's National Motocross Competitions 2020/2021
$ 250
Kauri Horne
NZ Mini-Motocross Junior Nationals 2020
$ 250
Tui Wikohika
Training and competition fees
$ 250
Charlise Ariana Graham
World Supremacy Battlegrounds Competition
$ 250
Jahnae Mahina Graham
World Supremacy Battlegrounds Competition
$ 250
Kaydis Hallett
Regional Rugby Representative Team
$ 250
V'Chay Lattrell
NZ Scooter Association Nationals in Christchurch - January 2020
$ 350
Paige Taiaroa
U17 Girls National Māori Basketball Tournament 2020
$ 350
Seth Ngatai
U17 Boys National Māori Basketball Tournament 2020
$ 350
Stevie Ngatai
U13 Girls National Māori Basketball Tournament 2020
$ 350
Taylor Taiaroa
U19 Girls National Māori Basketball Tournament 2020
$ 350
Raina Taiaroa
U19 Girls National Māori Basketball Tournament 2020
$ 350
Aaliyah Taiaroa
U11 Girls National Māori Basketball Tournament 2020
$ 350
Kartiah Taiaroa
U11 Girls National Māori Basketball Tournament 2020
$ 350
Richard Nelson Horne
NZ Senior Men's National Motocross 2020 & 2021
$ 500
Legacy Wallace-Latoa
NZ Rodeo High School Trans-Tasman Challenge
$ 500
Lucas Niko Maihi
NZ Youth Development Volleyball team in Canberra Australia 2019
$ 500
Immanuel & Jairus Hiroti
Regional competitions in Taupo - to qualify for Nationals
$ 500
Kellie -Sierra Nikora- Rehu
$
TOTAL $ 6,550
37
Te Āti Hau Trust GENERAL GRANTS LIST
KAUMĀTUA Recipient
Grant Recipient Category
Kaumātua Health and Well Being
$ 130.00
Johanne Winiata Patel
Kaumātua Health and Well Being
$ 159.50
Judy Pickthall
Kaumātua Health and Well Being
$ 222.86
Mary Wakefeild
Kaumātua Health and Well Being
$ 249.00
Pearl Ngapera Haami
Kaumātua Health and Well Being
$ 281.25
Piki Mcfayden
Kaumātua Health and Well Being
$ 288.00
Peehi Akapita Wilson
Kaumātua Health and Well Being
$ 299.00
Karen Tukaiora Hayden
Kaumātua Health and Well Being
$ 300.00
Bessie Williams
Kaumātua Health and Well Being
$ 383.00
Jane Edwards
Kaumātua Health and Well Being
$ 383.00
Brenda Toner
Kaumātua Health and Well Being
$ 400.00
Katarina Nahona
Kaumātua Health and Well Being
$ 417.00
Mere Ruiha Millar
Kaumātua Health and Well Being
$ 419.00
Ellen Marina Haami
Kaumātua Health and Well Being
$ 428.00
Edward Marshall Bennett
Kaumātua Health and Well Being
$ 434.00
Janet Townsend
Kaumātua Health and Well Being
$ 466.00
Huia Mere Arihi Henere (Reweti)
Kaumātua Health and Well Being
$ 499.00
Dale Edwards
Kaumātua Health and Well Being
$ 500.00
Mike Wardlaw
Kaumātua Health and Well Being
$ 500.00
Wipaki Peeti
Kaumātua Health and Well Being
$ 536.00
Charlotte Harata Wal
Kaumātua Health and Well Being
$ 539.10
Carolyn Young
Kaumātua Health and Well Being
$ 574.00
Maryanne Hale
Kaumātua Health and Well Being
$ 580.00
Rangi Taylor
Kaumātua Health and Well Being
$ 644.25
Soraya Peke-Mason
Kaumātua Health and Well Being
$ 649.00
Geraldine Taurerewa
Kaumātua Health and Well Being
$ 655.00
Annette Hawe (nee Tamakehu)
Kaumātua Health and Well Being
$ 659.00
Margaret Waitai
Kaumātua Health and Well Being
$ 692.99
Puawai Thompson
Kaumātua Health and Well Being
$ 696.50
Marilyn Matthews
Kaumātua Health and Well Being
$ 709.00
John A.R.Haami
Kaumātua Health and Well Being
$ 800.00
Phil Reweti
Kaumātua Health and Well Being
$ 800.00
Terence Ranginui
Kaumātua Health and Well Being
$ 854.00
Whetu Bennett
Kaumātua Health and Well Being
$ 887.99
Lynora Te Kotuku
Kaumātua Health and Well Being
$ 899.00
Maryanne Hale
Kaumātua Health and Well Being
$ 924.00
Reo Rapana
Kaumātua Health and Well Being
$ 944.25
Jane Edwards
Kaumātua Health and Well Being
$ 981.00
Clark Kauika-Stevens
Kaumātua Health and Well Being
$ 1,000.00
Elizabeth Tira Graham
Kaumātua Health and Well Being
$ 1,000.00
Merolyn Kiriona
Kaumātua Health and Well Being
$ 1,000.00
Wipaki Peeti
Kaumātua Health and Well Being
$ 1,000.00
Neil Ranginui
Kaumātua Health and Well Being
$ 1,000.00
Geraldine Te Kahui Taurerewa
Kaumātua Health and Well Being
$ 1,000.00
Joyce Kani Tamakehu
Kaumātua Health and Well Being
$ 1,000.00
Robert Hikaka
$
CONTINUED
38
Te Āti Hau Trust GENERAL GRANTS LIST
KAUMĀTUA Recipient
Grant Recipient Category
Kaumātua Health and Well Being
$ 1,000.00
Daisy Mabel Cameron
Kaumātua Health and Well Being
$ 1,000.00
James Churchward
Kaumātua Health and Well Being
$ 1,000.00
Lenna Bradrick
Kaumātua Health and Well Being
$ 1,000.00
Rihipeti Honetana
Kaumātua Health and Well Being
$ 1,000.00
Charlotte Harata Walker
Kaumātua Health and Well Being
$ 1,000.00
Guy James Rerekura
Kaumātua Health and Well Being
$ 1,000.00
Phillip T Reweti
Kaumātua Health and Well Being
$ 1,000.00
Carol Tyson Rameka
Kaumātua Health and Well Being
$ 1,000.00
Lynette Bishop
Kaumātua Health and Well Being
$ 1,000.00
Taniwha Te Opetini Blackburn
Kaumātua Health and Well Being
$ 1,000.00
Jean Patricia Wilson
Kaumātua Health and Well Being
$ 1,000.00
Caroline Te Kehu Heke (nee Hami)
Kaumātua Health and Well Being
$ 1,000.00
Rangi Whakahau
Kaumātua Health and Well Being
$ 1,000.00
Yvonne Rakatau
Kaumātua Health and Well Being
$ 1,000.00
Lilian Wardlaw
Kaumātua Health and Well Being
$ 1,000.00
Samantha Alexadra Mary Davey-Mitchell
Kaumātua Health and Well Being
$ 1,000.00
Alexis Te Mataara Haami
Kaumātua Health and Well Being
$ 1,000.00
Te Rangihirawea Maniapoto
Kaumātua Health and Well Being
$ 1,000.00
Mary Joyce Te Haara
Kaumātua Health and Well Being
$ 1,000.00
Marshall Bennett
Kaumātua Health and Well Being
$ 1,000.00
Minnie Maraea Pine
Kaumātua Health and Well Being
$ 1,000.00
Anateira Akuhata
Kaumātua Health and Well Being
$ 1,000.00
Eileen Rawinia Pearson
Kaumātua Health and Well Being
$ 1,000.00
Fredrick Thompson
Kaumātua Health and Well Being
$ 1,000.00
Heeni Ranginui
Kaumātua Health and Well Being
$ 1,000.00
Henare Ryder
Kaumātua Health and Well Being
$ 1,000.00
Jean Alison Pou
Kaumātua Health and Well Being
$ 1,000.00
Matekino McMillan
Kaumātua Health and Well Being
$ 1,000.00
Sandi Ranginui
Kaumātua Health and Well Being
$ 1,000.00
Royce Ponga
Kaumātua Health and Well Being
$ 1,000.00
Te Huiakama Ahenata Borell
Kaumātua Health and Well Being
Annette Hawe (nee Tamakehu)
$
$ 1,000.00 TOTAL $59,783.69
39
40
Ä€tihau-Whanganui Incorporation Financial Statements for the year ended 30 June 2020
41
Ä€tihau-Whanganui Incorporation FINANCIAL STATEMENTS 2020
CONTENTS
42
41
Shareholding & Committee of Management Disclosures
42
Statement of Comprehensive Income
43
Statement of Changes in Equity
44
Statement of Financial Position
45
Statement of Cash Flows
46
Notes to and forming part of the Financial Statements
55
14 Cash and Cash Equivalents
55
15 Trade and Other Receivables
55
16 Stock on Hand
55
17 Biological Assets
57
18 Property, Plant & Equipment
58
19 Share Investments
59
20 Intangibles (Emission Trading Units)
60
21 Share Bond Investments
46
1 Reporting Entity
60
22 Intangibles (Emission Trading Units)
46
2 Statement of Compliance and Basis of Preparation
60
23 Borrowings
46
3 Basis of Preparation
61
24 Financial Instruments
46
4 Specific Accounting Policies
62
25 Programmed Property Maintenance
51
5 Critical Accounting Estimates
62
26 Unclaimed Dividends
52
6 Revenue from Contracts with Customers
62
27 MÄ ori Authority Credit Account
52
7 Other Income
63
28 Related Parties
53
8 Gains / (Losses) from Sale of Emission Trading Units
64
29 Contingent Liabilities
53
9 Finance Income
64
30 COVID-19
53
10 Depreciation & Loss on Sale
65
32 Commitments for Expenditure
53
11 Other Operating Expenses
65
33 Capital
53
12 Equity Accounted Investments
65
34 Reserves
54
13 Income Tax
66
Auditors' Report
Ātihau-Whanganui Incorporation SHAREHOLDING & COMMITTEE OF MANAGEMENT DISCLOSURES For the Year Ended 30 June 2020 Share Information
Greater than 5,000 shares Between 1,000 and 5,000 shares Between 500 and 1,000 shares Between 100 and 500 shares Between 5 and 100 shares Between 1 and 5 shares Under 5 shares Totals
No. of Shareholders 12 234 292 1,500 4,235 1,582 1,353 9,208
0.13% 2.54% 3.17% 16.29% 45.99% 17.18% 14.69% 100.0%
No. of Shares Held
111,995 444,209 206,629 351,733 138,148 4,305 510 1,256,529
8.91% 35.35% 16.44% 27.99% 10.91% 0.34% 0.04% 100.00%
Committee of Management - Shareholding CoM members have the following shares in the Incorporation registered in their names as at 30 Sept 2019. Che Wilson Keria Ponga Mavis Mullins (Chairperson) Rāwiri Tinirau Shar Amner Te Tiwha Puketapu Whatarangi Murphy-Peehi
61.05 1000 545.36 3104.35
This schedule does not include shareholdings registered in the name of Trusts of which a CoM member may be a beneficiary. Committee of Management - Meeting Attendance There were ten monthly meetings and one AGM of the Committee during the year. Four of the ten meetings were held via zoom. Member's attendance was as follows: Che Wilson Keria Ponga Mavis Mullins (Chairperson) Rāwiri Tinirau Shar Amner Te Tiwha Puketapu Whatarangi Murphy-Peehi Sarah Bell (Associate Director) term completed at AGM Laurissa Cooney (Independent ARC member) term completed at AGM
Ordinary 9 10 9 8 9 9 9 4 -
AGM 1 1 1 1 1 1 1 1 1
Other 6 10 4 15 10 9 -
-
1
2
Fees $
Comment
Joe Hanita (Independent ARC member) Committee of Management - Remuneration Members were paid fees and travel allowances during the financial year.
Che Wilson Keria Ponga Mavis Mullins (Chairperson) Rāwiri Tinirau Shar Amner Te Tiwha Puketapu Whatarangi Murphy-Peehi Sarah Bell
32,000.00 32,000.00 58,000.00 Vehicle Provided 32,000.00 32,000.00 32,000.00 32,000.00 3,600.00
43
Ä€tihau-Whanganui Incorporation STATEMENT OF COMPREHENSIVE INCOME For the Year Ended 30 June 2020 Note
REVENUE FROM CONTRACTS WITH CUSTOMERS Livestock
6
Milk Wool Apiary
6
OTHER INCOME
2019 $
15,352,504
16,892,283
1,702,024
1,558,111
914,815
998,565
6,840,749
2,540,154
24,810,092
21,989,113
Gain/(loss) from sale of emission trading units
8
294,581
190,000
Finance income
9
22,623
4,912
377,399
308,476
7
1,755,929
1,434,697
Rental income Other income
2,450,532
1,938,085
27,260,624
23,927,198
Farm working expenses
9,127,009
9,809,953
Employee benefits expense
5,187,452
4,723,510
TOTAL REVENUE & OTHER INCOME EXPENSES
Depreciation and loss on sale
2,055,981
2,228,642
Repairs and maintenance
809,841
1,269,543
Governance and shareholder expenses
786,661
674,663
Donations and scholarships
441,827
441,523
Other operating expenses
10
11
TOTAL EXPENSES NET SURPLUS BEFORE FINANCE COSTS AND NON OPERATING REVALUATIONS FINANCE COSTS Interest expense
REVALUATION GAINS (LOSSES)
Profit / (Loss) from equity accounted investments
12
Loss due to price changes on livestock Reversal of share investments impairment NET SURPLUS / (DEFICIT) BEFORE INCOME TAX Income tax expense - current year movement
13
NET SURPLUS AFTER INCOME TAX OTHER COMPREHENSIVE INCOME Revaluation of share investments
1,454,200
1,597,331
19,862,969
20,745,166
7,397,655
3,182,032
(1,811,030)
(1,736,006)
136,044
(991,865)
(4,049,654)
(584,635)
87,872
-
1,760,887
(130,474)
1,269,696
(218,806)
491,191
88,332
-
(478,258)
Revaluation of property, plant & equipment
20
15,767,800
-
Revaluation of emission trading units
22
2,557,929
1,665,656
Share of gain on property revaluation of associates
12
454,898
336,386
Income tax relating to items that will not be reclassified subsequently
13
(506,439)
(291,490)
18,274,188
1,232,294
18,765,379
1,320,626
TOTAL OTHER COMPREHENSIVE INCOME - GAIN TOTAL COMPREHENSIVE INCOME
These financial statements are to be read in conjunction with the accompanying notes
44
2020 $
Ä€tihau-Whanganui Incorporation STATEMENT OF CHANGES IN EQUITY For the Year Ended 30 June 2020 Capital Reserves $ BALANCE AT 1 JULY 2019
PPE Reval Reserve $
Retained Earnings $
ETU Reserve $
24,311,005 100,874,414 26,471,118
8,653,800
Share Reserve $
Total Equity $
(191,929) 160,118,407
Dividends paid
-
-
(816,741)
-
-
(816,741)
Transactions with owners
-
-
(816,741)
-
-
(816,741)
Net Surplus after Income tax
-
-
491,191
-
-
491,191
Other Comprehensive Income - Revaluation of emission trading units
-
-
-
2,557,929
-
2,557,929
- Revaluation of property plant & equipment
-
15,767,800
-
-
-
15,767,800
- Revaluation of share investments
-
-
-
-
-
-
-
454,898
-
-
-
454,898
-
(506,439)
-
-
-
(506,439)
-
15,716,259
491,191
2,557,929
-
18,765,379
1,845,556 (2,037,485)
191,929
-
- Share of gain (loss) on property revaluation of associates - Income tax relating to items that will not be reclassified subsequently Total Comprehensive Income for the Year Transfer to Retained Earnings
-
-
BALANCE AT 30 JUNE 2020
24,311,005
116,590,673 27,991,123
9,174,244
- 178,067,045
BALANCE AT 1 JULY 2018
24,311,005
100,829,518 27,199,527
6,988,144
286,328 159,614,522
Dividends paid
-
-
(816, 741)
-
-
(816,741)
Transactions with owners
-
-
(816,741)
-
-
(816,741)
Net Surplus after Income tax
-
-
88,332
-
-
88,332
Other Comprehensive Income - Revaluation of emission trading units
-
-
-
1,665,656
-
1,665,656
- Revaluation of property, plant & equipment
-
-
-
-
-
-
- Revaluation of share investments
-
-
-
-
(478,258)
(478,258)
-
336,386
-
-
-
336,386
-
(291,490)
-
-
-
(291,490)
-
44,896
88,332
1,665,656
(478,258)
1,320,626
-
-
-
-
-
100,874,414 26,471,118
8,653,800
- Share of gain (loss) on property revaluation of associates - Income tax relating to items that will not be reclassified subsequently Total Comprehensive Income for the Year Transfer to Retained Earnings BALANCE AT 30 JUNE 2019
24,311,005
(191,929) 160,118,407
A description of the nature and purpose of each reserve is stated in note 33.
These financial statements are to be read in conjunction with the accompanying notes
45
Ātihau-Whanganui Incorporation STATEMENT OF FINANCIAL POSITION As at 30 June 2020
Note
2020 $
2019 $
CURRENT ASSETS Cash and cash equivalents
14
97,590
-
Trade and other receivables
15
2,032,273
2,242,031
Stock on hand
16
8,181,617
3,735,591
Biological assets
17
32,641,449
35,883,459
42,952,929
41,861,081
163,130,774
146,684,004
TOTAL CURRENT ASSETS NON CURRENT ASSETS Property, plant & equipment
20
Right-of-use assets
18
404,491
-
Investments in associates and joint ventures
19
10,084,297
9,719,508
Share Investments
21
1,850,224
1,662,983
Intangibles
22
9,174,244
7,817,800
TOTAL NON CURRENT ASSETS
184,644,030
165,292,305
TOTAL ASSETS
227,596,959
207,745,376
-
247,886
CURRENT LIABILITIES Cash & cash equivalents
14
Borrowings
23
-
13,839,033
Lease liabilities
18
69,915
-
1,558,404
1,504,199
Trade and other payables GST payable
343,178
618,264
Employee entitlements
549,128
306,807
2,520,625
16,516,190
TOTAL CURRENT LIABILITIES NON CURRENT LIABILITIES Borrowings
23
39,538,750
25,762,967
Programmed property maintenance
25
266,163
366,723
Lease liabilities
18
348,361
-
3,687
-
LIC Share Liability Unclaimed dividends
26
2,441,257
2,346,348
Deferred tax liability
13
4,411,072
2,634,741
47,009,289
31,110,780
TOTAL NON CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS
49,529,914
47,626,970
178,067,045
160,118,407
27,991,123
26,471,118
150,075,921
133,647,290
178,067,045
160,118,407
EQUITY Retained earnings Reserves
33 & 34
TOTAL EQUITY
The Committee of management of Ātihau-Whanganui Incorporation authorised the financial statements for issue on 25 September 2020. Signed for and on behalf of the Committee of Management:
Mavis Mullins Chairperson 25 September 2020
Brendon Te Tiwha Puketapu Chairman of the Audit and Risk Committee 25 September 2020
These financial statements are to be read in conjunction with the accompanying notes
46
Ä€tihau-Whanganui Incorporation STATEMENT OF CASH FLOWS As at 30 June 2020
2020 $
2019 $
24,113,771
21,885,111
CASH FLOWS FROM OPERATING ACTIVITIES Cash was provided from: Receipts from operations Interest, dividends and other investments received Grants received
22,623
4,912
460,410
58,868
24,596,804
21,948,891
19,601,892
22,129,887
1,833,413
1,684,001
93,678
19,870
Cash was disbursed to: Payments to suppliers and employees Interest paid Net GST paid NET CASH FLOWS FROM OPERATING ACTIVITIES
21,528,983
23,833,758
3,067,821
(1,884,867)
CASH FLOWS FROM INVESTING ACTIVITIES Cash was provided from: Proceeds from disposals of property, plant & equipment Investment proceeds and disposals
94,824
89,404
1,721,500
1,026,000
1,816,324
1,115,404
3,248,140
4,528,193
Cash was disbursed to: Acquisition of property, plant & equipment Purchase of investments
3,704
2,667,666
3,251,844
7,195,859
(1,435,520)
(6,080,455)
(63,250)
8,608,082
(63,250)
8,608,082
Dividends
721,833
623,598
Grants & donations
441,827
461,523
NET CASH FLOWS FROM INVESTING ACTIVITIES CASH FLOWS FROM FINANCIAL ACTIVITIES Cash was provided from: Proceeds from borrowings Cash was disbursed to:
Lease payments
59,917
NET CASH FLOWS FROM FINANCIAL ACTIVITIES Net (Decrease)/Increase in Cash Held Cash at the Beginning of the Year CASH AT THE END OF THE YEAR
1,223,577
1,085,121
(1,286,826)
7,522,961
345,475
(442,361)
(247,886)
194,475
97,589
(247,886)
These financial statements are to be read in conjunction with the accompanying notes
47
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
STATEMENT OF ACCOUNTING POLICIES 1. REPORTING ENTITY Ātihau-Whanganui Incorporation (AWHI) is registered under the Te Ture Whenua Māori Act 1993 and is incorporated in New Zealand. 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION The financial statements for the Ātihau-Whanganui Incorporation have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP) under the requirements of the Financial Reporting Act 2013 and the Te Ture Whenua Māori Act 1993. 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. 3. BASIS OF PREPARATION 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 below. 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
48
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 30 June 2020 as summarised below. These were used throughout all periods presented in the financial statements. Changes in accounting policies Ātihau adopted new standard IFRS 16 Leases. Details of the impact of this standard are given in specific policy 4(r) and note 18. 4. SPECIFIC ACCOUNTING POLICIES The following specific accounting policies which materially affect the measurement of the Statement of Comprehensive Income and Balance sheet have been applied: (a) Revenue Recognition Revenue from Contracts with Customers Revenue from contracts with customers comprises the expected value for the sale of goods and services, excluding Goods and Services Tax. Revenue is recognised either over time or at a point in time, as follows: Sale of Goods - Livestock 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-
accepted market price provided by the buyer. Sale of Goods - Apiary Ātihau sells honey product to a third-party buyer. 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 and is not subject to any variations or warranties. Sale of Goods - Milk Ātihau sells milk to a thirdparty 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. Sale of Goods - Wool 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 the industryaccepted market price provided by the buyer. Other Income Rental income is recognised on a straight line basis over the term of the lease. Dividends received are recognised on receipt, net of nonrefundable tax credits. The policy for recognition of revenue for Emissions trading units is described in policy (g) below.
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
(b) Expenses 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. (c) Trade Receivables Trade Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less impairment. To determine impairment, Ātihau uses a simplified approach to assess its expected credit losses. The impairment loss is recognised in the profit and loss component of the Statement of Comprehensive Income. (d) Property, Plant & Equipment 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.
Comprehensive Income.
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.
(e) Income Tax 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 and other taxation authorities 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.
All other repairs and maintenance are recognised as expenses in the Statement of Comprehensive Income in the financial period in which they are incurred. The depreciable amount of all fixed assets, including buildings and capitalised lease assets but excluding freehold and leasehold land, is depreciated on a straightline or diminishing value basis over the asset's useful life to the entity commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. Depreciation rates applied to classes of assets are: Class Land Buildings Bridges Development Improvements Plant & Machinery Furniture & Fittings Motor Vehicles
From 0% 0% 2%SL 5%DV 0% 6%DV 8%DV 6%DV
To 0% 20%DV 20%DV 25%SL 40%DV 40%DV 40%DV 36%DV
Gains and losses on disposal are determined by comparing proceeds with carrying amount. These are included in the Statement of
Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related 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 and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised
49
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
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.
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.
Deferred tax assets and liabilities are offset only when Ātihau has a right and intention to set off current tax assets and liabilities from the same taxation authority.
Post-1989 Forest Land Ātihau chose to enter the ETC 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 Balance Sheet.
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. (f) Investments Investments in shares have been classified as 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. (g) Intangible Assets (Emission Trading Units) 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 50
Revenue recognition - on derecognition gains or losses from 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. (h) Financial Instruments 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. Financial Assets 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 reevaluated 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.
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
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 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. (i) Provisions Provisions are recognised when the entity has an obligation which can be reliably measured at balance date as a result of a past event and it is probable that the entity will be required to settle the obligation. Where the entity 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 (Statement of Comprehensive Income). (j) Development Expenditure Development costs are deferred where expenditure is carried out on Ātihau's farming property over and above normal maintenance and future benefits are expected to exceed those costs. Deferred development costs are amortised over future periods in relation to expected future revenue in each period. Unamortised costs are reviewed at each balance date to determine the amount (if any) that is no longer recoverable, and any amount so identified is written off. Deferred development expenditure is reflected within property, plant and equipment. (k) Goods and Services Taxation (GST) All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST. (l) Investments in Associates and Joint Ventures 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 or 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. (m) Biological Assets Livestock are valued at their fair market value. 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 in the Statement of Comprehensive Income within Revenue. Changes in value due to general livestock price movements are beyond Ātihau's control. These value changes 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. (n) Dividends Provision is made for the amount of any dividend declared on or before the end of the financial year but not distributed at balance date. (o) Employee Benefit The provision for employee entitlements is recognised as a
51
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
liability in the Balance Sheet. These benefits include salaries, wages and annual leave.
On initial recognition, the carrying value of the lease liability also includes:
(p) Inventory Inventories are stated at the lower of cost and net realisable value. The cost formula for specific inventory item has been disclosed below: 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.
• amounts expected to be payable under any residual value guarantee;
Packaged honey is valued at the bulk honey value plus cost of raw materials used. (q) Government Grants Government grants (relating to assets) are deducted in arriving at the carrying amount of the asset. (r) Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: • leases of low value assets; and • leases with a duration of 12 months or less. NZ IFRS 16 was adopted 1 July 2019 without restatement of comparative figures. For the impact of the application as at 1 July 2019, see note 18. The following policies apply subsequent to the date of initial application. 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. 52
• the exercise price of any purchase option granted in favour of Ātihau if it is reasonably certain; • any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of the termination option being exercised. 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 shorter of the remaining term of the lease or the remaining economic life of the asset. When Ātihau revises its estimate of the term of any lease it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term. An equivalent adjustment is made to the carrying value of the right-ofuse asset, with the revised carrying amount being amortised over the
remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss. When Ātihau renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: • generally, where the renegotiations increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount • if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. For contracts that both convey a right to Ātihau to use an identified asset and require services to be provided to Ātihau by the lessor, Ātihau accounts for the entire contract as a lease, i.e. it does allocate any amount of the contractual payments to, and account separately for, any services provided by the supplier as part of the contract.
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
(s) Changes in Accounting Policies and Disclosures Ātihau has had to change accounting policies following the adoption of new standard NZ IFRS 16 - Leases with a transition date of 1 July 2019. This has not resulted in any retrospective changes to the financial statements and therefore revised requirements are not reflected in prior years financial statements. 5. CRITICAL ACCOUNTING ESTIMATES The preparation of financial statements in conformity with NZ IFRS RDR requires the use of critical accounting estimates. It also requires Management to exercise its judgement in the process of applying Ātihau's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant are disclosed below. Valuation of Livestock Ātihau values livestock using market values provided by PGG Wrightson Ltd. These market values reflect livestock of similar age, breed and genetic merit throughout New Zealand. Depreciation Rates Assessments are made of appropriate depreciation rates to be applied to property, plant and equipment based on useful lives and residual value of the assets. Valuation of Honey Harvested and Honey on Hand Honey is tested for MGO quality and valued using forecast farmgate prices listed by a significant customer reflecting market value at year end.
53
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 6. REVENUE FROM CONTRACTS WITH CUSTOMERS 6a. Livestock Revenue
2020 $
2019 $
11,389,999
10,363,911
Sales Sheep Cattle
6,397,766
6,456,840
17,787,765
16,820,751
Sheep
(1,274,349)
(1,198,115)
Cattle
(1,659,888)
(2,063,612)
Total Sales Purchases
Horses Total Purchases Increase / (Decrease) in value due to change in numbers Total Livestock Revenue
6b. Apiary Revenue
-
-
(2,934,237)
(3,261,727)
498,977
3,333,259
15,352,504
16,892,283
2020 $
2019 $
6,773,511
2,510,154
Sales Honey harvested Honey sales Total Apiary Revenue
67,238
30,000
6,840,749
2,540,154
Honey harvested is the value of harvested honey not yet sold and is valued using the market comparison technique, in which values are based on the latest market price of honey dependent on the type of tested honey and its UMF factor. Honey sales are net of the value of honey harvested.
7. OTHER INCOME
Apiary leases Gain on sale of fixed assets Insurance recoveries Rebates received Other income
54
2020 $
2019 $
1,283,608
791,898
-
22,244
71,530
205,513
136,836
245,684
263,955
169,358
1,755,929
1,434,697
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 8. GAINS / (LOSSES) FROM SALE OF EMISSION TRADING UNITS 2020 $
2019 $
Gain / (loss) on disposal of emission trading units
294,581
190,000
Total Gains and (Losses)
294,581
190,000
2020 $
2019 $
Dividends received
12,542
190
Interest income
10,081
4,722
Total Finance Income
22,623
4,912
2020 $
2019 $
1,900,738
1,868,284
Depreciation - Right-of-use assets
67,844
-
Loss on sale of property, plant and equipment
87,399
360,358
2,055,981
2,228,642
2020 $
2019 $
41,199
32,135
Accountancy, legal and consultancy
335,659
219,784
Administration expenses
818,435
755,166
Project expenses
258,907
590,246
1,454,200
1,597,331
2020 $
2019 $
9. FINANCE INCOME
10. DEPRECIATION & LOSS ON SALE
Depreciation
Total Depreciation & Loss on Sale
11. OTHER OPERATING EXPENSES
Audit Fees
Total Operating Expenses
12. EQUITY ACCOUNTED INVESTMENTS
Share of surplus / (deficit) after tax
136,044
(991,865)
Property revaluations and other comprehensive income movements (OCI
454,898
336,386
Total (increase) / decrease in Equity Accounted Investments
590,942
(655,479)
55
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 13. INCOME TAX 13a. Income tax recognised in profit & loss
2020 $
2019 $
Deferred tax expense/(income) re the origination & reversal of temporary differences
1,269,696
(218,806)
Total income tax recognised in the current year
1,269,696
(218,806)
1,760,887
(130,474)
308,155
(22,833)
- livestock
(430,829)
(1,737)
- capex and depreciation
(416,081)
(32,469)
184,669
181,912
1,112,864
(131,175)
-
6,302
510,918
(218,806)
1,269,696
(218,806)
2020 $
2019 $
Deferred tax
(506,439)
(291,490)
Total income tax recognised in other comprehensive income
(506,439)
(291,490)
2020 $
2020 $
2020 $
Opening balance
Movement in profit & loss, other comp income or equity
Closing balance
(492,625)
(430,829)
(923,454)
(2,535,880)
(444,546)
(2,980,426)
54,574
16,153
70,727
1,773,304
(660,907)
1,112,397
Other
(1,434,114)
(256,202)
(1,690,316)
Total deferred tax liability
(2,634,741)
(1,776,331)
(4,411,072)
The income tax expense for the year reconciles to the accounting profit as follows: Net Surplus / (deficit) before income tax
Tax at the New Zealand tax rate applicable to Māori Authorities (17.5%) In calculating taxable income the following adjustments were made: Temporary differences
- other temporary differences Permanent differences - permanent differences Increase (decrease) in tax losses to carry forward Adjustments recognised in current year in regard to current & deferred tax of prior years Income tax credit recognised in profit & loss
13b. Income tax recognised in other comprehensive income
13c. Income tax recognised in other comprehensive income Deferred tax assets & (liabilities) in relation to:
Livestock Property plant & equipment Provisions Unused tax losses
56
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 14. CASH AND CASH EQUIVALENTS
2020 $
2019 $
91,512
(253,901)
6,079
6,015
97,590
(247,886)
2020 $
2019 $
1,992,768
2,132,642
39,505
109,390
2,032,273
2,242,031
2020 $
2019 $
484,345
587,107
37,369
426,949
521,714
1,014,056
7,394,877
2,681,165
Cash at bank / (overdrawn) Deposits on call
Ātihau has an overdraft facility of $1,000,000 and a credit card facility of $43,000.
15. TRADE AND OTHER RECEIVABLES
Revenue from contracts with customers Other receivables
16. STOCK ON HAND Raw Materials Feed Apiary raw materials Total Raw Materials Merchandise Honey - bulk Honey - packaged
93,124
-
171,902
40,370
Total Merchandise
7,659,903
2,721,535
Total Stock on hand
8,181,617
3,735,591
2020 $
2019 $
18,431,819
16,212,006
1,274,349
1,198,115
(11,389,999)
(10,363,911)
9,789,263
10,139,626
Wool
17. BIOLOGICAL ASSETS Sheep Balance at the beginning of the year Increase due to purchases Decrease due to sales Biological transformations Changes in fair value
(713,855)
1,245,983
Total sheep on hand
17,391,577
18,431,819
Balance at the beginning of the year
17,070,170
16,541,359
Increase due to purchases Decrease due to sales
1,659,888 (6,397,766)
2,063,612 (6,456,840)
Cattle (Dairy & Beef)
Biological transformations
4,378,878
4,783,202
Changes in fair value
(2,151,435)
138,838
Total cattle on hand
14,559,735
17,070,170 CONTINUED
57
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 17. BIOLOGICAL ASSETS (CONTINUED) 2020 $
2019 $
366,470
560,765
Reclassification of hiveware
-
(156,212)
Increase due to hive growth
36,892
67,636
Changes in fair value
268,775
(105,719)
Total bees on hand
672,137
366,470
Horses on hand
18,000
15,000
Total Livestock
32,641,449
35,883,459
Bees (Biomass) Balance at the beginning of the year
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 years 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 both queen and worker bees. Hive valuations were verified independently by Angela Matthews from Ngāti Apa, in June 2020 on a random sample (approximately 30%) of Ātihau hives. Values were based on the size of the hive, and included both biomass (bees) and the hiveware components. The biomass component is calculated by deducting the hiveware component from hive value. Biomass 2019 includes a $591,990 reclassification of Biomass to PPE (plant & equipment). 2020 Units
2019 Units
MA Ewes
33,589
43,500
2-Tooth Ewes
17,408
10,481
Ewe Hoggets
19,186
20,812
Mixed Lambs
27,450
25,606
901
921
Quantity of Sheep on Hand
Breeding Rams MA Wethers
69
39
98,603
101,359
2,285
3,133
Quantity of Beef and Dairy Cattle on Hand MA Cows R4 Heifers
971
544
R3 Heifers
1,281
1,076
R2 Heifers
1,899
1,879
Heifer Calves
1,956
2,008
191
157
15
16
R3 Steers
822
890
R2 Steers
2,056
1,901
Breeding Bulls R3 Bulls
Steer Calves
58
1,802
1,828
13,278
13,432
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 18. LEASES
2020 $
2019 $
472,335
-
Ātihau leases land and buildings and the below relates to those asset classes Right-of-use assets At 1 July 2019 (Initial recognition) Depreciation
(67,844)
-
Balance at 30 June 2020
404,491
-
472,335
-
Lease Liabilities At 1 July 2019 (Initial recognition) Interest expense
(22,383)
-
Lease payments
(82,300)
-
Lease variations & term adjustments Balance at 30 June 2020
50,624
-
418,276
-
Non-cancellable operating lease commitments Not later than one year
-
86,156
Later than one year and less than five years
-
228,351
-
282,186
-
596,693
Later than five years
As a result of application of IFRS16, all non cancellable operating leases are recognised as right-of-use assets with a corresponding lease liability.
59
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 19. INVESTMENTS IN ASSOCIATES & JOINT VENTURES 2020 $
2019 $
Ātihau has the following investments in associates & joint ventures: Ownership & Voting
Valuation method
50%
Fair Value
1,011,664
966,568
Te Hou Limited Partnership
33.33%
Equity
9,072,634
8,752,940
Te Hou GP Limited
33.33%
Equity
-
-
10,084,297
9,719,508
Papahau Forestry Partnership
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 Woodnet (2005) 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). 2020 $
2019 $
966,568
1,620,379
41,078
(653,811)
Papahau Forestry Partnership Balance at the beginning of the year Share of surplus / (deficit) Capital contributions Balance at the end of the year
4,018
-
1,011,664
966,568
8,752,940
8,741,723
90,229
(325,169)
455,122
336,386
Te Hou Farms Limited Partnership Balance at the beginning of the year Share of surplus / (deficit) Revaluations Distributions and other adjustments Balance at the end of the year Total Investments in Associates & Joint Ventures
60
(225,657)
-
9,072,634
8,752,940
10,084,297
9,719,508
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 20. PROPERTY, PLANT & EQUIPMENT
As at 30 June 2020
Class
OPENING Acc Depn
Cost
Freehold Land
105,230,000
As at 30 June 2019 Bk Value
OPENING Acc Depn
Cost
Bk Value
-
105,230,000
105,230,000
11,490,400
-
11,490,400
11,490,400
-
11,490,400
5,269,969
866,738
4,403,231
5,269,969
832,115
4,437,854
Buildings & Bridges
17,421,604
2,190,855
15,230,749
16,574,996
2,131,658
14,443,338
Plant & Machinery
3,684,150*
1,490,928
2,193,222
2,741,443
1,387,724
1,353,719
3,339,198
1,553,442
1,785,756
3,267,715
1,299,464
1,968,251
852,824
511,505
341,319
837,483
587,025
250,458
Leasehold Land Improvements
Motor Vehicles Furniture & Fittings Development Uncompleted Capital Works Total Property, Plant & Equipment
Additions
Freehold Land Leasehold Land
105,230,000
24,485,348
18,630,252
5,855,096
22,287,831
17,626,739
4,661,092
171,773,493
25,243,720
146,529,773
167,699,837
23,864,725
143,835,112
154,231
-
154,231
24,510
-
24,510
171,927,724
25,243,720
146,684,004
167,724,347
23,864,725
143,859,622
As at 30 June 2020 Class
-
Disposals
As at 30 June 2019
Revaluations
-
-
8,730,000
Depn & Amort
Additions
Disposals
Revaluations
-
-
-
-
Depn & Amort
-
-
-
6,700,600
-
-
-
-
-
Improvements
114,384
-
-
36,593
-
-
-
34,623
Buildings & Bridges
385,386
69,465
337,200
174,786
1,086,799
196,043
-
103,345
Plant & Machinery
522,394
606,783
-
184,381
480,621
39,349
-
193,759
Motor Vehicles
354,697
90,628
-
435,610
433,116
140,843
-
474,768
56,180
700
-
57,174
133,551
1,021
-
41,669
1,493,490
-
-
1,012,193
2,264,386
50,262
-
1,020,120
2,926,531
767,576
15,767,800
1,900,738
4,398,473
427,518
-
1,868,284
537,032
154,231
-
-
154,231
24,510
-
-
3,463,563
921,807
15,767,800
1,900,738
4,552,704
452,028
-
1,868,284
Furniture & Fittings Development Uncompleted Capital Works Total Property, Plant & Equipment
As at 30 June 2020 Class
Freehold Land Leasehold Land Improvements
Cost
113,960,000 18,191,000
CLOSING Acc Depn
As at 30 June 2019 Bk Value
-
113,960,000
-
18,191,000
Cost Restated
105,230,000 11,490,400
CLOSING Acc Depn
-
Bk Value Restated
105,230,000 11,490,400
5,384,351
903,332
4,481,019
5,269,969
866,738
4,403,231
18,044,650
2,335,560
15,709,090
17,421,604
2,190,855
15,230,749
Plant & Machinery
3,427,093
1,515,931
1,911,162
3,684,150*
1,490,928
2,193,222
Motor Vehicles
3,343,485
1,731,318
1,612,167
3,339,198
1,553,442
1,785,756
945,145
553,117
392,028
852,824
511,505
341,319
Buildings & Bridges
Furniture & Fittings Development Uncompleted Capital Works Total Property, Plant & Equipment
25,978,835
19,641,559
6,337,276
24,485,348
18,630,252
5,855,096
189,274,559
26,680,817
162,593,742
171,773,493
25,243,720
146,529,773
537,032
-
537,032
154,231
-
154,231
189,811,591
26,680,817
163,130,774
171,927,724
25,243,720
146,684,004
*Plant & Machinery 2019 includes a reclass of Hiveware previously included in Bees on hand of $591,990.
61
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 20. PROPERTY, PLANT & EQUIPMENT (CONTINUED) 20a. Land was revalued to latest general revaluation performed by Quotable Value Limited as at 1 September 2019 (Whanganui 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. 20b. Horizons Regional Council grants totalling $220,931 (2019: $183,571) have been deducted in arriving at capitalised fencing classed as development.
21. SHARE AND BOND INVESTMENTS
2020 Number of Shares
2019 Number of Shares
2020 $
2019 $
Ravensdown
590,784
500,000
590,784
500,000
Fonterra Co-operative Group
189,764
189,764
709,717
603,449
52,632
52,632
24,638
24,638
N/A
N/A
500,000
500,000
-
-
25,084
34,896
1,850,224
1,662,983
2020 $
2019 $
Headwaters Shares RAL Gondola Shares Other share investments Total Share Investments Refer to Note 30 regarding the RAL Gondola Bonds.
22. INTANGIBLES (EMISSION TRADING UNITS) All units are NZUs
2020 Number of Units
2019 Number of Units
334,361
7,817,800
6,988,144
Additions
8,100
43,341
25,434
-
Disposals
(60,000)
(40,000)
(1,226,919)
(836,000)
-
-
2,557,929
1,665,656
285,802
337,702
9,174,244
7,817,800
2020 $
2019 $
-
13,839,033
Non-Current
39,538,750
25,762,967
Total Borrowings
39,538,750
39,602,000
140,487,385
142,209,476
Balance at beginning of the year
Revaluations Balance at end of the year
337,702
23. BORROWINGS Secured Current
Secured liabilities and assets pledged as security The BNZ borrowings are secured by a registered first mortgage over specific land and a charge over all livestock owned by Ātihau. The carrying value of assets pledged as security for borrowings are: Land and buildings Livestock Total pledged assets
62
31,951,312
36,475,449
172,438,697
178,684,925
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 24. FINANCIAL INSTRUMENTS
Financial Assets 2020 Cash and cash equivalents Trade and other receivables (GST excl.)
Amortised Cost $
Financial Liabilities 2020 Trade and other payables (GST excl.)
Total $
97,590
-
97,590
1,904,957
-
1,904,957
-
1,850,224
1,850,224
2,002,547
1,850,224
3,852,771
Investment in shares Total Financial Assets
Fair Value through Other Comp Income $
Amortised Cost $
Fair Value through Other Comp Income $
Total $
1,375,501
-
1,375,501
418,276
-
418,276
Borrowings
39,538,750
-
39,538,750
Total Financial Liabilities
41,332,527
-
41,332,527
Lease Liabilities
Financial Assets 2019 Trade and other receivables (GST excl.)
Amortised Cost $
Financial Liabilities 2019 Cash and cash equivalents Trade and other payables (GST excl.)
Total $
1,883,599
-
1,883,599
-
1,662,983
1,662,983
1,883,599
1,662,983
3,546,582
Investment in shares Total Financial Assets
Fair Value through Other Comp Income $
Amortised Cost $
Fair Value through Other Comp Income $
247,886
-
Total $ 247,886
984,981
-
984,981
Borrowings
39,602,000
-
39,602,000
Total Financial Liabilities
40,834,868
-
40,834,868
63
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
25. PROGRAMMED PROPERTY MAINTENANCE 2020 $
2019 $
Current liabilities - included in Trade and other payables
176,915
174,524
Non current liabilities - Programmed property maintenance
266,163
366,723
443,078
541,247
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 $176,915 (gst excl.) (2019: $174,524). 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 sheet date. The liability has not been adjusted for inflation and the effect of the time value of money.
26. UNCLAIMED DIVIDENDS
Balance at beginning of the year
2020 Cents per share
2019 Cents per share
Dividend declared during the year
-
-
2020 $
2019 $
2,346,348
2,153,205
65
65
816,741
816,741
Dividends paid
-
-
(721,833)
(623,598)
Total Unclaimed Dividends
-
-
2,441,257
2,346,348
2020 $
2019 $
27. MĀORI AUTHORITY CREDIT ACCOUNT
a) Māori Authority Credit Account balance at the end of the year b) Balance of retained earnings earned prior to 2004.
414,170
365,329
12,587,658
13,404,399
Dividends paid from pre 2004 retained earnings have no Māori Authority Credits attached.
64
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 28. RELATED PARTIES
Payments received or (paid) during the year 2020 $
2019 $
(432,827)
(432,827)
49,995
-
-
(2,609)
-
(630)
-
(150)
-
(7,705)
(4,500)
(500)
107,525
-
(217)
-
225,434
-
(14,633)
(12,885)
(69,223)
(457,306)
1,873,883
1,870,507
28.1 Te Āti Hau Trust Donations to the Trust Ātihau is the settlor of Te Āti Hau Trust and appoints 3 of the 5 trustees (2 Independents). The results of the Trust have not been consolidated as the effect would be immaterial. 28.2 Key management personnel members and entities where they or immediate families have a significant interest a) Kaahu Estate Ltd (W Murphy-Peehi is a shareholder and director) Ātihau sold livestock to Kaahu Estate Ltd. b) Ngā Tāngata Tiaki (C Wilson & R Tinirau are trustees) Ātihau paid sponsorship for an Iwi Chairs forum. c) Ngā Waihua o Paerangi (S Amner, C Wilson & K Ponga are trustees) Ātihau made payment for room hire. d) Ruapehu Recruitment Ltd (S Amner is the director) Ātihau made payments to Ruapehu Recruitment Ltd for contracted labour. e) SA Consulting (S Amner is the managing director) Ātihau made payments to SA Consulting for assistance with grant funding. f) Intugen Limited (C Wilson is the managing director) Ātihau paid Intugen for services pertaining to the 50 year commemoration book. g) StockX Ltd (M Mullins is a board member) Ātihau sold livestock to StockX Ltd. h) Ranana Māori Committee (R Tinirau and T Puketapu are committee members) Ātihau made payment for room hIre
28.3 Associates and Joint Ventures a) Te Hou LP Ātihau received distributions from Te Hou and transfer of carbon credits. b) Papahau Forestry Partnership Ātihau paid contribution to partnership expenses for insurance, marketing and rates. At year end no amounts receivable from or payable to related parties by Ātihau. 28.4 Key Management Personnel Key management of Ātihau are the members of the Committee of Management, the Chief Executive Officer, Finance Manager, Business Manager, People & Safety Manager and the Station Managers. Total Key Management Personnel remuneration
65
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
29. CONTINGENT LIABILITIES
2020 $
2019 $
a) Arising from the Emissions Trading Scheme (ETS)
19,103,866
13,490,362
Total
19,103,866
13,490,362
There is a contingent liability relating to the Carbon Account Record which represents the total number of units which are required to be surrendered when 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 forest on affected land is insured against forest fire.
30. COVID -19 The COVID-19 pandemic had a material impact on the financial performance of Ātihau in the year ending 30 June 2020 due to: a) a reduction in product prices, and b) the delayed sale of animals caused by Level 3 and 4 restrictions and their impact on nationwide meat processing capacity. The COVID-19 pandemic will continue to cause volatility in international markets where Ātihau’s product is sold, and have a negative impact on price and a material impact on the financial position of Ātihau. Ātihau continues to monitor and take proactive steps in the management of the effects of COVID-19 pandemic. This includes: • Weekly monitoring of product prices against budget forecasts. • Adjusting sales and purchase decisions to mitigate the impacts of potential future lockdowns on production. • Adjusting expenditure patterns to mitigate the impact of potential future lockdowns on liquidity. • Ensuring precautions are in place to limit the spread of Covid 19 within and between business units Current and forecasted product prices have not decreased enough to place into doubt the ability of Ātihau to continue as an going concern. In 2019 Ātihau invested $500,000 in Ruapehu alpine lifts Gondola Bonds (RAL). RAL operate ski fields on Mt Ruapehu and RAL directors advise that while guest numbers are ahead of last year, company financial position remain challenged. RAL has agreed extended banking terms with their bank until 30 November 2021.
66
Ä€TIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
31. SUBSEQUENT EVENTS Apart from the continuing effects of COVID 19, there have been no subsequent events after year end (2019: Nil)
32. COMMITMENTS FOR EXPENDITURE Commitments for the acquisition of share investments
2020 $
58,004
2019 $
114,174
There is a commitment to purchase Alliance Group Ltd shares to fulfill shareholding requirements. This amount will be deducted from future livestock sales to Alliance.
33. CAPITAL Number of shares (fully paid)
2020 Number
1,256,529
2019 Number
1,256,529
These shares have no par value and share equally in dividends paid.
34. RESERVES Retained Earnings Retained Earnings comprise Ātihau's accumulated net profits less dividends paid. Capital Reserves Capital Reserves represent realised capital profits predominantly arising from Crown grants. PPE revaluation reserve 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. ETU reserve The Emissions trading units reserve represents revaluations of emission trading units. When revalued ETUs are sold, the proportion of the reserve that relate to those units are transferred to retained earnings. Share Reserve The Available For Sale share reserve represents unrealised revaluations of share investments.
67
INDEPENDENT AUDITORS REPORT To the Shareholders of Atihau Whanganui Incorporation Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Atihau Whanganui Incorporation (the Incorporation) on pages 44 to 67, which comprise the statement of financial position as at 30 June 2020, 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 Opinion section, the accompanying financial statements present fairly, in all material respects, the financial position of the Incorporation as at 30 June 2020, 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). Basis for Opinion As disclosed in the accounting policy (d) on page 7 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 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 Incorporation. Emphasis of Matter As disclosed in note 19 on page 17 of the financial statements the incorporation undertook a valuation of the Papahau Forestry. The valuation included the incorporations 50 percent share of the cost of the bridge construction. The estimated provided to the incorporation had a variation range of approximately 10% to 15% which creates a material uncertainty as to the closing forest value. Due to this uncertainty a further adjustment may be required to the carrying value of the Papahau Forestry partnership investment. We have not modified our opinion in respect of this matter. -25-
68
ĀTIHAU-WHANGANUI INCORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020
Board Members Responsibilities for the Financial Statements The Board 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 Board 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 Board 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 Board Members either intend to liquidate the Incorporation or to cease operations, or have no realistic alternative but to do so. Auditors Responsibilities for the Audit of the Financial Statements 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 board website: http://www.xrb.govt.nz/standards-for-assurance-practitioners/ auditors-responsibilities/audit-report-8/ Report on other Legal and Regulatory requirements 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. Restriction on Distribution or Use 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.
Cameron Town Silks Audit Chartered Accountants Ltd Whanganui, New Zealand Date: 25 September 2020 -26-
69
70
Te Āti Hau Trust Financial Statements for the year ended 30 June 2020
71
Te Āti Hau Trust FINANCIAL STATEMENTS 2020
CONTENTS 73
Entity Information
74
Statement of Service Performance
75
Statement of Financial Performance
76
Statement of Financial Position
77
Statement of Cash Flows
78
Notes to and forming part of the Financial Statements
78 1 Statements of Accounting Policies 78 2 Donations, Fundraising and Other Similar Revenue 79 3 Interest, Dividends and Other Investment Revenue 79 4 Volunteer and Employee Related Costs 79 5 Costs related to Providing Goods or Services 79 6 Grants and Donations 80 7 Other Expenses 80 8 Property, Plant & Equipment 80 9 Trust Capital 81 10 Accumulated Funds 81 11 Related Party Information 81 12 Tribal Purposes 81 13 Commitments 81 14 Contingent Liabilities and Guarantees 81 15 Events Occurring After Balance Date 82
72
Auditors' Report
Te Āti Hau Trust ENTITY INFORMATION As at 30 June 2020 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
The support of the educational and cultural aims of the Māori people in the district. Operations are governed by its Trust Deed that aligns to and supports the requirements of the Charities Act.
Address
35 Drews Avenue WHANGANUI 4500
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.
Trustees
Appointed by Ātihau-Whanganui Incorporation Shar Amner (Chairperson) Whatarangi Murphy-Peehi Rāwiri Tinirau Independent Trustees Aaron Rice Edwards Jessica Smith
Beneficiary
Ātihau Shareholders & Stakeholders
Main Sources of Cash and Resources
Tribal purposes grant from Ātihau-Whanganui Incorporation 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 2020.
Shar Amner (Chairperson) Trust Chairperson 29 September 2020
Whatarangi Murphy-Peehi Trustee 29 September 2020
73
Te Āti Hau Trust STATEMENT OF SERVICE PERFORMANCE For the Year Ended 30 June 2020 Description of Trust's Outcomes Te Āti Hau Trust was established in 2009 as a charitable arm of Ātihau-Whanganui Incorporation 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 objects. The grants are made under the following guiding principles: Matauranga 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
General Grants Sports Art and Travel
Actual 2020 $
2020 Numbers
Actual 2019 $
2019 Numbers
6,550
19
14,822
23
Cultural
2,850
3
31,000
13
Marae
19,193
2
15,000
1
2,610
2
8,000
5
Community Tangihanga tent Kaumātua Assistance
8,350
28
19,800
66
59,784
77
42,276
47
99,337
131
111,098
155
99,250
176
90,551
154
9,700
7
27,700
41
19,750
79
14,250
57
-
-
1,000
1
37,600
20
41,050
31
6,000
3
3,000
1
12,450
12
-
-
-
-
7,600
4
1,000
1
1,000
1
185,750
298
186,151
290
Education Grants Tertiary - Undergraduate Full Time Medical Secondary School - Year 10 and 11 High Performance Post Graduate Agriculture PHD Overseas Grants Balance / Deloitte
These financial statements are to be read in conjunction with the accompanying Notes.
74
Te Āti Hau Trust STATEMENT OF FINANCIAL PERFORMANCE For the Year Ended 30 June 2020
Note
Actual 2020 $
Actual 2019 $
Donations, fundraising and other similar revenue
2
432,827
432,827
Interest, dividends and other investment revenue
3
Revenue
Total Revenue
88
23
432,915
432,850
Less Expenses Volunteer and employee related costs
4
8,999
20,175
Costs related to providing goods or services
5
15,328
62,972
Grants and donations
6
284,741
317,048
Other expenses
7
826
206
Total Expenses
309,893
400,401
Surplus
123,022
32,449
These financial statements are to be read in conjunction with the accompanying Notes.
75
Te Āti Hau Trust STATEMENT OF FINANCIAL POSITION As at 30 June 2020
Note
2020 $
2019 $
Trust Capital
161,286
38,264
Total Accumulated Funds
161,286
38,264
215,222
83,284
281
396
215,503
83,680
Creditors and Accrued Expenses
54,217
45,416
Total Liabilities
54,217
45,416
161,286
38,264
Accumulated Funds
Represented by: Current Assets Cash & Bank Balances
Non-Current Assets Property, Plant & Equipment
8
Total Assets Current Liabilities
Net Assets
For and on behalf of the Trustees:
Shar Amner (Chairperson) Trust Chairperson 29 September 2020
Whatarangi Murphy-Peehi Trustee 29 September 2020
These financial statements are to be read in conjunction with the accompanying Notes.
76
Te Āti Hau Trust STATEMENT OF CASH FLOWS For the Year Ended 30 June 2020
Note Cash Flows from Operating Activities
2020 $
2019 $
432,827
452,827
Cash was received from: Donations, fundraising and other similar revenue Interest, dividends and other investments
88
22
432,915
452,849
28,188
79,682
272,789
342,173
300,977
421,855
131,938
30,994
83,284
52,290
215,222
83,284
215,222
83,284
Cash was applied to: Payments to suppliers and employees Donations and grants paid
Net Cash Flows from Operating Activities Net Increase in Cash Held Cash at the Beginning of the Year Cash at the End of the Year This is represented by: Cash & Bank Balances
These financial statements are to be read in conjunction with the accompanying Notes.
77
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2020
1. STATEMENT OF ACCOUNTING POLICIES Statement of Compliance and Basis of Preparation 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.
SPECIFIC ACCOUNTING POLICIES 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. c) Property, Plant & Equipment Property, plant and equipment is recognised at cost less aggregate depreciation. Historical cost includes expenditure directly attributable to the acquisition of assets, and includes the cost of replacements that are eligible for capitalisation when these are incurred.
Depreciation has been calculated using rates appropriate to spread the cost of the asset less any residual value over its useful life. The following estimated depreciation rates/useful lives have been used: Office Equipment 13 - 50% Gains and losses on disposal of fixed assets are taken into account in determining the net result for the year. d) Income Tax The Trust has charitable status and is exempt from income tax. e) Goods and Services Taxation (GST) The amounts recorded in the performance report are inclusive of GST (if any). The trust is not registered for GST. f) Changes in Accounting Policies There have been no changes in accounting policies. All policies have been applied on a basis consistent with those from the previous performance report.
All other repairs and maintenance are recognised as expenses in the Statement of Financial Performance in the financial period in which they are incurred.
2. DONATIONS, FUNDRAISING AND OTHER SIMILAR REVENUE
78
2020 $
2019 $
Ātihau-Whanganui Incorporation Tribal Purposes Distributions
432,827
432,827
Total Donations, fundraising and other similar revenue
432,827
432,827
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2020
3. INTEREST, DIVIDENDS AND OTHER INVESTMENT REVENUE
Interest Received - Gross Total Interest, dividends and other investment revenue
2020 $
2019 $
88
23
2020 $
2019 $
88
23
4. VOLUNTEER AND EMPLOYEE RELATED COSTS
Trustee Fees
8,999
20,175
Total Volunteer and employee related costs
8,999
20,175
2020 $
2019 $
5. COSTS RELATED TO PROVIDING GOODS OR SERVICES
Administration
14,512
58,780
Bank Fees & Charges
81
-
Charities Commission
51
51
Committee Expenses
684
1,740
-
2,401
15,328
62,972
2020 $
2019 $
Website & Branding Total Costs related to providing goods or services
6. GRANTS AND DONATIONS
Tangihanga Koha
8,350
19,800
Sport, Art & Travel
6,550
14,821
Cultural
2,850
31,000
Kaumātua Assistance
59,784
42,276
Marae
19,193
15,000
Community
2,610
8,000
Tertiary Full Time
99,250
91,000
Secondary Yr 10 & Yr 11
19,750
14,250
High Performance Medical PHD Overseas Agriculture Post Graduate Balance Deloitte Grant
-
1,000
9,700
27,700
12,450
-
-
7,600
6,000
3,000
37,600
41,050
1,000
1,000
Grants - Returned/Recovered
(346)
(449)
Total Grants and Donations
284,741
317,048
79
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2020 7. OTHER EXPENSES 2020 $
2019 $
Depreciation
115
206
Total Other Expenses
826
206
Audit Fees
711
-
8. PROPERTY, PLANT & EQUIPMENT Property, Plant & Equipment 2020
Office Equipment
Opening Carrying Amount $
Purchases/ Depreciation (Sales or & Disposals) Impairment $ $
Closing Carrying Amount $
GDPro Database Software
119
-
60
59
Filing Cabinet
224
-
29
195
26
-
13
13
HP Laptop case and configuration Microsoft Office and Remote User Networks
27
-
13
14
396
-
115
281
Total Property, Plant & Equipment
396
-
115
281
Property, Plant & Equipment 2019
Opening Carrying Amount $
Purchases/ Depreciation (Sales or & Disposals) Impairment $ $
Closing Carrying Amount $
Office Equipment GDPro Database Software
239
-
120
119
Filing Cabinet
258
-
34
224
52
-
26
26
HP Laptop case and configuration Microsoft Office and Remote User Networks
Total Property, Plant & Equipment
53
-
26
27
602
-
206
396
602
-
206
396
9. TRUST CAPITAL
80
2020 $
2019 $
Trust Capital
100
100
Total Trust Capital
100
100
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2020 10. ACCUMULATED FUNDS
Balance at beginning of theYear
2020 $
2019 $
38,164
5,715
Surplus / (Deficit) for the Year
123,022
32,449
Total Accumulated Funds
161,186
38,164
11. RELATED PARTY INFORMATION Related party matters arise with respect to Ātihau-Whanganui Incorporation ("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-Whanganui Incorporation on an in-kind basis. (2019: Nil). 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.
12. TRIBAL PURPOSES Ātihau-Whanganui Incorporation annually distribute funds to the Trust which is used to distribute for charitable purposes. During the year $432,827 was granted, (2019: $432,827).
13. COMMITMENTS The Trust has no commitments as at 30 June 2020, (2019 Nil).
14. CONTINGENT LIABILITIES AND GUARANTEES The Trust has no contingent liabilities and no guarantees as at 30 June 2020. (2019: Contingent Liabilities Nil. Guarantees Nil.)
15. EVENTS OCCURRING AFTER BALANCE DATE There have been no significant events since balance date.
16. GOODS AND SERVICES IN KIND During the year there were administration services provided to the Trust by Ātihau-Whanganui Incorporation on an in-kind basis. (2019: Nil).
81
TE ĀTI HAU TRUST NOTES TO AND FORMING PART OF THE PERFORMANCE REPORT FOR THE YEAR ENDED 30 JUNE 2020
INDEPENDENT AUDITORS REPORT To the Trustees of Te Ati Hau Charitable Trust Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Te Ati Hau Charitable Trust (the Trust) on pages 75 to 81, which comprise the statement of financial position as at 30 June 2020, 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. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Trust as at 30 June 2020, 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). Basis for Opinion 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. Other information 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. Trustees’ Responsibilities for the Financial Statements 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 -13-
82
liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditors Responsibilities for the Audit of the Financial Statements 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/
Cameron Town Silks Audit Chartered Accountants Ltd Whanganui, New Zealand Date: 29 September 2020
-14-
83
GLOSSARY OF TERMS
Accounts Receivable: Money owed to AWHI from customers at year end, also known as Trade Debtors
Hogget: A young sheep between a lamb and a 2 tooth, from approx. 10 to 16 months of age
Accounts Payable: Money owed by AWHI to suppliers of goods or services at year end, also known as Trade Creditors
Interest: What AWHI needs to pay for the money it borrows from the bank
Accrued Income: Income earned by AWHI where cash has yet to be received
Meat Processing: Process of taking live animals, humanely slaughtering them and then breaking down into saleable beef or sheep meat
Accrued Expenses: Expenses incurred by AWHI where cash has yet to be paid Asset: Anything owned by AWHI to use in generating income
Milk Solids (MS): The valued solid components in milk – at present, milk-fat and protein, expressed as kg MS
Balance Date: Term used to describe the end of AWHI’s financial year - 30th June
Net Farm Income: Income earned from farm activities less the direct costs of these activities
Brassica: The plant family which includes turnips, swedes, rape, kale, cauliflower, cabbages, etc.
Net Operating Surplus / (Deficit): Difference between revenue and the costs incurred to earn this revenue.
Capital Stock: The breeding stock on AWHI farms that produce revenue or trading stock to generate income
Prime (livestock): Term used to describe animals that are ready for slaughter
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 AWHI that is expected to be converted into cash within the next year Current Liability: A liability of AWHI 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 AWHI’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 AWHI – the amount by which the value of assets exceed the value of liabilities Feedlot: A third party location where AWHI’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 AWHI 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 AWHI’s breeding programme Greenfeed: Annual crops, usually cereals, grasses or brassicas, grown for animal feed Gross Revenue: What is earned by AWHI 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
84
Liability: General term for what AWHI owes
Provision for Dividend: Allowance for a Dividend distribution to AWHI shareholders Revaluation of Shares: Difference in the market value of shares that AWHI 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 AWHI has performed in its trading activities. Statement of Movements in Equity: Reports the change in AWHI’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 AWHI’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 AWHI 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
NOTES
85
NOTES
86
NOTES
87
H U-W ANGA
AT I
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Toi tu te whenua
35 Drews Avenue, Whanganui 4500, New Zealand Postal Address PO Box 4035 Whanganui 4540 New Zealand