The Whanganui Trust - 2022 Annual Report

2022 Annual Report

The Whanganui Trust Chairman’s Report - 2022 Tēnā koutou Ngā Rangatira Educational endeavours for our shareholders’ whānau remain the major focus of the trust.

Applications for assistance in other areas have been down over the last few years.

The results of our applicants continue to be in the upper quartile, with many working towards post-graduate studies and professional careers. This can only be good for the future of our people.

It is disappointing to note that we’ve only had one apprentice application in the last two years and none for farm training. Staff recruitment on the station would suggest that this dearth of young people embarking on a farming career is not only a young Māori phenomena.

Scholarship recipients Postgraduate Hope Tioro Undergraduate Fiona Nicoll Puna Maniapoto - Love Leila Blackburn

Victoria University

Masters Health Psychology

Otago University Auckland University UCOL PN

MBChB Medicine and Surgery C. BA Law and Arts Māori and Law BA Applied Science Medical Imaging Tech

Helena Waretini Hamilton Wright Toi Ohomai Tauranga Neve Duxfield Victoria University

BSc Environmental Management BA Arts Psychology & Criminology

Congratulations to all Scholarship recipients and to those listed at the end of the booklet who received Education Grants.

Finally, I would like to acknowledge the passing of Bobby Gray in April. He has been an enthusiastic supporter of the Trust’s kaupapa and is greatly missed.

Thank you to my fellow trustees and to the office staff for their contribution to the year’s endeavours. Also, to Victoria Campbell who makes the independent recommendations for all the Scholarships.

Kia tau aku pitopito kōrero ki konei tēnā koutou tēnā tatou katoa.

Hari Benevides (Ms) Chairman

Performance Report The Whanganui Trust For the year ended 30 June 2022 Prepared by PKF Doyle and Associates The Accountants Ltd

Contents 3

Entity Information

5

Approval of Performance Report

6

Statement of Service Performance

7

Statement of Financial Performance

8

Statement of Financial Position

9

Statement of Cash Flows

10

Statement of Accounting Policies

11

Notes to and forming part of the Performance Report

14

Audit Report

Performance Report

The Whanganui Trust

Page 2 of 14

Entity Information The Whanganui Trust For the year ended 30 June 2022 Legal Name of Entity The Whanganui Trust

Entity Type and Legal Basis The Whanganui Trust is a Discretionary Trust, established by a trust deed dated 26 March 1965

Entity's Purpose or Mission The support of the educational and cultural aims of the Maori people in the District. Operations are governed by its Rules that aligns to and supports the requirements of the Charities Act.

Address C/- PKF Doyle and Associates The Accountants Limited PO Box 641 Whanganui

Entity Structure Trustees are the members of the Morikaunui Incorporation Committee of Management and one Trustee appointed by shareholders at Annual General Meeting.

Trustees Automatically appointed as Morikaunui Incorporation CoM members: - Hari Benevides - Turama Hawira - Siani Walker - William Konui - Kataraina Millin - Harvey Bell - Te Aroha McDonnell (Shareholder appointee) - Jimmy Edmonds (until November 2021) - Robert Gray (until April 2022)

Main Sources of Entity's Cash and Resources Koha and Grants, and yields from Investments

Main Methods Used by Entity to Raise Funds Apart from the above "Main Sources of Cash", the Trust does not fund raise.

Entity's Reliance on Volunteers and Donated Goods or Services The Trust does not rely on Volunteers and Donated Good or Services.

GST Not Registered

Performance Report

The Whanganui Trust

Page 3 of 14

Entity Information

Secretary Harvey Bell

Accountants PKF Doyle & Associates The Accountants Limited Chartered Accountants 32 Taupo Quay Whanganui 4500

Auditor Spooner Hood & Redpath Limited Chartered Accountants 162 Wicksteed Street Whanganui 4500

Bankers Bank of New Zealand 124 Victoria Avenue Whanganui 4500

Registered Charity Number CC39278

Performance Report

The Whanganui Trust

Page 4 of 14

Approval of Performance Report The Whanganui Trust For the year ended 30 June 2022 The Trustees are pleased to present the approved Performance Report including the historical Performance Report of The Whanganui Trust for year ended 30 June 2022.

For and on behalf of the Trustees

Trustee 10 October 2022 Date .....................................

Trustee 10 October 2022 Date .....................................

Performance Report

The Whanganui Trust

Page 5 of 14

Statement of Service Performance The Whanganui Trust For the year ended 30 June 2022 Description of Trust Outcomes The Whanganui Trust will action the principles of the Mission Statement by: - assisting participation in education and learning - fostering self-development - assisting in Community projects where they have the potential of benefiting Shareholders and Uri - growing a capital base from which income is derived 2022

2021

44

60

31,125

34,500

4

2

Others Grants ($ value of grants)

5,500

2,950

Total number of Applications

48

62

Description and Quantification of the Entity's Outputs Education Purposes & Scholarships Grants given (# of individuals) Education Purposes & Scholarships Grants given ($ value of funding) Others Grants (# of grants)

Performance Report

The Whanganui Trust

Page 6 of 14

Statement of Financial Performance The Whanganui Trust For the year ended 30 June 2022 NOTES

2022

2021

Donations, fundraising and other similar revenue

1

44,983

34,966

Interest, dividends and other investment revenue

2

70,580

59,053

115,562

94,018

3

19,322

21,090

Grants and donations made

4

36,625

37,450

Other expenses

3

8,495

4,094

64,443

62,634

51,120

31,384

Revenue

Total Revenue

Expenses Costs related to providing goods or service

Total Expenses

Surplus/(Deficit) for the Year

The Financial Statements are to be read in conjunction with the accompanying notes. These statements have been audited.

Performance Report

The Whanganui Trust

Page 7 of 14

Statement of Financial Position The Whanganui Trust As at 30 June 2022 'What the entity owns?' and 'What the entity owes?'

NOTES

30 JUN 2022

30 JUN 2021

5

125,454

119,374

830

-

66,035

56,805

Assets Current Assets Bank accounts and cash Accrued Interest Receivable Other Current Assets Morikaunui Incorporation - Unclaimed Dividends (current year) Morikaunui Incorporation - Tractor Loan BNZ Term Deposits

5

Total Other Current Assets Total Current Assets

-

94,000

500,000

300,000

566,035

450,805

692,319

570,179

Non-Current Assets 17,351

17,351

Morikaunui Incorporation - Advance

Investments

5

1,573,000

1,573,000

Total Non-Current Assets

1,590,351

1,590,351

2,282,670

2,160,530

Total Assets

Liabilities Current Liabilities Creditors and Accrued Expenses

6

Total Current Liabilities

6,328

1,343

6,328

1,343

Non-Current Liabilities Loans Loans

6

Total Loans Total Non-Current Liabilities Total Liabilities

Total Assets less Total Liabilities (Net Assets)

1,260,740

1,194,705

1,260,740

1,194,705

1,260,740

1,194,705

1,267,069

1,196,048

1,015,602

964,482

1,015,602

964,482

1,015,602

964,482

Accumulated Funds Trust Capital

7

Total Accumulated Funds

The Financial Statements are to be read in conjunction with the accompanying notes. These statements have been audited.

Performance Report

The Whanganui Trust

Page 8 of 14

Statement of Cash Flows The Whanganui Trust For the year ended 30 June 2022 2022

2021

Donations, fundraising and other similar receipts

44,983

34,966

Interest, dividends and other investment receipts

69,749

59,053

(22,832)

(28,859)

Cash Flows from Operating Activities Cash was received from

Cash was applied to Payments to suppliers and employees Donations or grants paid

(36,625)

(37,450)

Total Cash was applied to

(59,457)

(66,309)

55,275

27,709

Net cash flow from operating activities

Cash Flows from Investing and Financing Activities Cash was received from BNZ Term Deposits

300,000

-

Cash Flows from Other Investing and Financing Activities

56,805

43,090

Morikaunui Incorporation - Tractor Loan

94,000

-

-

100,000

(500,000)

(300,000)

NZ Post Group Finance Ltd - Bonds Cash was applied to BNZ Term Deposits Morikaunui Incorporation - Tractor Loan Total Cash was applied to Net cash flow from investing & financing activities

Net Increase/ (Decrease) in Cash

-

(94,000)

(500,000)

(394,000)

(49,195)

(250,910)

6,080

(223,201)

Cash Balances Cash and cash equivalents at beginning of period

119,374

342,574

Cash and cash equivalents at end of period

125,454

119,374

6,080

(223,201)

Net change in cash for period

The Financial Statements are to be read in conjunction with the accompanying notes. These statements have been audited.

Performance Report

The Whanganui Trust

Page 9 of 14

Statement of Accounting Policies The Whanganui Trust For the year ended 30 June 2022 Statement of Compliance and Basis of Preparation The Whanganui 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 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 f or 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:

Revenue Recognition Interest received is recognised as interest accrues, gross of refundable tax credits received.

Dividends received are recognised on receipt, net of non-refundable tax credits.

Expenses Expenses have been classified by their business function.

Trade Receivables Trade Receivables are recognised at estimated realisable value.

Income Tax The Trust has charitable status and is exempt from income tax.

Investments Investments (including Shares and Bonds) are valued at cost.

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.

Changes in Accounting Policies There have been no changes in accounting policies. All policies have been applied on a basis consistent with those from previous performance report.

These financial statements have been audited.

Performance Report

The Whanganui Trust

Page 10 of 14

Notes to and forming part of the Performance Report The Whanganui Trust For the year ended 30 June 2022 2022

2021

1. Donations, fundraising and other similar revenue Donations, fundraising and other similar revenue Morikaunui Tribal Purposes Grant

44,983

34,966

Total Donations, fundraising and other similar revenue

44,983

34,966

2022

2021

4,550

4,550

2. Interest & Dividends Dividends Received Interest Received

66,029

54,502

Total Interest & Dividends

70,580

59,053

2022

2021

12,783

14,309

Committee Expenses

330

660

General Expenses

209

121

3. Costs related to providing goods and services Costs related to providing goods or services Accountancy & Administration

Secretarial Fees

6,000

6,000

Total Costs related to providing goods or services

19,322

21,090

Audit Fee (2021)

4,094

4,094

Audit Fee (2022)

4,200

-

Other expenses

Data Collection Costs

201

-

Total Other expenses

8,495

4,094

2022

2021

5,500

2,950

4. Grants and donations Donations, Koha & General Grants Education Purposes

31,125

34,500

Total Grants and donations

36,625

37,450

These financial statements have been audited.

Performance Report

The Whanganui Trust

Page 11 of 14

Notes to and forming part of the Performance Report

2022

2021

120,508

118,374

5. Analysis of Assets Bank accounts and cash BNZ 23 Account BNZ Cheque Account

4,945

1,000

125,454

119,374

Term Deposit - BNZ - TD 1020 @ 0.35% due 16/08/2021

-

150,000

Term Deposit - BNZ - TD 1019 @ 0.25% due 19/07/2021

-

150,000

Term Deposit - BNZ - TD 1021 @ 1.60% due 02/09/2022

50,000

-

Term Deposit - BNZ - TD 1022 @ 1.20% due 05/08/2022

50,000

-

Term Deposit - BNZ - TD 1023 @ 1.50% due 26/09/2022

100,000

-

Term Deposit - BNZ - TD 1024 @ 2.75% due 25/12/2022

100,000

-

Total Bank accounts and cash Investments (Current)

Term Deposit - BNZ - TD 1025 @ 3.65% due 28/06/2023

200,000

-

Total Investments (Current)

500,000

300,000

Investments Shares - Atihau Whanganui Incorporation - 3407.38 Shares

6,537

6,537

Shares - Morikaunui Incorporation - 456.09877 Shares

10,815

10,815

Total Investments

17,351

17,351

2022

2021

1,343

6. Analysis of Liabilities Creditors and accrued expenses Accounts Payable

2,128

Accruals - Audit Fees

4,200

-

Total Creditors and accrued expenses

6,328

1,343

Loans Morikaunui Incorporation - Unclaimed Monies

1,260,740

1,194,705

Total Loans

1,260,740

1,194,705

2022

2021

Opening Balance

964,482

933,098

Current year surpluses or (deficits)

51,120

31,384

1,015,602

964,482

7. Trust Capital Accumulated Funds

Total Trust Capital

These financial statements have been audited.

Performance Report

The Whanganui Trust

Page 12 of 14

Notes to and forming part of the Performance Report

2022

2021

44,983

34,966

8. Related Party Transactions with Morikaunui Incorporation Donations Received Interest Received

64,904

50,218

Total Related Party Transactions with Morikaunui Incorporation

109,887

85,184

2022

2021

66,035

56,805

1,573,000

1,573,000

-

94,000

(1,260,740)

(1,194,705)

378,295

529,100

9. Related Party Assets or (Liabilities) Morikaunui Incorporation - Unclaimed Dividends (current year) Morikaunui Incorporation - Advance Morikaunui Incorporation - Tractor Loan Morikaunui Incorporation - Unclaimed Monies Total Related Party Assets or (Liabilities)

10. Related Party Information Morikaunui Incorporation is the settlor of The Whanganui Trust (the Trust). Under the terms of the Trust Deed all but one of the Trustees are members of the Morikaunui Incorporation board and the Trust holds shares in the Incorporation.

Distributions are made from the Incorporation to the Trust annually as disclosed in the Statement of Financial Performance.

Unclaimed dividends owing to Incorporation's shareholders are held in trust by the Trust as term liabilities. The advance to Morikaunui Incorporation is unsecured and repayable on demand.

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.

11. Commitments The Trust has no commitments as at 30 June 2022. (2021 Nil)

12. Contingent Liabilities and Guarantees The Trust has no contingent liabilities and no guarantees as at 30 June 2022. (2021: Contingent Liabilities Nil. Guarantees Nil.)

13. Events After Balance Date There has been no significant events after Balance date.

These financial statements have been audited.

Performance Report

The Whanganui Trust

Page 13 of 14

Post Graduate Hope Tioro

The Whanganui Trust 2022 Awards Victoria University

Masters

Health Psychology

Otago University Auckland University UCOL PN Toi Ohomai Tauranga

MBChB C. BA Law and Arts BA Appled Science Bsc

Medicine and Surgery Māori and Law Medical Imaging Technology Environmental Management

Victoria University

BA Arts

Psychology & Criminology

Under graduate Fiona Nicoll Puna Maniapoto - Love Leila Blackburn Helena Waretini Hamilton Wright Neve Duxfield Education Grants Sonny Vercoe Alicia Prince Rakurawaihoea Waitai Davina Cooper Vikki Lee Josephs Ngahuia Kawau Haukapuanui Vercoe Te Ara O'Brien Liam Wooding Karanga Jane Morgan Karere Uruamo - Tiaki Karepa Heke Kaiawha Raukura Doyle Caitlin Huria Jamie Wharepapa-Gray Noah Blackburn Imogen McNeill Hiria Mohi Hinemaia Uruamo-Taiaki Caleb Collins-Fore Reina Puhotaua George L Miles Arama Tuka Deejae Taiwhati Gina Pohe Ally Ataria Kaycee-Lee Babbington Ruby Pearce Piata Marie Simon Jill Sheehy Aneka Paranihi Merepaea Smith Heta Potiki Mato Sophia 'Unga Grace O'Shaughnessy Metiria-Hinekorangi Doyle Daniel Tauru Fiona Te Haara Patience Aue-Kiriona Year 13 Jordan Hemopo Hannah Huria Maia Blackburn

Auckland University PhD Civil Engineering Seismic Structural Engineering Te-Wananga o Raukawa Dip Te Reo Māori Massey University MMVA Māori Visual Arts Painting Massey University PhD Philosophy Doctorate Philosophy Whitireia Polytech Post Grad Cert Palliative Care Te-Wananga o Raukawa Masters Education Māori Medium Education Auckland University PhD Civil Engineering Te-Wananga o Raukawa Post Grad Dip Māori Medium Education Waikato University DR Musical Arts Music Performance Te-Whare Wananga O PHD Indigenous Advancement Awanuiarangi Te-Wananga o Raukawa Post Grad Dip. Education Toi Ohomai Tauranga NZ Cert.

Automotive Engineering Toi Ohomai Tauranga NZ Cert.

Automotive Engineering Otago University Bsc Anatomy NZ School of Accupuncture &BSc TCM Acupuncture Otago University Bcom Bsc Finance and Computer Science Otago University BA and Bsc History and Chemistry Victoria University BA Te Reo Māori and Māori Studies Victoria University BA Design Innovation Animation and Visual Effects Massey University Bbus Marketing UCOL Whanganui BA Nursing Massey University BA Sport & Exercise Sport Development Science UCOL Whanganui BA Design and Arts Waikato University BA Civil Engineering Massey University BA Arts Education Massey University BA Design with Honours Textile Design Major Te Rito Maioha Hamilton BA Teaching ECE Early Childhood Wintec Hamilton BA Design Graphic Design Te-Wananga o Aotearoa Cert.

Te Reo Massey University Dip. Arts Planning UCOL Whanganui BA Accountanting Waikato University BSocSc Pacific & Indigenous Studies Victoria University BA Te Reo & Criminology Victoria University BA Arts History Lincoln University BA Environmental Policy and Planning Victoria University Cojoin + BA Law and Commerce Finance and & Minor Economics Open P-tech Cert.

Real Estate UCOL Whanganui BN Nursing UCOL PN Dip. Arts Architectural Technology Whitby Collegiate Kapiti College Tauranga Girls College

Emily Coogan Ambrico Ranginui

Feilding High School St Peters College, Akld