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