TAKUTAI TRUST TRUSTEE’S REPORT for the year

ended 30 September 2022

Legal name of entity

Māori Commercial Aquaculture Settlement Trust (Takutai)

Other name of entity (if any) Takutai Trust

Type of entity and legal basis

Registered charity – charity number CC33531

Entity’s purpose or mission

The Trust was established pursuant to the Māori Commercial Aquaculture Claims Settlement Act 2004 (the Act). In accordance with the Act, the objectives of Takutai Trust involve representing Māori interests in relation to the aquaculture settlement and holding and transferring to iwi settlement assets received from the Crown and regional councils.

Entity structure

The Act appointed Te Ohu Kai Moana Trustee Limited (the Trustee) to act as corporate trustee and provides for the reasonable costs and expenses of the Trustee in carrying out its duties to be met from money appropriated by Parliament. That money is provided to the Trustee in accordance with a funding agreement between Te Ohu Kai Moana Trustee and the Crown.

Main sources of the entity’s cash and resources

On 5 August 2005, a funding agreement was signed with the Ministry for Primary Industries to cover services provided and costs recovered by Te Ohu Kai Moana Trustee Limited on behalf of Takutai Trust. In each year, funding from the Ministry for Primary Industries will, from money appropriated by Parliament for that purpose, meet the reasonable costs and expenses of the Trustee in performing its duties under section 38(1) as required by the Act. The trustee will neither profit nor itself bear any of those costs or expenses as a result of carrying out those duties. The Ministry provides funding in accordance with an agreed budget each year. At year end, actual variances against the budget are either refunded to the Ministry or topped up if required.

Main methods used by the entity to raise funds: Takutai Trust does not raise funds.

Entity’s reliance on volunteers and donated goods or services: Takutai Trust does not rely on volunteers and donated goods or services to raise funds.

Physical Address: Level 4, The Woolstore Professional Centre 158 The Terrace Wellington 6011

Postal Address: PO Box 3277 Wellington 6140

For and on behalf of the Trustee: Director Director

Date: 6 December 2022