Annual Report 2018 WAIRARAPA MOANA INCORPORATION WAIRARAPA MOANA TRUST
Annual Report 2018
WAIRARAPA MOANA INCORPORATION
Message from the Chair Tēnā tātau katoa ngā uri o Te Karu o te Ika a Māui Kia manawanui, kua kaha haere ō tātau mokopuna, kua whānui haere ngā huarahi hei takahanga mā ō koutou waewae e taea ai te mātauranga, te ora mō tō tātau iwi. Kingi Smiler
The continued improvement in milk prices in 2018 saw milk prices increase from $5.57 in 2017 to $6.53 in 2018. The outlook for 2019 continues to be positive but Trump’s trade war will create a lot of uncertainty in an already highly volatile market. Overall the net profit after tax for 2018 was approximately $10.68 million compared to $6.63 million, an increase (61%) of $4.05 million, an excellent result. Despite the difficult early season a strong recovery in the last quarter saw the farm team deliver a very good result. The returns from Forestry were similar to last year with the woodlots on farm having been harvested. Miraka also had a very strong performance with both the whole milk powder and UHT milk at full capacity. Market activation programmes for Miraka consumer brands Taupo Pure and Whaiora continue to be developed. The Comprehensive Income for 2018 was $9.05 million compared to $14.70 million in 2017, a decrease of $5.65 million. This reflects the
2
ANNUAL REPORT 2018
market value changes (a flat or declining trend for farm sale values) for our core assets of land and property which showed no increase in 2018 compared to an increase of approximately $6.3 million in 2017. The overall equity of WMI is $214 million in 2018, a net increase of approximately $8 million as a result of strong trading results from the dairy business. The bank debt ratio has reduced from 22.6% to 20.6% with bank borrowing reduced by $6 million during the year. The value per share for the Incorporation has risen from $4.44 to $4.59. If current milk price trends continue then further reductions in bank borrowings are forecast. The Committee recommends the following distributions in 2018. Gross Dividend
$1,250,000
This year’s gross dividend will be increased from $800,000 to $1,250,000 in recognition of this year’s financial results.
Maraetai Dam.
WAI 85 We have kept shareholders fully informed of our progress with our Wai85 treaty claim and summarise below key activities since the last annual report: (i) A Special General Meeting was held in Mangakino on 24 March 2018. The Special General Meeting overwhelmingly voted for the Committee and to reconfirm the mandate to negotiate a settlement of Wai85 with the Crown on behalf of shareholders. (ii) The Committee has provided shareholders with a comprehensive response to NKKWTNAR proposed Deed of Settlement (DoS) in a Special Edition Mailer in June 2018. The Committee said shareholders should “VOTE NO” to the DoS as no provision has been made for specific redress for the WMI shareholders, the owners of the Pouākani block and, furthermore, that no provision for the clean-up of Lake Wairarapa has been included, along with other social and cultural issues that have not been addressed. (iii) The Waitangi Tribunal has agreed that WMI Committee has the mandate to continue to seek return of specific Crown lands that were taken from the owners to build the Maraetai Hydro Dam.
(iv) The Crown has been very slow to respond to the Tribunal Directions to produce a valuation of Maraetai Dam originally requested in May of this year. These valuations will not be available until November 30 this year. Hearings hopefully will be held in December. We will continue to keep you up to date with our progress and, in the meantime, encourage you to register all your whānau over 18 years in NKKWTNAR Settlement Trust so that you can have your say on the DoS. Our Masterton office is able to assist you in this regard and for the reasons previously outlined above “VOTE NO” for the proposed Deed of Settlement. Finally, I acknowledge the support and contribution of my fellow Committee members Anne Carter, Murray Hemi, Te Horipo Karaitiana and Sonya Rimene and the valuable contribution from our Farm Advisory Group. Our staff and management team have continued to work diligently on your behalf and have delivered a very good financial result this year. Kingi Winiata Smiler chairman wairarapa moana incorporation
WAIRARAPA MOANA INCORPORATION
3
Key Performance Measures
PEOPLE
ENVIRONMENT
70 Fulltime staff employed.
75ha Number of
7 Staff employed for more than 10 years.
142
Hours sick leave or 2 hours per employee for the year.
24 Staff achieved their Level, 2, 3 or 5 Ag ITO with 85 certificates earned.
14
Group Training days held for the year.
6
Lost time injuries for a total of 27 days for the year.
4
ANNUAL REPORT 2018
hectares (ha) replanted in pine trees.
30ha
MILK
130,000
Average Somatic Cell Count for all Farms – (Miraka Average 168,000).
90,000
New areas fenced to be planted in trees.
Lowest Average SCC.
55ltr Dairy shed water use,
2 Grade Free Farms.
55 litres per cow per day.
3
Number of farms in Top 10 of Miraka for milk quality. WMI 1st, 2nd and 3rd.
COWS
73%
6 week in calf rate.
410kg
Kilograms of milk solids – Average Production per Cow.
25%
Replacements reared as a percentage of peak cows.
10,500 Total cows (managed farms 8,210).
Committee of Management (L-R) Te Horipo Karaitiana, Sonya Rimene, Kingi Smiler, Anne Carter, Murray Hemi.
PROSPERITY MEASURES
85% Average WMI score in
Dividends Paid (Financial Year) 2.0
Te Ara Miraka. Miraka average 64 percent.
1.5
$10.7m Net profit after tax – increasing
1.0
from $6.6m in 2017.
0.5
4.2%
Return on equity – reduced by 2.9 percentage points from the 2017 year.
3.2%
Return on Assets – reduced from 5.3 in 2017.
20.6% Bank Debt – Reduced by $6m to 20.6 percent of assets. 2017 – 22.6 percent.
$8.374m Net Equity – $8.374m increase in equity from 2017.
2
1.25 1.2 0.8 0.4
0.4
0.4
0.4
0.0 2019 2018 2017 2016 2015 2014 2013 2012
Values in million’s of dollars
Net Profit (Loss) After Tax 16 15
14 12
10.7
10 8 6
6.5
6.6
4 2 0
-2.8
-1.8
-0.1
1.6
-2 -4
2019 2018 2017 2016 2015 2014 2013 2012 Budget
Values in million’s of dollars
WAIRARAPA MOANA INCORPORATION
5
General Manager’s Report Tēnā tātau katoa Anei ngā kōrero mō te tau kua hori. He nui ngā kaupapa kua tūtuki. Hēoi anō he kōrero ānō mō te tau ka tū mai nei. Nick Hume
Last year was a busy year for Wairarapa Moana Incorporation (WMI) with the farm woodlot harvest being completed and business as usual for the farming operations. The Waikato Regional Council lodged Plan Change One for Healthy Rivers and we have seen the incursion of mycoplasma bovis within the country. The farming season was challenging but rewarding. The spring was cold and wet which affected early production and mating results throughout the country. The months of November and December were dry and humid but post-Christmas we saw regular rains and exceptional grass growing conditions so all New Zealand farmers experienced a strong autumn production. Milk price remained buoyant with WMI receiving $6.53. The current season is looking positive as demand remains steady. The estimate range is $6.25-$6.75. This will alter depending on market demand and supply throughout the year. It was the second year of Te Ara Miraka (the Farming with Excellence Programme through Miraka Limited). WMI was awarded 1st, 2nd and 3rd place for the season. Our first place winner Farm 14 did it in amazing fashion by
6
ANNUAL REPORT 2018
scoring 100% which is a truly great result and an outstanding achievement in Te Ara Miraka. Te Ara Miraka supports and encourages a culture of excellence through the entire Miraka supply chain – from the farm to the customer. This links very strongly to their vision “nurturing our world” and of course has close links to WMI’s vision and values. Te Ara Miraka consists of 5 pou; Nga Tangata (people), Te Taiao (environment), Taurikura (prosperity), Nga Kau (cows) and Miraka (milk). Under each pou there are mandatory and incentivised standards. Miraka has offered the supplier base a 20 cent incentive to meet the incentivised standards. All of the standards are considered best practice for people management, dairy farming, environmental management and business management. WMI has embraced the kaupapa of Te Ara Miraka and it has become the way we conduct our business interlinking it to the way we do things and using its format for everything we do in the business.
WMI Kaharoa Farm.
The team is settled in for the current season with not many staff changes between May and June and we are placed well to capitalise on having an experienced team. Last year we saw eight staff depart the team, four of which were for family reasons (relocating back near their whānau for various reasons). The others were manager departures. Ron Kitchen and Kaye Mason Riseborough our managers for Farm 7 and Farm 11 took early retirement.
Nga Tangata PEOPLE
Kaye continued to support our team with her helping our three young Māori Farmer entrants into the Ahuwhenua Young Farmer awards. Johan (manager of Farm 12) and Sebil van der Merwe departed to pursue an equity agreement to continue their journey to becoming 50/50 sharemilkers. We wish them all well and thank them all for their service to WMI. We saw a number of the team promoted to fill the places left open continuing our policy of promoting from within. With the team movements we have seen some great new talent enter the team and we will watch their growth in the industry. Three of these young new entrants are WMI descendants with Rakai
Paewai, Christian Tuhura and Tyron Pedrochi all joining the team in December and January. Toni Schnuriger has been with WMI for two seasons and entered the Regional Dairy Trainee of the Year Awards through DairyNZ. Toni did exceptionally well and took out the overall practical award. We welcomed Denis Collins and Nick Rowe as our new operations managers for the farms. Denis previously worked for Miraka as the milk supply manager so he is well known to WMI. Prior to Miraka Denis was a senior consulting officer for DairyNZ. Nick comes to us from Ireland but having lived in New Zealand for 20 years. Nick has worked for large corporate farming businesses including Landcorp in similar roles. Team training and development has always been a focus for WMI and it is important to have well trained and qualified people working in our business. The last 12 months has been very busy with a lot of individual and group training days across the farms. We saw a number of staff achieve various Ag ITO qualifications and 85 certificates were issued across the team during the season from training providers.
WAIRARAPA MOANA INCORPORATION
7
WMI Farm Awards 2018 – Farm 6, Dairy Unit of the Year.
WMI has continued to remain active in supporting the Regional plan change in the Waikato to improve water quality. WMI and Miraka have jointly taken a leadership role by submitting their submissions on the plan change to help improve the water quality of the Waikato region.
Te Taiao ENVIRONMENT
WMI has actively started a tree planting programme which was initiated with the October 2016 AGM farm visit. This year 35 hectares of area have been fenced off and planting has begun. Kaharoa has had a number of wet lands fenced off and protected, whilst on the Mangakino farms planting for shelter and shade for the cows has continued with 9km of biosecurity fencing and planting. The farm woodlots harvested will be replanted into pine for future generations. We are in the process of drafting our long term strategy (10 years and beyond) to determine how tree planting will continue to protect and enhance the assets. The reproductive programme has continued its success. The 6 week in calf rate is now 73% across all farms which sits just inside the top 10% of the industry which is 72%. Many farms have already reached the top 10% and with the continued support and transfer of knowledge amongst the farms all farms will reach that target.
Nga Kau COWS
8
ANNUAL REPORT 2018
WMI Farm Awards – Haka Tautoko.
Mycoplasma has certainly changed the farming landscape and added yet another challenge to how we operate. Two years ago, WMI undertook a project to develop a Whakamaru Whenua plan which included how we should deal with biosecurity issues. The WMI herds have been tested and cleared and with stock movement protections and biosecurity fencing being constructed we are taking all practicable steps to protect our herds. Somatic Cell Count (SCC) continues to reduce across the block. This is an important measure as its an indication of healthy cows (it’s a measure of mastitis in cows). The WMI average is now 130,000 with plans to reduce further this coming season. The WMI average is now 130,000 with plans to reduce further this coming season. The Miraka average was 168,000 SCC.
Miraka MILK
Farms 11 and 14 both went grade free. This is the second year in a row that Farm 11 has been grade free. Going grade free is a real achievement. Miraka has high standards and the grading system includes water or freezing point grades which is a higher standard than other milk companies.
WMI Farm Awards 2018 – Values.
Golden Shears Sponsorship.
The farms contributed just under $10 million which was an increase on the previous season of $3.5 million an excellent result. The average milk price for our milk was $6.53 with farm costs of production being $4.49. The dairy support unit also made a strong contribution.
Taurikura PROSPERITY
Figure 1: 2017/2018 Managed Farm Results Compared to Benchmark 9000 8000
$ per Ha
7000 6000 5000 4000 3000 2000 1000 0 Income
EFS
Feed Costs
Bay of Plenty WMI
Wages
Enabling
Total Costs
Waikato New Zealand
Scale – $, MS per Cow or MS per Ha
Figure 2: 2017/2018 Sharemilked Farm Results Compared to Benchmark 2500 2000 1500 1000 500 0
EFS per Ha
Costs per Ha
MS per Cow
WMI (2.8 cows/ha) North Island Avg (2.9 cows/ha)
MS per Ha
Top 20% North Island (3.2 cows/ha)
The farm results have been compared to the Dairy New Zealand benchmark data for the regional trends. Within Figure 1 it can be seen that WMI is just behind the New Zealand average but ahead of the Waikato and Bay of Plenty averages for Economic Farm Surplus. The three 50/50 sharemilkers during the season performed well above the benchmark (figure 2) for economic surplus per hectare. At the start of the 2018/2019 season WMI took Farm 2 back under the managed portfolio with Farm 9 and Farm 15 the only farms with sharemilkers. Te Ara Miraka added a significant amount to the bottom line. The average score for WMI farms was 85 percent or 17 cents out of the 20 cents on offer. This is an increase on last year and compares to the average for the Miraka supplier base of 64 percent. Plans are in place to improve and we look forward to having a number of farms in the top 10.
Source: Dairy New Zealand Economic Survey Data. Benchmark data for 2017/2018 regional trends.
WAIRARAPA MOANA INCORPORATION
9
Tour of WMI farms during education wānanga July 2018.
Looking Forward
Figure 3: Forest Lease Annuity Return Compared to Stumpage Returns Annuity (Snominal)/1000
Log price ($real 2018)
Log price ($/unit) and Annuity ($)
250 200 150 100 50 0 1999
2001 2003
2005
2007 2009
2011 2013 2015
2017
The Farm Woodlot harvest was completed. The areas harvested will be replanted and combined with the annual forestry annuity contributed $2.3 million to the result. The annual forestry annuity continues to outperform in comparison to a traditional stumpage return per ha as shown in figure 3. Miraka has had a very good season with the product mix and the buoyant commodity prices. This is reflected in the Miraka equity accounted income. WMI’s share of profits was $2.4 million. Miraka paid a net cash dividend of $505,000 for the 2018 year. Within other income the main additions are the livestock revaluations (there has been an increase in values of $1.9 million). The township assets increased in value by $900,000 and we also saw the main forest increase by $740,000.
10
ANNUAL REPORT 2018
The budget for the coming season has been set and further improvements are forecast. Budget milk price is $6.00 which compares to the current milk price futures of $6.50 and the 2017/2018 actual of $6.53. Total production is budgeted to be similar to the 2017/2018 result. The dairy support farms have undergone a review this past 12 months and it has resulted in a system change that will improve returns. With lack of certainty in revaluing assets the comprehensive income and asset movements have not been included in the budget forecast for 2019. I would like to acknowledge the support and guidance of Kingi and the Committee of Management throughout the year. Thanks must also go to the Business Advisory Group for its input over the last 12 months. Finally, I would like to thank the team on the ground and in the offices at WMI, they are a committed team focused on delivering for the WMI owners.
Nick Hume general manager wairarapa moana incorporation
Financial Report Results in Brief WAIRARAPA MOANA INCORPORATION
NZ IFRS NZ IFRS NZ IFRS NZ IFRS NZ IFRS NZ IFRS (Estimate) Budget 2019 2018 2017 2016 2015 2014 12 Mths 12 Mths 12 Mths 12 Mths 11 Mths 11 Mths
STATEMENT OF COMPREHENSIVE INCOME (NZ IFRS) / STATEMENT OF PROFIT AND LOSS (GAAP) Commodity Milk Price per kg milk solids $6.00 $6.53 $5.57 $3.90 $4.40 $8.40 Revenue from Dairy Farming Operations Cost of Production
$000 $000 $000 $000 $000 $000 27,864 29,362 24,591 18,380 19859 35,347 (18,161) (19,482) (18,358) (18,426) (20,188) (21,128)
Gross Profit (Loss) from Dairy Farm Operations
9,703
9,880
6,233
Total Other Income
2,250
2,936
3,356
(46) 1,875
(329)
14,219
2182
2,592
Gross Profit 11,953 12,816 9,589 1,829 1,853 16,811 Administrative Expenses (1,421) (1,309) (1,110) (940) (911) (822) Earnings before Interest, Taxation, 10,532 11,507 8,479 889 942 15,989 Depreciation and Amortisation (EBITDAF) Finance Expense (3,550) (3,687) (3,836) (3,406) (2,872) (2,380) Depreciation and Amortisation Expense (1,740) (1,830) (1,727) (1,656) (1,523) (1,548) Operating Profit/(Loss) after Financing, 5,242 5,990 2,916 (4,173) (3,453) 12,061 Depreciation and Amortisation Costs Other Items Realised Gain on Sale of ETS Credits – – 265 – – – Share of Profit (Loss) from Miraka Limited 2,200 2,400 265 453 2,590 3,390 Gain on Sale of New Zealand Communications Limited – – 614 – – – Grants – Wairarapa Moana Trust (85) – (85) (78) – – Revaluation of Forestry Asset – 740 2,200 542 964 445 Revaluation (Devaluation) of Township – 903 324 (14) (43) (160) Revaluation (Devaluation) of Livestock – 1,903 798 (1,462) (2,070) 96 Revaluation of Farm Woodlots – (293) 560 906 164 659 Total Other Items 2,115 5,653 4,941 347 1,605 4,430 Net Profit/(Loss) Before Tax 7,357 11,643 7,856 (3,826) (1,848) 16,491 Income Tax Expense (Benefit) 917 963 1,228 (932) (98) 434 Net Profit After Tax/(Loss) for the year
6,440
10,680
6,629
(2,894)
(1,750) 16,057
WAIRARAPA MOANA INCORPORATION
11
Results in Brief WAIRARAPA MOANA INCORPORATION Continued/
Net Profit After Tax /(Loss) for the year
NZ IFRS
NZ IFRS NZ IFRS NZ IFRS NZ IFRS NZ IFRS (Estimate) (Estimate) Budget 2019 2018 2017 2016 2015 2014 12 Mths 12 Mths 12 Mths 12 Mths 11 Mths 11 Mths $000 $000 $000 $000 $000 $000
6,440
10,680
6,629
(2,894)
(1,750)
16,057
Total Other Comprehensive Income/(loss) for the year Items that will not subsequently be reclassified to profit or loss:
Revaluation (Devaluation) of Property, Plant and Equipment Revaluation of Pre 1990 ETS Carbon Credits Income Tax Relating to Comprehensive Income Movements
– – –
(352) 756 (47)
6,325 265 554
(9,924) 2,810 (483)
7,888 71 535
12,445 – –
–
357
7,144
(7,597)
8,494
12,445
Movement in Cash Flow Hedges Share of Other Comprehensive Income from Miraka Limited Revaluation of Financial Assets available for Sale Reclassifications to Profit and Loss Income Tax Relating to Comprehensive Income Movements
– – – – –
139 (832) (1,337) 106 (61)
512 1,384 (92) (767) (108)
(1,444) 2,398 767 – 253
(994) (6,382) – – –
– 4,157 – – –
Items that may subsequently be reclassified to profit or loss:
– (1,985) 929 1,974 (7,376) 4,157 Total Other Comprehensive Income/(loss) net of income tax – (1,628) 8,073 (5,623) 1,118 16,602 Total Comprehensive Income (Loss) for the Year
6,440
9,052
14,702
(8,517)
(632)
32,659
Note: Budget Other Income and Comprehensive Income for Budget 2018/2019 has not been calculated due to lack of certainty in asset revaluations.
STATEMENT OF CHANGES IN EQUITY Opening Shareholders’ Equity 214,580 206,205 191,904 200,822 203,646 171491 Net Profit/(Loss) for the year Total other comprehensive income
6,440 10,680 – (1,628)
Total comprehensive income for the year
6,440
9,052
6,628 8,073
(2,817) (5,623)
14,702
(8,440)
–1750 1118 (632)
16057 16602 32,659
Contributions by and distributions to shareholders Movements in Reserves – – – – 77 – Dividend Declared (1,031) (678) (400) (478) (2,269) (504) Total contributions by and distributions to shareholders Closing Shareholders’ Equity
(1,031)
(678)
219,989 214,579
(400)
(478)
(2,192)
(504)
206,205 191,904 200,822 203,646
Closing Shareholders’ Equity is made up of the following components: Share Capital 46,739 46,739 46,739 46,739 46,739 46,739 Retained Earnings 51,211 44,771 34,770 27,253 30,548 38,918 Reserves 122,039 123,069 124,696 117,912 123,535 117,989 Closing Shareholders’ Equity
12
ANNUAL REPORT 2018
219,989 214,579
206,205 191,904 200,822 203,646
Results in Brief WAIRARAPA MOANA INCORPORATION Continued/
Biological Assets – Livestock Other Current Assets
NZ IFRS
NZ IFRS NZ IFRS NZ IFRS NZ IFRS NZ IFRS (Estimate) (Estimate) Budget 2019 2018 2017 2016 2015 2014 12 Mths 12 Mths 12 Mths 12 Mths 11 Mths 11 Mths $000 $000 $000 $000 $000 $000
17,456 8,469
17,456 9,754
15,355 10,637
13,693 5,010
14,060 4275
14,410 10,382
Current Assets 25,925 27,210 25,992 18,703 18,335 24,792 Property, Plant and Equipment 178,706 178,706 178,154 172,324 182,329 166,645 (Wairarapa Moana Farms and House) Investments – Miraka 37,113 34,913 33,850 30,757 20,799 25,979 Investments – Other 2,331 2,331 3,666 3,909 3,681 3,646 Investment Property (Mangakino Township and Forestry Lands) 32,967 32,967 31,248 28,740 28,347 27,346 Intangible Assets (Carbon Credits) 3,692 3,692 2,936 4,300 1,490 1,419 Biological Assets – Farm Woodlots 752 752 2,175 3,090 2,185 2,020 Non-Current Assets 255,561 253,361 252,029 243,120 238,831 227,055 Total Assets 281,486 280,571 278,021 261,823 257,166 251,847 Current Liabilities 4,000 3,539 5,028 3,219 5,564 6,462 BNZ Bank Debt 52,996 57,887 62,887 62,887 47,700 39,120 Deferred Tax and Financial Instruments 4,500 4,566 3,901 3,813 – – Non Current Liabilities 57,496 62,453 66,788 66,700 47,700 39,120 Total Liabilities 61,496 65,992 71,816 69,918 53,264 45,582 Shareholders’ Equity 219,989 214,579 206,205 191,904 200,822 203,646 KEY PERFORMANCE INDICATORS Growth/(Reduction) in net worth on opening balance $ 5,409 8,374 14,301 (8,918) (2,824) 32,155 Growth/(Reduction) in net worth on opening balance % 2.5% 4.1% 7.5% -4.4% -1.4% 18.8% Return on Closing Equity 2.9% 4.2% 7.1% -4.4% -0.3% 16.0% Return on Closing Assets 2.3% 3.2% 5.3% -3.3% -0.2% 13.0% Closing Bank Debt as a % of total Closing Assets 18.8% 20.6% 22.6% 24.0% 18.5% 15.5% STATEMENT OF CASH FLOWS Cash Flow from Operating Activities 7,700 8,016 1,326 (5,485) 3,015 6,212 Cash Flow from Investing Activities (2,219) (2,421) (418) (8,293) (8,758) (6,358) Cash Flow from Financing Activities (4,929) (6,593) 531 12,532 8,798 (601) Net Increase in Cash and Cash Equivalents 552 (998) 1,439 (1,246) 3,055 (747) Add Cash and Cash Equivalents at Start of Year 222 1,220 (219) 1,027 (2,028) (1,281) Cash and Cash Equivalents at End of Year 774 222 1,220 (219) 1,027 (2,028)
WAIRARAPA MOANA INCORPORATION
13
Policies A summary of the Wairarapa Moana Ki Pouakani Incorporation (“the Incorporation”) audited financial statements for the year ended 31 May 2018 is shown in the Financial Summary section of this annual report, also shown is the summarised 31 May 2019 budget which has been drawn from the full 31 May 2019 budget approved by the Committee of Management on the 17 April 2018. The summary financial statements have been prepared in accordance with FRS-43 Summary Financial Statements. The 31 May 2019 Budget does not include estimates for the revaluations of assets. These estimates have not been made with the lack of certainty when estimating asset movements in active markets. The Committee will obtain formal valuations at year end to report in the Financial Statements. The Committee of Management has chosen to use $6.00 as the budget milk price based on current market conditions. The full financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (“NZ GAAP”). They comply with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”) and other applicable Financial Reporting Standards, as appropriate for profit-oriented entities. The Incorporation has adopted External Reporting Board Standard A1 Accounting Standards Framework (for-profit Entities Update) (“XRB A1”). For the purposes of complying with
14
ANNUAL REPORT 2018
NZ GAAP, the Incorporation is eligible to apply Tier 2 For-Profit Accounting Standards (New Zealand equivalents to International Financial Reporting Standards – Reduced Disclosure Regime (“NZ IFRS RDR”)) on the basis that it does not have public accountability and is not a large for-profit public sector entity. The Incorporation has elected to report in accordance with NZ IFRS RDR and has applied disclosure concessions. The summary financial statements are presented in New Zealand dollars and amounts are rounded to the nearest thousand dollars ($000). The amounts stated in the summary financial statements have been extracted from the full financial statements of the Incorporation, which were authorised by the Committee of Management on 20 July 2018, of which an unqualified opinion has been issued by our auditors. Unqualified audit opinions have been issued by our auditors for all years presented in the summary financial statements. Copies of the full financial statements are available from the Incorporation. The summary financial statements do not include all disclosures provided in the full financial statements and cannot be expected to provide as complete an understanding as provided by the full financial statements of the Incorporation. The summary financial statements should be read in conjunction with the statement of accounting policies and notes to the full audited financial statements.
Disclosures RELATED PARTY RELATIONSHIPS, TRANSACTIONS AND BALANCES
2018 2017 $000 $000
Committee Members Committee member fees paid for the year Committee member expenses paid for the year (mainly travel and accommodation) Indemnity Insurance M Hemi – Environmental Planning and Strategy Development K Smiler (Chairman) – Executive Director Fees and Costs
41
35
52 7 10 251
39 15 – 229
361
318
–
–
206
205
–
–
Payable at 31 May
Key Management Personnel Remuneration paid during the year Payable at 31 May
Associates The Incorporation owns 33.63% (2017 : 33.63%) of Miraka Limited, a milk processing company located in Taupo with a balance date of 31 July. During the year milk sales to Miraka Limited accounted for 84% (2017: 85%) of the Incorporation’s revenue.
Cash Dividends Received from Miraka during the year
2018 2017 $000 $000 505
–
Owed by Miraka at 31 May May milk proceeds Retrospective payments for the season
1,765 5,240
2,033 4,288
7,005
6,321
No debts from Miraka have been written off or forgiven during the year. All transactions with Miraka occur on an arm’s length basis. There are no commitments or contingent liabilities relating to the investment in Miraka. During the 2017 Financial year the Incorporation purchased additional shares in Miraka Limited from another shareholder, resulting in the purchase of an additional 711,368 shares at $2.03 per share, increasing the Incorporation’s interest in Miraka Limited to 33.6%.
WAIRARAPA MOANA INCORPORATION
15
Joint Venture
The Incorporation is a 33%, equal interest, limited partner of Whai Hua Limited Partnership, established for the purpose of developing and researching milk proteins to develop higher value products. The partnership has a 30 June balance date.
Funding contribution Payable to Whai Hua Limited Partnership at 31 May
2018 2017 $000 $000
131
208
–
–
No debts to Whai Hua Limited Partnership have been written off or forgiven during the year. All transactions with Whai Hua Limited Partnership occur on an arm’s length basis. There are no commitments or contingent liabilities relating to the investment in Whai Hua Limited Partnership.
16
ANNUAL REPORT 2018
Annual Report 2018
WAIRARAPA MOANA TRUST
Message from the Chair E te Iwi, pikiake ki ngā maunga tapu Ko Pukeamoamo me Pukeahurangi. Titiro whakararo āku kamo ki te raparapa wai o Wairarapa, nō reira kia tapu hoki tātau nō te moana tapu ko Wairarapa. Deborah Davidson
Nō reira tēnā koutou, tēnā koutou, tēnā tātau katoa.
This year has been another year of progress across all the Trust’s portfolios; Education, Marae Development and Wairarapa Moanatanga. We welcome Rutu Namana back to the Trust. Rutu is managing the Wairarapa Moanatanga portfolio. We also welcomed Raumahora Waata on to the Trust and as a new trustee, Raumahora has taken on the Marae Development portolio and has been extremely instrumental across all business of the Trust. Tiraumaera Te Tau now oversees the Education portfolio and Anaru Smiler continues to manage the finances and as Deputy Chair is a great support to me. This year changes were made to our meeting structure. Planning hui takes place in December so we are ready for business early in the new year. The Trust, as mentioned, has allocated one portfolio per trustee and we discuss in detail one portfolio per hui.
Education The task this year was to ensure the Trust implemented the Te Kete Hautu Wānanga for successful recipients of scholarships. In July this year, successful recipients and
18
ANNUAL REPORT 2018
whānau were invited to Pouākani Marae in Mangakino. Many recipients did not understand the relationship that Wairarapa had to Mangakino, had never been to Mangakino and consequently hadn’t stayed at the Marae. Recipients were educated about the history of Wairarapa Moana, presented with memento kete, provided with a brief overview of the different scholarships available and were also encouraged to get to know each other as they may be able to tautoko each other along their educational pathway and utilise their skills in the future. They also enjoyed a farm visit and were provided with a presentation on Miraka. Encouraging for the Trust was to hear firsthand how the scholarship funds financially supported recipients with their educational needs. Partners, parents and whānau acknowledged shareholders, the Incorporation and the Trust for the much needed tautoko. The Trust encouraged recipients that in the future they may want to join the Trust, that they were indeed the future leaders and that there was a definite pathway they could aspire to.
Education wānanga July 2018 on-farm.
Recipients were encouraged to give feedback to the Trust on how it could continue to work for them. As our t¯i puna had also wanted to leave a legacy for us to continue, Wairarapa Moana Trust will continue to keep updated in how we communicate, develop future technologies and their uses to reach the younger demographic so as to ensure the opportunities and future development of Wairarapa Moana and its people for the future to come are never lost.
Marae Development The objective of the Trust is to bring the established t¯i puna Marae back into good condition. T¯i puna Marae are identified by their historical connections of their hāpu and whānau, and that they have a specific historical connection to Lake Wairarapa and the original owners of Wairarapa Moana. The Marae Development Grant Application Form and the Marae Development Policy were revised in February 2018. Raumahora met with all six t¯i puna Marae during the months of February and March 2018 and each Marae was encouraged to apply for the Marae Development Grant. To help improve, add value and uphold the mana of
each Marae. Three t¯i puna Marae applied with all three being successful in securing some funding. From the evidence provided, it is well documented that some Marae are in dire need of financial assistance. Website links for some external funders included, Local Council, Te Puni Kōkiri, Community Organisation Groups (COGS) and Lotteries has been promoted to Marae. Marae Emergency Preparedness Plan – this is a resource toolkit from Te Puni Kōkiri. Climatic changes and the increased earthquakes and flooding in New Zealand in the recent past are reasons enough that our Marae need to be prepared as best they can. Each Marae secretary was sent this resource for consideration to add into their Health and Safety plans and procedures. It also is a well-known fact that overpriced insurance costs cripple Marae. An invitation was extended to Kiro Insurance Management NZ to engage with t¯i puna Marae trustees and committees in Masterton. A hui was held 16th July 2018 at Te Rangimarie Marae and all six t¯i puna Marae were represented, with five scheduling an appointment for an assessment the next day. Marae were excited about the information shared and the possibility of saving money. Kiro is a whānau owned Māori brokerage business based in Auckland.
WAIRARAPA MOANA TRUST
19
Te Ihirangaranga o Te Reo Karanga hikoi to Tirohanga.
We are truly appreciative to the t¯i puna Marae trustees and committees. They unselfishly volunteer their time, skills and aroha to ensure that the Marae doors remain open and in the best condition they can be.
Wairarapa Moanatanga The strategic vision of the Wairarapa Moanatanga portfolio is to build strong, capable shareholders and descendants in their culture, heritage and identity. We have been able to provide sponsorship to Te Rangiura o Wairarapa in their quest for success at the kapa haka regionals in Wairoa, books, cds and whakakaha paepae programmes. Annual sponsorship continues with the Golden Shears Māori/Pākeha event which fits perfectly with the strategic vision. The Lake Book, Wairarapa Moana: The Lake and its People continues to sell. This is a truly great resource of the birdlife and how the lake was exchanged for Te Pouākani and the journey of our t¯i puna to Pouākani who paved the way for us to be where we are today.
Above: Te Pou Pūmau.
20
ANNUAL REPORT 2018
The whakakaha paepae programme was implemented in late 2014 to strengthen our Marae, the paepae tapu and the puna roimata, the whaikōrero and the karanga. Wānanga were held at each t¯i puna Marae of Wairarapa Moana for the wahine reo karanga and the tāne whaikōrero. Now at 2018 we have the reo karanga well established on t¯i puna Marae with many thanks to those ones who went
Tirohanga Hikoi 2017.
away, brought the knowledge back and have continued to support each other to hand their knowledge down. The Te Pou Pūmau programme originated because there were very few men who could stand on the paepae of Wairarapa confidently. Wānanga were held at each of the t¯i puna Marae culminating in Marae taking ownership of their paepae and strengthening it with the continued support of Wairarapa Moana Trust. The whakangahau waiata project is well underway. The Trust has contracted Makuini Kerehi to undertake this project on behalf of the Trust and for the benefit of shareholders and whānau. The aim of this project is to record 20-25 waiata selected by our t¯i puna Marae and other Wairarapa specific waiata, research waiata and composers and to provide complementary kupu with the history and/or story of each waiata recorded. To reach a wider audience and to keep up with the latest of technology it is proposed that these waiata be uploaded to Spotify and iTunes, therefore free to whānau and easily accessible. Wairarapa Moanatanga is committed to continuing the strategic vison and the values of Wairarapa Moana.
Tangata ako ana i te whare, tūranga ki te Marae, tau ana!
Above: Te Mauri of Te Rito o Te Reo Karanga; Te Pou Pūmau 2017.
A person who is taught at home, will stand collected on the Marae Deborah Davidson chairperson wairarapa moana trust
WAIRARAPA MOANA TRUST
21
Scholarship Recipients In the 2018 academic year 38 scholarships were provided to tertiary, trade and apprenticeship recipients.
This financial year saw 38 successful recipients to three of the four funding categories available. Te Kete Uruuru Tau, Agri Studies 5; Ngā Kete o Te Wānanga, Tertiary 33; Ngā Mahi ā-Rehe, Trades & Apprenticeships 3. Of the 25 female and 13 male recipients, six are undertaking double degrees. Reflected in the graph are the fields of study being undertaken followed by a full list of 2018 scholarship recipients.
Graph 1: Current Areas of Study for Scholarship Recipients 2018 FIELDS OF STUDY 1
Electrician Plumbing
1
Engineering
1
Law
5
Science
9
Arts
6
Business & Commerce Education & Teaching
5 5
Health Māori (Te Reo/Culture)
8 4
Environment
2
Agriculture
5
PHD
2
0
1
2
3
4
5
NUMBER OF STUDENTS
From Top: Education wānanga 2018 – Information sharing on-farm; Mahi tahi WAIMOS!
22
ANNUAL REPORT 2018
6
7
8
9
Wairarapa Moana Trust would like to congratulate the following successful recipients of scholarships and bridging grants for 2018. TERTIARY RECIPIENTS
PROGRAMME OF STUDY
Jefferson Dew Ririwai Fox Billie Rawhiti Karangawai Paringatai-Hare Harriet Gibson Ruatapu Rimene Raukura Tiopira Keita Tuhi Jareth Fox Mikayla Te Whaiti-Smith Jordan Fox Erina Himona Shanara Wallace Camryn Williams Te Rimene Workman Amber Ray Sam-Maree Brown Kiriana Brown Chelsea Kenny Tawera Manaena Olivia Luff Abby Matthews Simone Baker Krystal Ray Tamati Te Apatu Stevie-Rei Kenny Taryn Morunga Tānewhakapiripiri Rutene Tayla Ahipene-Fisher Tapekaoterangi Hakopa Kimberlee Cumming Tessa Taute Te Aowhiungarangi Cooper Beauche McGregor Kohai Martin
PhD – Energy Use in Farming PhD – Psychology Bachelor of Agriculture Bachelor of Science (Plant Science/Māori Agribusiness) Bachelor of Environmental Management Certificate in Pasture Management Bachelor of Māori Medium/Diploma in Teaching Bachelor of Matauranga Māori Bachelor of Arts – Māori Resource Management/Bachelor of Laws Bachelor of Arts – Māori/Bachelor of Laws Bachelor of Arts Bachelor of Arts & Social Sciences Bachelor of Arts/Bachelor of Laws Bachelor of Arts/Bachelor of Laws Bachelor of Laws/Bachelor of Commerce Bachelor of Commerce Bachelor of Commerce Bachelor of Business Bachelor of Business Bachelor of Engineering (Honours) Bachelor of Teaching (ECE) Bachelor of Teaching (ECE) Bachelor of Teaching (ECE) Post Graduate Certificate in Health Sciences Post Graduate Diploma in Psychology Bachelor of Nursing Bachelor of Radiation Therapy Bachelor of Science Bachelor of Science Bachelor of Science Bachelor of BioMedical Science Bachelor of Health Science Bachelor of Social Science Bachelor of Social Work Bachelor of Social Work
TRADE RECIPIENTS
TRADE AND APPRENTICESHIP
Corban Mita Daniel Tauru Mose Ray
Apprenticeship in Gasfitting and Plumbing Certificate in Mental Health & Addiction Certificate in Industrial Measurement & Control
WAIRARAPA MOANA TRUST
23
WAIRARAPA MOANA TRUST
Entity Information (Unaudited) As at 31 May 2018
Legal name of Entity
Wairarapa Moana Trust
Type of Entity and Legal Basis
Incorporated as a Charitable Trust under the Charitable Trusts Act 1957. Registered as a Charity (registration number CC37635) under the Charities Act 2005.
Entity’s Purpose or Mission Statement
Cultural, social and educational scholarships and marae grants.
Entity Structure & Governance
The trust is governed by a trust board of five (5) trustees. The trust has no audit committee. On the trust board: Chairperson Trustee Trustee Trustee Trustee
Main Sources of Cash & Resources
Deborah Davidson Anaru Smiler Tiraumaera Te Tau Rutu Namana Raumahora Waata
The trust receives cash or resources from: • Grants from various organisations • Investment income
Main Methods Used by the Entity to Raise Funds
The trust applies for grants from various organisations.
The Entity’s Reliance on Volunteers The trustees on the governing body are all and Donated Goods or Services volunteers. The trust does not receive donated goods.
24
ANNUAL REPORT 2018
WAIRARAPA MOANA TRUST
Statement of Service Performance (Unaudited) For the year ended 31 May 2018
Description of the Entity’s Outcomes: To improve the success rate in education, specifically tertiary, trade training, apprenticeships and training for employment, by succeeding in chosen fields with a clear focus on long term goals and aspirations. To accept that whakapapa and associated philosophies are a vital cultural resource for Wairarapa Moana Trust members. To support the physical and spiritual wellbeing of t¯i puna Marae.
DESCRIPTION AND QUANTIFICATION (TO THE EXTENT PRACTICABLE) OF THE ENTITY’S OUTPUTS:
ACTUAL THIS YEAR
BUDGET THIS YEAR
ACTUAL LAST YEAR
Waiata CD Recipients
6 CD’s
14 CD’s
Wairarapa Moana: The Lake and Its People – book purchased by shareholders and whānau
23 books
21 books
96 people
80 people
43
74
48 people
48 people
37 students
31 students
6,400+ people
6,400+ people
Te Rito o te Reo Karanga Wānanga – participants at six wānanga Te Pou Pūmau Wānanga – participants at two wānanga T¯i puna Marae Development – work with governing and operational personnel to support Marae development Scholarship Recipients Quarterly newsletters (1,600 x 4) Moana Mailer is distributed by post and via website
Additional Information: “Ngā mihi ki a koutou, e whakapau wera ana mo tātou ngā whiwhinga o Wairarapa Moana” – SCHOLARSHIP RECIPIENT
“Feeling of achievement to participate and learn karanga” – TE IHIRANGARANGA O TE REO KARANGA PARTICIPANT
“Being at wānanga is important for manaakitanga” – MARAE KAUMATUA
WAIRARAPA MOANA TRUST
25
Financial Report WAIRARAPA MOANA TRUST
Statement of Financial Position As at 31 May 2018
2018 2017
$ $
Current Assets BNZ Cheque account 7,294 43,237 BNZ Call account 59,590 83,748 BNZ Education account 77,811 118,172 BNZ short term deposit 62,000 62,000 WBS short term deposits 80,000 80,000 Treaty Claims account 7,436 7,428 Accrued Interest 1,366 2,268 Inventories 29,350 29,925 Total Assets Current Liabilities Accounts Payable Accrued Audit Fee Scholarship Grants committed not yet paid GST payable
324,847
426,778
551 – 41,000 4
4,698 2,500 38,250 3,983
Total Liabilities
41,555
49,431
Net Assets 283,292 377,347 Accumulated Funds (Note 5)
Accumulated Surpluses / (Deficits) 275,856 342,089 Reserves 7,436 35,258 Total Accumulated Funds 283,292 377,347
For and on behalf of the Board:
Deborah Davidson
Tiraumaera Te Tau
Date: 18 July 2018
Date: 18 July 2018
The statement of accounting policies and notes to the performance report form part of and should be read in conjunction with this performance report.
26
ANNUAL REPORT 2018
WAIRARAPA MOANA TRUST
Statement of Cash Flows For the year ended 31 May 2018
2018 2017
$ $
Cashflows from Operating Activities Cash was provided from Grants Funding – 34,782 Scholarship Funding – 50,000 Interest 6,007 4,781 Sundry Income 331 989 GST (net) – 3,190 6,338 Cash was disbursed to Payments to Suppliers and Employees 16,853 Grants paid 46,467 Scholarships 39,500 Committed Funds paid – GST (net) 3,979
93,742
106,799
129,099
Net Cash provided from/(used in) Operating Activities
(100,461)
11,754 61,671 3,500 52,174
(35,357)
Cashflows from Investing Activities
Cash was disbursed to Fixed Assets purchased – – Net Cash provided from/(used in) Investing Activities
–
–
Cash was provided from Restricted Funds 7
32
Cashflows from Financing Activities
7 32 Cash was disbursed to Restricted Funds – – – – Net Cash provided from/(used in) Financing Activities
7
32
Net Increase/(decrease) in cash held Opening cash brought forward
(100,454) 394,585
(35,325) 429,910
Closing cash carried forward
294,131
394,585
The statement of accounting policies and notes to the performance report form part of and should be read in conjunction with this performance report.
WAIRARAPA MOANA TRUST
27
WAIRARAPA MOANA TRUST
Statement of Cash Flows For the year ended 31 May 2018
2018 2017
$ $
Cash is made up of: BNZ Cheque Account No. 00 7,294 43,237 BNZ Autocall Account No. 25 59,590 83,748 BNZ Education Account No. 03 77,811 118,172 BNZ Term Deposit 62,000 62,000 WBS Short Term Deposits 80,000 80,000 Treaty Claims Accounts 7,436 7,428
294,131
394,585
The statement of accounting policies and notes to the performance report form part of and should be read in conjunction with this performance report.
28
ANNUAL REPORT 2018
WAIRARAPA MOANA TRUST
Statement of Financial Performance For the year ended 31 May 2018
2018 2017
$ $
Revenue Interest Received BNZ 2,294 2,952 WBS 2,818 2,630 IRD use of money – 8 5,112 5,590 Grants Received Future Leaders Scholarship Grant – 50,000 Wairarapa Moanatanga – 13,043 Marae Development Grant – 21,739
–
84,782
The Lake and its People Book Lake Book Sales 279 683 Less Opening Lake Books on hand (29,925) (30,850) Plus Closing Lake Books on hand 29,350 29,925 (296) (242) Sundry Income Waiata CD Sales 52 306
52 306
Total Revenue 4,868 90,436 Less Expenditure
Accountancy Audit fees Bank fees General Grants (Note 4) Meeting expenses Scholarships (Note 4)
2,800 2,400 – 2,710 40 71 343 44 46,467 47,156 7,022 9,596 42,250 39,750
Total Expenditure 98,922 101,727 Net Surplus/(Deficit) for the period
(94,054)
(11,291)
The statement of accounting policies and notes to the performance report form part of and should be read in conjunction with this performance report.
WAIRARAPA MOANA TRUST
29
WAIRARAPA MOANA TRUST
Statement of Accounting Policies For the year ended 31 May 2018 GENERAL ACCOUNTING POLICIES Reporting Entity Wairarapa Moana Trust has elected to apply 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.
d Inventories Inventories are valued at cost.
Measurement System The measurement base adopted is that of historical cost. Reliance is placed on the fact that the Trust is a going concern. Accrual accounting is used to match revenues earned and expenses incurred.
f Revenue From Sale of Goods Revenue is recorded when the goods are sold. If the purchaser pays before they receive their goods, the trust records a liability. If the purchaser does not pay on receipt of the goods, the trust records a debtor.
Specific Accounting Policies The following specific accounting policies which materially affect the measurement of earnings and the financial position have been applied:
g Revenue From Sale of Services Revenue is recorded based on the stage of completion of the service at balance date.
a Accounts Receivable Accounts receivable are stated at expected realisable value. b Goods and Services Tax All amounts are recorded exclusive of GST, except for Debtors and Creditors which are stated inclusive of GST. c Taxation Wairarapa Moana Trust is a registered charitable entity under the Charities Act 2005, and accordingly is exempt from income tax under sections CW41 and CW42 of the Income Tax Act 2007.
30
ANNUAL REPORT 2018
e Bank Accounts & Cash Bank accounts & cash in the Statement of Cash Flows comprise cash balances and bank balances (including short term deposits) with original maturities of 90 days or less.
h Accounting Estimates & Provisions The preparation of performance reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.
i Changes In Accounting Policies There have been no changes in accounting policies. All other policies have been applied on bases consistent with those used throughout the period (Last year – Nil).
WAIRARAPA MOANA TRUST
Notes to the Performance Report For the year ended 31 May 2018 1. Capital and Operating Commitments As at balance date there were no Capital or Operating Lease Commitments (2017: nil). 2. Contingent Liabilities As at balance date there were no Contingent Liabilities (2017: nil). 3. Reconciliation Of Net Surplus With Cash Flow From Operating Activities 2018 2017
$ $
Net Surplus/(Deficit) for the year
(94,054)
(11,291)
(Increase) / Decrease in Inventories (Increase) / Decrease in Interest Accruals Increase / (Decrease) in Payables & Accruals Increase / (Decrease) in Provision for Grants Increase / (Decrease) in GST Increase / (Decrease) in Grants Committed Increase / (Decrease) in Restricted Funds
575 902 (6,648) 0 (3,979) 2,750 (7)
925 (777) 3,067 (68,689) 3,190 38,250 (32)
(100,461)
(35,357)
4. Grants & Scholarships Paid
Grants Wairarapa Moanatanga – Golden Shears Wairarapa Moanatanga – Whakakaha Paepae Marae Development
2018 2017 $
$
4,000 11,455 31,012
4,000 33,584 9,572
Scholarships Future Leaders Scholarships
46,467
47,156
42,250
39,750
42,250
39,750
Total Grants and Scholarships
88,717
86,906
WAIRARAPA MOANA TRUST
31
WAIRARAPA MOANA TRUST
Notes to the Performance Report For the year ended 31 May 2018 5. Changes In Accumulated Funds Accumulated
This Year
Surpluses or (Deficits)
Reserves
Total
Trust Funds are represented as follows: Opening Balance 342,088 35,258 Capital contributed by owners or members Capital returned to owners or members Surplus / (Deficit) (94,054) Distributions paid to owners or members Transfer to Reserves (7) 7 Transfer from Reserves 27,829 (27,829)
377,346 – – (94,054) – – –
Closing Balance
7,436
283,292
Reserves
Total
275,856
Accumulated
Last Year
32
Surpluses or (Deficits)
Trust Funds are represented as follows: Opening Balance 296,745 91,893 Capital contributed by owners or members Capital returned to owners or members Surplus / (Deficit) (11,291) Distributions paid to owners or members Transfer to Reserves (32) 32 Transfer from Reserves 56,667 (56,667)
388,638 – – (11,291) – – –
Closing Balance
342,089
377,347
Nature and purpose of each reserve
35,258 2018
2017
Reserve 1 Hurunui-o-Rangi Marae
–
Reserve 2 Kohunui Marae
–
26,667
Reserve 3 Pouakani Marae
–
1,163
Reserve 4 Nga Hapū Karanga o Wairarapa Fund
7,436
7,428
Total
7,436
35,258
ANNUAL REPORT 2018
–
WAIRARAPA MOANA TRUST
Notes to the Performance Report For the year ended 31 May 2018 6. Analysis of Expenses 2018 2017
Expense Item
$
$
Volunteer and employee related costs Meeting expenses
7,022
5,036
7. Related Party Transactions 2018 2017
$ $
Description of relationship Transactions with trustees Description of transaction Trustees were paid for attending meetings
3,330
4,560
8. Events After Balance Date Since 31st May 2018 the Trustees have committed an additional $40,459 in special grants to assist Marae Development. There were no other events that have occurred after balance date that would have a material impact on the Performance Report (Last Year: Nil).
Disclosures Board of Trustees MEETINGS ATTENDED
2018 2017
Deborah Davidson
9
10
Anaru Smiler
8
10
Tirau Te Tau
9
10
Mihirangi Hollings
4
10
Rutu Namana
3
4
Raumahora Waata
3
N/A
N/A
2
Wayne Pitau
WAIRARAPA MOANA TRUST
33
Wairarapa Moana Trust Independent Review Report For the year ended 31 May 2018 Accountants Report to the trustees of the Wairarapa Moana Trust We have reviewed the financial statements of the Wairarapa Moana Trust for the year ended 31 May 2018 in accordance with the Review Engagement Standards issued by Chartered Accountants Australia New Zealand. A review is limited primarily to enquiries of the entity’s personnel and analytical review procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial statements do not give a true and fair view. Our review was completed on 16 July 2018.
AMY KERR and ASSOCIATES LIMITED 38 Bannister Street Chartered Accountants Masterton
34
ANNUAL REPORT 2018
Notes
WAIRARAPA MOANA TRUST
35
Notes
36
ANNUAL REPORT 2018
To contact the Wairarapa Moana Incorporation web www.wairarapamoana.org.nz email info@wairarapamoana.org.nz Masterton Office
PO Box 2019, Kuripuni, Masterton 5842 Wairarapa Moana House, 4 Park Avenue, Masterton 5810 Telephone 06 370 2608 Fax 06 370 2609 Taupo Office
PO Box 1347, Taupo 3351 Level 1, 14 Ruapehu Street, Taupo 3330 Telephone 07 213 2275 Fax 07 377 6156 Cover Photos:
Kaitiaki