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 NGĀTI MĀKINO IWI AUTHORITY
ANNUAL REPORT 2014
1 Auē Auē (Maori)
Nā Witāriana mō Hoani
(Ngāti Mākino)
Aue Aue kau atu ki te kiri o te hoa eei --Whakakii ana e te anu mātao eei --Kātahi au e te hoa nau I uta mai, ki te u kai po, hai huri huri iho, tō mātā rau nui, to kiri ahoaho
Tāku manu hara nui – ka tiu ki te uru, nā te aha I rutu I hinga ai ki raro? He utautanga nui, ka
moe I te kino eei --Me whakamoe koe – ki te waka totara, kia noho mai ē, I runga o Pukerimu nga ura whakaki,
kei ō koroua eei --Takahī-a atu ra – ngā rākau tū mai, I waho I ō tū, kia whakaruku koe, I nga ia whakaripo, nō
Waitahanui, ka puta ki waho rā, whakaaea tō māta, whakarongo te taring, nga tai e hāruru, I
whao Te Raupare. Tangi kotokoto ana, he tai mihi tangata eei --Tapiki tō katau – kia hopu tō ringa, nga rimu rapa nui, hei whakatau ringa eei
Whakamāu te haere – te rai ki Moehau, titiro tō kanohi, nga motu whakatere, ko Rangitoto
pea?, whakaoho tō reo, tēna tō mātua, te whakamoe mai nā, nga whare kōhatu, mā āna e
pohiri, ki te kapu ō te ringa eei --E tae ki te rerenga – tahuri mai ki muri, mihi mai ki kōna, te niu ki te whenua, tēnei e te hoa,
nāku ra I waiho, I muri I tō tua, māwai hoki ra, e pupuri ringa rua, e here ana mai, te taura o te
pō, hei kukume ki raro eei……………..
2 Ngati Makino Iwi Authority
2014 Annual Report
Otamarakau Marae
Saturday 29 November 2014
3 4 Trust Directory
DATE OF FORMATION
20 October 2014
NATURE OF BUSINESS
Treaty of Waitangi Settlement Organisation
BOARD OF TRUSTEES
Hare
WIREMU (Chairman)
Paeraro
AWHIMATE
Margaret
WILLIAMS
Stewart
NGATAI
Te Ngaru
AWHIMATE
Laurence
TAMATI
Elizabeth
NGATAI
Morris
MEHA
ACCOUNTANT
Glen Hawkins & Associates Ltd
AUDITOR
Cookson Forbes
SOLICITOR
Tupono Law
BANKER
Westpac Bank, ROTORUA
REGISTERED OFFICE
46 Jellicoe Street
Shop 4, Palmer Court
PO Box 479
Te Puke 3119
Telephone: 07 573 3370
Email: [email protected]
5 Table of Contents
ITEM
PAGE
AueAue (Maori)............................................................................................................................ 2
Trust Directory ............................................................................................................................. 5
Agenda ........................................................................................................................................ 7
Minutes ........................................................................................................................................ 9
Chairperson’s Report ................................................................................................................. 15
Summary of Approved Annual Plan........................................................................................... 19
Group Financial Summary ......................................................................................................... 23
Audited Group Financial Statements ......................................................................................... 27
Declaration of Results of Trustee Appointments ....................................................................... 41
Attendance Register .................................................................................................................. 42
Notes ......................................................................................................................................... 43
6 Agenda
Notice is hereby given that the Annual General Meetings of Ngāti Mākino Iwi Authority will
be held at Otamarākau Marae, SH2, Otamarākau on Saturday 29 November 2014 at 10:00
a.m.
1.
Apologies
2.
Minutes from AGM Held 16 November 2013
•
3.
Matters Arising
Annual Report
•
Chairman
•
Summary of Approved Annual Plan
•
Financial Summary
4.
Audited Consolidated Financial Statements
5.
Declaration of Results of Trustee Appointments
6.
Appointment of Auditor
7.
Trustee Remuneration Recommendation
7 Ruapotango I: Day before demolition (10th March 1988)
Ruapotango II: Closing Ceremony (17 September 2013)
8 Ruapotango III: Opened (30 August 2014)
Minutes
Minutes of the Ngāti Mākino Iwi Authority Annual General Meeting (AGM) held at Te
Takinga Marae, Mourea, Rotorua on Saturday 16 November 2013 at 10:00 a.m.
1.
WHAKATAU – Rakapurua Tipiwai
2.
KARAKIA – Marilyn Williams
3.
MIHIMIHI – Hare Wiremu introduces himself as the Deputy Chairperson of the Ngāti
Mākino Iwi Authority and advises the current Chairperson sends his apologies as he is
currently working in Papua New Guinea.
4.
APOLOGIES – Waiiti Atutahi, John Jr Atutahi, Edie Vercoe, Althea Vercoe, Martin
Hunuhunu, Richard Vercoe, Te Ariki Morehu, Timi te Po Hohepa, Neville Nepia, Barnett
Vercoe, Henare Atutahi, Barnett Vercoe, Mapihi Raharuhi, Honor Te Koi, Elizabeth
Ngatai, Peretini Te Whata, Hilda Sykes, Annette Sykes, Steven Williams, Rupa Williams,
Uru Awhimate, Tutewharerimu Awhimate, Awhi Awhimate, Jimi-Leigh McLean, Leighton
Ngatai
Resolved: That the apologies be accepted.
Moved: Riria Atutahi
Seconded: Carolyn Jones
Carried Unanimously
5.
MINUTES OF ANNUAL GENERAL MEETING HELD 9 MARCH 2013 - Laurence gives
an overview of the previous minutes.
Resolved: That the Minutes of AGM held 9 March 2013 are true and correct.
Moved: Raewyn Bennett
Seconded: Wehipu Galvin
Carried
Matters Arising – Chair asks if there are any matters arising from previous meetings
minutes.
a.
b.
Notification of AGM – Same process was used for notification this year as in
previous years. We received a lot of returned mail at the last elections. Essentially,
it is the responsibility of our people to notify the office to change their details.
Shared Register – We are contemplating establishing a shared register with other
Iwi organisations where if a member updates their details on one register,
9 notifications of those changes are sent to iwi organisations already on the shared
register. Member’s permission will be required to access those details.
6.
ANNUAL REPORT
CHAIRPERSONS ANNUAL REPORT – Hare reads the Chairperson’s report on his
behalf.
Noted this report will focus on the period of business from March 2013 to November
2013.
a.
Composition of the Group:
1. Ngāti Mākino Iwi Authority (Overarching Responsibility)
2. Ngāti Mākino Heritage Trust (Charitable Status)
3. Ngāti Mākino Assets Limited (Commercial/Investment)
b.
Acknowledges Current Trustees:
- Laurence Tamati
- Hare Wiremu
- Mauriahoho Awhimate
- Margaret H Williams
- Stewart Ngatai
- Paeraro Awhimate
c.
Strategic Direction – Currently establishing strategic direction, models and
business plans for the respective entities.
d.
Ngāti Mākino Heritage Trust General Manager – Jimi McLean has been
appointed General Manager of the Ngati Makino Heritage Trust.
e.
Environmental Officer – Pia Bennett is working alongside the Manager to ensure
any Environmental issues that may affect Ngāti Mākino are managed properly.
f.
Administrator – Acknowledges the sole administrator of the Ngāti Mākino Iwi
Authority for ensuring the office is running efficiently and effectively.
g.
Transfer of Settlement Assets – Settlement assets of $15.5 million were
transferred to the Ngāti Mākino Assets Limited in June 2013 to consolidate our
commercial assets.
h.
Unmodified Audit Report – Annual accounts for year ended June 2013 is
received. An unmodified audit opinion from auditors Cookson Forbes & Associates.
10 Glenn Hawkins of Glenn Hawkins & Associates here today to present our annual
accounts.
i.
Retiring Trustee (Neville Nepia) – Due respect given to retiring trustee Neville
Nepia, he is acknowledged for his untiring efforts in the early part of the claims
process with the Crown and for setting the foundations for our achievement and
outcomes today.
j.
Chairperson Retiring – Chair retires from office tinged with sadness to embark on
new challenges. His journey began in 1995 with the kuia and koroua of the time, he
has thoroughly appreciated and enjoyed this once in a lifetime experience.
k.
Incoming Trustees – To be announced today.
Resolved: That the Chairperson’s report be received.
Moved: TohuRipeka Te Whata
Second: Margaret Williams
Carried
NGĀTI MĀKINO ASSETS LIMITED UPDATE - Craig Coxhead (Chair of NMAL)
provides an update on:
a.
Shareholders (Owners)
i. Trustees of the Iwi Authority are the shareholders
b.
NMAL is responsible for investing funds
c.
Last year involved;
i. Setting Up Policies
ii. Directors Investment Approach
iii. Strategic Plan
iv. Letter of Expectation received from the Ngāti Mākino Iwi Authority
v. Statement of Corporate Intent
§ Sets objectives and principles that guide Directors decisions
§ Invest funds and 6% real returns
§ Statement of Investment Principles and Objectives (SIPO)
- The SIPO sets the benchmarks in terms of investments, which
also forms a part of the boards monitoring process
d.
Engaged Advisors Eriksens & Associates
§ to provide independent advise on investments
e.
Funds Committed to Varied Investments
11 §
§
§
Most are quite conservative
Diverse range of fund managers
Board continues to monitor funds internally
f.
Quarterly Reporting – The Company provides quarterly reports to the Ngāti
Mākino Iwi Authority as required.
g.
Distributions to the Group – Explanation regarding distribution of profits back to
the group is given.
h.
Investment Funds ($15.5 million) - What has been accumulated to date since
funds have been invested? Monthly reports are produced in terms of accumulated
interest/profits etc, however unsure at present of how much has actually been
accumulated.
Resolved: That the Ngāti Mākino Assets Limited report as presented by Craig Coxhead be
accepted.
Moved: Paeraro Awhimate
Second: Amiria Ngatai
Carried
OPERATIONS REPORT – Laurence provides an overview of the Trusts Operations to
date.
a.
Annual Plan – Business plan is now in place. Under the NMIA Trust Deed the
board is required to bring Plan back to the Iwi.
Resolved: That the Operations Report be received
Moved: Raewyn Bennett
Seconded: Julia Galvin
Carried
AUDIT REPORT FOR THE PERIOD ENDED 30 JUNE 2013 – Glenn Hawkins is invited
to presents the Groups Audited Accounts for the period ended 30 June 2013. He
provides an extensive overview of the Group and Parents Financial Position for the year
ended 30 June 2013.
Noted, this is the first year NMIA have reported on the Group’s (NMIA and NMAL)
accounts.
NMAL (The Company) – The Company was formed in September 2012, therefore these
financial statements reflect approximately 7-8 months of trading.
12 a.
Auditor - Cookson Forbes & Associates appointed as the Trusts auditor. NMIA
received an unmodified audit report, which is a good result.
Resolved: That the Groups Audited Accounts be received
Moved: Mauriahoho Awhimate
Seconded: TohuRipeka Te Whata
Carried
b.
Declaration of Results of Trustee Elections – Results were advertised in the
paper on Wednesday.
c.
Incumbent Trustees - Morris Meha and Elizabeth Ngatai. A 14-day review
process is required prior to formal appointment to the Ngati Makino Iwi Authority
Board of Trustees.
d.
Appointment of Trust Auditor – Recommendation to maintain Cookson Forbes &
Associates as the Trust’s Auditor for the ensuing year.
Resolved: That Cookson Forbes be appointed as the Trust’s auditors for the ensuing year
Moved: Rakapurua Tipiwai
Seconded: Amiria Ngatai
Carried
e. Trustee Remuneration Recommendation – Recommended that Trustee
remuneration be maintained at the current level.
Resolved: That the Ngati Makino Iwi Authority trustee remuneration is maintained at the
current level
Moved: Rakapurua Tipiwai
Seconded: Marilyn Williams
Carried
7.
GENERAL BUSINESS
a.
Koha to Te Takinga Marae – Mihi to Ngati Makino for Marae revitalisation putea
that was given to Te Takinga Marae for Marae Revitalisation purposes.
Those present advised to sign the attendance register if they haven’t done so
already.
8.
KARAKIA – Marilyn Williams
9.
WHAKAMUTUNGA - 11:43 a.m.
13 Pa Mourea
Te Raupare
14 Chairperson’s Report
Ko Te Arawa te waka
Ko Makino te Iwi
Ko Matawhaura te Maunga.
Ko tatau tenei nga uri e mihi nei
Kia tatau te hunga ora
Me tangi ki a ratau kua wheturangitia.
Tuatahi, ko te wehi ki te Atua, te timatanga o whakaaro nui, no reira
He honore, he kororia ki a ia, He maungarongo i te mata o te whenua
He whakaaro pai ki nga Tangata katoa
Tii hei Mauri ora.
Tuarua, Naumai, piki mai, kake mai i runga i te kaupapa o te ra nei i roto i to tatou tupuna
whare a Waitahanui-A-Hei. Engari mihi atu te kuia ki a Ruapotango.
Tuatoru, E hara taku toa, i te toa taki tahi, ka tahi ko taku toa, he toa takitini
“Mine is not the strength of one alone, but is the strength of many”.
It is with great pleasure and delight that I present to you today the Annual Report for the Ngāti
Mākino Iwi Authority.
Ngati Makino Iwi Authority have advocated strong values based on “Rangatiratanga,
Whakapapa and Mana Whenua”. From these values, Ngati Makino Iwi Authority have
maintained those sets of principles and standards which determined the foundation of the Deed
of Trust reflecting your views.
The 2013/14-year was a year of continued transformation in which we created a truly new
Ngāti Mākino organisation. With a new group of trustees on board we set about reinforcing the
foundations in terms of policies and processes set by our predecessors.
I refer once more to the composition of the new Ngāti Mākino Group:
1. Ngāti Mākino Iwi Authority, overarching responsibility
2. Ngāti Mākino Heritage Trust, charitable developmental arm of the group
3. Ngāti Mākino Assets Limited holds the commercial assets of the group.
We have a new team, a new vision, a new approach and an absolute determination to enable
Ngāti Mākino to achieve higher aspirations in terms of social, cultural, economic and
environmental imperatives for our members and our population.
For this I would like to acknowledge our Trustees for their support and dedication to our new
path and their hard work during the year to drive change in every part of our business.
Our present trustees, beside myself, are:
15 Ø
Ø
Ø
Ø
Ø
Ø
Ø
Laurence Tamati
Morris Meha
Te Ngaru Awhimate
Margaret Williams
Stewart Ngatai
Paeraro Awhimate
Liz Ngatai
We have been actively involved in establishing strategic direction, models and business plans
for the Iwi Authority and guidance to the respective entities within.
I believe we have set a strong foundation from which to launch our strategic imperatives of the
iwi. Key outcomes are to improve the performance of our iwi in all aspects of our wellbeing.
This year Mr Laurence Tamati and I retired by rotation as members of the Board; we were also
available and eligible to reapply as Trustees to the Ngati Makino Iwi Authority. Unfortunately,
besides ourselves, we received no other nominations to fill the 2 vacant positions.
As such we are privileged and honoured to remain as Trustees of the Ngati Makino Iwi
Authority.
I would take this opportunity however to encourage and ensure that all members give due
consideration to actively participate in the affairs of Ngāti Mākino. Fresh, competent and
innovative voices are always sought around the board table.
I take time to recognise our staff members; Jimi McLean as our General Manager (part time)
and Awhina Awhimate, who always ensures the office is running efficiently and effectively.
“Kō te amorangi ki mua, Kō te hapai o ki muri”.
Likewise Pia Bennett as Taiao Mākino (Environment Manager) has been very busy over the
months. Key work strategies have included submission to the BOP Regional Council on the
resource consent application to leave the Rena Wreck on Otaiiti; as well submissions to BOP
Regional Council on their Regional Policy Statement.
In keeping up with societal changes however, Trustees have reviewed sectors of the current
Deed of Trust, which will be presented to Ngati Makino Iwi today. The Deed of Trust is the
backbone of operations for which your board acts within the best interest of all Makino
shareholders.
Glenn Hawkins, partner from Glenn Hawkins and Associates, our accountants, is here today to
present the annual accounts. I extend my thanks to Glenn and the team at GHA for their
continued support and services.
The celebratory opening of our Wharekai Ruapotango, was attended by a large number of
Ngati Makino Whanui complimented by Te Arawa Whanui, Mataatua and Tainui waka. Also in
support were our pakeha neighbours and friends.
16 I particularly acknowledge all who worked behind the scenes to complete this milestone. Truly
a magnificent effort by all involved. In complimenting Ruapotango, Waitahanui-A-Hei is also to
be admired for how proud Ngati Makino can all feel.
Last but not least, the festive season is fast approaching. I do hope you take full advantage of
the marae and its facilities to embrace and keep her alive over this period.
These are exciting times for Ngāti Mākino as we look forward, knowing from where we have
come.
Keep safe and enjoy your/our mokopuna over the Christmas and New Year holiday period.
They are the Mākino leaders of tomorrow.
I thank you all for your attendance today.
Ka rānga ki te pō
Ka rānga ki te aō
Tuia te muka tangata i takia mai
I Hawaiki nui
I Hawaiki roa
I Hawaiki pamamao
Ki te hono i wairua
Ki te whai aō
Ki te aō marama…..
No reira tēna koutou, tēna koutou, tēna tātou katoa.
Nā
Hare Wiremu
Chairman
17 Matawhaura
Matawhaura te Maunga
Rotoehu te moana
Whakahau te tangata
Makino te iwi
He taniwha nga tangata
He paruparu nga kai
18 Summary of Approved Annual Plan
The following sets out our strategic objectives over the next three (3) years and is taken from
the Ngāti Mākino Iwi Authority Annual Plan 2014 / 2015.
Our Vision
E hara taku toa, I te toa taku tahi, Kātahi ko taku toa he toa taki tini a Makino
Toitu te mana, Toitu te whenua, toitu te tangata, toi tu te Mākinotanga
Ngati Mākino determining our own future as a strong and vibrant kaitiaki of our culture, and our
whanau, hapū, iwi, our land and our seas.
Our Mission
“Kia aho matuahia te taketake - Kia tuwaerea te tau a Makino”
The Ngāti Mākino Iwi Authority is committed to empowering every member of Ngāti Mākino to
achieve their potential and their aspirations through cultural, social, environmental and
economic development.
Our Values
• Tino Rangatiratanga
• Kia Mākino – Upholding our kawa and tikanga in all dealings amongst ourselves and
others
• Manaakitanga ki te Taiao
• Kotahitanga
• Whanaungatanga
• Wairuatanga
• Mana whenua/ Mana Moana/ Mana Tangata
Actions
The actions specified below are based only on the short-term strategic objectives. The
suggested times will be demanding for a new organisation and may be adjusted in annual
reviews of the plan. As the next three-year period, to 2018, approaches, a set of actions should
be developed to cover the objectives for that period.
Strategic Objectives
1.
Organisational wellbeing – Tūrangawaewae
•
•
Trustees of the Iwi Authority will continuously improve their governance capability
through training and reviews of board performance
Management and administration structure and positions will be formed and recruited
in accordance with the Iwi Authority Trust Deed. Contracting processes and
procedures developed
19 •
•
•
2.
Succession plans are developed to ensure suitable iwi members are identified for key
roles and are guided and assisted to develop the capabilities they need to fill the
roles.
Effective communication frameworks are developed with iwi members, neighbouring
iwi, local and regional authorities and government agencies to advance the interests
of Ngāti Mākino through partnerships.
To ensure that Ngāti Mākino demographic data and information is captured through
Statistics New Zealand (NZ) and is included in the NZ Census.
Cultural well-being – Kia Mākino
•
•
•
Effective plans are developed to encourage and assist iwi members to regain and/or
improve their knowledge of their Reo, their identity as members of Ngāti Mākino and
their whānau and hapū, their cultural etiquette and their rohe
Suitable people have been identified to lead the implementation of these plans.
Facilities and funds are committed to the implementation of the plans
3. Health – Mākino Ora
•
•
Health needs of iwi members of all ages have been identified, priorities for action
have been set and suitable funders and providers have been approached
Formal relationship to be formed with Lakes District Health Board (DHB) to ensure
Ngāti Mākino participation and influence occurs at a governance level
4. Environmental - Mana Taiao
•
•
•
•
The Iwi Authority, through the NMHT, is
recognised by all relevant authorities as the
knowledgeable, capable and influential kaitiaki
of Ngāti Mākino natural resources
Research is planned and programmed in
partnership with other agencies to develop
sound and effective policies to restore and
sustain the environment and natural resources
of the rohe
Waitahanui Awa
The Ngati Makino Heritage Trust has begun to
develop pan-iwi networks to assist with restoration and maintenance of the
environment and natural resources both within the rohe and in the wider region
Investigations and feasibility studies are under way to plan the establishment of a
Ngāti Mākino Whare Wananga (Kaitiakitanga Environment Centre) on traditional
lands
20 5. Economic – Whai Rawa
•
•
•
•
The Iwi Authority, with the Asset Company and Holding Company, has developed an
integrated medium-term investment strategy, covering both income and asset growth,
that provides sufficient operating income for the Group and increases the Group’s
financial assets
The Holding Company and/or Asset Company has explored pan-iwi investment
projects and consideration of these is included in the medium-term investment
strategy
The Asset Company has developed an approved active investment programme
designed to increase returns on a small portion of the assets and to gain experience
in direct involvement in projects
The Land Holding Company and/or Asset Company are involved in exploration of the
Ngāti Mākino Whare Wananga project to assist in ensuring it is profitable, through
eco-tourism, adventure tourism or other means
6. Social wellbeing – Whanau Ora
•
Implementing action plans to address Ngati Makino social needs
7. Education – Matauranga Mākino
•
Educational and career training needs of iwi members have been identified, priorities
for action have been set and suitable funders and providers have been identified and
approached
21 Otamarakau Marae
Restoration of Otamarakau Marae Complete (30 August 2014)
22 Group Financial Summary
The audited Consolidated Group financial statements for the year ended 30 June 2014 are
provided in the back of this report. Consolidated accounts are required to comply with generally
accepted accounting practice under the Financial Reporting Act 1993. This is a summary
overview for the year.
As the financial statements are reported on a group basis, these accounts summarise all
transactions for Ngati Makino Iwi Authority and its subsidiary company, Ngati Makino Assets
Ltd. The Auditors are Cookson Forbes & Associates of Opotiki and they have provided an
unmodified (clear) audit opinion.
Key financial trends and information have been extracted from the financial statements, as
follows:
SUMMARY OF INCOME AND EXPENDITURE
INCOME RECEIVED
Forest Licence Fee
Interest
Overseas Income
PIE Income Received
Rent
Contract Income
Sundry Income
Total Income
LESS EXPENDITURE
Operating Expenses
Other non-deductible Expenses
Donation – Ngati Makino Heritage Trust
Unrealised Fund & Foreign Exchange Movements
Total Expenditure
LESS Tax Expense
NET OPERATING SURPLUS/(DEFICIT)
Debt Forgiven – Ngati Makino Heritage Trust
Crown Settlement Received
Timberlands Settlement Received
Net Surplus/(deficit)
23 2014
$
2013
$
476,282
230,294
228,412
209,739
8,880
63,969
1,217,576
329,309
559,747
3,106
15,000
907,162
429,096
285,106
251,811
966,013
394,021
23,288
417,309
11,414
64,538
240,149
425,316
(651,160)
-
19,657,989
25,000
$ (411,011)
$ 20,108,304
The operational outcome is a decrease in the net operating surplus to $240,149 compared to a
surplus of $425,316 in the 2013 year. This decline is predominantly caused by the donation to
Ngati Makino Heritage Trust for Marae Revitalisation costs and the impact of the strong New
Zealand dollar on the company’s overseas investments.
Income is derived from the following sources:
0.73% 5.25% Forest Licence Fee 17.23% 39.12% Interest Received Overseas Income 18.76% PIE Income Received 18.91% Rent Received Sundry Income The diversification of investments held from term deposits to a managed portfolio and overseas
investments have contributed an overall increase in investment income of $108,698. Income
received from the Crown Forest Licence fees has also increased by $146,973, because it is
income for a full year.
The following chart provides a summary of Operating Expenses incurred during the year:
250,000.00 200,000.00 150,000.00 $ 100,000.00 50,000.00 -­‐ Professional Advisory 2014 83,640.00 2013 49,156.00 Governance & Negotiations 204,788.00 220,732.00 OfPice 30,105.00 37,065.00 Personnel 40,073.00 58,690.00 Sundry Expenses 70,490.00 28,379.00 There has been an increase in the main operating expenses of $35,076, which relate in the
main, to investments expenses incurred and special project costs. Professional advisory
expenses represent accountancy, audit and legal fees. Governance and expenses include
24 trustee fees, directors’ fees and the Chairman’s honorarium paid as well as trustee travel &
accommodation, and meeting costs. Personnel expenses include wages and travel expenses.
Sundry expenses reflect various administration costs, such as printing, stationery, insurance,
interest paid and bank charges. Other expenses include Claims Committee expenses and the
Cultural Values report.
SUMMARY OF ASSETS AND LIABILITIES
2014
$
2013
$
ASSETS
Bank Deposits and Cash
Tax Refund Due
Goods & Services Tax Receivable
Sundry Assets
Property & Equipment
Westpac Term Deposit
Other Investments
Total Assets
62,754
66,147
5,516
5,954,164
15,419,174
$ 21,507,755
230,129
82,379
9,016
210,451
5,959,821
15,400,000
$ 21,891,796
LIABILITIES
Accounts Payable
Finance Leases
Income in Advance
Total Liabilities
NET EQUITY
33,560
2,759
403,495
$ 439,814
$ 21,067,941
13,355
3,906
395,583
$ 412,844
$ 21,478,952
Net Equity for the group decreased by $411,011 from $21,478,952 to $21,067,941. This is
because of the investment in marae revitalisation and the donation to Ngati Makino Heritage
Trust for their operational costs.
Fees paid during the year to the Trustees are as follows:
TRUSTEES' PAYMENTS
Gross Fees
$
11,475
8,013
7,788
6,513
4,076
8,938
18,738
5,363
3,800
$ 74,700
A Awhimate
M Awhimate
P Awhimate
S Ngatai
L Tamati
M Williams
H Wiremu
M Meha
E Ngatai
Total
25 Travel
$
2,239
699
1,810
952
731
585
3,260
836
$ 11,112
Fees paid during the year to the Directors are as follows:
DIRECTORS' REMUNERATION
2014
$
20,000
21,667
20,000
20,000
$ 81,667
C Coxhead
A Awhimate
L Tamati
B Tunui
I Dickson
Total
26 2013
$
15,000
11,667
11,667
11,667
11,667
$ 61,667
Audited Group Financial Statements
27 28 29 30 31 32 33 34 35 36 37 38 39 40 Declaration of Results of Trustee
Appointments
Ngāti Mākino Iwi Authority
Certificate of Result
For Two Trustees
I, Mere George, chartered accountant of Rotorua, report in terms of Clause 11.2 of Schedule 2
of the Trust Deed, and certify that as the person authorised to co-ordinate Trustee elections for
the Ngāti Mākino Iwi Authority, two (2) formal nominations have been received. In accordance
with Clause 7.3 of Schedule 2, an election process will not be held due to the number of
nominations received equalling the number of vacancies.
Therefore, I declare that Hare Wiremu and Laurence Tamati are duly appointed.
Declared at Rotorua, this 20th day of October 2014.
41 Attendance Register
Ngāti Mākino Iwi Authority Annual General Meeting
Saturday 16 November 2013 at Te Takinga Marae, Mourea, Rotorua
42 Notes