Table ofrauru.iwi.nz/mt-content/uploads/2016/10/annual-report...audae con por quatim Voice Vita adiaectus, si ut mi, audae con por quatim lipsum E ngaa mate katoa, e tangi tonu te

Table of ContentsTrust Directory 4

Tumu Whakarae Report 5-6

Kaiwhakahaere Report 7-8

Pookai Aronui Report 9-10

Te Kaahui Poutoko - Group Structure 11-12

Consolidated Statement of Financial Performance 13-38

Audit Report

Te Pataka o Rauru Limited - Financial Highlights

Te Pataka o Tangaroa Limited - Financial Highlights

Kii Tahi Limited - Financial Highlights

39-40

41

42

43

4148 Registered Uri

Ngaa Rauru Kiitahi Office, Waverley

3

AS AT 31 MARCH 2016

THE GROUP

Te Kaahui Poutoko consists of Te Kaahui o Rauru Trust (formed 9 December 2004) and Subsidiaries

Trust Directory

TE KAAHUI O RAURU TRUSTEES

Paepae Representatives (Te Paepae)Wai-o-Turi Narlene IoaneWai-o-Turi Wheturangi Walsh-TapiataWhenuakura Robina BroughtonWhenuakura Queenie GrippTakirau John WirihanaTakirau (vacant position)Waipapa Huirua SullivanWaipapa Chevelia MartinTe Wairoa-Iti Neihana PariTe Wairoa-Iti Moringa KumeroaTe Ihupuku Hayden PotakaTe Ihupuku Tawhirangi Sullivan

Kaipoo Sylvia ForesterKaipoo Yvette McGregorTaurangaa Ika Renee Bradley (until March 2016)Taurangaa Ika Carolyn YoungPaakaraka Ruta BroughtonPaakaraka Ray HinaTe Aroha Charmaine MatiahaTe Aroha Ngapari NuiKai Iwi Sharlene Tapa-MosenKai Iwi Mary Bennett Taipakee Raukura WaitaiTaipakee Te Huatahi Hawira

TUMU WHAKARAE Te Pahunga (Martin) DavisKAIWHAKAHAERE Anne-Marie BroughtonAUDIT AND RISK COMMITTEE CHAIR Hayden Potaka

POOKAI ARONUI (Subsidiary Directors) Te Pataka o Rauru Limited Hon. Kahurangi Tariana Turia (Chair)

Taa Dr Mark SolomonTe Whitinga Mark HuiruaMichael WalshArohaina Owen (Associate)

Te Pataka o Tangaroa Limited Hon. Kahurangi Tariana Turia (Chair) Taa Dr Mark SolomonTe Whitinga Mark HuiruaMichael Walsh

Kii Tahi Limited Lupton For

AUDITOR Silks Audit Chartered Accountants, WhanganuiSOLICITORS Kahui Legal, WellingtonBANKERS Bank of New Zealand

4

Tumu Whakarae Report

SpaceVita adiaectus, si ut mi, audae con por quatim

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E ngaa mate katoa, e tangi tonu te ngaakau, na te mea e mihi mutunga kore ki a koutou kua wheturangitia. Koutou e piata mai, koutou e okioki ki te huinga o te Kahurangi.

Koutou ki a koutou, tatou te kanohi ora teenaa koutou katoaIt is with pleasure that I present the annual report for Te Kaahui o Rauru (TKOR) for the period ending 31 March 2016.

GovernorsDuring this period, I was re-elected Tumu Whakarae (Chair) for a further three years and Anne-Marie Broughton was appointed the full-time Kaiwhakahaere. We also saw the appointment of new Pookai Aronui – Directors to our subsidiary; Hon. Kahurangi TarianaTuria (Paakaraka), Michael Walsh (Wai o Turi) and MarkHuirua (Waipapa). Taa Dr Mark Solomon remains as anoriginal Pookai Aronui who will resign once the PookaiAronui transition is complete. An associate PookaiAronui, Arohaina Owen (Kai Iwi) was also appointed.

I wish to acknowledge the vast contribution Debbie Ngarewa Packer (Wai o Turi) who was Chair of Pookai Aronui made to Te Kaahui o Rauru from inception of the Pookai Aronui roles in 2007 – ngaa mihi ki a koe e te tuahine.

TKOR Strategic Plan The Strategic Plan 2014-2034 is still relatively new and the Paepae has been working to embed it into everything we do. A key imperative of the strategy is for TKOR to concentrate its efforts closer to home, with

revitalisation of Ngaa Raurutanga still the foundation of the strategy.

This year the focus was the strategic themes of Whakapapa, Maatauranga, Whanaungatanga and Whenua. Great progress has been made by the Office on working to achieve the goals of these themes. This year, the three remaining marae received their Marae Capital Upgrade funding completing round one of Marae Capital Upgrade funding. This fund has distributed $1.449m funding to the twelve marae of Ngaa Rauru Kiitahi over the last six years.

In the subsidiaries, Pookai Aronui are working to support our strategy by developing a strategic investment plan and a series of investment tools. The Paepae are also closely monitoring Kii Tahi Ltd who are working on business modelling, diversification and product segmentation trials.

NationallyTKOR has continued to develop and strengthen strategic relationships to help further the interests of Ngaa Rauru Kiitahi. We remain a member of the national Iwi Chairs Forum and have maintained the secretariat role until 2019. The forum meets four times a year and is an opportunity to participate and together

5

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share information about matters of interest. In this way, all iwi support each other.

We are also members of Te Ranga Tupua and the Taranaki Iwi Chairs and have worked on such matters as Freshwater, Te Ohu Kaimoana review, Marine and Coastal Area, review of the Te Ture Whenua Maori Act, and discussions on the National Parks.

LocallyOn Saturday 20 June 2015, Ngaa Rauru was faced with one of its greatest local issues of the year. A state of emergency was declared across the Ngaa Rauru rohe and TKOR were required to quickly respond to this event to support affected whaanau and our wider community. The iwi of Whanganui, Ngaa Wairiki-Ngaati Apa and Ngaa Rauru met and established a $30k emergency fund administered by Te Oranganui Iwi Health Authority.

An operational response within our rohe was mobilised with Taurangaa Ika marae becoming a heliport that transported power generators, fresh water and kai to isolated areas. Te Wairoa iti marae became a drop-off centre for donated kai and other contributions. The flood-relief effort was supported by Ngaati Ruanui, Ngaai Tahu, Waikato-Tainui and other Iwi who were all looking for ways to help.

Strategic relationships were utilised to bring attention to our situation with the Minister of Civil Defence, Hon. Nikki Kaye, Minister of Maaori Development, Hon. Te Ururoa Flavell, Whanganui MP, Hon. Chester Burrows, South Taranaki District Mayor Ross Dunlop, Te Puni Kookiri, the Ministry for Social Development, the Police and local Council all visiting the area and meeting with Ngaa Rauru to discuss how they could support the flood relief effort. The financial outlay for our response to the flood was approximately $72k of which $66k was reimbursed by the Minister of Civil Defence.

In other local events this past year, we attended the signing of the Taranaki Tuuturu land settlements and the 150 year celebrations of the Maaori Land Court in Whanganui. Ngaa Rauru also attended Taranaki Tuu Mai in Ngaati Mutunga.

FinanceThis year the TKOR Group made a profit of $1.38m a small increase over last year with total net assets of $46.57m. The Kaiwhakahaere and Pookai Aronui reports contain more financial detail. The Pookai Aronui are also developing extra investment tools and the investment plans will be endorsed in the

new financial period. Also our Kiitahi business which is being closely monitored will be in its make or break year. New business modelling and product segmentation is being trialled.

Looking ForwardNew Health & Safety legislation that took effect in April 2016 means TKOR will have to ensure the Paepae is exercising their due diligence to ensure compliance with health and safety duties and obligations. The Paepae induction and development work plans will be implemented mid-2016 which will help with this and contribute to our strategic theme Whanaungatanga: Leadership & Governance. Paepae Rangatira will be hosted in November 2016, an opportunity to sit at the table with the government as treaty partners to advance the interests of Ngaa Rauru. Te Toi Ahurea iwi celebrations will also be held in November 2016, an opportunity to increase participation, strengthen marae and celebrate our Ngaa Rauru identity.

In closing, I acknowledge the hard work the Kaiwhakahaere, Anne-Marie, and her team has provided in this year including our Kii Tahi Nursery and Landcare team, who have endured a difficult trading year. I would also like to acknowledge the effort put in by the various sub-committees, the Audit & Risk Committee and its Chair, Hayden Potaka - ngaa mihi. Finally I thank the Paepae for your support.

E te huinga, e te tuinga, teenaa koutou, teenaa koutou, teenaa koutou katoa

Te Pahunga (Martin) Davis, Tumu Whakarae

6

Teenaa koutou teenaa taatou

Te Kaahui o Rauru – The OfficeThis has been a year where nature has tested the strength and resilience of our whaanau, hapuu and marae as yet another major flood hit Waitootara and Whanganui in June 2015. The Office was actively involved with the flood response but as with any emergency event, there are new learnings. The Office is currently reviewing plans, procedures and resources so whaanau, hapuu and marae can be more prepared and responsive to natural disasters in the future.

The revitalisation of Ngaa Raurutanga is our core purpose and five strategic kaupapa continue to guide our work: Whakapapa, Whanaungatanga, Whenua, Maatauranga and Rawa. We run a lean engine room – the Office has 5.5 full time equivalent staff with 2.5 staff necessary to comply with all the finance and administration duties required of a Post Settlement Governance Entity.

A growing portion of the work we are doing is project based and funded from outside sources – generally government agencies. The irregular nature of this funding makes it hard to maintain permanent staff with specialist skills, therefore the use of contractors/consultants is necessary but not ideal.

The graph below shows the Office income/expenses over the past five years. $1.9 million or 25% of income has gone straight back to the marae, largely through the Marae Capital Upgrade programme.

Snapshot of the 2015/16 Activities and ProjectsWhakapapa: Telling our stories is a key strategy for revitalising Ngaa Raurutanga. Through research, interviews, videos, drone footage and waananga, we have collected a lot of new material about Ngaa Rauru over the past year. These materials are being transformed into resources for use by whaanau/hapuu and local schools.

WhanaungatangaNgaa Rauru had strong representation at Taranaki Tuu Mai in 2015 with the kapa haka roopu putting in a stellar performance! To support flood victims, Ngaa

Rauru contributed $10,000 to an emergency fund managed by Te Oranganui and engaged an engineering firm to carry out flood reports for all our marae located on rivers.

MaataurangaTe Kooiwi-Roa is the name of the curriculum being created for whaanau and schools under a Ministry of Education funded project, to be launched in 2017. Two holiday programmes linked to Te Kooiwi-Roa were held in September and January for 7 to 12 year olds. The aim is to run 3-4 holiday programmes a year.

“KIA RANGATIRA TE WHAKAARO, KIA RANGATIRA TE TUU”

$1

$200,001

$400,001

$600,001

$800,001

$1,000,001

$1,200,001

$1,400,001

$1,600,001

$1,800,001

2016 2015 2014 2013 2012

Marae Donations

Expenses

Income

TKOR Income v Expenditure

KaiwhakahaereReport

7

WhenuaNegotiations with DOC and local councils are progressing to establish co-governance and co-management arrangements for the Waitootara Conservation Area and Nukumaru Reserve. Paepae and management training in using a treaty based negotiation framework is proving helpful in raising the standard of negotiations to more of a treaty partner level.

RawaAs a spin off from the iwi entrepreneurship project (SEE), a new product for the food and beverage sector is under development with the support of the Ministry of Business, Innovation and Employment and Te Puni Kookiri. Economic development and creating jobs is a key aspiration and the Paepae recently approved a new permanent position for a Business Development Manager.

Te Kaahui o Rauru – The GroupAs a charitable trust, the assets of the group are used to revitalise Ngaa Raurutanga in a range of ways over a length of time – short, medium and long term. Growing the asset base is a fundamental strategy toward restoring the social, cultural and economic wealth of our iwi. How much is spent today is always weighted against how much can be saved to grow the asset base. Whilst we take a reserved approach to allocating a budget to operations and marae capital upgrades, revitalising Ngaa Raurutanga will require a financial commitment for many generations. Moving forward, we will be seeking stronger commitment from our treaty partner towards resourcing our needs, based on the principles and protocols within our Deed of Settlement.

This year the group has made a profit of $1,384,760 – an increase of $64,053 from last year. Equity has increased by $1,384,760 making total net assets of $46,570,773. This result is based on an investment portfolio that has been very passive over past years. The Pookai Aronui is currently conducting an extensive review of the investment portfolio performance and setting new strategies, systems, targets and benchmarks in place. We expect to see a change in the investment mix, a shift towards more active investments, and a higher return on assets in the future.

Revitalising Ngaa Raurutanga is an ongoing mission and whilst we would like to see huge advances, the reality is that it will take many small steps over many generations to make the difference we dream of. I acknowledge and thank the Tumu Whakarae, Paepae, Pookai Aronui, staff, contractors and all who contribute towards whakatipungia Ngaa Raurutanga.

Ko Rauru Kiitahi taatou motuhake nei

Anne-Marie BroughtonKaiwhakahaere

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

2016 2015 2014 2013 2012

TKOR INCOME SOURCES

TPOR/TPOT Dividend Govt Funding Fisheries Income Other Income

TKOR 2014-2015 EXPENDITURENet $765,936

CONSULTANCY 26%

PERSONNEL39%

GOVERNANCE15%

ADMINISTRATION

20%

All Iwi Chairs Forum income and expenses have been removed

All Iwi Chairs Forum income and expenses have been removed

TKOR 2015-2016 EXPENDITURENet $1,122,482

PERSONNEL38% GOVERNANCE

18%

ADMINISTRATION28%

CONSULTANCY16%

KaiwhakahaereReport

8

It is with pleasure that I present my first annual report back to our Iwi for the year ended 31 March 2016. I am also pleased to welcome the nomination of Mark Huirua as Vice Chair to Pookai Aronui.

Te Pataka o Rauru Limited – Investment Portfolio2015-2016 has been a time for change and continual growth for us as Pookai Aronui (PA), not only through the formation of a new PA but also with a specific focus on a review of our investment portfolio. The key focus on our review has been to ensure we are meeting our immediate needs, through operational funding of TKOR and ensuring inter-generational wealth and leaving a successful financial legacy for our mokopuna.

In early 2016 we worked together with TPOR, TKOR and the Paepae to create our future investment framework. From that, a Strategic Investments Business Plan is now being actioned to establish stronger and more robust investment frameworks, processes and systems. This will ensure richer communication between the Paepae and PA on the performance and strategic direction of the Investment Portfolio.

With regards to our fund, $1.7 million was generated in the past year ensuring the ability to meet TKOR annual operational expenses of $1.3m.

TPOR’s capital has increased from $33,351,511 at date of settlement to $41,643,582 meaning an increase in capital by $8,292,071.

Our current asset allocation compared to our initial asset allocation is:

$33.4

$41.6

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

2006 2016

Asset Base Comparison

Asset Base as of 31 March 2016

CASH100%

LISTED EQUITIES

22%

FIXEDINCOME

24%

CASH DEPOSITS

30%

PROPERTY 13%

PRIVATE EQUITY11%

Pookai Aronui

9

With the change in advisory services to Taranaki Capital Partners (TCP) in the 2013/2014 Financial Year, there are key movements in our Investment Portfolio to be aware of as follows:

• Reduction in Global Equities from divestingcirca $4.0m

• Increase in Aust. & NZ equities from investingcirca $2.3m

• Therefore, Equities has reduced by circa$1.7m with net proceeds being held in cashand fixed interest

• Increase of circa $3.0m in cash and fixedinterest:

• Net divestment in Equities provided circa$1.7m as described above

• In addition, two key bonds maturedduring the year (BNZ and Genesis) and new investments weremade into AMP Capital Wholesale fixedinterest products, which netted funds of circa$1.1m

Further information about the performance of specific investments is available on request.

Financial Literacy PA have suggested that financial literacy be introduced for all age groups in our Iwi Strategy with a specific emphasis on investment terminology. This has not commenced as yet but is an important pathway forward. We must prioritise this for year 2016 to 2017.

Taranaki Capital PartnersMark Huirua and Arohaina Owen were appointed to TCP as Director and Associate Director respectively and will attend hui on our behalf. The relationship is now back on track and we are receiving ongoing communications from Matariki Capital Partners (Taari Nicholas) regarding potential investment opportunities.

Te Pataka o Tangaroa LimitedTe Pataka o Tangaroa Limited (TPOT) continues to participate within the Iwi Collective Partnership (ICP) with 14 other Iwi. Other Iwi are making enquires to join the collective to get scalability and influence. Some of the issues ICP are working on are:

• Protecting our rights to the Kermadec OpenSanctuary and to protect our position asTreaty Partners.

• Having a lead role in the Working Group onthe review of Te Ohu Kaimoana.

TPOT continues to make returns as a business entity of TKOR with a positive result of $183,902 and an asset of $3,378,526.

Kii Tahi LimitedWhilst achieving good environmental and social objectives, financially, Kii Tahi remains a huge challenge having not made a profit since its inception. We now have two staff working in the Nursery and it has been important to consider the impact of not continuing this business. The recent downturn in the dairy industry

has resulted in a dramatic 50% drop in riparian plant sales and plant out (landcare) services. What we cannot afford to do is subsidise other businesses who clearly are not paying sufficient for the plants or the work on farms etc. Taranaki Regional Council is the largest buyer of Kii Tahi plants however, their terms of trade are becoming more and more difficult to sustain. Unless management can negotiate more reasonable terms future supply arrangements could be in jeopardy.

At the end of 2015, new governance and management arrangements were implemented and a full review of the business was conducted. As a result, a new diversified business model has been adopted. Kii Tahi is now consolidating and improving the efficiency of existing operations, experimenting with new products to grow, increasing the range of landcare services and investigating new products in the food and beverage sector. Management is working hard to turn the business around, but it’s a sad reality that unless there are positive indicators and/or actual improvements, the business could face closure next year.

As the Pookai Aronui awaited letters of indemnity Lupton For was appointed Director for Kii Tahi Nursery (as per advice from Kahui Legal).

Strategic AlignmentPA determined at their Strategic planning hui to align their monthly hui with Paepae hui so that we are visible and more understanding regarding PA decisions. Arohaina and Mark have attended Paepae hui to provide and clarify information.

Future FocusWe continue to strive to meet the requirements of whaanau, hapuu and marae in our rohe. Educational achievement and the opportunity to grow skills development and increasing abilities in all age groups is critically important for the future of uri of Ngaa Rauru descent. With the importance of the IT sector and the skills our youth display in this area may well become a future focus. As we take back responsibility in the social, health, justice and education sectors seeking excellence we must have a skilled workforce.We seek strategic alliances with likeminded Iwi and investors. Marae capital upgrade continues to be under discussion.

It is exciting to see the proactive next generation of Ngaa Rauru stepping up into leadership roles right across our organisation. I take this opportunity to thank our associate Director Arohaina Owen, Taa Dr. Mark Solomon, Michael Walsh and Vice Chair, Mark Huirua - our board members.

Hon. Kahurangi Tariana Turia – Pookai Aronui Chair

PookaiAronui

10

TE KAAHUI POUTOKO Group Structure

TE KAAHUI O RAURUTe Paepae (the governing

body of Ngaa Rauru Kiitahi) operates under Te Kawa o Te

Kaahui o Rauru

TE PATAKA O RAURU LIMITED

TE PATAKA O TANGAROA

LIMITED

KII TAHI LIMITED

11

TE KAAHUI O RAURUOffice Organisational Structure

URI

MARAE

TE PAEPAETwo delegates

nominated by each of our 12 marae and the

Tumu Whakarae

KAIWHAKAHAERE

Kaiaarahi Business

Development1 x FTE

Kaiaarahi Finance &

Admin

Iwi Secretary*

KaihaapaiFinance &

Admin

Kaiaarahi IwiDevelopment

Kaihaapai IwiDevelopment

KaiaarahiKii Tahi

KaihaapaiKii Tahi

1 x FTE 1 x FTE 1 x FTE

* .5 externallyfunded by ICF

1 x FTE*1 x FTE 1 x FTE 1 x FTE

12

Te Kaahui o Rauru Consolidated 2016 Financial Accounts

13

o

oe .

o

14

1) a) b) to increase its capability and capacity to provide for whaanau and hapuu,c) capital upgrades

2a) a

a)

b) 2b) R

a) b)

3) a)

b)

c)

d)

4)

a) b) c)

5) a)

b)

c)

d)

e)

6)

a) b) c) d)

15

300,000

3,500 4,893 3,800

153,014

16

Pookai Aronui (Directors),

Pookai AronuiTaa Dr Hon. Kahurangi

17

18

Pookai Aronui (Directors),

Pookai AronuiTe Whitinga Mark HuiruaTaa Dr Mark Wiremu SolomonHon. Kahurangi Tariana TuriaMichael Wehi Mailetonga Walsh

19

20

wahum

Pookai Aronui

21

22

23

o a

24

au

25

26

27

Te Paepae o Te Kaahui o Rauru

Tumu Whakarae _______

Chair Audit & Risk Committee

28

1,707,778

2,288,188

(1,434,078)

(205,319)

$ $ $1,747,264 $

29

1.

ly

(a)

(b)

(c)

30

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Financial Performance.

31

2. a

Pataka

32

4.

5. Ioo

oo

u

33

34

35

$ $

$ $

$ $

36

Pataka

o

- - -

- -

37

18.

19.

a

38

INDEPENDENT AUDITORS REPORT

To the Trustees of Te Kaahui O Rauru ("the Trust")

We have audited the accompanying performance report of Te Kaahui o Rauru (“The Trust”) and group on pages 13 to 37 which comprises the entity information, the statement of service performance, consolidated the statement of financial performance, statement of movements in accumulated funds and statement of cash flows for the year ended 31 March 2016, the consolidated statement of financial position as at 31 March 2016, and the statement of accounting policies and other explanatory information.

The Responsibility of the Trustees’ for the Performance Report

The Trustees (“Te Paepae”) are responsible on behalf of the entity for:

(a) Identifying outcomes and outputs, and quantifying the outputs to the extent practicable, that are relevant,reliable, comparable and understandable, to report in the statement of service performance;

(b) the preparation and fair presentation of the performance report which comprises:

• the entity information;• the statement of service performance; and• the consolidated statement of financial performance, statement of movements in accumulated funds,

statement of financial position, statement of cash flows, statement of accounting policies and notes to theperformance report in accordance with Public Benefit Entity Simple Format Reporting – Accrual (Not-For-Profit) issued in New Zealand by the New Zealand Accounting Standards Board, and

(c) for such internal control as the Trustees determine is necessary to enable the preparation of the performancereport that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on the performance report based on our audit. We conducted our audit of the consolidated statement of financial performance, statement of movements in accumulated funds, statement of financial position, statement of cash flows, statement of accounting policies and notes to the performance report in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)), and the audit of the entity information and statement of service performance in accordance with the International Standard on Assurance Engagements (New Zealand) ISAE (NZ) 3000 (Revised). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the performance report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the performance report, including performing procedures to obtain evidence about and evaluating whether the reported outcomes and outputs and quantification of the outputs to the extent practicable, are relevant, reliable, comparable and understandable.

Whanganui Taranaki Manawatu Central Plateau Auckland

AUDITORS REPORT

39

The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the performance report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the performance report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes, evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the performance report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other than in our capacity as auditor we have no relationship with, or interests in, the Trust or any of its subsidiaries.

Opinion

In our opinion:

a) the reported outcomes and outputs, and quantification of the outputs to the extent practicable, in the statementof service performance are suitable;

b) the performance report on pages 13 to 37 presents fairly, in all material respects,

• the entity information for the year then ended;• the service performance for the year then ended; and• the consolidated financial position of Te Kaahui o Rauru and group as at 31 March 2016, and its consolidated

financial performance, and cash flows for the year then ended in accordance with Public Benefit EntitySimple Format Reporting – Accrual (Not-For-Profit).

Restriction on Responsibility This report is made solely to the trustees, as a body, in accordance with section 42F of the Charities Act 2005. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Silks Audit Chartered Accountants Wanganui, New Zealand

Date: 31 July 2016

Whanganui Taranaki Manawatu Central Plateau Auckland

AUDITORS REPORT

40

TE PATAKA O RAURU LIMITEDFINANCIAL HIGHLIGHTS

Financial Performance and Movement in General Funds for the Year Ended 31 March 2016

2016 2015$ $

IncomeInvestment Income 1,732,829 1,914,419Unrealised Gains/(Losses) 876,911 518,221Custodial Fees (47,176) (60,243)Total Income 2,562,564 2,372,397

Less ExpenditureDirectors Fees & Expenses 63,965 38,937Administration 14,083 13,592Professional Services 60,961 83,350Total Expenditure 139,009 135,879

NET PROFIT/(LOSS) FOR THE YEAR 2,423,555 2,236,518

General Funds balance at beginning of the year 40,520,106 39,363,887Less Dividends paid to TKOR (1,300,079) (1,080,299)

GENERAL FUNDS BALANCE AT END OF YEAR 41,643,582 40,520,106

Financial Position as at 31 March 2016$ $

TOTAL EQUITY 41,643,582 40,520,106

Total Assets 41,730,095 40,635,854Total Liabilities (86,514) (115,748)

NET ASSETS 41,643,582 40,520,106

The above financial highlights have been extracted from the full financial report which was authorised for release by the Directors on 27 June 2016. The financial highlights cannot be expected to provide as complete an understanding of the financial performance and position of the Company as the full financial report.

The full financial report has been audited by Silks Audit Chartered Accountants and was given a true and fair representation of the financial position as at 31 March 2016. The above financial highlights have been confirmed

by Silks as being consistent to the full financial report.

The full financial report can be obtained by writing or e-mailing to Te Kaahui o Rauru, PO Box 18, Waverley or e-mail to [email protected]

41

TE PATAKA O TANGAROA LIMITEDFINANCIAL HIGHLIGHTS

Financial Performance and Movement in General Funds for the Year Ended 31 March 2016

2016 2015$ $

IncomeACE Sales 172,270 152,409Interest Income 8,509 11,576Dividends Received 51,386 58,037Total Income 232,165 222,022

Less ExpenditureDirectors Fees & Expenses 4,785 3,405Administration 21,363 20,204Quota Levies 17,910 19,976Professional Services 4,205 7,326Total Expenditure 48,263 50,911

NET PROFIT/(LOSS) FOR THE YEAR 183,902 171,111

General Funds balance at beginning of the year 3,194,624 3,073,514Less Dividends paid to TKOR 0 (50,000)

GENERAL FUNDS BALANCE AT END OF YEAR 3,378,526 3,194,625

Financial Position as at 31 March 2016$ $

TOTAL EQUITY 3,378,526 3,194,625

Total Assets 3,601,129 3,415,060Total Liabilities (222,603) (220,436)

NET ASSETS 3,378,526 3,194,624

The above financial highlights have been extracted from the full financial report which was authorised for release by the Directors on 27 June 2016. The financial highlights cannot be expected to provide as complete an understanding of the financial performance and position of the Company as the full financial report.

The full financial report has been audited by Silks Audit Chartered Accountants and was given a true and fair representation of the financial position as at 31 March 2016. The above financial highlights have been confirmed by Silks as being consistent to the full financial report.

The full financial report can be obtained by writing or e-mailing to Te Kaahui o Rauru, PO Box 18, Waverley or e-mail to [email protected]

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KII TAHI LIMITEDFINANCIAL HIGHLIGHTS

Financial Performance and Movement in General Funds for the Year Ended 31 March 2016

2016$

Trading AccountSales Revenue 158,096 Less Raw Materials Total (33,665) Less Direct Costs Total (108,278)Surplus from Trading Account 16,153

Plus Sundry IncomeInvestment Income and Interest Received 13Total Sundry Income 13

Total Income 16,166

Less ExpenditureAdministration 24,169Operations 14,905Professional Services 4,000Staff Expenses 53,994Total Expenditure 97,068

NET PROFIT/(LOSS) FOR THE YEAR (80,902)

General Funds balance at beginning of the year 72

GENERAL FUNDS BALANCE AT END OF YEAR (80,830)Financial Position as at 31 March 2016

$TOTAL EQUITY (80,830)

Total Assets 228,740Total Liabilities (309,570)

NET ASSETS (80,830)

The above financial highlights have been extracted from the full financial report which was authorised for release by the Directors on 27 June 2016. The financial highlights cannot be expected to provide as complete an understanding of the financial performance and position of the Company as the full financial report.

The full financial report has been audited by Silks Audit Chartered Accountants and was given a true and fair representation of the financial position as at 31 March 2016. The above financial highlights have been confirmed by Silks as being consistent to the full financial report.

The full financial report can be obtained by writing or e-mailing to Te Kaahui o Rauru, PO Box 18, Waverley or e-mail to [email protected]

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