T E W H I R I N G A M U K A T R U S T Annual Report 07

Transcription

1 Annual Report 07

2 Contents THE CHAIR...1 Background to Establishment of Te Whiringa Muka Trust...1 Maori Fisheries Act Iwi Consultation and Ratification of the Trust...1 Settlement Assets and Purpose of the Trust Vision and Mission Statement...2 Policy on Investment /07 ANNUAL REPORT...4 STATEMENT OF FINANCIAL PERFORMANCE for the year end 30 September STATEMENT OF MOVEMENTS IN EQUITY for the year end 30 September STATEMENT OF FINANCIAL POSITION as at 30 September

3 T E W H I R I N G A M U K A T R U S T THE CHAIR Tena kautau katoa Background to Establishment of Te Whiringa Muka Trust As this is the first annual report of the Trust it is perhaps appropriate that I provide some background to the Trust s establishment and purpose before I present a summary of the year s activities. Certainly I feel this is important to give context to the policy and strategy approach the Trust has chosen to take in its first year of operation. Maori Fisheries Act 2004 In 2003 Te Ohu Kai Moana (TOKM), the Maori Fisheries Commission, settled upon an allocation model for the national Fisheries Settlement of 1992 commonly referred to as the Sealords Deal. This allocation model, together with guidelines for establishment of Mandated Iwi Organisations (MIO) to receive the assets, was subsequently legislated in the Maori Fisheries Act It was under these circumstances that Whanganui was compelled to establish an MIO entity by 2006 to accept its share of those assets, such share being valued at just over 5.6 million dollars at the time of transfer from TOKM. Iwi Consultation and Ratification of the Trust Beginning in 2005 several hui-a-iwi were called to consult with the iwi over the form and functions of an MIO. The iwi gave its assent to the establishment of an appropriate body to receive and manage our allocation and a deed was drafted. Te Whiringa Muka Trust was duly constituted by way of postal vote in Seven initial trustees were selected at a hui-aiwi to lead the Trust into its first election for Trustees which was held over September and October 2006 resulting in the election of the current Trust by registered adult tribal voters. The Trustees elected for a three year term were: Gerrard Albert (Chair) Te Kenehi Mair(Deputy Chair) Chris Scanlon Robert Cribb William Haami Graham Bell Rumatiki Henry 1

4 Settlement Assets The value of the assets at the time of transfer from Te Ohu Kai Moana in 2006 was $5.6m, consisting of: Total Iwi population in the Act 9,780 Settlement Asset Money (1) $298,359 Quota Shortfall Money (2) $36,007 AFL Income Shares 1,440 AFL Income Share Value (3) $3,634,698 Quota Share Value (4) $1,725,802 Total Value of Assets being transferred $5,694,867 Purpose of the Trust Vision and Mission Statement The establishment of the Trust represented a watershed for Whanganui. While the iwi effectively had no choice but to accept the assets (the settlement and allocations having been legislated in the Maori Fisheries Act 2004) this nonetheless represented the first Treaty settlement for Whanganui. As such the iwi wanted to move cautiously. It was decided that the Trust s sole purpose was to receive and manage the assets of the Fisheries settlement on behalf of the hapu of Whanganui. Subsequently the Trust has moved to define its role as Ringa Whatoro, or service arm, of the iwi further. The Trust s Mission Statement reflects the functional purpose of Te Whiringa Muka directly: To receive, hold, manage and administer the Trust Fund for every Charitable Purpose benefitting Whanganui Iwi Our Vision however reflects what the Trust, along with other iwi owned charitable enterprises, should ultimately aspire to: A sustainable, economic business unit for Whanganui Iwi It is in driving toward this Vision that Te Whiringa Muka Trust gains most inspiration and direction in undertaking its Mission. It is therefore the Trust s intention to follow best business practice, to invest and grow the assets through sensible, pragmatic and diverse portfolios, and to provide a exemplar to the establishment and function of whatever iwi charitable entity is established, or merged, to receive and hold the substantive River and land settlements of Whanganui. As such, this vision and mission statement will guide the formulation of the specific objectives and policies of the Trust for the development, investment, and management of returns from the Iwi s commercial fisheries assets. 2

5 Policy on Investment Te Whiringa Muka Trust has operated and will continue to operate a conservative low risk investment strategy whereby funds are placed on Fixed Term Deposit. During the establishment phase the Trust has adopted a holding pattern with a general consensus that the focus of the future will be in four key areas: Iwi Development Research and Development Business Development Investment With the background to establishment and purpose of the Trust covered I am pleased to present the annual report on the activities and financial performance of Te Whiringa Muka Trust for the Gerrard Albert CHAIR 3

6 2006/07 ANNUAL REPORT STATEMENT OF FINANCIAL PERFORMANCE for the year end 30 September 2007 OPERATING REVENUE FROM $ Whanganui Iwi Fisheries distribution 165,609 Interest 14,007 TOTAL REVENUE 179,616 OPERATING EXPENDITURE $ Advertising 367 Audit fees 950 Accounting fees 3,100 Bank Charges 12 Legal Expenses 10,533 Meeting Expenses 3,737 Printing, Postage & Stationary 366 WRMTB Administration fee 19,278 Scholarship grant 2,500 Nomination Expenses 1,350 TOTAL EXPENDITURE 42,193 NET SURPLUS 137,423 STATEMENT OF MOVEMENTS IN EQUITY for the year end 30 September 2007 $ OPENING EQUITY 0 NET SURPLUS FOR THE YEAR 137,423 PLUS Te Ohu Kai Moana Cash Settlement 388, Shares Aotearoa Fisheries Ltd 3,643,698 FMA8 Fisheries Quota 1,725,802 TOTAL RECOGNISED REVENUE & EXPENSES 5,895,595 CLOSING BALANCE 5,895,595 STATEMENT OF FINANCIAL POSITION as at 30 September

7 EQUITY Equity Account 5,895,595 TOTAL SHAREHOLDERS EQUITY 5,895,595 CURRENT LIABILITIES Sundry creditors 24,050 TOTAL CURRENT LIABILITIES 24,050 TOTAL 5,919,645 CURRENT ASSETS Bank 400,213 RW Tax paid 4,953 Whanganui Iwi Fisheries Ltd 141,412 GST Refund Due 3,567 TOTAL CURRENT ASSETS 550,145 NON CURRENT ASSETS 1440 Shares Aotearoa Fisheries Ltd 3,643,698 TOTAL INVESTMENTS 3,643,698 INTANGIBLE ASSETS FMA8 FISHERIES QUOTA 1,725,802 TOTAL NON CURRENT ASSETS 5,396,500 TOTAL 5,919,645 For, and on behalf of, the Trustees who approved and authorised these financial statements on 30 January 2008: Gerrard Albert CHAIRMAN Chris Scanlon TRUSTEE 5