AGM 2015 ANNUAL REPORT MASTER V1 2 (1)
Transcription
AGM 2015 ANNUAL REPORT MASTER V1 2 (1)
TARANAKI MAORI TRUST BOARD Annual Report to 30 June 2015 TABLE OF CONTENTS TABLE OF CONTENTS ............................................................................................................2 ORGANISATIONAL INFORMATION........................................................................................3 AGENDA ..................................................................................................................................4 MINUTES FROM HUI A TAU 2014 ...........................................................................................5 CHAIRPERSON’S REPORT .......................................................................................................9 TARANAKI MAORI TRUST BOARD GROUP FINANCIAL STATEMENTS ...............................13 TRUSTEE INTERESTS .............................................................................................................21 C over Ima ge: Taranaki Māori Trust Board 1930’s, Whakarongotai Marae- Waikanae at the tangi of Natanahira Wi Parata- from left Back rows: Unknown, Tupito Maruera, Rima Wakarua, Wi Kupe Raungaiti, Unknown, Takarangi, Unknown, Edwin, Kaho Heremia, In front, Nohomairangi Te Whiti, Wi Hape Pakau Love 2 ORGANISATIONAL INFORMATION BO ARD M EM BERS Tokatūmoana Walden (Taranaki) Allie Hemara- Wahanui (Ngā Ruahine) Rodney Baker (Ngāti Mutunga) Frances White (Ngāti Tama) Wharehoka Wano (Te Ati Awa) Ngāpari Nui (Ngāti Ruanui) Darryn Rātana (Ngā Rauru) Maioha Tokotaua (Ngāti Maru) Chairperson Secretary REGISTERED O FFICE PO Box 8136 New Plymouth Taranaki Ph: 06 758 4685 Email: [email protected] ACCO UNTANTS: Vanburwray Accountants 7 Liardet St, New Plymouth 4310 AUDITO RS BDO, New Plymouth BANKERS BNZ Bank, New Plymouth SOLICITORS Shaun Gifford, NEW PLYMOUTH 3 AGENDA TARANAKI MAORI TRUST BOARD 2014 ANNUAL GENERAL MEETING URENUI MARAE 10am 15 NOVEMBER 2014 • KARAKIA/ MIHIMIHI • • APOLOGIES MINUTES OF ANNUAL GENERAL MEETING 2014 • • CHAIRPERSON’S REPORT RECEIVE AND ADOPT ANNUAL ACCOUNTS • GENERAL BUSINESS 4 MINUTES FROM HUI A TAU 2014 Taranaki Maori Trust Board 2014 Annual General Meeting 9th November 2014 Normanby Hall, Normanby Those Present Wharehoka Wano, Allie Hemara-Wahanui, Darryn Ratana, Rodney Baker, Frances White, Ngāpari Nui, Tokatūmoana Walden, Te Rawanake Hemara-Wahanui, Hemi Sundgren, Wiremu Edwards, Cassandra Crowley, Haimoana Maruera Snr, Daisy Noble Mihi/ Karakia 10:21pm Haimoana Maruera Snr (Karakia) Wharehoka Wano (mihi) Apologies Pam Wharepapa, Bonita and Josie Bigham, Dion Tuuta, Betty Anderson, Roberta Walden, Liana Poutu, Puna Wano- Bryant, Debbie Packer, Ruakere Hond, Aroaro Hond, Howie Tamati, Jamie Tuuta, Hēmi Ngārewa, Paulette Ngātai, Ngāraina Brooks, Ngāwai Walden, Thelma Mcleod, Wendy Eynon Resolved that “the apologies be received and accepted”. Rodney Baker/ Allie Hemara-Wahanui CARRIED Minutes of the Previous Annual General Meeting It was resolved; “THAT the minutes for the Annual General Meeting for the Taranaki Maori Trust Board held 23 November 2013 be accepted as a true and correct record “. There were no matters arising Ngapari Nui / Frances White CARRIED Chairperson’s Report MANAGEMENT SERVICES With the resignation of long serving Secretary Gillian Thorpe the Board engaged the Taranaki Iwi Trust, specifically Hemi Sundgren to provide administration services. This contract was managed by the Secretary Allie Hemara-Wahanui and Deputy Chair (Wharehoka) with support from the remaining Board members. Since engaging this service the Board’s administrative capability has increased significantly and the efficiencies we have gained can be attributed to the quality of support provided the Board throughout the year. 5 DISESTABLISHING THE EDUCATION TRUST At last year’s meeting the Board reported the intention to disestablish the Education Trust. This has not happened. Following legal advice it was not as simple as first thought. For example, the charitable purposes of the Trust were still current and given that the Deed does not make any provision to wind up, the process required approval from the Attorney General and then the High Court. A very costly exercise. It was advised that there were other possibilities to windup and disestablish through a settlement process and legisation. Needless to say, the Education Trust still exists but with little activity while the negotiation process continues. The Board had also resolved not to make Education Grants during the year until a clear decision was made as to the Trusts future. The majority of the Trust Board's $3.6m assets lie with the Education Trust. NEGOTIATING AN ANNUITY The Board had undertaken initial meetings with the Attorney General to discuss the Boards annual annuity. This is the annual administration grant the Crown gives to the Trust Board as compensation for the confiscations of the 1860's. It was discussed that the annuity payment had never been protected against inflation, and periods during the depression when it was not fully paid. The TMTB’s annuity was seriously out of step with the annuity payments of other Trust Boards and its real value never protected. As a result of these meetings both the Crown and the Board agreed that a formula was needed to calculate the short fall, from there the Board expected a series of negotiations to follow. It was the position of the Board that any anuuity redress remain with the Trust Board to support the Boards purpose. FUTURE ROLE OF THE TRUST BOARD – A Single Regional Entity It was discussed that the majority of iwi had agreed to consider a new reconstituted body. The role, purpose and function of any future Board was another piece of work moving forward. This piece of work was being progressed by members of the Board. Question's critical to this work are around ‘what does the purpose of a reconstituted entity look like’? Therefore the team has developed a survey asking Taranaki whanui to give their views on this very question. The findings from this survey will help to identify priorities a single regional entity could take on behalf of Taranaki whanui. The Board intends to engage in this work during next year as it was critically important to have clarity of what the future role of the Board might be. It was resolved; “THAT the Chairperson’s report for the Taranaki Maori Trust Board Group for year ended 30 June 2014 be received and adopted“. Tokatūmoana Walden / Darryn Ratana CARRIED Financial Reports Financial Overview The statement of comprehensive income shows an operating deficit of ($92,262). While expenses tracked at a similar position to last year, the deficit is largely due to the amount that the Board distributed. The statement of financial position also shows a small decrease in 6 equity for the Trust Board Group for the year ending June 2014 by 2.4%. The ‘iwi distributions putea’ has again, decreased the Boards term investments by $135,000, in turn limiting the Boards ability for higher interest revenue from its term deposits. Revenue from our deposits this year is also down by 1.25%. The net profit before distributions for the year was $42,438 with the significant expenses being; • members sitting fees and management fees although these are comparable to the previous year; • the payment of an invoice ($18,570) associated with work carried out for the Transition Project in 2012/13 • releasing a $120k distribution to Ngati Maru, the last iwi to receive this grant, and • a one-off grant of $15k to Te Reo o Taranaki, who became an umbrella organisation tasked with the responsibility of developing a Taranaki Māori Education Strategy. This, I will also report on shortly. The Board’s income and expenses were comparable with the previous year prior to distributions and plan to maintain this level of spending. It was resolved; “THAT the Audited Financial Statements for the Taranaki Maori Trust Board Group for year ended June 2014 be received and adopted“. Haimoana Maruera / Rodney Baker CARRIED General Business Future Role and Function of the Trust Board Further discussion took place on the future role of the Trust Board and members stated that the Board would continue to consult with iwi moving forward. The Board has appointed a working party of members who continue to assess the options open to the board and a survey was being developed to gather more feedback. An outline of the survey was also given and feedback on some of the survey questions sought. Key matters were; • • • • • • • Questions associated with the function and purpose might need some background and context, maybe consider producing a preamble Importance should be placed on cultural elements Importance of alignment with Iwi- wider collective issues, coastal, water, oil and gas, cultural, commercial? Wiremu Edwards offered assistance with further drafting of questions and members would look to have these ready within the next month. These would go out as a link to networks, Facebook, iwi links, distributions. Question to be added- participant is involved with iwi as this will influence the decision, aspirational- what does success look like?, confidentiality clauses- names to be anonymous How long should the survey be open. Should be left open for a week. 10 days is optimal. Members were thanked for their support and feedback/ input. 7 Future Distributions It was explained that given the Boards key priorities to complete the annuity negotiation, consider the disestablishment of the Trust and reconstitution, that there would not likely be grants and distributions for the next year. The Board has also run at a deficit and that also has a bearing on the Boards ability to make grants. This would be assessed annually. The Board also has a triennial election within the next year so that also carries a major a cost. Taranaki Tumai That Taranaki Tumai is being held in Ngati Mutunga in November 2015. The hui was concluded by Toka Walden with Karakia 11:39pm 8 CHAIRPERSON’S REPORT Kei rite matou ki nga manu o te moana Noho ki runga I te kowhatu Ka pari te tai Ka ngaromia te kowhatu i te moana Ka rere nga manu no te mea Kahore he nohonga maa raatou (Rangitaake 1859) Tena koutou katoa The above whakatauaki talks about our resilence as a people and how we have been challenged by past and current governments, legislation, policies to forego our rights under the Treaty and integrate and adjust into Western white middle class society. We all know that is not going to happen. Our rangatira and our tupuna have taught us to hold firm to our customs and protocols and not to be consumed by a dominant majority. The proverb by our Rangatira states that no matter what we endure as a result of our resistance to conform we will always stand proud and true to the learnings and teachings of our ancestors no matter what. On behalf of the Board I am proud to present the Taranaki Maori Trust Board’s annual report on performance for the year 1 July 2014 to 30 June 2015. A Year in Review FINANCIAL OVERVIEW The statement of comprehensive income shows an operating surplus of $93,151. This represents an 120% ($50,713) increase from the 2014 financial year. Revenue from Interest in deposits this year shows an increase of 12.9% due to the higher interest rates on offer earlier on in 2014. The Board's dividend on it's PKW shares also increased during the year in review. The $13,860 represented in the Other Income field is due to a contract entered into with Te Puni Kokiri to assist the Board with professional costs associated with the Annuity work. Expenses for the 2015 financial year have been retained at a similar level as 2014 except for legal costs and professional fees which were significantly larger in 2014. The profit this year is purely due to the fact that the Board did not make any grants or iwi distributions this financial year. Significant expenses for the Board continue to be associated with compliance, Trustee Fees and Administration Costs. 9 This year, the statement of financial position shows an increase in equity of the Trust Board Group for the year of 2.5% from last year. The Board has no contingent liabilities and advances are maintained within the Group structure. ADMINISTRATION SERVICES Administrational Services continue to be provided by Hemi Sundgren to the Board. Since engaging Hemi the Board’s administrative capability has increased significantly and the efficiencies we have gained can be attributed to the quality of support provided the Board throughout this financial year. Due to increased workloads for Hemi, he has indicated that he is unable to continue to provide secretariat and administrational duties for the board after January 2016. NEGOTIATING AN ANNUITY The Board has continued to meet with the Minister of Maori Development Hon Te Ururoa Flavell and his TPK Advisers to confirm a process for the negotiation of an annuity settlement. This is the annual grant the Crown provides to the Trust Board of $15,000. By way of background the annuity payment began following the Sim Commission recommendations of 1927/ 28, that Taranaki Māori be compensated for past wrongs associated with the confiscation, and that compensation be made in perpetuity, of an annual payment of $10,000 (5000 pounds). The Taranaki Māori Trust Board was constituted to administer the annuities soon after and in 1931 the first payments were made to the Board. In 1977, after various petitions the Annuity payment was increased to $15,000. Since its establishment, the Board has had to discharge a diverse range of responsibilities towards cultural, social and educational outcomes across Taranaki. Given the size of this responsibility, successive Board members have asserted that the material value of the Annuity has diminished over time through inflation, and that it is no longer able to give effect to the affairs of the Board. Consequently, the non-inflation adjustment has led it to be inequitable. Last year we reported that the Board had formally sought to address the matter. Subsequently, it was agreed by Ministers that Te Puni Kokiri ('TPK') work directly with the Board to undertake specific research to get a robust understanding of the issues associated with the annuity payments and in particular the shortfall of payments given the non-inflation proofing and indexation of the annuity. In November 2014 the Board signed an investment agreement with Te Puni Kokiri that allowed the Board to seek professional analysis and advice from KPMG. Initial indications from this work are that the true value lost through the annuity not being indexed to inflation is in the vicinity of over $20 million and that the Annuity payment if indexed to inflation should be approximately $500,000 per year. There is still a lot of work to be undertaken but the Board is committed to exploring in greater detail, options to address the matter with both Ministers’ Flavel and Finlayson. It is the position of the Board that any redress associated with the Annuity remains with the Trust Board to support the future purpose, role and function of the Board. Darryn Ratana and 10 myself are leading these negotiations with support from the secretariat as well as Jamie Tuuta our technical Adviser. In recent discussions with TPK the Crown we were informed that the Crown is struggling to put up various options for consideration to the Ministers, as other settlements with Trust Boards have not included indexation as redress. In their minds, this will set a precedence and potentially relitigate other Trust Board settlements. As Chair, I have requested that TPK officials and the TMTB negotiators meet as soon as practically possible to discuss the various options before they are put to Cabinet. A cabinet paper is due to Ministers late November 2015 for consideration. A meeting has been agreed to mid November 2015. FUTURE STRUCTURE FOR THE TARANAKI MAORI TRUST BOARD- A SINGLE REGIONAL ENTITY? Many of you will recall the Transition project that was undertaken between 2009-2013. The outcomes of this project reported a number of issues for the Board to consider, most importantly the future structure of the Taranaki Māori Trust Board. It was clear from the engagement undertaken with iwi that the status quo is untenable and that there are significant limitations with its current structure; in particular that it does not meet the current and future needs and expectations of its eight-member iwi. Secondly, that given the Boards limited capital base from which to both cover operating costs and also provide benefits to its beneficiaries that there is a need to explore how its capital base and cash flow might be increased in order for the Board to make a meaningful contribution in the future. Subsequently, this continues to be the basis of debate and discussion amongst the Board and many beneficiary iwi. While no definite resolution has been reached the Board continues to recognise that there are advantages of a regional forum but is undecided if that forum should be the Trust Board, as a statutory body with changes to better fit Iwi, or something entirely new. Despite this, it is clear that the success or failure of any future entity will require robust engagement and discussion with the eight-member iwi. This would include first and foremost an agreement that there is merit in all eight iwi jointly pursuing a program of action that seeks to provide clarity on the ‘purpose’, ‘role’ and ‘function’ of any new or re-constituted entity moving forward. Despite the resource constraints the Board also recognise that there is an opportunity to look at strategic options moving forward and to have these considered. Taranaki iwi groups are now entering a phase of development where they have established an iwi chairs forum to focus on particular regional matters of common interest and importance, but what is an exciting prospect is that there may be opportunities for the eight member iwi to formalise a potential relationship to progress matters of common interest to all iwi. This however, would of course need to be coupled with a strong desire to have clarity about the role and function of the board to ensure the role of the individual iwi entities and any collective body is understood. 11 The Board has contracted Liana Poutu to begin this programme of work in the new 2015-2016 year. CONCLUSION On behalf of the Board we remain united in our commitment to ensure that the Taranaki Maori Trust Board is relevant to Iwi and uses its position as a regional body for the benefit of Taranaki. 12 TARANAKI MAORI TRUST BOARD GROUP FINANCIAL STATEMENTS For the year ended 30 June 2015 Statement of Comprehensive Income Statement of Change in Equity Statement of Financial Position Notes to the Financial Statements Audit Report 13 14 15 16 17 18 19 20 21 22 TRUSTEE INTERESTS General Disclosures Tokatūm oana W alden (Taranaki) Taranaki Iwi Trust Te Kāhui o Taranaki Trust Taranaki Iwi Claims Management Team Horo Estate Te Korimako Trust Trans Tasman Resource (TTR) Chairperson Chairperson Chairperson Negotiator Director Trustee Employee Allie Hem ara- W ahanui (Ngā Ruahine) PKW Taranaki/Whanganui Conservation Board Waiokura Marae and Pā Trustees Western Institute of Technology Secretary Community Development Manager Member (retired 2015) Trustee Council member Rodney Baker (Ngāti M utunga) Te Rūnanga o Ngati Mutunga Ngāti Mutunga Investment Charitable Trust Maruehi Fisheries Bruskaz Ltd t/a Moana Cottages National Solid Wood Training Sector Ngāti Tama Port Nicholson Trust Ngati Mutunga Wharekauri M ember Chairman Trustee Director Director Committee Member Registered Member Registered member Registered member Frances W hite (Ngāti Tam a) Te Rūnanga o Ngāti Mutunga Te Rūnanga o Ngāti Tama M ember Iwi Member Iwi Member W harehoka W ano (Te Ati Awa) Te Ati Awa (Taranaki) Settlements Trust Te Kotahitanga o Te Atiawa Trust M ember Chair Trustee Ngāpari Nui (Ngāti Ruanui) Te Rūnanga o Ngāti Ruanui Trust M ember Deputy Chair Darryn Rātana (Ngā Rauru) Department of Conservation PKW Trust Shareholder M ember Employee Representative M aioha Tokotaua (Ngāti M aru) M ember 23