ng ti r rua tiawa iwi trust - nrait

NGĀTI RĀRUA ĀTIAWA IWI TRUST

2020 ANNUAL REPORT

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He TūrangawaewaeA PLACE TO STANDKo Pukeone, ko Tūao Wharepapa ngā maunga Ko Motueka te awa Ko Te Āwhina te marae Ko Tūrangapeke te wharenui Ko Ngāti Rārua, ko Te Āti Awa ngā iwi

H a pŪNgāti Turangāpeke Ngāti Pareteata Ngāti Komako of Puketapu and Ngāti Hine of Ngāti Rahiri

WhāingaVISION STATEMENTM OT U E K AHe Taonga; He Mana Tuku Iho; He Ipukarea

KaupapaMISSION STATEMENTMotueka – Whakarewa Connecting Ourselves, Our Lands and Our Legacy

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4NOTICE OF MEETING

6CHAIR REPORT

82020 BOARD OF TRUSTEES

11OUR TRUST’S GOVERNANCE

12CHIEF EXECUTIVE REPORT

14TRUSTEE PROFILE: PAUL MORGAN

16EDUCATION GRANTS AND SCHOLARSHIPS

18KIWA KAHUKURA

19TAUTOKO PUTEA

20MANAWAROA

22FACEBOOK

23KUPU ĀRAHI

24IMAGES FROM PAST OHU MAATU

26LAND REFORM

28OUR CURRENT INVESTMENTS

30AUDITOR'S REPORT

32CHARITIES STATEMENT

34FINANCIAL STATEMENTS

38ACCOUNTING POLICIES

39NOTES TO THE FINANCIAL STATEMENTS

44INTERESTS REGISTERASSOCIATE ENTITIESDIRECTORY

45TURANGĀPEKE

Contents

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Notice of the 28th Annual General Meeting 2021

Will be heldSaturday 24 April 2021, 9.00am

Te Whare Taikura O Te MaatuMotueka High SchoolWhakarewa Street, Motueka

Mairangi Reiher

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Business:1. Confirmation of Minutes of 2020 Annual General Meeting

2. Chair’s Report & Financial Statements for the Year Ended 31 December 2020

3. Appointment of Auditors

4. Election of Trustees:

Ngāti Rārua Iwi

Rōpata Taylor and Jeremy Banks will retire by rotation.

Being eligible, they both offer themselves for re-election for a further three-year term.

If you wish to be nominated for either of these vacancies a nomination form and Section 16 (2) of the Charities Act 2005 declaration form are available from the office, Level 1, Wakatū House, Montgomery Square, Nelson or contact [email protected].

Please note, under section 16 (2) of the Charities Act 2005, all nominees must declare that they are not disqualified from being an officer of a charity.

Nominations close at the Secretary’s office, Level 1, Wakatū House, Montgomery Square, Nelson at 4pm on Friday 16 April 2021.

If voting is required and we are at Alert Level 2 or higher, we will email information and instructions prior to the Hui-ā-Tau.

5. Distributions

6. Trustees’ Fees

7. General Business

(i) Presentation and discussion on new name for the Trust

Annual reports and a copy of the minutes are available to download off our website www.nrait.co.nz.

If you are unable to access the web and require a physical copy, please contact the office on 03 548 0770 or email [email protected].

A limited number of physical annual reports will be available at the Annual General Meeting.

By Order of the TrusteesJ N MURRAYSecretary

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Tēnā rā koutouTiwha tiwha te aoTiwha tiwha te pōHaruru ana te tai o AorerePapaki mai ki utaTū tonu a Te Maatū ki MotuekaKa tu te ihiihiKa tū te wanawanaTihei mauri ora!

Moe mai te hunga aitūā ki paerau. Moe mai.Nau mai aku nui, aku rahi ki te hui-ā-tau. He tau nui, he tau hou, he tau rerekē.

2020 has been a decidedly difficult and strange year. If you had asked me a year ago ‘what concerns are top of mind?’, I would not have ranked ‘living through a global pandemic’ high on the list. The measures required to deal with the spread of COVID-19 has led to widespread job losses and robbed us all of the enjoyment of normal social interaction with whānau, friends and colleagues. Of course, this does not even consider the actual human cost of lives lost to the virus itself. As such, I sincerely hope this report finds you and your loved ones well, and that you have weathered the challenges of 2020 in good health.

To this end, it is my pleasure to present you the Chair’s report for the financial year ended 31 December 2020.

In summary, operationally the Trust achieved a headline net surplus after distributions of $1,617,189 up 53.1% from the $1,056,121 reported in 2019. On top of the reported operational result, the Trust achieved a top line growth rate of 10.72% in Total assets. Total assets have now grown $66.1M from the original $11.8M received in 1993 at the formation of the Trust, to today’s current value of $77.9M (2018 $70.4M) representing a compound annual growth rate of 7.21% since the inception of the Trust.

Unfortunately, COVID-19 lockdown restrictions prohibited us from physically holding Ohu Maatu last year, so we look forward to meeting you all again kanohi ki te kanohi this coming April.

We held our third wānanga in February of this year to provide owners a sense of hapū identity. Work was also completed on a potential name change which will be discussed over Ohu Maatu weekend and on other social media platforms over the next few months. Whilst we postponed our scheduled 2020 Riuwaka (Hauora) grant programme due to COVID-19, the Trust did manage to distribute emergency COVID-19 grants to 425 owners either directly or via the Kaupapa Atawhai initiative in conjunction with other Māori entities.

We continue to wait on the Te Āwhina Marae redevelopment plan and the likely funding requests to help support this development. The development will also be a key topic of conversation during Ohu Maatu weekend.

Prolonged discussions continued throughout the year with regard to resolving our issues pertaining to restoring justice and statutory reform over our leased lands. Crown officials are seeking a full and final settlement with the Trust without the statutory reform of our leases, which may be acceptable with appropriate compensation, however Crown officials are also trying to include the settlement of Wakatū claims in respect of the Whakarewa Lands in any resolution agreement. It is not, however, in the Trust’s powers to agree to the Crown’s proposed acknowledgment, further it would be inappropriate and unwise for the Trust to agree to the Crown’s proposed acknowledgment. Trustees are seeking an urgent resolution agreement with the Crown without reference to any Wakatū claims.

In wrapping up, I wish to acknowledge and congratulate our Chief Executive John Charleton and Project Coordinator Nichola Vessey for their endless mahi throughout this difficult year, as well as acknowledging my fellow Trustees and the ongoing support received from you our Owners and whānau.

Nāku noa, nāRŌpata TaylorChair

Chair’s ReportRōpata Taylor

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" ...I sincerely hope this report finds you and your loved ones well, and that you have weathered the challenges of 2020 in good health."

Compound AnnualGrowth Rate: 7.21%

AssetGrowth:

1993$11.8m

2020$77.9m

Distributions Since 1993 $1.46m

Marae$481,067

33%

Koha$316,250

23%

Education$579,697

40%

Health$65,692

4%

Marae Grants Since 1993

Te Āwhina Marae $313,525 65%

Parerarua Marae $69,742 15%

Onetahua Marae $56,900 12%

Whakatū Marae $25,900 5%

Marokopa Marae $15,000 3%

View from Pukeone

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2020 Board of Trustees

Rōpata Taylor, Chair

Rōpata is of Ngāti Rārua and Te Ātiawa descent. He is Chair of Ngāti Rārua Ātiawa Iwi Trust Board, ex-officio member to the Investment Committee and a member of the Education, Audit & Risk, Remuneration and Whakapapa Committees. Rōpata is also currently General Manager People & Culture with Wakatū Incorporation. He is a graduate of the University of Otago and prior to joining Wakatū was a secondary school teacher and tertiary lecturer.

Jeremy Banks, Vice ChairJeremy is of Ngāti Rārua, Rangitāne and Ngāti Kuia descent. He was appointed as a Trustee of Ngāti Rārua Ātiawa Iwi Trust in 2013 and is a member of the Investment, Audit & Risk, Remuneration and Whakapapa committees. Jeremy and his wife Melissa run Plink Software, a Nelson based kaupapa Māori software company. Jeremy is a Director for Wakatū Incorporation and also holds a variety of other governance roles.

Russell (Barney) Thomas, TrusteeThrough Barney’s mother, his iwi connections are Ngāti Rārua, Ngāti Tama, Ngāti Toa and Te Ātiawa, and through his father, Ngāi Tahu. Barney has been a Trustee of Ngāti Rārua Ātiawa Iwi Trust since its inception and Vice Chair from 1998 until 2019. He is also a Director for Wakatū Incorporation. He is Chair of Te Whanake committee. Barney was Chair of Ngāti Rārua Iwi Trust until he retired in 2005 and served on the Board of Trustees for Whakarewa School from 1991 to 1993. He is currently the Pou Tairangahau for the Department of Conservation in the Nelson/Marlborough area, and was formerly with the Inland Revenue Department and the Department of Labour. Barney is married to Shona who is very patient and supportive, has three children (Renee, Fraser and Jackson), and a granddaughter, Sophia.

Paul Morgan, TrusteePaul is of Ngāti Rārua and Te Mahurehure descent. He is a member of Te Whanake, Audit and Risk and Whakapapa committees. He has held a number of commercial directorships over many years including Chairman of Wakatū Incorporation and land trustee of Te Āwhina Marae. He has been a member of various government-appointed advisory groups and industry initiatives over the years.

Emma Park, TrusteeEmma is of Te Ātiawa descent and was appointed as a Trustee in April 2008. She is the Chair of the Audit and Risk and Education committees and sits on the Investment committee. Emma is a Chartered Accountant and a member of the Institute of Directors. She is an independent contractor providing financial accounting services for various organisations and Iwi Trusts in Taranaki, where she now lives with her partner and their pēpi.

John Kātene, TrusteeJohn is of Te Ātiawa descent. He was reappointed to the Board of Ngāti Rārua Ātiawa Iwi Trust in 2017, having spent several years previously as a Trustee. John is a member of the Te Whanake committee.

Mereama Chase, TrusteeMereama is of Ngāti Rārua and Te Ātiawa descent. She was appointed as a Trustee in 2015 and is a member of the Investment, Te Whanake and Education committees. Mereama has extensive experience in public management and is currently a Director at the State Services Commission where she leads advice on the design and direction of New Zealand’s Public Service. Mereama is a graduate of Victoria University and has a Bachelor of Laws and a Bachelor of Arts in Criminology and Māori Studies. She lives in Wellington with her husband and three tamariki.

Rima Piggott, TrusteeRima was born and raised in Motueka by her parents, Warren and Joyce Stephens. She knows the whenua and the whānau who live in Motueka. She has worked in the Motueka community in different industries and loves the place. Rima still lives here on their whenua with her husband, son, daughter-in-law and four moko. Rima recognised the need to understand better the responsibility, complexity and skills that are required to serve our whānau and over the last ten years has made the commitment to upskill herself in the areas of governance through the Institute of Directors and Māori leadership programmes. Rima is an active member of a number of boards in our rohe - Te Āwhina Marae, Manawhenua ki Mohua, Ngāti Rārua whakapapa komiti, Motueka Museum, Nelson Marlborough Conservation Board and she serves her Iwi as a mandated representative. Rima is honest and reliable and honoured to serve you, the whānau.

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" The Trust’s Board of Trustees is responsible to owners for the proper direction of the Trust’s activities."

Tana Pukekohatu, Te Āwhina Marae

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Our Trust's Governance

Legislative and Regulatory FrameworkAt its highest level, Ngāti Rārua Ātiawa Iwi Trust is regulated and guided by the provisions of the Ngāti Rārua Ātiawa Iwi Trust Empowering Act 1993 together with the Charities Trust Act 1957 and the Charities Act 2005.

The Board of TrusteesThe Board is currently made up of eight elected Trustees, drawn from nominations received by registered owners of the Trust.

The Trustees are appointed via an election process by the owners for a term of three years. Current legislation permits Ngāti Rārua Iwi owners to appoint six Trustees and Te Ātiawa Manawhenua ki Motueka Iwi owners to appoint two Trustees. The terms of two or three Trustees expire each year and they are able to stand for re-election. This rotation allows for continuity and stability at Board level, whilst providing for the democratic election of new Trustees.

Details of Trustees’ interests are recorded in the Interests Register section of this report.

Board CommitteesThe Board has set up the following four committees that operate continuously and in conjunction with the Board.

Full minutes are kept of all Board and Sub-Committee meetings.

Investment CommitteeThe Investment Committee reviews and monitors the Trust’s overall investments for compliance with respect to formal Investment Policy guidelines and investment strategies adopted.

Te Whanake CommitteeChaired by Barney Thomas the Te Whanake Committee review, monitor and enact the Trust’s projects focusing on the social cultural deliverables of the Social Cultural Implementation Plan - Te Pae Mahutonga.

Audit & Risk CommitteeChaired by Emma Park the Audit and Risk Committee reviews and monitors the Trust’s overall risk (both financial and non-financial) and its risk management strategies. It reviews the effectiveness of, and monitors compliance with, all internal controls. The Committee also reviews and monitors the external audit process.

Remuneration CommitteeChaired by Jeremy Banks the Remuneration Committee deals with the remuneration setting procedures for Trustees and the Chief Executive in a transparent and objective manner.

Governance StatementThe Trust and all its subsidiaries and joint ventures operate under corporate governance principles designed to ensure all its activities are managed as effectively and efficiently as possible.

The Trust’s Board of Trustees is responsible to owners for the proper direction of the Trust’s activities. This responsibility includes approval of business plans and strategies, identification of business risks, protecting assets, overseeing management, ensuring business is conducted in compliance with the law, and reporting to owners.

Legislation requires Trustees to prepare financial statements that give a true and fair view of the Trust’s financial position, its cash flows, and those of its subsidiaries and joint ventures for the period under review.

The accounts for the financial year ended 31 December 2020 have an unqualified audit report attached.

Trustees comply with statutory requirements to maintain and disclose entries in an Interests Register covering particulars of Trustees’ interests in certain transactions, Trustees’ remuneration, and Trustees, Directors and Officers liability insurance.

Governance PolicyThe role of the Trustees is to provide vision, values, and a mission. The Board establishes key objectives, employs the right people, determines strategies, ensures goals and standards are met, and determines a culture appropriate to the Trust’s purpose.

The Trust also has a responsibility to ensure that there is an operative succession plan to cover all key governance and management roles within the current organisation, and to meet all expected future needs.

This plan requires identification and training of owners and others who might wish to participate in the Trust’s governance and management.

The Trust looks forward to your participation.

RŌpata Taylor Chair

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Tēnā koutou te hapū o Ngāti Rārua Ātiawa ki Motueka

From a global pandemic to negative oil prices, interest rates near zero, polarising elections in New Zealand and the United States, many will be more than happy to leave 2020 in the rearview mirror. The COVID-19 lockdown illustrated the resilient operating business model of the Trust with minimum impact upon day-to-day operations or final reported results.

That being said in context, it is my pleasure to report to you on the Trust’s performance for the financial year ended 31 December 2020. The total Trust operations, including social and cultural investment via Te Whanake initiatives and distributions paid, resulted in a headline net surplus after distributions of $1,617,189, up 53.1% against last year’s result of $1,056,121.

Key takeaways from the result are:

• The Trust’s total revenue for the period of $3.5M was up 30.4% ($861K) in total over the prior corresponding period. This increase was driven from a stronger than expected mussel income up 832% ($611K) with the majority of our farm harvested in the first quarter of the year, coupled with a 38.4% ($302K) increase in earnings and dividends from our portfolio of investments and associated holdings.

• The net surplus (revenue less expenses) for the year of $1,617,189 provides a prima-facie return on average annual assets of 2.2%. Whilst not a celebratory result in itself, it does continue to reflect the Trust’s overburden of property based assets versus the revenue those assets generate.

• When we combine the realised return noted above with the unrealised gains achieved from the Trust’s assets during 2020 of $6.4 million, a total owner return of 10.9% [$8.0M] has been achieved for the financial year [2019 $6.6M or 9.8%]. The total owner return is relatively pleasing in the current economic environment and continues to illustrate the achievement of a number of initiatives aimed at lifting the Trust’s overall performance.

• Operationally our property assets and equities portfolios continue to underpin the performance of the Trust, supported by steady free cash flows. Earnings quality remains sound with operating free cash flow of $1.8M for the year exceeding the surplus achieved due to non-cash expenses incurred such as depreciation. The Trust ended the year with a total cash position of $4.4M, up 16.9% on the prior year of $3.8M.

• The Trust balance sheet remains robust and strong with assets of $77.9 million. Land based assets make up a significant portion of the balance at $55.7 million [71.5%], with the balance spread over a diversified portfolio of assets to help the Trust achieve its operational objectives.

• The Trust’s objective is to maintain a capital structure that enhances owner value and preserves its capital strength which gives us the flexibility to pursue further growth opportunities. Our balance sheet, cash flow and debt profile ensure that we are very well placed for future growth.

This was our sixth year of operations under our kete asset management structure and it is continuing to achieve the expected results. A summary of the annual performance of the three kete against their individual benchmarks is provided to the right of this report.

There were no major direct movements within our investment portfolio throughout 2020 due to C-19 impacts, though we did take the opportunity to invest a further $250,000 into our Craigs management portfolio on market corrections. With interest rates remaining at historical lows we are still finding the seller/vendor price expectations do not meet prudent investment entry prices we aim for, as such we have foregone some opportunities for the purposes of capital preservation and to allow us to await better entry prices in the future.

As at balance date we have sitting on our deal desk two investments that have been approved for investment, however, we are awaiting the final documentation before completion. One is a $1M investment into the Hāpai Commercial Property Limited Partnership together with ten other Māori investors, as well as a $500K Convertible Loan to Miro-Meihana Kotata Limited Partnership. Moving into 2021 we continue to look forward to undertaking new investments and projects to help further drive the underlying earnings and asset growth of the Trust.

In ending, the Trust remains a high quality operating entity with somewhat defensive earnings streams. We will see continued growth in the years ahead as our investments continue to perform as expected.

Finally, I wish to express thanks to my Board of Trustees and staff Nichola and Amelia for their support and input throughout the past year.

Nō reira, tēnā koutou katoa

John Charleton Chief Executive

The Year in ReviewJohn Charleton

Keteasset

managementTOTAL ASSETS

$77.8m2019: $70.4m

+10.7%

Whenua Tū“to stand” - conservative

Predominantly the Trust's corpus lands and any surplus cash over operational requirements. Surplus funds are invested into a portfolio of defensive assets such as term deposits and fixed interest securities to provide a consistent and sustainable return.

Whenua Tupu“to grow” - growth

Invests predominantly into growth assets with a small allocation to defensive assets to help grow the underlying asset base of the Trust.

AUM Assets Under Management | REV Revenue Generated | CM Contribution Margin (Revenue less Expenses) | TSR Total Underlying Shareholder Returns

Whenua Tau“to rest” - balanced

Invests in a diversified portfolio of defensive assets (cash, fixed interest etc.) and growth assets (property, equities etc.) to provide the nest egg if required.

69.9%

TSR → 11%Target Return 1–5%

AUM: $54.4mREV: $1.4mCM: ($257k)

2019 AUM: $48.7m (69.2%) 2019 TSR: 6.7%

25.0%TSR → 11.0%Target Return 5–12%

AUM: $19.4mREV: $1.5mCM: $1.5m

2019 AUM: $18m (25.6%) 2019 TSR: 19.5%

5.1%

TSR → 1.11%Target Return 12+%

AUM: $3.9mREV: $43.2KCM: $43.2K

2019 AUM: $3.6m (5.2%) 2019 TSR: 15.6%

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Trustee Profile ~ Pāora Te Poa Karoro Morgan (Paul Morgan)

Being Māori, Paul (Ngāti Rārua and Te Mahurehure) believes the most important thing to know is your whakapapa - who you are and where you come from. Despite growing up in Wellington and travelling the world, his ties are to Motueka, the land his father grew up on and the land his tūpuna settled on.

Paul travelled early in his life, working on oil rigs around the world and experiencing life in much of Central America, Mexico, and the United Kingdom.

On his return to Aotearoa, and with a post-graduate degree in business management in hand, Paul began a pursuit of righting the wrongs of land ownership in Aotearoa. It was a fulltime job, and so at the ripe age of 32, Paul was appointed to the Wakatū Board - one of the youngest Board members to be voted in.

Advocating for his peopleThrough dedication, commitment and a will to fight for what’s right for the people of Te Tauihu, Paul has achieved remarkable things and has been a part of significant change for land and resource ownership for our people. In particular, he was a key representative of the Motueka people in their efforts to have the Whakarewa lands returned.

Paul joined the Rārua Council when it was founded in 1981 to begin work, alongside many others, to address and challenge the future of our lands, at the time being administered by the Whakarewa School Trust.

Five years later the work of the Rārua Council saw a breakthrough with a number of the Council members being appointed to the Whakarewa School Trust Board, including Paul, and that’s when change began to take hold. From this point Paul and many others were able to influence the administration and the policy, leading up to our founding document seven years later - the Ngāti Rārua Ātiawa Iwi Trust Empowering Act 1993.

Since the Trust’s inception in 1993, and up until 2014, Paul was the Chair of the Ngāti Rārua Ātiawa Iwi Trust, and today serves as a Trustee.

“It goes to show if you are committed and you believe in a just outcome and you work hard, you can achieve that goal.”

At the centre of Māori progressPaul has been on the Board of Wakatū since 1986, and today is the Chair of Wakatū and Kono. He is a member of the Kāhui Wai Māori – the Māori Freshwater Forum, and director of Ko Ngā Kai Whai Painga - the High Value Nutrition Science Challenge. For 20 years, he was the Chief Executive of the Federation of Māori Authorities, New Zealand’s largest Māori business network.

He has also led several national research projects, including the first Māori Economic Report, and was instrumental in developing Tekau Plus, a Māori export and foreign direct investment program.

Recognition for his mahiIn 2010, Paul’s services to Māori and Māori business development were recognised by receiving the Insignia of the Queen’s Service Order.

In 2019, he received the Tohu mō te Kaiārahi Whakahaere Māori – Māori Governance Leader Award. This prestigious award recognises a person who has achieved exceptional success in governance roles in a kaupapa Māori business and has demonstrated outstanding leadership characteristics and values that make them an outstanding role model.

In 2020, Paul was announced as one of nine New Zealand business leaders to be inducted into the New Zealand Business Hall of Fame. This honour recognises and celebrates individuals who have made a significant contribution to the economic and social development of Aotearoa. Paul will be inducted in March this year (2021).

The futurePaul is extremely proud of the Ngāti Rārua Ātiawa ki Motueka hapū, and what has been achieved over the last 35 years but recognises there is still work to be done.

Paul continues to advocate and challenge the participation Māori have in our rohe, in business and in Aotearoa, and is strongly committed to developing the next generation of leaders and supporting the learning and development of rangatahi to take the helm.

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" When you consider the difficult history and poverty that many families have experienced, progress has been immense and the positivity about our future shines bright."

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Education Grants and Scholarships 2020

This year the Education policy was reviewed. We added a new category, Toi o Ngā Rangi Grant, to support owners in their Te Reo/Tikanga journey.

Pohe Stephens, our 2018 Supreme Scholarship recipient, supported the Trust this year in renaming all grant and scholarship categories. He also gave us the following whakatauki for Te Toi Huarewa o Ngāti Rārua Ātiawa – the Education Framework.

Tāpiki-te-aweawe o TāwhakiAnything is possible when you believe in yourself.

In Tainui and Taranaki lore, it was Tāwhaki-Nui-a-Hema who climbed ‘Te Toi Huarewa’ - a sacred vine leading to Te Toi o Ngā Rangi (the heavens above) in pursuit of the three baskets of knowledge, Te Uru Tau, Te Uru Rangi, and Te Uru Matua. Before Tāwhaki made his ascent, he recited the following incantation to give him strength...

"Tāpiki-nuku, Tāpiki-waho, Tāpiki-te-aweawe o Tāwhaki."

As kaitiaki of our legacy, we encourage our whānau members to seek knowledge across a range of skills that will support the development and advancement of our hapū. To achieve that, NRAIT invests in our owner’s education.

No matter what age, level of training, or field of study, we encourage registered NRAIT owners to apply for an education grant or scholarship. We have a category for everyone wanting to advance their education .

We aim to assist our members to realise their educational aspirations and academic success, and to financially assist those taking up vocational training, including apprenticeships.

NRAIT’s education grants and scholarships programme commenced in 1996. To date $579,697 has been distributed and 515 grants and scholarships have been awarded.

Ngāti Te Rārua ĀtiawaScholarships 47 6Tertiary/Education Grants 249 55Secondary School Grants 52 2Primary School Grants 58 6Sports and Cultural Grants 11 -Kip McGrath/Study Assist Grants 27 2

Total Grants and Scholarships Awarded to Date:

Distributions Since 1996:$579,697 (2020 $57,650)

2020 Scholarship recipients

Kiwa KahukuraUru Tau Scholarship

Baylee NiwaUru Rangi Scholarship

Alexandra MurphyUru Tau Scholarship

Caragh MurphyUru Tau Scholarship

Benjamin Kaveney-GibbUru Tau Scholarship

Ebony KahukuraUru Tau Scholarship

Renee ThomasUru Rangi Scholarship

Tremaine MakoUru Tau Scholarship

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Te Rākau Matauranga: To raise the level of education and training and to provide increased employment opportunities.

Tāpiki-Nuku and Tāpiki-Waho GrantsPrimary & Secondary Education

The Tāpiki-Nuku and Tāpiki-Waho Grants are for primary and secondary school aged tamariki to assist with school donations, course fees, course costs, extra- curricular learning activity (eg Kip McGrath) etc.

Tāpiki-Aweawe GrantsEducation Grants

Tāpiki-Aweawe Grants are open to all registered members studying at any level and field of study including Certificates, Diplomas, Bachelor’s Degrees, a trade, or adult education.

Toi o Ngā Rangi GrantTe Reo/Tikanga Grant

A new addition to our education programme in 2020 was our Toi o Ngā Rangi Grant designed to support owners in their Te Reo/Tikanga learning journey. A limited number of these grants are available for students studying at any level.

Uru Tau ScholarshipTertiary Scholarships - Post/Undergraduate Level

NRAIT owners attending University or another tertiary institute may be eligible for an Uru Tau Scholarship.

Uru Rangi ScholarshipPost Graduate Scholarship

The Uru Rangi Scholarship is awarded to eligible registered NRAIT owners who are studying at post graduate level at a tertiary institute or training provider.

Uru Matua Scholarship Supreme Scholarship - Post Graduate Level

Our Uru Matua Scholarship is one of our premium scholarships and recognises registered NRAIT owners who are excelling in their programme of study or research that supports and aligns with the economic, social and cultural objectives of the Trust.

Tāwhaki-nui-a-Hema ScholarshipMātauranga Māori Kaitiaki Scholarship

Our top level scholarship recognises a registered NRAIT owner undertaking a Masters or PhD related to Māori knowledge – knowledge originating from a Māori worldview.

Te Toi Huarewa o Ngāti Rārua Ātiawa - Education Framework

Scholarship Recipient ~ Kiwa KahukuraKiwa was a 2020 recipient of the Ngāti Rārua Ātiawa Iwi Trust Uru Tau Tertiary Scholarship. He has gained a Diploma in Youth Work and is currently studying a Bachelor of Youth and Community Leadership and a Bachelor of Arts Majoring in Māori and Indigenous Studies at the University of Canterbury.

A people person, a youth advocate, a leader; Kiwa Kahukura is a local Motueka talent keen on filling a challenging, but incredibly necessary, role in our community that requires a unique skill set – youth work.

Born in Lincoln and raised up and down the West Coast, Kiwa has attended many schools throughout his young life, and for him, it seems to have positively influenced who he is as a person. Not only did he take to each school community as if he’d been there from the beginning, but he quickly got involved in extra-curricular leadership work, did well academically, and in his final year was the head boy at Greymouth High School.

Today, Kiwa’s motivation is to support local youth as they head out into the world. He is passionate about working with young

people and is developing some serious experience alongside his studies, including instructing at Whenua Iti Outdoors through their Manaaki Tāpoi programme – a programme to connect young Māori, was a Street Ambassador around Motueka and in 2020 held a youth work role based at a high school in Christchurch.

His work at the school involved group mentoring, one on one mentoring, leadership programmes, attending the school’s cultural oversight group, and advocating for students who have been treated unfairly. This year he continues to volunteer with youth work and mentoring.

“I’m working at a school that is committed to change, but they’re working through decades of colonization and a white stream education system so there’s work to be done.”

Outside of his studies and youth work, Kiwa enjoys facilitating, speaking and leadership. He recognises, and is passionate about, the possibilities presented when you’re in a position of influence and says that to create positive change for his people he needs to strive to be in those leadership roles.

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He is proud to have contributed to the Te Tauihu Intergenerational Strategy.

There is no doubt to Kiwa’s passion and commitment to youth development. He says, youth development in his opinion is based around the idea of tūhonohono, which means to join or to connect.

“When young people experience positive and healthy connections to their community, whānau, culture, peers and school, they are more likely to experience better outcomes in life, education, health and work. They also have increased confidence, resilience and a strong support network around them for when things aren't going well.

In my mahi I help young people to form positive connections in these worlds as well as supporting them to find their Tino Rangatiratanga so they can live the life that they want to live.”

Kiwa’s goal is come home to Motueka and ‘go hard in the community,’ including exploring opportunities in local government or iwi mandated social services to further impact the community in a positive way.

“I hope to bring back what I've learned to Motueka and work in collaboration with Iwi, Schools and Community to make Motueka the best place in the world for young people to live.”

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Tautoko PūteaThe Tautoko Pūtea grant programme provides financial assistance to individuals, groups and organisations participating in extra-curricular activities.

At the discretion and approval of the Board, a contribution to the value of a maximum of $1,000 will be granted upon application. NRAIT’s contribution will supplement the cost of the activity.

How to apply?More information about the grant and how to apply can be found on our website: www.nrait.co.nz/our-owners/member-benefits/education-funding.

The Ruka Tāpata Tāmati Whānau Trust This trust was awarded a Tautoko Pūtea grant to hold a wānanga to learn about their whakapapa and have a Solicitor explain the roles of Power of Attorney, Enduring Power of Attorney, Advisory Trustee, Executor and to give information about Wills.

Motueka Mai Tawhiti Intermediate Kapa Haka RōpūThis grant was used to assist with costs associated with the purchase of kākahu.

Manawaroa

in February 2019 the Ngāti Rārua Ātiawa Iwi Trust held its first cultural wānanga as a pilot programme.

Following on from the success of this pilot, we are now holding Manawaroa annually.

In 2020 a high number of applications were received so we made a decision to take two streams – both rōpū to participate in all workshops and the second stream to explore the rohe by boat and bus instead of waka and bike.

Participants are brought back to their homelands, to Motueka, to learn and experience a range of activities built around the concepts of identity, culture and whakapapa and to engage them directly with the legacy of NRAIT and instil a strong sense of hapū identity.

Participants attended workshops on traditional history, whakapapa, NRAIT’s unique history and waiata and learnt about their identity and the role of NRAIT as an entity.

Through the weekend we saw sites of significant importance to us in the Motueka area. It was an opportunity to also hear the kōrero from families in the rohe. Being present where each story took place gave the kōrero powerful context.

We had a group from the Park whānau, descendants of Mere Nako, come together over the weekend. Two of the group – sisters – travelled from the USA. Their father was raised in Motueka and this was the first time they had been home to Motueka, to walk the whenua their father lived on.

They said, ‘this weekend has exposed us to the land and the lore and the people. It’s been very meaningful and we need time to fully appreciate the depth of this experience. The connections to the land, our ancestors and to the present has been very significant.”

The group were able to take the hei tiki, a precious taonga, of Mere Nako, from the Nelson Museum for the weekend and they all had an opportunity to wear the tiki.

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Ngāti Rārua Ātiawa Iwi Trust

Thank you to the 1,483 whānau following us on Facebook and joining in on the kōrero of our digital kāinga throughout 2020.

Facebook is where we share stories we’ve written about our people, communities or history, and it’s where you can find opportunities such as scholarships, relevant jobs within the rohe, or competitions we think you may be interested in. You’ll also find upcoming events, and videos and photos we’ve

captured when the whānau and hapū have come together.

It’s great to have a place for everyone outside the rohe to be together, especially when we can’t always physically be in the same place. So we encourage our owners to join in - like, share, comment and show the aroha.

Here’s a few of the posts from the past year that you liked, loved and shared the most. Visit facebook.com/ohumaatu to join in.

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Facebook is where we share stories we’ve written about our people, communities or history, and it’s where you can find opportunities such as scholarships, relevant jobs within the rohe, or competitions we think you may be interested in. You’ll also find upcoming events, and videos and photos we’ve captured when the whānau and hapū have come together.



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Our tŪpuna, our land, our kŌrero tuku iho and our tikanga is our connection that unites us as a unique hapŪ.

All elements need to be nourished, handed down, and retained for our future generations to thrive.

We are proudly unique

Our owners make the difference to our success

We are kaitiaki

Our shared kōrero unites us

Coming together is how we stay connected

Ngāti Rārua Ātiawa Iwi Trust


Facebook is where we share stories we’ve written about our people, communities or history, and it’s where you can find opportunities such as scholarships, relevant jobs within the rohe, or competitions we think you may be interested in. You’ll also find upcoming events, and videos and photos we’ve

captured when the whānau and hapū have come together.



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200

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Land Reform

The Whakarewa lands, located in the Nelson and Motueka Districts, were originally granted to the Anglican Church by way of a Crown grant in 1853. The lands were administered by the Whakarewa School Board on a similar or identical leasing regime to the adjacent Māori reserves that were subject to the Māori Reserved Land Act 1955 and its predecessors.

Over time, the operation of these perpetual leases meant that Māori beneficial owners received less than fair market rents for their lands. In the case of the Whakarewa lands, the lands themselves (and associated income) were not returned on trust for the benefit of the descendants of the original owners until 1993.

Whilst NRAIT came into existence in 1993 as a consequence of the return of the lands at Whakarewa, its role extends beyond those lands, and involves protecting the rights of the beneficiaries more broadly and includes the protection of our property rights. The existing perpetual lease impost means that NRAIT does not have the same rights as any other property owner in New Zealand, which puts earning potential from our lands at a significant disadvantage.

In 1997 lands administered under the Māori Reserved Land Act 1955 and its predecessors were subject to amendments under the Māori Reserved Land Amendment Act 1997 that provided them with more favourable commercial terms such as more regular rent reviews, ability to charge interest and, more importantly, the provision of a right of first refusal – enabling the land owners to take back control of their lands. NRAIT didn’t receive these changes.

The Te Tauihu Waitangi Tribunal investigations found that the Crown has a responsibility to remedy the defects of the NRAIT leases. The Tribunal’s finding was that there were considerations that make it reasonable to expect the Crown to intervene with legislation to put the NRAIT land on the same footing as other Māori land administered under the Māori Reserved Land Amendment Act 1997.

In 2010 NRAIT entered into a Memorandum of Understanding with the Crown that resulted as a matter of fairness, NRAIT receiving an ex-gratia payment that approximated the payment NRAIT may have received had it been included in settlement of the commitment made in Schedule 5 of the Māori Reserved Land Amendment Act 1997.

Roll forward 10 years here we are again in discussion with Te Puni Kōkiri officials regarding the removal of the perpetual leases imposed on our lands. The Trustees are seeking statutory reform of our leases, as well as associated

compensation, and amendment to the Ngāti Rārua Ātiawa Iwi Trust Empowering Act 1993 to address several revenue-generating constraints.

Crown officials are seeking a full and final settlement with NRAIT without the statutory reform of our leases, which, may be acceptable with appropriate compensation, however, Crown officials are also trying to include the settlement of Wakatū claims in respect of the Whakarewa Lands in any resolution agreement. It is not, however, in NRAIT’s powers to agree to the Crowns proposed acknowledgement, further it would be inappropriate and unwise for NRAIT to agree to the Crown’s proposed acknowledgement.

NRAIT seeks an urgent resolution agreement with the Crown without reference to any Wakatū claims.

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“ The Ngāti Rārua Ātiawa Iwi Trust Board (NRAIT) are seeking the same property rights over the Whakarewa lands as all other property owners in New Zealand.”

Outside the fence of Te Uma urupā

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Our Current Investments

Hikapu Reach – Mussel Farm – The Trust owns 10.86ha of marine farm water space located in the Hikapu Reach locality of the Marlborough Sounds. The marine farm is managed under contract and the Trust receives its return from an annual harvest off the farm. Annual operating performance is a function of yield and quality of product. A net total of 581 GWT [2019 71 GWT] was harvested this year providing total revenue of $684,620 [2019 $73,434].

Beehives – At year end the Trust owns 1,360 beehives which are managed under contract by The True Honey Company. Under this agreement the Trust receives 25% of the final honey yield. Annual operating performance is a function of yield and quality of product. This year was our fourth harvest and the proceeds provided a total revenue to the Trust of $384,460 (2019 $188,069).

Managed Funds – The Trust currently has two service providers providing investment management and advice. The Trust has a total $3.0M invested and these investments have grown to the current value at yearend of $5.7M (+90% Absolute Return). The annual growth return achieved this year was15.1%. The funds also generated $70,100 in income representing a running yield of 1.2%. The Investment Committee will continue to monitor and grow these positions.

HoneyLab Limited – The Trust holds a direct share investment in this private unlisted company. HoneyLab has three key platforms: Dermatology, Pain Management and Nutrition and aims to position itself as a niche supplier and formulator of natural products in the multi-billion cosmetic, pharmaceutical and medical care markets. The Trust has a total of $699,335 (227,304 shares) invested into the company representing a 4.98% interest in the Company. The average entry price over the various funding rounds is $3.08 vs. the last trade price of $4.50 (+46% Absolute Return) meaning an approximate value of these shares is $1,022,868, however, due to current accounting rules applicable to the Trust, this asset is recorded at its historical cost of investment. Due to its current growth phase HoneyLab doesn’t provide the Trust with any annual income.

Augusta Industrial Fund – Is a limited liability company established as an open ended fund to invest in a portfolio of strategically selected industrial assets that provide both tenant and location diversification. Key objective is for the fund is to deliver a sustainable and stable 6.5% annual income return, plus the potential for capital growth.

Zespri Group Limited – The Trust holds a direct share investment in this public unlisted company that has evolved from our historical position of being a Kiwifruit Operator as well as a perpetual lease landowner. Total shares held at 31 December 2020 are 405,525 with a market value of $3.75M and a running forecast yield of 12.3%..

581Tonne

71Tonne2020:

MusselHarvest 2019:

1360 Hives $384.4k (2019 $188.1k)

4.98% Interest in Honeylab

Running Forecast Yield12.3%

$3.0mInvested

$5.7mCurrent Value

Dividend Income6.5%

Above anything else, good investors should be well diversified with exposure to different sectors and asset classes, formulated around their risk profile and investment time horizon. Here is a brief summary of the Trust's current investments excluding our land and direct commercial property investments....

9.2% BeeHivesHoneylab

Māori Direct Investment Miro Limited Partnership Augusta Industrial Fund

Zespri Group LimitedMiro-Meihana Koata LP

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Miro Limited Partnership (MLP) – The Trust has made a $250,000 committed capital investment into Miro Limited Partnership. As at 31 December 2020 $210,000 has been called upon. The partnership’s objective is to commercialise high-value varieties of berries in partnership with Maori Landowners. MLP also represents a unique opportunity to participate in one of the last freedom to operate areas within the horticulture industry and to own the complete value chain. This investment is about land utilization and owning a portion of the final value chain proceeds – not just an orchard gate return grower.

Miro-Meihana Koata LP – The Trust invested $200,000 into the Miro-Meihana Koata LP – which is a blueberry growing partnership located in Te Teko. This is a complementary investment sitting alongside our Miro LP Partnership investment – to help gain direct berry growing exposure and learnings.

Te Puia Tāpata LP (Māori Direct Investment Fund) – The Trust has made a $1,000,000 committed capital investment into the Te Puia Tāpata LP Investment Fund. As at 31 December 2020 $272,891 has been called upon. The Fund is an investment opportunity spearheaded by a Project Team with the support of the New Zealand Superannuation Fund (NZ Super) and with significant consultation from Māori and Iwi Investor Groups. The Fund will be a collective investment vehicle focused on large-scale direct investments in New Zealand businesses.

ADDITIONS THIS YEAR:Craigs Investment Properties (Managed Funds) – An additional $250,000 was invested in 2020 on market dips throughout the year.

DISPOSALS FROM LAST YEAR: Nil.

Committed Capital Investment$250,000

Committed Capital Investment$1,000,000

Marine Farm 1.0%4.1% Other assets (Buildings/Working Capital)

5.7% Cash at Bank

8.4% Managed Funds

Commercial Property 10.4%

Whenua Assets 61.2%9.2% BeeHives

Honeylab Māori Direct Investment Miro Limited Partnership Augusta Industrial Fund

Zespri Group LimitedMiro-Meihana Koata LP

Current Investments

NOTES: Committed Capital investments mean the Trust has committed to a maximum total investment of the amount noted over a period of years. Actual investments are made when the respective capital calls are received from the various investment managers. This explains the difference between the committed capital quantum and the actual quantum completed as at balance date.

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INDEPENDENT AUDITOR’S REPORT

To the Trustees of Ngāti Rārua Ātiawa Iwi Trust Board

Report on the Performance Report

OpinionWe have audited the performance report of Ngāti Rārua Ātiawa Iwi Trust Board, (“the Trust”), which comprises the entity information, the statement of service performance, the statement of financial performance and statement of cash flows for the year ended 31 December 2020, the statement of financial position as at 31 December 2020 and the statement of accounting policies and other explanatory information.In our opinion:a) the reported outcomes and outputs, and quantification of the outputs to the extent

practicable, in the statement of service performance are suitable;b) the accompanying performance report presents fairly, in all material respects: • the entity information for the year then ended; • the service performance for the year then ended; and • the financial position of the Trust as at 31 December 2020, and its financial

performance and cash flows for the year then endedin accordance with Public Benefit Entity Simple Format Reporting – Accrual (Not-For-Profit) issued by the New Zealand Accounting Standards Board.

Basis of OpinionWe conducted our audit of the statement of financial performance, statement of financial position, statement of cash flows, statement of accounting policies and notes to the performance report in accordance with International Standards of 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). Our responsibilities under those standards are further described the Auditor’s Responsibilities for the Audit of the Performance Report section of our report. We are independent of the Trust in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Other than in our capacity as auditor, we have no relationship with, or interests in the Trust.

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Responsibilities of the Trustees for the Performance ReportThe Trustees are responsible 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 on behalf of the entity which comprises:

• the entity information; • the statement of service performance; and • the statement of financial performance, statement of financial position, statement of

cash flows, statement of accounting policies and notes to the performance 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, andc) such internal control as the Trustees determine is necessary to enable the preparation

of the performance report that is free from material misstatement, whether due to fraud or error.

In preparing the performance report, the Trustees are responsible on behalf of the Trust for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trusteed either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Performance ReportOur objectives are to obtain reasonable assurance about whether the performance report is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAE (NZ) 3000 (Revised) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could be reasonably be expected to influence the economic decisions of users taken on the basis of these performance report.

The full details of the auditor’s responsibilities can be found on the following web page.https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/

INDEPENDENT AUDITORS LTDNELSON 10 March 2021

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Legal Name of Entity: Ngāti Rārua Ātiawa Iwi Trust BoardOther name of entity (if any): NRAITType of Entity and Legal Basis (if any): Charitable Trust and Registered CharityRegistration Number: CC20248

Entity StructureTrust Structure: Our Trust Deed states that we may have up to 10 Members of the Board (Trustees). We currently have eight Trustees that constitute our governance board plus an independent Secretary. Trustees/governance members may lead sub-committees as determined by our annual work plan and priorities.

Purpose/Mission: The Trustees hold the Trust property UPON TRUST to promote the education, vocational training, economic development, health, religious and spiritual welfare (including the promotion of Maoritanga), social services, hospital and residential care of beneficiaries and the relief of poverty and provision of social support and care for indigent or impoverished beneficiaries in each case in New Zealand.

Operational Structure: Our operations are managed by a team of 2.5 paid full time equivalent employees. We employ a Chief Executive, an Office Manager/Project Co-Ordinator, and a part-time Accountant. Any project work required is completed by third party contractors.

Main Sources of Entity’s Cash and Resources, and Methods used to Raise Funds: Ngāti Rārua Ātiawa Iwi Trust Board has received its income from a mixture of lease rentals from lands and investment properties owned, income from operational assets held and interest and dividends from investments made.

Entity’s reliance on Volunteers and Donated Goods or Services: No reliance is placed on volunteers and donated goods or services to carry out operations of the Trust.

Contact DetailsPhysical Address: Level 1, Wakatū House,

28 Montgomery Square, Nelson

Postal Address: PO Box 13 Nelson

Phone: 03 548 0770

Email: [email protected]

Website: www.nrait.co.nz

Facebook: www.facebook.com/ohumaatu

Charities StatementNgāti Rārua Ātiawa Iwi Trust Board

Entity Information For the year ended 31 December 2020

“Who are we?”, “Why do we exist”

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Description of the Entity’s OutcomesThe Trust’s strategic intent is facilitating a mechanism to support and mentor whanau to create their own economic agenda or commercial goal. The key outcome to achieve this intent is the promotion of education grants upon application by owners. In 2020 102 grants were awarded up from the 54 awarded in 2019.

The Trust provided two marae grants to Te Āwhina and Parerarua over the course of 2020.

The Trust held its second Manawaroa wānaga in 2020 to help instil a strong sense of hapū identity and to explore the geneis hapū that the owners all come from.

The Trust also made available to all owners a one-off Covid-19 grant to help them with any immediate financial stress caused by the lockdown. This grant delayed our proposed Riuwaka Hauora Grant scheduled to have been rolled out in 2020, now deferred till 2021.

Actual 2020 Actual 2019 Description and Quantification of the Entities Outputs: No. Value $ No. Value $Koha (including Sports and Culture Grants) 24 11,890 24 15,935Education Grants 102 57,650 54 51,863Marae Grants 2 7,120 1 2,802Health and Wellbeing 425 44,017 - -

Charities StatementNgāti Rārua Ātiawa Iwi Trust Board

Statement of Service Performance For the year ended 31 December 2020

“What did we do?”, “When did we do it”

“On behalf of our whanau we would like to

thank NRAIT for the education grants that we have received this year. We are very appreciative of your

support towards helping us to provide the best future for our children and for our mokopuna. It is with

much aroha that we recognise this taonga.”

Recipient of education grant 2020

“Thank you so much for the ongoing tautoko, and awarding me

with a scholarship.”


“Ka mihi atu au ki a koutou mō tō āwhina. Ka tuku whakapāha au mō te tōmuri o tēnei imera, kāore au tētahi

matawai. E kore e mutu aku mihi ki a koutou te whanāu NRAIT!!”


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Statement of Financial PerformanceFor the Year Ended 31 December 2020

How was it funded? and What did it cost?

NOTE 2020 2019$ $

REVENUERevenue from Providing Goods or Services 2,451,216 1,892,545 Interest, Dividends and Other Investment Revenue 1,092,860 825,937 TOTAL REVENUE 1 3,544,076 2,718,482

EXPENSESCosts related to Providing Goods or Services 767,577 602,677 Employee Related Costs 519,642 500,031 Other Expenses 518,990 489,053 TOTAL EXPENSES 2 1,806,209 1,591,761

NET SURPLUS BEFORE DISTRIBUTIONS 1,737,867 1,126,721 Less Distributions 12 120,677 70,600 NET SURPLUS AFTER DISTRIBUTIONS 1,617,189 1,056,121

OTHER UNREALISED GAINS/(LOSSES)Unrealised Gain on Revaluation Land & Buildings 5,780,600 3,181,177 Unrealised Gain on Revaluation of Investments 656,196 2,327,119 TOTAL OTHER UNREALISED GAINS/(LOSSES) $ 6,436,796 $ 5,508,296

TOTAL INCOME $ 8,053,985 $ 6,564,417

These Statements are to be read in conjunction with the Statement of Accounting Policies and Notes to the Financial Statements.

REVENUE (Whiwhinga) - This is the Trust's income from rentals charged on our lands and commercial properties, income from marine farm operations and interest and dividends received from our investments.

NET SURPLUS (Hua) - This represents the surplus revenue generated throughout the year after deduction of all expenses, adding the share of associate results and subtracting distributions paid out. This is then reinvested to generate future income.

EXPENSES (Utu) - These are all the costs we have had to pay to produce our income. This includes harvesting costs associated with marine farm operations, employee costs, governance costs, insurances, rentals, repairs and maintenance, valuations and legals.

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Statement of Movement in EquityFor the Year Ended 31 December 2020

NOTE 2020 2019 $ $

TRUST CAPITALSurplus at beginning of year 23,919,532 23,919,532 Capital Profits / (Losses) - - TRUST CAPITAL - YEAR END 23,919,532 23,919,532

INVESTMENT REVALUATION RESERVESurplus at beginning of year 4,347,596 2,020,477 Revaluations increase / (decrease) 656,196 2,327,119 INVESTMENT REVALUATION RESERVE - YEAR END 5,003,792 4,347,596

LAND AND BUILDING REVALUATION RESERVESurplus at beginning of year 38,537,761 35,356,584 Revaluations increase / (decrease) 5,780,600 3,181,177 LAND AND BUILDING REVALUATION RESERVE - YEAR END 44,318,361 38,537,761

RETAINED EARNINGSOpening Balance 772,135 (283,986)Net Operating Surplus / (Deficit) Before Distributions 1,737,867 1,126,721 Distributions 12 (120,677) (70,600)RETAINED EARNINGS - YEAR END 2,389,324 772,135

TOTAL ACCUMULATED FUNDS $ 75,631,009 $ 67,577,024

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Statement of Financial PositionAs at 31 December 2020

(What we own and what we owe)

NOTE 2020 2019CURRENT ASSETS $ $ Cash and cash equivalents 7 1,323,453 1,064,193 Mussel Crop on Line 294,753 252,950 Honey Crop on Hand 174,600 179,850 Accounts Receivable - Trade & Sundry 3 149,937 149,011 Accounts Receivable and Accrued - Leased Land Rentals 88,709 112,633 Investments - Term Deposits 8 2,965,582 2,703,017 TOTAL CURRENT ASSETS 4,997,034 4,461,654

NON-CURRENT ASSETSProperty, Plant & Equipment 4 60,067,937 54,461,851 Total Property, Plant & Equipment 60,067,937 54,461,851

INVESTMENTSInvestments - Term Deposits 8 116,074 - Shares & Marketable Securities 5 12,405,968 11,128,077 Associate Companies 6 308,582 304,481 Total Investments 12,830,624 11,432,558

TOTAL NON CURRENT ASSETS 72,898,561 65,894,409

TOTAL ASSETS 77,895,595 70,356,063

LESS CURRENT LIABILITIESAccounts Payable 9 264,588 194,712 Trade Facilities 10 2,000,000 2,584,327 TOTAL CURRENT LIABILITIES 2,264,588 2,779,039

NET ASSETS $ 75,631,009 $ 67,577,024

EQUITYTrust Capital & Reserves 73,241,685 66,804,889 Retained Earnings 2,389,324 772,135 TOTAL ACCUMULATED FUNDS $ 75,631,009 $ 67,577,024

The Board of Ngāti Rārua Ātiawa Iwi Trust authorised these Financial Statements for issue on 10 March 2021.

Signed for and on behalf of the Board

RŌpata Taylor Emma ParkChair Chair, Audit Committee


TOTAL ASSETS (Hua Tapeke) - This is the sum of all the assets that the Trust owns. The assets are either funded by Equity or by Liabilities. Assets are classified as either Current, meaning they are able to be sold or cashed up in a period of 12 months, (e.g Cash, Inventory, Accounts Receivable) or Non-Current, assets held for longer than 12 months and used to generate income (e.g. Property, Plant & Equipment, Land, Commercial Investments, Other Investments.

LIABILITIES (Tauhana) - This is the amount the Trust owes to the bank or third party suppliers of goods and services that we are yet to pay for under normal trading terms. Liabilities plus Equity fund the Total Assets of the Trust.

EQUITY (O Tatao Tutanga) - This is the Owner's interest in the total assets of the Trust after all liabilities have been paid for. It is an accumulation of the original capital from when the Trust was established, plus the profits accumulated since, including movements in asset values that are shown at market value, less the distributions made by way of grants etc.

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Statement of Cash FlowsFor the Year Ended 31 December 2020

How the entity has received and used cash

NOTE 2020 2019CASH FLOWS FROM OPERATING ACTIVITIES $ $ Cash was provided from: Rentals Received 1,789,821 1,880,765 Interest Received 5,156 4,141 Dividends Received 550,338 416,285 Other Income Received 1,074,330 304,813 Net Goods & Services Tax Received 2,750 -

3,422,395 2,606,004 Cash was applied to: Payments to Suppliers 1,013,671 777,730 Payments to Employees & Trustees 546,052 452,098 Payment of Interest 83,990 103,706 Net Goods & Services Tax Paid - 34,742

1,643,713 1,368,276 Net Cash (Outflow) / Inflow from Operating Activities 11 1,778,682 1,237,728

CASH FLOWS FROM INVESTING ACTIVITIES Cash was provided from: Receipts from Other Investments 182,666 -

182,666 - Cash was applied to: Purchase of Fixed Assets 23,974 299,033 Investments Made 973,110 659,305

997,084 958,338 Net Cash (Outflow) / Inflow from Investing Activities (814,418) (958,338)

CASH FLOWS FROM FINANCING ACTIVITIES Cash was provided from: Loans Drawn Down - 200,000

- 200,000 Cash was applied to: Loans Repaid 584,327 - Distributions made 120,677 70,600

705,004 70,600 Net Cash Inflow / (Outflow) to Financing Activities (705,004) 129,400

NET INCREASE / (DECREASE) IN CASH HELD 259,260 408,790 Funds held at Start of Year 1st January 2020 1,064,193 655,404

NET FUNDS HELD (OVERDRAWN) AT END OF YEAR $1,323,453 $1,064,193

Comprising: Bank of New Zealand Limited 380,103 173,810 Westpac Limited 6,815 6,915 Craigs Investment Partners IAS 252,699 - Kiwibank 82 112 ASB Private Bank 683,754 883,355

$1,323,453 $1,064,193


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Statement of Accounting PoliciesFor the Year Ended 31 December 2020

How did we do our accounting?1. BASIS FOR PREPARATIONNgāti Rārua Ātiawa Iwi Trust is a Charitable Trust registered under the Charities Act 2005. The financial statements have been prepared in accordance with Generally Accepted Accounting Practice (GAAP). The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis are followed by the Ngati Rarua Atiawa Iwi Trust, except that certain assets have been revalued.In line with new Charities Reporting requirements the Ngāti Rārua Ātiawa Iwi 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. All transactions in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the assumption that the entity will continue in the foreseeable future. The Board has adopted the following Tier 2 PBE Accounting Standards in the preparation of these accounts.PBE IPSAS 17 – Property, Plant and EquipmentPBE IPSAS 29 – Financial Instruments: Recognition and MeasurementPBE IPSAS 26 – Investments in Associates and Joint Ventures

2. SPECIFIC ACCOUNTING POLICIES(A) ACCOUNTS RECEIVABLE

Accounts receivable are stated at estimated realisable value. No provision has been made for doubtful debts but any bad debts are written off in the Statement of Financial Performance.

(B) PROPERTY, PLANT & EQUIPMENTItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.Subsequent to initial recognition, land and commercial investment buildings are measured using the revaluation model. Under the revaluation model, land and buildings are measured at fair value, less any impairment losses recognised since the date of the last revaluation. Revaluations are completed on an annual basis.Forestry remains recorded at fair value using the valuation issued by Murray Inglis, NZIF Registered Forestry Consultant as at 31 March 2019, due to entering into a forest harvest agreement with PF Olsen which provides for a net harvest revenue value in line with this valuation. Fair value of other land and buildings is their market value using the unimproved land valuations as issued by Quotable Value NZ Ltd as at 31 December 2020. Changes in value of land and buildings are recorded in other comprehensive income and credited to the Land and Building revaluation reserve in equity. Depreciation is charged on a straight line basis over the useful life of the asset, except for land and commercial investment buildings. All other buildings are depreciated. Depreciation is calculated on a straight line basis to allocate the cost of the asset less any estimated residual value over the remaining estimated economic asset lives, as follows:

Buildings - 40 to 50 yearsComputer Software - 3 yearsFencing and yards - 10 yearsFurniture and fittings - 10 yearsMotor vehicles - 5 to 10 years

Orchard development costs - 10 to 15 yearsPlant and equipment - 10 yearsMarine Farm Water Space - 20 years

(Resource Consent expiry)Marine Farm Infrastructure - 9 years

(C) GOODS & SERVICES TAXThe Trust is registered for Goods & Services Tax (Registration Number 61-705-546). The financial statements have been prepared on a GST exclusive basis.

(D) OPERATING LEASESOperating leases are those in which all the risks and benefits are substantially retained by the lessor. Lease payments are expenses in the periods the amounts are payable.

(E) REPAIRS & MAINTENANCERepairs and maintenance have been written off in the Statement of Financial Performance as they occur.

(F) RESEARCH & DEVELOPMENTResearch expenses are brought to account in the Statement of Financial Performance in the period incurred. Development costs are deferred where future benefits are expected and amortised over such future periods. Unamortised costs are reviewed at balance date to determine the level of costs which are no longer recoverable and such costs are written off.

(G) REVENUE RECOGNITIONRevenue is measured at the fair value of the consideration received or receivable for the sale or services, to the extent that is it probable that the economic benefits will flow to the trust and revenue can be reliably measured. Interest income is recognised on an accruals basis and Dividend income is recognised when the dividend is declared.All other revenue is accounted for on an accruals basis in accordance with the substance of the transaction.

(H) TAXATIONNo income taxation liability exists in accordance with the Income Tax Act 2007 as the Ngati Rarua Atiawa Iwi Trust is a registered Charitable Trust.

(I) ASSOCIATE COMPANIESThese are companies in which the Trust holds substantial shareholdings and in whose commercial and financial policy decisions it participates. Associate companies have been reflected in the Trust’s financial statements on an equity accounting basis which shows the Trust’s share of surpluses and deficits in the Statement of Financial Performance and its share of post acquisition changes in net assets in the Statement of Financial Position.

(J) STATEMENT OF CASH FLOWSThe Statement of Cash Flows is prepared exclusive of GST, which is consistent with the method used in the Statement of Financial Performance.Definitions of the terms used in the statement of cash flows are as follows:“Cash” includes deposits and other highly liquid investments readily convertible into cash and includes at call borrowings such as bank overdrafts, used by the group as part of their day-to-day cash management.“Operating Activities” include all transactions and other events that are not investing or financing activities.“Investing Activities” are those activities relating to the acquisition and disposal of current and non-current investments

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Notes to Financial StatementsFor the Year Ended 31 December 2020

2020 2019$ $

1. TOTAL REVENUE 3,544,076 2,718,482Included in total revenue are the following:Revenue from Providing Goods and Services 2,451,216 1,892,545Lease & Rental Revenue 1,766,596 1,819,111Marine Farm Revenue 684,620 73,434

Interest, Dividends and Other Investment Revenue 1,092,860 825,937Interest Revenue 90,654 114,244Dividend Revenue 613,645 482,334Share of Associate Results 4,101 39,289Share of Honey Proceeds 384,460 188,069Other Revenue - 2,000

2. TOTAL EXPENDITURE 1,806,209 1,591,761Included in total expenditure are the following:Costs related to Providing Goods or Services 767,577 602,677Annual General Meeting Costs 8,449 36,076General and Administration 26,362 25,670Forestry Expenses 21,071 29,245Insurances 67,587 55,573Legal Expenses 15,743 29,596Marine Farm Expenses 389,650 63,464Meeting Fees 4,581 7,501Office Rental & Outgoings 37,190 35,183Property Management Fees 41,649 43,275Rates 47,571 40,861Resource Management Costs 9,387 15,008Repairs & Maintenance Costs 20,576 97,219

and any other non-current assets. “Financing Activities” are those activities relating to changes in the equity and debt capital structure of the Trust and those activities relating to the cost of servicing the Trust’s equity capital.

(K) OTHER INVESTMENTSShares & Marketable SecuritiesThe Trust's shares and marketable securities are classified as available for sale within the scope of NFP PBE IPSAS 29 Financial Instruments: Recognition and Measurement. The classification of financial assets are determined at initial recognition.Available for sale financial assetsThese assets are initially measured at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses are recognised in other comprehensive income and accumulated in the Investment revaluation reserve in equity. When these assets are derecognised, the gain or loss accumulated in equity is reclassified to surplus or deficit.Share and marketable securities are recorded at cost where Fair Value cannot be reliably measured.

(L) MUSSEL CROP ON LINEMussel Crop on line has been valued at the lower of cost and net realisable value.

(M) HONEY CROP ON HANDHoney Crop on hand has been valued at the lower of cost and net realisable value.

(N) CONSOLIDATION ABEL TASMAN SEAFOODS LIMITEDThe Trust is the 100% owner of Abel Tasman Seafoods Limited a non-trading shell company which has no assets as at 31 December 2020. (2019 $0).

(O) CONSOLIDATION KORU INVESTMENTS GROUP LIMITEDThe Trust is the 100% owner of Koru Investments Group Limited a non-trading shell company which has no assets as at 31 December 2020. (2019 $0).

(P) EMPLOYEE COSTSEmployee entitlements are measured at undiscounted nominal values based on accrued entitlements at current rates of pay. These include salaries and wages accrued up to balance date, annual leave earned but not taken at balance date, and long service leave.The Trust recognizes a liability and an expense for bonuses it is contractually obliged to pay, or where a past event has created a constructive obligation.

(Q) PROVISIONSThe Trust recognises a provision for future capital expenditure of uncertain amount or timing when there is a present obligation (either legal or constructive) as a result of a past event, from which the probability that an outflow of future economic benefits will be required to settle the obligation and the ability to determine a reliable estimate of the obligation both exist.

(R) CHANGES IN ACCOUNTING POLICIESThere have been no changes to accounting policies during the financial year.

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2020 20192. TOTAL EXPENDITURE (...Continued) $ $Secretarial and Administrative Fees 30,000 30,000Subscriptions & Courses 15,871 14,280Telecommunication Costs 4,723 6,823Travel & Accommodation 7,332 39,213Valuation Fees 19,835 33,690Employee Related Costs 519,642 500,031ACC Levies 2,181 756Employee Related Costs 327,375 316,728Trustees Fees (detailed in Note 13) 182,564 168,947Training Related Costs 7,522 13,600

Other Expenses 518,990 489,053Audit Fees 12,096 16,070Bank Fees 13,237 13,248Depreciation Costs 198,487 183,511Consultancy Costs 55,536 34,575Honey Holding Costs (including net inventory delta) 5,250 -Interest Costs 83,990 103,706Owner Engagement & Connectedness 65,183 56,216Portfolio Management Fees 29,984 27,471Urupa Maintenance 55,228 54,257

3. ACCOUNTS RECEIVABLE TRADE & SUNDRY 149,937 149,011

4. PROPERTY, PLANT AND EQUIPMENT

Land Buildings Marine Farm Machinery

Furniture, Fixtures and

Other Total2020Opening Balance 46,269,323 6,222,492 457,460 2,925 1,509,650 54,461,851 Additions - - 21,496 - 2,347 23,843 Disposals - - - - - - Depreciation (As per Statement of Financial Performance)

- 8,506 29,489 2,925 157,436 198,356

Revaluations (net) 5,368,300 412,300 - - - 5,780,600 Closing Balance (As per Statement of Financial Position)

51,637,623 6,626,286 449,467 - 1,354,561 60,067,938

Gross Carrying Amount 51,637,623 7,028,031 721,496 38,571 2,437,224 61,862,945 Accumulated Depreciation - 401,745 272,028 38,571 1,082,663 1,795,008 Net Carrying Amount 51,637,623 6,626,286 449,468 - 1,354,561 60,067,937

2019Opening Balance 43,056,910 5,930,741 486,949 3,250 1,654,628 51,132,478 Additions 35,981 295,725 - - - 331,706 Disposals - - - - - - Depreciation (As per Statement of Financial Performance)

- 8,719 29,489 325 144,978 183,511

Revaluations (net) 3,176,432 4,745 - - - 3,181,177 Closing Balance (As per Statement of Financial Position)

46,269,323 6,222,492 457,460 2,925 1,509,650 54,461,851

Gross Carrying Amount 46,269,323 6,615,731 700,000 38,571 2,434,877 56,058,502 Accumulated Depreciation - 393,239 242,540 35,646 925,227 1,596,652 Net Carrying Amount 46,269,323 6,222,492 457,460 2,925 1,509,650 54,461,851

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2020 20195. SHARES & MARKETABLE SECURIITES $ $Recorded at market value as at balance dateASB Funds Management 2,567,954 2,418,227Craigs Investment Partners 3,142,485 2,545,048Craigs Investment Partners - Education 812,197 725,817Zespri Group Limited 3,751,106 3,568,620

10,273,742 9,275,712Recorded at original investment value as at balance dateAugusta Industrial Fund Limited 750,000 750,000HoneyLab Limited 699,335 699,335Miro – Meihana Koata LP 200,000 200,000Miro Limited Partnership 210,000 210,000Te Puia Tapapa Limited Partnership 272,891 11,030

2,132,226 1,870,365TOTAL 12,405,968 11,128,077

6. ASSOCIATE ENTITIESThe associates, their activities and related disclosures are as follows:

NAME CARRYING VALUE HOLDING % BALANCE DATE PRINCIPAL ACTIVITY2020 2019 2020 2019

Estuary Pack & Cool Ltd 156,916 155,126 33% 33% 31 December LandlordSea Products Ltd 151,666 149,355 50% 50% 30 September Asset HoldingTOTAL 308,582 304,481

Where the associated entity balance dates are not aligned with the Trust, results from monthly management accounts have been used to account for the Trust’s share of the entities’ operating results to 31 December 2020.Estuary Pack & Cool Ltd share of operating results are recorded for the period ending 31 December 2019 due to the unavailability of more current information.Where significant differences in accounting treatments exist between the annual audited accounts and monthly management accounts, these differences have been adjusted for.

2020 2019$ $

Interest in AssociatesShares – Ordinary 100,500 100,500Shares – Redeemable Preference Shares - -Advances 181,438 181,438TOTAL INVESTMENTS AT COST 281,938 281,938

Share of Retained Earnings – Current Year 4,101 39,289Share of Retained Earnings – Previous Years 22,543 (16,746)

NET INTEREST IN ASSOCIATES – YEAR END 308,582 304,481

Results of AssociatesEstuary Pack & Cool Ltd 1,790 33,576Sea Products Ltd 2,311 5,713 TOTAL SHARE OF SURPLUSES / (DEFICITS) 4,101 39,289

7. BANK IN FUNDS / (OVERDRAFT) $ $ASB Bank 683,754 883,355BNZ 380,103 173,810Craigs Investment Partners IAS 252,699 -Kiwibank 82 112Westpac 6,815 6,915TOTAL 1,323,453 1,064,193

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8. INVESTMENTS - TERM DEPOSITSInvestments that have an original maturity date greater than three months and therefore do not fall into the category of cash and cash equivalents.

2020 2019CURRENT $ $ASB Bank 1,648,281 1,604,660BNZ 552,238 835,816Craigs Investment Partners IAS 500,000 -Kiwibank 236,774 234,266Westpac 28,289 28,275TOTAL 2,965,582 2,703,017

Current Term Deposits held are due to mature within the next 12 months therefore are classified as current assets.NON CURRENT

BNZ 116,074 -TOTAL 116,074 -

Non Current Term Deposits are held for a maturity greater than 12 months therefore are classified as non-current assets. 9. ACCOUNTS PAYABLE 264,588 194,712Included in accounts payable are the following:Trade Payables & Accruals 220,235 118,923Employee & Trustee Entitlements 42,420 76,606GST Payable/(Refundable) 1,933 (817)

10. TRADE FACILITIESASB Trade Facility 2,000,000 2,584,327The Trust has a combined trade facility agreement of $5,000,000 with ASB Bank Limited. As at balance date a net $2,000,00 (2019 $2,584,327) had been drawn upon. The facility is fully secured against specific term deposits held with ASB Bank Limited totaling $1,500,000 (2019 $1,500,000) along with registered all obligations Mortgages over the following properties:

- 258 High Street, Motueka (Identifier number(s) 21447)- 20 Parker Street, Motueka (Identifier number(s) NL7C/1271, NL7C1270, NL4D/1070)- 19 Old Wharf Road, Motueka (Identifier number(s) NL5C/142, NL7B/146)- 66 High Street, Motueka (Identifier number(s) NL12B/1271)- 276 High Street, Motueka (Identifier number(s) NL12C/486)- Thorp Street Motueka (Identifier number(s) NL93/102)

The current interest rate applicable on funds drawn is 2.87% (2019 3.86%). The Facility is repayable on demand.

11. NET CASHFLOW FROM OPERATING ACTIVITIES 2020 2019Reconciliation of net surplus to net cash flow from operating activities: $ $Net Surplus / (Deficit) 1,617,189 1,056,121Non Cash ItemsDepreciation 198,487 183,511Share of Associate Results (4,101) (39,289)Movements in Working Capital(Increase) / Decrease in Accounts Receivable & Land Rentals 22,997 281,763(Increase) / Decease in Mussel Crop on Line (41,803) (11,826)(Increase) / Decease in Honey Crop on Hand 5,250 (179,850)Increase / (Decrease) in Accounts Payable (18,875) 33,776Items Classified as InvestingNet Income Directly Invested (121,139) (157,078)Distributions 120,677 70,600NET CASHFLOW FROM OPERATING ACTIVITIES 1,778,682 1,237,728

12. DISTRIBUTIONS 2020 2019The following distributions were paid during the year: $ $Koha 11,890 15,935Education Grants 57,650 51,863Marae 7,120 2,802Health and Wellbeing 44,017 -

120,677 70,600

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13. TRUSTEES FEESThe total quantum of Trustee fees for the year are approved at the Annual General Meeting supported by independent third-party research. The Trustees then at their discretion allocate the actual fees paid based on Chair, Vice Chair and associated Trustee del-egations for the main board and any other subsequent sub committees.

Total remuneration paid during the year:2020 2019

$ $Banks, J 26,000 22,833Buchanan, J 14,250 16,167Chase, M 21,000 18,333Katene, J 17,000 15,167Morgan, P 21,000 18,833Park, E 23,000 22,833Piggott, R 3,908 -Taylor, R 37,000 33,333Thomas, R 19,000 20,667Young, A (Alternate) 406 280TOTAL 182,564 168,947

14. CONTINGENT LIABILITIESThe Trust has entered into a guarantee with ANZ Bank for $50,000 to cover loans made to Estuary Pack & Cool Ltd. It is highly unlikely that the Trust will be required to make payment under the guarantee.There are no other contingent liabilities as at balance date (2019 $0).

15. CAPITAL COMMITMENTSThe Trust has entered into a direct committed capital investment of $250,000 into Miro Limited Partnership. This investment is held directly by the Trust. As at balance date $210,000 (2019 $210,000) has been called and invested. The balance of the committed capital (if called upon) is expected to be called in equal instalments over a period not exceeding 10 years as and when investment funds are required.The Trust has entered into an indirect committed capital investment of $200,000 into Oriens Capital Private Equity Limited. This investment is held and managed within our Craigs Investment Partners Managed Portfolio. As at balance date $139,000 (2019 $119,000) has been called and invested. The balance of the committed capital (if called upon) is expected to be called in equal instalments over a period not exceeding 7 years as and when investment funds are required.The Trust has entered into a direct committed capital investment of $1,000,000 into Maori Direct Investment Fund. This investment is held directly by the Trust. As at balance date $272,891 (2019 $11,030) has been called and invested. The balance of the committed capital (if called upon) is expected to be called in equal instalments over a period not exceeding 10 years as and when investment funds are required.The Trustees have committed up to a maximum of $500,000 during the forthcoming financial year ended 31 December 2021 for the provision of a convertible loan to Miro-Meihana Koata LP. This investment was subject to documentation and shareholder approval as at balance date.The Trustees have committed up to a maximum of $1,000,000 during the forthcoming financial year ended 31 December 2021 for investment in Hāpai Commercial Property LP. This investment was subject to formal fund closing as at balance date.The Trustees have committed up to a maximum of $250,000 during the forthcoming financial years ended 31 December 2021 and 2022 in regard the development of a Rongo Plantation at Te Uma Urupa.

16. RELATED PARTY TRANSACTIONSWakatū Incorporation is deemed to be a related party of the Trust by virtue of having common Board representatives. Namely, Paul Morgan, Russell (Barney) Thomas and Jeremy Banks. During the financial year the Trust rented office space from Wakatū Incorporation for $37,190 (2019 $35,183) as well as paying for property management services of $25,000 (2019 $25,000).

During the financial year the Trust leased lands to Kono NZ LP for $327,820 (2019 $327,820). Wakatū Incorporation are the guarantor under this lease.

17. EVENTS SUBSEQUENT TO BALANCE DATENIL (2019 NIL). No events subsequent to balance date are likely to effect the Trust’s ability to continue to operate.

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Interests RegisterRōpata TaylorDirector:Estuary Pack and Cool LtdEmployee:Wakatū IncorporationChair and Trustee:Parana Te Hunahuna Whānau TrustTrustee:Te Āwhina Marae Land Trust

Jeremy BanksDirector: Wakatū IncorporationKoru Investment Group LtdPlink LtdLiss Photography LtdNetwork for LearningNelson Regional Development AgencyAlternate Te Tauihu Representative:Federation of Māori AuthoritiesMember:Kāhui Māori Advisory Group for the Science for Technology and Innovation Challenge

Russell (Barney) ThomasDirector:Wakatū IncorporationWāhanga LtdAbel Tasman Land Co LtdWaimea Water Augmentation CommitteeTasman Mako Māori Rugby BoardEmployee:Department of ConservationChairperson:Tiakina te TaiaoTrustee:Te Āwhina MaraeRukatapata Tamati Whānau TrustLand Trustee:Te Āwhina MaraeReserve Lands - Wairau PāWorking Group:28th Māori Battalion for Te Tau IhuInterim Chair:Manawhenua Ki MohaNgāti Rārua Society ki Wairau

Paul MorganDirector/Shareholder:Paul Morgan Assoc. (2006) LtdTaupo Moana Iwi Saver (TMIS)FoMana Capital LtdAnagenix LtdHigh Value NutritionChairman:Wakatū IncorporationKono NZ LPTe Āwhina Marae Redevelopment CommitteeRegional Grant StrategyTrustee:P & B Morgan Family TrustTe Poa Karoro Whānau TrustRiwai Morgan Whānau TrustLand Trustee:Te Āwhina MaraeMember:New Zealand China Council

Emma ParkDirector:Koru Investment Group Ltd

Mereama ChaseEmployee:State Services Commission

John KāteneTrustee:Te Āwhina Marae Land Trust

Rima PiggottEmployee:Access Community HealthMember:Nelson Marlborough Conservation BoardWhakapapa komiti – Te Rūnanga o Ngāti Rarua28th Māori Battalion for Te Tau IhuTrustee:Te Rūnanga o Ngāti RāruaMotueka MuseumTe Āwhina Marae Board – Te Rūnanga o Ngāti Rārua representativeManawhenua ki Mohua – Te Rūnanga o Ngāti Rārua representativeCultural Representative:Tasman District Council – Te Rūnanga o Ngāti Rārua representative

John CharletonDirector:Sea Products Ltd (NRAIT)Abel Tasman Seafoods Ltd (NRAIT)Brecon Consulting LtdMiro Ltd PartnershipMiro-Tupu Ake LimitedDirector/Shareholder:Pukeko Capital Holding LtdTrustee/Beneficiary:Brecon TrustMontjoy TrustTrustee:John Morgan Family Trust

John MurrayDirector:Empowered Business SolutionsHeslop Group /Barnicoat Developments LtdAchilles Properties LtdFirst NZ Properties LimitedSuperstore Properties LimitedSprings Road Properties LimitedCameron Road Properties LimitedSymonds110 LimitedCranford Street Properties LimitedTrustee:Nelson Hospice Funding TrustNelson Hospice Operating TrustVarious Family TrustsAppointed Member:Nelson City Council –Governance CommitteeAudit Risk and Finance CommitteeForestry Advisory GroupNew Zealand Institute of Chartered Accountants -Disciplinary TribunalChartered Accountants Australia & New Zealand –Education BoardNgāti Apā ki te Rā Tō -Audit and Risk Sub Committee

Associate EntitiesSea Products LtdNRAIT Director:John Charleton

Abel Tasman Seafoods LtdNRAIT Director:John Charleton

Abel Tasman Fruit LtdNRAIT Director: RŌpata Taylor

Estuary Pack and Cool LtdNRAIT Director: RŌpata Taylor

Tiakina te TaiaoNRAIT Director: Russell (Barney) Thomas ~ ChairAneika Young ~ Alternate

DirectoryTrusteesRŌpata Taylor ~ ChairJeremy Banks ~ Vice Chair, Russell (Barney) Thomas Emma Park, John Katene, Paul Morgan, Mereama Chase and Jarrod Buchanan

Te WhanakeRussell (Barney) Thomas, Paul Morgan, RŌpata Taylor,John Katene, Mereama Chase

Sub Committees

Investment CommitteeJarrod Buchanan ~ Chair, Emma Park, John Murray, Mereama Chase, Jeremy Banks, RŌpata Taylor (ex-oficio)

Audit & Risk CommitteeEmma Park ~ ChairPaul Morgan, RŌpata Taylor (ex-oficio), Jeremy Banks, John Murray

Education CommitteeEmma Park ~ Chair, RŌpata Taylor, Mereama Chase, Rima Piggott

Remuneration Committee:Jeremy Banks ~ ChairRŌpata Taylor, Jarrod Buchanan, Rima Piggott, John Murray

StaffJohn Charleton ~ Chief ExecutiveNichola Vessey ~ Project Coordinator/Office Manager Amelia Harvey ~ AccountsJohn Murray - Secretary

Registered OfficeLevel 1, WakatŪ HouseMontgomery SquareNelson

Physical AddressLevel 1, WakatŪ HouseMontgomery SquareNelson

BankersASB Private BankBank of New Zealand LimitedKiwibankWestpac Limited

Legal AdvisorsPitt & Moore12 Selwyn Place, PO Box 42, NelsonDuncan Cotterill197 Bridge Street, PO Box 827, Nelson

Business ConsultantsFindex72 Trafalgar St, PO Box 10, Nelson

AuditorsIndependent Auditors LtdPO Box 1042, Nelson

PHOTOGRAPHY Photos on the following pages were taken by Oliver Weber: Cover & page 7 - View from Pukeone Page 10 - Tana Pukekohatu,

Te Āwhina MaraePage 15 - Paul Morgan

Photos on the following pages were taken by Kate MacPherson: Page 4 - Notice of MeetingPage 9 - Board of Trustees (Rima taken by Virginia Woolf)Page 22 - Past Ohu Maatu (Top right and second to top right)

Photos on the following pages were taken by Melissa Banks:Page 18 - Kiwa KahukuraPage 20 & 21 - ManawaroaPage 27 - Te UmaPage 45 - Turangāpeke

Photos on the following pages were taken by Naomi Aporo:Page 2 - Te Puna o RiuwakaPage 22 - Past Ohu Maatu (except

top right and second to top right)

Page 23 - Past Ohu Maatu

Page 19 - Motueka Mai Tawhiti was taken by Ngahuia Davey

Images in this report are not be re-used without the permission of NRAIT, the kaitiaki of these images.

45

Turangāpeke

Whānau from NRAIT were part of a group that unveiled and blessed the first two poupou at the Abel Tasman National Park on Saturday 8 April 2017.

These poupou represent two rangatira, Turangāpeke and Hohaia Rangiauru.

Turangāpeke is a well-known name among NRAIT members as it is also the name of the wharenui at Te Āwhina Marae. Turangāpeke is of Ngāti Rārua, and his children were the original land owners of the Whakarewa lands in Motueka, our whenua.

The pou of Turangāpeke has been placed at Anchorage, and holds a taiaha, which is symbolic of his leadership as a warrior and strategist during the time of the heke.

Riwai Turangāpeke

Whānau surrounding Te Pēhi Turangāpeke, father of Riwai - Anchorage, Abel Tasman National Park

46

Notes

Physical office:Level 1, WakatŪ House,

Montgomery Sq, Nelson 7010PO Box 13, Nelson 7040,

New ZealandTel +64 3 548 0770 [email protected] www.nrait.co.nz

Registered office:Level 1, WakatŪ House,

Montgomery Sq, Nelson 7010PO Box 13, Nelson 7040,

New Zealand

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