Hoea ra - Ngāti Kahungunu Iwi Incorporated

Notes to and Forming Part of theFinancial StatementsFOR THE YEAR ENDED 30 JUNE 2010(f)Investments and AdvancesInvestments and Advances are recorded at cost or estimated netrealisable value if there has been a permanent diminution in value.(g) Quota and SharesThe shares in Aotearoa Fisheries Limited and Quota received under theFisheries Asset Settlement process have been included at the valueestablished by Te Ohu Kaimoana on transfer. Market acquisitions ofshares or quota are recorded at cost and adjusted for impairment wherenecessary.(h) InventoryInventories are valued at the lower of cost and net realisable value.(i)(j)DebtorsDebtors are stated at their estimated net realisable value.Taiwhenua/Taurahere distributionTaiwhenua/Taurahere distributions are recorded as a movement inequity.Changes in Accounting PoliciesThere have been no changes in the accounting policies during the year. Allpolicies have been consistently applied.2 INCOMEIncome includesConsolidatedParent2010 2009 2010 2009$ $ $ $Dividends 120,590 91,431 1,400,000 1,400,000Interest Income 421,743 306,526 172,637 64,732Gain on Sale of Properties - 804,204 - 804,204Rental Income - 17,318 - 17,318Takitimu Festival Income - 335,209 - 335,2093 EXPENSESExpenses includeDepreciation 56,296 54,039 53,908 53,684Bad and doubful debts - - - -Audit fees 20,142 23,548 12,496 16,040Board member honoraria/committee fees 224,551 185,367 152,551 132,867Donations 18,016 161,882 18,016 161,882Loss on sale of assets 5,243 1,743 5,243 1,743Rent 55,631 14,148 55,631 14,148Takitimu Festival Expenses - 656,102 - 656,102Page 20