Hoea ra - NgÄti Kahungunu Iwi Incorporated

More documents

Recommendations

Info

Notes to and Forming Part of theFinancial StatementsFOR THE YEAR ENDED 30 JUNE 20108 QUOTAIn 2007 and 2010 the Kahungunu Asset Holding Company received quota as partof the Fisheries Settlement.Under the Mäori Fisheries Act 2004, the company must not sell its settlementquota until two years after transfer from Te Ohu Kaimoana. After two years, thecompany can only sell its settlement quota to another iwi or to a member of the TeOhu Kaimoana group. The quota has been recorded at the value placed on it forsettlement purposes.In addition to the settlements, further quota has been purchased and is recorded atcost.9 INVESTMENTSInvestments in SubsidiariesConsolidatedParent2010 2009 2010 2009$ $ $ $Shares TRONK Ltd (100%) - - 15,732 15,732Shares Kahungunu AssetHolding Company (100%) - - 2,200,000 1,200,000- - 2,215,732 1,215,732Shares in other companiesAotearoa Fisheries Ltd 19,874,735 19,874,735 - -Fiordland Lobster Company 953,850 953,850 - -Napier Mussels Ltd (40%) - - - -20,828,585 20,828,585 - -AdvancesTamatea Taiwhenua 18,485 18,485 18,485 18,485Napier Mussels Ltd 195,592 195,592 195,592 195,592Less: Provision (195,592) (195,592) (195,592) (195,592)18,485 18,485 18,485 18,485Amount due from/(to) SubsidiariesTu Kahu Ltd - - - -TRONK Ltd - - (15,732) (15,732)- - (15,732) (15,732)20,847,070 20,847,070 2,218,485 1,218,485Amount due from/(to) Current SubsidiariesKahungunu Asset Holding Company - - - 1,000,000- - - 1,000,000The Kahungunu Asset Holding Company has received, as part of the 2007Fisheries Settlement 7,874 shares in Aotearoa Fisheries Ltd (AFL). Thisrepresents a 6.3% holding in that company. The shares have been recorded atthe value established by Te Ohu Kaimoana on transfer. The net book value ofthe Kahungunu Asset Holding Company’s shareholding in AFL as disclosed inits Annual Report at 30 September 2009 was $22,547,575 (2008: $20,043,676).Under the Mäori Fisheries Act 2004, the company must not sell its AFL shares untiltwo years after transfer from Te Ohu Kaimoana. After two years, the company canonly sell its AFL shares to another iwi or to a member of the Te Ohu Kaimoanagroup.The Kahungunu Asset Holding Company owns 11,590 ordinary shares and100,000 redeemable convertible shares in Fiordland Lobster Company (FLC). Thisrepresents a 5.0% holding in that company. These shares have been includedat cost. The net book value of the Kahungunu Asset Holding Company’s shareholding in FLC as disclosed in its Annual Report at 31 March 2010 was $2,658,504(2009: $1,788,061).Page 22
Notes to and Forming Part of theFinancial StatementsFOR THE YEAR ENDED 30 JUNE 2010The shares in Napier Mussels Limited have been transferred to Kahungunu AssetHolding Company during 2009 at nil value. The fully provisioned advance to NMLremains in the parent entity.The Society’s wholly owned subsidiary companies are registered in New Zealand.ConsolidatedParent2010 2009 2010 200910 BANK ACCOUNTS$ $ $ $Petty Cash 60 100 60 100Cheque Account 552,261 106,568 533,036 (30,952)Call Account 220,408 208,227 2,660 68,772Term Deposits 10,111,616 8,858,638 4,416,819 4,315,02510,884,345 9,173,533 4,952,575 4,352,945Deposits totalling $2,658,444 (2009 $2,506,254) arise from fishing receipts and arebeing held in trust subject to resolution of disputes regarding allocation.11 STOCKS ON HANDMerchandise 460 2,000 460 2,000460 2,000 460 2,00012 SETTLEMENT QUOTA RECEIVABLEKahunganu Asset Holding Company Ltd holds CRA3 quota to the value of$1,617,057 which is payable to Ngäti Kahungunu Iwi Inc. as part of an agreedsettlement between Ngäti Kahungunu Iwi Inc. and Rongomaiwahine Iwi Trust (refernote 16)13 MOTOR VEHICLE FINANCESTotal instalments outstanding 88,700 16,650 88,700 16,65088,700 16,650 88,700 16,650Payable within 1 year 44,350 16,650 44,350 16,6501-2 years 44,350 - 44,350 -2-5 years - - - -88,700 16,650 88,700 16,65014 PROVISIONSThe provision is an amount of $2,658,444 set aside to settle the dispute with theRongomaiwahine Iwi Trust in accordance with the deed of settlement signed 21 July2006. The exact amount of the settlement is not known as the dispute is still to besettled.15 RELATED PARTY TRANSACTIONSThe society enters into transactions with and on behalf of its subsidiaries TeRunanganui O Ngäti Kahungunu Ltd, and the Kahungunu Asset Holding CompanyThe society collects and distributes funds on behalf of and to constituent Taiwhenuaand Taurahere organisations.There are common board members between the society and the Taiwhenua andTaurahere organisations.During the year the Kahungunu Asset Holding Company paid a dividend of$1,400,000 to the society.Page 23
Page 4 and 5: Chief Executive’s StatementTënä
Page 8 and 9: Tino RangatiratangaAccountable and
Page 10 and 11: KahungunutangaCulturally StrongRete
Page 12 and 13: WhanaungatangaStrong Vibrant Health
Page 14 and 15: WhanaungatangaCOMMUNICATIONSNgäti
Page 16 and 17: WhanaungatangaName Rohe Institute o
Page 18 and 19: Kahungunu Asset Holding Company Ltd
Page 20 and 21: Statement of Financial PositionAS A
Page 22 and 23: Notes to and Forming Part of theFin
Page 26 and 27: Notes to and Forming Part of theFin
Page 28 and 29: Ngāti Kahungunu IwiINCORPORATEDAnn
Page 30 and 31: Annual PlanANNUAL PLAN OBJECTIVESDe
Page 32 and 33: Annual PlanANNUAL PLAN OBJECTIVESDe
Page 34 and 35: Annual PlanANNUAL PLAN OBJECTIVESIm
Page 36: AGM 27 NOVEMBER9AM SPLASH PLANET, H

Hoea ra - NgÄti Kahungunu Iwi Incorporated

Create successful ePaper yourself

Delete template?

Save as template?

Hoea ra - NgÄti Kahungunu Iwi Incorporated