Hoea ra - NgÄti Kahungunu Iwi Incorporated

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Notes to and Forming Part of theFinancial StatementsFOR THE YEAR ENDED 30 JUNE 2010RELATED PARTY TRANSACTIONS (continued)The society paid fees to the directors during the year. The value of these areshown in note 3.There was $17,000 outstanding at balance date relating to these transactions.The Kahungunu Asset Holding Company paid consultancy fees to Chris O’ReillyConsultancy Limited in which Mr C. O’Reilly a director, has an interest; to BrierleyBusiness Development Ltd in which Mr P Brierley, a director, has an interest andto Mrs C Teariki. These were paid at normal commercial rates, and there was$13,802 outstanding at balance date.H Mikaere is a director of Kahungunu Asset Holding Company Ltd, AotearoaFisheries Ltd and Napier Mussels Ltd. A Ropiha is the General Manager ofKahungunu Asset Holding Company Ltd and a director of Fiordland LobsterCompany Ltd. Transactions between Kahunugunu Asset Holding Company andFiordland Lobster Company include quota sold to FLC, dividends and directorsfees received from FLC.N Tomoana is a director of Treaty Tribes Coalition Ltd and Chairman of Te OhuKai Moana Trustee Ltd. Membership fees were paid from Ngäti KahungunuIwi Incorporated to Treaty Tribes Coalition Ltd. Te Ohu Kai Moana Trustee Ltdpaid Ngäti Kahungunu Iwi Incorporated income relating to the “Kahungunu kiUta Kahungunu ki Tai” project. Te Ohu Kai Moana Trustee Ltd also distributedFisheries Settlement Assets to the Kahungunu Asset Holding Company as detailedin note 6.16 SUBSEQUENT EVENTSOn 23 August 2010, the society was deregistered from the Charities Register forfailing to file annual returns as required by Section 42 of the Charities Act. Reregistrationwas achieved on 7 September 2010.There have been no other events subsequent to balance date that have an effecton these financial statements.In 2009 the following were disclosed as subsequent events:Kahungunu Asset Holding Company issued a further 1 million shares to itsshareholder, Ngäti Kahungunu Iwi Incorporated.Ngäti Kahungunu Iwi Incorporated has reached a settlement with Rangitane whichresulted in the transfer of 501m quota shares valued at $16.9m (plus $0.3m incash) from Te Ohu Kai Moana to Kahungunu Asset Holding Company Limited. Ofthis, the CRA3 quota is transferable to Rongomaiwahine Iwi Trust as part of anagreed settlement.17 COMMITMENTS AND CONTINGENT LIABILITIESThe society agreed to purchase a double hulled waka for $500,000 with settlementno later than 1 January 2011. At the request of the vendor, settlement has beendeferred.The board has made a commitment to put $1,000,000 cash or in kind towards theKahungunu Cultural Centre.18 OPERATING LEASE COMMITMENTSNon-cancellable operating lease rentals are payable by the parent as follows:-2010 2009$ $Within one year 35,302 56,593Greater than one year 73,546 99,038108,848 155,631Page 24
Audit ReportTo the Members of Ngäti Kahungunu Iwi IncorporatedWe have audited the financial report on pages 17 to 24. The financial report providesinformation about the past financial performance and Ngäti Kahungunu Iwi Incorporated(the society) and group and financial position as at 30 June 2010. This information isstated in accordance with the accounting policies set out on pages 19 and 20.Board’s ResponsibilitiesThe Board is responsible for the preparation of a financial report which gives a true andfair view of the financial position of the society and group as at 30 June 2010 and of theresults of operations for the year ended 30 June 2010.Auditors’ ResponsibilitiesIt is our responsibility to express an you an independent opinion on the financial reportpresented by the Board.Basis of OpinionAn audit includes examining, on a test basis, evidence relevant to the amounts anddisclosures in the financial report. It also includes assessing:• the significant estimates and judgements made by the Board in the preparation ofthe financial report, and• whether the accounting policies are appropriate to the society and groupcircumstances, consistently applied and adequately disclosed.We conducted our audit in accordance with New Zealand Auditing Standards. Weplanned and performed our audit so as to obtain all the information and explanationswhich we considered necessary in order to provide us with sufficient evidence to obtainreasonable assurance that the financial report is free from material misstatements,whether caused by fraud or error. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the financial report.Other than in our capacity as auditors we have no other relationship with or interests inthe society or its subsidiary companies.Unqualified OpinionWe have obtained all the information and explanations that we have required.In our opinion:• proper accounting records have been kept by the society as far as appears from ourexamination of those records; and• give a true and fair view of the financial position of the society and group as at30 June 2010 and the results of operations for the year ended on that date.Our audit was completed on 15 October 2010 and our unqualified opinion is expressedas at that date.Chartered AccountantsHastings, New ZealandPage 25
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 24 and 25: 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

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Hoea ra - NgÄti Kahungunu Iwi Incorporated