Tena tatou katoa,
Welcome to our 34rd AGM of the Mangorewa Kaharoa Te Taumata Trust.
I am privileged to represent the owners as Chairman of the trust. I thank my fellow Trustees for their assistance in what has proved to be another extremely busy and rewarding year for the Trust.
This year we have commenced work on strategic planning for the trust and we are still working on this process. We hope to have in place by next year a plan which will take us forward for the next 5, 10 and 20 years and that our yearly goals are attuned to this plan. Involved with this is a review of our administration, our current policies and structure. For this to be sound, we believe our trustees as representatives of you as owners must be involved to design this plan.
In accordance with the Trust Order two members retire by rotation each year. This year is the turn of Ngahihi Bidois and John Ransfield. Elections are to be held for two trustee positions and both Ngahihi and John are to stand for re election. Both John and Ngahi perform very active roles in the trust with both appointed as Directors of Whakatipu Tangata LP, the investment arm of the Trust.
As the investment arm, it has been the responsibility of Whakatipu Tangata to consider any new investment proposals that are put before the Trust. We have had various approaches for Joint ventures this year and the committee has established a robust procedure for looking at whether these proposals constitute sound trustee investments. We have looked into two beekeeping initiatives, a purchase of a dairy farm, involvement in a waste management proposal and a prospective carbon venture. None of these proved to fit into the criteria we are aiming for.
We have received a further allocation of Carbon Credits for the Brady Block. With the price having dropped so significantly we have retained these credits.
We have a continued involvement with the Active Investment Seminar series (Growing sustainable Maori Business) which you will recall we initially sponsored and was involved with last year. This has been taken to a national level and myself and Ngahihi Bidois have been assisting with this.
This year, in conjuction with the review we supported an application to TPK for an investigation into an alternative administration and RHB Accountants have prepared this report on a Shared Services provider. We are looking at the outcome of this report with our administration review.
This year we also supported a representation to India by Te Arawa to look at future business with India. We sent our kaumatua John Ransfield on this trip, assisted by Katerina Pihera and he presented to the Indian business community on the forestry operations of the trust.
The trust started the year with a visit to the Taupo property to see the new planting which was completed at the end of last year. The seedlings have been well established with good growing conditions. The house and land which we subdivided off the farm is currently under contract and the sale is subject to final confirmation of the subdivision.
Unfortunately this year, our Iwi gave notice that they would vacate the Western Road building. We have this currently listed for lease and or possible sale. Recently the air conditioning units were stolen from the outside of the premises. We have claimed insurance for these, however the proceeds of this claim we will hold until a tenant is found. Our building at Haupapa Street is also up for rental review and we are in the process of establishing a new rental figure for this.
On the environmental front, the trust continues to be conscious of the future importance of water and that the location of significant water tables under Mangorewa Kaharoa Te Taumata Trust should be investigated. We have looked at the possibility of commissioning a report for this which also identifies potential environmental concerns which we should be looking at futher. Given that this report may cost a substantial amount, we are still considering to what extent this report needs to be. We have also continued negotiations with Nga Whenua Rahui and have an initial agreement prepared which is being looked at by one of our legal advisers. When this agreement is signed, some of our reserve areas will fall under a Kawenata agreement. We will receive a financial benefit from doing this and this will also protect those areas of native significance.
Financially, the Trust has declared a profit and after making allowance for grants, is able to recommend that a dividend of $1 be paid again this year.
Grants – The trust has supported many beneficiaries this year. A summary of this is as follows:
Kaumatua Grants – $34,100
Marae Grants – $13,000
Awahou Casket Workshop – purchase of equipment $6,599
Ngati Rangiwewehi War Veterans – Anzac day $5,000
Ahurei Morgan Norris, Whare Bidois, Eruera Bidois, Awatea Leach and Te Ao Kahurangi Leach”
– Overseas and National representation all $200 grants
Education grants of $1,000 each to seven students studying at a tertiary level
Tena tatou katoa!
Arthur Warren (Chairman)