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NGĀTI WHĀTUA ŌRĀKEI TRUSTAnnual General Meeting 2018
1. Karakia / Mihi
2. Apologies
3. Previous Minutes
4. Chair’s Report
5. CEO Presentation
6. Consolidated Financial Statements for 2017/18 financial year
7. Resolutions1. Previous Minutes
2. Acceptance of Consolidated Financial Statements for the 2017/18 financial year
3. Auditor for 2018/19 financial year
4. Approval of Elected Representatives’ remuneration
9. Kai
AGENDA
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
GLOBAL MAP
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
CHAIR REPORT
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
• Toi Ora/Toi Tupu
• Grants and Programmes
• Financial Position
• Challenges
• Acknowledgements
• Toi Ora – Health Insurance
• 2,622 enrolled
• Toi Tupu – Savings
• 2,213 registered
GRANTS & PROGRAMMES
$1.94MGrants and Programmes Spend
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
45%Increase since last financial year
BlessingsPepi packs
Te Puna ReoTamariki Ora
Swimming SubsidiesNCEA Rewards
Summer InternshipsHealth Insurance
Toi Tupu / SavingsHoliday Programme
Tutoring SupportSports Grants
Te ReoEducation Grants
RegistrationsTu Pakihi – SME support
Orakei HealthAged Care
Kaumatua GrantsWhanau Ora
EventsHousing
Whanau Wananga Support
Group Services & Programmes
HIGHLIGHTS
1,033Education Grants
195 - Early Childhood Education453 - Primary220 - Secondary165 - Tertiary
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
$13kSports Grants
Waka AmaTagLeague
DanceSoftballWaterpolo
$146kKaumatua Support
Kaumatua GrantsKapa HakaTransport
FINANCIALS
$1.19BTotal assets
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
9%Increase since last financial year
TREATY PROTECTION
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
• Supreme Court win
• Next Steps
CEO REPORT
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
• Priorities & Plan
• Financial Statements for the year ended 30 June 2018
• Resolutions
PRIORITIES 2018/19
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
• Strategy
• Trust Office
• Housing – Papakainga Plan
• Whenua Plan
• Commercial Developments
• Governance
• Communication
• Trust Visibility
TRUST OFFICE
CONSOLIDATED FINANCIAL STATEMENTS
• Balance Sheet
• Revenue
• Expenses
• Profit before tax
• Cash flow
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
Ngāti Whātua Ōrākei AssetsAs at 30/06/2018 2018($M) 2017($M) 2016($M)
Investment Property 1,067.38 969.05 890.50
Property – NWO Trust 23.29 23.29 23.29
Cash 4.58 3.23 2.98
Other Assets 21.07 21.90 14.14
Inventories 72.47 68.27 7.94
Total Assets 1,188.79 1,085.74 938.85
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
FINANCIAL STATEMENTSBALANCE SHEET
Total Assets:
$1,189M
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
0
200
400
600
800
1000
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2013 2014 2015 2016 2017 2018
Total Assets
Equity
External Debt
$ M
illion
sFINANCIAL STATEMENTSBALANCE SHEET
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
FINANCIAL STATEMENTSBALANCE SHEET – DEBT RATIOS30 June 2018
DEBT / ASSETS EBIT COVERJune 2018
EBIT from income generating land(3)
$16.9M
External borrowing costs
$6.7M
40%(3) Includes activity undertaken by Whai Rawa
June 2018
June 2017
June 2016
Interest Bearing Debt(1) $199.8m $171.5m $161.1m
Investment Property(2) $1,063.1m $965.2m $888.6m
Loan to value ratio 19% 18% 18%
(1) All interest bearing loans and advances as per Group financial statements(2) Only investment property per Whai Rawa Excludes land held by the Trust and classified as ‘Hapu Land’ and ‘Inalienable Land’
FINANCIAL STATEMENTSREVENUE
Ngāti Whātua Ōrākei Revenue FY17/18 2018($M) 2017($M) 2016($M)
Interest and Dividend 0.55 0.53 0.14
Property Rental 27.43 25.49 25.91
Retirement Village 4.99 5.28 5.02
Sales 0.43 12.95 18.28
Consulting 1.61 1.49 2.14
Government 3.14 3.99 4.42
Events 0.21 0.18 0.15
Other 0.77 0.97 0.58
Total Revenue 39.13 50.88 56.65
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
Total Revenue:
$39.13M
Ngāti Whātua Ōrākei Expenses FY17/18 2018(M) 2017($M) 2016($M)
Employee Benefits 11.00 11.97 11.69
Governance 1.09 0.89 1.04
Finance Costs 6.69 6.09 6.83
Grants and Programmes 1.94 1.33 0.66
Retirement Village Service 2.05 2.02 2.21
Professional Fees 3.72 2.38 2.96
Rental Property 4.97 4.33 3.99
Other 3.99 5.49 3.07
Depreciation and Amortisation 0.53 0.56 0.52
Cost of Sales 0.39 12.53 12.52
Events 0.20 0.16 0.22
Impairment Inventories 0.10 0.13 0.24
Total Expenses 36.67 47.88 45.97
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
FINANCIAL STATEMENTSEXPENSES
Total Expenses:
$36.67M
Ngāti Whātua Ōrākei Profit Before Tax FY17/18 2018(M) 2017($M) 2016($M)
Total Revenue 39.13 50.88 56.65
Total Expenses 36.67 47.88 45.97
Plus gain on investment property revaluation 79.63 141.02 157.42
Unrealised net loss on financial instruments (0.60) (0.69) -
Profit before tax 81.49 143.33 168.10
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
FINANCIAL STATEMENTSPROFIT BEFORE TAX
Profit Before Tax:
$81.49M
Ngāti Whātua Ōrākei Cash Flow FY17/18 2018(M) 2017($M) 2016($M)
Cash at start of year 3.23 2.98 4.86
Plus Net cash flows from operating activity (5.18) (5.43) (3.50)
Plus Net cash flows from investing activity (20.93) (4.71) (7.19)
Less Distributions 0.89 0.21 0.08
Increase in debt 28.35 10.60 8.89
Increase/(decrease) in cash held 1.35 0.25 (1.88)
Cash at end of year 4.58 3.23 2.98
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
FINANCIAL STATEMENTSCASH FLOW
Total Cash:
$4.58M
RESOLUTIONS
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
1. Previous Minutes
2. Receive the Financial Statements for the year
3. Approval of Auditors
4. Elected Representatives’ Remuneration
That the minutes of the Annual General Meeting held 5
December 2017 be accepted as a true record of the meeting,
and any amendments duly recorded.
RESOLUTION 1:PREVIOUS MINUTES
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
That the duly audited Consolidated Financial Statements of
the Trust and Controlled Entities for the year ended 30 June
2018 be received.
RESOLUTION 2:ACCEPTANCE OF FINANCIAL STATEMENTS – 2017/18
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
RESOLUTION 3:AUDITORS
That the Elected Representatives are authorised to confirm EY as
auditor and are authorised to confirm the audit fee for the current
year.
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
That the AGM confirm an increase in remuneration of Elected Representatives as
outlined in the following table:
RESOLUTION 4:ELECTED REPRESENTATIVES’ REMUNERATION
Ngāti Whātua Ōrākei Trust | Annual General Meeting 2018
Director Remuneration Additional Remuneration for Chair and Deputy Chair
Total
Chair $45,000 $45,000 $90,000Deputy Chair $45,000 $20,000 $65,000Director $45,000 - $45,000
Note: – current remuneration is $35,000 for Directors, an additional $35,000 for Chair and $15,000 additional for Deputy Chair.
E TŪ NGĀ URI O TŪPERIRI, TĀMAKI MAKAURAU E NGUNGURU NEI!
The descendants of Tūperiri stand strong, Tāmaki Makaurau roars