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Te Runanga o Toa Rangatira Incorporated Group

Financial Statements and Annual Report

For the Year Ended 30th June 2018

Consolidated

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Table of Contents

Independent Auditor's Report 3

Consolidated Statement of Comprehensive Revenue and Expense 5

Consolidated Statement of Financial Position 7

Consolidated Statement of Cash Flows 9

Consolidated Statement of Changes in Equity 10

Notes to the Financial Statements 12

Te Runanga O Toa Rangatira Incorporated Group

Financial Statements and Annual Report

For the Year Ended 30th June 2018

TE RUNANGA O TOA RANGATIRA INCORPORATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2018

2

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TE RUNANGA O TOA RANGATIRA INCORPORATED GROUP

Opinion We have audited the consolidated financial statements of Te Runanga o Toa Rangatira Incorporated (“the Parent”) and its subsidiaries (together, “the Group”), which comprise the consolidated statement of financial position as at 30 June 2018, and the consolidated statement of comprehensive revenue and expense, consolidated statement of changes in net assets and consolidated cash flow statement for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 30 June 2018, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Public Benefit Entity Standards Reduced Disclosure Regime (“PBE Standards RDR”) issued by the New Zealand Accounting Standards Board. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor, and our involvement in the assistance with formatting the financial statements, we have no relationship with, or interests in, the Parent or any of its subsidiaries. Other Information The Board is responsible for the other information. The other information comprises the annual report, but does not include the consolidated financial statements and our auditor’s report thereon. The other information is expected to be made available to us after the date of this auditor’s report. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Board’s Responsibilities for the Consolidated Financial Statements The Board is responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements in accordance with PBE Standards RDR, and for such internal control as the Board determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the Board is responsible on behalf of the Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of the use of the going concern basis of accounting by the Board and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Who we Report to This report is made solely to the Parent’s members, as a body. Our audit work has been undertaken so that we might state those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent and the Parent’s members, as a body, for our audit work, for this report or for the opinions we have formed. BDO Wellington Audit Limited Wellington New Zealand 31 October 2018


Consolidated Statement of Comprehensive Revenue and ExpenseFor the Year Ended 30th June 2018

NOTE 2018 2017

$ $

Health, medical and other social services income 5 10,216,900 8,589,700

Direct service delivery costs (1,336,907) (1,242,781)

Surplus from delivery of social services 8,879,994 7,346,919

Trading income 5 2,469,811 12,595,792

Direct trading expenses (162,153) (9,714,895)

Surplus from trading activities 2,307,657 2,880,897

Other income

Gain on revaluation of investment land 13 3,325,980 2,783,295

Writeback of depreciation on revalution - 194,312

Gain on sale of fixed assets 5 782 173

Gain on sale of NZ Forestry Units 5 426,000

Other income 5 3,891,689 3,532,601

Fisheries and historical redress 5 4,854,122 -

Total revenue from operations 23,686,225 16,738,197

Less operating expenses

Administration expense (220,532) (518,082)

Depreciation, amortisation and impairment expense 12 (678,733) (585,212)

Education, sports and marae distributions (184,541) (117,748)

Lease operating costs (110,256) (65,260)

Motor vehicle expense (236,494) (254,575)

Other expenses (948,530) (599,608)

Personnel expenses 6 (8,535,045) (7,797,270)

Property expenses (1,209,817) (1,230,881)

Loss on sale of property, plant and equipment - (206,462)

Share of loss in joint venture (49,257) (31,610)

Total expenses (12,173,204) (11,406,708)

Surplus before net interest income 11,513,021 5,331,489

Gain/(loss) on revaluation of financial portfolio 1,870,991 1,347,940

Interest income 5 2,081,951 2,388,710

Less Interest expense (2,720) (852)

Net interest income 3,950,222 3,735,798

Surplus for the year before tax 15,463,242 9,067,286

Tax expense 11 (531,301) (974,963)

Surplus for the year 14,931,941 8,092,323


5 TE


Consolidated Statement of Comprehensive Revenue and ExpenseFor the Year Ended 30th June 2018

NOTE 2018 2017

$ $

Other comprehensive revenue and expense

Gain/(Loss) on revalution of property, plant and equipment 12 - 1,228,042

Gain/(Loss) on revaluation of intangible assets 20 1,120,619 294,489

Total other comprehensive revenue and expense 1,120,619 1,522,531

Total comprehensive revenue and expense for the year 16,052,560 9,614,854


6 TE


Consolidated Statement of Financial PositionAs at 30th June 2018

NOTE 2018 2017

$ $

Assets

Current Assets

Cash and cash equivalents 7 10,186,064 11,067,320

Short term investments 8 68,497,394 52,686,209

Accounts and other receivables 9 3,963,706 2,715,266

Prepayments and other assets 10 42,118 29,280

Income tax receivable 11 315,448 -

Total Current Assets 83,004,730 66,498,075

Non Current Assets

Long term deposits 8 1,422,886 6,943,688

Managed funds 8 22,953,237 21,322,329

Property plant and equipment 12 17,661,547 17,461,054

Investment property 13 51,796,004 46,067,098

Intangible assets 20 12,392,421 15,985,794

Share investments 14 2,366,678 2,366,678

Investment in joint venture 21 10,135,493 8,570,752

Total Non Current Assets 118,728,266 118,717,393

Total Assets 201,732,996 185,215,468

Liabilities

Current Liabilities

Trade and other payables 15 773,164 910,912

Deferred Income 16 - 4,855

Rent received in advance 17 707,390 254,812

Employee benefit liability 18 698,554 528,477

Income tax 11 - 15,085

Total Current Liabilities 2,179,108 1,714,141

Total liabilities 2,179,108 1,714,141

Net Assets 199,553,888 183,501,327


7


Consolidated Statement of Financial PositionAs at 30th June 2018

NOTE 2018 2017

$ $

Equity

Treaty & Fisheries settlement reserves 24 136,764,978 131,910,855

Other special purpose reserves 24 1,186,078 1,186,078

Revaluation reserve - Intangibles 24 7,799,282 10,593,663

Revaluation reserve - Land & Buildings 24 5,832,408 5,832,408

Accumulated revenue and expense 47,971,142 33,978,323

Total Equity 199,553,888 183,501,327

Board Member__________________________________

Board Member__________________________________

Date:


8


Consolidated Statement of Cash FlowsFor the Year ended 30th June 2018

NOTE 2018 2017

$ $

Cashflow from operating activities

Proceeds have come from:

Contract income 9,616,489 8,641,453

Trading income 2,477,897 19,452,372

Rental income 3,312,817 2,670,633

Settlement proceeds 3,354,122 -

Other sundry proceeds 1,031,450 814,666

GST refunds/(payments) 171,399 277,388

Income tax paid (861,834) (1,249,198)

Payments made to suppliers and others (4,591,406) (20,521,112)

Payments made to employees (8,364,968) (7,787,021)

Net cash inflow/(outflow) from operating activities 6,145,966 2,299,181

Cashflows from investing activities

Proceeds from interest earnings 2,786,994 3,343,527

Proceeds (to)/from term investment activities (10,056,123) (8,828,437)

Proceeds from sale of property plant and equipment 61,779 510,000

Purchase of property plant and equipment (906,230) (3,250,858)

Purchase of website - (10,000)

Purchase of Waitangirua Medical Centre (480,000) -

Sale/(Purchase) of NZ Forestry Emission Units 5,586,000 1,785,000

Purchase of investment property (2,402,923) (728,227)

Purchase of other Investments (1,613,998) (8,977,362)

Net cash inflow/(outflow) for investing activity (7,024,502) (16,156,357)

Cash flows from financing activities

Interest payments (2,720) (852)

Net cash inflow/(outflow) from financing activities (2,720) (852)

Net cash inflow/(outflow) from all activity (881,256) (13,858,028)

Cash and cash equivalents at the beginning of the year 7 11,067,320 24,925,348

Cash and cash equivalents at the end of the year 7 10,186,064 11,067,320


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Consolidated Statement of Changes in EquityFor the Year ended 30th June 2017

Group 2017 Note

Treaty &

Fishe

ries

settle

me

nt re

serve

s

Oth

er sp

ecial p

urp

ose

rese

rves

Re

valuatio

n re

serve

-

Intan

gible

s

Re

valuatio

n re

serve

-

Land

& B

uild

ings

Accu

mu

lated

reve

nu

e

and

exp

en

se Total

Balance as at 1 June 2016 24 131,910,855 1,186,078 11,669,174 4,774,547 24,345,819 173,886,474

Surplus for the year - - - - 8,092,323 8,092,323

Other comprehensive revenue and expense - - 294,489 1,228,042 - 1,522,531

- - 294,489 1,228,042 8,092,323 9,614,854

Transactions with owners of the controlling entity

in their capacity as owners

Contributions - - - - - -

Distributions - - - - - -

Transfers - special purpose reserve - - 170,181- 170,181 -

Transfers - disposal of revalued land and buildings - - 1,370,000- - 1,370,000 -

Total transactions with owners of the entity - - 1,370,000- 170,181- 1,540,181 -

Balance at 30 June 2017 24 131,910,855 1,186,078 10,593,663 5,832,408 33,978,323 183,501,328


10


Consolidated Statement of Changes in EquityFor the Year ended 30th June 2018

Group 2018 Note

Treaty &

Fishe

ries

settle

me

nt re

serve

s

Oth

er sp

ecial p

urp

ose

rese

rves

Re

valuatio

n re

serve

-

Intan

gible

s

Re

valuatio

n re

serve

-

Land

& B

uild

ings

Accu

mu

lated

reve

nu

e

and

exp

en

se Total

Balance as at 1 July 2017 24 131,910,855 1,186,078 10,593,663 5,832,408 33,978,323 183,501,328

Surplus for the year - - - - 14,931,941 14,931,941

Other comprehensive revenue and expense - - 1,120,619 - - 1,120,619

- - 1,120,619 - 14,931,941 16,052,560

Transactions with owners of the controlling entity

in their capacity as owners

Contributions - - - - - -

Distributions - - - - - -

Transfers - historical and fisheries redress 4,854,122 - - - (4,854,122) -

Transfers - disposal of revalued intangibles - - (3,915,000) - 3,915,000 -

Total transactions with owners of the entity 4,854,122 - (3,915,000) - (939,122) -

Balance at 30 June 2018 24 136,764,978 1,186,078 7,799,282 5,832,408 47,971,142 199,553,888


11


Notes to the Financial StatementsFor the Year ended 30th June 2018

1. Reporting Entity

2. Basis of Preparation

The Group qualifies as a Tier 2 reporting entity as for the past two reporting periods it has had between $2m

and $30m operating expenditure. All entities which form part of the consolidated group have policies

consistent with Tier 2.

Land and buildings under the revaluation model

Investment property

Quota holdings

NZ Forestry Emission Units (NZU’s)

These financial statements are for the year ended 30 June 2018 and were authorised for issue by The Board on

31st October 2018.

b. Measurement Basis

Initial measurement of assets received from non-exchange transaction.

The consolidated financial statements have been prepared on an historical cost basis, except for the following

material items in the Statement of Financial Position, which are measured at fair value;

Te Runanga o Toa Rangatira Incorporated is a public benefit entity for the purposes of financial reporting in

accordance with the Financial Reporting Act (2013).

Te Runanga o Toa Rangatira is a registered charity under the Charities Act 2005, registration number CC42382.

The primary activity of the organisation is the provision of assistance by way of relief of poverty, promotion of

health and wellbeing and advancement of education for all members of Ngati Toa Rangatira and the

community.

Te Runanga o Toa Rangatira is also the Mandated Iwi Organisation and Trustee over the Ngati Toa Rangatira

settlement assets.

The principal place of business is 26 Ngati Toa Street, Takapuwahia, Porirua.

These consolidated financial statements for the year ended 30 June 2018 comprise the controlling entity and

its controlled entities (together referred to as the ‘Group’ and individually as ‘Group Entities’).

a. Statement of Compliance

The consolidated financial statements have been prepared in accordance with New Zealand Generally

Accepted Accounting Practice ("NZ GAAP").

They comply with Public Benefit Entity reduced Disclosure Regime (‘PBE Standards RDR”) and other applicable

Financial Reporting Standards, as appropriate for Tier 2 not-for-profit public benefit entities, for which all

reduced disclosure regime exemptions, have been adopted.


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3. Significant Accounting Policies

The significant accounting policies set out below have been consistently applied to all periods presented in

these financial statements and have been consistently applied across the Group.

d. Judgements, Assumptions and Estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,

income and expenses. Actual results may differ from those judgements, estimates and assumptions.

Estimates and underlying judgements are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimates are revised and any future periods affected.

The accounting policies set out in the notes to the financial statements have been applied in preparing

financial statements for the year ended 30 June 2018 and comparative information presented for the year

ended 30 June 2017.

e. Changes in Accounting Policies

There have been no changes in accounting policies for the Group.

(ii). Assumptions and estimation uncertainties

Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in

the year ended 30 June 2018 include the following:

Useful life, recoverable amount, depreciation /amortisation methods and rates used.

c. Functional Presentation Currency

The Financial Statements are presented in New Zealand dollars ($), which is the controlling entity’s functional

and Group presentation currency. All numbers presented have been rounded to the nearest dollar. There has

been no change to the functional currency of the Group during the year.

Classification of lease arrangements

Reclassification of property plant and equipment to (from) investment property

7. Cash and cash equivalents

8. Short term investments, long term deposits and managed funds

9. Accounts and other receivables

10. Prepayments

11. Income tax

Revenue recognitions – non-exchange revenue (conditional vs restrictive)

The significant accounting policies used in the preparation of these financial statements are summarised below

and are contained within the following Notes to the Financial Statements:

4. Basis of Consolidation

5. Revenue

6. Personnel costs

The Board have considered that for the information to be useful to the readers that the Note for any item on

the face of the financial Statements, will be shown below the policy that has been adopted where appropriate.

Intangible assets having finite or indefinite useful lives

Whether there is control or not over a Group entity

(i). Judgements

Judgements made in applying accounting policies that have had the most significant effects on the amounts

recognised in the consolidated financial statements include the following:


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21. Investment in Joint Venture

4. Basis of consolidation

Subsidiary Name Country of

Incorporation 2018 2017 2018 2017

Toa Rangatira Trust New Zealand 10 10 10 10

Ika Toa Limited New Zealand 20,100 20,100 20,100 20,100

Ngati Toa Limited New Zealand 100 100 100 100

Kapiti Tours Limited New Zealand 100 100 100 100

Ora Toa PHO Limited New Zealand 1 1 1 1

Toa Rangatira Group Holdings Limited New Zealand Trustee group 1 1 1 1

Toa Rangatira Investment Properties Limited New Zealand Trustee group - - - -

Toa Rangatira Developments Limited New Zealand Trustee group - - - -

Whenua Toa Trust New Zealand Trustee group - - - -

Total 20,312 20,312 20,312 20,312

12. Property, plant and equipment

13. Investment property

14. Share investments

15. Trade and other payables

16. Deferred income

The Group financial reports include the following controlled entities and the relationship to the controlling

entity;

Subsequent changes in a controlled entity that do not result in a loss of control are accounted for as

transactions with controllers of a controlling entity in their capacity as controller within net assets/equity.

a. Controlled Entities

Controlled entities are entities controlled by the Group, being where the Group has power to govern the

financial and operating policies of another entity so as to benefit from their entities’ activities. The financial

statements of the Group’s controlled entities are included in the consolidated financial statements from the

date that control commences to the date control ceases.

17. Rent received in advance

18. Employment entitlements

19. Financial instruments

20. Intangible assets

22. Impairment of non-financial assets

26. Events subsequent to balance date

25. Contingencies and commitments

24. Reserves

23. Leases (as lessor and as lessee)

27. Related parties

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group

transactions, are eliminated in preparing the consolidated financial statements.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no

evidence of impairment.

Share capital (number of shares) Investment at cost

b. Transactions Eliminated on Consolidation


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5. Revenue

(i). Sale of goods

Revenue from the sale of goods in the course of ordinary activities is measured at their fair value of the

consideration received or receivable, net of returns, and any discounts. Sale of goods revenue included in

trading revenue in the Consolidated Statement of Comprehensive Revenue and Expense:

Revenue is recognised when the amount of revenue can be measured reliably and it is probable that benefits

will flow to the Group, and can be measured at the fair value of consideration received or receivable.

The following specific recognition criteria in relation to the Group’s revenue streams must also be met before

revenue is recognised.

a. Revenue from Exchange Transactions

Joint ventures are accounted for using the equity method.

c. Joint Ventures

Joint ventures are those entities over whose activities the Trust Group has joint control, established by a

binding agreement and requiring unanimous consent for strategic financial and operating decisions.

A survey of the work completed for services under contract at reporting date.

Proportion of time remaining under the original service agreement at reporting date for contracts

spanning more than 12 months for health services.

The proportion of costs incurred to date bear to the total estimated costs of the transaction. Only costs

that reflect the services performed to date are included in costs incurred to date. Only costs that reflect

services performed or to be performed to date are included in the estimated total costs of the transaction.

For sale of Right of First Refusal property it is when the contract has settled in full.

(ii). Rendering of services

Services rendered revenue is recognised in surplus or deficit in proportion to the stage of completion of the

transaction at the reporting date. The stage of completion is assessed by reference to;

The timing of the transfers of risks and rewards varies depending on the individual terms of the sales

agreement.

For sale of annual catch entitlement, it is when the payment has been received by the customer.

Sale or lease of annual catch entitlements from quota share; and

Right of First Refusal property sales.

Revenue is recognised when the significant risks and rewards of ownership have been transferred to the

customer, recovery of the consideration is probable, the associated costs and possible return of goods can be

estimated reliably, there is no continuing management involvement with the goods and the amount of

revenue can be measured reliably.

Amounts received in advance for services to be provided in future periods are recognised as a liability until

such time as the service is provided.


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2018 2017

$ $

Revenue from exchange transactions

Trading revenue

Services rendered

Holiday park revenue 483,613 472,266

Other exchange revenue 1,815 1,611

Patient and parent fees 1,217,394 1,006,510

Transport Income - 1,372

1,702,823 1,481,759

Sale of Goods

Property sales - 10,379,081

Annual Catch Entitlement sale 766,988 734,952

Total Trading revenue from exchange transactions 2,469,811 12,595,792

2018 2017

$ $

Other Income from exchange transactions

Rental and licence fee Income 2,860,239 2,626,474

Dividends received 71,744 61,183

Gain on sale of NZ Forestry Emission Units 426,000 -

Gain on fixed assets 782 -

Local and Regional council grants 30,000 -

Sundry Income 658,200 592,787

Other Income from exchange transactions 4,046,965 3,280,444

(i). Rental and licence fee income

Rental income on licenced land, residential rental, commercial and other investment property lease fees are

recognised in surplus or deficit on a straight line basis over the term of the lease.

(ii). Dividends

Puna Reo parent fees

Transport revenue

Holiday park revenue

b. Other Income

Income from services rendered (exchange revenue) included in trading income in the Consolidated Statement

of Comprehensive Revenue and Expense:

Patient consultation fees

Income from dividends is recognised when the Group’s right to receive payment is established, and the

amount can be reliably measured.

Revenue from exchange transactions included in other income in the Consolidated Statement of

Comprehensive Revenue and Expense included:

(iii). Sale of NZ Forestry Emission Units

Income from the sale of NZ Emission Units is recognised in the Consolidated Statement of Comprehensive

Revenue when the Group's right to receive payment is established.


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2018 2017

$ $

Interest Income

Interest from trading, at call and term investments 1,189,904 803,174

Interest received from Historical and Fisheries redress 5,822 -

Interest accrued but not yet received 886,225 1,585,536

Total interest Received 2,081,951 2,388,710

It is probable that the associated future economic benefit or service potential will flow to the entity, and

Fair value can be reliably measured.

(i). Government contracts, grants and koha

Interest income shown in the Consolidated Statement of Comprehensive Revenue and Expense included:

c. Revenue from Non-Exchange Transactions

Non-exchange transactions are those where the Group receives an inflow of resources (i.e. cash or other

tangible or non-tangible items) but provides no (or nominal) direct consideration in return for the inflow. With

the exception of services in kind, inflow of resources from non-exchange transactions are only recognised as

assets where both:

Interest is recognised as it accrues in surplus or deficit, using the effective interest method.

Interest Income shown in other income in the Consolidated Statement of Comprehensive Revenue and

Expense includes interest earned on ‘At call’ funds and short term deposits from the various banking

organisations.

(iv). Interest

(v). Gain/(loss) on revaluation of financial portfolio

The fair value gain/loss on revaluation of financial portfolio is fair value gains on the investment portfolio held

with ANZ.

Capital Coast District Health Board

Ministry of Education

Local and regional agencies

Government contracts

Funding is received to provide a range of health and wellbeing services to the community that are delivered by

the Group. The primary source of funding is derived by contracts with the following providers:

Ministry of Health

The recognition of non-exchange revenue from Government Contracts, Grants, Donations, and Koha depends

on the nature and any stipulations attached to the inflow of economic resources received, and whether this

creates a liability (i.e. present obligation) rather than the recognition of revenue.

Stipulations that are ‘conditions’ specifically require the Group to return the inflow of resources received if

they are not used as stipulated, resulting in the recognition of a non-exchange liability that is subsequently

recognised as non-exchange revenue as and when the ‘conditions’ are satisfied.

Stipulations that are ‘restrictions’ do not specifically require the Group to return the inflow of resources

received if they are not utilised in the way stipulated, and therefore do not result in the recognition of a non-

exchange liability, which results in the immediate recognitions of non-exchange revenue.


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2018 2017

$ $

Revenue from non-exchange transactions

Health, Medical and Social services revenue 10,216,900 8,589,700

Historical and Fisheries redress 4,854,122 -

Non exchange revenue 15,071,023 8,589,700

2018 2017

$ $

Other revenue from non-exchange transactions

Local and Regional Council grants 271,506 252,157

Other revenue from non-exchange transactions 271,506 252,157

6. Personnel costs

2018 2017

$ $

ACC Levies 40,741 37,346

Staff payroll expense 8,190,715 7,480,571

Board and Committee expense 94,650 89,250

Te Runanga o Toa Rangatira Inc. has paid for Audit and Accounting costs in the the past year. The amounts were reimbursed at 30 June. Administration fees charged to the Trust for the year ended 30 June were $802,980 (2017: $775,039). Current payables owed to Te Runanga o Toa Rangatira Inc. but not yet paid amount to $254,770 (2017: $210,217), amounts outstanding and owed to the Trust by Te Runanga O Toa Rangatira Inc., amount to $26,636 (2017:$26,636) . Toa Rangatira Investment Properties Limited was not advanced any funds. (2017: $NIL).208,939 190,103

Total Payroll expense 8,535,045 7,797,270

(ii). Historical and fisheries redress

The organisation contributes to the New Zealand KiwiSaver scheme for employees who have enrolled in the

scheme.

Personnel costs include:

Personnel expenses include all personnel and include Management, Board and payments for members for

various Committee duties.

a. Employer Contribution to KiwiSaver

Revenue from non-exchange transactions included in the Consolidated Statement of Revenue and Expense

Revenue from non-exchange transactions included in other revenue in the Consolidated Statement of

Comprehensive Revenue and Expense includes:

(iii). Property, plant and equipment revenue

Gains or losses from the sale of property, plant and equipment are recognised in surplus or deficit.

Revenue from Historical and or Fisheries Redress received as non-exchange transactions are recognised when

the entitlement (control) passes to the group and the Group entity is able to enforce the claim. Revenue is

recognised in the Consolidated Statement of Comprehensive Revenue and Expense at an amount that reflects

the exchange at its deemed cost and this is estimated at the date of the exchange.

Redress income included in the Consolidated Statement of Comprehensive Revenue and Expense is

subsequently moved to a special settlement reserve account to preserve the total accumulated settlement

quantum.


18te rUNAN



7. Cash and Cash Equivalents

2018 2017

$ $

Cash and cash equivalents

Current assets

Cash at bank and on hand 10,186,064 11,067,320

At call deposits due within 90 days - -

Cash and cash equivalents in the statement of cash flows 10,186,064 11,067,320

Per annum annual interest rate ranges to components of cash and cash equivalents

Bank deposits 0.00-3.00% 0.00-3.00%

Call deposits 3.22-3.95% 3.22-3.95%

8. Short term investments, long term deposits and managed funds

9. Accounts and other receivables

2018 2017

Accounts and other receivables $ $

Trade Receivables from exchange transactions 3,202,210 1,170,196

Less allowance for doubtful debt (195,888) (187,802)

Net trade receivables from exchange transactions 3,006,322 982,394

Other receivables

Accrued Interest receivable 886,225 1,585,447

Short term wage advances 3,276 4,157

GST receivable (non exchange) 67,883 143,268

Total Trade and other receivables 3,963,706 2,715,266

Accounts and other receivables are non-interest bearing and receipts are normally on 30 day terms. Therefore

carrying value of accounts and other receivables approximates its fair value.

As at 30 June 2018, all overdue receivables have been assessed for impairment and appropriate allowances

made.

Cash and cash equivalents are deposits held in trading accounts or deposits with maturities between 1-90 days

after balance date.

Long term investments are deposits that have maturities more than 12 months after balance date. Long term

investments are classified as non-current assets in the Consolidated Statement of Financial Position.

There are no restrictions over the short term deposits or long term investments held by the Group.

Interest rates vary on the deposits between 3.22% - 3.95%

There are no restrictions over any of the cash and cash equivalent balances held by the Group.

Short term deposits are deposits that are held with maturities of more than 90 days but less than 12 months

after balance date. Short Term Deposits are classified as current assets in the Consolidated Statement of

Financial Position.

Managed funds are funds held with ANZ in a balanced portfolio measured at Fair Value through Surplus and

Deficit


19te rUNAN



2018 2017

$ $

Balance 1 July 187,802 111,223

Write off of bad debts - -

Impairment losses this year 8,086 76,579

Balance at 30 June 195,888 187,802

10. Prepayments and other assets

2018 2017

$ $

Prepayments for goods and services not yet consumed 34,618 8,758

Engineers Report - Waitangirua 7,500 7,500

Consultants - Takapuwahia Puna Reo - 13,022

Total prepayments and other assets 42,118 29,280

11. Income Tax

The Board have considered whether an allowance for doubtful debts is appropriate based on historical

evidence and have estimated on a percentage basis a doubtful debt allowance on the 90 day and over

balances. All receivables are subject to credit risk exposure.

The Board have reviewed the allowance as at 30 June and a further impairment allowance of $8,086 has been

recorded for the 2018 year.

Ngati Toa Limited receives income which provides taxable earnings. Toa Rangatira Trust has Maori Authority

tax status and the current tax is calculated at 17.5%. Other Trust subsidiaries are currently taxed at 28%.

Ora Toa PHO, Ika Toa Limited and the Parent have Charitable Status for income tax purposes.

Prepayments and other assets include:

Prepayments include payments that have been made prior to balance date, for goods or services that have not

yet been delivered.

Prepayments also include payments toward the construction of an asset where the asset has not yet been

completed or commissioned but for where there is a construction contract in place.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and

liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they

reverse, using tax rates enacted or substantively enacted at the reporting date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities

and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on

different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets

and liabilities will be realised simultaneously.

Tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in surplus or

deficit except to the extent that it relates to a business combination, or items recognised directly in equity or

in other comprehensive income.


20te rUNAN



2018 2017

$ $

Accounting profit from operations 15,463,242 9,067,286

Add taxable inter-entity gain on sale - 375,000

Less non assessable earnings (12,328,145) (5,379,210)

Add back non-deductible expenses 434,803 995,101

Add back temporary timing differences - 49,456

Group Losses offset against this years tax expense (32,820) (32,820)

Taxable Earnings 3,537,080 5,074,813

Opening tax payable 15,085 289,320

Plus current income tax expense 573,974 984,347

Less over provision in previous year (42,673) (9,384)

Current income tax expense 531,301 974,963

Less Maori Tax credits available (12,555) (10,707)

Less Resident withholding tax paid (409,418) (460,014)

Less tax payments made to Inland Revenue (477,863) (1,011,065)

Less refunds received 38,002 232,587

Current Tax payable (315,448) 15,085

12. Property, Plant and Equipment

a. Recognition and measurement

Items of property plant and equipment are initially measured at cost, except those acquired through non-

exchange transactions which are instead measured at fair value as their deemed cost at initial recognition.

Heritage assets with no future economic benefit or service potential other than their heritage value are not

recognised in the statement of financial position.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to

the extent that it is probable that future taxable profits will be available against which they can be utilised.

Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer

probable that the related tax benefit will be realised.


21te rUNAN



Any revaluation losses in excess of credit balance of the revaluation surplus for that class of property, plant

and equipment are recognised in surplus or deficit as impairment.

All of the Group's items of property plant and equipment are subsequently measured in accordance with the

cost model, except for land and buildings which are subsequently measured in accordance with the

revaluation model.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-

constructed assets includes the following:

Fair value, less accumulated depreciation and accumulated impairment losses recognised after the date of the

most recent revaluation. Valuations are performed with sufficient frequency to ensure that the fair value of a

revalued asset does not differ materially from its carrying amount.

Gains and losses on revaluation are recognised in other comprehensive revenue and expense and presented in

the revaluation surplus reserve within net assets/equity. Gains or losses relating to individual items are offset

against those from other items in the same class of property, plant and equipment, however gains or losses

between classes of property, plant and equipment are not offset.

Cost (or fair value for items acquired through non-exchange transactions) less accumulated depreciation and

impairment.

(ii). Revaluation model

Items of property, plant and equipment are subsequently measured either under the:

(i). Cost model

Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between

the net proceeds from disposal and the carrying amount of the item) is recognised in surplus or deficit.

Upon disposal of revalued items of property, plant and equipment, any associated gain or losses on

revaluation to that item are transferred from the revaluation surplus to accumulated surplus.

b. Subsequent expenditure

Purchased software that is integral to the functionality of the related equipment is capitalised as part of

that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as

separate items (major components) of property, plant and equipment.

Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated

with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred.


22te rUNAN



Constructions Contracts (work in progress)

Rugby Street - Earthquake Strengthening and new medical centre fit-out 2018 2017

$ $

Initial Contract sum - 576,499

Agreed variations to date - 127,792

Revised contract sum - 704,291

Other Construction costs - 170,789

Total Work in progress - 875,080

Payments made prior to balance date - (875,080)

Contract sum payable at 30 June - -

3-5 years

5 - 100 years

3 - 25 years

3-5 years

c. Depreciation

Buildings and Improvements

Plant, Office, MPD and

Computer Equipment

Motor Vehicles, Watercraft,

Tractors and Trailers

Fixtures and Fittings

Computer Equipment

10-50 years

3-5 years

5 - 100 years

3 - 25 years

3-5 years

10-50 years

Included in construction contracts for assets not yet completed (Work in Progress assets) were:

Depreciation is recognised in surplus or deficit on a straight-line basis over the estimated useful lives of each

component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the

lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end

of the lease term. Land is not depreciated. Assets under construction are not subject to depreciation until they

are completed.

Depreciation methods, useful lives and residential value are reviewed are each reporting date and adjusted if

appropriate.

Work in Progress

For plant and equipment, depreciation is based on the cost of an asset less its residual value, and for buildings

is based on the revalued amount less its residual value. Significant components of individual assets that have a

useful life that is different from the remainder of those assets, those components are depreciated separately.

The estimated useful lives are shown below:

Class 2018 Useful Life Years 2017 Useful Life Years


23te rUNAN



Land, Buildings,

Marine Farm

Plant, Office

Equipment, and

Computers

Fixtures and

Fittings

Motor Vehicles,

Watercraft,

Trailers and

Tractors

Work in Progress

Assets TOTAL

Group 2018 $ $ $ $ $ $

Cost

Balance 1 July 2017 17,149,510 2,595,840 774,221 1,213,688 - 21,733,259

Additions - exchange 622,115 149,421 4,324 30,865 36,264 842,990

Additions - non- exchange - - - - - -

Revaluation movements - - - - - -

WIP capitalised - - - - - -

Disposals (4,000) (435,775) (196,773) (83,561) - (720,109)

Balance 30 June 2018 17,767,625 2,309,486 581,772 1,160,992 36,264 21,856,140

Accumulated depreciation and impairment

Balance 1 July 2017 559,322 2,117,499 606,045 989,339 - 4,272,205

Current year depreciation 299,592 208,026 8,827 75,467 - 591,912

Current Year Impairment - - - - - -

Depreciation written back on revaluation - - - - - -

Depreciation written back on disposal (4,000) (391,413) (185,749) (88,362) - (669,524)

Balance 30 June 2018 854,914 1,934,112 429,123 976,444 - 4,194,593

Carrying amount 30 June 2018 16,912,711 375,374 152,649 184,548 36,264 17,661,547


24



Land, Buildings,

Marine Farm

Plant, Office

Equipment, and

Computers

Fixtures and

Fittings

Motor Vehicles,

Watercraft,

Trailers and

Tractors

Work in Progress

Assets TOTAL

Group 2017 $ $ $ $ $ $

Cost

Balance 1 July 2016 12,718,473 2,164,524 768,471 1,223,249 875,080 17,749,797

Additions - exchange 3,072,262 431,316 5,750 16,173 - 3,525,501

Additions - non- exchange - - - - - -

Revaluation movements 1,228,042 - - - - 1,228,042

WIP capitalised 875,080 - - - (875,080) -

Disposals (744,347) - - (25,734) - (770,081)

Balance 30 June 2017 17,149,510 2,595,840 774,221 1,213,688 - 21,733,259

Accumulated depreciation and impairment

Balance 1 July 2016 545,226 1,915,055 592,385 934,059 - 3,986,725

Current year depreciation 249,987 202,444 13,660 81,014 - 547,105

Current Year Impairment - - - - - -

Depreciation written back on revaluation (194,312) - - - - (194,312)

Depreciation written back on disposal (41,579) - - (25,734) - (67,313)

Balance 30 June 2017 559,322 2,117,499 606,045 989,339 - 4,272,205

Carrying amount 30 June 2017 16,590,188 478,341 168,176 224,349 - 17,461,054


25



13. Investment properties

Other land valuations were updated on 18th August 2018 by Duncan Watts and Gerad Wilson of CBRE, and

by Bill Smith of Quotable Valuations Limited. The valuations included land that is currently subject to long

term lease back arrangements with the relevant Crown agencies. See Note 23 for further detail on the terms

of the leases. The methods of valuation used to determine fair value were the Income capitalisation or

discounted cashflow approach with a check by the direct comparison approach.

Investment properties are subsequently measured at fair value by an independent professional.

Any gain or loss on disposal of an investment property (calculated as the difference between the net

proceeds from disposal and the carrying amount of the item) is recognised in surplus or deficit.

The forestry land valuation was updated in June 2018 by Forestry Land Consultants Limited on a discounted

cash flow basis which uses forest licence fee income as an input.

Investment property is initially measured at cost, except those acquired through non-exchange transactions

which are instead measured at fair value as their deemed cost at initial recognition.

Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost

of self-constructed investment property includes the cost of materials and direct labour, any other costs

directly attributable to bringing the investment property to a working condition for their intended use and

capitalised borrowing costs.

Investment property is property held either to earn rental income or for capital appreciation or for both, but

not held for sale in the ordinary course of business, use in the production or supply of goods or services or for

administrative purposes.


Valuation detail

The Group engaged Jim Sampson of Alex Hayward Limited to value properties in the Blenheim District. The

methods of valuation used represented observable prices in an active market and were completed between

1st and 20th July 2017 for the year ended 30 June 2017.

Market source data has been used to determine the market value of the properties assessed Alex Hayward

Limited.

All valuers used by the organisation are independent.

The valuer used a comparison approach using recent market transactions that had occurred on an arm’s

length basis. Land is valued at fair value using market-based evidence based on its highest and best use with

reference to comparable land values.


26 te rUNAN



2018 2017

Investment property - land $ $

Opening Balance as at 1 July 46,067,098 42,555,578

Gain on revaluation 3,325,980 2,788,295

Fair value of forestry land at 30 June 49,393,078 45,343,873

Additions - Non-exchange - -

Additions -exchange 2,402,926 728,225

Impairment - (5,000)

Disposals - -

Fair value 30 June 51,796,004 46,067,098

14. Share Investments

Both CBRE and Quotable Valuation Limited are independent valuers.

The Group owns 1,532 shares in Aotearoa Fisheries Limited (AFL). The shares were received as part of the

Fisheries settlement in March 2010. The parent has no controlling or significant interest in AFL.

The shares are stated at cost less their impairment value as the company (AFL) shares are not publicly traded

and therefore there is no active market to determine the quoted price and the shares cannot be measured

reliably.

When the use of the investment property changes to owner occupied, such that it results in a reclassification

of property, plant and equipment, the property’s fair value at the date of reclassification becomes its cost for

subsequent accounting.

Investment property includes land purchased from the Crown identified as part of the redress negotiation.

The land was purchased at $24 million on 1 August 2014. The land includes land in Nelson and Marlborough

currently planted in pine and is operated as a forestry operation. The forestry operation is owned and

controlled by unrelated parties and the land is leased to the Forester under the terms of present Crown

Forestry Licence.

Other land (non-exchange) is held as investment land where there has been no clear indication on a

particular use for the land.

Investment property transactions are shown below:

b. Reclassifications

When an investment property that was previously classified as property, plant and equipment is sold, any

revaluation amount included in the revaluation reserve is transferred to retained earnings.


27 te rUNAN



The shares are classified as available for sale.

2018 2017

$ $

Aotearoa Fisheries Limited 2,366,678 2,366,678

Deemed cost at 30 June 2,366,678 2,366,678

15. Trade and other payables

2018 2017

$ $

Trade payables from exchange transactions 332,790 229,684

Sundry accruals 274,739 515,745

GST payable 165,635 165,483

Total trade and other payables 773,164 910,912

16. Deferred IncomeDeferred Income

17. Rent received in AdvanceRent received in Advance

Forestry Licence fees, residential rent and rent from lease back investment properties received in advance is

rent received for future periods, the service has not yet been delivered to the customer and the revenue is

deferred to another period.

At 30 June all deferred income related to service contract income where the obligations attached to the

receipt of the funds has not been fully met at balance date.

Deferred service income relates to government contract income for the Medical and Health services where

the obligations attached to the receipt of the funds have not fully been met at balance date. These

conditions and or obligations are all expected to be met within 30 to 60 days of balance date and are

considered current liabilities.

Deferred income related to assets is funding provided from the Crown (New Zealand Government) for

infrastructure assets such as computer hardware and medical equipment. The funds deferred to future

periods represent amounts that have not been spent at balance date.

The shares have returned a dividend for the past three years and as such the directors have assessed that the

'value in use' is appropriate. As there is no indication of impairment at balance date the Board consider that

the carrying amount of the shares approximates their fair value.

Trade payables are non-interest bearing and are normally settled within 30 days and are therefore reflected

at their fair value.


28 te rUNAN



18. Employee EntitlementsEmployee Entitlements

2018 2017

$ $

Current

Short-term employee entitlements 597,844 528,477

Taxes payable 100,710 -

Total employee entitlements 698,554 528,477

19. Financial instruments

The Group also derecognises financial assets and financial liabilities when there have been significant changes

to the terms and/or the amount of the contractual payments to be received and or paid.

The Group classifies financial liabilities into the following categories: fair value through surplus or deficit, and

amortised cost.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position

when, and only when the Group has a legal right to offset the amount and intends either to settle on a net

basis or to realise the asset and settle the liability simultaneously.

The Group classifies the financial assets into the following categories: fair value through surplus or deficit,

held-to-maturity, loans and receivables and available for sale.

The Group initially recognises financial instruments when the Group becomes a party to the contractual

provisions of the instrument.

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire,

or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the

risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial

assets that is created or retained by the Group is recognised as a separate asset or liability. The Group

derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.

Short-term employee benefit liabilities are recognised when the Group has a legal or constructive obligation

to remunerate employees for services provided within 12 months of reporting date, and are measured on an

undiscounted basis and expensed in the period in which employment services are provided.

These mainly consist of accrued holiday entitlements at the reporting date.

No long term obligations exist at 30 June 2018.

a. Short term employee benefits


29 te rUNAN



Changes in impairment provisions attributable to application of the effective interest method are reflected as

a component of interest income. If, in a subsequent period, the fair value of an impaired available-for- sale

debt security increases and the increase can be related objectively to an event occurring after the impairment

loss was recognised, then the impairment loss is reversed, with the amount of the reversal recognised in

surplus or deficit. However, any subsequent recovery in the fair value of an impaired available-for-sale equity

security is recognised in other comprehensive revenue and expense.

Equity investments are shares in Aotearoa Fisheries Limited (AFL) and are measured at cost less any

impairment charges, as they do not have a quoted market price and their value cannot be reliably measured.

All other available-for-sale financial assets are measured at fair value. Gains and losses are recognised in

other comprehensive income and expense and are reported within the "available-for-sale reserve" within

equity, less and impairment expense.

When the asset is disposed of or is determined to be impaired the cumulative gain or loss recognised in other

comprehensive income is reclassified from the equity reserve to surplus or deficit and presented as a

reclassification adjustment within other comprehensive income. Any associated interest income or dividends

are recognised in surplus or deficit within "investment income".

Available-for-sale financial assets are non-derivative financial assets that are either designated to this

category or do not qualify for inclusion in any of the other categories of financial assets.

Available-for-sale financial assets include:

Aotearoa Fisheries Limited Income shares

Loans and receivables comprise: The Group’s cash and cash equivalents, trade and other receivables.

Cash and cash equivalents, short term deposits and long term deposits represent highly liquid investments

that are readily convertible to a known amount of cash with an insignificant amount of risk of changes in

value, with maturities of 90 days or less.

b. Available-For-Sale Financial Assets

a. Loans and Receivables

Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an

active market.

Loans and receivables are subsequently measured at amortised cost using the effective interest method, less

any impairment losses.


30 te rUNAN



When an event occurring after the impairment was recognised causes the amount of impairment loss to

decrease, the decrease in impairment loss is reversed through surplus or deficit.

Assets that are not individually significant are collectively assessed for impairment by grouping together

assets with similar risk characteristics.

In assessing collective impairment the Group uses historical trends of the probability of default, the timing of

recoveries and the amount of loss incurred, adjusted for management's judgement as to whether current

economic and credit conditions are such that the actual losses are likely to be greater or less than suggested

by historical trends.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference

between its carrying amount and the present value of the estimated future cash flows discounted at the

asset's original effective interest rate. Losses are recognised in surplus or deficit and reflected in an allowance

account against loans and receivables or held-to-maturity. Interest on the impaired asset continues to be

recognised.

e. Financial assets classified as held-to-maturity and loans and receivables

The Group considers evidence of impairment for financial assets measured at amortised cost (loans and

receivables and held-to-maturity) at both a specific asset and collective level.

All individually significant assets are assessed for specific impairment. Those found not to be specifically

impaired are then collectively assessed for any impairment that has been incurred but not yet identified.

d. Impairment of non-derivative financial assets

A financial asset not subsequently measured at fair value through surplus or deficit is assessed at each

reporting date to determine whether there is objective evidence that it is impaired. A financial asset is

impaired if there is objective evidence of impairment as a result of one or more events that occurred after

the initial recognition of the asset, and that the loss event(s) had an impact on the estimated future cash

flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired includes default or delinquency by a counterparty,

restructuring of an amount due to the Group on terms that the Group would not consider otherwise,

indications that a counterparty or issuer will enter bankruptcy, adverse changes in the payment status of

borrowers or issuers in the Group, economic conditions that correlate with defaults or the disappearance of

an active market for a security. In addition, for an equity security classified as an available-for-sale financial

asset, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment.

Financial liabilities classified as amortised cost are subsequently measured at amortised cost using the

effective interest method.

Financial liabilities classified as amortised cost include cash and cash equivalents (bank overdrafts), trade and

other payables.

c. Amortised cost financial liabilities

Financial liabilities classified as amortised cost are non-derivative financial liabilities that are not classified as

fair value through surplus or deficit financial liabilities.


31 te rUNAN



TOTAL

Group 2018 NOTELoans and

receivables

Fair Value

through

surplus &

deficit

Available for sale

Subsequently measured at fair value

Aotearoa Fisheries Limited shares 14. - -

2,366,678 - 2,366,678

Not subsequently measured at fair value

Cash and cash equivalents 7. 10,186,064 - - - 10,186,064

Short term deposits 8. 68,497,394 - - - 68,497,394

Managed funds - 22,953,237 - - 22,953,237

Receivables 9. 3,202,210 - - - 3,202,210

Payables 15. - - - (332,790)

81,885,668 22,953,237 2,366,678 106,872,794

TOTAL

Group 2017 NOTELoans and

receivables

Fair Value

through

surplus &

deficit

Available for sale

Subsequently measured at fair value

Aotearoa Fisheries Limited shares 14. - - 2,366,678 - 2,366,678

Not subsequently measured at fair value

Cash and cash equivalents 7. 11,067,320 - - - 11,067,320

Short term deposits 8. 52,686,209 - - - 52,686,209

Long term deposits 8. 6,943,688 - - - 6,943,688

Managed funds - 21,322,329 - 21,322,329

Receivables 9. 1,170,196 - - - 1,170,196

Payables 15. - - - (229,684)

71,867,413 21,322,329 2,366,678 95,326,736

Carrying value of Financial Instruments $

Financial Assets Financial Liabilities

f. Fair Value through Surplus or Deficit

A financial instrument is classified as fair value through surplus or deficit if it is:

Held for trading: Derivatives where hedge accounting is not applied

Designated at initial recognition: If the Group manages such investments and makes purchase and sale

decisions based on their fair value in accordance with the Group's documented risk management or

investment strategy. Those fair value through surplus or deficit instruments sub-classified as held-for-trading

comprise the ANZ Managed Funds. Financial instruments classified as fair value through surplus or deficit are

subsequently measured at fair value with gains or losses being recognised in surplus or deficit.

The table below shows the carrying amount of the Group’s financial assets and liabilities:

Carrying value of Financial Instruments $

Financial Assets Financial Liabilities

(229,684)

Liabilities (at

amortised cost)

Liabilities (at

amortised cost)

(229,684)

(332,790)

(332,790)


32 te rUNAN



20. Intangible assets

2018 2017

Website Design Cost $ $

Gross carrying amount

Balance 1 July 52,138 42,138

Additions - website development - 10,000

Balance 30 June 52,138 52,138

Amortisation and impairment

Balance 1 July (42,138) (42,138)

Amortisation (1,992) -

Balance 30 June (44,130) (42,138)

Carrying amount 30 June 8,008 10,000

Amortising is recognised in surplus and deficit on a straight line basis over the estimated useful life of each

amortisable intangible asset. The estimated useful lives of each amortisable intangible asset are:

Quota Share

The Group’s finite-life intangible assets comprise: A website and Goodwill


Intangible assets are initially measured at cost except for:

b. Subsequent expenditure

Intangible assets acquired through non-exchange transactions (measured at fair value)

Heritage assets

NZ Forestry Emission Units

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific

asset to which it relates. All other expenditure is recognised in surplus or deficit.

c. Amortisation

Websites

Goodwill 10 Years

Heritage assets with no future economic benefit or service potential other that their heritage value are not recognised

on the Consolidated Statement of Financial Position.

Website 5 Years (2017: 5 years)

The Group holds land that is classified as heritage as the land comprises sites that are either held as reserves,

memorial sites or Urupa.


33te rUNAN



2018 2017

Goodwill - Waitangirua Medical Centre $ $

Balance 1 July - -

Additions - purchases 480,000 -

Balance at 30 June 480,000 -

Impairments

Impairment losses (32,000) -

Balance 30 June (32,000) -

Carrying amount 30 June 448,000 -

2018 2017

NZ Forestry Emissions Units $ $

Balance 1 July 7,718,448 9,795,134

Gain on sale of units 426,000 -

Fair value gain on units at reporting date 580,102 -

8,724,550 9,795,134

Impairments

Loss on revaluation - (291,686)

Disposals (5,586,000) (1,785,000)

Fair value 30 June 3,138,550 7,718,448

The New Zealand Emissions Trading Scheme (ETS) is the system in which New Zealand Units (NZUs) are traded. Under

the ETS, certain sectors are required to acquire and surrender NZUs or other eligible emission units to account for

their direct greenhouse gas emissions or emissions associated with their products.

The allocation attached to the forestry lands purchased by the Trustee of the Toa Rangatira Trust, was allocated as

part of a compensation package for those forests that were planted pre-1990. The NZ Emissions Units received into

the Trust are pre-1990 emission trading units.

The NZ Emissions Units transferred on 29 August 2014, 548,744 units were transferred to the Toa Rangatira Trust

along with the Crown Forestry Licenced rentals. The NZ Emissions Units were initially recognised in the Consolidated

Statement of Comprehensive Income at the rate per unit as listed on the Carbon Forest Services site at 29 August

2014. This value was the deemed cost. The NZU’s have been subsequently revalued at each balance date to

determine whether there has been any impairment also using the prevailing rate listed for the NZU’s, with the

revaluation gain going through Other Comprehensive Income. The Board resolved to sell down units during 2018

(2017:100,000 units). The income from the sale is included in Other Revenue and Expense in the Statement of

Comprehensive Revenue and Expense, and the previous fair value gain on valuation has been reversed.

In October 2017, the parent purchased the systems and processes of Waitangirua Medical Centre for $480,000. This

included access to the patient database, and continuing with essentially the same doctors and staff. No shares were

acquired.


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Quota shares 2018 2017

$ $

Opening Balance 1 July 8,257,346 7,671,171

Gain in fair value 540,517 586,175

Fair value at 30 June 8,797,863 8,257,346

Quota received as a non-exchange transaction (Settlement quota) is measured initially at a deemed cost which is

determined using the values placed on the quota as per the documentation received with the settlement quota.

d. Quota Share

Quota shares are treated as an intangible asset. Quota Shares that are purchased at cost are recognised initially at

cost and subsequently at fair value. Fair value is determined as the latest valuation less any impairment cost.

Valuations are undertaken on a regular basis to ensure the carrying amount does not differ materially from the fair

value of the shares.

A valuation was obtained by Quota Brokers Aotearoa as at 30 June 2017 for the quota share. The valuation records an

increase of $586,175 at balance date. The increase in value has been recorded as a gain in the Consolidated

Statement of Comprehensive Revenue and Expense. A Directors valuation was completed as at 30 June 2018 for the

quota shares held. The increase in value of $540,517 has been recorded as a gain in the Consolidated Statement of

Comprehensive Revenue and Expense. The valuation is based on recent market prices available.

As part of receiving the Golden Downs East, Golden Downs West and Queen Charlotte forest land on

settlement, 548,747 pre-1990 NZ Units were received. The Trustees expect that the current licensors will continue to

replant and keep these areas forested for the term of the licences (31+ years ). The Trustees do not consider the

land suitable for a purpose other than forestry. In the event that areas of land are handed back in accordance with the

Crown licence term during or at the end of the term, the trustees expectation is that the land would either be

replanted or that native bush would be allowed to regenerate. In the event that the land is handed back, is not

replanted, and that native bush has not regenerated to the correct density within ten years of the land hand back,

then a liability may be incurred. This potential liability is not recognised in the financial statements.


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21. Investment in Joint Venture

2018 2017

$ $

Share of net assets of Kenepuru Partnership Limited Joint Venture 10,135,493 8,570,752

Share of net assets of joint venture at 30 June 10,135,493 8,570,752

2018 2017

$ $

Share of loss in joint venture 49,257 31,610

Total share of loss in joint venture 49,257 31,610

22. Impairment of non-financial assets

a. Jointly controlled entities

The recoverable amount of the asset or CGU is the greater of its value in use and its fair value less costs to sell. In

assessing value in use, the estimated cash flows (for cash generating units) or future remaining service potential (for

non-cash generating units) are discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset or CGU.

Cash generating assets and non-cash generating assets are distinguished by the smallest identifiable unit that is used

to generate a cash inflow from continuing use that are largely independent of the cash inflows from other assets or

groups of assets.

The carrying amount of the Group’s non-financial assets, other than investment property, are reviewed at reporting

date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s

recoverable amount is estimated.

Indefinite life intangible assets and intangible assets not yet available for use are tested annually for impairment. An

impairment loss is recognised if the carrying amount of the asset or its cash generating unit (CGU) exceeds its

estimated recoverable amount.

The Group holds joint control over the following jointly controlled entity, which is accounted for using equity method.

The Whenua Toa Trust was setup in October 2016 as the limited partner in the Kenepuru Partnership Limited joint

venture. The Whenua Toa Trust is a 50% shareholder in the joint venture.

b. Commitments from interest in joint ventures

The Group has committed to contributing capital of $11,500,000. Of this, $11,252,360 has already been committed for

the year ended 30 June 2018 (2017: $8,977,360).


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23. Leases (as lessor and lessee)

2018 2017

Current rental payments commitments as Lessee $ $

Within one year 132,489 57,093

Between one and five years 26,728 52,305

More than five years - -

Total operating lease rentals payable 159,217 109,398

Per Annum

Amount

Organisation Rental Term Expiry $

Sietec Communication UFB Line Management 60 Months June 2019 18,000

Sietec Wholesale Wider Area Network 60 Months June 2019 39,060

Waitangirua Medical Centre Medical Practice Building 24 Months October 2020 6,682

Porirua City Council Shelter 36 Months April 2019 4,800

The leases terms vary between two to three years.

The parent purchased the building in Rugby Street, Wellington in 2009 and is utilising the property for its Wellington

based medical and health services. The property currently has multiple tenancies who lease remaining units under

operating leases.

a. Lease payments as lessee

The leases that are currently in place for the Group are summarised below.

The following operating leases are in place at Balance date.

Leases where the Group assume substantially all the risks and rewards incidental to ownership of the leased asset are

classified as finance leases. All other leases are classified as operating leases.

Subsequent to initial recognition (at cost) the asset is accounted for in accordance with the accounting policy

applicable to the asset.

Rental lease revenue received under operating leases is recognised on a straight line basis over the term of the lease.

This excludes receipts from reimbursements for services which are recognised when the customer has received an

invoice for the service.

c. Current Rental revenue as lessor

Payments made under an operating lease are recognised in surplus and deficit on a straight line basis over the term of

the lease. Lease incentives received are recognised as an integral part of the total lease and are expensed over the

lease term. Associated costs such as maintenance and insurances are expensed as incurred.

Depreciation on the leased asset is expensed in a manner that is consistent with the accounting policy disclosed at

Note 12 Property, plant and equipment.

The Group leases the land that houses the Waka Ama equipment. The lease runs for 36 months and commenced April

2016.

b. Rental lease revenue as lessor

Costs incurred in earning the rental lease revenue are recognised as an expense as they are incurred.


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2018 2017

$ $

Within one year 2,642,246 2,554,340

Between one and five years 10,297,982 10,106,703

More than five years 55,938,769 57,057,176

Total minimum future lease receivable 68,878,997 69,718,219

24. Reserves

2018 2017

Treaty and Fisheries Redress Reserve $ $

Opening balance 131,910,855 131,910,855

Movements this year 4,854,122 -

Closing balance 136,764,977 131,910,855

2018 2017

Revaluation reserve - intangibles $ $

Opening balance 10,593,663 11,669,174

Movements this year (2,794,381) (1,075,511)

Closing balance 7,799,282 10,593,663

a. Treaty and Fisheries Redress Reserve

b. Other Reserves

This reserve records the increases or decreases in Quota Holdings (Fish species) only to the extent that they offset

each other. This reserve also records the increases or decreases in the fair value of the NZ Emissions Units. The

reserve cannot fall into deficit.

The Rugby Street property is included in 'Land, buildings and marine farm' and is depreciated over the estimated

useful life of the asset as determined by the Board for that class of asset. Any expense that relates to the revenue is

expensed in the period it is incurred and is included in Administrative costs as shown in the Consolidated Statement of

Comprehensive Revenue and Expense. The rental income is recognised on a straight line basis over the term of the

lease.

The Toa Rangatira Investment Company manages the rental income of the Forestry lands that were purchased from

the Crown on 1 August 2014. The current Crown Forestry Licence has a termination date of 30 years. The licence fees

are reviewed every 3 years (periodic review) and the methodology can be reviewed every 9 years (general review).

The minimum future lease receivable expected over the next five years is shown below:

Cash funds and other assets (land, buildings, quota share etc.) received from the Treaty of Waitangi Claims are initially

recorded through the Consolidated Statement of Comprehensive Revenue and Expense and are then transferred to

the Treaty and Fisheries Redress Reserve. An additional reserve representing an historical disagreement within Iwi,

which has now been settled, is included in the other special purpose reserve. These funds are separately distinguished

reserves so as to retain the core amounts received under settlement.

(i). Revaluation reserve – intangible assets


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2018 2017

Revaluation reserve - land and buildings $ $

Opening balance 5,832,408 4,774,547

Movements this year - 1,057,861

Closing balance 5,832,408 5,832,408

2018 2017

Other special purpose reserve $ $

Opening balance 1,186,078 1,186,078

Movements this year - -

Closing balance 1,186,078 1,186,078

Total reserves 151,582,745 149,505,354

25. Contingencies and Commitments

There were no known contingent liabilities as at 30 June 2018.

c. Commitments

The Whenua Toa Trust has entered into a Joint Venture agreement to develop the old Kenepuru Hospital site. The site

will be developed into residential and commercial sites by a joint venture development company. The Whenua Toa

Rangatira Trust has committed $11,500,000 capital to the joint venture development and will hold 50% of the shares

in the development company, $9,241,310 has been paid for the year ended 30 June 2018 (2017: $8,602,362). A

further loan advance has been approved to assist with ongoing development and interest is payable on the loan at

6.5% per annum. No calls were made on the additional loan as at 30 June 2018.

There is a commitment for the roof replacement for 17-19 Prosser Street. The committed amount is approx. $60,000.

There is a commitment to Port Nicholson Fisheries Partnership to supply the Annual Catch Entitlement for Crayfish,

and to Aotearoa Fisheries Limited to supply the Annual catch Entitlement for a number of Species including Orange

Roughy, both supplies are at the applicable market value for a five year period ending in 2019.

There is a commitment for the replacement of 19 motor vehicles across the Ora Toa Health units. The Board approved

$285,000 in July 2018. The vehicles will be leased back to the specific contracted area.

Other than commitments in the ordinary course of business there are no commitments at balance date. All major

projects that were in progress at 30 June are now completed.

(ii). Revaluation reserve - land and buildings

a. Contingent Assets

b. Contingent Liabilities

There were no known contingent assets as at 30 June 2018.

The other special purpose reserve represents the funds from the historical Iwi dispute, transferred across from Ika Toa

Limited to Te Runanga o Toa Rangatira Inc. The funds have been held separately to retain the identity.

(iii). Other special purpose reserve

This reserve records the increases and decreases in the fair value of land and buildings only to the extent that they

offset each other. Land and buildings are revalued on a five yearly basis or where there is an indication that the

carrying amount may be materially different.


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26. Events Subsequent to Balance Date

27. Related Parties

The Board have agreed to place a further $30 million into managed funds with Milford Investments ($20m) and

Harbour assets ($10m)

• Ngati Toa Limited trades as a Holiday park in Paekakariki.

• Ora Toa PHO Limited is the Primary Health organisation for the Medical and Health units operated by the Parent.

All investments in subsidiaries are carried at cost less accumulated impairment losses in the financial statements of

the Parent and are eliminated on consolidation.

• Toa Rangatira Trust is the Post Settlement Governance Entity, formed December 2012 to receive the historical

settlement.

• Ika Toa Limited received income from trading its Annual Catch Entitlement from the Quota Share.

The consolidated financial statements include the financial statements of the ultimate controlling entity, its

subsidiaries and other controlled entities, are listed below. Te Runanga o Toa Rangatira Inc. as parent consolidates

the subsidiaries as it has 100% control of the financing and operations of the companies so as to obtain any and all

benefits from their activities.

Kenepuru Developments has confirmed the final price for the sale of stage 1 Kenepuru landings. The 144 sections in

stage 1(a) and 1(b) have been sold for $24,320,000.

There are two larger commercial sites under contract. One site is under contract for $3,000,000 and the other site is

under contract for $13,000,000. Both sites have specific terms and conditions of sale that need to be satisfied before

they are unconditional.

The Group entered into non-binding memorandum of understanding with the Crown on 1 November 2018. At the

conclusion of the due diligence period a new entity Te Āhuru Mōwai will be established as a registered class 1 social

landlord (community housing provider) under the Community housing registration authority (CHRA). Te Āhuru Mōwai

will manage approximately 900 Housing New Zealand properties on commercial terms on the western side of Porirua

under a lease arrangement with a 25 year initial term. The contractual agreements once executed provide for call

options, asset management and redevelopment opportunities. The tenancy management arm is expected to be

operational by the end of 2019.

Whenua Toa Trust was established as the limited partner in the Kenepuru Partnership Limited. The board appointed

Trustees are Ta Matu Rei, Taku Parai, and Francis Freemantle.

In the prior year Toa Rangatira Trust loaned Whenua Toa Trust $11,621,605. This remains outstanding at balance date.

Interest of $756,648 was paid in 2018 (2017: $NIL)

• Toa Rangatira Group Holdings Limited (previously Toa Rangatira Limited) has not traded. Toa Rangatira Limited was

previously a subsidiary of Te Runanga o Toa Rangatira Inc. The company name was changed on 8th July 2014 and the

shareholding transferred to Toa Rangatira Trust in which Te Runanga o Toa Rangatira Inc. is a Trustee.

The subsidiaries of Toa Rangatira Group Holdings Limited are Toa Rangatira Investment Properties Limited and Toa

Rangatira Developments Limited. These companies were incorporated on 8th July 2014.

Any surplus and or deficit is included in, and attributed to the Parent. No Dividends were paid to the ultimate

controlling entity during 2018 (2017: NIL). All entities have a 30 June balance date.


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Ngati Toa Limited is a holiday park. Te Runanga o Toa Limited leases the holiday park buildings to Ngati Toa Limited

and also provides administrative services to Ngati Toa Limited. The amounts received during the year were

administration $19,946 (2017:$18,877), lease of land and buildings $54,178 (2017: $54,456) and interest $14,530

(2017: $14,558). Outstanding receivables owed by Ngati Toa Limited as at 30 June 2017 amounted to $12,377 (2017:

$14,207). Loan payable to Ngati Toa Limited by Te Runanga o Toa Rangatira Inc. amount to $252,779 (2017:

$252,842).

Te Runanga o Toa Rangatira Inc. has paid for Audit and Accounting costs in the the past year. The amounts were

reimbursed at 30 June. Administration fees charged to the Trust for the year ended 30 June were $819,678 (2017:

$790,737). Audit reimbursements for 2018 were $30,000 (2017: $37,698). Current payables owed to Te Runanga o

Toa Rangatira Inc. but not yet paid amount to $254,770 (2017: $210,217), amounts outstanding and owed to the Trust

by Te Runanga O Toa Rangatira Inc., amount to $26,636 (2017:$26,636) . Toa Rangatira Investment Properties Limited

was not advanced any funds. (2017: $NIL).

There have been no other transactions between Te Runanga o Toa Rangatira and the trust and subsidiaries. All

transactions between the parent and trust and subsidiaries as shown above have been eliminated on consolidation.

Ika Toa Limited is the asset holding company for the fisheries settlement fund received under the Maori Fisheries Act

2004. The funds were received into Ika Toa Limited in March 2010. Ika Toa Limited manages the settlement assets

and manages the trading of annual catch entitlement (ACE) on behalf of the organisation. A commission fee is paid to

Ika Toa Limited to provide these services. The administrative arm of the organisation charges for reimbursement of

administration services. The amounts received during the year were administration fees $53,700; (2017: $54,726),

Audit reimbursements $13,000 (2017: $11,100), ACE lease fees of $169,146 (2017: $330,377) and interest of $NIL

(2017: $NIL). Outstanding receivables owed by Ika Toa Limited as at 30 June 2018 amounted to $204,208 (2017:

$384,650).

Kapiti Tours Limited provides transportation and guided tours to & from Kapiti Island. Te Runanga o Toa Rangatira

provides administration services to Kapiti Tours Limited. There were no transactions between Kapiti Tours Limited and

any other related companies during 2018 (2017: NIL).

Ora Toa PHO Limited is a Primary Health Organisation (PHO) and provides contract services funding to Te Runanga o

Toa Rangatira Inc. health units and medical centres. The funding received from Ora Toa PHO for 2018 was $5,643,290

(2017: $5,262,869), wage and clinical advisor reimbursements $182,649 (2017 :$159,083), general support services

$36,000 (2017: $30,647) and rent $10,400 (2017: $9600). Audit reimbursements for 2018 were $10,000 (2017:

$10,097). Outstanding receivables owed by Ora Toa PHO Limited as at 30 June 2018 amounted to $621,131 (2017:

$455,450). Outstanding payables owed to Ora Toa PHO Limited as at 30 June 2018 amounted to $NIL (2017: $NIL).

Directors fees $NIL (2017:$1,700), Motor vehicle expenses $13,260 (2017:$12,240).


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2018 2017 2018 2017

FTE FTE $ $

Members of the Governing body 27 16 127,705 122,374

Senior Management and committees 6 9 568,450 677,365

30 14 636,873 514,656

Key personnel remuneration 63 39 1,333,028 1,314,395

There are no subsidised Medical or Health benefits available to any staff or key personnel. Other than Employer

contributions to NZ Kiwi saver there are no health, life or superannuation plans.

A director of Ika Toa Limited is a Director and shareholder of Okiwi Bay Aquaculture Limited (OBAL). OBAL manages

the Ika Toa marine farm asset. OBAL manages the conditioning of immature oysters on the company's marine farm

structures and Ika Toa Limited is paid a commission based on the volume of oysters harvested. The sum of $NIL was

received from OBAL for oyster harvest in 2018. Amounts for communication and other services paid to OBAL during

2018 $NIL (2017: $NIL).

Terminating benefits include any long service leave due and or payable. There are no terminating benefits or post-

employment benefits paid or payable.

Members of the governing body (Board members and Company Directors)

Senior Executive Officer and Senior Management, responsible for reporting to the governing board

Members of the governing body are paid $250 for each meeting attended. The Chairperson of the Board is paid $350

for each meeting attended.

A number of family members of key management personnel are employed by the Group on normal employment

terms. Remuneration to close family members of key personnel is included below:

a. Key Management Personnel

The Group classifies its key management personnel into one of two classes:

There are no loans or advances to key management personnel or close family members outstanding at June 2018. No

material advances or loans have been made to key Management personnel during the year. (2017: $NIL)

No interest is received on advances and loan repayments are by way of repayment via wage deduction.

The Manager of the Holiday Park is the spouse of the groundsman and housing accommodation is provided as part of

the contract of service. A taxable allowance is paid for accommodation on a weekly basis. (2018: $5,200, 2017:

$5,200).

Close family members

Key management personnel who

received remuneration


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