NGĀTI WHAKAUE TRIBAL LANDS

ANNUAL REPORT 2014 – 2015

MANA WHENUA : MANA TĀNGATA

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COMMITTEE OF MANAGEMENT

Front row: Dr. Tanira Kingi (WFL Chair), David Thomas (NWTL Chair), Matthew Heke. Back row: Tamarapa Lloyd,

Geoffrey Rolleston, Donna Grant, Jackie Aratema

General Manager: Tina Ngatai

Executive & Secretarial Staff: Kayla Christiansen & Audrey Herewini

Registered Office: Ngāti Whakaue Tribal Lands Inc.

Pukeroa Oruawhata House

Level One, 1176 Amohau Street

P.O BOX 12015, ROTORUA

www.ngatiwhakaue.iwi.nz

email: admin@ngatiwhakaue.iwi.nz

07 348 8887

Accountant: Glenn Hawkins & Associates (GHA)

Solicitors: East Brewster

Auditors: Iles Casey

Bankers: Rabobank

Farm Consultants: Perrin Ag Consultants Ltd.

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CONTENTS

ANNUAL REPORT 2014 – 2015 ..................................................................................................................... 1

COMMITTEE OF MANAGEMENT .................................................................................................................. 2

CONTENTS .................................................................................................................................................... 3

AGENDA ....................................................................................................................................................... 4

MINUTES OF THE ANNUAL GENERAL MEETING 8TH NOVEMBER 2014 ........................................................ 5

ANNUAL REPORTS 2014 – 2015 ................................................................................................................. 12

FROM THE CHAIRMAN ............................................................................................................................... 13

GENERAL MANAGER REPORT………………………………………………………………………………………………………………..15

GRANTS REPORT ........................................................................................................................................ 19

SCHOLARSHIP REPORT ............................................................................................................................... 20

WHAKAUE FARMING LIMITED ................................................................................................................... 21

FINANCIAL REPORTS .................................................................................................................................. 26

FINANCIAL SUMMARY............................................................................................................................ 27

NGĀTI WHAKAUE EDUCATIONAL TRUST ............................................................................................... 48

CRITERIA Ngāti Whakaue Educational Trust Scholarships ........................................................................ 54

CRITERIA GRANTS INFORMATION SHEET .................................................................................................. 55

2014 – 2015 GRANT RECIPIENTS ................................................................................................................ 56

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AGENDA

1. Apologies

2. Call for General Business

3. Elections (Presentations and Voting)

4. Minutes of the Annual General Meeting of 8th November 2014

Matters arising

5. Receive NWTL Annual Reports and presentations

Chairman’s report – David Thomas

General Manager report – Tina Ngatai

Grants report – Matthew Heke

Scholarships– Donna Grant

Whakaue Farming Ltd – Dr Tanira Kingi

Nitrates Report – Tamarapa Lloyd

6. Financial Report – Glenn Hawkins

a. Ngāti Whakaue Tribal Lands

b. Ngāti Whakaue Tribal Lands Educational Trust

7. Appointment of Auditor

8. Approve Annual Grant

9. General Business

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MINUTES OF THE ANNUAL GENERAL MEETING 8TH NOVEMBER 2014

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MINUTES OF THE ANNUAL GENERAL MEETING AT TE PAPAIOURU MARAE,

OHINEMUTU, ROTORUA ON SATURDAY 8TH NOVEMBER 2014 AT 9:30 AM.

APOLOGIES:

David Thomas welcomed all in attendance and chaired the meeting of 136

Shareholders (refer Appendix A). The meeting was opened by Pihopa Kingi

with a mihimihi and karakia.

50 apologies received. (refer Appendix B).

RESOLUTION: That the apologies be received.

(Wallen Muir / Toni Gandy) Carried

ELECTION OF MEMBERS:

Chairman announced the election results. Tanira Kingi and Geoff Rolleston

have been re-elected and Tamarapa Lloyd, as the only valid nomination

received, is appointed to the vacancy.

MINUTES: Minutes of the meeting of 9 November 2013 were presented.

MATTERS ARISING:

Kauae Cemetery: The Chairman said that land would be given for an Urupa,

however people will still need to pay for their plots in the same way that they are

currently being paid for.

AGM Booklet: Wilhelmina Mohi would like to see the AGM Booklet earlier then

the day of the Hui.

RESOLUTION: That the minutes of the meeting held on the 9TH November

2013 are confirmed. ( Josie Scott / Iris Thomas ) Carried

CHAIRMANS REPORT (David Thomas)

The Chairman presented his report.

NWTL has reduced its bank loan debt by 1.5 million this year.

We received good returns on log prices in forestry 13/14 year.

On the 14th of November 2014, NWTL will be the owner of what was going

to be Gray’s Funeral Home, at Kauae.

The leases for Okataina 10 and Okoheriki 2C4C3 have been returned.

NWTL have changed bank services from BNZ to Rabobank.

Committee members are now taking fees following the request to do so at

last year’s AGM.

The Chairman thanked all Staff including the Professional Staff, Farm Staff and the

Committee of Management for all their work. The Chairman also thanked the

Shareholders for their continued support.

RESOLUTION: That the Chairman’s report be received.

(David Thomas / Monty Morrison ) Carried

Maria Ihaia asked why the Committee purchased the Funeral Home. The

Chairman said that this is considered to be a good investment and that there is a

party interested in using some of the buildings on site.

Mary Kusabs asked why we changed banks. Advised that RaboBank is an

International Company that focuses on Farming.

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GENERAL MANAGER REPORT (Tina Ngatai)

Farm Tour 2014

NWTL website – currently being upgraded.

NWTL Grants – Grants started on 1 April 2014. We have kept this simple

to keep costs down. Key criteria for Health Grants is you must be a

Shareholder. Josie Scott, Matt Heke, Candice Richards and the GM are the

Grants Committee.

Whakaue Whakanuia – NWTL has supported this initiative financially and

have given support for the next two years also.

Ngāti Whakaue Educational Trust – The trust deed limits grants to

educational use only. Established in the 1990 it has a balance of $75,000.

Investigation shows we can’t vary the deed, without considerable legal

costs, or wind it up so the Committee of Management have decided to

exhaust the fund over the next three years. A total of $25,000 will be paid

out to post graduate scholarships and one scholarship for farming. A

decision in 2016 will be made whether the fund will end or continue.

Scholarships close Wednesday the 12/11/14.

Shareholder Engagement Hui – 3 themes have come out of Hui:

a) Shareholders want whenua to be a touch point for the Iwi.

b) Shareholders want to receive benefits - hence the launch of the Grants

and Scholarships.

c) Dividends that are sustainable. This has highlighted the need to manage

the Unclaimed dividends and reduce this liability along with ensuring we

manage any new distributions.

Noted the new signage on the lands to show people who the owners are.

Community use of our land – Putting rules around the use of our land and

getting a commercial return on this.

Unclaimed funds: Maria Ihaia asked how we could find missing shareholders.

NWTL will use the website mainly as this is the most cost effective method of

doing so however the majority of missing owners are those who are deceased and

haven’t been succeeded to.

Wilhelmina Mohi congratulated General Manager for doing a great job. It sounds

like NWTL are moving forward in a positive way. She is interested in being a part

of any other Shareholders Hui.

RESOLUTION: That the General Manager’s report be adopted.

(Ruihi Bidios/ Te Mutunga Te Tomo) Carried

WHAKAUE FARMING LTD (Tanira Kingi)

WFL have done particularly well in recovering from the 2013 Drought.

Significant jump in profitability in regards to Sheep and Cattle.

Wagyu-X appear to be growing in line with expectations and has led to a

new supply arrangement with export company Firstlight Foods.

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Dairy Bull sire policy at Wharenui continues to perform well with cattle

revenues on an increase.

Sheep performance is less than expected with a facial eczema outbreak and

genetic issues that they are now managing.

Maintaining a firm control on costs has been an important focus.

New Management structure has resulted in a number or changes.

Overall the WFL farm business has a pleasing result with a total operating

surplus of $270/ha.

Lake Rotorua Catchment and the BoPRC Rules and Incentives Programme –

WFL will need to agree on a Nutrient Farm Plan for each Farm, outlining

how to reduce nitrate leaching levels.

Tony Wihapi asked for elaboration on the new management structure. Tanira

explained that WFL have three Farm Managers and an independent Farm

Consultant advising the WFL Committee of Management.

Tony says that facial eczema sounds like a major concern. Tanira says that WFL

have done a good job in recovering from that. Facial eczema normally follows a

drought.

Pihopa Kingi asked where the truffles are and Albert Rice asked if any root testing

had been done. Tanira advised that we have an investment that is 7 years old and

costs $30,000 a year to maintain. We need to see this through. We’ve brought

Dave Whalley on for his horticultural and technical expertise. Fungus tests have

been done. Truffles are an odd crop to grow.

Toni Wihapi asked if there is a point when enough is enough (in regards to

Truffles). Tanira advised that yes there will be a point but that is not yet and that

decision will be made by the Committee.

Tarapuhi Waka asked about the nitrates in the Lake and Mike Fuller asked about

whether we have a plan for nitrate leaching.

RESOLUTION: That the WFL report be adopted.

(Tanira Kingi / Iris Thomas) Carried

WFL Strategy and Strategic Goals 2015-2018 – presented by Tanira Kingi showing

where WFL have surpassed most of the International benchmarks.

Nitrate leaching – advised the opportunities this presented to NWTL and that we

are positioned well to take advantage of the funding opportunities being offered

by BoPRC and Central Government.

FINANCIAL REPORT (Glenn Hawkins)

This is our first full year as Accountants for the Incorporation and pleased to

produce a good result for you today.

He introduced Candice Richards, Client Manager for the Incorporation and the

Auditor Mereana Corbett from Iles Casey.

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Introduced the financial reports and the group accounts and the subsidiary

companies Whakaue Holdings Ltd, Whakaue Property Trust, and Whakaue

Farming Ltd . This has reduced from the 7-8 entities we used to have.

We have a Qualified Audit Opinion as the Committee of Management has decided

to use the rates valuation on corpus lands due to cost of obtaining a separate

valuation was around $10,000 for land that we will not sell and this approach is

fairly normal by other similar organisations to ours.

Income for year shows that 47% has come from livestock & farming in general,

41% from forestry and 4% from wool proceeds and about 8% from our leases. If

we look at the income figures this has jumped up by 56% on last year. Most of this

has come from harvesting our timber.

Expenses in comparison to last year shows a big increase in forestry expenses due

to harvest but overall this has increased only by 5%.

This has created a very positive surplus, it’s just over $1m and compared to last

year which was a $973,000 deficit. So a considerable improvement of over $2m.b

This has come from forestry and a good year farming.

Have land adjustments this year, land values are down by $0.8m due to the

valuation process and the Valuer’s have changed the value from that done 2 years

ago. This is added to the adjustment down on the prior year also.

Our equity, net worth of the business has decreased by 4% most of this is due to

the land values on the corpus land.

Ran through the Balance sheet and broke down all the assets and liabilities. Bank

loan has dropped from $6m to $4.5m. Good to see this improvement. Have a net

equity of $35.6m dollars.

In summary we have a net operating surplus up $2m from last year, revenue was

up 56% and reduced the loan by a sizable amount. The only negative was the

drop in land value which is mostly on corpus land but some drop in the Porikapa

property also.

Notes to the accounts presented which fully explain the figures and these provide

the detail. We have also disclosed the committee fees and the committee took on

board the recommendation of the owners last year and have started taking fees

after discussion with our office but assure you the committee work very hard for

this fee.

Ameria McGarvey asked about the 2014 deficit of $943,000 and where is it

cleared. Glenn said the loss last year has been covered off by the surplus achieved

this year. Wihau Shane Rapana asked what were the operating expenses for

Personal expenses. Glenn said this is the staff engaged in the office including the

Farm staff and the Corporate office team.

The Committee of Management decided the most prudent decision was to pay-off

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the bank loan. Wihau asked for clarification on Inventories and Glenn said this

was the loss of value of the Porikapa property. Wihau noted that the bank seemed

to be making a killing off our land and Glenn said that we did make a concerted

effort to get the best loan we can. We have an All-in-one account which gives us a

better deal now that we are with RaboBank.

America McGarvey asked if we have insurance against the losses for the weather

and Glenn replied that we are not able to cover for this type of event.

Manawanui Tuhoro asked what the $6m loan was for. Glenn replied this was

spent on property development approximately 10 years ago on Crater Lake Farm

and creating a master plan for the Wharenui Block. The Committee started a plan

to change NW Land use in the year 2000 and are still suffering from the change of

land values. Putting land valuation in place costs a large amount of money and

takes a long time to eventuate.

RESOLUTION: That the annual accounts for the year ended 30th June 2014

be approved. ( Tony Wihapi / Tupara Morrison ) Carried

APPOINTMENT OF AUDITOR & SHARE VALUER

RESOLUTION: That Iles Casey Chartered Accountants be appointed auditors

for the ensuing year. ( Monty Morrison /Tony Gandhi ) Carried

NGĀTI WHAKAUE TRIBAL LANDS EDUCATIONAL TRUST

The Financial Report was presented. This fund is to provide post graduate

scholarship’s as explained in the GM report.

RESOLUTION: That the Ngāti Whakaue Tribal Lands Education Trust

Accounts be accepted. (Selwyn Bennett/ Haehaetu Barrett ) Carried

GENERAL BUSINESS:

1. Several shareholders asked how the plots at Kauae were allocated. David

advised that this had nothing to do with NWTL but as several of the Kauae

trustees were present he asked them to address the meeting. Pihopa Kingi

then provided information on this.

2. David Thomas reiterated that a decision has been made to set aside some land

for the Urupa when that is needed.

RESOLUTION: Mattew Heke moved that $50,000 be allocated for Grants for

2014/2015. (Matthew Heke/ Walten Muir ) Carried

The Chairman thanked the Committee for the work done throughout the year and

thanked the Shareholders for their on-going support and attending the meeting.

With no further business the Chairman declared the meeting closed at 11:50pm

and Pihopa Kingi did the closing karakia.

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APPENDIX A:

APPENDIX B:

Attendance Register for Ngati Whakaue Tribal Lands AGM, 8 November 2014:

Wilhelmina Mohi Iris Thomas Hayward Whanau Trust E Phillips

Wihau Shane Rapana Ruihi Bidios Kerehitina Kingi Basil Pakaru

Taarati Hughes (Kingi) Haeheatu Barrett Irihapeti Theodore Atareta Paku (Herewini)

Pinia Winiata II Greg Steele Wai Kameta Linda Uluave

Tupara Morrison Maia Loffley Rice Mihiterina Hohepa HW Mitchell

Te Pohe Marion Pita Manawanui Tuhoro Rawiri Te Kowhai Te Wiremu Waaka

Christina Rahitana Ramon Winiata Margaret Winiata Patricia Loffley

Patihana Takuira-Mita Te Wano Walters Peter Wilson John Norma Renata

John Murray Dean Flavell Bonnie Kake Rikki Hurst

Titipou Smale Polly Herewini Miriama Risbridge Flavell

James Schuster Mary Kusabs Walter Moore Josie Scott

Joy Flood Jackie Aratema Francie Watson Anthony Kapua

Vicki Bhana Kahira McRae Wiremu Atetini Kingi B Flood

Catherine Mary Faulkner Te Whetu Rogers Whanau Trust Merania Pakinga (Hoffman) Irlene Miriama Searancke

Matt Heke Maurice Kereopa Albert Yates Eruera Phillips

Gloria Forest R Gillies Teresa Smith Myra Hamiora

Tere Tapsell Judy Tapsell Michael Rolleston Tane McGarvey

Johnson Napia William T Hall W Tawhiri Dulcie Ward

Tarapuhi Waaka Marie Vercoe Agnes Morrison Moray Smith

Malcolm Short Douglas Hayward Linda Bartlett Rau Manahi

Althea Vercoe Richard Vercoe Tilly Hirst Agnes Paul

Lorraine Inia Junior Grant Eva Morehu Terina Brown

Catherine Te Waaka Elva Corbin Sam Williams Maraea Theodore

Maria Rapana Monty Morrison Mereana Corbett Arnold Winiata

Ben Parsons John Waaka Mihipa McGrath Tony Wihapi

Edie Vercoe Stephen Kopae Ameria McGarvey Richard Harrington

Sonia Cooper Michael Phillips Hariata Ririnui Margaret Shaw

Glady Martin Patangata Aranga Louise Theodore Toni Roimata Gandy

Martha Majarey Pip Hamiora Mary Hodge Hori Rolleston

Terita Roberts Wipori Whareaorere Te Hura Maaka-Mark Tania Butcher

Marie Te Tomo Miriama Morehu Maryanne Kutia Anu Acraman

Tanira Kingi David Thomas Tina Ngatai Donna Grant

Rotohiko Forest John Vercoe Geoff Rolleston Jackie Aratema

4 illegible signatures Total-136

Apologies Register for Ngati Whakaue Tribal Lands AGM, 8 November 2014: Paterihia Meager Hikatarewa Mataira Barnett Vercoe Arana Pene Lyn Vercoe Waereti Tait-Rolleston Lauren James Ana Morrison Christine Tierney Kingi Biddle Murray Short Nimbus Staniland Runa Parker Dave Herewini Maxine Rennie Heather Berkett Rama McIlwraith Ernest Butcher Piripi Searancke Ranea Nuri Monty R Curtis Ngahuia Te Awekotuku Tamarapa Lloyd Chris Carre Arthur Bone Rongomai McLean Taiawhio McLean Lyn Vercoe Irehapeti McLean Piwiki Heke John Marino Irene Pene Bea Yates Eugene Phillips Joe Gordon Thomas McKeown Maria Ihaia Lucky Ihaia Bertram Moengaroa Donna Phillips

Simon Barakat Edith Hunuhunu Grace Dorset Pep Carruthers John Short Dan Phillips Tina Phillips Peter Kingi Hiria Witahu Aranga Whanau Trust 1 illegible signatures Total = 50

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ANNUAL REPORTS 2014 – 2015

Ngā whakaahua from Top to Bottom: Kauae Site (Formerly Grays Funeral Home), Tihi-o-Tonga

Shearers Quarters, Ngongotahā Station House, Tihi-o-Tonga Farm House

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FROM THE CHAIRMAN NGĀTI WHAKAUE TRIBAL LANDS INCORPORATION

E ngā karangamaha o Ngāti Whakaue

Tēnā tātou katoa

Welcome to the 54th AGM of Ngāti Whakaue Tribal Lands

Incorporation.

I am pleased to report that we have completed another year of

solid financial performance and progressed our ability to deliver healthy income streams

beyond farming. We have also improved our development and management of key

stakeholder relationships.

When I review our financial performance over the past 5 years I note that, other than the

2013 drought year, we have had good financial returns including a significant reduction in

our bank debt. A significant contributor to this has been our forestry returns which came

to a stop in May 2015 with further harvesting unlikely to resume before 2023.

Strong beef and lamb prices, improved farm management practices and the development

of better channels to market have seen our farming operation lift itself into the top bracket

of performers within the region. It is encouraging to see that the farming company has

plans for further improvement.

The 2015 year has seen a strong focus on improving rental returns for land usage other

than farming. We expect this to continue to improve, particularly if some of the projects we

are investigating come to fruition.

I would like to acknowledge the excellent efforts of both our farming and administration teams in striving to improve our performance and offer better service to our shareholders. The performance of our key service providers, GHA, Perrin Ag, and Rabobank, continues to support our decision to change. Our thanks once again go to our Audit provider Iles Casey.

Tamarapa Lloyd was elected to the Committee of Management at last year’s AGM and he

and the other members have worked diligently to improve the Incorporation’s

performance. My thanks go to them also.

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While we have delivered good returns and there are some exciting possibilities in the

pipeline it is essential that we replace the forestry returns. This is one of the committee’s

most important challenges and overcoming that challenge will most likely involve

significant change. To that end, we are exploring what opportunities there are for us

through accessing the government (central and local) fund established to facilitate the

reduction of nutrient discharge from farms into Lake Rotorua. This will then provide us

with the money to more positively progress opportunities to grow the Incorporation.

Finally, I would like to thank you our shareholders for your patience, and your guidance, in

the difficult times we have faced and look forward to seeing you at our next meeting.

Kia ora mai anō.

David Thomas

Chair, Ngāti Whakaue Tribal Lands

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FROM THE GENERAL MANAGER

TINA NGATAI

The 2014/15 year saw the end of our 2012-2015 Strategic Plan which

had a strong focus on getting back to our core business activities and

reducing debt. At the 2012 AGM I presented my first report and

outlined the focus of my role as General Manager which was to:

1. Reduce or contain our fixed costs

2. Sell non-essential or unaligned assets to pay down debt

3. Seek opportunities to make or generate additional revenue streams

4. Meet or exceed targets

5. Investigate options for income diversification to remove our heavy reliance on farming

income.

I am very pleased to report that all of these have been met and we continue to investigate

diversification options that complement our business activities. This can be demonstrated

by the debt reduction which you will see has been reduced in this time from $6m to under

$4m and return from non-farming activities has increased from $274,203 to $648,025. We

have also seen an improved engagement with owners through our Grants and Scholarship

programs and improved the Farm tour to include ngā korero o Whakaue rather than just a

farming focus. We have changed Accountants and Banks over this period as well and

improved on the majority of our lease arrangements. The Incorporation also continues to

maintain and develop key networks and relationships within the Rotorua Community.

Our whakatauki – Mana Whenua : Mana Tāngata along with our core values

Kaitiakitanga, Manaakitanga, Whakapono and Kotahitanga lie at the heart of all we do.

Strategic Plan 2015-2018 - We have completed a Strategic Plan for 2015-2018, which I have

attached in brief. This is largely built on two platforms:

Growth and,

Providing benefits to the Shareholders.

We need to do these things well and sustainably, without risk to our current assets.

The shift away from debt reduction and consolidating means that we can now concentrate

on growing the business and looking at benefits for the shareholders and wider whanau.

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Corporate Office – it was a real boost for me personally when the Committee of Management

agreed that I could increase my office assistant hours from 8 hours per week to 30 hours.

Kayla Christiansen has been appointed to this role and is proving to be excellent. Wendy

Biddle left to take up a role at the local Kohanga Reo and her vibrant and energetic

personality is sorely missed. Kayla together with Audrey Herewini run the day to day office

and interactions with our shareholders and I hope that many of you are making the most of

the opportunity to visit us and have a korero.

From these visits and at other events we try to stay close to what our shareholders require

from the Incorporation and whilst it can take time to implement some of your

recommendations we are really listening. An example of that is the Tangata Whakairo at

Kauae Cemetery, whose condition has been raised at each AGM since I have been your GM. I

am pleased to report that we have been able to take steps to have this repaired this year and

I hope that the restoration will be completed by the end of the year.

Leases: We have also been working hard to increase our Passive Income streams; these are

leases and one-off events that produce a standard rental year after year without needing to

worry about the weather or global economy. We were able to secure small amounts of

rental from Crankworks, BOP Eventing, Rotorua Car Club and others for one off events. We

still hold a lease of Okataina 10 block which was entered into to support the Crater Lake

venture, this is currently sub-leased to the owners of that property but we have been

negotiating with the Trustees of Okataina 10 for a surrender if possible.

As you will be aware we took over the Kauae site (formerly Gray’s Funeral Home) early in

the New Year. We paid a minimal amount for the site following a report from a registered

valuer however getting this site compliant with Rotorua Lakes Council requirements in

order that it can be leased has been challenging and costly but I am happy to report that the

large main building and workshop are being leased to Manaaki Ora Trust for their Te

Utuhina Manaakitanga residential centre. The 2 houses on the site are still being negotiated

with another party but it is too early to confirm the lessee at this stage.

During the year we restored the Sloane Avenue House and put this up for rent as well as the

Ngongotahā farm house. We have a number of other possible lease opportunities in the

pipeline including Wingspan whose lease we will be firming up over the coming months. In

addition to this are several projects I am investigating including renovating the Tihi-o-tonga

Shearers quarters which have been obsolete for some time, working with MBIE (Ministry of

Business Innovation and Employment) looking at land-use options including tourism and

commercial opportunities. We have had a number of offers of lease from other parties

which after scrutiny were rejected or negotiations ended. We need to ensure that all leases

complement our current activities and offer a return that recognises the value of the land

that we bring to the table.

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We have also been working with Ngāti Whakaue Assets Trust and Pukeroa Oruawhata Trust

to see if we can develop an Iwi Housing Policy to get our children into owning their own

homes. Only 36% of Ngāti Whakaue tāngata own their own homes, those statistics need to

change.

Forestry: The Forestry harvesting ended at 30 June 2015 including restocking that area of

approximately 18 hectares. The next forestry plots fall due around 2023 although these

could be harvested earlier if we wish and the market is right. We completed the forestry

plots on our post 1990 forests and received another 8,510 NZUs from New Zealand

Emissions Trading Scheme which you will see at Note 11 to the accounts. We are now fully

compliant with requirements under the scheme and we will be investigating whether some

of the units could be traded over the coming months.

In closing: we face many challenges over the coming months. Nitrates that could restrict

our farming activity, the review of Te Ture Whenua Maori Act 1993 which sets out our

obligations and responsibilities, the new Health and Safety Laws will set more restrictions

on our farms and access onto the land, to name only three. Keeping current with these

changes and others means that we can plan the effect and have a sound strategy before they

come into force.

The Committee of Management decided to hold the Farm Tours every two years to ensure

we have the capacity to manage these. So this will take place on 12 March 2016 (weather

dependent). I hope you will join us this year.

We have both a Website and Facebook page now and provide weekly updates on different

aspects of the work we are doing to keep you informed.

The Incorporation was setup by the Maori Land Court in 1961 however we did not hold

Annual General Meetings until 1963 and then held two in the one year. This means that next

year we will celebrate our 55th Annual General Meeting.

I am very proud to have been a part of the team that has improved the outlook for the

Incorporation. The future looks bright with our farms performing well and our passive

income improving in a way that complements our whenua.

Tina Ngatai

General Manager

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Our Vision:

To be a significant contributor to the wellbeing and advancement of Ngāti

Whakaue lands and people.

COMMERCIAL To increase the returns from our business activities by:

1. Developing a debt to asset ratio of <30% 2. Achieving a 5% or better net return on cash-flow each year 3. Exploring land use options

FARMING AND LANDUSE DIVERSITY To ensure that: 1. Farming returns meet our commercial and

reputational aspirations 2. Land-use diversity is continued in order to

improve our passive income streams

REPUTATION 1. We will understand and promote the legacy

that the Incorporation has in the community

2. We will ensure we are recognised nationally for best practice and innovation in our land-use activities

NWTL STRATEGIC PLAN 2015 – 2018

Our Mission:

To safeguard and improve corpus lands, grow our assets, build capacity and increase the

wellbeing of Ngāti Whakaue.

Our Values:

Value Actions Value Actions

Kaitiaki (Sustainability)

We will nurture our natural resources and people for a prosperous future

Whakapono (Integrity)

We will take personal responsibility for our actions and will be open, honest and ethical in our behaviour

Aroha (Excellence)

We will give our best to benefit the organisation and our people

Kotahitanga (Partnership)

We will collaborate and support collective endeavours for the benefit of the tribe

MANA WHENUA: MANA TĀNGATA

COLLABORATION AND PARTNERSHIPS

1. To act with other Ngāti Whakaue entities to:

i. Develop business opportunities that support and enhance the tribe

ii. Meet the needs of tribal members (individually and collectively)

2. To act with other economic entities to diversify our commercial portfolio

SHAREHOLDERS receive benefits that are meaningful and sustainable We will develop benefits for our owners that include:

1. Opportunities to work on our land 2. Benefits for the Marae and cultural

activities 3. Capacity building 4. Support for Housing and employment 5. Cultural Performance Indicators

Strategic Focus and Initiatives

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GRANTS REPORT E ngā mana, e ngā reo, E ngā whakahuahuatanga o Ngāti Whakaue,

Tēnā tātou katoa

On behalf of the Grants Committee, it is my pleasure to report on the

2014/ 2015 Year Grants. Our committee include the General Manager

Tina Ngatai, Candice Richards on behalf of our Accounting firm, GHA

and our independent member Josie Scott. In the last financial year we

have really started to see our owners making use of these funds and

have received applications from many different whānau which is good

to see.

Up to 30 June 2015 we were able to approve 32 Health, 5 Tangihanga, 5 Marae and 8

Discretionary Grants. Therefore we have utilised $41,414.81 of the $50,000 approved at our

last AGM. As you can see, there are still funds that we were unable to distribute. We have a

Website and Facebook page where reminders are sent about the Grants and we would like to

encourage the owners to let their whānau know to apply as well. We are also investigating

ways to improve the benefits to the Whānau Trusts as it is too limited at the moment.

The Discretionary Grants pool has been a beneficial resource for owners to support a number

of important kaupapa within our Iwi. For example, we have been able to tautoko Tunohopu

Marae with a Grant toward the Geothermal Damage they are experiencing along with again

being able to sponsor the Whakaue Whakanuia and contribute to the upgrade of the kitchen

developments at Te Kuirau Marae. A further highlight this year for the Grants Committee has

been the restoration of the Tekoteko at Kauae Urupa. As an item raised year after year at our

AGM’s we were pleased to award a Grant for this work to go ahead.

In this past year we also set up the ‘Tikanga Fund’. We understood the time, finances and

resource it took for our koeke, paepae and Iwi to attend the numerous tangihanga and events

that essentially uphold the mana of Ngāti Whakaue. The Incorporation made funds available to

selected Iwi delegates to use for things such as koha and transport costs. These delegates are

also responsible for ensuring the funds are used appropriately and we have been receiving

receipts and updates on the various Ngāti Whakaue matters this fund has contributed to.

We have made some alterations to our Grants Criteria which you can see at the end of the

annual report along with a list of Grant recipients from the last year. This has allowed for an

increase in Tangihanga Grants from $200 to $300 per year. In closing, we as the Grants

Committee believe these funds are proving to be very beneficial to not only our owners

individually, but they are also having a positive effect on our Iwi as a whole. Therefore, I would

like to propose the following:

Resolution: That $50,000 be allocated for Grants for 2015/16 Year

Matthew Heke

Chairman of the Grants Committee

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SCHOLARSHIP REPORT

E te Iwi whānui, ngā kohikohinga kakano tātou

Kei konei e mihi ana, Tēnā tātou katoa

This has been an exciting year for the Educational Trust as it has

entered its first distribution of Scholarships.

This fund was made available for individuals to apply who were

undertaking Post graduate studies related to the Incorporations business enterprises such as

Business, Agribusiness including science related studies, Accounting and Environmental

studies. Five $5,000 Scholarships were made available, one of which reserved for Farming and

not necessarily at Post-Graduate Level.

We received a number of excellent applications

and found 6 Scholarship recipients. Therefore, the

Sub-Committee along with the General Manager

decided to distribute the funds amongst all 6

applicants.

We believe that Ngāti Whakaue will reap great

benefit from our inaugural recipient group and in

December last year, we awarded Carlo

Tuhakaraina, Leonie Rei Nicholls, Lania Holt, Lana

Te Rani Ngawhika and Keri-Anne Wikitera

(pictured to the right) with a Scholarship of $4,600

each. All of these individuals are undertaking Post-Graduate Studies at either Waikato

University, Waiariki Polytechnic or AUT.

The sixth applicant we felt would really benefit from a

Scholarship was one of our rangatahi, Ihakara Huingahau

Pene (pictured with whānau). Ihakara was studying a

National Certificate in Farming Skills – Level 3 at Taratahi

Agricultural Centre in Masterton. He was awarded a $2,000

Scholarship and a recommendation was made to Whakaue

Farming Limited that he be employed during the School

Holidays. This was approved and we received feedback to

say that Ihakara performed excellently on the farms and that

WFL would definitely consider him for future work.

In closing, this has been a productive year for the Ngāti Whakaue Educational Trust and we believe these scholarships are going to be a beneficial investment into the future of our people.

Mauri Ora, Donna Grant Committee of Management

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FROM THE CHAIRMAN

WHAKAUE FARMING LIMITED

Kia ora tātou Ngāti Whakaue,

It is my pleasure to present the 2015 Whakaue Farming Ltd report on

behalf of the board of directors.

The year to June 30, 2015 was characterised by three main factors.

First, the implementation of a number of changes to our production systems to strengthen the

farms’ resilience to climate change (i.e. drought and El Nino weather patterns). Second, the

development of key partnerships to increase our marketing options. And, third the positioning

of WFL to reduce the impacts of the proposed nitrate reduction Rules that are being introduced

by BoPRC in the beginning of 2016 and to take advantage of the Nitrate Incentives Scheme that

was introduced earlier this year. These will be covered in more detail below.

Summary of WFL performance for the past year

Sheep and wool revenue

Lamb numbers sold this year were 12,375 compared to 8,891 in 2014. Total number of sheep

sold this year resulted in $1.453m gross revenue compared to $1.151m in 2014. Lambing

percentage this year at 119% was lower than 2014 average of 137% with average lamb

weights of 17.8kg cwt same as 2014. The net result for 2015 was $0.931 (compared to $1.117m

in 2014, due to the lower lambing percentage). Lamb prices have been boosted by the

Awhina/Alliance supply contract that WFL signed up to 2 years ago. This has proven to be an

extremely advantageous arrangement and WFL has supported Awhina efforts to develop a beef

supply arrangement along with support for the Red Meat Profit Partnership Programme (see

below). Wool prices have maintained relatively high in 2015 leading to revenue of $242,000.

Beef revenue

Beef cattle numbers sold in 2015 were 938 in comparison to 1,571 in 2014. Weights and

market prices are outlined in Table 1 below. Lower gross beef returns of $1.363m compared to

$1.852m in 2014 still led to a net result (including changes in values and numbers) of $1.105m

compared to $0.987m in 2014).

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Sheep & Beef Policies

Facial eczema is a long standing problem across the 3 farms and the board and management

team have made a concerted effort to address it by improving the flock genetics. It is however, a

problem that takes several years to get on top of. We expect to see the impacts of our genetics

programme over the next 3-5 years.

Cattle policies that were introduced 2 years ago are all performing to expectations. We have

adopted a more flexible cattle policy aimed at increasing revenue streams e.g. heifer and winter

cow grazing while also enabling greater freedom to respond to market and climatic shifts. More

on this in the following section on climate change risks.

The new cropping and regrassing program is starting to lift pasture performance. Additional

innovations are being investigated to further improve pasture quality. These include trialling

chicory and plantain along with fodder beat crops.

Research Partnerships – Red Meat Profit Partnership (Awhina and Alliance Foods)

Staying abreast of technology and innovations in the pastoral sector is a key focus of the WFL

directors and management team. The farms have been involved in several research projects

over the past 20 years and this year WFL was approached by Awhina to join the Alliance Foods

research project that is funded by the Beef & Lamb NZ Primary Growth Partnership (PGP) –

Red Meat Profit Partnership (RMPP). Awhina is a collective of Māori farming entities that

originated among a group of Tuwharetoa blocks within the Northern and Western catchments

of Lake Taupo. These included Waipapa, Hauhungaroa and Tuaropaki Trusts. In recent years

they have been joined by Ngāti Maniapoto and Ngāti Kahungunu entities. WFL has joined the

Awhina lamb supply contract with Alliance and has

Key Indicator (average)

5 year target 2014/15 2013/14 2012/13

Lambs cwt 18kg 17.8kg 17.8kg 16.6kg Steers cwt 287kg 281.3kg 265.9kg

275kg

Bulls cwt 270kg 281kg 283kg 275kg Lambing % C

138% 119% 137% 127% Calving % 90% n/a n/a n/a EFS/SU

$34/SU

$29/SU $8.80/SU ($26/SU) EFS/Ha $359/ha $287/ha $219/ha ($216)/ha

Table 1: WFL Key Performance Indicators

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also joined the RMPP programme. This will involve establishing a benchmarking and

monitoring programme between the participants to identify the effectiveness of key

interventions to increase productivity and efficiency. All of WFLs farms are utilising the latest

farm monitoring programmes and so this project will require minimum investment for

significant benefit. Other partners include Tautara Matawhaura Trust, Atihau Whanganui

Incorporation, Tarawera Station (Te Awahohonu Trust), Opepe Trust and Pukepoto Trust.

Firstlight Foods and Wagyu

While the prices for the Wagyu beef in the past year ended up being lower than the traditional

beef markets, the cattle performed in line with expectations. WFL started a trial of Wagyu x

Angus steers and the quality indicators (i.e. marbeling scores) have met our expectations. Our

relationship with Firstlight Foods Ltd is growing and we are in discussion with Tairawhiti,

Tuwharetoa and Taranaki Māori producers to look at options for an expanded Iwi investment

in the company. Prices for Wagyu are increasing in the current season and our expectations are

that we will exceed the traditional beef market. Our partnership with Firstlight Foods however,

is a long-term strategic investment aimed at providing greater opportunity to partner with an

innovative exporter that is prepared to build the brand around Māori supply. The partnership

will also provide greater price stability or less price volatility in comparison to farmers that

increase supply to traditional meat exporters in response to high spot market prices. WFL is

one of the largest Wagyu producers for Firstlight Foods and we are very pleased with our

investment in the product line and we look forward to a growing partnership.

Climate Change Challenges

Many of you will remember the 2012 – 2013 drought that devastated much of the country’s

agricultural sector. An El Nino weather pattern has been predicted for 2016 which is likely to

bring lower rainfall over summer and cooler spring and autumn temperatures. The net effect

will be more challenging pasture growing conditions putting pressure on feed supply. The

management team have developed drought risk matrixes for each farm along with planned

responses should rainfall and pasture growth rates reduce to pre-determined thresholds. We

are confident that all three farms are prepared for worst case scenarios should they eventuate.

Truffles and Other Horticultural Options

Following 2 years of unsuccessful truffle finds WFL made the decision to conduct tests on the

truffle trees to see if the truffle inoculation was still active in the rootzone. Samples were sent

to a lab for testing. The results showed that the inoculation was not present. Other truffle

growers in the Rotorua region that had purchased the plants from the same supplier in 2007

also had samples tested. The results were the same. Several meetings between the growers

took place during the past year and the group is considering their options. This includes taking

action against the nursery.

The 2015 truffle national conference was held in Rotorua in August and a number of Rotorua

growers discussed alternatives.

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The lack of truffle production in the Rotorua district and the lack of cohesion in the truffle

industry led WFL to decide to reduce its exposure to the sector and to reduce its ongoing costs

by reducing the managed area of truffles from 10 hectares to 3 hectares. The remaining 7

hectares will not be managed and will be used for lamb grazing. The truffle trees will remain in

situ and the area will be available for trialling horticultural crops given the irrigation

infrastructure and shelter that is there.

While the decision to cut back on the truffle area to 3 hectares is in place, it will be managed

and monitored and WFL will still be an active member in the NZ association.

Management Team

There have been a couple of changes to the management team in the past year. Steve Hewson

joined WFL in April 2015 after 10 years managing Pukeha Station, an intensive

breeding/finishing property at Kaharoa. Steve brings with him a wealth of experience in

managing high performance ewe flocks and successfully finishing stock in the Rotorua

climate. Steve is married to Colleen, a talented shepherd in her own right, and they have two

high-school aged children.

Dave Whalley who joined the team in 2014 as the part-time manager of the Wharenui Trufflery

has resigned and has taken up a full time position with Te Tumu Paeroa. He is available

however, as an advisor to WFL on the management of the trufflery and is currently overseeing

the reduction in managed area.

Summary and Outlook

Overall, the WFL farm business increased its total operating surplus to $337/ha (before

internal rentals and group costs) in comparison to $270/ha in 2014. Significant capital

investments were made in the 2014/15 season to improve farm health and safety and

operating efficiency, including:

o Replacement of tractor at Ngongotaha (balance of fleet replaced in July 15)

o New cattle yards at Ngongotahā

o New fuel storage at Wharenui and Ngongotahā

o Partial quad fleet turnover

o New floor on fertiliser bin at Tihi-o-tonga

o First phase of development of new land at Tihi-o-tonga outside the Rotorua catchment.

o Purchase of additional beef cattle for Tihi-o-tonga

Some of these capex investments were well overdue and others are needed to underpin the

targets that the directors have for farms going forward over the next 5-10 years.

Update on Lake Rotorua Catchment BoPRC Rules and Incentives Programme At the time of writing this report the final recommendation on the proposed Rules framework

for the Lake Rotorua Catchment is being finalised by the Lake Rotorua Stakeholder Advisory

Board (LRStAG) and will be submitted to the BoPRC and the Rotorua Te Arawa Lakes Strategy

Group (RTALSG). This group is made up of BoPRC, Rotorua Lakes District Council, Te Arawa

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Lakes Trust and the Ministry for the Environment and is charged with approving the funding

for the Lake Rotorua clean-up. This clean-up is primarily focused on the reduction of nitrates

from the pastoral sector.

The Rules will have a significant effect on all farms

in the catchment, but primarily the highly intensive

dairy and beef producers. WFL is relatively well

positioned to limit the impact of the Rules on the

productivity of the farms. WFL also has nitrates

available to sell to the Lake Rotorua Incentives

Board (LRIB) because it had a dairy farm on

Wharenui at the time that farms were benchmarked

during the 2001-2004 period.

A more detailed description of the sale of the

nitrates to BoPRC will be given at the AGM. The process is confidential at this stage and is being

led by NWTL in negotiation with the LRIB, since NWTL is the landowner. As the chair of STAG

and a director on LRIB I have multiple interests in the negotiation process and the eventual

agreement and transaction so have remained at arms-length to the process. I am confident

however, that the outcome will be positive for NWTL and WFL. WFL is the largest farming

business (by land area) in the catchment, the district and within Te Arawa. The Rules and

Incentives programme is an opportunity for NWTL and WFL to demonstrate leadership in the

balance between building sustainable farming operations and diversifying into alternative

enterprises to safeguard the resilience of the Ngāti Whakaue whenua tuku iho.

In closing I would like to acknowledge Tina Ngatai, NWTL GM, Kayla Christiansen and Audrey

Herewini for their support of the board over the past year, Lee Matheson and his team from

PerrinAg Ltd for their supervision of the farms, Glenn Hawkins and his team at GHA for

accountancy services. The positive results are due to the hard work and dedication of our Farm

Management Team - Managers Clive Carrington, Ben Parsons and Steve Hewson and to all of

the farm staff and their families.

Tanira Kingi

Chair, Whakaue Farming Limited

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FINANCIAL REPORTS

FINANCIAL SUMMARY

INCOME

The statement of Financial Performance for the year ended 30 June 2015, shows total income

for the year of $6.1m down 4% compared to last year ($6.4m). The Trust income is

predominantly generated from its key activities which are farming and forestry.

The biggest contribution towards income was from the three farms, which produced total

income of $3,058,740 (50%) compared to $3,241,778 (51%) last year. $2,425,133 (40%) was

generated from forestry activities compared to $2,621,580 (41%) last year. Other income was

received from rental and lease arrangements and from investment returns.

EXPENSES

There was a 3% decline in operating expenses for the year from $5,334,797 last year down to

$5,193,521 this year.

-$500,000

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

20112012201320142015

Livestock Proceeds Timber Proceeds Wool Proceeds Other Income

-$500,000

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

OperatingExpenses

FarmExpenses

OtherExpenses

LivestockPurchases

PersonnelExpenses

Change inLivestockFair Value

2015 2014

26

Farm operating expenses were steady compared to last year, accounting for 25% of total

expenses. The increase in livestock purchase costs was offset by the increase in the value of the

livestock on hand ($245,682) due to additional numbers being held and improved livestock

values.

Forestry expenses were up 10% compared to last year and they made up 32% ($1.7m) of total

expenses as the Incorporation completed its harvesting programme.

As the Incorporation’s overall debt has reduced, interest costs have also dropped by 19%

compared to last year from $339,268 to $276,086.

NET SURPLUS

The net operating surplus for the year was $938,377, which is an 11% drop compared to last

year ($1,049,229). Taking into account the write-down in development expenses of $261,229,

the net surplus for the year is $677,148, compared to $259,229 last year.

BALANCE SHEET

The Incorporation’s balance sheet has seen further improvement this year with growth in equity

of 2.5% from $35.6m to $36.5m.

2015 $

2014 $

Current Assets 1,789,965 1,779,790

Non-Current Assets 40,491,124 39,865,878

Total Assets 42,281,089 41,645,668

Current Liabilities 555,164 4,928,029

Non-Current Liabilities 5,228,989 1,108,505

Total Liabilities 5,794,153 6,036,534

NET ASSETS/ TOTAL EQUITY $36,486,936 $35,609,134

Current assets consists of bank funds, accounts receivable, prepayments and land available for

sale. Non-current assets includes forestry holdings, livestock on hand and property &

equipment. The current value of all land holdings, properties and other plant & equipment is

$36.1m.

Current liabilities includes accounts payable, income in advance, employee entitlements, GST

and current commitments for existing finance leases.

27

Non current liabilities includes unclaimed dividends, long term lease commitments and the bank

debt.

BANK DEBT

In September last year, the Committee of Management (CoM) refinanced with Rabobank and

this year’s result has helped reduce the debt from $4.5m last year to under $4.0m this year. The

CoM have developed a strong relationship with Rabobank and have also benefitted from

declining interest rates over the past year.

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

2012201320142015

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34

35

36

37

38

39

40

41

42

43

44

45

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47

NGĀTI WHAKAUE EDUCATIONAL TRUST

Ngā whakaahua: Top: NWET Scholarship Recipients & Award Ceremony attendees, Bottom:

2014 Whakaue Whakanuia

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CRITERIA Ngāti Whakaue Educational Trust Scholarships

This fund has been made available by Ngāti Whakaue Educational Trust (NWET) for

1) Post-Graduate studies related to the business of Ngāti Whakaue Tribal Lands Incorporation –

these cover areas such as Business, Agribusiness incl. science related study, Accounting and the

Environment and

2) Agribusiness/ Farming related study which need not be at a Post-Graduate level.

Eligibility:

Applicants must be a studying at a NZ Tertiary Institution AND be of Ngāti Whakaue descent.

Value and number awarded:

$25,000 each year with at least one scholarship specifically awarded for Agribusiness study which

may or may not be at Post Graduate level.

We expect to award 5 scholarships annually.

Closing Date:

Register of interest by 16th November 2015.

Final decision to be made on 30th November based on results.

Presentation of scholarships:

First week of December 2015, official date is to be advised.

How to Apply:

1. Read the Criteria for scholarships and confirm your eligibility to apply.

2. Apply by filling out the Scholarship Application Form and supplying the requested

documentation – these maybe found at www.ngatiwhakaue.iwi.nz

Please note; these must be completed correctly as incomplete applications will be declined

immediately.

54

CRITERIA GRANTS INFORMATION SHEET What Grants are available? Tangi Grants: $300 available on application for a deceased Shareholder within the first 6

months of the Tangi occurring. Health Grants: $300 available for any personal health related matter upon production of

receipts. Discretionary Grants: These Grants are for requests that specifically align to a Ngāti Whakaue

Kaupapa and enables NWTL to lift its profile in the community. Please note: The Incorporation does not give Grants for Birthdays, Sports or Education. Who can apply? Any Shareholder of Ngāti Whakaue Tribal Lands Inc. may make one application a year only. Only one application per Whānau trust will be accepted each year. The application can be

made by an individual however the application must be signed by at least 2 of the whānau trustees and the applicant must provide the evidence of who the trustees are. (If the applicant is one of the trustees then two others must certify).

What will I need to apply? You must complete the application form attached. Please note: All Incorrectly completed or

Incomplete forms will be rejected & NWTL will not be seeking further information. Applicants must include Identification, Bank Account Details and Receipts with this application

in order for it to be processed and approved. You must declare on the application form any other organisations you have sought funding

from. If you are applying through a Whānau Trust, you must provide a copy of your Court Order.

How are the applications processed? The Grants Committee meets two monthly to discuss applications– their recommendations are

then put to the Committee of Management for approval. Staff can give you an indication as to when they meet. There will be no urgent requests and the decision is final.

You will be advised of the outcome by letter or email and no correspondence will be entered into once the decision has been made.

Any approved grants will be paid to the applicant’s bank account – we will not operate a cheque account. Please note we only reimburse costs already paid for in the case of Health Grants.

Any recipients of large grants (more than $2000) will be requested to report to the Incorporation on the use of those funds.

A list of recipients will be published each year in the Annual report – all recipients who apply do so on the basis that this will occur.

55

2014 – 2015 GRANT RECIPIENTS

HEALTH:

Merania Pakinga Hoffman $300

Barbara Wattereus $300

John William Ransfield $300

Hohepa Heke $300

Grace Barnes $127

Eraia Kiel $230

Stuart Francis Rika $300

Winipere Caroline Morrison $300

Beau Kiel $300

Ruia Mereana Davy $233

Nga Matekitawhiti Tari $300

James Francis Bray $284.25

Louis Perenara $300

Robert Gillies $300

Vicki Bhana $110

Rene Mitchell $300

Terry Morrison $300

Tangihaere Dodd $249

Robert Trotman $300

Maxine Rennie $300

Margaret Dorset $300

Taro Habib $300

Ariana Kameta $300

Lorna Brell $90

Joy Flood $300

Joyce Minarapa $300

Hazel Rangitauira $300

Peter Staite $300

Lorraine Smith $300

Kataraina Wood $300

Makere Knight $300

Faenza Tapsell $95

Riparata Macfarlane Whānau Trust $300

DISCRETIONARY:

Waikite Club $5000

Te Kuirau Marae $2000

Kauae Whakairo $2000

Whakaue Whakanuia $10000

Tunohopu Marae $2000

Maori Affairs Reunion $1000

Toni Cummins $200

St.Faiths Church $2453.38

TANGIHANGA:

Janis Graham $300

Henry Anaru $200

Tania Butcher $200

Aaron Morrison $200

Theodor Whanau Trust $200

MARAE: $2000

Tunohopu

Owhata

Whakaue ki Maketu

Hurungaterangi

Te Papaiouru

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2014 FARM TOUR

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WHAKAUE FARMING LTD

Above: Whakaue Farming Ltd – Geoff Rolleston, David Thomas, Dr Tanira Kingi and Lee Matheson of PerrinAg

consultants. Below: Tractor Hand Paul and Farm Manager Wharenui Ben Parsons and Farm Manager Ngongotaha

Clive Carrington (absent: Steve Hewson – Farm Manager Tihi-o-tonga and John Vercoe of Wharenui Station)

General Manager & Secretarial Staff

Audrey Herewini Tina Ngatai Kayla Christiansen Reception General Manager Executive Assistant

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Ngāti Whakaue Tribal Lands

1st Floor, Pukeroa Oruawhata House

1176 Amohau Street, Rotorua, Aotearoa

Phone: 07 348 8887

www.ngatiwhakaue.iwi.nz,

Email: admin@ngatiwhakaue.iwi.nz

www.facebook.com/ngatiwhakauetriballands

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