30 June 2014
Ms Traci Houpapa
Chairperson
Federation of Māori Authorities
Māori Appointor
c/- THS & Associates Ltd
P O Box 13083
HAMILTON 3251
Hon Sir Taihākurei Durie
& Mr C Maanu Paul
Co-Chairs,
New Zealand Māori Council
Māori Appointor
c/- Ms Karen Waterreus
P O Box 33-373
PETONE 5042
Hon Bill English
Minister of Finance
Crown Appointor
Parliament Buildings
WELLINGTON
Tēnā koutou katoa
CFRT REPORT TO APPOINTORS: 1 APRIL 2013 – 31 MARCH 2014
In accordance with the requirement of the trust deed under clause 7.1(c), attached for your
information is the Report to the Appointors for the 2013-2014 financial year (1 April 2013 -31
March 2014). This Report to the Appointors consists of this cover letter; the audited financial
statements; and the Independent Auditors report.
Nāku noa nā
Angela Foulkes
CHAIRPERSON
RTA 31Mar2014 - Letter to Appointors:1911409_1
CROWN FORESTRY RENTAL TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
INDEX
PAGE
Statement of Comprehensive Income
2
Statement of Changes in Equity
2
Statement of Financial Position
3
Statement of Cash Flows
4
Notes to the Financial Statements
5-27
Map – Crown Forest Licensed Land
28
Auditor’s Report
29
Directory
30
CROWN FORESTRY RENTAL TRUST
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2014
2014
$
2013
$
12,428,945
113,058
519
57,561
12,600,083
11,371,381
323,887
2,740,114
20,839
57,208
14,513,429
5
5,253,733
3,454,187
6
6
6
7,477,151
2,302,892
1,425,487
9,925,637
2,506,750
1,036,137
6
3,152,993
3,763,133
19
14,358,523
17,231,657
Total Expenditure
19,612,256
20,685,844
TOTAL (LOSS) FOR THE YEAR
(7,012,173)
(6,172,415)
-
-
(7,012,173)
(6,172,415)
RETAINED EARNINGS
Retained Earnings at Beginning of Year
2014
$
106,569,317
2013
$
112,741,732
Total Opening Equity
106,569,317
112,741,732
Movements in the Year
Total Comprehensive (Loss) for the Year
(7,012,173)
(6,172,415)
Total Recognised (Loss)
(7,012,173)
(6,172,415)
Retained Earnings at End of Year
99,557,144
106,569,317
TOTAL EQUITY
99,557,144
106,569,317
Note
INCOME
Interest Term Deposits
Interest Repurchase Contracts (Net)
Interest Government Bonds
Interest Forestry Licenses Issues
Other Income
Total Income
EXPENSES
Operating Expenses
Administration Expenses
Assistance to Claimants
Disbursements to Claimants
Research Services for Claimants
Facilitation and Formation of
Claimant Groups
CFRT Service Delivery Costs
Total Assistance to Claimants
Other Comprehensive Income
TOTAL COMPREHENSIVE (LOSS) FOR THE YEAR
4
3
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2014
The attached notes form part of these financial statements.
Page 2
CROWN FORESTRY RENTAL TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2014
Note
EQUITY
Retained Earnings
TOTAL EQUITY
2014
$
2013
$
99,557,144
99,557,144
106,569,317
106,569,317
9
9
9
665,001
317,000,000
13,487
2,798,616
320,477,104
507,084
299,000,000
41,186,942
3,351
2,183,435
342,880,812
10
11
50,942
91,279
142,221
461,773
141,468
603,241
320,619,325
343,484,053
151,380
619,702
94,710,140
95,481,222
64,291
4,696
415,740
112,585,480
113,070,207
125,580,959
123,844,529
221,062,181
236,914,736
99,557,144
106,569,317
Total Equity Represented by:
CURRENT ASSETS
Cash at Bank
Short Term Deposits
Government Securities
Other Receivables
Accrued Interest
NON CURRENT ASSETS
Property, Plant and Equipment
Intangible Assets
TOTAL ASSETS
CURRENT LIABILITIES
Trade Payables
GST Payable
Other Payables
Current Rental Proceeds
20
NON CURRENT LIABILITIES
Non Current Rental Proceeds
20
TOTAL LIABILITIES
NET ASSETS
These financial statements were approved on the 17th of June 2014. Signed for and on behalf of the Board of
Trustees.
Angela Foulkes
Chairperson
Crown Forestry Rental Trust
The attached notes form part of these financial statements.
Alan Haronga
Chairman
Finance & Risk Committee
Page 3
CROWN FORESTRY RENTAL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2014
Note
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES
Cash was provided from:
Interest (net of repurchase interest expense)
Cash was applied to:
Payment of Administration Expenses and Services and
Disbursements to Claimants
Net GST Movement
NET CASH (OUTFLOWS) FROM OPERATING ACTIVITIES
7
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Cash was provided from:
Proceeds from Investment Sales
Cash was applied to:
Purchase of Property, Plant and Equipment and Intangible
Assets
NET CASH INFLOWS/(OUTFLOWS) FROM INVESTING
ACTIVITIES
2014
$
2013
$
13,171,843
14,844,242
(18,818,378)
(20,317,851)
(4,696)
(8,804)
(5,651,231)
(5,482,413)
40,000,000
-
(51,942)
(381,668)
39,948,058
(381,668)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Cash was provided from:
Rental Proceeds Received
20
9,403,600
12,794,756
Cash was applied to:
Rental Proceeds Disbursed
20
(25,542,510)
(49,682,408)
NET CASH INFLOWS/(OUTFLOWS) FROM FINANCING
ACTIVITIES
(16,138,910)
(36,887,652)
NET INCREASE/(DECREASE) IN CASH HELD
Cash at Beginning of the Year
CASH AT END OF THE YEAR
18,157,917
299,507,084
317,665,001
(42,751,733)
342,258,817
299,507,084
665,001
317,000,000
317,665,001
507,084
299,000,000
299,507,084
Represented by:
Cash at Bank
Short Term Deposits
The attached notes form part of these financial statements.
Page 4
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1
STATEMENT OF ACCOUNTING POLICIES
Reporting Entity
These financial statements are presented for the reporting entity Crown Forestry Rental Trust ("the Trust").
The financial statements have been prepared in accordance with the Trust Deed 1990 and the Financial
Reporting Act 1993. The financial statements have been prepared on the basis of historical cost with the
exception of certain items for which specific accounting policies are identified.
Statement of Compliance
These financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice. They comply with New Zealand Equivalents to International Financial Reporting
Standards ("NZ IFRS"), as appropriate for public benefit entities.
Standards and Interpretations Issued But Not Yet Effective
At the date of authorisation of these financial statements there are no Standards and Interpretations,
including those Standards or Interpretations issued by the International Accounting Standards Board
(“IASB”) or International Financial Reporting Interpretations Committee (“IFRIC”) where an equivalent
New Zealand Standard or Interpretation has not been approved, that could have a significant impact
on the financial statements.
Basis of Preparation
The accounting policies set out below have been applied consistently to all periods presented in these
financial statements.
The measurement base is historical cost.
The accrual basis of accounting has been used unless otherwise stated. These financial statements are
presented in New Zealand dollars, rounded to the nearest dollar.
Judgements and Estimates
The preparation of financial statements in conformity with NZ IFRS requires judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and
expenses.
Significant Accounting Policies
(i)
Revenue
Interest income on government securities and short term deposits is recognised under the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating
interest income over the relevant period (including all fees and points paid or received between the parties to the
contract that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying
amount of the financial instrument.
(ii)
Claimant Expenditure
Payments made to Claimants are recognised when the Trust has an obligation to make payment, which is deemed
to be once the eligibility of the claim has been assessed and final approval for payment given.
(iii)
Income Tax
In 2004 the Trust was successful in its case before the Privy Council to have it deemed a Charitable Trust for
tax purposes. As a result the Trust is not liable for income tax on its earnings.
Page 5
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1
STATEMENT OF ACCOUNTING POLICIES (cont).
(iv)
Goods and Services Tax
These financial statements have been prepared inclusive of GST
The Trust has two main activities which lie outside the provisions of the Goods and Services Tax Act
1985, these being:
§
The Crown Forestry Rental Trust Deed creates a supply of money to the Trust (Interest earned from
the rental proceeds invested which are capital in nature), and this does not meet the definition
of Goods and Services in Section 2 of the GST Tax Act 1985.
§
The Trust then funds or reimburses Claimants their expenditure relating to the presentation and
negotiation of claims before the Waitangi Tribunal (this activity is not deemed to be a taxable
activity).
Funding received by claimants is by definition not subject to GST.
(v)
Property, Plant and Equipment
Items of property, plant and equipment are initially recorded at cost. When an asset is acquired for no or
nominal consideration the asset will be recognised initially at fair value, where fair value can be reliably
determined, with the fair value of the asset received, less costs incurred to acquire the asset, also recognised
as revenue in the Statement of Comprehensive Income.
Realised gains and losses arising from disposal of property, plant and equipment are recognised in the Statement
of Comprehensive Income in the period in which the transaction occurs.
The carrying amounts of property, plant and equipment are reviewed at least annually to determine if there is
any indication of impairment. Where an asset’s recoverable amount is less than its carrying amount, it will be
reported at its recoverable amount and an impairment loss will be recognised. Losses resulting from
impairment are reported in the Statement of Comprehensive Income.
Depreciation is calculated on a straight line basis so as to write off the net cost of each asset over its expected
useful life to its estimated residual value. Leasehold improvements are depreciated over the period of the lease
or estimated useful life, whichever is the shorter, using the straight line method. The estimated useful lives,
residual values and depreciation method are reviewed at the end of each annual reporting period.
The following estimated useful lives are used in the calculation of depreciation:
Asset Category
Computer equipment
Leasehold improvements
Furniture and fittings
Office equipment
Other equipment
Expected Life
3 years
10 years
4 years
4 years
4 years
Rate
33%
10%
25%
25%
25%
Method
Straight line
Straight line
Straight line
Straight line
Straight line
These last three categories have been aggregated and these appear as Combined Classes in Note 10 Property, Plant and Equipment.
(vi)
Intangibles
Intangible assets are initially recorded at cost. The cost of an internally generated intangible asset represents
expenditure incurred in the development phase of the asset only. The development phase occurs after the
following can be demonstrated: technical feasibility; ability to complete the asset; intention and ability to sell or
use; and development expenditure can be reliably measured. Expenditure incurred on research of an internally
generated intangible asset is expensed when it is incurred. Where the research phase cannot be distinguished
from the development phase, the expenditure is expensed when it is incurred.
Page 6
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1
STATEMENT OF ACCOUNTING POLICIES (cont).
Intangible assets with finite lives are subsequently recorded at cost less any amortisation and impairment losses,
and are amortised on a straight-line basis over their useful lives as follows:
Asset Category
Software and licenses
Expected Life
Rate
Method
3 years
33%
Straight line
Realised gains and losses arising from disposal of intangible assets are recognised in the Statement of
Comprehensive Income in the period in which the transaction occurs.
Intangible assets with finite lives are reviewed at least annually to determine if there is any indication of
impairment. Where an intangible asset’s recoverable amount is less than its carrying amount, it will be reported
at its recoverable amount and an impairment loss will be recognised. Losses resulting from impairment are
reported in the Statement of Comprehensive Income.
(vii)
Leases
All leases held by the Trust are classified as operating leases. Operating lease payments, where the lessor
substantially retains all the risks and rewards of ownership, are recognised in a systematic manner over the term
of the lease. Leasehold improvements are capitalised and the cost is amortised over the unexpired period of the
lease or the estimated useful life of the improvements, whichever is shorter.
(viii)
Rental Proceeds – Funds Held in Trust
The rental proceeds from licensed Crown Forest land are recorded when the receipt of the forestry rental is
received by the Trust. The rental proceeds received are recorded directly to the liability for Rental Proceeds
as these funds are only held in trust on behalf of future claimants. These proceeds are disclosed as Rental
Proceeds within the Statement of Financial Position and accompanying note (Note 20).
Rentals in dispute are held by Land Information New Zealand (LINZ) and are accounted for as Contingent Assets
(Refer to Note 15).
(ix)
Employee Benefits
The Employee entitlements to salaries and wages, annual leave, sick leave and other similar benefits are
recognised in the Statement of Comprehensive Income when they accrue to employees. Employee entitlements
to be settled within 12 months are reported at the amount expected to be paid. The liability for any long term
employee entitlements is reported as the present value of the estimated future cash outflows.
(x)
Other Liabilities and Provisions
Other liabilities and provisions are recorded at the best estimate of the expenditure required to settle the
obligation. Liabilities and provisions to be settled beyond one month are recorded at their present value of those
estimates.
(xi)
Financial Instruments
Non derivative financial assets are classified and measured at amortised cost when the asset is held within the
Trust’s business model where the objective is to collect the contractual cash flows and those contractual cash flows
consist solely of payments of principal and interest on specified dates. Financial assets measured at amortised
cost are initially measured at fair value and subsequently measured at amortised cost using the effective interest
method, less any impairment.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash held in bank accounts and short term deposits that are readily
convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Cash is recorded at amortised cost using the effective interest rate method.
Accrued Interest
Accrued interest comprises the interest earned but not yet received on short term deposits. Accrued interest is
recorded separately to the underlying short term deposits in the Statement of Financial Position.
Page 7
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
1
STATEMENT OF ACCOUNTING POLICIES (cont).
Receivables
Receivables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest method and are stated at their expected realisable value after providing for doubtful debts. Receivables
issued with duration of less than 12 months are recognised at their nominal value, unless the effect of discounting
is material. Allowances for estimated irrecoverable amounts are recognised when there is objective evidence that
the asset is impaired. Impairment losses are recognised in the Statement of Comprehensive Income.
Government Securities
The Trust had a portfolio of Government Securities (matured on 15 April 2013) which were recorded at
amortised cost using the effective interest method less any impairment, with revenue recognised on an effective
interest basis. The Trust has now disposed of all Government Securities.
Repurchase Agreements
The Trust enters into Repurchase Agreements whereby no more than 70% of the total investment portfolio (term
deposits and government securities) are repurchased by a bank for short periods.
A repurchase transaction is where the Trust sells its Government Securities to the Bank for cash under an
agreement that obliges the Trust to repurchase these same securities at a later date. The Trust then places this
cash on short term deposit for which the Trust receives a higher interest rate and so more interest is earned
(the interest income earned on these deposits is disclosed in Note 4). At the termination of the agreement the
Trust repurchases the same securities at a higher price than the securities were originally sold for. The inflated
purchase price reflects a premium, or interest paid to the Bank (the interest premium paid is disclosed in Note 4).
The Trust holds the contractual right to repurchase equivalent securities at all times and therefore never fully
transfers these securities and meet the derecognition criteria for the security under NZ IFRS 9.
Payables
Payables are recognised when the Trust becomes obliged to make future payments resulting from the purchase
of goods and services.
(xii)
Comparatives
When presentation or classification of items in the financial statements is amended or accounting policies are
changed voluntarily, comparative figures are restated to ensure consistency with the current period unless it
is impracticable to do so. Comparative amounts have been restated for presenational purposes only.
(xiii)
Statement of Cash Flows
Operating activities include cash received from investment income and other income sources and cash
payments to fund claimants and to manage the day-to-day running of the Trust.
Investing activities are activities relating to the purchase and disposal of investments, property, plant and
equipment, and intangible assets.
Financing activities comprise the changes in Funds Held in Trust (Rental proceeds).
(xiv)
Changes in Accounting Policies
There have been no changes in accounting policies during the year.
2
NATURE OF ACTIVITIES
The Crown Forestry Rental Trust was established on 30 April 1990 to receive rental proceeds from the Crown
forestry licenses.
The rental proceeds received by the Trust are disclosed as liabilities within the Statement of Financial Position.
These receipts must be invested in either New Zealand Government-issued securities or in short term
interest-bearing deposit accounts with registered banks.
The rental proceeds of the Trust are distributed when the beneficiaries are confirmed and the settlement is
enacted under an Act of Parliament.
The interest earned from investments is accumulated by the Trust and applied against the administration
expenses of the Trust and to assist any claimant in the preparation, presentation and negotiation of claims
which involve, or could involve, licensed Crown forest land.
3
INCOME
2014
$
Other Income Includes:
Administration Fees from Forestry Emissions Unit Trust (note 13)
Other Income
54,000
3,561
57,561
2013
$
54,000
3,208
57,208
Page 8
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
4
INTEREST – REPURCHASE CONTRACTS
2014
$
Interest – Repurchase Contracts
Gross Interest Received on Repurchase Contracts
Less Interest Paid on Repurchase Contracts
Net Interest Earned on Repurchase Contracts
5
2013
$
-
1,358,510
(1,034,623)
323,887
ADMINISTRATIVE EXPENDITURE
Incorporated within the Trust’s Statement of Comprehensive Income are the following operating expenditures:
Administrative Expenditure:
2014
$
2013
$
Rent
Depreciation
Amortisation
Loss on Disposal of Property, Plant and Equipment
Trustee Fees
Audit Fees
Fees Paid to Auditors for Other Services
Legal Costs
Employee Remuneration and Benefits
291,007
133,555
50,189
329,218
114,606
51,750
4,601
1,030,504
2,440,254
317,462
141,980
15,416
140,928
118,300
54,625
15,525
136,770
1,923,412
The Trust’s Administration expenses for the year total $5,253,733 (2013: $3,454,187).
During the year the Trust's moved offices due to earthquake issues within its previous premises. The leasehold
improvements in relation to those premises were written off. This resulted in a loss on disposal of $329,218.
The Auditor of the Trust is Deloitte
6
CLAIMANT SERVICES DISCLOSURES
Assistance to Claimants:
2014
$
2013
$
Disbursements to Claimants:
Waitangi Tribunal Hearings
Direct Negotiations with the Crown
Total Disbursements to Claimants
520,770
6,956,381
7,477,151
1,151,517
8,774,120
9,925,637
Research Services for Claimants:
Research & Mapping Contracts
2,302,892
2,506,750
Facilitation and Formation of Claimant Groups:
Region Level Facilitation Costs
1,425,487
1,036,137
CFRT Service Delivery Costs:
Personnel Costs
Other Service Delivery Costs
Total Facilitation
1,697,172
1,455,821
2,300,977
1,462,156
3,152,993
6,881,372
3,763,133
7,306,020
14,358,523
17,231,657
Overall disbursements to claimants for the current year were less than that of the prior year by $2,873,134.
The decrease, which was forecast, is primarily driven by decreased claimant activity. The forecast for
the next year (in the Trust’s business plan) is for expenditure to increase and the Trust currently has commitments
totalling $10,988,023 (contracted but not spent) for claimant and research contracts as at 31 March 2014 (see
Note 16).
Page 9
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
7
RECONCILIATION OF NET CASH FLOWS FROM OPERATING ACTIVITIES TO TOTAL COMPREHENSIVE LOSS
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
2014
$
(7,012,173)
2013
$
(6,172,415)
Items Not Involving Cash
Depreciation Expense
Amortisation Expense
Reclassification of Interest Earned
Amortisation of Premium on Government Securities
Loss on Disposal of Fixed Assets
133,555
50,189
1,186,941
329,219
141,980
15,416
(1,755)
(140,114)
140,928
Impact of Changes in Working Capital
(Increase)/Decrease in Accrued Interest
Increase/(Decrease) in Trade and Other Payables
(Increase)/Decrease in Other Receivables
Increase/(Decrease) in GST Payable
(615,181)
291,051
(10,136)
(4,696)
472,682
24,985
44,684
(8,804)
(5,651,231)
(5,482,413)
Net Cash Flow from Operating Activities
8
FINANCIAL INSTRUMENTS
(a)
Foreign Exchange Risk
The Trust has no exposure to foreign exchange risk.
(b)
Credit Risk
Financial instruments, which are potentially subject to credit risk, consist primarily of short term deposits and
Government Securities. The Trust may be subject to losses up to the value of $320,477,103 as at
31 March 2014 (31 March 2013: $342,880,812) in the event of non-performance by all counter-parties. The
Trust does not expect losses to occur as these instruments are comprised of New Zealand sovereign debt, the
balance being held with registered banks. Consequently, no collateral is held by the Trust to support these
financial instruments. No financial assets are either past due or impaired at 31 March 2014
(31 March 2013: Nil).
(c)
Interest Rate Risk
The Trust's primary interest rate risk is on government securities and short term deposits and can be measured
as the differential between yield to maturity and the current market interest rate. As at 31 March 2014 the
estimated gain is nil (as at 31 March 2013 the estimated gain was $61,858).
The Trust regularly monitors interest rates and manages financial assets when required to limit interest rate risk.
Quotes for short term deposit interest rates are sought from at least two banking institutions and highest quotes
receive deposits accordingly.
(d)
Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests with the Board of Trustees, which has built an
appropriate liquidity risk management framework for the management of the Trust's short, medium, and long
term funding and liquidity management requirements. The Trust manages liquidity by maintaining adequate
reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles
of financial assets and liabilities, and allowing for expected settlement payments.
(e)
Capital Risk Management
The Trust manages its retained earnings to ensure that the Trust is able to continue as a going concern
while maximising the return to the stakeholders. There are no externally imposed capital requirements
and the overall strategy remains unchanged from 2013.
There have been no changes in the Trust’s exposure to risk and the policies and processes in managing
and measuring risk.
Page 10
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
9
FINANCIAL INSTRUMENTS SCHEDULE
The following table details the Trust’s financial instruments, (which excludes other receivables and current
payables whose carrying value is already equal to fair value), their estimated fair values including accrued
interest and the exposure to interest rate risk as at 31 March 2014 are as follows:
The fair values of these financial instruments have been determined using quoted market prices.
Cash and Bank
Short Term Deposits
Carrying
Amount
2014
$
665,001
317,000,000
Fair Value
2014
$
665,001
317,000,000
Carrying
Amount
2013
$
507,084
299,000,000
Fair Value
2013
$
507,084
299,000,000
-
-
41,186,942
41,186,942
41,248,800
41,248,800
317,665,001
317,665,001
340,694,026
340,755,884
Government Securities
Total Portfolio
(A) CURRENT
Maturity
Yield/
Coupon
%
Face Value
Carrying
Amount
2014
$
317,000,000
Face Value
2013
$
299,000,000
Carrying
Amount
2013
$
299,000,000
Short Term Deposits
4.04%
2014
$
317,000,000
GOVERNMENT SECURITIES
15 April 2013
0.00%
-
-
40,000,000
41,186,942
317,000,000
317,000,000
339,000,000
340,186,942
Carrying
Amount
$
Maturity
Date
TOTAL CURRENT
Maturity Analysis of Short Term Deposits
As at 31 March 2014
ANZ
ANZ
ASB
ANZ
ANZ
Kiwibank
ASB
Kiwibank
ASB
ANZ
2,000,000
40,000,000
40,000,000
4,000,000
22,000,000
29,000,000
55,000,000
20,000,000
75,000,000
30,000,000
TOTAL CURRENT
317,000,000
As at 31 March 2013
Carrying
Amount
$
Kiwibank
ASB
Kiwibank
ASB
ANZ
ASB
ASB
35,000,000
40,000,000
16,000,000
33,000,000
55,000,000
20,000,000
100,000,000
TOTAL CURRENT
299,000,000
Average Yearly Return
2014
Actual
3.89%
Rate
%
3/04/2014
15/04/2014
24/04/2014
14/05/2014
12/06/2014
12/06/2014
24/07/2014
24/07/2014
11/09/2014
11/09/2014
Maturity
Date
2.95%
3.80%
3.79%
3.80%
3.90%
3.90%
4.11%
4.16%
4.27%
4.20%
Rate
%
24/04/2013
24/04/2013
13/06/2013
13/06/2013
25/07/2013
30/07/2013
12/09/2013
3.80%
3.79%
3.80%
3.66%
3.83%
3.86%
3.86%
2013
Actual
4.15%
Page 11
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
9
FINANCIAL INSTRUMENTS SCHEDULE (cont).
Categories of Financial Instruments
2014
$
2013
$
Financial Assets at Amortised Cost
Government Securities
Accrued Interest
Other Receivables
Cash at Bank
Short Term Deposits
2,798,616
13,487
665,001
317,000,000
41,186,942
2,183,435
3,351
507,084
299,000,000
Financial Liabilities at Amortised Cost
Trade Payables
Other Payables
Rental Proceeds
151,380
619,702
220,291,099
64,291
415,740
236,430,009
Sensitivity Analysis
The Trust’s financial instruments include trade payables, rental proceeds, cash at bank, short term deposits,
other receivables, accrued interest, and government securities.
The analysis below has been determined using the average monthly yield of all income generating assets held by
the Trust. The table shows the effect of a 2% up or down movement in market interest rates on that average
monthly yield. There have been no changes to the calculation methodology from the prior year.
Net Surplus
Market Interest Rates Decrease by 2%
Market Interest Rates Increase by 2%
Retained
Earnings
Net Surplus
Retained
Earnings
2014
$
(6,441,667)
2014
$
(6,441,667)
2013
$
(6,944,193)
2013
$
(6,944,193)
6,441,667
6,441,667
6,944,193
6,944,193
Classes *
$
190,168
3,858
(4,727)
189,299
Capital Work in
Progress
$
34,412
34,412
Total
$
1,532,330
51,942
(797,847)
786,425
10 PROPERTY, PLANT AND EQUIPMENT
2014
Opening Cost 1 April 2013
Additions
Disposals
Closing Cost 31 March 2014
Opening Accumulated Depreciation 1 April 2013
Depreciation
Disposals
Closing Accumulated Depreciation 31 March 2014
Net Book Value
2013
Opening Cost 1 April 2012
Additions
Disposals
Closing Cost 31 March 2013
Opening Accumulated Depreciation 1 April 2012
Depreciation
Disposals
Closing Accumulated Depreciation 31 March 2013
Net Book Value
Computer
Leasehold
Equipment
Improvements
$
$
524,495
817,667
1,399
12,273
(793,120)
525,894
36,820
Combined
508,312
9,623
517,935
385,177
117,219
(465,576)
36,820
177,068
6,713
(3,053)
180,728
-
1,070,557
133,555
(468,629)
735,483
7,959
-
8,571
34,412
50,942
Classes *
$
185,187
4,981
190,168
Capital Work in
Progress
$
-
Total
$
1,647,640
220,593
(335,903)
1,532,330
Computer
Leasehold
Equipment
Improvements
$
$
521,144
941,309
3,351
212,261
(335,903)
524,495
817,667
Combined
474,477
33,835
508,312
485,044
95,108
(194,975)
385,177
164,031
13,037
177,068
-
1,123,552
141,980
(194,975)
1,070,557
16,183
432,490
13,100
-
461,773
* The assets aggregated within the Combined Class relate to Furniture and Fittings, Office equipment and Other
equipment held by the Trust.
Page 12
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
11 INTANGIBLE ASSETS
Intangible Assets – Software
Opening Cost 1 April
Additions
Closing Cost 31 March
Opening Amortisation 1 April
Amortisation
Closing Amortisation 31 March
Net Intangibles
2014
$
1,050,482
1,050,482
2013
$
889,407
161,075
1,050,482
909,014
50,189
959,203
893,598
15,416
909,014
91,279
141,468
2014
$
114,606
2013
$
118,300
12 TRUSTEE FEES AND KEY MANAGEMENT PERSONNEL
Trusteeship/Governance
The rates for Trustee fees are in accordance with the Government’s standard “Fees Framework for Members of
Statutory and Other Bodies Appointed by the Crown”. From 1 July 2005 the fees are a daily rate of $595 for the
Chairperson capped to an annual maximum of $29,750. Other Trustees have been set a daily rate of $540,
capped to an annual maximum of $14,875.
The Trustees attend regular meetings during the year to deal with governance issues of the Trust, such as
strategic and business planning issues, as well as considering proposals relating to the funding of
claimant groups.
Fees received by Trustees
Ms Angela Foulkes
Mr Paul Morgan (term completed 30 June 2012)
Mr Alan Haronga
Mr Alexander (John) Wilson
Mr C Maanu Paul
Mr Guy Royal
Hon Sir Taihākurei (Edward) Durie (appointed 1 July 2012)
Mr Rakihia Tau
Mr Roger Beckett (Crown Alternate)
Ms Lorraine Toki (Maori Alternate)
Mr Peter Charlton (Alternate)
Mr Leith Comer (Alternate)
Mrs Denese Henare (Alternate)
Mr Simon Karipa (Alternate)
Mr John Paki (Alternate)
Mrs Georgina Te Heuheu (Alternate)
Mr Russ Ballard (Alternate)
2014
$
29,750
13,635
14,875
14,875
4,959
14,875
8,677
4,050
1,620
2,430
2,025
405
2,430
114,606
2013
$
29,750
4,958
14,875
14,875
14,875
14,875
9,917
6,075
4,455
2,835
810
118,300
Key Management Personnel Compensation
The Trust maintains an active register which records potential conflicts of interest whereby both staff and Trustees
are required to disclose any interests associated with their Iwi group or affiliations concerning claimant funding
activities and for other contracts and services being provided.
Management
CFRT Executive Team Members at year end
2014
4
2013
4
CFRT Executive Remuneration
2014
$
717,166
22,645
181,257
921,068
2013
$
700,379
18,434
718,813
Short Term Employee Benefits
Post Employment Benefits
Other Long Term Employee Benefits
Termination Benefits
The executive remuneration for 2014 includes redudancy costs for two staff.
Whakaruruhau
In March 2011, Sir Graham Latimer was established as the Whakaruruhau, or patron, of the Trust.
In acknowledgement of this role the Trust is remunerating Sir Graham to the amount of $30,000 per annum.
Page 13
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
12 TRUSTEE FEES AND KEY MANAGEMENT PERSONNEL (cont).
Other Affiliations held by Executive Team
A number of the Executive Team have affiliations to certain Iwi that are represented by claimant groups recognised
by the Trust. Where the Executive are considering providing assistance to particular claimant groups to which they
are affiliated, the Executive disclose these affiliations and have taken action they consider appropriate to deal
with any potential conflict of interest that may arise during the year.
13 RELATED PARTY TRANSACTIONS
Trustee Affiliations
Mr Guy Royal
Tuia Group Limited
Hon Sir Taihākurei (Edward) Durie
Te Hono ki Raukawa Trust
All trustees
Forestry Emission Unit Trust
Maori appointed trustees
THS & Associates
Role
2014
$
2013
$
Provision
for
Contracted
Provider to
Claimant
Groups
-
2,300 Advisory
services
Hon Sir
Taihākurei
Durie is a
Trustee
78,463
5,000 Funding
payment
Trustees of
Forestry
Emission Unit
Trust
54,000
Contracted
Provider to
Claimant
Groups
112,129
54,000 Administration
Services
62,000 Advisory
services
NZ Maori Council
Funding of
expenditure for
Jan 2014
meeting.
3,249
- Travel
FOMA
Conference attended by
Darrin Sykes
CE
1,380
- Training
A number of Trustees have affiliations to certain Iwi that are represented by claimant groups recognised by the
Trust. Where Trustees are considering providing assistance to particular claimant groups to which they are
affiliated, the Trustees have declared and minuted these affiliations and have taken action they consider
appropriate to deal with any potential conflict of interest that may arise during the year.
Mr Guy Royal, a Trustee, is a Director of Tuia Group Limited. Tuia Group Limited provided a review of Trust
benchmarks for Waitangi Tribunal Operational Funding and Research/Mapping Funding for Waitangi Tribunal
& Direct Negotiations. Tuia Group Limited received $2,300 in respect of those contracts during the year to
31 March 2014 ($2,300: 31 March 2013)
The Te Hono ki Raukawa Trust received funding of $78,453 for the year to 31 March 2014 ($5,000: 31 March 2013) and the
Hon Sir Taihākurei (Eddie) Durie was a Trustee with Te Hono during that time. Due to the conflict of interest Sir Eddie did
not participate in any funding decisions.
The Trust funded Ngati Hineuru $112,129 for services provided by THS & Associates during the year ended
31 March 2014 ($62,000: 31 March 2013). THS & Associates is owned by Traci Houpapa who is also the Chair of
FOMA. A potential conflict may arise due to the role of the FOMA Chair in appointing Trustees.
The Trust funded no money to Ngati Kahungungu ki Wairarapa for services provided by Karen Waterreus in association
with Glenda Hughes and Associates for the year ended 31 March 2014 ($2,800: 31 March 2013). Karen Waterreus is
the Interim Secretary of the NZ Maori Council. A potential conflict may arise due to her percieved influence in this role.
The Trust administered the Forestry Emission Unit Trust during the year and received an Administration Fee of
$54,000 for its services ($54,000: 31 March 2013). The Forestry Emission Unit Trust trustees are also
trustees of the Trust.
The funding for the NZ Maori Council meeting of $3,249 in January 2014 was due to a High Court order.
Page 14
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
13 RELATED PARTY TRANSACTIONS (cont).
The FOMA conference was attended by the Chief Executive as directed by the Chair in November 2013 as consistent with prior years.
As noted in Note 12 the Trust maintains an active register which records potential conflicts of interest and
Trustees are required to disclose such potential interests at Board meetings in order to reduce risks surrounding
their association with their Iwi group or affiliations concerning claimant funding activities and for other contracts
and services being provided.
Other significant Related Party interests of key advisors to the Board include the following:
Investment Advisor
James Ogden
Ogden Consulting
Role
Principal
2014
$
2013
$
11,299
Provision
for
10,580 Investment
Advice
14 CONTINGENT LIABILITIES
There are currently a number of issues regarding interpretation of the trust deed and policies implemented by trustees that
are to be heard and determined in the high court, including at a hearing currently scheduled to be heard on 5 June 2014.
In March 2013 Justice Williams made an order that the costs of the trustees in this proceeding (but not for New Zealand
Maori Council) be paid from trust funds pursuant to section 71 of the Trustee Act 1956. Legal fees have been paid during
the year and an estimate of unpaid fees in relation to these legal costs has been provided in the 2014 financial statements.
The New Zealand Maori Council and Federation of Maori Authorities have subsequently sought similar costs orders, neither
of which has been determined by the court. No provision has been made in the financial statements and the potential
liability should the Trust be deemed liable to pay these costs cannot be quantified as no amount has been notified.
The Trust also has contingent liabilities in respect of fees for Woodward Law (the law firm acting in the proceeding for Sir
Edward Taihakurei Durie, one of the Trustees), the liability for which is currently awaiting determination by the High Court.
Should the Trust be held liable, this liability is currently estimated to be $100,000.
15 CONTINGENT ASSETS
As at 31 March 2014 there is $173,944 of disputed licence fees held by LINZ (31 March 2013: $Nil).
LINZ manages the collection of licence fees on behalf of the Trust. Every three years the licence fees are
reviewed and the licensees are able to dispute the Crown’s assessments. As a consequence LINZ holds the
disputed portion of the licence fees until the dispute is resolved.
When disputes are resolved LINZ forwards to the Trust the balance of the licence fees and any interest earned
on the balances.
As at 31 March 2014 there is $21,838 being held in a solicitors trust account for the Trust's benefit pending the
appeals process for Mr Taueki being complete. The Trust expects to receive these funds in full but cannot
confirm when the funds will be received (31 March 2013: $Nil)
16 COMMITMENTS
(i)
Assistance to Claimants
The Trust has commitments totalling $10,988,023 as at 31 March 2014 (31 March 2013: $11,492,015) relating to
assistance to claimants which has been approved by Trustees at balance date. The release of these amounts
is subject to the claimant groups meeting the various terms and conditions established for their respective
funding and the completion of research contracts in progress.
(ii)
Capital Commitments
The Trust has no capital commitments at 31 March 2014 (31 March 2013: $nil).
(iii)
Lease Commitments
Future operating lease rentals for premises and motor vehicles are not recognised in the financial statements.
The minimum lease rental commitments at balance date are as follows:
Less than One Year
Two to Five Years
Greater than Five Years
Total
2014
$
203,577
186,612
390,189
2013
$
252,178
196,443
448,621
Page 15
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
17 DEEDS OF SETTLEMENT
Ngāti Toa Rangatira
On 7 December 2012, the Crown and Ngāti Toa Rangatira signed a Deed of Settlement. Legislation to give
effect to the settlement came into force on 23 April 2014. Settlement date for the transfer of Crown
Forest Licensed Land and payment of accumulated rentals is 70 working days after the legislation comes into
force and will be 1 August 2014.
The impact of the settlement will be to distribute to Toa Rangatira Trust 50% of the funds held in Trust for all of
the Te Tau Ihu licensed land.
As at 31 March 2014 the Funds Held in Trust for each of these Te Tau Ihu Crown Forest Licensed lands were
approximately: Golden Bay ($226,923), Motueka ($3.3 million), Golden Downs East ($18.6 million), Golden
Downs West ($19.9 million), Waimea ($3.6 million), Rai ($8.4 million), Hira ($4.7 million), Queen
Charlotte ($1.0 million), Wairau ($8.1 million).
Ngāti Tama ki Te Tau Ihu
On 20 April 2013, the Crown and Ngāti Tama ki Te Tau Ihu signed a Deed of Settlement. Legislation to give
effect to the settlement came into force on 23 April 2014. Settlement date for the transfer of Crown
Forest Licensed Land and payment of accumulated rentals is 70 working days after the legislation comes into
force and will be 1 August 2014.
The impact of the settlement will be to distribute to Ngāti Tama ki te Waipounamu Trust 12.5% of the funds held
in Trust for all of the Te Tau Ihu licensed land.
As at 31 March 2014 the Funds Held in Trust for each of these Te Tau Ihu Crown Forest Licensed lands were
approximately: Golden Bay ($226,923), Motueka ($3.3 million), Golden Downs East ($18.6 million), Golden
Downs West ($19.9 million), Waimea ($3.6 million), Rai ($8.4 million), Hira ($4.7 million), Queen
Charlotte ($1.0 million), Wairau ($8.1 million).
Ngāti Rārua
On 13 April 2013, the Crown and Ngāti Rārua signed a Deed of Settlement. Legislation to give effect to the
settlement came into force on 23 April 2014. Settlement date for the transfer of Crown Forest
Licensed Land and payment of accumulated rentals is 70 working days after the legislation comes into force
and will be 1 August 2014.
The impact of the settlement will be to distribute to Ngāti Rārua Settlement Trust 12.5% of the funds held in
Trust for all of the Te Tau Ihu licensed land.
As at 31 March 2014 the Funds Held in Trust for each of these Te Tau Ihu Crown Forest Licensed lands were
approximately: Golden Bay ($226,923), Motueka ($3.3 million), Golden Downs East ($18.6 million), Golden
Downs West ($19.9 million), Waimea ($3.6 million), Rai ($8.4 million), Hira ($4.7 million), Queen
Charlotte ($1.0 million), Wairau ($8.1 million).
Te Atiawa o Te Waka-a-Maui
On 21 December 2012, the Crown and Te Atiawa o Te Waka-a-Maui signed a Deed of Settlement. Legislation
to give effect to the settlement came into force on 23 April 2014. Settlement date for the transfer
of Crown Forest Licensed Land and payment of accumulated rentals is 70 working days after the legislation
comes into force and will be 1 August 2014.
The impact of the settlement will be to distribute to Te Atiawa o Te Waka-a-Maui Trust 12.5% of the funds held
in Trust for all of the Te Tau Ihu licensed land.
As at 31 March 2014 the Funds Held in Trust for each of these Te Tau Ihu Crown Forest Licensed lands were
approximately: Golden Bay ($226,923), Motueka ($3.3 million), Golden Downs East ($18.6 million), Golden
Downs West ($19.9 million), Waimea ($3.6 million), Rai ($8.4 million), Hira ($4.7 million), Queen
Charlotte ($1.0 million), Wairau ($8.1 million).
Ngāti Kōata
On 21 December 2012, the Crown and Ngāti Koata signed a Deed of Settlement. Legislation to give effect to
the settlement came into force on 23 April 2014. Settlement date for the transfer of Crown Forest
Licensed Land and payment of accumulated rentals is 70 working days after the legislation comes into force
and will be 1 August 2014.
The impact of the settlement will be to distribute to Te Pātaka a Ngāti Koata 12.5% of the funds held in Trust
for all of the Te Tau Ihu licensed land.
As at 31 March 2014 the Funds Held in Trust for each of these Te Tau Ihu Crown Forest Licensed lands were
approximately: Golden Bay ($226,923), Motueka ($3.3 million), Golden Downs East ($18.6 million), Golden
Downs West ($19.9 million), Waimea ($3.6 million), Rai ($8.4 million), Hira ($4.7 million), Queen
Charlotte ($1.0 million), Wairau ($8.1 million).
Page 16
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
17 DEEDS OF SETTLEMENT (cont.)
Raukawa
On 2 June 2012, the Crown and Raukawa signed a Deed of Settlement. Legislation to give effect to the settlement
came into force on 19 March 2014. Settlement date for the transfer of Crown Forest Licensed Land and payment
of accumulated rentals had not been determined as at 31 March 2014 but is expected to be mid-2014.
The impact of the settlement will be to distribute to Raukawa Settlement Trust a portion of the Funds Held in
Trust for Pureora North Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Pureora
North Crown Forest Licensed land were approximately $672,814.
Maungaharuru-Tangitu
On 25 May 2013, the Crown and Maungaharuru-Tangitu signed a Deed of Settlement. Legislation to give effect
to the settlement came into force on 16 April 2014. Settlement date for the transfer of Crown Forest
Licensed Land and payment of accumulated rentals is 20 working days after the legislation comes into force
and will be 20 May 2014.
The impact of the settlement will be to distribute to Maungaharuru-Tangitu Trust a portion of the Funds Held in
Trust for Esk Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Esk Crown Forest
Licensed land were approximately $8.6 million.
Te Rarawa
On 28 January 2012, the Crown and Te Rarawa signed a Deed of Settlement and a deed to amend was signed on
12 March 2014. Legislation to give effect to the settlement was introduced on 16 April 2014 and expected to come into force
in December 2014. Settlement date for the transfer of Crown Forest Licensed Land and payment of accumulated rentals is
60 working days after the legislation comes into force.
The impact of the settlement will be to distribute to Te Rūnanga o Te Rarawa 20% of the Funds Held in Trust for Aupouri
Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Aupouri Crown Forest Licensed land were
approximately $12.4 million.
Te Aupouri
On 28 January 2012, the Crown and Te Aupouri signed a Deed of Settlement and a deed to amend was signed on
14 December 2013. Legislation to give effect to the settlement was introduced on 16 April 2014 and expected to come
into force in December 2014. Settlement date for the transfer of Crown Forest Licensed Land and payment of accumulated
rentals is 60 working days after the legislation comes into force.
The impact of the settlement will be to distribute to Te Rūnanga Nui o Te Aupōuri 20% of the Funds Held in Trust for Aupouri
Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Aupouri Crown Forest Licensed land were
approximately $12.4 million.
Ngāti Kuri
On 7 February 2014, the Crown and Ngāti Kuri signed a Deed of Settlement. Legislation to give effect to the settlement
is expected to be introduced on 16 April 2014 and expected to come into force in December 2014. Settlement date for the transfer of
Crown Forest Licensed Land and payment of accumulated rentals is 60 working days after the legislation comes into force.
The impact of the settlement will be to distribute to Te Manawa O Ngāti Kuri 20% of the Funds Held in Trust for Aupouri
Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Aupouri Crown Forest Licensed land
were approximately $12.4 million.
Ngai Takoto
On 27 October 2012, the Crown and Ngāi Takoto signed a Deed of Settlement and a deed to amend was signed on
6 February 2014. Legislation to give effect to the settlement was introduced on 16 April 2014 and expected to come into force
in December 2014. Settlement date for the transfer of Crown Forest Licensed Land and payment of accumulated rentals
is 60 working days after the legislation comes into force.
The impact of the settlement will be to distribute to Te Rūnanga o Ngāi Takoto 20% of the Funds Held in Trust for Aupouri
Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Aupouri Crown Forest Licensed land were
approximately $12.4 million.
Te Kawerau ā Maki
On 22 February 2014, the Crown and Te Kawerau ā Maki signed a Deed of Settlement. Legislation to give effect to the
settlement was introduced on 16 April 2014 and expected to come into force in December 2014.
The impact of the settlement will be to distribute to the Te Kawerau ā Maki a portion of the Funds Held in Trust for Riverhead
Crown Forest Licensed land. As at 31 March 2014 the Funds Held in Trust for Riverhead Crown Forest Licensed land were
approximately $9.4 million.
Page 17
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
17 DEEDS OF SETTLEMENT (cont.)
Ngāti Kahu
Part 14 clause 797 of the Te Hiku Claims Settlement bill that was introduced on 16 April 2014 (Ngāti Kahu Accumulated
Rentals Trust Bill) makes the necessary legislative provisions for the matters contained in the deed of trust to be entered
into by the Crown and Public Trust to establish the Ngāti Kahu Accumulated Rentals Trust. The Crown’s intention is to—
·
·
preserve the Crown’s ability, in relation to a proportion of the accumulated rentals of the Peninsula Block (the
accumulated rentals), to provide for the settlement of Ngāti Kahu’s historical Treaty of Waitangi claims that may
be negotiated and entered into between Ngāti Kahu and the Crown; and
provide for the transfer of a proportion of the accumulated rentals as a consequence of any relevant recommendation
made by the Waitangi Tribunal under section 8HB of the Treaty of Waitangi Act 1975 that becomes final under
section 8HC(6) of that Act.
Legislation is expected to come into force in December 2014. Settlement date for the payment of accumulated rentals
is 60 working days after the legislation comes into force.
The impact of this legislation will be to distribute to the Public Trustee, as confirmed beneficiary, 20% of the Funds
Held in Trust for Aupouri Crown Forest Licensed land. As at 31 March 2014, the Funds Held in Trust for Aupouri Crown
Forest Licensed land were approximately $12.4 million.
18 SUBSEQUENT EVENTS
There have been no events subsequent to balance date to note.
Page 18
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014
Total
Disbursements
Since 1990 to
31/03/2014
399,580
331,490
1,656,098
277,879
1,413,957
1,812,161
1,362,795
1,725,925
3,143,490
409,023
26,048
204,108
476,871
332,835
249,414
161,200
163,901
52,711
50,000
143,197
286,000
574,834
450,430
98,830
467,105
90,195
38,612
183,350
Region & IWI
Te Tai Tokerau
Muriwhenua Negotiations Management Committee
Ngati Kuri Trust Board
Te Aupouri Negotiations Co
Te Runanga o Muriwhenua - direct disbursement
Te Runanga o Muriwhenua - disbursed for
administration by third parties
Te Runanga o Te Rarawa
Ngai Takoto
Te Runanga a Iwi o Ngati Kahu
Te Hui Topu O Te Iku O Te Ika (Te Hiku Forum)
Nga Hapu o Whangarei Claims Committee
Nga Hapu o Nga Puhi o Whangarei
Ngati Kahu o Torongare Te Parawhau Hapu
Hokianga Claims Alliance
Mahurangi & Gulf Islands
Te Aho Claims Alliance
Ngati Hine Health Trust Board
Northland Design Group
Ngati Wai Maori Trust Board
Pu Hao Rangi (on behalf of a national claim)
Puhipuhi Maruata Forestry Claim
Tai Tokerau District Maori Council
Te Taumata o Tangitu
Te Waimate-Taiamai Alliance
Whangarei Core Collective Claimant Group
Whangaroa Papa Hapu
Te Kotahitanga o Nga Hapu Ngapuhi
Te Mana Motuhake A Rohe o Whangarei
Ngati Kahu Remedies Hearing
16,582,039 Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Te Tai Tokerau Claimant costs
2014
2013
2012
66,365
-
23,490
9,086
-
166,635
134,170
-
40,640
33,520
90,195
38,612
-
126,000
195,563
(5,100)
183,350
179,270
557,159
251,699
38,131
6,476
4,000
5,000
-
269,332
108,361
651,143
1,028,836
532,389
94,571
477,890
1,104,850
1,342,540
211,968
162,662
1,717,170
Page 19
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014 (cont.)
Total
Disbursements
Since 1990 to
31/03/2014
950,260
1,074,330
857,210
80,300
36
177,085
1,384,107
135,995
225,680
2,794,354
845,906
8,883,926
868,393
2,192,623
1,505,004
745,175
252,012
5,000
247,071
316,736
280,635
72,130
2,328,357
528,000
144,197
101,058
20,900
12,048
2,863
179,999
130,000
75,717
152,500
53,240
272,877
319,626
4,036
510,742
28,730,128
Region & IWI
Tamaki
Otamatea Maori Trust Board
Te Uri o Hau o Te Wahapu o Kaipara
TUOH Limited
Awaroa Claims Management Committee
Awaroa ki Manuka
Kaipara Cooperative Claimant Forum
Kawerau a Maki Trust
Manukau Whanau
Ngati Tahinga/Ngati Mauku
Ngati Whatua o Kaipara ki Te Tonga
Te Runanga o Ngati Whatua
Hauraki Collective
Ngati Manuhiri
Ngai Tai Ki Tamaki
Ngati Tamaoho
Ngati Te Ata
Te Tao U
Te Uri o Tautohe
Te Waiariki Ngati Korora Hapu
Ngaati Te Ata Incorporated
Gregory-Mare Whanau
Hakipene Hura Whanau
Hauraki Maori Trust Board
Marutuahu Confederation
Ngati Hei
Ngati Koi Claimant Committee
Ngati Maru Iwi Authority
Ngati Paoa
Nga Uri o Horowhenua
Ngati Whanaunga
Taipari Whanau
Te Kupenga o Ngati Hako
Te Rakahurumai Claims Committee
Te Rangatira o Tamatera
Te Whanau o Hamiora Mangakahia
Ngati Porou Mt Hikurangi Lands Claim Committee
Tamaki Collective
Te Akitai Waiohua
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Tamaki Claimant costs
2014
2013
2012
119,157
686,298
22,655
122,364
527,275
(65,312)
4,036
403,412
1,819,885
333,586
24,751
2,178,222
98,464
1,302,400
633,289
383,272
322,010
107,330
2,846,765
656,512
59,268
3,562,545
399,902
195,321
140,624
4,096,219
195,259
648,993
469,049
488,477
6,633,844
1,240,103
249,566
8,123,513
Page 20
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014 (cont.)
Total
Disbursements
Since 1990 to
31/03/2014
37,210
2,540,101
545,659
3,178,442
1,537,668
2,895,908
18,000
28,300
36,500
10,817,788
Total
Disbursements
Since 1990 to
31/03/2014
200,000
3,032,438
179,184
2,075,568
1,164,220
102,305
438,185
1,938,893
3,209,092
330,658
124,959
723,621
2,268,579
34,552
110,938
118,500
24,000
6,023
2,563,501
200,000
718,959
1,098,268
50,000
5,593,336
828,251
11,752,913
1,876,477
221,444
356,618
Region & IWI
Te Moana a Toi
Ngati Pukenga
Ngati Pukenga/Ngati Hikairo
Athenree Lands ki Tauranga Moana
Pirirakau/Ngati Ranginui
Te Kahui Raupatu o Tauranga Tangata
Ngai Te Rangi Incorporated
Ngati Hinerangi Trust
Ngati Motai and Mahana
Ngati Hangarau Trust
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Te Moana a Toi Claimant costs
Region & IWI
Te Arawa
Ngati Awa Maori Trust Board
Ngati Makino Claims Committee
Ngati Pikiao Forest Claims Committee
Te Runanga o Ngati Awa
Te Runanga o Tuwharetoa ki Kawerau
Haparangi A4
Horohoro Crown Forest Claims Committee
Lake Taupo Forest Trust
Nga Kaihautu o Te Arawa Structure
Ngati Rangitihi
Ngati Tuara/Kearoa
Ngati Tuwharetoa
Ngati Whare Iwi Claims
Rangiuru Sports Club Inc
Rotomahana Parekarangi 6N2B & 6O2B Trusts
Te Waka Pumau o Te Arawa (Non Aligned)
Te Pumautanga o Te Arawa
Te Papa-i-ouru Trustee Board
Te Runanga o Ngati Tahu
Te Runanganui o Te Ikawhenua
Te Whakarewarewatanga o Te Ope Taua a Wahiao
Whakarewarewa Forest Trust
Waitaha Raupatu Trust
Te Arawa Iwi of CNI
CNI Forest Iwi Group
Te Runanga o Ngati Manawa
Volcanic Interior Plateau Project
Te Maru O Ngati Rangiwewehi
Nga Punawai o Te Toko Toru
Te Kotahitanga O Whakaue
2014
2013
2012
124,094
357,915
482,009
5,036
1,196
488,241
446,445
372,502
366,101
1,185,048
14,277
7,616
1,206,941
569,621
771,781
598,320
1,939,722
111,578
18,884
2,070,184
2014
2013
2012
808,126
-
53,565
-
10,500
53,565
77,957
-
Page 21
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014 (cont.)
Total
Disbursements
Since 1990 to
31/03/2014
24,438
88,450
30,000
48,000
1,125,090
2,554,034
40,000
247,000
56,824
3,293,855
84,475
33,000
749,399
264,805
351,173
44,000
382,225
50,758,250
Total
Disbursements
Since 1990 to
31/03/2014
202,281
113,402
4,899
936,217
20,000
85,000
482,909
286,917
186,604
50,625
23,625
25,350
210,483
310,507
77,663
2,983,983
168,768
985,591
89,673
127,244
7,371,741
Region & IWI
2014
2013
2012
595,893
40,000
1,444,019
286,017
8,834
1,738,870
375,886
224,805
654,256
88,636
10,875
753,767
519,656
661,678
56,136
12,967
730,781
2014
2013
2012
Waikato
Tainui Maori Trust Board
Wi Taka Whanau o Ngati Koheriki
Ngati Koheriki
Maniapoto Maori Trust Board & Treaty Claims Committee
Maniapoto Maori Trust Board
Maniapoto ki Waenganui Regional Claims Forum
Maniapoto ki te Raki Regional Claims Forum
Maniapoto ki te Tonga (Te Rohe Potae)
Raukawa Kaumatua Kaunihera
Te Maru o Rereahu Trust
Te Nehenehenui Claims
Te Whanui Kohinga
Ngati Te Wehi Cluster
Whanganui Northern Cluster ki Te Rohe Potae
Tuhua Hikurangi Claimants
Raukawa Maori Trust Board
Tainui Awhiro Trust
6,133
Ngati Haua Iwi
500,071
Maniapoto Central Region
(10,327)
Te Runanganui o Ngati Hikairo
831
Total Direct Assistance
496,708
Region Research Costs
794,619
Region Facilitation Costs
691,101
Total Waikato Claimant costs
1,982,428
28,909
30,000
83,395
125,507
42,348
100,321
485,520
80,000
89,873
1,065,873
935,877
305,741
2,307,491
130,289
40,709
135,000
11,463
595,318
62,314
20,000
36,540
1,031,633
934,297
107,680
2,073,610
Te Arawa (cont.)
Manutaki Trust
Mataatua Marae Hearing Committee
Maungapohatu Marae Committee
Murumurunga Marae
Nga Rauru o Nga Potiki
Te Runanga o Ngati Manawa
Rangitahi Marae
Panekiri Tribal Trust Board
Tauarau Marae Committee
Te Kotahi a Tuhoe
Te Rangatiratanga o Ngati Rangitihi
Te Rewarewa Marae
Tuhoe Waikaremoana Maori Trust Board
Ngati Ruaoani ki Waikaremoana
Ngati Whare Iwi Claims
Waimako Trust
Panekiri Tribal Trust Board
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Te Arawa Claimant costs
Region & IWI
Page 22
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014 (cont.)
Total
Disbursements
Since 1990 to
31/03/2014
359,796
5,274,124
376,760
234,142
275,718
108,354
364,654
85,500
87,018
540,792
67,144
34,215
2,435,147
128,605
537,847
359,880
170,000
73,500
32,500
246,603
11,792,299
Total
Disbursements
Since 1990 to
31/03/2014
372,101
44,843
42,500
42,500
13,460
1,660,493
42,500
8,940
44,000
50,000
2,442,596
269,100
3,195,072
43,148
241,475
309,796
1,088,702
1,271,224
129,743
1,557,773
Region & IWI
Te Tai Rawhiti
Te Kura Takai Puni
Te Runanga o Ngati Porou
United Tribal Council
Te Roopu Kaiwhakahaere o Ruawaipu Cluster
Nga Ahi Kaa Cluster
Te Uru Karaka Cluster
Te Aitanga a Hauiti Iwi Cluster
Te Whanau a Kai Trust
Nga Uri o Te Kooti Rikirangi
Ngai Tamanuhiri Whanui Charitable Trust
Ngariki Kaiputahi Whanui Trust
Te Runanga o Turanganui a Kiwa (Turanga Forum)
Turanga Claimants (Turanga Manuwhiriwhiri)
Rongawhakaata Charitable Trust
Te Aitanga-a-Mahaki
Te Pou-a-Haokai & Ngai Tamanuhiri
Te Pou a Haokai Central Progression Team
Te Whanau a Kai
Wi Pere Whanau Trust
Mangatu Remedies Hearing
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Te Tai Rawhiti Claimant costs
Region & IWI
Takitimu
Nga Uri o Te Wharerata Forestry Claims Committee
Ngai Tama Te Rangi Claim Committee
Te Iwi o Rakaipaaka
Te Whanau o Rongomaiwahine
Wairoa Waikaremoana Maori Trust Board
Wairoa Working Group
Whakaki Marae Committee
Ngati Kahungunu ki Waikeremoana
Rangiahua Marae
Te Kahungunu Collective
Maungaharuru Tangitu Society Inc.
Nga Hapu o Te Ahuriri
Ngati Pahauwera
Te Whanganui a Orotu
Ngati Hineuru/Ngati Hinerau
Maungaharuru Tangitu/Ngati Hineuru
Mohaka Waikare
Mana Ahuriri Incorporated
Nga Tukemata o Ruahine
He Toa Takitini
2014
2013
2012
127
127
246,603
246,603
139,612
88,295
474,510
383,025
30,900
413,925
17,301
556
431,782
2014
2013
2012
388,721
251,210
226,893
8,673
158,369
178,422
311,348
613,425
82,903
12,964
197,961
5,430
327,835
89,076
199,654
253,649
Page 23
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014 (cont.)
Total
Disbursements
Since 1990 to
31/03/2014
459,400
787,706
700,305
173,500
4,250
8,500
441,529
88,355
606,480
511,288
934,422
10,000
17,595,701
Total
Disbursements
Since 1990 to
31/03/2014
313,292
299,237
79,871
1,038,441
1,245,722
2,120,530
1,213,381
904,926
851,855
2,399,983
646,359
112,528
262,391
40,000
289,455
55,000
430,698
12,303,669
Region & IWI
Takitimu (cont.)
Nga Hapu Karanga o Wairarapa
Ngai Tumapuhia a Rangi Claims Committee
Te Runanga o Rangitane o Wairarapa
Ngati Hinewaka
Ngati Te Hore
Owahanga Roopu
Rangitane o Tamaki Nui a Rua
Te Ropu Whenua Ngai Tumapuhiri
Te Runanga o Rangitane o Wairarapa
Rangitane Negotiations Trust
Kahungunu ki Wairarapa - Tamaki Nui a Rua Trust
Wairarapa Moana ki Pouakani Inc
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Takitimu Claimant costs
Region & IWI
Te Tai Hauauru
Nga Iwi o Taranaki/Ngati Maru
Ngati Haua Iwi
Ngati Rakeipoho/Hikairo
Ngati Rangi Trust
Southern Whanganui Cluster
Te Runanga o Ngati Apa
Whanganui Central Claims Charitable Trust
Whanganui Northern Cluster
Whanganui River Maori Trust Board
Tanenuiarangi Manawatu Incorporated
Muaupoko Tribal Authority
Te Hono ki Raukawa Trust
Mokai Patea Claims Committee
Te Runanga o Mua Upoko
Ngati Hinemanu me Ngati Paki Heritage Trust
Tumatanui Incorporated Society
Te Runanga o Raukawa
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Te Tai Hauauru Claimant costs
2014
2013
2012
381,200
25,370
492,227
2,111,085
516,885
34,534
2,662,504
260,730
90,649
248,688
1,818,668
259,950
63,061
2,141,679
194,240
193,507
1,263,391
501,248
46,290
1,810,929
2014
2013
2012
15,810
9,788
391,203
78,463
97,191
90,512
55,000
737,967
258,388
9,643
1,005,998
121,701
97,218
64,375
5,000
87,000
103,970
479,264
302,682
17,054
799,000
3,701
526,759
72,581
4,065
59,400
94,973
761,479
674,000
67,064
1,502,543
Page 24
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
19 TOTAL DISBURSEMENTS TO CLAIMANTS TO 31 MARCH 2014 (cont.)
Total
Disbursements
Since 1990 to
31/03/2014
5,587,343
697,716
704,559
631,313
1,025,587
685,799
5,451,842
1,118,496
1,600,898
2,832,338
601,536
52,500
52,452
1,149,337
22,191,716
Region & IWI
Whanganui a Tara
Kurahaupo ki te Waipounamu Trust
Ngati Apa ki Te Waipounamu Trust
Ngati Koata no Rangitoto ki Te Tonga Trust
Ngati Kuia Trust Claim Committee
Ngati Rarua Trust
Ngati Tama Manawhenua ki Te Tau Ihu Trust
Tainui Taranaki ki te Tonga Ltd
Te Atiawa Manawhenua ki Te Tau Ihu Trust
Te Runanga a Ngati Toa Rangitira
Te Runanga o Toa Rangatira Incorporated
Te Runanga o Rangitane o Wairau
Wakatu Incorporated
Ngati Tamarangi
Ngai Tahu Maori Trust Board
Total Direct Assistance
Region Research Costs
Region Facilitation Costs
Total Whanganui a Tara Claimant costs
178,143,330 Total Direct Assistance To Claimants
Total Region Research Costs
Total Region Facilitation Costs
Total Direct Services To Claimants
Other Service Delivery Costs
Total Assistance To Claimants
2014
2013
2012
(25,011)
18,940
10,825
111,392
116,146
4,158
120,304
135,171
152,550
87,000
22,078
104,496
595,476
1,096,771
14,633
6,337
1,117,741
341,495
341,495
149,346
2,900
493,741
7,477,151
2,302,892
1,425,487
11,205,530
9,925,637
2,506,750
1,036,137
13,468,524
14,389,707
3,895,977
668,569
18,954,253
3,152,993
3,763,133
4,062,392
14,358,523
17,231,657
23,016,645
Page 25
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
20 FUNDS HELD IN TRUST TO 31 MARCH 2014
Forest
Opening
Current Year
Balance
Received
Current Year
Distributions
Total held
No.
$
$
$
$
in Trust
Northland
Aupouri *
1
11,912,338
558,500
-
12,470,838
Otangaroa
2
3,039,281
138,700
-
3,177,981
Waitangi
3
2,024,205
107,500
-
2,131,705
Glenbervie
4
9,401,724
470,100
-
9,871,824
Woodhill *
7
24,084,702
-
(24,008,922)
75,780
Riverhead *
8
10,620,798
332,000
(1,533,588)
9,419,210
Maramarua
11
12,855,057
557,000
-
13,412,057
Whangapoua
12
6,275,234
199,000
-
6,474,234
Kauaeranga
13
313,592
12,500
-
326,092
Waihou
14
1,971,155
88,000
-
2,059,155
Tairua
15
15,313,409
617,000
-
15,930,409
Athenree
16
2,710,624
117,000
-
2,827,624
Whangamata
60
139,400
29,800
-
169,200
Auckland
Central North Island
Pirongia
24
395,244
16,800
-
412,044
Tawarau
25
1,913,889
96,000
-
2,009,889
Mangaokewa
26
1,041,072
43,900
-
1,084,972
Pureora North *
27
671,014
1,800
-
672,814
Mangatu
34
10,078,137
581,880
-
10,660,017
Patunamu
36
5,075,131
259,400
-
5,334,531
Esk *
38
8,279,963
395,000
-
8,674,963
Kaweka
39
5,410,201
320,000
-
5,730,201
Gwavas
40
7,224,787
240,900
-
7,465,687
Southern North Island
Erua
Karioi
Te Wera
Lismore Hill
Lismore Sand
Santoft
Tangimoana
Waitarere
Manakau
Ngaumu
41
42
43
44
45
46
47
48
49
51
60,297
7,962,407
2,152,056
1,596,995
873,809
1,284,256
654,731
2,624,406
402,777
12,770,690
3,000
175,000
116,000
57,200
43,000
41,000
20,000
116,600
16,400
649,000
-
63,297
8,137,407
2,268,056
1,654,195
916,809
1,325,256
674,731
2,741,006
419,177
13,419,690
East Coast
Hawkes Bay
Page 26
CROWN FORESTRY RENTAL TRUST - NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
20 FUNDS HELD IN TRUST TO 31 MARCH 2014 (cont.)
Nelson
Golden Bay *
Motueka *
Golden Downs East *
Golden Downs West *
Waimea *
Rai *
Hira *
Queen Charlotte *
Wairau *
Forest
Opening
Current Year
Balance
Received
Current Year
Distributions
Total held
No.
$
$
$
$
216,823
3,143,139
17,802,150
19,039,050
3,541,265
8,110,987
4,594,552
1,049,376
7,799,286
10,100
184,500
874,110
809,910
151,700
368,300
204,000
41,300
339,700
-
226,923
3,327,639
18,676,260
19,848,960
3,692,965
8,479,287
4,798,552
1,090,676
8,138,986
236,430,009
9,403,600
(25,542,510)
220,291,099
52
53
54
54
55
56
57
58
59
Total Forest Rental Proceeds
in Trust
* Forests or part of forests expected to be settled in the following financial year.
2014
$
Current/Non Current Split of Rental Proceeds Held
Current
Non Current
94,710,140
125,580,959
220,291,099
2013
$
112,585,480
123,844,529
236,430,009
Forests or part forests expected to the settled in the following financial year have been
disclosed as current liabilities. No further liability maturity profile has been disclosed because
the Trust is not contractually obliged to transfer any of the accumulated rentals until the
relevant Deeds of Settlement have been signed and Bills enacted therefore it is difficult
to estimate when amounts will become payable.
Page 27
INDEPENDENT AUDITOR’S REPORT
TO THE TRUSTEES OF CROWN FORESTRY RENTAL TRUST
Report on the Financial Statements
We have audited the financial statements of Crown Forestry Rental Trust on pages 2 to 27, which
comprise the statement of financial position as at 31 March 2014, and the income statement, statement
of comprehensive income, statement of changes in equity and statement of cash flows for the year then
ended, and a summary of significant accounting policies and other explanatory information.
This report is made solely to the Trustees, as a body, in accordance with Section 7.3 of the Trust Deed.
Our audit has been undertaken so that we might state to the Trustees those matters 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 Trustees, as a body, for our audit
work, for this report, or for the opinions we have formed.
Trustee’s Responsibility for the Financial Statements
The Trustees are responsible for the preparation and fair presentation of financial statements, in
accordance with generally accepted accounting practice in New Zealand, and for such internal control
as the Trustee’s determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing and International
Standards on Auditing (New Zealand). Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements 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 entity’s internal control. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of accounting estimates, as well as the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
Other than in our capacity as auditor we have no relationship with or interests in Crown Forestry
Rental Trust.
Opinion
In our opinion, the financial statements on pages 2 to 27 present fairly, in all material respects, the
financial position of Crown Forestry Rental Trust as at 31 March 2014, and its financial performance
and cash flows for the year ended on that date in accordance with generally accepted accounting
practice in New Zealand.
Chartered Accountants
17 June 2014
Wellington, New Zealand
This audit report relates to the financial statements of Crown Forestry Rental Trust for the year ended 31 March 2014 included
on Crown Forestry Rental Trust’s website. Crown Forestry Rental Trust’s Trustee’s are responsible for the maintenance and
integrity of Crown Forestry Rental Trust website. We have not been engaged to report on the integrity of the Crown Forestry
Rental Trust’s website. We accept no responsibility for any changes that may have occurred to the financial statements since
they were initially presented on the website. The audit report refers only to the financial statements named above. It does not
provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of
this report are concerned with the inherent risks arising from electronic data communication they should refer to the published
hard copy of the audited financial statements and related audit report dated 31 March 2014 to confirm the information included
in the audited financial statements presented on this website. Legislation in New Zealand governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
CROWN FORESTRY RENTAL TRUST
Directory
TRUSTEES
Angela Foulkes (Chairperson)
Rakihia Tau
C Maanu Paul
Hon Sir Taihākurei (Edward) Durie
Alan Haronga
John Wilson
APPOINTED BY
Crown Appointor
Crown Appointor
Maori Appointor
Maori Appointor
Maori Appointor
Crown Appointor
SENIOR MANAGEMENT
Darrin Sykes
Andrew French
Rama Rewi
Chief Executive
Director Corporate Services and Assurance
Director Funded Services
CROWN FORESTRY RENTAL TRUST
Level 12
15 Willston Street
P O Box 2219
Wellington
NEW ZEALAND
Telephone: 04 915 1500
Facsimile:
04 916 7806
Toll Free:
0800 CFRT CFRT
0800 2378 2378
Email:
[email protected]
Website:
www.cfrt.org.nz
© Copyright 2024 ExpyDoc
