Te Runanga-a-iwi o Ngapuhi posts 15.5% asset growth

Te Runanga-a-iwi o Ngapuhi posts 15.5% asset growth, allowing for greater distribution for Hapu and iwi development and cultural advancement

It has been another successful year for Te Runanga-a-iwi o Ngapuhi with the annual results showing a 15.46% growth in assets over the past year.

Te Runanga-a-iwi o Ngapuhi chairman, Raniera (Sonny) Tau, said this was an excellent result, considering Ngapuhi have not yet had a Treaty settlement and the weak Northland economy.

He was speaking at Te Runanga-a-iwi o Ngapuhi annual general meeting, held today at the Whakamaharatanga Marae, Waimamaku.

Among the highlights for Te Runanga-a-iwi o Ngapuhi group in the 2012-2013 year were:

• $6.7million total comprehensive income (net profit) - up $.7million on the previous year

• Growth in the group’s assets from $43million to $50million

Mr Tau said making up the total comprehensive profit figure was $2.8million which was reimbursement from the Government for Te Runanga-a-iwi o Ngapuhi’s financial under-writing of Te Ropu o Tuhoronuku, the entity mandated by Ngapuhi for settling all Te Tiriti o Waitangi grievances and breaches by the Crown against Ngapuhi.

He said this had been a critical investment in Ngapuhi’s future, with Ngapuhi overwhelmingly giving their mandate to Te Ropu o Tuhoronuku. The five-year Ngapuhi settlement journey was now gaining momentum, with the Government stating it hoped to have settlement negotiations concluded before the end of 2014.

“Settlement will mean a new era for Ngapuhi, bringing social, cultural and economic advancement, as well as the potential to transform the Northland economy, just as the Ngai Tahu and Tainui settlements have done for their people and regions.”

Ngapuhi Asset Holdings Company has five property investments, the Kaikohe Caltex Service Station complex, Kaikohe Paper Plus as well as three units in the Butler Centre, Kerikeri.

When pushed on the question of whether Ngapuhi was looking at investing in locations other than Kaikohe, Mr. Tau stated that “Ngapuhi are now firmly established in Te Pu o te Wheke (the centre of Ngapuhi) and investment in other areas is critical.”

Mr Tau said the Caltex Service Station was performing well, while the global trend to online book sales was affecting the profitability of the Paper Plus store at this time.

He said the most important aspect of the good result was the increased ability of Te Runanga-a-iwi o Ngapuhi to invest in Hapu and iwi development, cultural events, scholarships and sponsorships.

“In the last financial year we invested $400,000 by direct investment plus indirect investment in staff for iwi development, with more than $3.3m invested over the past decade. With this year’s good result, and with settlement on the horizon, we are looking at far greater investment in our people, our marae and our social and cultural organisations in the near future. From these excellent results we are well placed to manage Ngapuhi Assets into the future.”

Mr Tau said Te Runanga-a-iwi o Ngapuhi independent auditors had given the group an unqualified audit report, for the 13th consecutive year.

ends

© Scoop Media