The year in review has been one of solid commercial returns, greater control on expenditure, steady progress with our investment in te Reo o Ngati Porou, and our continued support for our marae within the Ngati Porou rohe.
In this issue
The 2018 Annual Report for Te Runanganui o Ngati Porou represents a broad range of economic, environmental, social, cultural and advocacy activities conducted by Te Runanganui o Ngati Porou Group over the last financial year ending June 2018. It also includes a summary of the audited financial information about the TRONPnui Group businesses and operations. Hard copies of the 2018 Annual Report, Full FInancials, and other accompanying AGM material will be available for inspection at the AGM and at Te Runanganui o Ngati Porou Gisborne and Ruatoria offices post the AGM. They are also available to view online by clicking on the links below:
I have had the task of balancing my Board’s desire to make real gains for Ngati Porou with its concern for greater financial discipline across our operations.
This year, Toitu Ngati Porou had to work within much tighter funding limits than in previous years. This was part of a concerted effort, with our parent (TRONPnui) and Ngati Porou Hauora, to bring expenditure into line with annual income.
For the second year in a row, we achieved a net surplus. It was hard earned but not without consequences. Nevertheless, this gives us confidence. Every milestone we reach, investment we make, audit we pass and budget we tick is largely based on our confidence to back ourselves to honour our commitments.
The greatest contributor to Group performance was again the Holdco investment portfolio, which returned $14.3m on the back of another strong year for global equities. This compared to an initial plan of $6.9m.