Hoea ra - Ngāti Kahungunu Iwi Incorporated

Notes to and Forming Part of theFinancial StatementsFOR THE YEAR ENDED 30 JUNE 2011ConsolidatedParent2011 2010 2011 201010 BANK ACCOUNTS$ $ $ $Petty Cash 214 60 214 60Cheque Account 536,833 552,261 504,561 533,036Call Account 177,889 220,408 4,708 2,660Term Deposits 11,769,532 10,111,616 4,757,100 4,416,81912,484,468 10,884,345 5,266,583 4,952,575Deposits totalling $2,810,324 (2010 $2,658,444) arise from fishing receipts and arebeing held in trust subject to resolution of disputes regarding allocation.11 STOCKS ON HANDMerchandise 150 460 150 460150 460 150 46012 SETTLEMENT QUOTA RECEIVABLEKahungunu Asset Holding Company Ltd holds CRA3 quota to the value of$1,617,057 which is receivable by Ngäti Kahungunu Iwi Inc. and on payable as partof an agreed settlement between Ngäti Kahungunu Iwi Inc. and Rongomawahine IwiTrust (refer note 14 below).13 MOTOR VEHICLE FINANCESTotal instalments outstanding 44,350 88,700 44,350 88,70044,350 88,700 44,350 88,700Payable within 1 year 44,350 44,350 44,350 44,3501-2 years - 44,350 - 44,3502-5 years - - - -44,350 88,700 44,350 88,70014 PROVISIONSThe provision includes the CRA3 quota referred to in note 12 above and an amountof $2,810,324 set aside to settle the dispute with the Rongomaiwahine Iwi Trust inaccordance with the deed of settlement signed 21 July 2006. The exact amount ofthe settlement is not known as the dispute is still to be settled.15 RELATED PARTY TRANSACTIONSRelated parties of the society include directors, subsidiaries and entities in whichdirectors also hold governance positions.The society paid fees to the directors during the year. The value of these are shownin note 3.There were no amounts outstanding at balance date relating to these transactions.The society receives a dividend from Kahangunu Asset Holding Company Ltd.During the year the Kahungunu Asset Holding Company Ltd paid a dividend of$1,640,000 to the society. (2010:$1,400,000)KAHC Investments Ltd is a subsidiary of Kahungunu Asset Holding Company Ltd.It has been created to hold post settlement quota, such as new species that areintroduced into the quota management system, and has not yet traded.The society collects and distributes funds on behalf of and to constituent Taiwhenuaand Taurahere organisations.There are common board members between the society and the Taiwhenua andTaurahere organisations.Page 31