Page 12 - PNMRT AnnRpt 2020

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Returning to the accounts and performance for 2019-2020 we are pleased to announce our new valuations and improved cashflow performance have meant we continue to grow the gross value of our assets to $106,866,812. A very creditable result which we are proud of and especially the improved cash income. Valuations this year have had a different lens applied by Covid-19 impacts, as Valuers manage the process not knowing how and when Covid-19 will affect property. Our Auditors have been careful and discussed with us and our Valuer the methods applied and we are very comfortable with the conservative approach taken when valuing our portfolio.
It is fair to say that although we have done well in the 2019-2020 year we need to be careful in our decision making as we have a number of projects under consideration which will require funding.
Whilst Te Raukura the Wharewaka is not listed as an asset within our property portfolio, along with Wellington Tenths Trust we have invested $3,063,016 in the property. We receive a monthly payment of interest on the investment and are active managers of the complex alongside our contractor Manaaki Management Limited. This business was affected by the Covid-19 virus and was closed until Level 2 of Lockdown and partially operating until we reached Level 1. The recovery is happening but it will be some time before
Palmerston North Ma¯ori Reserve Trust
ANNUAL REPORT 2020