Page 56 - PNMRT AnnRpt 2020

The loans to Hīkoikoi, the Wharewaka, and Ngahuru Charitable Trust are approximately $3.64 million.
The Trust has an equity investment in Metlifecare which has a book value of $10.42 million.
The Trust purchased 89-95 Thorndon Quay in Wellington and purchased the half share in Haukawakawa from the Wellington Tenths Trust. At the same time the Trust sold 21-45 Ward Street in Palmerston North as approved at a prior annual general meeting, and after revaluing the properties, they are valued at $85.64 million of land and buildings owned directly by this Trust. This gives the result of $103 million in assets which is a huge achievement. Movements in this property value are outlined in note 12 on pages 37 and 38 of the annual report.
Current liabilities have increased from 2018 due to an increase in trade payables. The term liabilities of the Trust have increased by approximately $2 million.
Deducting total liabilities from the total assets the net asset value for the Trust is $70.8 million for 2019 versus $64.2 million for 2018.
Mana Jenkins asked about Unclaimed Distributions and Aaron Titter explained that unclaimed distribution is money that the Trust holds for owners that we cannot find. He noted that significant work has been done to find owners and that quite an amount has been claimed by whānau since balance date which is very impressive.
Laryhs Makowharemahihi asked if the term deposit was reinvested and Aaron Titter advised that the monies were used for the purchase of Thorndon Quay. The Trust paid approximately $3.5m for 89-95 Thorndon Quay and $1.3m to buy the half share for Haukawakawa (81-87 Thorndon Quay) from Wellington Tenths Trust that the Trust did not own, so the Trust used the $1.7m, as well as new bank debt, to purchase Thorndon Quay.
Statement of Cash Flows
The Trust generated $2 million from its operations, which includes rents received, less expenses, including interest.
A net $3.35 million was invested, purchases and sales of property, distributions from Metlifecare and loans to related entities.
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Palmerston North Ma¯ori Reserve Trust
ANNUAL REPORT 2020