Page 57 - PNMRT AnnRpt 2020

The Trust borrowed at net $2 million from Westpac. $960,000 was repaid to Westpac in respect of the Trust mortgages, but at the same time $3.03 million was borrowed for the purchase of Thorndon Quay.
$656,000 was distributed to owners either for last year’s dividend, or for historic amounts where owners have been identified and funds distributed.
This results in net cash on hand of $911,000 in the Trust operating accounts at the end of the year.
APPOINTMENT OF AUDITOR
Following the financial report, Trustees asked Aaron Titter to undertake the annual requirement to appoint the auditor on behalf of the Trust for the following financial year.
VOTING CLOSE
As the financial presentation was completed, Aaron Titter called for all outstanding votes be placed in the voting box.
Resolution
It is hereby resolved that beneficial owners accept the audited Financial Statements for the year ended 31 March 2019 as a true record reflection of the Trust’s financial position.
Moved: Pauline Owen
Seconded:
Rata Cannon
CARRIED UNANIMOUSLY
Resolution
It is hereby resolved that beneficial owners appoint Crowe Horwath New Zealand Audit Partnership as the independent auditors for the Palmerston North Māori Reserve Trust for the year ended 31 March 202.
Moved: William Owen
Seconded:
Laryhs Makowharemahihi
CARRIED UNANIMOUSLY
Palmerston North Ma¯ori Reserve Trust
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ANNUAL REPORT 2020