58
The Settlement, being the redress value, is specified as $70m plus $30m over a period of 28 years. The Settlement is to be
realised as follows:
(a) The Sir Robert Mahuta Endowment ($20m) is to be applied to support the vision of Sir Robert Mahuta for the Waikato
Endowed College at Hopuhopu as an educational centre providing leadership, innovation, research and scholarship in
indigenous development and practices and support research management practices on improving the health and well‑being
of the Waikato River and Waikato‑Tainui’s tribal histories associated with the Waikato River;
(b) The River Initiatives fund ($50m) is to be applied for the purposes of cultural and environment development projects related
to the Waikato River, enhancing the restoration and protection of the relationship of Waikato‑Tainui with the Waikato River
and protecting and enhancing sites of significance, fisheries, flora and fauna; and
(c) Co‑Management Fund shall be received for the purpose of assisting Waikato‑Tainui engage in new co‑management
arrangements under the Settlement. The Co‑Management funding of $3m shall be received on settlement date with an
annuity of $1m per year for 27 years. In 2014, $10m was advanced, reducing the annuity receipt from 27 years to 17 years
(see also note 15).
Included in the Waikato Raupatu River Settlement, but excluded from these financial statements is the settlement funding
for the Waikato River clean up. The Waikato River Clean Up Trust was established with the Waikato River Authority being
the Trustee. The Waikato River Clean Up Trust’s objective is the restoration and protection of the health and wellbeing of the
Waikato River. $21m was paid with an annuity payable to the Waikato River Authority of $7m per year for 27 years.
2 . s umma r y o f s i gn i f i c a n t a c c oun t i ng p o l i c i e s
These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand (NZ GAAP). They comply with the New Zealand equivalents to International Financial Reporting Standards (NZ
IFRS), International Financial Reporting Standards (IFRS) and other applicable financial reporting standards as appropriate for
public benefit entities (PBE). A new Accounting Standards Framework (incorporating a Tier structure and a separate suite of
accounting standards for PBEs) has been issued by the External Reporting Board (XRB).
Under the new Accounting Standards Framework, the Waikato Raupatu Lands Trust and its subsidiaries (the Group) will have
to transition to the new Not‑for‑Profit Public Benefit Entities (NFP PBE) Standards that will be based mainly on International
Public Sector Accounting Standards (IPSAS). The effective date for the new NFP PBE Standards is for reporting periods beginning
on or after 1 April 2015. Therefore the Group will have to prepare its financial statements in accordance with the new NFP PBE
Standards for the first time for the annual period ending 31 March 2016. The Group has not been able to determine the impact
of this transition as the new NFP PBE Standards are currently being developed by the XRB. Due to the change in the Accounting
Standards Framework for PBEs, all new NZ IFRS and amendments to existing NZ IFRS will not be applicable to PBEs as the XRB
has effectively frozen the financial reporting requirements for PBEs until PBEs transition to the PBE Standards. Accordingly, no
disclosure has been made about new or amended NZ IFRS that exclude PBEs from their scope.
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The financial statements include separate financial statements for the Waikato Raupatu Lands Trust as an individual entity and
the consolidated Group consisting of the Waikato Raupatu Lands Trust and its subsidiaries. The Waikato‑Tainui Te Kauhanganui
Incorporated is the ultimate controlling party of the Group.
Historical cost convention
The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of
farm and other properties, investment properties, Te Wherowhero investment properties, biological assets, financial assets and
liabilities (including derivative instruments) at fair value through profit or loss which are carried at fair value.
waikato raupatu lands trust
notes to the financial statements
f o r t h e y e a r e n d e d 3 1 m a r c h 2 0 1 4
1.General Information (continued)
