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Rangitāne o Manawatū Investment Trust
Ngā mihi nui, ngā mihi mahana, ngā mihi aroha. Tēnā koutou katoa
It is my pleasure to present the first Annual Report for the Rangitāne o Manawatū Investment Trust. We ended the previous financial year by leaving behind Rangitāne o Manawatū Holdings Limited (RoMHL) and going forward with the mahi using the new entity, Rangitāne o Manawatū Investment Trust (RoMIT).
This report, therefore, represents the first full year of activity of the new entity.
In many respects it represents a year of frustration. RoMIT picked up the mahi from RoMHL but we have been disappointed in our ability to advance two key projects, the sub-division at Stirling Crescent/Ashford Avenue and the hotel project on Fitzherbert Avenue. Both projects have faced major barriers in obtaining resource consents despite much work and the support of a lot of specialist advisors. As the 2018 year ends success with these is close but within the 2017/2018 reporting year progress was slow.
Similarly work on assessing the viability and negotiating around the former Police Station continued and has yet to be resolved despite a lot of attention.
On the bright side the funds remain safely deposited in Term Deposits with the BNZ with our other major assets being the properties which we are holding for development. In both cases the net result is a very modest return on investment.
Until we can get the hotel built we are accruing costs without matching revenue. Until we get the subdivision developed we can’t sell the sections and in both cases there is still a long development period ahead of us. At the same time there is little indication that bank interest rates will rise.
The Trustees are also very aware that our rights to purchase deferred selection properties under the settlement expire early in 2019. As a result evaluating these has been a major focus during the reporting year. This work is largely completed and beneficiaries will see the results in the next annual report.
We continue to work closely with the Rangitāne o Manawatū Settlement Trust (RoMST) and to report to the beneficiaries alongside them. I attend RoMST Board meetings regularly to report to the trustees and ensure that there is transparency and accountability in place.
I acknowledge the open relationship with the RoMST trustees and the positive relationship between the two entities. Likewise we are well supported by contacted services from the team at Tanenuiarangi Manawatu Incorporated and I would like to particularly acknowledge the fine work of Debbie Te Puni and Tina Murdie.
This report is again brief and our attached Financial Statements are modest. Along with my fellow trustees Roly Fitzgerald and Chris Whaiapu, I look forward to a breakthrough year in the next reporting period with much success to report.
Ka tō te rā, ka rere te rā
Nōreira, Ngā mihi kia kotou
Chair – Rangitāne o Manawatū Investment Trust