Rangitāne o Wairau has released its Annual Report for the financial year ending 30 June 2023, with Kaiwhakahaere Matua (General Manager) Corey Hebberd saying that the Group’s accounts demonstrate reliable results in a deteriorating global economic environment.
“Despite interest rates across the globe continuing to rise, and with inflation yet to return to what is generally regarded to be normal, Rangitāne have maintained investment in our people and continued to commit to new investment opportunities, despite our asset portfolio being impacted by market conditions over the last year.”
Total Group assets under management rose to a total of $92.17m. The Group reported an operating profit of $1.49m. The Group’s strong underlying position and performance has enabled a record spend on charitable activities, with highlights including:
- 45 Scholarships were provided to tauira, an investment of $48,550 in supporting education aspirations and achievement (an increase of 67% of scholarship pūtea contributed over the previous year).
- 40 Recipients supported through Pūtea Tautoko, an investment of $18,133 in whānau success and aspiration (an increase of 15 recipients over the previous year)
- 384 Tamariki supported through the Poroiwi Education Grant, an investment of $28,800 supporting education success (a 78% increase over the prior year).
Hebberd says a key theme weaved throughout the Annual Report is that of partnership and working collectively.
“Rangitāne works constructively across a range of stakeholders and government agencies to advance our interests and strategic priorities. Strong progress has been made this year in embedding our relationships with our local Councils in Te Tauihu, as well as local health providers and education providers across the motu.
“We are pleased to have forged strong partnerships with the Māori Education Trust and Victoria University – Te Herenga Waka, delivering better education outcomes for whānau. We have also forged relationships with Ara Poutama, to improve the cultural, social and economic health and well-being of Māori that enter into the Corrections systems within our rohe.
“We have established Ka Uruora Te Tauihu – a new service that will offer savings, education and homeownership opportunities, and help to support financial independence for whānau. And we have celebrated the establishment of Te Kāhui Hauora o Te Tauihu – our new Iwi/Māori Partnership Board, which will play an important role in enabling the determination of health priorities for iwi and Māori in Te Tauihu.”
On the commercial side, Rangitāne House, Rangitāne’s significant property investment in the Blenheim CBD, maintained 100% occupancy during the year enabling the property to continue to make strong returns. Development of an urban winery on behalf of Astrolabe Wines has commenced at 2 Horton Street, with an expected completion in early 2024. Rangitāne has also continued to work through collective vehicles, such as the Hāpai whānau, Pūainuku and Te Pūia Tāpapa to take advantage of large-scale investment opportunities.
Hebberd says the results place Rangitāne in a strong position for the opportunities and challenges that can be expected in the year ahead and that continued investment in whānau will be a priority.
The full Annual Report can be viewed here.