Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697788159314.pdf (Fiji)
ITAUKEI TRUST FUND BOARD BUILDING A FOUNDATION FOR SUSTAINABLE GROWTH 2019 ANNUAL REPORT INTRODUCTION NA IVAKAMACALA TAUMADA Vision Statement The prominent institution empowering the Vanua to uplift the well-being of iTaukei and Rotumans.

Mission Statement To develop and facilitate initiatives that will improve the quality of life and enhance cultural traditions and values of iTaukei and Rotumans through: 1.

Language and culture programs 2.
Leadership, management and entrepreneurship To prudently invest the TTFB Funds to earn superior returns while complying with the iTaukei Trust Fund Act and to enhance the long-term value of the Trust Objectives To achieve our mission, TTFB aims to: i) To provide funding for the undertaking, promotion and sponsoring of programmes on Fijian language, culture and the study of ethno-history and ethno-geography ii) To provide funding to help develop the management, leadership and entrepreneurial skills of the iTaukei and Rotumans iii) To sponsor research into languages, art, and culture of the iTaukei and Rotumans and the better understanding and preservation of their heritage.
iv) Any purpose approved by the Board to be beneficial to the iTaukei and Rotumans.

Values l Caring l Excellence l Transparency l Accountability l Cultural sensitivity Core Business To enhance, enrich and promote the culture, leadership, entrepreneurial knowledge and skills of iTaukei and Rotumans Na Tatadra Me tabana uasivi ena kena gumatuataki na veiqaravi ni Vanua me vueta na tiko vinaka ni nodra bula na iTaukei kei na Rotuma.
Na Lalawa Me qarava na cakacaka ni veivakatorocaketaki ki na ituvaki ni bula ena kena vakabulabulataki na nodra itovo kei na ivakarau ni bula na iTaukei kei na Rotuma ena gaunisala qo: 1.

Sasaga me baleta na Vosa kei na iTovo 2.

Veiliutaki, qaravi sasaga kei na cicivaki bisinisi.

Me vakayagataki vakayalomatua na iyau ni Matabose me rawati kina na itagede ni tubu e vinakati, me vaka e virikotori ena lawa ni Matabose ni iLavo Maroroi, me vukea tale ga na kena maroroi ka bula balavu na iyau ni Matabose.
Na Yavu ni Veiqaravi Ena gadrevi me sasagataki na veika oqo, me rawati kina na lalawaka ni Matabose: i) Me vakailavotaka na sasaga me tutaka ka tokona na vosa, kei na itovo vakaViti, na vakadidike ni itukutuku makawa kei na Vanua ii) Me vakailavotaka ka vukea na veivakatorocaketaki ni nodra vakatulewa matau, veiliutaki kei na cicivaki bisinisi na iTaukei kei na Rotuma iii) Me tokona vakailavo na kena vakadidiketaki na nodra vosa, itovo, cakacakaniliga na iTaukei kei na Rotuma kei na kena kilai vakavinaka na veika me baleta na itovo kei na iyaunivanua iv) Na gagadre tale eso e vakadonuya na Matabose ni yaga vei ira na iTaukei kei na Rotuma iTovo l Veikauwaitaki l Uasivi l Dina l Savasava l Veirokovi Usutu ni Veiqaravi Me vakatoroicaketaka, vakavutuniyautaka, ka tutaka na itovo bula, veiliutaki vinaka, kei na kilaka vakabisinisi me baleti ira na iTaukei kei na Rotuma PARLIAMENTARY PAPER NUMBER has been allocated to your publication titled, PP NO.
178 OF 2020 - iTaukei Trust Fund Board Annual Report 2019 2 CONTENTS LEWENIVOLA The Board Na Matabose Chairman’s Report Nodra itukutuku na iliuliu ni Matabose Operational Report Na itukutuku ni veiqaravi Financial Statements Na itukutuku vakailavo Members’ Report Rivote ni lewenibose Members’ Declaration Na itukutuku ni lewenibose Auditors’ Independence Declaration Na itukutuku nei Odita Independent Auditor’s Report Rivote ni tabana ni Odita 4 6 10 19 20 23 24 25 Statement of Comprehensive Income Na matata ni iyau e curu mai Statement of Changes in Equity Na veiveisau ni tobu ni iyau Statement of Financial Position Na ituvaki vakailavo ni Matabose Statement of Cash Flows Na itukutuku ni veicuruyaki ni ilavo Notes to the Financial Statements iKuri ni itukutuku vakailavo Disclaimer on Additional Financial Information Na taukeni ni ikuri ni tukutuku Detailed Income Statement Na itukutuku matailalai ni iyau e curu mai 28 29 30 31 32 56 57 iTaukei Trust Fund CEO and Staff 3 THE BOARD NA MATABOSE David Kolitagane Chairman Meleti Bainimarama Member Peni Cavuilagi Member Preetika Prasad Member 4 THE BOARD NA MATABOSE Fatiaki Misau Member Emi Rabukawaqa Member Naibuka Saune Member Aisake Taito Chief Executive Officer 5 David Kolitagane 6 CHAIRMAN’S REPORT NODRA ITUKUTUKU NA ILIULIU NI MATABOSE The Prime Minister of Fiji and Minister for iTaukei Affairs & Sugar Industry Na Paraiminisita e Viti, Minisita ni Veika Vakaitaukei kei na Tabana ni Suka The year in review has been an intrinsically rewarding one and it is on this note, that I present the Fund’s Annual Report for the year ending 31st December 2019.
During the year, the Fund made significant inroads in both organisational strategic direction and development.

Therefore, I am pleased to report the achievement of a gross revenue of $8,095,992 and a net profit from operations of $1,438,770 for the year, compared to $3,984,876 in 2018.

The decrease in profit was attributed to the written-down value of the burnt Valenibose.
The Fund launched its Strategic Development Plan (2019 – 2023), which outlined five priority areas, which are Prudent Financial Sustainability, Language, Culture and Heritage, Communication, Leadership, Entrepreneurial and Business Skills and Human Capital Management.

Human Resources consultants Maxumise (Fiji) Limited conducted an organizational review of TTFB to identify human capital gaps.

It is significantly pleasing to note that the Fund’s investments continued to satisfactorily grow during the year.
The Fund reviewed its Treasury function which resulted in a re-negotiation of the term deposits in favour of higher interest rates and the full settlement of the $8 million loan.

Following this, all securities were released back to the Fund.

Shares in the RB Patel and Fijian Holdings Limited (FHL) increased during the year due to a share split.

RB Patel shares were split on a ratio of 1:5, increasing the Fund’s shareholding to 20,000,000 shares.
Share split for FHL was on a ratio of 1:10 increasing the Fund’s shareholding to 100,000,000 shares.

The Fund’s tourism investment at the Radisson Blu Resort Denarau Auxiliary Business Area continues to generate positive returns.

The diversified Australian investments continued to provide adequate returns despite the volatility in the stock market.

The Fund appointed Mercer of Australia to review for the first time its overall investment portfolio in the new financial year.
The review will provide an independent assessment on the effective stewardship of the Fund’s investment.

Overall, the Fund’s investment portfolio continues to generate positive returns in funding the mandated objectives for the Fund.

The Fund has progressed its intention to develop a Culture & Arts and Commercial Centre, and an Expression of Interest has been published towards this project.
All relevant processes encompassing due diligence, design concepts, feasibility and market studies leading up to the full proposal of the Project will be carried out in the next financial year.

Na yabaki sa oti e dua dina na yabaki e uasivi kina na veiqaravi.

Sa ka dokai kina vei au meu solia na itukutuku vakayabaki ni Matabose ni iLavo Maroroi ni iTaukei ni mai cava na yabaki vakailavo ena i ka 31 ni Tiseba 2019.
E rawata vinaka na Matabose eso na ituvatuva bibi ena loma ni yabaki, ena kena tuvanaki vakamatau na sasaga ni veivakatoroicaketaki.

E ka ni marau kina vei au meu vakaraitaka ni levu kece ni ilavo e rawati ena loma ni yabaki e $8,095,992, kei na ilavo bula mai na veiqaravi e $1,438,770, ni vakatauvatani kei na $3,984,876 ena yabaki 2018.

Na kama ni Valenibose e mai vakavuna na lutu ni rawaka vakailavo.
A mai sevutaki na ituvatuva vou ni veivakatoroicaketaki se Strategic Development Plan ni Matabose (2019 – 2023).

E okati ena ituvatuva oqo na: Maroroi Vakamatua ni Veika Vakailavo; Vosa, iTovo kei na iYaunivanua; Veitaratara raraba; Veiliutaki kei na Kilaka ni Vakaduri Bisinisi; kei na Rawaka ni Tamata Cakacaka.

E marautaki ni laurai ni tubu tiko ga na sasaga ni vakatubuilavo ni Matabose ena loma ni yabaki.
A mai railesuva na Matabose na kena maroroi ka vakayagataki na tobu ilavo, ka vakavuna na kena mai veitalanoataki tale na umailavo e vakacurumi ena baqe me rawata mai na tubu e vinaka cake, kei na kena saumi vakaoti na dinau e $8 na milioni na dola.

Ni oti oqo, era qai suka lesu mai ki na Matabose na iyau kece era okati tu ena dinau.

E tubu cake na sea ni Matabose ki na RB Patel kei na Fijian Holdings Limited (FHL) ena loma ni yabaki, ni vidai na sea.
Na sea ki na RB Patel a mai wase vaka 1:5 na sea, vakatubura kina na levu ni sea ki na 20,000,000 (2018:4,000,000).

Ena Fijian Holdings Limited, mai wase vaka 1:10 na sea, vakatubura kina na levu ni sea ki na 100,000,000 (2018:10,000,000).

Na vakatubuilavo ni Matabose ena Radisson Blu Resort e Denarau e rawata tiko mai na tubu e vinakati.

E daumaka tiko na tubu e rawati mai na veisasaga ni vakatubuilavo e Ositerelia, dina ga ni dau veitubuyaki na makete.
A mai digitaki na kabani na Mercer mai Ositerelia me railesuva na ituvatuva ni vakatubuilavo ni Matabose, ka me qai matai ni gauna me vakayacori kina na cakacaka oqo ena yabaki vakailavo ka tarava.

Na sasaga qo ena vakarautaka e dua na vakadidike vakaikoya ena kena manidiataki na tobu ilavo ni Matabose.

Ni laurai vata na sasaga ni vakatubuilavo kece, e se rawata tiko ga na Matabose na tubu e vinakati me vakailavotaka kina na veiqaravi eso me vaka na kena yavu vakalawa.
E gagadre na Matabose me tomana na sasaga ni kena duri e dua na Culture & Arts kei na Commercial Centre, ka tabaki kina e dua na kena Expression of Interest.

Ena qai vakacavari tiko yani ena yabaki vakailavo ka tarava (2020) na gacagaca kece ni veiqaravi, oka kina na 7 Unfortunately, the hotel project at the corner of Stewart and St Fort streets has been discontinued, due to a lapse in agreement with Carlson Group of Hotels on 31st December.
kena vakadidike, raitayaloyalotaki, kei na kena vakadeitaki na makete, me vukea na vakatututaki ni sasaga oqo.

In July, a sum of $3.4million was awarded to Raghwan and Neo, following the Arbitrator’s ruling on the Phase 1 complex dispute.

However, the settlement concluded this long-standing dispute.

The Phase II development of the Draiba complex is still being deliberated upon, and the key consideration is its ability to generate positive return on investments.
The Valenibose was catastrophically destroyed in a fire in December.

However, the property was insured and TTFB is awaiting the insurance claim process, which will continue into the new year.

The Fund renewed its Memorandum of Understanding (MOU) with the University of the South Pacific’s Faculty of Arts, Law and Education until 2021.

This will ensure the Fijian Language Studies programme continues for the Diploma in Fijian Studies at the university.
Thirty-three Nadroga/Navosa traditional leaders graduated with Certificate III Traditional Leadership and Good Governance from the Centre for Appropriate Technology and Development (CATD) at Nadave.

The program is fully accredited by the Fiji Higher Education Commission, and since 2018 more than ninety successors of traditional title holders from four provinces (Rewa, Tailevu, Ba, Nadroga/Navosa) have graduated.
A similar leadership training program is envisioned for Rotuma, hence the training needs analysis carried out by the Fund for the seven District Chiefs in collaboration with the President’s and Commissioner Eastern’s offices.

During the year, the Fund broadened partnerships with key stakeholders - CATD, the Retired Fijian Teachers Association, Fiji Arts Council and the Ministry of Education, Heritage & Arts, through MOUs.
These reinforce collaborative engagements on pertinent areas of the various institutions for the advancement of iTaukei and Rotuman communities.

Sa mai vakacegui na sasaga ni kena tara na otela ena kona ni gaunisala na Stewart St kei na Fort street, me vaka ni sa mai cava na veidinadinati kei ratou na kabani ni otela cokovata na Carlson Group ena i ka 31 ni Tiseba.

A mai saumi ena vula o Jiulai, e $3.4 na milioni vei Raghwan and Neo ena lewa nei Dauniveivakameautaki me baleta na Phase 1 complex e Draiba.
Ia, na veisaumi oqo, mai sogoti kina vakadua na kisi ni veileti a cici tiko mai ena dua na gauna balavu.

E a mai sotavi na vakacalaka ni kama ni Valenibose ena vula o Tiseba 2019.

Ia, e inisua vinaka tu na vale, ka na qai vakacavari yani ena yabaki vou na sasaga ni inisua.

E vakavouya na Matabose na nona veidinadinati se MOU kei na Faculty of Arts, Law and Education, ena Yunivesiti ni Ceva ni Pasivika, me yacova na 2021.
Qo ena tomana tiko ga kina ena Yunivesiti na porokaramu ni Diploma ena Vosa VakaViti.

E 33 na isausauvou ni liuliu ni vanua mai Nadroga/Navosa era sa taurivola ena porokaramu ni Setivikiti III, Sauvaki ni Vanua mai na koronivuli ni veivakarautaki e Nadave.

E tokona tiko na Fiji Higher Education Commission na porokaramu oqo, ka sivia e 90 na isausauvou ni liuliu ni vanua mai na 4 na yasana duidui e Viti (Rewa, Tailevu, Ba, Nadroga/Navosa) era sa taurivola.
E namaki me qaravi vaka kina e dua na ituvatuva ni vuli ni Sauvaki ni Vanua baleti Rotuma.

Oya na vuna a mai vakayacora kina na Matabose e dua na kena vakadidike se veitalanoa kei ira na iliuliu ni veitikina, ena nodrau veitokoni na valenivolavola ni Peresitedi ni noda vanua kei na Commissioner Eastern.
Ena loma ni yabaki, a mai tekivutaki kina eso na veidinadinati kei na: CATD e Nadave, na iSoqosoqo ni Qasenivuli Vakacegu, na Tabana ni iTovo Bula, kei na Tabacakacaka ni Vuli, iYaunivanua kei na kena Matanataki.

Na veidinadinati kece qo e vakabibitaka na cakacakavata ena kena vakatoroicaketaki na nodra bula na iTaukei kei na Rotuma.

North Wing Building, Draiba Complex 8 The Fund continues to be committed to advancing the literacy of the iTaukei language.
Bilingual information texts were developed through TTFB’s Information Text Awareness Project.

This year, the Fund reprinted almost 7,000 copies of resources and books for distribution to schools by the Ministry of Education.

E tokona tiko ga na Matabose na veivakatavulici ni Vosa VakaViti.

Na Information Text Awareness Project ni Matabose, a mai tabaki kina e vica na ivola ni wilivola vakadewataki ena vosa vakaViti kei na Peritania.
A mai tabaka tale na Matabose e rauta ni 7,000 na ivola ni wilivola me sotava na kerekere mai na Tabacakacaka ni Vuli.

In January, the incoming Permanent Secretary of the Ministry of iTaukei Affairs, Mr Meleti Bainimarama, was appointed to the Board, following the resignation of the previous Permanent Secretary, Mr Naipote Katonitabua.

To date, the Board has maintained a 28% membership held by women.
On 31st December 2018, following the retirement of Mr. Isoa Kaloumaira, the Fund’s outgoing Chief Executive Officer (CEO), Mr. Aisake Taito, a sitting Board member was on 1st January 2019 appointed to Acting CEO.

He was later confirmed to the position on 11th December 2019 through an open recruitment process managed by Maxumise (Fiji) Ltd.

It has been another rewarding and successful year for the Fund in terms of the fulfillment of its legislated objectives.
The investment portfolio remains healthy and generating the needed revenue to support the Fund’s operations.

I am confident, with the support of my fellow Directors, and Management & Staff of the Fund, that we will continue to find ways to have even a greater positive impact on the lives of those we serve – the iTaukei and Rotumans.

A mai digitaki me lewe ni Matabose ena vula o Janueri na Vunivola Tudei ni Tabacakacaka iTaukei, Meleti Bainimarama, ni oti na nodra mai vakacegu o Naipote Katonitabua.
Se dei tiko ga ena 28% na iwiliwili ni marama lewenibose.

Ni oti na nodra mai vakacegu ena i ka 31 ni Tiseba 2018, na vakailesilesi liu o Isoa Kaloumaira, a mai digitaki na lewenibose o Aisake Taito ena itutu tu-vakawawa ni CEO ena 1 Janueri 2019.
A mai vakadeitaki o koya ena itutu oya ena i ka 11 ni Tiseba 2019, ena nodratou ivakarau ni veidigitaki na Maxumise (Fiji) Ltd. E mai dua tale na yabaki vinaka ni veiqaravi ki na Matabose na yabaki oqo, ena sasaga ni kena vakavotukanataki na veiqaravi me vaka na kena yavu vakalawa.

E vuavuai vinaka na ituvaki ni vakatubuilavo ka sa rawata tiko na Matabose na tubu e vinakati me tokona na nona veiqaravi.
E dei na yaloqu meu kaya, ena vukudra na lewe ni Matabose, kei na Tabana ni Veiqaravi, ni na tomani tiko ga na sasaga me vukavureya tiko na veisau e uasivi ki na nodra bula na lewenivanua keitou qarava – na kawaitaukei e Viti kei na Rotuma.

David Kolitagane David Kolitagane 9 OPERATIONAL REPORT NA ITUKUTUKU NI VEIQARAVI INVESTMENT The Fund’s Strategic Plan 2019 - 2023 sets out five priority areas, the first of which was Prudent, Financial Sustainability.
At the beginning of the year, the Fund through optimal treasury function decided to review its cash management processes, which led to the following actions: 1) A re-negotiation of term deposits with various financial institutions in favour of higher interest rates; and VAKATUBUILAVO Na ituvatuva ni veivakatorocaketaki ni Matabose 2019 – 2023 e dusimaka e lima na yavu ni veiqaravi, ka dua vei ira na maroroi vakamatua ni veika vakailavo.
Ni dikeva oti na Matabose na ivakarau ni kena maroroi ka vakayagataki na tobu ilavo, a qai vakatulewataka ena tekivu ni yabaki me qarava na itavi oqo: 1) Veitalanoataki tale na umailavo e vakacurumi ena baqe me 2) Full settlement of the outstanding loan account balance levu cake na kena tubu; kei na kena of $8 million which was repayable by monthly instalments of $114,392 at an interest rate of 4.2% per annum.
2) Saumi vakaoti na dinau e $8 na milioni na dola, ka vakacegui na kena dau saumi tiko vakavula ena dua na yabaki e $114,392 wili kina na tubu 4.25%.

As a result, the Fund is now able to settle its loan obligations.

All securities tied to the loan totaling $80million were released back to the Fund.
All new term deposits were invested for periods of twelve (12) months allowing the Fund to manage its cash accumulated over that period to meet its equity contribution for major capital developments in the future.

Sa qai rawa vua na Matabose me sauma vakaoti na nona dinau.

Na iyau kece era okati vata tu ena dinau oqo, ka rauta ni $80 na milioni na kena isau vakailavo, era sa suka lesu mai ki na Matabose.
Na vakatubuilavo vovou kece ni umailavo maroroi, era sa biu me tinikarua (12) na vula, me vakarautaki kina na cau ni Matabose mai na ilavo qaqa e soqoni ena loma ni gauna oya ki na sasaga ni veivakatorocaketaki lelevu eso.

Auxiliary Business Area, Radisson Resort 10 During the year, the Funds’ investments in R. B. Patel Company Limited were split in a ratio of 1:5, which resulted in an increase in the number of shareholdings in R B Patel Company to 20,000,000 shares (2018: 4,000,000 shares).
Also, Fijian Holdings Limited’s shares were split into a ratio of 1:10, increasing the shareholding to 100,000,000 shares (2018: 10,000,000 shares).

The Fund continues to grow its investments.

Income generated from unit trusts was reinvested.

The Board continues to deliberate and weigh its options on the development of Phase II of the complex at Draiba, with the focus on meeting its return on investment (ROI) benchmark.
In line with the Fund’s mandated objectives under the iTaukei Trust Fund Act 2004, an Expression of Interest was called during the year for interested parties to establish a Joint Venture with the Fund in developing a Culture & Arts and Commercial Centre.
The purpose of the project is to: 1) Develop an authentic Culture and Arts Centre that will promote the ITaukei and Rotuman culture and heritage in all art forms, delivering commercial, social and educational benefits to its stakeholders; Na vakatubuilavo ni Matabose ki na RB Patel a mai vidai vaka 1:5 na sea, vakatubura kina na levu ni sea ki na 20,000,000 (2018:4,000,000).

Ena Fijian Holdings Limited, mai wase vaka 1:10 na sea, vakatubura kina na levu ni sea ki na 100,000,000 (2018:10,000,000).
E toso tiko ga na sasaga ni vakatubuilavo ni Matabose.

Na ilavo e rawati mai na veitobu ni uniti era sa vakatuburi tale.

E tomana tiko ga na Matabose na kena vakadikevi vakamatau na iwalewale ni veivakatorocaketaki me baleta na veivalevale e Draiba se Phase II, ia e vakabibitaki tiko me rawati na ROI se na tubu ni ilavo e vakayagataki.

Ena vuku ni yavu ni Matabose ka virikotori ena kena lawa na iTaukei Trust Fund Act 2004, a mai tabaki kina e dua na Expression of Interest ena loma ni yabaki.
Qo me sureti o ira era via sema mai vakabani, ena sasaga ni kena tara e dua na Culture & Arts kei na Commercial Centre.
Na kena inaki: 1) Tokona na kena taraicake e dua na Culture & Art Centre e dina ka duidui me vakabulabulataka na itovo, na iyaunivanua kei na kena matanataki ka kilai tani kina na kawa iTaukei kei na Rotuma; 2) Buli veiwekani kei ira na na itaukei ni qele se iyaubula ena 2) Engage directly and indirectly with resource owners in as veigaunisala duidui eso; many ways possible; 3) Tokona na veisasaga eso era tutaka na kena vakaikuritaki 3) Support any other projects that will promote or enhance na nodra ivoli na itaukei ni iyaubula; linkages or value adding opportunities to benefit resource owners; 4) Vakarautaka e dua na sala ni kena vulici na veivakamarautaki e ganita na saravanua; kei na kena 4) Provide an avenue for educational entertainment for the 5) Rawati e dua na ivakatagedgede vinaka ni vakatubuilavo tourism sector; and mai na sasaga oqo.
5) Deliver an acceptable level of investment return on the project.

All due process encompassing due diligence, design concepts, feasibility and market studies leading up to the full proposal of the Project will be carried out in the next financial year.

For the Hotel Project at corner of Stewart and Fort Streets, the Methodist Church Holding Trust (MCHT) decided to opt out of the Joint Venture with the developer - Carlson Group of Hotels, who have also agreed to hold matters in abeyance.
The Fund has decided not to pursue this project due to a lapse in agreement with the developer on 31st December.

The existing car park within the property continues to operate as normal and is an additional revenue stream to the Fund.

The Fund’s investment at the Radisson Blu Resort Denarau Auxiliary Business Area continued to generate positive returns.

Room upgrades were completed in the first quarter of the year.
The Independent Expert, Mr. Richard Maiden who was hired to assess the claims and counter claims in the Arbitration case pertaining to the Raghwan Neo Joint Venture has concluded his assessment.

He found Raghwan Neo did contribute to the delay in construction but the Fund was let down by its Project Manager who failed to issue the required notification of delays as stipulated in the contract.

This negated the Fund’s ability to claim for liquidated damages.
Parties reviewed the Independent Expert’s final draft report for their respective final submissions to him.

The Fund accepted our Lawyer’s legal opinion (Howards) and that of our Quantity Surveyor (Rawlinson) to accept the Final Report of the Independent Expert, Mr. Richard Maiden and for the dispute to proceed to Arbitration.
Ena qai vakacavari tiko yani ena yabaki vakailavo ka tarava (2020), na gacagaca kece ni veiqaravi, oka kina na kena vakadidike, raitayaloyalotaki, ka vakadeitaki na makete me vakatututaki kina na Culture & Art kei na Commercial Centre.

Ena vuku ni sasaga ni kena tara na otela mai na kona ni gaunisala o Stewart kei Fort street, sa mai vakatulewataka na Methodist Church Holding Trust (MCHT) me ratou sa kakua ni oka ki na sasaga cokovata.
E vaka tale ga kina na kabani cokovata ni otela na Carlson Group, ena nodratou sa vakadonuya me cegu toka mada na veika kece baleta na project.

Sa vakadeitaka kina na Matabose me kakua ni tomani na sasaga oqo, ni sa mai yalani na veidinadinati kei ratou na Carlson Group ena i ka 31 ni Tiseba.

Ia, e toso vinaka tiko na kena qaravi na ikelekele ni motoka ena loma ni vanua qo, ka ni sa ikuri tu ni rawaka vakailavo ki na Matabose.
E rawata tiko mai vakavinaka na Matabose na tubu vinaka, mai na vanua ni qaravi bisinisi ena Radisson Blue Resort e Denarau.

A mai vakacavari rawa na kena vakavoutaki na rumu ni otela ena imatai ni tolu na vula.

Sa mai vakacavara na nona veivaqaqai o Richard Maiden, e dua na kenadau tuvakaikoya, a konitarakitaki me vakaqaqa na ile e biuta yani na ito ruarua, okati tiko kina o Raghwan Neo Joint Venture.
E laurai kina ni vakavuna tale ga na bera ni taravale o Raghwan Neo, ia na Manidia ni Project a sega tale ga ni solia na ivakaro ena vuku ni bera ni cakacaka, me vaka e yalataki tu ena konitaraki.

E mani sega kina ni rawa vua na Matabose me namaka me saumi lesu vua na leqa a mai vakavuna na bera ni taravale.

Sa railesuva na ito ruarua na iotioti ni ilavelave ni ripote, a vakarautaka o Maiden, me qai vakalesui vua.
Ena veivakasalataki ni Daunilawa o Howards, kei Rawlinson na Quantity Surveyor, 11 During the year, final submission to the Independent Expert’s final report was submitted from both parties to the Arbitrator.

The Arbitrator made his final ruling on 12th July with award of $3.4million in favor of Raghwan Neo Joint Venture but interest claim from Raghwan was reduced and both parties share legal costs.
Following the ruling, the principal contract sum of $2.1million was settled on 2nd August while the balance of $1.3million being interest claimed and share of legal costs was settled on 23rd August.

The settlement made has brought this long outstanding dispute to a closure after 8 years.
The Board decided not to appeal the Arbitrator’s ruling on the advice of the Fund’s Legal Counsel based on these grounds: 1) Unless the Arbitrator erred or misconducted in his ruling; and 2) No concrete ground for the Fund to appeal and if done so will incur more costs On 11th December 2019, an investment property (Valenibose) held by the Fund was destroyed in an unfortunate burning incident.
The property’s written down value was $3,133,752 and did not have material effect on the total asset position of the Fund.

The property was adequately insured.

Insurance claim process commenced at year end and continued into the next financial year.

Plans to redevelop the Valenibose and create economic activities that will complement the re-development will be pursued in 2020.
For our off-shore investments in Australia, a number of factors have been and continue to be at play, impacting stock markets globally, and significantly in the Australian market during the year.

Despite the volatility in the stock market, the diversified Australian investments continued to provide adequate returns as there were no direct impact on the investments.
The Australian Investments asset allocation remains to be Australian equities, global equities, Australian fixed interest, global fixed interest and cash.

The Board decided for the first time to carry out an investment review on the whole investment portfolio.

The review will be carried out by Mercer Australia after the tendering process.

Any buy or sell of the stock was put on hold until the review was completed.
The review will: a) Re-assure the Fund that the investment policies and portfolio are sufficient to give maximum returns necessary to fulfil its mandated objectives; b) Protect the Governance & stewardship role of the Trustees as the findings will provide to the Fund with a clear road map in the long term for effective stewardship of the investment portfolio; c) Ensure the Fund will employ financial resources to areas that will yield optimal return and at the same time provide financial stability, growth and sustainability in the long term.
Overall, the investment portfolio increased from $200.5million in 2018, to $316.7million in 2019.

The income generated from investments continues to generate the needed revenue to support the Fund’s operations and mandated objectives.

sa ciqoma na Matabose na ripote e vakarautaka o Maiden, me sa qai vakatulewa kina na mataveilewai ni veivakameautaki.

E a mai soli rawa ena loma ni yabaki, na nodra itukutuku na ile ruarua, ki na Mataveilewai ni veivakameautaki ena vuku ni ripote nei Maiden.
A mai tauca na iotioti ni nona lewa na Dauniveivakameautaki, me saumi ki na kabani cokovata na Raghwan Neo Joint Venture e $3.4 na milioni, ia e mai vakalailaitaki na isau ni tubu mai vei Raghwan, ka rau wasea ruarua na ito na isau ni veika vakalawa.

Na isau dina vakailavo ka qai mai saumi ena i ka 2 ni Okosita, e $2.1 na milioni.

Na kena vo e $1.3 na milioni, a qai mai saumi kina na tubu kei na isau ni veika vakalawa ena i ka 23 ni Okosita.
Rauta e dua na gauna balavu sa qai mai sogoti kina vakadua na kisi ni veileti oqo, ni oti e 8 na yabaki.

Ena veivakasalataki mai vua na Daunilawa, sa mani nanuma na Matabose me kakua ni kereya vua na Dauniveivakameautaki me vakasuka na nona lewa: 1) Vakavo ke yavutaki cala na nona vakatulewa; 2) Me vaka ni sega ni dua na vanua tudei e rawa ni yavutaki kina na kerekere ni Matabose, ka na sau levu tale ga. E a mai sotavi na vakacalaka ni kama ni Valenibose ena i ka 11 ni Tiseba 2019.
Na vanua a dabe tiko kina na isau ni Valenibose a $3,133,752, ia na kama oqo e sega ni vakayavalata na ituvaki vakaiyau ni Matabose.

E inisua vinaka tu na vale.

Na cakacakataki ni saumi ni inisua a mai tekivu rawa ena mua ni yabaki, ena qai tomani ena yabaki vou.

Na sasaga me tara vou na Valenibose ena qai tekivu ena 2020, okati kina na veisasaga tale eso vakabisinisi me tokona na Valenibose.
E vica na ka a yaco ka rawa ni vakayavalata tiko na sasaga ni vakatubuilavo mai Ositerelia ena loma ni yabaki, e vakayavalata tale ga na makete ni vakatubuilavo e vuravura, ia vakauasivi ga e Ositerelia.

E rawata tiko ga na Matabose na tubu vinaka mai na sasaga ni vakatubuilavo eso e Ositerelia, dina ga ni sotavi tiko na veitubuyaki ni makete.
Na vakatubuilavo e Ositerelia, era wase tiko vaka cau ki na kena makete ni vakatubuilavo, na cau ki na makete ni vakatubuilavo e vuravura, na isau tudei ni vakatubuilavo e Ositerelia, na isau tudei ni vakatubuilavo e vuravura kei na ilavo qaqa.

Sa qai matai ni gauna vua na Matabose me vakatulewataka me railesuvi na sasaga kece ni vakatubuilavo.

Na cakacaka qo ena qarava na Mercer Investments Australia.

Sa mai tu vakawawa na veivoli kece me yacova ni sa qaravi oti na ituvatuva oqo.
Na railesuvi ni sasaga ni vakatubuilavo qo ena: a) Vakadeitaka ni na rawati na tubu ena kena ivakatagedegede e cake, mai na veipolisi kei na ituvatuva ni vakatubuilavo ni Matabose; b) Taqomaka na itavi ni veiliutaki kei na kena manidiataki na iyau ni Matabose.

Na itukutuku e sokumuni, me vakadavora kina e dua na ituvatuva matata, me manidiataki vakavinaka na tobu ilavo ni Matabose.
c) Qarauni na kena vakayagataki na iyau ena veivanua eso, ka me rawa mai kina na ivakatagedegede ni tubu e vinakati, me tudei ka maroroi na bula vakailavo ni Matabose.

E sa tubu na tobu ni vakatubuilavo mai na $200.5 na milioni ena 2018, ki na $316.7 na milioni ena 2019.

E vuavuai vinaka na ituvaki ni vakatubuilavo ka sa rawata tiko na Matabose na tubu e vinakati me tokona na nona veiqaravi me vaka e yavutaki ena kena lawa.
12 YIELD COMPARISON 2016 2017 2018 2019 Growth Asset Defensive Asset Total Yield FUNDS UTILIZATION Invest Reserve Cap Ret/Ern Liab C/Ast F/Ast Sources and application of funds Year 2015 2016 2017 2018 2019 MANDATED OUTLAY 20 18 16 14 12 10 8 6 4 2 e g a t n e c r e P 0 Year 2015 l e u a V r a l l o D 350,000,000 300,000,000 250,000,000 200,000,000 150,000,000 100,000,000 50,000,000 0 l e u a V r a l l o D 400000 300000 200000 100000 l e u a V r a l l o D 0 Year 2015 2016 2017 2018 2019 Language & Culture Heritage & Indigenous Knowledge Leadership & Enterprenuership INCOME STATEMENT COMPARISON 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Year 2015 2016 2017 2018 2019 G Revenue Op Exp Man outlay Net Profit 13 CULTURE & HERITAGE ITOVO KEI NA IYAUNIVANUA Fijian Language Studies Programme, USP The iTaukei Trust Fund Board is committed to fostering literacy levels in the Fijian vernacular language.
The year 2019 saw a renewal of a three-year term of the MOU between TTFB and the University of the South Pacific.

The MOU is to sustain the Fijian Language Studies Programme, offering Fijian language courses toward a Diploma in Fijian Language.

TTFB’s support is in the form of payment of salaried staff in the program, and providing professional advice to the Fijian Studies Advisory Committee at USP.
Teachers Cohort, Ministry of Education, Heritage & Arts, Diploma in Fijian Language The teachers’ cohort for LL361 Fijian Language Studies III was successfully completed during the year with a 100% pass rate.

It is the second cohort of iTaukei school teachers being sponsored by TTFB to undertake a Diploma in Fijian Language at USP.

The Fijian language studies program will be offered for this cohort via flexi-modes over a span of 3 years.
This has been made possible through the support of the Ministry of Education, Heritage & Arts, and our partnership with USP.

The aim is to create an opportunity for capacity building to increase the level of competency required in the teaching of Fijian vernacular language.

Porokaramu ni Vosa Vaka-Viti, USP E tokona na Matabose ni Lavo Maroroi ni iTaukei na kena vakatoroicaketaki na vulici ni vosa vaka Viti.
A mai vakavoui ena yabaki 2019 na veidinadinati se MOU ni Matabose kei na Univesiti ni Ceva ni Pasivika me yabaki tolu.

E kena inaki me tokona na Porokaramu ni Vuli Vosa Vaka-Viti ena koronivuli ni veivakarautaki e USP, me rawa ni vakarautaka na porokaramu ni Diploma ni Vosa VakaViti.

Na sala e veitokoni kina na Matabose sai koya na nodra saumi vakacakacaka na qasenivuli ni porokaramu qo, kei na veivakasalataki ena Fijian Studies Advisory Commmitte.
Lawalawa Qasenivuli ena Tabacakacaka ni Vuli, Diploma ni Vosa Vaka-Viti Era rawata taucoko vakavinaka na ilawalawa ni qasenivuli na lesoni LL361 ena loma ni yabaki.

Qo na ikarua ni lawalawa ni qasenivuli e veitokoni kina vakailavo na Matabose, me ra taura na porokaramu ni Diploma ni Vosa VakaViti e USP.

E vakarautaki na porokaramu ni vuli oqo, ena ituvatuva ni vuli leleka, me vakacavari ena loma ni 3 na yabaki.
Qo e mai rawa ena veitokoni ni Tabacakacaka ni Vuli, iTovo kei na iYau Vakamareqeti, vaka tale ga kina na veidinadinati sa mai semata na Matabose kei na USP.

Na kena inaki levu ga me vakatoroicaketaka na kilaka kei na iwalewale ni veiqaravi ena kena vakatavulici na vosa Vaka-Viti.

Na Bakalou, Waiqanake, Rewa 14 Ministry of iTaukei Affairs Cohort, Diploma in Fijian Language The Ministry of iTaukei Affairs staff cohort for courses FJ311, FJ321 and FJ212 were completed with a 95% pass rate.
Similar to the teachers’ cohort, this is the second cohort of MTA staff being sponsored by TTFB to undertake a Diploma in Fijian Language studies at USP.

The program is offered via flexi modes to cater for MTA staff, and will continue over a span of three years.

The Ministry and TTFB recognize that essential linguistics and academic literacy skills are needed for professional development of staff, which ultimately will improve productivity and service delivery for the iTaukei community.
Sauvaki ni Vanua, Traditional Leadership and Good Governance Program, CATD, Nadave The TTFB is currently sponsoring the Sauvaki ni Vanua program that is being offered at CATD in Nadave.

In 2019, 33 students from Nadroga/Navosa completed the program and graduated with Certificate III in Traditional Leadership and Good Governance.

Altogether, 93 successors of traditional title holders from Rewa, Tailevu, Ba, including Nadroga/Navosa have successfully completed this program of study.
The Sauvakini Vanua program was developed by TTFB in collaboration with MTA/TAB, USP and the Fiji Locally Managed Marine Area Network.

It is the first curriculum to be produced by TTFB and the first traditional leadership program to have received accreditation by the Fiji Higher Education Commission.

The program is intended to equip traditional leaders with effective leadership, management and good governance skills.
A curriculum review of the Sauvaki ni Vanua program was also carried out during the year, for the purpose of optimizing student learning experiences.

Facilitators and coordinators convened in a one-week writing retreat to develop an all- embracing coherent curriculum based on constructive feedback received from stakeholders.

Areas of improvement have been incorporated into the curriculum to enhance the effectiveness of the program.
Active Citizens, Nasautoka village, Tailevu Lawalawa Vakailesilesi ni Tabacakacaka iTaukei, Diploma ni Vosa Vaka-Viti E rauta ni 95% ni gonevuli mai na ilawalawa ni vakailesilesi ena Tabacakacaka iTaukei era rawata vakavinaka na lesoni na FJ311, FJ321 kei na FJ212.

Me vaka ga na nodra porokaramu na qasenivuli, qo e ikarua ni ilawalawa ni vakailesilesi ni Tabacakacaka, e vakailavotaka na Matabose me ra taura na Diploma ni vuli Vosa VakaViti e USP.
E vakarautaki tale ga na porokaramu ni vuli oqo ena ituvatuva ni vuli leleka me vakacavari ena loma ni tolu na yabaki.

E rau okata na Tabacakacaka iTaukei kei na Matabose, ni gadrevi me vulici na vosa ena vuli torocake me vukea na nodra veiqaravi na vakailesilesi vei ira na lewenivanua, ka me basika kina na rawaka vakacakacaka e vinaka sara.

Sauvaki ni Vanua, CATD, Nadave E vakailavotaka tiko na Matabose ena gauna oqo, na porokaramu ni Sauvaki ni Vanua ena vanua ni veivakarautaki mai CATD e Nadave.
Ena yabaki 2019, ra lewe 33 na isausauvou mai na yasana o Nadroga/Navosa, era vakacavara na porokaramu ni vuli, ka rawata na Sitivikiti III ni Sauvaki ni Vanua.

Era lewe 93 taucoko na isausauvou ni liuliu vakavanua mai Rewa, Tailevu, Ba, wili kina o Nadroga/Navosa, e ra vakacavara vinaka na prorokaramu ni vuli qo.
E tauyavutaka na porokaramu ni vuli qo na Matabose ena nodra veitokoni na Tabacakacaka iTaukei kei na Matabose ni Veika Vakaitaukei, USP kei na isoqosoqo ni taukei ni qoliqoli e noda vanua na FLMMA.

Qo na imatai ni tuvatuva vakavuli e vakarautaka na Matabose, e imatai tale ga ni porokaramu ni veiliutaki vakavanua e tokona na Fiji Higher Education Commission.
Na inaki ni vuli qo, me vukea ka vakatoroicaketaka na nodra kilaka nai liuliu ni vanua ena ivakarau ni veiliutaki, qaravi sasaga kei na vakatulewa matau.

E a mai railesuvi talega ena loma ni yabaki na porokaramu vakavuli ni Sauvaki ni Vanua, me vukea vakalevu na nodra vuli na gonevuli.
Era mai volavola ena loma ni dua na macawa na qasenivuli kei na dauniveituberi ena kena biu vata na veivakalelewa eso, ka vakarautaki vinaka tale na ituvatuva Solesau Edu Kit Workshop Opening, Draiba 15 Sauvaki ni Vanua Graduation, Nadroga-Navosa Centre for Appropriate Technology and Development Facilities Upgrade We are pleased to report that a memorandum of agreement (MOA) was signed between CATD and TTFB in June 2019.
The purpose of this agreement is to support CATD in terms of funding the upgrade of existing training facilities to improve learning environment.

This improvement is anticipated to enhance the delivery of CATD programs, including the Traditional Leadership & Good Governance program.

Most of the MTA and TTFB training programs are offered through CATD in Nadave.
Hence, this MOA will strengthen partnerships toward meeting TTFB’s mandated objective of developing management, leadership and entrepreneurial skills of the indigenous Fijians and Rotumans.

Traditional Leadership Training Needs Analysis, Rotuma District Chiefs The TTFB aims to extend the traditional leadership and good governance program to the island of Rotuma.
In collaboration with the Commissioner Eastern’s Office and the President’s Office, TTFB supported the training needs assessment carried out in 2019 to determine the approach and types of training appropriate for the 7 district chiefs of Rotuma.

responsibility as key Active Citizens, TTFB – British Council Partnership The TTFB has been the implementing partner of the British Council’s Active Citizens Project since 2018.
Active Citizens is a social leadership programme that promotes intercultural dialogue and social leadership competencies in the 21st century.

In 2019, TTFB implemented a training of facilitators, 2 community engagements and 3 social action projects in collaboration with delivery partners such as Lifeline Fiji, Habitat for Humanity and Nasautoka village through the Tailevu Provincial office.
As co-facilitators of the AC project, delivery partners implemented cascading workshops using the AC tool kit in their respective communities.

The AC tool kit has effectively been incorporated into other TTFB projects such as Vanua Fieldwork and Sauvaki ni Vanua that support social empowerment and cohesion, thus contributing to the development of management and leadership skills of the iTaukei and Rotumans.
Craft Development Workshops, TTFB – Fiji Arts Council Partnership We are pleased to report that TTFB and Fiji Arts Council signed an MOU in April 2019 to collaborate in enhancing the promotion and preservation of tangible and intangible cultural heritage of iTaukei and Rotuman communities.
With respect of the MOU, TTFB provided funding to the Fiji Arts Council to facilitate the implementation of 2 community-based upskilling workshops on craft development for the women of Nadakuni in Naitasiri, and Sawakasa in Tailevu.

It is anticipated that these workshops will provide opportunities for craftspeople to become licensed practitioners and small-business entrepreneurs, and also participate at national events such as festivals and women’s expo.
Generally, these opportunities will generate income to sustain the livelihood of craftspeople and their communities.

vakavuli e kovuta kece na veika e gadrevi, me rawa ni vaqaqacotaka na yaga ni porokaramu e Nadave.

Na Vakavinakataki ni Koronivuli e Nadave E ka ni marau me vakaraitaki ni a mai sainitaki ena vula o Jiune ni 2019, e dua na veidinadinati se MOA vata kei na koronivuli ni veivakarautaki, na CATD e Nadave.
Na inaki ni veidinadinati me tokona vakailavo na Matabose na kena vakavinakataki cake nai tuvaki ni koronivuli, me rawa ni vukea na rawaka vakavuli.

Na veivuke oqo ena vakatoroicaketaka na kena vakatavulici na porokaramu ni vuli kece e Nadave, oka tale ga kina na vuli ni Sauvaki ni Vanua.

E dau vakayagataki vakalevu na koronivuli e Nadave ena ituvatuva vakavuli eso ni Matabose kei na Tabacakacaka iTaukei.
Na veidinadinati kei CATD ena vakaqaqacotaka nai sema ni veiwekani, ena kena sotavi e dua vei ira na yavu lelevu ni Matabose, oya me vakatoroicaketaka na qaravi sasaga, veiliutaki kei na cicivaki bisinisi me baleti keda nai Taukei kei na Rotuma.

Vakadidike ni Vuli ni Veiliutaki, Liuliu ni Vanua e Rotuma E gadreva na Matabose me vakatetei yani na vuli ni Sauvaki ni Vanua ki na yanuyanu o Rotuma.
Ena vuku ni sasaga oqo, a mai tokona kina na Matabose na kena vakadikevi na mataqali vuli e gadrevi vei ira na iliuliu ni 7 na tikina e Rotuma, e rau veitokoni mai kina na valenivolavola ni Talai ena Tokalau, kei na valenivolavola ni turaga na Peresitedi ni noda vanua.

Active Citizens, Veiwekani ni TTFB kei na British Council Na Active Citizens Project e dua na ituvatuva ni British Council ka veitokoni kina na Matabose ena nodrau veidinadinati mai na 2018.
Oqo e dua na ituvatuva ni vuli ni veiliutaki, ka tokona na vakasama ni noda veitalanoa se veisemati vakamata-tamata kei na qaravi ni itavi, me i usutu ni veiliutaki e na i ka 21 ni yabakidrau.

A qarava na Matabose e - 1 na vuli ni veituberi ni Active Citizens; 2 na vuli vei ira na lewenivanua; kei na 3 na ituvatuva ni qaravi sasaga, ka sema vata kei na Lifeline Fiji, Habitat for Humanity kei na Valenivolavola ni Yasana o Tailevu ena vuku ni koro o Nasautoka.
O iratou na isema oqo era sa vakadewataka sobu tiko na AC i na nodra vanua ni veiqaravi.

Na iyaragi ni vuli na AC sa yaga sara vakalevu ena veiqaravi tale eso ni Matabose, me vaka na porokaramu ni Vanua Fieldwork kei na Sauvaki ni Vanua, ka okati tiko kina na cakacaka ni veivaqaqacotaki kei na duavata.

Qo e veivuke ena kena vakatoroicaketaki na qaravi sasaga kei na veiliutaki vinaka ni kawa iTaukei kei na Rotuma.
Na Vuli ni Cakacakaniliga, Veitokoni ni Matabose ki na Fiji Arts Council E ka ni marau me’u vakaraitaka ni rau a mai sainitaka e dua na veidinadinati na Matabose kei na Fiji Arts Council ena Epereli 2019, me rau qarava na veivakabulabulataki kei na maroroi ni itukutuku makawa, na itovo kei na cakacaka ni liga me baleti ira na iTaukei kei na Rotuma.
Ena veidinadinati oqo, e vakadeitaki kina me soli na veivuke vakailavo i na Fiji Arts Council, me cicivaka kina e 2 na vuli ni Cakacakaniliga vei ira na marama ni Nadakuni e Naitasiri, kei Sawakasa e Tailevu.

Na vuli oqo e 16 Information Text Awareness Project, TTFB – International Development in Oceania Committee (IDOC) The TTFB recognises the critical role literacy plays in Fijian language learning from early childhood.
In collaboration with Curriculum Advisory Services under the Ministry of Education, Heritage & Arts, TTFB supported an ITAP literacy workshop for interested primary and secondary school teachers in Savusavu.

This initiative aims to develop quality bilingual information texts for early childhood, and our objective is to contribute towards the provision of supplementary resources for schools teaching the Fijian vernacular.
The workshop was co-funded by the International Literacy Association through the International Development in Oceania Committee (IDOC).

Publishing Arm of TTFB The TTFB aims to promote and safeguard the Fijian language and culture by supporting the development of educational resources in collaboration with local writers and relevant stakeholders.

In April 2019, TTFB reprinted a total of 6,917 copies of educational resources for the MEHA.
These were supplementary texts provided to support the teaching and learning of the Fijian language in primary schools.

The publishing arm of TTFB ensures that quality resources appropriate for the target audience are produced based on the assessment and approval of the MEHA and MTA.

Primary and secondary school students are the main target audience and readership for most of TTFB’s publications.
Vanua Fieldworkers Program, Province of Rewa The documentation and preservation of distinct cultural practices, skills and indigenous knowledge are the intended outcomes for the Vanua Fieldworkers Program.

Between August and December 2019, TTFB completed documentation processes on significant cultural elements of 4 Tikina in the province of Rewa, namely Toga, Suva, Burebasaga and Noco.
Primary and secondary information have been collated for curatorial and educational purposes, including the installation of displays and cultural exhibitions.

This program is co- facilitated by a group of interested fieldworkers from Rewa.

INTERSECT, British Council Diversity Arts Exchange Program INTERSECT entails a knowledge exchange and peer monitoring program for culturally and linguistically diverse communities.
Leveraging TTFB’s partnership with the British Council on the Active Citizens project, we were invited to participate in this program through BC Australia.

A TTFB staff was selected to participate in symposiums and engagements with other INTERSECT participants from Australia and UK for capacity building and knowledge sharing.

It was a one-off engagement that started in November 2018 and ended in February 2019.
In exchange of TTFB’s participation, a UK artist came to Fiji and delivered workshops on drama and theatre production.

Mr. Kamaal Hussain conducted two workshops, a Directors’ and Actors’ workshop for participants from our network of Lakovi Na Taqa, Toga, Rewa namaki me vukei ira na kenadau ena veicakacakaniliga eso, me ra na yaco me ra vakalaiseni ena cicivaki bisinisi lalai.
Na laiseni oqo e sa rawa talega kina ni ra dau vakaitavi ena so na soqo lelevu ni matanitu me vaka na Festivals kei na Women’s Expo.

Oqo na sala e rawa ni vakavurei lavo kina vei ira na kenadau ena cakacakaniliga me qaravi vinaka kina na nodra bula e nodra dui itikotiko.

Information Text Awareness Project, TTFB – International Development in Oceania Committee (IDOC) Ena rawa walega ni vulici vakavinaka na vosa vakaViti kevaka e kilai taumada na kena wiliki ka volai na vosa mai vei ira na gone lalai.
E tokona na Matabose na vuli ni ITAP vei ira na qasenivuli ena paraimari kei na sekenidri mai Savusavu, ka veitokoni kina na Curriculum Advisory Services, ena Tabacakacaka ni Vuli.

Na inaki ni vuli oqo, me vakatoroicaketaka na ivakatagedegede ni volai ni vola ena vosa ruarua (vosa vakaViti kei na vosa vakaPeritania) vei ira na gone lalai, ka yavu tiko ni veiqaravi me veivuke ena kena vakarautaki na ivolanivuli ki na veikoronivuli era veivakatavulici ena vosa vakaViti.
E veivuke tale ga na International Literacy Association kei na International Development in Oceania Committee (IDOC) na kena vakailavotaki na vuli oqo.

Tabana ni Tabaivola E sasaga tiko na Matabose me vakabulabulataki ka taqomaki na vosa kei na itovo vakaViti, ena kena tokoni na cakacaka ni volaivola vei ira na dauvolai ivola kei na kena veitabana tale eso.

Ena Epereli ni 2019, e mai tabaka kina na Matabose e 6,917 na ilavelave ni vola vakarautaki ena vuku ni veiqaravi ni Tabacakacaka ni Vuli.
Era tabaki oqo me vukea na kena vakatavulici na vosa vakaViti ena veikoronivuli ni paraimari.

Na tabana ni tabai vola ni Matabose e vakabibitaka na kena vakarautaki vakavinaka sara nai vola ni veivakatavulici me veiganiti kei nai vakatagedegede ni nodra vuli na gone, ena nodratou veivakadeitaki se veivakadonui na Tabacakacaka ni Vuli.
Na Veiqaravi ni Vakasokumuni Tukutuku, Yasana o Rewa Na Vanua Fieldworkers Programme e dua na ituvatuva ni veiqaravi, e tokona na kena tabaki ka maroroi na itukutuku me baleta e so na itovo, ivalavala vakavanua kei na vuku iTaukei.

Ena loma ni vula o Okosita kei na Tiseba ni 2019, e qarava rawa kina na Matabose na kena volaitukutukutaki na veika oqo ena 4 na tikina ena yasana o Rewa, oya o Toga, Suva, Burebasaga kei Rewa.
E vakasokumuni vata na itukutuku era solia na lewenivanua kei na vola tukutuku tabaki oti tu.

E yaga oqo me vakayagataki talega ena kena vakaraitaki se matanataki, vaka tale ga kina ena veika vakavuli, Na kena vakayacori rawa nai tuvatuva oqo, era veivuke mai kina e dua na matailawalawa ni vakadidike mai na loma ni yasana o Rewa.

INTERSECT, Tuvatuva ni Veisa Cakacaka kei na British Council Diversity Arts Na INTERSECT e dua nai tuvatuva ni veiqaravi, me baleta na 17 and Na iLululu productions.
Drama and theatre production were identified as niche areas to be explored for Fiji’s creative arts industry and more importantly for future displays and exhibitions.

Solesau Educational Resource Kit Project The TTFB supports the development of educational resource materials and use of technology for diverse stakeholder groups including the diaspora communities.
The educational resource kit project was launched in November 2019 to consolidate teaching pedagogies and learning resources on the education of Fijian language and culture.

This was made possible through collaborations with specialists and experts from the Curriculum Advisory Services, iTaukei Institute of Language and Culture, Retired Fijian Teachers Association, Fiji Arts Council, the Fiji Museum, and a renowned artist/practitioner.
An educational resource kit framework was devised over a one-week workshop with these stakeholders to commence the development process.

Contents of the Edu Kit will be transformed electronically to provide interactive and engaging activities through an e-learning management system.

Nawaidamudamu Ring Ditch Fortification Project The TTFB also contributes towards the conservation of natural and cultural heritage to achieve sustainable tourism development.
The ring ditch fortification project involving the historical and cultural survey of Nawaidamudamu, located in the Laucala Beach area was finally completed in April 2019.

Research consultant and renowned historian, Mr. Fergus Clunie submitted a detailed overview of the history and progressive development of Fijian fortifications overtime, and what the built defensive works of the Nawaidamudamu site was most probably like, in what historical and cultural evidence indicates was the early through mid-1840s.
The main purpose of this research was to provide a bank of soundly-based information on fortification techniques that were commonly used at that time for a range of potential development prospects.

Development partners in this project were interested in the opportunity of reconstructing the site as an ecotourism development, including historically and culturally authentic interpretive options.
Nadroga/Navosa Students, CATD, Nadave kena veiwaseitaki na itukutuku ka vukei, na veivanua era tu kina na duidui veimatatamata.

Na veidinadinati ni Matabose kei na British Council ena vuku ni Active Citizens, a vakagolei mai kina na veisureti mai na BC Australia, me vakaitavi na iTaukei Trust Fund enai tuvatuva ni INTERSECT.
A digitaki kina e dua na vakailesilesi ni Matabose me vakaitavi ena porokaramu vakarautaki vata kei ira na veimata mai Ositerelia kei Peritania, me vakatoroicaketaki na iwalewale ni veiqaravi kei na veiwasei ni tukutuku.

Qo e dua ga na ituvatuva lekaleka mai na Noveba 2018 ki na Veverueri 2019.

Ena vuku ni nona vakaitavi na Matabose, e a lako mai kina i Viti e dua na dauniveiqaravi ena buturara ni cakaiyaloyalo mai Peritania, o Mr Kamaal Hussain, me mai cicivaka na vuli ni drama.
E mai vakayacora e 2 na vuli – dua me baleti ira na veiliutaki se dairekita; kei na kenai karua me baleti ira na vakaitavi ena kena matanataki na drama.

Era lewe ni vuli oqo, o ira era sa vakaitavi oti ena 2 na drama se vakatasuasua ni Matabose, nai Lakovi kei Nai Lululu.

E vakadeitaki ni drama e dua na sala vinaka, me vakabulabulataki kina na tabana ni Creative Arts e Viti, ka vukea tale ga na kena vakadewataki se matanataki na veika eda kilai tani kina na iTaukei kei na Rotuma.
Vola Dusidusi ni Solesau E tokona na Matabose na kena vakatoroicaketaki na veika vakavuli kei na vakayagataki ni mona livaliva me baleti ira na lewe i Viti era tu mai vanuatani.

Na sasaga ni kena buli e dua na sovanivuli a mai sevutaki ena Noveba 2019, ena kena tovolei me veidutaitaki ka biu vata nai walewale ni veivakatavulici kei na veika e rawa ni vakayagataki me vakatavulici kina na noda vosa kei nai tovo.
E mai sevutaki rawa na sasaga oqo, ena neimami cakacaka vata kei ira na dauniveiqaravi ka kenadau, mai na Curriculum Advisory Services ena Tabacakacaka ni Vuli, na Tabana ni Vosa kei nai Tovo VakaViti, nai Soqosoqo ni Qasenivuli iTaukei Vakacegu, na Fiji Arts Council kei na Fiji Museum.

Ena loma ni dua na macawa, a mai vakarautaki kina e dua nai tuvatuva ni vuli ka ra vakaitavi saraga kina na vakailesilesi mai na duidui tabana oqo.
Ena vakarautaki na ituvatuva ni vuli oqo ena mona livaliva me ra vuli ka vakaitavi talega mai kina o ira era via vulica na vosa, kei na itovo vakaViti.

Nawaidamudamu, Korowaiwai E vakaitavi talega na Matabose ena sasaga ni kena maroroi ka taqomaki na veiyavu makawa, me rawa ni sala tudei ni veivakasarasarataki vei ira na saravanua.

Ena Epereli 2019, a mai vakacavari kina na soveyataki kei na vakasokumuni tukutuku ni korowaiwai o Nawaidamudamu, mai Laucala Beach.
Na cakacaka oqo, a mai vakaitavi kina o Mr Fergus Clunie e dua na daunivakadidike, ka vakarautaka na itukutuku makawa me baleta na idrodronivalu ena gauna e liu, kei na irairai ni vanua o Nawaidamudamu ena 1840 vakacaca na yabaki, me vaka na dina ni vakadidike sa qaravi oti.

Na yavu ni kena vakayacori na vakadidike oqo, me vakarautaki e dua na baqe ni tukutuku dikevi me baleta na tara ni drodronivalu ena gauna e liu, ena vuku ni so na qaravi sasaga mai muri.
Era nanuma na veitabana ka vakaitavi ena sasaga oqo, me tara vou na korowaiwai me sala ni veivakasarasarataki ka talanotaki na itukutuku makawa e kovuti tiko kina.
18 Sauvaki ni Vanua Opening Ceremony for Nadroga-Navosa, Nadave FINANCIAL STATEMENTS NA ITUKUTUKU VAKAILAVO Members’ Report Rivote ni lewenibose Members’ Declaration Na itukutuku ni lewenibose Auditors’ Independence Declaration Na itukutuku nei Odita Independent Auditor’s Report Rivote ni tabana ni Odita Statement of Comprehensive Income Na matata ni iyau e curu mai Statement of Changes in Equity Na veiveisau ni tobu ni iyau Statement of Financial Position Na ituvaki vakailavo ni Matabose Statement of Cash Flows Na itukutuku ni veicuruyaki ni ilavo Notes to the Financial Statements iKuri ni itukutuku vakailavo Disclaimer on Additional Financial Information Na taukeni ni ikuri ni tukutuku Detailed Income Statement Na itukutuku matailalai ni iyau e curu mai 20 23 24 25 28 29 30 31 32 56 57 19 iTAUKEI TRUST FUND BOARD MEMBERS’ REPORT iTAUKEI TRUST FUND BOARD MEMBERS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 In accordance with a resolution of the Members of iTaukei Trust Fund Board (the Fund), the Members herewith submit the loss and other statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended on that date and report as follows: financial position of Fund as at 31 December 2019, the related statement of profit or Members The Members of the Fund at any time during the financial year and up to the date of this report are as follows: David Kolitagane - Chairperson Emi Rabukawaqa Fatiaki Misau Peni Cavuilagi Preetika Prasad (1st term appointment ended 31 October 2019, re-appointment consideration in process at the date of this report) Naipote Katonitabua (resigned on 31st January 2019) Naibuka Saune Meleti Bainimarama (appointed on 1st February 2019) Principal act ivit y The principal activity of diversified portfolio comprising asset classes that will provide optimum returns to the Fund for the beneficiaries of the Fund.
the Fund during the financial year was the managing of the Fund by creating and maintaining a The objects and purposes of the Fund are set out in Act No.

15 of 2004 and are to fund the promotion and sponsoring of programmes on iTaukei and Rotuman languages and culture; leadership and entrepreneurial skills of iTaukei and Rotumans; sponsor research into languages, art and culture of iTaukei and Rotumans; and any other purposes approved by the Board as advantageous to the beneficiaries.
fund to help develop the management, Result s The Fund recorded a net profit of $1,323,316 (2018: $3,984,876).

Reserves There were no transfers to or from reserves during the year except for those required by the International Financial Reporting Standards.
Non-current asset s Prior to the completion of the financial statements of the Fund, the Members took reasonable steps to ascertain whether any non- current assets are unlikely to be realised in the ordinary course of business as compared to their values as shown in the accounting records of the Fund.

Where necessary these assets have been written down or adequate provision has been made to bring the values of such assets to an amount that they might be expected to realise.
As at the date of this report, the Members are not aware of any circumstances which would render the values attributed to non- current assets in the Fund's financial statements misleading.
20 2 iTAUKEI TRUST FUND BOARD MEMBERS’ REPORT continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 MEMBERS' REPORT cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 Basis of account ing The Members believe the basis of the preparation of the financial statements is appropriate and the Fund will be able to continue in operation for at least twelve months from the date of this report.
Accordingly the Members believe the classification and carrying amounts of assets and liabilities as stated in these financial statements to be appropriate.

Significant Event On 11 December 2019, an investment property (Vale ni Bose) held by the Fund was destroyed in a fire.

The property's written down value was $3,133,752.

The property is covered under insurance.


Unusual t ransact ions In the opinion of the Members, the results of the operations of the Fund during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Fund in the current financial year, other than those reflected in the financial statements.
Event s subsequent t o balance dat e Subsequent to end of the financial year, the COVID-19 outbreak was declared a pandemic by the World Health Organisation in March 2020.

We have not seen a significant impact on our business to date.

The outbreak and the response of Governments in dealing with the pandemic is interfering with general activity levels within the community, the economy and the operations of our business.
The scale and duration of these developments remain uncertain as at the date of this report however they will have an impact on our earnings, cash flow and financial condition.

is not possible to estimate the impact of the outbreak’s near-term and longer effects or Governments’ varying efforts to It combat the outbreak and support businesses.
This being the case, we do not consider it practicable to provide a quantitative or qualitative estimate of the potential impact of this outbreak on the Fund at this time.

The financial statements have been prepared based upon conditions existing at 31 December 2019 and considering those events occurring subsequent to that date, that provide evidence of conditions that existed at the end of the reporting period.
As the outbreak of COVID-19 occurred after 31 December 2019, its impact is considered an event that is indicative of conditions that arose after the reporting period and accordingly, no adjustments have been made to financial statements as at 31 December 2019 for the impacts of COVID-19.
Other than the matter above, there has not arisen in the interval between the end of the financial year and the date of this report, any item, transaction or event of a material and unusual nature likely, in the opinion of the Members of the Fund, to affect significantly the operations of the Fund in the subsequent financial year.
those operations, or the state of affairs of the Fund, the results of 3 21 iTAUKEI TRUST FUND BOARD MEMBERS’ REPORT continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 MEMBERS' REPORT cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 Ot her circumst ances As at the date of this report: (i) no charge on the assets of the Fund has been given since the end of the financial year to secure the liabilities of any other person; (ii) no contingent liabilities have arisen since the end of the financial year for which the Fund could become liable; and (iii) no contingent liabilities or other liabilities of the Fund has become or is likely to become enforceable within the year after the end of the financial year which, in the opinion of the Members, will or may substantially affect the ability of the Fund to meet its obligations as and when they fall due.
As at the date of this report, the Members are not aware of any circumstances that have arisen, not otherwise dealt with in this report or the Fund's financial statements, which would make adherence to the existing method of valuation of assets or liabilities of the Fund misleading or inappropriate.

Audit or Independence The Members have obtained an independence declaration from the Fund's auditor, Ernst & Young.
A copy of the auditor’s independence declaration is set out in the Auditor’s Independence Declaration to the Members of iTaukei Trust Fund Board on page 6.

For and on behalf of the Board and in accordance with a resolution of the Members.

Dated this 24th day of July 2020.

…………………………………………….

David Kolitagane Chairperson …………………………………………….
Naibuka Saune Member 22 4 iTAUKEI TRUST FUND BOARD iTAUKEI TRUST FUND BOARD MEMBERS’ DECLARATION MEMBERS' DECLARATION FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 The Members of the Fund have made a resolution that declared: (a) in the Members’ opinion, the financial statements and notes of the Fund for the financial year ended 31 December 2019: (i) give a true and fair view of performance of the Fund for the year ended 31 December 2019; and the financial position of the Fund as at 31 December 2019 and of the (b) at the date of this declaration, in the Members’ opinion, there are reasonable grounds to believe that the Fund will be able to pay its debts as and when they become due and payable.
For and on behalf of the Board and in accordance with a resolution of the Members.

…………………………………………….

David Kolitagane Chairperson …………………………………………….

Naibuka Saune Member 24 J uly 2020 Suva, Fiji.
5 23 Pacific House Level 7 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Pacific House Level 7 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Tel: +679 331 4166 Fax: +679 330 0612 ey.com Tel: +679 331 4166 Fax: +679 330 0612 ey.com Audit or’s Independence Declaration t o t he Members of iTaukei Trust Fund Board As lead auditor for the audit of iTaukei Trust Fund Board for the financial year ended 31 December 2019, I declare to Audit or’s Independence Declaration t o t he Members of iTaukei Trust Fund Board the best of my knowledge and belief, there have been: no contraventions of the auditor independence requirements in relation to the audit; and (a) As lead auditor for the audit of iTaukei Trust Fund Board for the financial year ended 31 December 2019, I declare to the best of my knowledge and belief, there have been: (b) no contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of iTaukei Trust Fund Board for the financial year.

(a) no contraventions of the auditor independence requirements in relation to the audit; and (b) no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of iTaukei Trust Fund Board for the financial year.
Ernst & Young Chart ered Account ant s Ernst & Young Chart ered Account ant s Sikeli Tuinamuana Part ner Suva, Fiji 24 J uly 2020 Sikeli Tuinamuana Part ner Suva, Fiji 24 J uly 2020 A member firm of Ernst & Young Global Limited 6 24 A member firm of Ernst & Young Global Limited 6 Pacific House Level 7 Pacific House 1 Butt Street Suva Fiji Level 7 PO Box 1359 Suva Fiji 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Pacific House Level 7 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Tel: +679 331 4166 Fax: +679 330 0612 Tel: +679 331 4166 ey.com Fax: +679 330 0612 ey.com Tel: +679 331 4166 Fax: +679 330 0612 ey.com INDEPENDENT AUDITOR'S REPORT Audit or’s Independence Declaration t o t he Members of iTaukei Trust Fund Board To t he members of iTaukei Trust Fund Board INDEPENDENT AUDITOR'S REPORT Report on t he Audit of t he Financial St at ement s As lead auditor for the audit of iTaukei Trust Fund Board for the financial year ended 31 December 2019, I declare to the best of my knowledge and belief, there have been: To t he members of iTaukei Trust Fund Board Opinion no contraventions of any applicable code of professional conduct in relation to the audit.
no contraventions of the auditor independence requirements in relation to the audit; and (a) Report on t he Audit of t he Financial St at ement s We have audited the financial statements of iTaukei Trust Fund Board (the Fund), which comprise the statement of financial position as at 31 December 2019, the statement of profit or loss and other comprehensive income, the (b) Opinion statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
This declaration is in respect of iTaukei Trust Fund Board for the financial year.
We have audited the financial statements of iTaukei Trust Fund Board (the Fund), which comprise the statement of financial position as at 31 December 2019, the statement of profit or loss and other comprehensive income, the In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, at 31 December 2019, and of its financial performance, changes in equity and its cash flows for the year then ended in including a summary of significant accounting policies.
accordance with International Financial Reporting Standards (IFRS).

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as Basis for Opinion at 31 December 2019, and of its financial performance, changes in equity and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS).

We conducted our audit in accordance with International Standards on Auditing (ISA).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of Basis for Opinion our report.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountant’s Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are Ernst & Young We conducted our audit in accordance with International Standards on Auditing (ISA).
Our responsibilities under those relevant to our audit of the financial statements in Fiji and we have fulfilled our other ethical responsibilities in Chart ered Account ant s standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of accordance with these requirements and the IESBA Code.

We believe that the audit evidence we have obtained is our report.
We are independent of the Fund in accordance with the International Ethics Standards Board for sufficient and appropriate to provide a basis for our opinion.
Accountant’s Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Fiji and we have fulfilled our other ethical responsibilities in Emphasis of Mat t er: Subsequent Event s - Impact of the Coronavirus (COVID-19) Out break accordance with these requirements and the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to Note 27 of the financial statements which notes the World Health Organisation’s declaration of Sikeli Tuinamuana the outbreak of COVID-19 as a global pandemic subsequent to 31 December 2019 and how this has been considered Emphasis of Mat t er: Subsequent Event s - Impact of the Coronavirus (COVID-19) Out break Part ner by the Members in the preparation of the financial statements.
As set out in Note 27, no adjustments have been made Suva, Fiji to financial statements as at 31 December 2019 for the impacts of COVID-19.

Our opinion is not modified in respect of We draw attention to Note 27 of the financial statements which notes the World Health Organisation’s declaration of this matter.

24 J uly 2020 the outbreak of COVID-19 as a global pandemic subsequent to 31 December 2019 and how this has been considered by the Members in the preparation of the financial statements.
As set out in Note 27, no adjustments have been made Ot her informat ion to financial statements as at 31 December 2019 for the impacts of COVID-19.

Our opinion is not modified in respect of this matter.

The management and members are responsible for the other information.

The other information comprises the information in the Fund's Annual Report for the year ended 31 December 2019 but does not include the financial Ot her informat ion statements and the auditor’s report thereon.
The management and members are responsible for the other information.

The other information comprises the Our opinion on the financial statements does not cover the other information and we do not express any form of information in the Fund's Annual Report for the year ended 31 December 2019 but does not include the financial assurance conclusion thereon.

statements and the auditor’s report thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information identified Our opinion on the financial statements does not cover the other information and we do not express any form of above and, in doing so, consider whether the other information is materially inconsistent with the financial statements assurance conclusion thereon.
or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are required to In connection with our audit of the financial statements, our responsibility is to read the other information identified report that fact.

We have nothing to report in this regard.


above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

If, based upon the work Responsibilit ies of t he Members and management we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.


The Members and management are responsible for the preparation and fair presentation of the financial statements in accordance with IFRS and the iTaukei Trust Fund Act, and for such internal control as the management and Members Responsibilit ies of t he Members and management determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
The Members and management are responsible for the preparation and fair presentation of the financial statements in accordance with IFRS and the iTaukei Trust Fund Act, and for such internal control as the management and Members A member firm of Ernst & Young Global Limited determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
6 25 A member firm of Ernst & Young Global Limited A member firm of Ernst & Young Global Limited 7 7 Pacific House Level 7 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Pacific House Level 7 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Tel: +679 331 4166 Fax: +679 330 0612 ey.com Tel: +679 331 4166 Fax: +679 330 0612 ey.com INDEPENDENT AUDITOR'S REPORT cont inued Audit or’s Independence Declaration t o t he Members of iTaukei Trust Fund Board Responsibilit ies of t he Members and management cont inued INDEPENDENT AUDITOR'S REPORT In preparing the financial statements, the Members and management are responsible for assessing the Fund’s ability As lead auditor for the audit of iTaukei Trust Fund Board for the financial year ended 31 December 2019, I declare to to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern the best of my knowledge and belief, there have been: To t he members of iTaukei Trust Fund Board basis of accounting unless the management and Members either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so.
(a) Report on t he Audit of t he Financial St at ement s no contraventions of the auditor independence requirements in relation to the audit; and The Members and management are responsible for overseeing the Fund's financial reporting process.

(b) Opinion no contraventions of any applicable code of professional conduct in relation to the audit.

Audit or’s Responsibilit ies for t he Audit of t he Financial Stat ement s This declaration is in respect of iTaukei Trust Fund Board for the financial year.
We have audited the financial statements of iTaukei Trust Fund Board (the Fund), which comprise the statement of financial position as at 31 December 2019, the statement of profit or loss and other comprehensive income, the Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from statement of changes in equity, statement of cash flows for the year then ended, and notes to the financial statements, material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
including a summary of significant accounting policies.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA will always detect a material misstatement when it exists.
Misstatements can arise from fraud and error and are In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic at 31 December 2019, and of its financial performance, changes in equity and its cash flows for the year then ended in decisions of users taken on the basis of the financial statements.
accordance with International Financial Reporting Standards (IFRS).

As part of an audit in accordance with ISA, we exercise professional judgement and maintain professional skepticism Basis for Opinion throughout the audit.

We also: Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.
Ernst & Young We conducted our audit in accordance with International Standards on Auditing (ISA).
Our responsibilities under those - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, Chart ered Account ant s standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and our report.
We are independent of the Fund in accordance with the International Ethics Standards Board for appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from Accountant’s Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, relevant to our audit of the financial statements in Fiji and we have fulfilled our other ethical responsibilities in misrepresentations, or the override of internal control.
accordance with these requirements and the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
- Sikeli Tuinamuana Emphasis of Mat t er: Subsequent Event s - Impact of the Coronavirus (COVID-19) Out break Part ner Suva, Fiji We draw attention to Note 27 of the financial statements which notes the World Health Organisation’s declaration of - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the outbreak of COVID-19 as a global pandemic subsequent to 31 December 2019 and how this has been considered 24 J uly 2020 related disclosures made by management.
by the Members in the preparation of the financial statements.

As set out in Note 27, no adjustments have been made to financial statements as at 31 December 2019 for the impacts of COVID-19.

Our opinion is not modified in respect of - Conclude on the appropriateness of management’s and Members’ use of the going concern basis of accounting this matter.
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern.

If we conclude that material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures, are inadequate, to modify our opinion.
Our conclusions are based on The management and members are responsible for the other information.

The other information comprises the the audit evidence obtained up to the date of our auditor’s report.

However, future events or conditions may cause information in the Fund's Annual Report for the year ended 31 December 2019 but does not include the financial the Fund to cease to continue as a going concern.

statements and the auditor’s report thereon.


- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, Our opinion on the financial statements does not cover the other information and we do not express any form of and whether the financial statements represent the underlying transactions and events in a manner that achieves assurance conclusion thereon.

fair presentation.
Ot her informat ion In connection with our audit of the financial statements, our responsibility is to read the other information identified We communicate with management and regarding, among other matters, the planned scope and timing of the audit above and, in doing so, consider whether the other information is materially inconsistent with the financial statements and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are required to We also provide management and Members with a statement that we have complied with relevant ethical requirements report that fact.

We have nothing to report in this regard.


regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Responsibilit ies of t he Members and management 26 The Members and management are responsible for the preparation and fair presentation of the financial statements in accordance with IFRS and the iTaukei Trust Fund Act, and for such internal control as the management and Members A member firm of Ernst & Young Global Limited determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
6 A member firm of Ernst & Young Global Limited A member firm of Ernst & Young Global Limited 8 7 Pacific House Level 7 1 Butt Street Suva Fiji PO Box 1359 Suva Fiji Tel: +679 331 4166 Fax: +679 330 0612 ey.com Audit or’s Independence Declaration t o t he Members of iTaukei Trust Fund Board no contraventions of the auditor independence requirements in relation to the audit; and As lead auditor for the audit of iTaukei Trust Fund Board for the financial year ended 31 December 2019, I declare to the best of my knowledge and belief, there have been: INDEPENDENT AUDITOR'S REPORT cont inued (a) Report on Other Legal and Regulatory Requirement s (b) In accordance with the requirements of the iTaukei Trust Fund Act, in our opinion: This declaration is in respect of iTaukei Trust Fund Board for the financial year.
no contraventions of any applicable code of professional conduct in relation to the audit.

a) b) Proper books of account have been kept by the Fund, so far as it appears from our examination of those books; the accompanying financial statements: a. b. are in agreement with the books of account; and to the best of our information and according to the explanations given to us, give the information required by the iTaukei Trust Fund Act in the manner so required.
Ernst & Young Chart ered Account ant s Ernst & Young Chart ered Account ant s Sikeli Tuinamuana Part ner Suva, Fiji 24 J uly 2020 Sikeli Tuinamuana Part ner Suva, Fiji 24 J uly 2020 A member firm of Ernst & Young Global Limited 6 27 A member firm of Ernst & Young Global Limited 9 iTAUKEI TRUST FUND BOARD STATEMENT OF PROFIT OR LOSS AND OTHER iTAUKEI TRUST FUND BOARD COMPREHENSIVE INCOME iTAUKEI TRUST FUND BOARD STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 Revenue from ordinary act ivit ies Revenue from ordinary act ivit ies Dividends Rental income Dividends Interest - debt instruments Rental income Other interest income Interest - debt instruments Publication sales Other interest income Other income Publication sales Other income Tot al revenue from ordinary act ivit ies Tot al revenue from ordinary act ivit ies Expenses from ordinary act ivit ies Administration expenses Expenses from ordinary act ivit ies Depreciation and amortisation Administration expenses Mandated outlays Depreciation and amortisation Publication costs Mandated outlays Unrealised exchange loss Publication costs Other operating expenses Unrealised exchange loss Other operating expenses Net profit from ordinary act ivit ies Net profit from ordinary act ivit ies Finance cost s Interest on term loan Finance cost s Interest on lease liabilities Interest on term loan Interest on lease liabilities Net profit from operat ions Net profit from operat ions Income tax expense Income tax expense Net profit aft er income t ax Net profit aft er income t ax Ot her comprehensive income Ot her comprehensive income Net gain on re-measuring financial assets at fair value Net gain on re-measuring financial assets at fair value Gain on disposal of equity instruments Gain on disposal of equity instruments Tot al comprehensive income Tot al comprehensive income Not es Not es 8 (i) 8 (i) 8
 (ii) 8 (ii) 2 (i) 2 (i) 2 (ii) 2 (ii) 1.6 (i) 1.6 (i) 6 (e) 6 (e) 2019 $ 2019 $ - - 2018 $ 2018 $ - - 3,984,876 3,984,876 - - 1,323,316 1,323,316 3,984,876 3,984,876 125,146,259 125,146,259 54,337 54,337 126,523,912 126,523,912 85,504,845 85,504,845 233,336 233,336 89,723,057 89,723,057 The accompanying notes form an integral part of this Statement of Profit or Loss and Other Comprehensive Income.
28 10 10 iTAUKEI TRUST FUND BOARD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019 iTAUKEI TRUST FUND BOARD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019 Capit al endowment fund Balance at 1 January Balance at 31 December Unrealised gains reserve Balance at 1 January Net movement during the year Gain on disposal of equity instruments Balance at 31 December Ret ained earnings Balance at 1 January Gain on disposal of equity instruments Net profit for the year Balance at 31 December Not es 15 2019 $ 2018 $ 40,000,000 40,000,000 40,000,000 40,000,000 6 (e), 16 16 16 108,040,846 125,146,259 - 233,187,105 22,769,337 85,504,845 (233,336) 108,040,846 16 (i) 16 (i) 48,479,872 54,337 1,323,316 49,857,525 44,261,660 233,336 3,984,876 48,479,872 Tot al equit y 323,044,630 196,520,718 The accompanying notes form an integral part of this Statement of Changes in Equity.
11 29 iTAUKEI TRUST FUND BOARD STATEMENT OF FINANCIAL POSITION iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019 Non-current asset s Receivables and other prepayments Financial assets - equity instruments Financial assets - debt instruments Plant and equipment Investment properties Intangible assets Right-of-use assets Total non-current assets Current asset s Cash and cash equivalents Receivables and other prepayments Inventories Financial assets - debt instruments Total current assets Tot al asset s Equit y Capital endowment fund Unrealised gains reserve Retained earnings Tot al equit y Current liabilit ies Interest bearing borrowings Trade creditors and accruals Lease liabilities Employment benefit liability Total current liabilities Non-current liabilit ies Interest bearing borrowings Lease liabilities Total non-current liabilities Tot al liabilit ies Tot al equit y and liabilit ies Not es 2019 $ 2018 $ 4 6 7 9 10 11 22 3 4 5 7 15 16 13 14 22 12 13 22 679,779 267,894,093 1,990,211 162,345 36,563,124 - 306,425 629,384 142,904,084 1,922,196 228,856 40,092,960 857 - 307,595,977 185,778,337 5,392,774 761,668 56,985 10,216,665 5,703,259 987,479 83,960 15,618,377 16,428,092 22,393,075 324,024,069 208,171,412 40,000,000 233,187,105 49,857,525 40,000,000 108,040,846 48,479,872 323,044,630 196,520,718 - 645,504 208 23,537 669,249 1,031,865 3,594,997 - 22,109 4,648,971 - 7,001,723 310,190 310,190 - 7,001,723 979,439 11,650,694 324,024,069 208,171,412 The accompanying notes form an integral part of this Statement of Financial Position.
30 12 iTAUKEI TRUST FUND BOARD STATEMENT OF CASH FLOWS iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019 Operat ing act ivit ies Net profit after income tax Adjustment to reconcile profit before tax to net cash flows Non-cash: Depreciation and amortisation Loss on disposal of property Unrealised foreign exchange loss Credit loss on trade and other receivables Dividends reinvested Interest added to principal of debt instruments Working capital adjustments: Decrease/ (increase) in receivables and other prepayments Decrease in inventories (Decrease)/ increase in trade creditors and accruals Increase/ (decrease) in employee benefit liability Not e 2019 $ 2018 $ 1,323,316 3,984,876 534,736 3,140,202 18,173 6,676 (52,789) (182,503) 168,739 26,975 (2,949,493) 1,428 500,349 - 155,488 15,485 (48,793) (210,095) (472,514) 7,959 942,209 (4,155) Net cash flows provided by operat ing act ivit ies 2,035,460 4,870,809 Invest ing act ivit ies Acquisition of plant and equipment Payments for investment properties Net proceeds from/ (payments for) investments in financial assets Net cash flows from/ (used in) invest ing act ivit ies Financing act ivit ies Net repayments of interest bearing borrowings Net repayments of lease liabilities Net cash flows used in financing act ivit ies (2,052) (71,442) 5,762,547 (166,623) (2,099,800) (3,896,263) 5,689,053 (6,162,686) (8,033,588) (266) (8,033,854) (986,601) - (986,601) Net decrease in cash and cash equivalents (309,341) (2,278,478) Cash and cash equivalents at 1 January 5,703,259 8,004,718 Unrealised exchange loss (1,144) (22,981) Cash and cash equivalent s at t he end of t he year 3 5,392,774 5,703,259 The accompanying notes form an integral part of this Statement of Cash Flows.
13 31 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 1.1 Corporate Information The financial statements ofiTaukei Trust Fund Board (the Fund) for the year ended 31 December 2019 were authorised for issue in accordance with a resolution of the Members on 23rd July.
2020. iTaukei Trust Fund Board was established and domiciled in the Republic of Fiji in accordance with the iTaukei Trust Fund Act.

The principal activity of the Fund is described in Note 25.

1.2 Basis of preparation of the Financial Statements The financial statements have been prepared on a historical cost basis except for some assets which are measured at fair value.

The financial statements are presented in Fiji dollars and all values are rounded to the nearest dollar except when otherwise indicated.
Statement of compliance The financial statements ofiTaukei Trust Fund Board have been prepared in accordance with International Financial Reporting Standards (IFRS).

1.3 Significant accounting estimates and assumptions The preparation of the Fund's financial statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date.
However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future.
Estimations and assumptions The key assumptions concerning the future and other key sources of estimation and uncertainty at the balance date, that have a significant risk of causing material adjustments to the carrying amount of assets and liabilities within the next financial year is discussed below: Impairment of non-financial assets The Fund assesses whether there are any indicators ofimpairment for all non-financial assets at each reporting date.
Non- financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable.

1.4 Changes in accounting policy and disclosures IFRS 16 Leases The Fund applied IFRS 16 Leases for the first time.

The nature and effect of the changes as a result of adoption of this new accounting standard is described below.

Several other amendments and interpretations apply for the first time in 2019, but do not have an impact on the financial statements of the Fund.
The Fund has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.
32 14 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.4 Changes in account ing policy and disclosures cont inued IFRS 16 Leases cont inued IFRS 16 supersedes IAS 17 Leases , IFRIC 4 Determining whether an Arrangement contains a Lease , SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease .
The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise most leases on the balance sheet.

Lessor accounting under IFRS 16 is substantially unchanged from IAS 17.

Lessors will continue to classify leases as either operating or finance leases using similar principles as in IAS 17.

Therefore, IFRS 16 does not have an impact for leases where the Fund is the lessor.
The Fund adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of 1 January 2019.

Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application.

The Fund elected to use the transition practical expedient to not reassess whether a contract is, or contains a lease at 1 January 2019.
Instead, the Fund applied the standard only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application.

The effect of adoption IFRS 16 as at 1 January 2019 (increase) is, as follows: Asset s Right-of-use assets Tot al asset s Liabilit ies Lease liabilities Tot al liabilit ies Tot al adjust ment on equit y Retained earnings $ 310,664 310,664 310,664 310,664 - - The Fund has lease contracts for land.
Before the adoption of IFRS 16, the Fund classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease.

Refer to Note 1.6 (j) Leased assets for the accounting policy prior to 1 January 2019.

Upon adoption of IFRS 16, the Fund applied a single recognition and measurement approach for all leases except for short- term leases and leases of low-value assets.
The standard provides specific transition requirements and practical expedients, which have been applied by the Fund.
15 33 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.4 Changes in account ing policy and disclosures cont inued IFRS 16 Leases cont inued • Leases previously classified as finance leases The Fund did not change the initial carrying amounts of recognised assets and liabilities at the date of initial application for leases previously classified as finance leases (i.e.
the right-of-use assets and lease liabilities equal the lease assets and liabilities recognised under IAS 17).

The requirements of IFRS 16 were applied to these leases from 1 January 2019.

• Leases previously account ed for as operat ing leases The Fund recognised right-of-use assets (ROU assets) and lease liabilities for those leases previously classified as operating leases, except for short-term leases and leases of low-value assets.
The right-of-use assets for most leases were recognised based on the carrying amount as if the standard had always been applied, apart from the use of an incremental borrowing rate at the date of initial application.

In some leases, the right-of-use assets were recognised based on the amount equal to the lease liabilities, adjusted for any related prepaid and accrued lease payments previously recognised.
Lease liabilities were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application.
The Fund also applied the available practical expedients wherein it: - - - - - Used a single discount rate to a portfolio of leases with reasonably similar characteristics; Relied on its assessment of whether leases are onerous immediately before the date of initial application; Applied the short-term leases exemptions to leases with lease term that ends within 12 months of the date of initial application; Excluded the initial direct costs from the measurement of the right-of-use assets at the date of initial application; and Used hindsight in determining the lease term where the contract contained options to extend or terminate the lease.
Based on the above, as at 1 January 2019: - - - Right-of-use assets of $310,664 were recognised and presented separately in the statement of financial position.

Additional lease liabilities of $310,664 were recognised.

The net effect of these adjustments had been adjusted to retained earnings ($Nil).
34 16 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.4 Changes in account ing policy and disclosures cont inued IFRS 16 Leases cont inued The lease liabilities as at 1 January 2019 can be reconciled to the operating lease commitments as of 31 December 2018, as follows: Asset s Operating lease commitments as at 31 December 2018 Weighted average incremental borrowing rate as at 1 January 2019 Lease liabilities as at 1 January 2019 1.5 St andards issued but not yet effect ive 1,155,587 7.00% 310,664 The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Fund’s financial statements include: - - an amendment to IFRS 3 Business Combination on the definition of a business; and amendments to IAS 1 and IAS 8 in the definition of “ material” to ensure the definition is aligned across the standards.
The Fund intends to adopt these amendments when they become effective.

The amendments will not have any material impact on the Fund.

1.6 Summary of significant account ing policies a) Foreign currencies The financial statements are presented in Fiji dollars, which is the Fund's functional and presentation currency.

Transactions in foreign currencies are initially recorded at the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance date.

All differences are taken to the statement of profit or loss and other comprehensive income.

the functional currency rate ruling at the date of Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.

b) Invest ment propert ies Investment properties are measured initially at cost, including transaction costs.

The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria is met; and excludes the cost of day to day servicing of an investment property.
Subsequent to initial measurement, investment less accumulated depreciation.

The investment properties are depreciated at 1.25% while property is stated at cost leasehold land is amortised over the lease period.
17 35 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued b) Invest ment propert ies cont inued Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal.
Any gains or losses on the retirement or disposal of an investment property is recognised in the statement of profit or loss and other comprehensive income in the year of retirement or disposal.

c) Plant and equipment Plant and equipment is stated at cost less accumulated depreciation.

Such cost includes the cost of replacing part of the plant and equipment when that cost is incurred, if the recognition criteria is met.
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria is satisfied.

All other repair and maintenance costs are recognised in the statement of profit or loss and other comprehensive income as incurred.
Depreciation is calculated on a straight line basis over the useful life of the asset as follows: Office equipment Furniture and fittings Motor vehicles Generator 12% to 40% 12% to 15% 20% 12% An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net the asset) is included in the statement of profit or loss and other disposal proceeds and the carrying amount of comprehensive income in the year the asset is derecognised.

The asset's residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each financial year end.
d) Int angible asset s Intangible assets acquired separately are measured on initial recognition at cost.

Following initial recognition, intangible assets are carried at cost Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is reflected in the statement of profit or loss and other comprehensive income in the year in which the expenditure is incurred.

less any accumulated amortisation and any accumulated impairment losses.
The useful lives of intangible assets for the Fund are assessed to be finite.

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial year end.
Changes in the expected useful life or expected pattern of consumption in future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.

The amortisation expense on intangible assets with finite lives is recognised in the statement of profit or loss and other comprehensive income in the expense category consistent with the function of the intangible assets.
Gain or losses arising from the derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss and other comprehensive income when the asset is derecognised.
36 18 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued e) Impairment of non-financial asset s The Fund assesses at each reporting date whether there is an indication that an asset may be impaired.
If any such indication exists, or when annual impairment testing for an asset is required, the Fund estimates the asset's recoverable amount.

An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or group of assets.
When the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of In determining fair value less costs to sell, an appropriate value model is used.

the time value of money and the risks specific to the asset.
For assets, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased.

If such indication exists, the Fund makes an estimate of the recoverable amount.

A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised.
If that is the case the carrying amount of the asset is increased to its recoverable amount.

The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.

Such reversal is recognised in the statement of profit or loss and other comprehensive income.
f) Financial inst rument s - init ial recognit ion and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

i) Financial asset s Init ial recognit ion and measurement Financial assets are classified, at initial recognition, as amortised cost, fair value through other comprehensive income (OCI), or fair value through profit or loss.
financial assets at The classification of initial recognition depends on the financial asset’s contractual cash flow characteristics and the Fund’s business model for managing them.

With the exception of trade receivables that do not contain a significant financing component or for which the Fund has applied the practical expedient, the Fund initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
Trade receivables that do not contain a significant financing component or for which the Fund has applied the practical expedient are measured at the transaction price determined under IFRS 15.

Refer to the accounting policies in section (m) Revenue from contracts with customers.

In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an instrument level.
19 37 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued f) Financial inst rument s - init ial recognit ion and subsequent measurement cont inued i) Financial asset s cont inued Init ial recognit ion and measurement cont inued The Fund’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows.
The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Fund commits to purchase or sell the asset.
Subsequent measurement For purposes of subsequent measurement, the Fund's financial assets are classified in two categories: • Financial assets at amortised cost (debt instruments); and • Financial assets designated at derecognition (equity instruments) fair value through OCI with no recycling of cumulative gains and losses upon Financial asset s at amort ised cost (debt inst rument s) The Fund measures financial assets at amortised cost if both of the following conditions are met: • The financial asset contractual cash flows; and is held within a business model with the objective to hold financial assets in order to collect • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment.
Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

The Fund’s financial assets at amortised cost includes trade receivables, and other non-current financial assets.

Financial asset s designat ed at fair value t hrough OCI (equit y inst rument s) This category is most relevant to the Fund.
Upon initial recognition, the Fund can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading.

The classification is determined on an instrument-by instrument basis.

Gains and losses on these financial assets are never recycled to profit or loss.
Dividends are recognised as other income in the statement of profit or loss when the right of payment has been established, except when the Fund benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI.

Equity instruments designated at fair value through OCI are not subject to impairment assessment.

The Fund elected to classify its listed equity investments and other quoted instruments under this category.
38 20 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued f) Financial inst rument s - init ial recognit ion and subsequent measurement cont inued ii) Financial liabilit ies Init ial recognit ion and measurement Financial liabilities are classified, at initial recognition, loans and borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Fund’s financial derivative financial instruments.
liabilities include trade and other payables, loans and borrowings including bank overdrafts, and Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.

The EIR amortisation is included as finance costs in the statement of profit or loss.

This category generally applies to interest-bearing loans and borrowings.

For more information, refer to Note 13.


Derecognit ion A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.

iii) Offset t ing of financial inst rument s Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
g) Cash and cash equivalent s Cash and cash equivalents in the statement of financial position comprise cash at bank and on hand and short term deposits with an original maturity of three months or less.

h) Employment benefit liabilit y Provisions are made for wages and salaries, incentive payments and annual leave estimated to be payable to employees at balance date on the basis of statutory and contractual requirements.
i) Taxes The income of iTaukei Trust Fund Board is exempt from income tax under the Fiji Income Tax Act.
21 39 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued j) Leased asset s Policy applicable from 1 J anuar y 2019 The Fund assesses at contract inception whether a contract is, or contains, a lease.
That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Fund as a lessee The Fund applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets.

The Fund recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
i) Right-of-use assets The Fund recognises right-of-use assets at the commencement date of the lease (i.e.

the date the underlying asset is available for use).

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.
The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: - Land and buildings 60 to 85 years If ownership of the leased asset transfers to the Fund at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment.
Refer to the accounting policies in section (e) Impairment of non- financial assets.

ii) Lease liabilities At the commencement date of the lease, the Fund recognises lease liabilities measured at the present value of lease payments to be made over the lease term.

The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Fund and payments of penalties for terminating the lease, if the lease term reflects the Fund exercising the option to terminate.

Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
lease payments, In calculating the present value of the lease commencement date because the interest rate implicit in the lease is not readily determinable.

After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.

In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g.
changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

the Fund uses its incremental borrowing rate at The Fund’s lease liabilities are presented in leases (see Note 22).
40 22 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued j) Leased asset s cont inued Policy applicable from 1 J anuar y 2019 cont inued iii) Short-term leases and leases of low-value assets The Fund applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e.
those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase that are option).

considered to be low value.

Lease payments on short-term leases and leases of low value assets are recognised as an expense on a straight-line basis over the lease term.
low-value assets recognition exemption to leases of office equipment It also applies the lease of Policy applicable before 1 J anuar y 2019 The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date of whether the fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset.
Fund as a lessee Finance leases, which transfer to the Fund substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments.

Lease payments are apportioned between the finance charges and reduction of the lease liabilities so as to achieve a constant rate of interest on the remaining balance of the liability.
Finance charges are reflected in the statement of profit or loss and other comprehensive income.

Capitalised leased assets are depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Fund will obtain ownership by the end of the lease term.

Operating lease payments are recognised as an expense in the statement of profit or loss and other comprehensive income on a straight line basis over the lease term.
Fund as a lessor Leases where the Fund does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases.

Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.

Contingent rents are recognised as revenue in the period in which they are earned.
k) Trade and ot her payables Liabilities for trade creditors and other amounts are carried at cost (inclusive of VAT where applicable) which is the fair value of the consideration to be paid in the future for goods and services received whether or not billed to the Fund.

Amounts payable that have been denominated in foreign currencies have been translated to local currency using the rates of exchange ruling at the end of the financial year.
l) Value Added Tax (VAT) Revenue, expenses and assets are recognised net of the amount of Value Added Tax except: - where the VAT incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the VAT is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and - receivables and payables that are stated with the amount of VAT included.
23 41 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 1.6 Summary of significant account ing policies cont inued m) Revenue recognit ion Revenue is recognised to the extent that it is probable that the economic benefit will flow to the entity and the revenue can be reliably measured.
The following specific recognition criteria must also be met before revenue is recognised: Interest Revenue is recognised as the interest accrues (taking into account the effective yield on the asset) unless collectability is in doubt.

Dividends Revenue is recognised when the Fund's right to receive the payment is established.

Grants Revenue is recognised when there is reasonable assurance that the grants will be received and the Fund will comply with the conditions attached to them.
n) Comparat ive figures Comparative figures have been amended where necessary, for changes in presentation in the current year.

2.

EXPENSES (i) Administration expenses Wages and salaries Superannuation Strategic plan FNU levy Other staff benefits Staff amenities (ii) Other operating expenses Auditor's remuneration Consultancy Insurance Legal claims and fees Loss on disposal of investment property Management fees - Fijian Property Trust Company Limited Repairs and maintenance Miscellaneous 3.
CASH AND CASH EQUIVALENTS Cash at bank Cash on hand 2019 2018 $ 439,913 44,013 11,194 4,411 731 4,481 504,743 7,788 46,655 201,608 535,643 3,140,202 104,371 310,136 586,156 4,932,559 $ 420,337 41,549 46,973 4,363 1,788 1,247 516,257 7,350 34,995 169,268 913,406 - 104,371 224,924 596,574 2,050,888 $ $ 5,391,774 1,000 5,392,774 5,703,059 200 5,703,259 Cash at bank earns interest at floating rates based on the daily bank deposit rates.
The fair value of cash on hand and at bank is $5.39 million (2018: $5.7 million).

42 24 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 4.
RECEIVABLES AND OTHER PREPAYMENTS Current Rental debtors Publication and other debtors Less: allowance for expected credit loss Interest and dividend receivable VAT receivable Other debtors Other deposits and prepayments Non-current Other deposits and prepayments Tot al receivables and ot her prepayment s At 31 December, the ageing analysis of receivables is as follows: Neither past due nor impaired < 30 days 30 - 90 days > 90 days Total 5.
INVENTORIES Publications 2019 $ 2018 $ 213,769 3,517 (50,169) 167,117 415,399 145,363 25,713 753,592 8,076 761,668 491,106 79,586 (43,492) 527,200 321,333 121,108 11,204 980,845 6,634 987,479 679,779 1,441,447 629,384 1,616,863 1,252,218 4,885 157,422 77,091 1,491,616 1,078,459 404,587 97,460 79,849 1,660,355 $ $ 56,985 83,960 During the year ended 31 December 2019, $Nil was recognised as an expense for inventories carried at net realisable value (2018: $813).

6.
FINANCIAL ASSETS - EQUITY INSTRUMENTS Holding (a) Shares listed on the South Pacific Stock Exchange $ $ Amalgamated Telecom Holdings Limited BSP Convertible Notes Limited (Fiji class shares) Future Forests Fiji Limited (FFFL) 5,000,000 104,054 200,000 100,000,000 Fijian Holdings Limited 1,000,000 20,000,000 Pacific Green Industries (Fiji) Limited R B Patel Group Limited Less: provision for impairment - FFFL 16,700,000 2,705,404 196,000 154,000,000 1,080,000 74,000,000 16,000,000 1,300,675 196,000 85,000,000 1,080,000 22,800,000 248,681,404 (196,000) 126,376,675 (196,000) 248,485,404 126,180,675 During the year, the shares in R B Patel Company Limited were split in a ratio of 1:5 shares which resulted in an increase in the number of share holding in R B Patel Company to 20,000,000 shares (2018: 4,000,000 shares).
Also, Fijian Holdings Limited's shares were split into a ratio of 1:10 increasing the share holding to 100,000,000 shares (2018: 10,000,000 shares).

25 43 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 6.
FINANCIAL ASSETS - EQUITY INSTRUMENTS cont inued (b) 37,143 20,000 30,567 19,660 20,000 10,000 12,522 2,000 20,000 3,000 5,000 15,358 23,220 100,000 12,000 107,500 4,550 15,000 5,034 10,000 100,000 273,400 44,477 30,000 10,000 16,000 12,000 10,000 5,572 (c) 863,900 225,309 165,170 Shares listed on the Australian Stock Exchange ALS Limited Amcor PLC ANZ Banking Group Limited Australian Foundation Invest Company Limited BHP Group Limited Caltex Australia Limited Commonwealth Bank of Australia Limited CSL Limited Dulux Group Limited Flight Centre Travel Group Limited Macquarie Group Limited Monadelphous Group Limited National Australia Bank Limited Orora Limited Pendal Group Limited Qube Holdings Limited Ramsay Health Care Limited Reece Limited Rio Tinto Limited Seek Limited Sydney Airport Stapled Security Telstra Corporation Limited Transurban Group Stapled Securities Virgin Money UK PLC Washington H Soul Pattinson & Company Limited Westfarmers Limited Westpac Banking Corporation Woolworths Limited Worley Limited Fijian Holdings Unit Trust Unit Trust of Fiji - Income Unit Trust of Fiji - Income & Growth 2019 $ 503,206 459,563 1,111,076 206,291 1,148,760 501,034 1,476,547 813,931 - 195,070 1,017,193 378,057 844,021 469,303 152,125 521,952 487,030 253,690 745,888 332,793 1,278,041 1,428,329 978,679 154,516 317,296 977,568 429,103 533,648 125,896 2018 $ $ $ 891,480 243,532 433,071 1,568,083 753,101 233,850 406,516 1,393,467 Tot al financial asset s - equit y inst rument s 267,894,093 142,904,084 44 26 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 6.
FINANCIAL ASSETS - EQUITY INSTRUMENTS cont inued (d) Unit Trust continued The Fund has investments in listed equity and debt securities.

The fair value of the quoted equity shares is determined by reference to published price quotations in an active market.

The Fund assesses at each reporting date whether there is objective evidence that an investment is impaired.

Objective evidence would include significant or prolonged decline in the fair value of the investment below its cost.
The determination of what is 'significant' or 'prolonged' requires judgement.

In making this judgement, the Fund evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost.

(e) Movement in value of financial assets Net market value adjustment Net exchange rate movement Net gain on r emeasuring financial asset s 2019 2018 $ 125,231,145 (84,886) 125,146,259 $ 85,992,239 (487,394) 85,504,845 7.
FINANCIAL ASSETS - DEBT INSTRUMENTS $ $ Holding (a) Term deposits Bank of South Pacific Limited Credit Corporation (Fiji) Limited Fiji Development Bank Home Finance Company Ltd Merchant Finance Limited Westpac Banking Corporation (b) 750 2,000 125,000 125,000 1,000 125,000 1,071 75,569 1,000 1,950 Australian listed interest securities AGL Energy subordinated notes Commonwealth Bank of Australia PERLS Gryphon Capital Income Trust MCP Master Income Trust National Australia Bank Limited subordinated notes NB Global Corporate Trust Income Limited Peet Limited retail bonds Perpetual Credit Income Trust Qube Holdings Limited subordinated notes Villa World Limited retail bonds 6,398,849 - - 2,317,816 - 1,500,000 4,276,873 1,714,349 300,000 300,000 2,130,280 6,896,875 10,216,665 15,618,377 $ - 295,160 370,794 368,949 147,579 368,950 168,523 122,677 147,579 - $ 111,441 297,177 373,328 - 148,588 371,471 169,676 - 148,588 301,927 1,990,211 1,922,196 Tot al financial asset s - debt inst rument s 12,206,876 17,540,573 Current Non-current 10,216,665 1,990,211 15,618,377 1,922,196 12,206,876 17,540,573 27 45 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 8.
INCOME GENERATED FROM INVESTMENTS 2019 2018 (i) Dividends Name of company Locat ion Income earned Det ails of invest ment s Shares listed on the South Pacific Stock Exchange Amalgamated Telecom Holdings Limited BSP Convertible Notes Limited (Fiji class shares) Pacific Green Industries (Fiji) Limited R B Patel Group Limited Fijian Holdings Limited Fiji Fiji Fiji Fiji $ $ 125,000 96,437 - 760,000 2,460,000 3,441,437 225,000 85,356 40,000 680,000 2,440,000 3,470,356 Name of company Locat ion Income earned Det ails of invest ment s Shares listed on the Australian Stock Exchange ALS Limited Amcor PLC ANZ Banking Group Limited Australian Foundation Invest Company Limited BHP Group Limited Caltex Australia Limited Commonwealth Bank of Australia Limited CSL Limited Dulux Group Limited Flight Centre Travel Group Limited Macquarie Group Limited Medibank Private Limited Monadelphous Group Limited National Australia Bank Limited Orora Limited Pendal Group Limited Qube Holdings Limited Ramsay Health Care Limited Reece Limited Rio Tinto Limited Seek Limited Sydney Airport Stapled Security Telstra Corporation Limited Transurban Group Stapled Securities Virgin Money UK PLC Washington H Soul Pattinson & Company Limited Westfarmers Limited Westpac Banking Corporation Woolworths Limited Worley Limited Aust.
Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.
12,535 23,929 71,730 9,290 98,753 13,763 79,501 7,839 12,697 13,635 44,779 - 10,885 56,532 19,217 7,929 10,643 10,157 4,492 66,718 6,792 47,772 64,496 37,970 2,508 8,533 65,940 30,638 15,041 2,257 856,971 11,295 27,035 74,895 7,241 48,684 18,020 82,872 6,963 - - 41,029 27,657 14,532 70,406 19,171 9,438 12,276 9,984 - 53,986 - 46,766 92,444 33,137 815 - 38,692 34,548 15,700 2,136 799,722 46 28 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 8.
INCOME GENERATED FROM INVESTMENTS cont inued (i) Dividends continued 2019 $ 2018 $ Name of company Locat ion Income earned Det ails of invest ment s Unit Trusts Fijian Holdings Unit Trust Unit Trust of Fiji - Income Unit Trust of Fiji Tot al dividends Fiji Fiji Fiji (ii) Interest - debt instruments Name of company Locat ion 30,199 12,908 9,682 52,789 28,589 11,664 8,541 48,794 4,351,197 4,318,872 $ $ Income earned Det ails of invest ment s Term deposits Bank of South Pacific Limited Credit Corporation (Fiji) Limited Fiji Development Bank Home Finance Company Ltd Merchant Finance Limited Westpac Banking Corporation Interest - debt instruments Fiji Fiji Fiji Fiji Fiji Fiji 289,505 4,016 1,890 100,085 10,227 93,448 499,171 Name of company Locat ion Income earned Det ails of invest ment s Australian listed securities AGL Energy subordinated notes APT Pipelines Ltd Notes Colonial Holding Company Limited Gryphon Capital Income Trust MCP Master Income Trust National Australia Bank Limited subordinated notes NB Global Corporate Trust Income Limited Peet Limited retail bonds Perpetual Credit Income Trust Qube Holdings Limited subordinated notes Suncorp Group Limited subordinated notes Villa World Limited retail bonds Aust.
Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.

Aust.
2,813 - 11,162 16,146 8,009 5,435 22,563 11,820 2,639 7,846 - 18,254 106,687 120,819 29,099 353 247 57,837 103,007 311,362 6,564 2,108 12,503 3,267 - 6,354 4,930 12,803 - 9,030 10,111 19,986 87,656 Tot al int er est 605,858 399,018 29 47 3 7 1 , 3 7 9 2 5 9 , 6 0 2 ) 6 1 8 , 1 9 ( $ - - 1 4 6 , 2 2 1 $ 9 0 3 , 8 8 0 , 1 1 4 6 , 2 2 1 - - 0 0 1 , 0 9 7 6 5 , 0 0 2 ) 0 0 1 , 0 9 ( 7 6 5 , 0 0 2 $ - - 5 4 6 , 1 4 1 $ ) 1 2 1 ( 3 1 1 , 1 7 3 6 , 2 4 1 6 4 1 - 2 5 0 , 2 ) 3 3 6 , 3 1 5 ( 8 2 7 , 6 7 5 1 6 8 , 4 4 8 0 4 , 6 0 9 ) 6 1 8 , 1 9 ( 5 1 1 , 2 6 3 5 4 , 9 5 8 ) 5 8 1 , 7 0 5 ( 3 8 3 , 4 1 4 1 4 6 , 2 2 1 7 6 5 , 0 0 2 3 8 7 , 2 4 1 - - 1 4 6 , 2 2 1 - - 1 4 6 , 2 2 1 0 0 1 , 0 9 8 7 7 , 9 1 ) 0 0 1 , 0 9 ( 8 7 7 , 9 1 5 1 1 , 0 4 - ) 1 2 1 ( 9 3 7 , 9 3 2 5 , 7 0 1 - 9 9 1 , 9 1 4 1 , 7 1 1 1 4 6 , 2 2 1 3 9 8 , 9 5 0 4 3 , 6 2 1 2 7 2 , 5 ) 5 9 5 , 1 ( 7 8 7 , 8 1 6 6 0 9 , 1 4 6 4 , 2 2 6 ) 3 3 6 , 3 1 5 ( 7 3 7 , 0 1 1 $ ) 5 9 5 , 1 ( 4 4 3 , 5 1 4 4 1 , 6 8 5 1 0 8 , 2 1 3 9 8 , 9 9 5 ) 5 8 1 , 7 0 5 ( 9 0 5 , , 2 6 1 6 5 8 , 8 2 2 - - 4 7 6 , 0 4 1 9 8 7 , 0 8 1 3 4 4 , 6 1 6 9 4 , 5 2 8 2 2 , 5 1 7 5 , .
: : 8 1 0 2 ( 5 6 2 , 1 8 2 $ , , 9 1 0 2 r e b m e c e D 1 3 t a s A . )
7 0 9 , 7 5 7 $ 48 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 10.
INVESTMENT PROPERTIES At 1 January Additions Disposal At 31 December Depreciation and amortisation At 1 January Depreciation and amortisation charge for the year Disposal At 31 December 2019 $ 44,216,569 71,441 (3,604,568) 40,683,442 4,123,609 467,525 (470,816) 4,120,318 2018 $ 39,697,689 4,518,880 - 44,216,569 3,682,388 441,221 - 4,123,609 36,563,124 40,092,960 The property rental $3,094,119).
income earned by the Fund from its investment properties amounted to $2,919,213 (2018: On 11 December 2019, an investment property (Vale ni Bose) held by the Fund was destroyed in a fire.

The property's written down value was $3,133,752.

The property is covered under insurance.


Rental income derived from investment properties Direct operating expenses generating rental income Direct operating expenses that did not generate rental income Net profit arising from investment properties carried at cost $ 2,901,628 (603,359) (1,423,855) 874,414 $ 3,094,119 (815,139) (1,741,563) 537,417 The Fund has elected to value investment properties at cost.
Investment properties are depreciated at 1.25% while leasehold land is amortised over the lease period.

11.

INTANGIBLE ASSETS $ $ Cost At 1 January At 31 December Amortisation At 1 January Amortisation At 31 December Net book value 147,752 147,752 146,895 857 147,752 - 147,752 147,752 132,631 14,264 146,895 857 12.
EMPLOYMENT BENEFIT LIABILITY $ $ At 1 January Credited/ (utilised) during the year At 31 December 22,109 1,428 23,537 26,264 (4,155) 22,109 31 49 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 13.
INTEREST BEARING BORROWINGS Current Secured loan - Westpac Banking Corporation Non-current Secured loan - Westpac Banking Corporation 2019 $ 2018 $ - - 1,031,865 7,001,723 During the year, the Fund settled in full the outstanding loan account balance of $8 million which was repayable by monthly instalments of $114,392 for 10 years at an interest rate of 4.25% per annum.

14.
14.

TRADE CREDITORS AND ACCRUALS Trade creditors and accruals Rental deposits Revenue received in advance Retention account $ 371,113 49,166 157,223 68,002 645,504 $ 321,466 51,853 153,676 3,068,002 3,594,997 Terms and conditions of the above financial liabilities: - Trade payables and accruals are non-interest bearing and are normally settled on 30-60 day terms.

- The retention account relates to amounts retained by the Fund for the construction of the BLV and accrual for legal claims.

15.
15.

CAPITAL ENDOWMENT FUND Capital endowment fund $ $ 40,000,000 40,000,000 This Capital Endowment Fund represents the funds provided to establish the Fund.

16.
16.

RESERVES $ $ Unrealised gains reserve Balance at 1 January Net movement during the year Gain on disposal of equity instruments Balance at 31 December 108,040,846 125,146,259 - 22,769,337 85,504,845 (233,336) 233,187,105 108,040,846 (i) The net movement for the year reflects the net change in fair value of equity instruments during the year when marked to quoted prices at 31 December.
Ret ained earnings Balance at 1 January Gain on disposal of equity instruments Net profit for the year Transfer to available-for-sale reserve 48,479,872 54,337 1,323,316 49,857,525 44,261,660 233,336 3,984,876 48,479,872 (ii) In accordance with IFRS 9, the cumulative gain or loss on disposal of equity instruments designated as fair value through Other Comprehensive Income are transferred directly to Retained Earnings and not recycled back to Profit and Loss.
50 32 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 17.

CAPITAL COMMITMENTS 2019 $ 2018 $ Capital expenditure commitments 1,202,000 1,202,000 Capital expenditure commitment of $1.202 million relates to the following: - Consultancy fees for Phase 2 development at Draiba Complex 18.

CONTINGENT LIABILITIES 2019: 2018: Nil Nil 19.


OPERATING LEASE INCOME The Fund has entered into commercial property leases on its investment property portfolio.

Operating lease relates to rental income from building space rented out to Government Ministries, Carlson Hotels (Fiji) Limited and Union Plaza.

These non-cancellable leases have remaining terms of between two to sixteen years.
Non-cancellable operating lease receivables $ $ Within one year After one year but not more than five years More than five years 2,163,437 8,068,595 7,990,924 18,222,956 1,786,135 6,379,532 8,423,622 16,589,289 20.
FUTURE LEASE RENTAL EXPENSES The future lease rentals payable for leasehold land, which have not been provided for in the accounts are as follows: Within one year After one year but not more than five years More than five years $ $ - - - - 18,194 72,776 1,064,617 1,155,587 33 51 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 21.
RELATED PARTY TRANSACTIONS (a) Members The members of the Fund at any time during the financial year and up to the date of this report are as follows: David Kolitagane - Chairperson Emi Rabukawaqa Fatiaki Misau Peni Cavuilagi Preetika Prasad (1st term appointment ended 31 October 2019, re-appointment consideration in process at the date of this report) Naipote Katonitabua (resigned on 31st January 2019) Naibuka Saune Meleti Bainimarama (appointed on 1st February 2019) (b) Compensation of key management personnel Short term employee benefits (c) Transactions with other related entities Member fees 22.
LEASES Fund as a lessee As at 1 J anuary 2019 Depreciation expense As at 31 December 2019 2019 $ 2018 $ 143,000 158,718 42,500 48,583 Land $ 310,664 (4,239) 306,425 2019 $ 310,664 17,928 (18,194) 310,398 208 310,190 $ 4,239 17,928 22,167 Set out below are the carrying amounts of lease liabilities and the movements during the period: As at 1 J anuary Accretion of interest Payments As at 31 December Current Non-current The following are the amounts recognised in profit or loss: Depreciation expense of right-of-use assets Interest expense on lease liabilities Tot al amount recognised in profit or loss The Fund had total cash outflows for leases of $18,194 in 2019.
The future cash outflows relating to leases that have not yet commenced are disclosed in Note 20.

52 34 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 23.

FINANCIAL RISK MANAGEMENT OBJ ECTIVES AND POLICIES Principal financial liabilities comprise interest bearing borrowings and trade payables.
The main purpose of these financial liabilities is to raise finance for the Fund's operations.

The Fund has various financial assets such as trade receivables and cash which arise directly from its operations.

The main risk arising from the Fund's financial statements are foreign currency risk, interest rate risk and liquidity risk.

The Members review and agree on policies for managing each of these risks which are summarised below.

Foreign currency risk The Fund has transactional currency exposures.
Such exposures arise from investments by the Fund in currency other than Fijian dollars.

The majority of investments are made in Australian dollars (AUD).

The following table demonstrates the sensitivity to a reasonably possible change in the AUD rate, with all other variables held constant, of the Fund's profit before tax.
2019 2018 Increase / (decrease) in AUD rat e +1% -1% Effect on profit before t ax $ (14,015) 14,435 +1% -1% (12,992) 13,384 Interest rate risk The Fund's exposure to the risk of changes in market interest rates relates primarily to the Fund's interest bearing facility and investment in debt securities.
The following sensitivity analysis is based on the interest rate risk exposures in existence at the balance date: 2019 2018 Increase / (decrease) in int erest rat e +1% -1% +1% -1% Effect on profit before t ax $ - - (3,647) 3,647 Liquidity risk The table below summarises the maturity profile of the Fund's financial liabilities at 31 December 2019 and 31 December 2018 based on contractual undiscounted payments.
This includes the interest bearing borrowings, employment benefit liability and trade payables and accruals.
On demand Within one year After one year but not more than five years More than five years Total 2019 $ 2018 $ 439,115 206,389 - - 645,504 3,389,468 1,237,394 5,761,947 1,239,776 11,628,585 35 53 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 24.
FINANCIAL INSTRUMENTS Set out below is a comparison by category of carrying amounts and fair values of all of the Fund's financial instruments that are carried on the financial statements.
Financial assets Cash and cash equivalents Financial assets - equity instruments Financial assets - debt instruments Receivables and other prepayments Financial liabilities Trade creditors and accruals Employment benefit liability Financial assets Cash and cash equivalents Financial assets - equity instruments Financial assets - debt instruments Receivables and other prepayments Financial liabilities Trade creditors and accruals Employment benefit liability Interest bearing borrowings Carrying value 2019 $ 5,392,774 267,894,093 12,206,876 1,441,447 Fair value 2019 $ 5,392,774 267,894,093 12,206,876 1,441,447 $ $ 645,504 645,504 23,537 23,537 Carrying value 2018 $ 5,703,259 142,904,084 17,540,573 1,616,863 Fair value 2018 $ 5,703,259 142,904,084 17,560,936 1,495,756 $ 3,594,997 22,109 8,033,588 $ 3,594,997 22,109 8,033,588 The fair value of financial assets and borrowings has been calculated by discounting the expected future cash flows at prevailing interest rates.
The fair value of financial assets has been calculated using market interest rates.

25.

PRINCIPAL BUSINESS ACTIVITY The principal activity of the Fund by creating and maintaining a diversified portfolio comprising asset classes that will provide optimum return to the Fund for the beneficiaries of the Fund.

the Fund Board during the financial year was the managing of The objects and purposes of iTaukei Trust Fund Board are set out in Act No.
15 of 2004 and are to fund the promotion and sponsoring of programmes on iTaukei and Rotuman languages and culture; fund to help develop the management, leadership and entrepreneurial skills of iTaukei and Rotumans; sponsor research into languages, art and culture of iTaukei and Rotumans; and any other purposes approved by the Board as advantageous to the beneficiaries.
54 36 iTAUKEI TRUST FUND BOARD NOTES TO THE FINANCIAL STATEMENTS continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 NOTES TO THE FINANCIAL STATEMENTS cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 26.

SIGNIFICANT EVENT On 11 December 2019, an investment property (Vale ni Bose) held by the Fund was destroyed in a fire.

The property's written down value was $3,133,752.

The property is covered under insurance.

27.


EVENTS SUBSEQUENT TO BALANCE DATE Subsequent Organisation in March 2020. to end of the financial year, the COVID-19 outbreak was declared a pandemic by the World Health We have not seen a significant impact on our business to date.

The outbreak and the response of Governments in dealing with the pandemic is interfering with general activity levels within the community, the economy and the operations of our business.
The scale and duration of these developments remain uncertain as at the date of this report however they will have an impact on our earnings, cash flow and financial condition.

It is not possible to estimate the impact of the outbreak’s near-term and longer effects or Governments’ varying efforts to the outbreak and support businesses.
This being the case, we do not consider it practicable to provide a combat quantitative or qualitative estimate of the potential impact of this outbreak on the Fund at this time.

The financial statements have been prepared based upon conditions existing at 31 December 2019 and considering those events occurring subsequent to that date, that provide evidence of conditions that existed at the end of the reporting period.
As the outbreak of COVID-19 occurred after 31 December 2019, is indicative of conditions that arose after the reporting period and accordingly, no adjustments have been made to financial statements as at 31 December 2019 for the impacts of COVID-19.
is considered an event its impact that Other than the matter above, there has not arisen in the interval between the end of the financial year and the date of this report, any item, transaction or event of a material and unusual nature likely, in the opinion of the Members of the Fund, to affect significantly the operations of the Fund, the results of those operations, or the state of affairs of the Fund in the subsequent financial year.

28.
28.

FUND DETAILS iTaukei Trust Fund Board was incorporated under the iTaukei Trust Fund Act 2004 which was enacted by the Parliament of Fiji on 4th November 2004.
Place of operation Veivueti House 87 Queen Elizabeth Drive PO Box 2327 Government Buildings Suva 37 55 iTAUKEI TRUST FUND BOARD DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2019 Disclaimer on addit ional Financial Informat ion The additional financial information, being the attached detailed income statement, is compiled by the Board of iTaukei Trust Fund Board.
To the extent permitted by law, Ernst & Young does not accept liability for any loss or damage which any person, other than iTaukei Trust Fund Board may suffer arising from any negligence on our part.

No person should rely on the additional financial information without having an audit or review conducted.
56 38 iTAUKEI TRUST FUND BOARD DETAILED INCOME STATEMENT iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 DETAILED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 Revenue from ordinary act ivit ies Dividends Interest - bank Interest - debt instruments Other income Publication sales Rental income Tot al r evenue from ordinary act ivit ies Expenses from ordinary act ivit ies Administration expenses: FNU levy Other staff benefits Staff amenities Strategic plan Superannuation Wages and salaries Total administration expenses Depreciation and amortisation Mandated outlays Publication costs Unrealised exchange loss Other operating expenses: Auditors' remuneration Consultancy Insurance Legal claims and fees Loss on disposal of investment property Management fees - Fijian Property Trust Company Limited Repairs and maintenance Miscellaneous expenses Annual report Bank and interest charges City rates Cleaning Computer expenses Doubtful debts Electricity FNU levy Fringe benefit tax Fuel Not es 8 (i) 8 (ii) 2019 $ $ 4,318,872 12,102 399,018 124,752 79,034 3,094,119 8,027,897 4,363 1,788 1,247 46,973 41,549 420,337 516,257 500,349 442,929 35,416 132,507 7,350 34,995 169,268 913,406 - 104,371 224,924 8,875 1,439 52,906 80,075 14,514 15,485 38,043 491 1,028 21,154 The Detailed Income Statement is to be read in conjunction with the disclaimer set out on page 38.
56 39 57 iTAUKEI TRUST FUND BOARD DETAILED INCOME STATEMENT continued iTAUKEI TRUST FUND BOARD FOR THE YEAR ENDED 31 DECEMBER 2019 DETAILED INCOME STATEMENT cont inued FOR THE YEAR ENDED 31 DECEMBER 2019 Expenses from ordinary act ivit ies cont inued Other operating expenses continued: Miscellaneous expenses continued General expense Hire expense Land rent License fees Loan administration expense Member fees Secretariat and accounting fees Security Stationery, printing and office supplies Telephone and internet Travel, accommodation and entertainment Valuations Water Wealth and fees Website design Total miscellaneous expenses Total other operating expenses Tot al expenses from ordinary act ivit ies Net profit from ordinary act ivit ies Finance cost s Interest on loan Interest on lease liabilities Net profit from operat ions Not e 2019 $ 2018 $ 52,504 3,238 - - 1,323,316 3,984,876 Income tax expense 1.6 (i) - - Net profit aft er income t ax 1,323,316 3,984,876 Ot her comprehensive income Gain on remeasuring available for sale financial assets Gain on disposal of equity instruments 125,146,259 54,337 85,504,845 233,336 Tot al comprehensive income 126,523,912 89,723,057 The Detailed Income Statement is to be read in conjunction with the disclaimer set out on page 38.
58 40 CORPORATE GOVERNANCE STATEMENT YAVU NI VEIQARAVI Board members Responsibilities • protect and enhance the Fund’s value • set and review Trust strategies and strategic direction • monitor operating and financial performance • risk management • achieve objectives and purpose of the iTaukei Trust Fund Board (TTFB) • report to stakeholders Board Structure Comprising eight Members appointed by the Minister for iTaukei Affairs: • one member who is a Legal Practitioner registered under the Legal Practioners Act 1997 • one member who must be a Chartered Accountant in public practice registered under the Fiji Institute of • Accountants Act (Cap 259) • one member with suitable qualification and experience iTavi ni lewe ni Matabose • maroroya ka vakaikuritaka na iLavo Maroroi • tuvana ka vakadiloya na tuvatuvaka ni Matabose kei na vanua e sa mua kina • yadrava na qaravi itavi kei na rawaka vakailavo • vakatulewa matau ena bolebole eso ni veiqaravi • rawata na lalawa kei na inaki ni Matabose ni iLavo Maroroi ni iTaukei (MLMT) • vakasavui itukutuku vei ira era sema vakacakacaka ki na MLMT Lewe ni Matabose Na Minista ni Veika Vakaitaukei me vakatikora e walu na lewe ni Matabose: • dua me daunilawa volayaca ena Legal Practitioners Act 1997.
• dua me daunifika veiqaravi raraba volayaca ena Fiji Institute of Accountants Act (Cap 259) as an economist or other relevant qualifications • dua me vakaivola ka kila vinaka na bula vakailavo se me Board Meeting • target of eleven meetings a year • additional meeting held as required Committees • Board Members do not delegate major decisions to committees • committees are responsible for considering detailed issues and making recommendations to the Board Investment Sub-Committee • eleven meetings a year • establishing of investment strategies • assist the Board in identifying and assessing investment opportunities • monitor risks and investment performances • Review the investment manual on policy and procedures as and when required Language and culture sub-committee • minimum of four meetings a year • to assist in developing means of preserving and promoting Fijian language, culture and heritage • establishing framework, strategies and plan • assist in developing a partnership approach with various local, regional and international organization Scholarship Committee • minimum of two meetings a year • to conduct interviews and make recommendations to the Board • to review the Manual as and when required formal review of Board performance Standards • • active participation by all Members at all meetings • open access to information • Members • independent professional advice is available to all formal code of conduct adopted vakaivola ena tabana yaga tale eso Bose ni Matabose • namaki me tinikadua na bose ena dua na yabaki • kacivi tale na bose kevaka e gadrevi Komiti • na leweni Matabose e sega ni dau vakacolata na komiti na • vakatulewa lelevu eso • na itavi ni komiti me dikeva na veika matailalai qai biuta na nona vakatutu ki na Matabose.
Komiti Lailai ni Vakatubuilavo • bose vakatinikadua ena dua na yabaki • navuca na sala eso ni vakatubuilavo • vukea na Matabose ena kena vakasaqarai ka dikevi na vanua eso ni vakatubuilavo • yadrava na bolebole eso kei na ituvaki ni vakatubuilavo • railesuva ena gauna e gadrevi kina na ivakarau kei na iwalewale ni vakatubuilavo ena kena ivola dusidusi Komiti ni Vosa kei na iTovo Vakaviti • rauta ni va na bose ena dua na yabaki • vukea na kena tarai cake na sala eso me maroroi ka tutaki kina na vosa vakaviti, itovo kei na iyaunivanua • navuca na ituvatuva, ivakarau kei na inakinaki • vukea na kena taraicake na cakacaka vata kei ira na isoqosoqo e Viti, Pasifika kei na veiyasai vuravura Komiti ni Sikolasivi • rauta ni rua na bose ena dua na yabaki • me qarava na nodra vakatarogi na kere sikolasivi ka solia na nona vakatutu ki na Matabose • me railesuva na ivola dusidusi ni soli sikolasivi ena gauna e sa gadrevi kina Na iVakatagedegede ni Cakacaka • dikevi vakamatau ni veiqaravi ni Matabose • vakaitavi ni lewe ni Matabose yadua ena bose taucoko • vakarawarawataki na itukutuku • vakarautaki na nodra ivakasala na kenadau vei ira na lewe ni Matabose • vakabau na idusidusi ni veiqaravi matau formal code of conduct adopted ITAUKEI TRUST FUND BOARD Veivueti House, 87 Queen Elizabeth Drive, Suva PO Box 2327, Government Buildings, Suva T: (679) 331 9637 E: taro@itaukeitrustfund.com.fj PARTLIAMENT OF FIJI PARLIAMENTARY PAPER No.
178 of 2019