Te Kāhui Maru Trust Annual Report 2023

PŪRONGO Ā-TAU Annual Report

2022-2023

Tū whakatipua, Tū whakatawhito, Tū whakamanea, Tū whakararau.

Ki te ao ahurei, ki te ao tahia o Rangi, ki te ao tahia o Papa, Hui e! Tāiki e!

E whakaaro nui ana ki hō tātou mate huhua o te wā, te hunga kua takahi atu rā i te ara pūhana o ngā mātua ngutu atamai o tua whakarere.

Kua riro koutou, ā, ko Pare hoki tērā, ki tua.

Nō reira, e whakarārangi mai ana rātou katoa, ō tātou mātua tūpuna i tuawhakarere. Ahakoa te ngau o te mamae e āhei ana ngā hihi o Tamanui-te-rā me te ua ki te heke iho ki runga i te iwi o Ngāti Maruwharanui kātahi tātou kā tipu, kā tipu kaha nei.

Ka ora tonu koutou i te whatumanawa, me te hinengaro, o te whānau, o te iwi, āke, āke.

E taipahake mā, e ngā mātua, e ngā mokopuna o Ngāti Maruwharanui, tēnā katoa mai tātou.

Ko ēnei kōrero katoa, he kōmuri aroha, kei te kawe i ngā kōrero me ngā mahi a Te Rūnanga o Ngāti Maru me Te Kāhui Maru. He kōrero anō e hāngai ana ki ngā kaupapa huhua kua whakatutuki i roto i te tau kua pāhemo ake nei.

He tau houkura te tau! He tau whai hua te tau! He tau Maru te tau!

CONTENTS 4

Chair Report Te Rūnanga o Ngāti Maru (Taranaki) & Te Kāhui Maru Trusts

8

Pou Whakahaere - CEO Report Te Kāhui Maru Trust

15

Key Highlights for 2022/23

20

Te Pūaotanga o Maru i te Atatū

26

Rangatahi Report Ngā Kaupapa o Ngāti Maru

28

Chair Report Te Kāhui Maru LP

36

Te Kāhui Maru Group Consolidated Financial Statements

59

Audit Report

62

Trustee Profiles

65

Annual Plan 2023/24

68

2022 AGM Minutes Te Rūnanga o Ngāti Maru (Taranaki) Trust

69

2022 AGM Minutes Te Kāhui Maru Trust

TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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CHAIR REPORT Te Rūnanga o Ngāti Maru (Taranaki) & Te Kāhui Maru Trusts Tuatahi, ka tangi te ngākau ki a rātou ngā kura whakaingoingo Ngā ringa hāpai o te iwi Kei te rārangi matua i te pō, haere, haere, okioki mai rā Hoki mai anō ki a tātou ngā mahuetanga mai a rātou mā Tēnā anō hoki tātou

It is a pleasure to present my annual report to you, ngā uri o Ngāti Maru. I would first like to take a moment to express my sincere thanks to my fellow trustees for their unwavering dedication and wise counsel over this past year in the work to focus our collective efforts on continued growth and impact.

I also take this opportunity to thank our CEO Anaru Marshall and his operations team for their tireless work to help make this year another resounding success.

Their hard work has been the driving force behind our achievements, and we are fortunate to have a team of this calibre leading the charge.

As we reflect on the past year’s accomplishments and look ahead to the future, I am confident that with the continued support and collaboration of our trustees and an exceptional leadership team, we will continue to

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023

make significant advances in the years ahead.

For me, the highlight of the 2022-2023 financial year was the apology delivered to Ngāti Maru by the Crown on 29 October 2022 for historic breaches of Te Tiriti o Waitangi. Seeing our mokopuna step up to receive copies of the land titles returned through our Treaty settlement really did represent the beginning of a new day for Maru – Te Pūaotanga o Maru i te Atatū.

Another significant highlight was the launch of Te Heru Māpara, our new private training entity. Where mainstream education has failed our people, Te Heru Māpara – the rebranded Feats Taranaki – will find ways to offer meaningful learning opportunities and deliver to our people qualifications that are sought after in the job market.

VISION Tihe i a Maru Ora – Behold the vitality of Ngāti Maru.

VALUES Maru Mua – Strengthening Maru’s future prosperity.

Maru Pae – Connection to place (our whenua, awa, marae, ngā wāhi tapu).

Maru Roto – Strengthening Maru within. Ngāti Maru is healthy and flourishing physically, spiritually, emotionally and culturally.

Maru Taha – Strengthening relationships and building connections.

Maru Muri – Understanding and learning from our history and our experience.

Maru Tiketike – Reaching for the heavens – innovation and outstanding achievement.

This represents another step toward Maru Tiketike – Maru striving for greater heights, but with humility and grounded in our own identity.

Feeding into this development and strategy, we organised our first education summit this year. Rather than setting strategy from the top down, this major initiative aimed to ensure uri voices are heard and whānau are involved and invested in the comprehensive development of our long-term education aspirations, helping in turn to set priorities for vocational skills and training. The contributions and insights from this inaugural summit will help pave the way for the development of Te Heru Māpara and other future initiatives.

We are making headway, too, in building an economic foundation for the wellbeing of generations to come.

It is pleasing to report on our strong financial position, with our book value now just shy of $46 million. The advances we have made over the past year toward Maru Mua, our path to future prosperity, represent the ongoing work to plan for and invest in the future, committing to our own rohe where we can and exploring potential investment opportunities further afield where appropriate.

Another significant highlight was the launch of Te Heru Māpara, our new private training entity.

Yet another high point of the year past was an event launched to bring our rangatahi together. Camp Maru was the most amazing and rewarding event to watch unfold, bringing home scores of our young people to reconnect with their whenua. The five-day summer camp in the heart of Te Wera Forest introduced our rangatahi to their whakapapa and history, with many experiencing the ngahere and meeting their cousins for the first time. They

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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>> also learnt about rongoā and other essential outdoor skills, practices and mātauranga. This inaugural event clearly demonstrated the need for our young ones to reconnect with home and each other, to stand strong and with confidence in their identity as Maru. We will look to expand such opportunities in the years ahead.

The rededication of our marae Te Upoko o te Whenua was another unforgettable event. It was a privilege to be part of the formalities and celebrations. I want to acknowledge the commitment of the marae trustees to the relentless work of fundraising, applying for grants and securing the resources needed to revitalise this taonga. The first stage of refurbishment has brought new life to our beautiful marae, and stage two in the months ahead will be exciting indeed.

The purchase of whenua at Tarata and Pūrangi over the year past constitutes a significant milestone for Maru. These purchases return more of our ancestral homeland to Maru, including blocks near Tarata School, and Pūrangi Farm on the banks of the Waitara River. These areas, of course, are heartland tribal territory.

The purchase of the 25ha farm by private sale was enabled by our Treaty settlement and has returned to us a papakāinga tūturu – an historic site that once homed a large settlement of our people after Ngāti Maru was displaced and made landless. The land is on fertile river flats and will be maintained as is while decisions are made on what to do with it in the future.

These are but a small selection of the highlights of our year, as detailed in the pages of this Annual Report.

Camp Maru was the most amazing and rewarding event to watch unfold, bringing home scores of our young people to reconnect with their whenua.

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Before closing, I mihi to you, our many whānau, te tini o Maru, without whom we would not be te iwi o Maruwharanui.

Thank you all from the bottom of my heart for your participation and tautoko through the many ups and downs of 2022-2023. I look forward with excitement to another year of working together toward our shared goals.

Holden Hohaia Chair Te Rūnanga o Ngāti Maru (Taranaki) & Te Kāhui Maru Trusts

TRUSTEES

HOLDEN HOHAIA

BRONWYN PUATA-KOROHEKE

Chair

Deputy Chair

EILEEN HALL

SAM TAMARAPA

Trustee

Trustee

GROUP STRUCTURE

NGĀ URI O NGĀTI MARU

TE KĀHUI MARU TRUST (PSGE)

RAYMOND TUUTA Trustee

MARU ORA CHARITABLE TRUST (CT)

FEATS PAE TAWHITI (PTE)

TE KĀHUI MARU LP (LLP)

TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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POU WHAKAHAERE - CEO REPORT Te Kāhui Maru Trust Tuatahi ka tangi te ngākau ki ērā o tātou kua wehe atu ki te pō E ngā mate, haere, haere, okioki mai rā Tātou ngā kanohi ora, tēnā anō hoki tātou

The pages that follow will provide a comprehensive overview of our operations, financial performance and key initiatives that have defined our journey during this busy year.

As Pou Whakahaere of Te Rūnanga o Ngāti Maru (Taranaki) and Te Kāhui Maru Trusts, I am pleased to present my CEO report, summarising an eventful financial year of operations ending 30 June 2023.

MARU ROTO

It has been another big year. We have embraced opportunities to advance our shared vision Tihe i a Maru Ora. We have achieved significant milestones that highlight our dedication to cultural, social, environmental and economic wellbeing, and, together, we have strengthened our bonds and continued to lay down a solid foundation for the promising path that lies ahead.

among Ngāti Maru and Taranaki Māori.

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Education and employment We have taken significant strides in our aspiration to raise educational achievement and boost employment Since prioritising education, becoming an education provider ourselves, and supporting this focus with a strong grants and scholarships programme, the number of Ngāti Maru students in tertiary education has doubled between 2015 and 2022.

Our private training enterprise Te Heru Māpara (formerly known as Feats) has grown. More staff have been brought onboard, and new programmes have been added. This includes Education to Employment, which works in schools and has already introduced hundreds of rangatahi to prospective employers. Also connecting with rangatahi, our alternative education programme Ngā Wānanga o Māui Pōtiki continues to support students at Stratford High School.

Our inaugural Ngāti Maru Education Summit was held in June as part of the work to develop a Maru education strategy. This process began in January with surveys, focus groups and interviews with individuals in the education sector both within and external to Ngāti Maru.

More than 100 people participated in the process, including attending the

Key to the success of Tupu ā Nuku is its pastoral support programme and collaborative relationships with numerous providers, including Horses Helping Humans, Mayors Taskforce for Jobs, Taranaki iwi, Taranaki Mounga Project, Lake Rotokare, Te Heru Māpara, and kura across the rohe.

summit, generating an extensive body of information and data which will be used to develop a draft education strategy.

We aim to produce a final strategy by the year’s end.

Education grants and scholarships have been applied to a broad field thus far.

The next step will be to review and refine the programme to achieve more targeted outcomes that will align with the Maru education strategy being developed. For example, support could be boosted in areas where there is increasing need for specific skills within iwi, such as environmental planning and management, education and the energy industries.

Tupu ā Nuku Our workforce development and training programme, Tupu ā Nuku, celebrated its second anniversary of training rangatahi aged between 15 and 24 years in the forestry and conservation sectors. A special ceremony marked the graduation of 16 rangatahi from the first cohort of June 2021, who have completed the twoyear programme and transitioned into employment. Over the past year, another

20 tauira have graduated, taking to 80 the number who have completed the 17-week Level 2 programme run in partnership with the award-winning Māori-owned business Tree Machine Services.

Key to the success of Tupu ā Nuku is its pastoral support programme and collaborative relationships with numerous providers, including Horses Helping Humans, Mayors Taskforce for Jobs, ngā iwi o Taranaki, Taranaki Mounga Project, Lake Rotokare, Te Heru Māpara, and kura across the rohe. The programme also incorporates a cultural component and explores traditional practices through noho marae and workshops on toi whakairo and taonga puoro.

The aim of our broad and expanding range of strategic initiatives in schools, higher education, vocational training and skills development is to provide more pathways to employment and support the vision for Maru Roto, where Ngāti Maru is healthy and flourishing physically, spiritually, emotionally and culturally.

TUPU Ā NUKU

16

JUNE 2023 GRADUATES

20

TAUIRA THIS YEAR

TOTAL

80

COMPLETED 17 WEEK LEVEL 2 PROGRAMME

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As always, Tū Mai in November was itself a big and busy day, but came as a welcome opportunity to shift our focus to simply relaxing, having fun and enjoying being with each other as Ngāti Maru and Taranaki iwi.

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Te Tāmoremorenui In December, we set up a contract procurement consortium of three iwi – Ngāti Mutunga, Ngāti Tama and Ngāti Maru. Te Tāmoremorenui (a taproot from a tree into the earth) was established as a joint venture enabling the three iwi to acquire and deliver environmental and construction contracts from the likes of Waka Kotahi, councils, forestry operators and others.

The initiative builds on our joint-iwi conservation project Te Kōhanga Āhuru, funded by the Government’s Jobs for Nature programme to control pests and protect kiwi in the Parininihi/Mt Messenger, Makino and Taramoukou Conservation Areas. The expertise of our Te Kōhanga Āhuru workforce will support the initial new contracts in conservation work, likely to include trapping, culling, fencing, weed control, planting and maintenance.

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While Te Tāmoremorenui will deliver contracts directly, work can also be subcontracted to whānau operating businesses in those spaces, removing some of the barriers faced by small operators competing for such contracts.

The vision for Te Tāmoremorenui is as an end link in the value chain for vocational training, providing jobs for the workforce we are training and supporting whānau to build sustainable businesses. Te Tāmoremorenui is negotiating its first contracts and expects to be operating before the end of the year.

Kāinga Oranga The Te Puni Kōkiri housing renovations and repairs programme has been delivered across Taranaki by Ngāti Maru since 2019. Now under Te Kāhui Maru Trust, the programme delivered improvements to19 homes in the year just ended. A further 19 are on the waiting list

KĀINGA ORANGA

19

HOMES COMPLETED

19

HOMES ASSESSED

for a total of $620,000 of work. The Trust expects to sign off soon on a new contract to continue this important work.

Maru i te Atatū – the reawakening and reemergence of Ngāti Maru. A full report on this historic day can be seen on page 20.

Crown Apology andTe Pūaotanga o Maru i te Atatū

Taranaki Tū Mai

On 29 October at Te Upoko o te Whenua, Ngāti Maru received an apology from the Crown for its historic breaches of the Treaty of Waitangi and 16 titles to land returned under the Treaty settlement.

Uri came from far and wide to mark this momentous occasion, which will forever be commemorated as Te Pūaotanga o

One of our most important annual events came at a good time for Ngāti Maru.

Tū Mai came on the back of a period of intense focus, with Treaty settlement in May, multiple readings of the settlement legislation at parliament, and the build-up to the Crown apology and Te Pūaotanga o Maru i te Atatū in October.

On 29 October at Te Upoko o te Whenua, Ngāti Maru received an apology from the Crown for its historic breaches of the Treaty of Waitangi and 16 titles to land returned under the Treaty settlement.

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 11

A special highlight of the year – arising from our experience at Taranaki Tū Mai – was our inaugural camp in Te Wera forest for tamariki and rangatahi between the ages of 8 and 18.

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CAMP MARU

54

ATTENDEES AGES

8-18 YEARS

As always, Tū Mai in November was itself a big and busy day but came as a welcome opportunity to shift our focus to simply relaxing, having fun and enjoying being with each other as Ngāti Maru and Taranaki iwi.

Camp Maru A special highlight of the year – arising from our experience at Taranaki Tū Mai – was our inaugural camp in Te Wera Forest for tamariki and rangatahi between the ages of 8 and 18. The impetus for Camp Maru was the positive energy witnessed by all at Tū Mai as our tamariki and rangatahi stood up, charged over the sports grounds and courts, and piled on stage for whakangahau. Camp Maru was pulled together in just six weeks to grow this vitality and bring it home.

Interest in the concept was immediate and overwhelming, and registrations had to be closed off to maintain a safe ratio of adults to tamariki. However, some 54 young people attended the five-day wānanga at Te Wera campsite. A busy programme of wānanga, tupuna kōrero, visiting wāhi tapu, kapa haka, traditional

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practices, outdoor skills, kayaking, and games helped forge and strengthen kinship bonds.

While the focus was on fun and whanaungatanga, the core purpose was cultural revitalisation. There is no doubt that being at our place was a powerful way for our tamariki and rangatahi to reconnect with whenua taurikura and their heritage. There is huge demand to make the event a feature of our Maru calendar and to continue building the connections made.

MARU TAHA Relationships and Collaborations We have been working with Te Aranga and Ngā Iwi o Taranaki on a number of projects that have regional and, in some cases, national significance.

Regional Skills Leadership Group We are part of the Regional Skills Leadership Group, which is working with local industries and tertiary education providers as part of the transition from regional polytechnics to the national provider, Te Pūkenga.

Te Pūngao Whakahou Once again we are collaborating with Ngā Iwi o Taranaki to develop a position and strategy to enable iwi to engage in the fast-developing alternative energy industry. This will significantly impact Taranaki in the near future with developments in hydrogen and offshore wind farms anticipated.

Waka Kotahi Ngāti Hāua, Ngāti Ruanui and Ngāti Maru are working with Waka Kotahi to place pou along the Forgotten Highway between Stratford and Tāngarākau that will tell our collective stories of how we are related and connected through our waka histories.

Affordable Water Reforms Ngā Iwi o Taranaki are partnering with Taranaki Regional Council to deliver a freshwater policy for the Taranaki region.

Te Awa Tupua As a member of Te Ripo and Te Kōpuka nā Te Awa Tupua, Ngāti Maru has continued to work with our whanaunga from the Whanganui River, along with local, regional and central government organisations and interested sectoral stakeholders to develop the Te Awa Tupua strategy, Te Heke Ngahuru nā Te Awa Tupua, to inform all parties on engaging with our Awa. This is being launched in September.

is the culmination of seven years of direct negotiation with the Crown by the Taranaki Maunga Collective and I want to acknowledge the tireless efforts of our negotiators in bringing this settlement to fruition.

Te Ruruku Pūtakerongo was initialled in March on behalf of Ngāti Maru by our chair Holden Hohaia at Aotearoa Marae, and later signed by the eight iwi of Taranaki at Owae Marae in Waitara on September 1. The settlement gives our maunga the rights of legal personhood and includes an historical account of the confiscation, a Crown apology and shared governance of Te Papakura o Taranaki national park.

Waitara office

Conclusion As we look forward to a new year of opportunities and challenges, I am grateful for the support of our dedicated group of trustees and the commitment of our team of kaimahi. Together we have achieved great things this year, and I have no doubt that we will continue to move forward and make a positive impact in the coming year.

Anaru Marshall Pou Whakahaere - CEO Te Kāhui Maru Trust

Te Kāhui Maru has opened an outreach office in Waitara as part of an ongoing commitment to the town where the largest percentage of our Taranaki-based uri live. Our office is housed within the Manukorihi Hapū office on Queen St and will support uri with registrations and general inquiries.

Below: Te Ruruku Pūtakerongo initialling, Aotearoa Pā, 31 March 2023.

Images supplied by Taranaki Māori Trust Board. Photographer: Tania Niwa Photographer.

Te Papa Atawhai – Department of Conservation We have begun engagement with Te Papa Atawhai as part of the relationship agreement we negotiated during the settlement negotiations. This will involve the development of the Maru Taiao Plan and the employment and training of a Ngāti Maru Conservation Ranger.

MARU TIKETIKE Te Ruruku Pūtakerongo The long journey to a settlement for the confiscation of Taranaki maunga has ended with the signing of the deed of settlement Te Ruruku Pūtakerongo. This is a long overdue and very significant achievement for all iwi of Taranaki, driven by our collective efforts and shared vision for our maunga. The settlement

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 13

KAIMAHI Operations

From left to right: Tamzyn Pue, Angela Hill, Anaru Marshall, Leah Ransfield, Kayla Pue. Absent: Maria Peri-Weston.

Tupu ā Nuku

From left to right: Jayden Waiwiri, Danielle Peri, Lisa Holland, Rākaiao Nuri.

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AT A GLANCE

FACEBOOK

1,749 FOLLOWERS

1,600 LIKES

COVID SUPPORT

URI REGISTRATIONS

105

3,061

HOW WHĀNAU WERE SUPPORTED

+24

TOTAL WHĀNAU SUPPORTED

- grocery deliveries, medication collection and delivery, food bank deliveries, education support for tamariki, kid's packs for tamariki, health supplies,

TOTAL (JULY 2023)

FROM 2022

ENGAGEMENT REACH

39,765

EDUCATION GRANTS

16 TOTAL

$15,000 TOTAL VALUE

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 15

HIGHLIGHTS

OCTOBER 2022 Receive official apology & whenua from the Minister of Treaty Negotiations

NOVEMBER 2022 Taranaki Tū Mai

OCTOBER 2022

MAY 2023

Established Te Tāmoremorenui

Tarata Village land purchase

DECEMBER 2022 Implement the relationship agreements with the Crown

2023

AGM

DECEMBER 2022

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JANUARY 2023 Ngāti Maru Rangatahi Wānanga

OCTOBER 2023 Disestablishment of Te Rūnanga o Ngāti Maru Trust

JUNE 2024 Launch of Ngāti Maru wānanga

AUGUST 2023 Te Heru Māpara launch

SEPTEMBER 2023 Te Upoko o te Whenua reopening

FEBRUARY 2024 Education strategy

NOVEMBER 2024

JULY 2023 Te Kāhui Maru trustee elections

2024

Launch of the Joint Management Agreement & Maru Taiao plan

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 17

TARANAKI TŪ MAI NOVEMBER 2022

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 19

TE PŪAOTANGA O MARU I TE ATATŪ: NEW DAY DAWNS FOR MARU AS CROWN APOLOGY IS HEARD SATURDAY 29 OCTOBER 2022 TE UPOKO O TE WHENUA TARATA

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You could see our rangatahi around the marae all that day, holding onto our titles. That spoke to what the settlement is all about. It’s about our future, and here is our future – these young ones.

Anaru Marshall

Uri came home to Tarata in their hundreds in October last year to witness an historic moment.

On 29 October 2022, a day the iwi named Te Pūaotanga o Maru i te Atatū – the reawakening and re-emergence of Ngāti Maru, Treaty of Waitangi Negotiations Minister Andrew Little delivered the Crown’s apology for its historic breaches of the Treaty of Waitangi.

The Minister also handed over framed copies of 16 titles to land returned to Ngāti Maru under its Treaty settlement.

Back in February 2021, the negotiations team and trustees met with the Minister and Crown officials at Tarata Hall to sign the deed of settlement Te Hiringa Taketake.

“Unfortunately, we were in the midst of the Covid pandemic and our marae was closed for renovations,” Pou Whakahaere Anaru Marshall says.

“For health and logistical reasons we were unable to have our iwi and wider community there to witness and mark that significant milestone.”

But negotiators and trustees were always determined the iwi would have its day when Covid restrictions eased.

“We were adamant that we would come together at Te Upoko o te Whenua to hear the Minister read the Crown apology and publicly acknowledge the Crown’s breaches against Ngāti Maru since Te Tiriti o Waitangi was signed in 1840.

“We had been in negotiations for six years. We started together and it was important that we all came together at the end to mark the day as Maru.”

The apology acknowledged several breaches of Te Tiriti, including the Crown’s unjust and indiscriminate raupatu of half of the tribe’s lands, the unjust treatment and exile of Ngāti Maru people, its unconscionable actions at Parihaka, and actions that left the iwi almost completely landless.

“The repatriation of that whenua, as handed back to our tamariki from different whānau lines connected to each land block, brought closure to that part of our history and symbolised setting ourselves on a future pathway,” Anaru says.

“Our settlement was never going to be about our generation: it was always about remembering those from the past and a promise to those yet to be born – Ngāti Maru Tuatinitini.”

As a consequence, the connection between Ngāti Maru and the whenua was severed, and generations suffered economic, social, cultural and spiritual hardship, the Crown said.

“You could see our rangatahi around the marae all that day, holding onto our titles. That spoke to what the settlement is all about. It’s about our future, and here is our future – these young ones.”

“The breaches acknowledged on that day were not only those in our distant past, they were matters in our lifetime, events that directly affected the people who many of us know and knew,” Anaru said.

The 16 titles are for seven sites, including Pūrangi Domain, returned as ordinary property and another nine, including Tarata Domain, returned as reserves.

“For all of us, it was a time to reflect on that experience of loss and dispossession at the hands of the Crown. It was also a time to reflect on the impact on our people and on the subsequent struggle for survival.”

“But above all, it was a reminder of our resilience – that we did survive. We maintained our identity and we can draw upon that collective resilience as we look into the future.”

A highlight of the day was receiving the land titles.

“We invited our mōrehu tauheke – our rangatahi – to receive the titles from the Minister.”

Holden Hohaia, chair of Te Rūnanga o Ngāti Maru (Taranaki) and Te Kāhui Maru Trusts, says Te Pūaotanga o Maru i te Atatū was the culmination of many years of effort by many people.

“We were the ones carrying that kaupapa on their behalf on the day. The Crown apology and the return of our land titles brings our settlement journey to an end, but the opportunity is there now to forge a new relationship with the Crown based on equality and mutual respect.”

“Our task now is to set a new framework for a Tiriti-based relationship moving forward.”

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 21

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TE PŪEATANGA KI TE AO Ko te whakaahuatanga o te hononga i waenga i ha Ngāti Maru me te Karauna, i ngā whakatupuranga e hia nei, ko te rironga o te whenua, o te tangata, o te tuakiri hoki.

Nā ngā takahanga maha a te Karauna i te Tiriti o Waitangi i haere manene ai a Ngāti Maru i tō rātou anō kāinga tupu.

For generations, Ngāti Maru’s relationship with the Crown has been characterised by the loss of land, of life, and of identity.

The Crown’s many breaches of te Tiriti o Waitangi/the Treaty of Waitangi left Ngāti Maru feeling like refugees in their own homeland.

Nō reira, e whakapuaki ana te Karauna i tēnei whakapāha tōmuri rawa e whai ake nei ki ngā tūpuna, ki ngā uri whakatupu, ki ngā hapū, ki ngā whānau hoki o Ngāti Maru:

Accordingly, to the tūpuna, descendants, hapū, and whānau of Ngāti Maru, the Crown offers the following long-overdue apology:

E whakapāha ana te Karauna mō hāna mahi i pakaru ai te pakanga ki Taranaki, ā, e whakapāha ana hoki ia mō te orotā me te whakakiwakiwa o ngā pānga mai i hēnei mahi ki ngā tāngata o Ngāti Maru.

The Crown regrets its actions that led to the outbreak of war in Taranaki, and apologises for the destructive and demoralising effects these actions had upon Ngāti Maru peoples.

E whakapāha kau ana te Karauna mō te tūkino ā-ture o tana raupatu i Taranaki. Matapōkere ana te raupatu kurī noa o tētehi haurua o te rohe o Ngāti Maru, ā, e tino whakapāha ana te Karauna i tēnei ‘raupatu take kore’.

For its unjust raupatu in Taranaki, the Crown apologises unreservedly.

Its confiscation of half of the rohe of Ngāti Maru was indiscriminate and unwarranted, and the Crown deeply regrets this ‘confiscation without cause’.

Inā kē te hinapōuri o te Karauna, ā, e whakapāha ana ia mō te tārewatanga o te rerenga māori noa o te ture, mō te tūkino ā-ture o tana mahi, o tana whakamanene hoki i ngā uri o Ngāti Maru i mauheretia ai mō tā rātou whai wāhi atu ki ngā kaupapa o te papare i runga i te maungārongo.

For the suspension of the ordinary course of law and the unjust treatment and exile of Ngāti Maru peoples imprisoned for taking part in campaigns of peaceful resistance, the Crown expresses profound remorse and apologises.

E tino whakapāha rawa atu ana te Karauna mō ana mahi tūkino i Parihaka, mō ngā uauatanga me ngā mamaetanga hoki i pā rā ki ngā uri o Ngāti Maru i muri mai nā aua mahi rā.

For its unconscionable actions at Parihaka and the ensuing hardship and heartache Ngāti Maru peoples suffered as a result, the Crown is deeply sorry.

E houtupu ana te whakapāha a te Karauna mō aua mahi nā reira tō koutou iwi i tata kore ai e whai whenua, i motu ai tō koutou hononga ki ō koutou whenua, i pā kinotia ai te hia nei whakatupuranga o tō koutou iwi e te uaua me te ngau kino ā-ōhanga.

For those actions which rendered your iwi almost completely landless, severed your connection to your whenua, and inflicted economic hardship and suffering on generations of your people, the Crown sincerely apologises.

E whakapāha ana te Karauna i runga i te ngākau whakaiti mō te āhua o tā ngā takahanga a te Karauna i te Tiriti o Waitangi whakatumatuma i tō koutou Marutanga, mō ana hara ki ō koutou tūpuna, mō tana tukituki ki ō koutou hapori me ō koutou rangatira, mō te whakararuraru hoki i te oranga ā-ahurea me te oranga ā-wairua.

And for the ways the Crown’s breaches of te Tiriti o Waitangi/the Treaty of Waitangi have threatened your Marutanga, offended against your ancestors, undermined your communities and your leadership, and compromised your cultural and spiritual well-being, the Crown humbly apologises.

E whakaae ana te Karauna ko te kaha o te iwi o Ngāti Maru ki te whakaora anō i ha ia e tino whai hononga ana ki te whenua, ki te awa me ngā taonga o tō rātou rohe. Mā tēnei whakataunga, mā tēnei whakapāha hoki, ka ū te Karauna ki te tuitui i tētehi hononga taimau ki a Ngāti Maru i runga i te pono o tētehi ki tētehi, i te whakaaro nui me te mahi tahi, i runga hoki i te Tiriti o Waitangi me hōna mātāpono.

The Crown recognises that the resilience of Ngāti Maru iwi is connected intrinsically to the whenua, awa, and taonga of their rohe. Through this settlement, and with this apology, the Crown commits to building an enduring relationship of mutual trust, respect and cooperation with Ngāti Maru based on te Tiriti o Waitangi/the Treaty of Waitangi and its principles.

Tēnei au e te motu Ko te kī mai a te ao nei Kia hoatu hōna hara ki te rangi Hau tina!

Haere mai te taonga!

Here I am The world instructs us To release the burdens of the past To the cleansing winds Bring forth the blessings and opportunities of the future!

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 25 Minister for Treaty of Waitangi Negotiations, Hon Andrew Little

NGĀ KAUPAPA O NGĀTI MARU On Friday and Saturday, the rangatahi were well-represented in all codes and did very well in E sports, cross country, golf, basketball, touch, kī-o-rahi, netball, relay, sack race, tug of war, march pass, debate and Kapa Haka on Sunday.

My favourite part about Tū Mai was playing touch with my cousins and uncles and watching one of my uncles score a try. We placed 3rd overall and look forward to the next Tū Mai event in 2023.

Kia ora, I’m Paerangi King-Cassidy and I am going to talk about some of the Ngāti Maru kaupapa I attended.

Let’s start with Taranaki Tū Mai 2022.

On Thursday before the event started, we went to the Hāwera Hub to set up our Iwi marquee. The following day we met our Ngāti Maru whānau at Taiporohēnui Marae in Hāwera, where all the Taranaki tribes gathered for the pōwhiri.

26 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

On January 8th 2023, we went back to our forest in Te Wera to learn about where our ancestors lived and how they survived. We started at Kahouri Bridge and Uncle Anaru taught us about Ruaputahanga and how they were going to build a bridge straight across the land and the road will go straight through.

We were excited to go to Te Wera and we camped there for 5 days, and it was a great experience to share with

my Ngāti Maru cousins. We played spotlight every night, had a movie night, we walked right to the top of the hill to see the sunset over our lands, learned more about our history and kapa haka.

We had three groups and we had to come up with a name, a chant, a play and our group names were ‘Red Stags’, ‘Kuzzies with a K’ and ‘Dumplings and Pūhā’. Our groups prepared our skits for a concert for our whānau who came out to the camp to watch us perform our skits and kapa haka.

On one of the days, we spent time on the wai kayaking, had a mud fight and had fun learning new water skills. We hiked to the top of Te Wera Forest to visit an old pā site of Ngāti Maru and that was awesome. We also had an amazing race with different challenges which was very fun. After the amazing race we had a slip and slide which everyone loved. We also enjoyed the fun activities at the Te Wera camp

One thing I’m most grateful for is through all of these opportunities I’ve been able to connect and grow closer to my whakapapa, whānau and te ao Māori as a whole.

Pōtiki Hohaia

like archery, the obstacle course, the balance plank, the fort and the flying fox. We had Jiu Jitsu with Jayden as well and learnt some self defence moves.

One of the greatest things about camp was that we didn’t have to use technology because all we wanted to do was play outside with our cousins. We had no Wi-Fi and none of us kids cared because we were there for the fun and to spend time back on our whenua.

On the final day of camp, we went to the new Stratford pools called Wai o Rua, which has a mauri stone from Pūrangi that was placed there by Ngāti Maru. Our Uncle Anaru taught us about Ruaputahanga and our whakapapa at the pools too. I can’t wait for the next camp in 2024.

The last kaupapa I’m going to tell about is the pōwhiri for the Kiwi Release in Wellington, at Pipitea Marae. The purpose of us going was because the kiwi were mokopuna of Ngāti Maru kiwi that were originally from Te Wera and other parts of Ngāti Maru country.

The Ngāti Korokī Kahukura people from Waikato brought the kiwi from Maungatautari and gifted the kiwi to the Taranaki whānui tribes and Ngāti Toa Rangatira. It was a great opportunity for me to carry the kiwi alongside my cousin Pōtiki. I also got to touch the

korowai which was made from kiwi feathers. One of the women from Save the Kiwi let us see the kiwi up close.

There were 25 kiwi released that day and more were being released the next Tuesday on the hills above Mākara. It was another great experience.

huge hill next to the cabins and saw all our whenua. The area was huge, and we were told that it was only a tiny portion of the land that Ngāti Maru owned. The whole experience was very peaceful and all the kids loved it. Even though it looked like all the other farms and hills in the country, knowing it was part of our iwi made it very special to me.

Kia ora, ko Pōtiki Hohaia tōku ingoa.

I’ve been asked by my aunty to write a kōrero for the Ngāti Maru annual report talking about some of my experiences as a member of the iwi.

Reheko!

Another lucky experience that I attended was the kiwi release. Ngāti Maru was alongside Taranaki Whānui ki te Upoko o Te Ika and welcomed the kiwi and their kaitiaki from Tainui.

The kiwi were originally from Ngāti Maru whenua, then moved to Ngāti Korokī-Kahukura, before being moved to Wellington to be released into the wild up along the coast. While at Pipitea Marae in Wellington, two of the Kiwi were brought out of their cages. I had never seen a kiwi up close before so this was very exciting. There was also a huge kahu kiwi that was brought from Te Papa (the national museum) for the occasion. My pāpā wore this while he spoke on behalf of Ngāti Maru. It had intricate tāniko borders and it looked very flash.

One of the most memorable things I’ve done with the iwi is definitely the Te Wera forest youth camp that we had at the start of the year. The whole event was incredibly fun and I got to meet so many new cousins that I didn’t even know I had! I also really enjoyed walking through the ngahere and being able to learn about the many different types of rongoā that you can find and use like kawakawa for a sore puku. Uncle Anaru also took us to go see an old Ngāti Maru pā site that would be used during the summer. It made me think about our tūpuna and what life must have been like back in the rā.

My favourite part of the youth camp, however, was when we walked up the

One thing I’m most grateful for is through all these opportunities I’ve been able to connect and grow closer to my whakapapa, whānau and te ao Māori as a whole.

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 27

CHAIR REPORT Te Kāhui Maru LP Kei ngā uri o Maruwharanui, tēnā rā koutou katoa. Tēnā anō tātou i te āhuatanga o hō tātou tini aituā o te wā. Nei rā mātou e whakatakoto nei i ngā mahi mō te tau kua huri ake nei.

Te Kāhui Maru Limited Partnership (‘TKMLP’) is the commercial arm of Te Kāhui Maru Trust (‘the Trust’). Our role is to manage the pūtea commercially.

we are still building out our asset base to deliver reliable operating earnings.

We are confident in our strategy, however, the outlook for FY24 in New Zealand has headwinds that will likely see suppressed earnings across several domestic asset classes, so we expect a modest result this coming year as well.

OUR BACKGROUND

This year proved the most challenging since our foundation, however, we managed to make an operating profit of $1.2m and our total profit was very similar. This amounted to a 3.1% return on opening equity.

TKMLP was established in 2018 with its own board and commercial mandate.

This separation from the wider work of the trust is regarded as best practice for iwi. It gives transparency and accountability for commercial performance, while leaving the Trust with ultimate control.

This is below our medium-term average operating return of 3.7% and our longterm target of 4.0% - 4.5%, but it is more resilient than many other investors and

We were formed pre-settlement, thanks to our negotiators securing an on-account payment against the commercial redress owed to Ngāti

28 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Maru by the Crown. However, our capitalisation is still underway as we received the final cash quantum just before the end of the last financial year but Te Wera Forest land is still to be moved across to the LP. As was discussed last year, receipt of on account funding has meant that we were able to get investing early and our investment history is longer than our settlement history.

Ngāti Maru’s total financial quantum was $30m and settlement was officially June 2022, yet we have already grown our balance sheet to $40m.

We have been fortunate with market timing and with the relationships we have been able to leverage to access quality investment opportunities. This shows the benefit of allowing iwi control their own destiny.

We are new and developing but we have good networks and relationships, especially with our Taranaki whanaunga.

This can deliver better investment opportunities than we can get on our own.

We like to do this with other iwi. We are comfortable with smaller stakes. This collective approach gives us the scale, efficiency and credibility to approach best quality assets.

We had total assets of just under $40m at year end. Just under 30% of this was in cash and financial assets, the remainder has been invested into a variety of direct assets in line with our strategy.

• We continued to allocate capital to our agribusiness collective, Pūainuku.

Notably we participated in the final

LAND BANK ~30%

2.5% - 7.5%

TAI-HEKENGA AND OTHER LEASES

2.5% - 7.5%

IMPACT INVESTMENT

COMMERCIAL PROPERTY

FOREST LEASE CFL 7.5% - 12.5%

PRIVATE EQUITY (TPT)

LONG TERM G

RO

2.5% - 7.5%

W TH

5% - 10%

BTR HOUSING 7.5% - 12.5%

LOCAL AGRIBUSINESS 2.5% - 7.5%

DIVERSIFIED AGRIBUSINESS

ENERGY & INFRASTRUCTURE 2.5% - 7.5%

NZUs

TKMLP TARGET PORTFOLIO GR O

This all means we prefer direct investments, that is taking stakes directly in physical assets or businesses. Our focus is quality assets, in industries with sustainable performance, strong governance and management as well as fit with our overall portfolio.

• We acquired two Crown properties (land only) in the rohe. These are Stratford Primary School and the Stratford Police station. Our total investment was $2.4m.

0% -2 10

We are good at working with others.

We are in it for the long term, and we are happy with volatility in individual investments so long as we manage this across the portfolio. We also have a scale that, while we’re not the largest, does give some advantages over the longer term.

After a busy few years since foundation, FY23 was a quieter year for brand new investment activity.

INCOME 45-60%

We go about filling these risk allocations with assets that we think appropriate.

This selection is informed by a realistic assessment of our strengths and weaknesses.

OUR PROGRESS TO DATE

% -40

As an investment holding company, we look to invest in a diversified range of assets so that the overall portfolio can deliver reliable income to Te Kāhui Maru Trust and the ability to reinvest for the future. This balanced approach is common for many iwi and it drives our portfolio and risk allocation.

• We completed our initial strategic allocation to managed funds, adding a further $1.4m. We did this for strategic reasons, in the face of forecast weak economic conditions.

We don’t seek to time the markets, but we are fortunate to have been handsomely compensated this year for the level of risk.

25

OUR APPROACH TO INVESTING

• We made further contributions to our portfolio of property via the Hāpai whānau.

Our long-term goal is to have around 15 good quality assets of differing risk levels and a small portfolio of financial assets giving us wider global exposure.

TH

TKMLP has three directors: Bronwyn Koroheke, Anaru Marshall and me as chair. We are comfortable that a board of three can oversee the portfolio efficiently and does not add unnecessary cost. However, we will be looking to replace Anaru over the coming 12 months and will seek to put in place an associate director to assist with building capability and longer term succession

settlement of a large parcel of kōura quota. This and other capital calls saw us increase our investment by almost $1.4m.

We use financial assets (such as managed funds that invest in stock markets) to allow for easy diversification into risk areas (and geographies) that we otherwise cannot easily access.

W

OUR DIRECTORS

7.5% - 12.5% GROWTH FUNDS

PROPERTY DEVELOPMENT

2.5% - 7.5%

5% - 10%

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 29

>>

TE KĀHUI MARU LP PORTFOLIO BY ASSET CATEGORY - CURRENT

PROPERTY DEVELOPMENT: 4% TE PŪIA TĀPAPA: 5% DIVERSIFIED AGRI: 12%

CASH: 29%

GROWTH FUNDS: 5%

BTR HOUSING: 6%

COMMERCIAL PROPERTY: 9%

CROWN LEASEBACKS: 24%

LOCAL CROWN LEASEBACKS: 6%

>>

OUR KEY ASSETS Pūainuku Whānau The Pūainuku whānau is a grouping of 12 iwi investment entities (including several from Taranaki) formed to invest in scale agribusiness.

The Pūainuku whānau vehicles are all chaired by myself, on behalf of the wider collective.

return of 19% and the total return (including valuation uplifts) of 36%.

This year was a slightly different story.

Weakness in milk prices on the back of a less than robust Chinese economy, coupled with increased farm costs, all impacted the returns for the year.

DHL is the most efficient scale dairy farmer in the country and runs a closed system. This helped protect its performance this year and we were still able to make a total return of 3.1%. This is below DHL’s high standards but when compared to other dairy farms, even in a good year, this is a good result in the circumstances. Our average annual total return since inception is 15.5%.

Pūainuku Pastures Pūainuku Pastures was formed just before the end of the FY21 year. It took a minority (13%) stake in New Zealand’s largest dairy farmer, Dairy Holdings Limited (‘DHL’).

DHL has the scale to run best practice environmental management backed by high-quality land. I joined the DHL board as an observer on behalf of Pūainuku.

We had exceptionally strong performance in FY22: an operating

30 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Pūainuku Vines Pūainuku Vines was the second Pūainuku vehicle formed. It focuses on vines and hop land and acquired three vineyards in Marlborough in September

2021. These are all leased to a wine grower, and we do not take biological risk.

The rental terms were well negotiated by the Pūainuku team and linked to CPI. This helped this investment to achieve a 5.5% operating return and a total return of 19.9%. Our average annual total return since inception has been 30.9%. .

Pūai Tangaroa Pūai Tangaroa was also formed in September 2021, with fundamentally the same group of investors, to invest in fishing quota. It acquired an unusually large 26-tonne parcel of kōura quota, with the annual catch entitlement (“ACE”) being sold to iwi-owned Port Nicholson Fisheries. Final capital was only committed in March 2023. This delivered an operating return of 3.2% this past year. While this asset is highly exposed to China, pricing has held up. Nevertheless, we bore this risk in

mind when making our modest $1.5m commitment.

Hāpai Whānau The Hāpai whānau is an iwi collective formed to pursue opportunities in the property sector.

Hāpai was developed to meet the iwi need for scale, efficient property investment and now covers commercial, housing and development. TKMLP was one of the original six investors in Hāpai.

Trustee and director Bronwyn Koroheke represents TKMLP on the board of the three Hāpai whānau vehicles.

Hāpai Commercial Property Hāpai Commercial invests in high-quality commercial properties to deliver stable and growing income.

It has assets in Auckland, Tauranga, the Hawke’s Bay, Christchurch, and Dunedin, with further assets under development in Dunedin and Auckland.

Commercial property has obviously been under pressure on a valuation basis as interest rates have increased and hence discount rates have risen.

Hāpai Commercial delivered an operating return of 4.9%, broadly stable with prior years and in line with budget.

This reflects the quality tenant mix and long leases (WALT of ~14 yrs).

There was a valuation drop of 5.0% taking the total return for the year to -0.1%. As mentioned, this was unsurprising given changes to interest rates. We think pressure will continue in the short-term on values but we are confident in the quality of the buildings and the long-term growth. Since inception the performance has been fantastic with an average annual total return of 23.4%.

Hāpai Housing Hāpai Housing is focussed on delivering new build housing for long-term rental. It sources good-sized sites, near transport nodes, and creates modern, medium-density blocks that are attractive to the commercial rental market.

Through FY23, Hāpai Housing had two projects under construction in Auckland and others in the pipeline. The first of these projects, Moroki, in Tāmaki, was finished just as the year drew to a close.

Moroki will provide fifty rental units.

Thirty of these will be at market, and twenty will be affordable. Access to the affordable units was made available on a preferential basis to investor iwi.

Moroki housing project (Glenn Innes, Tāmaki Makaurau) being developed by Hāpai Housing LP

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 31

>>

>>

This process was managed alongside our affordable housing partner, Ka Uruora. Candidates had to be enrolled in their programme and work through the financial capability training.

We’re delighted that as of writing, Ngāti Maru affiliated uri have been allocated three of the twenty affordable units.

Hāpai Housing delivered a remarkable 12.4% operating return this year, but this included a significant one-off some from a dispute settlement. The total return since inception for this investment has been 11.4%.

Tai-Hekenga

Te Pūia Tāpapa

Tai-Hekenga is a consortium of Taranaki Whānui linked iwi that has collectively purchased a large portfolio of Crown leaseback land in Wellington including schools, courts and specialist properties used by the Department of Internal Affairs. The assets are land only. The improvements, and hence the bulk of the seismic risk, remains with the Crown.

TKMLP is an investor in Te Pūia Tāpapa (‘TPT’). TPT is a grouping of 26 iwi and Māori investors seeking to partner with existing NZ institutional investors on large-scale private investments.

In FY23, Tai-Hekenga acquired the final property available to it. This was the land under Thorndon School, in the parliamentary district of Wellington.

Tai-Hekenga was one of our earliest investments and has been a striking success. We invested $5m in FY20 and our stake is now valued at $9.5m.

Hāpai Development Hāpai Development undertakes commercial and industrial land and building development.

One project is underway in Christchurch and was due to sell in FY23 but this will now occur in FY24. Hence the operating return was lower than expected at 4.4% but the total return, which included the value uplift that would be gained in the sale, came in at 21.7%. There is a second project underway in Auckland (Beachlands).

32 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

As an income-style asset it has also had valuations impacted by rising rates in the past year but has performed well still. In FY23 Tai-Hekenga delivered an operating return of 4.2% and a total return of 1.6%. The annual average total return since inception has been an exceptional 24.9%.

The goal is to get broad exposure to the NZ economy through this vehicle by leveraging experienced partners and their deal channels. TKMLP has committed $3m out of a total of TPT’s $115.5m.

Again, this was one of our earliest investments. It took time to get going and so had some slower years but has got more momentum recently. TPT now has given investment from trucking to healthcare. These are small stakes, taken alongside other investors, often private equity funds.

Total return is a more appropriate measure of this investment than operating return and the total return in FY23 was -3.4%. The annual average total return since we first invested is 0.6%.

TOTAL RETURN

TOTAL RETURN

1.6%

-3.4%

ANNUAL AVERAGE TOTAL RETURN

ANNUAL AVERAGE TOTAL RETURN

24.9%

0.6%

With settlement now completed, we have opportunities to purchase Deferred Settlement Properties (“DSP”) and Rights of First Refusal (“RFR”).

Managed funds We have begun investing a small portion of our portfolio into managed funds to diversify our risks, notably by taking exposure to operating businesses, especially overseas.

We have committed $1.8m into three funds and this was completed this year.

The managers are Aspiring, Milford and Castle Point. We selected these managers and funds using expert independent advice. It is likely we may add some more funds exposure in the coming years.

We know not to try and time the market, but our timing turned out to be good.

We invested near the lows and we have benefitted from the upswing that was always going to come, even if we didn’t know when.

Managed funds are also best assessed on a total return basis and this year (first year of holding) the portfolio delivered 5.5%. This is about on target for the balance of risks we have adopted, however was highly divergent across our portfolio with growth-oriented funds flourishing and the value-focussed funds suffering.

properties delivered us annualised operating returns of 6.2% this year and we expect long-term returns will remain similar.

Settlement properties

• Operating income principally from direct investments Tai-Hekenga, Hāpai whānau, Pūainuku whānau and interest on cash deposits.

OUR DETAILED FINANCIAL RESULTS Our operating profit before interest was $1.2m and our total profit was $0.9m.

This is down on last year.

With settlement now completed, we have opportunities to purchase Deferred Settlement Properties (“DSP”) and Rights of First Refusal (“RFR”).

• Costs have risen slightly on previous year, driven by inflationary pressures.

We purchased our first two properties in this past year: the Stratford Primary School and the Stratford Police Station.

Both properties are land only and in both cases we lease that land back to the Crown for a dependable yield. These

• Revaluation loss of c. -$0.1m driven by losses in Hāpai Commercial and Tai-Hekenga. These were offset by gains in Pūainuku Pastures, Vines and Tangaroa.

OUR FINANCIAL RESULTS FOR FY23 FY23 $m

FY22 $m

Operating income

$1.4

$1.3

Operating expenses

$0.2

$0.1

Operating profit before interest to TKMT

$1.2

$1.2

Interest Expense

$0.1

$0.0

Operating Profit

$1.1

$1.2

Other comprehensive income

$-0.2

$2.9

Total comprehensive income

$0.9

$4.1

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 33

>>

We track ‘real reserves’ to ensure uri can see that the commercial asset base of Te Kāhui Maru is keeping up with inflation and population growth.

>>

We paid a distribution of $800k to the Trust in FY23, up significantly from $440k last year, in part reflecting our higher capitalisation.

RESERVING We track ‘real reserves’ to ensure uri can see that the commercial asset base of Te Kāhui Maru is keeping up with inflation and population growth.

We make allowances for how much money we would have needed to have made since inception to allow for these

two forms of inflation. Any equity we have built above this we count as ‘real reserves’.

This is an economic not an accounting concept but it can be a good indicator of inter-generational equity. If we are not generating real reserves then we might not be re-investing enough. If they are too high, then we might be holding back too much.

These calculations are detailed in the table below.

TE KĀHUI MARU - KEY STRATEGIC PERFORMANCE METRICS

Year ended

FY23

FY22

30-Jun

30-Jun

Results

$m

$m

TKMLP operating profit (before tax, donations and interest)

$1.2

$1.2

$0.9

$4.1

TKMLP profit (before tax, donations and interest) Planned FY24 Distribution

$0.8

$0.4

$39.5

$39.8

Capital contributed by TKMT

$32.0

$32.3

Reserves needed to cover inflation to date

$4.2

$2.3

Reserves needed to cover population growth to date

$1.6

$1.0

Real Reserves created over and above allowances for inflation

$1.7

$4.2

Total Equity per LP accounts

$825k

less

34 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

TOTAL EQUITY - RESERVING BASIS $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $

FY19

Captial Introduced

FY20

•

FY22

Population/Inflation Allocation

While it is early days, since being formed, TKMLP has created around $1.7m of value above that needing to match inflation and population growth (measured using publicly available data). We will calculate and report on this each year. While there is no formal goal, 2 – 5 times our annual distribution is considered adequate and that our distribution policy is appropriate.

•

FY21

Further capital called across the Pūainuku whānau. At time of writing there was a new vines investment being finalised and we will participate.

Ongoing investment by Te Pūia Tāpapa.

•

•

FY23 Real Reserves

The transfer of Te Wera Forest and its NZUs to the LP. NZUs are New Zealand Units; carbon credit units within the Emissions Trading Scheme (ETS). We are working on a long term policy towards the management of NZUs, which are a volatile financial derivative.

We expect there to be tough times at our dairy investment.

at Te Kāhui Maru Trust, in particular Angela and Leah. I also want to thank Koau for their management support.

Thanks also to our Board for their support and work during the year.

Nō reira, tēnei a Maru te weu nei, te aka nei, te tāmore nei kia matomato te tupu mō tēnei whakatupuranga me ngā uri e haere ake nei.

We have committed to an $825k distribution to the Trust for the FY24 year.

CONCLUSION I would like to end by thanking everyone that supports us: our accountants, VBW, especially Adrian and Ellen and the team

Jamie Tuuta Chair Te Kāhui Maru LP

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 35

CONSOLIDATED FINANCIAL STATEMENTS Contents

37 Directory 38 Consolidated Statement of Comprehensive Revenue and Expenses 39 Consolidated Statement of Changes in Trust Capital 40 Consolidated Statement of Financial Position 41 Statement of Cash Flows 42 Notes to the Financial Statements 59 Audit Report

36 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

TE KĀHUI MARU GROUP DIRECTORY FOR THE YEAR ENDED 30 JUNE 2023

!#$ %& $' $( ) # & *+ +,./$* 0.0, 1& $ 23$4 * 44

526938 928 1 89 13931 165652 7929 5837261 1 8258593 1 9 85 7 5:5

3 * 2 & 4

9 79 31 9 85 7 5:5

;* < $ $

5392858=53 1 53961 9 5 7 38> 95:51 7 : 7 72 5? 9 5 7 @5 5896 7 829 35 ? 7 A 70 7 587749 38726 9783@5 5896BD44928585937 961 5 54965299:E974726B 9 3853 169 2967=7897 1 5698 38993726129766531 =8 3899B 9@5 5896 7 829 35 53 169 2967=7897 1 8 99 65 9 81 3B

$4 4

F 12:=2 1 1 9G9 H54992I744 I14692I1 757J0 75 9 312K L7= 126 87 7 94 7 7 7 7 L1:927I92 =MD66531 = 3899

4

O7 59 87J0 75 9 312K D27 7 3744 F 12:=2 1 1 9G9

3&*P 4

D 38 745799:E974726F72G52 1 JD9EK F72G1 99:E974726JF9EK FF72G@5 5896J FK

< Q 4

992:116L1 9?R94452 812 F 11G 59463@7:=9 3?D G4726

S#& +T $* &*

U727 : 7=0 7 89 96D 1 287283@5 5896

T$+ 4

54G3D 6580 7 89 96D 1 287283@5 5896

T++ 44

VW1 2 8 998B99: 4= 1 8B AF1Y Z ?52 49:116 012314567896 5272 574 8789 9283 9 5 7 1

7 9 1

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 37

TE KĀHUI MARU GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE REVENUE AND EXPENSES FOR THE YEAR ENDED 30 JUNE 2023

! "#$%&'$(&%&'*' & + *,-'.' !#/' 0'/' 1'% $23,' !'!

5'67.1#8%-19- 1, : -&.';'%-' $'$<=>1 '@=@<

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0 7 587f49g538 5f 85123 0 7 587f49g12785123 Y6 78512 7283 3899g53 985127 [ 7283 i 727 Cj57M9 g538 5f 85123 5 &%"d#!&-#e1&# !% $9-% &!

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0 72 952 75 74 91 C2M938 9283

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929 74WX6 52538 78512 1M9 2729YZ 92393 C2M938 928 727 9 928 01 258[726Y2 7 9 928 1 933512747260123 4872[ 993 87 YZ 92393 5 &%"23,' !'!

B,'-%&#_a- +#& bc *'5%3

C21 987Z9Z 9239

d#!&-#e1&# !% $9-% &!

B&.'-9%#!% $ !!'!

38 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

N K

IH

These financial statements are to be read in conjunction with the accompanying notes.

TE KĀHUI MARU GROUP CONSOLIDATED STATEMENT OF CHANGES IN TRUST CAPITAL FOR THE YEAR ENDED 30 JUNE 2023

! " !$! % & '! ()* + (!,-&* / )*0) *+ 1 )&!2! )! ! 345* !6463 J;F;=K8;:LMOH=8PMPQ X98 43 J;F;=K8;:LMOH=8PMPP

78:;<=8>?;@=<=AB RSTUVSW T UVSTZRS U [\]M^\]_\P

DE:;F?GH<:I RSTUVSW T UVSTZRS U [\]M^\]_\P

J;F;=K8;:LMOH=8PMPP X98 43abc9 5 58 J;F;=K8;:LMOH=8PMPL

78:;<=8>?;@=<=AB WZST`ZSVZ b ZST T [\]M\M]_[Q

DE:;F?GH<:I WZST`ZSVZ b ZST T [\]M\M]_[Q

These financial statements are to be read in conjunction with the accompanying notes.

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 39

TE KĀHUI MARU GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023

!"#$!%#"#$'$ # () " *" + # ,$-./02"3043 05 6 "#7890 $:8:7 6 $#

033$ #6 $# 073 726 73 9@ 5A749283 K9L81 3726 9 7M 9283 O2A9281 593 O2 1 9 7QS9 95A7L49 9 K9 13583 , #" 033$ #6 $# ; [ 033$ #6 $# 1 9 8ME 4728726\@ 5 928 O2872 5L493 O2A938 928 1 9 8M O2A938 9283S9 1 696780138726 75 ^74 9 , #" 6 $#

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789?;:8:7

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B I

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CC C CN CJ

JEINCEJC NHIEH B EJCBE CJ FEBJDE CH UZVY_YVXZ_

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5 296 1 72612L9 74 1 8 9 17 61 38993 17 8 1 53968 939 5272 57438789 9283 1 533 9

3899 3899 Kg \ 19 October 2023 40 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

These financial statements are to be read in conjunction with the accompanying notes.

TE KĀHUI MARU GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

Statement of Cash Flows

Te Kāhui Maru Group For the year ended 30 June 2023

2023

2022

1,424,550 (607,320) 1,956,466 31,325 414,155 (3,512,931) (196,444) 55,457 (434,742)

8,523,454 1,027,386 (78,724) 6,328,548 20,810 589,164 (2,270,099) (100,619) (13,055) 14,026,865

Cash Flows from Operating Activities

Treaty Settlement Funds Grants received Donations or grants paid Receipts from providing goods or services Receipts from other operating activities Interest, dividends and other investment receipts Payments to suppliers and other operating activities Income Tax Refunded/ (Paid) Net GST Total Cash Flows from Operating Activities

Cash Flows from Investing Activities

Distributions received from investments Payments to acquire property, plant and equipment Payment for intangible assets Purchase for investments Net investment in Term Deposits Cash Flows from Other Investing Total Cash Flows from Investing Activities

723,956 (2,857,915) (63,758) (4,287,512) 10,021,817 (1,920) 3,534,667

686,035 (3,709,869) (4,269,726) (4,506,102) 1,260,204 (10,539,458)

Cash Flows from Financing Activities Loans from related parties

Total Cash Flows from Investing Activities Net Increase/ (Decrease) in Cash

Cash Balances

Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Net change in cash for period

These financial statements are to be read in conjunction with the accompanying notes.

-

-

3,099,926

3,487,407

7,409,872 10,509,798 3,099,926

3,922,465 7,409,872 3,487,407

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 41

TE KĀHUI MARU GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

! "#$%$&#%() % * $ + ,-!.#/%0.10 .3 " 0 ! 4 %0 $5 5678.$ 9796 :;< 3 0 #$>?$ # 4

9 5 7 1 1 5393 9 5 7 38@9 5 7 A5 5896 7 829 3 5 @ 7 B 70 7 587C49 38726 9783 A5 5896D9 5 7 385378 389387C453 96CE78 38699612FGI 4E JF 726533 CK98818 9 38993L8FMNOD9 5 7 A5 5896 7 829 3 5 53745 5896 7 829 3 5 9 5389 9612FGP1Q9 C9 JF @7263 CK98818 9A5 5896 7 829 3 5 L8 JJ D 9 7 B 70 7 587C49 38537 7 587C498 389387C453 96CE78 38699612FR 9C 7 E J J726533 CK98818 9 0 7 58593L8 JJND 9783A5 5896537 9 5389 96 1 72E 269 8 901 72593L8FMMGD 9 527257438789 9283 1 5352 9 5 7 1 7 9 9392896 1 8 9 9 51692696GJI 29 J GD 939 527257438789 92837268 97 1 72E52 218933 7 5398 9 5272574 93 4831 785Q58593 7 5961 8CE 9 5 7 1 D9 5 7 5392 7 96528 9C 3529331 52Q938 928 1 8 9 13931 1Q5652 C929 5837261 1 8 25859381 P 85 7 TU5D 939 527257438789 9283 7Q9C9927 1Q96726U9 97 8 1 5396 1 533 9CE8 9V17 61 38993D 9 139726 93 1235C54585931 8 9 9 5 7 731 845296528 9 38W9965381 995Q9@ 146@ 727 972676 525389 8 9398849 928733983 995Q9612C9 74 1 8 92 51P 85 7 D

9;) % * $ XY&& .$ #$>Z (#&# [%# XZ0 3%0% # $

9 1 73761 8968 9P9U\9747269^ 5Q74928381T289 27851274 5272574_9 1 852 87267 63`_96 96W53413 9 _9 5 9abP\T _ c_W_de733981 8528 9fg89 274_9 1 852 V17 6 3bL 1 2852 87267 63 7 9U1 dD 9 527257438789 92837 9 929 74 139 527257438789 92838 78 7Q9C992 9 7 96527 1 6729U58 929 744E L 9 896L 1 2852 785952P9U\974726abP\ LL deD 9E 1 4EU58 P9U\9747269^ 5Q74928381T289 27851274 5272574 _9 1 852 87267 63abP\T _ de72618 9 7 457C49 5272574 9 1 852 387267 63737 1 5789 1 1 58`1 59289692858593D 9 1 7Q994989681 9 1 8 269 P\T _ c_96 96W53413 9_9 5 91 8 9fg89 274_9 1 852 V17 6738 9 1 537 1 ` 1 58 59 92858E 1 5272574 9 1 852 1393128 9C73538 78586193218 7Q9 C457 1 287C5458E72653747 9 1 ` 1 58 C453981 92858ED 9 527257438789 9283 7Q9C992 9 7 96527 1 6729U58 8 9 9^ 5 9 92831 8 9A5 5896 7 829 3 5 L8 JJ 7268 9 5272574_9 1 852 L8 JFGD

/ %.0 * $ [%

939 527257438789 9283 7Q9C992 9 7 96127 5381 574138C7353D 9 527257438789 92837 9 939289652P9U \97472661447 3aP\ e726744Q74 937 9 1 2696818 9297 938P\ @9g9 8U 9218 9 U53952657896D

$ (#5% # $

9 12314567896 527257438789 9283 1 539 9 5 7 38a9 5ea e@9 5 7 A5 5896 7 829 3 5 aA5 5896 7 829 3 5 ea A e@ 7 B 70 7 587C49 38726 9783A5 5896D 9 5 7 38U739387C453 96128 9FG8 I 4E JF D9 5 7 A5 5896 7 829 3 5 U73 9 5389 96128 9FG8 P1Q9 C9 JF D 9 7 B 70 7 587C49 38U739387C453 96128 9FR8 9C 7 E J JD 9 5 7 38 73968 93 7 9352 9783A5 589612FRW99 C9 J FD

*3%0% # "#>.0

9 J 5 93 1 9783A5 58967 9 1 FRW99 C9 J F81GJI 29 J D

42 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

/ %.0 * $ [%

939 527257438789 9283 7Q9C992 9 7 96127 5381 574138C7353D 9 527257438789 92837 9 939289652P9U \97472661447 3aP\ e726744Q74 937 9 1 2696818 9297 938P\ @9g9 8U 9218 9 U53952657896D

TE KĀHUI MARU GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

$ (#5% # $

9 12314567896 527257438789 9283 1 539 9 5 7 38a9 5ea e@9 5 7 A5 5896 7 829 3 5 aA5 5896 7 829 3 5 ea A e@ 7 B 70 7 587C49 38726 9783A5 5896D 9 5 7 38U739387C453 96128 9FG8 I 4E JF D9 5 7 A5 5896 7 829 3 5 U73 9 5389 96128 9FG8 P1Q9 C9 JF D 01 29 7 34212 5 B 367870 98 7 97 25 9827 3C4 39824 38U739387C453 96128 9FR8 9C 7 E J JD 9 5 7 38 73968 93 7 9352 9783A5 589612FRW99 C9 J FD

*3%0% # "#>.0

9 J 5 93 1 9783A5 58967 9 1 FRW99 C9 J F81GJI 29 J D

!"#$%!&'')*!+%!",)-%'%#$ 53 359.3/33881 598 34789 1 8278 17 734 78 253039 1 012314567896 52725748789 9283 9 5 7 1

2))4$ !45#67%'#$8 9

7 9 1

53 1 74 3 7423 3 1 1: 9 1 8249 342923 3; 47.31 11 498 43 .7 3429;< =3; 3 2 1 9 1 824 909/3 98 9 1 824 3 37.9/3?57 59 342923 78 47.31 1 538329 1 821 3 37.9/3 1 @1 909/321253A898 B3.38 37478 3 94 9 21 253 3 37.9/341 909/3478253 42923 3821 7898 79 14727181

C$#)DE$+%F +#$ !4G*4"#F#!+$ 53 3 9 927181 7898 7942923 3824 3H 7 34 989 3 38221 9J3K 3 3824@3427 923498 944 2718425929 3 2253 9 7 927181 9 1 8278 17 73498 253 3 1 23 9 1 8241 944324@79/772734@78 1 398 3; 384341: 2 9 34 24 90 7 3 1 253433427 92341 L427 923498 8 3 078 944 271849 3.73?3 189818 178 /94741B3.7471841 9 1 823427 92349 3 3 1 8743 78253 3 71 78?57 52533427 92374 3.743 98 78980 2 3 3 71 49 3 23 1 A8 9 27 9 @25378 1 927189/1 247 87 7 9829 3941 3427 92718 8 3 29782098 727 9K 3824789 078 9 1 8278 17 734259259.3253 14247 87 7 9823 3 2182539 1 82 3 1 8743 78253 7898 7942923 38249 3 34 7/3 78253 11?78 8123M N 0123OPQA8.342 3824B3 1 3 92697 R9 398 142 A8 3 781 3 9278 78 1 374253459 31 1 724 1 97S3J38 9U7 723 9 283 457 @ 3 V79 9 9U7 723 9 283 457 @ S 971 3 79 1 3 20U7 723 9 283 457 @S 97W3.31 382U7 723 9 283 457 @S 97S1 478 U7 723 9 283 457 @ V978 J 942 34U7 723 9 283 457 @ V978 J R7834U7 723 9 283 457 98 V97 98 9 19U7 723 9 283 457 94 74 143 788123X1 53 39418 1 257474259278 989 3 3824.73?253892 31 25378 1 3594 329783 724 59 9 23 321253 1?

25 1 51 78 1 321 U 1

YFZ %6F#!+ [\]^`abcdefcdagc]e]hceie af : 7898 7994432812 9 73 92 97 .9 325 1 5 1 721 144749443443 9239 5 3 1 278 92321 323 783?53253 253 374 1/K3 27.33.7 38 3259272747 97 3 1: 7898 7994432747 97 3 7 253 3741/K3 27.33.7 38 31 7 97 382949 34 21 183 1 1 33.382425921 3 9 23 253787279 3 1 8727181 25394432@98 25922531443.382<4=59 987 9 2182533427 923 2 3 945 1?41 2592944322592 98/33427 923 379/01 /K3 27.33.7 38 32592 7898 799443249 37 97 3 78 34 3 9 21 378H 38 0/09 3/21 @ 342 2 78 1 989 1 82 321 3 5 7 9 1823 42592 3 5 7 9 ?1 812 1847 3 1253 ?743@78 7 92718425929 3/21 1 744 3 ?73823 /98J 2 0@9 .3 43 598 3478253 90 3824292 41 /1 1?3 41 744 3 478 3 5 7 9 @3 181 7 18 7271842592 1 3923 ?725 3 9 241 253 749 39 98 31 989 27.3 9 J32 1 943 7201A89 72718@ 1 9878.342 38278983H 72043 720@9 47 87 7 9821 118 3 3 78378724 97 .9 3/31?724 142741/K3 27.33.7 38 31 7 97 3821 c]e]hceie af ae ba`efe \bfc a`h\ f 3 5 7 9 1847 3 43.7 38 31 7 97 382 1 7898 79944324 394 3 929 1 2743 142<198498 3 37.9/3498 53 Q21Q 92 72078.342 38243 72734=92/12594 3 7 7 9443298 13 27.33.31: 78 7.7 9047 87 7 9829443249 3 9443443 1 4 3 7 7 7 97 3821 5143 1 8 81221/34 3 7 7 907 97 3 9 32538 13 27.309443443 1 9807 97 382

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 43

N 0123OPQA8.342 3824B3 1 3 92697 R9 398 142 A8 3 781 3 9278 78 1 374253459 31 1 724 1 97S3J38 9U7 723 9 283 457 @ 3 V79 9 9U7 723 9 283 457 @ S 971 3 79 1 3 20U7 723 9 283 457 @S 97W3.31 382U7 723 9 283 457 @S 97S1 478 U7 723 9 283 457 @ V9KĀHUI 78 J 942 GROUP 34U7 723 9 283 457 @ V978 J R7834U7 723 9 283 457 98 V97 98 9 19U7 723 9 283 457 94 74 143 TE MARU 7 88 1 2 3X 1

5 3 3 9 4FINANCIAL 18 1 2574742STATEMENTS 59278 989 3 3824.73?253892 31 25378 1 3594 329783 724 59 9 23 321253 1?

NOTES TO 25 1 51 78THE 1 32 1 U 1 FOR THE YEAR ENDED 30 JUNE 2023

YFZ %6F#!+ [\]^`abcdefcdagc]e]hceie af : 7898 7994432812 9 73 92 97 .9 325 1 5 1 721 144749443443 9239 5 3 1 278 92321 323 783?53253 253 374 1/K3 27.33.7 38 3259272747 97 3 1: 7898 7994432747 97 3 7 253 3741/K3 27.33.7 38 31 7 97 382949 34 21 183 1 1 33.382425921 3 9 23 253787279 3 1 8727181 25394432@98 25922531443.382<4=59 987 9 2182533427 923 2 3 945 1?41 2592944322592 98/33427 923 379/01 /K3 27.33.7 38 32592 7898 799443249 37 97 3 78 34 3 9 21 378H 38 0/09 3/21 @ 342 2 78 1 989 1 82 321 3 5 7 9 1823 42592 3 5 7 9 ?1 812 1847 3 1253 ?743@78 7 92718425929 3/21 1 744 3 ?73823 /98J 2 0@9 .3 43 598 3478253 90 3824292 41 /1 1?3 41 744 3 478 3 5 7 9 @3 181 7 18 7271842592 1 3923 ?725 3 9 241 253 749 39 98 31 989 27.3 9 J32 1 943 7201A89 72718@ 1 9878.342 38278983H 72043 720@9 47 87 7 9821 118 3 3 78378724 97 .9 3/31?724 142741/K3 27.33.7 38 31 7 97 3821 c]e]hceie af ae ba`efe \bfc a`h\ f 013 5 5736 9 1 8 24972 33 3 43 .7 38 31 7 97 382 1 7898 79944324 394 3 929 1 2743 142<198498 3 37.9/3498 5323 42Q212 1Q 9728 98 7 27907 8.34282348243 72734=92/12594 3 7 7 9443298 13 27.33.31: 78 7.7 9047 87 7 9829443249 3 01 36178 94 8 3 79 7 27 9 7 23 3 89 247 3821 5143 1 8 81221/34 3 7 7 907 97 3 9 32538 1 3 27.309443443 1 9807 97 382 94423342441235 2592594/33878 3 / 28120327 3827 73 1 :4432425929 381278 7.7 9047 87 7 9829 3 13 27.309443443 1 7 97 382/0 1 78 21 3253 944324?72547 79 74J 59 9 23 7427 41 A894434478 13 27.37 97 382 3 5 7 9 43457421 7 92 38 41 253 1/9/77201 3 9 2@25327 78 1 3 1.3 73498 2539 1 821 14478 3 @9 K 423 1 989 3 3824K 3 3829421?53253 3823 181 7 98 3 72 18 7271849 3 4 525922539 29 144349 3 7 3 21 3 3923 1 34425984 3423 57421 7 9 2 38 4 5972 3 82 214947 3 23 17 9 7891 8 3 79 934942332 3 35 9 29 1 5 1427474 4 87 52 2539 8 143443 49 3 2 1 9 34442 984 3 247243 21 97 9 29 2338 9 4 4253 7 3 38 3 32 338724 9 78 28523 348 38324 93 231 25733 2 93 8231 9 25939 41 42 7 5783 9 73 33 3287 37 343287 924 3 !91 4 47384 9 1 87 89279 8 3 14 47 1 9 89482 7 9 79 92344 32 3 49 435 9 12 4 9 17 42 7413 42724 4 493223 9 3 83223 3 9 1 3 3 812 987 2 43 7 8 3 143 78221 9 1 431 49 82 3 432 7 9 23 7 9 39 17842 19 9872834 9 2 12925839 49844 37 7 97 8 93 41 #218#2 9 53 533 2389 89 2 13 9485 1 4 32341 3 35 327 37 3 3242 729 23 !14434 3432 3 8 8 9781 3 192 38 6274748339 7 231942 372138 2 41449 3 8 3 2 3 7 7 9727 53

7 9 189 89 1 98 39 1 829 97842 198498 3 37 9 341 53 #21# 92 72 9 3 1 7$88 283341 4327 4 3 8 2 4 3

7 2 7 3 4

2182537 97 3 94432 18278 3421 3 3 1 8743 %538983 3821 78 9 23 2537 97 382 94 3 1 8743 9434 825137 7 97 3 8244 134242 941 3&23 53

97 83 3 8328 211447 43 2 2 5 9 71 3 7218 2 9 1444 3 1 8743 9434 $285239 3 3 1 42182 3 9 11 82738 342 3 31 837944337 87 %5 389 4 37 83 9 3 525 137 2539 1 821 7 97 382 14421 3 3943&253 3 3943787 97 382 14474 3 3 43 25 1 5 1 721 144

'()*+,(./01231/45+/*/6+*79::.0: '()*+,(./01231/45+/*/6+*79::.0:

239 5 9 98 3 923&818# 7898 79 9443249 3 9447 73 7821 1 923 1 734;944324 394 3 92 97 9 3<944324 382 32 39235&871 9 32 12 872241 413 9 72 3< 914 47342;47 3 2 1 2 9 29379 9 5 95 9982 3 8# 78798823 789 42 941432449 3 5 933 4478 7 1 3 7 984423284 3 91 4 34 3 9 97 71 92 12 3<5933 44382 1 4 2 5 387 2 43 9 918 43 235 338 1 724 43 7 3<94432478238 3 21 341 71 2125338 1 2537 43 9 7 39<7 998 9 324549324 39 9 5 37 1 9 7 78 39 2382 42 32912 7 434<3924 3 8 9494432 4 9 9 39 3 9 2 9 73 1 9 731 9244 392 498 33 95237 9 78238 421 432125338 1 724 43 7 3&9 3812 3 73 3 1 7 97 382 98 3 9244 392 4 3 9492 3 92 97 9 31 944324 3 5 7 9 78238 421 432125338 1 724 43 7 3&9 3812 3 73 3 1 7 97 382 9 244 392 47 988 23 1 341 71 2125338 1 2537 43 7 31 944324 9 9 3 1 7 392 9 98 3 9239 3 3 73 3 21 38 9323 2 788237 71 8 734 9211 41 717 975 3 3= 74252 3$7 78 437 92 1 7 43 2742 423 7 8292213 922 2 53 434232 47 38 938 2 212 3382 1 31= 74924425339 24 4943 9 33 1 7 139 2 99 79 8 3 3 398 43 332 735 3 19 78 828137 2 5939 4483 27 4 3 79 39 7 3823=742 $ 78 7 921 43=742253944327423423 1 7 97 38221384 32592253 9 78 9 1 323 7 8 7 9231 141 9$ 1 432 1 74 38 211 39 989 434 3274 323 783 213= 33 724 9 78 9 1 822538253 34 278 7 3 38 374 3 1 8743 94 253 832 11 235 39 9 439 447 8 812 712 19 89 144 259323 3 7 718 3 213= 33 724 9 78 9 1 822538253 34 278 7 3 38 374 3 1 8743 94 $9 87 25 3 39 7 1 3 3 892 139 1 4312 74 987 97 382 14478 1 721 144 1 2592 3 71

5+/*/6+*7'/:0,>(./0: 5+/*/6+*7'/:0,>(./0:

?@ABDEFGFBEHFEFGFIJK@ILMO@K@EGIEPP@O@ABDEFGFBE 678A9B8D E79FG F9B4E4H3F2E49 789I8L M79O@ K@ 79 E7 G72I73E49 ?@ FG8FI JK@ PP 3 @O3@ A1B D8E7F4G3FB 5 E 38253 1 3 1 349 9 2 21253 182 9 29 1 7471841 253 388 2&79889 9 78 3 72793 1 9 9 339 4231 23 918 3 49 49 2718 42412 &35= 3 3 128 21 92 521943 9 7 25 39 3 6 77889988 7799 7984423 249 8 7 93 3 79 974 727 349 827 4937 5 82 5Q3

9 12 2 91 7347 9 18241 18424&&9 5 7 59 3 3 38 7 79 2 9 3Q 42 3 43R 23 8928 3 3 3 3249 7829 89 77 9 9 3 2758 918 75 9 78 14 27 21 3 8 9 3 3 949 43 7 727897 2 9 927 9 97 939 49 927418 14284&231= 378 928 17 92 591443 9 87 3 9 349 1 3 3 394 3 787279 92 97 9 3 43R 382 394 3 3821 7898 79 94432498 7898 79 2 759 17 72 75 72134 1 74 43& 537 159 67798 978 72 773949

3 3 4

7

3

3

1 9443249 3 3 3 1 8743 538253 182 9 29 7 52421253 945 1 4 1 253 7898 79 944323= 7 3&1 538253 8 9 74 349 85 3 12 3 5 3 945 1 4 1 253 7898 79 944323= 7 3&1 538253 6 77889988 7799 9944443322949 3 34 3 142 988724739 5 82 3 31 9 82 949 2 932 79 8542 42

7879889 879 7 99 4 4793 279 782 7 94 43 3 4129 88277493 5 74 49 8

3 9

49

32

9 8 4

3

3872743=278 7453 & 74 5 39 3 & 98 3 3 1 3= 7 34

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44 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

4432478238 3 21 341 71 2125338 1 2537 43 7 31 944324 9 9 3 1 7 392 9 98 3 9239 3 3 73 3 21 323 7837 98 78 7 921 41 7 97 3823=742 $ 78 7 921 43=742253944327423423 1 7 97 38221384 32592253 9 78 9 1 821 2539443274 3 1 3 9 3 TE KĀHUI MARU GROUP $ 253 3 TO 1 3 9 39 1 821 989443274 323 783 213= 33 724 9 78 9 1 822538253 34 278 7 3 38 374 3 1 8743 94 NOTES 987 97 3THE 82 14FINANCIAL 478 1 721 STATEMENTS 144 1 2592 3 71 FOR THE YEAR ENDED 30 JUNE 2023

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 45

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 47

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48 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 49

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50 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 51

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52 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 53

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54 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 55

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56 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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TE KĀHUI MARU TRUST ANNUAL REPORT 2023 57

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58 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

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INDEPENDENT AUDITORS REPORT To the Trustees of the Te Kāhui Maru Trust Report on the Audit of the Financial Statements Opinion We have audited the consolidated financial statements of the Te Kahui Maru Trust and its subsidiaries (the Group) on pages 38 to 58, which comprise the consolidated statement of financial position as at 30 June 2023, and the consolidated statement of comprehensive revenue and expenses, consolidated statement of changes in trust capital and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 30 June 2023, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with New Zealand equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other than in our capacity as auditor we have no relationship with, or interests in, the Trust or any of its subsidiaries.

Other information The Trustees are responsible on behalf of the Group for the other information. The other information comprises the Annual Report but does not include the consolidated financial statements and our auditor’s report thereon.

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 59

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If based, on the work 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.

Trustees Responsibilities for the Consolidated Financial Statements The Trustees are responsible on behalf of the Group for the preparation and fair presentation of the consolidated financial statements in accordance with NZ IFRS RDR, and for such internal control as the Trustees determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Trustees are responsible on behalf of the Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditors Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

A detailed description of the auditors’ responsibilities including those related to assessment of risk of material misstatement, evaluation of appropriateness of going concern assumptions and determining key audit matters are available on the external reporting board website: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/auditreport-1/

60 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Restriction on Distribution or Use This report is made solely to the Trustees, as a body. Our audit has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Cameron Town Silks Audit Chartered Accountants Ltd Whanganui, New Zealand Date: 19 October 2023

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 61

TRUSTEE PROFILES Te Kāhui Maru Trust

Ngāti Maruwharanui, Taranaki Whānui ki te Upoko o te Ika

HOLDEN HOHAIA Chair

Holden is currently General Manager – Te Tiriti Strategy at Manaaki Whenua (Landcare Research). His background and qualifications are in law and he is also a certified Māori language interpreter. Holden has been a trustee for multiple boards including Taranaki Whānui ki Te Upoko o te Ika, Te Aro Pā Trust and Opau Urupā. He has been on Te Rūnanga o Ngāti Maru Trust for over 11 years and has been Chair for 9 years.

Holden’s focus and contribution to Ngāti Maru has been to encourage and empower others to lead wherever possible. Holden’s highlight this year

62 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

was, without a doubt, bearing witness to the Crown apology in late 2022. This represented for him the culmination of many years of work by many, many people, and he saw it as a privilege to play his small part in that process.

Holden’s aspirations for his iwi are very much around reconnecting with the whenua and taiao, and in that regard Holden is keen to help grow Ngāti Maru’s next generation of GIS-capable kaitiaki, utilising geospatial tools and in particular QGIS. Holden believes that by gaining knowledge of the whenua and taiao, Ngāti Maru uri will also gain a deeper understanding of who they are as descendants of Maruwharanui.

Maru whenua, Maru whakapapa, Maru whānau!

Chair Remuneration and Audit & Risk Committee Director Te Kāhui Maru LP Director Te Heru Māpara - PTE Ngāti Maru, Te Atiawa, Taranaki Bronwyn is currently the Business Development Manager for Te Tāmoremorenui – a joint venture between Ngāti Tama, Ngāti Mutunga and Ngāti Maru.

BRONWYN PUATA-KOROHEKE Deputy Chair

Her background includes working as Chief Financial Officer for Whakaata Māori and Te Wānanga o Aotearoa. In addition to being a trustee, she also holds governance roles as Chair of the Audit and Risk Committee and Director of Te Kāhui Maru LP. She holds several external governance roles as Trustee for Crown Forestry Rental Trust, Forestry Emissions Unit Trust, Ministry for the Environment and Tui Ora. She is also a Director for the Hāpai Whānau Collective - overseeing the commercial property interests for Te Kāhui Maru.

Bronwyn has a Master of Business Administration, a Post Graduate Diploma in Governance, is a qualified

Chartered Accountant and a member of the Institute of Directors, with company certification.

Her knowledge and expertise coupled with her education and governance roles brings a strong presence of financial governance for Ngāti Maru.

A key highlight for Bronwyn has been the progress towards the processes and policies that support Trustees and kaimahi in their decision-making. Her priorities have been to continue: • to build on a strong foundation of business and financial acumen in relation to the commercial activities of Te Kāhui Maru LP • to support the Chair, fellow Trustees and CEO as we move further into the operational stages post settlement.

Her aspiration for the Iwi is to build on the foundations of our Treaty Settlement and to explore future opportunities, whilst maintaining financial stability and increasing our pūtea – ultimately with the view of ensuring we meet our cultural, social, educational, and spiritual needs.

Ngāti Maru

EILEEN HALL Trustee

Eileen works for Te Whatu Ora Taranaki and has been heavily involved working within the Covid/Pandemic space.

Te Whatu Ora (Health New Zealand) and Te Aka Whai Ora (Māori Health Authority).

She has a background in nursing and has spent many years working within the health sector.

One of the highlights this year was holding a school holiday camp for our tamariki - Camp Maru was a huge success.

Eileen is currently working alongside other Taranaki Iwi members on Te Punanga Ora (Iwi Māori Partnership Board) to initiate change and better health outcomes for whānau following the transition of the health system into

Eileen’s aspirations for Ngāti Maru are to prosper as an iwi, providing opportunities for education, wellness and career pathways. >>

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 63

TRUSTEE PROFILES Te Kāhui Maru Trust

Ngāti Maru, Ngāti Mutunga, Taranaki Iwi, Ngāti Tama, Te Atiawa, Te Ātihaunui-a-Pāpārangi, Ngāti Toa, Ngāti Raukawa, Ngāi Tahu, Ngāi Tai ki Tāmaki.

RAYMOND TUUTA Trustee

Raymond is the Pouwhakarite Pūtea Tautoko (Grants Manager) at Te Kotahitanga o Te Atiawa. He has previous and current experience in governance roles across all facets of working for iwi, enabling him to bring diverse skills and knowledge to our whānau at Ngāti Maru.

Ngāti Maru

SAM TAMARAPA Trustee

64 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Sam has a background in fisheries having worked with the Ministry of Fisheries for several years in compliance and then as a relationship manager engaging with tangata whenua on customary and commercial fishing matters. He currently works for the Taranaki Regional Council as the Iwi Communications officer facilitating the engagement with iwi and hapū on resource management and the work of the Council.

Sam is the Ngāti Maru representative on the Taranaki Māori Trust Board and along with the other iwi representatives has continued with the task of disestablishment of the trust board and the disbursement of the board assets and funds to the eight iwi. The board is planning to hold one last AGM and a function to officially wind up the trust board with details to be confirmed. The flipside to this work has been the

establishment of the new regional Māori entity that will emerge following the signing of Te Ruruku Pūtakerongo at Owae Marae.

Since the last AGM Sam has continued to assist in resource consent matters alongside our CEO Anaru Marshall. Of particular mention has been the ability to leverage off the taiao capability of our neighbouring iwi, Ngāti Ruanui and Te Atiawa in the area of cultural impact assessments. Alongside that has been the positive engagement with Pukerangiora, Otaraua hapū and Todd Energy on the Mangahewa D well site.

The re-consenting of the Motukawa Hydro Electric Power Scheme is ongoing and the recent discussions we have had with Manawa Energy have been positive.

Sam’s aspirations for Ngāti Maru remain the same – that is, to know who we are and aim for the stars.

ANNUAL PLAN 2023/24 Priorities THE KEY LIMITATIONS INCLUDE: • Ability to predetermine external impacts of risks, such as, change of Government and recession economy and the impacts • Low TKM LP dividend distribution, due to: - The drop in the OCR and financial market volatility caused by the economic downturn; therefore, • A low cash return on investments to meet the Group’s budget needs.

THE KEY STRATEGIES TO ACHIEVE THE ANNUAL PLAN AND BUDGET INCLUDE: • Continue to develop useful policies and procedures • Continue to acquire third-party contracts to support our programmes and initiatives • Collaborate with other Iwi entities to gain efficiencies in delivery • Focus on efficiencies in group operations >>

• Operate lean operational behaviours

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 65

ANNUAL PLAN NGĀ WHAINGA RAUTAKI STRATEGIC OBJECTIVES

Maru Mua

NGĀ WHAKAATURANGA DESCRIPTION

Strengthening Maru’s future prosperity Ko te whakapikitanga o te ōhanga o Ngāti Maru.

NGĀ WHAINGA A-TAU ANNUAL OBJECTIVES Solidify Ngāti Maru’s investment base and financial security.

Review of further Treaty Settlement assets Disestablishment of Te Rūnanga o Ngāti Maru Trust That there is meaningful engagement with uri

Maru Roto

Strengthening Maru within – Ngāti Maru are healthy and flourishing physically, spiritually, emotionally and Culturally.

Kia matomato te tupu o Ngāti Maru tangata, Ngāti Maru ahurea.

Maru Taha

Maru Pae

Maru Muri

Maru Tiketike

66 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

Strengthening relationships and building connections.

Te Heru Māpara engagement Launch of re-branded private training entity (Feats) Te Heru Māpara

Implement stakeholder strategy

He whakapūmau i ngā hononga.

He tuitui i te whanaungatanga.

He taketake Rongo.

Implement the JMA with the Taranaki Regional Council

Connection to place (our whenua, awa, marae, ngā wāhi tapu).

Continue to acquire and manage cultural redress assets

Kia tau te tāmoremore nui nō Papa, nō Rangi.

Understanding and learning from our history and our experience.

Ko te aro ki ngā kōrero taketake o Ngāti Maru. He whakatau i ngā mahi o nehe kia mārire te noho.

Reaching for the heavens innovation and outstanding achievement.

Kia puāwai ai a Ngāti Maru i roto i ōna kawenga katoa.

Ongoing research into our history Develop tools and data for wānanga Historical and whakapapa wānanga

Continue to party funding to add value our initiatives

NGĀ HUANGA SUCCESS INDICATORS

RĀRANGI WĀ TIMELINE

NGĀ KAIKAWE RESPONSIBILITY

• Keep expenditure low

E haere tonu ana Ongoing

CEO with support from Remuneration Audit & Risk Committee

• Continue to acquire third party funding

E haere tonu ana Ongoing

Trustees & CEO

• Be aware of early stages of organisational set up

Trustees & CEO

• Transfer assets and liabilities to Te Kāhui Maru Trust

October 2023

Trustees & CEO

• AGM • Hui/Wānanga • Pānui • Social Media content • Tiki-OS

E haere tonu ana Ongoing

CEO with support from TKMT kaimahi

• Education opportunities • Employment opportunities

E haere tonu ana Ongoing

CEO with support from Tumu Ahurea and Tumu Whakawhanake Mātauranga

Launch at Kairau Marae Recruitment of Tumu Whakawhanake Mātauranga

August 2023

THM Staff & Management, TKMT kaimahi

Roll out of Ngāti Maru Education Strategy

February 2024

CEO with support from contractors and Trustees

• Strengthen existing Relationships with Crown, Iwi, education and corporate entities

E haere tonu ana Ongoing

CEO & Trustees

E haere tonu ana Ongoing

CEO & Tumu Ahurea

• Tiki-OS implemented • Deliver during wānanga

E haere tonu ana Ongoing

CEO & Tumu Ahurea

Pūanga Celebrations

June 2024

CEO & Tumu Ahurea

E haere tonu ana Ongoing

CEO & Trustees

Tupu ā Nuku kaimahi

• Leveraging Opportunities Engagement with NIOT Establish a Manawhakahono ā Rohe for Ngāti Maru Engage Taiao ranger

• Establish the Maru Taiao plan • Implement a Manawhakahone ā Rohe • Implement the Joint Management Plan & Waitara River Committee

Deliver through Ngāti Maru Rangatahi Wānanga

• The charitable initiatives strategy and distributions policy has been implemented • Optimise opportunities to grow resources and deliverables

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 67

2022 AGM MINUTES TE RŪNANGA O NGĀTI MARU (TARANAKI) TRUST Hui ā tau held 30th October 2022 - Te Upoko O Te Whenua

Present

3. MINUTES FROM PREVIOUS AGM

Pātai: What is the loan for?

Trustees: Holden Hohaia (Board Chair), Bronwyn Koroheke, Sam Tamarapa, Eileen Hall, Raymond Tuuta.

RESOLUTION: That the minutes from the 2021 AGM of Te Rūnanga o Ngāti Maru (Taranaki) Trust be received and Jamie Tuuta / Paretutaki Hayward-Howie CARRIED

Whakautu: Transitional loan. Toi Foundation pūtea had not been received in time to purchase Feats, so TKMT covered this cost in the short term.

Also present: Anaru Marshall (Pou Whakahaere - CEO), Jamie Tuuta (Chair – TKMLP), Rowena Henry (Advisory Trustee).

Leanne Puata, Christine Hata, Maioha Tokotaua, Ricky Tokotaua, Rhys Tokotaua, Leighwae Pene, Annie Patu-Tokotaua, Manaia Tokotaua, Lucy Tokotaua, Whetu Tokotaua, Jonathon Chase, Evear Hayward, Daryl Hata, Liz Patuwairua, Brett Ngeru, Anaru White, Carlie-Wikitoria Hayward, Evear Tiare Hayward, Paretutaki HaywardHowie, Robert Maxwell, Karl Burrows, Chevourne Taukiri (nee Tairi), Stephen (Tipene) McLeod, Leena Thomas, Jamie Teika, Leah Ransfield, Sadie-lee Ransfield, Nadia Keogh, Jack Keogh, Jordan Wansbrough, Brenda Pue, Tamzyn Pue, Kayla Pue, Nacole Pue, Kathy Patu.

4. CHAIR REPORT Discussion was had explaining the wind-up of the Rūnanga post settlement, housing repairs in the Kāinga Oranga space and the inaugural year for Maru Ora Charitable Trust, including Education grants, tangihanga koha and signing up with Ka Uruora.

Pātai: Where are the whare that will be for sale?

Whakautu: Two whare in Stratford.

Once renovated, these will be available for uri to purchase.

RESOLUTION: That the Chair report be received and accepted for 2022 - Jordan Wansbrough / Paretutaki HaywardHowie CARRIED

1. KARAKIA/MIHI Hui commenced 10.00am with Karakia/Mihi 2. APOLOGIES Hineakura Tokotaua RESOLUTION: That the apologies for the Te Rūnanga o Ngāti Maru (Taranaki) Trust Hui ā Tau of 30 October 2022 be received and accepted - Paretutaki Hayward-Howie / Raymond Tuuta CARRIED

68 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

5. FINANCIAL STATEMENTS Discussion was had explaining the financial position of the Rūnanga. Key points to note are any remaining pūtea will transfer to Te Kāhui Maru Trust upon wind up. Small loan between TRoNM and Te Kāhui Maru Trust (TKMT) will zero out when TRoNM is disestablished.

RESOLUTION: That the financial Statements for 2022 be received, subject to audit being completed without material amendments Paretutaki Hayward-Howie / Jack Keogh CARRIED 6. GENERAL BUSINESS Board will provide a further and final report next year once the disestablishment has taken place.

Pātai: Is the $500,000.00 to the Marae coming from Maru Ora Charitable Trust?

Whakautu: Āe.

Pātai: When TRoNM is disestablished, will all previous Trustees be acknowledged.

Whakautu: Āe - there will definitely be an opportunity to do so and it will be appropriate to do at some point in the future.

7. KARAKIA Karakia whakakapi: Holden Hohaia Hui closed at 10.30am with karakia

Holden Hohaia - Chair 20.02.2023

2022 AGM MINUTES TE KĀHUI MARU TRUST Hui ā tau held 30th October 2022 - Te Upoko O Te Whenua

Present Holden Hohaia (Board Chair), Bronwyn Koroheke, Sam Tamarapa, Eileen Hall, Raymond Tuuta.

Also present:Anaru Marshall (Pou Whakahaere - CEO), Jamie Tuuta (Chair – TKMLP), Rowena Henry (Advisory Trustee).

Leanne Puata, Christine Hata, Maioha Tokotaua, Ricky Tokotaua, Rhys Tokotaua, Leighwae Pene, Annie Patu-Tokotaua, Manaia Tokotaua, Lucy Tokotaua, Whetu Tokotaua, Jonathon Chase, Evear Hayward, Daryl Hata, Liz Patuwairua, Brett Ngeru, Anaru White, Carlie-Wikitoria Hayward, Evear Tiare Hayward, Paretutaki HaywardHowie, Robert Maxwell, Karl Burrows, Chevourne Taukiri (nee Tairi), Stephen (Tipene) McLeod, Leena Thomas, Jamie Teika, Leah Ransfield, Sadie-lee Ransfield, Nadia Keogh, Jack Keogh, Jordan Wansbrough, Brenda Pue, Tamzyn Pue, Kayla Pue, Nacole Pue, Kathy Patu.

Whakatuwheratanga Hui commenced 10.30am 1. APOLOGIES Hineakura Tokotaua RESOLUTION: That the apologies for the Te Kāhui Maru Trust Hui ā Tau of 30 October 2022 be received and accepted - Paretutaki Hayward-Howie / Raymond Tuuta CARRIED MINUTES FROM PREVIOUS AGM RESOLUTION: That the minutes from the 2021 AGM be received and accepted - Jamie Tuuta / Raymond Tuuta CARRIED 3. ANNUAL REPORTS TO JUNE 2022 Pou Whakahaere - CEO report Discussion was had explaining the various programmes delivered by Te

Kāhui Maru Trust. Pou Whakahaere CEO gave an update on the planned relocation of Kiwi from Taranaki to Wellington. Further pānui to follow the AGM.

Governance & management will continue discussions with the district council to follow up on concerns regarding the esplanade and driveway maintenance.

Pātai: Te Kōhanga Āhuru – do uri receive any qualifications from this programme?

Whakautu: Kāo.

RESOLUTION: That the CEO’s Report be received and accepted - Brenda Pue / Tamzyn Pue CARRIED

Pātai: How does Feats fit into the landscape with Te Pūkenga? (formerly WITT). Whakautu: Discussions around the transition from WITT to Te Pūkenga have indicated that there is space for PTE’s such as Feats with programmes aimed towards Levels 2, 3 & 4.

Pātai: How many kaimahi does Ngāti Maru have? Whakautu: Ngāti Maru = 8, Feats = 9.

Pātai: Are kaimahi all Maru? Whakautu: No, but where possible, yes.

Pātai: Have we aligned the aspirations with the outcomes/highlights that have been spoken about? Whakautu: Āe. The themes from the aspirations hui that came through loud and clear included land, education for tamariki, jobs for our people and the taiao.

Pātai: In the Trust Deed, there is a provision that we need to do a strategic plan. With so much going on is it possible to align this with the strategy?

Whakautu: Āe - the strategic plan has been and will be a priority for the coming year.

Pātai: In terms of aspirations are there any plans outside of the taiao space?

Whakautu: Education was a big part of the aspirations hui. Looking to hold a Ngāti Maru Education Summit in 2023.

Pātai: When you were talking about the awaroa, does this also include all of the tributaries? Whakautu: Āe - all of the catchment is included.

General discussion had regarding the esplanade area of the marae.

4. TE KĀHUI MARU LIMITED PARTNERSHIP Presented by TKMLP Chairman, Jamie Tuuta Discussion was had explaining the role of Te Kāhui Maru Limited Partnership and the outcomes for the 2022 FY. Investment portfolio includes: Pūainuku Whānau, Hāpai Whānau, managed funds, Tai-Hekenga and Te Pūia Tāpapa.

TKMLP made an operating return of 4.6% and a total return (including revaluations) of 15.7%.

Pātai: Regarding population growth, is there a system where we are updating our population as it grows? Whakautu: Āe, the new platform of TikiOS will be rolled out in the coming week.

Pātai: In the housing space, is there partnership with anybody like Kāinga Ora? Whakautu: Āe - working across the continuum as a whole, which includes Kāinga Ora, Ka Uru Ora and community housing providers.

Pātai: Tai-Hekenga gain, does this relate to property value? Whakautu: Āe - TaiHekenga provided a 7% cash return.

Pātai: Do the carbon credits belong to the Crown or us? Whakautu: Te Kāhui Maru Limited Partnership.

RESOLUTION: That the Annual Reports for TKMLP for the year ended 30 June 2022 be received - Anaru White / Tamzyn Pue CARRIED

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 69

2022 AGM MINUTES TE KĀHUI MARU TRUST - Continued

TE KĀHUI MARU TRUST CONSOLIDATED FINANCIAL ACCOUNTS Group Consolidated Financials presented by Bronwyn Puata-Koroheke.

Discussion was had detailing the Group consolidated financials which includes Te Kāhui Maru Limited Partnership (TKMLP), Te Kāhui Maru Trust (TKMT), Maru Ora Charitable Trust (MOCT) and Feats Limited.

Pātai: Has there been an increase in staff expenses for this financial year?

Whakautu: Āe. As discussed, majority of kaimahi are funded by contracts with the Crown.

Pātai: Pūiainuku investment, did we have those last year? Whakautu: Kāo, new this year. Are they with other iwi?

Whakautu: Āe.

Pātai: What is the timing for the wind up of the Taranaki Māori Trust Board?

Whakautu: Final hui set for 19th November. Further pānui will follow.

RESOLUTION: That the Audited Consolidated Financial Statements for the year ended 30 June 2022 be received - Karl Burrows / Eileen Hall CARRIED

70 TE KĀHUI MARU TRUST ANNUAL REPORT 2023

6. APPOINTMENT OF AUDITOR RESOLUTION: That Silks Audit be appointed as the Auditor for Te Kāhui Maru for the year ending 30 June 2023 Maioha Tokotaua / Janie Teika CARRIED 7. GENERAL BUSINESS Pātai: Who is running the Iwi Register?

Whakautu: Pou Whakahaere - CEO confirmed the Whakapapa Validation Committee is the same.

Pātai: Who pays the rates for the properties and land? Whakautu: These are covered by pūtea from rentals.

Pātai: Infrastructure and its links to wai, not just the rivers and tributaries.

Awaroa/wai - will the water on the rohe be extracted and sold overseas?

Whakautu: The freshwater reform will allow the development of Mana o te Wai which links to water catchment and freshwater, the Taranaki Regional Council and the Three Waters Reform.

This will be incorporated into the Joint Management Agreement (JMA) with Taranaki Regional Council (TRC).

Pātai: Will there be a review of the aspirations for Ngāti Maru? Whakautu: Now would be a good time to come back to the Marae and wānanga again.

Pātai: Are there plans to develop a marae at Pūrangi? Whakautu: Maybe that’s something we need to revisit as a whānau.

Pātai: Kaupapa to support tamaraki in sport. An example being $350 to go to camp for Taranaki Rugby League.

Whakautu: Discussions have been had at board level regarding potential engagement with Sport Taranaki.

Distributions and grants for sporting achievement will be rolled out in the future.

8. KARAKIA WHAKAMUTUNGA Karakia whakakapi: Holden Hohaia Hui closed at 12.00pm with karakia

Holden Hohaia - Chairman 20.02.2023

NOTES

TE KĀHUI MARU TRUST ANNUAL REPORT 2023 71

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