Te Korowai o Ngāruahine Trust Annual Report 2021

ANNUAL REPORT

PŪRONGO A TAU FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

Cover photo: Te Ara Kawakawa Our thoughts are with our uri who passed away over the last year and the whānau who they left behind.

Covid challenged our tikanga and practices as Māori and as Ngāruahine.

Our thoughts go out to our Ngāruahine whānau who were unable to adequately grieve during this period.

Our Annual Report cover this year is of Te Ara Kawakawa, the first class honours piece by Te Haana Paewai towards her Bachelor of Fine Arts from Massey University.

The mahi was inspired by the ara kawakawa at the tangihanga of Nanny Matekitawhiti Carr, and subsequently the tangihanga of Uncle Ray Edwards.

Te Haana is from our Ngāti Tamaahuroa Tītahi hapū, daughter to Ana and Brian Paewai and moko to Uncle Ray. Our thoughts return to the importance of protecting our whakapapa, and the need to have a unified approach to build upon the mahi of our tūpuna.

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CONTENTS 4

Trust Deed Requirements

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Pouwhakarae Report

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Highlights 2020-2021

12 Key Operating Data - At A Glance 14 Rautaki / Strategic Plan 2021-2026 18 Te Kiwai Mauī o Ngāruahine Pouwhakarae Report 22 SUPPLEMENTARY INFORMATION 24 Te Korowai o Ngāruahine Trustees 32 Independent Members Qualifications 33 Committees and Subsidiaries 34 Governance Attendance 35 Te Korowai Kaimahi 38 M inutes of the 2020 Annual General Meeting 42 FINANCIAL STATEMENTS 2020-2021 45 Independent Auditor’s Report 47 Statement of Comprehensive Income 48 Statement of Financial Position 49 Statement of Changes in Equity 50 Statement of Cash Flows 51 Notes to the Financial Statements 68 Mahere Ā-Tau / Annual Plan 2021-2022

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Photo: 2020 Te Reo o Ngāruahine Hikoi 4

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TE KOROWAI O NGĀRUAHINE TRUST DEED REQUIREMENTS FOR PLANS AND REPORTS

The Requirements for the Annual Report An Annual Report prepared in accordance with clause 10.1 shall be made available not less than 20 Working Days before an Annual General Meeting and shall contain, in respect of that Financial Year, the following information: a) a comparison of the Ngāruahine Group’s performance against the annual plan; b) a balance sheet and income and expenditure statements and notes so as to give a true and fair view of the financial affairs of the Trust and the Ngāruahine Group for that Financial Year. The financial statements shall include as a separate item:

i) d etails of any remuneration or fees paid to any Trustee or any Trustee’s firm and details of any premiums paid in respect of Trustees’ indemnity insurance;

ii) c hanges in the value of the Trust Fund;

iii) profit distribution; c) the steps taken by the Trust to increase the number of registered Members; d) details the sales and exchanges of Settlement Quota in the previous Financial Year, including:

i) the quantity of Settlement Quota held by the AssetHolding Company of the Trust at the beginning of that year;

ii) t he value of Settlement Quota sold or exchanged;

iii) t he identity of the purchaser or other party to the exchange;

iv) any transaction with Settlement Quota that has resulted in a registered interest by way of caveat or mortgage being placed over the Settlement Quota;

v) the Settlement Quota interests that have been registered against the Quota Shares of the Trust; and

vi) the value of Income Shares sold, exchanged, or acquired. e) the interactions of the Trust in Fisheries matters, including:

i) with other entities within Ngāruahine; and

ii) with other Mandated Iwi Organisations; and

iii) w ith Te Ohu Kai Moana Trustee Limited; f) any changes made to the constitutional documents of the Trust or Trust Entities.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

POUWHAKARAE REPORT

$10.5m after tax profit for FY21. ($4.4m: FY20)

$99m total assets for FY21. ($89m: FY20) Tēnā tatou e te whānau

It is my privilege to present the Pouwhakarae Report for Te Korowai o Ngāruahine Trust Group (‘the Group’) for the financial year 1 April 2020 to 31 March 2021.

This Annual Report is dedicated to our pahake, whaene and uri who passed away during this period and our aroha goes out to all our whānau who have lost their loved ones.

The unfolding Covid-19 crisis sent shock waves through our hapori, our six hapū and our ten marae. It challenged both our tikanga and our way of working. However, it was our tikanga that united us and got us through - including an election and a subsequent change in Trustees.

As we continue into the third tenure period and the seventh year of Te Korowai Board, we acknowledge the mahi of previous trustees who moved us through the establishment phase of Te Korowai. They are: Bev Gibson (chair), David More, Wendy Eynon, and our long-standing trustees Cheryl Luke, Ngawai Henare and Will Edwards (founding chair). The first six years of Te Korowai board set the tūāpapa for growth moving forward.

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Te Korowai o Ngāruahine Trust 5 Year Strategic Plan (2021-2026) Picking up on the good work of the previous Boards, our job as the incoming Board has been to establish critical direction and priorities for Te Korowai over the next 5 years. An important step in the process of developing a new strategy was the series of facilitated sessions with uri, whanau and hapū.

We heard you talk about tino rangatiratanga, mana motuhake, manaakitanga and kaitiakitanga across these themes: education and employment; protection of our whenua, our awa, our coastline, and a call for support to have our whenua returned and be developed. Investing locally with more tangible benefits to our people; ensuring safe and warm homes for uri; and culture and identity, from which all things should be developed from – we are highly visible, heard, valued and respected as Tangatawhenua-Manawhenua who are important in our communities.

From this, we distilled these overarching themes as our four strategic pou: •

Ngāruahinetanga

Ngā mihi hoki kia koe Allie. The Board would like to thank Allie Hemara-Wahanui who served tirelessly as Pouhoutu for more than three years and was our first uri who sat in this position.

•

Tupua te Mauri (Taiao)

•

Poua te Pātūtū (Kāinga)

•

Te Kawa Whanakeora (Mahi)

Working around the challenges of Covid-19, the new Board has come in with a fresh focus and a reaffirmed commitment to our important hapū-centric characteristic.

We acknowledge our people participate at different levels across our iwi which is why we are ready to get in behind the good work of our existing Ngāruahine entities, marae, whanau and interest groups – near and far – and who are helping to advance those things that matter to us.

You can see more detail on our strategy on page 14-17.

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Financial Performance and Position FY2020/21 Despite Covid-19, it’s been a great year in terms of our financial performance and position of Te Korowai Group.

In 2019/20, the Group received total income of $3.61m and had expenses of $2.74m for a profit of $871k. By comparison, in 2020/21 the Group received total income

TE KOROWAI O NGĀRUAHINE TRUST GROUP

POUWHAKARAE REPORT DEVELOPED RAUTAKI/STRATEGIC PLAN 2021-2026

COMMUNICATIONS FRAMEWORK IMPLEMENTED

of $4.27m and had expenses of $2.85m creating a profit of $1.4m. This is an increase in operational profit of $547k before tax.

The total comprehensive income for 2020/21 was $10.46m which contributed to the growing total asset base of $99.1m to 31 March 2021. This is a $6.08m increase in comprehensive income on the previous financial year. Since we settled with the Crown in 2014, our overall assets have grown in value by $31.2m (as at 31 March 2021). This is further explained in the Te Kiwai Mauī Ltd Pouwhakarae Report.

Thank you to Hinerangi Raumati as chair of Te Kiwai Mauī and our independent directors Tari Nicholas and Dion Maaka, along with the team led by Jim Jessep of Koau Limited with Emma Park, for ensuring a great commercial performance during the 2020/21 financial year. This is the best performance year since inception and the growth of our asset base is a key enabler to resourcing initiatives for our uri. Ka nui te mihi kia koutou.

Looking forward Thank you to our present Board which took the reins over in November 2020. Nau mai hoki mai to our previous trustees: John Hooker (deputy chair), Caroline Scott, Ferinica Hawe-Foreman, Allen Webb and Te Aroha Hohaia.

Nau mai e rarau to our new trustees; Grant Weston, John Kahu, Ngawai Hernandez-Walden, Kiri Erb, Te Aorangi Dillon and Te Ahu Rei. I am heartened by the wealth of knowledge, diversity of perspectives and commitment to our whanau and hapū voice at the table, provided by our board. Thank you for your support and I look forward to us

RECORD INCREASE IN INCOME

amplifying our impact over the coming year.

You can find out more about the current Board on pages 24-31.

Our deepest gratitude to Emma Gardiner for joining us during this transition period as Pouhautu Kairiwhi in April 2021 until we secure a permanent Chief Executive.

To Emma’s husband Andrew, and her parents Eleanor and Frank Gardiner, thank you for your commitment and support to Te Korowai, covering childcare and the two home bases of Tauranga and Hāwera so that Emma can work for her people. Ngā mihi nunui.

Huge praise to our Te Korowai Kaimahi. You have navigated this period of change amazingly well and I am proud of your individual leadership and the range of initiatives you are developing. Tenā koutou.

Ngā mihi nunui kia tatou o Ngāruahine. I’m heartened when I meet and see our uri and the amazing mahi that is going on.

Te Korowai wants to become an enabler for our iwi aspirations, so please reach out to your hapū trustees on Te Korowai Board and keep an eye out for the exciting announcements we have for the year ahead.

Pai marire

Paula Carr, Pouwhakarae

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

HIGHLIGHTS 2020-2021

Tupua te Mauri (Taiao) Pou “Ensuring our natural environment is protected for generations to come.”

Since joining the team in September, my main task has been getting the draft environmental plan ready for publishing and lodging it with the Taranaki Regional Council, the South Taranaki District Council and Stratford District Councils. This draws our 'line in the sand' on resource management processes, and helps to hold industry accountable.

The role of Te Korowai is to ensure the interests, and voices, of Ngāruahine are heard.

We also provided submissions on the Māori wards and are pleased that all Councils decided to support the establishment of these.

The removal of the Kaupokonui weir has been a major highlight for me this year. Especially the transferring of tuna upstream days before the demolition and seeing the awa flow freely for the first time in over a century. We were fortunate to have our Mātua, Whāene, and Manaia locals there on the day to witness the weirs' removal.

Our Taiao Policy Advisor, Bart Jansma, was the driving

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force behind the project. He had a smile from ear to ear that day. Ka nui ngā mihi Bart. A big thank you to all our hapū, whānau and uri who contributed to this Kaupapa.

Nā Dion Luke, Pouuruhi Taiao – Environment Lead

Ngāruahinetanga Pou “The Ngāruahinetanga pou is the foundation pou that is about growing our creative and cultural wealth as well as strengthening and celebrating the unique identity of Ngāruahine.

Thus ensuring we are culturally confident and connected.

Our rich Ngāruahine creative and cultural expression is visible, heard, felt and valued everywhere and our Ngāruahine tikanga, reo and taonga tuku iho is protected and preserved. “ Elections 2020 Keeping Ngāruahine uri connected and informed of the activities of Te Korowai o Ngāruahine Trust has always been the focus. 2020 was election year and an emphasis was placed on ensuring uri were fully informed of any resolutions raised. COVID-19 presented a challenge to both the board and kaimahi of Te Korowai as both postal

and Te Tari services were closed.

To overcome these challenges we utilised electronic databases to keep uri informed through both email and mobile phones. While Facebook, Zoom, and Web pages also provided a forum for discussion.

These efforts resulted in reaching a wider audience and enabling them to register, as well as provide online voting. Pleasingly, the outcome noted a higher rate of participation and voting by uri as well as providing a transparent election process.

Thank you to our gracious validators, I have been blessed to hear their kōrero as they recount the proud whakapapa of Ngāruahine.

Nā Bonnie Johnstone, Kaitiaki Rārangi – Iwi Registrar Education There were many highlights during the year, particularly, the Rauawaawa Kaumatua Research Project, Whānau Picnic Day and Te Ūkaipō Rangatahi Kaupapa.

Te Rauawaawa was a collaborative project with Māori providers, Waikato University and Rauawaawa Kaumātua Charitable Trust. The project included a series of whitiwhiti kōrero (exchanging ideas through

discussion) with our pahake. This project strengthens our understanding of our pahake and our whānau needs.

A big thank you to Ngapera Akapita who led this mahi, to our Awhina team, and to all our pahake who participated.

Every year Te Korowai tries to host an event for our tamariki and whānau. This year’s event was held in February at Te Hāwera aquatic centre. The day included kai, activities and great live music. It was a great whānaungatanga day for everyone.

Te Ūkaipō kaupapa was led by a group of Ngāruahine rangatahi. The kaupapa was a way to unify our rangatahi and understand their aspirations. The kaupapa had a strong online presence, with a series of streamed online wānanga during the various lockdown levels. The online engagement was extremely strong, and it attracted not only our rangatahi but our young at heart all around the world. Ngā mihi to Dee Sciascia who started this kaupapa, and to Te Puawai Hudson who led the online and the subsequent wānanga. The success of this kaupapa is due to our Ngāruahine rangatahi, ngā mihi kia koutou katoa.

Ka ora taku toa (Raising our aspirations of our Tamariki mokopuna o Ngāruahine.)

Nā Kawarau Ngaia, Pouuruhi-a-Iwi – Iwi Relations Lead

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He iti taku iti Ngāruahine Iwi Education Scholarships, 2021 Regan Batson

Law, History/Political Science

Te Herenga Waka - Victoria University of Wellington

Tracey Betham

Business Management

The Open Polytechnic

Alexis Bright

Nursing

Western Institute of Technology at Taranaki (WITT)

Daryl Caldwell

Nursing

Otago Polytechnic

Harrison Edwards

Health Sciences and Medicine

University of Auckland

Tracy Edwards

Social Work

Massey University

Laura Gemmell

Māori Health

University of Otago

Miriama Harper

Toiora Whānau (Social Work)

Te Wānanga o Raukawa

Aiesha Kahui-Heke

Māori Media

Auckland University of Technology (AUT)

Johan Kahui-Mauriri

Māori Arts

Te Wānanga o Aotearoa

Asher Katene

Psychology

University of Otago

Martin King

Arts

Te Herenga Waka - Victoria University of Wellington

Taylah King

Te Reo Māori

Te Wānanga o Raukawa

Brodie Kira

Biomedical Sciences

University of Otago

Kelli-Ann Kumeroa

Midwifery

Waikato Institute of Technology (Wintec)

Hamiora Laupama

Te Reo Māori

Te Wānanga o Aotearoa

Tuheimoa Maruera

Maori Knowledge

Massey University

Jocee Nuku

Toiora Whānau (Social Work)

Te Wānanga o Raukawa

Dwayne O’Carroll

Applied Arts

Massey University

Tyla Oliver

Primary Teaching

University of Waikato

Mary Ratu

Bi Cultural Social Services

Te Wānanga o Aotearoa

Joshua Solomon

Medicine

University of Otago

Riki Tapiki

French

Te Herenga Waka - Victoria University of Wellington

Katene Wi-Repa

Automotive Mechanic

MITO

PKW-Ngāruahine Undergraduate Scholarship Tazmyn Katene-Ashford Criminology and Māori Studies

Te Herenga Waka - Victoria University of Wellington

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

HIGHLIGHTS 2020-2021 Relationships

Ngāruahine pūtea tautoko

I began the Pouuruhi role in March, but I want to thank Bonita Bigham for the contribution she provided to Te Korowai before my arrival.

I have been privileged in the last year to work with some beautiful kaimahi and pātaka kaitiaki past and present.

They have all worked selflessly behind the scenes, always putting Ngāruahine first.

The Mahi pou and the Pouuruhi role focuses on relationships and creating opportunities for Ngāruahine.

During this reporting period Kaimahi reviewed letters of introduction with Te Arawhiti regarding key government entities and agencies.This is the foundation to building strong relationships with government.

Te Korowai also signed a memorandum of understanding with the TSB Charitable Trust, now Te Toi Foundation. The first benefit of this relationship was securing funding towards Ngāruahine arts kaupapa which includes the recent Ka Ōrā Taku Toa exhibition at the Lysaght Watt Art Gallery. This exhibition showcased several Ngāruahine artists and their stunning mahi. Thank you to everyone involved with this great kaupapa.

I’m looking forward to continuing serving my iwi and building on the mahi to date.

He aha te kai o te Rangatira? He korero, he korero, he korero.

(What is the food of the leader? It is knowledge, it is communication).

Nā Te Uraura Nganeko, Pouuruhi Lead, External Relations

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It’s been an honour to witness the pātaka kaitiaki work tirelessly for tangihanga and to also share kōrero with me on the loved ones we are respecting at this sacred time.

At the beginning of the calendar year Te Korowai confirmed the awarded scholarships and grants.

Ngāruahine has many talented rangatahi who are taking up study in various fields. We wish them luck and look forward to seeing them grow.

He hono tangata e kore e motu: Ka pa he taura waka e motu.

(Unlike a canoe rope, a human bond cannot be severed).

Nā Paul Scott, Pouhapai – Business Manager

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

KEY OPERATING DATA - AT A GLANCE

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

KEY OPERATING DATA - AT A GLANCE TOTAL LIABILITIES

$308,399

2018/19

$310,205

2019/20

$482,440

2020/21

TOTAL ASSETS

$84,373,649

2018/19

$88,752,954

2019/20

$99,186,031

2020/21

TOTAL EQUITY

$84,065,251

2018/19

$88,442,749

2019/20

$98,703,590

2020/21

GROUP PROFIT

GROUP PROFIT

(AFTER TAX)

(AFTER TAX)

$4.4M

$10.5M

2020

2021

NGĀRUAHINE IWI REGISTER 31 MARCH 2020

5,321

31 MARCH 2021

5,538

217

NEW MEMBERS

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

RAUTAKI / STRATEGIC PLAN 2021-2026

PAE TAWHITI - VISION Ka ora taku toa

NGĀ MĀTĀPONO - VALUES Mahi ka tika Mahi pono Manaakitanga

Transparency Trustworthiness Sharing and caring

Māhakitanga Ngākaunui Hari me te koa

NGĀ POU – STRATEGIC OBJECTIVES Tupua te Mauri (Taiao)

Poua te Pātūtu (Kāinga)

Te Kawa Whanakeora (Mahi)

Our natural environment is protected for generations to come.

Ngāruahine uri have access to warm and healthy housing.

Ngāruahine uri are inspired in determining their own career pathway. Ngāruahine uri experience equity in education, training and employment.

TE TŪĀPAPA Ngāruahinetanga The Ngāruahinetanga pou is the foundation pou that is about growing creative and cultural wealth of Ngāruahine; strengthening and celebrating the unique identity of Ngāruahine. Culturally confident and connected. Our rich Ngāruahine creative and cultural expression is visible, heard, felt and valued everywhere; Our Ngāruahine tikanga, reo and taonga tuku iho is protected and preserved.

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Respect and humility Sound Judgement Fun and celebration

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

RAUTAKI / STRATEGIC PLAN 2021-2026 NGĀRUAHINETANGA The Ngāruahinetanga pou is the foundation pou that is about growing creative and cultural wealth of Ngāruahine; strengthening and celebrating the unique identity of Ngāruahine. Culturally confident and connected. Our rich Ngāruahine creative and cultural expression is visible, heard, felt and valued everywhere; our Ngāruahine tikanga, reo and taonga tuku iho is protected and preserved.

We work in partnership to promote and excel the aspirations of our iwi.

We collaborate with our other iwi entities to ensure our shared aspirations are achieved.

Te Korowai o Ngāruahine

Reo

Our reo is intergenerational and our uri are proficient speakers.

Ngāruahine entities

NGĀRUAHINETANGA External stakeholders

Tikanga

Our tikanga and taonga tuku iho are strong.

Hapū have strong kaikōrero, kaikaranga, and kaitoi.

Ngā marae me ngā hapū

We leverage off external stakeholders to fund and support our initiatives.

Our reo is alive.

We hear it on the Pā and in the street.

We know we can call on our own, and there is strong succession.

Hapūtanga

We ensure that our initiatives are structured to enable hapū leadership and deliver.

Hapū are enabled to govern, lead, and deliver.

Our marae is our cultural heartbeat and flourishing.

TE KAWA WHANAKEORA (MAHI) Ngāruahine uri are inspired in determining their own career pathway.

Ngāruahine uri experience equity in education, training, and employment.

Our uri are leaders in a range of fields and we have targeted initiatives to ensure strong succession.

Matauraura Education and Training

Te Ara Toiroa Career Pipeline

Matauraura Education We have targeted initiatives to ensure that our uri are highly skilled in their fields.

Pupuke te Hihiri Job Creation

Uri are encouraged to be experts in their chosen fields.

This contributes to the shared capability of Ngāruahine - within our rohe and globally.

MAHI We have a Ngāruahine procurement programme and we identify job-creation opportunities in our rohe.

Whaihua Economic Opportunities

Uri, whānau and hapū are innovators.

We govern, manage and deliver our own employment opportunities.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

RAUTAKI / STRATEGIC PLAN 2021-2026 POUA TE PĀTŪTU (KĀINGA) Ngāruahine uri have access to warm and healthy housing.

We support papakainga and innovative housing developments.

Āhuru te Noho Quality

Te Whirinakitanga Supply

Pupuke te Mahara Capability Building

KĀINGA

Whakatinanahia Research and Support

Our uri have the capability to deliver on our housing needs.

We lead research and analysis to inform land utilisation and housing initiatives.

We promote partnerships to support housing accessibility, ownership and improvements.

Pupuke te Whiwhia Accessibility

Pupuke te Rawea Ownership

Our whānau are in safe, warm and healthy homes. This ensures intergenerational wellbeing; pahake mai, mokopuna mai.

All our whānau are exposed to home options that fit their needs.

Our whānau are supported on their path to home ownership.

We can use our uri to service and deliver our housing needs.

TUPUA TE MAURI (TAIAO) Our natural environment is protected for generations to come.

Tairangi We work with hapū, whānau and uri to protect our taiao (RMA, lobbying, fundraising).

We support whānau and hapū in leading targeted restoration initiatives.

Te Korowai Whakahirahira Protection

Mauri Ora Restoration

Pupuke te Mahara Capability Building

Te Whakatinanahia Research

TAIAO

Our uri are highly skilled and experienced to lead our rejuvenation efforts.

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Taiwhenua

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Taiawa Our uri are leading active research programmes.

Taimoana

Our atmosphere and climate contributes to the welbeing of our environment.

Our Maunga, tongi, wāhi tapu, and taonga are protected. We have many sources of kohinga kai for our whanau.

Our Awa are healthy, our mokopuna can swim, and there is an abundance of kai.

Our Moana is healthy, our tikanga ensure there is a sustainable level of kaimoana.

TE KOROWAI O NGĀRUAHINE TRUST GROUP

RAUTAKI / STRATEGIC PLAN 2021-2026

• Job creation strategy.

Te Kawa Whanakeora (Mahi)

• Initiation of taiao group internships.

• Taiao Career Pipeline Strategy, • Comprehensive scholarship programme, and • Ngāruahine procurement strategy.

• Growth of housing initiatives.

Ngāruahine uri have access to warm and healthy housing.

• Growth of housing initiatives.

Poua te Pātūtu (Kainga)

NGĀ POU

• Targeted initiatives to create economic opportunities for uri.

Ngāruahine uri are inspired in determining their own career pathway. Ngāruahine uri experience equity in education, training, and employment.

• Initiation of housing initiatives.

• Scoping research on state of housing, • Implementation of Ka Ururoa; and • Papakainga business case.

• Identification of taiao restoration priorities.

Tupua te Mauri (Taiao) • Archive, mapping and monitoring programme development.

• Initiation of monitoring programme, and hapū kaitiaki roles.

• Whānau tikanga and te reo strategy.

Ngāruahinetanga

• Initiation of taiao restoration programme.

Our natural environment is protected for generations to come.

• Ngāruahine has a range of rauemi to support tikanga and te reo.

• Kawenata developed with hapū, and

• All whānau have competent te reo speakers, kaikōrero and kaikaranga, • All hapū have experts in mahi toi and arts, and • Ngāruahine fosters rangatahi in this area and we have strong succession.

• Raising the profile of Ngāruahine campaign.

The Ngāruahinetanga Pou is the foundation pou that is about growing creative and cultural wealth of Ngāruahine; strengthening and celebrating the unique identity of Ngāruahine.

Culturally confident and connected. Our rich Ngāruahine creative and cultural expression is visible, heard, felt and valued everywhere; Our Ngāruahine tikanga, reo and taonga tuku iho is protected and preserved.

2022

2023

2024

2025

2026

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TE KIWAI MAUĪ O NGĀRUAHINE LIMITED

POUWHAKARAE REPORT $12m total comprehensive income

$10m growth on net assets

• Very strong returns on our managed fund investments in Mercer’s socially responsible Conservative and Balanced funds, achieving returns of 7.8% and 18.6% respectively during the year

Tēnā tatou Te Kiwai Mauī o Ngāruahine Limited (Mauī) is the commercial arm of Te Korowai o Ngāruahine Trust. We are responsible for managing and growing the commercial assets of Te Korowai o Ngāruahine including Ngāruahine Fisheries, while providing stable income over the long term to support the activities of Te Korowai.

Our investment strategy is to patiently and progressively build over time a portfolio of high-quality direct investments to increase our investment returns for Ngāruahine, while managing our risk exposure to market uncertainty.

This year we are pleased to report the successful implementation of a number of key investments and deliver a strong performance for the year, despite the challenges presented by Covid.

Key highlights for the financial year ended 31 March 2021 (FY21) have included:

OUR STRATEGY We are guided by Te Korowai’s vision and values as follows: PAE TAWHITI - VISION Ka ora taku toa NGĀ MĀTĀPONO – VALUES • Mahi ka tika Transparency • Mahi pono Trustworthiness • Manaakitanga Sharing and caring • Māhakitanga Respect and humility • Ngākaunui Sound Judgement • Hari me te koa Fun and celebration Our purpose is to enable Ngāruahine potential & wellbeing through outstanding investment.

Our goals in pursuing this purpose are:

• Total comprehensive income of $12m (combined Mauī and Ngāruahine Fisheries Limited), delivering a return on opening net assets of 14%

•M anaakitanga: Deliver sustainable long-term growth in distributions for current and future generations

• Payment of dividends of $1.92m to Te Korowai while also growing our net assets by $10m

•N gāruahinetanga: Uphold and promote Ngāruahine culture, values and pou

• Strong performance of our investment in the Tai Hekenga Crown leaseback property portfolio, which delivered stable cash returns of 6.0% plus capital gains of 20%

• K aitiakitanga Support Ngāruahine rangatiratanga through recognised commercial, social and environmental leadership

• Implementation of a major investment into Hāpai Commercial, an iwi-controlled commercial property vehicle. This investment has delivered stable cash returns of 9.0% plus capital gains of 36%

FUNDS UNDER MANAGEMENT

• We have also committed to invest $5m in Hāpai Housing, an iwi-controlled build to rent vehicle, which similar to Hāpai Commercial will deliver attractive cash returns and capital growth over the long term and will also contribute to housing supply in Auckland in the near term 1

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• A great performance by our team at Te Rere o Kapuni (trading as Dawson Falls Mountain Lodge), with occupancy post Covid lockdown up 20% over the equivalent period last year. We are very excited about the future of the lodge and the opportunity to develop it into a unique Ngāruahine cultural experience founded in the iwi connection to Taranaki Maunga.

Return on opening net assets excluding internal lending

| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

•K otahitanga Act collectively with trusted relationships

Mauī now oversees $96.7 million in Iwi assets (FY20: $86.5m), including managing the Fisheries assets held by Ngāruahine Fisheries Limited (NFL).

Given our relatively recent settlement timing (this is the 4th year of operations), our asset portfolio has predominantly been made up of managed fund portfolio investments supplemented by cash term deposits.

TE KIWAI MAUĪ O NGĀRUAHINE LIMITED

POUWHAKARAE REPORT Maui Investment portfolio ($ million) - ($MILLION) March 2020 FIG 1: MAUĪ INVESTMENTS PORTFOLIO

Other Fish Assets $0.89 (1.03%) $2.04m (2.36%) Maui Investment portfolio ($ million) - March 2020 Cash & Term Deposits $20.57m (23.89%)

Maui Investment portfolio ($ million) - March 2021

Other Fish Assets $0.70 (0.73%) $2.00 (2.08%) Maui Investment portfolio ($ million) - March 2021 Cash & Term Deposits $15.30 (15.92%)

Direct Investments $26.31m (30.56%)

Other

Fish Assets $2.04m (2.36%)

Fish Assets $2.00 (2.08%)

$0.89 (1.03%) 2020

Cash & Term Deposits $20.57m (23.89%)

2020

Managed Growth Funds $13.60m (15.79%)

Other

$0.70 (0.73%) 2021

Cash & Term Deposits $15.30 (15.92%)

Direct Investments $26.31m (30.56%)

Managed Growth Funds $21.08 (21.93%)

Managed Income Funds $22.70m (26.36%)

Direct Investments $37.08 (38.57%)

2021

Managed Income Funds $19.97 (20.77%)

Managed Growth Funds $21.08 (21.93%)

Managed Growth Funds $13.60m (15.79%)

Direct Investments $37.08 (38.57%)

Managed Income Funds

Managed Income Funds $22.70m (26.36%) investments in Hāpai Commercial,

$19.97 (20.77%) In FY21 we increased direct Hāpai Housing and Oriens, funded from cash reserves and funds. Overall, we grew our putea by $10m, in addition to making a distribution of $1.92m to Te Korowai.

Under our investment strategy, we are progressively building a balanced resilient portfolio of direct investments.

Maui Group portfolio ($ million) - March 2020 Maui Group portfolio ($ million) - March 2021 Progress during FY21 is illustrated in FIG1. (above).

Private Equity 3.9

Cash

FIG 2: NGĀRUAHINE GROUP PORTFOLIO 2021 ($MILLION) 15.3 Seafood Maui Group portfolio ($ million) - March 2020 1.0

Long-term growth assets 2%

Growth Funds 21.1 Private Equity 2.1 Growth assets Seafood Quota Seafood 1.0 17% 2.3 Growth Funds 13.6 Infrastructure 5.2 Seafood Quota 2.2 BTR Housing 0.2 Infrastructure Commercial Property 4.8 10.4

Cash 20.6

2020

Income Funds 20.0

Crown Leasebacks 17.3 Income Funds 22.7

Commercial Property 5.0

Income assets 81%

Crown Leasebacks 14.4

Total Expenses Operating Profit before tax FX Gain/(loss)

FY21 $(000)

FY20 $(000)

3,477

2,851

(1,103)

(1,276)

2,374

1,574

297

(179)

-

3,075

AMP

136 (321)

Mercer

3,571 (1,720)

Hāpai Commercial

1,778

-

Tai Hekenga

2,839

3,413

Oriens

1,052 150

Total Comprehensive Income before tax

2021

Income Funds 20.0

Crown Leasebacks 14.4

BTR - Housing 0.2

Income assets 73%

Commercial Property 10.4

FY21 FINANCIAL PERFORMANCE

Investment Revaluations Managed Funds

Commercial Property Infrastructure 5.0 5.2

Crown Leasebacks 17.3

FIG 3: TE KIWAI MAUĪ O NGĀRUAHINE LIMITED COMMERCIAL GROUP* FINANCIAL PERFORMANCE

Total Income

2021

Seafood Quota 2.3

2020

Private Equity Cash 2.1 20.6 Seafood Maui Group portfolio ($ million) - March 2021 1.0 Long-term growth assets Growth Funds 4% 13.6 Private Equity 3.9 Cash Seafood Quota Seafood 15.3 Growth assets 2.2 1.0 23% Infrastructure Growth Funds Income Funds 4.8 21.1 22.7

12,047

5,993

NFL Net Profit before tax

141

152

Contributions to Equity

12,188

5,841

The financial performance of the Mauī Commercial Group (including Ngāruahine Fisheries Limited) is set out in FIG 2.

Overall, the Mauī group delivered a total pre-tax FY21 return of 14% (excluding internal lending) on opening assets (FY20: 7%).

As shown above, Mauī’s strong performance has been boosted by strong returns on a number of key investments it has implemented, detailed further below.

OUR INVESTMENTS Tai Hekenga Crown leaseback property In FY20, Mauī completed an investment of c$11m as part of Tai-Hekenga, a consortium of Taranaki Whanui linked iwi that has collectively purchased a large portfolio of Crown leaseback land in Wellington (including schools, Justice properties and specialist properties used by the Department of Internal Affairs). This investment provides secure low risk rental returns and capital gains.

In FY21, Tai Hekenga delivered a total return of 26% on >>

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>> the cost of Mauī’s investment, comprising land rentals of 6% and capital revaluation gains of 20%. The value of Mauī’s investment in Tai Hekenga at March 2021 was $17.3m, and has delivered a total return of 68% pa since acquisition.

Hāpai Property investments Hāpai Property is a group of iwi collective investment vehicles that offers iwi investors access to diversified leading sector returns in commercial property, build to rent housing and property development investment opportunities.

The Hāpai investments target property opportunities leveraging our collective iwi competitive advantages to access property opportunities via our proprietary rights and Government relationships.

Mauī was one of six foundation investors to establish Hāpai. All Hāpai investment vehicles are governed by a single Board. As a founding investor, Mauī has directorship representation on the Hāpai board, providing Mauī with good governance oversight across our Hāpai property investments.

Hāpai Commercial Property In FY20, Mauī committed to an investment of c$11m as a foundation investor in Hāpai Commercial Property LP (‘Hāpai Commercial’) that invests in highly diversified, investment grade commercial property portfolio to deliver dependable income and capital growth.

This investment was called in tranches, with $8.5m paid to date and the remaining $2.6m to be completed in FY22.

Hāpai Commercial has invested in six properties to-date, with the focus on assets with strong tenant covenants, location and usage diversity. The portfolio was relatively unaffected by Covid, in part reflecting the quality of the portfolio.

During FY21, Hāpai Commercial delivered a cash operating return of 9%, and capital growth of 36% providing a total return of 45% for the year.

Hāpai Housing & Property Development In addition to Hāpai Commercial Property, the Hāpai Property group has now expanded to provide separate collective iwi investment opportunities in the build to rent housing (Hāpai Housing) and property development (Hāpai Property Development) sectors.

As a founding investor in the new vehicles, Mauī has committed $5m each to both the housing and property development investment vehicles.

In addition to providing leading sector returns on investment, our Hāpai investments provide the opportunity to deliver wider outcomes such as delivering much needed quality, warm and healthy housing with preferential access for our collective iwi members, providing jobs, training and supply chain partnering / sub-contracting opportunities proactively for our members / Maori and working with Manawhenua iwi to ensure property design distinctively captures / builds the identity of local iwi.

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As at balance date (31 March), we had invested c$250k of our $5m commitment in Hāpai Housing, with remaining commitments expected to be made in FY22.

Mercer Socially Responsible Managed funds In FY20, we repositioned our managed fund investments ($36m) into Mercer’s socially responsible funds, with stronger alignment with our Ngāruahine values, particularly in relation to social and environmental responsibilities.

During FY21, our investments in Mercer’s Socially Responsible Conservative and Balanced funds performed exceptionally well, returning 7.7% and 18.7% respectively.

Oriens Capital Mauī has an investment commitment of $2.55m in the Oriens Capital Private Equity Fund Limited Partnership, which invests in privately owned New Zealand businesses which have succession or growth capital opportunities.

As at FY21 year end, Mauī had invested 85% of its commitment ($2.17m). The fund has performed very strongly, with a year-end valuation of 1.60 times cost, delivering a net internal rate of return (IRR) of 23.7%.

AMP Infrastructure fund Mauī has invested in New Zealand and Australian infrastructure via the AMP Capital managed Australasian Diversified Infrastructure Trust.

This is a long-established fund with significant scale assets in New Zealand and Australia including PowerCo, Melbourne airport, the Sydney rail network and student accommodation.

Covid-19 and the accompanying lockdowns and border restrictions have impacted the fund’s biggest asset, Melbourne airport as well as having less dramatic effects on student accommodation. Other assets proved more resilient notably PowerCo. The 12-month return for the fund at 31 March 2021 was 2.8% net of fees and including franking credits.

With domestic travel fuelling economic activity and the vaccination program commencing, the outlook is more optimistic.

Our investment in the infrastructure fund is a long-term investment for Mauī, which will enable us to ride out market impacts like Covid.

Ngāruahine Fisheries Limited (NFL) NFL is a streamlined operation managed by Mauī, with all quota leased out and income also coming from ownership of shares in Moana New Zealand (formally Aotearoa Fisheries Limited).

FY21 has presented challenges in the Fisheries sector, with Covid impacting demand in some of our markets such as Crayfish, that is reliant on export markets such as China. Overall, we delivered a return of 5% on our investment in Fisheries assets, which we consider is a good result in the context of the challenging year.

Te Rere o Kapuni (Dawson Falls Lodge)

Our lodge was closed at the start of FY21 during the Covid lockdown restrictions. However, on reopening in late May, we have seen strong growth, with our accommodation occupancy through to 31 March 20% higher than the same period last year.

Our Lodge Manager, Dean Kira and our team have done a great job to host our visiting manuhiri, ensuring visitors are warmly welcomed and looked after while they enjoy the spectacular nature that the Maunga and national park offers.

Our investment in Te Pūia Tāpapa is a long-term growth investment with returns expected to crystallise in the longer-term after the fund is fully invested. Despite investments only commencing during the course of the year, the investment portfolio has already enjoyed a valuation uplift of 5% by our 31 March balance date in the short time since investing. This is a pleasing result, and a good indication of the quality of the investments made.

OUR PATHWAY GOING FORWARD

Te Rere o Kapuni is a place of significant cultural and historical importance to Ngāruahine and Taranaki. We are very excited about the opportunity to develop the lodge that reasserts the connection to the maunga and provides a unique cultural experience for manuhiri.

Our financial performance this year gives us confidence we are on the right path of building an investment platform to support us grow our distributions to Te Korowai. We have committed to a FY22 distribution of $1.96m, up from $1.92 in FY21.

As part of our planning for Te Rere o Kapuni, we are working with Ngāruahine leaders in Te Reo, tikanga, and toi to review how the lodge can express and celebrate Ngāruahine identity.

Going forward our focus will increasingly examine how we can invest in a way that not only underpins Te Korowai financial requirements above, but also how we can have a wider impact in supporting the pou of Te Korowai.

Te Pūia Tāpapa We have committed $2.5m alongside other iwi and Māori investment groups in a collective direct investment vehicle, “Te Pūia Tāpapa”, which together with major NZ investors targets premium large-scale local investments.

As noted above, we are excited about the opportunities to invest in the development of the lodge at Te Rere o Kapuni that celebrates our cultural identity and narrative, and also creates training, mahi and growth opportunities.

Strategically this commitment gives us access to good quality, operational direct investments supported by high quality investment analysis.

Following the detailed review of a number of opportunities, the fund made its first three investments during FY21, investing in the transportation, finance and healthcare sectors.

Approximately 28% of our commitment to the fund has now been invested in FY21, with our remaining commitment expected to be fully invested over the next three - four years.

In addition, we will also be focussing on reviewing other investment opportunities in our rohe. These include ways Mauī can work with Te Korowai to assess new opportunities in the rohe and deliver healthy affordable housing for uri.

I wish to thank the contributions of my fellow directors Bev Gibson (who retired as director for Mauī during the year) Taari Nicholas, Paula Carr, Te Aroha Hohaia, Dion Maaka and associate director, Ngawai Hernandez-Walden together with the work of our management team in achieving our progress to-date. I am also grateful to the trustees and staff of Te Korowai for their support.

Ngā mihi nui Hinerangi Raumati-Tu'ua, Chair

TE KIWAI MAUĪ O NGĀRUAHINE LIMITED

Hinerangi Raumati-Tu’ua Pouwhakarae

Taaringaroa Nicholas Director

Paula Carr Director

Te Aroha Hohaia Director

Dion Maaka Director

Ngawai Hernandez-Walden Associate Director

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SUPPLEMENTARY INFORMATION

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES

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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES Paula Carr (Chair), Kanihi -Umutahi Creative New Zealand

Kaimahi

IR & PK Cuff Family Trust

Trustee

Mawhitiwhiti-Kānihi Pa

Trustee

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Kiwaī Mauī o Ngāruahine Company Limited

Director

Te Korowai o Ngāruahine Trust

Trustee

Te Korowai o Ngāruahine Custodian Company Limited

Shareholder, Director

Te Kupenga o Kanihi Charitable Trust

Trustee

What has been your highlight so far?

The highlights are many. Here are 3: working with an inspiring and diverse bunch of leaders - your hapū representatives, our directors, our kaimahi - who are passionate about our people and wanting to make a substantial and meaningful difference; supporting the growth and development of our Te Korowai organisation; opening communications up and learning more about the wonderful plans and work of our people across our Iwi and rohe.

What are you looking forward to?

Building on the good work of those who have come before us and getting in behind our whānau, marae, hapū, Ngāruahine entities and interest groups, in a way we haven’t before. Kia Tū Ngāruahine ai Tatou.

Allen Webb, Kanihi - Umutahi Mawhitiwhiti-Kānihi Pa

Secretary, Treasurer

Kānihi Umutahi (me etahi) Hapū

Secretary

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Korowai o Ngāruahine – Te Ohu Arotake

Member

Te Kupenga o Kānihi Charitable Trust

Secretary, Treasurer

What has been your highlight so far?

Coming together as a new board and re-establishing our communication channels for who we are there to represent.

He tangata.

What are you looking forward to?

Working together, building relationships, and enabling our people, hapū and iwi to achieve their goals and aspirations.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES Grant Weston, Ngāti Tamaahuroa - Tītahi Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

What has been your highlight so far?

Since I joined the trust in October 2020, I have most enjoyed the participation and inclusion with other board members. Communication has become paramount and all relevant information is being shared with our Uri. What are you looking forward to?

Continuation of the above and strengthening of our whakawhanaungatanga in all areas.

Caroline Scott, Ngāti Tamaahuroa - Tītahi Katere Trust

Secreatary, Treasurer

Marine & Coastal Area Act application for Ngāti Tamaahuroa me Titahi Hapū

Applicant

Te Hanatoa Trust

Treasurer

Ngāti Tamaahuroa raua ko Titahi

Trustee

Ngāti Tamaahuroa me Titahi Hapū

Pātaka Kaitiaki

Oeo Pā

Trustee/Secretary/ Treasurer

Te Hana Taua Trust

Treasurer

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Korowai o Ngāruahine Trust - Te Ohu Chair Arotake

What has been your highlight so far?

The highlight for me has been the bonding of the new board.

What are you looking forward to?

I am looking forward to the benefits that Uri, hapū and marae will have from the strategic plan we as a board have developed with the help of uri of Ngāruahine.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES John Kahupukoro, Ngāti Hāua Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Korowai o Ngāruahine – Te Arohaehae Hautū

Member

What has been your highlight so far?

I have been participating in a range of Ngāruahine kaupapa, and I've enjoyed seeing our whānau active in our taiao.

What are you looking forward to?

I'm happy to work for the betterment of our whānau, and I'm looking forward to seeing our iwi grow and prosper.

Te Aorangi Dillon, Ngāti Hāua Ngāti Hāua Whānui Inc

Secretary, Ohu Mātauranga Māori, Ohu Taiao

South Taranaki COGS

Committee member

South Taranaki District Council

Iwi Liaison Committee member

Taranaki Lotteries Grants Committee

Committee member

Te Kīwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korimako o Taranaki

Kaimahi

Te Korowai o Ngāruahine Trust Trustee Te Korowai o Ngāruahine Trust Member – Te Arohaehae Hautū Te Kura o Ngāruahine

Whānau Whakahaere, Board of Trustees

Tu Tama Wāhine o Taranaki

Kaimahi

What has been your highlight so far?

The highlight for me has been working with people who love and care for their pahake and mokopuna. It enables us all to work purposefully, proactively and productively.

What are you looking forward to?

I'm looking forward to all of our hapū moving forward with their goals and aspirations, no matter what they are. It's an exciting time to be a part of contributing to the progress of Ngāruahine. He rā hou tēnei ka hura. Ka puta tātou ki te ao marama.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES Te Aroha Hohaia (JP), Ngāti Tū

John Kahupukoro What has been your highlight so far?

My highlight so far is bringing Te Rere o Kapuni (Dawson Falls Lodge & Cafe) into the Te Korowai Group of entities, and seeing the plans to further develop the lodge.

Bashford-Nicholls Charitable Trust

Trustee

Bishop's Action Foundation

Trustee

Bizlink Hawera Incorporated

Member

Business & Professional Women Hawera

Member

Federated Mountain Clubs of New Zealand Incorporated

Member

South Taranaki Association

Justice of the Peace

Te Ara Pae Trust

Trustee/Chair

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Kiwaī Mauī o Ngāruahine Company Limited

Director

Te Korowai o Ngāruahine Trust

Trustee

Te Puni Kokiri

Contractor

Trinity Home and Hospital Limited

Director

Hohaia van Paassen Limited

Director

Waiōkura Marae & Reserves Trust

Trustee/Treasurer

What are you looking forward to?

Seeing a well-embedded succession plan that supports rangatahi into governance roles not only within the Te Korowai Group but also across a diverse range of entities.

Te Ahu Rei, Ngāti Tū Ngāti Tama ki Te Waipounamu Trust

Cultural Manager

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

What has been your highlight so far?

There have been many highlights to date, however, the one that comes to mind is taking up the mantle from the previous two boards to forge a pathway forward into the future to benefit our tamariki mokopuna. Going forward, working with other like-minded people who are willing to work hard for a common cause.

What are you looking forward to?

Given that the Deferred Settlement Properties (DSPs) have been on the agenda for a number of years, I'm keen to have this contentious issue resolved so we can move on as an iwi and that hapū can determine their own destiny in providing for their whānau and address issues like the shortage of suitable housing.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES Kiri Erb, Ngāti Manuhiakai Ngāti Manuhiakai Hapū

Secretary, Pātaka Kaitiaki

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Korowai o Ngāruahine – Te Ohu Arotake

Member

Tika Catering Limited

Owner

Tika Administration and Events Ltd

Director

What has been your highlight so far?

My highlight so far has been the coming together of the new board and welcoming Emma.

What are you looking forward to?

I’m looking forward to celebrating Ngāruahine. Building trust and our people feeling that they too are part of the journey.

Ferinica Hawe-Foreman, Ngāti Manuhiakai Beach Energy, Todd Energy, Taranaki By-Products

Hāpu Representative

Foreman Shearing Limited

Director

Ngāti Manuhiakai Hapū

Chair

Ngāti Manuhiakai 5A2

Trustee

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Korowai o Ngāruahine – Te Ohu Arotake

Member

Te Rangatapu Pa

Trustee (Secretary)

What has been your highlight so far?

Being given the opportunity to again sit at the table with our people, for our people.

What are you looking forward to?

Finding a way forward in the best interest of us all.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES John Hooker, Ōkahu - Inuawai

What has been your highlight so far?

Receiving the settlement of $67.5m from the crown (we had a certain minimum figure that we received), and growing this from 2016 to now $98.7m. The aim now is protecting it for future generations. The acknowledgement of haputanga, not just in the deed but at board level, mana motuhake.

What are you looking forward to?

I am looking forward to Ngāruahine benefiting from this strong balance sheet by greater delivery along the four key areas of housing,education/employment,taiao and Ngāruahinerangitanga by; Greater investment in the Ngāruahine takiwa to enhance the above strategic goals, greater development of hapū capacity and resources.

Kia Tū Ngāruahine tatou

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Eva Harris Trust

Trustee

Inuawai 1C,2B Trust

Advisory Trustee

Mangawhero 2 Trust

Advisory Trustee

Marine & Coastal Area Act application for Ōkahu-Inuawai Hapū

Applicant

New Zealand Māori Councillor

Member

New Zealand Māori Councillor Audit & Risk

Member

Ngāruahine Kaumātua Kaunihera

Chair

Ngāti Hāua 5 Trust

Advisory Trustee

Ōkahu-Inuawai (me etehi atu) Hapū

Chair

Ōkahu-Inuawai (me etehi atu) Hapū

Hapū Environmental Contact

Ōkahu Inuawai (me etahi atu) Incorporated Society

Chair

Opunake High School

Board of Trustees

Ruaputahanga Māori Wardens

Chair

South Taranaki District Council Iwi Liason Committee

Member

Taranaki Māori Trust Board

Member

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee, Deputy Chair

Te Korowai o Ngāruahine Trust Te Arohaehae Hautū

Chair

Te Kura Kaupapa Māori O Tamarongo

Reliever

Te Kura Kaupapa Māori O Tamarongo

Board of Trustees

TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI O NGĀRUAHINE TRUSTEES Ngawai Hernandez-Walden, Ōkahu - Inuawai RHW Builders Limited

Administrator

RINGA Management Limited

Managing Director

Te Korowai o Ngāruahine Trust

Trustee

Te Kiwai Matau o Ngāruahine Charitable Trust

Trustee

Te Kiwai Mauī o Ngāruahine Company Limited

Associate Director

Te Puni Kōkiri – Tāmaki Makaurau

Māori Enterprise Advisor

What has been your highlight so far?

Getting to know my whanaunga (other trustees & Te Korowai kaimahi) better. Growing up and around many of them, I have only known them because of our connections through whānau, marae, hapū and iwi. Being around a board table with our combined skills and capabilities together to benefit whānau, marae, hapū and iwi has brought me a new understanding and appreciation of each individual member.

I am in awe of the uniqueness and skills each trustee and kaimahi brings to the table to support Ngāruahine now and into the future.

What are you looking forward to?

Seeing the positive outcomes, the five-year strategic plan brings to life for the betterment of all Ngāruahine uri. Real time actual results that can be physically seen and be felt by our uri.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

INDEPENDENT MEMBERS QUALIFICATIONS

David Patten Te Arohaehae Hautū

Neil Taylor, FCA. QSM. Te Ohu Arotake

Phillippa Wilson, FCA. Te Ohu Arotake

Bachelor of Laws

Fellow of the Institute of Chartered Accountants Australia & New Zealand

Bachelor of Business Studies

Bachelor of Arts Master of Business Studies (in Dispute Resolution) Diploma of Business Studies (in Dispute Resolution) Fellow of the Arbitrators' and Mediators' Institute of New Zealand Member of the New Zealand Law Society Member of the Australasian Association of Workplace Investigators

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Queen's Service Medal

Fellow of the Institute of Chartered Accountants Australia & New Zealand Master of Public Policy

John Kahupukoro

TE KOROWAI O NGĀRUAHINE TRUST GROUP

COMMITTEES AND SUBSIDIARIES TE KOROWAI GOVERNACE SUB-COMMITTEES The Pouwhakarae sits on all committees as an ex-officio member.

TE OHU AROTAKE (Audit & Risk Committee) Paula Carr Kiri Erb Ferinica Hawe-Foreman Caroline Scott (Chair) Neil Taylor FCA. QSM. (Independent Member) Allen Webb Phillippa Wilson FCA. (Independent Member) Dr. Will Edwards (retired during the year) Bev Gibson (retired during the year) David More (retired during the year) TE AROHAEHAE HAUTŪ (Human Resources and Health & Safety Committee) Paula Carr Te Aorangi Dillon John Hooker (Chair) John Kahupukoro David Patten (Independent Member) Dr. Will Edwards (retired during the year) Bev Gibson (retired during the year) Cheryl Luke-Maraki (retired during the year)

TE KIWAI MAUĪ O NGĀRUAHINE LIMITED Paula Carr Ngawai Hernandez-Walden (Associate Director) Te Aroha Hohaia Dion Maaka Taaringaroa Nicholas Hinerangi Raumati (Chair) Bev Gibson (retired during the year) NGĀRUAHINE FISHERIES LIMITED Taaringaroa Nicholas Hinerangi Raumati Bev Gibson (retired during year) TE RERE O KAPUNI LIMITED Taaringaroa Nicholas Hinerangi Raumati Te Aroha Hohaia (retired during the year)

Caroline Scott Allen Webb Grant Weston Dr. Will Edwards (retired during the year) Wendy Eynon (retired during the year) Bev Gibson (retired during the year) Christine Ngawai Henare (retired during the year) Cheryl Luke-Maraki (retired during the year) David More (retired during the year) TE KOROWAI O NGĀRUAHINE CUSTODIAN COMPANY LIMITED Paula Carr Emma Gardiner Bev Gibson (retired during the year) Allie Hemara-Wahanui (retired during the year)

TE KIWAI MATAU O NGĀRUAHINE CHARITABLE TRUST Paula Carr Te Aorangi Dillon Kiri Erb Ferinica Hawe-Foreman Ngawai Hernandez-Walden Te Aroha Hohaia John Hooker John Kahupukoro Te Ahu Rei

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

GOVERNANCE ATTENDANCE Board Meetings Attended

Board Meetings Eligible

Sub Committee Meetings Attended

Sub Committee Meetings Eligible

Paula Carr Te Aorangi Dillon Kiri Erb Ferinica Hawe-Foreman Ngawai Hernandez-Walden Te Aroha Hohaia John Hooker John Kahupukoro Te Ahu Rei

13 5 5 12 6 12 10 6 5

13 6 6 13 6 13 13 6 6

8 3 3 3 3 5 5 3

9 3 3 3 3 5 5 3

-

-

Caroline Scott Allen Webb Grant Weston Dr. Will Edwards (retired during the year) Wendy Eynon (retired during the year)

12 12 5 7 3

13 13 6 7 6

Bev Gibson (retired during the year)

6

6

Christine Ngawai Henare (retired during the year)

3

7

Cheryl Luke-Maraki (retired during the year)

6

6

David More (retired during the year)

4

7

10 3 4 2 -

10 3 4 2 -

1 April 2020 - 31 March 2021 Trustees

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI KAIMAHI

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI KAIMAHI

Emma Gardiner

Paul Scott

Ngā Ruahine Rangi, Ngāti Ruanui, Ngāi Te Rangi Pouhautu Kairiwhi (Interim General Manager) pouhautu@ngaruahine.iwi.nz

Pouhapai – Business Manager paul@ngaruahine.iwi.nz

Emma is moko to Wally Hawe (Whareaitu ingoa whānau) and Ripeka Reihana (who later married Buster Walden).

Emma is māmā of two young tamariki. Āria, her pēpi, often accompanies her in the tari and at hui.

Emma was previously the General Manager for Te Tawharau o Ngāti Pūkenga Trust, and has held several senior advisory and consultancy roles in Māori economic development. Emma has a Masters of Business, and has a particular strength in business analysis and fundraising.

Emma is proud to serve her iwi, and support a strong succession for Te Korowai.

Paul has a breadth of experience in the oil and gas sector, and has contributed to several Kaupapa Māori in Taranaki.

Paul is a Chartered Accountant with a Bachelor of Commerce and is the Pou Hapai or Business Manager. Paul is leading the business improvement programme within Te Korowai.

These improved efficiencies mean streamlined compliance so that Te Korowai can focus on delivering value to our uri, whānau, hapū and iwi.

Bonnie Johnstone

Dion Luke

Whakatohea Kaitiaki Rārangi – Iwi Registrar registrar@ngaruahine.iwi.nz

Ngā Ruahine and Ngāti Maru Wharanui Pouuruhi Taiao – Environment Lead dion@ngaruahine.iwi.nz

Bonnie has a Bachelor of Business Studies, and has worked for various organisations with and for Māori.

Bonnie works part-time and enjoys semi-retirement with her husband, whānau and friends.

Dion lives in the center of the Ngāruahine universe, Manaia.

He decided to persue his passion for the Taiao in 2014, studying environmental planning and where he eventually graduated with his Masters Degree. Dion’s first role in this space was with Parininihi ki Waitotara before he was swiftly picked up by Te Korowai. Dion is now in a newly created role of Pouuruhi Taiao, where he leads our Tupua te Mauri (Taiao) Pou. Dion works directly with hapū and our whānaunga iwi, and lobbing central and local government on Taiao Kaupapa. This year Dion is kicking off a significant Taiao workprogramme including the development of a rohe-wide awa monitoring and GIS programme.

This year Bonnie has led policy development surrounding the iwi register, including an Iwi Register Policy and Privacy Policy. The Iwi Register sets the foundation for the design of initiatives and its integrity is extremely important. The work programme also includes a series of initiatives to grow registrations.

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Paul is the proud husband to Bry Kopu-Scott who is Te Ati Awa, Ngāti Mutunga and Ngāruahine. Their whānau is based in New Plymouth.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

TE KOROWAI KAIMAHI

Kawarau Ngaia

TeUraura Nganeko

Ko Ngāruahine ki te Rangi, Ko Ngāti Ruanui, Ko Taranaki Tuturu, Ko Ngāti Maru, Ko Te Ati Awa Pouuruhi-a-Iwi – Iwi Relations Lead kawarau@ngaruahine.iwi.nz

Ngāruahine, Taranaki Tuturu, Ngāti Ruanui Pouuruhi Lead, External Relations teuraura@ngaruahine.iwi.nz

Kawarau is the daughter to Uncle Henare and Aunty Julia Ngaia (nee, Luke), and she is a mother of three and proud Nanny of her eight moko. Kawarau has a Bachelor of Teaching and she has been involved with a range of education kaupapa in Ngāruahine. Kawarau lives in Matariki, and is active at Hoani Papita.

Kawarau is the Pouuruhi ā-iwi and leads many of the kaupapa under the Ngāruahinetanga Pou. Kawarau has several kaupapa planned for the year, including an education strategy and mentoring programme.

TeUraura is the son of Waemura and Shirley Nganeko, and proud father to his twin sons, Daniel and Cameron.

TeUraura is excited to be working for Te Korowai and applying his wealth of experience to serving his iwi. TeUraura has a depth of knowledge in business development, he has worked in the oil and gas indusry, central government and for many Māori and iwi groups.

TeUraura is leading our initiatives under the Poua te pātūtū (Kāinga), housing and Te Kawa Whanakeora(Mahi) enterprise. TeUraura has already made significant shifts in the development of Te Ara Toiroa, the Ngāruahine Procurement Strategy and Housing initiatives.

Ritihia Waller Ngāruahinerangi, Ngāti Ruanui, Taranaki, Whakatohea – Executive Assistant ritihia@ngaruahine.iwi.nz Ritihia is the moko of Uncle Rocky Hudson, and daughter to Ripeka. Ritihia and her hoa rangatira, Tawera Reihana (Uncle Pop Reihana’s moko) live in Matariki with their two boys, and have one on the way. Ritihia is a proud māmā who is active in her hapū and with Te Kura o Ngāruahine kaupapa.

Ritihia has a diploma in Business, and is finishing her Bachelor of Business through Waikato University. Ritihia is currently the Executive Assistant, general ‘miss fix it’, and a budding leader.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

MINUTES OF 2020 ANNUAL GENERAL MEETING SATURDAY, 8 AUGUST 2020 AT 10.00AM, WAIOKURA MARAE, WINKS ROAD, MANAIA.

Te Korowai Trustees Bev Gibson (Pouwhakarae), John Hooker, Caroline Scott, Will Edwards, Ferinica Hawe-Foreman, Wendy Eynon, Te Aroha Hohaia, Cheryl Luke-Maraki, Allen Webb, Paula Carr, Christine Ngawai Henare.

Karakia/Mihi Whakatau Te Ahu Rei, Tama Eynon, John Hooker.

1. MIHI / WELCOME The Pouwhakarae welcomed the whānau including the rangatahi and tamariki.

2. ATTENDANCE Karl Adamson, Krystal Adamson, Dianne Andrews, Raewyn Te Rongopai Robinson Ashby, Sage-Marie, Bennett, Dolores Agnes Bettridge, Sandy Bishop, Tam Bishop, Ngaraina Brooks, Paula Carr, Tami Cave, Cushla Hinerangi Close, Te Rawanake Coles, Rhonda Craig, Richard Darroch, Te Aorangi Dillon, John Dixon (PWC), Will Edwards, Makere Edwards, Patina Edwards, Kiri Erb, Wendy Eynon, Raymond Eynon, Tama Eynon, Gary Foreman, Betty Robinson Goedhart, Tosi Green, Patricia Green, Hemi Haddon, Hinerauroa Haimona, Metcalf Wallace Hawe, Jodi Hawe, Marama Rupapera Henry, Aaron Hockley, Karena Hockley, Humanga Hohaia, Fay Hohaia,Steven Hohaia, John Hooker, Ripeka Hudson, Bart Jansma, Mana Jenkins, Bonnie Johnstone, John Kahu, Suzanne Kahupukoro, Robin Katene, Julie-Anne Barney-Katene, Lola Katene, Zina Katene, Nanci-Lee Katene, Janie Thompson-Katene, Paula King, Floyd King, Maureen King, Melanie Trixie Luke, Dion Luke, Kathleen Patrick Rio Maaka, Kyla Maaka, Kataraina Mako, Turake Manuirirangi, Kayla Manuirirangi, Cheryl Luke-Maraki, A'Dydis Maraki , Melissa Martin, Taniya Miles, Awhina Mitchell, Marino Mitchell, Kohu Mitchell, Peter Moeahu, Wikitoria Moeahu, Dinnie Moeahu, Barbara Moore, Peggy Luke-Ngaheke, Kawarau Ngaia, Christina Ngarimu, Sidney Hautai Ngatai, Donna Ngatai, Daisy Noble, Jenny Noble, Vincent Nuku, ReoKore Nuku, Brian Nyman, Christine O'Carroll, Anton O'Carroll, Maureen Rupapera O'Keefe, Emma Park, David Patten, Rere-no-arangi Pope, Winsome Priest, Potaua Rangitaawa, Alison Ranui, Wiki Ratu, Te Ahu Rei, Harriet Lena Rei, Chelsea Rennie, Neta Riley, Irene Robinson, Maria Robinson, Debbie Robinson, Junior Robinson, David Robinson, Ihaka Robinson, Lara Ruakere, Tii Rupapera, Tracy Rupapera, Dee Sciascia, Hinerakei Sciascia (Tamaiti), Caroline Scott, Gordon Michael Sole, Vicky Sole, Marlene Spence, Mikayla Sturmey, Norah Puketapu-Tamihana, Wiremu Tamihana,

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Adrian Taylor (VBW), Tracy Raniera Toa, Armani-Rose Tomokino, Ria Wihapi Waikerepuru, Maurice R. Walden, Raanga Walker, Ritihia Waller, Te Puawai o te Atua Waller, Gale Hawe-Watson, Tiffany Kawana-Waugh, Allen Webb, Barb Webb, Paranihia Frances Webster, Dennis Weston, Grant Weston, Darlene Weston, Pam Hinewai Morehu Wharepapa, Phillippa Wilson, Ngawai Hernandez Walden.

3. APOLOGIES Kaye Adamson, Reider Hunter-Barnes, Bonita Bigham, Keith Douglas Brooks, Rhegan Brooks, Kaylee Brooks, Naomi Brooks, Taryn Brooks, Tane Brooks, Ethan Tamatea Brooks, MLeiayn Brooks, Ruta Davis, Hinerangi Edwards, Tracy Mihimamao Edwards, Leah Eynon, David Gibson, Lane Gibson, Sera Gibson, Russell Hockley, Natalie Hodge, Te Maramatanga Hohaia, Andrew Hooker, Tuesday Hunter, Ann Johnston, Melvin Katene, Cindy Kawa, Cindy Kawana, Zac Kawana, Dinah King, Marika Kupe-King, Dione King, Ngawai King, Irirangi Mako, Rawiri Mako, Raewyb-June Maraki, Ebony Maraki, Maruera Maraki, Mitchell Lee Martell, Te Wairingiringi Mitchell, David Moore, Kathleen Nuku, Julie Nyman, Dwayne O'Carroll, Katrina Taylor O'Carroll, Aroha Paenga, Ana Paewai, Greg Parata, Takawai Pouwhare, Patricia Taikato Pouwhare, Sarah-Lee Rangi, Moesha Katene-Rawiri, Annette Nyman-Riddell, Cassandra Kawana-Sapari, Michael Savage, Amai Thompson, Jason Thompson, Robin Thompson, Jesse Thompson, Kalem Thompson, Phoenix Thompson, Moetu Tonga, Kirsten Kawana-Waugh, Maraea Wharehoka, Mairi Wharehoka, Georgina Wharepapa, Lisa Mauriripeti Wharepapa, Rose Tehaupamaiwaha Wharepapa, Mary Wharepapa-Nivai, Renee Wright, Huia Teremoana-Martell, Che ThompsonKatene, Natasha Thompson-Katene, Peeti WharehokaWatene.

It was resolved that Apologies be accepted.

Moved: Seconded: CARRIED

Peter Moeahu Raewyn Ashbys

TE KOROWAI O NGĀRUAHINE TRUST GROUP

MINUTES OF 2020 ANNUAL GENERAL MEETING

4. SPECIAL RESOLUTION TO AMEND THE TRUST DEED The Pouwhakarae advised the hui that a representative for the Returning Officer (Ella Burrows) was available to issue and receive voting papers for the election, and the special resolution.

5. PREVIOUS ANNUAL GENERAL MEETING MINUTES It was resolved that the minutes of the 2019 Annual General Meeting be accepted.

Moved: Tama Eynon Seconded: Janie Thompson-Katene Abstention: Patricia Green CARRIED Matters Arising: That Doug Brooks was absent so did not move the apologies.

6. P RESENTATION OF ANNUAL REPORT AND FINANCIAL STATEMENTS a. Te Korowai o Ngāruahine - Key kaupapa Bev Gibson (Pouwhakarae) acknowledged Nga Hapū o Ngāruahine Iwi Inc who negotiated the Deed of Settlement that included $67.5m for Financial and Commercial Redress, and $661k as Cultural Redress. That Financial & Commercial Redress and Cultural Redress is now administered by Te Korowai o Ngāruahine Trust on behalf of Ngāruahine Uri. The Pouwhakarae spoke to six key kaupapa: i) Hapū Distributions The Pouwhakarae apologised for the inequality of pūtea Te Korowai had distributed over the previous years and for the concern this created for Ngāruahine uri. She presented the Board’s plan to achieve parity with all six hapū each to receive about $348k by March 2023. The Pouwhakarae explained that the hapū distribution is to be achieved within the dividend Te Korowai receives from Te Kiwai Mauī each year. The distributions are sustainable for hapū and will continue to be as Te Kiwaī Mauī successfully performs and yields results of investments for Ngāruahine Iwi. ii) Deferred Selection Properties Ten properties were available for Te Korowai to purchase

and after completing the due diligence process and business modelling in 2019, Te Korowai was advised that Te Rua o te Moko was the only property that had any commercial potential and worth purchasing for Ngāruahine Iwi. Te Korowai withdrew its interest when Kānihi-Umutahi tabled their intention to buy this property for the hapū. Te Korowai offered the other nine DSP properties for hapū to purchase for themselves and hapū will be required to expend their pūtea to complete the purchase. The Pouwhakarae acknowledged that hapū want Te Korowai to buy the property for them, however, it was explained when Te Korowai buy assets or property that the property is purchased for all uri of Ngāruahine.

Te Rere o Kapuni / Dawson Falls Lodge was an example of such a property purchase Te Korowai has made on behalf of Ngāruahine Iwi. iii) Marine & Coastal Area Act (MACAA Applications) Since 2017, Te Korowai has called for hapū applicants to progress MACAA applications together as a whanau believing this approach will show a powerful collective voice to the Crown. Progress has stalled because it is not the preferred pathway for hapū to work alongside Te Korowai. Te Korowai was mandated in 2014 by Ngāruahine registered members and has an obligation to progress its application. iv) Review of the 2040 Strategy The current strategy is under review and remains committed to the vision ‘Ka ora taku toa’ and that Ngāruahine will thrive and flourish. The mission has been revised and is now ‘Enabling Ngāruahine Wellbeing and Potential’. The Board believes the mission statement aligns well together and provides a platform to measure performance, standards, and metrics based on the goals Te Korowai and Ngāruahine uri want to achieve.

Current values are for the incoming Board to review and the outcome of this work will be critical to shaping the organizational culture of Ngāruahine as led and demonstrated by the Board. v) Trust Deed Review Nine online zoom hui was held to explain the Board's purpose for amending the Trust Deed. Registered Ngāruahine uri were invited to consider a proposal to stagger elections to each year for two hapū at a time instead of six hapū once every three years.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

MINUTES OF 2020 ANNUAL GENERAL MEETING

The Board’s proposed amendment was aimed to circumvent a disruption to the Te Korowai election process in the potential event of a Covid-19 resurgence as an example.

Registered members were invited to vote on the special resolution. vi) High-level Financials That Te Korowai is in a strong financial position thanks to the efforts and investment expertise of Te Kiwaī Mauī and Te Korowai office operating within its annual budget contributing to a $4.37m profit for Ngāruahine Iwi. Summary of comments and questions from the floor • The Board was congratulated on the positive results for Te Rere o Kapuni and for restoring equality for hapū distributions.

• That the process for distribution hapū be based on trust and avoid a ‘cap in hand’ mentality.

• Even though elections are hapū based, incoming board members were asked to focus on the interests of the Iwi and not their own hapū.

• A question was raised about Te Kiri school house and why it was not a deferred selection property for Te Korowai.

This matter was responded to by a Trustee. b. Presentation of the Year in Review

• All hapū had received a letter confirming what their distribution would be and to receive their distribution, hapū are required to provide information e.g.: confirmation of legal entity, bank account number and that an accountability process of hapū to Ngāruahine Iwi for the distribution received. Kōrero was made in terms of the $180,000 grant given to Ngāti Manuhiakai for their marae revamp and the background around that relationship with Te Korowai. It was Ngāti Manuhiakai understanding that this grant was not part of the hapū distribution putea, but this has now been included in those distributions.

• Te Korowai confirmed that reimbursement for Covid-19 costs was received.

• Questions about the iwi register and that errors were still occurring. A member shared their recent experience, however, acknowledged that this matter was also resolved quickly by the Te Korowai office. There was discussion around the transfer of the registration data and the security of all uri personal information. There were queries around why Te Korowai did not ask uri for the right to transfer their information to the new platform. This was answered by the Pouhautu, Allie saying that Te Korowai puts the registration information on what they believe to be the best database.

There was a request that Te Korowai put in the resources to get the registration process right as there were issues for whānau contacting kaimahi to update details.

The Pouhautū referred the meeting to the review of operational activities in the Annual Report and spoke to three key operational kaupapa:

• Rangatahi asked for better engagement and a desire to discuss rangatahi aspirations and a voice at the Te Korowai Board level.

i) Hapū Distributions

c. Te Kiwai Mauī o Ngāruahine Group

That it had taken the Board 20 months to confirm the distributions to hapū and there is now clarity and certainty for hapū and uri. ii) Iwi Register A new iwi register was now in place and provides better management and reporting, including reporting of information gaps. iii) 2019 Trust Deed Review Completing the 2019 Trust Deed review was a highlight and the amendment of 35 clauses.

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Summary of comments and questions from the floor

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Hinerangi Raumati explained that Te Kiwai Mauī o Ngāruahine Group (Te Kiwai Mauī) is aligned to the Te Korowai Trust. She acknowledged that although Covid-19 had made an impact on investments, their investment strategy had protected Ngāruahine assets and pūtea.

Summary of comments and questions from the floor • That the values of Te Korowai are carried throughout Te Rere o Kapuni Lodge, and that the staff is kept safe.

• That government changes that could impact negatively on our Fisheries settlement are managed by Ngāruahine Fisheries Limited

TE KOROWAI O NGĀRUAHINE TRUST GROUP

MINUTES OF 2020 ANNUAL GENERAL MEETING

d. Te Korowai o Ngāruahine Group Financial Audit Accountant Adrian Taylor spoke to the reports acknowledging the comments from the Pouwhakarae and Chair of Te Kiwai Mauī.

It was resolved that all four reports are received.

Moved: Seconded: Against: CARRIED

Peter Moeahu Peggy Luke-Ngaheke Patricia Green

7. APPOINTMENT OF THE AUDITOR It was resolved that PriceWaterhouse Cooper be appointed Auditor for the 2020-21 year.

Moved: Seconded: CARRIED

Allen Webb Kiri Erb

8. SCHOLAR PRESENTATION A video presentation from the Bee Weston-Jacobson thanking Ngāruahine iwi for the scholarship she received.

9. GENERAL BUSINESS The Pouwhakarae thanked the Board, the independent members Phillippa Wilson, Neil Taylor, and David Patten for their support along with the team from Te Kiwaī Mauī and the staff of Te Korowai. On behalf of the Board and Ngāruahine Iwi she presented kete made by Ngāruahine weavers to the retiring trustees; Wendy Eynon, Christine Henare, David More (absent) and Will Edwards. She also acknowledged the rangatahi who attended the AGM and their role in creating our future today.

10. KARAKIA WHAKAMUTUNGA Te Ahu Rei.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

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CONTENTS Auditors' report 45 Financial statements Statement of Comprehensive Income 47 Statement of Financial Position 48 Statement of Changes in Equity 49 Statement of Cash Flows 50 Notes to the financial statements 1 Summary of significant accounting policies 51 2 Trading revenue 52 3 Other revenue 53 4 Expenses 54 5 Cash & cash equivalents 56 6 Trade & other receivables 56 7 Goods and services tax 56 8 Prepayments & accrued income 57 9 Current investments 57 10 Property, plant and equipment 57 11 Intangibles 58 12 Investments 59 13 Impairment 60 14 Trade & other payables 61 15 Other current liabilities 61 16 Income tax expense 61 17 Financial instruments 62 18 Treaty settlements 63 19 Reserves & retained earnings 63 20 Trustee remuneration 64 21 Directors remuneration 64 22 Remuneration of key management personnel 65 23 Investments in subsidiaries 65 24 Statement of cash flows 65 25 Accounting judgements & estimates 65 26 Related party transactions 66 27 Commitments and contingencies 67 28 Impacts of Covid-19 67 29 Subsequent events 67

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Independent auditor’s report To the Directors of Te Korowai o Ngāruahine Group Our opinion In our opinion, the accompanying consolidated financial statements of Te Korowai o Ngāruahine Group (the Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial position of the Group as at 31 March 2021, its financial performance and its cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR).

What we have audited The Group's consolidated financial statements comprise: •

the statement of financial position as at 31 March 2021;

•

the statement of comprehensive income for the year then ended;

•

the statement of changes in equity for the year then ended;

•

the statement of cash flows for the year then ended; and

•

the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International Standards on Auditing (ISAs). 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Other than in our capacity as auditor we have no relationship with, or interests in, the Group.

Other information The Directors are responsible for the other information. The other information comprises the information included in the Annual report, but does not include the consolidated financial statements and our auditor's report thereon. The Annual report is expected to be made available to us after the date of this auditor's report.

Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of audit opinion or 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.

PricewaterhouseCoopers, Level 3, 6 Albion St, PO Box 645, Napier, 4110, New Zealand T: +64 6 835 6144, F: +64 6 835 0360, pwc.co.nz

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When we read the other information not yet received, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Directors and use our professional judgement to determine the appropriate action to take.

Responsibilities of the Directors for the consolidated financial statements The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the consolidated financial statements in accordance with NZ IFRS RDR, and for such internal control as the Directors 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 Directors are responsible 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 Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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) and ISAs 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 further description of our responsibilities for the audit of the consolidated financial statements is located at the External Reporting Board’s website at: https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-7/ This description forms part of our auditor’s report.

Who we report to This report is made solely to the Company’s Directors, as a body. Our audit work has been undertaken so that we might state those matters which 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 Company and the Company’s Directors, as a body, for our audit work, for this report or for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John Dixon.

For and on behalf of:

Chartered Accountants 18 June 2021

PwC

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Napier

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TAUKI WHĀNUI MONI WHIWHI STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 Note

2021

2020

518,597 127,527 646,124

566,494 120,702 687,196

Dawson Falls Mountain Lodge Cost of Sales Fisheries Fees Total Cost of Sales

126,799 15,880 142,679

140,435 17,171 157,606

Gross Profit

503,445

529,590

TRADING REVENUE Dawson Falls Mountain Lodge Income Fisheries Income Total Trading Revenue

2 2

COST OF SALES

OTHER REVENUE Investment Income

3

3,333,075

2,725,645

Other Revenue

3

285,967

199,767

Total Other Revenue

3,619,042

2,925,412

Total Revenue

4,122,487

3,455,002

EXPENSES Advisory, Consulting and Professional Fees

4

555,776

626,063

Communications and Engagement

4

90,172

94,936

Governance

4

387,329

391,140

IT Expenses

4

53,815

44,337

Office and General Expenses

4

286,375

398,248

Personnel Expenses Projects and Priorities Travel

4 4

905,275 372,560 52,301

846,155 129,974 52,856

Total Expenses

2,703,602

2,583,709

OPERATING PROFIT

1,418,885

871,293

OTHER INCOME Fair Value Adjustment of Moana investment

12

Foreign Currency Gains and (Losses) Unrealised Investment Gains PROFIT/(LOSS) FOR THE YEAR BEFORE TAX

-

(298,000)

296,674

(178,938)

9,376,422

4,596,899

11,091,982

4,991,253

635,141

613,754

10,456,841

4,377,499

INCOME TAX Income Tax Expense TOTAL COMPREHENSIVE INCOME

16

These accounts are to be read in conjunction with the attached notes.

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

|

47

TE KOROWAI O NGĀRUAHINE TRUST GROUP

RIPANGA KAUTE O TE TŪRANGA PŪTEA STATEMENT OF FINANCIAL POSITION AS AT 31 POUTŪTERANGI 2021 Note

31 Mar 2021

31 Mar 2020

Current Assets Cash and cash equivalents Trade and other receivables

5 6

3,115,993 78,925

7,671,624 82,183

Prepayments and accrued income

8

44,474

151,038

ASSETS

Inventory Current tax receivables Current Investments Goods and services tax Total Current Assets

9

10,048

8,733

259,151 14,324,413 152,455 17,985,460

426,725 14,700,000 31,914 23,072,217

1,040,919

1,040,377

Non-Current Assets Property, Plant and Equipment

10

Intangibles

11

1,071,461

1,071,461

Investments

12

79,088,191

63,568,900

Total Non-Current Assets

81,200,571

65,680,738

TOTAL ASSETS

99,186,031

88,752,954

396,366

204,266

LIABILITIES Current Liabilities Creditors and accrued expenses

14

Other current liabilities

15

86,074

105,940

Total Current Liabilities

482,440

310,205

TOTAL LIABILITIES

482,440

310,205

98,703,590

88,442,749

TOTAL ASSETS LESS TOTAL LIABILITIES (NET ASSETS) ACCUMULATED FUNDS Treaty Settlement

18

68,457,501

68,457,501

Reserves

19

1,634,998

1,830,998

Retained earnings

19

TOTAL ACCUMULATED FUNDS

28,611,091

18,154,250

98,703,590

88,442,749

Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 16 June 2021:

Paula Carr Pouwhakarae Date: 16 June 2021

These accounts are to be read in conjunction with the attached notes.

48

| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

Caroline Scott Chair, Te Ohu Arotake Date: 16 June 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

TAUKI TŪTANGA REREKĒTANGA STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

Treaty Settlement BALANCE AT 1 APRIL 2019

Other Reserves

Retained Earnings

Total Equity

68,457,501

1,433,998

14,173,751

84,065,251

Profit for the period

-

-

4,377,499

4,377,499

Transfers

-

397,000

(397,000)

-

68,457,501

1,830,998

18,154,250

88,442,749

BALANCE AT 31 MARCH 2020

Treaty Settlement

BALANCE AT 1 APRIL 2020

Other Reserves

Retained Earnings

Total Equity

68,457,501

1,830,998

18,154,250

88,442,749

Profit for the period

-

-

10,456,841

10,456,841

Transfers

-

196,000

-

196,000

68,457,501

1,634,998

28,611,091

98,703,590

BALANCE AT 31 MARCH 2021

These accounts are to be read in conjunction with the attached notes.

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

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49

TE KOROWAI O NGĀRUAHINE TRUST GROUP

TAUKI AURERE PŪTEA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to Suppliers and Employees Income tax Received / (Paid) GST Paid Interest, dividends and other investment receipts Total Cash Flows from Operating Activities

902,857

809,270

(2,917,943)

(2,458,370)

(34,722)

(42,596)

65,288

8,405

434,451

1,251,922

(1,550,069)

(431,369)

CASH FLOWS FROM INVESTING ACTIVITIES Receipts from maturing term deposits and investments Distributions from direct investments Payments to acquire property, plant and equipment Payments to purchase investments

31,200,000 144,659,217 1,866,031

-

(3,154)

(18,679)

(5,244,026) (59,530,435)

Investment in term deposits

(30,824,413) (78,100,000)

Total Cash Flows from Investing Activities

(3,005,562)

7,010,103

Net Increase/ (Decrease) in Cash

(4,555,631)

6,578,734

Opening cash and cash equivalents

7,671,624

1,092,889

Closing cash and cash equivalents

3,115,993

7,671,624

NET CHANGE IN CASH FOR PERIOD

(4,555,631)

6,578,735

CASH BALANCES

These accounts are to be read in conjunction with the attached notes.

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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(b) Principles of consolidation

(a) Basis of preparation

Subsidiaries

Entities reporting

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns (i.e. profit/losses) from its involvement with the entity and has the ability to affect those returns through its control over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and removed from the date that control ceases.

The entity reporting is Te Korowai o Ngāruahine Trust (Te Korowai) and its subsidiaries Te Kiwai Mauī o Ngāruahine Limited, Te Rere o Kapuni Limited, Ngāruahine Fisheries Limited and Te Kiwai Matau o Ngāruahine Charitable Trust (together the 'Group'). Te Korowai is the mandated post settlement entity for Ngāruahine.

Basis of preparation The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand and the requirements of the Trustee Act 1956 and the Financial Reporting Act 2013.

The Group is a for-profit entity for the purposes of complying with NZ GAAP. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards ('NZ IFRS') and other applicable Financial Reporting Standards, as appropriate for profitoriented entities.

The Group is eligible to and has applied Tier 2 For-profit Accounting Standards (New Zealand equivalents to International Financial Reporting Standards - Reduced Disclosure Regime ('NZ IFRS RDR') on the basis that it does not have public accountability and is not a large for-profit public sector entity. The Group has elected to report in accordance with NZ IFRS RDR and has applied disclosure concessions.

Historical cost convention The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through the statement of comprehensive income.

Measurement Basis All of the Group's transactions are conducted in New Zealand dollars and the financial statements are presented in New Zealand dollars. Where transactions were undertaken in foreign currency the New Zealand dollar amount recorded by the bank has been used as the transaction value.

The Group applies the acquisition method to account for any businesses that become part of the Group. The amount recorded for the acquisition of a subsidiary is the fair values of the assets transferred, liabilities accepted (including any that are contingent on certain events occurring) and the equity interests issued by the Group to bring it to the total acquisition price. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

The amount paid above the fair value of the net assets acquired is recorded as goodwill. If the total of the price paid is less than the fair value of the net assets again on acquisition is recognised in the statement of comprehensive income.

Inter-company transactions, balances and unrealised gains on transactions between group entities are excluded from the financial statements as the net effect for the Group is zero. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (c) Changes in Accounting Policies There have been no changes in accounting policies.

Policies have been applied on a consistent basis with those of the previous reporting period.

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TE KOROWAITEOKOROWAI NGĀRUAHINE ANNUAL REPORT 51 | 51 O NGĀRUAHINE ANNUAL2019 REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

2

TRADING REVENUE 2021

2020

Dawson Falls Mountain Lodge income

518,597

566,494

Fisheries Income - ACE Leasing

127,527

120,702

TOTAL TRADING REVENUE

646,124

687,196

Lodge income The Group operates Dawson Falls Mountain Lodge on Maunga Taranaki, which is owned by its subsidiary company Te Rere o Kapuni Limited. Revenue related to accommodation is recognised over time in the Statement of Comprehensive Income on a time-based output method over the period of the service. Revenue related to sale of goods is recorded at a point in time and is recognised in the Statement of Comprehensive Income when the customer has received the related goods.

Fisheries income The Group operates Ngāruahine Fisheries Limited (NFL), sales of annual catch entitlements (ACE) are recognised when invoiced.

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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

3

OTHER REVENUE 2021

2020

-

333,853

INVESTMENT INCOME AMP Capital Diversified Infrastructure Trust Income Dividend Income

448,618

451,463

Interest Received

305,568

577,384

Hāpai Commercial Property LP Income PIE Income Tai Hekenga LP Income Total Investment Income

457,893

202,447

1,247,746

826,765

873,250

333,733

3,333,075

2,725,645

133,230

201,012

-

51

OTHER INCOME Charitable Distributions Gain/(Loss) on Assets Sold Grants Received

31,914

9,200

Koha

13,479

500

MSD Wage Subsidy

39,838

3,622

Other Income

60,307

33,382

7,200

-

Reimbursement Income Takutai Moana Claimant Funding Total Other Income TOTAL OTHER REVENUE

-

(48,000)

285,967

199,767

3,619,042

2,925,412

Interest income Interest is recognised by the Group using the effective interest method.

PIE income Portfolio Investment Entity (PIE) income and dividends are recognised when received. Dividend income is distributions from investments in managed PIE funds.

Grant income, dividends and koha is recognised when it is received. All other income is recognised at the point a service has been delivered or commitment made by a customer. Other income is the reimbursement of costs from other parties where we have shared the costs of an event.

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

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53

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 4

EXPENSES 2021

2020

ADVISORY, CONSULTING AND PROFESSIONAL FEES Accounting Fees

30,000

30,000

Audit Fees

60,856

92,463

158,831

122,631

31,984

133,660

Consultants & Professional Fees Fund Manager Fees Legal Fees Investment Management Technical Services - Contractors Valuation Fees Total Advisory, Consulting and Professional Fees

93,399

70,328

120,000

120,000

58,405

55,481

2,300

1,500

555,776

626,063

COMMUNICATIONS AND ENGAGEMENT Communications

59,938

69,720

Election costs

30,234

11,037

Taranaki Tū Mai Costs Total Communications and Engagement

-

14,179

90,172

94,936

GOVERNANCE Catering

10,065

17,461

122,428

120,313

21,600

-

Governance & Trustee Review

-

13,886

Membership Committee Fees

1,917

-

Director Fees Governance – ICP

Professional Memberships Te Ohu Arotake Training and Development

2,657

-

19,169

15,000

802

8,507

Trustee Fees

208,692

215,973

Total Governance

387,329

391,140

IT Maintenance & Support

27,830

16,054

Licences and Subscriptions

25,985

28,283

Total IT Expenses

53,815

44,337

11,921

13,077

IT EXPENSES

OFFICE AND GENERAL EXPENSES Advertising

54

Bank Fees

1,723

1,458

Catering - Non Governance

8,373

6,245

Commission

10,346

14,885

Depreciation

91,993

157,545

Equipment Hire

1,028

1,398

General Expenses

2,322

3,802

| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 4

EXPENSES (CONTINUED) 2021

2020

OFFICE AND GENERAL EXPENSES (CONTINUED) Health and Safety

5,205

1,280

Internet & Telephone

7,640

8,411

38,992

44,517

Interest Expense

Insurance

5,441

2,783

Koha

3,459

2,468

Lease

(948)

15,609

19,585

22,101

Low Value Assets under $500

Light, Power & Heating

7,833

4,100

Motor Vehicle Expenses

7,365

9,076

Office Expenses Office Rental Photocopier Lease Printing, Postage & Stationery Rates Repairs & Maintenance

5,159

8,159

13,440

11,149

2,280

2,280

21,616

11,978

3,309

7,134

14,344

43,229

Venue Hire

2,606

3,213

Waste Management

1,343

2,350

286,375

398,248

ACC Employer Preminums

3,453

3,410

Recruitment

1,145

-

Total Office and General Expenses PERSONNEL EXPENSES

Salaries & Wages - Te Korowai o Ngāruahine Trust

577,056

505,507

Salaries & Wages - Te Rere o Kapuni Limited

312,141

324,269

Training & Development

11,480

12,969

905,275

846,155

Bureau Services

11,543

13,806

Capability Priorities

22,113

5,450

Total Personnel Expenses PROJECTS AND PRIORITIES Project - Capability Priorities

Curious Minds Iwi Scholarships Support and strengthen hapū and marae governance Total Project - Capability Priorities

-

18,475

1,438

21,000

-

3,000

35,094

61,731

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

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55

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 4

EXPENSES (CONTINUED) 2021

2020

PROJECTS AND PRIORITIES (CONTINUED) Project - Relationship Priorities Hāpu Relationships Pātaka Relationship Priorities Support Hapū development Takutai Moana

7,941

-

13,038

16,720

12,776

6,304

291,001

-

-

11,199

12,710

-

337,466

34,223

DSP Acquisition Costs

-

7,200

Develop Ngāruahine Iwi Plans

-

1,360

Project - Self-resilience Priorities

-

2,601

Swim Like a Fish

-

21,251

Whānau/uri Total Project - Relationship Priorities Project - Self-resilience Priorities

Taiao Strategy

-

1,609

Total Project - Self-resilience Priorities

-

34,020

Total Projects and Priorities TOTAL EXPENSES

372,560

129,974

2,651,301

2,530,853

Audit fees showing in the 2020 year are made up of the actual costs for 2019 and accrued costs for 2020.

5

CASH & CASH EQUIVALENTS 2021

2020

Cash at bank & on hand

3,115,993

7,671,624

TOTAL CASH & CASH EQUIVALENTS

3,115,993

7,671,624

Cash and cash equivalents include: petty cash and bank accounts.

Bank accounts earn interest at specified rates on daily balances and term deposits earn interest at the rate set at the time the investment is made.

6

TRADE & OTHER RECEIVABLES 2021

2020

Accounts Receivable

78,925

82,183

TOTAL TRADE & OTHER RECEIVABLES

78,925

82,183

Trade receivables are the amounts that are owed to us by other organisations or individuals. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. At the end of each month an assessment is performed to determine whether there is still an expectation that invoiced amounts will be received. If amounts are no longer expected to be received a provision for impairment is recognised.

7

GOODS AND SERVICES TAX

All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST.

56

| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 8

PREPAYMENTS & ACCRUED INCOME 2021

2020

Accrued Income

10,888

121,178

Acquisition Costs

18,792

10,592

Prepayments

14,795

19,268

TOTAL PREPAYMENTS & ACCRUED INCOME

44,474

151,038

Prepayments are recorded at cost and expensed over the period they cover. Prepayments include office rent and insurance paid in advance. Accrued income is interest accrued on term deposits that will be received when the term deposits mature and accrued PIE income on the managed investments that is received monthly.

9

CURRENT INVESTMENTS

Current investments include term deposits invested for less than 12 months at cost.

2021

2020

ASB Bank Term Deposits

9,074,413

10,000,000

BNZ Term Deposits

5,250,000

4,700,000

14,324,413

14,700,000

2021

2020

Opening carrying value

296,501

296,501

Total Land

296,501

296,501

Opening carrying value

375,000

375,000

Total Buildings

375,000

375,000

8,086

5,351

20,482

9,306

Depreciation

(8,015)

(6,572)

Total Computer Equipment

20,553

8,086

208,181

278,605

-

4,752

TOTAL CURRENT INVESTMENTS Current investments include term deposits invested for less than 12 months at cost.

10

PROPERTY, PLANT AND EQUIPMENT

Land

Buildings

Computer Equipment Opening carrying value Additions

Furniture, Fittings and Office Equipment Opening carrying value Additions Depreciation

(24,401)

(75,177)

Total Furniture, Fittings and Office Equipment

183,780

208,181

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

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57

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 10

PROPERTY, PLANT AND EQUIPMENT (CONTINUED) 2021

2020

21,248

36,935

(15,687)

(15,687)

5,561

21,248

76,800

93,910

-

864

(15,428)

(16,460)

Motor Vehicles Opening carrying value Depreciation Total Motor Vehicles Chattels Opening carrying value Additions Depreciation Disposals Total Chattels

-

(1,514)

61,372

76,800

54,561

-

Right of Use Assets Opening carrying value Additions Depreciation Total Right of Use Assets

65,149

98,210

(28,955)

(43,649)

90,755

54,561

7,396

-

Capital Work in Progress

Additions Total Capital Work in Progress

TOTAL PROPERTY, PLANT AND EQUIPMENT

7,396

-

1,040,919

1,040,377

All property plant and equipment is recorded at cost less accumulated depreciation, except for land which is recorded at fair value. Buildings and Capital Work in Progress were not depreciated in 2021.

Subsequent costs, such as additions or further development of the asset, are recognised as a separate asset. This occurs at the point it is probable that the economic benefits of the asset will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are recorded as expenses in the year that they are incurred. The residual values and estimated useful lives are reviewed at the end of each financial year to see if they are still appropriate.

• Computer equipment 40% - 67% DV • Fixtures and fittings 7%-20% DV 11

• Office equipment 7%- 50% DV • Motor vehicles 21% DV

INTANGIBLES 2021

2020

1

1

Goodwill Goodwill Intangibles Quota Shares

1,071,460

1,071,460

TOTAL INTANGIBLES

1,071,461

1,071,461

Goodwill Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Dawson Falls Mountain Lodge.

58

| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021 11

INTANGIBLES (CONTINUED)

Fishing Quota Fisheries quota held by Ngāruahine Fisheries Limited (NFL) is an indefinite life intangible asset because there is no foreseeable limit to the period over which the quota is expected to generate cash inflows for NFL. The fishing quota is recognised at cost. The fishing quota is reviewed annually for impairment or whenever there is an indication that it may be impaired, there were no indications of impairment during the year (2020: Nil). The current market valuation undertaken at 31 March 2021 is $2,319,283 (2020: $2,232,116). The quota consists of settlement quota of 59,791,957 shares and regular quota of 241,406 shares.

12

INVESTMENTS 2021

2020

Investments Recorded at Cost Hāpai Housing Limited Partnership

234,375

-

Total Investments Recorded at Cost

234,375

-

964,630

964,630

5,241,482

4,808,539

10,409,330

4,999,140

Investments Recorded at Fair Value Shares in Moana New Zealand Direct Investments AMP Capital Diversified Infrastructure Trust (ADIT) Hāpai Commercial Property Limited Partnership Tai Hekenga Limited Partnership

17,285,172

14,434,852

Total Direct Investments

32,935,984

24,242,531

Mercer Investments (New Zealand) Limited

41,045,793

36,294,347

Total Managed Funds

41,045,793

36,294,347

3,205,081

1,809,155

Managed Funds

Private Equity Oriens Private Equity Investment Te Pūia Tāpapa Limited Partnership

702,328

258,237

3,907,409

2,067,392

Total Investments Recorded at Fair Value

78,853,816

63,568,900

TOTAL INVESTMENTS

79,088,191

63,568,900

Total Private Equity

Investments are comprised of investments in managed funds and private equity as detailed above.

Managed Funds Investment in managed funds are recognised at fair value. Changes in the fair values are recognised in the profit and loss section of the statement of comprehensive income. If the value of the funds has increased it will appear as income, if it has decreased it will appear as a loss. Investments are recorded at market value as determined by the fund managers using unit prices at year end.

Private Equity Investments Private equity investments are recognised at fair value. Changes in the fair values are recognised in the profit and loss section of the statement of comprehensive income. If the value of the funds has increased it will appear as income, if it has decreased it will appear as a loss. The Oriens private equity investment is recorded at market value as determined by the fund at year end.

TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

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59

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

12

INVESTMENTS (CONTINUED)

Direct Investments The Direct Investments are valued at fair value by the fund managers at year end. Changes in the fair values are recognised in the profit and loss section of the statement of comprehensive income. If the value of the funds has increased it will appear as income, if it has decreased it will appear as a loss.

Moana New Zealand Shares Investments includes shares in Moana New Zealand (formally known as Aotearoa Fisheries Limited). Moana New Zealand shares are recognised at fair value. Changes in the fair value of investments are recognised in other comprehensive income. If the value of the shares has increased it will appear as income, if it has decreased it will appear as a loss.

Management assesses fair value at year end taking into account the dividend yield valuation, comparison to valuations from other lwi for Moana New Zealand shares and other external sources of information regarding Moana New Zealand's current situation and future projections. There were no changes to the fair value of the shares as at 31 March 2021 (2020: impairment of $298,000).

13

IMPAIRMENT

(i) Financial assets The Group assesses at the end of each year whether a financial asset or group of financial assets is impaired. Impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events since initial recognition of the asset (a loss event) and that loss event has an impact on the estimated future cash flows from the financial asset, which can be reliably estimated.

Evidence of impairment may include that a debtor is experiencing significant financial difficulty, default or delinquency in payments, the probability that they will enter bankruptcy or other financial re-organisation, and where data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

The amount of the loss is measured as the difference between the carrying amount and the present value of estimated future cash flows (discounted at the original effective interest rate). The carrying amount of the asset is reduced and the amount of the loss is recognised in the Statement of Comprehensive Income.

If, in a subsequent period, the amount of the impairment loss decreases and that decrease can be objectively linked to an event after the impairment was recognised, the previously recognised impairment loss is reversed and recognised in the Statement of Comprehensive Income. (ii) Non-financial assets Intangible assets that have an indefinite useful life, or intangible assets that are not ready to use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The recoverable amount is the higher of the assets fair value less costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

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| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

14

TRADE & OTHER PAYABLES

Accounts Payable BNZ Credit Cards TOTAL TRADE & OTHER PAYABLES

2021

2020

389,853

201,327

6,513

2,938

396,366

204,266

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. They represent the amounts we owe for goods and services provided to the Group to the end of the financial year that are due to be paid. The amounts are unsecured and are paid within 30 days of an invoice being received.

15

OTHER CURRENT LIABILITIES 2021

2020

72,604

55,772

-

39,838

Vouchers Sold

13,470

10,330

TOTAL OTHER CURRENT LIABILITIES

86,074

105,940

Lease Liability MSD Covid 19 Wage Subsidy

Income received in advance is prepaid accommodation at Dawson Falls Mountain Lodge. Vouchers are vouchers sold during the year which have yet to be redeemed for accommodation at Dawson Falls Mountain Lodge.

16 INCOME TAX EXPENSE 2021

2020

Profit per Statement of Comprehensive Income

11,091,982

4,991,253

Less: Non-assessable Revenue

(9,671,736)

(1,484,087)

Plus: Non-deductible Expenses

2,961,787

-

Net taxable income

4,382,033

3,507,166

Income tax @ 17.50% Prior year tax expense adjustment INCOME TAX EXPENSE

766,856

613,754

(131,715)

-

635,141

613,154

The tax expense for a period comprises current tax. Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of the tax laws effective at year end. It establishes provisions where appropriate, on the basis of amounts expected to be paid to the Inland Revenue Department.

All entities in the Group are registered Maori Authorities for taxation purposes and pay income tax at 17.5%. Taxation is calculated on net profit before taxation, making any adjustments for amounts that are not tax deductible.

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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

17

FINANCIAL INSTRUMENTS 2021

2020

Cash and cash equivalents

3,115,993

7,671,624

Investment in Partnerships

234,375

21,501,385

14,324,413

14,700,000

123,399

222,629

17,798,180

44,095,638

78,853,816

42,067,515

Assets At amortised cost

Term Deposits Trade and other receivables Total at amortised cost At fair value through profit and loss Investments Total at fair value through profit and loss

78,853,816

42,067,515

Total Assets

96,651,996

86,163,153

Creditors and accrued expenses

389,853

201,327

Total at amortised cost

389,853

201,327

Total Liabilities

389,853

201,327

96,262,142

85,961,826

Liabilities At amortised cost

TOTAL FINANCIAL INSTRUMENTS

The Group's financial assets and liabilities are detailed above. Prepayments, GST and income tax are excluded from the table as they do not meet the definition of a financial instrument.

For financial instruments, which are measured at fair value, changes in the fair values of these financial instruments are shown under the profit and loss section of the statement of comprehensive income. If the value of the financial instruments has increased it appears as income, if they have decreased it is a loss. Revenue earned on financial instruments for example interest, dividends and PIE income, is recorded separately in the profit and loss section of the statement of comprehensive income, this revenue is not included when calculating changes in fair value of the financial instruments.

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

18

TREATY SETTLEMENTS 2021

Ordinary shares Historical treaty settlement - Quantum Historical treaty settlement - Quota Historical treaty settlement - Land TOTAL TREATY SETTLEMENTS

2020

100

100

67,089,539

67,089,539

1,071,461

1,071,461

296,501

296,501

68,457,601

68,457,601

The Groups equity is the sum of the funds received from the Ngāruahine historical treaty settlement plus share capital.

As part of the Ngāruahine Claims Settlement Act 2016, Te Korowai o Ngāruahine Trust received four properties; Te Kohinga (Ōhawe Beach), Te Ngutu o te Manu site A (Ahipaipa Road), Waipakari (Ōhawe Beach), Te Poho o Taranaki (Manaia Road). The fair value of the properties received amounted to $296,501.

19

RESERVES & RETAINED EARNINGS 2021

2020

1,433,998

1,433,998

1,830,998

1,433,998

Growing Ngāruahine environmental capability

-

10,000

Kaumātua Wellbeing Plan

-

11,000

(a) Reserves Ngāruahine Fisheries Limited gain on acquisition Movements: Opening Balance Te Kiwai Matau o Ngāruahine Charitable Trust Reserves

Mapping the Ngāruahine rohe Support Hapū development (distributions)

-

140,000

(196,000)

236,000

Total Te Kiwai Matau o Ngāruahine Charitable Trust Reserves

(196,000)

397,000

CLOSING BALANCE

1,634,998

1,830,998

Opening Balance

18,154,250

14,173,751

Profit for the year

10,456,841

4,377,499

-

(397,000)

28,611,091

18,154,250

(b) Retained earnings. Movements in retained earnings were as follows:

Transfer to Reserves CLOSING BALANCE

(c) Nature and purpose of reserves The gain on acquisition reserve arose when Te Korowai acquired the assets and liabilities of Nga Hapū o Ngāruahine lwi Inc (NHONI) (including Ngāruahine Fisheries Limited, (NFL) via the Ngāruahine Claims Settlement Act 2016. The Group prepaid $672k in 2015 for NFL but received a net asset at book value of $2.7M resulting in a $1.94M net gain after deducting the liabilities of NHONI. The gain on acquisition may only be applied to charitable purposes as NHONI was a registered charity at the time the transfer occurred.Te Kiwai Matau o Ngāruahine Charitable Trust reserves were set aside by the Trustees for capability, relationship and self-resilience priorities for the benefit of Ngāruahine uri. The Board is currently in the process of finalising the broader fund structure and distribution policies.

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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

20 TRUSTEE REMUNERATION

Allen Webb

2021

2020

12,000

5,615

Beverly Gibson

22,258

62,693

Caroline Scott

23,344

16,718

Cheryl Luke-Maraki

6,065

15,660

Daisy Noble

-

2,769

David More

7,065

12,539

David Patten (Independent)

9,001

-

5,613

-

Ferinica Foreman

Grant Weston

12,000

12,539

John Hooker

12,047

16,539

5,613

-

John Kahupukoro Kiri Erb

5,613

-

Ngawai Henare

6,065

14,846

Ngawai Hernandez

5,516

-

Omahuru Robinson Paula Carr

-

3,626

34,000

5,615

Randal Te Ahu Rei

5,613

-

Te Aorangi Dillion

5,613

-

Te Aroha Hohaia

10,613

12,539

Te Wehi Wright

4,032

-

Wendy Eynon

6,065

12,539

William Edwards

6,065

12,539

The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $12,000 per annum (2020: $12,000 per annum). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration.

21 DIRECTORS REMUNERATION 2021

2020

Hinerangi Raumatu Tu'ua (Chair & independent director)

53,000

53,711

Taari Nicholas (independent director)

34,053

34,397

5,625

15,204

12,500

13,750

8,000

3,250

Beverly Gibson (Trust appointed director) Te Aroha Louie Rauhuia Hohaia Dion Brent Maaka Paula-Rochelle Kururaurenga Carr

6,875

-

Ngawai Hernandez-Walden

2,375

-

122,428

120,313

TOTAL DIRECTORS REMUNERATION

Directors remuneration refers to directors' fees paid to the directors of Te Kiwai Mauī o Ngāruahine Limited. No directors' fees are paid to directors of Ngāruahine Fisheries Limited and Te Rere o Kapuni Limited.

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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

22 REMUNERATION OF KEY MANAGEMENT PERSONNEL

Over $100,000

23

2021

2020

1

1

INVESTMENT IN SUBSIDIARIES

The Group had the following subsidiaries at 31 March 2021, all subsidiaries are included in the consolidation

24

• Ngāruahine Fisheries Limited • Te Rere o Kapuni Limited trading as Dawson Falls Mountain Lodge • Te Kiwai Mauī o Ngāruahine Limited • Te Kiwai Matau o Ngāruahine Charitable Trust

STATEMENT OF CASH FLOWS

The following definitions are used in the Statement of Cash Flows:

• Cash and cash equivalents can all be readily converted into cash and includes any at call borrowings such as bank overdrafts used by the Group as part of its day to day cash management.

• Operating activities include all transactions and other events that are incurred in the day-to-day running of the Group. It does not include any investment activities.

• Investing activities includes the cash flow that is obtained from the investments that the Group makes, such as our managed funds.

• Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.

25 ACCOUNTING JUDGEMENTS & ESTIMATES The preparation of the financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods. All judgements and estimates made are believed to be reasonable given the current circumstances and information available.

Judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements include the following:

• Revenue recognition (Note 2) • Intangible assets (Note 11) • Valuation of investments (Note 12) • Useful life, recoverable amount, depreciation and rates (Note 10) • Impairment (Note 13)

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PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

26 RELATED PARTY TRANSACTIONS The accounting standards require us to disclose information about related parties. Related parties are organisations and individuals that have significant influence, control over, common management personnel or similar Board to the Group.

This means any organisation that a Trustee is also a Trustee or Director on is a related party.

The Group's related parties during the year were: • The members of the Te Korowai Board as individuals • The directors of all subsidiary companies • Hāpai Commercial Property Limited Partnership. Taaringaroa Nicholas is a Director of Te Kiwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership.

• Hāpai Housing Limited Partnership. Taaringaroa Nicholas is a Director of Te Kiwai Mauī o Ngāruahine as well as a Director of Hāpai Housing Limited Partnership.

• Oriens Capital Limited. Taaringaroa Nicholas is a Director of Te Kiwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership.

• Parininihi ki Waitōtara Incorporation; Beverly Gibson and Hinerangi Raumati-Tu'ua are/were Directors of Te Kiwai Mauī o Ngāruahine and also a Director of Parininihi ki Waitotara Incorporation.

• South Taranaki District Council. Te Aorangi Dillon is a Trustee of Te Korowai Trust and is also an Iwi Liaison Committee member for South Taranaki District Council.

• Tika Catering Limited. Kiri Erb is a Trustee of Te Korowai Trust and also Director of Tika Catering Limited.

• Tika Administration & Events Limited. Kiri Erb is a Trustee of Te Korowai Trust and also Director of Tika Administration & Events Limited.

• Waiokura Marae and Reserves Trust: Te Aroha Hohaia and Cheryl Luke-Maraki are/were Trustees of Te Korowai and Waiokura Marae and Reserves Trust.

• Te Kupenga o Kānihi Charitable Trust. Allen Webb and Paula Carr are Trustees of Te Korowai and Te Kupenga o Kānihi Charitable Trust.

• Ngāti Hāua Whanui Incorporated . Te Aorangi Dillion, David More and Christine Ngawai Henare are/were Trustees of Te Korowai and Ngāti Hāua Whanui Incorporated.

• Ōkahu-Inuawai (me etehi atu) Hapū . John Hooker is a Trustee of Te Korowai and Ōkahu-Inuawai (me etehi atu) Hapū.

• Tamaahuroa me Titahi . Caroline Scott is a Trustee of Te Korowai and Tamaahuroa me Titahi.

• Araukuku Catholic Maori Club: Cheryl Luke-Maraki was a Trustee of Te Korowai and Araukuku Catholic Maori Club.

• Te Kura o Ngāruahinerangi: Te Aorangi Dillion is a Trustee of Te Korowai and Te Kura o Ngāruahinerangi.

The Group's related parties during the 2020 year were: • The members of the Te Korowai Board as individuals • The directors of all subsidiary companies • Waiokura Marae and Reserves Trust: Te Aroha Hohaia and Cheryl Luke-Maraki are Trustees of Te Korowai and Waiokura Marae and Reserves Trust

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

PITOPITO KŌRERO MŌ NGĀ TAUKI PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2021

• Ngāti Hāua Whanui Incorporated: David More, Cilia Rei and Christine Ngawai Henare are Trustees of Te Korowai and Ngāti Hāua Whanui Inc. • Hohaia Van Passen Limited; Te Aroha Hohaia is a Director of Te Kiwai Mauī o Ngāruahine and also a Director of Hohaia Van Passen Limited • Parininihi ki Waitōtara Incorporation; Beverly Gibson and Hinerangi Raumati-Tu'ua are Director of Te Kiwai Mauī o Ngāruahine and also a Director of Parininihi ki Waitotara Incorporation • The Bishop Action Foundation; Te Aroha Hohaia is a Director of Te Kiwai Mauī o Ngāruahine and also a Trustee of The Bishop Action Foundation • Venture Taranaki; Hinerangi Raumati-Tu'ua is a Director of Te Kiwai Mauī o Ngāruahine and also a Trustee of Venture Taranaki • Ngāti Manuhiakai Hapū; Ferinica Hawe-Foreman is a are Trustee of Te Korowai and Ngāti Manuhiakai Hapū • Te Rangatapu Pa; Ferinica Hawe-Foreman is a Trustee of Te Korowai and Te Rangatapu Pa

27 COMMITMENTS AND CONTINGENCIES As at 31 March 2021 the Group had no contingent liabilities or assets (2020: $Nil).

Te Kiwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Te Pūia Tāpapa Limited Partnership. Te Kiwai Mauī o Ngāruahine Limited has committed $2,500,000 of capital with $702,328 paid as at balance date. (Last Year: $258,237).

Te Kiwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Oriens Capital Private Equity Fund Limited Partnership. Te Kiwai Mauī o Ngāruahine Limited has committed $2,550,000 of capital with $2,167,500 paid as at balance date. (Last Year: $1,632,000).

Te Kiwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Hāpai Commercial Property Limited Partnership. Te Kiwai Mauī o Ngāruahine Limited has committed $11,176,471 of capital with $8,564,838 paid as at balance date. (Last Year: $4,945,264).

Te Kiwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Hāpai Housing Limited Partnership. Te Kiwai Mauī o Ngāruahine Limited has committed $5,000,000 of capital with $234,375 paid as at balance date.

28 IMPACTS OF COVID-19 On March 11, 2020, the World Health Organisation declared the outbreak of a coronavirus (Covid-19) a pandemic and two weeks later the New Zealand Government declared a State of National Emergency.

Te Rere o Kapuni Limited received the Ministry of Social Development's wage subsidy to ensure staff were paid during lockdown when the business was closed.

29 SUBSEQUENT EVENTS There were no subsequent events as at balance date (2020: Nil).

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MAHERE Ā-TAU / ANNUAL PLAN 2021-2022

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TE KOROWAI O NGĀRUAHINE TRUST GROUP

MAHERE Ā-TAU / ANNUAL PLAN 2021-2022

The key strategies to achieving our priorities for the 2021-22 financial year is: • Foundational work to support Strategic Pou; • Information gathering to inform future initiatives and interventions; • Ensure organisational compliance and efficiency; and • Leveraging third party funding to grow our service offerings to uri.

Strategic Alignment

TRUST DEED GOVERNANCE POLICIES

POUA TE PĀTŪTU (KAINGA) TE KAWA WHANAKEORA (MAHI)

COMPLIANCE

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PERFORMANCE

ORGANISATIONAL CAPABILITY AND CAPACITY

Operational processes and systems

TUPUA TE MAURI (TAIAO)

NGĀRUAHINETANGA

Operational policies

STRATEGIC PLAN

ANNUAL PLAN

Operations

Strategic imperatives

The Mahere ā-tau/Annual plan is informed by the strategic and operational imperatives below:

TE KOROWAI O NGĀRUAHINE TRUST GROUP

MAHERE Ā-TAU / ANNUAL PLAN 2021-2022

Tupua te Mauri (Taiao)

Success indicators

• Participation by uri (Facebook likes and shares, hui attendance) • Capability building and job creation (Creation of long-term job opportunities) • Increase service offerings to our uri • A ‘current state’ to measure future taiao mahi against

Actions

Details

Resourcing

Timeframe

Overlapping Pou

Kaitiaki Pipeline Strategy

Initiatives designed to support a pipeline of environmentalists in our iwi:

Thirdparty grants:

Q1-2

Mātauranga, Organisational Capability and Capacity

Awa Reconnection and Monitoring programme

Foundational research mahi to support a long-term awa monitoring and restoration programme:

Third party grants:

Q1-4

Mātauranga

•C urious minds, • Science, Technology, Engineering and • Victoria University of Maths (STEM) kura programme, Wellington 50/50 • Tertiary Scholarships (undergraduate funding, and and post-graduate full scholarships in • Cadetship Environmental planning or Science), subsidy. and • Summer internship initiative design.

• Mapping, • Archiving, and •D evelopment of a monitoring framework.

• Waiora, and • Department of Conservation (DoC)

community fund.

Streamlining BAU

Ensuring Resource Management Act (RMA) activities are efficient and resourced at an appropriate skill level so that senior kaimahi can focus on the more specialised above initiatives that add value to our iwi.

Operational budget

Q1

Orgainsational Capability and Capacity

Marine and Coastal Area (MACA)

Working with Hapū to progress MACA claim.

Te Arawhiti Funding

Ongoing

Ngāruahinetanga

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MAHERE Ā-TAU / ANNUAL PLAN 2021-2022

Poua te Pātūtu (Kainga)

72

Success indicators

We understand the needs of our whanau and we have data to support our understanding of: • Quality – Living circumstances that meet the heathy homes standards • Accessibility – homelessness, affordability and homeownership • Ngāruahinetanga – Housing is encouraged within the Ngāruahine rohe, triggering economic growth and opportunities for uri.

Actions

Details

Resourcing

Timeframe

Housing environmental scan and stock take

A scoping exercise to measure and monitor whānau need. This will help to identify need and inform the type of interventions required. We will work strategically with Ngāruahine Iwi Authority and Iwi Health Services.

Māori innovation fund, Ministry of Business, Innovation and Employment (MBIE)

Q1

Housing project business case and capital raising initiation

Using the environmental scan and stock take as evidence to support business case development and initiation of any capital raising activities. For example, Government funding or partnerships.

Ministry of Social Development (MSD), Kainga Ora, Te Kiwai Mauī

Q1-4

Ngāruahinetanga

Housing Accessibility Housing navigator styled programme programme scoped for uri.

MSD

Q1-4

Ngāruahinetanga

Quality homes programme

Leveraging off Te Kāhui Maru contract to support repairs on kaumātua homes.

Partnership with Te Puni Kōkiri (TPK) and Te Kāhui Maru

Ka Ururoa

Initiation of uri saving initiative

Te Kiwai Mauī

| TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2021

Overlapping Pou

Ngāruahinetanga

Q1

Ngāruahinetanga

TE KOROWAI O NGĀRUAHINE TRUST GROUP

MAHERE Ā-TAU / ANNUAL PLAN 2021-2022

Te Kawa Whanakeora (Mahi)

Success indicators

• Understanding ‘current state’ of our uri – qualification, employment and job creation within the Ngāruahine rohe, and • Initiatives are targeted and measurable.

Actions

Details

Resourcing

Timeframe Overlapping Pou

Scoping research

Current state and ongoing monitoring of uri educational data and employment, including Māori-medium schooling, qualifications levels and subject areas.

Ministry of Education

Q1 to secure funding

Scholarship programme

Scholarship framework and costings.

Including:

Victoria University of Wellington, other tertiary partnerships, Parininihi ki Waitotara (PKW), corporate partnerships.

Q2

Operational budget

Q4

• targeted grants for high need areas, • t ūpuna-named grants, whenua-named grants, •V ictoria University Wellington 50/50 funding, and

• Leveraging off corporate relationships.

Ngāruahine procurement strategy

Development of a procurement strategy that includes a Ngāruahine preferred supplier list

Organisational Capability and Capacity

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Ngāruahinetanga

Success indicators

• Increase in iwi register numbers, • Increase in hui attendance, • Social media engagement – Number of follows, shares, posts and likes, • Website traffic, and • Leveraging ‘good news stories’ to raise the profile of Ngāruahine, hapū, whānau and uri.

Actions

Details

Resourcing

Timeframe

Overlapping Pou

Kawenata with hapū and other Ngāruahine entities

A Kawenata developed between Te Korowai, hapū, kura and other entities.

This will outline expectations and responsibilities regarding: RMA and consents, Pātaka, iwi register, taonga, RMA, and distributions.

Operational budget

Q3-4

Cross cutting

Ngāruahine Rangatahi Strategy

Developed by Te Ukaipo, fundraising and implementation support to be identified.

SLA

Q2

Te Kawa Whanakeora (Mahi)

Ngāruahine te reo classes

Support Te Reo o Ngāruahine and noho marae wānanga to uri.

Operational budget

Q4

Te Kawa Whanakeora (Mahi)

Iwi register policy and active maintenance plan

• Iwi register campaign, and • Online registration draws.

TPK Maori potential fund

Q1-2

Engagement campaign

Facebook campaign, historical narratives campaign, health promotion, merchandise (t-shirt, hats, drink bottles), Trail blazers – short social media campaign profiling uri, strategy launch – short social media campaign of uri talking about the importance of the Pou.

TPK Maori potential fund

Q1-2

Toi Ora Strategy and implementation

Initiatives that will ensure Ngāruahinetanga is seen, heard, felt and valued within our rohe and globally:

Cultural recovery

Q1

funds

• Scholarships, • Commissioned works, • Artist residencies, and • Exhibiting art.

Signature events and representation

Deferred Selection Properties

74

Learn to Swim, whānau picnics, Taranaki Tumai, annual toi wānanga and Iron Māori.

- TPK Māori potential fund

Confirm decisions and outcomes of DSP process with Hapū

Operational budget

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Q3-4

- TSB Community Trust Q1

Signature events and representation

TE KOROWAI O NGĀRUAHINE TRUST GROUP

MAHERE Ā-TAU / ANNUAL PLAN 2021-2022

Organisational Capability and Capacity

Success indicators

• Te Korowai has the capability and capacity to deliver on its strategy, • Data is universally captured and accessible – we make evidence-based decisions, • Planning and reporting is timely and clear, • We have talented kaimahi that exceed mahi targets, and • Te Korowai tari is fit-for-purpose and can meet increase demands on space

Actions

Details

Resourcing

Timeframe

Customer Relationship Management (CRM)

Connect all our stakeholder details and interactions on one platform.

Operations - Microsoft Dynamics 365

Q3

Filing/archiving

Efficient protocols and training on how we capture and store data.

Operations - Convene and Microsoft Sharepoint

Q3

Organisational review

Policies, processes and structure that align with our compliance requirements and support our growth.

Operations

Q1

Planning and reporting

Fit-for-purpose information that is continuously improved for delivery and audience.

Operations

Q2

Kaimahi development

• Tikanga and te reo development and support, including, induction plan, and

Operations Employsure

Q1

Operations and specialist consultants.

Q2

• Health and safety, staff inductions, professional development and staff appraisals.

Tari Business Case

Business case includes: • Identification of need over the long term, • Addresses the need for a location within the Ngāruahine rohe, and • Feasibility.

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NOTES

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Title: Te Ara Kawakawa Artist: Te Haana Paewai Description on inside cover

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147 High Street, Te Hāwera PO Box 474, Te Hāwera, Taranaki 4640 Phone: 06 278 7411 www.Ngāruahine.iwi.nz Ngāruahine