ANNUAL REPORT PŪRONGO A TAU FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
Cover photo: Pouwhenua - ‘Raupatu’
Carved by Albert Tāmati (Puketapu, Te Ātiawa), ‘Raupatu’ was erected near Te Rere o Kapuni in 2005. The pouwhenua depicts influential spiritual leaders within the history of Taranaki from its colonial past to the present - their deeds and lessons paving ways to realise our aspirations. The pouwhenua represents a statement of reclamation and symbolises the kaupapa of this Annual Report, Toitū te Whenua.
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The figures ‘facing the sea’ (front cover) from top to bottom are the tribal leaders Riwha Tītokowaru, Te Ua Haumēne and King Tāwhiao of Waikato who strived to continue the legacy of his father Pōtatau Te Wherowhero, the first Māori king. In a well-known saying he stated; ‘Māu, mā Taranaki tēnā kīwai o te kete, māku, mā Waikato tēnei’ – Taranaki and Waikato will be joined forever by an enduring relationship.
The three figures ‘facing the maunga’ (inside back cover) from top to bottom are the Parihaka prophets Tohu Kākahi and Te Whiti o Rongomai. Te Whiti and Tohu were instrumental in establishing the passive resistance movement at Parihaka in dealing with the colonial aggression and land alienation. The bottom figure is the prophet Tahupōtiki Wīremu Rātana who established the settlement still bearing his name, situated to the south of Whanganui.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 3 5 Trust Deed Requirements 6 Pouwhakarae Report 10 Tumu Whakarae Report 12 Annual Highlights 2021-2022 24 Key Operating Data - At A Glance 25 Reporting against the Annual Plan 2021-2022 29 Te Kīwai Mauī o Ngāruahine Pouwhakarae Report 35 SUPPLEMENTARY INFORMATION 36 Te Korowai o Ngāruahine Trustees 44 Independent Members Qualifications 45 Committees and Subsidiaries 45 Governance Attendance 46 Te Korowai o Ngāruahine Kaimahi 49 Minutes of the 2021 Annual General Meeting 54 Scholarship Recipients 2021-2022 57 Mahere ā-Tau / Annual Plan 2022-2023 63 FINANCIAL STATEMENTS 2021-2022 65 Independent Auditor’s Report 67 Statement of Comprehensive Income 68 Statement of Financial Position 69 Statement of Changes in Equity 70 Statement of Cash Flows 71 Notes to the Financial Statements CONTENTS
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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) details 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) changes 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 ii)year;thevalue of Settlement Quota sold or exchanged; iii) the 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) with Te Ohu Kai Moana Trustee Limited; f) any changes made to the constitutional documents of the Trust or Trust Entities.
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:
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Tēnā tātou e te whānau On behalf of my fellow trustees, it’s my privilege to present this Pouwhakarae Report for Te Korowai o Ngāruahine Trust Group (‘the Group’) for the financial year 1 April 2021 to 31 March 2022. We are facing continued challenges to do with our whenua – acknowledging that whenua is essential for identity, whakapapa, connection, and well-being outcomes - which is why we’ve dedicated the theme of this Annual Report to ‘Whenua’ and our kaupapa priority Toitū Te Whenua. In last year’s Annual Report, I outlined our intent to improve on our role as an enabler for our Hapū and iwi aspirations, and I’m proud to report that we’ve made significant inroads to achieving that.
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The practice of this Board is to set expectations of management for delivery of service at the beginning of each year, and to establish some key goals to aim for, as our first 5-year strategy for implementation Lift operational performance and delivery of initiatives and direct benefits to our people Improve board capability and performance Overhaul the uri beneficiary register and Improve the flow of information between Te Korowai and Hapū, in particular, Hapū updates on activities, interests, concerns and kaupapa to be raised with Te WhilstKorowai.we were focused on these goals, we faced significant and continued disruptions throughout the year due to Covid-19, and we managed three changes in our executive leadership. Despite this, it turned out to be the most significant period of operational improvement, growth and performance that Te Korowai has experienced in a single financial year to date. I put this down to these things: a strong vision and board culture, talented management leadership, investing in the right areas, engaging the right advisors, and our steadfast commitment as kaupapa kaimahi and leaders to reaching higher for our people.
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Enabling Hapū – Toitū Te Whenua During the year, we revisited an old board decision that said we would not purchase deferred selection properties (DSP) negotiated in the Ngāruahine Treaty settlement with the AfterCrown.wide consultation across the iwi, our people told us that returning whenua under Hapū ownership was paramount to building-back so we made reacquiring whenua our mission. The Board directed Emma Gardiner $11.3m after tax profit for FY22. ($10.5m: FY21) $111m total assets for ($99m:FY22.FY21)
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The Board wants to especially thank Emma Gardiner as our interim Pouhautū and our kaimahi over this period, who have worked relentlessly to improve the way we serve our people.
POUWHAKARAE REPORT
• Approval of a Fund to support whenua development and enterprise by Hapū (beginning 2023-24); and
• The new opportunities we are creating for our Ngāruahine tradespeople to express an interest in future work coming via our own impact investment projects.
• The apprenticeships created for two uri on the construction project for the new Te Rere o Kapuni development, and
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 7 TE KOROWAI O NGĀRUAHINE TRUST GROUP
Te Ara Toiroa: Ngāruahine Procurement Strategy
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Te Korowai is going through a growth phase, where our people are at the helm, and we are unapologetically Ngāruahine focused. One example of us demonstrating our Te Ara Toiroa strategy in action is the appointment of Te Aorangi Dillon as Te Tumu Whakarae / Chief Executive (what about that incredible haka pōwhiri! It was a special day for us all). Other examples include:
to find a way that was fair and equitable and as a result, the Ngāruahine Whenua Reacquisition Strategy - Toitū Te Whenua was created. With the cooperation of Te Kīwai Mauī o Ngāruahine Limited, this strategy comprises three key components:
• Te Korowai-Hapū partnership to support the purchase of whenua;
• A Hapū distribution policy review, that resulted in an increase to $100k per annum (beginning 2023-24) and an increase of 2% year on year. This strategy is a first of its kind and sets a precedence on how Post Settlement Governance Entities can enable and support Hapū development. In addition to the DSP, Te Korowai negotiated the return of two right of first refusal properties (RFR) from South Taranaki District Council (STDC) - Te Ngutu o te Manu (Site B) and Kaipi St, Manaia. The properties were returned for $1. This outcome was made possible by the early Treaty Settlement mahi by Aunty Daisy Noble and the leadership by our Hapū, Ngāti Manuhiakai and Ngāti Tū. Te Korowai is working actively with Hapū to identify how we can ensure Hapū leadership in the governance of the whenua.
One of the most exciting achievements this year has been the development of a new and innovative Te Ara Toiroa: Ngāruahine Procurement Strategy. This strategy ensures our mahi is by-Ngāruahine and for-Ngāruahine –where we govern, we manage, and we deliver. Wherever possible we want to employ our own people and contract our Ngāruahine businesses (including in-laws). We want our own people on apprenticeships, and our people to be reflected across the supply chain that supports our current and future developments.
The total comprehensive income for 2021/22 was $11.27m which contributed to the growing total asset base of $111m to 31 March 2022. This is a $0.5m increase in comprehensive income on the previous financial year and the greatest increase since the establishment of the Trust. Since we settled with the Crown in 2014, our overall assets have grown in value by $42m (as at 31 March 2022).
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This year we are forecasting an estimated $55m of new development over the next four years, and we want maximum benefits to go to our people first. This strategy is a direct response to what we heard from our uri on the things that matter. Our Tumu Whakarae Report (Pg.10) and Annual Highlights (Pg.12) sections further detail the achievements since the development of Te Ara Toiroa. Our Financial Results for 2021-2022 Despite Covid-19, we had a great financial year. We did well against the sharemarket and our property assets valued up. Having a diverse investment portfolio meant we were able to manage risk well. In 2020-21, the Group received a total income of $4.27m and had expenses of $2.85m resulting in a profit of $1.42m. By comparison, in 2021-22 the Group received total income of $7.54m and had expenses of $4.17m creating a profit of $3.37m before tax. This is due to ‘Other Income’, resulting in an increase from $0.29m to $4.25m, and a $3.96m positive variance. Other income includes government and other third-party fundraising to support value-add Te Korowai initiatives. Key funding included; Covid-19 response, Toi Foundation, Creative NZ and Ministry of Education. Thank you to our Kaimahi for their contribution to writing successful applications.
Hinerangi is a great role model particularly for wāhine Māori in this field, and we were fortunate to have her at the helm during this early phase of Mauī. Hinerangi retired from the Mauī chair role in June 2022, leaving a great legacy for us to build on. We wish Hinerangi all the best as she focuses on her new directorships.
However, the message we are hearing loud and clear from our directors and advisors is caution for the coming year. Don’t expect the same level of performance, as the market catches up with the after-effects of the pandemic.
POUWHAKARAE $4.27m) (FY21:EXPENSES$2.85m) $1.42m)
REPORT >> $7.54m TOTAL INCOME (FY21:
$3.37m OPERATING PROFIT BEFORE TAX (FY21:
Thank you to our very clever relations who are our independent directors Taari Nicholas and Dion Maaka, along with our contracted Investment Manager Jim Jessep (Koau Capital Partners Ltd), for your part that has led to a great commercial performance. This year had a significant focus on Impact Investments and in particular finalising the design of Te Rere o Kapuni Lodge, with input from uri, artists and led by our cultural advisors Philip and Puhi Nuku. Ka nui te mihi ki a koutou katoa. This mahi is further explained in the Pouwhakarae report for Te Kīwai Mauī o Ngāruahine Limited on pages 29-34.
$4.17m
I want to give a special thanks to Hinerangi RaumatiTu’ua who has been the Chair of Te Kīwai Mauī since its inception. It’s been a privilege to experience Hinerangi’s inspired governance leadership as she has chaired multiple investment meetings for us, ushered new opportunities our way, asked the hard questions, held people to account, made introductions, explained complex matters in simple terms – and ensured Mauī has delivered each year to Te Korowai board expectations.
Holding Ourselves to Account With our above goals in mind, the governance work programme this year was also focussed on the review and development of policy and compliance. We heard the concerns raised at previous AGMs surrounding our
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Pai mārire, Paula PouwhakaraeCarr,
Key to this mahi was the advice and guidance that we received from our governance sub-committees, in particular our independent members and Chartered Accountants from our Audit and Risk committee (Te Ohu Arotake) - Phillipa Wilson and Neil Taylor; and our longstanding independent HR Advisor David Patten from our CE-Organisation Performance committee (Te Arohaehae). The capability of this latter committee is also now complemented with a new independent HR expert and uri of Ngāruahine, Lara Robertson (Ngāti Tū).
TE KOROWAI O NGĀRUAHINE TRUST GROUP POUWHAKARAE REPORT
Above: o Te
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 9 iwi register, elections, and the management of private information. We saw this as a key policy priority, and as a result, we finalised the development of a Privacy policy, Iwi register policy and reviewed the suite of existing governance and management policies to a much more satisfactory standard.
Last year was ground-breaking, we have got more of that to come in the current year.
At this year’s AGM you will see new faces on our board. We would like to welcome Sarah Mako, Ngāti Hāua Hapū Trustee who began earlier this year, and our newest trustee Ngaraina Brooks of Ōkahu-Inuawai Hapū. I want to thank Caroline Scott for the additional support at governance sub-committee level and all my fellow Trustees for your cooperation, trust, ability to listen to Hapū and uri and bring that back to our table, and for setting the ambitious course we have put in place. To the families of all of our board members and kaimahi, thank you for your love and support. For more information about the current board, go to pages 36-43.
Te Rua
A special thanks to Neil Taylor, who has been with us since the inception of Te Korowai and held key advisory roles for the mandated entity responsible for Treaty negotiations. Neil’s work over the years has ensured that we work in a way that is tika and pono - we have valued your contribution to Te Korowai - you have made a difference - Ngā mihi ki koe e Neil. You can find out more about our current independent members on page 44.
Moko
Finally, thank you to our uri, whānau and Hapū; for your trust, patience and unfiltered whakaaro – our board and kaimahi continuously refine our strategies and delivery based on your feedback.
Establishment of Te Whare Kōrero o Ngāruahine During the year the Board agreed to the tono, to transition and support the further growth of Te Reo o Ngāruahine. Te Whare Kōrero o Ngāruahine is the revised Te Reo o Ngāruahine kaupapa under Te Korowai.
Philip and Puhi are active uri in Ngāruahine who devote their time to their people. They were instrumental in the establishment of this kaupapa and we are already seeing it ascend to new heights. You can hear more from Philip about Te Whare Kōrero o Ngāruahine on page 12. Ka Uruora
Te Whare Kōrero o Ngāruahine will be the repository for te reo me ngā tikanga o Ngāruahine. Building on the great legacy of Te Reo o Ngāruahine, you will see the same trusted kaupapa delivered, as well as NZQA accredited courses in partnership with Te Whare Wānanga o InAwanuiārangi.ordertocontinue the legacy of Te Reo o Ngāruahine, we are fortunate to have the wealth of experience from Philip Nuku as Pouhautū and Puhi Nuku as Kaiako Matua to lead and deliver this kaupapa.
During the year Te Korowai engaged with the Ka Uruora saving scheme. The scheme allows uri to receive $100 per annum from the iwi if they personally contribute at least $100 per annum. This scheme will help whānau to save. It sets the foundation for wider financial support leading up to whānau housing aspirations. I highly recommend that all uri sign up to this kaupapa. increase from 6 - 12 kaimahi by 31 March 2022 92% kaimahi NGĀRUAHINE
Having kaimahi who are proud to serve Ngāruahine has been a key contributor to what we have achieved in 2021-22. You can find more about our kaimahi on pages Te46-48.Uraura goes into further detail regarding this kaupapa on page 15.
Tēnā koutou katoa I am proud to present my first Tumu Whakarae Report. As we grow there are many more exciting kaupapa to share with you at both a governance and operational level. I was fortunate to arrive at the tail end of the year and I would like to give a big mihi to all those who contributed to its success.
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Te Ara Toiroa: Ngāruahine Procurement Strategy in action Spring boarding off the development of the Te Ara Toiroa strategy, we had an increase from six to twelve kaimahi by 31 March 2022, 100% Māori and a large majority are our own Ngāruahine uri. This was achieved through ensuring our structure had purposeful development and career progression for our kaimahi – summer internships, entry level positions and technical leads.
The name “Te Whare Kōrero o Ngāruahine” talks to the retention of our taonga and encapsulates the broader kaupapa that will be delivered under its tāhuhu. It is also an acknowledgement of the whare wānanga, whare kura, whare maire and whare tapere of our tūpuna.
Increase in grants
Matike mai e te iwi!. Ngā mihi anō e te whānau, Te Aorangi Dillon, Tumu Whakarae
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Below: Kaipi St, Manaia.
One of the recent priorities has been, working on the development of a position on renewable energy. While the green energy kaupapa is admirable, our experience in this space has highlighted the need to understand the application, location and broader context and any impacts that such changes will have on our Hapū and iwi whānui. More information on the project and our Hiringa appeal application can be found on page 18. During the year we were privileged to have one of our own uri return to support the Te Korowai o Ngāruahine kaupapa. Emma Gardiner came in as Pouhautū near the beginning of the year to carry through the mahi from her predecessors. Emma crafted Ka Ora Taku Toa – our five-year strategy and putting in place an Annual Plan that supported Hapū growth and making aspirations a reality. Her commitment to Toitū Te Whenua - the Ngāruahine whenua reacquisition kaupapa has seen the beginning of the return of Deferred Selection and Right of First Refusal properties to Hapū. Emma has also been instrumental in forging strong relationships regionally and nationally. These relationships have been vital to progressing kāinga aspirations and the return of Te Korowai o Ngāruahine operations back into our Ngāruahine rohe at the request of our uri. We thank Emma for her commitment to her people, her foresight and her unbelievable work ethic that has and continues to support Te Korowai to the next stage. Emma hasn’t gone far e te whānau, you will still see her working on our Pupuke te Hihiri Whae Rawa – Impact investments. Te Korowai has adopted a new approach to how we develop and deliver our kaupapa, and this includes an increase in quality engagement with our uri. Please keep an eye out for opportunities to connect and get involved.
Looking into the future Te Korowai is very clear about its role as an enabler for our iwi, and our responsibility to maximise the benefits for uri, whānau, Hapū and iwi whānui. We’ve continued to put this whakaaro at the fore when developing our annual plan for the 2022-23 financial year, which can be found on pages 57-62.
This year marked the first of many significant increases in scholarship funding. It included a total of $34,030, an increase of $12,073 from the previous year. It also involved a review of the range of grants that we offer, knowing that one size doesn’t fit all. You can hear more about this kaupapa from Kawarau on page 16 and our successful uri on pages 54-56.
Te Whare Kōrero o Ngāruahine has transitioned well into Te Korowai Group. Our vision to deliver classes in our rohe, across the motu as well as Te Moana nui a Kiwa, is well underway.
Our focus has been on whanaungatanga, building relationships within our Hapū landscape, within the wider community as well as across various sectors. This enables Te Whare Kōrero o Ngāruahine to deliver our mahi to a high standard.
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The introduction of this system called ‘MāoriMe’ is used by many Iwi and allows Uri to monitor their registration details and update them accordingly. This system also assists the Registrar in updating the Iwi Register, as it reduces the handling of information, thereby reducing the error rate. Furthermore, the registration details can be easily filed against the individual’s registration.
We have had great engagement from uri and other community members regarding our Reo Māori classes and are supported by Te Wānanga o Awanuiārangi to deliver these accredited courses. We will be heading into the 2022 year with over 70 students across three courses delivered, online and in person. Kei te anga whakamua mō ngā uri whakaheke o Ngāruahine. Ngāruahine Iwi Register 2021-2022 has seen an active increase in Ngāruahine Iwi Uri registrations. This is due to the implementation of an easily accessible registration system, now available on the Ngāruahine Iwi website www.ngaruahine.iwi.nz
Te Whare Kōrero o Ngāruahine
Te Korowai is always looking for new ways/ideas to increase Uri registrations and welcomes any suggestions. Te Korowai was fortunate in securing tickets to the LAB 2022 concert (held at the Bowl of Brooklands, New Plymouth). A campaign was run over a month through different social media platforms to attract young people to register. The Registrar recorded a spike in registrations during that time.
NGĀRUAHINETANGA POU
Te Korowai o Ngāruahine Trust acknowledges the importance of maintaining and securing all information provided by Uri around their registration. In line with the Privacy Act 2020 requirements, Te Korowai introduced their Privacy Policy 2021 to ensure the security of individuals registrations.
"... so many rangatahi leave the wānanga with a sense of belonging while being proud to be from Ngāruahine and super eager to come back to our pā for more kaupapa rangatahi. They are the future of our iwi, Hapū, marae, they are fulfilling the wildest dreams of our tūpuna."
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• Whakaruruhau:
‘Ngā Hiwi Maunga’ are our Ngāruahine rangers who work in te taiao o Tāne Mahuta. They have a great desire to assist rangatahi to develop a connection with our tupuna maunga, ā tinana ā wairua hoki – trapping, whakapapa o ngā rākau, endangered species, ecosystems, manu on our maunga, GPS mapping, pest control, kiwi release - all these experiences can assist our rangatahi and inspire some to follow taiao career pathways.
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TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022
The wānanga was amazing, rangatahi were spectacular our tuākana who held down our Ngāruahinetanga were superheroes. The Kaitohutohu Rangatahi remains proud to see so many rangatahi leave the wānanga with a sense of belonging while being proud to be from Ngāruahine and super eager to come back to our pā for more kaupapa rangatahi. They are the future of our iwi, Hapū, marae, they are fulfilling the wildest dreams of our tūpuna.
Te Ūkaipō Te Ūkaipō was established to engage with and help Rangatahi o Ngāruahinerangi reach their full potential. Our vision “Mā Ngāruahinerangi, a, Ngāruahinerangi e ora ai e!’ is supported by the following values: Whanaungatanga: Above all else, our relationships and connection to people and places as uri of Ngāruahinerangi is paramount Whakamana: Kōrero and comments are to be mana Whakaute: We respect each other and acknowledge those who hold their mātauranga Our kaupapa remains a safe space for our rangatahi to be nurtured Ākina te reo: We are considerate of those uri who are on their reo journey and will positively promote the use of Inreo.all our interactions with our rangatahi we are guided by ngā pou - key principles: Pou tikanga: Kia arahina ai ngā tikanga a ō tātou mātua tūpuna i ā tātou mahi Pou tawhito: Titiro whakamuri, kia anga whakamua Pou tawhiti: Kia tuia ai ngā taputapu hangarau me ngā taonga o te ao kikokiko hei hāpai ake i ngā mahi.
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Kaitohutohu Rangatahi, Rangihuna Waller, is responsible for implementing a five-year strategy designed by rangatahi o Ngāruahinerangi, for rangatahi o Ngāruahinerangi. The mahi also involves ensuring that Te Ūkaipō Strategy is implemented in a way that is consistent with the vision of Ngāruahinerangi rangatahi. The plan moving forward for Te Ūkaipō - Kia whakarangatira ai ngā rangatahi – will be based on:
• Whanaungatanga: Building and strengthening relationships with rangatahi
Taiao
• Ngā whanaketanga me ngā wheako: Building rangatahi capabilities
• He tumu herenga tāngata: Building strategic relationships.
Wānanga
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During the month of May 2022 rangatahi gathered in great numbers at Aotearoa Pā for the first Te Ūkaipō wānanga of the year. Over 60 rangatahi attended this wānanga expressing their desire and need for kaupapa Māori in Ngāruahine for rangatahi.
Te Ūkaipō have more wānanga set for the future as well as the continuation of implementing the strategy. Kia mau tonu mai!
• Te Mana Motuhake o Ngāruahinerangi: The selfdetermination of Ngāruahinerangi
To date our Kaitohutohu Rangatahi has participated in four haerenga on our tupuna Maunga Taranaki. Each haerenga brings with it new kōrero, mātauranga, ara hou, and wairua enhancements.
• Taiao ora, tangata ora: Land vitality, vibrant people
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Deferred Selection Properties
*This distribution is how equity is achieved, as time progresses some Hapū will receive their distribution in the form of cash vs equity in the SPV. Partnership model
Properties One off upfront Hapū distribution as a deposit $100k plus 2% From 2023, an increased annual Hapū distribution* Yield - Profit share from property (if applicable)
• Hapū equitability • Commercial/Economic Viability
Toitū Te Whenua Muru me te raupatu had a devastating impact on Ngāruahine. This is still felt today. Te Korowai has made the decision to develop a Ngāruahine whenua reacquisition strategy to support the whenua aspirations of Hapū. Te Korowai understood Hapū expectations around the reacquisition of whenua, particularly, the Deferred Selection Properties (DSP) under the Ngāruahine Treaty Settlement. Due to this, Te Korowai Board decided to As part of this partnership model, Hapū will increase equity in the properties over time and at the original cost price. There are three key enablers to support the reacquisition of whenua by Hapū and the transition out of Te Korowai from the partnership. Below are the enablers that will support Hapū to do so. Enablers Hapū will increase equity in the properties over time and at the original cost price. Below are the distributions from review the DSP position due to new strategic priorities and new market conditions. Any decision regarding the purchase of the DSP had to ensure:
$276,667
Te Korowai o Ngāruahine Trust SPV (Special Purposes Vehicle) Hapū
Te Korowai identified that a Hapū partnership model with a distribution structure was the solution to enable Hapū reacquisition of whenua, while ensuring the above criteria were met. Te Korowai that will support Hapū to do so. This Hapū partnership model is a ‘first of its kind’ approach by a post settlement governance entity and it will ensure a strong foundation for further Hapū whenua reacquisition and development. Te Korowai is working actively to secure further support mechanisms for this kaupapa. This includes funding to support the development of Hapū strategies and feasibility assessments.
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• Alignment to Te Korowai strategy
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Strategy objectives:
POU TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022 >>
• Pupuke te Hihiri – Job creation and economic opportunities: Ngāruahine procurement programme, identifying job creation opportunities in our rohe. Please visit our website for a copy of the full strategy/https://ngaruahine.iwi.nz/trust-document/te-ara-toiroa-strategyorscantheQRcodebelow.
Te Ara Toiroa
• Te Ara – Career pipeline: Our uri are leaders in a range of fields, targeting initiatives to ensure strong succession.
TE WHANAKEORA (MAHI) Above: Te Ngutu o Te Manu
KAWA
• Mātauranga – Education and knowledge: targeting initiatives to ensure that uri are highly skilled in their field.
The Te Ara Toiroa: Ngāruahine Procurement Strategy was completed in October 2021. Te Ara Toiroa refers to pathways to whānau prosperity and is derived from ‘Te Hā Oranganui’, a karakia composed by Huirangi Waikerepuru. The purpose of the strategy is to formalise the aspirations of our Ngāruahine uri, whānau and Hapū to govern, manage and deliver economic opportunities for the benefit of our iwi. This gives Ngāruahine the ability to build a Ngāruahine economy with Ngāruahine at the helm.
The purpose of Te Matauraura is to support Ngāruahine uri to reach Te Toi o Ngā Rangi via strategically formed foundational steps. These steps will support to grow, nurture and prosper whānau aspirations, wellbeing and Thisachievement.rautaki(strategy) is designed to support all uri to identify and achieve their own knowledge and educational aspirations as well as building lives that are grounded in Ngāruahinetanga identity, reo and tikanga.
Te Matauraura
Punahau me Hinehou Grant
He iti taku iti Ngāruahine Iwi Education Scholarships
• Te Matauraura ki te Āhuru Mōwai
• Rangatiratanga – Confident and independent uri, strong Eachleaders.ofthese mātāpono also align with our whenu (strands) we have designed to navigate the strategy:
The increase in the Scholarships for the 2021-2022 financial year is also due to the addition of the He Hua Ōwhiti Taiao Scholarship. This scholarship supports uri studying either Environmental Science, Environmental Planning or Resource Māori Management.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant
HIGHLIGHTS 2021-2022 >>
$34,030distributedGRANTSincreaseGRANTS$12,073&SCHOLARSHIPSon2021&SCHOLARSHIPStouri
This grant is sponsored by Aronga Ltd and supports mothers’ training in the Arts, Teaching or Te Reo.
He Hua Ōwhiti Taiao Scholarship
Ngāruahine uri now have an opportunity to apply for a Parininihi ki Waitōtara (PKW) and Ngāruahine Joint scholarship. This is a one-year scholarship and is awarded to one Ngāruahine uri in their second year of study or Tehigher.Korowai o Ngāruahine has also been able to increase the distributions to uri through the tripartite relationship with Massey University (Palmerston North), Victoria University (Wellington) and the Māori Education Trust.
Tuku Aupiki Grants available for non-fundable short courses and conferences.
• Te Matauraura ki te Ao Tūroa Ngāruahine aims to focus and encourage uri to actively learn about themselves, their world views and pathway opportunities.
Te Korowai o Ngāruahine Iwi Scholarships and Grants Te Korowai o Ngāruahine offered several scholarships and grants through the year which assisted registered uri with their education and training aspirations. Much work has been undertaken to establish relationships with other organisations, thus increasing the pool of funding available to our uri.
ANNUAL
• Manaakitanga – Collectively caring for yourself and others, reaching out to those in need and being ready to receive as well.
Te Matauraura o ngā rangi is identified in the karakia, 'Hei Māreikura', as the sixth realm from which Ngāruahine iwi descends. Te Toi o Ngā Rangi is the destination, the pinnacle of achievement, wellbeing and aspiration.
• Te Matauraura ki te Ako Taiao
Sporting and cultural grant for uri under the age of 18 years old.
Te Matauraura falls out of the overarching “Ka Ora Taku Toa” five-year strategy, and sits directly within the Pou - Te Kawa Whanakeora, which is the workforce and enterprise pou. While Te Rautaki Matauraura does not sit strictly in that definition - it is identified as a priority enabler to ensure an authentic Ngāruahine economy. In addition to Ka Ora Taku Toa, the rautaki was developed through a series of hui, wānanga and surveys. The key mātāpono (principles) that informed the development process included:
• Kotahitanga – Working together to make collective decisions, seeking support and guidance to inform decision making.
This scholarship supports Ngāruahine uri enrolled with an accredited registered tertiary institution in Aotearoa or overseas, part time or full time.
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Quality homes programme
Housing developments
We have maintained a partnership with Ngāti Maru to support delivery of a home repairs programme to our uri. Ngāti Maru engaged Ringa Management to deliver the home repair contract in Taranaki. Nineteen Ngāruahine home repair applications have been brokered or facilitated by Te Korowai and submitted since May 2021. Eight uri home repair projects have been completed. A further 16 homes have been assessed and are on the list awaiting completion. We are developing a business case to secure funding from Te Puni Kōkiri to deliver our own home repairs programme.
We are currently in the scoping process of a joint housing development in Whakaahurangi of approximately 75 units. This process has been socialised with uri and the Stratford District Council consenting process is nearing completion. Further funding has been secured to support all Hapū with their Hapū housing and agricultural feasibility studies. Above: Retrieved and adapted from https://ngaruahine.iwi.nz/our-history
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 17
POUA TE PĀTŪTŪ (KĀINGA) POU NGĀRUAHINE HOME REPAIR APPLICATIONS BROKERED OR FACILITATED16198 URI HOME REPAIR PROJECTS COMPLETED URI HOMES ASSESSED, AWAITING COMPLETION TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022
Tupua te Mauri (Taiao) Tazmyn Kātene-Ashford joined us in November part-time as she completed her studies at Victoria University. Now full-time with Te Korowai, her core role is processing resource consents which is neither glamorous nor exciting but is critical for protecting our degraded Taiao.
Taranaki Maunga Project (TMP)
18 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022
TUPUA TE MAURI (TAIAO) POU Above (left to right): Ngatokoa Tikitau, Whitikau Rio, Tāne Houston, Jarvis Edwards and Levi Christie (Ngā Hiwi Maunga)
TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022
Te Korowai has collaborated with TMP to establish a team of five kaimahi, Ngā Hiwi Maunga, under Jobs for Nature funding. It is important to develop these kaimahi as the funding is limited to three years.
Awa Monitoring with Ngāti Hāua
The first monitoring activity with Ngāti Hāua was completed in May with funding from the Parininihi ki Waitōtara Taiao Fund. A second activity in October will be followed by a wānanga on cultural health indicators. Government freshwater funding has been allocated to Jobs for Nature. Extending monitoring to all Hapū will need an alternative approach including utilising the Ngā Hiwi Maunga team. Hiringa We took a van load of pahake to the High Court in Wellington in mid-May. Te Korowai appealed the decision to grant a consent through the Covid-19 Fast track consent process for the Kapuni Hydrogen project. This was based on the impact the fast-tracking process has on Hapū consultation and the wind turbines would have on Ngāruahine uri and their relationship to the maunga. A determination from the judge is expected soon.
"The name ‘Ngā Hiwi Maunga’ pays homage to Panitahi (also known as Panatahi, Rehua and Te Iringa) as the Ngāruahine peak. The kaimahi liken their strength and mahi as a ranger team, to that of the shoulder peaks of our tupuna maunga, upholding and acknowledging it’s wairua and mauri."
TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022
Whitikau Rio - Ngāruahine, Ngāti Ruanui
Ngatokoa Tikitau - Ngāti Tū Working alongside our rangatahi is where it's at for me, the next generation, laying a pathway for them and bringing people back to our maunga. I’d like to inspire at least one of our uri to get into this mahi so that they can fill our shoes when we leave. I’ve loved the opportunities that this mahi has given me, working with other iwi, being involved with the tohorā on the coast and helping communities during the floods. There are a lot of our own people who live here and haven’t been to our maunga. My message to them, make the connection, hoki mai ki tō maunga.
Tāne Houston - Ngāti Manuhiakai What I love about working in this space are the hauora benefits. We can drink from the rivers, breathe in the fresh air, and eat from the ngahere. Te mahi tata ki tō tātou tupuna, tō tātou maunga nei. Kua tae mai te wā ka hoki tātou ki te maunga. Our role ensures safe access to explore our maunga, to engage with our maunga, to connect. We can safely engage right across the maunga now, the rivers that we only see on the farmlands, the springs, the kōkōwai. I’d like our people to get excited about the fact that we can go to these places as whānau, not just hear about them or read about them but to have wānanga, to see, to touch, and be in these spaces.
This job has given me opportunities to meet some amazing people, people with similar aspirations for this kind of mahi, people who know how to connect to our land, people who are naturally connected to atua Māori and kaupapa Māori. I like being away from town and being one with Papatūānuku and Tāne Mahuta. I’d like our people to take the time to acknowledge, walk on, and be at one with our maunga.
The name ‘Ngā Hiwi Maunga’ pays homage to Panitahi (also known as Panatahi, Rehua and Te Iringa) as the Ngāruahine peak. The kaimahi liken their strength and mahi as a ranger team, to that of the shoulder peaks of our tupuna maunga, upholding and acknowledging it’s wairua and mauri. They shared with us what they like most about their mahi and what they want you to know about our maunga. Meet the team!
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 19
Ngā Hiwi Maunga Te Korowai o Ngāruahine, in collaboration with the ‘Taranaki Mounga Project’, have established Ngā Hiwi Maunga (pictured above). We currently have five kaimahi working on our maunga as part of Ngā Hiwi Maunga. Pest and predator control is their priority however their mahi also involves the preservation of native trees and manu like the Whio and Kiwi – Ngā tamariki a Tāne Mahuta, monitoring water and bringing back native wildlife. They also have an opportunity to get involved with other communities, working alongside other iwi and our rangatahi Māori.
Levi Christie - Ngāti Hāwea (Ngāti Kahungunu) My hononga to Ngāruahine is my wife and tamariki who are Ngāti Tū. The thing I most like about being on the maunga is the ability to be free while working to bring the maunga back to its full potential. I’d like to see the community understand more, to learn how to be safe on the maunga and to be able to gather even more understanding by traveling further into the maunga. Then they will be able to experience the maunga in its true form.
Jarvis Edwards - Ngāti Hāua I enjoy everything that I do on the maunga, the trapping, monitoring, looking after the native trees. There are a lot of different things that we do on the maunga, every day is different, and that is what I like more than anything, not being stuck doing the same job. Our maunga is a beautiful place. I’d like to encourage all our whānau to take advantage of our maunga, come up here.
20 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 Te Rere o Noke - Dawson Falls
TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022 >>
There is significant demand for cultural and eco-tourism businesses, both locally and domestically. The appeal of the redevelopment is positive and exciting. Te Rere o Kapuni will continue to access its own hydro electric energy and will be a leader for sustainability in Aotearoa.
TE RERE O KAPUNI Mai i te Maunga a Rongo ki te ngutu awa kei Ōrangituapeka e rere ana ngā wai tapu o Kapuni. The spiritual waters of Kapuni flow from our peaceful maunga to the sea at Ōrangituapeka.
Te Rere o Kapuni has long been a source of physical and spiritual wellness. Many undertake the journey to experience the peaceful life enhancing waters that flow from deep within our sacred mountain of Taranaki. These journeys continue today with the natural landscape attracting over 80,000 visitors to the walks and tracks. These numbers are expected to continue and grow well into the future. Ngāruahine now hold the key to the door of change, with the commencement of the physical development of Te Rere o Kapuni (formerly known as Dawson Falls Lodge).
inspiration, and elevation for Ngāruahinetanga; including the opportunity to deliver a sustainable eco-tourism commercial venture that provides employment training and career opportunities for Ngāruahine uri.
Te Korowai acquired Dawson Falls Lodge in 2016, due to the high cultural, spiritual, and historical significance of the location on Taranaki Maunga. As previously reported, Te Kīwai a Mauī Ltd has been able to secure Government funding of $3m towards the project with the residual being redirected from iwi investments.
Te Rere o Kapuni development is driven by three of the Ngāruahine strategic pou: Ngāruahinetanga, Te Kawa Whanakeora (mahi), and Tupua te Mauri (Taiao). The development of the site ensures Ngāruahine can embed a cultural and spiritual presence through identity, the asserting of mana and reaffirming connection,
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 21
The redevelopment started in October 2021 with the decommissioning of the operations and building. Prior to the physical demolition of the old lodge, a karakia was conducted to lay to rest the mauri of the past and instil calm for the journey ahead.
Te Rere o Kapuni is an architectural reaffirmation of the Ngāruahine connection to Taranaki Maunga and will offer manuhiri an opportunity to share in Ngāruahine tikanga and kōrero of rangimārie, peace and wellness.
Manaaki tangata is in the DNA of Establishment General Manager Ngawai Hernandez-Walden. A value that she lives by and has encompassed throughout her life and career. A career professional in the Hotel & Tourism sector; Ngawai is proud to be one of the leading support hands for the operational and service delivery of Te Rere o Kapuni.
Te Rere o Kapuni will continue to complement the current Taranaki regional initiatives specifically regarding the Taranaki Crossing Experience Project.
Ngawai, her husband Ricardo and their tamariki returned home to Te Hāwera in November 2021 with a vision and passion to utilise their skills as enablers for their wider whānau, iwi, Hapū and marae. The journey with Te Rere o Kapuni is one way for Ngawai to support our people, to see our people thrive and not just survive.
Te ringa ārahi o Te Rere o Kapuni
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Ngā wai tapu o Kapuni has played a significant role in Ngawai’s life. Ngawai’s mother Punahau Rīpeka (Aunty Rī) was a staunch advocate in the wellbeing and healing powers of the water and only went up the maunga for a specific need. Her father on the other hand always found solace in the religious and spiritual wellbeing that the falls and surrounding waterways provided.
“We do not need a procedure manual or a ‘how to guide’, when it comes to manaaki tangata; for all of us raised here under our tupuna maunga, we live and breathe manaakitanga every day. I am exceptionally proud to be a kaitiaki on this project; and to be an enabler of opportunities for more of our uri to utilise their natural born skills for the benefit of ourselves”.
TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022 >>
Ngawai was the first uri of Taranaki Maunga to graduate from the Pacific International Hotel Management School located within Puketapu Hapū; and she was the first wahine Māori General Manager of a major hotel brand in SheAotearoa.hasbeen unapologetically Māori in her career spanning 20 years across Aotearoa, Australia, and the Cook Islands. Ngawai acknowledges that uri of Ngāruahine are naturals in the world of Hospitality / SheManaakitanga.highlights,
Above (left to right): Trustees Allen Webb, John Kahupukoro, Caroline Scott, Grant Weston, Te Aorangi Dillon, Te Aroha Hohaia and John Hooker, onsite for the karakia prior to the start of demolition works.
Te Rere o Kapuni will embody what it is to be Ngāruahine. Ngāruahine will demonstrate the pride we have as kaitiaki of our whenua, our uri and all manuhiri.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 23 "I am exceptionally proud to be a kaitiaki on this project; and to be an enabler of opportunities for more of our uri to utilise their natural born skills for the benefit of ourselves". Ngawai Hernandez-Walden Artistic impression of the new Te Rere o Kapuni Lodge. TE KOROWAI O NGĀRUAHINE TRUST GROUP ANNUAL HIGHLIGHTS 2021-2022
24 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 2019/20 2020/21 2021/22 TE KOROWAI O NGĀRUAHINE TRUST GROUP KEY OPERATING DATA - AT A GLANCE NGĀRUAHINE IWI REGISTER 31 MARCH 5,6422022 $482,440 $642,768 $310,205 TOTAL LIABILITIES $99,186,031 $110,651,569 $88,752,954 TOTAL ASSETS $98,703,590 $110,008,801 $88,442,749 TOTAL EQUITY PROFITGROUP (AFTER TAX) $11.3M2022 PROFITGROUP (AFTER TAX) $10.5M2021
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 25 TE KOROWAI O NGĀRUAHINE TRUST GROUP REPORTING AGAINST THE ANNUAL PLAN 2021-2022 Action Description Status Kawenata with Hapū and Ngāruahineotherentities 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. Ongoing RangatahiNgāruahineStrategy Developed by Te Ūkaipō, fundraising and implementation support to be identified. Complete Ngāruahine te reo classes Support Te Reo o Ngāruahine and noho marae wānanga to uri. Complete Iwi maintenancepolicyregisterandactiveplan • Iwi register campaign, and • Online registration draws. Ongoing campaignEngagement 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. Ongoing Toi Ora Strategy and implementation Initiatives that will ensure Ngāruahinetanga is seen, heard, felt and valued within our rohe and globally: • Scholarships, • Commissioned works, • Artist residencies, and • Exhibiting art. Ongoing Signature events and representation Learn to Swim, whānau picnics, Taranaki Tū Mai, annual toi wānanga and Iron Māori. Disruptions due to Covid Deferred PropertiesSelection Confirm decisions and outcomes of DSP process with Hapū. Ongoing NGĀRUAHINETANGA
Leveraging off Te Kāhui Maru contract to support repairs on kaumātua homes. Complete Ka Ururoa Initiation of uri saving initiative. Complete Kaumātua interviews. Complete PĀTŪTU (KĀINGA)
environmentalHousing scan and stock take
Action Description Status
Te Rauawaawa
Scoping research
•
TE KAWA WHANAKEORA (MAHI)
Housing programmeAccessibility
POUA TE
Current state and ongoing monitoring of uri educational data and employment, including Māori-medium schooling, qualifications levels and subject areas. Ongoing programmeScholarship Scholarship framework and costings. Including: targeted grants for high need areas, tūpuna-named grants, whenua-named grants, Victoria University Wellington 50/50 funding, and leveraging off corporate relationships. Complete
Action Description Status
26 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP REPORTING AGAINST THE ANNUAL PLAN 2021-2022
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. Ongoing
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. Complete
Housing navigator styled programme scoped for uri. Ongoing Quality programmehomes
•
•
Development of a procurement strategy that includes a Ngāruahine preferred supplier list. Complete
strategyprocurementNgāruahine
•
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 27 TE KOROWAI O NGĀRUAHINE TRUST GROUP REPORTING AGAINST THE ANNUAL PLAN 2021-2022 TUPUA TE MAURI (TAIAO) Action Description Status Kaitiaki StrategyPipeline Initiatives designed to support a pipeline of environmentalists in our iwi: • Tertiary Scholarships (undergraduate and post-graduate full scholarships in Environmental planning or Science), and • Summer internship initiative design. Complete Awa Reconnection and programmeMonitoring Foundational research mahi to support a long-term awa monitoring and restoration programme: • Mapping, • Archiving, and • Development of a monitoring framework. Complete 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. Complete Marine and Coastal Area (MACA) Working with Hapū to progress MACA claim. Ongoing Action Description Status ManagementRelationshipCustomer (CRM) Connect all our stakeholder details and interactions on one platform. Complete Filing/archiving Efficient protocols and training on how we capture and store data. Complete reviewOrganisational Policies, processes and structure that align with our compliance requirements and support our growth. Complete Planning reportingand Fit-for-purpose information that is continuously improved for delivery and audience. Complete developmentKaimahi • Tikanga and te reo development and support, including, induction plan, and • Health and safety, staff inductions, professional development and staffappraisals. Complete 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. Complete ORGANISATIONAL CAPABILITY AND CAPACITY
28 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 Building on the Ka Ora Taku Toa strategy last year, several kaupapa focused strategies have/are being created. The diagram below outlines the alignment of the new strategies. Please follow this link to find full versions of completed strategies Te Korowai o Ngāruahine Documents or scan this QR code: STRATEGIC ALIGNMENT TE KOROWAI O NGĀRUAHINE TRUST GROUP REPORTING AGAINST THE ANNUAL PLAN 2021-2022 POUA TE PĀTŪTŪ KA TAKUORATOA TE KAWA WHANAKEORA NGĀRUAHINERANGI TUPUA TE MAURI Te Ara Toiroa Ngāruahine procurement Pupuke te Hihiri Te Rautaki Matauraura
• Very strong returns on property investments, with Tai Hekenga returning 44% and Hāpai iwi investment vehicles achieving a return of 19.5%
Key highlights for the year included:
POUWHAKARAE REPORT
In addition, we are also progressing landmark opportunities to develop new Iwi-community facilities and kāinga for our whānau, investments that we believe will have a major impact for our whānau and rohe.
• Return on opening net assets of 11%
$8.5m net asset growth for FY22. ($10m: FY21) $11m ($12m:incomecomprehensivetotalforFY22.FY21)
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 29
KEY HIGHLIGHTS
• 12.4% return on agriculture / horticulture investments through Pūainuku iwi investment vehicle
• Net asset growth of $8.5m, over and above FY22 dividend payments of $1.96m
• Impact investment opportunities in Ngāruahine rohe also being progressed – with Iwi-community facilities and kāinga projects at initial planning stages
• Increased focus on local rohe investments, commencing with the rebuild of our lodge at Te Rere o Kapuni. As of July 2022, the cost is estimated at 8.2m. Work has started, with a target opening in the 2nd half of next year (2023)
Tēnā tātou Te Kīwai Mauī o Ngāruahine Limited (Mauī) is the commercial arm of Te Korowai o Ngāruahine Trust, responsible for managing and growing the pūtea of Te Korowai o Ngāruahine. Our role is to support the strategic plans and operations of Te Korowai by providing stable long-term income growth and investing to deliver outcomes for Ngāruahine consistent with the values and strategies of Te Korowai. Our investment strategy is to build a portfolio of highquality direct investments in asset classes where we have competitive advantage as a long-term iwi investor, focussed on delivering sustainable returns for WeNgāruahine.arepleased to report another strong financial performance this year, delivering a comprehensive profit return on investment of 11%, despite the challenges presented by Covid and other market factors.
During the year, we completed a number of key strategic investments across our target asset classes, particularly in agriculture, horticulture and property, providing greater portfolio diversification and reducing our risk exposure to financial market uncertainty.
We are also excited about the opportunities we are progressing in our rohe, which are focussed on delivering social, cultural, mahi and other impact outcomes for Ngāruahine, in addition to delivering commercial returns.
During the year, we committed to rebuilding our lodge on the Maunga at Te Rere o Kapuni. This is an investment of major cultural significance for Ngāruahine, and will help us share our Ngāruahine culture and manaakitanga with manuhiri. >>
• Total FY22 comprehensive income of $11m (combined Mauī and Ngāruahine Fisheries Limited)
• $24m committed to new direct investments in property, agriculture and private equity, reducing our managed funds exposure to listed markets uncertainty
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED POUWHAKARAE REPORT FIG 1: MARKET VALUE GROUP ASSETS FIG 2: NGĀRUAHINE GROUP PORTFOLIO >>
FUNDS UNDER MANAGEMENT
30 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 Maui Investment portfolio ($ million) - March 2021 Cash & Term Deposits Managed Growth Funds $21.08 (21.93%) Maui Investment portfolio ($ million) - March 2020 Managed Income Funds $22.70m (26.36%) Cash & Term Deposits Managed Growth Funds $13.60m (15.79%) Mauī Group portfolio ($ million) - March 2022 2022 IncomeCash$9$15Funds Infrastructure$6 Crown Leasebacks$21 Diversi ed Agri $7 Seafood $1Operations Te $2Rere Property Development$3 Te Pūia$1Tāpapa Private Equity Long-term growth assets Growth33%assets Settlement Quota $3 BTR - Housing$1 Growth$22Funds Commercial Property $13 Mauī Group portfolio ($ million) - March 2021 IncomeCash$15Funds$20 Crown Leasebacks$17 Settlement QuotaGrowth$2Funds$21 Private$3Equity Long-term growth assets 4% CommercialInfrastructure$5Property$10BTR-Housing$0 2021 Seafood $1Operations Te $1Rere Te Pūia$1Tāpapa Growth24%assets Maui Investment portfolio ($ million) - March 2021Maui Investment portfolio ($ million) - March 2020 Direct Managed$26.31mInvestments(30.56%)IncomeFunds$22.70m(26.36%)$13.60m (15.79%) Mauī Group portfolio ($ million) - March 2022 2022 IncomeCash$9$15Funds Infrastructure$6 Crown Leasebacks$21 Diversi ed Agri $7 Seafood $1Operations Te $2Rere Property Development$3 Te Pūia$1Tāpapa Private$4Equity Income63%assets Long-term growth assets 4% Growth33%assets Settlement Quota $3 BTR - Housing$1 Growth$22Funds Commercial Property $13 Mauī Group portfolio ($ million) - March 2021 IncomeCash$15Funds$20 Crown Leasebacks$17 Settlement QuotaGrowth$2Funds$21 Private$3Equity Income72%assets Long-term growth assets 4% CommercialInfrastructure$5Property$10BTR-Housing$0 2021 Seafood $1Operations Te $1Rere Te Pūia$1Tāpapa Growth24%assets FIG 3: NGĀRUAHINE GROUP PORTFOLIO ($MILLION) As shown, our commitments this year will further strengthen our direct investment portfolio, increasing to almost 80% of our total asset portfolio, once Aimplemented.breakdownof our asset portfolio is detailed in figure 3 Asbelow.shown, in FY22 our investment in property and diversified agriculture increased, funded through the reduction in passive managed income funds and cash Furtherholdings.commitments this year in Te Rere o Kapuni, horticulture and private equity will (once implemented) provide further diversification, with an emphasis on increasing our allocation to growth assets to support our growth objectives, consistent with our long-term portfolio objectives.
Our progress in growing the Ngāruahine pūtea is shown in figure 1 below. As shown, since our first year of operations in FY18, we have now grown our iwi assets to over $105m, in addition to providing annual distributions to Te Korowai. In FY22, we grew the pūtea by $8.0m, in addition to making a distribution of $1.96m to Te Korowai. As noted above, our investment strategy is to build a portfolio of diversified high-quality direct investments in asset classes where we have competitive advantage, transitioning from passive managed funds where we have greater exposure to listed financial markets.
Figure 2 below shows our progress in building our portfolio of direct investments, transitioning from passive managed funds and cash.
POUWHAKARAE since our first year of operations in FY18, we have now grown our iwi assets to over $105m, in addition to providing annual distributions to Te Korowai. In FY22, we by $8.0m..."
In FY22, Tai Hekenga delivered a total return of 44.1% comprising land rentals of 8.3% and capital revaluation gains of 35.8%. The value of Mauī’s investment in Tai Hekenga at March 2022 was $21.2m.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 31 FY22 FINANCIAL PERFORMANCE The financial performance of the Mauī Commercial Group (including Ngāruahine Fisheries Limited) is set out in figure 4 below. FY22 FY21 $(000) $(000) Total Income 3,739 3,477 Total Expenses (1,050) (1,103) Operating Profit before tax 2,690 2,374 FX gain/(loss) (56) 297 Investment Revaluations AMP 364 136 Mercer 775 3,571 Hāpai Commercial 1,906 1,778 Tai Hekenga 3,891 2,839 Oriens 1,594 1,052 Te Pūia Tāpapa 14 Continuity Capital (72) Loss on disposal/destruction of asset (401) Total Comprehensive Income 10,704 12,047 before tax NFL Net Profit before tax 139 141 Contributions to Equity 10,843 12,188 before Tax FIG 4: PROFIT AND LOSS PORTFOLIO ($MILLION) TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED COMMERCIAL GROUP* FINANCIAL PERFORMANCE Overall, the Mauī group delivered a total pre-tax FY22 return of 11% on opening assets (FY21: 14%). As shown above, the strong performance has been boosted by returns on a number of key investments implemented, detailed further below. OUR INVESTMENTS
grew the pūtea
REPORT >> "...
Tai Hekenga
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 Whānau
In FY20, Mauī completed an investment of c$11m as part of Tai Hekenga, a consortium of Taranaki Whānui linked iwi that collectively purchased a large portfolio of Crown leaseback land in Wellington. This investment provides secure low risk rental returns and capital gains.
Hāpai Commercial Property Mauī committed an investment of $11.2m in Hāpai Commercial Property LP (‘Hāpai Commercial’) that invests in a highly diversified, investment grade commercial property portfolio to deliver dependable income and capital growth.
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 Duringportfolio.FY22, Hāpai Commercial delivered an operating return of 8.3% (FY21 9%), and capital revaluation gains of 21.6%.
The Hāpai Whānau is a group of iwi collective investment vehicles that provides access to diversified leading sector returns in commercial property, build-to-rent housing and property development investment opportunities.
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
32 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022
Te Pūia Tāpapa
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED POUWHAKARAE REPORT >> "...
Hāpai Housing invests in build-to-rent housing sector. Mauī has committed $5m to this vehicle. In addition to providing leading sector returns on investment, this investment provides the opportunity to deliver wider outcomes such as delivering much needed quality, warm and healthy housing with preferential access for iwi
Hāpai Development Mauī has also committed $5m in Hāpai Development. During 2022, this vehicle purchased land in Iport, Rolleston and entered into an investment joint venture to develop property at Formosa (Beachlands). During FY22, we invested $3.1m of our commitment.
Duringmembers.FY22 Mauī invested $1.4m of its commitment, with the first project expected to be delivered next year (2023).
Pūainuku Pastures
In FY20, we 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. Strategically this commitment gives us access to good quality, operational direct investments supported by high quality investment analysis.
Hāpai Housing
Pūainuku Pastures has dairy interests in prime irrigated farms located throughout the South Island. During FY22, Mauī invested $5m in this entity, which delivered an operating return during the year of 17%.
Pūainuku Whānau
The Pūainuku whānau consists of iwi collective investment entities that are focussed on key primary sector categories; agriculture (Pūainuku Pastures), horticulture (Pūainuku Pastures), viticulture (Pūainuku Vines) and seafood (Pūai Tangaroa). Mauī has committed as a foundation investor in each of these vehicles.
Pūainuku Vines has vineyards and hop gardens in prime growth regions namely Nelson and Marlborough. We have committed $3m to this entity, of which $1.5m has been called to date. Pūainuku Vines achieved operating returns during the year of 8% (annualised). Pūai Tangaroa Pūai Tangaroa has invested in kōura quota and rolling leases with Port Nicholson. We have committed $750k and to date have invested $325k.
Approximately 28% of our commitment to the fund has now been invested by FY22 year end to support investments to date in the transportation, finance and healthcare sectors. Our remaining commitment is expected to be fully invested over the next two - three Ouryears.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. In FY22, the investment portfolio delivered a total return of 19.2%. we are also progressing landmark opportunities in our rohe to develop new Iwi-community cultural spaces and kāinga for our whānau. We believe these investments will have a major positive impact for our uri, whānau, Hapū and within our rohe, in addition to providing a commercial return on our investment."
Pūainuku Vines
Continuity Capital Private Equity
Covid-19 has impacted the fund, resulting in no distributions being paid out during the year. However, the fund had a reasonable value uplift in FY22 with a total return at 6.9%. With the re-opening of borders, distributions are expected to return in FY23.
As part of our assessment of options, we identified a need for something more than just a head office, but a cultural creative space to support large Iwi activities and which complements the role and mahi of our Hapū at a pā level.
Te Rere o Kapuni (formally Dawson Falls Lodge) Te Rere o Kapuni is a place of significant cultural and historical importance to Ngāruahine and Taranaki.
During the year, we committed to rebuild the lodge to help us share our Ngāruahine culture, stories and manaakitanga with manuhiri. In doing so, we will have the opportunity to provide greater training, mahi and growth opportunities for our uri.
Construction is now underway, targeting completion in the second half of next year (2023). We are very excited to open the doors to a brand-new facility and welcome manuhiri again on the Maunga.
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
REPORT
Mercer Socially Responsible Managed funds During FY22, our investments in Mercer’s Socially Responsible funds were impacted by the challenges faced by financial markets, returning 2% across our investment in the funds. Our managed funds exposure reduced during the year, as we repositioned $5m of our investment with Mercer into new direct investments, outlined above. Our exposure to managed funds is expected to reduce to under 10% of our portfolio (currently c35%) as we implement our direct investment strategy as described above.
Further investment opportunities in Ngāruahine rohe
POUWHAKARAE
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 33 >>
Mauī previously committed to $2.55m in the first of Orien’s funds, which has performed very strongly, delivering a net internal rate of return (IRR) of 31.2% to-date. During FY22, Mauī committed a further $2.5m in Orien’s 2nd fund, 20% of which has been drawn-down to-date.
AMP Infrastructure fund In FY20, Mauī invested c$5m 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.
To increase access to long-term high growth assets, in FY22 Mauī also committed an investment of $7.5m in Continuity Capital, which invests in private equity funds with a proven track record of delivering attractive returns.
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).
FY22 continues to present challenges in the fisheries sector, with Covid impacting demand in our export markets. Overall, we delivered a return of 5% on our investment in fisheries assets, which we consider is a reasonable result in the context of the challenging year.
Orien’s Capital Orien’s Capital Private Equity Fund Limited Partnership invests in privately owned New Zealand businesses which have succession or growth capital opportunities.
Project Tūkau is a business case for a combined multipurpose, multi-use Iwi and community facility in Manaia.
The investment, should it progress, would include a sale, development and long-term lease back with the South Taranaki District Council. It may also include a management contract for the civic facilities (library, hall, pools). The business case will be finalised at the end of The2022.other key strategic investment focus in our rohe is developing kāinga opportunities for our whānau. Uri access to warm, healthy, affordable housing is a key issue, and Poua te Pātūtū (Kāinga) is a strategic pou of Te Korowai. Working with Ka Uruora (our iwi collective charitable housing trust), we are developing opportunities to offer quality affordable housing solutions for Ngāruahine uri. These opportunities are in the planning stages at this point, with our objective to commence development next year. Both the above investment opportunities are being developed through a co-design approach, based heavily on understanding the needs of our uri, whānau, and Hapū through wānanga, hui, surveys and reference ohu that guide the business case and development process.
To date Mauī has invested $1.5m of its commitment.
In addition to our investment in Te Rere o Kapuni, we are also progressing landmark opportunities in our rohe to develop new Iwi-community cultural spaces and kāinga for our whānau. We believe these investments will have a major positive impact for our uri, whānau, Hapū and within our rohe, in addition to providing a commercial return on our investment.
I will be resigning my position as chair on 30 June 2022 but feel I am leaving the organisation in a very good state. I wish to take this opportunity to thank the contributions of my fellow directors 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.
34 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED POUWHAKARAE REPORT CONCLUDING REFLECTIONS
Looking back on our achievements of the past five years, it is satisfying to see the progress we have made to grow the pūtea, and build a diversified portfolio of quality direct investments that positions Ngāruahine well for the future. Our financial performance in recent years has been exceptionally strong, and while current market headwinds will likely see this drop back next year, I am confident that we are building a strong resilient portfolio and have the team in place that will continue to deliver long-term strong returns for Ngāruahine and support iwi aspirations into the future.
It has been a real pleasure to work with a great team of governors and managers. I am also grateful to the trustees and staff of Te Korowai for their support.
Ngā mihi HineranginuiRaumati-Tu'ua Pouwhakarae
Te Aroha Hohaia Director Dion Maaka Director Ngawai Hernandez-Walden Associate Director (Retired May 2022)
>>
Taaringaroa Nicholas Director Paula Carr Director Hinerangi Raumati-Tu’ua Pouwhakarae
Above: Hinerangi's farewell dinner. "... I am confident that we are building a strong resilient portfolio and have the team in place that will continue to deliver long-term strong returns for Ngāruahine..."
I’m also pleased to see our progress in developing opportunities that will deliver outcomes for Ngāruahine well beyond financial return. I’m particularly excited about the future impact our local rohe investments will have in terms of supporting the cultural objectives of Te Korowai, providing kāinga, mahi and growth opportunities for Ngāruahine uri.
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 35 SUPPLEMENTARYINFORMATION
It’s
our
our
your
our people and businesses in our mahi
we
we
36 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 36 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES Paula Carr (Chair), Kānihi -Umutahi Creative New Zealand Kaimahi Māwhitiwhiti-Kānihi Pā Trustee Te Kīwai Matau o Ngāruahine Charitable Trust Trustee Te Kīwai Mauī o Ngāruahine Company Ltd Director Te Korowai o Ngāruahine Trust Director Te Korowai o Ngāruahine Custodian Company Limited Director, Shareholder Te Kupenga o Kānihi Charitable Trust Trustee Allen Webb, Kānihi - Umutahi Māwhitiwhiti-Kānihi Pā Trustee Kānihi Umutahi (me ētahi) Hapū Chair Te Kīwai 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 Chair
What has been highlight so far? been a record-breaking year. Hearing people feeling positive about the work that are collectively doing is making a difference – that’s highlight. Other highlights are taking lead from Hapū - it’s great when we get it right; and prioritising employing and developments. What has been your highlight so far? The rebuilding of the Ngāruahine landscape from maunga to moana, by enabling the dreams and aspirations of those serve, come to fruition.
my
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 37 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES John Hooker, Ōkahu - Inuawai Eva Harris Trust Trustee Inuawai 1C,2B Trust Advisory Trustee Mangawhero 2 Trust Advisory Trustee Marine & Coastal Area Act application for ŌkahuInuawai Hapū Applicant New Zealand Māori Council Member New Zealand Māori Council Audit & Risk Co-Chair Ngāruahine Kaumātua Kaunihera Chair Ngāti Hāua 5 Trust Advisory Trustee Ōkahu-Inuawai (me ētehi atu) Hapū Chair, ContactEnvironmentalHapū Ōkahu-Inuawai (me ētehi atu) Hapū Charity Chair Ōkahu Inuawai (me ētahi atu) Incorporated Society Chair Ngāpukewhakapū 3B1 Trust Chair Opunake High School Board of Trustees Ruapūtahanga Māori Wardens Chair South Taranaki District Council Iwi Liaison Committee Member Taranaki Māori Trust Board Member Te Kīwai Matau o Ngāruahine Charitable Trust Trustee Te Korowai o Ngāruahine Trust Trustee, Deputy Chair Te Kura Kaupapa Māori o Tamarongo Board of Trustees, Reliever What has been your highlight so far? We have started transitioning from Ngā Tau o Ngā Mokopuna (ie building a strong capital paenga to provide sustenance for future generations through good investment policies, strategies and director governance) to entering Ngā Tau o Ngā Tamāhine; now delivering to our current tamariki.
38 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES What has been your highlight so far? I’m exceptionally proud to see the results being achieved by our uri for our uri out of the 5-year strategic plan. Te Ara Toiroa and the redevelopment of Te Rere o Kapuni are ground breaking initiatives that are uniquely and distinctively Ngāruahine. Ngawai Hernandez-Walden, Ōkahu - Inuawai (retired May 2022) Pacific International Hotel Management School Academic Board Member Parininihi ki Waitotara Incorporation Shareholder RHW Builders Limited Administrator RINGA Management Limited Managing Director Te Korowai o Ngāruahine Trust Trustee Te Kīwai Matau o Ngāruahine Charitable Trust Trustee Te Kīwai Mauī o Ngāruahine Company Limited Associate Director Te Puni Kōkiri – Tāmaki Makaurau Māori AdvisorEnterprise
Te Kīwai Matau o Ngāruahine Charitable Trust Trustee
Tika Administration and Events Limited Director, Shareholder Tika Catering Limited Shareholder
Ferinica Hawe-Foreman, Ngāti Manuhiakai Beach Energy, Todd Energy, Taranaki By-Products Hāpu Representative Foreman Shearing Limited Director, Shareholder Ngāti Manuhiakai Hapū Chair Ngāti Manuhiakai 5A2 Trustee South Taranaki District Council Member, Iwi Liaison Committee
Kiri Erb, Ngāti Manuhiakai Hekr Trustees Limited Shareholder
What has been your highlight so far?
Te Korowai o Ngāruahine – Te Ohu Arotake Member
Ngāti Manuhiakai Hapū Secretary, Kaitiaki Pātaka
One of my highlights is the return of whenua to mana whenua. Our whenua reinforces a sense of belonging that is shared between those that have come before us and those yet to be born. Mā te huruhuru ka rere te manu.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 39 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES
I am proud to be part of a strongly connected Board that understands the strengths and value each Board member brings, allowing space for robust and informed discussions.
Te Rangatapu Pā Trustee, Secretary
Te Korowai o Ngāruahine – Te Ohu Arotake Member
Te Korowai o Ngāruahine Trust Trustee
Te Kīwai Matau o Ngāruahine Charitable Trust Trustee
What has been your highlight so far?
Te Korowai o Ngāruahine Trust Trustee
Federated Mountain Clubs of New Zealand Incorporated Member
South Taranaki Association Justice of the Peace South Taranaki District Council Audit & Risk Committee Member
40 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES
Taranaki Alpine Club Member
Bishop's Action Foundation Trustee
Parihaka Papakāinga Trust Contractor
Taranaki Crossing Project Governance Group Member
Te Kīwai Mauī o Ngāruahine Company Limited Director Korowai o Ngāruahine Trust Trustee
Te
Trinity Home and Hospital Limited Director
Hohaia van Paassen Limited Director, Shareholder Waiokura Marae & Reserves Trust Trustee, Treasurer
Te Aroha Hohaia (JP), Ngāti Tū
Te Kīwai Matau o Ngāruahine Charitable Trust Trustee
Bashford-Nicholls Charitable Trust Trustee
The demolition of the Dawson Falls Mountain Lodge & Cafe as a public reclamation of a Ngāruahine presence on the maunga. The conservative but progressive investments Mauī is making, resulting in being able to bring the distribution plan forward a little. Getting feedback from a kuia around at Parihaka who was hearing good things about Ngāruahine and her encouragement to keep up the good work.
Te Ara Pae Trust Trustee/Chair
Bizlink Hāwera Incorporated Member Business & Professional Women Hāwera Member
Port Nicholson Settlement Block Audit, Finance & Risk Committee Member
Toi o Taranaki Ki Te Tonga Trust Trustee Louise Rauhuia Manuera Hohaia Whānau Trust Trustee
What has been your highlight so far?
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 41 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES What has been your highlight so far? I’m loving how social media is reaching a wider audience regarding the great things happening within the Ngā Ruahine space at the moment. Te Ahu Rei, Ngāti Tū Nelson City Council (NCC) – Contractor – Translations, Heritage Committee and Tauihu Iwi Committee Ngāti Tama rep Ngāti Tama ki Te Waipounamu Trust Cultural Manager Te Kāhui Mātauranga - Ministry of Education Ngāti Tama rep Te Kīwai Matau o Ngāruahine Charitable Trust Trustee Te Korowai o Ngāruahine Trust Trustee Te Pae Motuhake o Te Tai Tonga - Te Mātāwai Tokomaru rep (Ngāti Tama/Te Ātiawa Te Pouaranga Bishop Suter Trust Ngāti Tama rep Te Puna Pahake o Ngāti Tama ki Te Tauihu Kaimahi Te Rōpū Hāpai Tikanga o Te Tauihu Ngāti Tama rep Te Tai Ao - Tasman Heritage Trust Ngāti Tama rep Cawthron Institute, Department of Conservation (DOC), Methodist Church of NZ (Nelson), Ngāti Rārua Ātiawa Iwi Trust (NRAIT), Te Ramaroa – Nelson Light Festival, The Port (Nelson), The Theatre (Nelson), TUKU21 – Whakatū Heritage Month 2021 (NCC), Whakatū Inc, Nelson Airport, Tasman District Council (TDC), Te Korowai o Ngāruahine Trust Provider translationof services
our
Kahupukoro Whānau
our people. John
Matau o Ngāruahine Charitable
42 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES Sarah Mako, Ngāti Hāua (appointed April 2022) Te Kotahitanga o Te Ātiawa Trust Kaimahi Te Korowai o Ngāruahine Trust Trustee Te Kīwai Matau o Ngāruahine Charitable Trust Trustee Ngāti Hāua Whānui Inc Ohu MemberTaiao
our
Ngāruahine
What has been your highlight so far? Being able to work with the Board for the betterment of iwi, Hapū, Kahupukoro, Ngāti Hāua Hoani Trust Trustee Trust Trustee Kīwai Trust Trustee Trust Trustee
our
John
What has been your highlight so far? Being part of the continued revitalisation and reindigenisation of Ngāruahine on landscape including finalisation and implementation of the Kaitiaki Plan.
Ōhounuku Reserve
Te
Te Korowai o Ngāruahine
The highlight for me has been the culture of the Board as a whole.
Te Korowai o Ngāruahine Trust - Te Ohu Arotake Chair
Katere
Te
J
What has been your highlight so far?
What has been your highlight so far?
Te Kīwai Matau o Ngāruahine Charitable Trust Trustee
Te Korowai o Ngāruahine Trust Trustee
Te Korowai o Ngāruahine Trust Trustee
N
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 43 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE TRUSTEES
Caroline Scott, Ngāti Tamaahuroa - Tītahi C A and N Limited Shareholder Trust Secretary, Treasurer Marine & Coastal Area Act application for Ngāti Tamaahuroa me Tītahi Hapū Applicant A C and J Limited Director, Shareholder Oeo Pā Trustee, TreasurerSecretary, Ngāti Tamaahuroa rāua ko Tītahi Trustee Ngāti Tamaahuroa me Tītahi Hapū Kaitiaki Pātaka Hanataua Trust Treasurer
The commencement of the process to return Deferred Selection Properties to Hapū.
Te Kīwai Matau o Ngāruahine Charitable Trust Trustee
Grant Weston, Ngāti Tamaahuroa - Tītahi
David Patten, Te Arohaehae Hautū
Diploma of Business Studies (in Dispute Resolution)
Bachelor of Commerce (Honours)
Fellow of the Institute of Chartered Accountants Australia & New Zealand Master of Public Policy
Fellow of the Arbitrators’ and Mediators’ Institute of New MemberZealandoftheNew Zealand Law Society
Master of Business Studies (in Dispute Resolution)
Bachelor of Business Studies
Member of the Human Resources Institute of New Zealand Neil Taylor, FCA. QSM. Te Ohu Arotake (retired during the year)
Master of Commerce
Bachelor of Arts
Bachelor of Laws
Fellow of the Institute of Chartered Accountants
Member of the Australasian Association of Workplace Investigators Lara Robertson, Te Arohaehae Hautū (appointed May 2022) Ngāruahine, Ngāpuhi ki Taiāmai
44 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP INDEPENDENT MEMBERS QUALIFICATIONS
Australia & New Zealand Queen’s Service Medal Phillippa Wilson, FCA. Te Ohu Arotake
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 45 TE KOROWAI O NGĀRUAHINE TRUST GROUP GOVERNANCE SUB-COMMITTEES AND SUBSIDIARIES * The Pouwhakarae sits on all committees as an ex-officio member. Te Ohu Arotake (Audit & Risk Committee) Paula Carr Kiri FerinicaErb Hawe-Foreman Caroline Scott (Chair) Allen PhillippaWebbWilson FCA. (Independent Member) Neil Taylor FCA. QSM (Independent Member) (retired during the year) Te Arohaehae (CE-OrganisationHautūPerformance Committee) Paula Carr John Hooker (retired April 2022) John Kahupukoro (retired April 2022) David Patten (Independent) Lara Robertson (Independent) (appointed May 2022) Caroline Scott (Chair) (appointed as Chair April 2022) Te Kīwai Mauī o Ngāruahine Limited Paula NgawaiCarrHernandez-Walden (retired May 2022)
Te Aroha Hōhaia Dion Maaka (Independent Director) Nicholas (Independent Director) Hinerangi Raumati-Tu'ua (Chair) (resigned June 2022)
Ngāruahine Fisheries Limited Taaringaroa Nicholas Hinerangi Raumati-Tu'ua Te Rere o Kapuni Limited Taaringaroa Nicholas Hinerangi Raumati-Tu'ua Te Korowai o Ngāruahine Custodian Company Limited Paula Carr Te Aorangi Dillon Te Kīwai Matau o Ngāruahine Charitable Trust Paula Carr Te Aorangi Dillon (retired February 2022) Kiri FerinicaErb Hawe-Foreman Ngawai Hernandez-Walden (retired May 2022) Te Aroha Hohaia John Hooker John SarahKahupukoroMako(appointed April 2022) Te Ahu GrantAllenCarolineReiScottWebbWeston GOVERNANCE ATTENDANCE 1 April 2021 - 31 March 2022 Trustees AttendedMeetingsBoard MeetingsBoardEligible SubAttendedMeetingsCommittee SubMeetingsCommitteeEligible Paula Carr 10 10 11 15 Kiri Erb 10 10 6 9 Ferinica Hawe-Foreman 10 10 9 9 Ngawai Hernandez-Walden 10 10 1 1 Te Aroha Hohaia 9 10 John Hooker 10 10 6 6 John Kahupukoro 8 10 5 6 Te Ahu Rei 10 10 Caroline Scott 10 10 9 9 Allen Webb 10 10 8 9 Grant Weston 10 10 Te Aorangi Dillon (retired during the year) 8 9 3 4
Taaringaroa
Moesha Katene-Rawiri Ngāruahine, Ngāti Ruanui, Te Āti Awa, Taranaki, Ngāti Maru CommunicationKaipāho Advisor
Ngaputiputi Akapita Ngāti Maru, Ngāruahine, Ngāti Ruanui, Ngā Rauru, Ngāti Rangi Kaitohutohu Matauraura Senior Education Advisor
46 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE KAIMAHI
rangatahiandwhattalentMoeshamoesha@ngaruahine.iwi.nzbringsawealthofdesignandfirst-handknowledgeofrangatahiwanttosee,hearfeel–kapūteruha,kahaote
te-educationNgaputiputi’sngaputiputi@ngaruahine.iwi.nzmahiwithinisinspiredbykotahitangaKitekotahitekākahokawhati,kikāpuiaekoreewhati.
Bonnie Johnstone Whakatōhea Kaitiaki Rārangi Iwi Registrar Bonnieoffice@ngaruahine.iwi.nzenjoysthechallenge of finding new ways to encourage uri of Ngāruahine Iwi to register. Jackson Cassidy Ngāpuhi, Te Ātiawa, Taranaki, Ngāti Tūwharetoa, Ngāti Hauā, Te Āti Haunui a Pāpārangi Kaihoahoa Design Advisor Jacksonjackson@ngaruahine.iwi.nzaimstoinspireand engage our people through his design mahi and creativity. Tazmyn Katene-Ashford Ngāruahine, Ngāti Ruanui, Ngā Rauru, Ngāti Toa Rangatira ki Porirua Kaiwhakamahere Taiao Taiao Planner Tazmyntazmyn@ngaruahine.iwi.nzhopesthathertaiao mahi reflects the effort she puts into protecting the health of her own whānau.
Emma Gardiner Ngā Ruahinerangi, Ngāti Ruanui, Ngāi te Rangi Kaitohutohu Matua Principal Advisor
initiationWhaidevelopmentEmmapouhautu@ngaruahine.iwi.nzisinvolvedintheofPupuketeHihiri,Rawainvestmentstrategyandofpriorityprojects.
whakamuribeareKawaraukawarau@ngaruahine.iwi.nzbelievesthatallthingspossible,andanythingcanlearned-Mātetirohangakaangawhakamua.
Janine Maruera Ngāruahine Pouuruhi CommunicationsPāpāho Team Lead Janinejanine@ngaruahine.iwi.nzisdrivenbywanting the very best for her iwi and uri - Whāia te iti kahurangi, ki te tūohu koe, me he maunga teitei.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 47 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE KAIMAHI
Kawarau Ngaia He uri au nō ngā waka e toru, Tokomaru, Kurahaupō, Aotea IwiPouuruhi-a-iwiRelationsLead
Te Uraura Nganeko Ngāruahine, Taranaki Tūturu, Ngāti Ruanui
Dion Luke Te Āti Awa, Ngāti Maru Wharanui, Ngāti Ruanui, Ngāruahine ki Te Rangi, Taranaki Tūturu, Aerana (Ireland), Kōtirana (Scotland), Tenemāka (Denmark) Pouuruhi Taiao Environmental Lead
Dion’sdion@ngaruahine.iwi.nzmahiinthetaiaospace is intrinsic to who he is and where he comes from - E rua ngā manu o te maunga tītōhea, ko tā rāua tangititiro, titiro, titiro!
Philip Nuku Ngāruahine Pouhautū Philipphil@ngaruahine.iwi.nzfocuseshismahion the establishment of Te Whare Kōrero o Ngāruahine.
ExternalPouuruhiRelations Teteuraura@ngaruahine.iwi.nzUrauracontributesthrough his depth of knowledge in Māori land administration and development, governance and central government experience, and his work with many iwi groups.
Puhi Nuku Ngāruahine Kaiako Matua anywhereuriPuhi'spuhi@ngaruahine.iwi.nzgoalistoseeallNgāruahineaccessingTeReoMāorifromintheworld.
48 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP TE KOROWAI O NGĀRUAHINE KAIMAHI Emma Park Te Ātiawa Pouhāpai Chief Financial Advisor Emmaemma@ngaruahine.iwi.nzishumbledtohave been appointed to lead the financial operations of Te Korowai. She will assist the Tumu Whakarae to execute the strategy, while playing a role to ensure that this can be funded. Rhonda Vanstone Te Whakatōhea, Ngā Puhi ki Whaingaroa Kaiwhakahaere Tāhūhū Executive & Governance Programme Manager andoftheRhonda'srhonda@ngaruahine.iwi.nzprimaryroleissupportingTumuWhakaraeintheprovisionseamlessservicedeliverytouritheBoard. Rowan Reihana Ngāruahinerangi Kaiwhakahaere Tari Office Administration Coordinator Rowanrowan@ngaruahine.iwi.nzisanintegralmember of the team with her inherited ability to manaaki and awhi - Ko te Amorangi ki mua, Ko te hāpai ō ki muri. Rangihuna Waller Ngāruahine, Ngāti Ruanui, Whakatōhea Kaitohutohu Rangatahi Rangatahi Advisor moemoeā.ngā–rangatahiRangihunarangihuna@ngaruahine.iwi.nzisonamissiontoseerealisetheiraspirationskiawhakaatuingāwhetūkirangatahi,kiawhaiiōrātou Neta Riley Ngāruahinerangi Te Pūmanawa Tangata me te HumanKairirongaResource Manager & Procurement Coordinator connections.informationbuildingNeta’sneta@ngaruahine.iwi.nzcontributioninvolvesrelationships,sharingandmaking Ritihia Waller Taranaki, Ngāti Ruanui, Te Whakatōhea, Ngāruahinerangi Kaitātai FundingKirimanaandContracts Accountant Ritihia’sritihia@ngaruahine.iwi.nzroleinthegrowth of Te Korowai is guided by her whakapapa and a future focus for her peopleKo au, ko ōku tūpuna Ko au, ko tōku maunga Ko au, ko ōku wai oranga
Due to Covid-19, the 2021 Annual General Meeting (AGM) was switched from being delivered as an in-person event to an online gathering. The government’s traffic light system at the time prohibited gatherings in large numbers, meeting ā-kanohi.
Sandra Julian, Beckie Lauvi, Ritihia Waller, Emma Gardiner, Tawera Reihana, Joe Socio, Cindy Kawana, Steve Rodgers, Cheryl Luke-Maraki, Rere-No-A-Rangi Pope, Jon Kahu, Bonnie Johnstone, Hauraki Erb, Dion Maaka, Norah Puketapu, Kurarauringa Hudson, Kristin Katu, Puhi Nuku, Donna Ngatai, Michelle Kahui-Heke, Wendy Eynon, Brian Nyman, Eleanor Gardiner, Te Rawanake Coles, Jasmine Milne, Ripeka Hudson, Sarah-lee Rangi, Ngawai Henare, Te Puawai o te Atua Hudson, Emily Ritenburg (Diehl), Richard Darroch, Asher Katene, Sam Whareaitu, Stella Filipo, Tami Cave, Ann Johnston, Jenny McCallum, Ariki Riley, Tiffany Kawana-Waugh, Neta Riley, Danielle Gardiner, Paranihia Frances Webster, Nikki Ngatai, Rewatu Carr, Benjamin Wynyard-Terry, Rowan Reihana, Amy Van Eerden, Sacha MacDonald, Emma Park, David Maha, Madisyn Bird, TeUraura Nganeko, Acushla Sciascia, Julie-Anne Barney-Katene, Jodi Hawe, Leonie Matoe, Rachael King, Lucy Kiwi, Kawarau Ngaia, Michael Savage, Robin Katene, Russell Hockley, Zachary Kawana Clegg, Renee Wright, Karley Hemopo, Te Waiora Tamati, Pahi O'Carroll, Sharon Matangi, Raymond Eynon, Te Waiora Tamati, Bernie Reihana, Mynetta Erueti, Tia Turahui, Allie Hemara-Wahanui, Leah Eynon, Taituutamatane Cassidy, Will Edwards, Paula King, AnneMarie Broughton, Linda Elgar, Peter Hikaka, Patina Edwards, Darlene Weston, Bill Maha, Iri Mako, Kirsten Kawana-Waugh, Ngahuia Cooper, Darrell Haddon, Te Raunatanga Williams-Edwards, Raua Reihana, Connor Macleod, Spencer Carr, Martha Hihi, Rangi Dansey, Ngapera Moeahu, Taniya Miles, Amai Thompson, Katarina Mako, John Dixon, Tii Rupapera, Tāne Manu, Dion Luke, Tama Te Ariki Nui Eynon, Natalie Cameron, Kura Reihana, Grant Joyce, Gordon Sole, Anna Carr, Dinah King, Wiremu Johnston, Cerise Reihana-Watts, Justine Carr, Grace Rupapera, Christine Henare, Dallas Hibbs, Emmet King, Tahu Rawiri, Kirsten Kawana-Waugh, Heavenlee Ngatai, Maraekura Horsfall, Lindsay Carr, Hinerewha Tikitau, Pam Wharepapa, Garnet Weston, Ivy Kearney, Joseph Edwards, Reign Weston, Julie-Anne Barney-Katene, Rhys Maxwell, Bee Jacobson, Taaringaroa Nicholas, Lola Katene, Rangi Gurney, Adrian Taylor, Whitikama Kerehoma, Nikita Weston, Te Rae Ngaheke, Ani Haua, Ruby Kahui, Puna Wano-Bryant, Arni Agar, Caroline Waiwiri, John Kerehoma, Wiremu McSeveny, Te Hapimana Tauke King, Locke Pickah, Jacqui King.
Guest
TE KOROWAI O NGĀRUAHINE TRUST GROUP MINUTES OF 2021 ANNUAL GENERAL MEETING SATURDAY 25 SEPTEMBER 2021 AT 10AM, DIGITAL DELIVERY VIA THE ACE EVENT APP >>
The Pouwhakarae explained how the online platform will work throughout the AGM and acknowledged the small gathering of trustees, directors, advisors and kaimahi who were present to participate in the live broadcast. The Pouwhakarae introduced Te Aorangi Dillon who joined her as Master of Ceremonies (MC).
The Pouwhakarae welcomed the whānau and gave contextual background on why we are meeting digitally.
1. WELCOME
A small gathering of Te Korowai governance group and key advisors presented the AGM from a couch setting in the Novotel Hotel, New Plymouth where the AGM was broadcast live to a pre-registered audience. The hui was assisted with an independent event management company, Auaha Ltd and event management software which enabled attending uri to make comments and ask live questions to presenters.
Acknowledgement was given to all our mate and our whānau who have been impacted in the tikanga and grief process due to Covid-19.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 49
In Attendance
Hinerangi Raumati-Tu'ua, Adrian Taylor.
Contextual Background
Te Korowai Kaitiaki | Trustees Paula Carr (Pouwhakarae), John Hooker, Caroline Scott, Ferinica Hawe-Foreman, Te Aroha Hohaia, Allen Webb, Ngawai Hernandez-Walden, Te Ahu Rei, Grant Weston, John Kahupukoro, Kiri Erb, Te Aorangi Dillon. Presenters
b. Te Ūkaipō It was noted that the Rangatahi Strategy has been recently endorsed and that the strategy would be rolled out in the coming months.
Resolution 2 THAT the minutes for the 2020 Annual General Meeting be accepted.
Kara T Anderson, Bonita Bigham, Benjamin Carr, Linda Elgar, Keonte Ngatai, Georgina Wharepapa, Pam Wharepapa. Resolution 1 THAT the apologies for the 2021 Annual General Meeting be accepted.
DONNA NGATAI / ALLIE HEMARA-WAHANUICarried Matters Arising:
Te Korowai Trustees John Hooker, Caroline Scott and Ferinica Hawe-Foreman joined Te Aorangi/MC on the couch to share their highlights from the past year, specifically: i) Kaimahi enthusiasm and drive Noted that kaimahi are delivering on our new strategic objectives; they are the heartbeat of our organisation and a key link to our whānau, Hapū and communities.
50 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022
• Rauawaawa Kaumātua Research - A collaborative project with Māori providers, Waikato University and Rauawaawa Kaumātua Trust. Included a series of whitiwhiti kōrero with pahake, strengthening our understanding of our pahake.
4. ANNUAL REPORT 2021/21 a. The Year in Review
A ‘Kaimahi Highlights’ video reel was played. It covered:
ii) Ngāruahinetanga – by Kawarau Ngaia (Pouuruhi a Iwi) Kawarau Ngaia noted the highlights of the year:
• Kaitiaki Plan (Iwi Management Plan) – not the end but the beginning of restoring Ngāruahine whānau and Hapū as kaitiaki
2. APOLOGIES
• Removal of the Kaūpokonui Weir.
>> TE KOROWAI O NGĀRUAHINE TRUST GROUP MINUTES OF 2021 ANNUAL GENERAL MEETING SATURDAY 25 SEPTEMBER 2021 AT 10AM, DIGITAL DELIVERY VIA THE ACE EVENT APP
Dion Luke gave an overview of the mahi he has been leading in the Taiao space:
b. The Year in Review - Trustee Highlights
iii) Te Ūkaipō – by Ritihia Waller Ritihia Waller acknowledged the mahi done by Acushla Sciascia and Te Puawai o te Atua Hudson in establishing this kaupapa. This kaupapa was led by a rōpū of Ngāruahine uri, to unify our rangatahi and understand their aspirations for our iwi. It was a huge success and has resulted in our newly endorsed Rangatahi Strategy.
i) Registrations – by Bonnie Johnstone (Kaitiaki Rārangi) Bonnie Johnston provided a brief overview of the mahi she has been doing in terms of our registrations.
a. Iwi Register Progress In response to uri concerns about the Iwi Register, it was noted that an Iwi Register and Privacy Policy has been introduced and this will make a difference to the systems management.
• Whānau Day - Held in February at Te Hāwera Aquatic Centre - a great whanaungatanga day for everyone.
• Local/Central Government submissions for: - Crown Minerals Amendment Bill - Department of Conservation Revenue Percentage Framework Review - Establishment of Māori Wards - Council Long Term Plans
NGAWAI HENARE / REWATUCarriedCARR
3. PREVIOUS ANNUAL GENERAL MEETING MINUTES
iv) Taiao – by Dion Luke (Pouuruhi Taiao)
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Hinerangi Raumati-Tu’ua, Chair of Mauī, joined the couch for her presentation. She explained the relationship between Te Kīwai Mauī o Ngāruahine Group and Te Korowai Trust, and spoke to a power-point presentation which covered these highlights: Pre-tax profit of $12 million Return on net assets of 14% Dividend to Te Korowai of $1.92 million Pūtea has grown up to $96.5 million
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ii) Hapū distributions
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>> TE KOROWAI O NGĀRUAHINE TRUST GROUP MINUTES OF 2021 ANNUAL GENERAL MEETING SATURDAY 25 SEPTEMBER 2021 AT 10AM, DIGITAL DELIVERY VIA THE ACE EVENT APP
iv) Growing our quantum
iii) Communications An increase in communications to uri is being felt and this is positive; being more accessible and providing transparency on what is happening within Te Korowai and across the Group, are our continued priorities.
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Emma Gardiner (Pouhautū Kairīwhi) joined Te Aorangi/MC on the couch and provided an overview of the Rautaki/ Strategic Plan 2021-2026, referred to as the driver for all mahi of Te Korowai. They were joined by Te Korowai trustees who discussed each of the pou: a. Ngāruahinetanga Kiri Erb and Allen Webb introduced this pou as the foundational pou from which all other kaupapa springboards. Under this pou, we can expect the revitalisation of our reo, strengthening of tikanga and mātauranga, flourishing Hapūtanga and higher visibility of
Major investment into Hāpai Housing Strong returns on managed fund investments in Mercer’s socially responsible conservative and balanced funds Improved operational performance of Te Rere o Kapuni. Annual Accounts
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Strong performance in Tai Hekenga joint investment (property ownership in Wellington CBD)
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Resolution 3 THAT Te Korowai o Ngāruahine Trust, Te Kīwai Mauī Limited, Audited Financial Statement Reports for the period ending 31 March 2021 areWILLreceived.EDWARDS / IRI MAKO Carried
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Adrian Taylor from VanBurWray Chartered Accountants joined the couch to present the financial position of Te Korowai. He noted a strong financial position thanks to the efforts and investment expertise of Te Kīwai Mauī and Te Korowai office operating within its annual budget contributing to a pre-tax profit of $12 million for Ngāruahine Iwi. Highlights noted: Unqualified Audit Report Robust monthly reporting processes Outstanding performance and growth for the last year despite COVID-19 Total Group Assets value $99.2 million.
5.
d. 2020/21
The MC announced a break of 10 minutes at 11.10am. The AGM recommenced at 11.20am. ‘KA ORA TAKU TOA’ 5 YEAR STRATEGY & ANNUAL PLAN
c. Te Kīwai Mauī o Ngāruahine Group Te Aorangi/MC introduced the next item and explained Te Kīwai Mauī o Ngāruahine Limited (Mauī) is the commercial arm of Te Korowai. Mauī is responsible for managing and growing the commercial assets of Te Korowai while providing stable income over the long term.
Noted that while distributions took time to finalise, trustees are thrilled to be able to roll out that support to uri. Trustees noted this work was started by the previous board.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 51
Noted that the group asset base is just shy of $100 million. Te Korowai are now shifting into a phase of delivering exciting projects on housing, employment, and education opportunities.
Audited
52 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 Ngāruahine in our rohe. Examples of kaupapa initiatives are the transition of Te Reo o Ngāruahine into Te Whare Kōrero o Ngāruahine, within Te Korowai.
b. Te Kawa Whanakeora (Mahi – Education – Training –Employment) Grant Weston noted that supporting career pipelines to grow uri into leaders and job creators is key. To help maximise employment opportunities for uri, we have created a Te Ara Toiroa: Ngāruahine Procurement Strategy for implementation. What this means is that anyone who wants to work with us and benefit from our development opportunities, must convince us of how they will give effect to our procurement strategy e.g., number of apprenticeships, jobs, or contracts they will offer to our uri and businesses.
6. PRESENTATION: TE REO O NGĀRUAHINE Puhi and Philip Nuku joined Te Aorangi on the couch. Puhi spoke to her presentation on the integration of Te Reo o Ngāruahine into Te Korowai to enable:
• Hapū to deliver te reo and kaupapa programmes to Hapū.
• Relationships with educational institutions to flourish.
• Rangimārie
• Accreditation and acknowledgement to our knowledge and learning.
Philip Nuku spoke to a powerful power-point presentation which revealed the new Te Rere o Kapuni Lodge redevelopment, highlighting the following concepts:
• PhilipHauoraguided the online audience through a ‘virtual walkthrough’ of the proposed redevelopment plans which generated positive feedback on the online chat feed.
The Pouwhakarae led the next session to appoint an auditor for the following financial year (a) and to notify Trustee remuneration (b). Each matter was presented using a slide on the virtual screen.
a. Appointment of the Auditor Resolution 4 THAT PriceWaterhouseCooper be appointed Auditor for the 2021/22 financialRIPEKAyear. HUDSON / CHRISTINE HENARECarried
8. OTHER BUSINESS
7. PRESENTATION: TE RERE O KAPUNI (DAWSON FALLS LODGE) – NEXT STAGE
b. Presentation of Trustees’ remuneration
i) Trustees received a Strategic Pay Report, which recommended a range of $223,000 to $227,200 for total ii)fees.The total new amount for Trustees fees going forward is $223,000 i.e., an increase of $7,000 to keep in line with comparable market rates.
>> TE KOROWAI O NGĀRUAHINE TRUST GROUP MINUTES OF 2021 ANNUAL GENERAL MEETING SATURDAY 25 SEPTEMBER 2021 AT 10AM, DIGITAL DELIVERY VIA THE ACE EVENT APP
c. Poua te Pātūtū | Kāinga Ngawai Hernandez-Walden noted that uri will have access to warm and healthy homes and pathways to access home ownership through a home repair programme (a project led by Te Kāhui Maru) and opportunities in housing development.
d. Tupua te Mauri | Taiao Te Aroha Hohaia noted that this pou ensures that our natural environment is protected for future generations including climate change considerations and wellbeing of our awa, whenua and moana backed up by rohe wide research. It was noted that this will be achieved through the development of consistent, rohe wide awa monitoring programmes. Summary of comments and questions from the floor: That a rangatahi mentoring programme and a rautaki matauraura have been identified as areas of mahi for the coming year.
• Ngāruahinetanga
The Pouwhakarae and Te Aorangi/MC once again thanked all those who assisted to bring the Annual General Meeting together, to the kaimahi of Te Korowai led by Emma Gardiner, the team from Te Kīwai Mauī, the commercial advisors, Jim Jessep of Koau Ltd and Emma SpecialPark.
• It was clarified that the home repair programme – an ongoing kaupapa – has supported around 20 whānau with one whānau on the waiting list. The Board has recently approved a feasibility study into a housing development in Whakaahurangi.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 53
recognition was given for the excellent services and support throughout the year of our independent advisors on our governance sub-committees: Phillippa Wilson and Neil Taylor both Chartered Accountants (Audit & Risk Committee); and David Patten, HR Advisor (CEOrganisation Performance).
• It was clarified that Te Kīwai Mauī has a commitment to environmentally sustainable investments. Further work is being done on an Impact Investment Strategy.
c. General Business | Pātai from the floor Te Aorangi/MC facilitated a range of questions and comments from the virtual app which Trustees and Directors answered:
• Sustainable energy (hydro-power generation) will continue to be utilised at the redeveloped Te Rere o Kapuni Lodge and an elevator is included in the design
Appointment process
9. KARAKIA WHAKAMUTUNGA All present joined in front of the camera for waiata and closing karakia, led by John Kahupukoro at 12.24pm.
• It was clarified that Te Korowai would have some input into how the new Hāwera school will serve our tamariki through a new Mātauranga Strategy.
The Pouwhakarae explained the recruitment process for appointing a new Tumu Whakarae/Chief Executive, which has commenced. Tari / Office
• Iwi hospitality training and kai sovereignty are emerging themes in Hapū development plans.
The Pouwhakarae spoke to the call from our people to see that Te Korowai be located within the Ngāruahine rohe and stated that an option being considered is a return to Manaia. Te Korowai will involve uri in a co-design process to identify what that opportunity might look like. There are possibilities for future collaborations and partnerships with local Council and community interest groups.
Whakakapi
TE KOROWAI O NGĀRUAHINE TRUST GROUP MINUTES OF 2021 ANNUAL GENERAL MEETING SATURDAY 25 SEPTEMBER 2021 AT 10AM, DIGITAL DELIVERY VIA THE ACE EVENT APP
• Te Kura o Ngāruahine will be supported to realise their aspirations, initially with the purchase of the whenua that the kura currently sits on.
• Mercer Investments have achieved positive results in the financial year so far.
•plans.Aprogress update was sought on securing the Deferred Selection Properties. It was noted that the Toitū te Whenua Strategy outlines securing 10 DSPs for reacquisition and an accompanying negotiation strategy is being worked on. Once purchased, DSPs will return to Hapū ownership.
Chelsea Sole Civil Engineering University of Canterbury
Ngamihi Wright Information Technology Manukau Institute of Technology (MIT)
Dwayne O’Carroll Creative Arts Massey University
Ebony Maraki Education Massey University
Ethan Robinson Media Production Massey University
Pikiteora Kawa Oranga Te Wānanga o Raukawa Weston-Jacobson Ingoa Study Institution He iti taku iti Ngāruahine Iwi Education Scholarships
Kura Lacey Dentistry University of Otago Liam Robinson Arts Massey University
Madison Waller Law University of Waikato Martin King Indigenous Studies Te Herenga Waka –Victoria University of Wellington
Maddison Hibbs Commerce University of Canterbury
Bonita Bigham Philosophy Massey University
Janine Luke-Taamaru Indigenous Studies Te Wānanga o Awanuiārangi
Kayla Hemara-Wahanui Health Service Management Massey University
This scholarship supports Ngāruahine uri enrolled with an accredited registered tertiary institution in Aotearoa or overseas, part time or full time.
Jacqueline Nicholls Beauty Therapy Nelson Marlborough Institute of Technology (NMIT)
Aiesha Kahui-Heke Māori Development - Māori Media Auckland University of Technology (AUT)
Corban Agar Science, Sport & Exercise Nutrition University of Otago NZ
Kelli-Ann Kumeroa Midwifery Waikato Institute of Technology (WINTEC)
NgaRaiti Ngaia Commerce Te Herenga Waka –Victoria University of Wellington Nikki Wells Health Science Whitireia
Kataraina Anneff Māori Development - Māori Media AUT University
Ezrah Berry Health Science/Physiotherapy Auckland University of Technology (AUT)
Donia King First Line Management Western Institute of Technology (WITT)
Joshua Solomon Medicine & Surgery University of Otago
Lola Katene Indigenous Studies Te Wānanga o Awanuiārangi
Fabian McLeod Civil Infrastructure PTE-Land based Training Institute
Alison Cole Law Te Herenga WakaVictoria University of Wellington
Asher Katene Te Reo Māori University of Waikato
Darrell Reihana Kāwai Raupapa Te Wānanga o Aotearoa
54 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP SCHOLARSHIP RECIPIENTS 2021-2022
Mary Horo Bicultural Social Services Te Wānanga o Aotearoa
Wayne Capper Indigenous Studies University of Canterbury
Reni Broughton Social Innovation & Te Herenga Waka –Māori Resource Management Victoria University of Wellington
Xarah Kempton Law - Psychology - Arts Te Herenga Waka –Victoria University of Wellington Ingoa Study Institution
Tuheimoa Maruera Māori Knowledge Massey University
Leah Robinson Management & Commerce Auckland University of Technology (AUT)
Sarah Richards Health Waikato Institute of Technology (WINTEC) Ingoa Study Institution This grant is sponsored by Aronga Ltd and supports mothers’ training in the Arts, Teaching or Te Reo.
This is a one-year scholarship and is awarded to one Ngāruahine uri in their second year of study or higher.
Parininihi ki Waitōtara - Ngāruahine Undergraduate Scholarship
Shannon Berry Civil Infrastructure PTE-Land based Training Institute
Te Hua Ōwhiti Taiao Scholarship
Tarian Luke Career Preparation Western Institute of Technology (WITT)
Wendy Eynon Career Guidance Nelson Marlborough Institute of Technology (NMIT)
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 55 TE KOROWAI O NGĀRUAHINE TRUST GROUP SCHOLARSHIP RECIPIENTS 2021-2022
Reni Broughton Social Innovation & Te Herenga Waka –Māori Resource Management Victoria University of Wellington Ingoa Study Institution
Reign Weston Education Te Wānanga o Awanuiārangi
Madison Waller Law University of Waikato Ingoa Study Institution
Rochelle Jakeman Psychology University of Auckland
This scholarship supports uri studying either Environmental Science, Environmental Planning or Resource Māori Management. He iti taku iti Ngāruahine Iwi Education Scholarships (continued)
Roka Reni Osborne Social Work Open Polytechnic (Kuratini Tuwhera)
Punahau me Hinehou Grant
Tracy Edwards Social Work Massey University
Trinity Kumeroa Art & Product Design University of Canterbury
56 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP SCHOLARSHIP RECIPIENTS 2021-2022 Shannon Berry Land Based Training Waimate West Farm Fabian McLeod Land Based Training Waimate West Farm Zina Katene Māori Governance Western Institute of Technology (WITT) Pomana Ulufonua Mechanic Toi Ohomai Radee Stubbings Small Business Waitara High School Bee Weston Educational Leadership Victoria University Dinnie Moeahu Māori & Indigenous Leadership University of Canterbury Ingoa Study Institution Tuku Aupiki Grant Grants available for non-fundable short courses and conferences. Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant Toroa Reihana Swimming Lessons Flynn Cave Ole Football Academy Pearl Robinson-Kahui U/18 Touch NZ Junior National Shai Ann Kahui U/16 Touch NZ Junior National Pikihuia Hockley U/16 Rugby League Rep Farrayne Vaimoso Te Arakamu Marching Club Waikauri Vaimoso U/16 Marching League Team Leeward Vaimoso U/16 Marching League Team Letisha Cultural Opportunities CjayWeston-JacobsenMcMinn U/16 Māori League Pikiteora Cultural Opportunities ManaakitiaWeston-JacobsonRirinui Swimming Lessons Pomana Ulufonua Developing Individual Skills Nadya Cultural Learning AngelaWeston-JacobsonHarrison U/15 NZ Development Sox Squad Russell Hockley U/13 Rugby League Ingoa Sport/Cultural Project Sporting and cultural grant for uri under the age of 18 years old.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 57 TE KOROWAI O NGĀRUAHINE TRUST GROUP MAHERE Ā-TAU / ANNUAL PLAN 2022-2023 The Mahere ā-tau / Annual plan is informed by the strategic and operational imperatives below: STRATEGIC ALIGNMENT imperativesStrategic TRUST GOVERNANCEDEEDPOLICIES Operations Operational policies Operational processes and COMPLIANCEsystems The key strategies to achieving our priorities for this financial year is: • Implementation of Te Whare Kōrero o Ngāruahine; • Increasing the register; • Leveraging third party funding to grow our service offerings to uri; and • Growing organisational capability and capacity. The annual plan outlines the priority initiatives for the year and excludes business as usually activities. PLANANNUAL STRATEGIC PLAN TUPUA TE MAURI (TAIAO) POUA TE PĀTŪTŪ (KĀINGA) TE KAWA WHANAKEORA PERFORMANCE(MAHI) NGĀRUAHINETANGA ORGANISATIONAL CAPACITYANDCAPABILITYTE ARA TOIROA IMPLEMENTATION PLAN TE ŪKAIPŌ ANNUAL BUSINESS CASE TE WHARE KŌRERO O NGĀRUAHINE BUSINESS CASE TOITŪ TE WHENUA – NGĀRUAHINE WHENUA REAQUISITION STRATEGY
58 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TUPUA TE MAURI (TAIAO) TE KOROWAI O NGĀRUAHINE TRUST GROUP MAHERE Ā-TAU / ANNUAL PLAN 2022-2023 Actions Details Success indicators Timeframe Overlapping Pou Kaitiaki StrategyPipeline Strengthens the pipeline of kaitiaki: • Science, Technology, Engineering and Maths (STEM) kura programme, • Scoping Taiao courses through Awanuiārangi, • Paid internships. • Succession in the Taiao space, • Uri who have a passion in Taiao, • Increase Ngāruahinein activekaitiakitanga, • MataurauraIncrease in Ngāruahine Taiao. Q1 Capacity.CapabilityOrganisationalTeMatauraura,AraToiroa,and programmeandReconnectionAwaMonitoring Launch of a long-term awa monitoring and restoration •••programme:Mapping,Archiving,andDevelopmentof a monitoring framework. Kai Sovereignty framework. Q1-4 Matauraura Māra Kai Kai Sovereignty strategy which includes, māra and kohinga kai. • That whānau, pā and Hapū are self sufficient, • That there is an abundance of kai. Q1 Ngāruahinetanga Marine and Coastal Area (MACA) Working with Hapū to progress MACA claim. Te Arawhiti Funding Ongoing Ngāruahinetanga Our natural environment is protected for generations to come.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 59 POUA TE PĀTŪTŪ (KĀINGA) Ngāruahine uri have access to warm and healthy housing. Actions Details Success indicators Timeframe Overlapping Pou DevelopmentHousingWhakaahurangi Scoping a joint housing development with Ngāti Ruanui, approximately 84 units. • A tailored kāinga solution for uri, • Increase home ownership. Q1-4 Ngāruahinetanga Manaia DevelopmentHousing Scoping a joint housing development with Ngāti Tū. • A tailored kāinga solution for uri, • Increase home ownership. Q1-4 Ngāruahinetanga Quality programmehomes Leveraging off Te Kāhui Maru contract to support repairs on whānau homes. Quality –circumstancesLivingthat meet the heathy homes standards Q1-4 Ngāruahinetanga Ka Ururoa Promotion and extension of programme to include pahake saver scheme. Increase number of uri enroled. Q1-4 Ngāruahinetanga TE KOROWAI O NGĀRUAHINE TRUST GROUP MAHERE Ā-TAU / ANNUAL PLAN 2022-2023
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•
•
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Q1-4
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TE KOROWAI O NGĀRUAHINE TRUST GROUP MAHERE Ā-TAU / ANNUAL PLAN 2022-2023
PlanImplementationMatauraura
Q1-4
Distribution of the following Scholarships to Uri: Te Hua Ōwhiti Hākinakina Me Ahurea - Sporting and Cultural Grant, Tuku Aupiki - Grant for non refundable short courses, confrences and non study link applications, Punahou and Hinehou Grant - Sponsored Grant to support training mothers with their courses in 2022, He iti taku iti Ngāruahine Education Scholarship, Te Hua Ōwhiti Taiao Scholarship Uri are engaging / attending and successful in their sporting, training and study fields. Supporting succession within the iwi. Encouraging wellbeing and education goals within whānau. Ngāruahinetanga
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60 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KAWA WHANAKEORA (MAHI)
Ngāruahine
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Development of implementationalaninitiatives to support the approved strategy and plan, which includes but is not limited to: Kura funding, Pēpi packs. Listed in the approved Matauraura strategy. NgāruahineTeNgāruahinetanga,WhareKōreroo
uri
•
Listed
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ProgramScholarship
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Implementational initiatives to support the approved strategy and plan, which includes but is not limited to: Skills register, Preferred provider list, Consortiums for priority sectors, Micro-credential programme, Kura to careers programme. in the Te Ara Toiroa Plan. Capacity.CapabilityOrganisationaland
Actions
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Q1-4
Ngāruahine are inspired in determining their own career pathway. uri experience equity in education, training, and employment. Details Success indicators Timeframe Overlapping Pou Te Ara PlanImplementationToiroa
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Q3-4
campaignEngagement Facebook
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Attendance
Actions Details Success indicators Timeframe Ūkaipō businessannualcase Aligned
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Ngāruahinetanga pou is
The the foundation that is about growing the creative and cultural wealth of Ngāruahine; and celebrating the unique identity of Ngāruahine. Culturally confident and connected. Ngāruahine creative and cultural expression is visible, heard, felt and valued everywhere; Ngāruahine reo and iho is protected and preserved. to the development plan and approved by Whakahaere. within the plan. of Te Whare Kōrero Ngāruahine and the delivery of Pōkaitahi. engagementandlevels of uri. Iwi register campaign, Online registration draws, Pēpi packs. Increase in iwi register numbers, Increase in hui attendance, Social media engagementnumber of follows, shares, posts and likes, Website traffic. Q1-2 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. ‘good news stories’ to raise the profile of Ngāruahine, Hapū, whānau and uri.
pou
•
o
The launch of the first pouwhenua under the initiative. That the pouwhenua is developed with Hapū. Learn to Swim, Whānau picnics, Taranaki Tū Mai, Annual Toi Wānanga and Iron Māori. Increase in hui attendance, Social media engagement - number of follows shares, posts and likes.
Our rich
Listed
Toitū te Transfer of DSP into created Hapū-Te Korowai Companies, Establishment of Hapū strategies and transition plans, MPI Usibility study. Listed within strategy.
Leveraging
Q1 TE KOROWAI O NGĀRUAHINE TRUST GROUP MAHERE Ā-TAU / ANNUAL PLAN 2022-2023
Q1-2 implementationstrategyPouwhenua
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Rangatahi
their Ohu
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 61 NGĀRUAHINETANGA
taonga tuku
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Q1-4 Te businessNgāruahineKōreroWhareocase Establishment
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implementationstrategywhenua •
tikanga,
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Q4 Iwi planmaintenanceandpolicyregisteractive •
our
strengthening
Q1 representationeventsSignatureand
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62 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 ORGANISATIONAL CAPABILITY AND CAPACITY To ensure that Te Korowai has the capability and capacity to deliver on our Strategy and Annual Plan. Actions Details Success indicators Timeframe Resourcing reviewOrganisational Review and organisationalimplementstructure to support compliance requirements and growth. Including the recruitment and appointment of CFO and other key roles. • Supports implementation of strategy and annual plan, • Feasible, • Sustainable. Q1 Operations. anddevelopmentKaimahihikiwairua • Tikanga and te reo development, • Development – Team development, • Hiki wairua plan – healthy and positive tari culture. • Completion implemented,and • Kaimahi survey. Q1 Operations. HokonuiManaia Hub Finalise Business case for a multi purpose Iwi led civic development – particularly our Iwi Hub. (Cross cutting with other Pou). • Finalising Business case, • Meets ToR brief, • Aligns with Te Ara Toiroa, • Shovel ready. Q3Q1 With Mauī. TE KOROWAI O NGĀRUAHINE TRUST GROUP MAHERE Ā-TAU / ANNUAL PLAN 2022-2023
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 63 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
64 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 CONTENTS Auditors' report 65 Financial statements Statement of Comprehensive Income 67 Statement of Financial Position 68 Statement of Changes in Equity 69 Statement of Cash Flows 70 Notes to the financial statements 1 Summary of significant accounting policies 71 2 Trading revenue 72 3 Other revenue 73 4 Expenses 74 5 Cash & cash equivalents 76 6 Trade & other receivables 77 7 Goods and services tax 77 8 Prepayments & accrued income 77 9 Current investments 77 10 Property, plant and equipment 78 11 Intangibles 79 12 Investments 80 13 Impairment 81 14 Trade & other payables 82 15 Other current liabilities 82 16 Income tax expense 82 17 Financial instruments 83 18 Treaty settlements 84 19 Reserves & retained earnings 84 20 Trustee remuneration 85 21 Directors remuneration 85 22 Remuneration of key management personnel 86 23 Investments in subsidiaries 86 24 Statement of cash flows 86 25 Accounting judgements & estimates 86 26 Related party transactions 87 27 Commitments and contingencies 88 28 Impacts of Covid-19 89 29 Subsequent events 89
To the Directors of Te Korowai o Ngāruahine Group
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 65 PricewaterhouseCoopers, PwC Centre, 109 Ward Street, PO Box 191, Hamilton 3240 New Zealand T: +64 7 838 3838, Independentwww.pwc.co.nzauditor’s report
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.
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.
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 2022, 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).
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
The Group's consolidated financial statements comprise: ● the statement of financial position as at 31 March 2022; ● 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.
What we have audited
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.
Basis for opinion
Other information
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.
Our opinion
In connection with our audit of the consolidated financial statements, our respons ibility 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. 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.
Auditor’s responsibilities for the audit of 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 s uch 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.
The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John ForDixon.and on behalf of:
Chartered Accountants 10 August 2022 Hamilton
66 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 PwC 24
https://www.xrb.govt.nz/assurance
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.
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.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the External Reporting Board’s website at: 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.
Responsibilities of the Directors for the consolidated financial statements
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 67 Note 2022 2021 TRADING REVENUE Dawson Falls Mountain Lodge Income 2 195,240 518,597 Fisheries Income 2 117,813 127,527 Total Trading Revenue 313,053 646,124 COST OF SALES Dawson Falls Mountain Lodge Cost of Sales 56,598 126,799 Fisheries Fees 15,923 15,880 Total Cost of Sales 72,521 142,679 Gross Profit 240,532 503,445 OTHER REVENUE Investment Income 3 2,976,593 3,333,075 Other Revenue 3 4,248,600 285,967 Total Other Revenue 7,225,193 3,619,042 Total Revenue 7,465,725 4,122,487 EXPENSES Advisory, Consulting and Professional Fees 4 1,188,737 555,776 Communications and Engagement 4 46,417 90,172 Governance 4 448,921 387,329 IT Expenses 4 63,026 53,815 Office and General Expenses 4 759,035 286,375 Personnel Expenses 4 1,034,833 905,275 Strategic Pou 4 490,131 372,560 Travel 60,205 52,301 Total Expenses 4,091,305 2,703,602 OPERATING PROFIT 3,374,420 1,418,885 OTHER INCOME Foreign Currency Gains and (Losses) (55,711) 296,674 Unrealised Investment Gains 8,471,635 9,376,422 PROFIT FOR THE YEAR BEFORE TAX 11,790,344 11,091,982 INCOME TAX Income Tax Expense 16 520,133 635,141 TOTAL COMPREHENSIVE INCOME 11,270,211 10,456,841 These accounts are to be read in conjunction with the attached notes. TE KOROWAI O NGĀRUAHINE TRUST GROUP TAUKĪ WHĀNUI MONI WHIWHI STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
68 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP RIPANGA KAUTE O TE TŪRANGA PŪTEA STATEMENT OF FINANCIAL POSITION AS AT 31 POUTŪ-TE-RANGI 2022 Paula SignedDate:PouwhakaraeCarr1July2022forandon behalf of the Board of Trustees who authorised these financial statements for issue on 1 July 2022: Caroline Scott Chair, Te Ohu Arotake Date: 1 July 2022 Note 31 Mar 2022 31 Mar 2021 CurrentASSETS Assets Cash and cash equivalents 5 13,795,065 3,115,993 Trade and other receivables 6 382,194 78,925 Prepayments and accrued income 8 14,707 44,474 Inventory 2,660 10,048 Current tax receivables 1,060,225 259,151 Current Investments 9 14,324,413 Goods and services tax 70,176 152,455 Total Current Assets 15,325,027 17,985,460 Non-Current Assets Property, Plant and Equipment 10 1,427,915 1,040,919 Intangibles 11 1,071,461 1,071,461 Investments 12 92,827,166 79,088,191 Total Non-Current Assets 95,326,542 81,200,571 TOTAL ASSETS 110,651,569 99,186,031 CurrentLIABILITIESLiabilities Creditors and accrued expenses 14 597,009 396,366 Other current liabilities 15 45,759 86,074 Total Current Liabilities 642,768 482,440 TOTAL LIABILITIES 642,768 482,440 TOTAL ASSETS LESS TOTAL LIABILITIES (NET ASSETS) 110,008,801 98,703,590 ACCUMULATED FUNDS Treaty Settlement 18 68,457,501 68,457,501 Reserves 19 1,669,998 1,634,998 Retained earnings 19 39,881,302 28,611,091 TOTAL ACCUMULATED FUNDS 110,008,801 98,703,590 These accounts are to be read in conjunction with the attached notes.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 69 SettlementTreaty ReservesOther RetainedEarnings EquityTotal BALANCE AT 1 APRIL 2020 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) BALANCE AT 31 MARCH 2021 68,457,501 1,634,998 28,611,091 98,703,590 SettlementTreaty ReservesOther RetainedEarnings EquityTotal BALANCE AT 1 APRIL 2021 68,457,501 1,634,998 28,611,091 98,703,590 Profit for the period 11,270,211 11,270,211 Transfers 35,000 35,000 BALANCE AT 31 MARCH 2022 68,457,501 1,669,998 39,881,302 110,008,801 TE KOROWAI O NGĀRUAHINE TRUST GROUP TAUKĪ TŪTANGA REREKĒTANGA STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 These accounts are to be read in conjunction with the attached notes.
70 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP TAUKĪ AURERE PŪTEA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 Note 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 1,091,958 902,857 Receipts from government grants 810,648 Receipts from other sources 2,588,452 Cash paid to suppliers and employees (2,979,401) (2,917,943) Income tax (paid) (1,211,728) (34,722) GST received / (paid) (26,390) 65,288 Interest, dividends and other investment receipts 114,262 434,451 Total Cash Flows from Operating Activities 387,801 (1,550,069) CASH FLOWS FROM INVESTING ACTIVITIES Receipts from maturing term deposits and investments 28,324,414 31,200,000 Distributions from direct investments 4,430,253 1,866,031 Payments to acquire property, plant and equipment (854,768) (3,154) Payments to purchase investments (12,608,628) (5,244,026) Investment in term deposits (9,000,000) (30,824,413) Total Cash Flows from Investing Activities 10,291,271 (3,005,562) Net Increase / (Decrease) in Cash 10,679,072 (4,555,631) CASH BALANCES Opening cash and cash equivalents 3,115,993 7,671,624 Closing cash and cash equivalents 5 13,795,065 3,115,993 NET CHANGE IN CASH FOR THE PERIOD 10,679,072 (4,555,631) These accounts are to be read in conjunction with the attached notes.
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
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.
There have been no changes in accounting policies. Policies have been applied on a consistent basis with those of the previous reporting period.
(b) Principles of consolidation
Subsidiaries
TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
(a) Basis of preparation
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.
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.
Entities reporting
(c) Changes in Accounting Policies
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 entity reporting is Te Korowai o Ngāruahine Trust (Te Korowai) and its subsidiaries Te Kīwai Mauī o Ngāruahine Limited, Te Rere o Kapuni Limited, Ngāruahine Fisheries Limited and Te Kīwai Matau o Ngāruahine Charitable Trust (together the 'Group'). Te Korowai is the mandated post settlement entity for Ngāruahine.
Basis of preparation
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 71 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 they New Zealand dollar amount recorded by the bank has been used as the transaction value.
Historical cost convention
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.
Measurement Basis
Theceases.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.
72 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 2 TRADING REVENUE 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. 2022 2021 Dawson Falls Mountain Lodge income 195,240 518,597 Fisheries Income - ACE Leasing 117,813 127,527 TOTAL TRADING REVENUE 313,053 646,124
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 73 3 OTHER REVENUE TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 2022 2021 INVESTMENT INCOME Dividend Income 466,324 448,618 Interest Received 52,809 305,568 Direct Investment Hāpai Commercial Property LP Income 715,370 457,893 Pūai Tangaroa LP Income (426) Pūainuku Pastures LP Income 696,375 Pūainuku Vines LP Income 49,498 Tai Hekenga LP Income 908,325 873,250 Total Direct Investment 2,369,142 1,331,143 Managed Funds Mercer Portfolio Income 187,080 1,247,746 Total Managed Funds 187,080 1,247,746 Private Equity Oriens Capital Private Equity Fund LP Income (172,554) Oriens Capital Fund 2 LP Income (46,825) Te Pūia Tāpapa LP Income 120,617 Total Private Equity (98,762) Total Investment Income 2,976,593 3,333,075 OTHER INCOME Charitable Donation 44,943 Charitable Distributions 2,681,319 133,230 Contract Income 365,829 Corporate Scholarships 2,000 Grants Received 1,067,755 31,914 Koha 100 13,479 MSD Wage Subsidy 13,436 39,838 Sundry Income 73,218 67,507 Total Other Income 4,248,600 285,967 TOTAL OTHER REVENUE 7,225,193 3,619,042
74 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 4 EXPENSES TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 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. Grant invoice is recognised when all conditions of the grant have been fulfilled. 3 OTHER REVENUE (CONTINUED) 2022 2021 ADVISORY, CONSULTING AND PROFESSIONAL FEES Accounting Fees 30,900 30,000 Audit Fees 79,805 60,856 Consultants & Professional Fees 751,062 158,831 Fund Manager Fees 152,541 31,984 Ka Uruora - Admin fee 30,000 Legal Fees 22,854 93,399 Investment Management 120,000 120,000 Technical Services - Contractors 75 58,405 Valuation Fees 1,500 2,300 Total Advisory, Consulting and Professional Fees 1,188,737 555,776 COMMUNICATIONS AND ENGAGEMENT Communications 40,843 59,938 Election costs 5,574 30,234 Total Communications and Engagement 46,417 90,172 GOVERNANCE Catering 35,426 10,065 Director Fees 134,303 122,428 Conference Fees 16,967 Governance – ICP 21,600 Membership Committee Fees 7,916 1,917 Professional Memberships 16,629 2,657 Te Ohu Arotake 23,232 19,169 Training and Development 320 802 Trustee Fees 214,128 208,692 Total Governance 448,921 387,329
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 75 TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 4 EXPENSES (CONTINUED) 2022 2021 IT EXPENSES IT Maintenance & Support 23,265 27,830 Licences and Subscriptions 39,761 25,985 Total IT Expenses 63,026 53,815 OFFICE AND GENERAL EXPENSES Advertising 2,904 11,921 Bank Fees 983 1,723 Catering - Non Governance 10,737 8,373 Commission 5,638 10,346 Consumables 13,158 Depreciation 127,212 91,993 Equipment Hire 9,097 1,028 Events, Venue Hireage, Kai and Koha 7,394 General Expenses 919 2,322 Health and Safety 2,955 5,205 Internet & Telephone 5,162 7,640 Insurance 42,530 38,992 Interest Expense 1,834 5,441 Koha 6,269 3,459 Lease (948) Light, Power & Heating 15,527 19,585 Loss on disposal / distruction of assets 401,384 Low Value Assets 806 7,833 Merchandise Costs 11,989 Motor Vehicle Expenses 8,961 7,365 Office Expenses 7,856 5,159 Office Rental 32,422 13,440 Photocopier Lease 1,330 2,280 Printing, Postage & Stationery 16,157 21,616 Rates 6,746 3,309 Repairs & Maintenance 18,588 14,344 Venue Hire 2,606 Waste Management 477 1,343 Total Office and General Expenses 759,035 286,375
76 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 5 CASH & CASH EQUIVALENTS 2022 2021 PERSONNEL EXPENSES ACC Employer Premiums 2,683 3,453 Recruitment 20,595 1,145 Remuneration Review 3,232 Salaries & Wages - Te Korowai o Ngāruahine Trust 807,924 577,056 Salaries & Wages - Te Rere o Kapuni Limited 181,857 312,141 Training & Development 18,542 11,480 Total Personnel Expenses 1,034,833 905,275 STRATEGIC POU Bureau Services & Pātaka Distribution 51,151 24,582 Capability Priorities 22,113 DSP Acquisition Costs 36,580 Hapū Relationships 7,941 Iwi Scholarships 56,487 1,438 Ngāruahine kura/tamariki 913 Relationship Priorities 12,776 Support Hapū development 345,000 291,001 Whānau/uri 12,710 Total Strategic Pou 490,131 372,560 TOTAL EXPENSES 4,031,100 2,651,301 4 EXPENSES (CONTINUED) TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 Cash and short-term deposits in the statement of financial position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. 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. 2022 2021 Cash at bank & on hand 13,795,065 3,115,993 TOTAL CASH & CASH EQUIVALENTS 13,795,065 3,115,993
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 77 6 TRADE & OTHER RECEIVABLES TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 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. 2022 2021 Accounts Receivable 382,194 78,925 TOTAL TRADE & OTHER RECEIVABLES 382,194 78,925 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. 8 PREPAYMENTS & ACCRUED INCOME 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. 2022 2021 Accrued Income 10,888 Acquisition Costs 18,792 Prepayments 14,707 14,795 TOTAL PREPAYMENTS & ACCRUED INCOME 14,707 44,474 9 CURRENT INVESTMENTS Current investments include term deposits invested for less than 12 months at cost. 2022 2021 ASB Bank Term Deposits 9,074,413 BNZ Term Deposits 5,250,000 TOTAL CURRENT INVESTMENTS 14,324,413
78 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 10 PROPERTY, PLANT AND EQUIPMENT TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 2022 2021 Land Opening carrying value 296,501 296,501 Additions 1 Total Land 296,502 296,501 Buildings Opening carrying value 375,000 375,000 Disposals (375,000) Total Buildings - 375,000 Computer Equipment Opening carrying value 20,553 8,086 Additions 25,222 20,482 Depreciation (15,626) (8,015) Total Computer Equipment 30,149 20,553 Furniture, Fittings and Office Equipment Opening carrying value 183,780 208,181 Additions 14,468 Depreciation (25,590) (24,401) Disposals (2,867) Total Furniture, Fittings and Office Equipment 169,791 183,780 Motor Vehicles Opening carrying value 5,561 21,248 Depreciation (5,561) (15,687) Total Motor Vehicles 5,561 Chattels Opening carrying value 61,372 76,800 Depreciation (7,337) (15,428) Disposals (23,517) Total Chattels 30,518 61,372 Right of Use Assets Opening carrying value 90,755 54,561 Additions 65,149 Depreciation (72,604) (28,955) Total Right of Use Assets 18,151 90,755
11 GoodwillINTANGIBLES
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. equipment - 67% Office - 50% - 20% 1,071,460 1,071,460 1,071,461 1,071,461
DV •
• Computer
40%
equipment 7%
DV • Fixtures and fittings 7%
DV • Motor vehicles 21% DV 2022 2021 Goodwill Goodwill 1 1 Intangibles Quota Shares
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 79 10 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 2022 2021 Capital Work in Progress Opening carrying value 7,396 Additions 875,408 7,396 Total Capital Work in Progress 882,804 7,396 TOTAL PROPERTY, PLANT AND EQUIPMENT 1,427,915 1,040,919 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 2022. Te Rere o Kapuni Limited has entered into an agreement with Livingstone Construction Limited to construct a lodge for $6.5 million. The Dawson Falls Mountain Lodge was demolished during the period and its carrying value reduced to nil.
TOTAL INTANGIBLES
Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Dawson Falls Mountain Lodge. 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 (2021: Nil). An independent valuation was received from Quota Management Systems Limited as at 31 March 2022 which states that the market value of quota owned to be $2,514,797 (2021: $2,319,283). The quota consists of settlement quota of 59,791,957 shares and regular quota of 241,406 shares.
80 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 12 INVESTMENTS 2022 2021 Investments Recorded at Fair Value Shares in Moana New Zealand 964,630 964,630 Direct Investments AMP Capital Diversified Infrastructure Trust (ADIT) 5,549,334 5,241,482 Hāpai Commercial Property Limited Partnership 12,668,925 10,409,330 Hāpai Development Property Limited Partnership 3,127,273 Hāpai Housing Limited Partnership 1,453,250 234,375 Pūainuku Pastures Limited Partnership 4,857,210 Pūainuku Vines Limited Partnership 1,540,619 Pūai Tangaroa Limited Partnership 324,874 Tai Hekenga Limited Partnership 21,178,095 17,285,172 Total Direct Investments 50,699,580 33,170,359 Managed Funds Mercer Investments (New Zealand) Limited 36,805,755 41,045,793 Total Managed Funds 36,805,755 41,045,793 Private Equity Continuity Capital Private Equity Fund No.6 Limited Partnership 1,429,470 Oriens Capital Private Equity Fund Limited Partnership 1,698,673 3,205,081 Oriens Capital Fund 2 Limited Partnership 515,100 Te Pūia Tāpapa Limited Partnership 713,958 702,328 Total Private Equity 4,357,201 3,907,409 Total Investments Recorded at Fair Value 92,827,166 79,088,191 TOTAL INVESTMENTS 92,827,166 79,088,191 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 TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
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.
Moana New Zealand Shares
The recoverable amount is the higher of the assets fair valueless 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.
FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI (i) Financial assets
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.
(ii) Non-financial assets
DirectIMPAIRMENTInvestments
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 2022 (2021: $Nil).
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 81 12 INVESTMENTS (CONTINUED) 13
2022
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.
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.
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.
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.
TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS
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.
82 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 14 TRADE & OTHER PAYABLES 15 OTHER CURRENT LIABILITIES 16 INCOME TAX EXPENSE 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 Māori 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. Vouchers are vouchers sold during the year which have yet to be redeemed for accommodation at Dawson Falls Mountain Lodge. 2022 2021 Lease Liability 35,599 72,604 Vouchers Sold 10,160 13,470 TOTAL OTHER CURRENT LIABILITIES 45,759 86,074 2022 2021 Profit per Statement of Comprehensive Income 11,790,344 11,091,982 Less: Non-assessable Revenue (9,471,635) (9,671,736) Plus: Non-deductible Expenses 653,477 2,961,787 Net taxable income 2,972,186 4,382,033 Income tax @ 17.50% 520,133 766,856 Prior year tax expense adjustment (131,715) INCOME TAX EXPENSE 520,133 635,141 TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 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. 2022 2021 Accounts Payable 596,911 389,853 BNZ Credit Cards 98 6,513 TOTAL TRADE & OTHER PAYABLES 597,009 396,366
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 83 TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 2022 2021 AtAssetsamortised cost Cash and cash equivalents 13,795,065 3,115,993 Term Deposits 14,324,413 Trade and other receivables 382,194 98,013 Total at amortised cost 14,177,259 17,538,418 At fair value through profit and loss Investments 92,827,165 79,088,191 Total at fair value through profit and loss 92,827,165 79,088,191 Total Assets 107,004,424 96,626,609 AtLiabilitiesamortised cost Creditors and accrued expenses 596,911 389,853 Total at amortised cost 596,911 389,853 Total Liabilities 596,911 389,853 TOTAL FINANCIAL INSTRUMENTS 106,407,513 96,236,756 17 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.
Historical treaty settlement - Quantum 67,089,539 67,089,539 Historical treaty settlement - Quota 1,071,461 1,071,461 Historical treaty settlement - Land 296,401 296,401 68,457,501 68,457,501
TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
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 $296,401.
2022 2021 Ordinary
19 RESERVES & RETAINED EARNINGS
84 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 2022 2021 (a) Reserves Ngāruahine Fisheries Limited gain on acquisition 1,433,998 1,433,998 Movements: Opening Balance 1,634,998 1,830,998 Te Kīwai Matau o Ngāruahine Charitable Trust Reserves Support Hapū development (distributions) 35,000 (196,000) Total Te Kīwai Matau o Ngāruahine Charitable Trust Reserves 35,000 (196,000) CLOSING BALANCE 1,669,998 1,634,998 (b) Retained earnings. Movements in retained earnings were as follows: Opening Balance 28,611,091 18,154,250 Profit for the year 11,270,211 10,456,841 CLOSING BALANCE 39,881,302 28,611,091 18 TREATY SETTLEMENTS
The gain on acquisition reserve arose when Te Korowai acquired the assets and liabilities of Ngā 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 Kīwai 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. shares 100 100
(c) Nature and purpose of reserves
TOTAL TREATY SETTLEMENTS
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 85 TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 2022 2021 Allen Webb 13,258 1,200 Beverly Gibson 22,258 Caroline Scott 13,258 23,344 Cheryl Luke-Maraki 6,065 David More 7,065 Grant Weston 13,258 5,613 Ferinica Foreman 13,258 12,000 John Hooker 18,883 12,047 John Kahupukoro 13,258 5,613 Kiri Erb 13,258 5,613 Ngawai Henare 6,065 Ngawai Hernandez 13,258 5,516 Paula Carr 65,000 34,000 Randal Te Ahu Rei 13,258 5,613 Te Aorangi Dillion 10,921 5,613 Te Aroha Hohaia 13,258 10,613 Te Wehi Wright 4,032 Wendy Eynon 6,065 William Edwards 6,065 2022 2021 Hinerangi Raumatu Tu'ua (Chair & independent director) 53,000 53,000 Taaringaroa Nicholas (independent director) 34,053 34,053 Beverly Gibson (Trust appointed director) 5,625 Te Aroha Hohaia 15,000 12,500 Dion Maaka 15,000 8,000 Paula Carr 15,000 6,875 Ngawai Hernandez-Walden 2,250 2,375 TOTAL DIRECTORS REMUNERATION 134,303 122,428 20 TRUSTEE REMUNERATION 21 DIRECTORS REMUNERATION The Pou Whakarae, deputy chair and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $13,258 per annum (2021: $12,000 per annum). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration. Directors remuneration refers to directors' fees paid to the directors of Te Kīwai Mauī o Ngāruahine Limited. No directors' fees are paid to directors of Ngāruahine Fisheries Limited and Te Rere o Kapuni Limited.
income
following: • Revenue
86 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 The Group had the following subsidiaries at 31 March 2022, all subsidiaries are included in the consolidation • Ngāruahine Fisheries Limited • Te Rere o Kapuni Limited trading as Dawson Falls Mountain Lodge • Te Kīwai Mauī o Ngāruahine Limited • Te Kīwai Matau o Ngāruahine Charitable Trust 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. 2022 2021 Over $100,000 2 1 22 REMUNERATION OF KEY MANAGEMENT PERSONNEL 23 INVESTMENT IN SUBSIDIARIES 24 STATEMENT OF CASH FLOWS 25 ACCOUNTING JUDGEMENTS & 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.
2) • Intangible
12) • Useful life, recoverable
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, and expenses. Actual results may differ from those estimates.
Judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements include the recognition (Note assets (Note 11) of investments (Note amount, depreciation and rates (Note 10)
• Valuation
• Impairment (Note 13) TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022
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 directors of all subsidiary companies
• Tika Catering Limited. Kiri Erb is a Trustee of Te Korowai Trust and also Director of Tika Catering Limited.
• Ngāti Hāua Whānui Incorporated . Te Aorangi Dillion, David More and Christine Ngawai Henare are/were Trustees of Te Korowai and Ngāti Hāua Whanui Incorporated.
• 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.
• Hāpai Commercial Property Limited Partnership. Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership.
The Group's related parties during the year were:
• Oriens Capital Limited. Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership.
• Waiokura Marae and Reserves Trust: Te Aroha Hohaia and Cheryl Luke-Maraki are/were Trustees of Te Korowai and Waiokura Marae and Reserves Trust.
• Hāpai Housing Limited Partnership. Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Housing Limited Partnership.
• The directors of all subsidiary companies.
• Oriens Capital Limited. Taaringaroa Nicholas is a Director of Te Kīwai 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 Director of Te Kīwai Mauī o Ngāruahine and also a Director of Parininihi ki Waitōtara Incorporation.
• The members of the Te Korowai Board as individuals.
• Hāpai Housing Limited Partnership. Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Housing Limited Partnership.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 87 TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 26 RELATED PARTY TRANSACTIONS
The Group's related parties during the 2021 year were:
The members of the Te Korowai Board as individuals
•
• Ōkahu-Inuawai (me etehi atu) Hapū . John Hooker is a Trustee of Te Korowai and Ōkahu-Inuawai (me etehi atu) Hapū.
• Hāpai Commercial Property Limited Partnership. Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership.
• Te Kupenga o Kānihi Charitable Trust. Allen Webb and Paula Carr are Trustees of Te Korowai and Te Kupenga o Kānihi Charitable Trust.
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Hāpai Housing Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $5,000,000 of capital with $1,454,688 paid as at balance date. (2021: $234,375 ).
88 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022
• Tika Administration & Events Limited. Kiri Erb is a Trustee of Te Korowai Trust and also Director of Tika Administration & Events Limited.
• Ōkahu-Inuawai (me etehi atu) Hapū . John Hooker is a Trustee of Te Korowai and Ōkahu-Inuawai (me etehi atu) Hapū.
Te Kupenga o Kānihi Charitable Trust. Allen Webb and Paula Car are Trustees of Te Korowai and Te Kupenga o Kānihi Charitable Trust.
TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 27 COMMITMENTS AND CONTINGENCIES 26 RELATED PARTY TRANSACTIONS (CONTINUED)
• Ngāti Hāua Whanui Incorporated . Te Aorangi Dillion, David More and Christine Ngawai Henare are/were Trustees of Te Korowai and Ngāti Hāua Whanui Incorporated.
• 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 Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Oriens Capital Private Equity Fund Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $2,550,000 of capital with $2,167,500 paid as at balance date. (2021: $2,167,500).
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Hāpai Development Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $5,000,000 of capital with $3,127,273 paid as at balance date.
• Araukuku Catholic Maori Club: Cheryl Luke-Maraki was a Trustee of Te Korowai and Araukuku Catholic Maori Club.
• Tika Catering Limited. Kiri Erb is a Trustee of Te Korowai Trust and also Director of Tika Catering Limited.
• 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.
• Tamaahuroa me Titahi . Caroline Scott is a Trustee of Te Korowai and Tamaahuroa me Titahi.
•
• Te Kura o Ngāruahinerangi: Te Aorangi Dillion is a Trustee of Te Korowai and Te Kura o Ngāruahinerangi.
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Te Pūia Tāpapa Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $2,500,000 of capital with $717,789 paid as at balance date. (2021: $702,328).
As at 31 March 2022 the Group had no contingent liabilities or assets.
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Hāpai Commercial Property Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $11,176,471 of capital with $8,829,119 paid as at balance date. (2021: $8,564,838 ).
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Continuity Capital Private Equity Fund No.6 Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $7,500,000 of capital with $1,501,734 paid as at balance date.
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.
TE KOROWAI O NGĀRUAHINE TRUST GROUP PITOPITO KŌRERO MŌ NGĀ TAUKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ-TE-RANGI 2022 27 COMMITMENTS AND CONTINGENCIES (CONTINUED) 28 IMPACTS OF COVID-19 29 SUBSEQUENT EVENTS
Te Rere o Kapuni Limited has entered into an agreement with Livingstone Construction Limited to construct a lodge for $6.5 million.
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 89
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Pūai Tangaroa Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $750,000 of capital with $325,300 paid as at balance date.
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 Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Oriens Capital Fund 2 Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $2,500,000 of capital with $515,1000 paid as at balance date.
In April 2022, Te Kīwai Mauī o Ngāruahine Limited has approved to commit $3,500,000 to Pūainuku Horticultural Limited Partnership. (2021: Nil).
Te Kīwai Mauī o Ngāruahine Limited has entered into an agreement to become a limited partner in the Pūainuku Vines Limited Partnership. Te Kīwai Mauī o Ngāruahine Limited has committed $3,000,000 of capital with $1,541,206 paid as at balance date.
90 | TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 NOTES
TE KOROWAI O NGĀRUAHINE ANNUAL REPORT 2022 | 91 Pouwhenua - 'Raupatu' Carved by: Albert Tāmati (Puketapu, Te Ātiawa) Description on inside cover
147 High Street, Te Hāwera PO Box 474, Te Hāwera, Taranaki 4640 Phone: 06 278 www.Ngāruahine.iwi.nz7411Ngāruahine
