Te Korowai o Ngāruahine Trust - Annual Report 2023

Front Cover: Te Rere o Kapuni

‘Kei Taranaki ngā punawai mātao, kei aku kamo ngā punawai wera e’

From the mountain flows the waters of life, from my eyes flow the tears of love.

For many generations Ngāruahine uri have ascended our tauheke Maunga to experience the vibrant waters that flow from the waterfall, Te Rere o Kapuni. Its waters generate life-enhancing qualities that enrich our well-being, physically, mentally, and spiritually.

KO PUANGA TE WHETŪ TAKI HE TĀTAI

HUAINA TE WHARE O PUANGA E

KO MARUAONUI KA TOHU E

HUAINA TE TAU, E PUANGA E

NGĀ PŌ ROA O TAKURUA E

HUA MAI NGĀ TOHU O PUANGA E

KIA NUI, KIA HUA TE TAU E… HAI!

IHIRANGI CONTENTS

Te Ruruku Pūtakerongo - Pōwhiri ki Aotearoa Pā.

KA ORA TAKU TOA VISION 2026

Te Ruruku Pūtakerongo - Pōwhiri ki Aotearoa Pā.

PAE TAWHITI VISION

KA ORA TAKU TOA

NGĀ MĀTĀPONO VALUES

Mahi ka Tika Transparency

Mahi Pono Trustworthiness

Manaakitanga Sharing and caring

Māhakitanga Respect and humility

Ngākaunui Sound judgement

Hari me te koa Fun and celebration

NGĀ POU STRATEGIC OBJECTIVES

Our natural environment is protected for generations to come.

Ngāruahine uri have access to warm and healthy housing.

TE TŪĀPAPA

Ngāruahinetanga

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

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

Tupua te Mauri (Taiao)

Poua te Pātūtū (Kāinga) Te Kawa Whanakeora (Mahi)

Ngā pou kuia, Irene Robinson, Ria Waikerepuru.

TE KOROWAI O NGĀRUAHINE TRUST DEED REQUIREMENTS FOR PLANS AND REPORTS

The Requirements for the Annual Report

An Annual Report prepared in accordance with clause 10.1 shall be made available not less than 20 Working Days before an Annual General Meeting and shall contain, in respect of that Financial Year, the following information:

a. 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 Asset-Holding Company of the Trust at the beginning of that year;

ii) the value 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.

POUWHAKARAE REPORT

Nā te kune te pupuke

Nā te pupuke te hihiri

Nā te hihiri te mahara

Nā te mahara te hinengaro

Nā te hinengaro te manako

Tēnā hoki tātou me ngā tini āhuatanga o tēnei wā o Puanga, huri atu ki te Pō – te Pō nui, te Pō kitea.

Nau mai e te Ao.

Tēnā tātou e te iwi whānui. It is my privilege to present this Pouwhakarae Report on behalf of Te Korowai o Ngāruahine Group (‘the Group’) for the financial year 1 April 2022 to 31 March 2023, including the performance of Te Korowai o Ngāruahine Trust (twelve representatives) and Te Kīwai Mauī Commercial Board (six representatives).

The theme of this annual report is tāngata - advancing our people, advancing Ngāruahine.

As you read this report you’ll get a sense of the progress we’ve made and how we’ve put people front and centre as we’ve implemented year two of our five-year Ka Ora Taku Toa strategy. What’s important for the board and management is that you feel the difference we’ve made through our investments, our partnerships, our advocacy and hapū enablement.

Consistent with previous years, the practice of Te Korowai o Ngāruahine Board is to set expectations of management for delivery of service at the beginning of each year, and to establish goals to aim for together. For the reporting period, the expectations and goals were:

• Implementation Whare Punanga Kōrero o Ngāruahine

• Achieving high quality accuracy, management and growth of uri register

• Leveraging third party funding to grow our offering to uri

• Growing organisational capability and performance

• Visibility of Ngāruahine culture and identity everywhere

• Kawenata in place to support hapū aspirations to be realised

We report on these goals through our progress under the Ka Ora Taku Toa strategy implementation, framed under these four pou:

• Ngāruahinetanga - strengthening Ngāruahine culture and identity - page 15-19

• Poua te Pātūtū (Kāinga) - our uri have access to warm and healthy housing - page 20

• Te Kawa Whanakeora - Education/Training/ Employment - page 21-22

• Tupua te Mauri (Taiao) – our natural environment protected for generations to come - page 23-26

Board Reflections

When board members were asked about their highlights for the year, these were the top four themes:

• Working alongside a diverse board with a wide range of skills and experience, from pā-roots to corporate, from management to governance backgrounds skills and everything in between –this also speaks to our board culture which sets the tone for how we work – see pages 49 to 52 for more detail on your board.

Paula Carr

• Approving the Pupuke Te Hihiri Whai Rawa Impact Investment Strategy which draws our investments and direct benefits closer to home – refer to page 21 to 22 for a closer look at the family of strategies and plans that are in place.

• A continuation of the return of whenua back into the ownership of our people – refer page 22 to see an example of Toitū Te Whenua in action and another Kaipi Street Block returned from South Taranaki District Council for $1.

• Establishment of a Ngāruahine communications rōpū inside the Group which has enabled better engagement of our people through storytelling, coverage of activities across the iwi, and a consistent flow of information to support an informed iwi whānui on ‘what’s on’ across Taranaki – refer to page 34 for a glimpse.

Iwi Register

We are consistently held to account on the Iwi register. We are pleased to report that we have made system and process improvements which has led to a lift in the number of uri registered with us by 750 - from 5,642 (as at 31 March 2022) to 6,392 (as at 31 March 2023).

Our Tumu Whakarae Report (Pg.11-13) and Annual Highlight sections (Pg.14-26) details further the achievements since the development of our strategies and plans.

People and Partnerships

Investment in our rangatahi and our whānau realising their own aspirations, is an investment back into our collective iwi prosperity. This past year, we were proud to give out Tuku Aupiki education and learning grants to the value of $500 each to 20 tauira, and Te Hua Ōwhiti Kura Hākinakina me Te Ahurea grants to the value of $250 to 19 athletes. We also facilitated the Punahau me Hinehou grants of $1,000 each sponsored by Aronga Ltd to two mothers in training. Refer to page 73 to 74 for that breakdown.

We share a right of first refusal property (RFR) in Whakaahurangi with Ngāti Ruanui. We’ve appreciated the time our respective managements and boards have taken to understand each other’s priorities and what we can do to reciprocate supporting one another. In that regard, we thank Ngāti Ruanui Board for supporting us to proceed with developing the business case on our Kāinga Whakaahurangi project as Ngāti Ruanui focuses on other specific priorities. We will be sure to check in with Ngāti Ruanui again once the business case is complete for a jointinvestment ‘go/no-go‘ type discussion.

Whanaungatanga: Trustees of Te Runanga o Ngāti Ruanui and Te Korowai o Ngāruahine

against Te Tiriti breaches in the future, that affect Ngāruahine. Tēnā koutou e ngā pāhake, ngā tino rangatira o tō tātou nei iwi.

Te Korowai is supportive of alternative energy, so much so, that we’ve endorsed an Alternative Position Statement – refer page 25. Later in 2023, we will gather as Ngāruahine to wānanga on what there is to know about the alternative energy sector. We will learn together. We will hear from our uri experts and from non-uri experts from the industry, with an aim to unpack the issues, opportunities and priorities that we want to progress from a mana motuhake standpoint. A huge thank you to Te Aorangi and Dion Luke for driving the work over the years and to Sarah Mako for being our expert at the board table.

Financial Performance

At last years AGM, our experts cautioned for the coming year stating that we shouldn’t expect the same level of performance, as the financial markets catches up with the after-effects of the global pandemic. Unfortunately for us this situation came true.

On page 33, you’ll see an At Quick Glance look of our financial performance which compares FY2021/22 and FY2022/23 to show an increase in total equity by $461,885 ie from $110,008,801 to $110,470,686 and a gross profit of $139,885 compared to a gross profit of $11.3M in the previous year. What’s made a difference is our investments that involve property, and a change in investment strategy away from passive managed funds with greater exposure to listed financial markets. Our whanaunga Taari Nicholas, explains our investment activity and financial performance in more detail in his Pouwhakarae Te Kīwai Mauī report in pages 3945.

High Court Hearing: Te Whanganui a Tara.

Supporting Ngā Iwi o Taranaki

Te Korowai is actively engaged with ngā iwi o Taranaki on regional kaupapa that matters to us. On the table for discussion have been the various government reforms – Three Waters, the Future of Local Government, Resource Management Act, Health Reform, Education Reform, Covid Recovery and Resilience, Climate Change and Renewable Energy – for example. Other kaupapa we cover include our Maunga redress negotiations, Taranaki Māori Trust Board, Taranaki Tū Mai, Te Matatini and our broader ambitions around Toi, Te Whare Punanga Kōrero, Iwi Fisheries – as examples. Ngāruahine is engaged in all shared Taranaki nui tonu kaupapa, and leads in two specific areas: Toi Ohu and Pūngao Whakahou Ohu.

We also participate at National Iwi Chairs Forum level, where these and other kaupapa are addressed. This forum is useful for growing our iwi networks, hearing other people or regions perspectives, understanding what other iwi are doing and lessons we may learn. It’s important that Ngāruahine is in the same space as ngā iwi o Taranaki at national level, so that we can be impactful for our region, in front of the rest of the motu.

Of the many purposeful kaupapa that we hear regularly on, is the work on the United Nations Declaration on the Rights of Indigenous Peoples and the National Action Plan Against Racism led by Professor Margaret Mutu, Bill Hamilton and their team. In that bundle of priorities is also Wai 262. We want to get behind these kaupapa, as they affect us all. This will be amongst our opportunities to work on in the year ahead.

Te Korowai Group has grown exponentially. Now more than ever, it’s important we ensure stability and leadership continuity across our Group, to give management confidence and certainty they need to deliver the business.

Paula Carr ki Te Ruruku Pūtakerongo, Aotearoa Pā.

My Thanks

A special thank you to our wonderful independent members who guide us at governance committee levels

to: David Patten and Lara Robertson who both sit on Tumu Herenga Tāngata our CE-Organisation Performance committee, and to Phillippa Wilson and Alicia Akauola who both sit on Te Ohu Arotake our Audit and Risk Committee. Your expert advice and support really makes a difference.

In an election year, we wish to particularly thank those outgoing and long serving board members who have represented so well for our people, who are stepping aside for new talent to come forward: John Hooker (Ōkahu-Inuawai), Te Aroha Hohaia (Ngāti Tū), Caroline Scott (Ngāti Tamaahuroa-Tītahi), Grant Weston (Ngāti Tamaahuroa-Tītahi), John (Haney) Kahupukoro (Ngāti Hāua). We look forward to celebrating you in due course and acknowledge new board members who will fill your big shoes. Rere ana ngā mihi ki a koutou.

The board wishes to thank Te Aorangi and the management team, Emma Park, Janine Maruera, Kawarau Ngaia, TeUraura Nganeko, Dion Luke, Rhonda Vanstone, and all of our wonderful kaimahi for delivering a productive year for the FY2022-23. To Jayde as Mana Hautū and our Te Kīwai Mauī Board Directors – Taari Nicholas (as chair) and Dion Maaka, our Aspiring Director Amber Nicholson, our Trustee Director Te Aroha Hohaia, Independent Director Karna Luke, along with our contracted Investment Manager Jim Jessep (Koau Capital Partners Ltd), Ngawai Hernandez-Walden, Phil and Puhi Nuku – Ka nui te mihi ki a koutou katoa.

Finally, thank you also 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 on how we can best continue to serve you.

Huri ake ki tō tātou tupuna maunga, ngā mihi ki a koe e koro.

Pai mārire,

Paula Carr Pouwhakarae

Te

Korowai o Ngāruahine

TUMU WHAKARAE REPORT

Te Aorangi Dillon

Poua ki runga

Poua ki raro

Poua ki tāmoremore nui nō Rangi

Ki tāmoremore nui nō Papa

E rongo e āio, tēnā tawhito pou ka tū

E tū nei te pou

Tēnā tātou katoa

Nōku kē te waimarie, kua tata rua tau au e mahi ana, hei tūmau mō te iwi o Ngāruahine.

Taku harikoa e te iwi, I am pleased to present my second annual report to the uri of Ngāruahine. The past year, 2022-2023, was filled with achievements and some challenges. I want to express my gratitude to the dedicated kaimahi, past and present, who have diligently carried out the activities outlined in our strategy to date. I also extend my heartfelt appreciation to their families for their support in our events, functions, and administrative tasks as well as to all uri who have attended kaupapa, wānanga and hui and those who have supported from afar. Ka nui te mihi.

Our commitment to our uri has been to serve as facilitators of hapū aspirations and work towards accessing, supporting, or providing avenues in the areas of growth identified by uri, during various wānanga held over the past six years.

Looking back, the year required continued intense effort to navigate through the impacts of the Covid-19 pandemic and regain clarity. We were aware that those impacts would be felt in the balance sheet, but we did not want that to impact on the Whanaungatanga between us all.

We have continued to receive positive feedback for our dual efforts in responding to the pandemic, including supporting Ngāruahine Iwi Health Services to deliver on the front line. We also acknowledged the collaborative efforts between Ngāruahine, Ngāti Ruanui and Ngā Iwi o Taranaki, to care for our people here in the kāinga and across the motu. However, we also listened to concerns from whānau and kaimahi who felt disconnected during challenging times. We acknowledge the need for continuous improvement in delivering karere and kaupapa with care and consideration.

Our annual plan included numerous and diverse objectives, and we worked hard to engage and deliver with everyone during the first three quarters. However, we took on the feedback given by our pāhake and recognised the importance of managing the intensity of those three quarters consistently as we moved forward into the fourth. Work was prioritised within our main areas of focus, thank you to our trustees and our subcommittees who played a crucial role in supporting operations and keeping us on track.

The implementation of ‘Te Whare Kōrero o Ngāruahine’ has shown continued growth and strength. We are pleased to have had 110 students enrolled in different programs over the 2023 learning year, and we extend our appreciation to Katrina Taylor, who joined Philip and Puhi Nuku in the first semester of 2023, for her exceptional work in inspiring her dedicated students. A special mihi also to Maakere Edwards and Te Ahu Rei for their translation work and continuous support of the kaupapa. The repository for our taonga tuku iho is also being developed by Te Whare Kōrero o Ngāruahine, to ensure our treasures are accessible to all uri.

We had an ambitious funding strategy for this year. Although we faced some challenges along the way, we have made significant strides, reaching over 75% of our target despite these setbacks and the current climate.

Our organisational capability and capacity continue to be enhanced. Our team has grown from 12 to 17. We farewelled Whaene Neta Riley and Tazmyn Katene-Ashford, two valued kaimahi, who have left for great things. The future is bright as they share their skill sets with others. We also had Teina Ngaia join our team during the year as the recipient of the Taihonoa Summer Internship. We have offered and will continue to provide various training programs to support hapū in governance and financial training.

We have made significant progress in managing our Iwi register - implementing a monitoring program to identify and resolve issues. The streamlined process has reduced waiting times for validation and minimised human errors. Our numbers have grown significantly in comparison to previous years; however, we cannot base our success on the magic number only. Success will also be measured by other variables which will support us to maintain the health of the register. We acknowledge the huge efforts of our Registrar and her work alongside our wonderful validators to implement and inform us, as we strive to maintain and sustain this taonga.

6,392 March 31 2023

Te Aorangi Dillon speaking at the Offshore renewable energy forum.

5,642 - March 31 2022

NGĀRUAHINE IWI REGISTER

Te Aorangi Dillon with Ripeka Hudson at Te Ruruku Pūtakerongo ki Aotearoa Pā.

Promoting the culture and identity of Ngāruahine remains a top priority for us, and we actively participate in various aspects of iwi life. Te Ūkaipō organised another successful Whānau Day at Wai o Rua - Stratford Aquatic Centre in Whakaahurangi, which was attended by over 200 uri. We also supported and participated in a meaningful mokopapa kaupapa with Ngāti Tū hapū which saw five wāhine and one tāne receive their moko kanohi. Additionally, Te Ūkaipō facilitated several other wānanga / hui for rangatahi, providing valuable teachings and experiences.

In December 2022, Ngāruahine supported the biannual ‘Wiki Hākinakina o Ngā Kura Kaupapa Māori’ event held between Whangānui and South Taranaki. Highlights of the kaupapa was welcoming over 1300 people on to Parihaka, hosting the game “Ariki” at Te Ngutu o Te Manu and watching the taiohi enjoy their Pō Whakangahau at Te Whare o Ruapūtahanga. Another exciting initiative is the assistance provided by the Ministry of Education to create a picture book about Te Rere o Kapuni, which will be launched at our Puanga Celebrations. This effort strengthens our storytelling capability.

We actively engaged in important conferences and events to represent our interests, being regular attendees at the National Iwi Chairs forums, Te Ohu Kaimoana hui as well as being one of the lead iwi in the Pūngao Whakahou – Alternative Energies Pou and the Pou Toi Ohu for Ngā Iwi o Taranaki.

At the National Offshore Wind Conference, we presented the Alternative Energy Position Statement, contributing to the dialogue on sustainable energy solutions. Furthermore, we celebrated the Pou

Whenua ceremony at Te Ngutu o Te Manu, solidifying our connection to our ancestral lands. Lastly, we concluded the 2022 year with a memorable night of dancing and festivities at the Pō Whakahirahira. Through these diverse activities, we continue to promote the rich culture and identity of Ngāruahine, ensuring its preservation and growth for future generations.

We have entered into a Memorandum of Understanding, a Kawenata agreement, with Ngāruahine Iwi Authority to strengthen and affirm our lasting connection.

This kawenata will further support hapū and uri in pursuing their future goals. We have completed a comprehensive assessment of Ngāruahine whenua, identifying ownership and potential for development. Hapū have self-identified their readiness and the direction they will take in their time on their terms. We have a marathon state of mind, we are not in a sprint to any finish line. We are focussing on quality rather than quantity and are comfortable with progress thus far.

The year ahead is looking exciting. The Annual Plan for 2023 - 2024 continues to build on the foundations of the Ka Ora Taku Toa 5 year strategy. It outlines our objectives for the 2023-2024 year. The plan incorporates outcomes derived from previous wānanga and incorporates a fresh perspective on supporting hapū development plans.

In conclusion, as we progress, we are optimistic about the future of Ngāruahine and look forward to the continued success and progress. We anticipate exciting times ahead as our iwi continues to grow.

Kia Tāwhirimātea te tū

Let us be like Tāwhirimātea, never giving up - N Cameron, March 2020, Owae Marae.

Te Aorangi Dillon

Tumu

Whakarae

Te Korowai o Ngāruahine

Te Aorangi Dillon with Liana Poutu and April Taula at the Ngāruahine Whānau day, Wai o Rua Aquatic Centre ki Whakaahurangi.

ANNUAL HIGHLIGHTS 2022-2023

NGĀ POU

POUA TE PĀTŪTŪ (KĀINGA) TUPUA TE MAURI (TAIAO) TE KAWA WHANAKEORA (MAHI)

NGĀRUAHINETANGA

NGĀRUAHINETANGA

TE RURUKU PŪTAKERONGO TARANAKI MAUNGA COLLECTIVE REDRESS DEED

31 March 2023 was an historical day for ngā iwi o Taranaki and the result of many years of hard work by our negotiators. Multitudes were welcomed on to Aotearoa Marae to partake in and to witness the initialling of Te Ruruku Pūtakerongo (Taranaki Maunga Collective Redress Deed). The Deed recognises that our tauheke maunga will be known as ‘Taranaki Maunga’ and the peaks jointly become a legal person known as ‘Te Kāhui Tupua’.

Karanga, whaikōrero, waiata and poi rang out across the marae, stirring many emotions as they recalled the effect of the Maunga confiscation in 1865 and affirmed that the mana of our Maunga has always been with our people. The unfaltering commitment and struggle of our iwi to get to this point and their strength to keep fighting was acknowledged, as was the relentless effort of our Ngāruahine negotiator, Daisy Tihi Noble.

Andrew Little, Minister for Treaty Negotiations, admitted that “In 1865, the Crown committed one of most grievous Treaty breaches in this country’s history when it confiscated 1.2 million acres of Taranaki land, including the Maunga” and as a result has caused “immeasurable harm over many decades to Ngā Iwi o Taranaki and to [our] tupuna”.

Representatives from the eight Taranaki iwi (Ngā iwi o Taranaki) initialled the deed which will give us all the opportunity as tangata whenua and kaitiaki to care for and protect our Maunga. The settlement will now go out for ratification at 14 hui around Taranaki and the motu.

Taranaki Maunga from Taikātu Road.

TE ŪKAIPŌ

Te Ūkaipō was established with the purpose of engaging and empowering Ngāruahine youth to achieve their full potential. One approach to fulfilling this mission is to organise wānanga exclusively for our rangatahi throughout the year. Over the course of the year, three wānanga rangatahi were conducted, focussing on the themes of Whakawhanaungatanga, Waiata, and the most recent one, Taiao. The Wānanga Taiao took place in March 2023 at Waiokura Pā, Manaia, with the participation of 25 rangatahi. A significant aspect of this wānanga was the enlightening kōrero shared about the pā and hapū, particularly emphasising the profound connection with the whenua and awa in the Ngāti Tū takiwā. Stories were shared, highlighting the ‘hononga ki tō tātou Maunga tītōhea’. According to Rangihuna Waller, our Kaitohutohu Rangatahi, this session was highly engaging for the rangatahi, who had numerous questions. They were encouraged to contemplate the personal significance of their whenua and their perspectives on kaitiakitanga.

On the second day of the wānanga, the rangatahi had the opportunity to spend time on our Maunga with the Ngāruahine Hiwi Maunga Rangers, where

they were enlightened about various Kaitiakitanga programmes, such as pest eradication to create a safe environment and the preservation of endangered species like the Kiwi and Whio. The visit to the maunga also involved a hīkoi to the Waingongoro Hut, with a stopover at Te Rere o Kapuni for karakia and further discussions. Feedback from both the rangatahi and their parents indicated that the wānanga was a resounding success, characterised by aroha, hononga, laughter, and positive vibes. Te Ūkaipō operates under the principle of “by Rangatahi for rangatahi,” striving to provide opportunities for our youth to serve the future of our iwi to the best of their abilities.

In addition, throughout the year, over 400 uri actively participated in various Te Ūkaipō initiatives, including indoor sports competitions, Whānau day, Covid Rangatahi day, Kura workshops, Media Campaigns, Te Pō Whakahirahira, Rangatahi catchups, Mentoring Programme, and the Kaitiaki initiative. Looking ahead, there are plans to organise more wānanga in the coming year, including a “Rangatahi Conference” in March 2024.

TE ŪKAIPŌ

Te Ūkaipō Kaupapa.

NGĀ KETE UARATANGA

Manaakitanga Pack- Pēpi/Māmā (newborn to six months)

Established in 2022, the Pēpi/Māmā Pack initiative was developed by Te Korowai to strengthen whānau ora and tamariki ora. The crochet/knitted blanket which are lovingly made by whānau, are designed to encourage safe sleeping for new-borns. The packs provide many taonga for pēpi and māmā, connecting pēpi from birth to their iwi, to help them grow a strong cultural connection to who they are and where they come from – Ka Ora Taku Toa.

Ngāruahine pēpi Te Waitāheke King.

Ngāruahine pēpi packs.

HE MATAURAURA STRATEGY

He Matauraura Strategy was endorsed by Te Korowai Board in September 2022. He Matauraura aligns to the overarching Ka Ora Taku Toa five-year strategy by supporting uri in education and pathways to careers.

He Matauraura was developed and created by Ngāruahine, for Ngāruahine. Contributions were received from ngā hapū o Ngāruahine, Te Kaunihera Kaumātua, Te Kura o Ngāruahine Rangi, Te Kōhangā Reo o Te Taura Here ki te Ao, rangatahi focus groups at Hāwera High and Stratford High Schools. We thank them all for their contributions to this kaupapa.

Ngāruahine uri made up the Ohu Whakahaere (Governance Group) which included a cross section of Ngāruahine in the education sector and Te Ūkaipō representation. A special mihi goes out to Whaene Renee Wright, Matua Philip Nuku, Whaene Ngaraina Brooks, Kiri Erb, Rere-No-A-Rangi Pope and Karepa Wall. He Matauraura was spearheaded, prepared and presented by Ngaputiputi Akapita and Katrina Taylor.

Uri can receive a copy of the ‘He Matauraura Education Strategy’ by contacting the office.

TE WHARE KŌRERO O NGĀRUAHINE

Te Whare Kōrero o Ngāruahine has continued to engage with uri and the wider community to support the growing need for access to Te Reo Māori learning. We offer classes at levels 1, 2, 3 and 4 and all classes are always at full capacity. We provide reo teaching and learning from a uniquely Ngāruahine landscape, using our own kōrero, reo, mita and whakapapa to deliver what is becoming a thriving reo community.

Te Whare Kōrero o Ngāruahine offered Toi Māori workshops; sharing and creating artistic opportunities to retell iwi and hapū kōrero, whakapapa, and kōrero tuku iho. These learning opportunities were well attended by a cross-section of generations.

Whanaungatanga and manaakitanga continue to be guiding principles for Te Whare Kōrero o Ngāruahine. We are grateful for the strong relationships within Ngāruahine, Taranaki Whānui and nationally.

Level 1, 3 and 4 students of Te Pōkaitahi Reo 2023 ki Kānihi-Māwhitiwhiti Pā.

POUA TE PĀTŪTŪ (KĀINGA)

HOUSING DEVELOPMENTS

Te Korowai has completed desktop kāinga feasibilities and financial analysis on 16 properties that are currently owned by marae and hapū or about to be received back by hapū as part of Te Korowai’s Land reacquisition Programme. These include a mix of Deferred Selection Properties (DSP’s), Right of First Refusal (RFR) and marae properties. The purpose of the desktop feasibilities and financial analysis is to confirm if the properties are suitable for kāinga development, relative development cost and viability so land trustees can make informed decisions about kāinga development on their whenua. The scoping project for Kāinga Whakaahurangi was completed and we look forward to completing the business case in the next financial year.

KA URUORA

Ka Uruora was developed in partnership with iwi to help uri achieve financial independence by offering savings, education and home ownership opportunities. We have 110 Ngāruahine uri registered with Ka Uruora and 55 uri who have completed the Financial Literacy Programme. Ritihia Waller successfully completed the Ka Uruora Financial Literacy Training Programme in late 2022 and has delivered two courses for our whānau in Te Hāwera. The programme will continue to be promoted and rolled out as numbers dictate.

TE KAWA WHANAKEORA (MAHI)

TE ARA TOIROA

In December 2021 Te Korowai Board approved the Ngāruahine Procurement Strategy and Plan - Te Ara Toiroa (Pathway to Whānau Prosperity). This strategy originated from Ka Ora Taku Toa, our 5 year strategy under the Mahi Pou and hapū aspirations. Its aim is to achieve better outcomes for uri in education, career development and economic opportunities. At the heart of this strategy is the deliberate act of privileging uri, hapū, marae and iwi, and creating a self-perpetuating Ngāruahine economy and wellbeing for uri - building the Ngāruahine economy through our procurement initiatives with Ngāruahine at the helm.

Our strategic interventions: He Matauraura (supporting uri in education and pathways to careers), and Pupuke te Hihiri (Impact Investment Strategy) have been developed to streamline a ‘cradle to grave‘ process. The board has talked about the role Te Ara Toiroa has in helping to build our economic base where uri directly benefit from all of the opportunities that we are able to provide. These interventions create support systems and equitable access to our procurement opportunities for all Ngāruahine uri.

We have recently completed the ‘Te Ara Toiroa Implementation Plan’ and we are about to enter into cross-agency discussions (Ministry of Social Development, Ministry of Business, Innovation & Employment, Te Puni Kōkiri, Ministry of Housing and Urban Development, Ministry of Education and others), to secure implementation funding.

TeUraura Nganeko speaking at the Ngāruahine Business Network hui at Te Ngutu golf club.

NGĀRUAHINE LAND DEVELOPMENT PROGRAMME

The aim of this programme is to support our Pupuke te Hihiri objectives by developing commercially viable business on our own land (uri, hapū, marae) in turn providing employment opportunities for uri - a circular economy in action. Since the previous AGM, Te Korowai has been working with the Ministry of Primary Industries (MPI) to support Ngāruahine landowners to investigate alternative land development opportunities. The first stage has seen the completion of the Ngāruahine Land Stocktake which confirms that we have in excess of 1,782 hectares of land (113 land blocks) in our takiwā. This land may be considered for alternative land development feasibility (mix of marae, hapū, Māori freehold and reservations).

The role of Te Korowai is ‘facilitator’. A full analysis of that whenua is underway and when completed, Te Korowai will have a clearer understanding of what whenua we have in our rohe, who owns or administers it and where there is potential for development. The engagement process will involve promoting MPI’s alternative land use Programmes, securing buy-in and supporting uri owners and administrators to the investment ready stage of their development option. A Ngāruahine Iwi Land Development Workshop is planned for late 2023. Watch this space.

NGĀRUAHINE LAND REACQUISITION PROGRAMME

Consistent with the kaupapa of enabling hapū land reacquisition and development, Te Korowai secured and offered a range of opportunites for hapū to support their development aspirations:

• Toitū te Whenua – partnership model to enable hapū to purchase their DSPs.

• Hapū Strategy Development – development strategies with a focus on housing.

• Kāinga feasibility studies and financial analysis – 18 land blocks assessed for potential kāinga development which include marae land and DSPs that have yet to be returned to hapū.

• Alternative land use feasibility studies – sample yet to be confirmed, potentially 23 marae and hapū owned properties.

TUPUA TE MAURI (TAIAO)

NGĀTI HĀUA AWA MONITORING

This project began in 2021 utilising funding from the Parininihi Ki Waitōtara (PKW) Taiao Fund. The original plan was adapted due to COVID and other pressures on the hapū, including online wānanga and two extensions to the completion deadline. The funding allowed the purchase of:

• Fyke nets and gee minnow traps.

• Two Stream health Monitoring Assessment Kit (SHMAK) Plus kits.

• A comprehensive multispecies eDNA kit.

Two monitoring activities were undertaken on the Taikātu Stream, getting to know the equipment and then using it in the field.

Fyke nets and gee minnow traps were set the night before the second monitoring activity. Six tuna were caught ranging from 80 centimetres to 1.2 metres. All except one were longfin tuna. We also caught kōura of a range of sizes and one banded kōkopu (all caught species were subsequently returned to the Taikātu by the rangatahi). Along with the SHMAK data, this indicates that while water quality is not high, there is a good abundance of freshwater species in the Taikātu. These activities were well attended by Ngāti Hāua rangatahi.

The next steps involve the hapū setting up their monitoring programme and defining cultural health indicators based on their own values for their awa. Many thanks to Bart Jansma, the PKW crew and Tāne Houston for helping make the project happen.

Ngāruahine uri learning about our awa and how to monitor and look after our taonga that live within.

Bart Jansma measuring one of the tuna caught in the fyke nets.

ALTERNATIVE ENERGY POSITION STATEMENT

Multiple renewable energy projects are being proposed for the Taranaki region. The government is driving the development of these projects by incentivising investment and expertise from overseas. We held a series of online workshops in June 2022 to ascertain the values and outcomes that are important for Ngāruahine uri. Climate change is an issue that often marginalises indigenous peoples and ignores their ability to define problems for themselves. Viable solutions are also used to keep indigenous peoples oppressed and the subject of ongoing inequity.

PLEASE VISIT OUR WEBSITE, WWW.NGĀRUAHINE.IWI.NZ FOR A COPY OF THE POSITION STATEMENT ALONG WITH OTHER STRATEGIC DEPARTMENT OF CONSERVATION DOCUMENTS OR, SCAN THE CODE BELOW:

The Alternative Energy Position Statement outlines our expectations of how and where development occurs and the engagement undertaken with mana whenua by developers. It has been approved by Te Korowai Board and was published in February this year.

NATIONAL AND BUILT ENVIRONMENT (NBE) AND SPATIAL PLANNING (SPA) BILL SUBMISSIONS

The government has drafted two bills (two of three bills) which will replace the Resource Management Act 1991. Te Korowai provided a submission to the select committee which is responsible for reporting back to parliament on the Natural and Built Environment and Spatial Planning bills. We have worked with Ngā Iwi o Taranaki to provide a collective response on regional issues while also submitting on what is important to Ngāruahine. Some key points of the submission are:

• The Crown reimburses iwi and hapū for all actual costs incurred as a result of changing the legislation, including our settlement legislation.

• Oppose the establishment of a National Māori Entity to represent iwi interests.

• The bills need to provide appropriate recognition of protected customary rights and customary marine title holders in accordance with the relevant provisions of the Marine and Coastal Area (Takutai Moana) Act 2011.

• We support the elevation of the weighting given to iwi and hapū environmental planning documents in the preparation of a regional spatial strategy. This would mean regional planning committees having ‘particular regard to’ and ‘recognising and providing for’ rather than the current ‘take into account’.

• Environmental limits and targets are set at a level that recognises and upholds Te Oranga o te Taiao.

MĀRA KAI

In May 2022, we secured funding to back our Māra Kai Strategy. This financial support was utilised to launch a pilot program aimed at facilitating the collaboration among marae, hapū, kura, and our iwi, for this kaupapa ora.

Due to several challenges, the funders have granted an extension to our completion date, which is now set for September 2023.

We are eagerly looking forward to assisting these rōpū in establishing māra within their taiao and gathering various whānau kōrero and matauranga aspects to plant māra throughout the iwi landscape.

TE RERE O KAPUNI

Te Rere o Kapuni and Taranaki Maunga

KAITIAKITANGA

The opportunities ahead for true kaitiakitanga over our Maunga highlights how much Te Rere o Kapuni is a reaffirmation of Ngāruahine and our connection to our tupuna Maunga. As the development of Te Rere o Kapuni progresses, Ngāruahine has an active role as kaitiaki of te Taiao. This was highlighted when the felling and removal of two Tōtara took place. It was a combined effort between Te Rere o Kapuni cultural advisors Philip and Puhi Nuku, horticultural enthusiast Jasmine Milne, Egmont Dixon project managers, the Mounga Ecology Team led by Sarah Roth, Department of Conservation Community Rangers and the construction team from Livingstone Building. Clippings from the Tōtara were propagated and replanted onsite in significant locations and parts of the rākau were retained and milled to be used for taonga and art pieces to be created by Te Rōpū Toi o Ngāruahine for Te Rere o Kapuni. A mauri stone will also be laid at the site.

Ongoing engagement continues with Te Papa Atawhai (Department of Conservation) as they upgrade the staircase that leads down to the base of Te Rere o Noke. The staircase comprises of eight flights of steps and eight landings, offering views of Te Rere o Noke as you descend. The staircase replaced eroding concrete steps that have become hazardous. These upgrades are essential to ensure kaitiakitanga for public wellbeing and safety.

Taranaki Maunga from Aotearoa Pā.

OPERATIONAL DEVELOPMENT

As a sustainable operation, Te Rere o Kapuni will be offered to manuhiri, promising superb hospitality and manaakitanga on the slopes of Taranaki Maunga. This is a unique lodge experience in Taranaki and within Aotearoa.

The experience is positioned in the market as an all-inclusive package (meals and accommodation for 18 rooms) sold on a per person basis. Key selling features include:

• An architectural reaffirmation of the Ngāruahine connection to the Maunga.

• A cultural narrative that is reflected at every touch point in the visitor experience (from booking to arrival, to the stay, to post-departure).

• Warm, big-hearted manaakitanga that will make visitors feel special and valued.

• Engagement with Ngā̄ruahine iwi who act as hosts, storytellers, and guides.

• Delicious kai sourced locally.

• Opportunity to wānanga (small group workshops and meetings).

• Communal dining with karakia and evening kōrero.

• Quality accommodation with contemporary design, fit-out, art and ambience reflecting Ngā̄ruahinetanga.

• Magnificent views, walks and other activities to experience Taranaki Maunga / Te Papakura o Taranaki.

With a restaurant and separate wānanga room, Te Rere o Kapuni can cater to overnight guests and day visitors. The 18 rooms are configured for couples, twin-share, and families. A mouri tau (wellness) room is also available to provide private opportunities for hauora Māori, be it Rongoā Māori advice, mirimiri and/or whakangā (meditation). Rooms are individually named and designed to reflect the cultural narratives associated with Ngā̄ruahine.

Industry partners such as Venture Taranaki, Tourism New Zealand and tourism operators who work with quality lodge operations are hugely excited by Te Rere o Kapuni becoming a reality.

Multiple work streams are underway to ensure a successful opening and future operation i.e sourcing of furniture, putting a good marketing plan in place, the development and eventual launch of a website and online booking system to drive revenue, recruitment of kaimahi, securing food and beverage licenses and establishing the sustainability, risk management and operating systems.

Ne i, he pātai āu, tukuna atu ki a ngawai@terereokapuni.nz

Hei te wā o Puanga 2024 e tūwheratia ai (Opening Mid-2024)

Website: www.terereokapuni.nz (Live from October 2023)

Artist impression - Architect design for Te Rere o Kapuni.

Artist impression - Te Rere o Kapuni wānanga room.

Artist impression - Te Rere o Kapuni reception.

Artist impression - Te Rere o Kapuni lounge area.

KEY OPERATING DATA - AT A GLANCE

TOTAL EQUITY GROSS PROFIT (AFTER TAX)

5,642

6,392

15

31 March 2022

31 March 2023 Pēpi Packs Distributed

3 Te Ūkaipō Wānanga Offered:

• Whanaungatanga

• Waiata

• Taiao

2 Financial Literacy Courses Offered

544 Taranaki Tū Mai Registrations

2 Indoor Netball Series Offered

4 Te Reo Courses Offered

2 Awa Monitoring Wānanga Completed

100,535 Facebook ReachIncrease of 99.3%

1,880 Instagram ReachIncrease of 717.4%

Iwi Events

• Pō Whakahirahira

• Whānau Day

• Te Ngutu o te Manu Celebrations

The 2022-2023 Annual Plan saw the second year of growth within the ‘Ka Ora Taku Toa’ five-year strategy. The 2023 Annual Plan made great progress toward the overall strategy ‘Ka Ora Taku Toa’. The year focused on ‘Actions’ within the four pou as follows:

NGĀRUAHINETANGA

Actions Details

Te Ūkaipō Annual Business Case

Te Whare Kōrero o Ngāruahine Business Case

Iwi register policy and active maintenance plan

Aligned to the Rangatahi Development Plan and approved by their Ohu Whakahaere

Establishment of Te Whare Kōrero o Ngāruahine and the delivery of Pōkaitahi

Iwi register campaign

Online registration draws

Creation and Implemetation of Pēpi Packs

Engagement campaign

Facebook campaign, health promotion, merchandise (t-shirt, hats, drink bottles), trail blazers – short social media campaign profiling uri

Pouwhenua strategy implementation

Signature events and representation

Toitū te whenua strategy implementation

The launch of the first pouwhenua under the initiative Complete

Learn to Swim, whānau picnics, Taranaki Tū Mai, annual toi wānanga and Iron Māori

Transfer of DSP into created hapū-Te Korowai companies

Establishment of Hapū strategies and transition plans

Ongoing

TE KAWA WHANAKEORA (MAHI)

Actions Details

Te Ara Toiroa Implementation Plan 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

He Matauraura Implementation Plan Development of implementational initiatives to support the approved strategy and plan, which includes but is not limited to:

• Kura funding

• Pēpi packs

Scholarship Programme Distribution of scholarships to Uri:

• Te Hua Ōwhiti Hākinakina me Ahurea – Sporting and Cultural Grant

• Tuku Aupiki – Grant for non refundable short courses, conferences 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

POUA TE PĀTŪTŪ (KĀINGA)

Status

Ongoing

Complete

Complete

Actions Details Status

Whakaahurangi Housing Development Scoping a joint housing development with Ngāti Ruanui, approximately 84 units

Complete

Manaia Housing Development Scoping a joint housing development with Ngāti Tū Complete

Quality homes Programme Leveraging off Te Kāhui Maru contract to support repairs on whānau homes Complete

Ka Uruora Promotion and extension of Programme to include pāhake saver scheme

Complete

TUPUA TE MAURI (TAIAO)

Actions

Kaitiaki Pipeline Strategy

Details

Strengthens the pipeline of kaitiaki:

• Science, Technology, Engineering and Maths kura Programme

• scoping Taiao courses through Te Whare Wānanga o Awanuiārangi

• Paid internships

Awa Reconnection and Monitoring Programme

Launch of a long-term awa monitoring and restoration Programme:

• Mapping

• Archiving and development of a monitoring framework. Kai Sovereignty Framework

Status

Complete

Ongoing

Māra Kai Kai Sovereignty strategy which includes, māra and kohinga kai Ongoing

Marine and Coastal Area (MACA) Working with hapū to progress MACA claim Ongoing

ORGANISATIONAL CAPABILITY AND CAPACITY

Actions

Organisational review

Details

• Review and implement organisational structure to support compliance requirements and growth. Including the recruitment and appointment of CFO and other key roles

Status

Complete

Kaimahi development and hiki wairua

• Tikanga and Te Reo development

• Development - Team development

• Hiki wairua plan - Healthy and positive tari culture

Complete

Project Tūkau

Finalise business case for a multi purpose iwi led civic development – particularly our iwi hub. (Cross cutting with other Pou) .

Complete

REPORTING AGAINST THE ANNUAL PLAN 2022 - 2023

Awa monitoring, Taikātu Road - Ngāti Hāua.

Taikātu stream and Taranaki Maunga from Taikātu Road - Ngāti Hāua.

POUWHAKARAE REPORT

Te Kīwai Mauī o Ngāruahine Limited (Mauī) is the commercial arm of Te Korowai o Ngāruahine Trust (Te Korowai), responsible for investing and managing the pūtea of Te Korowai. Our role is to invest funds entrusted to us by Te Korowai in a manner which:

• is consistent with the values and tikanga of Ngāruahine;

• enhances Ngāruahine’s wealth, reputation, pride, and aspirations;

• has consideration for kaitiakitanga including leading environmental, social, cultural & governance practices.

Guided by the Te Korowai vision, “Ka Ora Taku Toa”, our purpose is to be an outstanding investment company enabling and ensuring the achievement and potential wellbeing of Ngāruahine.

Our investment strategy focuses on building a diversified portfolio of high-quality investments that provides stable income, long-term asset growth and greater social, economic, and cultural impact benefits for Ngāruahine.

We have focused our direct investments into asset classes where we have competitive advantage as an iwi, transitioning from passive managed funds with greater exposure to the short-term risks within listed financial markets.

This strategy has helped protect us from the recent challenging macroeconomic and geopolitical conditions that have adversely impacted markets. As we discussed at last year’s AGM, we expected the 2023 financial year to be a difficult year with higher interest rates and more sluggish economic activity leading to lower returns than in 2021 and 2022. This was indeed the case.

Despite these challenges our direct investment portfolio continued to deliver strong and consistent operating returns in FY 2023, which helped deliver a net profit of $2.4m for the year. As mentioned this result was expectedly down on last year ($10.8m), however given market conditions, this was a good outcome for Mauī.

Particularly pleasing was the ability of our investment portfolio to continue to deliver good stable cash returns through this difficult period, critical to support our iwi strategic plans and operations. Noncash asset valuations were impacted by the market down-turn, but our long-term significant investment return outperformance remains in place.

Over the last 5 years, Mauī has delivered an average investment return of 7.4% annually. This is 3.1% better per annum than what the equivalent balanced investment fund (4.3% annual return) would have provided. Since 2019, we have delivered total benefits of $14.8m above what the balanced

Taaringaroa Nicholas

Koinei rā tāku he mihi ki a koutou ki a tātou - Tēnā tātou.

investment fund would have provided. We have also been able to do this with substantially less risk. This performance provides us confidence in our investment strategy, and we expect to continue to deliver strong investment returns and to outperform market benchmarks.

Our direct investment strategy will increasingly focus on local impact investments within the Ngāruahine rohe, which will provide inter-generational social, cultural, and economic benefits for Ngāruahine. We believe our investment in Te Rere o Kapuni on our maunga will be of major cultural significance for Ngāruahine, and will help us share our culture and manaakitanga with manuhiri. We are very excited to be able to welcome manuhiri next year.

We are also continuing to progress other impact investment opportunities in the rohe, including kāinga for Ngāruahine Whānau and iwi-community facilities

We will increasingly deliver wider benefits to Ngāruahine through our investments across Aotearoa. Mauī is a foundation investor in Hāpai Housing, an iwi property investment vehicle with a priority focus to deliver affordable housing for iwi. We are very excited about the pipeline of housing opportunities we will be able to offer for Ngāruahine , with a landmark project of 50 units in Tāmaki Makaurau opening in August this year. Future pipeline projects in Tāmaki Makaurau and Pōneke next year will complement our focus in our rohe to deliver kāinga opportunities for Ngāruahine.

We were very pleased to appoint one of our own whanaunga, Jayde Rangi Wilkinson, as Te Mana Hautū - CEO to help drive the next stage of our journey, especially in relation to the delivery of our local impact investments in the rohe to support the growth and development of Ngāruahine.

KEY HIGHLIGHTS

Key highlights for the year included:

• Total FY23 comprehensive income of $2.4m (combined Te Kīwai Mauī o Ngāruahine Ltd and Ngāruahine Fisheries Limited).

• FY23 dividend payments of $2.2m to Te Korowai (up $250k on last year), plus net asset growth of $460k.

• Strong returns from the Hāpai iwi investment vehicles achieving a total return of 13.6%.

• 25.5% return from natural resource investments through the Pūainuku iwi investment vehicle.

• Tai Hekenga property investment valuation was impacted by the property market downturn, but it continued to deliver strong stable cashflow ($0.9m, or 5.7% on opening cost).

• Significant devaluations in listed markets leading to c$1m in managed fund losses.

• 5 year average annual return of 7.4%, 2.5% superior to equivalent market benchmarks (c4.9%).

• Commenced rebuild of our development at Te Rere o Kapuni, with target opening next year (2024).

• Hāpai kāinga pipeline well advanced with initial delivery of 50 units in Tāmaki Makaurau prioritised for iwi members due in September.

Paula Carr, Jayde Rangi Wilkinson and Taari Nicholas.

INVESTMENT PORTFOLIO

A breakdown of our asset portfolio is detailed in figure 1 below:

FIG 1: NGĀRUAHINE GROUP PORTFOLIO ($MILLION)

FY2022

FY2023

As shown, our portfolio is made up of a diversified range of asset sectors, including public and private businesses, property, infrastructure, diversified agriculture, and fisheries. These investments have been classified into income assets (providing stable cashflows) and growth assets with higher risk / returns.

As noted above, our focus has been to transition our investments from passive managed funds into strategic direct investment asset classes where we have competitive advantage to deliver superior returns, better manage risk across and deliver greater direct impact benefits for Ngāruahine.

Our increasing focus on local impact investments in our rohe, including current investment in Te Rere o Kapuni will continue this transition path to further strengthen our portfolio to deliver greater impact benefits for Ngāruahine.

FY22 FINANCIAL PERFORMANCE

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

FIG 2: PROFIT AND LOSS PORTFOLIO ($MILLION)

Hāpai Housing

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 members. Hāpai Housing is developing a pipeline of housing opportunities for shareholder iwi members, with its first landmark project of 50 units in Tāmaki Makaurau opening in September this year. Future pipeline projects in Tāmaki Makaurau and Wellington are planned next year.

Hāpai Commercial Property

Mauī committed an investment of $11m 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 seven properties to-date, with the focus on assets with strong tenant covenants, location and usage diversity.

Overall, the Mauī group delivered total FY23 comprehensive income of $2.4m (combined Mauī and Ngāruahine Fisheries Limited).

During the year, the Mauī group paid total dividends of $2.2m to Te Korowai, up $250k on last year. As expected economic factors negatively impacted asset valuations and overall returns this year.

OUR INVESTMENTS

Hāpai Whānau

The Hāpai Whānau is a group of iwi collective investment vehicles that provides access to diversified leading sector returns in build-torent housing, commercial property, and property development investment opportunities. Mauī was one of six foundation investors to establish Hāpai. As a founding investor, Mauī has directorship representation on the Hāpai board, providing Mauī with good governance oversight across our Hāpai property investments.

During FY23, Hāpai Commercial delivered an operating return of 5.6% and a total return (including capital revaluations) of $13.4%. Over the past 3 years, Hāpai Commercial has delivered a total annualised return of 24.5% per annum.

Hāpai Development

Mauī has committed $5m in Hāpai development. Todate this vehicle purchased land in Iport, Rolleston (Canterbury), and entered into an investment joint venture to develop property at the Rydges Formosa Golf Resort (Beachlands – Eastern Auckland).

Pūainuku Whānau

The Pūainuku whānau consists of iwi collective investment entities that are focused on key primary sector categories including agriculture (Pūainuku Pastures), viticulture (Pūainuku Vines) and seafood (Pūainuku Tangaroa). Mauī has committed as a foundation investor in each of these vehicles.

Pūainuku whānau are in the process of developing their environmental, social and governance reporting with their first report to be included in the FY23 annual report in late September.

Pūainuku Pastures

Pūainuku Pastures has dairy interests in high quality farms throughout the South Island. Mauī has invested $4.1m into this entity. During FY23, Pūainuku Pastures delivered an operating return of 9.4%, and a total return (including capital revaluations) of $16.1%. Over the past 2 years, Pūainuku Pastures has delivered a total annualised return of 25% per annum.

Pūainuku Vines

Mauī has committed $3m to Pūainuku Vines, which has invested into rural ground leases in Marlborough. Pūainuku Vines achieved operating returns during the year of 7.0%, and a total return (including capital revaluations) of $33.8%. Over the past 2 years, Pūainuku Vines has delivered a total annualised return of 23% per annum.

Pūai Tangaroa

Pūai Tangaroa has invested in kōura quota and rolling leases with Port Nicholson. We have invested $750k in this vehicle, which has achieved operating returns of 4.3%.

Tai Hekenga

In FY20, Mauī completed an investment of $11m into Tai Hekenga, a consortium of Taranaki Whānui linked iwi that collectively purchased a large portfolio of Crown land in Wellington and leased this land back to the Crown. This investment provides secure low risk rental returns and capital gains. In FY23, Tai Hekenga delivered an operating cash return of c$900k, representing 4.1% on opening valuation (c$21m) and c$20m on original cost. The closing valuation was impacted by the downturn in markets (dropping by circa $20m), however the

3 year annualised total return on our Tai Hekenga investment remains very strong at 19%.

Te Puia Tāpapa

In FY20, we committed $2.5m alongside other iwi and Māori investors into a collective direct investment vehicle, “Te Puia Tāpapa”, which together with major NZ investors seeks to purchase well managed companies with the ability to grow permanent value. This commitment gives us access to strategic businesses and synergistic long-term opportunities that we would previously not have had access too. Approximately circa 60% of our commitment to the fund has now been invested by FY23 year end to support investments in the transportation, finance, and healthcare sectors. Our remaining commitment is expected to be fully invested over the next two to three years.

Our investment in Te Puia Tāpapa is a long-term growth investment with returns expected to crystallise in the longer-term after the fund is fully invested. The investment portfolio has delivered a total return of 8% since inception.

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.

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 29% to-date. During FY22, Mauī committed a further $2.5m in Orien’s second fund, of which $1m has been invested to-date.

Continuity Capital Private Equity

To increase access to long-term high growth assets, in FY23 Mauī also committed an investment of $7.5m to Continuity Capital, which invests in private equity funds with a proven track record of delivering attractive returns. To date Mauī has invested $2.6m of its commitment.

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.

The ongoing impacts of Covid-19 continued during FY23, along with inflationary cost pressures resulting in no distributions being paid out during the year. However, the fund had a reasonable value uplift in FY23 with a total return at 4%.

Mercer Socially Responsible Managed Funds

During FY23, our investments in Mercer’s Socially Responsible funds were impacted by the challenges faced by financial markets, returning a loss of (3.1)% for the FY23 year.

Our investment into Mercer Socially Responsible Fund continued to reduce over the year, as we shifted funds to new direct investments as outlined above.

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).

In FY23, NFL delivered a pre-tax profit of $152k (6.8% on investment), compared to $139k (6.2%) last year.

Te Rere o Kapuni (formerly Dawson Falls Lodge)

Te Rere o Kapuni is a place of significant cultural and historical importance to Ngāruahine and Taranaki. We have committed to rebuild the lodge to help us share our Ngāruahine culture, stories and manaakitanga with manuhiri.

Te Rere o Kapuni is a key impact investment for us in our rohe, and will provide opportunities for us and our uri, including employment, business and growth opportunities. Construction is now underway, targeting completion next year (2024). We are very excited to open the doors to a brand-new facility and welcome manuhiri again on the Maunga.

Impact Investment Strategy – Pupuke te Hihiri

Together with Te Korowai, we have developed an impact investment strategy – “Pupuke te Hihiri”, which is from the karakia “Matua te Kore” and refers to a surge of energy that leads to the awakening of thought and knowledge. In the context of our overarching strategy, Ka Ora Taku Toa, Pupuke te Hihiri will help us focus on achieving the potential

and the hopes and aspirations of Ngāruahine.

As part of Pupuke te Hihiri, we are increasing our focus on local impact investments in our rohe, which will provide the opportunity to deliver social, cultural, mahi, economic growth and development and other benefits for Ngāruahine.

Development of the opportunities above is a key priority for us, and we are pleased to now have Jayde Rangi Wilkinson on-board to help us drive these opportunities locally on the ground.

Our investment in Te Rere o Kapuni on the maunga has been a major focus for us in this regard. In addition to overseeing the construction delivery of the lodge, we have been working in the background to help ensure that when the doors open, manuhiri are greeted and experience our culture and manaakitanga, delivered by our people.

In addition to our investment in Te Rere o Kapuni, we have also been progressing other opportunities in the rohe as part of Pupuke te Hihiri. This includes the delivery of warm, healthy affordable housing for our whānau. We are exploring a range of kāinga opportunities together with Ka Uruora – our collective iwi charitable housing trust partner. These kāinga opportunities include the delivery of affordable rentals and supporting our whānau realise their aspirations to own their own home. This will be a key focus in the coming period. As part of supporting our whānau into kāinga opportunities, Te Korowai and Ka Uruora have been delivering education to support our whānau on their pathway to housing and improved financial independence.

Development of Local Iwi – Community Facilities

Last year 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 hapū and whānau. With the appointment of Te Mana Hautū we are excited to re-engage with local leadership groups and local hapū leaders.

We continue to build our relationship with South Taranaki District Council and acknowledge their appointment of the new Group Manager for Community Services.

We are excited to progress with the business case for a combined multi-purpose, multi-use Ngāruahine and community facility in Manaia.

The challenging market conditions expectedly impacted our financial results this year, compared to previous years, however our direct investments continued to deliver good stable cash returns through this difficult period to support our iwi strategic plans and operations.

We expect the direct property, ground leases, infrastructure and whenua-based activities to continue to provide strong and stable cashflows to enable a growing distribution to Te Korowai.

Our long-term investment return performance remains strong, outperforming relative benchmarks, which gives us confidence we are on the right path to continue to provide increasing benefit to Ngāruahine.

Our long-term investment returns are underpinned by a high-quality property, natural resource and infrastructure portfolio which will continue to provide long-term inflation adjusted distributions and capital growth.

We are now in an exciting phase of increasing our focus on delivering greater impact benefits from our investments. We look forward to creating these opportunities with and for Ngāruahine.

I wish to thank my fellow directors Paula Carr, Te Aroha Hohaia, Dion Maaka, Karna Luke and aspiring director, Amber Nicholson and our management team for their tireless and significant contributions to achieving our progress to-date. I am also grateful to the trustees and staff of Te Korowai o Ngāruahine for their continuous support.

Taaringaroa Nicholas Pouwhakarae

Paula Carr Trustee Director

Amber Nicholson Aspiring Director

Karna Luke Independent Director

Dion Maaka Independent Director

Te Aroha Hohaia Trustee Director

Ngā mihi nui

SUPPLEMENTARY INFORMATION

OUR TRUSTEES

AND THEIR HIGHLIGHTS FOR 2022-2023

Board Hui ki Ohangai, 2022.

Paula Carr (Pouwhakarae), Kānihi - Umutahi

At the top for me, was the redress signing of our tupuna maunga, with an opportunity on this day to reflect the decades of advocacy across generations of our leaders (including Nan), and the fight for accurately acknowledging his identity and importance to us – iwi Māori. My governance highlight reflects the support and confidence in Te Aorangi as she grew into the Tumu Whakarae/Chief Executive role, and in a year or so, has built the capacity and capability of Te Korowai to deliver on a vast majority of expectations, set by the board with Te Aorangi for FY2022/23. No mean feat especially as the tail of Covid still lurks. A contrasting year to last year, financial performance and investments wise - I’ve been able to trust and appreciate the leadership and expertise we have around Te Kīwai Mauī, led by our whanaunga Taari, to make critical measured decisions, being visionary, and always checking in on Te Korowai perspectives, being ever so conscious of our people’s message of increasing direct benefits to uri.

Finally, our focus on partnerships and working together to strengthen our iwi is my third highlight. The Kawenata signing with Ngāruahine Iwi Authority and forward plans to support our six hapū, will go down as an important win for the coming together of our people.

Allen Webb, Kānihi-Umutahi

Working alongside a diverse set of board members who are focused on delivering and investing in achievable outcomes for the betterment of our people, our marae, and our hapū. Thus, strengthening and uplifting the revitalisation of Ngāruahine as an iwi.

John Hooker, Ōkahu-Inuawai

A good, diverse board with a range of maturity, experiences and aspirations. A strong reflection of mana motuhake hapū.

Ngaraina Brooks, Ōkahu-Inuawai

I have been privileged to be a part of a dynamic and future focused organisation. There have been many notable kaupapa achieved but two in particular come to mind - the signing of the kawenata with Ngāruahine Iwi Authority and the fabulous day we had as hosts for Te Ruruku Pūtakerongo (Taranaki Maunga Collective Redress Deed). The numerous opportunities that are available to our uri through housing, education, taiao also stand out for me.

Ferinica Hawe-Foreman, Ngāti Manuhiakai

Three highlights stand out for me. He mihi nui to our hāpu validators who have done a vast amount of mahi on registrations awaiting validation - your mahi is priceless. The board’s approval of Pupuke te Hihiri Whai Rawa - Impact Investment Strategy - this strategy is about investing in and producing direct benefits for uri.

My special highlight though is Te Korowai o Ngāruahine supporting and delivering programmes, especially the online talent quest. So much talent - E tū Ngāruahine-Rangi!

Kiri Erb, Ngāti Manuhiakai

Welcoming Jayde Rangi-Rangi Wilkinson into Te Kīwai Mauī Ltd and the development of the Pupuke te Hihiri Whai Rawa - Impact Investment Strategy.

Our people have told us that they want to see investment within Ngāruahine rohe.

That it’s not just about making money but also about creating and seeing positive change for our people. The development of this strategy is the beginning of something great and I’m looking forward to seeing this flourish for the benefit of all uri.

John Kahupukoro, Ngāti Hāua

I am beyond proud of the shared vision of our board to see the return of our whenua become a reality. I look forward to experiencing and watching the development of hapū and our people thriving.

Sarah Mako, Ngāti Hāua

2022 - 2023 has been an exciting, productive year. We have endorsed Te Pupuke Te Hihiri, He Matauraura and the Alternative Energy Position Statement, which capture the opportunities and aspirations of uri. I acknowledge the hard work of our kaimahi in implementing these strategies in addition to those strategies of previous years. Our sea of red Ngāruahine t-shirts during Taranaki Tū Mai 2022 ki Ngāti Ruanui is a reflection of our thriving and growing iwi.

Caroline Scott, Ngāti Tamaahuroa-Tītahi

I am proud of the strategic outcomes the board set and completed, plus the continued support to hapū and whānau. Starting the build of Te Rere o Kapuni and the creation of a beautiful Ngāruahine space. Working with board members who share a common vision for the welfare of Ngāruahine iwi, hapū and whānau.

Grant Weston, Ngāti Tamaahuroa-Tītahi

After being elected to the board we started our journey on the flight path of Te Korowai o Ngāruahine Trust Board. 2020-2021 this time was spent being introduced to the make-up of the vehicle its operations, shape and design; the wings which are the financial arms; the navigators are the Trustees; the tail or fin who are all the kaimahi team; Paula as the Captain and Te Aorangi as Co-Pilot. Three highlights from being a Trustee:

• Improvement of communications (2021)

• Return of the whenua (2022 and on-going)

• Hui with Te Hapū Tiitahi (2023)

It is time for me to disembark this flight and for others to take-up where I have left-off. It has been an honour and a pleasure to serve our people as a representative for the hapū and ngā uri o Ngāruahinerangi. Titiro whakamuri; kōkiri whakamua!

Te Ahu Rei, Ngāti Tū

I’ve been fortunate to have had the opportunity to serve on the Te Korowai Board with an eclectic group of wonderful people with diverse skills and interests. Kei ngā huāngā, tēnā koutou.

I continue to hail the efforts of Te Aorangi and her team in the Te Korowai office for keeping us in the ‘social media loop’ about the various kaupapa that are taking place in the ‘iwi space’ both in Ngāruahine and throughout Taranaki. Ka mutu pea!

We are also mindful of those dearly departed who we have lost in the last year or so. Our thoughts and prayers are with their respective whānau at this time. Tēnā tātou katoa.

Te Aroha Hohaia, Ngāti Tū

The establishment of a communications rōpū within Te Korowai; the signing of a kawenata with Ngāruahine Iwi Authority; the challenges of securing a building consent for Te Rere o Kapuni; and the appointment of Jayde Rangi Wilkinson as Te Mana Hautū for Te Kīwai Mauī Ltd.

David Patten, Tumu

Herenga Tāngata

• Master of Business Studies (in Dispute Resolution)

• Bachelor of Laws

• Bachelor of Arts

• Diploma of Business Studies (in Dispute Resolution)

• Fellow of the Arbitrators’ and Mediators’ Institute of New Zealand

• Member of the New Zealand Law Society

• Member of the Australasian Association of Workplace Investigators

INDEPENDENT MEMBERS QUALIFICATIONS

Lara Robertson, Tumu Herenga Tāngata (appointed May 2022)

Ngāruahine

Ngāpuhi ki Taiāmai

• Master of Commerce

• Bachelor of Commerce (Honours)

• Member of the Human Resources Institute of New Zealand

GOVERNANCE ATTENDANCE

Alicia Akauola, Te Ohu Arotake (appointed March 2023)

• Bachelor of Business Studies

• Member of the Institute of Chartered Accountants Australia & New Zealand

Phillippa Wilson, FCA. Te Ohu Arotake

• Master of Public Policy

• Bachelor of Business Studies

• Fellow of the Institute of Chartered Accountants Australia & New Zealand

GOVERNANCE SUB-COMMITTEES AND SUBSIDIARIES

Te Ohu Arotake (Audit & Risk Committee)

Paula Carr

Kiri Erb

Ferinica Hawe-Foreman (appointed as Chair April 2023)

Caroline Scott (appointed as Chair April 2022; resigned from Chair April 2023)

Allen Webb

Phillippa Wilson FCA. (Independent member)

Alicia Akauola CA. (Independent member) (appointed March 2023)

Tumu Herenga Tāngata (Tumu Whakarae & Organisational Performance Review Committee)

Ngaraina Brooks (appointed as Chair March 2023)

Paula Carr

John Hooker (retired April 2022)

John Kahupukoro (retired April 2022)

David Patten (Independent member)

Lara Robertson (Independent member) (appointed May 2022)

Caroline Scott (appointed as Chair April 2022; resigned from Chair March 2023)

Te Kīwai Mauī o Ngāruahine Limited

Paula Carr

Te Aroha Hohaia

Karna Luke (Independent Director) (appointed August 2022)

Dion Maaka (Independent Director)

Taaringaroa Nicholas (Chair)

Amber Nicholson (Aspiring Director) (appointed November 2022)

Hinerangi Raumati-Tu’ua (resigned June 2022)

Te Kīwai Matau o Ngāruahine Charitable Trust

Paula Carr

Ngaraina Brooks (appointed August 2022)

Kiri Erb

Ferinica Hawe-Foreman

Te Aroha Hohaia

John Hooker

John Kahupukoro

Sarah Mako (appointed April 2022)

Te Ahu Rei

Caroline Scott

Allen Webb

Grant Weston

Ngāruahine Fisheries Limited

Te Aroha Hohaia (appointed July 2022)

Dion Maaka (appointed August 2022)

Taaringaroa Nicholas

Hinerangi Raumati-Tu’ua (resigned June 2022)

Te Rere o Kapuni Limited

Paula Carr (appointed August 2022)

Te Aroha Hohaia (appointed August 2022)

Dion Maaka (appointed August 2022)

Taaringaroa Nicholas

Hinerangi Raumati-Tu’ua (resigned June 2022)

Te Korowai o Ngāruahine Custodian Company Limited

Paula Carr

* The Pouwhakarae sits on all committees as an exofficio member.

OUR KAIMAHI

AND THEIR HIGHLIGHTS FOR 2022-2023

Te Korowai o Ngāruahine Pouuruhi-ā-Iwi Kawarau Ngaia ki Te Ruruku Pūtakerongo, Aotearoa Pā 2023.

Te Whakatōhea, Ngāpuhi ki Whaingāroa

Kaiwhakahaere Tāhūhū Executive & Governance Programme Manager

rhonda@Ngāruahine.iwi.nz

Identifying and developing systems that meet the needs of the governance group.

Ngāruahine

Whakatōhea

Office Administration Coordinator

Resigned July 2023

Being able to give back to those who gave to me is a real honour.

Iwi Registrar

office@Ngāruahine.iwi.nz

Listening and connecting uri with whakapapa is my highlight.

Ngāruahine

Pouuruhi Pāpāho

Communications Team Lead

janine@Ngāruahine.iwi.nz

I enjoy the new challenges and the new relationships that this mahi brings.

Communication Advisor

Ngāruahine, Ngāti Ruanui, Te Ātiawa, Taranaki, Ngāti Maru moesha@Ngāruahine.iwi.nz

My highlight was Taranaki Tū Mai, connecting and engaging with uri from all over the motu.

Ngāpuhi, Te Ātiawa, Taranaki, Ngāti Hāua ki Taumarunui

jackson@Ngāruahine.iwi.nz

Learning everything about Ngāruahine and communicating that through visual media.

Janine Maruera

Moesha Katene-Rawiri Kaipāho

Jackson Cassidy Kaihoahoa

Design Advisor

Bonnie Johnstone Kaitiaki Rārangi

Rowan Reihana Kaiwhakahaere Tari

Rhonda Vanstone

Emma Park Pouhāpai Chief Financial Officer

emma@Ngāruahine.iwi.nz

Being able to contribute to the wider kaupapa by supporting Te Korowai/Tumu Whakarae in the financial area.

Kawarau Ngaia

Taranaki, Ngāti Ruanui, Te Whakatōhea, Ngāruahine

Ritihia Waller Kaitātai Kirimana

Funding and Contracts Accountant ritihia@Ngāruahine.iwi.nz

Love being able to serve our uri and witness the growth within our hapū and marae.

Tūhourangi accounts@Ngāruahine.iwi.nz

Ko te mea nui ki te tautoko i ngā kaupapa whakahirahira o Ngāruahine. Ko Te Ngutu o te Manu, ko Taranaki Tū Mai me te Wiki Haa.

Ngaputiputi Akapita

Rangihuna Waller

Pouuruhi ā-iwi

Iwi Relations Lead

He uri au nō ngā waka e toru, Tokomaru, Kurahaupō, Aotea kawarau@Ngāruahine.iwi.nz

Taranaki Tū Mai rocked! Also seeing whānau dressed up for the Pō Whakahirahira.

Kaitohutohu Matauraura

Senior Education Advisor

Ngāti Maru, Ngāruahine, Ngāti Ruanui, Ngā Rauru, Ngāti Rangi Ngaputiputi@Ngāruahine.iwi.nz

Welcoming new pēpi ki te ao mārama ki te korowaitangā o tōna iwi, has been a beautiful journey.

Kaitohutohu Rangatahi Rangatahi Advisor

Ngāruahine, Ngāti Ruanui, Whakatōhea rangihuna@Ngāruahine.iwi.nz

Love seeing our rangatahi blossom through the experiences that Te Ūkaipō offers.

Te Ātiawa

John Tapiata Accountant (Contracted)

Te Ātiawa, Ngāti Maru, Ngāti Ruanui, Ngāruahine ki Te Rangi, Taranaki

Dion Luke Pouuruhi Taiao

Environmental Lead

Resigned 18th May, 2023

Seeing hapū developing their capacity and working together on the many challenges they face in the taiao.

Ngāruahine

Ngāruahine

TeUraura Nganeko

Ngāruahine, Taranaki Tūturu, Ngāti Ruanui

Pouuruhi

External Relations

teuraura@Ngāruahine.iwi.nz

My highlight is the completion of Te Ara Toiroa Implementation Plan.

phil@Ngāruahine.iwi.nz

Procurement and people employed is an excellent strategy.

puhi@Ngāruahine.iwi.nz

I love that our people are growing and thriving.

Philip Nuku Pouhautū

Puhi Nuku Kaiako Matua

Whaene Puhi me ngā tauira o Te Kura o Ngāruahine Rangi waiata poi ki Aotearoa Pā.

Te Korowai o Ngāruahine AGM ki Kanihi Pā, 2022.

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

Te Korowai Kaitiaki | Trustees

Paula Carr (Pouwhakarae), Ngaraina Brooks, Ferinica Hawe-Foreman, Te Aroha Hohaia, John Hooker, John Kahupukoro, Sarah Mako, Te Ahu Rei, Caroline Scott, Allen Webb, Kiri Erb and Grant Weston.

Guest Presenters

Taaringaroa Nicholas, Adrian Taylor, John Dixon and Tāne Houston.

In Attendance

Aaron McCallum, Adrian Taylor, Ali Cole, Allen Webb, Allie Hemara-Wahanui, Amy Van Eerden, Angela Kerehoma, Angie Cassidy, Ann Johnston, Anton O’Carroll, Arni Agar, Aroha Wharemate, Barb More, Barnie Julisi, Barry McLernon, Betty Robinson Goedhart, Bill Maha, Bonnie Johnstone, Caleb McGrail, Candice Priest, Charmaine Read, Cheryl Luke-Maraki, Chris Parata, Cindy Kawana, Cole Webb, David Steinhardt, Dickon Lentell, Dinah King, Dion Luke, Donia King, Donna Ngatai, Elaine Webb, Eleanor Gardiner, Emma Park, Emma Gardiner, Esther Clay, Fay Hohaia, Floss Noble, Garfield Toro, Georgina Wharepapa, Graeme Tidswell, Grant Weston, Heavenlee Ngatai, Hemi Haddon, Hiria Talaia, Honey Jay Cassidy, Irene Robinson, Iri Mako, Ivy Kearney, Jackie Paenga-Rennie, Jackson Cassidy, Janine Maruera, Jenny McCallum, John Tapiata, John Hooker, John Kahupukoro, John Dixon, Jude Cornelius, Julie-Anne Barney-Katene, Justine Carr, Kati Mako, Katrina Taylor, Kawarau Ngaia, Kiki Ruakere, Kristin Kihi-Leatherby-Julisi, Kylie Surgenor, Leah Eynon, Leanne Robinson, Leanne Plunkett, Linda Elgar, Lisa Ison, Lola Katene, Lorna Katene, Lyn Tuffery, Lynell Huria, Makere Edwards, Maria Robinson, Maria Lopaz, Mark Webb, Mary Nicholson, Michelle Kahui-Heke, Missy Spooner, Moesha Katene-Rawiri, Nanci-Lee Katene, Ngaputiputi Akapita, Ngaraina Brooks, Ngatokoa Tikitau, Ngawai Henare, Ngawai Akapita, Ngawai Hernandez-Walden, Nikita Weston, Paani Julisi, Pahi O’Carroll, Pam Morehu-Wharepapa, Pam Hinewai, Patina Edwards, Paula King, Paula Carr, Pepe Noble, Peter Moeahu, Peter Read, Philip Nuku, Puawai Hudson, Puhi Nuku, Rāhiri Mākuini, Raymond Eynon, Rerenoarangi Pope, Rhonda Vanstone, Ria Waikerepuru, Richard Darroch, Ripeka Hudson, Ritihia Waller, Rochelle Jakeman, Rowan Reihana, Sean Webb, Sandra Julian, Sarah Mako, Shaun Wallace, Sidney Ngatai, Spencer Carr, Sue Carr, Suzie Kahupukoro, Taaringaroa Nicholas, Taituutamatane Cassidy, Tami Cave, Tane Houston, Taniya Miles, Tazmyn Katene-Ashford, Te Ahu Rei, Te Amokura Nuku, Te Aorangi Dillon, Te Aroha Hohaia, Te Hapimana Tauke King, Te Rau Oriwa Davis, Te Raunatanga Edwards, TeUraura Nganeko, Thomas Webb, Tina Mareikura, Todd Leatherby, Tracy Edwards, Tupaia Edwards, Wendy Eynon, Whitikau Rio, Will Edwards and Winsome Priest.

Karakia | Mihi Whakatau

John Kahupukoro.

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

1. Pouwhakarae Message

The Pouwhakarae Paula Carr welcomed whānau to the hui-ā-tau at Kānihi-Māwhitiwhiti Pā, explaining the theme of this year’s Annual Report as ‘whenua’ – a theme woven throughout the report which is full of kaupapa reflective of activities and leadership.

The Pouwhakarae acknowledged present trustees, past trustees, those who have supported the mahi of the Trust such as the former Independent member of Te Ohu Arotake Neil Taylor, and the kaimahi of Te Korowai.

The Pouwhakarae noted that items of general business could be raised at any time during the hui and discussed after the presentations. General housekeeping including health and safety was also noted.

The Pouwhakarae noted that while Te Korowai focused on mahi to support and grow our people, much goes on in the background to protect our resources while responding to the priorities of government.

The Pouwhakarae introduced the Masters’ of Ceremonies (MC) for the day, trustees Te Ahu Rei and Te Aroha Hohaia who began by explaining the online event management software (ACE App) being used to enable uri to view, make comments and ask live questions of presenters from their personal device. The live streamed hui recording would be made available to whānau to view via the app.

Te Ahu Rei/MC explained the format of the hui and order of proceedings for the day.

2. Apologies

The following apologies were noted:

Allan Brooks, Alison Ranui, Andrea Kiwi, Aroha Houston, Aroha Rauhihi, Awhina Kohinga, Bonita Bigham, Carin Luke, Charlie Snooks, Chelsea Sole, David Patten, David More, Dennis Weston, Dinnie Moeahu, Dion Maaka, Dione King, Ferinica Hawe-Foreman, George Eynon, Gregg Parata, Hinerangi Edwards, Hinewai Ranui, John W Kerehoma, Josie Bigham, Keonte Ngatai, Kereama Wright, Kiri Erb, Kura Moeahu, Kurarauringa Waller, Lara Robertson, Leanne Horo, Maatariki Rapira, Manawa Wright, Marama Henry, Maureen O’Keeffe, Mere Brooks, Neta Riley, Ngawai King, Peter Hikaka, Phillippa Wilson, Rachel Weston, Rangihuna Waller, Raymond Eynon, Raymond Ngatai, Renee Wright, Rewatu Carr, Robin Katene-Thompson, Rumatiki Smith, Ruth Kiwi, Sydney Ngatai, Taitoa Ngatai, Tama Eynon, Tamaari Kupe-King, Tawera Reihana, Te Haana Paewai, Te Maramatanga Hohaia, Te Mihiroa Wright, Te Oti Katene, Te Poutokomanawa Kupe-King, Te Rawanake Coles, Terawhiti Arthur, Tiffany Kawana-Waugh, Tina Parata, Tracy Rupapera, Waimarie Cassidy, Warren Cassidy, Wetini Weston and Zina Katene.

The Pouwhakarae read the resolution.

Resolution 1

THAT the apologies for the 2022 Annual General Meeting be accepted.

MINUTES OF ANNUAL GENERAL MEETING

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

3. Previous Annual General Meeting Minutes

The Pouwhakarae read the resolution.

Resolution 2

THAT the minutes for the 2021 Annual General Meeting be accepted.

Matters Arising

No matters were raised.

4. Board & Kaimahi Introductions

Te Korowai trustees introduced themselves and reflected on their highlights of the year:

• Kiri Erb (by video) - a strongly connected board

• Allen Webb - the rebuilding of the Ngāruahine landscape

• Caroline Scott - the culture of the board.

They were followed by Te Korowai kaimahi introductions in a video reel. Kaimahi included: Ngaputiputi Akapita, Jackson Cassidy, Bonnie Johnstone, Tazmyn Katene-Ashford, Moesha Katene-Rawiri, Dion Luke, Janine Maruera, Kawarau Ngaia, TeUraura Nganeko, Philip Nuku, Puhi Nuku, Emma Park, Rowan Reihana, Neta Riley, Rangihuna Waller, Ritihia Waller and Rhonda Vanstone.

5. Presentation of the Annual Report to 31 March 2021

Te Kīwai Mauī o Ngāruahine Ltd

Te Ahu Rei/MC welcomed Taaringaroa (Taari) Nicholas, Chair of Te Kīwai Mauī o Ngāruahine (‘Mauī’) to explain their role and investment strategy. The following highlights were noted:

• Total FY22 comprehensive income of $11 million

• Return on opening net assets of 11%

• Net asset growth of $8 million

• Dividend to Te Korowai of $1.96 million

• Very strong returns on property investments

• 44% on Tai Hekenga (Crown leasebacks)

• 20% on Hāpai Commercial property

• 12.4% return on agriculture/horticulture investments through Pūainuku Iwi Investment vehicle

• $24 million committed to new direct investments

• Increased focus on local rohe investments

• Impact investment opportunities in Ngāruahine rohe also being progressed.

DONNA NGATAI / RIPEKA HUDSON Carried

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

2021/2022 Annual Financial Statements – Te Korowai o Ngāruahine

Adrian Taylor from VBW Chartered Accountants joined the stage to present the group financial summary. The following highlights were noted:

• Unqualified Audit Report

• Robust monthly reporting processes

• Group asset values have increased despite the impact of COVID-19

• Total Group Assets value $111 million.

Te Aroha Hohaia/MC invited John Dixon, PWC Auditor; Adrian Taylor and the Mauī Chair back to the stage alongside Emma Gardiner, Kaitohutohu Matua (Kaikirimana) to answer pātai.

Summary of comments and questions from the floor:

How is Te Korowai measuring non-financial assets such as growing capacity and capability of the board and kaimahi? It was explained that a metrix will be developed to measure non-financial assets, such as social and/or cultural outcomes for Ngāruahine.

Does Te Kīwai Mauī invest in fossil fuels or environmentally detrimental products or activities? It was clarified that Mercer applies a Responsible Investment Strategy to our investments.

It was noted that uri would prefer to receive a hardcopy publication of the Annual Report with details of the AGM enclosed, at least a week before the event.

An explanation of the top four expenses in Te Korowai spending was sought. The increase in Te Korowai expenses from 33% to 44% was clarified with the top four expenses identified as advisory, consulting & professional services; personnel expenses; governance; and strategic pou. The Mauī Chair reiterated a movement into non-financial areas to provide returns.

An explanation of the $400,000 loss for Te Rere o Kapuni (page 75) was sought. The loss was clarified as an accounting entry ‘write off’ of the value of assets held prior to the demolition of Dawson Falls Lodge.

An update on the development of Te Rere o Kapuni was sought. It was noted that issues such as the sourcing and timing of supplies and council consent had caused delays. Increases in the cost of labour and supplies had pushed estimated costs to $8.2 million.

How will kaimahi numbers be maintained with other people’s funding? It was clarified that as Te Korowai moves into the implementation phase of the Ka Ora Taku Toa 5 Year strategy, more operational (budget) focus would be needed in the tari. Current growth is being supported by third party, or other peoples’, funding.

Is the whenua of other iwi being purchased? It was clarified that the Iwi collective of which Mauī is a member, works alongside and provides a return well beyond what would have been earned to iwi Māori, when their whenua is purchased.

Why is investment occurring in irrigated South Island farms given the issues around water scarcity? It was noted that the Iwi collective invests in Dairy Holdings Group which carries out environmentally sustainable investment to encourage and enforce better dairy farm practise with a Te Ao Māori lens.

MINUTES

OF ANNUAL GENERAL MEETING

The Pouwhakarae read the resolution.

Resolution 3

That Te Korowai o Ngāruahine Trust, Te Kīwai Mauī o Ngāruahine Limited, Audited Financial Statement Reports for the period ending 31 March 2022 are received.

PETER MOEAHU / WILL EDWARDS Carried

6. Presentation of ‘Ka Ora Taku Toa’ 5 Year Strategy & Alignment with the Annual Plan

Te Aroha Hohaia/MC introduced Te Korowai’s Tumu Whakarae, Te Aorangi Dillon to the stage. Referred to as the drivers for all mahi of Te Korowai, the Tumu Whakarae reintroduced uri to the values and strategic objectives of Te Korowai. Trustees joined the stage to iterate their highlights of the past year and alongside kaimahi, discussed each pou.

a. Ngāruahinetanga

• Trustee John Kahupukoro noted his highlight of the year as being able to work for the betterment of our iwi, our hapū and our people.

• Ngaputiputi Akapita introduced a cornerstone of Ngāruahinetanga – He Matauraura – the education strategy.

• Once implemented, He Matauraura will complement our other strategies to ensure Ngāruahine have a strong foundation for our unique reo.

b. Te Kawa Whanakeora (Mahi – Education – Training - Employment)

• Trustee Ngaraina Brooks noted her short term with the board having been elected to Ōkahu-Inuawai a short time ago. She looked forward to the implementation of He Matauraura.

• TeUraura Nganeko discussed the implementation of Te Ara Toiroa – the procurement strategy, which places our uri first and foremost in a thriving Ngāruahine economy.

• To be successful, the strategy requires good relationships with the Crown, local authorities, industry partners and education providers, so that we govern, manage and deliver our own employment opportunities.

• Trustee John Hooker noted his highlight of the year as the delivery of Programmes from a strong capital Paenga.

• TeUraura Nganeko highlighted the targets and aspirations of the kāinga pou particularly around the support for hapū to lead their own hapū development and housing solutions.

• Hapū feasibility studies will identify whenua for suitable kāinga building and commercially viable businesses.

• TeUraura Nganeko also reminded uri to register for Ka Uruora on their website. Key services include the saver Programme and financial literacy training – pathways to achieving home ownership.

MINUTES OF ANNUAL GENERAL MEETING

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

d. Tupua Te Mauri (Taiao)

• Trustee Sarah Mako noted being part of the continued revitalisation and reindigenisation of Ngāruahine on the landscape including the finalisation and implementation of the Ngāruahine Kaitiaki Plan were her highlights of the year.

• Tazmyn Katene-Ashford and Dion Luke highlighted key mahi in the Taiao space during the year.

• Te Korowai will work alongside hapū to develop their own Kaitiaki Plans by 2024 – these will set the standard for hapū and marae over the next 30 years.

Presentation: Ngā Hiwi Maunga

Te Aroha Hohaia/MC introduced Tāne Houston, Pouatawhai/Lead Ranger who presented highlights from the Taranaki Mounga project – an organisation built out of the collective vision of the Taranaki Iwi Chairs Forum, Department of Conservation, the Next Foundation and Toi Foundation to restore and protect the land.

Presentation: Te Ūkaipō

Trustee Grant Weston noted that the commencement of the process to return Deferred Selection Properties back to hapū was his highlight of the year. He introduced Ritihia Waller to the stage to present Te Ūkaipō. Endorsed by the board at the end of 2021, Te Ūkaipō focuses on Whanaungatanga and mana motuhake to deliver initiatives for rangatahi with the ultimate aim of involving them in iwi kaupapa.

Te Ahu Rei/MC noted his highlight as a Trustee on the board, of witnessing the growth of kaimahi in the tari. Te Aroha Hohaia noted the growth of the high-functioning board and seeing Ngāruahine on the landscape as her trustee highlights.

Summary of comments and questions from the floor:

When asked what Te Korowai is doing to invest in the health of the people, it was noted that Te Korowai had built a strong relationship with Ngāruahine Iwi Health and is in the process of formalising this by signing a memorandum of understanding with Ngāruahine Iwi Authority to further support whānau, marae and hapū.

When asked whether mainstream kura and kaiako would be supported, it was clarified that He Matauraura will support all teachers to support each other, and their tamariki and rangatahi in schools and kura throughout the rohe.

7. Presentation of Trustees’ remuneration

The Pouwhakarae referred to a powerpoint slide on Trustees remuneration which noted that Trustees may determine the appropriate level of remuneration payable provided external professional advice is sought. The Pouwhakarae noted that Trustees had resolved at the board hui the day before, that Trustees remuneration would remain unchanged for the 2022/23 financial year and referred uri to page 85 of the Annual Report which sets out trustee fees.

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

8. Appointment of the Auditor

The Pouwhakarae thanked John Dixon, PWC Auditor for his mahi and noted his cautionary message that the year ahead would be challenging.

The Pouwhakarae read the resolution.

Resolution 4

That PriceWaterhouseCooper be appointed Auditor for the 2022/23 financial year.

9. General Business

The Pouwhakare wished all past board members, kaimahi and uri standing in upcoming local and regional government elections the best of luck and encouraged uri to vote: Leanne Horo, Caroline Waiwiri, Russell Hockley, Te Aroha Hohaia, Bonita Bigham, Tazmyn Katene-Ashford, Tuteri Rangihaeata, Clive Tongāawhikau and Glen Katu.

Aunty Peggy Luke-Ngaheke’s online comment was read out, “an impressive and great annual report for our people of Ngāruahine, truly a great representation of excellence”.

Summary of comments and questions from the floor:

When asked for an update on the recruitment process for an Aspiring Director, the Tumu Whakarae explained that a process had commenced for an Aspiring Director position on the Mauī Board. The Pouwhakarae noted that succession and capability planning for hapū was being discussed at the board table as well as emerging governor roles for rangatahi.

The Pouwhakarae noted the value of telling good news stories, particularly on social media platforms, to encourage our people to return home.

A website with current information was highlighted as a key platform for keeping uri informed.

In response to comments on housing need, it was noted that a scoping project for Kāinga Whakaahurangi is currently underway.

A communal approach to maara kai and kai resilience to ensure support for all whānau during challenging times, like those experienced during COVID-19, was noted as critical. Supporting hapū and their whānau to develop maara was identified as a continuing area of mahi for next year.

The Pouwhakarae returned to the stage and encouraged whānau to visit the tari to kōrero. She thanked whānau for the questions, acknowledged Auaha for their support during the hui and all others who assisted to bring the hui-ā-tau together.

In closing, the Pouwhakarae thanked ngā uri o Ngāruahine for placing their trust and faith in the board, to Te Korowai o Ngāruahine kaimahi who give their all to deliver and to fellow directors of Te Kīwai Mauī o Ngāruahine for their dedication and support in what has been a very successful twelve months.

PETER MOEAHU / TE RAUNATANGA EDWARDS Carried

MINUTES OF ANNUAL GENERAL MEETING

SATURDAY 24TH SEPTEMBER 2022, KĀNIHI PĀ & VIA LIVESTREAM

10. Karakia Whakamutunga

All present joined for waiata and closing karakia at 1.22pm.

Te Korowai o Ngāruahine kaimahi and AGM attendees in full waiata.

Ngāruahine whānui welcoming manuhiri into Kānihi wharekai, Te Korowai o Ngāruahine AGM 2022.

GRANT RECIPIENTS 2022-2023

Te Korowai o Ngāruahine kaimahi Ngaputiputi Akapita me ngā mokopuna o Ngāruahine ki Whakaahurangi Marae, 2022.

Punahau me Hinehou Grant

Sponsored by Arongo Ltd – A one-year grant to support mothers in training. $1,000 per recipient.

Ingoa Study Institution

Hannah Leigh Tipa Te Tohu Paetahi Ako-Primary Undergrad Yr1

Te Whare Wānanga o Awanuiārangi

Valda Jane Brooks Skippers Restricted Limits-Level 4 NZ Polytechnic Toi Ohomai

Tuku Aupiki Grant

To assist with non-fundable short courses, conferences, wānanga, noho, online courses and non-study link applications. $500 per recipient.

Ingoa Study Institution

Pikiteora Weston-Jacobson Toi Tangata Reo Waikato University

Kurarauringa Madison Hudson/ Waller Profession Legal Studies College of Law

Sarah Richards Midwives Biennial

Teina Ngaia Hui Kaiārahi

Te Herenga Waka - Victoria University, Wellington

Tūheimoa Maruera Matariki Wānanga Massey University, Manawatū

Tuarua Manaia Te Reo Māori

Tazmyn Katene Te Reo Māori

Lola Katene Masters in Indigenous Studies

Waikato Campus ki Taurangā Moana

Whitireia & WelTec

Te Whare Wānanga o Awanuiārangi

Janine Luke Masters in Indigenous Studies Te Whare Wānanga o Awanuiārangi

Cherish Hauwaho Eyelash Extension Certification

Tyson Weston Level 3 Te Reo

Nicola Jenkins NZ Certificate in Financial Services L5

Maria Ohlson Te Reo Māori

Kendyll Ahie-Haapu Poutuarongo te RangakuraKaiwhakaako

Gabriel Weston Health & Wellbeing Course

NZ Beauty School

Piki te Hauora Course Online

Open Polytechnic

Piki te Hauora Course Online

Te Whare Wānanga o Raukawa

WITT - New Plymouth

Katrina Taylor Noho Marae - Te Awanuiārangi Te Whare Wānanga o Awanuiārangi

Francilla Weston NZ Cert in ECE & Care L4

Tukaha Ashby Electrical Engineering L3

Chynna-May Close Nail Technician

Dwayne O’Carroll Creative PhD

PORSE Education & Training

WITT - New Plymouth

Brill Bird New Zealand

Massey University

Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant

To support sporting and cultural endeavours and opportunities. $250 per recipient.

Ingoa Study Institution

Ja’donnay Ross Basketball Rep Taranaki at National Basketball in Auckland

Max Ngāiwi Cave Swimming

Pikihuia Hockley Rugby

Francilla Mcminn Marching

Molly Vaimoso Marching

Macey-Rae Vaimoso Marching

Norah-Lee Vaimoso Marching

Zaire Rupapera Basketball

Hoani Hockley Rugby League

Kahurangi Hockley Rugby League

Jalen Cassidy Rugby League

Peizha Cassidy Rugby League

Kaiahn Weston Rugby League

Jaxton Tikitau Rugby League

Puke Chase Basketball

Shama-Lee Goldsmith-Wallis Marching U/16s Crownes Tournament

Neilani Tamatea Rugby League

Patiki Matehaere-Te Aranui Marching Training

NZ Secondary School Championship

NZ U/16 Rugby Camp Palmerston North

Te Arakamu Marching Club

Te Arakamu Marching Club

Te Arakamu Marching Club

Te Arakamu Marching Club

Manaia Primary School

Taranaki Whānui Māori Rugby League

Taranaki Whānui Māori Rugby League

Taranaki Whānui Māori Rugby League

Taranaki Whānui Māori Rugby League

Taranaki Whānui Māori Rugby League

Taranaki Whānui Māori Rugby League

Taranaki U15 A

Te Arakamu Marching Club

Taranaki Whānui U/10’s Rugby League

Te Arakamu Marching Club

Faith Katene Marching Tournament

We are currently transitioning the administration of our scholarships to Māori Education Trust. Future applications can now be made through their portal https://Māorieducation.org.nz/

Please note that the recipients of the He Iti Taku Iti Ngāruahine Iwi Education Scholarships, Te Hua Ōwhiti Taiao Scholarship and the Parininihi ki Waitōtara - Ngāruahine Undergraduate Scholarship, in this financial period were reported in the 2021/2022 Annual Report.

ANNUAL PLAN SUMMARY 2023-2024

Ngā Hiwi Maunga kaimahi Jarvis Edwards planting trees at Wai o Rua, 2022.

KA HUA NGĀ PUA, KOIA KO PUANGA

WHEN TREES FRUIT AND BLOOM, IT IS THE SIGN OF PUANGA

Puanga is a time to reset, to sets goals, to plan for the future. A time to acknowledge the past, those who are no longer with us, to take stock of the present and to then look forward to new aspirations.

The maramataka Māori acknowledges our relationship with the Taiao and the natural rhythms of our environment that affect human behaviour. This is a time to clear the head of issues, keep focused and prepare for the new year. With this in mind Te Korowai o Ngāruahine Trust have made the decision to align our financial year with the Māori year, July to June.

The scope of the 2023-24 Annual Plan therefore covers all activities Te Korowai o Ngāruahine Trust will undertake within the next 15 month as we transition to this change. Once this transition has been completed, our Annual Plan will return to covering a standard 12-month financial period.

NGĀRUAHINETANGA

• Implementation of the Te Ūkaipō Strategy

• Provide Ngāruahine reo development to uri through Te Whare Kōrero o Ngāruahine

• Implement Year 2 Pou Whenua Strategy

• Develop a repository of Ngāruahine resources

• Develop digital series and storybooks promoting and sharing Ngāruahine narratives

TE KAWA WHANAKEORA (MAHI)

• Implementation of Te Ara Toiroa Implementation Plan

• Strengthening external relationships

• Developing operational processes

• Implementation of He Matauraura Strategy Implementation Plan

• Supporting uri to navigate career pathways through scholarships, grants and internships

POUA TE PĀTŪTŪ (KĀINGA)

• Continue to scope Whakaahurangi Housing Development Project

• Support marae and hapū through Kāinga Tipu – Hapū and Marae Kāinga Housing Development

• Support uri to access housing repair programmes

• Continue to provide Ka Uruora financial literacy programmes for uri

TUPUA TE MAURI (TAIAO)

• Support the establishment of māra kai across our Ngāruahine landscape

• Support Awa Reconnection and Monitoring Programme within each hapū

• Support rāhui initiatives and coastal monitoring plans within hapūCoastal Marine Area – Section 186

• Develop hapū reference group to streamline all taiao initiatives

• Collaboratively develop the 2024 Annual Plan for the Ngāruahine Ngā Hiwi Maunga

• South Taranaki District Council – Iwi Partnership and initiatives are achieved

• Review South Taranaki District Council Partial District Plan

• Develop internal mapping capabilities

NGĀ ĀHEITANGA ME NGĀ WHANAKETANGA (ORGANISATIONAL CAPABILITY AND CAPACITY)

• Continue to grow the iwi database

• Develop a funding matrix

• Increase hapū and marae funding capabilities

• Increase kaimahi capability

• Streamline operational processes and policy

• Review and redesign Te Korowai o Ngāruahine website

• Provide Ngāruahine apparel for uri

• Improve engagement by completing one hapū and one motu roadshow

Ngāruahine whānau at the Ngāti Maru deed of setlement ki Te Ūpoko o te Whenua Marae, Tarata.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 POUTŪ TE RANGI 2023

Te Rere o Kapuni.

Our

What

Basis for opinion

Auditor’s responsibilities for the audit of the consolidated financial statements

Independence

International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand)

International Code of Ethics for Professional Accountants (including International Independence Standards)

Responsibilities of the Trusteesfor the consolidated financial statements

The Trustees Trust

the Trustees

Trustees

Trustees

Auditor’s responsibilities for the audit of the consolidated financial statements

Who we report to Trustees

Trust Trustees

STATEMENT OF COMPREHENSIVE INCOME

Te Korowai o Ngāruahine Group

For the year ended 31 March 2023

STATEMENT OF FINANCIAL POSITION

Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 23 June 2023:

STATEMENT OF CHANGES IN EQUITY

STATEMENT OF CASH FLOWS

Te Korowai o Ngāruahine Group

For the year ended 31 March 2023

NOTES TO THE FINANCIAL STATEMENTS

Te Korowai o Ngāruahine Group

For the year ended 31 March 2023

1. Summary of significant accounting policies

(a) Basis of Preparation Entities Reporting

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

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

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

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

Historical Cost Convention Measurement Basis

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.

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.

(b)   Principles of Consolidation

(i)     Subsidiaries

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

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

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

Inter-company transactions, balances and unrealised gains on transactions between group entities are excluded from the financial statements as the net effect for the Group is zero. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

(c) Changes in Accounting Policies

There have been no changes in accounting policies. Policies have been applied on a consistent basis with those of the previous reporting period.

2. Trading Revenue

Lodge income

The Group operates Te Rere o Kapuni formally known as Dawson Falls Mountain Lodge on Taranaki Maunga, 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.The Lodge was closed in October 2021 for redevelopment.

Fisheries income

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

3. Other Revenue

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

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 income is recognised when all conditions of the grant have been fulfilled.

4. Expenses

NOTES TO THE FINANCIAL STATEMENTS

5. Cash & Cash Equivalents

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.

6. Trade & Other Receivables

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

7. Goods & 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.

Kāinga Whakaahurangi is the pre-feasibility costs in relation to the Stratford Housing project.

9. Property, Plant and Equipment

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

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 $7.2 million. The Dawson Falls Mountain Lodge was demolished during the prior period and its  carrying value reduced to nil.

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

• Computer equipment

• Office equipment

• Fixtures and fittings

• Motor vehicles

10. Intangibles

40% - 67% DV

7% - 50% DV

7% - 20% DV

21% DV

Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Te Rere o Kapuni (formally 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 (2022: Nil). An independent valuation was received from Quota Management Systems Limited as at 31 March 2023 which states that the market value of quota owned to be $2,511,374 (2022: $2,514,797).  The quota consists of settlement quota of 59,791,957 shares and regular quota of 241,406 shares.

11. Investments

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.

Direct Investments

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

Moana New Zealand Shares

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

Management assesses fair value at year end taking into account the dividend yield valuation, comparison to valuations from other lwi for Moana New Zealand shares and other external sources of information regarding Moana New Zealand’s current situation and future projections. There were no changes to the fair value of the shares as at 31 March 2023 (2022: $Nil).

Moana New Zealand declared a pro rata bonus share issue. The reason for this share issue was to release excess Māori Authority Tax Credits to shareholders, who as noted above can obtain a tax or cash benefit from the tax credits. From 19 December 2022, NFL now holds 1,928 shares in Moana NZ. (2022: 964)

12. Impairment

(i) Financial assets

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

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

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

If, in a subsequent period, the amount of the impairment loss decreases and that decrease can be objectively linked to an event after the impairment was recognised, the previously recognised impairment loss is reversed and recognised in the Statement of Comprehensive Income.

(ii) Non-financial assets

Intangible assets that have an indefinite useful life, or intangible assets that are not ready to use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The recoverable amount is the higher of the assets fair 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.

13. Trade & Other Payables

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.

14. Other Current Liabilities

In the prior years, vouchers sold during the year which have yet to be redeemed for accommodation at Te Rere o Kapuni (formally Dawson Falls Mountain Lodge).

15. Income Tax Expense

The tax expense for a period comprises current tax and deferred 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.

Current Income Tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax also includes any tax liability arising from the declaration of dividends. Te Korowai is registered with the Inland Revenue Department as a Māori Authority for tax purposes.

Deferred Tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:

• Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and

• Temporary differences arising on the initial recognition of goodwill.

Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date.

In determining the amount of current and deferred tax Te Korowai takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. Te Korowai believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes Te Korowai to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

All entities in the Group except for the Charitable Trust are a Māori Authority for taxation purposes and are liable for income tax on assessable net income at the relevant Māori Authority tax rate. Taxation is charged for the current year and is based on the estimated taxation payable. Previously, deferred tax had not been accounted for.

16. 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.

17. Treaty Settlements

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 (Ohawe Beach), Te Ngutu o te Manu site A (Ahipaipa Road), Waipakari (Ohawe Beach), Te Poho o Taranaki (Manaia Road). The fair value of the properties received amounted to $296,501.

18. Reserves & Retained Earnings

(a) Reserves

Charitable Trust

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

(c) Nature and purpose of reserves

The opening Reserves are from a gain on acquisition reserve which 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.

19. Trustee Remuneration

The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $12,500 per annum (2022: $13,258 per annum). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration.

20. Directors 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.

21. Remuneration of Key Management Personnel

22. Investment in Subsidiaries

The Group had the following subsidiaries at 31 March 2023, all subsidiaries are included in the consolidation

• Ngāruahine Fisheries Limited

• Te Rere o Kapuni Limited

• Te Kīwai Mauī o Ngāruahine Limited

• Te Kīwai Matau o Ngāruahine Charitable Trust

23. Statement of Cash Flows

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

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

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

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

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

24. Accounting Judgements & Estimates

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

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

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

• Revenue recognition (Note 2 & 3)

• Intangible assets (Note 10)

• Valuation of investments (Note 11)

• Useful life, recoverable amount, depreciation and rates (Note 9)

• Impairment (Note 12)

25. Related Party Transactions

The accounting standards require us to disclose information about related parties. Related parties are organisations and individuals that have significant influence, control over, common management personnel or similar Board to the Group. This means any organisation that a Trustee is also a Trustee or Director on is a related party.

The Group’s related parties during the year were:

• The members of the Te Korowai Board as individuals

• The directors of all subsidiary companies

• Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership, Hāpai Housing Limited Partnership, Hāpai Development Property Limited Partnership, Continuity Capital, Tai Hekenga and Oriens Capital Limited.

• Dion Maaka is a Director of Te Kīwai Mauī o Ngāruahine as well as a kaimahi of Toi Foundation.

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

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

• Cheryl Luke and Te Aroha Hohaia are Trustees of Te Korowai and Waiokura Marae and Reserves Trust.

• Ngāti Hāua Whānui Inc, Allen Webb and Paula Carr are Trustees of Te Korowai and Te Kupenga o Kānihi Charitable Trust.

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

The Group’s related parties during the 2022 year were:

• The members of the Te Korowai Board as individuals

• The directors of all subsidiary companies

• Taaringaroa Nicholas is a Director of Te Kīwai Mauī o Ngāruahine as well as a Director of Hāpai Commercial Property Limited Partnership, a Director of Hāpai Housing Limited Partnership and Oriens.

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

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

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

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

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

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

26. Commitments and Contingencies

As at 31 March 2023 the Group had no contingent liabilities or assets.

27. Subsequent Events

All entities within this Group have changed balance dates to 30 June to recognise te Maramataka Māori. The 2024 financial year will cover 15 months from 1 April 2023 to 30 June 2024.

KIA URUURU MAI

KI RUNGA, KI RARO

KI ROTO, KI WAHO

RIRE, RIRE, HAU!

PAI MĀRIRE!

Back cover photo: Ngāruahine uri Paerau Dillon, flying his mana motuhake flag proudly at Taranaki Tū Mai, 2022