Te Korowai o Ngāruahine Trust Annual Report 2025

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In February 2025, uri of Ngāruahine, alongside other iwi of Taranaki, witnessed a momentous occasion — the passing of Te Pire Whakatupua mō Te Kāhui Tupua / Taranaki Maunga Collective Redress Bill in Parliament, marking the culmination of nine years of negotiation.

We acknowledge the leaders who contributed to this negotiation process and honour their unwavering effort, perseverance, and dedication. Their strength continued to guide us this year as Ngāruahine engaged in acts of resistance and mobilisation in the face of new challenges and struggles.

Our theme for this year’s Annual Report is Tēnei taku toa, ko Tāwhirimātea (from the waiata, “Poua”).

Our tūpuna recognised the enduring resistance of Tāwhirimātea as a philosophical principle of strength. Today, we continue to draw upon that same determination, just as our ancestors did during the land confiscations and colonial injustices.

Front cover: Taranaki Maunga (taken from Taikatu Road)

PURUTIA MAI TE TĀURU O TE RANGI

KIA TINA, KIA WHENA, KIA TOKA TE MANAWAORA

TINA, TOKA TE MANAWAORA KI WHEA?

TINA, TOKA TE MANAWAORA KI A RANGINUI E TŪ IHO NEI

KI A PAPATŪĀNUKU E TAKOTO AKE NEI

KIA RARAU IHO AI NGĀ TAPUWAE A TĀNE

TĒNEI TE PŌ, NAU MAI TE AO

HAUMI E! HUI E! TĀIKI E!

Ihirangi CONTENTS

Ka Ora Taku Toa – Strategy 2021-2026

NOTICE OF HUI Ā-TAU (ANNUAL GENERAL MEETING) 2025

NOTICE IS HEREBY GIVEN THAT the Hui ā-tau (Annual General Meeting) of Te Korowai o Ngāruahine Trust will be held at Aotearoa Pā, 63 Hastings Road, Okaiawa on Saturday 29 November 2025. All Ngāruahine uri are invited to attend.

9.15am Whakatau

9.30am Morning tea

10am AGM commences

Agenda

1. Karakia tīmatatanga

2. Welcome

3. Accept Apologies

4. Accept previous minutes

5. Accept Pouwhakarae Report (Te Korowai o Ngāruahine Trust)

6. Accept Heamana Report (Te Kīwai Mauī o Ngāruahine Ltd)

7. Receive Audited Annual Financial Statements for period ending 30 June 2025

8. Appoint Auditor for 2025/26

9. Accept Trustee remuneration for 2025/26

10. Special Resolution to amend the Trust Deed

11. Trustee highlights

12. Presentations

13. General business

14. Closing comments and acknowledgements

15. Waiata and karakia whakamutunga Hākari will follow.

We encourage all uri to register in advance for this event. You can register your attendance for the Hui ā-tau or notify your apology online by scanning the QR code below.

The voting papers, including details on the voting process, on the Special Resolution to amend the Trust Deed are available at the office.

Voting will close on the day of the AGM and the results confirmed following the AGM.

The Hui ā-tau is being live streamed for uri who cannot attend in person. Information regarding the Hui ā-tau live streaming will be shared on our Facebook page and our website.

A digital copy of the 2025 Annual Report will be available to download from our website www.ngaruahine.iwi.nz from 30 October 2025.

KA ORA TAKU TOA | STRATEGY 2021-2026

PAE TAWHITI | VISION

Ka Ora Taku Toa

Mahi ka Tika Transparency

Māhakitanga

Respect and Humility

Mahi Pono

Trustworthiness

Ngākaunui

Sound Judgement

Manaakitanga

Sharing and Caring

Hari me te Koa

Fun and Celebration

NGĀ POU | STRATEGIC OBJECTIVES

Tupua te Mauri (Taiao)

Our natural environment is protected for generations to come.

Poua te Pātūtū (Kāinga)

Ngāruahine uri have access to warm and healthy housing.

Te Kawa Whanakeora (Mahi)

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

TE TŪĀPAPA

Ngāruahinetanga

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

Te Korowai o Ngāruahine kaimahi with Ngā Hiwi Maunga kaimahi on the Mangawhero Track.

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.

Tēnei taku toa ko Tāwhirimātea!

Pouwhakarae Report

As we reflect on our karakia, such as “Poua”, we find guidance, and we derive strength. Tēnei taku toa ko Tāwhirimātea, talks of the strength we draw from Tāwhirimātea – perseverance, adversity, rigour, relentlessness and even defiance. These are all virtues exemplified through the kaupapa of the past year.

I have the pleasure of presenting the Pouwhakarae Report for Te Korowai o Ngāruahine Trust Group (the Group) for the period 1 July 2024 to 30 June 2025. Firstly, I’d like to reflect on the key kaupapa of the year, and thank those who contributed to it.

I’d like to acknowledge our uri, whānau, hapū and pā who are contributing to our Ngāruahine kaupapa. While Te Korowai o Ngāruahine (Te Korowai) plays an important enabling and supporting role, it is not the iwi – and it’s important to acknowledge our ahikā and uri who travel home tirelessly to support kaupapa throughout Ngāruahine. I’d also like to acknowledge our uri who are taking the step to reconnect and celebrate their Ngāruahinetanga. Tēnei taku toa ko Tāwhirimātea!

I would like to thank our Tumu Whakarae, Te Aorangi Dillon and our kaimahi. Your dedication and servitude to Ngāruahine is unquestionable, and this Annual Report is a testament to the mahi you’ve achieved. You can hear from our Tumu Whakarae on pages 10-12 and see our kaimahi on pages 57-62.

Finally, I’d like to thank my fellow Trustees. This is now the second year of our tenure, and as we enter our last year, I’d like to thank you for your commitment and contributions to Te Korowai. You can find out more about the current Board and their highlights for the year on pages 39-46.

E rere ana ngā mihi ki a koutou e ngā taratī.

TE PIRE WHAKATUPUA MŌ TE KĀHUI TUPUA 2025

TARANAKI MAUNGA COLLECTIVE REDRESS ACT 2025

Koia rangi hikitia, koia rangi hapainga

We would like to acknowledge the achievements of the past year regarding the Taranaki Maunga settlement. We appreciate the relentless mahi of those who have championed this kaupapa over many generations. Kia hoki atu ngā mahara ki a Aunty Daisy Noble me āna mahi hei kawe i tēnei kaupapa. Our thoughts are also with Aunty Daisy, who held a significant role as negotiator in progressing the Maunga settlement. Thank you to all our uri who travelled to Pōneke earlier this year to celebrate the final reading of the Bill in Parliament. We are excited to see the materialisation of Te Ruruku Pūtakerongo under Te Tōpuni Ngārahu, the collective entity of eight Taranaki iwi for the purposes of our Maunga and Te Tōpuni Kōkōrangi, the co-governance entity to represent the interests of our Maunga.

CONSTITUTIONAL REVIEW

Ko papa mania, ko papa tahia

This year we conducted a Constitutional Review which included the Terms of Reference of our subCommittees, Te Kīwai Mauī o Ngāruahine Limited Constitution, and Te Kīwai Mauī o Ngāruahine Limited - Internal General Company Policy (Previously the Shareholder Agreement). A big emphasis of the review was conflict management, ensuring transparency within the Group and future proofing. For example, the Pouwhakarae was automatically a Director on Mauī. While this allows for a line of sight – a key role of any parent organisation Chair is to hold the subsidiary groups to account. It is difficult to do this when you sit on the subsidiary Board. This change ensures all appointments onto Mauī and Sub-Committees effectively manage conflicts and are based on skills and experience. The level of complexity and sophistication needed in both our Group’s charitable and commercial entities has increased. These constitutional changes align with the maturity required in the Group.

Dr Acushla Dee Sciascia comforts her māmā as she carries a photo of the late Aunty Daisy Noble. Photo credit: Hagen Hopkins Photography.
Emma Gardiner with her son and niece as they prepare to witness the historical occasion. Photo credit: Hagen Hopkins Photography.
Tauira from Te Kura o Ngā Ruahine Rangi were also in attendance in Pōneke. Photo credit: Hagen Hopkins Photography.

MĀORI FISHERIES ACT AND CHANGES TO THE TRUST DEED

Te Korowai, as well as being a Post-Settlement Governance Entity (PSGE), is a Mandated Iwi Organisation (MIO) under the Māori Fisheries Act. Due to changes in the Act, we require amendments to our Deed. It is important to note, we require a Special Resolution of 75% approval to get these Deed amendments over the line. Due to these changes being a statutory requirement, if we do not achieve the required threshold, we will need to hold another special vote. Hōhā we know! So please ensure you are registered, your information is up-to-date, and you vote.

TE TIRITI O WAITANGI

Ka whakakāhoretia e ahau te pakanga ki te motu!

The Ngāruahine historical Treaty settlement was achieved in 2016. However, Te Korowai has an ongoing duty to ensure that the settlement is enduring by holding the Government to account regarding our Ngāruahine rights and interests. The previous year, we faced an unprecedented volume of Government reform which negatively impacting us as Māori, iwi and hapū. We have continued our lobbying and submission efforts over this reporting period. Te Korowai submitted a total of 30 submissions over the last year. To put this into perspective, this exceeds the number of submissions since the inception of Te Korowai. These written submissions can be found on our website and were followed up by oral submissions delivered in te reo Māori.

We would like to thank all our uri who participated in the submission workshops and those who attended the historical hīkoi in November 2024. Te Korowai supported uri to attend with buses and vans, kai and accommodation. Both the hīkoi and Tiriti Principles Bill submission volume set respective records in Aotearoa history.

As we exit another local government election year and enter a General Election next year, kia kore tātou e wareware – we cannot forget this period and our responsibility to keep informed and to vote.

Ngāruahine uri Jalen Cassidy (centre) standing with whānau Waka Tikitau (left) Peter Thompson (back) and Andy Maruera (right) on Parliament grounds, Wellington.

TOITŪ TE WHENUA – WHENUA REACQUISITION

Hoki mai ki ahau

E rere ana ngā mihi ki ō tātou hapū, we acknowledge the trust and good faith that we’ve accumulated in recent years, and the bottlenecks felt this year. Te Korowai Board has the appetite to explore opportunities of devolution and partnership with our hapū. This is exemplified in kaupapa such as the Hapū Distributions Policy, support to secure Deferred Selection Properties (DSP), the Toitū Te Whenua Reacquisition Policy and Toitū Te Whenua Fund. How these are executed is a sensitive matter and must align with the Trust Deed in order to ensure enduring decisions.

So, while our aspirations are well aligned – how that is achieved may differ based on the pōtae we wear and the duties we are legally bound to. Additionally, many of these kaupapa are reliant on Government and their bureaucracy.

This has caused significant delays to the reacquisition of the DSPs and transfer into the hapū special purposes vehicles. Despite delays and challenges, we are starting to see our first case studies under this kaupapa, along with the value it brings to uri, whānau, hapū and Ngāruahine. See more information on page 18.

FINANCIAL PERFORMANCE

2025

He ara tāpokopoko

In the 2023 financial year, Te Korowai faced its first operational deficit, and in the following 2024 financial year, Te Korowai tightly managed and monitored the financial performance and maintained an operational profit. This was delaying the inevitable, and this year we had an approved operational deficit. While COVID-19 and the market downturn had a significant contribution to our financial performance, the Board also made an informed decision to address deferred compliance and process improvements through the use of retained earnings.

In financial year 2024 (15 months ending 30 June) the Group received total income of $7.1 million and had expenses of $6.4 million for a profit of $0.71 million. By comparison, in financial year 2025 (12 months ending 30 June) the Group received total income of $5.4 million (-4%, against annualised prior year) and had expenses of $6.1 million creating an operational deficit of $0.64 million.

The total comprehensive income for the financial year 2025 was $1.6 million which contributed to the growing total asset base of $120 million to 30 June 2025. This is a $2.4 million decrease in comprehensive income on the previous financial year. Since we settled with the Crown in 2014, our overall assets have grown in value by $52 million (as at 30 June 2025).

I would like to acknowledge Te Kīwai Mauī o Ngāruahine Board for their contribution to the comprehensive profit for financial year 2025. The investment performance is further explained in the Te Kīwai Mauī Heamana report by Dion Maaka on pages 31-36.

LEADING TO A PROSPEROUS FUTURE

Mō taku waka e takoto nei!

Three years ago, Te Korowai Board approved the Pupuke Te Hihiri Impact Investment Strategy. The transition into impact investments was not just about the resulting social, cultural and environmental outcomes, such as housing and hapū whenua development – but a solution to ensuring a sustainable Te Korowai Group Operational Business Model. The transition into impact investments and internalising management is a key strategy to moving away from the ‘living off the interest’ mantra and our reliance on Government funding, to having a stimulated and thriving Ngāruahine economy for our tamariki mokopuna.

While this model of working has its champions in theory, it has yet to be successfully implemented by Te Korowai or any PSGE. A fail point being; principled planning and execution, and an ongoing conflicting commitment where ‘we do good things and it’s not about financial performance’ and ‘it’s about living off the interest, so let’s do less good things.’ These models within PSGE will continue to stifle progress unless there is a firm shared understanding that the model needs to change, disciplined planning and unwavering execution.

Therefore, this year’s Annual Plan is focused on what some may regard as ‘the boring stuff,’ and getting the organisational infrastructure up to support this change in operational model (See pages 89-92). We know that this focus will better support the tenure of subsequent Boards and maximise greater value to Ngāruahine intergenerationally.

We look forward to seeing you at our Hui ā-Tau and sharing more details regarding this reporting period and the year ahead.

Pai mārire!

Te Korowai o Ngāruahine Trust

Tumu Whakarae Report

Te Aorangi Dillon

“Ahakoa te karawhiu o te ua, waraki tonu ai ngā manu o te atatū”– Keri Opai

The kupu of various whakataukī and mātāpono that guide us come to mind as we reflect on the past year. They remind us that perseverance, resilience, and service are not abstract ideals, but lived realities for our kaimahi, hapū, and uri who continue to carry the kaupapa of Ngāruahine. This year has been one of operational maturity – strengthening our foundations while delivering kaupapa that matter to our people.

Our people remain at the heart of Te Korowai, with our kaimahi and their service being the pulse. This year we farewelled valued team member, Taela O’Shea, who supported hapū and iwi and worked closely with the district and regional councils through resource consent processes. At the same time, we welcomed Ali Cole, who brings in new capability as a Kairangahau Wai Māori – Freshwater Researcher. Ali ran this kaupapa in collaboration with hapū, uri and our kaitiaki forum (you can read more about this on page 22). Trinity Kumeroa joined us as our Mātau Wheako ā-Raumati – Summer Intern and we were privileged to have Luther Ashford join us for parental leave cover in the Kaipāho space. Just before the 2024 year started, we brought on Lola Katene as our Kaituitui Rangatahi in our Te Ūkaipō kaupapa. Lola is a kanohi kitea and came with a plethora of skills and networks, and an eagerness to get into the kaupapa with our rangatahi.

Investment in our people via building operational capability has been a key focus. Over 90% of kaimahi completed at least one professional or personal development module this year, and the new Hiki Wairua programme has been a support to kaimahi helping us to celebrate success and guide through challenges. These efforts are not only about training or health, but about ensuring our people are sustained in their mahi and supported to flourish as Ngāruahine professionals.

This year, our Te Korowai Board of Trustees reaffirmed that te reo Māori me ōna tikanga are not only a priority for our people, but also for our organisation. They strengthened this commitment by establishing the new ohu, Te Mataōwhiti.

Ko Te Mataōwhiti, he ohu reo Māori tēnei. Ko tā te ohu nei he tautoko i ngā kaupapa reo Māori kia rere pai, kia rangona, kia kōrerotia hoki tō tātou reo ki ngā tōpito o tō tātou takiwā, e torokiki anō ai tōna oranga, e piki anō ai tōna kounga ki te keokeotanga o Rangi.

Operationally we have benefitted from their guidance over our Internal Capability Reo Building plan which went through it’s one year review this year. Overall, comfortability has lifted across all measures, with the strongest gains in using reo at mahi. Participation is also strong, especially in daily karakia and kura reo.

Across the breadth of our mahi, the theme has been one of consolidation and growth.

NGĀRUAHINETANGA:

Our wānanga rangatahi, sports initiatives, and Whānau Day continue to bring uri together, affirming that our strength lies in intergenerational connection. Te Whare Kōrero successfully delivered another kura reo highlighting the strong uptake of te reo Māori within Ngāruahine whānui.

TE KAWA WHANAKE ORA:

Mentoring programmes such as Te Poipoitanga and the Mātau Wheako ā-Raumati Internship created direct pathways for our uri. The iwi business and skills database continues to grow and is being actively promoted and used, strengthening procurement opportunities. Growth in Ngā Kete Uara, our manaaki packs, shows commitment to supporting uri from birth, to kura, and also our pahake.

POUA TE PĀTŪTŪ:

The uptake of Ka Uruora products and services continue to be strong, and we support hapū development plans via the reacquisition of Differed Selection Procedure (DSP) properties. Despite ongoing delays in Crown processes, whenua is coming back to hapū.

TUPUA TE MAURI:

This year, we submitted on Plan Change 3 for South Taranaki District Council, helping to remove barriers to development on Māori land, better reflect hapū and iwi aspirations, and create clearer, more enabling pathways for papakāinga housing across our takiwā. This, along with the legislation and policy submissions, demonstrates the alignment of our day-to-day mahi with the wider advocacy priorities of Te Korowai.

You can read about Pou kaupapa and more on pages 15-24.

IMPORTANT OPERATIONAL SHIFTS

Several operational shifts are set to reshape the way we deliver. Standardised reporting templates will ensure consistency across more than 10 policy review cycles, while improved use of current digital systems are set to provide better and live operational data to Trustees.

Importantly, our operational teams are strengthening the bridge between strategic advocacy and delivery. In practice, this has meant kaimahi directly supporting hapū with technical advice, submissions, and monitoring programmes – giving life to the Board’s strategic direction.

The Business Continuity Plan was completed this year, ensuring Te Korowai is better prepared for future events. This plan, aligned with our investment strategy, gives confidence that our operations are not only sustainable but positioned to grow in resilience.

LOOKING AHEAD:

As we step into the final year of Ka Ora Taku Toa (2021-2026 Strategy), our focus is on delivering outcomes that are measurable, meaningful, and firmly grounded in the aspirations of Ngāruahine. The Organisation Review has given us a strong foundation, and next year we turn to phased implementation of Board approved outcomes.

Our registrations continue to grow. We want to take the opportunity to mihi to our people and encourage you to come back to the kaupapa that are held within the kāinga, such as Kura Reo, Wānanga Taiao and Te Ūkaipō. This promotes and fosters a connection with whānau you know and those you haven’t met yet.

Next year our priorities are clear. We will strengthen our Ngāruahinetanga by:

• Capturing the true impact of our wānanga and cultural gatherings;

• Growing Te Whare Kōrero by tracking and supporting the journey of our reo learners;

• Empowering Tupua te Mauri by equipping hapū with the tools and plans needed to protect and restore our taiao;

• Embedding Te Ara Toiroa across our mahi to open education, career and procurement pathways for our uri; and

• Poua Te Pātūtū, we will pilot new approaches to ensure fair and transparent investment in kāinga opportunities, supporting whānau into safe, warm homes.

HE KUPU WHAKAKAPI | SUMMARY

This year has been one of strengthened capability and sharpening the focus. Across reo, taiao, and uri development, we have delivered over 35 kaupapa and engaged hundreds of uri through wānanga, mentoring, internships, and whānau events. Our kaimahi are more supported, our systems more resilient, and our mahi is set to become more aligned with hapū aspirations than ever before.

Te Korowai stands ready to carry Ngāruahine aspirations into the final year of Ka Ora Taku Toa, confident in the foundation we have laid and resolute in our vision for the future.

E mihi ana ki ngā mate e rārangi mai nei i te pō, huri noa ki ngā hapū me ngā whānau kua tautoko hoki i te kaupapa nei. Nā koutou te kaupapa, nā tātou katoa.

Pai mārire

Te Aorangi Dillon

Tumu Whakarae

Te Korowai o Ngāruahine Trust

Annual Highlights 2024-2025

NGĀRUAHINETANGA

NGĀ POU

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

Ngāruahinetanga

TE KURA REO O NGĀRUAHINE

Te Whare Kōrero o Ngāruahine continues to support our uri in their journey to strengthen their language and mātauranga Māori. In September 2024, the second kura reo was held at Aotearoa Pā and Kānihi Pā bringing together uri from near and far.

All kaiako were uri of Ngāruahine bringing a distinct ‘Ngāruahine’ flavour to the kura. This year’s kura reo concluded with a ritenga, Hau Pawa, led by our whanaunga Parekaia Tapiata and Ngāputiputi Akapita. The ritenga was of special significance to all of our uri as they were able to play an active part. Mita, karakia, waiata, kōrerorero, whakawhanaungatanga and harikoa were woven together to make this kura reo a resounding success.

TE POIPOITANGA (MENTORING PROGRAMME)

Te Poipoitanga is a key part of our He Matauraura Strategy, designed to connect with Ngāruahine uri who are not currently engaged in an education pathway. The focus is on building strong, meaningful relationships with rangatahi and strengthening their connection to their iwi.

Te Poipoitanga empowers taiohi to grow into the best version of themselves. It offers support, guidance, and opportunities to help them pursue their goals and make positive, informed decisions about their futures. Our Kaituitui Rangatahi, Lola Katene, led this kaupapa and identified the following highlights:

• Reconnecting our rangatahi to their iwi through taking part in iwi kaupapa and wānanga;

• Reconnecting our rangatahi with their marae and hapū, since many had not grown up in that environment;

• Extending their mātauranga Māori through learning short karakia and waiata; and

• Observing the growth of their confidence and self-esteem through opportunities to step outside their comfort zones.

This year, 13 rangatahi between the ages of 14–29 took part in the programme. Support included; regular oneon-one hui, getting a driver licence, preparing a CV, and attending wānanga. Nine participants returned to school or moved into employment. This is a testament to the strength of the kaupapa and the commitment of our taiohi. Beyond these outcomes, the programme also created a safe and supportive environment where rangatahi could build confidence, reconnect with their identity, and strengthen their sense of belonging.

Many embraced opportunities to challenge themselves, developing valuable life skills and forming strong peer relationships along the way. The progress they have made not only reflects their resilience and determination, but also highlights the importance of whānau, hapū, and community support in nurturing their journeys.

The successes of this year remind us that when we invest in our young people — providing practical tools alongside cultural grounding — we empower them to create meaningful futures for themselves and their whānau.

TE ŪKAIPŌ

Te Ūkaipō began the year with a wānanga Whakawhanaungatanga at Te Aroha Pā, where rangatahi reconnected with whānau, built new relationships, and strengthened their sense of belonging.

Guided by the Taiao team, they deepened their connection to the environment, engaging in karakia, waiata, marae-based learning, and hands-on activities exploring our maunga, awa, and moana.

At the wānanga Toka Mauri rangatahi visited Te Rere o Kapuni to learn about mauri, the significance of a toka mauri, and the tikanga around receiving one. This experience was both educational and moving.

Te Ūkaipō also entered a team in the 2025 Taranaki Relay for Life, supporting a national kaupapa for wellbeing while encouraging whānau involvement.

The kaupapa Te Ūkaipō ki te Moana combined the Manaia ANZAC dawn service with environmental action at Ōpunakē Beach. From wānanga at Oeo to surfing and paddling, rangatahi learned about the impacts of seabed mining and began planting the seeds for campaigning for our environment.

We are very proud of our rangatahi and will endeavour to continuously offer them opportunities and experiences in the future.

Wānanga Whakawhanaungatanga: Harlem Thompson at Te Aroha Pā.
Wānanga Toka Mauri ki Taranaki Maunga: Matua Philip Nuku and rangatahi.
Remembering our dearly departed at the Relay for Life in Inglewood.
ANZAC dawn service at Manaia.

NGĀRUAHINE IWI REGISTER – HAPŪ VALIDATORS

Te Korowai o Ngāruahine Trust have a responsibility to administer and maintain the Ngāruahine Iwi Register. This is made possible through the hard work of our Membership Committee (six hapū validators). The register relies heavily on the validator’s knowledge of whakapapa, their strong relationship with their hapū and their supportive role with other validators.

This year has seen again, growth in uri registrations from 7,032 to 7,322, a steady increase of 290.

The wānanga and kaupapa that we have offered or hosted during the year (see page 26) has strengthened connection, whanaungatanga and kotahitanga. These kaupapa also provided us with an opportunity to consistently grow and maintain our iwi database through kanohi ki te kanohi kōrero with uri and crossreferencing attendance records against the database.

URI REGISTRATIONS 2024-2025

7,032 – 30 June 2024

7,322

30 June 2025

Poua te Pātūtū

DEFERRED SELECTION PROPERTIES (DSPS) AND RIGHT OF FIRST REFUSAL (RFR) UPDATE

As part of the Treaty Settlement with the Crown, Te Korowai o Ngāruahine Trust was granted the option to purchase 10 Deferred Selection Properties (DSPs). In addition, Te Korowai was offered the opportunity to secure two Right of First Refusal (RFR) properties from the South Taranaki District Council (STDC), along with the acquisition of the former Mangatoki School site, where Te Kura o Ngā Ruahine Rangi currently operate from. In total, 13 properties were made available for consideration.

In addition to the reacquisition of the whenua, Te Korowai has been finalising the establishment of the Toitū te Whenua Fund — a strategic funding mechanism designed to support hapū in advancing their economic self-determination and achieving intergenerational prosperity. The Fund will be formally released upon the completion of the prescribed DSP/RFR acquisitions. A pilot release was undertaken in 2025, enabling Ōkahu-Inuawai to develop the trade training programme at the old Tokaora school site.

Scan the QR code to watch Te Karere story regarding the Ōkahu-Inuawai initiative:

Current

Current Utilisation of Properties

Te Rua o te Moko Farm Lease

Mangatoki MOE lease for Te Kura o Ngā Ruahine Rangi

Te Ngutu o te Manu Grazing lease

Tokaora Lease

In Progress

Mangatoki House lease for Te Kura o Ngā Ruahine Rangi

Still to Purchase

Pihama House rental

Mahoe Grazing lease

Te Kawa Whanakeora

WĀNANGA - ALTERNATIVE ENERGY

Te Korowai o Ngāruahine Trust successfully hosted a two-day wānanga on Alternative Energy over the period 29-30 March 2025 at Aotearoa Pā, bringing together whānau, hapū, and uri to address critical energy developments within our takiwā.

The wānanga was strategically structured with day one exclusively for Ngāruahine uri, exploring the taniwha at our shores, along with the stance of Te Korowai on energy projects and their potential impacts. Highlights included presentations from experts on climate change, engineering, marine research, and indigenous ocean technologies, emphasising what is at stake for hapū. A panel of hapū representatives discussed expectations of developers and affirmed a strong commitment to protecting hapū mana motuhake. The day concluded with unanimous opposition to the Trans-Tasman Resources (TTR) fast-track seabed mining proposal, also in the South Taranaki Bight.

Day two focused on engagement between uri and developers, providing the opportunity for kanohi ki te kanohi discussions. Offshore wind developers in attendance included Parkwind, the Taranaki Offshore Partnership (Copenhagen Infrastructure Partners and New Zealand Super Fund), Elemental Group (Taranaki Offshore Wind Limited), and Wind Quarry Zephyrus Limited.

Key outcomes from the wānanga :

• A firm and unequivocal NO to TTR.

• Full transparency demanded from the Crown and developers.

• Hapū Mana Motuhake – Regain it. Reassert it. Express it.

• Define our boundaries, know our comfort levels, and maximise our value and benefits.

• This affects all hapū – we must stand united, not isolated.

• We need a clear, collective strategy to oppose TTR.

• Be realistic about the so-called benefits –minimal jobs, if any.

Te Aorangi Dillon welcoming our manuhiri into Ngākaunui, Aotearoa Pā.
TeUraura Nganeko speaking on the potential future of our takiwā.
Sumitomo Corporation representative Kosuke Shiraji.
Naomi Puketapu-Waite facilitates the hapū panel discussion.

TOTAL SKILLS REGISTERED: 82 BUSINESS INDUSTRY BREAKDOWN

TOTAL BUSINESSES REGISTERED: 85

TE ARA TOIROA SPEND:

TOTAL: $2,292,431

Our database aims to ensure uri can participate in upcoming projects and other ventures planned over the foreseeable future. Te Ara Toiroa requires decision makers and industry/Crown partners to privilege uri first when opportunities arise for training, employment, and business development. Our database is open to those who whakapapa to Ngāruahine iwi or Aotea waka, regardless of where they are in the world. This initiative represents significant investment in iwi economic development, prioritising participation in major projects and creating pathways for uri of Ngāruahine to benefit from economic opportunities in our takiwā.

Some interesting facts!

• The Iwi database was implemented and advertised on 5 March 2024.

• 119 registrations were received in the first month (March 2024).

• 10+ businesses have been engaged/employed on projects to date. SKILLS INDUSTRY BREAKDOWN

Tupua te Mauri

SUBMISSIONS

Over the past year, Tupua te Mauri has remained vigilant in responding to the volume of legislative changes proposed by the coalition government. Many of these proposals threaten taiao protections, weaken Te Tiriti o Waitangi commitments, and undermine Māori rights. In alignment with our role, we have ensured Ngāruahine voices are represented in these critical discussions.

Guided by Te Uru Taiao, our Iwi Kaitiaki Plan, and our published position statement on the Government’s agenda, we completed 30 formal submissions to both central and local government. These covered resource management, freshwater, conservation, local planning, and other areas impacting Ngāruahine interests and te taiao.

We strongly encourage all uri to take part in the submission process. Making a submission, even as an individual, is a powerful way to influence decision-making and show the strength of our collective voice. Every submission counts. Whether you support an iwi-led position or have your own whakaaro to share, your voice helps shape the future of our whenua, wai, and rights. As legislative reforms continue, standing together in advocacy remains more important than ever.

To view the Kaitiaki Plan online simply scan the QR code below:
Ngāruahine marched in solidarity together with ngā iwi o te motu to oppose the Treaty Principles Bill.

Tupua te Mauri

TE RANGAHAU - WAI MĀORI

Over the past year, Te Wai Māori Rangahau has been advanced under the leadership of Kairangahau Wai Māori, Ali Cole, with a strong focus on hapū-led priorities and kaitiakitanga. This kaupapa has aimed to strengthen our collective understanding and connection to wai, supporting the aspirations of our hapū across the rohe.

A key achievement was the development of an Awa Investigation Template — a foundational tool to guide consistent, hapū-informed data collection and analysis. Guided by hapū taiao representatives, Ali worked closely with kaitiaki to ensure their values and mātauranga shaped the direction of the research.

Research into taonga species, as directed by hapū, has deepened our understanding of local biodiversity and supported ongoing restoration efforts. Alongside this, existing research and historical data within our takiwā was reviewed to identify gaps and build on past mahi.

Importantly, methodologies are now being assessed and refined to ensure they are fit for purpose, enabling hapū to monitor freshwater health independently and into the future.

This kaupapa reinforces our commitment to enhancing waiora and restoring the mauri of our rivers, guided by tikanga, science, and the leadership of our hapū.

Kaūpokonui river, Manaia.

Tupua te Mauri

TE RANGAHAU TOHORĀ

The 2025 Synthesis of Acoustics, Physiology, Prey, and Habitat in a Rapidly changing Environment (SAPPHIRE) project has documented critical ecological evidence supporting the protection of the South Taranaki Bight as essential habitat for endangered pygmy blue whales. This research demonstrates the region’s significance as a complex marine ecosystem, providing substantial scientific grounds for opposing proposed iron sand mining operations.

Led by Leigh Torres of Oregon State University and her research team, the project prioritised establishing meaningful relationships with local iwi and hapū, ensuring scientific methodologies aligned with cultural protocols. This collaborative approach facilitated knowledge sharing between Oregon State University researchers and ngā uri o ngā iwi o Taranaki. A pivotal engagement occurred at Te Rangatapu Marae on 24 January 2025, where Ngāruahine iwi and hapū welcomed the research team. The wānanga provided a transparent forum for discussing research findings and traditional knowledge systems. Participants praised the wānanga structure, describing it as informative and relationship-building, with the Department of Conservation (DOC) adopting the format as a template for future engagements. Leigh and the research team have been invited to return to Te Rangatapu Marae in 2026 for the ceremonial naming of tohorā according to Ngāruahine tikanga. This ongoing partnership represents a significant advancement in integrating indigenous knowledge with marine conservation science.

(Left) Matua John Hooker recieves a taonga from Dr K.C Bierlich – Oregon State University. (Centre) Dr Dawn Barlow – Oregon State University. (Right) Dr Leigh Torres – Oregon State University.

Tupua te Mauri

WĀNANGA TAIAO RESILIENCE

Ngāruahine uri and resilience researcher Dr Acushla Dee Sciascia teamed up with Tupua te Mauri at KānihiMāwhitiwhiti Pā in September 2024 to deliver a Wānanga Taiao Resilience to support uri o Taranaki Maunga. Attendees explored environmental challenges to strengthen collective resilience through mātauranga, science, and whānau-led strategies. Open to all uri, the day encouraged connection, learning, and futurefocused planning across the rohe.

He Mounga Puia researchers presented their findings on volcanic unrest in relation to Koro Taranaki. As part of this kōrero, they launched a new pukapuka Puea Rū, Puea Kōrero – a resource capturing their research in both English and Te Reo Māori. Ngā Iwi o Taranaki also shared their Marae-based Resilience Strategy, focused on readiness for natural hazards and climate impacts.

In the afternoon, Ngāruahine-led workshops addressed key kaupapa including climate change, taonga preservation, and whānau resilience. Ali Cole discussed localised climate risks and adaptation strategies as part of her doctoral research. Tāne Houston shared insights into the wāhi he accesses through his mahi with the Taranaki Maunga Project, and Dr Acushla Dee Sciascia led a session on whānau and hapū planning tools.

Ngā mihi nui ki a Dee me tōna umanga ki tēnei mahi hirahira.

(Left) Dr Jonathan Procter – He Mounga Puia. (Centre) Dr Thomas Wilson – He Mounga Puia. (Right) Ngāruahine uri Dr Acushla Dee Sciascia also representing He Mounga Puia, presents the new resource pukapuka Puea Rū, Puea Kōrero.

Key Operating Data-At a Glance

TOTAL ASSETS

$112,298,917

TOTAL EQUITY

NET PROFIT (AFTER TAX)

$2,869,477

$1,649,600

7,322

$77,100

Total Awards Distributed - 160

NGĀ KETE UARA DISTRIBUTIONS

Kete Manaaki (Pēpi Packs) - 23

Kete Harikoa (Kura Packs) - 22

Winter Wellness Packs (Kaumātua) - 77

$21,000

PĀTAKA DISTRIBUTION TO HAPŪ PĀTAKA WHATA - 13

Tangihanga - 4 Hui - 4

Celebrations - 5

SUBMISSIONS SUBMITTED

Key Operating Data-At a Glance

TE REO ME ŌNA TIKANGA

TE PŌKAITAHI REO (PASSED)

Kaupae Tuatahi 25 (18 Ngāruahine Uri)

Kaupae Tuarua

Kaupae Tuatoru

Kaupae Tuawhā

14 (13 Ngāruahine Uri)

12 (8 Ngāruahine Uri)

10 (5 Ngāruahine Uri)

AUDIENCE

Followers - 9,020 Posts - 3,300

Ngāruahine Social Media

AUDIENCE

Followers - 922

Posts - 123

TOTAL FOLLOWERS ACROSS ALL THREE PLATFORMS: 11,441

Reporting against the Annual Plan

The Annual Plan outlined activities undertaken by Te Korowai o Ngāruahine during the financial year from 1 July 2024 to 30 June 2025. This reporting period represents the fourth year of implementation towards achieving the strategic objectives set out in our five-year organisational strategy, Ka Ora Taku Toa.

Completed – activity has finished In progress – activity has begun and will be carried over to next year Ongoing – activity is continuous or recurring throughout the year

NGĀRUAHINETANGA

Actions Status

Implementation of Te Ūkaipō Strategy

Delivery of Kura Reo

Implementation of Te Reo me ōna Tikanga Strategy

Implementation of Iwi Registration Review

TE KAWA WHANAKEORA (MAHI)

Complete

Complete

In progress

In progress

Actions Status

Embed Te Ara Toiroa into policies and procedures

Development of Ngāruahine Iwi Business and Skills Database

Support the implementation of Pupuke Te Hihiri Whai Rawa Strategy

Implementation of He Matauraura (Education) Strategy

Ongoing

Complete

Ongoing

Ongoing

POUA TE PĀTŪTŪ (KĀINGA)

Actions Status

Scope Te Korowai o Ngāruahine Home Refurbishment Programme

Promote and encourage participation in Ka Uruora products and services

Reacquisition of Deferred Selection Procedure (DSP) properties

Support hapū development plans

Support the implementation of Pupuke Te Hihiri Whai Rawa Strategy

TUPUA TE MAURI (TAIAO)

Complete

Ongoing

Ongoing

Ongoing

Ongoing

Actions Status

Provide hapū access to capability and capacity kaitiaki building opportunities (Ngā Hiwi Maunga Memorandum of Understanding (MOU), Geographic Information System (GIS) mapping, administer and update hapū Rōpū Kaitiaki)

Support hapū to lobby and protect our taiao (support – Marine and Coastal Area (MACA) claim, S186 request, Te Mauri o Te Hau, o Te Rā me Te Wai, submission writing, council plan reviews and development)

Support hapū in the rejuvenation and restoration of their taiao (Identifying wāhi tapu, deliver māra kai and awa monitoring wānanga)

Ongoing

Ongoing

Ongoing

NGĀ ĀHEITANGA ME NGĀ WHANAKETANGA

Actions

Support internal capability capacity and succession planning

Strengthen internal processes and systems to ensure business continuity models are upheld

Capitalise on all opportunities to enhance the delivery of strategy

Communications are easily accessible to whānau, hapū, iwi and Te Korowai Group

Communications support Te Korowai o Ngāruahine to participate in local, national and global issues

Status

Ongoing

Ongoing

Ongoing

Ongoing

Ongoing

Te Kīwai Mauī Heamana Report

Tēnā koutou e aku rangatira, e aku whanaunga, ngā uri o Ngāruahine. Ka nui te mihi ki a koutou katoa i tēnei wā. Kei raro tātou i te korowai o ō tātou maunga tapu, kei te rere ngā wai o ō tātou awa hei oranga mō te iwi. Ka hoki ake te whakaaro ki ō tātou tūpuna kua wehe atu – kua riro rātou ki tua o te ārai, ā, kei a tātou ināianei te kawenata ki te kawe tonu i ā rātou wawata.

E mihi ana ahau ki te kaha, te ngākau, me te tautoko o te iwi i te roanga o te tau. He maha ngā piki me ngā heke kua pā ki a tātou, engari mā te kotahitanga, mā te kaha o te whānau, kua taea tonutia e tātou te anga whakamua.

Nō reira, ka tuku mihi nui ki a koutou katoa. Tēnā koutou, tēnā koutou, tēnā tātou katoa.

OUR MANDATE

Te Kīwai Mauī o Ngāruahine Limited was established in 2016 by Te Korowai o Ngāruahine Trust. Its mandate is to safeguard and grow the Iwi’s settlement assets, deliver sustainable financial distributions back to Te Korowai, and ensure all investments uphold Ngāruahine values, tikanga, and intergenerational aspirations.

FINANCIAL PERFORMANCE AND PORTFOLIO

Despite a challenging economic environment, the investment portfolio has performed strongly;

• Total comprehensive income of $5.0 million for FY25 (Te Kīwai Mauī o Ngāruahine Limited and Ngāruahine Fisheries Limited combined);

• Five-year average return of *¹7.6% per annum., outperforming balanced fund benchmarks* (6.0%);

• Distribution of $2.4 million to Te Korowai, up 30% since FY20;

• Total assets now exceed $110 million, growth of $2.2 million after distributions to Te Korowai; and

• Through Hāpai Housing, Te Kīwai Mauī continues to support iwi-led solutions to housing. With 70 affordable rentals delivered nationally, Ngāruahine uri have accessed 13% of tenancies — above our proportional investment.

INVESTMENT PORTFOLIO

INVESTMENT PORTFOLIO

As shown, our portfolio is made up of a diversified range of asset sectors, including public and private businesses, property, infrastructure and natural resources (diversified agri and fisheries). The allocation of investments considers the different intergenerational risk tolerances and investment goals of current and future generations of Ngāruahine to ensure the best generational outcomes, classified under three categories as presented above:

Current Generations portfolio, which is defensively oriented.

Shared Generations portfolio, which is defensive and growth oriented.

Future Generations portfolio, which is growth oriented.

Figure 2.

The financial performance of Te Kīwai Mauī o Ngāruahine (including Ngāruahine Fisheries Limited) is set out in Figure 2.

Overall Te Kīwai Mauī o Ngāruahine delivered a total FY25 comprehensive income of $5.0 million (combined Mauī and Ngāruahine Fisheries Limited).

A summary of the performance of each of our investments underpinning the above results is detailed on the following page.

OUR KEY INVESTMENTS

Investment Financial Year 2025 Performance

Dexus

Hāpai Commercial

Dexus Diversified Infrastructure Trust (DDIT) – $6.4 million (Infrastructure)

Australian infrastructure fund, providing investors with access to an established portfolio of infrastructure assets in Australia and New Zealand.

Cash distributions have returned to ~almost pre-Covid normal levels (3% FY25) delivered in addition to capital growth.

Long Term (LT) Return: 5.6%¹

Hāpai Commercial Property – $16.0 million (Ground Lease and Commercial Property)

Owns commercial property around the motu. 4.3% cash return / 7.5% total return for FY25. Revaluation uplifts for completed development projects including new logistics facility in Auckland and health facility in Dunedin.

Long Term (LT) Return: 14.6%¹

Hāpai Housing

Hāpai Housing – $8.2 million (Commercial Property)

Specialist mixed tenure housing entity with completed projects in Auckland and Wellington and others around the motu. Building out more assets and hence cash returns will rise (four development projects underway).

Long Term (LT) Return: 6.9%¹

Hāpai Property

Hāpai Development – $6.3 million (Property Development)

Land development and upzoning.

In FY25, it was notable success with Beachlands, a new town to the east of Auckland that saw a revaluation uplift of 16.7%.

Long Term (LT) Return: 13.7%¹

Mercer Mercer Conservative – $2.2 million (Cash, Bonds and Listed Equities)

Mercer Balance – $13.4 million (Cash, Bonds and Listed Equities)

Global managed funds provider. Our investment in Mercer funds reduced over the year, as we transitioned investment into new direct investments.

Long Term (LT) Return: 3.2%¹

Ngāruahine Fisheries

Limited & Aotearoa

Fisheries Limtied

Ngāruahine Fisheries Limited (NFL) (Quota & Aotearoa Fisheries Limited (AFL) Shares) – $9.4 million (Natural Resources)

Performance generally in line with expectations for FY25, ending the year ~30% ahead of budget.

Pūai Tangaroa Pūai Tangaroa – $0.5 million (Natural Resources)

Specialist kōura quota owner. Strong long-term investment rationale; however poor FY25 return driven by Australia supply volumes and China weakness.

Long Term (LT) Return: 4.1%¹

Pūainuku Pastures

Pūainuku Pastures – $7.1 million (Natural Resources)

Owns a majority stake in New Zealand’s largest dairy farmer. This investment is subject to volatile commodity cycles but strong year with high Farm Gate Milk Price (FGMP) and stock value uplifts. Dividend to be received post year-end.

Long Term (LT) Return: 15.1%¹

Pūainuku Vines Pūainuku Vines – $3.8 million (Ground Lease)

Low risk ground lease for agri land with Consumer Price Index (CPI) rent reviews (FY25; 5.3% total return).

Long Term (LT) Return: 15.9%¹

Tai Hekenga Tai Hekenga – $20.9 million (Ground Lease)

A portfolio of land leased to the Crown in Wellington. It provides stable cash distribution in FY25. Its borrowing is now classified as social impact and more cost effective. Currently in rent review process that will continue into FY26 and should deliver strong upside.

Long Term (LT) Return: 18.6%¹

Te Pūia Tāpapa & Private Equity

Multiple Private Equity Funds – $11.2 million (Private Markets)

Long Term focus and slow moving. Continue to fund capital as it is called.

Long Term (LT) Return: 10.2%²

1 Internal rate of return (annualised) since inception to 30 June 2025 – updated annually

2 Internal rates of return (annualised) since inception to 30 June 2024

MAJOR PROJECTS AND IMPACT INVESTMENTS

NGĀ RERE ORA

Ngā Rere Lodge remains our cornerstone development. The development has faced several challenges since its planning stages through to now, this is due to the complexities and location of the project and failure points in the junction between structural development and operational delivery.

As a result, the Board made difficult, but necessary decisions to protect the integrity and sustainability of the project. In response to these challenges, new governance and management structures have been put in place to best enable the construction completion at Ngā Rere and preparations for opening. We end this financial year with a newly appointed project manager and re-scoped operational model which ensures stronger accountability and transparency through to a Board level.

While the revised opening is now targeted for 2026, these changes are designed to ensure Ngā Rere opens on a stronger, more sustainable footing, positioned to showcase Ngāruahine manaakitanga and to generate lasting returns for our people.

PROJECT TŪKAU

In partnership with the South Taranaki District Council (STDC), we explored potential options of a shared facility in Manaia. We set a clear criterion in which any business case needed to meet, this included alignment with the approved outcomes framework and feasibility.

Unfortunately, we were unable to agree upon an appropriate capital structure for the project that met our respective needs. While this is a disappointing outcome, the decision was amicable and we will continue to work closely with STDC on its town planning mahi.

Subsequently, Project Tūkau remains in a watching brief and we will continue to monitor opportunities for an Iwi tari presence within our rohe, ensuring that any future acquisition or development is aligned with long-term needs and outcomes for our iwi.

OPERATIONAL IMPROVEMENTS

This year marked the appointment of Āio as our commercial and project advisors, fulfilling a Mana Hautū role alongside the Board. Āio provide executive leadership across our investment, development, and operational kaupapa, ensuring that Te Kīwai Mauī is advancing with both commercial discipline and cultural integrity.

Their role has been central to navigating challenges, strengthening governance capacity, and positioning us to deliver on the expectations of Te Korowai and our uri.

WHAKAKAPINGA HEAMANA – IN CONCLUSION

Hei whakakapi, I wish to acknowledge with gratitude the Directors of Te Kīwai Mauī o Ngāruahine for your commitment throughout the year. He mihi hoki ki tō tātou rōpū whakahaere, nā koutou te kaupapa i kawe, kia anga whakamua ai tātou katoa.

E kore hoki e warewaretia te tautoko a tō tātou poari matua, arā ko Te Korowai o Ngāruahine. To the Board and staff of Te Korowai, thank you for the guidance and hard work that strengthens and sustains our shared vision.

Tēnā koutou, tēnā koutou, tēnā tātou katoa.

Nāku iti noa, nā

Dion Maaka Heamana

Te Kīwai Mauī o Ngāruahine

Te Kīwai Mauī Heamana Dion Maaka speaking at the Te Korowai o Ngāruahine Trust Hui ā-Tau 2024 at Aotearoa Pā.

Te Kīwai Mauī Board of Directors

Dion Maaka holds governance roles as the Chair of Te Rua o Te Moko Limited (farming company) and Chair of Autism Connex (charitable trust). He is the current Chief Financial Officer (CFO) for Toi Foundation and previously held the same role for both Paraninihi ki Waitotara (PKW) Incorporation and Western Institute of Technology at Taranaki (WITT). Dion’s skills and experience encompass strategic and capital planning, policy development, and investment analysis. In recent times Dion has had significant involvement with the merger and acquisition of investments and in particular a strong emphasis on impact investment initiatives designed to promote social good for the community while achieving appropriate financial returns. Dion holds the following qualifications:

• Fellow Chartered Accountant

• Postgraduate Diploma in Agricultural Commerce

• Bachelor of Business Studies

Emma has governance and senior management experience in the Māori economic development and commercial sectors. In addition to her governance roles within Te Korowai Group, she is a shareholder appointed Director on Oriens Private Equity Fund 1 and Director on Tā Edge, an operational partner in the high value manufacturing and physical technology sectors. Emma has a strong passion for impact investments and how we can maximise and measure greater benefits for our iwi economy (social, cultural, environmental and financial). Emma holds the following qualifications:

• Master of Business Administration

• Chartered Member of the NZ Institute of Directors

• Bachelor of Design, Digital Media

• Bachelor of Arts, Te Reo Māori and Māori Studies

• Certificate in Horticulture

Sarah has extensive experience in local government in both New Zealand and the United Kingdom. She is a senior Māori resource management practitioner, with considerable experience particularly in iwi, local, regional and national environmental policy, submission and cultural impact assessment preparation, and ensuring the aspirations, rights and interests of Māori are recognised and provided for. Sarah is a member of the Institute of Directors and sits on the Taranaki Rugby Football Union Board.

• Bachelor of Resource and Environmental Planning (Hons.)

Dion Maaka Heamana

Karna is a member of the Bank of New Zealand (BNZ) Executive Team –Customer Products and Services. He is the first Māori Executive for the bank. He has held several General Manager (GM) roles across BNZ and key senior executive roles at a number of financial services companies. He spent five years working in multinational corporates in Asia, and owns businesses in healthcare, beverage industry and global strategic consulting. Karna is an independent director on several boards, has a Bachelor of Social Policy and Social Work, and a Master of Business Administration from Massey University. He is also qualified through Financial Services Institute of Australasia (FINSIA) as a Chartered Banker and completed the Advanced Strategic Management Executive Programme at the Institute for Management Development (IMD) in Switzerland.

Kiriwaitingi is a professional director, consultant and facilitator for the Institute of Directors. She is also a qualified solicitor with litigation and extensive commercial experience. She previously held the role of Chief Executive at Māori Investments for 10 years and the Head of Māori Alliances at Zespri, based in Tauranga.

Kiriwaitingi has a strong commercial background with considerable knowledge of the primary sector, the kiwifruit industry, alongside Māori economic and commercial development. She has held numerous directorships and brings a wealth of business experience, health and safety, employment relations and risk management experience.

Amber is a senior lecturer at the University of Auckland Business School, with over 10 years research experience in projects with a strong Māori economic development focus. Her PhD explored ways to enhance Māori wellbeing through recognising and honouring the ancestral landscapes in which business operates. Amber is an active participant in national and international research, industry and community networks that promote mātauranga Māori through a kaitiakitanga lens.

Karna Luke Independent Director

Katrina Taylor, Kānihi-Umutahi

Sub-Committee

• Te Mataōwhiti (Te Reo me ōna Tikanga)

Ko tāku e whai wāhi ki Te Mataōwhiti me ōna whanaketanga, ōna tipuranga katoa. Kua whanake te reo me ōna tikanga e hōrapa ana i ngā hui poari i ngā tini kaupapa o te iwi. Toitū te kupu, toitū te reo.

Te Hapimana (Taukē) King, Kānihi-Umutahi

Sub-Committee

• Te Ohu Arotake (Audit & Risk)

He tau anō te tau kua hori - me te māringanui nōku anō kia whai wāhi, kia whai wheako ki roto i ngā kātū āhuatanga ā Te Korowai o Ngāruahine. Ko ngā kaupapa hirahira, ko ngā wānanga whanake pūkenga ki te Institute of Directors, hei piringa ki National Iwi Chairs Forum, āta arohaehae i ngā mahi ā Ngā Rere me Te Kīwai Mauī, āta arotake i ngā kaupapa here me ngā tukanga katoa ā Te Korowai o Ngāruahine me te awenga me te māia o ngā uri o Ngā Ruahinerangi ki te hāpai i ngā kaupapa-ā-iwi, kaupapaā-motu, a, ao ake.

Te whare o Te Torokīkī o te Rua o Te Moko – Kānihi-Māwhitiwhiti Pā

Emma Gardiner (Pouwhakarae), Ōkahu-Inuawai

Sub-committees

The Pouwhakarae sits on all sub-committees as an ex-officio member

• Te Mataōwhiti (Te Reo me ōna Tikanga)

• Tumu Herenga Tāngata (Human Resource Management)

• Te Ohu Arotake (Audit & Risk).

Almost eight years ago, I attended the signing of Te Ara Pūtake Rongo for the Taranaki Maunga settlement with my son, who was three weeks old at the time. Earlier this year, I had the pleasure of attending the final reading of the settlement in Parliament with my son, his kura, and our iwi. This was one of many haerenga supported by Te Korowai and showcased the level of manaakitanga that Te Aorangi and the team have become synonymous with. It is one thing to host events at home; it is another to uphold manaakitanga on the go.

Ngaraina Brooks, Ōkahu-Inuawai

Sub-Committee

• Chair, Tumu Herenga Tāngata (Human Resource Management)

Highlights for me as a Board member include the diverse skills and knowledge that each member brings to the table, attending and participating in professional learning through the Institute of Directors, and the continuity of our organisation’s vision, values, and pou. All are important and remain at the forefront of any kaupapa we undertake.

Te whare o Ngākaunui – Aotearoa Pā

Ferinica Hawe-Foreman (Deputy Pouwhakarae), Ngāti Manuhiakai

In the ever-changing landscape of legislation, there was a cry, and our people rose with urgency and clarity. We rose as one, whānau, hapū and iwi, mobilising not just to respond, but to protect; our taiao, our tikanga, our mokopuna. Our people answered with heart, with purpose, and with fierce love. Submissions were written, shared, and delivered as living expressions of whakapapa. Each word carried the weight of our tūpuna. This was not just resistance, this was whakapapa in motion, aroha in action and mana in full flight.

I am proud of our people. We rose, and in rising, we remembered that we are the descendants of Tītokowaru. We are the future our tūpuna dreamed of.

Kiri Erb, Ngāti Manuhiakai

Sub-Committees

• Chair, Te Ohu Arotake (Audit & Risk)

• Tumu Herenga Tāngata (Human Resource Management)

This year has been one of growth, learning, and building solid foundations. While 2024–2025 lacked the large, visible outcomes of past years, it brought challenges that strengthened us as trustees and sharpened our governance. Much of our mahi has been in the ‘unseen’ spaces—developing policies, refining systems, and setting the groundwork for smarter delivery that will benefit future generations. A practical highlight was relocating our office: not the Manaia home we aspire to, but a more functional, low-maintenance space that frees us to focus on people and purpose. The true value of this year’s work will emerge in years ahead, as we continue striving for Ngāruahine.

Te Aroha o Tītokowaru Pā

(Randal) Te Ahu Rei, Ngāti Tū

Sub-Committee

• Te Mataōwhiti (Te Reo me ōna Tikanga)

As we come to the end of our second term as Trustees, we reflect on our successes and challenges as an iwi. We celebrate our hapū for building the capacity to support our pā, our whānau, and our communities.

Congratulations to Ngāti Hāua Piko at Tawhitinui Pā for the rebuild of their wharekai Ngāhina and the whānau at Taikātū Pā for their new marae complex. We look forward to the many kaupapa to be hosted at those pā in the near future.

The opportunity going forward is to support our rangatahi in upholding our reo and tikanga across all our pā within the pāhuki of Ngā Ruahinerangi and Taranaki as a whole.

Kia kaha, kia māia, kia manawanui e te ranga taiohi.

Dion Luke, Ngāti Tū

Sub-Committee

• Te Ohu Arotake (Audit & Risk)

For me this year has been notable for the volume and intensity of change. We are all aware of the government’s agenda to remove any and all Māori rights and interests in policy and legislation.

Te Korowai has also undertaken key reviews of our organisational structure and our five-year strategy. Rather than operating in the hope that the government will change and things will get better, this is a period for reflection and consolidation to ensure the organisation is fit for purpose and can handle the many changes of a low funding environment.

Waiokura Pā

Rere-No-A-Rangi Pope, Ngāti Hāua

Sub-Committee

• Chair, Te Mataōwhiti (Te Reo me ōna Tikanga)

Kua tahia te tau ki muri, koia e hīkaka nei ki te tau kei mua. Koutou ngā kaimahi, ko koutou a runga! E hihiri tonu ana te ngākau ki ngā kātū mahi kua oti i ngā kaimahi te whakatutuki i roto i ngā marama. E kitea ana, e rangona ana e te katoa te kaha o tā Te Korowai o Ngāruahine whakaatu i ngā pānui mō te iwi, mō te motu hei māngai anō mō tātou katoa, ā, e kitea ana hoki te mārō o te tū kia kīia ake ai kāti rā te keri i te papa moana! Ka mutu pea i a koutou ngā kaimahi!

Sarah Mako, Ngāti Hāua

My highlight is the resilience Ngāruahine has shown during a challenging time in Te Ao Māori. Te Korowai have supported many kaupapa that uphold our tūpuna aspirations and mana motuhake. These include Te Ture Whakatupua mō Te Kāhui Tupua 2025, Te Matatini o Te Kāhui Maunga, and Toitū Te Tiriti activations like the hīkoi ki Te Whare Paremata, as well as wānanga in our own rohe. We’ve made submissions to kaupapa at all levels and presented evidence at hearings, all whilst upholding hapū and marae tikanga, and being active kaitiaki of our taiao.

Tawhitinui Pā

(Elizabeth) Liz Ross, Ngāti Tamaahuroa-Tītahi

The moment that stood out most for me was witnessing the settlement of Taranaki Maunga at Parliament, sitting in the gallery and listening to the kōrero. It was powerful and uplifting. There have been many such moments, including Iwi Chairs Forum, that have left an impression. Being part of these discussions has been exciting, inspiring, and a real privilege. The kōrero shared was not only insightful but also a reminder of the strength and vision of our people when we come together.

(Bianca) Bee Weston, Ngāti Tamaahuroa-Tītahi

For me, one of the best parts of this year has been all the whānau engagement. I’ve really loved being part of the different kaupapa that our iwi has led. Seeing our uri get involved has been a real highlight. It’s been awesome working alongside so many passionate people, backing each other and doing what we can for our hapū. Super grateful for all the opportunities to be part of the mahi and to represent our whānau with heart. I’m looking forward to what’s ahead and continuing this journey with our people.

Ngā whare o Oeo Pā

TRUSTEES OTHER ROLES – TRUSTEES 2023-2026

Katrina Taylor, Kānihi-Umutahi

Director

Trustee

Te Kupenga o Kānihi Holding Company Limited

Te Korowai o Ngāruahine Trust

Trustee   Kānihi-Umutahi

Trustee

Member

Kaimahi

Shareholder

Taukē King, Kānihi-Umutahi

Director

Director/Tutor

Trustee

Trustee

Member

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust – Te Mataōwhiti (Te Reo me ōna Tikanga Sub-Committee)

Te Whare Wānanga o Awanuiārangi

Te Tōpuni Ngārahu GP Limited

Te Reo Irirangi o Taranaki Charitable Trust

Tahupōtiki Māori Club

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust

Te Korowai o Ngāruahine Trust – Te Ohu Arotake (Audit and Risk Sub-Committee)

Kaimahi (Iwi Māori Relationship Lead)   Waihanga Ara Rau – Workforce Development Council

Shareholder

Te Tōpuni Ngārahu GP Limited

National Assessment Moderator   New Zealand Qualifications Authority (Te Marautanga o

Aotearoa)

Subject Matter Expert (Te Ao Haka)  Ministry of Education New Zealand

Te Reo and Ahurea Māori Advisory Panel   Te Rūnanga o Ngāti Ruanui

Relationship (brother-in-law)  Jackson Cassidy, kaimahi, Te Korowai o Ngāruahine Trust

Ngaraina Brooks, Ōkahu-Inuawai

Chair  Te Korowai o Ngāruahine – Tumu Herenga Tāngata (Human Resource Management (HRM) Sub-Committee)

Director   Ngā Tapuwae Pae Pātūtū Limited

Trustee  Te Kīwai Matau o Ngāruahine Charitable Trust

Trustee  Te Korowai o Ngāruahine Trust

Iwi Representative   Te Kāhui Matauraura (South Taranaki District Council (STDC) Iwi Liaison Committee)

Iwi Representative   STDC Community Services Portfolio Group

Local Area Committee Member   CCS Disability in Action

Shareholder  Te Rua o Te Moko Limited

Beneficiary   Various Ngāruahine whenua blocks

Kaimahi   Ministry of Education – Relief Teacher   Justice of the Peace  South Taranaki Association

TRUSTEES OTHER ROLES – TRUSTEES 2023-2026

Emma Gardiner, Ōkahu Inuawai

Pouwhakarae/Trustee

Trustee Director

Te Korowai o Ngāruahine Trust

Te Kīwai Mauī o Ngāruahine Limited

Trustee  Te Kīwai Matau o Ngāruahine Charitable Trust

Director/Shareholder

Te Korowai o Ngāruahine Custodian Company Limited

Director/Shareholder Aronga Limited

Director/Shareholder Tā Edge Limited

Director   Ngā Rere Ora Limited (formerly Te Rere o Kapuni Limited, Directorship from September 2023)

Director Te Kīwai Mauī o Ngāruahine Charitable Company Limited

Director   Oriens Capital GP Limited

Trustee   Dawson Holdings Trust

Ex-officio member

Ex-officio member

Ex-officio member

Te Korowai o Ngāruahine Trust – Te Ohu Arotake (Audit and Risk Sub-committee)

Te Korowai o Ngāruahine Trust – Tumu Herenga Tāngata (HRM Sub-Committee)

Te Korowai o Ngāruahine Trust – Te Mataōwhiti (Te Reo me ōna Tikanga Sub-Committee)

Committee Member  Ōkahu Inuawai me ētehi atu hapū

Limited Partner  Oriens Capital Fund 1

Private Equity Investments   Pencarrow Fund

Private Equity Investments   Direct Capital

Private Equity Investments   Parts Trade

Shareholder

Te Tōpuni Ngārahu GP Limited

Shareholder   Mānuka Resources

Beneficiary  Parininihi ki Waitōtara (PKW) and various Māori land blocks within Ngāruahine

Association (son attends)  Te Kura o Ngā Ruahine Rangi (RFR)

Relationship (cousin)

Amber Nicholson, Aspiring Director, Te Kīwai Mauī o Ngāruahine Limited

TRUSTEES OTHER ROLES - TRUSTEES 2023-2026

Ferinica Hawe-Foreman, Ngāti Manuhiakai

Chair Ngāti Manuhiakai Hapū

Deputy Pouwhakarae/Trustee

Te Korowai o Ngāruahine Trust

Director   Ngāti Manuhiakai Holding Company Limited

Director/Shareholder

Foreman Shearing Limited

Board Member   Federation of Māori Authorities (Aotea)

Trustee/Secretary/Treasurer/Owner  Ngāti Manuhiakai 5A2 Trust

Trustee/Secretary

Trustee

Rangatapu Reserve Trust

Te Kīwai Matau o Ngāruahine Charitable Trust

Trustee   Manuhiakai Tūturu Charitable Trust

Member Iwi Liaison Committee

Te Kāhui Matauraura, STDC

Hāpu Representative Beach Energy, Todd Energy, Taranaki By-Products, Hiringa Energy, Rānui Generation

Beneficiary

Kiri Erb, Ngāti Manuhiakai

Chair

Director/Shareholder

Director/Shareholder

Director/Shareholder

Trustee

Trustee

Te Tōpuni Ngārahu GP Limited

Various Ngāruahine whenua blocks

Te Korowai o Ngāruahine – Te Ohu Arotake (Audit and Risk SubCommittee)

Tika Administration and Events Limited

Tika Catering Limited

Kai Ki Tua Limited

Te Korowai o Ngāruahine Trust

Te Kīwai Matau o Ngāruahine Charitable Trust

Trustee  Manuhiakai Tūturu Charitable Trust

Shareholder

Te Tōpuni Ngārahu General Partner (GP) Limited

Member Te Korowai o Ngāruahine – Tumu Herenga Tāngata (HRM SubCommittee)

TRUSTEES OTHER ROLES - TRUSTEES 2023-2026

Dion Luke, Ngāti Tū

Director

Co-Chair/Member

Board member

Trustee

Trustee

Trustee

Trustee

Iwi Representative

Member

Shareholder

Kaimahi Senior Planner (Taiao)

Relationship (brother)

Ngāti Tū Holding Company Limited

Papa Pounamu Committee – New Zealand Planning Institute

Ngāti Tū Hapū Executive Committee

Ngāti Tū Hapū Whenua Tōpu Trust

Ngāti Tū Hapū Charitable Trust

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust

Taranaki Regional Council – Regulatory and Operations Committee

Te Korowai o Ngāruahine Trust – Te Ohu Arotake (Audit and Risk Sub-Committee)

Te Tōpuni Ngārahu GP Limited

Te Tōpuni Ngārahu Limited Partnership

Karna Luke, Independent Director, Te Kīwai Mauī o Ngāruahine

Limited

Te Ahu Rei, Ngāti Tū

Cultural Manager

Trustee

Trustee

Representative

Member

Ngāti Tama ki Te Tauihu representative

Ngāti Tama ki te Waipounamu Trust

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust

Te Mātāwai – Te Pae Motuhake o Te Tai Tonga

Te Korowai o Ngāruahine Trust – Te Mataōwhiti (Te Reo me ōna Tikanga Committee)

Nelson City Council (NCC) committees

Ngāti Tama ki Te Tauihu representative Nelson City Council (NCC) committees, Te Kāhui Mātauranga - Ministry of Education, Te Pouaranga Bishop Suter Trust, Te Puna Pahake o Ngāti Tama ki Te Tauihu, Te Rōpū Hāpai Tikanga o Te Tauihu, Te Tai Ao Tasman Heritage Trust

Contracted translation services

Nelson Airport, Port Nelson, The Nature Conservancy, Ngāti Apa ki te Rā Tō, Te Mana o Te Wai (Freshwater project)

TRUSTEES OTHER ROLES

TRUSTEES OTHER ROLES - TRUSTEES 2023-2026

Sarah Mako, Ngāti Hāua

Director

Director

Director

Director

Trustee Director

Trustee

Trustee

Ngāti Hāua Hapū representative

Secretary

Shareholder

Shareholder

Observer

Relationship (aunty)

Contractor

Rere-No-A-Rangi Pope, Ngāti Hāua

Chair

Researcher

Researcher / student

Trustee

Trustee

Ngāti Hāua Piko Hapū representative

Shareholder

Trustee

Trustee

Taranaki Rugby Football Union

Te Kīwai Mauī o Ngāruahine Charitable Company Limited

Ngāti Hāua Whānui Holding Company Limited

Ngā Rere Ora Limited (formerly Te Rere o Kapuni Limited, Directorship December 2023)

Te Kīwai Mauī o Ngāruahine Limited

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust

Ngāruahine Kaitiaki Taiao Ohu

Ngāti Hāua Hapū

Te Tōpuni Ngārahu GP Limited

Te Tōpuni Ngārahu GP Limited

Venture Taranaki Board of Directors

Te Aorangi Dillon, Tumu Whakarae, Te Korowai o Ngāruahine Trust

Parininihi ki Waitōtara (PKW)

Te Korowai o Ngāruahine Trust - Te Mataōwhiti (Te Reo me ōna Tikanga Sub-Committee)

Te Whānau Omahuru (Ngatau Omahuru history)

Te Herenga Waka – Victoria University

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust

Marine and Coastal Area (MACA) Takutai Moana – Ngā Hapū o Ngā Ruahine (Takutai Moana)

Te Tōpuni Ngārahu GP Limited

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust

Bee Weston, Tamaahuroa-Tītahi

Director

Ngāti Tamaahuroa-Tītahi Holding Company Limited

Trustee   Te Korowai o Ngāruahine Trust

Trustee   Te Kīwai Matau o Ngāruahine Charitable Trust

Trustee   Oeo Marae

Trustee   Eltham Māori Club Hall Trust

Kaimahi   Ministry of Education

Shareholder  Te Tōpuni Ngārahu GP Limited

Liz Ross, Tamaahuroa-Tītahi

Trustee   Te Korowai o Ngāruahine Trust

Trustee   Te Kīwai Matau o Ngāruahine Charitable Trust

Shareholder   Te Tōpuni Ngārahu GP Limited

David Patten, Tumu Herenga Tangata

• Master of Business Studies (in Dispute Resolution)

• Bachelor of Laws

• Bachelor of Arts

• Diploma of Business Studies (in Dispute Resolution)

• Affiliate Member of the Arbitrators’ and Mediators’ Institute of New Zealand

• Associate Member of the New Zealand Law Society

Appointed in December 2019, David Patten has served as an Independent Member of Tumu Herenga Tāngata — the subcommittee responsible for people and culture within Te Korowai o Ngāruahine — for five years and four months, resigning in June 2025.

His extensive knowledge, professional qualifications, and depth of experience have been of immense value to Tumu Herenga Tāngata and the wider organisation. His guidance and commitment have made a lasting impact on the subcommittee’s work and direction.

Lara Keane, Tumu Herenga Tāngata

Ngāruahine

Ngāpuhi ki Taiāmai

• Master of Commerce

• Bachelor of Commerce (Honours)

• Member of the Human Resources Institute of New Zealand

Whakapapa and whanaungatanga are what inspires me to serve our iwi. It’s my way of honouring the connections of my tūpuna to Ngāruahine, and rekindling connections among my whānau alive now.

As an Independent Member on Tumu Herenga Tāngata, I’m here to bring my professional skills to the governance of Te Korowai. As an uri myself, helping Te Korowai carry out its mahi with professionalism and heart really matters to me. My highlight this past year is seeing our Te Korowai team represent us so strongly, whatever the kaupapa they are committed to doing their best for Ngāruahine uri.

Phillippa Wilson, FCA. Te Ohu Arotake

• Master of Public Policy

• Bachelor of Business Studies

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

The people I work with continue to inspire me through their commitment to their iwi, their forward thinking and their passion for what they do. I have worked with Te Korowai for over five years, and I am honoured to be able to continue for a further three years. I enjoy working with an organisation that is focused on making a difference in people’s lives. I feel honoured to be working for the people of Ngāruahine and Te Korowai, which always puts the people at the forefront of their thinking.

INDEPENDENT MEMBERS QUALIFICATIONS & HIGHLIGHTS

Alicia Manuirirangi, Te Ohu Arotake

Ngāruahine

• Bachelor of Business Studies

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

As an Independent Member of Te Ohu Arotake, I’ve been incredibly fortunate to work alongside such talented and dedicated individuals. Seeing the mahi that happens behind the scenes to grow and strengthen Te Korowai has been both inspiring and invaluable. One of the highlights for me has been the collective drive to overcome challenges and continuously work toward better outcomes for uri.

Te Ingo Ngaia, Te Mataōwhiti

Ngāruahine, Taranaki Iwi, Waikato, Te Arawa, Ngāti Porou

I puta a Te Ingo i ngā kōhanga reo, i ngā kura kaupapa Māori me Te Wharekura o Rākaumanga. Ka whanake ake ia ki Te Whare Wānanga o Waikato, ā, i puta atu me tāna tohu paerua i reira. Ka puta hoki tōna ihu hei Ika-ā-Whiro i Te Panekiretanga o Te Reo Māori. He kaiwhakamāori hoki ia.

Kei taku iwi, tēnā tātou katoa! Anō te pai, te āhua reka, o te nohonga o ngā tēina me ngā tuākana i runga i te ara pai, i raro tonu i te whakaaro kotahi. My highlight has been exactly this, being on the same waka as my elders, my tuākana and also my brothers, for the purpose of reshaping our rautaki whakarauora i te reo o Ngāruahinerangi. Ka ora tonu te toa o ngā mahi i roto i ngā whatukura kua tōkia kētia ki hōna kauwaka huhua, ā, mā te reo hei tohu i taua mouri ora.

Tama Ale Samoa, Te Mataōwhiti

I puta a Tama Ale i te kōhanga reo, te kura kaupapa Māori, Te Pīnakitanga Ki te Reo Kairangi me Te Panekiretanga o Te Reo Māori. Tītahi, Manuhiakai, Ngā Ruahine, Ōkahu, Tāngāhoe, Araukuuku me ngā karanga hapū katoa o roto.

Ko te tino painga o te noho ki tēnei kōmiti, ko te tūhono ki ngā roro nunui o te iwi, nāwai i roro nui ka kōrero nui, ka kaupapa nui, ka mahi nui, i runga katoa i te koronga kia hua nui, hei oranga mō te iwi, hei whakapiki rānei i te pai o te oranga o te iwi. Ka pai hoki tēnei ohu ki te whakakōrero i ngā kaupapa e huna ana i te tirohanga noa, erangi ia ko ngā kaupapa i te pūtake o ngā raru katoa e tau nei ki runga ki te tokopae o te iwi.

TE KOROWAI GOVERNANCE SUB-COMMITTEES

The Pouwhakarae sits on all sub-committees as an ex-officio member

Te Mataōwhiti

(Te Reo me ōna Tikanga Sub-Committee)

Rere-No-A-Rangi Pope (Chair)

Emma Gardiner

Te Ahu Rei

Katrina Taylor

Te Ingo Ngaia (Independent Member)

Tama Ale Samoa (Independent Member)

Tumu Herenga Tāngata (Human Resource Management SubCommittee)

Ngaraina Brooks (Chair)

Emma Gardiner

Kiri Erb

David Patten (Independent Member, resigned June 2025)

Lara Keane (Independent Member)

Te Ohu Arotake (Audit & Risk Sub-Committee)

Kiri Erb (Chair)

Emma Gardiner

Taukē King

Dion Luke

Phillippa Wilson FCA. (Independent Member)

Alicia Manuirirangi CA. (Independent Member)

Te Korowai o Ngāruahine Custodian Company Limited

Emma Gardiner

Te Aorangi Dillon

Te Kīwai Matau o Ngāruahine

Charitable Trust

Ngaraina Brooks

Emma Gardiner

Kiri Erb

Ferinica Hawe-Foreman

Taukē King

Dion Luke

Sarah Mako

Rere-No-A-Rangi Pope

Te Ahu Rei

Liz Ross

Katrina Taylor

Bee Weston

Te Kīwai Mauī o Ngāruahine Limited

Dion Maaka (Chair)

Emma Gardiner

Sarah Mako (Independent Member)

Karna Luke (Independent Director)

Amber Nicholas (Aspiring Director)

Kiriwaitingi Rei (Independent Director)

Ngā Rere Ora Limited

Dion Maaka (Chair)

Emma Gardiner

Sarah Mako (Independent Member)

Karna Luke (Independent Director)

Amber Nicholas (Aspiring Director)

Kiriwaitingi Rei (Independent Director)

Ngāruahine Fisheries Limited

Dion Maaka (Chair)

Kiriwaitingi Rei (Independent Director)

Rhonda Vanstone

Te Whakatōhea, Ngāpuhi ki Whaingāroa

Kaiwhakahaere Kaupapa Here Compliance Programme Manager rhonda@ngaruahine.iwi.nz

My highlight has been seeing hapū development plans emerge and come to life. Hapū vision, drive and commitment to building a future for their tamariki mokopuna is both inspiring and humbling to witness.

Janine Maruera

Pouuruhi Pāpāho

Communications Team Lead Interim Pouuruhi-ā-Iwi – Internal Relations Ngāruahine

janine@ngaruahine.iwi.nz

My highlight has been the delivery of kaupapa throughout the year that enabled uri to mobilise, contribute, reconnect, and celebrate.

Connor Macleod

Ngāruahine, Ngāti Ruanui, Ngāti Mutunga, Taranaki, Ngāi Tahu

Kaituitui Tari

connor@ngaruahine.iwi.nz

Highlights have been cooking for our ākonga at the Ngāruahine Kura Reo 2024 and being involved with the pōwhiri ki Te Matatini o Te Kāhui Maunga. Engari ko te tino mahi, ko te tū whakaiti hei pononga mō tōku iwi.

Moesha Katene-Rawiri

Te Whakatōhea

Kaitiaki Rārangi

Iwi Registrar office@ngaruahine.iwi.nz

It’s a pleasure working closely with uri of Ngāruahine, connecting their whakapapa and adding new registrations. The engagement of mātua registering their tamariki is a huge compliment to growing the register of Ngāruahine.

Jackson Cassidy

Kaipāho Communication Advisor

Ngāruahine, Te Ātiawa moesha@ngaruahine.iwi.nz

Designing the Raumati merch drop was my highlight, especially seeing our uri wearing them everywhere with pride.

Kaihoahoa Design Advisor

Te Ātiawa, Ngāpuhi, Ngāti Hāua ki Taumarunui, Ngāti Tūwharetoa jackson@ngaruahine.iwi.nz

My highlight for the year was capturing our Ngāruahine whānau relaxing and having fun at our Whānau Day at the Rāwhitiroa swimming pool.

Bonnie Johnstone

Emma Park

Te Ātiawa

Pouhāpai

Chief Financial Officer

emma@ngaruahine.iwi.nz

This year, we reviewed our financial systems and planned for future changes, while ensuring our spending remained aligned with whānau priorities and compliance requirements.

Anita Potts

Ngāruahine, Ngāti Ruanui

Kaituitui Rōpū Hāpai

Finance Coordinator

anita@ngaruahine.iwi.nz

Proud to be working in a role where I can contribute to our purpose, our kaupapa and mahi. Developing a sense of belonging has been particularly important to me this year.

Ritihia Reihana

Taranaki, Ngāti Ruanui, Te Whakatōhea, Ngāruahine

Kaitātai Kirimana

Funding and Contracts Accountant

ritihia@ngaruahine.iwi.nz

It is always a pleasure and honour to work towards realising the dreams and aspirations of our whānau and tūpuna.

Kawarau Ngaia

Kaituitui Kaupapa a Iwi Iwi Coordinator

Ngāti Maru, Ngāruahine, Ngāti Ruanui, Ngaa Rauru, Taranaki, Te Ātiawa, Ngāti Mutunga, Ngāti Tama, Ngāpuhi kawarau@ngaruahine.iwi.nz

He aha te mea nui o te ao? He tangata, he tangata, he tangata! I love supporting our people. Mauri ora whānau.

Te Ana Stephen

Ngāti Hine, Ngāpuhi

Kaikaute

Accountant

teana@ngaruahine.iwi.nz

It continues to be a privilege to contribute my skills to support the aspirations of Ngāruahine, including my tamariki, as we work together to support and strengthen Ngāruahine uri.

Lola Katene

Ngāruahine, Ngāti Ruanui, Ngāti Toa, Ngāti Tama

Kaituitui

Rangatahi

lola@ngaruahine.iwi.nz

My highlight is working with our taiao team, deepening our connection to our maunga, ngahere, awa and moana.

Naomi Puketapu-Waite

Ngāruahine

Pouuruhi Taiao

Environmental Lead

naomi@ngaruahine.iwi.nz

I have enjoyed riding the challenging waves of government policy change, understanding the importance of legislation and how it affects our every day – Mā mahi, ka ora.

Philip Nuku

Ngāruahine

Pouhautū

phil@ngaruahine.iwi.nz

My highlights are the arrival of the artwork in Ngā Rere. The embodiment of Ngāruahine creativity by Ngāruahine, for Ngāruahine, telling Ngāruahine stories.

Ngāruahine, Ngāti Ruanui, Taranaki Whānui, Ngāpuhi

Anitawaru Ali Cole Kairangahau

wtaiao@ngaruahine.iwi.nz

Ka poho kererū ahau – seeing the awesome mahi hapū are leading in the taiao space. I loved supporting hapū by building īnanga habitats and seeing our rangatahi take leadership in protecting our moana by responding to Trans-Tasman Resources (TTR).

Puhi Nuku

Ngāruahine

Kaiako Matua

puhi@ngaruahine.iwi.nz

‘Kei te tupu tonu te reo’, it’s exciting to see the hunger for Ngāruahine reo when you fill a kura reo within hours. Kura reo are by Ngāruahine, for Ngāruahine.

Ngatokoa Tikitau

Ngāruahine ki te rangi, Ngāti Ruanui, Taranaki Tūturu, Te Ātiawa, Ngāti Maru, Ngāpuhi, Ngāti Arera, Ngāti Tepuretu

Pou Taituarā Taiao

Environmental Project Support & Engagement

ttaiao@ngaruahine.iwi.nz

This year’s standout was marching in the Toitū Te Tiriti hīkoi ki Pāremata in a united front with uri of Ngāruahine and extended whānau from across the motu!

Luther Ashford

Ngaa Rauru, Ngāti Ruanui, Ngāruahine

Kaipāho (Parental Leave Cover)

The highlight of my year has been working alongside kaimahi who are genuinely passionate about serving our people.

TeUraura Nganeko

Ngāruahine, Taranaki Tūturu, Ngāti Ruanui, Ngaa Rauru

Pouuruhi External Relations

teuraura@ngaruahine.iwi.nz

My highlight has been the development of our Iwi Business and Skills Register and having a positive impact on reacquiring Deferred Selection Property (DSP) and Right of First Refusal (RFR) properties from the Crown.

Kelsey Chadwick

Ngāti Kahungunu ki Heretaunga, Ngāti Kahungunu ki Te Wairoa, Ngāti Tūwharetoa

Kaituitui Te Ara Toiroa Administrative Coordinator

kelsey@ngaruahine.iwi.nz

My highlight was hosting the Alternative Energy Wānanga, which created a platform to share knowledge directly with uri and support sustainable futures – Nā tō rourou, nā tōku rourou, ka ora ai te iwi.

Te Awa Johnstone Executive Assistant Te Kīwai Mauī

Ngāti Raukawa ki te Tonga, Ngāti Whātua, Ngāti Kurī, Ngāpuhi

TeAwa@maui.nz

A highlight was seeing Ngāruahine strong involvement across kaupapa Māori, particularly at Te Matatini o Te Kāhui Maunga, where their contribution was noticed and appreciated throughout the event.

Annual General Meeting

SATURDAY 24 NOVEMBER 2024

Te Korowai o Ngāruahine AGM ki Aotearoa Pā, 2024.

Ngā Taratī o Te Korowai | Trustees

Emma Gardiner (Pouwhakarae), Ngaraina Brooks, Kiri Erb, Ferinica Hawe-Foreman, Taukē King, Dion Luke, Sarah Mako, Rere-No-A-Rangi Pope, Te Ahu Rei, Liz Ross, Katrina Taylor and Bee Weston.

Guest Presenters

Dion Maaka and Ashley Douglas.

In Attendance

Ngaputiputi Akapita, Ngawai Akapita, Elizabeth Albert, Te Koomuri Aroha, Sarah Beamish, Catherine Booker, Paula Koot Brennan, Mere Brooks, Ngaraina Brooks, Spencer Carr, Jackson Cassidy, Tami Cave, Kelsey Chadwick, Ali Cole, Te Rawanake Coles, Fiona Cotterill, Hikitanga Chase, Benjamin Cuff, Te Atawhai Davis, Te Rau Oriwa Davis, Te Aorangi Dillon, Ashley Douglas, Makere Edwards, Patina Edwards, Tracy Mihimamao Edwards, Will Edwards, Linda Elgar, Kiri Erb, Marama Eynon, Danielle Gardiner, Eleanor Gardiner, Emma Gardiner, Bev Gibson, Jodi Hawe, Ferinica Hawe-Foreman, Andrew Jacobson, Darrell Haddon, Karley Hemopo, Christine Ngawai Henare, Patrace Henry, Whitney Herewini, Una Hiroa, Crystal Hockley, Russell Hockley, Fay Hohaia, John Hooker, Hoani Horsfall, Lynell Huria, Ariana Hurunui, Puawai Hudson, Te Poi Rerekura Ngawhika, Ripeka Hudson, Rochelle Jakeman, Ann Johnston, Kerensa Johnston, Te Awa Johnstone, Debbie Miria Joyce, Barnard Te Kaha Kahu, John Kahu, Kara Katene, Lola Katene, Rangiira Katene, Robin Katene, Te Oti Katene, Cindy Kawana, Ivy Kearney, Dinah King, Donia King, Jacqui King, Shay King, Taukē King, Dean Kira, Moana Campbell Knowles, Dion Luke, Dion Maaka, Kyla Maaka, Connor Macleod, Bill Maha, Linda Maha, Damian Mahutonga, Iri Mako, Katarina Mako, Sarah Mako, Cheryl Luke-Maraki, Polli Marriner, Mike Marriner, Janine Maruera, Judith Ann Maruera, Ropata Maxwell, Trinity McGrath, Peter Moeahu, Berea Morrison, Peggy LukeNgaheke, Kawarau Ngaia, TeUraura Nganeko, Donna Ngatai, Amber Nicholson, Tania Niwa, Brian Nyman, Philip Nuku, Puhi Nuku, Tipene O’Brien, Anton O’Carroll, Christine O’Carroll, Pahi O’Carroll, Phoebe Paraha, Jannaya Paratene, Emma Park, David Patten, Rere-No-A-Rangi Pope, Anita Potts, Takawai Pouwhare, Mataria Priest, Norah Puketapu, Alison Ranui, Maraea Katene-Rawiri, Moesha Katene-Rawiri, Kiriwaitingi Rei, Te Ahu Rei, Bernie Reihana, Ritihia Reihana, Neta Riley, Betty Robinson, Liz Ross, Lena Roulston, Hinepare Ruakere, Kiki Ruakere, Angela Scott, Acushla Sciascia, Zoe Spooner, Taarewa-i-te-rangi, Kelly Tairi, James Tautuku, Adrian Taylor (VBW, Accountant), Katrina Taylor, Whitiora Taylor, Patresse Te Kani, Ngatokoa Tikitau, Pikiora Hawe-Thomas, Rachael Vaimoso, Rhonda Vanstone, Allie Hemara-Wahanui, Naomi Puketapu-Waite, Ngawai Hernandez-Walden, Allen Webb, Bee Weston, Dennis (Beatle) Weston, Kerrin Weston, Natalya Weston, Sam Whareaitu, Georgina Wharepapa, Pam Hinewai, Morehu Wharepapa, Anaru White and Manuka White, Matt White (PriceWaterhouseCooper, Auditor), Sam Williams, Tash Wineera, Manawa Wright, Renee Wright and Te Wehi Wright.

1. Karakia | Mihi

Whakatau

Philip Nuku.

Waiata

Tēnei rā mātou

2. Welcome

Co-Masters of Ceremonies (MCs) for the day, Taukē King and Ngaputiputi (Puti) Akapita, welcomed uri to the hui ā-tau at Aotearoa Pā which was also being live streamed with the technical support of Te Korimako o Taranaki and TSH. They provided a health and safety briefing and general housekeeping information. Uri were encouraged to update their details on the iwi register, join the skills register, enrol in reo classes with Te Whare Kōrero o Ngāruahine or sign up to Ka Uruora. Information kiosks for these services were set up at the front of the marae.

The Pouwhakarae Emma Gardiner was invited to the atamira; introducing the order of the day and acknowledging the theme of the year’s Annual Report –Te Tupuranga e tipu mai ai. The previous Board were recognised as were the fresh eyes and excited voices of the new Trustees. The Tumu Whakarae and kaimahi of Te Korowai were also acknowledged for fulfilling the Annual Plan set by the previous Board and navigating the atypical 15-month year despite the disruptions of elections and government policy shifts. It was noted that Hui ā-Tau represent an opportunity to highlight the celebrations and challenges throughout the year as well as being an opportunity for uri to hold the Board to account. The Pouwhakarae welcomed questions from uri throughout the hui.

3. Apologies

The Pouwhakarae read the pre-submitted apology list, noted that online apologies would be minuted, and took apologies from the floor:

Ngapiki Arthur, Caleb Ashford, Jackson Ashford, Jayden Ashford, Tamzyn Katene-Ashford, Jayda Batson, Regan Batson, Sage-Marie Bennett, Bonita Bigham, Paula Carr, John Collins, Hinerangi Edwards, Junior Rangi Edwards, Tracy Edwards, Arama Eynon, Wendy Eynon, Kerrie Gordon, Debbie Graham (Marriner), Juistyce Green, Irene Maddox, Samme-Sara Harrop-Marriner, Michelle Kahui-Heke, Denella Hohaia, Te Aroha Hohaia, Kurarauringa Hudson, Bonnie Johnstone, Debbie Miria Joyce, Lara Keane, Benjamin Katene, Lorna Katene, Mikayla Katene, Angela A T Kerehoma, Irene Maddox, Alana Mako, Amber Mako, Rawiri Mako, Sam Mako, Ronald James Marriner, Steffinie Marriner, Christine Matangi, Taniya Miles, Kelly Moeahu, Tina Moeahu, Te Ana Stephen, Te Ingo Ngaia, Heavenlee Ngatai, Keonte Ngatai, Sidney Ngatai, Sydney Ngatai (Junior), Cherie O’Carroll, Greg Parata, Mitchell Pera, Margaret Pearsall, Tina Parata, Lara Puketapu, Kitana Rawiri, Debbie Robinson, Irene Robinson, Daphne Tamou, Pagan Tamou, Lawrence Tautuku, Ria Waikerepuru, Marnie Jane Wenman, Garth Weston, Grant Weston, David Williams and whānau, Tania Williams, Archilles Wineera, Christopher Wineera, Kereama Wright, Te Mihiroa Wright and Te Ngawari Wright.

The Pouwhakarae read the following resolution noting the use of awhi nuku for moving and awhi kerekere for seconding a resolution.

Resolution 1

THAT the apologies for the 2024 Annual General Meeting be accepted. Awhi nuku (J Hooker) / Awhi kerekere (D King) POUA

4. Confirm previous minutes

The Pouwhakarae read the resolution.

Resolution 2

THAT the minutes for the 2023 Annual General Meeting be accepted. Awhi nuku (N Hernandez-Walden) / Awhi kerekere (C Luke-Maraki) POUA

The Pouwhakarae acknowledged the pre-submitted general business topics submitted by Peter Moeahu (Ngāruahine a-political; kotahitanga and framing the political narrative; and the Māori electoral roll) for addressing later in the agenda. Uri were invited to submit additional items during the hui ā-tau, with opportunities for pātai and comments after each section of kaupapa.

Matters arising

An online comment from Maraea Rawiri-Katene noted the omission of her name from the attendance list for Hui ā-Tau 2023.

5. Trustee highlights

Trustees shared their highlights of 2023-2024 from the atamira:

• Taukē King’s highlights included being the representative voice for Kānihi-Umutahi on Te Korowai, listening to the desires of ngā hapū, growing as a Board, achieving Te Pire Whakatupua mō Te Kāhui Tupua/Taranaki Maunga Settlement, progressing Project Tūkau and Kāinga Whakaahurangi – all to achieve the dreams of the people of Ngāruahinerangi.

• Katrina Taylor was privileged to represent the aspirations of Kānihi-Umutahi, to contribute to Te Mataōwhiti and participate in the governance opportunities available.

• Ngaraina Brooks’ highlights included engaging in insightful dialogue on intergenerational kaupapa, upholding ngā mātāpono, pursuing personal and professional growth and anticipating the opportunities for uri to be had from impact investments.

• Ferinica Hawe-Foreman acknowledged the mahi of the hapū validators, both past and present, and celebrated moko Trinity’s 18th birthday and her ability to register as uri of Ngāruahine in her own right.

• Kiri Erb’s highlight was working with a Chair who supported Board members to build strong governance experience for the future. She also acknowledged Te Korowai kaimahi for their dedication and commitment to the people.

• Te Ahu Rei expressed gratitude for being among the next generation of reo speakers, was encouraged by reo me ōna tikanga shaping the Board’s work and highlighted the role of Te Mataōwhiti in upholding quality assurance and the Board’s commitment to longevity.

• Dion Luke emphasised the Board’s role in establishing strong processes and practices for future success and highlighted Te Pire Whakatupua mō Te Kāhui Tupua as key to supporting uri aspirations.

• Rere-No-A-Rangi Pope valued skill development and appreciated the guidance of the Pouwhakarae to be confident and capable Board members. He was proud of the establishment and achievements of Te Mataōwhiti.

• Sarah Mako highlighted welcoming new Trustees, remaining true to the Board’s values and acknowledged kaimahi commitment to policies, strategies and aspirational kaupapa to support uri growth.

• Liz Ross highlighted new learnings and thanked the Pouwhakarae for the guidance and support received. Whaea Liz acknowledged the team of Board members and particularly her fellow (hapū) Trustee.

• Bee Weston valued working alongside experienced Board members and taking part in robust kōrero and noted the opportunity to hīkoi and listen to kōrero at Waitangi as highlights of the 2023/24 year.

6.

Pouwhakarae report (Te Korowai o Ngāruahine Trust)

Whēkere whēkere rā!

The Pouwhakarae reported that the policy agenda of the coalition government had posed the most significant challenge in the 2023-2024 year (and beyond) with Te Korowai responsible for challenging policy in conflict with the interests of ngā hapū and the iwi. During the reporting period, Te Korowai had:

• written 16 submissions;

• held two submission writing wānanga (to upskill uri to write their own submissions);

• attended four haerenga; and

• engaged with government departments in te reo Māori (to put resourcing pressure on them to respond in te reo).

Ka rere kei runga kei te rangi, kei te papa

The Pouwhakarae noted that the realities of the current market and the impacts on Group performance and whānau day-to-day living, had been reported at the last two hui ā-tau. Te Rōpū Hāpai were acknowledged for their budget monitoring and reforecasting.

I tere waka, i tere ki whea?

The Pouwhakarae reported that the business model would change. Where Te Korowai had previously lived off its distributions, it was now needing to invest in the takiwā and maximise jobs to ensure pūtea goes straight back to whānau and hapū.

I tere ki uta, i tere ki tai!

The Pouwhakarae confirmed the Board’s agreement that the next rautaki would remain within the Ka Ora Taku Toa Framework but commit to a performance framework that would see resources being put into the iwi landscape.

7. Heamana Report (Te Kīwai Mauī o Ngāruahine Limited)

Dion Maaka, Heamana of Te Kīwai Mauī o Ngāruahine Limited (Mauī) clarified that Mauī was established by Te Korowai to focus on investment and commercial activities, to generate strong returns for Te Korowai and to grow Treaty settlement asset base. Board introductions included recognition of former Board member and Chair, Taari Nicholas.

The following financial/investment highlights for the company were noted:

• Total FY24 comprehensive income of $6.6 million; and

• Dividend payments of $2.95 million

The Heamana noted that Mauī remained committed to continue:

• Optimising the investment portfolio;

• Rebalancing the portfolio to support the delivery of Pupuke Te Hihiri, Strategy; and

• Exploring strategies for improving these returns where possible.

Ngā Rere

The Heamana explained that the Ngā Rere timeline had extended beyond initial expectations due to several factors. The Board’s priority had shifted to securing Code of Compliance and completing construction as soon as practical. It was reported that 85% of (non-construction related) kaimahi on site were Ngāruahine highlighting the ongoing focus on employment opportunities aligned with Te Ara Toiroa. Additionally, preparations for operational readiness and the exploration of alternative revenue streams remained key priorities. Opening details were currently being finalised.

Kāinga Whakaahurangi

The Heamana shared that a revised business case for 65 housing units, including both ownership and rental options, was under review. While opportunities within the takiwā had increased due to funding requirements, market conditions and government priorities, the project would remain on hold until more favourable market conditions prevail.

Project Tūkau

The Heamana noted that the Board is conducting due diligence on the shared community space, ensuring financial viability and sustainability while balancing the immediate needs and long-term aspirations of Te Korowai.

Summary of comments and questions from the floor:

What are the issues to achieving Ngā Rere Code of Compliance?

The Heamana clarified that the Code of Compliance issue involved fire rating concerns and non-specification materials. A consultant fire engineer was engaged to assess the construction and develop a response for Stratford District Council.

The submission was made on 11 October 2024. Council would need to engage their own fire engineer to peer review our submission before responding.

What kind of return could there be coming back to the iwi to support our moana aspirations?

The Pouwhakarae noted that this kaupapa had not come up for discussion and would now be considered during the strategy review.

Who pays for the consultants?

The Pouwhakarae explained that the current business model relies on Other People’s Money (OPM) to fund consultants. The pro-rated 15-month 2023-2024 year is financially comparable to a standard 12-month year in terms of consultant expenditure.

Are there any investments that have environmental consequences on indigenous whenua?

The Heamana confirmed there were no investments in this space.

Is there an opening date for Ngā Rere?

The Heamana clarified that no opening date had been finalised, however, Ngā Rere had hired kaimahi and training was currently underway in preparation. The outstanding compliance issue could range from 4-12 weeks for a resolution and no definitive date could be given at this stage.

What was salvaged from the lodge prior to demolition?

The Heamana deferred to N Hernandez-Walden, the Establishment Manager of Ngā Rere who noted that rākau removed from site would be used for whakairo or repurposed for amenities within the build and some have been propagated for replanting at the site. In addition, some of the ‘non-Ngāruahine relics’ were gifted to the Swiss Alpine community, while some material was archived by Aotea Utanganui.

If the Ngā Rere opening is such a long time away, why have kaimahi been hired so early?

The Heamana highlighted learnings from similar operations around the motu emphasising the need for a long lead in time for kaimahi training. With a focus on premium accommodation, kaimahi must be prepared to meet high standards and have the capability to deliver.

Will prices be affordable at Ngā Rere and will there be discounts for registered uri?

The Heamana confirmed that Ngā Rere is pitched at a premium accommodation level. There may be opportunities for concessions but there is still some work to do to understand the target market.

Will hydro power be utilised to power Ngā Rere?

As an operational matter, the Heamana deferred to the Establishment Manager of Ngā Rere who noted that the hydro generator, currently owned by Te Papa Atawhai Department of Conservation, is 100 years old. It was hoped that hydro power generation could supply 35-40% of the energy required at Ngā Rere.

How does Mauī Board ensure its own ethical standards extend to investment partnerships beyond the board table, particularly in respecting mana whenua and their interests in housing developments?

The Heamana clarified that housing developers could be held to account and that the Board has some influence in this space, noting his own recent appointment as a Director on the Board of Hāpai Development Property as an example.

In the taiao space, Taranaki has been targeted by deep sea miners for iron sands. How much influence do we have in the protection of our taiao?

The Pouwhakarae noted the Board’s support of whanaunga iwi, Ngaa Rauru and Ngāti Ruanui, and their stance against deep sea mining. Alongside the typical resistance measures that iwi had been undertaking, Te Korowai had tabled iwi Māori sanctions at National Iwi Chairs level, proposing a freeze on all investment into government bonds.

Are short-term accommodation solutions for uri in the pipeline?

Both Heamana and Pouwhakarae noted a lack of political will to address the current housing crisis and that negotiations with Land Information New Zealand (LINZ) for remedial work had achieved little progress.

Concerns of the cliff erosion, health of the reefs, and the people’s role as kaitiaki at Te Rangatapu were raised. The Pouwhakarae acknowledged these concerns.

Could Ngāruahine move to having uri cards for registered members with discounts for services from iwi assets such as Ngā Rere or Ngāruahine Iwi Health services?

The Pouwhakarae emphasised the importance of aligning such initiatives with the performance framework review and a need to identify and prioritise key commitments before moving forward.

How was the staff structure and numbers determined to ensure that Ngā Rere was not under or overstaffed?

The Heamana explained that kaimahi numbers were established based on modelling and service delivery requirements.

In what ways are our Ngāruahine kaumātua being supported and has any consideration been given to grants?

The Pouwhakarae referenced previous discussions on the performance framework, citing an example of matching the governments annual Kiwisaver contribution of $520. Over five years, this could provide a $5,000 return for a 65-year-old pāhake, illustrating the kind of impactful initiatives being identified.

When do you think Project Tūkau will happen?

The Heamana emphasised ongoing discussions with South Taranaki District Council highlighting the goal of making the development iwi-led and the need to gain council support for that vision.

8. Receive

Audited Annual Financial Statements for period ending 30 June 2024

Emma Park, Pouhāpai and Kiri Erb, Chair of Te Ohu Arotake (Audit and Risk Committee) joined the atamira to summarise the Group financials to the year ended 30 June 2024 as per the Trust Deed requirements.

The following highlights were noted:

• Presented a clean audit opinion with no unresolved issues

• Robust monthly reporting processes, monitoring performance

• Noting a 15-month period, performance remains strong Statement of financial position:

• Total Group Assets, now valued at $118.5 million, an increase of 5%

• Total Group Liabilities ($3.4 million)

• Total Group Equity $115.1 million Group comprehensive income:

• Total Revenue $7.11 million, an increase of 54%

• Less Total Expenses ($6.4 million)

• Plus Unrealised Investment Gains $4.2 million

• Equals Total Comprehensive Income Before Tax $4.92 million Top four expenses:

• Office and General

• $864,000 – FY24

• $691,000 – FY24 normalised (FY23 $623,000) Personnel Expenses

• $2.3 million – FY24

• $1.84 million – FY24 normalised (FY23 $1.5 million) Strategic Pou

• $794,000 – FY24

• $635,000 – FY24 normalised (FY23 $480,000) Advisory, Consulting and Professional Fees

• $1.5 million – FY24

• $1.2 million – FY24 normalised (FY23 $1.44 million)

Summary of comments and questions from the floor:

With regards to funding for Ngā Rere, page 19 (of the Annual Report) refers to $9.9 million and page 30 and $10.4 million. Why is there a difference?

The Pouwhakarae clarified that $9.9 million refers to Ngā Rere construction costs while $10.4 million includes operational costs.

It was requested that a full group budget be included in next year’s finance report to allow comparisons against both budget and the previous year.

Total debt is currently approximately 2.8% of assets. It is hoped that Te Korowai does not overextend its debt loading in the future.

The Pouwhakarae noted that while household debt is generally seen as negative, it can also be viewed as a positive indicator of growth. It is therefore important to understand is composition. Te Korowai current debt consists of a low-interest Crown loan.

The Pouwhakarae read the resolution:

Resolution 3

THAT Te Korowai o Ngāruahine Trust Group audited financial statement reports for the 15-month period ending 30 June 2024 are received.

Awhi nuku (P Moeahu) / Awhi kerekere (W Edwards) POUA

The Pouwhakarae read the resolution:

Resolution 4

THAT PriceWaterhouseCooper be appointed Auditor for the 2024-2025 financial year.

9. Approve appointment of Auditor for 2024-2025 10.

Awhi nuku (S Carr) / Awhi kerekere (A Webb) POUA

The Pouwhakarae noted that approving a Trustee remuneration increase is required under the Trust Deed and read the resolution.

Resolution 5

ACCEPT that Trustee remuneration be increased to $308,100 per annum for the 2024-2025 financial year, noting that the Institute of Directors recommended a Trustee salary range of $346,003 to $650,931 per annum.

Awhi nuku (J Hooker) / Awhi kerekere (C Luke-Maraki) POUA

Maunga Taranaki e tū nei

11. Presentations

Waiata Kaimahi took to the atamira to introduce themselves and their mahi:

• Ngāhuahinetanga – Janine Maruera, Kawarau Ngaia, Lola Katene and Bonnie Johnstone (an apology);

• Tupua te Mauri – Naomi Puketapu-Waite, Ngatokoa Tikitau and Ali Cole;

• Te Kawa Whanakeora (Mahi) and Poua te Pātūtū (Kāinga) – TeUraura Nganeko and Kelsey Chadwick;

• Executive team – Connor Macleod and Rhonda Vanstone;

• Te Rōpū Hāpai – Emma Park, Ritihia Reihana, Anita Potts and Te Ana Stephen (an apology);

• Te Rōpū Pāpāho – Janine Maruera and Jackson Cassidy;

• Te Whare Kōrero o Ngāruahine – Philip and Puhi Nuku; and

• Te Kīwai Mauī – Ngawai Hernandez-Walden, Dean Kira and Te Awa Johnstone.

Te Whare Kōrero o Ngāruahine

Ashley Douglas, nō Ngāti Manuhiakai me Taranaki Tūturu hoki, shared her learning journey as an akoranga of Te Pōkaitahi Reo ki Ngāruahine and encouraged uri to reclaim their reo and their Ngāruahinetanga.

Tupua te Mauri

The Pouuruhi for Tupua te Mauri, Naomi Puketapu-Waite presented a brief overview of the rōpū mahi and collaborations including:

• Southern trapping network expansion in preparation for kiwi releases in 2025 on the maunga;

• World first planning methodology collaboration between Te Korowai, Ngā Rere and the Department of Conservation Te Papa Atawhai;

• Geographic Information System (GIS) layers shared from Ngā Iwi o Taranaki and available to hapū to determine whenua aspirations;

• Emergency response planning including responding to the potential of volcanic unrest;

• Maara kai initiatives;

• 2025 awa project based around capacity building and restoration;

• Opposing the direct discharge of wastewater, farm dairy effluent or contaminants to all water bodies within the rohe;

• Collaborating with the Taranaki Biosecurity Network around risks; and

• S186a application – an attempt to protect and give the moana time to regenerate.

Highlights

Tumu Whakarae Te Aorangi Dillon noted other highlights from the year: Ngāruahinetanga:

• An increase of 10% from 6,392 to 7,032 registered uri on the Ngāruahine Iwi Register; Te Ūkaipō

• a commitment to four annual wānanga;

• participation in four (additional) Toitū Te Tiriti kaupapa;

• facilitation of their own rangatahi conference.

Poua te Pātūtū (Kāinga):

• 182 (total) joined the Ka Ururoa Whānau Saver programme;

• 71 financial literacy graduates;

• 194 individuals registered with Ka Ururoa Housing (of a total 304).

Te Kawa Whanakeora (Mahi):

• Total investment for Te Ara Toiroa;

• Total kaimahi: 22 with a total value of $1,740,329;

• Business investment (supplier payments): 73 Ngāruahine suppliers with a total value of $539,834;

• Total investment for Te Ara Toiroa overall: 95 with a total value of $1,946,099;

• Iwi business and skills database: 75 businesses in total registered, and 76 skills in total registered.

Summary of comments and questions from the floor:

What is your Te Ara Toiroa target this year and in a further three years as a percentage spend of total budget?

The Pouwhakarae clarified that projected targets under Pupuke Te Hihiri represent a significant increase in the next five years.

What is the progress on data sovereignty?

The Tumu Whakarae emphasised that Te Korowai actions must be supported by data and noted that Te Whata is now accessible – while not perfect (and based on census data), it is a positive step forward. Mahi is occurring to ensure that data about us is being collected by us.

How do we bridge the gap between Te Korowai plans and hapū realities of limited time, capacity and expertise?

The Pouwhakarae noted that capacity is a big challenge for hapū. The Mauī Annual Plan discusses the establishment of the Toitū te whenua fund which hapū can access to seed fund their development projects. A review of Toitū te whenua will consider capacity, capability and transition to assist hapū to get to the point where hapū entities are the driving their own aspirations.

It was confirmed that all hapū have accrued their distribution.

12. Receive Annual report 2023-2024

The Pouwhakarae read the resolution:

Resolution 6

THAT the Annual report 2023-2024 is received.

Awhi nuku (T Davis) / Awhi kerekere (B Nyman) POUA

13. General Business

P Moeahu clarified that he did not wish to revisit his general business topics at this time. The Pouwhakarae clarified that the 10-year anniversary hīkoi to Te Waipounamu had been considered and would occur in the second half of 2026, later due to Te Matatini. W Edwards noted that there had been kōrero previously about a collective (of Taranaki iwi) attending.

14. Closing comments and acknowledgements

The Tumu Whakarae made two announcements prior to the close of the hui ā-tau:

• The launch of the Ngāruahine Raumati drop on 24 November 2024 on social media; and

• The Ngāruahine Whānau Day on 7 December 2024 at Rawhitiroa Pool.

He Pikinga Poupou

15. Karakia whakamutunga Waiata

J Hooker

Hui ā-Tau 2024 was closed at 1:22pm.

He Hua Ōwhiti Taiao Scholarship

A one-year scholarship to support students undertaking Environmental Studies in the 2025 academic year. $1,500 per recipient.

Ingoa Study Club/Event

Abraham Fletcher  Bachelor of Arts (Māori Resource Management) Victoria University of Wellington

Ana Tupangaia  Bachelor of Agribusiness (Rural Land Valuation) Massey University

Hannah Tipa  Kai Oranga  Te Whare Wānanga o Awanuiārangi

Lucia Young  Bachelor of Science (Biology and Environmental Studies) University of Canterbury

Luka Kerehoma  Bachelor of Environmental Planning University of Waikato

Parininihi ki Waitōtara – Ngāruahine Undergraduate Scholarship

A one-year scholarship awarded to one Ngāruahine uri in their second year of study or higher in the 2024 academic year.

Ingoa Study Club/Event

Keesha Craig Bachelor of Arts (Psychology and Māori Education) University of Waikato

He Iti Taku Iti Ngāruahine Iwi Education Scholarships

A one-year scholarship for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2024 academic year. Postgraduate study $750 per recipient.

Ingoa Study

Club/Event

Aiesha Kahui-Heke  Postgraduate Diploma in Māori Development  Auckland University of Technology

Airana Ngarewa  Doctor of Philosophy in Māori and Indigenous studies  University of Canterbury

Andrew Lowry  Doctor of Philosophy in Bioengineering  University of Auckland

Campbell Hooker  Postgraduate Diploma in Health Sciences (Musculoskeletal Physiotherapy) Auckland University of Technology

Carey Urlich  Masters of Business Administration University of Waikato

Ivan Burt  Postgraduate Diploma in Māori Education  Massey University

Ngapera Akapita  Master of Māori and Indigenous Leadership   University of Canterbury

Shaquille Graham  Doctor of Philosophy in Māori and Indigenous Studies  University of Waikato

Tracy Edwards  Postgraduate Certificate in Health Science (Mental Health and Addictions)  Auckland University of Technology

Vincent Egan  Doctorate of Professional Practice Otago Polytechnic Te Pūkenga

GRANT RECIPIENTS 2024-2025

Punahau me Hinehou Grant

Sponsored by Aronga Limited – A one-year grant to support mothers in training. $1,000 per recipient. Ingoa Study Institution

Morgan Tenana Bachelor of Health Science (Oral Health) Auckland University of Technology

Xavia Connolly  Bachelor of Science (Honours) in Psychology and Certificate in Te Ara Reo Māori

He Iti Taku Iti Ngāruahine Iwi Education Scholarships

University of Waikato and Te Wānanga o Aotearoa

A one-year scholarship for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2024 academic year. Undergraduate study $500 per recipient.

Ingoa Study

Club/Event

Aharina Prime-Rei  Te Aho Tātairangi: Bachelor of Teaching (Kura Kaupapa Māori) Massey University

Aisha Campbell  Bachelor of Communications Auckland University of Technology

Ana Tupangaia  Bachelor of Agribusiness  Massey University

Anahera Ngaia  Heke Whakaakoranga: Diploma in Teaching  Te Wānanga o Raukawa

Anahera Wilson  Bachelor of Arts (Psychology) University of Otago

Analee Toro  Bachelor of Medicine and Bachelor of Surgery  University of Otago

Angela Kerehoma  Poutuarongo Toi Whakarākai: Bachelor of Design and Art Te Wānanga o Raukawa

Anthony Pokere  Bachelor of Business  Auckland University of Technology

Ariana Hurunui  Te Pōkaitahi Reo  Te Whare Wānanga o Awanuiārangi

Ariki Riley  New Zealand Certificate in Plumbing, Gasfitting and Drainlaying  Industry Connection for Excellence

Billy-Jean James  Bachelor of Nursing Western Institue of Technology at Taranaki

Bryn Davison  Bachelor of Design Innovation  Victoria University of Wellington

Charlotte Webb  Certificate of Proficiency University of Otago

Chevourne Taukiri  Diploma in Creative Marketing and Te Pōkaitahi Reo (Reo Rua) Kaupae 4

Yoobee College and Te Wānanga o Aotearoa

Cjay Wetini Mcminn  New Zealand Certificate in Construction Trade Skills Western Institue of Technology at Taranaki

Darlene Reweti  Heke Reo Māori Te Wānanga o Raukawa

Destiny Robinson Bachelor of Nursing Toi Ohomai Institute of Technology

Eisha Mataio  Bachelor of Nursing Māori  Whitireia and Weltec

Emily Price  Bachelor of Nursing  University of Waikato

Ezrah Berry  Bachelor of Podiartry  Auckland University of Technology

Faith Wharewaka  Bachelor of Nursing Māori  Manukau Institute of Technology

He Iti Taku Iti Ngāruahine Iwi Education Scholarships (continued)

A one-year scholarship for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2024 academic year. Undergraduate study $500 per recipient.

Ingoa Study Club/Event

Grace Wharewaka  Bachelor of Social Practice  Unitec

Grace Rupapera  New Zealand Diploma in Whānau Ora WaiTech

Griffin Roberts  Bachelor of Laws with a Bachelor of Science Victoria University of Wellington

Hannah Tipa  Te Paetahi Ako: Bachelor of Education (Teaching ) Te Whare Wānanga o Awanuiārangi

Hayley Kettle  New Zealand Diploma in Legal Executive Studies Toi Ohomai Institute of Technology

Horowai Moeahu  Bachelor of Nursing Māori Whitireia and  Weltec

Jakaea Rei  Bachelor of Nursing Western Institue of Technology at Taranaki

Jasmine BurnardLeppinus  Bachelor of Arts Educational Psychology  Victoria University of Wellington

Jaxon Moeahu  Bachelor of Business  Auckland University of Technology

Jayda Bell  Bachelor of Nursing Ara Institute of Canterbury

Jewel Te Wiki  Flight Attending Yoobee College

Joseph Kelly  Bachelor of Te Reo Māori  Te Wānanga o Raukawa

Kathleen WiniataNuku  Poutuarongo Toko-Mana: Bachelor of Māori and Administration  Te Wānanga o Raukawa

Keesha Craig  Bachelor or Arts (Psychology and Māori Education)  University of Waikato

Keriana Kumeroa  Bicultural Social Studies in Manaaki Tangata  Te Wānanga o Aotearoa

Kianu EnokaRupapera  Te Toi o Ngā Rangi: Bachelor of Māori Visual Arts  Eastern Institute of Technology

Kylee Erana Taramai  Heke Rongoā Diploma in Holistic Māori Wellbeing  Te Wānanga o Raukawa

Leah Powell  Bachelor of Nursing  Ara Institute of Canterbury

Leah Robinson  Bachelor of Laws  Auckland University of Technology

Lee Rangi Lucas  Toi Paematua: Diploma in Māori and Indigenous Art  Te Wānanga o Aotearoa

Leonardo Semau  Bachelor of Science (Biomedical Science) University of Auckland

Letisha-Rei WestonJacobson  Heke Mātauranga Māori  Te Wānanga o Raukawa

Levi Marychurch  Bachelor of Laws  Victoria University of Wellington

Luka Kamana  Bachelor of Environmental Planning (Māori and the Environment)  University of Waikato

He Iti Taku Iti Ngāruahine Iwi Education Scholarships (continued)

A one-year scholarship for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2024 academic year. Undergraduate study $500 per recipient.

Ingoa Study

Club/Event

Maihora JacobsRangihaeata  Diploma in Web Development and Design  Whitecliffe New Zealand

Maria Ohlson  New Zealand Certificate in Early Childhood and Care New Zealand School of Education

Montell Graham  Bachelor of Arts (Māori and Indigenous Studies)  University of Canterbury

Neave Burgess  Bachelor of Medicine and Surgery  University of Auckland

Ngapuke KingLepaio  Bachelor of Laws University of Waikato

Ngariki Tamainu  Bachelor of Law and Communications (Journalism) University of Canterbury

Nikita Gapper  Bachelor of Medical Imaging  Ara Institute of Cantebury

Pikiteora WestonJacobson  Diploma in Te Tohu Paetahi  University of Waikato

Pomana Ulufonua  Diploma in Music Toi Ohomai Institute of Technology

Raine Cassidy  Certificate of Technology and Science  Auckland University of Technology

Renee Puata  Bachelor of Nusing Māori Whitireia and Weltec

Roka Reni Osbourne  Bachelor of Social Work  Open Polytechnic

Ruiha Matoe  Bachelor of Teaching (Primary)  University of Waikato

Sarah Richards  Bachelor of Midwifery  Waikato Institute of Technology

Saxon Tidmarsh  Bachelor of Psychology  Victoria University of Wellington

Shaan Hauraro  New Zealand Diploma in Architectural Technology Western Institue of Technology at Taranaki

Sophie Maddox  Bachelor of Arts (Education) Massey University

Teina Ngaia  Bachelor of Arts (Health promotion and Anthropology)  Victoria University of Wellington

Trinity Kumeroa  Bachelor of Digital Screen with Honours  University of Canterbury

Tūheimoa Maruera  Bachelor of Arts in Māori Knowledge  Massey University

Vallance Wrathall  Bachelor of Design and Art Western Institue of Technology at Taranaki

Tuku Aupiki

Grant - Round One 2024

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

Ingoa Study

Angela Kerehoma  Te Matapihi Mana Kāinga Programme. Ohu 2

Jonnelle Thompson  Applied Human Anatomy and Physiology for Holistic Bodyworkers

Tyson Huia  Indigenous Public Health Symposium: Oranga Tangata, Oranga Whenua

Tuku Aupiki

Grant – Round Two 2025

Institution

Te Matapihi three noho ā-motu. Ahurere, Waikato, Tāmaki and online

Holistic Health Training Limited – online

The Museum of New Zealand Te Papa Tongarewa

To assist with non-fundable short courses, conferences, wānanga, noho, online courses and non-StudyLink applications. $430 per recipient.

Ariana Hurunui  Mahi Wairua Practitioners Course  Wiremu Niania Cultural Therapy

Ashley Douglas  Te Pōkaitahi Reo Kaupae Toru

Chad Ngaia  Te Pīnakitanga

Gabrial Weston  Licence Controllers

Kirstene Eru  Te Pōkaitahi Reo Kaupae Toru

Kylee Taramai  Poupou Huia Certificate Te Reo Māori

Louise Pope  Te Pōkaitahi Reo Kaupae Tahi

Mheiajn Brooks  Te Pōkaitahi Reo Kaupae Tahi

Moana Woods  Poupou Huia Te Reo Rua

Naomi Brooks McKee  Te Pōkaitahi Reo Kaupae Tahi

Te Whare Wānanga o Awanuiārangi

Te Wānanga o Aotearoa

Western Institue of Technology at Taranaki

Te Whare Wānanga o Awanuiārangi

Te Wānanga o Raukawa

Te Whare Wānanga o Awanuiārangi

Te Whare Wānanga o Awanuiārangi

Te Wānanga o Raukawa

Te Whare Wānanga o Awanuiārangi

Patina Edwards  International Annual Havening Conference Waipuna Conference Centre Auckland

Riley McKee  Te Pōkaitahi Reo Kaupae Tahi

Sahra Smith  Te Pōkaitahi Reo (Reo Rua) Kaupae Tahi

Teina Ngaia  Poupou Huia Te  Reo Tahi

Veronica PenehaWhakatutu  Mana Ora

Te Whare Wānanga o Awanuiārangi

Te Wānanga o Aotearoa

Te Wānanga o Raukawa

Te Wānanga o Aotearoa

Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant – Round One 2024

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

Ingoa Study Club/Event

Anaru Hibbs

Bosch Mete-Matehaere

Football   Shirley Boys' High School

Rugby League Ngā Waihotanga

Dikarsh Korau  Volleyball Aotearoa Māori Poirewa

Elizabeth Hibbs   Swimming  QEII

Faith Katene

Flynn Cave

Marching  Te Arakamu Marching

Football  Western Suburbs

Francie Hibbs   Dancing   Levings School of Dance

Hoana-Julia Hockley

Rugby League and Swimming Normanby Okaiawa Knights

Kaitiaki Mete-Matehaere-Te-Aranui   Rugby League   Ngā Waihotanga

Kereama Hockley

Rugby League   Normanby Okaiawa Knights

Max Cave  Surf Lifesaving  New Zealand Surf Lifesaving Neihana Ngaia-Ratima

Paratini Mete-Matehaere-Te Aranui

Patiki Beatle-Jaye  MeteMatehaere-Te-Aranui

Patrick Matoe-Kapi

Rugby League  Mid Central Vipers

Rugby League  Taranaki Whānui

Marching  Te Arakamu Marching

Basketball  Whanganui

Raiden Ashby Pauu  Tag Football  South Auckland Storms

Riwha Grindlay

Shai-Ann Kahui

Shane Hockley

Te Aute Grindlay

Te-Mirimai Katene

Basketball  Koru Tour New Zealand

Touch Te Paepae o Aotea

Rugby League and Swimming Normanby Okaiawa Knights

Basketball Hāwera Hāpai

Marching  Te Arakamu Marching

Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant – Round Two 2025

To support sporting and cultural endeavours and opportunities. $250 per recipient. Ingoa Study Club/Event

Ciara-J Hauwaho  Netball and Touch  Pukekohe High School

Cyrus Hauwaho  Basketball  Franklin Pukekohe Stingers

Donovan Ogo  League  Awa League

Dylan Filipo  Waka Ama  Te Kura Kaupapa Māori o Ngāti Ruanui

Eden Piper  Cultural Japanese Tour  Whangārei Girls' High School

Elizabeth Whitfield  Tap and Contemporary Dance  Dance247Studios

Ellah Rautu-Bristowe  Rugby League  Dannevirke Tigers Rugby League Club

Erina Frearson  Waka Ama Te Paepae o Aotea

Harley Edwards-Sheridan  Kapa Haka Kapa Haka o Manukura

Hoani Hockley  Rugby League   Normanby Ōkaiawa Knights

Hunter Ngaia  Netball Aotea Māori Netball

Iraia Melanie Luke  Rugby League Ngāpuhi Ahi

Jaiah Otene  Swimming  Stratford Flyers Swimming Club

Kahurangi Hockley  League Normanby Ōkaiawa Knights/Ngā Waihotanga

Kaia Tikitau  Waka Ama  Te Kura Kaupapa Māori o Ngāti Ruanui

Karlo Weston  Basketball  Flyers Rockets

Keira Piper  Cultural Japanese Tour   Whangārei Girls' High School

Kuini Vella  Waka Ama, Basketball and Rugby League  Normanby Knights/Te Kura o Ngāruahinerangi

Kyzharna Nui  Rugby League Kotahitanga Sports

Lucy Jade Kershaw  Kapa Haka   Te Kura Kōhine o Te Rāwhiti o te Ūpoko o Te Ika

Manaakitia Ririnui  Basketball  Hāwera Hāpai

Mason Moeahu  Rugby League Mid Central Rugby League

Mia Hoyes  Jelly Fish Tots  Swimming Club

Mynaro Filipo  Waka Ama and Kī-o-Rahi Nationals  Waka Ama Nationals Secondary Competition

Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant – Round Two 2025 (continued)

To support sporting and cultural endeavours and opportunities. $250 per recipient. Ingoa Study Club/Event

Nohotia Maruera  Waka Ama  Te Kura Kaupapa Māori o Ngāti Ruanui

Paake Potiki Wharehoka-Tikitau  Waka Ama  Te Kura Kaupapa Māori o Ngāti Ruanui

Peizha Cassidy  Rugby League   Hinetoa and Manawatū

Pikihuia Hockley  Rugby League Sharks

Promise Reweti  Waka Ama  Punahau Panthers

Rakei Ngaia  Basketball  New Plymouth Basketball Association

Russell Hockley  Touch   Te Paepae o Aotea

Storm King  Touch Wellington Touch

Strategic Reweti  Waka Ama  Maiōtaki

Tamara Sturmey  Waka Ama  Te Kura Kaupapa Māori o Ngāti Ruanui

Te Aranga Tikitau-Wharehoka  Waka Ama Te Kura Kaupapa Māori o Ngāti Ruanui

Te Waimarino Akapita  Dance, Touch, Netball, Gym and Tryathlon  St John's Gym, Academy of Dance and Tawhiti Kura

Waimarie Broadhurst  Child Art Classes  Crafty Steps Studio

He Iti Taku Iti

INSTITUTION

AUCKLAND UNIVERSITY OF TECHNOLOGY

UNIVERSITY OF WAIKATO

TE WĀNANGA O RAUKAWA

VICTORIA UNIVERSITY WELLINGTON

MASSEY UNIVERSITY

UNIVERSITY OF CANTERBURY

WESTERN INSTITUTE OF TECHNOLOGY TARANAKI

ARA INSTITUTE OF CANTERBURY

TOI OHOMAI INSTITUTE OF TECHNOLOGY

UNIVERSITY OF AUCKLAND

UNIVERSITY OF OTAGO WHITIREIA AND WELTEC

TE WĀNANGA O AOTEAROA

TE WHARE WĀNANGA O AWANUIĀRANGI

YOOBEE COLLEGE

OTHER INSTITUTIONS

RECIPIENTS PER INSITUTION

Business/Communications - 6 Environmental - 1

- 2

- 2 Law - 6

- 1

Health - 30

Education - 8 PHD - 4

LEVEL OF STUDY

Māori - 11 Arts - 9

- 2 POST GRAD DIPLOMA - 4

UNDERGRADUATE - 66

RECIPIENTS

TOTAL RECIPIENTS

18

Te whitinga o te rā ki Te Rua o Te Moko, Kānihi-Māwhitiwhiti Pā.

Annual Plan Summary 2025-2026

ANNUAL PLAN SUMMARY 2025-2026

This Annual Plan summary presents the key focuses that will guide our collective efforts over the coming year. Grounded in our Ka Ora Taku Toa strategic objectives, the plan reflects our unwavering commitment to realising the aspirations of our Iwi and supporting the wellbeing of our uri. As the final year of our Ka Ora Taku Toa strategy, this Annual Plan reflects both the progress we’ve made together and the opportunities ahead.

NGĀRUAHINETANGA

• Develop streamlined tools and systems to measure the impact of cultural engagement.

• Improve uri connection and planning through integrated processes.

• Create consistent and sustainable delivery models that support succession and long-term kaupapa continuity.

• Track learner progress and gather feedback to ensure Te Reo Māori initiatives are effective, responsive, and consistently delivered using standardised frameworks and resources.

TE KAWA WHANAKEORA (MAHI)

• Strengthen delivery capacity for Te Kawa Whanakeora by reducing competing role demands and improving coordination.

• Support our uri into career and procurement opportunities (Te Ara Toiroa).

• Support our uri throughout their education (He Matauraura).

POUA TE PĀTŪTŪ (KĀINGA)

• Improve evidence-based planning and equity in kāinga investment decisions.

• Support our whānau into safe, warm and healthy homes.

TUPUA TE MAURI (TAIAO)

• Empower hapū to respond to Resource Management and related processes.

• Refocus on core systems and day-to-day business excellence.

• Prepare Ngāruahine for iwi-led responses to climate and energy transition.

NGĀ ĀHEITANGA ME NGĀ WHANAKETANGA (ORGANISATIONAL CAPABILITY AND CAPACITY)

• Strengthen internal processes and systems.

• Deliver 2026 Te Korowai o Ngāruahine Board of Trustee Elections.

• Support internal and external capability and capacity, and succession planning.

• Capitalise on all opportunities to enhance the delivery of the strategy.

Some of our kaimahi behind the scenes for the Hui ā-Tau 2024 at Aotearoa Marae. (Top) Puhi Nuku and Naomi Puketapu-Waite, (Centre) Ngatokoa Tikitau and Kelsey Chadwick with emcee Ngaputiputi Akapita (Bottom) Kawarau Ngaia with Ngāruahine uri Rangiira Toby Katene.

Financial Statements

FOR THE YEAR ENDED 30 JUNE 2025

Taranaki Maunga from Kānihi-Māwhitiwhiti Pā.

DIRECTORY

TE KOROWAI O NGĀRUAHINE TRUST FOR THE YEAR ENDED 30 JUNE 2025

Trustees

Emma Gardiner (Chair)

Ngaraina Brooks

Katrina Taylor

Te Hapimana (Taukē) King

Rere-No-A-Rangi Pope

Sarah Mako (Randal) Te Ahu Rei

Dion Luke

Elizabeth (Liz) Ross Bianca (Bee) Weston

Ferinica Hawe-Foreman

Kiri Erb

Bankers

Bank of New Zealand

ASB Bank Limited

TSB Bank Limited

Solicitors

Kahui Legal

Lisle McErlane

Buddle Findlay

Brookfields Lawyers

Accountants

VanBurWray Chartered Accountants Limited

Auditors

PricewaterhouseCoopers

CONTENTS

Independent Auditor’s Report

Financial Statements

Statement of Comprehensive Income

Pg 97-98

Pg 100

Statement of Financial Position Pg 101

Statement of Changes in Equity Pg 102

Statement of Cash Flows Pg 103

Notes to the Financial Statements

1. Summary of significant accounting policies Pg 104

2. Trading revenue Pg 105

3. Other revenue Pg 106

4. Expenses Pg 107-108

5. Change in fair value of investments Pg 109

6. Cash and cash equivalents Pg 109

7. Trade and other receivables Pg 109

8. Goods and services tax Pg 110

9. Prepayments and accrued income Pg 110

10. Current investments Pg 110

11. Property, plant and equipment Pg 111

12. Intangibles Pg 112

13. Investments Pg 113

14. Impairment Pg 114

15. Trade and other payables Pg 115

16. Other current liabilities Pg 115

17. Loans Pg 115

18. Income tax Pg 116-117

19. Financial instruments Pg 118

20. Treaty settlements Pg 118

21. Reserves and retained earnings Pg 119

22. Trustee remuneration Pg 119

23. Directors remuneration Pg 120

24. Remuneration of key management personnel Pg 120

25. Investment in subsidiaries Pg 120

26. Statement of cash flows Pg 120

27. Accounting judgements and estimates Pg 121

28. Related party transactions Pg 121

29. Commitments and contingencies

30. Subsequent events

Pg 122

Pg 122

CONSOLIDATED FINANCIAL STATEMENTS

TE KOROWAI O NGĀRUAHINE TRUST FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF COMPREHENSIVE INCOME

Korowai o Ngāruahine Group - For the year ended 30 June 2025

STATEMENT OF FINANCIAL POSITION

Signed for and on behalf of the Board of

on 26 September 2025: Emma Gardiner – Pouwhakarae

STATEMENT OF CASH FLOWS

Te Korowai o Ngāruahine Group For the year ended 30 June 2025

NOTES TO THE FINANCIAL STATEMENTS

Te Korowai o Ngāruahine Group

For the year ended 30 June 2025

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, Ngā Rere Ora Limited (Formally named 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 2019 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

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

Measurement Basis

All of the Group’s transactions are conducted in New Zealand dollars and the financial statements are presented in New Zealand dollars. Where transactions were undertaken in foreign currency 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.

Comparatives

The Group has changed balance date from 31 March to 30 June for the 2024 financial year. The 2024 year figures are for 15 months from 1 April 2023 to 30 June 2024. The 2025 year figures are for 12 months from 1 July 2024 to 30 June 2025.

2. Trading Revenue

Lodge income

The Group operates a Lodge on Maunga Taranaki, which is owned by its subsidiary company Nga Rere Ora 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 and remained closed in 2025.

Fisheries income

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

3. Other Revenue

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

4. Expenses

5. Change in Fair Value of Investments

6. 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.

7. 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.

8. Goods and Services Tax

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

9. Prepayments and 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.

10.

During the 2024 year, the funds were invested for 92 days with an interest rate of 5.74% and 61 days with an interest rate of 5.59%.

11. Property, Plant and Equipment

All property, plant and equipment is stated at cost less depreciation and impairment. Buildings and Capital Work in Progress are not depreciated. Te Rere o Kapuni Limited has entered into an agreement with Livingstone Construction Limited to construct a lodge for $7.635 million, the cost of the entire rebuild is budgeted at $9.9m. The Dawson Falls Mountain Lodge was demolished in a previous 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 40%-67% DV

• Office equipment 7%-50% DV

• Fixtures and fittings 7%-20% DV

• Motor vehicles 21% DV

12. Intangibles

Goodwill

Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Ngā Rere Ora (formerly Dawson Falls Mountain Lodge).

Fishing Quota

Fisheries quota held by Ngāruahine Fisheries Limited 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 Ngāruahine Fisheries Limited. They are recorded at cost less impairment. An independent valuation was received from Quota Management Systems Limited as at 30 June 2025 which states that the market value of quota owned to be $2,551,579 (2024: $2,547,354). Management does not expect that a reasonable change in key assumptions would result in a material reduction in the recoverable amount of the fish quota below its carrying value. The fishing quota is not considered to be impaired as at 30 June 2025.

13. 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 comprise of shares in Moana New Zealand (formerly Aotearoa Fisheries Limited). Shares are measured at cost less impairment. Impairment write-downs were recognised in the 2018 and 2020 financial years, totalling $340,842. As at 30 June 2025, there is no impairment. As a result, the carrying value of the investment in Moana New Zealand remains at $964,630 as at 30 June 2025.

14. 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 orother 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 orchanges in circumstances indicate that the carrying amount may not be recoverable.

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

15. Trade and 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.

16. Other Current Liabilities

Income received in advance relates to funding that is not yet utilised. In the prior years, vouchers sold during the year which have yet to be redeemed for accommodation at Te Rere o Kapuni. Lease liability relates to the Lease and Right-to-Use asset on the lease of 40A Union Street, Hawera.

17. Loans

In 2024,Ngā Rere Ora Limited entered into a loan agreement with the Ministry of Business, Innovation, and Employment (MBIE) under the Infrastructure Ready Grant Program. The loan carries a fixed interest rate of 2.52% per annum for the duration of the facility. The loan has a 10-year term and is set to mature on November 20, 2033. Interest is compounding for the initial 24 months and accrued monthly thereafter.

18. Income Tax

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 is based on the estimated taxation payable. Previously, deferred tax had not been accounted for.

The Group holds investments in various limited partnerships that are tax transparent for tax purposes. The limited partners are responsible for the tax on their share of the limited partnerships taxable income. Deferred income tax is required to be provided on temporary differences arising on these investments, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

As the financial information of the investments is not yet available to the Group, no deferred income tax has been recognised in respect of these investments. The Group considers the deferred tax impact to be immaterial to the Group.

19. 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.

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

21. Reserves and Retained Earnings

(a) Reserves

Kīwai Matau o Ngāruahine Charitable Trust Reserves

(b) Retained earnings. Movements in retained

(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 Hapu o Ngāruahine lwi Inc (including Ngāruahine Fisheries Limited), via the Ngāruahine Claims Settlement Act 2016. The Group prepaid $672k in 2015 for Ngāruahine Fisheries Limited  but received a net asset at book value of $2.7M resulting in a $1.94M net gain after deducting the liabilities of Ngā Hapū o Ngāruahine lwi Inc. The gain on acquisition may only be applied to charitable purposes as Ngā Hapū o Ngāruahine lwi Inc 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.

22. Trustee Remuneration

The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $17,000 per annum in 2025. (2024: $15,625 for the 15-month period). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration.

23. 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 Ngā Rere Ora.

24. Remuneration of Key Management Personnel

The total amount of key management remuneration is $626,462,for 12 months (2024 was $821,961, for 15 months).

25. Investment in Subsidiaries

The Group had the following subsidiaries at 30 June 2025, all subsidiaries are included in the consolidation

• Ngāruahine Fisheries Limited

• Ngā Rere Ora Limited (Formally named Te Rere o Kapuni Limited)

• Te Kīwai Mauī o Ngāruahine Limited

• Te Kīwai Matau o Ngāruahine Charitable Trust

26. 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.

27. Accounting Judgements and 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 12)

• Valuation of investments (Note 13)

• Useful life, recoverable amount, depreciation and rates (Note 11)

• Impairment (Note 14)

28. 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 transactions were:

Oriens Capital GP Limited Emma GardinerDirector on General Partner (Shareholder appointment)

Hāpai Development Property LP Dion Maaka - Director on General Partner (Shareholder appointment)

Hāpai Housing LP Dion Maaka - Director on General Partner (Shareholder appointment)

Ka Uruora Foundation Member

Te Tōpuni Ngārahu LP

Te Tōpuni Ngārahu LP

Tōpuni Ngārahu LP

Tika Catering Kiri Erb -

& Director

29. Commitments and Contingencies

There are no contingent liabilities or guarantees as at 30 June 2025 (Last year - $nil)

30. Subsequent Events

There are no subsequent events as at 30 June 2025.

IN LOVING MEMORY OF OUR AUNTY

Lola Maraea Katene He Mihi Aroha

2.10.1974 - 3.10.2025

“Poua anō koe e te motu nei, te kī atu hoki mai ki ahau, he ara tāpokopoko te ara i haere ai koe!”

Te Korowai o Ngāruahine acknowledges with deep aroha the passing of Aunty Lola Katene - a beloved uri who embodied the values of Ngāruahine: manaakitanga, kotahitanga, and unwavering service to her people. Grounded in her whakapapa, she carried the strength and humility of her tūpuna, her influence felt across every marae and hapū of our rohe.

“Tāreia mai taku hou kōtuku, te uira i te rangi!”

Though her passing leaves a great void, her legacy remains woven through Ngāruahine life. The warmth of her wairua and the impact of her mahi continue to guide us, reminding us that true leadership lives in service. We honour Aunty Lola’s enduring love for her people and her steadfast commitment to the generations yet to come.

“Ka whiua atu ki te ao nei haere ai... mō taku waka e takoto nei!”

POUA KI RUNGA, POUA KI RARO

POUA KI TĀMOREMORENUI NŌ RANGI

KI TĀMOREMORENUI NŌ PAPA

HE RONGO, HE ĀIO

TĒNĀ TAWHITO POU KA TŪ

E TŪ NEI TE POU

KEI WHEA TE POU E TŪ ANA? HEI ANEI!

TŪTURU ŌWHITI WHAKAMAUA KIA TINA! TINA!

HUI E! TĀIKI E!

This document was printed on reycled paper.

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