Te Korowai o Ngāruahine Trust - Annual Report 2024

PŪRONGO Ā-TAU ANNUAL REPORT FOR THE YEAR ENDED 30 Pipiri 2024

Front Cover: Liam Cassidy Ngatai, year 12 tauira from Te Kura o Ngā Ruahine Rangi and Ngaputiputi Akapita representing Ngāruahine Iwi, Te Ruruku Pūtakerongo (1 September 2023), Ōwae Marae.

The theme of this annual report is ‘Te tupuranga e tupu mai ai’, setting foundations for our next generations. Te Ruruku Pūtakerongo marked an extraordinary occasion for uri of Taranaki.

Multitudes gathered at Ōwae Marae to witness the signing of the Taranaki Maunga Collective Redress Deed where our rangatahi shared their whakaaro and aspirations: “E mōhio ana ahau ki tōku maunga, e mōhio ana tōku maunga ki ahau” Liam Cassidy Ngatai This year has seen the foundations of many kaupapa across the Ngāruahine landscape being laid and set. This mahi is undertaken with a firm focus on our future, on ensuring that our next generations have a voice and a place to stand.

NAU MAI E TE AO AWATEA ŪWHIA MAI TŌ HĀ KI ĒNEI MOURIORA HURIHIA TE PŌURIURI, TE PŌ HĀNGŪ KI TUA KEI TE TUHI, KEI TE RARAMA HURA MAI TE RĀ Nā Tākuta Huirangi Waikerepuru.

IHIRANGI

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CONTENTS

Ka Ora Taku Toa - Vision 2026

Pg 1-2

Trust Deed Requirements

Pg 3-4

Pouwhakarae Report

Pg 5-8

Tumu Whakarae Report

Pg 9-11

Annual Highlights 2023 - 2024

Pg 12-22

This Year - At a Glance

Pg 23-24

Reporting Against the Annual Plan

Pg 25-26

Te Kīwai Mauī o Ngāruahine - Heamana Report

Pg 27-31

Te Kīwai Mauī Board of Directors

Pg 32-34

Supplementary Information Te Korowai o Ngāruahine Trustees Highlights

Pg 35-42

Trustees Interests

Pg 43-50

Independent Members Profiles

Pg 51-52

Governance Sub-Committees and Subsidiaries

Pg 53-54

Our Kaimahi

Pg 55-60

Minutes of the 2023 Annual General Meeting

Pg 61-70

Grant Recipients 2023 - 2024

Pg 71-78

Annual Plan Summary 2024 - 2025

Pg 79-82

Financial Statements Auditors Report

Pg 85-86

Directory & Financial Statements Contents

Pg 87-88

Statement of Comprehensive Income

Pg 89

Statement of Financial Position

Pg 90

Statement of Changes in Equity

Pg 91

Statement of Cash Flow

Pg 91

Notes to the Financial Statements

Pg 92-111

NOTICE OF HUI Ā-TAU (ANNUAL GENERAL MEETING) 2024 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, 23 November 2024 starting at 9am with mihi whakatau followed by morning tea.

AGENDA Karakia tīmatanga Welcome Apologies Confirmation of previous minutes Pouwhakarae Report (Te Korowai o Ngāruahine Trust) Heamana Report (Te Kīwai Mauī o Ngāruahine Ltd) Receive Audited Financial Statements for period ending 30 June 2024 Appoint Auditor for 2024/25 Accept Trustee remuneration 2024/25 Trustee highlights Presentations General business Closing comments and acknowledgements Waiata and karakia whakamutunga Copies of the Annual Report will be available from Te Korowai o Ngāruahine tari and on our website. www.Ngāruahine.iwi.nz

Te Ahurei-Kōtuituia Katene-Rawiri at Taranaki Tū Mai 2023.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

KA ORA TAKU TOA

| VISION 2026

PAE TAWHITI VISION

KA ORA TAKU TOA

NGĀ MĀTĀPONO VALUES

Mahi Ka Tika

Transparency

Māhakitanga

Respect and humility

Mahi Pono Manaakitanga

Trustworthiness Sharing and caring

Ngākaunui Hari me te koa

Sound judgement Fun and celebration

NGĀ POU

STRATEGIC OBJECTIVES Tupua te Mauri (Taiao)

Poua te Pātūtū (Kāinga)

Te Kawa Whanakeora (Mahi)

Our natural environment is protected for generations to come.

Ngāruahine uri have access to warm and healthy housing.

Ngāruahine uri are inspired 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 of Ngāruahine and strengthening and celebrating the unique identity of Ngāruahine. Ngāruahine uri are culturally confident and connected. Our rich Ngāruahine creative and cultural expression is visible, heard, felt and valued everywhere. Our Ngāruahine tikanga, reo and taonga tuku iho is protected and preserved.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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Ngāruahine roopu whakangahau ki Taranaki Tū Mai 2023.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

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.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

POUWHAKARAE REPORT

Emma Gardiner Te tupuranga e tupu mai ai!

Ko Tūheitia ki runga, ko Ngā Wai Hono i te Pō ki raro – e ara e tō tātou Arikinui!

This year has been full of significant loss, change and growth. This Te Korowai o Ngāruahine Trust Group (‘the Group’) Annual Report for the period 1 April 2023 to 30 June 2024 is reflective of ‘Te tupuranga e tupu mai ai’.

As we continue into the fourth tenure and the 10th year of Te Korowai Board, we acknowledge the mahi of the previous Board who led the first five months of this 15month reporting period. They are: Paula Carr, Allen Webb, John Hooker, Te Aroha Hohaia, John (Haney) Kahupūkoro, Caroline Scott and Grant Weston. Our Board has made the commitment that the strategies put in place during your tenure will continue to be implemented and realised over our term. Nā koutou te tūāpapa i whārikitia – kei te mihi.

We have also had the privilege of holding our Board hui at our various pā, hosted by our hapū. This is an opportunity to hear directly from our hapū, sense check what we are doing and how we can improve the way we serve our iwi. We look forward to continuing this approach over the next year. Tēnei te mihi ki ngā kōmiti ā-hapū e whakapau werawera ana – e kore e mutu ngā mihi.

Board hui ki Te Aroha pā.

To my fellow Trustees, thank you for your dedication and counsel over this period. I am thankful for the wisdom of our experienced trustees: Ferinica HaweForeman (Deputy Pouwhakarae), Ngaraina Brooks (Chair, Tumu Herenga Tāngata), Kiri Erb (Chair, Te Ohu Arotake), Sarah Mako and Te Ahu Rei. I am also thankful for the perspectives of our new Trustees: Taukē King, Katrina Taylor, Dion Luke, Rere-No-A-Rangi Pope (Chair, Te Mataōwhiti), Liz Ross and Bee Weston. You can find out more about the current Board on pages 35-42. E rere ana ngā mihi ki a koutou e ngā taratī.

Board hui ki Kanihi-Māwhitiwhiti pā.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

Whēkere, whēkere rā The commencement of the current board tenure coincided with the election of the new coalition government. Te Korowai does not have any political affiliations and will work alongside any government to progress the interests of Ngāruahine. Equally, Te Korowai have the responsibility of challenging any policies that conflict with the interests of Ngāruahine.

The reform and policy agenda of the current Government has unprecedented detrimental effects on the rights and interests of our hapū and iwi. Te Korowai submitted a total of 16 written submissions, followed up by oral submissions delivered in te reo Māori over a very short period of time. To put this into perspective, this exceeds the number of submissions over the past six years.

Written submissions on major bills can be found on Te Korowai website, Pāpāho News page.

Te Korowai is deliberate and principled in its response to the current Government agenda, defending the rights and interests of our hapū and iwi without losing traction on our priorities. This includes the utilisation of te reo Māori in our engagement with central Government. The purpose of this is to demonstrate the value and demand for te reo Māori in real terms and create resourcing pressure on central Government policy agenda.

Te Korowai also supported uri engagement through individual submission workshops and participation in key kaupapa around the motu, including: Hui ā-motu, Rātana, Waitangi and Hui Taumata.

Ka rere kei runga kei te rangi, kei te papa Over the last two years, Te Korowai has highlighted the realities of the current market cycle and the impact this has on Group performance. This continued to be a challenge over this financial period.

In 2022/23 (12 months ending 31 March), the Group received total income of $4.6m and had expenses of $4.75m resulting in an operating loss of $125k. By comparison, in 2023/24 (15months ending 30 June) the Group received total income of $7.11m (54% increase) and had expenses of $6.43m (35% increase) creating an operating profit of $0.71m. This is an increase in operational profit of $835k before tax.

The total comprehensive income for 2023/24 was $4.02m which contributed to the growing total asset base of $118m to 30 June 2024. This is a $3.88m increase in comprehensive income on the previous financial year. Since we settled with the Crown in 2014, our overall assets have grown in value by $52m (as at 30 June 2024).

I would like to acknowledge Dion Maaka, Heamana of Te Kīwai Mauī o Ngāruahine and his Board for their contribution to a successful financial year. The investment performance is further explained in his report on pages 27-31.

I would finally like to acknowledge Te Rōpū Hāpai and their Group shared services function, who have actively monitored our financial performance, forecasting and mitigation actions. Despite the challenging market cycle, financial pressure caused by inflation and resulting increase in expenses – their active management has resulted in an operational profit, rebounding from the operational deficit of the previous financial year. Kei runga noa atu koutou!

$ $4m after tax profit for FY24. ($139k FY23)

$118.5m total assets for FY24 ($112.3m FY23)

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I tere waka, i tere ki whea?

As Te Korowai Board, we need to be held to a high level of accountability. We are all aware of the challenges and benefits of having an elected Board. Continuity through election cycles is not a given, and therefore, we need to make sure there is strong professional development, systems and decision-making processes in place.

This first year of our tenure has included: • A comprehensive induction and professional development plan that is front loaded to ensure that learnings are put into practice and benefits are maximised • Review and development of policies, including the Conflict of Interest Policy • The establishment of Te Mataōwhiti, our Te Reo Māori and Ahurea subcommittee In addition, the Board and leadership team workshopped to develop a Group business model for the iwi. This model identifies how we can efficiently allocate resources to and measure benefits uri.

The Group business model is a natural progression from Pupuke te Hihiri, our Impact Investment Strategy¹ where the internalisation of investment management and shared services results in an increased contribution to our iwi economy. This isn’t limited to financial or business services, but also contributes to a greater visibility of Ngāruahine toi and kōrero through the developments we invest in.

¹You can check out our Pupuke te Hihiri Whai Rawa Strategy document online by scanning the QR code below:

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| Te Korowai o Ngāruahine Trust Annual Report 2024

I tere ki uta, i tere ki tai Finally, I would like to thank our Tumu Whakarae, Te Aorangi Dillon and our kaimahi. Election years can be disruptive, and the team were able to ensure the successful delivery of annual priorities, improvement programmes and address emerging political challenges. You have navigated this period of change amazingly well, and our Board is proud of the individual and collective leadership of our kaimahi and the servitude and commitment you have to Ngāruahine. More information regarding the key kaupapa of the year can be detailed in the Tumu Whakarae report on pages 9-11.

As we head into the new year, the Board has approved an ambitious annual plan (see page 81-82). 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!

Emma Gardiner Pouwhakarae Te Korowai o Ngāruahine Trust

Toitū te Tiriti activation hīkoi ki Te Hāwera.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TUMU WHAKARAE REPORT

Te Aorangi Dillon Uruuru te moata, totoro te pūhina, tākiri te puata kaipō.

Hira mai te haeata ki ēnei tauira, te ohonga ake o ēnei manawaora.

Te aro ake nei ki te tūramarama, te āio nuku, te pūtaketake rongo.

Te hau angiangi, e taiāwhio nei i ngā koroputa o te ihunui, o te ihuroa, o Tama ihu ngongohau Tākiri ko te ata, ka ao, ka ao, ā, ka wātea!

Moe mai rā e te Kiingi Tūheitia Potatau Te Wherowhero te Tuawhitu i ngā rārangi tupuna o te pō. Waiho mai a Te Arikinui Ngā Wai Hono i te Pō, ki tātou e tangi tonu nei, ki te mata o te whenua.

Huri noa ki tātou ngā waihotanga o rātou ma, tēnei te mihi maioha ki tātou katoa. Ka mihi hoki ki ngā kaitiaki o ngā taonga tuku iho, ki ngā kaihautū me ngā kaihoe o ngā waka e anga whakamua ana i tēnā kaupapa, i tēnā kaupapa o Ngāruahine. Tēnei te mihi ki koutou e whakapau kaha ana ki te manaaki, ki te tiaki i tō tātou iwi e anga whakamua ana ki te anamata. Tēnā tātou katoa.

Over the 2023-24 year, our team has experienced significant shifts. Embracing Te Ara Toiroa, we have continued to prioritise our own uri into various roles within the tari. While bringing in new energy is always positive, it often means farewelling others as they develop and move on to new horizons. This year, we farewelled Dion Luke, Rangihuna Waller, Ngaputiputi Akapita and Rowan Reihana, all of whom played huge roles within the kaupapa and left big shoes to fill. We thank them for their mahi for our people.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

Te tupuranga e tupu mai ai This year, we continued to focus on development— development of our hononga, our reo me ōna tikanga, our policies, systems, engagement, and internal capabilities.

In March the Board released a media statement reaffirming its dedication to Te Reo Māori by advocating its increased usage within government engagement while also encouraging everyone else to do so as well.

This has meant we have had to look inwards to reflect on whether we are walking the talk. It was quickly realised that while we all have a love for our reo me ōna tikanga, we must improve on our delivery. We are proud to report that we have successfully implemented the beginnings of a Te Reo Māori capability-building plan for all kaimahi. Therefore further embedding our language and tikanga into our day-to-day operations, and working daily on building our capability to communicate in our language not just within the tari, but also externally. Thereby mirroring the efforts of our uri who have engaged for another year of learnings with Te Whare Kōrero o Ngāruahine.

Ngāruahine ki te motu Early in the year, after reviewing documents and wānanga material from various kaupapa held in the kāinga over the past ten years, we identified the need to get out amongst our people around the motu. We embarked on a motu roadshow, stopping at Ōtautahi, Tāmaki Makaurau, Kirikiriroa, Te Whanganui a Tara, and Te Papaioea, we gathered feedback from over 400 of our uri who came to connect with kaimahi and each other.

Questions asked: What kaupapa would bring you home?

What initiative would make you move home?

How do you stay connected with Te Korowai?

How can we strengthen your connection to the iwi?

Key themes: Communication: Uri want improved communication including hard copy letters, email updates, and an iwi app alongside social media.

Event and Wānanga Participation: There was strong support for more wānanga, events and motu roadshows, with calls for advanced notice and virtual hui / live streaming options to continue. Key kaupapa that would bring our uri home included Kura Reo, Poi wānanga, Taranaki Tū Mai, and Puanga/ Matariki celebrations.

Housing and Employment: Uri are seeking housing and job opportunities for them to consider moving home, with suggestions for rent-to-own schemes, land for building homes, and career pathways for rangatahi.

We are excited by this feedback. The kāinga wānanga review material also highlights that these aspirations are shared by those who are living in the kāinga.

Future planning will continue to incorporate the outcomes of the motu roadshow, along with the feedback received from hapū during their hui with the Board. This will help us stay on course with the hapū development plans and the two remaining years of the Ka Ora Taku Toa strategy.

Following the Kura Reo the ‘Puanga Ritenga’ were attended by over 150 uri, who also witnessed the launch of our reo Māori version of Te Rere o Kapuni. This pukapuka has been released to Kura Kaupapa Māori around the motu and Ministry of Education will release the English version to Kura Auraki in due course. This special occasion was capped off with our very own uri, Sherisse Thompson singing us into Puanga! It was a grand affair that was enjoyed by all.

Ngāruahine ki Taranaki ‘Taranaki Tū Mai’ was another major event attended by over 700 of our uri. We thank all of our coordinators who volunteered their time to gather our people and increase participation. While the main focus is on participation, we can’t help but let our competitive spirits rise! We also thank our uri for coming and representing the many iwi we whakapapa to around the Maunga. Taranaki Tū Mai is another opportunity to celebrate with whānau, to be at home, and to enjoy each other’s company.

These events and other kaupapa strengthen the bonds between iwi. We have continued our focus on strengthening relationships with our iwi whanaunga around the Maunga. Working alongside organisations like ‘Ngā Iwi o Taranaki’, we co-hosted the initialling of the Deed of Settlement for Te Ruruku Pūtakerongo at Aotearoa Pā. Ngāruahine attended the signing of Te Ruruku Pūtakerongo at Ōwae Marae, and a small delegation travelled to Parliament to support the first reading. These important kaupapa are bigger than ourselves and unite us as Taranaki iwi.

Ngāruahine ki te kāinga Te Whare Kōrero o Ngāruahine led us into Puanga 2023 with the launch of the inaugural Kura Reo held under the umbrella of Te Korowai o Ngāruahine.

This kaupapa was hosted at Oeo Pā and attended by over 200 uri who whakapapa to our Maunga. It was evident that not only are our own uri eager to learn their reo, but also our relations from around the Maunga and throughout the motu. Kaupapa such as Kura Reo are a valuable opportunity for uri to return to Ngāruahine, immerse themselves in their reo, and reconnect with whānau.

Ngāruahine Basketball - Taranaki Tū Mai runner’s up 2023.

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With the support of Te Korowai o Ngāruahine Trustees, Te Rōpū Hāpai is working alongside several iwi entities across the motu to support the development of a new Financial Reporting framework. The framework will focus on enabling our entities to reflect and communicate the intergenerational impact we have made over the years. This will become a voluntary standard, outside of the general financial reporting mechanisms already in place and has been launched by the External Reporting Board (Government appointed body responsible for administering financial reporting standards).

More Pou highlights are available from pages 12 to 22.

Brother and sister Te Hiwa Wright and Waikohu Greenland enjoying their copy of Te Rere o Kapuni book.

Ngā āheinga me ngā whakaneketanga You may have noticed a larger set of financials than usual, this is because Te Korowai successfully completed a change in its balance date this year, shifting the tax year-end to 30 June to better align with our aspirations that are set at Puanga. This adjustment allows us to begin the year focussed on the kaupapa, with the reporting now aligned to reflect this focus.

This also means that the term we are reporting on for this financial year is 15 months, the next financial year will return to a 12-month reporting process. These are just a few of the major initiatives the team has implemented this year.

We have supported hapū to record wāhi tapu and gather evidence for their MACA projects, we continue to work on Toitū te Whenua and have successfully secured the return of Kapuni School to Ngāti Tū. Negotiations with LINZ continue as we navigate change in staff and a shift in government priorities, at their end.

Tupua te Mauri has secured funding to launch an Awa Monitoring programme in the 2024/25 year and are involved in research on the Blue Whales of the South Taranaki Bight. Also, in the taiao space, they are supporting hapū relationships with industry within Taranaki and are assisting with submissions regarding the current Government Policy Agenda.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

Te anga whakamua Amongst the BAU and kaupapa celebrations, Te Korowai o Ngāruahine has also been through the three yearly election cycle, welcoming in new Board members and farewelling those who have served us well. Again, the injection of new energy into the kaupapa while being steadied by our longer serving trustees offers Ngāruahine a long-term vision of prosperity and sustainability.

It’s heartening to see succession at work within our hapū and pā, making it easy for us at Te Korowai to follow suit.

As of 30 June 2024, our register is at 7032. That shows a growth of 640 over the past 15 months, however, we know there are more of our uri out there who we can assist so don’t forget to tono to your whānau to register with Te Korowai so we can keep everyone up to date with what is happening within our hapori.

E hai!

Nā reira, e ngā mana, e ngā reo, e ngā uri puta noa i te motu, tēnei te mihi atu ki koutou. Me hoki ngā whakaaro ki ngā mahi kua oti, ki ngā whāinga kei mua i te aroaro.

Mā te kotahitanga o te hoe me te ngākau aroha, ka tutuki ai ngā mahi hei painga mō tō tātou iwi.

Nō reira, tēnā tātou katoa.

Te Aorangi Dillon Tumu Whakarae Te Korowai o Ngāruahine Trust

ANNUAL HIGHLIGHTS 2023-2024 NGĀ POU

NGĀRUAHINETANGA

TE KAWA WHANAKEORA (MAHI)

POUA TE PĀTŪTŪ (KĀINGA)

TUPUA TE MAURI (TAIAO)

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

NGĀRUAHINETANGA NGĀRUAHINE KI TE MOTU 2023

In July 2023, we took our first roadshow out to the motu to connect with whānau who live outside of the kāinga. Across five cities, Ōtautahi, Tāmaki Makaurau, Kirikiriroa, Te Whanganui a Tara and Te Papaioea, memories were shared and connections were made. Over 200 of our uri came to catch up with their whanaunga, some bringing their tamariki to enjoy the venue facilities.

Uri gave Te Korowai feedback on life outside of the kāinga and how best to keep in contact with them, some registered or updated their registration and all came to enjoy a kai and kōrero about what is happening back in our homelands.

We’d like to acknowledge all uri who made it to one of the venues. Below are some of the ‘connectors’ identified which we will endeavour to weave into our kaupapa moving forward: • Merchandise available online • Social media lives • More roadshows • Bring Ngāruahine kaupapa out to the motu • More wānanga, events and gatherings • Keep uri up to date with events and kaupapa

Ngāruahine ki te motu 2023.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

TE WHARE KŌRERO O NGĀRUAHINE

Ko te kaupapa matua ki Te Whare Kōrero o Ngāruahine kia noho haumaru ai ngā taonga o Ngāruahine. Kia whai wāhi kia kōputu ai ō taonga me te whakatū i ōna tikanga kia noho āhuru mōwai tātou. Kia tuku mā ā tātou tamariki e whakaora i ngā taonga o Ngāruahine.

TE REO O NGĀRUAHINE

Te Pōkaitahi Reo continues to promote the learning of Te Reo within Ngāruahine and the wider community.

During the year we offered NZQA qualification levels 1-4. In July 2023, we supported Te Reo o Ngāruahine in the delivery of our very first Kura Reo. Held at Oeo Pā, this kaupapa saw many of our uri returning home – i tae mai te tini me te mano, kua kitea te tino hiakai o ngā uri ki te ako, ki te whakarauora i tō tātou reo Māori.

Next year we plan to deliver another Kura Reo and Wānanga Reo. Nau hoki mai e te iwi!

Te Pōkaitahi Reo ki Ngāruahine - Kaupae Tuatahi 2024.

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TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024 NGĀ TAONGA

‘Ki Taupaenui’ will house our archives of written, audio, and visual recordings. Through the support of Ngā Taonga Sound and Vision, we now have the capability to digitise recordings from cassettes, VHS, CD and DVD. Transcribing and interpreting waiata tawhito is also a research project currently progressing within Te Whare Kōrero.

TUIA NGĀ TOI O NGĀRUAHINE

This kaupapa brought together the creatives of Ngāruahine to express Ngāruahinetanga through visual and performing arts. Artworks for Ngā Rere were designed and produced with the assistance of Pahi O’Carroll leading the whakairo, Kim Kahu leading the tukutuku, and Haoro Hond and his Toihoukura team leading the painting. Wānanga held provided an opportunity for those interested to work and learn alongside our leading artists of Ngāruahine.

NGĀ POU O TE TAU

Observing the Ngāruahine Environment Taiwhenua, Taimoana, Taiawa, and Tairangi, was the main focus of these wānanga. Bringing our uri together to acknowledge the seasons and to share their observations.

Mā Ngāruahine tāngata ēnei kaupapa e whakamana.

TE ŪKAIPŌ KA REWA TE KOHU | HUINGA RANGATAHI On 13 April 2024, Te Ūkaipō held its inaugural rangatahi conference, Ka Rewa te Kohu. Ka Rewa te Kohu derives from the ngeri “Tērā te wā” and speaks to the lifting of vision obstructing mist. The aim of this conference was to provide inspiration and encouragement to our rangatahi, that may help shift any obstacles and sow a seed of potential for each of them.

Our rangatahi were exposed to and inspired through the experiences of their peers who work in various professional contexts. Our guest speakers included many of our own uri like Kereama Wright, Te Ingo Ngaia, Kurarauringa Hudson and Naomi Puketapu-Waite. Two panels also took to the stage, aptly named, ‘Hoki Mai ki te Ūkaipō’ and ‘Te Ao Haka’, who enthralled the rangatahi through their lived experiences and perspectives.

We were also honoured to have our whanaunga Natale Haupapa, owner and operator of E Hoa Clothing & Design, share her amazing journey along with the exceptional Graham Hoete, aka Mr G, the renowned contemporary multi-disciplinary artist and designer. We look forward to other huinga rangatahi in the future!

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

Raewyn Māraki with Hoki mai ki te ūkaipō panelists Tamati Maruera, Meka Mauriri, Puawai Hudson and Rere-No-A-Rangi Pope.

Raewyn Māraki with Natale Haupapa.

Te Ingo Ngaia.

Naomi Puketapu-Waite.

Kereama Wright.

Kurarauringa Hudson.

Graham Hoete, aka Mr G.

Taukē King with Te Ao Haka panelists Te Ngawari Wright, Harlem Thompson-Tapiki, Tūheimoa Maruera and Ngatokoa Tikitau.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

16

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024 NGĀRUAHINE IWI REGISTER - HAPŪ VALIDATORS

Te Korowai o Ngāruahine Trust have a responsibility to administer and maintain the Ngāruahine Register.

This is made possible through the hard work of our Membership Committee (six hapū validators). The validators play an important role in supporting the Ngāruahine Iwi Register. The register relies heavily on the validator’s knowledge of whakapapa, their strong relationship with their hapū and their supportive role with other validators.

URI REGISTRATIONS 2023 - 2024

7,032 June 30 2024

(10% Increase)

6,392 - March 31 2023 This year has seen a substantial growth in uri registrations from 6,392 to 7,032, an increase of 640 (10%). An amazing feat considering the 2018 Census had our estimated population at 6,678. We take this opportunity to acknowledge the amazing work of the past and present Membership Committee that has resulted in this burgeoning outcome.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

POUA TE PĀTŪTŪ (KĀINGA) KA URUORA

Te Korowai o Ngāruahine continues to develop pathways for uri to access warm and healthy housing, aiming to support whānau and expose uri to home options that meet their needs and circumstances. Part of this effort involves promoting the Ka Uruora programme, which includes WhānauSaver and Financial Literacy Courses.

This year, an additional 194 individuals registered with Ka Uruora, bringing the total to 304. Encouraging whānau participation in the WhānauSaver programme has been a priority, and so far, 182 members have joined. Additionally, three whānau have been supported into shared equity housing.

In terms of education, 71 uri have completed the four-week Financial Literacy Course. We are excited to report that, following this course, two individuals have successfully purchased homes on the open market.

These initiatives are integral to Te Korowai o Ngāruahine mission of fostering a supportive environment for whānau, promoting financial literacy, and providing pathways to secure, healthy housing.

If this is something that you and your whānau would be keen to learn more about, please visit the Ka Uruora website for more information or contact Ritihia Waller.

Ngā kaimahi o Ka Uruora: Tanisha MacDonald, Hinepare Ruakere, Te Waka Mcleod.

Scan here for more information from the Ka Uruora website.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

18

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

TE KAWA WHANAKEORA (MAHI) TE ARA TOIROA Te Korowai o Ngāruahine continues to flourish under Te Ara Toiroa with growth in kaimahi numbers and new staff set to join the Lodge (Ngā Rere) operations on the maunga. A planned investment of $9.9m will drive this expansion. Currently $1.7m is allocated to the tari, 17 out of 21 kaimahi whakapapa to Ngāruahine, while others connect to Taranaki Whānui and Te Whakatōhea. Ngā Rere will employ thirteen kaimahi, with $882k invested in expanding the Ngāruahine workforce. An additional $540k was invested into the Ngāruahine economy via supplier payments that are registered on our database.

Te Ara Toiroa prioritises Ngāruahine uri in all procurement. This year, we partnered with an IT provider partly owned by an uri, and all event catering, from conferences to wānanga, is sourced from our own. We now have 76 uri and 75 businesses registered in the Skills and Services database, enabling us to share opportunities and prioritise the procurement of uri services.

Building Apprenticeships We currently have two building apprentices working on the maunga, Ngāruahine uri Seth Waller (KānihiUmutahi me Ngātu Tū) and Herewini Ngāwhika (nō Kānihi-Umutahi me Ngātu Tū tōna hoa rangatira me tāna tamāhine).

Livingstone Construction are the primary contractor building on the maunga and have continued to support Te Ara Toiroa in their engagement with uri and whānau whānui through their apprenticeship programme.

Trade training and apprenticeship programmes provide financial stability through “earning while learning,” but often fail to address trainees’ need for essential tools and equipment. On 4 June 2024 at the Livingstone Building site on Taranaki Maunga, Seth and Herewini were each presented with an apprenticeship tool pack valued at $4,000 each. This was made possible through a partnership with the South Taranaki District Council’s Mayors Taskforce for Jobs Team and Bunnings Warehouse.

Jessica Huqsar, Bunnings Taranaki Regional Development Manager, valued their role as a supply partner to Livingstone Building and an active supporter of Ngāruahine Iwi and the South Taranaki District. Andrew Sharrock, Site Manager for Livingstone on Taranaki Maunga, commended the apprentices for their hard work and emphasised that the comprehensive apprenticeship tool pack will advance their development and future careers as builders. Ka mutu pea!

Adrian Tamou (Bunnings), Alan Davis (Mayors for Taskforce advisor STDC), Jessica Huqsar (Bunnings Taranaki Regional Development Manager), Tina Parata (Mayors Taskforce for Jobs advisor), Andrew (Sharkey) Sharrock (Site Manager - Livingstone Building Ltd), Seth (Pā) Waller (Apprentice), Herewini Ngawhika (Apprentice), Ngawai Hernandez-Walden (Establishment GM).

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024 TOTAL INVESTMENT FOR TE ARA TOIROA KAIMAHI

BUSINESS INVESTMENT (SUPPLIER PAYMENTS)

NGĀRUAHINE KAIMAHI

OTHER KAIMAHI

NGĀRUAHINE SUPPLIERS TOTAL NUMBER: 73 TOTAL VALUE: $539,824

TOTAL NUMBER: 18 TOTAL VALUE: $1,406,274

TOTAL INVESTMENT FOR TE ARA TOIROA:

TOTAL NUMBER: 4 TOTAL VALUE: $334,055

TOTAL NUMBER: 95 TOTAL VALUE: $1,946,099

TOTAL NUMBER: 22

TOTAL KAIMAHI: TOTAL VALUE: $1,740,329

IWI BUSINESS & SKILLS DATA BASE BUSINESS INDUSTRY BREAKDOWN

SKILLS INDUSTRY BREAKDOWN

TOTAL BUSINESSES REGISTERED:

TOTAL SKILLS REGISTERED:

75

76

25

35 30

20

25 20

15

15

10

10

TRANSPORT

SERVICE

RETAIL

PROFESSIONAL

MEDIA

MANUFACTURING

IT

HEALTHCARE

FINANCE

EDUCATION

CONSTRUCTION

COMMUNICATIONS

ARTS

0

AGRICULTURE

SOCIAL

SERVICE

RETAIL

PROFESSIONAL

MEDIA

MANUFACTURING

IT

HOSPITALITY

HEALTHCARE

FINANCE

ENGINEERING

EDUCATION

CONSTRUCTION

ARTS

AGRICULTURE

0

ADMINISTRATION

5

5

In March this year, Te Korowai commenced a media campaign to identify and register uri businesses and skills in order to privilege uri whenever opportunities arise for jobs, service contracts and business development. We had an amazing response with 151 registrations - 75 businesses (the majority of which are in the construction sector) and76 registered skilled uri / individuals ranging from architects, IT specialists, videographers and a Dairy AI technician. To register your skill or business, please scan the QR code below.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

20

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

TUPUA TE MAURI (TAIAO) TE WAI MĀORI FUNDING SUCCESS

Our taiao team has heard the call loud and clear that our awa are in a poor state – and you don’t need to be an expert to see it. The last time you visited your awa, what did you experience? How did it look, how did it smell, how did it make you feel?

Have you seen algae growing in abundance, a lack of kai, or even if it was there – would you want to eat it?

Understanding the current state of our awa, and how their health can be improved was a major reason we applied for research funding on behalf of ngā hapū o Ngāruahine.

We are pleased to announce that our application was successful, and we have secured $340,000 from Te Mātāpuna o te Wai Fund. This funding will be used over the next year to grow capacity within hapū, to empower our kaitiaki who live, fish, swim and know these awa intimately.

FAST TRACK CONSENT BILL SUBMISSION

With last year’s election seeing a change in Government, a flurry of legislative activity has swept across the political landscape. One of the most daunting challenges ahead is the Fast Track Consent Bill, which has been coined ‘The War on Nature’.

This Bill, if adapted into legislation, will grant ministers the ultimate authority to approve projects following recommendations from an expert panel, without any obligation to solicit public input or conduct hearings.

Te Korowai put forward a submission strongly opposing this Bill, outlining the blatant disregard and silencing of mana whenua in favour of development.

With submission workshops run by Pouwhakarae Emma Gardiner, our uri have had the opportunity to learn how to write robust and informed submissions. With many more legislative changes on the horizon, me tū e te whānau – let’s have our voices heard.

MAUNGATAUTARI WĀNANGA AND FUTURE KIWI TRANSLOCATIONS

158 years after Taranaki Maunga was confiscated by the Crown, our tupuna Maunga is being returned, and what better way to welcome our taonga manu like the kiwi, to Te Papakura o Taranaki.

Kiwi from Ngāti Korokī Kahukura at Maungatautari near Cambridge have been identified for translocation to Taranaki Maunga in the coming years. This relationship has come full circle as manu were gifted to Maungatautari to help establish the population back in 2005.

The Pou Taituarā Taiao, Ngatokoa Tikitau, who has worked with these manu in his previous role with the Taranaki Mounga Project, attended a Kiwi translocation wānanga with a small group of Ngāruahine uri. This wānanga was facilitated by Ngāti Korokī Kahukura, Sanctuary Mountain Maungatautari and Save the Kiwi.

The purpose of the wānanga was focused on training and upskilling mana whenua in becoming kaitiaki Kiwi.

The wānanga held space for learning alongside whanaunga iwi, the Taranaki Maunga Project and other Māori organisations working within the taiao space.

“Taking care of these taonga manu is more than just a job, it’s an obligation as kaitiaki and mana whenua” says Ngatokoa, who is eager to awhi our uri to lead in this space going forward.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

ANNUAL HIGHLIGHTS 2023 - 2024

WĀNANGA MĀRA KAI

‘Whakatū he Māra Kai ki te kāinga’ was a wānanga designed around a person or whānau, having little to no understanding of māra kai. The wānanga focused on providing whānau with the knowledge and skill set to establish and maintain a māra kai at home. Facilitated by Jasmin Milne, Rīpeka Hudson, Cushla Close and Ngatokoa Tikitau.

Initially the wānanga was to be marae-led, however, the focus shifted to a whānau-led approach, which was an efficient and effective way to empower whānau to take the lead in becoming more self-reliant, selfsufficient and independent regarding kai.

Whānau were then given māra kai packs to take home and begin to create their own māra kai. We had great feedback from our whānau. We also asked what they enjoyed most about the wānanga.

“Helping uri achieve kai sovereignty within their whānau, hapū, iwi, and marae. This means that whānau can have the types of kai that they want and when they need it.” - Rīpeka Hudson.

“My whānau and I are very grateful for receiving so much to start our Māra kai. Also love that there’s a Facebook page for us all to stay connected, show our progress and ask any pātai.” - Jenelle Robinson “The information shared, great starting point. I’m inspired.” - Sarah-lee Rangi “Connecting with other whānau over a love for māra kai. Learning how kai and whakapapa are connected” - Peta King

Te Korowai o Ngāruahine kaimahi Ngatokoa Tikitau facilitating the Māra Kai workshop.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

22

TE KOROWAI O NGĀRUAHINE TRUST

THIS YEAR - AT A GLANCE

TOTAL ASSETS

$118,458,749

$112,298,917 $110,651,569

2021/2022

2022/2023

2023/2024 (15 months)

TOTAL LIABILITIES $3,372,124 $1,828,231 $642,768

2021/2022

TOTAL EQUITY

2022/2023

$110,008,801

$110,470,686

$115,086,625

2021/22

2022/23

2023/24

$11m

$139,885

$4,015,938

2022

2023

2024

GROSS PROFIT (AFTER TAX)

23

2023/2024 (15 months)

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

THIS YEAR - AT A GLANCE

NGĀRUAHINE IWI REGISTER

31

Pēpi Packs Distributed

(10% Increase)

6,392

7,032

31 March 2023

30 June 2024 (15 months)

Taranaki Tū Mai Registrations

544

TE ŪKAIPŌ 2023

Kura Packs Distributed

Wānanga

730

2022

64

Wānanga Offered

Attendance

Wānanga Toi Wānanga Rongoā Wānanga Whakawhanaungatanga Haerenga ki Ratana Haerenga ki Pōneke Fitness Programme Ka Rewa te Kohu – Huinga Rangatahi Whānau Day

25 35 30 12 34 22 71 387

(34% Increase)

INSTAGRAM REACH 2024 12,600 2023 1,880

570% Increase

FACEBOOK REACH 2024 260.1k 2023 100,535

158% Increase

TE REO COURSES OFFERED Kaupai Tuatahi

24 Passed

Kaupai Tuarua

21 Passed

Kaupai Tuatoru

10 Passed

Kaupai Tuawha

10 Passed

EVENTS AGM 2023 Attendees

169

AGM 2022 Attendees: 150 - 12% Increase

Pō Whakahirahira 2023 Tickets Sold

218

Pō Whakahirahira 2022 Tickets Sold: 138 - 58% Increase

Te Korowai o Ngāruahine Trust Annual Report 2024 |

24

TE KOROWAI O NGĀRUAHINE TRUST

REPORTING AGAINST THE ANNUAL PLAN 2023-2024 The scope of the 2023-2024 Annual Plan covered activities Te Korowai o Ngāruahine Trust undertook within the 15-month period, 1 April 2023 to 30 June 2024. This period marks the third year of progress, during which actions were pursued to advance the objectives in our Ka Ora Taku Toa, 5 Year Strategy.

This period focused on ‘Actions’ within the Pou as follows:

NGĀRUAHINETANGA Actions

Status

Implementation of the Te Ūkaipō Strategy

Complete

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

Complete

Implement Year 2 Pou Whenua Strategy

Ongoing

Develop a repository of Ngāruahine resources

Complete

Develop digital series and storybooks promoting and sharing Ngāruahine narratives

Complete

TE KAWA WHANAKEORA (MAHI) Actions

Status

Implementation of Te Ara Toiroa Implementation Plan

Ongoing

Strengthening external relationships

Ongoing

Developing operational processes

Ongoing

Implementation of He Matauraura Strategy Implementation Plan

Ongoing

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

Complete

POUA TE PĀTŪTŪ (KĀINGA)

25

Actions

Status

Continue to scope Whakaahurangi Housing Development Project

Complete

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

Ongoing

Support uri to access housing repair programmes

Complete

Continue to provide Ka Uruora financial literacy programmes for uri

Complete

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

REPORTING AGAINST THE ANNUAL PLAN 2023 - 2024

TUPUA TE MAURI (TAIAO) Actions

Status

Establish a marae based māra

Complete

Complete Awa Reconnection and Monitoring Programmes within each hapū

Ongoing

Support rāhui initiatives and coastal monitoring plans within hapū - Coastal Marine Area – Section 186

Ongoing

Develop hapū reference group to streamline all taiao initiatives

Complete

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

Complete

South Taranaki District Council – Iwi Partnership and initiatives are achieved

Complete

South Taranaki District Council Partial District Plan review

Complete

Develop internal mapping capabilities

Complete

NGĀ ĀHEITANGA ME NGĀ WHANAKETANGA Actions

Status

Continue to grow the iwi database

Ongoing

Develop a funding matrix

Ongoing

Increase hapū and marae funding capabilities

Ongoing

Increase kaimahi capability

Ongoing

Manage the Annual General Meeting

Complete

Streamline operational processes and policy

Complete

Review and redesign Te Korowai o Ngāruahine website

Complete

Provide Ngāruahine apparel for uri

Ongoing

Improve engagement by completing one hapū and one motu roadshow

Complete

Te Korowai o Ngāruahine Trust Annual Report 2024 |

26

TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

HEAMANA REPORT

HEAMANA REPORT

Dion Maaka I rokohina atu rā ko te āiotanga.

I riro iho ai Ngā Kete o te Wānanga.

Tuatahi rā, e rere tonu ana ngā whakaaro nui ki Te Whare Kāhui Ariki, ki tō tātou kīngi, kua riro tītapu atu rā ki te rua whakautu o ōna mātua tūpuna. Ko ia tērā, i noho ki te torona tapu i whakawātea ai e tōna whaea kia noho ko ia hei toihau, hei kīngi mō ngā tau tekau mā waru kua hori. Ko ia tērā i takatū i ngā tōpito katoa o te motu, otirā o te ao, me tōnā puhitaioreoretanga.

Kei taku kīngi, kei te tūohu, kei te koropiko...Paimārire.

Heoi anō ka tītoko mai rā ko te ao mārama, kua ara ake te Arikinui Ngā-Wai-Hono-I-Te-Pō. Kei te tangi tonu te ngākau mōu otirā Te Whare Kāhui Ariki whānui.

Ka mutu, ki a tātou e takahi tonu nei i te ao tūroa, e ngana ana ki te tūtuki i te ōhākī i ōhākītia ai e Kīngī Tūheitia, o te Kotahitanga, tīhei mauri ora ki a tātou katoa.

Te Kīwai Mauī o Ngāruahine Limited (Te Kīwai Mauī) was established by Te Korowai o Ngāruahine Trust (Te Korowai) to undertake investment and commercial activities to grow the treaty settlement assets.

27

Our role is to invest the funds entrusted to us by Te Korowai in a manner which: • is consistent with the values and tikanga of Ngāruahine; • enhances the wealth, reputation, pride, and aspirations of Ngāruahine, and; • enacts kaitiakitanga through leading environmental, social, cultural and governance practices.

Over the past year our investment portfolio has performed well, delivering a profit before tax of $6.6m for the period to 30 June 2024. This result, coupled with our financial performance over the past five years, gives us confidence in our investment strategy which focuses on building a diversified portfolio of high-quality investments that provides stable income, long-term asset growth and greater impact benefits for Ngāruahine.

We have shifted a significant portion of our focus toward local investments in line with our Pupuke te Hihiri - Impact Investment Strategy. Pupuke te Hihiri maintains our commercial imperative, whilst balancing wider benefits associated with targeted investments within our rohe.

| Te Korowai o Ngāruahine Trust Annual Report 2024

Te Kīwai Mauī is allocating up to 20% of its investment portfolio to Pupuke te Hihiri investments. Three impact investments that have been prioritised to date include; Ngā Rere, Kāinga Whakaahurangi, and Project Tūkau.

D eve l o p i n g N g ā Re re o n Taranaki Maunga is a key impact investment that will help us share our Ngāruahine culture and manaakitanga with manuhiri, while providing opportunities for uri and the wider South Taranaki community. We are very excited to soon welcome manuhiri to this new facility.

Kāinga Whakaahurangi seeks to explore the opportunity to deliver a mixed tenure residential housing development in Whakaahurangi/ Stratford. An indicative business c a s e w a s co m p l e t e d t h i s year highlighting economic challenges needing resolution.

We are continuing to work toward identifying a viable solution which may offer uri opportunities for mahi and home ownership throughout, and post construction respectively.

TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

HEAMANA REPORT

Project Tūkau aims to deliver iwicommunity multi-use spaces in Manaia. This stems from the call to action from uri to relocate back to within our rohe and is guided by the contributions made by uri and the Manaia community to a shared Outcomes Framework. We have recently moved into the final phase of due diligence and look forward to sharing updates as this kaupapa continues into subsequent phases.

Property Development - 3% Listed Equities -14%

Cash & Bonds - 15% Private Equity - 5% Te Pūia Tāpapa - 2%

Ground Leases - 25%

Infrastructure - 5% Natural Resources (Income) - 4%

On the latter, we are pleased to announce that 25% of the 20 rebated rental opportunities offered in our first Tāmaki Makaurau project have been accessed by Ngāruahine uri

Te Pūia Tāpapa - 2%

• Total FY24 comprehensive income of $6.6m (combined Te Kīwai Mauī o Ngāruahine Ltd and Ngāruahine Fisheries Limited).

• 5-year average annual return of 7.9%, 2.7% superior to equivalent market benchmarks (c5.2%).

• FY24 dividend payments of $2.95m to Te Korowai (noting annualised was $2.36m up $0.16m on last year), plus net asset growth of $3.15m.

• Significant revaluation gains generated in listed and private markets leading to $1.68m in capital uplifts.

FY2024

Commercial Property - 10%

We continue to support Te Korowai where appropriate to delivery on strategic priorities. Areas of progress over the past year include the incorporation of Te Ara Toiroa in procurement, preparing to advance Toitū te Whenua, and pursuing further housing opportunities for uri locally and across the motu.

KEY FINANCIAL HIGHLIGHTS

Cash - 8%

Natural Resources (Growth) - 7%

Property Development - 5% Listed Equities - 10%

Impact Investment - 2% Cash - 6% Cash & Bonds - 7%

Private Equity - 9%

FY2024

Ground Leases - 26%

Commercial Property - 12% Impact Investment - 5%

Infrastructure - 6% Natural Resources (Income) - 13%

Natural Resources (Growth) - 13%

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 takes into account 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.

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

Te Korowai o Ngāruahine Trust Annual Report 2024 |

28

TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

HEAMANA REPORT

FINANCIAL YEAR 2024 PEFORMANCE Profit and Loss Te Kīwai Mauī o Ngāruahine Limited $000’s

FY24

FY23

Te Kīwai Mauī o Ngāruahine Limited Income

4,108

2,510

Te Kīwai Mauī o Ngāruahine Limited Expenses

(1,614)

(924)

Operating Profit before Tax

2,493

1,586

131

(36)

Direct Investments

2,799

946

Managed Funds

1,136

(176)

Te Kīwai Mauī o Ngāruahine Limited Comprehensive Income Before Tax

6,559

2,320

NFL Net Profit before Tax

83

152

Contributions to Equity

6,642

2,472

Income

Other Gains and Losses FX Gain (loss)

Overall, the Mauī group delivered total FY24 (15 month) comprehensive income of $6.6m (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.

As detailed in the table on the following page, the investments that performed particularly strongly during the year included Tai Hekenga (Wellington ground leases), Pūainuku Vines (rural ground leases), the Hāpai Housing and Development businesses and Dexus Infrastructure Fund. Our Managed Funds investments also performed well, recovering from a challenging period last year.

The Hāpai Commercial investment return was impacted by devaluations during the year, however over the past 4 years since inception, Hāpai Commercial has delivered a strong annualised return of 16.5% per annum.

The natural resources sector (particularly Pūainuku Pastures) had a relatively challenging year impacted by higher interest rates and operating costs affecting the industry. However, over the past 3 years since inception, Pūainuku Pastures has performed well, delivering an annualised return of 12% per annum.

Overall, the portfolio delivered a solid result, demonstrating the value of our diversified portfolio to deliver stable income and long-term asset growth.

29

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

HEAMANA REPORT

OUR INVESTMENTS Asset Category

Investment

Investment Description

Total

Total Commitment

Return

FY24

Since Inception

$m

Ground Leases

Tai Hekenga

Large portfolio of Crown land in Wellington which is leased back to the Crown

7.2%

21.3%

$11.0

Commercial Property

Hāpai Commercial

Highly diversified, investment grade commercial property portfolio

1.7%

16.4%

$11.2

Hāpai Housing

Invests in mixed tenure and buildto-rent housing sector prioristed for iwi

6.1%

9.0%

$5.0

Infrastructure

Dexus Infrastructure Fund

New Zealand and Australian infrastructure fund

14.2%

5.7%

$5.0

Natural Resources

Pūainuku Pastures

Dairy investment in high quality farms throughout the South Island

0.6%

11.8%

$4.1

Pūainuku Vines

Investment into rural ground leases in Marlborough

18.6%

21.9%

$3.0

Pūai Tangaroa

Investment in kōura quota and rolling leases with Port Nicholson

3.4%

3.0%

$0.8

Settlement Quota

Seafood Quota received from Crown settlement

3.9%

4.0%

$2.5

AFL Shares

AFL (Moana) shares received from Crown settlement

0.7%

2.0%

$1.0

Impact Investment

Te Rere o Kapuni

Hospitality Lodge located on the Maunga - currently under development

N/a

N/a

$10.4

Managed Funds

Mercer

Socially Responsible funds invested in bonds and listed markets

8.8%

4.2%

-

Property Development

Hāpai Development Property

Development Property portfolio

32.2%

20.5%

$5.0

Private Equity

Te Pūia Tāpapa

Māori collective direct investment into well managed companies with the ability to grow permanent value

N/a*

3.2%

$2.5

Oriens 1 Fund

Invests in privately owned New Zealand businesses which have succession or growth capital opportunities

N/a*

27.0%

$2.6

Oriens 2 Fund Continuity Capital

N/a* Investment in private equity funds with a proven track record of delivering attractive returns

N/a*

$2.5 6.5%

$7.5

*Private equity returns reported on only since inception due to nature of this investment

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

HEAMANA REPORT

WHAKAKAPI HEAMANA – IN CONCLUSION Overall, we are pleased with the performance of our portfolio this year to continue to deliver stable cash returns and investment growth. Our long-term investment return performance remains strong, outperforming relative benchmarks, underpinned by a diversified portfolio of high-quality assets.

This gives us confidence we are on the right path to continue to provide increasing benefit to Ngāruahine.

We now look forward to continuing our increased focus on delivering greater impact benefits in line with Pupuke te Hihiri, with and for Ngāruahine.

Tēnei te mihi ki a Taari Nicholas, me tōna whakapau kaha hei hāpai i ngā mahi o Te Kīwai Mauī. During this reporting period we farewelled Taari as a Director. Taari was integral to the success of Te Kīwai Mauī over the last few years and serving as our Chair for two years. Ka nui te mihi ki a koe, e tōku tuakana.

Nau mai, e rarau e te tuahine Kiriwaitingi Rei. Kiriwaitingi began her tenure as Director towards the end of this reporting period and we have already benefited from the wealth of knowledge and experience that she brings. To hear more about this uri of Ngāti Tū and all our directors you can find their profiles on page 32.

In addition to Kiriwaitingi, I would like to express my gratitude to my fellow directors—Emma Gardiner, Sarah Mako, and Karna Luke—as well as our aspiring director, Amber Nicholson, and our management team for their hard work and significant contributions to our progress so far. I’m also thankful to the trustees and staff of Te Korowai o Ngāruahine for their ongoing support.

Me mihi ka tika ki ngā kaiwhakahaere o mua i whakapeto ngoi ki te whakatutuki i ngā wawata o Ngāruahine, tēnā kōrua Paula Carr kōrua tahi ko Te Aroha Hohaia.

Nāku iti noa, nā

Dion Maaka - Heamana o Te Kīwai Mauī

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

TE KĪWAI MAUĪ BOARD OF DIRECTORS

Dion Maaka Heamana Ngāruahine, Ngāti Ruanui

Emma Gardiner Trustee Director Ngā Ruahinerangi, Ngāti Ruanui, Ngāi te Ranginui

Dion 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 PKW Incorporation and 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 • Bachelor of Business Studies • Post Graduate Diploma in Agricultural Commerce

Emma has previous experience as the General Manager for Ngāti Pūkenga Investments and in business consultancy, with experience in the review of statements of investment policy and objectives (SIPO) and implementation of strategic asset allocation for wholesale investment portfolio. This includes the analysis of investments, business case writing and capital raising. More importantly, she has a strong focus on impact investments and how we can maximise and measure greater benefits for our iwi economy (social, cultural, environmental and financial). Emma has: • Master of Business Administration • Bachelor of Digital Media Design • Bachelor of Arts, Te Reo Māori and Māori Studies • Chartered Member of the Institute of Directors

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

TE KĪWAI MAUĪ BOARD OF DIRECTORS

Karna Luke Independent Director Te Ātiawa, Ngāti Maru, Ngāti Ruanui, Ngāruahine ki te Rangi, Taranaki Tūturu

Karna is currently the Executive - Customer Products and Services for the Bank of New Zealand. He is the first Māori Executive for the bank. He has held several GM roles across the BNZ including: General Manager Business Lending & Growth Sectors; General Manager SME and Enterprise Partnerships. Previously he has held key senior executive roles in global Financial Services companies, including Director of Strategy with ASX listed The Trust Company, COO (Acting CEO) of Wealth and Trustee Services at Guardian Trust. He also spent five years working in multinational corporates in Asia.

Karna has built and owns his own businesses in healthcare, beverage industry and global strategic consulting leading significant strategic and transformational change for large global companies. He is an independent director on key boards.

Karna has a Bachelor Degree in Social Policy and Social Work and a Master in Business Administration from Massey University. He is also qualified through FINSIA as a Chartered Banker and also completed the Advanced Strategic Management Executive Programme at the IMD in Switzerland.

Kiriwaitingi is a qualified solicitor who had previously held the role of CE at Māori Investments for 10 years. She is now the Head of Māori Alliances at Zespri, based in Tauranga. While being heavily involved in the kiwifruit industry and Māori economic/commercial development, she is currently a director of Scion and is the Chair of Pūtauaki Trust. She has previously held directorships on Ngāti Awa Group Holdings Ltd, Waiu Dairy LP, and the Zespri Sustainability Advisory Board. Kiriwaitingi bring a wealth of business experience and is a facilitor for the NZ Institute of Directors.

Kiriwaitingi believes governance is important because it’s about making a difference, and she is passionate about changing the status quo around how companies and trusts operate.

Kiriwaitingi Rei Independent Director Ngāruahine, Te Arawa, Ngāti Toa Rangatira

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“The sole instrument for measuring success is no longer just economic outcomes - it is about complementing this with values of kaitiakitanga (environmental stewardship), manaakitanga (social responsibility), diversity and inclusion, and social equity”.

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED

TE KĪWAI MAUĪ BOARD OF DIRECTORS Sarah has a Bachelor of Resource and Environmental Planning (Honours), with experience in local government in New Zealand and the United Kingdom. She has extensive experience as a senior Māori resource management practitioner, 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 Board of the Taranaki Rugby Football Union.

Sarah Mako Trustee Director Ngāruahine, Te Arawa, Mōkai Pātea

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.

Amber Nicholson Aspiring Director Ngāruahine

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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OUR TRUSTEES HIGHLIGHTS FOR 2023-2024 Board Hui ki Waiokura Marae February 2024.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE TRUSTEES

Kānihi-Māwhitiwhiti Pā

Katrina Taylor, Kānihi-Umutahi Having only joined the Board in December 2023 after the resignation of our previous māngai, Paula Carr, I am very privileged to represent my Hapū, our future dreams and aspirations, and to ensure we have a strong Kānihi-Umutahi voice at the iwi table. Being a member of Te Mataōwhiti; a sub-committee that supports the use of and development of Te Reo Māori me ōna tikanga, is an exciting opportunity, along with the numerous governance training available to board members.

Toitū te matauraura.

Te Hapimana (Taukē) King, Kānihi-Umutahi Kātahi ngā pūtake huhua i puta me taku nohoanga ki waenga i te Poari o Te Korowai o Ngāruahine: • Hei taringa, hei māngai, hei kanohi mō Kānihi Umutahi ki Te Korowai • Ngā mahi whakawhanake i ngā pūkenga taratī • Kia rongo ki ngā wawata ō tēnā hapū, o tēnā hapū • Ngā rautaki motuhake kua rewaina e Te Korowai • Te pānui tuatahi o Te Pire Whakatupua • Ngā whanaketanga o roto i ngā kaupapa ‘Tūkau’ me ‘Whakaahurangi Papakāinga • Ngā ara whakatipu rangatahi, whakakorowai pēpi, me te whakairi whānau ki ngā taumata e moemoeātia.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE TRUSTEES

Aotearoa Pā

Emma Gardiner (Pouwhakarae), Ōkahu-Inuāwai A highlight for me is the increase in the volume and quality of engagement with our uri, particularly, a record participation at Taranaki Tū Mai of 730 uri, the oversubscription of our first Ngāruahine Kura Reo of 150, Puanga celebration, various Te Ūkaipō events and supporting Ngāruahine haerenga to Tūrangawaewae, Rātana and Waitangi. Celebrating our Ngāruahinetanga is vital to whakapiki wairua – rangatahi mai, pahake mai.

These are also opportunities to hear directly from uri, get that reality check and help prioritise the kōrero we have at the Board table.

Ngaraina Brooks, Ōkahu-Inuāwai I have the privilege of being part of a future focussed board and organisation. I have experienced great discussions, ambitious whakaaro, intergenerational kōrero, and the whanaungatanga that is practised as well as the upholding of our mātāpono.

There have been opportunities to undergo professional learning and even experienced Trustees can benefit from these, thus filling ngā kete with new mātauranga to serve on a board.

We have many kaupapa in our midst including our impact investments.

I look forward to seeing these completed in the anticipated timeframes and the benefits they will have for our Iwi.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE TRUSTEES

Te Aroha o Tītokowaru Pā

Ferinica Hawe-Foreman, Ngāti Manuhiakai Firstly, I acknowledge the persistence and resilience of our tūpuna, the people, past trustees, and kaimahi.

As a trustee, it was an absolute privilege to observe and listen to the first three hapū of Ngā Ruahinerangi Iwi present their aspirations and business plans. Holding Board hui at each of our Marae takes us back into the realms of our people.

At last year’s hui ā-tau, I talked about the importance of our Hapū validators and their mahi. I still sing their praises, as they are the ones who open the door and bring our people through.

He aha te mea nui o te ao? He tāngata! He tāngata! He tāngata!

Kiri Erb, Ngāti Manuhiakai I acknowledge our departing Board members and welcome our new members. I have been impressed with the transition of our new team and proud to be part of a group of good people. My highlight is having appointed our new Chair. A Chair that believes strongly in supporting her fellow board members to build strength in all areas of governance.

To ensure that we have a robust succession plan moving forward into the future and that we are doing everything we can to ensure Te Korowai continues to build confidence in Ngāruahine tāngata.

I am looking forward to seeing Te Ara Toiroa working magic to support uri with business opportunities and employment.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE TRUSTEES

Waiokura Pā

Randal (Te Ahu) Rei, Ngāti Tū Tū ake ki te Marae Tū ora ki te ao I’m honoured to have been given the opportunity to represent our hapū of Ngāti Tū and serve a consecutive term on Te Korowai Trust.

I’m privileged to be in the company of the next generation of young, motivated and talented reo speakers and ‘movers and shakers’ for our iwi. I’m encouraged that te reo me ōna tikanga will inform the foundation for our work going forward. The formation of Te Mataōwhiti will uphold the quality assurance and our commitment as a Board, will ensure longevity. Mā te iti, mā te rahi, ka ora tonu ai te reo me ōna tikanga.

Through the collective efforts of the whole community, the language and customs will endure.

Dion Luke, Ngāti Tū As one of several Board newbies, I have found the opportunity to critically reflect and confirm where we are going as a Board, invaluable.

It is important to not only get ourselves aligned and working together but to establish solid processes and practices which set up future boards for success. The highlight for me was our trip to Parliament in April for the first reading of Te Pire Whakatupua mō Te Kāhui Tupua which will be a key piece of legislation to support uri aspirations moving forward.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE TRUSTEES

TAWHITINUI/TAIKĀTU TO GO HERE

Tawhitinui Pā

Rere-No-A-Rangi Pope, Ngāti Hāua It has been an absolute pleasure to work alongside our Board these past several months and witness our diverse range of talents being put to work. I am consistently impressed by the sophistication of each of our hapū and their initiatives, therefore I look forward to better understanding how the Board can best support our hapū to achieve their aspirations. Lastly, I am proud of the recent establishment of Te Mataōwhiti (reo me ōna tikanga sub-committee) which will provide further strategic justification for a deeper and wider investment in our language and its growth within the iwi. Kōrerongia te reo!

Sarah Mako, Ngāti Hāua My highlights include welcoming several new Trustees and as a Board continuing to remain staunch to our Ngāruahine values. Te Korowai persists in developing and strengthening relationships with our uri, whānau, marae and hapū and wider community. E mihi kau ana ki ngā kaimahi o Te Korowai o Ngāruahine – your commitment to delivering on our policies and strategies, as well as aspirational kaupapa and opportunities will ensure our uri connect and thrive.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE TRUSTEES

OEO PHOTO TO GO HERE

Oeo Pā

Elizabeth (Liz) Ross, Ngāti Tamaahuroa-Tītahi As a new Trustee I have grabbed the learning opportunities before me with both hands. It is exciting and daunting at the same time to serve on the Board. My top priority is working for my hapū to take advantage of all the opportunities for growth to help achieve our aspirations.

Bianca (Bee) Weston, Ngāti Tamaahuroa-Tītahi I value working alongside Board members with so much expertise and knowledge. This has been an enriching experience for me, to be a part of robust conversations and governance training, allowing me to contribute effectively to the decision-making process. This gives me the opportunity to commit to the strength and resilience of our hapū, pā and iwi, while making connections and building relationships. Our hīkoi to Waitangi and listening to kōrero around Toitū te Tiriti was a highlight for me. I’m all about our people and I’m excited for the future of Ngāruahine and the opportunities ahead.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2023-2026 Katrina Taylor, Kānihi-Umutahi Kaimahi

Te Whare Wānanga o Awanuiaarangi

Member

Te Korowai o Ngāruahine Turst - Te Mataōwhiti

Trustee

Kānihi-Umutahi

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Taukē King, Kānihi-Umutahi Director/Tutor

Tahupotiki Māori Club

Kaimahi

Waihanga Ara Rau - Workforce Development Council

Member

Te Korowai o Ngāruahine – Te Ohu Arotake

National Assessment Moderator

NZ Qualifications Authority

Subject matter expert (Te Ao Haka)

Ministry of Education

Shareholder

Te Topuni Ngarahu GP Limited

Te Reo and Ahurea Māori Advisory Panel

Te Rūnanga o Ngāti Ruanui

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Emma Gardiner, Ōkahu-Inuāwai

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Beneficiary

PKW and various Māori land blocks within Ngāruahine

Committee member

Ōkahu Inuāwai me ētehi atu hapū

Director

Te Kīwai Mauī o Ngāruahine Limited

Director

Oriens Capital GP Ltd

Director

Te Rere o Kapuni Limited

Director / Shareholder (100%)

Aronga Ltd

Director/Shareholder

Te Korowai o Ngāruahine Custodian Company Limited

Ex-officio member

Te Korowai o Ngāruahine Trust - Te Ohu Arotake, Tumu Herenga Tāngata and Te Mataōwhiti

Limited partner

Oriens Capital Fund 1

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Central Kids Early Childhood Education

Trustee

Dawson Holdings Trust

Trustee / Pouwhakarae

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2023-2026 Ngaraina Brooks, Ōkahu-Inuāwai Beneficiary

Various Ngāruahine whenua blocks

Chair

Te Korowai o Ngāruahine – Tumu Herenga Tāngata

Iwi Representative

Te Kāhui Matauraura (STDC Iwi Liaison Committee)

Justice of the Peace

South Taranaki Association

Kaimahi

Ministry of Education (Ramanui School)

Local Area Committee Member

CCS Disability in Action

Member

NZEI Taranaki Area Council

Shareholder

Te Rua o te Moko Limited

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Ferinica Hawe-Foreman, Ngāti Manuhiakai Board member

Federation of Māori Authorities (Aotea)

Chair

Ngāti Manuhiakai Hapū

Director/Shareholder

Foreman Shearing Limited

Hāpu Representative

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

Iwi Representative

Te Kāhui Matauraura (STDC Iwi Liaison Committee)

Owner

Various Ngāruahine whenua blocks

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Manuhiakai Tuturu Charitable Trust

Trustee

Rangatapu Reserve Trust

Trustee/owner

Ngāti Manuhiakai 5A2

Trustee/Secretary

Rangatapu Reserve Trust

Trustee/Deputy Chair

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2023-2026 Kiri Erb, Ngāti Manuhiakai Chair

Te Korowai o Ngāruahine – Te Ohu Arotake

Director/Shareholder

Tika Catering Limited

Director/Shareholder

Kai Ki Tua Limited

Director/Shareholder

Tika Administration & Events Limited

Trustee/Secretary

Ngāti Manuhiakai Hapū

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Manuhiakai Tuturu Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Ahu Rei, Ngāti Tū

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Contracted translation services

Nelson Airport, Ministry of Education, Te Arawhiti (Office of Treaty Settlements)

Cultural Manager

Ngāti Tama ki Te Waipounamu Trust

Member

Te Korowai o Ngāruahine Trust - Te Mataōwhiti

Ngāti Tama rep

Nelson City Council (NCC) committees

Ngāti Tama rep

Te Kāhui Mātauranga Ministry of Education

Ngāti Tama rep

Te Pouaranga Bishop Suter Trust, Te Puna Pahake o Ngāti Tama ki Te Tauihu, Te Rōpū Hāpai Tikanga o Te Tauihu and Te Tai Ao Tasman Heritage Trust

Provider of Translation Services

Cawthron Institute, Department of Conservation (DOC), Methodist Church of NZ (Nelson), Ngāti Rārua Ātiawa Iwi Trust (NRAIT), The Port (Nelson), Whakatū Inc.

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2023-2026 Dion Luke, Ngāti Tū Board Member

Ngāti Tū Hapū Executive Committee

Iwi Representative

Taranaki Regional Council - Regulatory and Operations Committee

Iwi Representative

Long Term Plan Committee, Taranaki Regional Council

Iwi Representative

Access to Experts Iwi/Hapū Enviornmental Management Plan Development, Ministry for the Environment

Kaimahi

Te Aranga / Te Tōpuni Ngārahu

Member

Te Korowai o Ngāruahine – Te Ohu Arotake

Member

Papa Pounamu Committee, NZ Planning Institute

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Ngāti Tū Hapū Whenua Tōpu Trust

Trustee

Ngāti Tū Hapū Charitable Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Sarah Mako, Ngāti Hāua Director

Te Rere o Kapuni Limited

Director

Te Kīwai Mauī o Ngāruahine Ltd

Director

Taranaki Rugby Football Union

Kaimahi

Te Kotahitanga o Te Atiawa Trust

Ohu Taiao Member

Ngāti Hāua Whānui Inc

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Rere-No-A-Rangi Pope, Ngāti Hāua Chair

Te Korowai o Ngāruahine Trust - Te Mataōwhiti

Hapū Representative (Ngāti Hāua Piko)

MACA Takutai Moana - Ngā Hapū o Ngā Ruahine (Takutai Moana)

Member

Te Korowai o Ngāruahine Trust - Mata Muri (Te Ūkaipō Goverannce ohu) - Disestablished in 2024

NRAI (rangatahi) Representative

NRAI, National Iwi Chairs Forum

Researcher

Te Whānau Omahuru (Ngatau Omahuru history)

Researcher/Student

Te Herenga Waka - Victoria University

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2023-2026 Bee Weston, Tamaahuroa-Tītahi Kaimahi

Ministry of Education

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Oeo Pā

Trustee

Ngāti Tamaahuroa-Tītahi Hapū

Trustee

Eltham Māori Club Hall Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Liz Ross, Tamaahuroa-Tītahi Chair

Ngāti Tamaahuroa Tītahi Charitable Trust

Chair

Oeo Pā

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Paula Carr, Kānihi-Umutahi (reelected September 2023; resigned December 2023)

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Director

Te Kīwai Mauī o Ngāruahine Company Limited

Director

Te Rere o Kapuni Limited

Director/Shareholder

Te Korowai o Ngāruahine Custodian Company Limited

Director/Shareholder

Te Topuni Ngarahu GP Limited

Director/Shareholder

Paula Carr Consulting Limited

Kaimahi

Creative New Zealand

Trustee

Māwhitiwhiti-Kānihi Pā

Trustee

Te Kupenga o Kānihi Charitable Trust

Trustee/Pouwhakarae

Te Korowai o Ngāruahine Trust

Trustee/Pouwhakarae

Te Kīwai Matau o Ngāruahine Charitable Trust

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2020-2023 Allen Webb, Kānihi-Umutahi (retired 7 September 2023) Chair

Kānihi Umutahi (me ētahi) Hapū

Chair

Te Kupenga o Kānihi Charitable Trust

Member

Te Korowai o Ngāruahine – Te Ohu Arotake

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Māwhitiwhiti-Kānihi Pā

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

John Hooker, Ōkahu-Inuāwai (retired 7 September 2023) Advisory Trustee

Inuawai 1C,2B Trust

Advisory Trustee

Mangawhero 2 Trust

Advisory Trustee

Ngāti Hāua 5 Trust

Applicant

Marine & Coastal Area Act application for Ōkahu-Inuāwai Hapū

Board of Trustees

Ōpunakē High School

Board of Trustees

Te Kura Kaupapa Māori o Tamarongo

Chair

Ngāruahine Kaumātua Kaunihera

Chair

Ōkahu-Inuāwai (me ētahi atu) Incorporated Society

Chair

Ruaputahanga Māori Wardens

Chair

Ōkahu-Inuāwai (me ētahi atu) Hapū Charity

Chair/Hapū Environmental Contact

Ōkahu-Inuāwai (me ētehi atu) Hapū

Co-Chair/Member

New Zealand Māori Council Audit & Risk

Member

Te Kāhui Matauraura (STDC Iwi Liaison Committee)

Member

New Zealand Māori Council

Member

Taranaki Māori Trust Board

Reliever

Te Kura Kaupapa Māori o Tamarongo

Shareholder

Te Rua o Te Moko Limited

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Ngapukewhakapu 3B1 Trust

Trustee

Eva Harris Trust

Trustee/Deputy Chair

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2020-2023 John Kahupūkoro, Ngāti Hāua (retired 7 September 2023) Shareholder

Te Topuni Ngarahu GP Limited

Trustee

John Hoani Kahupūkoro Whānau Trust

Trustee

Ōhounuku Reserve Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Te Aroha Hōhaia (JP), Ngāti Tū (retired 7 September 2023)

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Contractor

Parihaka Papakāinga Trust

Councillor

South Taranaki District Council

Director

Ngāruahine Fisheries Limited

Director

Te Rere o Kapuni Limited

Director

Trinity Home and Hospital Limited

Director

Te Kīwai Mauī o Ngāruahine Limited

Director/Shareholder

Hohaia Van Paassen Limited Incorporated

Justice of the Peace

South Taranaki Association

Member

Federated Mountain Clubs of New Zealand Incorporated

Member

Bizlink Hawera Incorporated

Member

Business & Professional Women Hawera

Member

Federated Mountain Clubs of New Zealand

Member

Taranaki Alpine Club

Member

Taranaki Crossing Project Governance Group

Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Toi o Taranaki ki te Tonga Trust

Trustee

Bashford-Nicholls Charitable Trust

Trustee

Bishop’s Action Foundation

Trustee

Waiokura Marae & Reserves Trust

Trustee

Louise Rauhuia Manuera Hohaia Whānau Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

TRUSTEES INTERESTS - TRUSTEES 2020-2023 Caroline Scott, Ngāti Tamaahuroa-Tītahi (retired 7 September 2023) Applicant

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

Director/Shareholder

N A C and J Limited

Member

Te Korowai o Ngāruahine – Te Ohu Arotake

Member

Te Korowai o Ngāruahine – Tumu Herenga Tāngata

Pataka Kaitiaki

Ngāti Tamaahuroa me Tītahi Hapū

Secretary/Treasurer

Katere Trust

Shareholder

Te Topuni Ngarahu GP Limited

Shareholder

J C A and N Limited

Trustee

Te Hanataua Trust

Trustee

Ngāti Tamaahuroa rāua ko Tītahi

Trustee/Secretary/Treasurer

Oeo Pā

Trustee

Waiokura Marae & Reserves Trust

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

Grant Weston, Ngāti Tamaahuroa-Tītahi (retired 7 September 2023) Shareholder

Te Topuni Ngarahu GP Limited

Trustee

Te Korowai o Ngāruahine Trust

Trustee

Te Kīwai Matau o Ngāruahine Charitable Trust

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TE KOROWAI O NGĀRUAHINE TRUST

INDEPENDENT MEMBERS PROFILES Lara Keane, Tumu Herenga Tāngata (appointed May 2022) Ngāruahine Ngāpuhi ki Taiāmai • Master of Commerce • Bachelor of Commerce (Honours) • Member of the Human Resources Institute of New Zealand 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 highlights so far are attending some of the incredible and historic events Ngāruahine has had recently – the return of Te Ngutu o te Manu, the initialling and signing of Te Ruruku Pūtakerongo, and last year’s Taranaki Tū Mai. The strength of reo, waiata, poi and identity here is incredible. Getting to know my many Robinson whanaunga is always a joy, and I promise if I ever sign up for the pool comp at Tū Mai again, I’ll do some practice beforehand!

Phillippa Wilson, FCA. Te Ohu Arotake (appointed December 2019) • 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 with their commitment to their iwi, their forward thinking and their passion for what they do.

I have worked with Te Korowai o Ngāruahine 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.

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TE KOROWAI O NGĀRUAHINE TRUST

INDEPENDENT MEMBERS PROFILES David Patten, Tumu Herenga Tāngata (appointed December 2019) • • • • •

Master of Business Studies (in Dispute Resolution) Bachelor of Laws Bachelor of Arts Diploma of Business Studies (in Dispute Resolution) Fellow of the Arbitrators’ and Mediators’ Institute of New Zealand • Member of the New Zealand Law Society • Member of the Australasian Association of Workplace Investigators I am privileged to be an Independent member of Tumu Herenga Tāngata – the subcommittee responsible for people and culture across Te Korowai. I have learnt much about Ngāruahine reo, tikanga and ngā mātāpono and of the many positive developments across the Ngāruahine landscape.

I am blessed to be supported in my role, by skilled and talented uri. One of the most rewarding experiences during my time with Tumu Herenga Tāngata was my involvement in the appointment of Te Aorangi as the Tumu Whakarae. I look forward to continuing as an Independent member and contributing to an exciting future for the Iwi and ngā uri o Ngāruahine. He aha te mea nui o te ao? He tāngata, he tāngata, he tāngata.

Alicia Manuirirangi, Te Ohu Arotake (appointed March 2023) Ngāruahine • Bachelor of Business Studies • Member of the Institute of Chartered Accountants Australia & New Zealand It is inspiring to see the dedication and passion of people working within the iwi. Their commitment to developing impactful initiatives is evident, with a focus on benefitting both current and future generations. Working alongside such knowledgeable and committed individuals has been a true highlight for me. They bring a wealth of expertise and insight to Te Ohu Arotake table, and their diverse perspectives and innovative approaches to problem-solving play a crucial role in iwi success.

Being part of this team has deepened my understanding and appreciation of the complexities involved in our mahi, and I am thankful for the chance to learn and contribute.

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TE KOROWAI O NGĀRUAHINE TRUST

GOVERNANCE SUB-COMMITTEES AND SUBSIDIARIES Te Mataōwhiti (Te Reo me ōna Tikanga Sub-committee) Temporary subcommittee April-June 2024 Rere-No-A-Rangi Pope (Chair) Emma Gardiner Taukē King Te Ahu Rei Katrina Taylor Bee Weston

Tumu Herenga Tāngata (Human Resource Management Subcommittee) Ngaraina Brooks (Chair) Emma Gardiner Kiri Erb David Patten (Independent member) 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 Kīwai Mauī o Ngāruahine Limited Emma Gardiner Sarah Mako (appointed December 2023) Karna Luke (Independent Director) Dion Maaka (Appointed Chair, October 2023) Taaringaroa Nicholas (resigned May 2024) Amber Nicholson (Aspiring Director) Kiriwaitingi Rei (appointed May 2024)

Ngāruahine Fisheries Limited Dion Maaka (appointed August 2022) Taaringaroa Nicholas (resigned May 2024) Kiriwaitingi Rei (appointed May 2024)

Te Rere o Kapuni Limited Paula Carr (resigned December 2023) Emma Gardiner (appointed December 2023) Sarah Mako (appointed December 2023) Dion Maaka Taaringaroa Nicholas (resigned May 2024) Kiriwaitingi Rei (appointed May 2024) Karna Luke (appointed August 2022)

Te Kīwai Matau o Ngāruahine Charitable Trust Ngaraina Brooks Paula Carr (resigned December 2023) 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 (appointed December 2023) Bee Weston

Te Korowai o Ngāruahine Custodian Company Limited *Emma Gardiner Te Aorangi Dillon *The Pouwhakarae sits on all sub-committees as an ex-officio member.

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TE KOROWAI O NGĀRUAHINE TRUST

GOVERNANCE SUB-COMMITTEES AND SUBSIDIARIES GOVERNANCE ATTENDANCE 1 April 2023 - 30 June 2024 Trustees

Board Board Sub Committee Sub Committee Meetings Meetings Meetings Meetings Eligible Attended Attended Eligible

Katrina Taylor (appointed December 2023)

4

4

2

3

Taukē King (elected September 2023)

8

7

5

5

Emma Gardiner (elected September 2023)

8

8

10

11

Ngaraina Brooks

12

12

7

7

Ferinica Hawe-Foreman

12

12

2

2

Kiri Erb

12

12

11

13

Te Ahu Rei

12

11

3

3

Dion Luke (elected September 2023)

8

8

4

5

Sarah Mako

12

11

Rere-No-A-Rangi Pope

8

8

3

3

Bee Weston (elected September 2023)

8

8

2

3

Liz Ross (elected September 2023)

8

6

Allen Webb (term ended September 2023)

4

4

2

2

Paula Carr (resigned December 2023)

7

7

2

3

John Hooker (term ended September 2023)

4

4

John Kahupūkoro (term ended September 2023)

4

4

Te Aroha Hōhaia (term ended September 2023)

4

4

Caroline Scott (term ended September 2023)

4

4

3

3

Grant Weston (term ended September 2023)

4

4

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OUR KAIMAHI

HIGHLIGHTS FOR 2023-2024 Te Korowai o Ngāruhine Trust kaimahi Moesha Katene-Rawiri and Anita Potts at Whānau Day 2023 ki Wai o Rua Stratford Aquatic Centre.

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Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE KAIMAHI

Rhonda Vanstone

Connor Macleod

Bonnie Johnstone

Te Whakatōhea, Ngāpuhi ki Whaingāroa

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

Whakatōhea

Kaiwhakahaere Tāhūhū Executive & Governance Programme Manager

Kaiarahi Rangatahi

Kaitiaki Rārangi Iwi Registrar

rhonda@ngaruahine.iwi.nz My highlight is seeing a year’s mahi culminate in a successful hui ā-tau, where uri leave with smiles, confident in our commitment to their best interests.

connor@ngaruahine.iwi.nz I enjoy being able to support multiple kaupapa within Te Korowai, in turn, supporting our people within these kaupapa. Kia tū tiketike ai tātou, torotika ki a Ranginui!

office@ngaruahine.iwi.nz The highlight of my year has been to successfully assist in the election process and achieve a positive outcome.

Janine Maruera

Moesha Katene-Rawiri

Jackson Cassidy

Ngāruahine

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

Ngāpuhi, Te Ātiawa, Taranaki, Ngāti Hāua ki Taumarunui

Kaipāho Communication Advisor

Kaihoahoa Design Advisor

moesha@ngaruahine.iwi.nz The launch of our Hākinakina merch line and Pō Whakahirahira were my highlights, seeing uri come together to celebrate Ngāruahinetanga.

jackson@ngaruahine.iwi.nz My highlight of the year was the launch of our first ever Ngāruahine storybook ‘Te Rere o Kapuni’ at Oeo Pā during Puanga.

Pouuruhi Pāpāho Communications Team Lead Interim Pouuruhi-a-Iwi – Internal Relations janine@ngaruahine.iwi.nz My highlight this year was the motu roadshow, an amazing kaupapa allowing our uri in other rohe to connect with us and with each other.

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TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE KAIMAHI

Emma Park

Ritihia Waller

Te Ana Stephen

Te Ātiawa

Taranaki, Ngāti Ruanui, Te Whakatōhea, Ngāruahine

Ngāti Hine, Ngāpuhi

Pouhāpai Chief Financial Officer

Kaitātai Kirimana

Kaikaute Accountant

emma@ngaruahine.iwi.nz It has been a privilege being able to contribute to the wider kaupapa by supporting Te Korowai in the financial area.

ritihia@ngaruahine.iwi.nz It is always a pleasure and honour to be able to work towards realising the dreams and aspirations of our whānau and tūpuna.

teana@ngaruahine.iwi.nz It has been an absolute privilege to use my skills and expertise in contributing to the aspirations of Ngāruahine uri, which includes my own tamariki.

Anita Potts

Kawarau Ngaia

Lola Katene

Ngāruahine, Ngāti Ruanui

He uri au nō ngā waka e toru, Tokomaru, Kurahaupō, Aotea

Ngāruahine, Ngāti Toa, Ngāti Tama

Kaituitui Rōpū Hāpai Finance Coordinator

Pouuruhi ā-iwi Iwi Relations Lead

Kaituitui Rangatahi

kawarau@ngaruahine.iwi.nz I love that we give to our uri, and wider community and we do make a difference. The whanaungatanga we share at mahi is great.

lola@ngaruahine.iwi.nz My highlight is having the opportunity to work with Ngāruahine rangatahi, to be a part of connecting them to their Marae, hapū and iwi.

anita@ngaruahine.iwi.nz The honour of working for our people means so much to me, I am very lucky to be a kaimahi.

Funding and Contracts Accountant

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TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE KAIMAHI

Naomi Puketapu-Waite

Taela O’Shea-Herewini

Ngatokoa Tikitau

Ngāruahine

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

Pouuruhi Taiao Environmental Lead

Pouwhirinaki Taiao Environmental Planner

Ngāruahine ki te rangi, Ngāti Ruanui, Taranaki Tūturu, Te Atiawa, Ngāti Maru, Ngā Puhi, Ngāti Arera, Ngāti Tepuretu

naomi@ngaruahine.iwi.nz It is a true honour to hold a kaimahi role in the taiao, a place I am so happy to be in. Made more special by working towards the aspirations of our uri.

wtaiao@ngaruahine.iwi.nz I enjoy being in a kaimahi role that I enjoy within the taiao space and applying my knowledge to something meaningful. I feel super privileged to be a kaimahi.

TeUraura Nganeko

Kelsey Chadwick

Ngāruahine, Taranaki Tūturu, Ngāti Ruanui

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

Pouuruhi External Relations teuraura@ngaruahine.iwi.nz My highlight was being part of the Iwi contingent from Taranaki to the Offshore Wind Study Tour to the UK, Belgium and Germany.

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Kaituitui Te Ara Toiroa Administrative Coordinator kelsey@ngaruahine.iwi.nz Contributing to the implementation of Te Ara Toiroa for Ngāruahine uri whilst also getting to support other kaupapa within Te Korowai.

| Te Korowai o Ngāruahine Trust Annual Report 2024

Pou Taituarā Taiao Environmental Project Support & Engagement ttaiao@ngaruahine.iwi.nz What I enjoy most about this mahi is engaging with uri and looking for opportunities to enable them to connect and become kaitiaki of our taiao. Toitū te Taiao, Toitū te Tangata.

TE KOROWAI O NGĀRUAHINE TRUST

TE KOROWAI O NGĀRUAHINE KAIMAHI

Puhi Nuku

Philip Nuku

Ngāruahine

Ngāruahine

Kaiako Matua

Pouhautū

puhi@Nngaruahine.iwi.nz Love our commitment to Te Reo.

phil@ngaruahine.iwi.nz Procurement and people employed is an excellent strategy.

TE KĪWAI MAUĪ O NGĀRUAHINE KAIMAHI

Te Awa Johnstone

Ngawai Hernandez-Walden

Dean Kira

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

Ngāruahine, Ngāti Ruanui, Te Ātiawa, Taranaki, Tainui

Ngāruahine

Executive Assistant Te Kīwai Mauī

Establishment General Manager (Contractor)

Pou Arataki Operations Manager

TeAwa@Mauī.nz The best part of my year has been getting to know everyone at Te Korowai o Ngāruahine, helping our team with our important investment projects, and seeing the positive results that will benefit our people and generations to come.

manager@ngarere.nz Working collaboratively with Te Papa Atawhai, Ngā Hiwi Maunga and taiao enthusiasts on the restoration of the ngahere around the redevelopment.

info@ngarere.nz The construction progress has been awesome to see, that has been my highlight this year.

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MINUTES OF 2023 HUI-Ā-TAU (ANNUAL GENERAL MEETING) SATURDAY 26 AUGUST 2023 AOTEAROA PĀ

Te Korowai o Ngāruahine AGM ki Aotearoa Pā, 2023.

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Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM Ngā Taratī o Te Korowai | Trustees Paula Carr (Te Pouwhakarae), Ngaraina Brooks, Kiri Erb, Ferinica Hawe-Foreman, Te Aroha Hōhaia, John Hooker, John Kahupūkoro, Sarah Mako, Te Ahu Rei, Caroline Scott, Allen Webb and Grant Weston.

Guest Presenters Taaringaroa Nicholas

In Attendance Acushla Sciascia, Ali Cole, Allen Webb, Allie Hemara-Wahanui, Amber Nicholson, Anahera Ngaia, Analee Toro, Anaru Taitoko, Anaru White, Angela Kerehoma, Angela Scott, Angelina Cassidy, Anita Potts, Ann Johnson, Anton O’Carroll, Arni Agar, Barbara More, Bee Weston, Bella Marriner, Benjamin Cuff, Betty Anne Robinson, Billie Robertson, Bonnie Johnstone, Brian Nyman, Caleb McGrail, Caroline Scott, Cheryl Luke-Maraki, Cheryl Thompson, Chester Vella, Chevourne Tairi, Christine Henare, Clementine Hotter, Connor Macleod, Daph Tamou, Dave Maha, Debbie Robinson, Delroy Packer, Dennis Weston, Dinah King, Donia King, Dwayne PahiO’Carroll, Donna Ngatai, Ebony Weston, Elaine Webb, Ella Borrows, Emma Gardiner, Eleanor Gardiner, Emma Park, Esther Clay, Fay Hōhaia, Ferinica Hawe-Foreman, Geraldine Priest, Gloria Reweti-Weston Matehaere, Gloria White, Grant Weston, Gregg Parata, Heavenlee Ngatai, Henry Robertson, Hoani Horsfall, Irene Robinson, Ivy Kearney, Jackson Cassidy, Jacqui King, Janine Maruera, Jayde Rangi Wilkinson, Jeremy Wichman, John Dixon, John Hooker, John Kahupūkoro, Joy Rangi, Julie Koria, June Hooker, Kararaina Luke, Karmel Waiariki, Kataraina Mako, Kawarau Ngaia, Kelly Moeahu, Kerensa Johnston, Kiki Ruakere, Kiri Erb, Lara Keane, Lara Ruakere, Leah Naidu, Liam Cassidy Ngatai, Linda Elgar, Lindsay Carr, Lola Katene, Lorna Katene, Louise Pope, Louise Studd, Lyn Tuffery, Lynnell Huria, Mackenzie Walding, Maria Ngatai-Weston, Markham Ainsley Grey, Mihiata Dillon, Mikayla Katene, Mike Marriner, Missy Spooner, Moana Te Waaka, Moesha Katene-Rawiri, Naomi Puketapu-Waite, Ngaraina Brooks, Ngatokoa Tikitau, Ngawai Akapita, Ngawai Hernandez-Walden, Norah Puketapu, Paerau Dillon, Patsy Broughton, Paula Carr, Peggy Luke-Ngaheke, Peta King, Peter Moeahu, Peter Thompson, Puawai Hudson, Puhi Nuku, Puke-Te-Riri Chase, Puna Wano, Rangi Dansey, Rangihuna Waller, Regianne Herewini, Rewatu Carr, Rhonda Vanstone, Richard Tingey, Ripeka Hudson, Ritihia Waller, Robin Katene, Ropata Maxwell, Sage-Marie Bennett, Sam Williams, Sarah-lee Rangi, Shay King, Sid Ngatai, Sophie Anania, Spencer Carr, Sue Carr, Taaringaroa Nicholas, Taela O’Shea-Herewini, Tahu Rawiri, Tami Cave, Tazmyn Katene, Tane Houston, Tanea Reid, Tania Gilbert-Kennedy, Tania Niwa, Taniya Miles, Tapiukura Young, Te Ahu Rei, Te Aorangi Dillion, Te Aroha Hōhaia, Te Kaha Kahupūkoro, Te Māramatanga Hōhaia, Te Oti Katene, Te Poi Ngawhika, Te Rawanake Coles, Te Rua Ngaio Reihana, TeUraura Nganeko, Thomas Webb, Tipene O’Brien, Tiwha Puketapu, Tomairangi Anneff, Tracy Rupapera, Tumi Toro, Una Hiroa, Urutaahua Gilbert, Wikitoria Ratu, William Rangi and Wesley Priest.

Karakia | Mihi Whakatau John Kahupūkoro.

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM 1. Welcome Masters of Ceremonies (MC) for the day, Ngawai Hernandez-Walden and Emma Gardiner, welcomed whānau to the hui-ā-tau at Aotearoa Pā and thanked Te Korowai o Ngāruahine (Te Korowai) Board and kaimahi for their mahi on the hui. They provided a health and safety briefing and general housekeeping information. The MC’s reminded whānau to update their information on the iwi register if needed and that a representative for the Chief Returning Officer (Ella Borrows) was present to issue and receive voting papers for Trustee Elections 2023. They also noted that the event was being streamed online by Te Korimako o Taranaki.

Te Pouwhakarae was invited to the atamira.

2. Apologies The following apologies were noted: Adrian Taylor, Agape Gopal, Alana Mako, Alexis Bright, Alison Ranui, Amber Mako, Amokura Panoho, Andrew Bright, Anna Carr, Anne Somerville, Annette Nyman-Riddell, April Eruiti, Aroha Houston, Asher Katene, Ataahua o te rangi Marino, Billy Tihoi Maha, Brandon Amoamo, David O’Brien, David Patten, Dion Maaka, Egan Bowden, Elizabeth Ross, Emmanuella Katene, Gail Watson, Georgina Wharepapa, Harmony Morris, Hinemoa Priest, Hinewai Katene, Hinewai Ranui, Iri Mako, James Tautuku, Jamie Andrews, Janess Reid, Jasmine Milne, Jeremy Robinson, Jodi Hawe, John Edward Studd, John Kerehoma, John Tarawara Studd, Juanita PritchardDavis, Judy Maruera, Julie Pritchard-Robinson, Julie-Anne Barney-Katene, Karna Luke, Kelvin Kershaw, Kent Robinson, Kereama Wright, Kura Moeahu, Lauana Thomas, Lois Weston, Lorna Parata, Luka Kamana, Mairi Wharehoka, Manawa Wright, Maraea Wharehoka, Mārama Douglas, Maria Robinson, Marjo, Mary Nicholson, Michael Savage, Mitchell Pera, Moetu Tonga, Natalie Cameron, Neta Riley, Ngahina Capper, Ngawai King, Nikita Weston, Orrin Marino, Pāharakeke Hudson, Patrina Edwards, Patsy Moeahu, Peeti Wharehoka-Watene, Phillippa Wilson, Pop (Bernard) Reihana, Rachael Vaimoso, Raewyn Katene, Rawinia Leatherby-Toia, Rawiri Mako, Raymond Eynon, Rere-No-A-Rangi Pope, Riki Tapiki, Robina Bedwell, Ruingamoana Hudson, Rumatiki Smith, Sam Mako, Samme-Sara Harrop-Marriner, Sandra Bishop, Sarah Beamish, Simcock Reweti, Steven Robinson, Tama Ale Samoa, Tania Panepasa, Tania Williams, Te Amokura Pauline Nuku, Te Mihiroa Wright, Te Ngawari Wright, Te Ora Nyman, Te Puata Burrows, Te Raungatanga Whakaara, Tina Parata, Toni Sutton, Tracy Edwards, Tracy Rupapera, Trisha-Mārie Hawkins, Tyrel Marino, Wendy Eynon, Will Edwards, Wirangi Luke, Zayed Studd and Zina Katene.

Te Pouwhakarae read the following resolution.

Resolution 1 THAT the apologies for the 2023 Annual General Meeting be accepted.

IVY KEARNEY / RIPEKA HUDSON Carried

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM 3. Message from Te Pouwhakarae Te Pouwhakarae warmly welcomed all attendees to the hui-ā-tau, expressing gratitude for their presence and participation in discussions about Te Korowai Group’s progress.

Emphasising the theme of this year’s Annual Report as ‘tāngata’ – focusing on advancing our people and Ngāruahine – te Pouwhakarae mentioned that various presentations from the Board and kaimahi were scheduled to highlight Te Korowai activities in the preceding year.

Appreciation was extended to everyone who contributed to Te Korowai goals, recognising the establishment of partnerships and the widespread support. Special acknowledgment was given to Ngāruahine Iwi Authority, and the connection and opportunities with whanaunga iwi, Ngāti Ruanui were duly noted.

The current Board was acknowledged, with thanks to the Trustees for their commitment, engagement on important kaupapa and representing the views of our people, hapū and pā.

Te Pouwhakarae expressed the hope that everyone could find themselves reflected in the report, emphasising the dedication to incorporating uri perspectives into planning, strategies, and thoughts.

Recognition was given to past Trustees and kaimahi for laying the foundation of a significant legacy, and the Pouwhakarae conveyed excitement about building upon their work as Te Korowai enters its ninth postsettlement year, closer to a decade of existence when considering the transitional period.

Acknowledging the retirement of five trustees this year, John Hooker, John Kahupūkoro (Uncle Haney), Grant Weston, Caroline Scott and Te Aroha Hōhaia. Te Pouwhakarae announced that a presentation would be held to honour them towards the end of the hui.

Lastly, Te Pouwhakarae invited any additional matters for discussion in general business, ensuring that they would be duly noted and addressed in that section of the hui. Quality shoes for tamariki at Te Kura o Ngāruahine was added to the general business.

4. Previous Annual General Meeting minutes Te Pouwhakarae read the resolution.

Resolution 2 THAT the minutes for the 2022 Annual General Meeting be accepted.

DONNA NGATAI / RIPEKA HUDSON Carried

Matters Arising No matters were raised.

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM 5. Chair Reports Te Korowai o Ngāruahine Trust A video reel of Te Korowai kaimahi introductions was played. Kaimahi included: John Tapiata, Ngaputiputi Akapita, Jackson Cassidy, Bonnie Johnstone, Tazmyn Katene-Ashford, Moesha Katene-Rawiri, Dion Luke, Janine Maruera, Kawarau Ngaia, TeUraura Nganeko, Philip Nuku, Puhi Nuku, Emma Park, Rowan Reihana, Neta Riley, Rangihuna Waller, Ritihia Waller and Rhonda Vanstone.

Recognition was given to the kaimahi for effectively implementing strategies and faithfully representing the interests of uri. It was noted that the tari has experienced growth and expansion driven by the ongoing workload and activities.

Te Pouwhakarae highlighted key areas of mahi which kaimahi have concentrated on advancing during the past year: • • • • • • •

Iwi register growth and validator support Kawenata signing with Ngāruahine Iwi Authority Increasing the range of scholarships and grants available to uri Strengthening relationships with local and regional councils Progressing impact investments Advancing our mana whenua rights and interests Representing Ngāruahine on regional and national fronts.

Te Kīwai Mauī o Ngāruahine Limited Taaringaroa (Taari) Nicholas, Chair of Te Kīwai Mauī o Ngāruahine Limited (‘Mauī’) acknowledged the contributions of the directors to prudently invest and manage the Ngāruahine settlement pūtea.

The following highlights from the Chair’s presentation were noted: • Total FY23 annual profit after tax $2.1m (FY22 $10.8m) • Delivered 5 year average investment return of 7.4% per annum versus 4.3% for a similar benchmark fund (benchmark fund had losses for 2 years). Mauī provided an additional $15m to Ngāruahine at much lower risk. 60% of the portfolio is in low-risk Income Assets.

• Paid FY23 dividend payments to Te Korowai of $2.2m (2.25%) up from $2.0m (2%).

• Very strong returns on property investments – 13.6% of Hāpai Iwi investment vehicles and 25.5% return on agriculture / horticulture investments through Pūainuku iwi investment vehicle.

• Increased focus on local rohe investments.

• Further impact investment opportunities in Ngāruahine rohe also being progressed.

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM 6. Annual Audited Financial Statements Ferinica Hawe-Foreman, Chair of Te Ohu Arotake explained the role of the audit and risk committee and introduced Emma Park, Pouhāpai (Chief Financial Officer) to summarise the Group financials to the year ended 31 March 2023, in the absence of VBW Accountant, Adrian Taylor.

The following highlights were noted: • Clean audit opinion with no unresolved issues • Robust monthly reporting processes • Performance in line with predicted market conditions post COVID-19 • Total Group assets value $112.3m.

Summary of comments and questions from the floor: Clarification was sought on ‘Additions’ and what this refers to (referring to page 94 of the Annual Report). It was clarified that Additions fall under the category of plant, property and equipment assets. It was explained that Te Korowai must disclose each category, including land, computer equipment, furniture and fittings, motor vehicle, chattels, right-of-use assets and capital works and outline the opening value, added value, closing value and depreciation where applicable. Notable additions, such as computer equipment for kaimahi, have been made. Emphasising works in progress is crucial, as this spending does not go through the Profit and Loss statement; it becomes an asset upon completion. Additionally, the tari, a leased building not owned

by Te Korowai, is accounted for based on the auditors’ suggested method for handling leased buildings.

Further clarification was sought on ‘Bad debt’ (page 92). It was explained that each entity has an operating account and a call account and that BNZ puts all its bank fees through one account.

An explanation of Office rental costs was sought (page 92). This was explained by way of an accounting methodology and how leases are required to be recorded in the financial statements.

What is the plan moving forward to develop a communications process that enables our people to engage with Trustees as the hui-ā-tau seems to be the only time to do so. It was clarified that Trustees engage with uri via hapū, Marae, whānau and pā hui and bring this kōrero to the Board tēpu. Uri see the results of this kōrero reflected in Te Korowai plans and strategies.

Are there kaumātua packs? It was noted that other iwi give koha to their kaumātua to assist with firewood etc and Te Korowai will think more about initiatives to support rangatahi and kaumātua.

Te Pouwhakarae read the resolution.

Resolution 3 THAT Te Korowai o Ngāruahine Trust, Te Kīwai Mauī o Ngāruahine Limited, Audited Financial Statement Reports for the period ending 31 March 2023 are received.

PETER MOEAHU / CHERYL LUKE-MARAKI Carried

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM 7. Appointment of the Auditor 2023/24 Te Pouwhakarae acknowledged auditor John Dixon, PriceWaterhouseCooper.

Resolution 4 THAT PriceWaterhouseCooper be appointed Auditor for the 2023/24 financial year.

PETER MOEAHU / ALLIE HEMARA-WAHANUI Carried

8. Presentation of Trustees’ remuneration 2023/24 Te Pouwhakarae noted the Board had resolved that Trustee remuneration would remain unchanged for the 2023/24 financial year.

Summary of comments and questions from the floor: What is the current remuneration for Trustees, how long has this been in place and what was the independent advice? It was clarified that information relating to Trustee salaries could be found on page 101 of the Annual Report and that Strategic Pay provides comparative analysis of the remuneration of similar Trustees. It was noted that Te Korowai Trustees are on a par with others.

9. General Business Te Ohu Pāpāho (the Communications team) from Te Korowai were acknowledged for the mahi undertaken to produce the Annual Report – the first to be completed in–house.

The Trustees took the atamira to give their highlights for the preceding year: • Allen Webb noted working with a diverse set of Board members who focused on investing in achieving better outcomes of our people, pā and hapū; working to strengthen and revitalise Ngāruahine iwi.

• Sarah Mako noted an exciting and productive 2022/23 year which saw the Board endorse Pupuke te Hihiri and an alternative energy position statement. Sarah paid tribute to the tireless kaimahi in implementing our strategies and noted the sea of red at Taranaki Tū Mai – a reflection of the thriving and growing iwi.

• Ngaraina Brooks acknowledged the privilege of being a member of a dynamic and future focused organisation. Two achievements came to mind – the signing of the kawenata with Ngāruahine Iwi Authority and hosting the Taranaki Maunga deed initialling ceremony.

• Ferinica Hawe-Foreman thanked the validators for the significant effort they put in to grow the iwi register noting that they play a crucial role as they open the door, marking the beginning for us.

• Kiri Erb noted that uri had expressed a desire to see investment within the rohe, not solely for profit but also for the purpose of generating positive change for our people. She eagerly anticipated the growth that the Pupuke te Hihiri Whai Rawa impact investment strategy would bring.

• Te Ahu Rei highlighted his positive experiences of collaborating with a diverse and skilled group of individuals on the Board and expressed appreciation for the ongoing efforts of the operations team for keeping uri informed through social media. Matua Te Ahu emphasized the importance of connection, while also acknowledging and remembering those who passed during the year.

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM • Grant Weston noted the ongoing return of the whenua as his highlight. He added that it was a great honour to serve the people.

• Caroline Scott, as a retiring member, expressed her deep pride in having served her people. Her notable moments included taking pride in the strategic outcomes set by the Board for hapū and whānau. Initiating the construction of Te Rere o Kapuni and establishing a beautiful Ngāruahine space were specifically noted.

• John Kahupūkoro expressed his immense pride in the Board’s shared vision to witness the return of whenua to hapū and our people thriving.

• Te Aroha Hōhaia noted her privilege to have served three terms as a Trustee. Outstanding moments over that time were the establishment of a Communications team (Te Ohu Pāpāho) at Te Korowai; the signing of the kawenata with Ngāruahine Iwi Authority; the decision to purchase Te Rere o Kapuni and overcoming consent challenges, and the appointment of a Mana Hautū for Mauī.

• John Hooker expressed his anticipation for the future, emphasising the importance of bringing in rangatahi (to the Board) with proficiency in te reo and the ability to think on their feet. He took pride in the diversity of the Board, which spanned a spectrum of maturity, experiences, and aspirations, and reflected the strength of hapū mana motuhake.

A video presentation on Ka Uruora was played. Ritihia Waller, Kaitātai Kirimana (Funding and Contracts Accountant) and financial literacy course facilitator, highlighted the key components of the financial literacy course to aid and support uri toward achieving their home ownership dreams or reclaiming a financial future. A video message from Kurarauringa Hudson, mokopuna of Rocky Hudson, spoke of her experience of realising home ownership.

TeUraura Nganeko, Pouuruhi External Relations, presented on Te Ara Toiroa – the strategy to build a strong Ngāruahine economy with Ngāruahine at the helm and Sarah Mako spoke about how the strategy would assist rangatahi to be the best version of themselves.

Kawarau Ngaia, Pouuruhi-ā-iwi (Iwi Relations Lead) noted that Te Korowai continues to work to source more support for uri by way of grants and scholarships. Feedback from grant recipients was read out and a video message played from qualified skipper, Valda Brooks who accessed the Punahau me Hinehou grant to retrain.

Summary of comments and questions from the floor: Can we prioritise supplying good quality shoes to tamariki from our kura? Te Pouwhakarae acknowledged the importance of this kaupapa and noted previous kōrero about prioritising our mokopuna.

What is our climate response and our plan for Marae if they are impacted by extreme weather like whānau from Te Tai Rāwhiti? The Tumu Whakarae explained that at the time, Te Korowai worked with other iwi to respond to whānau who lived in the affected areas. Some hapū are now considering the possibility of being a civil defence emergency centre. Te Korowai and Ngāruahine Iwi Health are also working on an organisational response.

Is there kōrero happening for Ngāruahine around ensuring our mana remains intact and our voice stays in the mix regarding the Maunga settlement? Te Pouwhakarae responded that there was an overwhelming response to accepting the Taranaki Maunga redress package and that the Board have communicated its support to sign Te Ruruku Pūtakerongo, the maunga deed of settlement on 1 Mahuru 2023.

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TE KOROWAI O NGĀRUAHINE TRUST

MINUTES OF ANNUAL GENERAL MEETING SATURDAY 26TH AUGUST 2023, AOTEAROA PĀ & VIA LIVESTREAM There will also be an opportunity to ensure there is a Ngāruahine voice feeding into the voice of the Maunga.

Has there ever been consideration given to utilising rather than selling our fisheries quota? The Chair of Mauī responded that while the Ngāruahine quota is small and scale is required for commercial management, this could be an opportunity to collaborate with ngā iwi o Taranaki. Customary fishing was noted as another area of mahi in the realisation to see our people thrive.

Te Pouwhakarae noted other opportunities to further understand our people and their needs – one being to gather more data and research about the current state of Ngāruahine uri from an education and health perspective.

Trustees were commended for their mahi and uri looked forward to seeing more rangatahi around the Board tēpu and more reo spoken.

Concern for the future of the taiao and our mana was expressed with the advent of offshore wind.

Te Pouwhakarae discussed the many different ways to engage with Te Korowai.

Te Pouwhakarae summarised the day and thanked uri for attending the hui-ā-tau in person and online; acknowledged the efforts of the Tumu Whakarae and kaimahi for another successful year of delivering the outcomes that the people want to see delivered; and the efforts of the Directors of Mauī and Independent committee members were noted.

The hui-ā-tau finished with a presentation to retiring Trustees; Caroline Scott, Grant Weston, John Hooker, John Kahupūkoro and Te Aroha Hōhaia.

All present joined for waiata and closing karakia at 1:22pm.

Karakia whakamutunga John Kahupūkoro.

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GRANT RECIPIENTS 2023-2024 Te awa o Waingōngoro ki Ōhawe.

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| Te Korowai o Ngāruahine Trust Annual Report 2024

Te Korowai o Ngāruahine Trust Annual Report 2024 |

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TE KOROWAI O NGĀRUAHINE TRUST

GRANT RECIPIENTS 2023-2024 Punahau me Hinehou Grant Sponsored by Arongo Limited – A one-year grant to support mothers in training. $1,000 per recipient.

Ingoa

Study

Institution

Angela Kerehoma

Heke Toi Whakarākai Diploma

Te Wānanga o Raukawa

Aharina Prime-Rei

Te Aho Tātairangi Bachelor of Teaching & Learning Kura Kaupapa

Massey University

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

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Ingoa

Study

Institution

Katrina Taylor

Master of Indigenous Studies Thesis

Te Whare Wānanga o Awanuiārangi

Saphron Ngaia

Marriage Celebrant

The Celebrants Training College

Tamati Maruera

Te Pīnakitanga

Te Wānanga o Aotearoa

Billie Jean James

Te Pōkaitahi Reo Level 2

Te Whare Wānanga o Awanuiārangi

Anahera Ngaia

Certificate in Rongoā Level 4

Te Wānanga o Aotearoa

Patina Edwards

Rangi Parauri Training - Mahi Atua

Mataora Training Te Kurahuna Limited

Ashley Thompson

Te Reo Māori Level 1 & 2

Te Wānanga o Aotearoa

James Tautuku

Te Reo Māori Level 1 & 2

Te Whare Wānanga o Awanuiārangi

R'Leeyah-Lynett Luke

Office Admin Tech - Level 3 & 4

Open Polytech

Tania Niwa

National Photography Conference

NZ Institute of Professional Photography

Dwayne O'Carroll

PhD Fine Arts

Ohu Rangahau Writing Wānanga

Leo Kerehoma

Sports Exchange

Te Paepae o Aotea

Raiha Hooker

Te Pumaomao Indigenous Nationhood Building

Takawai & Christine Murphy

Zivon Kahui

Ko Wai Au Programme

Waiokura Marae

Hayley Kettle

Legal Executive Studies

Toi Ohomai Institute of Tech -Tauranga

Maraea Katene-Rawiri

Unleashing Māori Potential Seminar

Compass Seminars New Zealand

Kelsy Haua

Bachelor of Teaching ECE

Te Rito Maioha

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

GRANT RECIPIENTS 2023-2024 Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant To support sporting and cultural endeavours and opportunities. $250 per recipient.

Ingoa

Study

Club/Event

Anaru Hibbs

Football

Shirley Boys High School

Bosch-Tuarea Mete-Matehaere

Rugby League

Ngā Waihotanga Sport/Culture Club

Cherish Hauwaho

Netball

Pukekohe Netball Club

Ciara Hauwaho

Touch and Netball

Pukekohe High School

Cjay Mcminn

Rugby League

Taranaki Whānui League

Dayton Mcminn

Soccer

Mini Midget Soccer Team Eltham

Destony Rongopai Ria Ratahi

Marching

Te Arakamu Marching Club Eltham

Dylan Filipo

Marching

Te Arakamu Marching Club Eltham

Elizabeth Hibbs

Swimming

QE2 Swim Club

Flynn Cave

Football

Ole Football Academy Porirua

Francie Hibbs

Dance and Jazz

Levings School of Dance

Francilla Mcminn

Marching

Te Arakamu Marching Club Eltham

Hoana-Julia Hockley

Rugby League

Ngā Waihotanga Sport/Culture Club

Hunter Ngaia

Basketball

NZ U14 Girls Koru Team

Jaxton Tikitau

Rugby League

Ngā Waihotanga Sport/Culture Club

Jiriah-Jay Leef

Rugby League

Ngā Waihotanga Sport/Culture Club

Kahurangi Hockley

Rugby League

Ngā Waihotanga Sport/Culture Club

Kaiahn Weston

Rugby League

Taranaki Whānui League

Kaitiaki Te Aranui

Rugby League

Ngā Waihotanga Sport/Culture Club

Leeward Vaimoso

Marching

Te Arakamu Marching Club Eltham

Leone Katene

Marching

Te Arakamu Marching Club Eltham

Macey-Rae Vaimoso

Marching

Te Arakamu Marching Club Eltham

Manaakitia Ririnui

Rugby League

Maniapoto Rugby League

Maria Ngatai-Weston

Rugby

Central Rugby

Max Cave

Swimming

Queensland Swimming Champs

Keepa Smallman

Kapa Haka

Te Kura Kaupapa Māori o Otepou - Te Mana Kuratahi Nationals

Molly Vaimoso

Marching

Te Arakamu Marching Club Eltham

Mynaro Filipo

Marching

Te Arakamu Marching Club Eltham

Nehemiah Matoe-Kapi

Basketball

Palmerston North Boys High School

Neive Maria Davison

Dance

Master Class Dance Studios

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TE KOROWAI O NGĀRUAHINE TRUST

GRANT RECIPIENTS 2023-2024 Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant Continued...

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

Ingoa

Study

Institution

Neilani Tamatea

Rugby League

Ngā Waihotanga Sport/Culture Club

Norah-Lee Vaimoso

Marching

Te Arakamu Marching Club Eltham

Patrick Matoe-Kapi

Basketball

Basketball Manawatū

Pikihuia Hockley

Rugby League

Taranaki Sharks

Rakei Laurence Ngaia

Kapa Haka

Te Pārekereke - Te Mana Kuratahi Nationals

Reggae Mahara-Ngatai

Marching

Te Arakamu Marching Club Eltham

Riwha Grindlay

Basketball

Te Paepae o Aotea

Russell Hockley

Croquet

Park Croquet Club

Shania Kolio

Netball

Māngere/Ōtāhuhu Netball Centre

Sharna-Lee Goldsmith-Wallis

Marching

Te Arakamu Marching Club Eltham

Taikatu Dillon

Rugby League

Ngā Waihotanga Sport/Culture Club

Te Aute Grindlay

Basketball

Te Paepae o Aotea

Te Mirimai Katene

Marching

Te Arakamu Marching Club Eltham

Wairangi Rongonui Waaka

Basketball

Tai Wānanga Tū Toa Manawatū Basketball.

Zaire Rupapera

Basketball

Secondary School Tournament

Parininihi ki Waitōtara – Ngāruahine Undergraduate Scholarship A one-year scholarship and is awarded to one Ngāruahine uri in their second year of study or higher. $3000

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Ingoa

Study

Institution

Roka-Reni Osbourne

Bachelor of Social Work

The Open Polytech

| Te Korowai o Ngāruahine Trust Annual Report 2024

TE KOROWAI O NGĀRUAHINE TRUST

GRANT RECIPIENTS 2023-2024 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 $1,000 per recipient

Ingoa

Study

Institution

Analee Toro

University of Otago

Bachelor of Medicine and Bachelor of Surgery

Ana Tupangaia

Massey University

Bachelor in Agribusiness

Teina Ngaia

Victoria University Wellington Te Herenga Waka

Bachelor of Arts

Keesha Craig

University of Waikato

Bachelor of Arts, Majoring in Psychology with two minor in Tikanga Māori Psychology and Māori Education

Angela Kerehoma

Te Wānanga o Raukawa

Diploma Toi Whakarākai Raranga

Tūheimoa Maruera

Massey University

Bachelor of Arts in Māori Knowledge

Maraea Katene-Rawiri

Massey University

Bachelor of Social Work

Billie-Jean James

Western Institute of Technology Taranaki

Bachelor of Nursing

Jordan Berry

Te Wānanga o Aotearoa

Diploma in Māori & Indigenous Art (Whakairo-Carving) Lv 5

Mia Robinson

Auckland University of Technology (AUT)

Bachelor of Visual Arts

Kyla Potaka

Waikato Institute of Technology

Bachelor of Physiotherapy

Sarah Richards

Waikato Institute of Technology

Bachelor of Midwifery

Melissa Martin

Te Wānanga o Raukawa

Bachelor of Social Work

Alexis Bright

Western Institute of Technology Taranaki

Bachelor of Nursing

Neave Burgess

University of Auckland

Bachelor of Medicine and Surgery

Roka Reni Osborne

The Open Polytech

Bachelor of Social Work

Pounamu Keepa

University of Otago

Bachelor of Pharmacy

Asher Katene

University of Otago

Clinical Psychology

Harrison Edwards

University of Auckland/ Waipapa Taumata Rau

Bachelor of Medicine and Surgery

Leah Robinson

Auckland University of Technology (AUT)

Bachelor of Law (Hons)

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77 Agribusiness - 1

Arts - 6

| Te Korowai o Ngāruahine Trust Annual Report 2024

STUDY AREA

Law - 1

Social Work - 3

Health - 9

UNIVERSITY OF AUCKLAND/WAIPAPA TAUMATA RAU

OPEN POLYTECH

AUCKLAND UNIVERSITY OF TECHNOLOGY (AUT)

TE WĀNANGA O AOTEAROA

UNIVERSITY OF WAIKATO

VICTORIA UNIVERSITY WELLINGTON TE HERENGA WAKA

WAIKATO INSTITUTE OF TECHNOLOGY

WESTERN INSTITUTE OF TECHNOLOGY TARANAKI

TE WĀNANGA O RAUKAWA

WAIKATO INSTITUTE OF TECHNOLOGY

UNIVERSITY OF OTAGO

MASSEY UNIVERSITY

TE KOROWAI O NGĀRUAHINE TRUST

GRANTS & SCHOLARSHIP STATS 2023-2024

HE ITI TAKU ITI 3

2

1

TOTAL RECIPIENTS

20

LEVEL OF STUDY

DEGREE

18

DIPLOMA

2

TE KOROWAI O NGĀRUAHINE TRUST

GRANTS & SCHOLARSHIP STATS 2023-2024

HĀKINAKINA 12

TOTAL

10

RECIPIENTS

45

8 6 4

TOTAL SCHOLARSHIPS:

21

CROQUET

RUGBY

KAPAHAKA

DANCE

SWIMMING

FOOTBALL

NETBALL/TOUCH

BASKETBALL

RUGBY LEAGUE

0

MARCHING

2

TOTAL GRANTS:

64

TUKU AUPIKI TOTAL

OTHER

RECIPIENTS

17

ĀHUATANGA MĀORI TE REO MĀORI

0

1

2

3

4

5

6

7

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ANNUAL PLAN SUMMARY 2024-2025

Puanga ceremony with the launch of the Te Rere o Kapuni storybook ki Oeo Pā.

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ANNUAL PLAN SUMMARY 2024-2025 This Annual Plan outlines the strategic priorities for the 2024-2025 year (excluding business as usual activities) and their related Annual Plan Actions.

Annual Plan actions, as summarised below, within Te Korowai o Ngāruahine Trust Annual Plan 2024-2025 contribute to the strategic objectives within our organisational five-year strategy, Ka Ora Taku Toa.

NGĀRUAHINETANGA • • • •

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) • • • •

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

POUA TE PĀTŪTŪ (KĀINGA) • Scope Te Korowai o Ngāruahine Home Refurbishment programme • Promote and encourage participation in Ka Uruora products and services • Reacquisition of DSP properties • Support hapū development plans • Support the implementation of Pupuke te Hihiri Whai Rawa Strategy

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TUPUA TE MAURI (TAIAO) • Provide hapū access to capability and capacity kaitiaki building opportunities (Ngā Hiwi Maunga MOU, GIS mapping, administer and update hapū Rōpū Kaitiaki) • Support hapū to lobby and protect our taiao (support - 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)

NGĀ ĀHEITANGA ME NGĀ WHANAKETANGA (ORGANISATIONAL CAPABILITY AND CAPACITY) • 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 to participate in local, national and global issues

Hopu Ariki tournament ki Te Ngutu o Te Manu 2023.

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

Taranaki Maunga

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DIRECTORY

TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024

Trustees Emma Gardiner (elected 7 September 2023; appointed as Chair 17 September 2023) Ngaraina Brooks (appointed August 2022; re-elected 7 September 2023) Paula-RochelleCarr (re-elected 7 September 2023; resigned 10 December 2023) Katrina Taylor (appointed 10 December 2023) Te Hapimana TaukeKing (elected 7 September 2023) Rere-No-A-RangiPope (elected 7 September 2023) Sarah Mako (appointed April 2022; re-elected 7 September 2023) Randal Te Ahu Rei (re- elected 7 September 2023) Dion Luke (elected 7 September 2023) Elizabeth (Liz) Ross (elected 7 September 2023) Bianca (Bee) Weston (elected 7 September 2023) Ferinica Hawe-Foreman (re- elected 7 September 2023) Kiri Erb (re-elected 7 September 2023) John Kahupukoro (retired September 2023) John Hooker (retired September 2023) Te Aroha Hohaia (retired September 2023) Caroline Scott (retired September 2023) Allen Webb (not re-elected September 2023) Grant Weston (retired September 2023) Bankers Bank of New Zealand ASB Bank Limited TSB Bank Limited Solicitors Kāhui Legal Accountants VanBurWray Chartered Accountants Limited Auditors PricewaterhouseCoopers

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CONTENTS Statement of Comprehensive Income

Pg 89

Statement of Financial Position

Pg 90

Statement of Changes in Equity

Pg 91

Statement of Cash Flows

Pg 91

Notes to the Financial Statements

Pg 92-111

1. Summary of material accounting policies

Pg 92-93

2. Trading Revenue

Pg 93

3. Other Revenue

Pg 94

4. Expenses

Pg 95-97

5. Change in Fair Value of Investments

Pg 97

6. Cash & cash equivalents

Pg 98

7. Trade & other receivables

Pg 98

8. Goods and Services Tax

Pg 98

9. Prepayments & accrued income

Pg 98

10. Current Investments

Pg 98

11. Property, Plant and Equipment

Pg 99

12. Intangibles

Pg 100

13. Investments

Pg 101

14. Impairment

Pg 102

15. Trade & other payables

Pg 103

16. Other Current Liabilities

Pg 103

17. Loans

Pg 103

18. Income Tax

Pg 104-105

19. Financial Instruments

Pg 106

20. Treaty settlements

Pg 106

21. Reserves & retained earnings

Pg 107

22. Trustee Remuneration

Pg 108

23. Directors remuneration

Pg 108

24. Remuneration of key management personnel

Pg 109

25. Investment in Subsidiaries

Pg 109

26. Statement of cash flows

Pg 109

27. Accounting judgements & estimates

Pg 109

28. Related party transactions

Pg 110

29. Commitments and Contingencies

Pg 111

30. Subsequent Events

Pg 111

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STATEMENT OF COMPREHENSIVE INCOME

TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 Account

Note

30 Jun 2024

31 Mar 2023

Te Rere o Kapuni Income

2

2,864

-

Fisheries Income

2

123,021

116,306

125,885

116,306

Te Rere o Kapuni Cost of Sales

2,325

705

Fisheries Fees

24,574

17,896

Total Cost of Sales

26,899

18,601

Gross Profit

98,986

97,705

Trading Revenue

Total Trading Revenue Cost of Sales

Other Revenue Investment Income

3

4,784,937

2,954,940

Other Revenue

3

2,228,396

1,551,659

Total Other Revenue

7,013,333

4,506,599

Total Revenue

7,112,319

4,604,304

Expenses Advisory, Consulting and Professional Fees

4

1,512,669

1,440,472

Communications and Engagement

4

44,454

68,796

Governance

4

612,677

441,095

IT Expenses

4

114,884

77,861

Office and General Expenses

4

864,097

622,675

Personnel Expenses

4

2,279,644

1,505,899

Strategic Pou

4

794,310

480,211

178,971

92,093

6,401,706

4,729,102

710,613

(124,798)

131,063

(35,681)

4,076,417

769,930

4,918,093

609,451

902,153

469,567

4,015,940

139,884

Travel Total Expenses Operating Profit\(Loss) Other Income Foreign Currency Gains and (Losses) Change in Fair Value of Investments

5

Profit for the Year before Tax Income Tax Income Tax Expense Total Comprehensive Income

89

| Te Korowai o Ngāruahine Trust Annual Report 2024

18

STATEMENT OF FINANCIAL POSITION

TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 Account

Note

30 Jun 2024

31 Mar 2023

Cash and cash equivalents

6

6,178,981

10,815,124

Trade and other receivables

7

1,295,640

700,895

Prepayments and Accrued Income

9

134,400

101,263

1,020

1,955

1,442,752

1,580,243

5,151,725

-

71,342

68,138

14,275,860

13,267,618

Assets Current Assets

Inventory Current tax receivables Current Investments

10

Goods and Services tax Total Current Assets Non-Current Assets Deferred Tax Asset

18

11,831

6,018

Property, Plant and Equipment

11

10,495,775

5,076,766

Intangibles

12

1,071,461

1,071,461

Investments

13

92,603,822

92,877,053

Total Non-Current Assets

104,182,889

99,031,298

Total Assets

118,458,749

112,298,916

Liabilities Current Liabilities Creditors and accrued expenses

15

1,340,532

833,804

Other current liabilities

16

268,592

994,427

1,609,124

1,828,231

1,763,000

-

Total Non-Current Liabilities

1,763,000

-

Total Liabilities

3,372,124

1,828,231

115,086,625

110,470,685

Total Current Liabilities Non-Current Liabilities Loans

17

Total Assets less Total Liabilities (Net Assets) Accumulated Funds Treaty Settlement

20

68,457,501

68,457,501

Reserves

21

2,591,998

1,991,998

Retained earnings

21

44,037,126

40,021,186

115,086,625

110,470,685

Total Accumulated Funds

Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 27 September 2024:

Emma Gardiner - Pouwhakarae

Kiri Erb - Heamana, Te Ohu Arotake

Te Korowai o Ngāruahine Trust Annual Report 2024 |

90

STATEMENT OF CHANGES IN EQUITY

TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 Treaty Settlement

Other Reserves

Retained Earnings

Total equity

68,457,501

1,669,998

39,881,302

110,008,801

Profit for the period

-

-

139,884

139,884

Transfers

-

322,000

-

322,000

68,457,501

1,991,998

40,021,186

110,470,685

Treaty Settlement

Other Reserves

Retained Earnings

Total equity

68,457,501

1,991,998

40,021,186

110,470,685

-

-

4,015,940

4,015,940

600,000

-

600,000

2,591,998

44,037,126

115,086,625

Balance at 1 April 2022

Balance at 31 March 2023

Balance at 1 April 2023 Profit for the period Transfers Balance at 30 June 2024

68,457,501

STATEMENT OF CASH FLOW

TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024

30 Jun 2024

31 Mar 2023

Receipts from Customers

798,627

344,253

Receipts from government grants

729,653

1,841,139

Receipts from other sources

273,784

-

Interest and other investment receipts

860,861

623,600

Cash paid to Suppliers & Employees

(5,117,359)

(4,033,555)

Income tax (paid)

(675,666)

(740,779)

GST received/(paid)

(3,204)

2,038

(3,133,304)

(1,963,304)

Receipts from maturing term deposits and investments

13,946,910

5,144,128

Distributions from direct investments

3,291,728

2,331,340

Dividends received

632,348

-

Proceeds from sale of property, plant and equipment

23,083

-

Exchange rate on cash and cash equivalent

131,061

(35,681)

Payments to acquire property, plant & equipment

(5,684,177)

(3,777,511)

Payments to purchase Investments

(9,692,067)

(4,678,913)

Investment in Term Deposits

(5,151,725)

-

Total Cash Flows from Investing Activities

(2,502,839)

(1,016,637)

Receipts from loans

1,000,000

-

Total Cash Flows from Financing Activities

1,000,000

-

(4,636,143)

(2,979,941)

Opening cash and cash equivalents

10,815,124

13,795,065

Closing cash and cash equivalents

6,178,981

10,815,124

Net change in cash for the period

(4,636,143)

(2,979,941)

Cash Flows from Operating Activities

Total Cash Flows from Operating Activities Cash Flows from Investing Activities

Cash Flows from Financing Activities

Net increase/(decrease) in cash Cash Balances

91

| Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 1. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Basis of preparation Entities reporting The entity reporting is Te Korowai o Ngāruahine Trust (Te Korowai) and its subsidiaries Te Kīwai Mauī o Ngāruahine Limited, Te Rere o Kapuni Limited, Ngāruahine Fisheries Limited and Te Kīwai Matau o Ngāruahine Charitable Trust (together the ‘Group’). Te Korowai is the mandated post settlement entity for Ngāruahine.

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

Te Korowai o Ngāruahine Trust Annual Report 2024 |

92

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024

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 2023 year figures are for 12 months from 1 April 2022 to 31 March 2023.

2. TRADING REVENUE Account

30 Jun 2024

31 Mar 2023

2,864

-

Fisheries Income - ACE Leasing

123,021

116,306

Total Trading Revenue

125,885

116,306

Te Rere o Kapuni Income

Lodge Income The Group operates a Lodge on Maunga Taranaki, which is owned by its subsidiary company Te Rere o Kapuni Limited. Revenue related to accommodation is recognised over time in the Statement of Comprehensive Income on a time-based output method over the period of the service. Revenue related to sale of goods is recorded at a point in time and is recognised in the Statement of Comprehensive Income when the customer has received the related goods. The Lodge was closed in October 2021 for redevelopment.

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

93

| Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 3. OTHER REVENUE Account

30 Jun 2024

31 Mar 2023

Dividend Income

632,349

535,393

Interest Received

860,861

88,207

AMP Capital Diversified Infrastructure Trust Income

151,939

-

Hāpai Commercial Property LP Income

830,563

712,589

Hāpai Development LP Income

(14,471)

274,222

Hāpai Housing LP Income

183,769

370,786

Pūai Tangaroa LP Income

25,728

14,010

Pūainuku Pastures LP Income

(4,304)

393,465

Pūainuku Vines LP Income

198,462

108,466

Tai Hekenga LP Income

1,057,371

881,348

Total Direct Investment

2,429,057

2,754,886

Mercer Portfolio (loss)/gain

781,566

(590,700)

Total Managed Funds

781,566

(590,700)

Oriens Capital Private Equity Fund LP (loss)/gain

49,631

83,518

Oriens Capital Fund 2 LP (loss)/gain

1,444

(53,450)

Te Pūia Tāpāpa LP Income

30,029

137,086

Total Private Equity

81,104

167,154

4,784,937

2,954,940

634,090

127,273

1,171,602

1,199,162

5,000

1,250

123,700

124,550

Koha

4,060

3,970

Merchandise Income

37,758

4,744

Sundry Income

252,186

90,710

Total Other Income

2,228,396

1,551,659

Total Other Revenue

7,013,333

4,506,599

Investment Income

Direct Investment

Managed Funds

Private Equity

Total Investment Income Other Income Charitable Distributions Contract Income Corporate Scholarships Grants Received

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.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

94

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 4. EXPENSES Account

30 Jun 2024

31 Mar 2023

Accounting Fees

52,000

34,500

Audit Fees

117,377

88,820

Consultants & Professional Fees

990,381

938,570

Fund Manager Fees

107,748

158,897

Ka Uruora - Admin fee

30,000

30,000

Legal Fees

61,563

68,185

Investment Management

150,000

120,000

600

-

3,000

1,500

1,512,669

1,440,472

Communications

2,958

19,745

Election costs

33,144

14,285

Taranaki Tū Mai Costs

8,352

34,766

Total Communications and Engagement

44,454

68,796

Catering

42,224

24,155

Director Fees

225,300

155,250

Governance – ICP

21,600

-

Membership Committee Fees

7,503

5,416

-

6,133

Te Ohu Arotake

14,551

5,000

Tumu Herenga Tangata

4,667

-

Training and Development

27,719

22,854

Trustee Fees

269,113

222,287

Total Governance

612,677

441,095

IT Maintenance & Support

45,621

39,120

Licences and Subscriptions

69,263

38,741

Total IT Expenses

114,884

77,861

Advisory, Consulting and Professional Fees

Technical Services - Contractors Valuation Fees Total Advisory, Consulting and Professional Fees Communications and Engagement

Governance

Professional Memberships

IT Expenses

95

| Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 4. EXPENSES CONTINUED: Account

30 Jun 2024

31 Mar 2023

Advertising

8,240

-

Bad Debts

-

600

Bank Fees

612

1,110

Catering - Non Governance

17,157

2,424

Consumables

39,798

38,107

Depreciation

123,581

128,661

Equipment Hire

11,256

9,165

Events, Venue Hireage & Kai

123,527

59,503

Fringe Benefit Tax

1,730

-

General Expenses

3,106

186

Internet & Telephone

11,714

8,369

Insurance

63,313

42,570

Interest Expense

3,528

1,741

Koha

38,696

162,418

Light, Power & Heating

8,763

8,008

Loss on disposal/destruction of assets

141,585

-

Merchandise Costs

116,127

61,748

Motor Vehicle Expenses

12,626

9,452

Office Expenses

47,830

20,613

Office Rental

32,743

187

Photocopier Lease

3,331

3,544

Printing, Postage & Stationery

21,970

11,661

Rates

21,472

14,926

Repairs & Maintenance

3,886

4,304

Venue Hire

7,187

33,378

319

-

864,097

622,675

ACC Employer Preminums

3,446

1,210

Recruitment

1,359

2,462

2,252,792

1,487,811

22,047

14,416

2,279,644

1,505,899

Office and General Expenses

Waste Management Total Office and General Expenses Personnel Expenses

Salaries & Wages Training & Development Total Personnel Expenses

Te Korowai o Ngāruahine Trust Annual Report 2024 |

96

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 4. EXPENSES CONTINUED: Account

30 Jun 2024

31 Mar 2023

Bureau Services & Pātaka Distribution

45,799

48,492

DSP Acquisition Costs

1,600

4,329

Hapū Relationships

59,021

-

Iwi Scholarships

51,467

28,250

Ka Uruora Iwi Saver Distributions

5,950

2,140

Māra Kai Expenses

9,319

-

Support Hapū development

600,000

397,000

Takutai Moana

17,019

-

Te Ūkaipō & Wānanga Costs

4,135

-

794,310

480,211

6,222,735

4,637,009

30 Jun 2024

31 Mar 2023

Mercer Investment

1,136,257

(176,453)

Total Managed Funds

1,136,257

(176,453)

Hāpai Commercial Property LP

(497,810)

988,544

Hāpai Development Property LP

1,530,447

-

Hāpai Housing LP

97,839

-

Pūainuku Pastures L

101,213

671,237

Pūainuku Vines LP

431,501

412,586

Tai Hekenga LP

734,978

(1,216,141)

2,398,168

856,226

Dexus Diversified Infrastructure Trust

522,577

243,294

Continuity Capital Private Equity Fund No.6 LP

186,275

(82,321)

Oriens Capital Fund 2 LP

(283,673)

(60,050)

Oriens Capital Private Equity Fund LP

249,360

67,239

Te Pūia Tāpāpa LP

(132,547)

(78,005)

Total Private Equity

541,992

90,157

4,076,417

769,930

Strategic Pou

Total Strategic Pou Total Expenses 5. CHANGE IN FAIR VALUE OF INVESTMENTS Account Managed Funds

Direct Investments

Total Direct Investments Private Equity

Total Change in Fair Value of Investments

97

| Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 6. CASH & CASH EQUIVALENTS Account

30 Jun 2024

31 Mar 2023

Cash at bank and on hand

6,178,981

10,815,124

Total Cash & Cash Equivalents

6,178,981

10,815,124

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 Account

30 Jun 2024

31 Mar 2023

Accounts Receivable

1,295,640

700,895

Total Trade & Other Receivables

1,295,640

700,895

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 & ACCRUED INCOME Account

30 Jun 2024

31 Mar 2023

Accrued Income

49,483

-

Prepayments

22,795

40,958

Kāinga Whakaahurangi

62,122

60,305

Total Prepayments & Accrued income

134,400

101,263

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. CURRENT INVESTMENTS Account

30 Jun 2024

31 Mar 2023

ASB Bank Term Deposits

5,151,725

-

Total Current Investments

5,151,725

-

The funds have been invested for 92 days with an interest rate of 5.74% and 61 days with an interest rate of 5.59%.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

98

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 11. PROPERTY, PLANT AND EQUIPMENT Account

30 Jun 2024

31 Mar 2023

3,211,476

296,502

Additions

450,001

2,914,974

Total Land

3,661,477

3,211,476

Opening carrying value

31,657

30,150

Additions

9,494

26,203

Depreciation

(19,656)

(24,696)

Total Computer Equipment

21,495

31,657

Additions

9,000

-

Depreciation

(3,000)

-

Total Computer Software

6,000

-

Opening carrying value

165,824

169,791

Additions

35,821

37,345

Depreciation

(30,214)

(41,312)

Disposals

(111,214)

-

60,217

165,824

Additions

46,132

-

Depreciation

(4,452)

-

Total Motor Vehicles

41,680

-

Opening carrying value

23,464

30,518

Depreciation

(4,678)

(7,054)

Disposals

(18,247)

-

539

23,464

61,583

18,151

-

99,021

(61,583)

(55,589)

-

61,583

Opening carrying value

1,582,472

882,804

Additions

5,121,895

699,668

Total Capital Work in Progress

6,704,367

1,582,472

Total Property, Plant and Equipment

10,495,775

5,076,476

Land Opening carrying value

Computer Equipment

Computer Software

Furniture, Fittings and Office Equipment

Total Furniture, Fittings and Office Equipment Motor Vehicles

Chattels

Total Chattels Right of Use Assets Opening carrying value Additions Depreciation Total Right of Use Assets Capital Work in Progress

99

| Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024

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 toconstruct a lodge for $7.635 million, the cost of the entire rebuild is budgeted at $9.9m. The Dawson Falls Mountain Lodge was demolished during the prior period and its carrying value reduced to nil.

Subsequent costs, such as additions or further development of the asset, are recognised as a separate asset.

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

• Computer equipment • Office equipment • Fixtures and fittings • Motor vehicles

40% - 67% DV 7% - 50% DV 7% - 20% DV 21% DV

12. INTANGIBLES Account

30 Jun 2024

31 Mar 2023

1

1

Quota Shares

1,071,460

1,071,460

Total Intangibles

1,071,461

1,071,461

Goodwill Goodwill Intangibles

Goodwill Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Te Rere o Kapuni.

Fishing Quota Fisheries quota held by Ngāruahine Fisheries Limited (NFL) is an indefinite life intangible asset because there is no foreseeable limit to the period over which the quota is expected to generate cash inflows for NFL. The fishing quota is recognised at cost. The fishing quota is reviewed annually for impairment or whenever there is an indication that it may be impaired, there were no indications of impairment during the year (2023: Nil). An independent valuation was received from Quota Management Systems Limited as at 31 March 2024 which states that the market value of quota owned to be $2,547,354 (2023: $2,511,374). The fishing quota is not considered to be impaired as at 30 June 2024.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

100

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 13. INVESTMENTS Account

30 Jun 2024

31 Mar 2023

Investment in Te Topuni Ngarahu Limited Partnership

100,000

-

Total Investments Recorded at Cost

100,000

-

964,630

964,630

AMP Capital Diversified Infrastructure Trust (ADIT)

6,410,584

5,756,947

Hāpai Commercial Property Limited Partnership

15,496,389

14,422,915

Hāpai Development Property Limited Partnership

5,226,260

3,492,404

Hāpai Housing Limited Partnership

4,963,925

2,387,503

Pūainuku Pastures Limited Partnership

5,711,282

5,642,124

Pūainuku Vines Limited Partnership

3,837,255

1,947,671

Pūai Tangaroa Limited Partnership

769,319

753,224

Tai Hekenga Limited Partnership

20,708,008

19,965,715

Total Direct Investments

63,123,022

54,368,503

Mercer Investments (New Zealand) Ltd

19,072,523

30,806,736

Total Managed Funds

19,072,523

30,806,736

Continuity Capital Private Equity Fund No.6 Limited Partnership

4,158,424

2,472,149

Oriens Capital Private Equity Fund LP

2,002,041

1,703,051

Oriens Capital Fund 2 Limited Partnership

1,256,225

951,600

Te Pūia Tāpapa Limited Partnership

1,926,957

1,610,384

Total Private Equity

9,343,647

6,737,184

Total Investments Recorded at Fair Value

92,603,822

92,877,053

Total Investments

92,603,822

92,877,053

Investments Recorded at Cost

Investments Recorded at Fair Value Shares in Moana New Zealand Direct Investments

Managed Funds

Private Equity

Investments are comprised of investments in managed funds and private equity as detailed in the previous table.

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.

101 | Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024

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

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

Management assesses fair value at year end taking into account the dividend yield valuation, comparison to valuations from other lwi for Moana New Zealand shares and other external sources of information regarding Moana New Zealand’s current situation and future projections. There were no changes to the fair value of the shares as at 30 June 2024 (2023: $Nil).

14. IMPAIRMENT

(i) Financial Assets The Group assesses at the end of eachyear whether a financial asset or group of financial assets is impaired.

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

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

The amount of the loss is measured asthe difference between the carrying amount and the present value of estimatedfuture 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 havean indefinite useful life, or intangible assets that are not ready to use, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The recoverable amount is the higher of the assets fair valueless costs of disposal and its value in use.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash in flows (cash generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

102

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 15. TRADE & OTHER PAYABLES Account

30 Jun 2024

31 Mar 2023

Accounts Payable

1,333,336

830,767

BNZ Credit Cards

7,196

3,037

1,340,532

833,804

Total Trade & other payables

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

16. OTHER CURRENT LIABILITIES Account

30 Jun 2024

31 Mar 2023

258,432

922,684

Lease Liability

-

61,583

Vouchers Sold

10,160

10,160

Total Other Current Liabilities

268,592

994,427

Income Received in Advance

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.

17. LOANS Account

30 Jun 2024

31 Mar 2023

MBIE Loan

1,763,000

-

Total Loans

1,763,000

-

In 2024, Te Rere o Kapuni entered into a loan agreement with the Ministry of Business, Innovation, and Employment (MBIE) under a Regional Investment Agreement. 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.

103 | Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 18. INCOME TAX Account

30 Jun 2024

31 Mar 2023

4,918,093

609,451

Income tax @ 17.50%

860,666

106,654

Less: Non-assessable Revenue

(739,962)

(134,738)

Plus: Non-deductible Expenses

163,890

13,425

Plus: Other Non-deductible Items

623,372

490,244

Other

(5,813)

(6,018)

902,153

469,567

Current Tax Expense

907,966

475,585

Deferred Tax Expense

(5,813)

(6,018)

902,153

469,567

Asset / (Liability) opening balance

6,018

-

Current year movement

5,813

6,018

Asset / (Liability) closing balance

11,831

6,018

Provisions

11,831

6,018

Asset / (Liability) closing balance

11,831

6,018

Income Tax Expense Profit before income tax expense

Total Income Tax Expense Made up of the following items:

Total Income Tax Expense Deferred Tax

Made up of the following items:

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.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

104

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024

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 2023 tax numbers have been reformatted to show the tax on the adjustments instead of the whole adjustment figures.

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.

105 | Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 19. FINANCIAL INSTRUMENTS Account

30 Jun 2024

31 Mar 2023

Cash and cash equivalents

6,178,980

10,815,124

Term Deposits

5,151,725

-

Trade and other receivables

1,345,123

700,895

12,675,828

11,516,019

Investments

92,503,821

92,877,056

Total At fair value through profit and loss

92,503,821

92,877,056

Total Assets

105,179,649

104,393,075

Creditors and accrued expenses

1,333,337

830,767

Total At amortised cost

1,333,337

830,767

Total Liabilities

1,333,337

830,767

103,846,312

103,562,308

Assets At amortised cost

Total At amortised cost At fair value through profit and loss

Liabilities At amortised cost

Total Financial Instruments

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

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

20. TREATY SETTLEMENTS Account

30 Jun 2024

31 Mar 2023

100

100

Historical treaty settlement - Quantum

67,089,539

67,089,539

Historical treaty settlement - Quota

1,071,461

1,071,461

Historical treaty settlement - Land

296,401

296,401

68,457,501

68,457,501

Ordinary shares

Total 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.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

106

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 21. RESERVES & RETAINED EARNINGS Account

30 Jun 2024

31 Mar 2023

1,991,998

1,669,998

600,000

322,000

2,591,998

1,991,998

30 Jun 2024

31 Mar 2023

Opening Balance

40,021,186

39,881,302

Profit for the year

4,015,940

139,884

Closing Balance

44,037,126

40,021,186

(a) Reserves Movements: Opening Balance Te Kīwai Matau o Ngāruahine Charitable Trust Reserves Support Hapū development (distributions) Closing Balance Account (b) Retained earnings. Movements in retained earnings were as follows:

(c) Nature and purpose of reserves The opening Reserves are from a gain on acquisition reserve which arose when Te Korowai acquired the assets and liabilities of Ngā Hapū o Ngāruahine lwi Inc (NHONI) (including Ngāruahine Fisheries Limited, (NFL) via the Ngāruahine Claims Settlement Act 2016. The Group prepaid $672k in 2015 for NFL but received a net asset at book value of $2.7M resulting in a $1.94M net gain after deducting the liabilities of NHONI. The gain on acquisition may only be applied to charitable purposes as NHONI was a registered charity at the time the transfer occurred.

Te Kīwai Matau o Ngāruahine Charitable Trust reserves were set aside by the Trustees for capability, relationship and self-resilience priorities for the benefit of Ngāruahine uri. The Board is currently in the process of finalising the broader fund structure and distribution policies.

107 | Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 22. TRUSTEE REMUNERATION Account

30 Jun 2024

31 Mar 2023

Allen Webb

6,490

12,500

Bianca (Bee) Weston

10,197

-

Caroline Scott

5,448

19,371

Dion Luke

10,038

-

Grant Weston

6,490

12,500

Elizabeth Ross

10,560

-

Emma Gardiner (Chair)

47,300

-

Ferinica Foreman

19,470

12,500

John Hooker

7,788

15,333

John Kahupukoro

6,490

12,500

Katrina Taylor

6,935

-

Kiri Erb

18,532

12,500

Ngaraina Brooks

20,375

10,050

-

1,316

Paula Carr

30,699

60,000

Randal (Te Ahu) Rei

15,625

12,500

Rere-No-A-Rangi Pope

11,198

-

Sarah Mako

15,625

14,300

Te Aroha Hohaia

6,490

12,500

Te Hapimana (Taukē) King

10,197

-

Total Trustee Remuneration

265,947

207,870

Ngawai Hernandez

The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $15,625 for the 15-month period in 2024. (2023: $12,500 per annum). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration.

23. DIRECTORS REMUNERATION Account

30 Jun 2024

31 Mar 2023

-

13,250

Taari Nicholas

51,209

48,263

Te Aroha Hohaia

6,538

15,000

Dion Maaka (Chair)

55,536

60,921

Paula Carr

10,444

15,000

Ngawai Hernandez-Walden

-

316

Amber Nicholson (Aspiring)

9,375

2,500

Emma Gardiner

26,803

-

Sarah Mako

18,847

-

Karna Luke

43,350

-

Kiriwaitingi Rei

3,199

-

225,301

155,250

Hinerangi Raumatu Tu'ua

Total Directors remuneration

Directors remuneration refers to directors’ fees paid to the directors of Te Kīwai Mauī o Ngāruahine Limited.

Nodirectors’ fees are paid to directors of Ngāruahine Fisheries Limited and TeRere o Kapuni Limited.

Te Korowai o Ngāruahine Trust Annual Report 2024 |

108

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 24. REMUNERATION OF KEY MANAGEMENT PERSONNEL Account Over $100,000

30 Jun 2024

31 Mar 2023

6

2

The total amount of key management remuneration is $821,963,for 15 months (2023 was $241,406, for 12 months).

25. INVESTMENT IN SUBSIDIARIES

The Group had the following subsidiaries at 30 June 2024, all subsidiaries are included in the consolidation: • Ngāruahine Fisheries Limited • Te Rere o Kapuni Limited • Te Kīwai Mauī o Ngāruahine Limited • Te Kīwai Matau o Ngāruahine Charitable Trust 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 & 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)

109 | Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 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: Description of related Party relationship

Description of the transaction (whether in cash or amount in kind)

2024

Te Topuni Ngarahu Limited Partnership

Limited Partner

IT Services Paid

(5,500)

Te Topuni Ngarahu Limited Partnership

Limited Partner

Funding Received

77,600

Te Topuni Ngarahu Limited Partnership

Limited Partner

Investment

(100,000)

Tika Catering

Kiri Erb Shareholder & Director

Catering Expenses

(27,225)

2023

(9,118)

2024 2023 (Payable) / (Payable) / Receivable Receivable

(495)

Te Korowai o Ngāruahine Trust Annual Report 2024 |

110

NOTES TO THE FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE 15 MONTHS ENDED 30 JUNE 2024 29. COMMITMENTS AND CONTINGENCIES

There are no contingent liabilities or guarantees as at 30 June 2024 (Last year - $nil).

Capital Commitments

Total Commitment

Remaining Commitment (at 30 June 2024)

Continuity Capital Private Equity Fund No.6 LP

7,500,000

3,373,266

Hāpai Development Property LP

5,000,000

1,563,636

Hāpai Housing LP

5,000,000

454,154

Livingstone Building NZ Limited

7,635,906

2,828,700

Oriens Capital Fund 2 LP

2,500,000

846,000

Oriens Capital Private Equity Fund LP

2,550,000

357,000

Te Pūia Tapapa LP

2,500,000

548,428

32,685,906

9,971,184

Total

There were the following commitments as at 31 March 2023.

Capital Commitments

Total Commitment

Remaining Commitment (at 31 March 2023)

Continuity Capital Private Equity Fund No.6 LP

7,500,000

4,875,000

Hāpai Commercial Property LP

11,176,471

1,582,623

Hāpai Development Property LP

5,000,000

1,781,818

Hāpai Housing LP

5,000,000

2,926,766

Oriens Capital Fund 2 LP

2,500,000

1,525,000

Oriens Capital Private Equity Fund LP

2,550,000

293,250

Pūainuku Vines LP

3,000,000

1,458,794

Te Pūia Tapapa LP

2,500,000

992,716

Livingstone Construction Limited

7,200,000

6,670,180

46,426,471

22,106,146

Total

30. SUBSEQUENT EVENTS Capital Calls After Balance Date

Payments

Hāpai Housing LP

454,153

Continuity Capital Private Equity Fund No.6 LP

150,000

Total

604,153

In August 2024, the board agreed to rename Te Rere o Kapuni Limited to Ngā Rere Ora Limited.

111 | Te Korowai o Ngāruahine Trust Annual Report 2024

NOTES

Te Korowai o Ngāruahine Trust Annual Report 2024 |

112

POUA KI RUNGA POUA KI RARO POUA KI TĀMOREMORE NUI NŌ RANGI POUA KI TĀMOREMORE NUI NŌ PAPA E RONGO WHAKAIRIHIA AKE KI RUNGA KIA TINA! TINA! HUI E! TĀIKI E!

Whaea Puhi Nuku leading the first karanga to the rising of Puanga at Kānihi-Māwhitiwhiti Pā.

This document was printed on reycled paper.

Back cover image: Ngā uri o Ngāruahine ki Waitangi.

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