Pūrongo-ā-Tau 2025 | Tapuwae Roa

TA P U WA E R OA

PŪRONGO Ā TAU 2025 1 OKETOPA 2024 - 30 HEPETEMA 2025

Tapuwae Roa (Te Pūtea Whakatupu Trust) Level 12, 7 Waterloo Quay, Wellington P: 04 931 9500 E: kiaora@tapuwaeroa.org W: tapuwaeroa.org W: maorigovernance.co.nz W: tupu.org.nz ISSN: 2816-0924 (Print) ISSN: 2816-0932 (Online) Published March 2026 Inside cover: Ākonga building their Aquabots with assistance from Tōnui Collab in Tūranganui-a-Kiwa (Photo credit: Canaan Akuhata-Brown) Outside cover: Waka Ama in Raglan (Photo credit: Erica Sinclair)

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Tēnei te tapuwae He tapuwae nuku, he tapuwae rangi Ko te tapuwae roa e tū nei He tapuwae nō te Āti Tipua He tapuwae nō te Āti Tawhito E hahau ana i a Rangi e tū nei E hahau ana i a Papa e takoto nei Tēnei te pō! Nau mai te ao!

Whakamau te ara o mua Whakamau te ara ki mua E whanatu atu ana i te tapuwae roa o Tangaroa Kia whiwhia, kia rawea, kia whakamaua kia tina! Tina!

Haumi e! Hui e!

Tāiki e!

CONTENTS Anga Whakahaere | Governance structure

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Ngā Pou Whakaaweawe | Our impact outcomes

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To Mātou Poari me ō Mātou Tāngata

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Kōrero nā te Kaihautū | Chief Executive update

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Kōrero Nā Te Hea | Chair foreword

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Tō mātou ara panuku | Our Project Methodology

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Āria Kuneroa | Our theory of change

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Ngā Kaiwhiwhi Pūtea | Our 2025 funding recipients

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Ngā Mahi i Tutuki | Strategic delivery

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Hui-ā-tau 2026 agenda

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Ngā Hua o te Tau | Our year in numbers

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4-Year Statutory Audit Progress Report

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Tauākī Ahumoni | Financial statements

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Hui-ā-tau 2025 minutes

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ANGA WHAKAHAERE Governance Structure

Te Ohu Kai Moana Trustee Limited Corporate Trustee for Te Ohu Kaimoana and the Māori Commercial Aquaculture Trust (Takutai Trust)

Te Pūtea Whakatupu Trustee Limited (Corporate Trustee) Trading as Tapuwae Roa

Māori Commercial Aquaculture Settlement Trust (Takutai Trust) Established under the Māori Commercial Aquaculture Claims Settlement Act 2004

Te Wai Māori Trustee Limited (Corporate Trustee)

Aotearoa Fisheries Limited (Trading as Moana New Zealand)

Sealord Group Ltd (Aotearoa Fisheries Limited owns 50% of Sealord)

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TŌ MĀTOU POARI Board of Directors

Maria Ngawati Chair Ngāti Hine, Ngāpuhi, Ngāti Porou

Bernie O’Donnell Alternate Director Te Atiawa, Ngāti Mutunga, Ngā Ruahinerangi, Ngāti Ruanui and Ngāi Tahu

Awerangi Tamihere Director Ngāti Kauwhata, Rongowhakaata, Ngāti Porou, Rangitāne, Kai Tahu

Tatiana Greening Alternate Director Ngāti Kahungunu, Ngāti Kauwhata, Tainui, Tūwharetoa

Kate Cherrington Director Ngāti Hine, Te Kapotai, Ngāpuhi, Ngāi Pākehā

Naomi Manu Alternate Director Rangitāne, Ngāti Kahungunu, Ngāti Raukawa ki te Tonga

Kelly Parekowhai Associate Director Ngāti Hine, Te Kapotai, Te Aitanga-a-Māhaki, Ngāti Whakarongo

Ō MĀTOU TĀNGATA Operational Team

Te Pūoho Kātene Kaihautū | CE Ngāti Toa Rangatira, Ngāti Whātua, Ngāti Tama

Victoria Fairweather Tai Kōrero | Brand and Communications Manager Waikato

Janina Kameta Tai Hononga | Partnerships Lead Te Arawa

Te Aomihia Walker Pou Tangaroa | Oceans Lead Ngāti Porou, Rongowhakaata

Kai Komene Puna Kōrero | Communications Coordinator Taranaki, Te Ātiawa

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Maria Ngawati Chair, Tapuwae Roa

KŌRERO NĀ TE HEA Chair Foreword

E tangi tonu te motu whānui ki te rirohanga atu o te kura o Tūwharetoa. E te rangatira, e tā Tumu, haere atu koe ki Hawaiki, ki te taha o rātou mā, ki te kahui ariki e tatari ana mōhou. Rātou ko tō tātou Kīngi Tūheitia tēra e pōwhiri ai.

Nō reira, Tuheitia ki te rangi, Ngā wai hono i te pō ki te whenua. Nō reira e te ariki nui, kua wahaina e koe ō wawata hei anga whakamua mō tātou te iwi Māori. E ara e, e te anamata, hei kuini mō te motu.

Tēnā tātou katoa It is my privilege to present the 2024– 25 Pūrongo-ā-tau for Tapuwae Roa. This has been a year of both continuity and renewal, a period marked by transition across te ao Māori, deep reflection on our own journey, and steady progress toward the long-term aspirations set out in our Five-Year

Strategic Plan. The passing of Tā Tumu Te Heuheu reminded us of the enduring responsibility of leadership and the intergenerational nature of our mahi, while the koroneihana of Te Arikinui Kuini Ngā wai hono i te po ushered in a new chapter of Māori unity, identity, and purpose. As Tapuwae Roa evolves, we continue to strengthen and grow our impact while upholding the legacy of those who laid our foundations. The Trust remains grounded in the vision set by its founding leaders, while actively adapting to the evolving needs and aspirations of our people.

Guided by the recommendations of our statutory Four-Year Audit completed in December 2024, this year has also been one of consolidation and refinement.

The recommendations in that audit were: • Increase targeted investment to develop skills relevant to the fishing industry, and particularly for education and training courses,

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Tapuwae Roa Chair, Maria Ngawati, and Director, Kate Cherrington, at Te Taumata o Kupe

and continue to fund fisheries-related research • Gather robust data for analysis to measure outcomes and a more precise understanding of the impact of its initiatives on outcomes.

• Periodically commission a stakeholder engagement survey.

In response, we have established a full Tangaroa work programme, deepened our contribution to Māori participation and leadership within the oceans sector, expanding our work across marine education, research, and workforce development. The ongoing development of our impact reporting framework will strengthen how we design, evaluate, and communicate our impact across all Pou Whakaaweawe.

Maria Ngawati presenting at Social Value Aotearoa’s Investing in Impact Conference

We continue to evolve our flagship leadership programmes, He Tukutuku Koiora, now nearing completion of its inaugural pilot, and our research into Māori executive pathways marking the next

Lady Tureiti Moxon presenting at the Tapuwae Roa strategic board retreat

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step in advancing Māori leadership into governance and c-suite roles.

Together, these kaupapa reflect our ongoing commitment to developing Māori capability across every level of organisational leadership.

Our Ōhanga workstream continues to flourish, with the second delivery of the Tupu Accelerator and ongoing regional Rakahinonga Roadshows supporting the growth of Māori entrepreneurship across Aotearoa. These initiatives now form the foundation of a broader approach to fostering a connected Māori entrepreneurial ecosystem.

We also continue to progress our legacy documentary, which captures the pivotal story of how Tapuwae Roa came to be, through the determined advocacy of leaders to ensure that all Māori, including those living in urban settings, benefit from the 1992 panMāori fisheries settlement. It follows the political and legal battles culminating in the landmark Privy Council decision that paved the way for the establishment of Te Pūtea Whakatupu Trust and explores how the Trust’s role has evolved over two decades, transitioning from inherited funding models toward an intergenerational impact strategy grounded in mana motuhake and the sustenance of Māori identity.

We are privileged to enter this new financial year having welcomed Lady Tureiti Moxon to the Board.

Lady Tureiti’s leadership across Māori health, social services, and urban advocacy brings invaluable insight to the Board and reaffirms our commitment to engaging with the RMOs and the vital role they play in connecting policy and purpose to the lived realities of whānau in urban centres.

As we look ahead, Tapuwae Roa continues to walk confidently in the footsteps of our tūpuna, guided by the same purpose that inspired their journeys: to sustain and strengthen Māori identity – mō te āpōpō te take.

Every kaupapa, partnership, and investment we make is a continuation of that legacy, ensuring that the pathways we lay today endure as foundations for those who will follow.

Maria Ngawati Chair, Tapuwae Roa

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ARIĀ KUNEROA Our Theory of Change

An outcomes framework that charts our intergenerational pathway to impact.

FUND

INVEST

DELIVER

ADVOCATE

CHANGE WE CONTROL Build trusted relationships with strategic partners.

Demonstrate the value of strategic partnerships.

Share learnings about effective investment approaches.

Reduce the risk and uncertainty for investment partners.

REPUTATION OF THE TRUST GROWS WITH INVESTMENT PARTNERS

CHANGE WE CREATE Trust has more capital to drive impact

The Trust’s fund in effectively managed

Gap is between impact creators and investors

The mana of strategic partners is upheld

CHANGE WE INFLUENCE WE DELIVER IMAPCT FOR MĀORI

OUR STRATEGIC PARTNERS GROW THEIR IMPACT

MORE CAPITAL IS MOBILISED TO MĀORI

CHANGE WE ASPIRE TO TANGAROA: Active and reciprocal relationship with Hinemoana and Tangaroa.

RANGATIRA: Future leaders armed with ancient wisdom.

MĀTAURANGA: Thriving mātauranga Māori knowledge systems.

ANGITŪ: Māori succeeding as Māori.

ŌHANGA: Economic emancipation.

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NGĀ POU WHAKAAWEAWE Our Impact Outcomes

TANGAROA ACTIVE AND RECIPROCAL RELATIONSHIP WITH HINEMOANA AND TANGAROA Future State: We recognise our whakapapa relationship with the ocean and its inhabitants and acknowledge the co-dependency between Māori and the ocean. We have an obligation to the ocean, borne of our legacy and our genealogy. Where it thrives, so too do our people.

Success Indicators: • Foster and grow an affinity for te moana.

• Advance the oceans knowledge base.

• Strengthen connections and interactions with ngā tini a Tangaroa.

• Action growth, enhancement, and advocacy over our ocean-based tīkanga.

• Strengthened ability to make and advocate for ocean-centric decisions.

MĀTAURANGA THRIVING MĀTAURANGA MĀORI KNOWLEDGE SYSTEMS Future State: Mātauranga Māori is the reverberation of tūpuna wisdom, representing intergenerational knowledge advancement uniquely drawn within Māoridom and the Aotearoa ecosystem. These knowledge systems are consciously advanced, meaningfully valued, and applied within the present and future Aotearoa context.

Success Indicators: • The application and advocacy of mātauranga Māori within and alongside western systems.

• Advancement of thriving mātauranga Māori knowledge bases.

• Creating and scaling mātauranga Māori transfer systems.

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RANGATIRA FUTURE LEADERS ARMED WITH ANCIENT WISDOM Future State: Māori occupy key leadership positions throughout the fabric of Aotearoa. These rangatira harness traditional values and leadership approaches, as well as unmatched expertise, to meet future challenges head-on.

Success Indicators: • Unleashing the potential of Māori in, or aspiring to, leadership roles.

• Charting Māori pathways to leadership.

• Providing skills and tools that will be needed by future Māori leaders.

• Encouraging and fostering Māori leadership paradigms.

ANGITŪ MĀORI SUCCEEDING AS MĀORI Future State: In all walks of life, our people are confident and unapologetic in living and exuding their Māori identity. Their Māoritanga is luminous, and there is no situation nor space where they feel the compulsion for it to be diminished. Māori identity not only flavours their chosen area of success; it is a key contributor to that success.

Success Indicators: • Advancement and incorporation of Māori values systems and identifiers.

• Promotion and championing of te Reo Māori as the widely desired medium of choice.

• Connection and strengthening of Māori to their whakapapa and communities.

• Cementing of Māori story sovereignty.

• Encouraging and fostering Māori leadership paradigms.

ŌHANGA ECONOMIC EMANCIPATION Future State: In all societal levels, Māori have attained autonomy over their fates. Their economic resilience is not beholden to any external powers, nor vulnerable to external shocks.

Our people’s right to dream is unfettered, and not constrained by economic pressures or limitations.

Success Indicators: • The earning potential of Māori households meets or exceeds the national average.

• Māori are connected to and resilient against high-demand sectors.

• Whānau are resilient to economic shocks.

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Te Pūoho Katene Kaihautū | Chief Executive Officer, Tapuwae Roa

KŌRERO NĀ TE KAIHAUTŪ Chief Executive Message

E aku rangatira puta noa i te motu, nei rā te mihi ki a koutou.

FY2025 marked our third year delivering against Tapuwae Roa’s Five-Year Strategic Plan. Guided by last year’s four-year audit recommendations, we prioritised two shifts: deepening our Tangaroa portfolio and strengthening our research and evidence base across programmes.

Operational performance We remain steadfast in our commitment to delivering enduring impact for Māori, grounding every kaupapa in the strength of our identity and collective purpose. Rather than dispersing our efforts, we continue to concentrate on areas where targeted investment and intentional design can create meaningful systems-level change.

Each of our operational kaupapa contributes to a wider transformation design, one that uplifts hāpori Māori, advances tino rangatiratanga, and reinforces the intergenerational outcomes envisioned in our Ariā Kuneroa.

Building on the strong foundation established last year, the Trust continued to expand its portfolio of kaupapa across all Pou Whakaaweawe (our intergenerational Impact Outcomes).

The Tupu Māori Startup Accelerator delivered its second successful cohort, supporting ten pakihi Māori through a refined eight-week programme of wānanga, mentoring, and one-on-one support. The programme culminated in the first in-person showcase, held at the Auckland Art Gallery, drawing strong attendance and positive feedback from investors, mentors, and participants alike.

Complementing this, we delivered year two of our Rakahinonga

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Te Pūoho Kātene speaking at Social Value Aotearoa’s Investing in Impact Conference

Roadshows, targeting emerging Māori entrepreneurs across Aotearoa through a series of regional oneday wānanga. Together, these kaupapa form a growing ecosystem that supports Māori founders from early ideation through to investment readiness.

Within the Rangatira Pou our associate directorship programme, He Tukutuku Koiora, reached a major milestone as our inaugural cohort of eight Amonuku transitioned onto their host board placements and completed their comprehensive governance learning modules. This marks the conclusion of the programme’s first delivery cycle, with a comprehensive external review planned for early 2026.

Work also began on Tētē Kura – Māori Executive Pathways, with a discovery phase research project examining the experiences and barriers for Māori executives and aspiring C-Suite leaders. The research findings and

recommendations will inform the design of a pilot programme and be published in a formal report in mid-2026.

Under Mātauranga, this year saw the initiation of designing an organisationwide impact reporting framework.

Tapuwae Roa is partnering with Mindstake to design, evaluate, and report outcomes against our five Pou Whakaaweawe.

Following recommendations in our 2024 Four Year Audit, the Trust significantly expanded its activity within our Tangaroa pou. Our fourth year delivering our Tonganui Scholarships continues to support Māori-led marine research and innovation, while oceans-STEMM programme extended into new regions, reaching over 130 rangatahi Māori across eight kura and schools. Moving from passive funder to active co-delivery partner, the Trust supported kura kaupapa and reo-rua participation in Aquabots by translating learning materials, upskilling kaiako, and

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providing a Te Reo-inclusive competition environment.

Te Ngake o te Kūpenga progressed foundational research into Māori workforce development across the ocean and seafood sectors, including contributions to the national Seafood Qualifications Review to embed a Te Ao Māori strand within vocational pathways. These kaupapa collectively reinforce Tapuwae Roa’s commitment to building enduring Māori capability within the blue economy.

Raising our national profile

Tapuwae Roa Kaihautū, Te Pūoho Kātene, and Director, Kate Cherrington at Te Ohu Kaimoana’s Wānanga-ā-Iwi

Behind the scenes filming of Tapuwae Roa’s legacy documentary

The Trust has continued to strengthen its presence and influence, both nationally and internationally, through deliberate storytelling and thought leadership.

Our focus on strategic communication has seen our kaupapa featured across multiple media channels, further amplifying awareness of our work and impact. Engagement across our digital platforms continues to grow steadily, extending the reach of our campaigns and building an active community around our kaupapa.

Our ongoing commitment to advocacy has been reflected in the breadth of speaking engagements and sector participation undertaken throughout the year. These opportunities have allowed us to share our vision, connect with diverse audiences, and demonstrate how our Ariā Kuneroa continues to guide the design and delivery of impactful, tikanga-led programmes.

• Onboard New Zealand: Lecture on Te Tiriti and Tikanga-led Governance

Tapuwae Roa Kaihautū, Te Pūoho Kātene with Tupu Accelerator mentor, Saara Tawha, at wānanga tuatahi of the Tupu Accelerator.

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• Kurutao 2025: Māori Entrepreneurial Leaders Study Expedition, with Auckland University Centre for Innovation and Entrepreneurship.

• Cambridge Institute for Sustainability Leadership: Lecture on Indigenous Worldviews as part of the Business and Sustainability Programme • Climate Change Commission: Mātauranga Māori Lecture Series • The Waitangi Forum: Māori Economic Futures Panel • Social Value Aotearoa: Inaugural Investing in Impact Conference 2025 Our financial performance Our investment portfolio continued to record strong returns, with gains of $3,370,960 for the financial year ($4,087,514 in FY24). This income was supplemented by other sources of revenue, with our Tupu Accelerator continuing to generate revenue via co-funding (Callaghan Innovation) and sponsorship (Sprout Agritech), as well as ticket sales to its inaugural showcase.

Operating expenses for the year were $1,457,628, a decrease in costs of $249,961 from FY2024. This decrease in delivery costs is attributable to reduced direct project expenditure, with delays suffered by third parties leading to planned costs not being incurred.

The Trust’s net surplus of $2,058,913 led another strong financial result, growing the Trust’s total assets by 7.3% to $30.2 million – the highest since 2020 (FY2024: $28.1 million).

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Looking ahead The coming year will focus on consolidating these achievements and continuing to build a connected ecosystem of kaupapa across our Pou Whakaaweawe. We look forward to the conclusion and review of He Tukutuku Koiora, the publication of Tētē Kura’s research findings, and the continued evolution of our Tangaroa and Ōhanga programmes.

We also look forward to the return of Amorangi – Māori in Governance Summit in July 2026, which will again bring together Māori governance practitioners, aspirants, and thought leaders from across the motu to share insights and shape the future of tikangaled governance in Aotearoa.

As we move forward, our focus remains steadfast on creating lasting impact for Māori, grounded in identity, strengthened by evidence, and guided by tikanga. Each kaupapa we deliver, every partnership we forge, and every investment we make is part of a wider legacy that began with those who came before us. Through deliberate action and collective purpose, we are building momentum for a future where Māori thrive as Māori, in every space and every generation.

Nāku noa, nā Te Pūoho Kātene Kaihautū | Chief Executive Tapuwae Roa

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TŌ MĀTOU ARA PANUKU Our Project Methodology

HAREWATIA - TO TAKE OFF IN FLIGHT Launching new kaupapa

KIA RERE - TO FLY The consistent delivery of existing kaupapa

KIA RANGAI - TO FLOCK TOGETHER To strategically collaborate with motivated partners

KIA TOPA - TO SOAR Moving to greater scale and impact

KIA TAPAKŌ - IN A HAWAIIKI OF OUR MAKING Achieving our aspirations

PROJECT INVOLVEMENT

FUND

INVEST

DELIVER

ADVOCATE

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Purapura participating in the Tupu Accelerator

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NGĀ KAIWHIWHI PŪTEA

Tonganui Scholars 2024

Ngahuia Mita Ngāti Hako, Ngāti Porou, Te Atianga-a-Māhaki Ngahuia’s research sought to translate her doctoral thesis into accessible, practical tools for understanding Tairāwhiti Waka Voyaging Philosophies. This kaupapa facilitated educational wānanga delivered to 238 tamariki across nine kura in Tūranganui-a-Kiwa. Ngahuia continues to explore how connections with Tangaroa and Hinemoana may affect and support the preservation of mātauranga knowledge aboard waka hourua.

that reconnects rangatahi with their whakapapa and tikanga Māori through their relationship with Tangaroa. Now in its second year, Hī Ika delivers immersive wānanga and retreats in both Wairarapa and Pōneke, each spanning several days and supporting up to 25 participants. The programme helps foster tuakiri Māori, confidence, and environmental awareness among rangatahi through hands-on learning and shared experiences on the moana.

Tasman Gillies Ngāi Tahu/Kāi Tahu, Ngāti Kahungunu ki Heretaunga Tasman’s research addresses the restoration and monitoring of rimurimu (seaweed) within Whakaraupō Mātaitai (Lyttelton Harbor). Tasman hopes this practical approach to kaitiakitanga can aid future understanding of resilience and health of local fisheries. Though pilot attempts at propagation in a lab-setting was successful, practical application within Whakaraupō Mātaitai is still to be achieved. Through future propagation and monitoring efforts, Tasman strives toward the restoration of mahinga kai within his rohe.

Mere Takoko Ngāti Porou, Rongowhakaata, Te Whānau-āApanui, Waikato Mere’s post-PhD research, ‘Moananui ki Tai’, confronts the Pacific’s escalating biodiversity crisis, highlighting the devastating legacy of industrial whaling. Mere has developed a transformative framework incorporating Polynesian cosmology to foster ethical nature markets and regenerative blue economies. Since receiving her funding, Mere’s kaupapa has been marked by a series of global accomplishments, including meeting with the Houses of Ariki in Tahiti and Tonga, and being announced as the first Indigenous Pacific ambassador to King Charles’ Circular Bioeconomy Alliance (CBA) in London.

Dalkeith Matiaha Ngāti Kahungunu ki Wairarapa, Rangitāne (Te Matau-aMāui/Hawkes Bay/Wairarapa) Dalkeith is continuing his kaupapa Hī Ika - a programme

Pou Herenga Tangata Awardees 2024 Toi Kai Rawa Toi Kai Rawa works to strengthen the Māori economy by unlocking the potential of Māori youth through building future leaders. Their kaupapa, ‘He Rangatahi He Anamata’, hosted 11 kura and 59 ākonga across Waiariki, for a summit which aims to foster leadership among rangatahi Māori. With the summit now in its sixth iteration, Toi Kai Rawa now seeks unique and tangible means to facilitate rangatahi voice in action.

Keeti Ngatai-Melbourne Ngāti Porou Keeti utilised her funding to host filmmaking wānanga for tauira attending rural kura kaupapa in Te Tai Rāwhiti. Within the wānanga, tauira learnt all the concepts of filmmaking from writing a storyline, to shooting a sequence, and practicing with professional gear. Going forward, Keeti says this is just the beginning and plans to progress her kaupapa throughout Te Tai Rāwhiti and beyond.

Aiyana Anderson Ngāti Wai Aiyana coordinated a series of six wānanga journeys of holistic well-being targeted specifically for wāhine and framed upon the foundations of Te Ao Māori. Held over the course of six months, wānanga covered hauora, rongoā, raranga, pakihi mentorship, māra kai and whānaungatanga.

Te Rika Liam Tūhoe Haturini-Benfell Ngāti Awa, Ngāti Manawa, Ngāti Whakaue, Tūhoe, Waikato Te Rika’s kaupapa, ‘Ko te whenua te toto o te tangata’, aimed to assist rangatahi and pakeke navigate the wero of Māori land processes, governance, and ownership. Hosted across four marae in the Tūhoe rohe, participants left wānanga with a deeper understanding of Māori land governance, court processes, and papakāinga development. Utilising his relationships with local hapū, Te Rika plans to continue supporting whānau with their whenua aspirations through future wānanga.

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Aiyana Anderson Te Rika Liam Tūhoe Haturini-Benfell Ngahuia Mita Toi Kai Rawa

TE IKA A MĀUI

Te Kawa o Rongo

Keeti Ngatai-Melbourne

Te Kura Kaupapa Māori o Ngā Mokopuna Dalkeith Matiaha Hariata Moriarty

TE WAI POUNAMU Tasman Gillies

Mere Takoko

DENMARK

ENGLAND

Cha’nel Kaa-Luke

Cha’nel Kaa-Luke Ngāti Porou, Ngāti Ruanui, Ngāruahine Cha’nel travelled to Denmark as part of the Frontrunners International Deaf Leadership Program. Dedicated to empowering and growing global deaf leaders, Cha’nel became the fourth New Zealander and first Māori Deaf Person to attend. Cha’nel now seeks to utilise her learnings, applying them to her master’s research and advocacy work within the deaf community in Aotearoa.

Te Kawa o Rongo Te Kawa o Rongo is a rangatahi-focused organisation seeking to nurture rangatahi tāne to reconnect with their tuakiri Māori. Their marae-based kaupapa saw 25 rangatahi tāne participate in leadership demonstration wānanga, culminating in the ascension of Taranaki Maunga as a rōpū. Te Kawa o Rongo aim to continue the kaupapa and eventually be able to provide pathways to employment for taitama in the programme.

Hariata Moriarty Ngāti Toa Rangatira Hariata utilised her funding to deliver ‘Waenga’, a twoperson stage play designed to capture and explore the pressures facing rangatahi in Aotearoa today. Since receiving funding, Hariata’s troupe, Hurō Productions, has performed Waenga as part of the Kia Mau film festival, holding additional screenings for secondary schools and engaging directly with rangatahi Māori. Now seeking partnership opportunities, Hariata and Hurō Productions aim to take ‘Waenga’ on the road throughout Aotearoa.

Te Kura Kaupapa Māori o Ngā Mokopuna Ngā Tapuwae a-Taraika (Taraika Tours), is a kaupapa Māori initiative built on service, driven by whakawhānaungatanga, and powered by the vision and leadership of energetic rangatahi Māori of Te Kura Kaupapa Māori o Ngā Mokopuna. Rooted in an indigenous framework, Ngā Tapuwae a-Taraika shares and embeds ancestral knowledge, anchored in the people, places, and pivotal events that have and continue to shape Te Panepane o-te-Ika.

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NGĀ MAHI TŪTUKI Strategic Delivery

Te Kura Kaupapa Māori o Nga Uri a Maui pūtaiao class

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ANGITŪ

Māori succeeding as Māori In all walks of life, our people are confident and unapologetic in living and exuding their Māori identity. Their Māoritanga is luminous, and there is no situation nor space where they feel the compulsion for it to be dimmed. Māori identity not only flavours their chosen area of success; it is a key contributor to that success.

Marautanga Āhuarangi: Climate Change Curriculum

Te Kura Kaupapa Māori o Nga Uri a Maui pūtaiao class

Year Two of the Marautanga Āhuarangi programme was scheduled to commence in July 2025 following a twelve-month extension to the contract period.

The programme continues to face challenges arising from changes in the national education environment, including the curriculum refresh and the transition away from the current NCEA framework toward a yet-to-be-defined qualification model.

These shifts have required a review of Year Two key outputs and a reassessment of the programme’s direction.

To date, assessment resources have been developed and made available to kaiako via internal digital platforms, several of which are contextualised within learning frameworks connected to ngā atua Māori, providing an integrated approach to teaching and learning. Initial interviews for an accompanying documentary have been completed, with production of the first film still underway.

Te Kura Kaupapa Māori o Nga Uri a Maui pūtaiao class

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MĀTAURANGA

Thriving mātauranga Māori knowledge systems Mātauranga Māori is the reverberation of tūpuna wisdom, representing intergenerational knowledge advancement uniquely framed within tikanga Māori and the Aotearoa ecosphere. These knowledge systems are continuously advanced, meaningfully valued and applied within the present and future Aotearoa context.

Hīnātore This year, funding from Hīnātore supported the design and development of an organisation-wide impact reporting framework to strengthen how Tapuwae Roa designs, evaluates, and reports outcomes across all kaupapa.

Te Toki Voyaging Trust’s waka hourua,’Hinemoana’(Photo credit: Te Toki Voyaging Trust)

Delivered in partnership with Mindstake, the project commenced in August 2025 and represents the first phase of a multi-stage development process.

Phase One focuses on discovery and blueprint design, including the cocreation of an indicator library aligned to Tapuwae Roa’s Pou Whakaaweawe, with mātauranga Māori embedded as a horizontal lens across all measures.

Once completed, the framework will enable the Trust to consistently demonstrate its progress toward longterm impact goals, providing greater transparency, comparability, and alignment in reporting.

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Kura Waka Hourua: Traditional ocean navigation school In the 2024–25 year, Tapuwae Roa continued its relationship with Te Toki Voyaging Trust and the Kura Waka kaupapa to support strategic workforce and capability development aligned with Māori-led ocean voyaging and marine industries.

In April, Tapuwae Roa discussed with Te Toki the phased planning of the project and opportunities for Tapuwae Roa to provide early-stage support. This partnership represents an important step toward building sustainable Māori marine capability, connecting with emerging blue economy pathways.

Photo Credit: Te Toki Voyaging Trust

Tapuwae Roa continues to pursue its ambition of “growing ocean people” by pursuing multiple avenues of support for traditional oceans navigation, including collaborating with Te Hau Kōmaru National Waka Hourua Charitable Trust, the national body comprising representatives of voyaging trusts throughout Aotearoa.

Photo Credit: Te Toki Voyaging Trust

26

Tapuwae Roa Annual Report 2024- 2025

Ākonga building their Aquabots with assistance from Tōnui Collab in Tūranganui-a-Kiwa (Photo credit: Canaan Akuhata-Brown)

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27

TANGAROA

Active and reciprocal relationship with Tangaroa and Hinemoana

Ākonga competing in Aquabots whakataetae-a-rohe in Tūranganui-ā-Kiwa (Photo credit: Canaan Akuhata-Brown)

We recognise our whakapapa relationship with the ocean and its inhabitants and acknowledge the co-dependency between Māori and the ocean. We have an obligation to the ocean, borne of our legacy and our genealogy. Where it thrives, so too do our people.

Aquabots The 2024–2025 financial year marked a significant expansion of Tapuwae Roa’s investment in kaupapa Māori ocean education through the Aquabots programme. Building on the success of its previous support in Te Tau Ihu, Tapuwae Roa extended its support to include delivery in Te Whanganui-a-Tara and Tūranganui-a-Kiwa, engaging over 140 rangatahi across the three rohe, including eight kura in hands-on robotics build days, competition preparation masterclasses, and whakataetae-arohe.

Ākonga competing in Aquabots whakataetae-a-rohe in Tūranganui-ā-Kiwa (Photo credit: Canaan Akuhata-Brown)

This year, the Trust partnered with Tōnui Collab (Māori STEMM provider based in Tūranganui-a-Kiwa) to lead facilitation of the programme with Māori-medium kura, while continuing to work alongside the Ministry of Inspiration to coordinate the technical delivery Ākonga building their Aquabots with assistance from Tōnui Collab in Tūranganuia-Kiwa (Photo credit: Canaan Akuhata-Brown)

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28

and national competition framework.

The collaboration has proven highly effective, strengthening both the cultural and technical dimensions of programme delivery. With leadership from Tōnui Collab, our efforts saw the first ever Aquabots regional competition held in Tūranganui-a-Kiwa.

The Wellington Regional competition saw 23 teams compete, with almost half of these from Māori-medium schools.

The Gisborne and Nelson Regionals in October broadened participation to additional kura kaupapa and bilingual schools. A major milestone was the completion of a comprehensive suite of Te Reo Māori resources developed by Tōnui Collab, including translated build instructions, competition rules, quizzes, and marine learning packs.

Survey data from the Wellington regionals indicated 82% Māori participation, with ākonga reporting greater confidence in science and

technology and a strong desire to participate again. Kaiako and stakeholder feedback praised the programme’s emphasis on teamwork, creativity, and whānaungatanga, while highlighting opportunities to strengthen teacher training, equity of access, and balance between learning and competition.

Looking ahead, Tapuwae Roa hopes to continue to collaborate with Tōnui Collab and the Ministry of Inspiration, expand teacher capability initiatives, and secure ongoing sponsorship to sustain reo Māori delivery, positioning Aquabots as a leading national model for kaupapa Māori STEMM learning and ocean innovation.

Te Ngake o te Kūpenga: Oceans Workforce Pathways FY2024–25 has been a strategic year of data gathering, relationship building, and programme design for Tapuwae

Ākonga from Pātaka Toa building their Aquabots (Photo credit: Te Rūnanga o Toa Rangatira)

Tapuwae Roa Annual Report 2024 - 2025

Roa’s Tangaroa workforce development kaupapa. Building on earlier work with Te Whānau-ā-Apanui, the Trust’s focus this year has been on identifying where Tapuwae Roa can create the greatest impact in advancing Māori participation and leadership across Aotearoa’s ocean and seafood sectors.

29

Manutuke School takes out first place in the intermediate division for Aquabots whakataetae-a-rohe in Tūranganui-ā-Kiwa (Photo credit: Canaan Akuhata-Brown)

Between March and September 2025, Tapuwae Roa engaged with key industry partners, including Moana New Zealand and Sealord, to gather insights on future workforce trends and capability needs across the seafood value chain. These conversations helped inform a national picture of where Māori talent can be better supported to enter, progress, and lead in ocean-related careers.

In parallel, Tapuwae Roa strengthened partnerships with Te Hau Kōmaru (National Waka Hourua Charitable Trust), Māori diving instruction providers, and regional education networks to explore how voyaging, diving, and

Ākonga from Pātaka Toa building their Aquabots (Photo credit: Te Rūnanga o Toa Rangatira)

Ākonga building their Aquabots with assistance from Tōnui Collab in Tūranganui-aKiwa (Photo credit: Canaan Akuhata-Brown)

30

Tapuwae Roa Annual Report 2024 - 2025

marine STEMM pathways can work together to inspire rangatahi Māori and sustain intergenerational capability.

A key milestone this year has been our collaboration with Muka Tangata, contributing to the development of a Te Ao Māori strand within the national Seafood Qualifications Review. This work will ensure mātauranga Māori and tikanga Māori are recognised within vocational pathways and will be presented to the new Industry Skills Boards (ISBs) when they replace the current Workforce Development Councils at the end of 2025.

Planted beds of juvenile Macrocystis Pyrifera (giant kelp) in Whakaraupō Mātaitai

by Tonganui Scholarship recipient, Tasman Gillies.

Together, these activities have provided the evidence base and strategic direction for Tapuwae Roa’s next phase of ocean workforce development, with a coordinated, data-driven, and mātauranga Māori-informed programme to be implemented from FY2025–26.

Tonganui Scholarship The Tonganui Scholarship supports Māori researchers and ocean people to advance tikanga Māori, mātauranga tuku iho, and Te Ao Māori within the oceans sector. Each year, three

Participants in Dalkeith Matiaha’s Hī Ika dive programme, funded by the Tonganui Scholarship

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31

$10,000 grants are awarded to projects that strengthen Māori leadership and expertise in marine research, conservation, and policy, and foster a more reciprocal relationship with Tangaroa and Hinemoana.

In 2024, the scholarship recipients reflected the breadth of Māoriled innovation across ocean-based kaupapa. Ngahuia Mita delivered a series of educational wānanga for over 200 tamariki in Te Tai Rāwhiti, translating her doctoral research on waka voyaging philosophies into practical learning tools. Tasman Gillies progressed restoration efforts for rimurimu (seaweed) within Whakaraupō Mātaitai, combining mātauranga Māori and science to inform sustainable fisheries management. Dalkeith Matiaha continued his kaupapa Hī Ika, reconnecting rangatahi with whakapapa and tikanga through multi-day wānanga held across Wairarapa and Pōneke. Dr. Mere Takoko advanced her postdoctoral research on regenerative blue economies informed by Polynesian cosmology, achieving international recognition as the first Indigenous Pacific ambassador to King Charles’ Circular Bioeconomy Alliance.

Ākonga learning about Tairāwhiti Waka Voyaging as part of Tonganui Scholar, Ngahuia Mita’s research

Tonganui Scholarship recipient, Mere Takoko, at the 2025 King’s Foundation Harmony Summit at Highgrove in Gloucestershire (Photo credit: Courtney Louise/The King’s Foundation)

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Tapuwae Roa Annual Report 2024 - 2025

RANGATIRA

Future leaders with ancient wisdom

Rangatahi particpating in Toi Kai Rawa’s ‘He Rangatahi, He Anamata’ Summit, co-funded by the Pou Herenga Tanagata Award

Māori occupy key leadership positions throughout the fabric of Aotearoa.

These rangatira harness traditional values and leadership approaches, as well as unmatched expertise, to meet future challenges head on.

Pou Herenga Tangata Award The annual Pou Herenga Tangata Award offers five, $5,000 grants to support rangatahi Māori to pursue their leadership aspirations through the delivery of community-driven initiatives. Available as an individual or organisation application, this fund supports rangatahi (aged 1624) who are actively leading or looking to establish kaupapa in their community.

Rangatahi particpating in Toi Kai Rawa’s ‘He Rangatahi, He Anamata’ Summit, co-funded by the Pou Herenga Tanagata Award

This award recognises the contributions of the late Norm Dewes to Tapuwae Roa (then Te Pūtea Whakatupu Trust), and to his community. These contributions have taken different forms throughout his close association with the Trust from its conception, as a previous Chair and director of the Trust, and as a lifetime advocate for Māori living the urban experience. In his many decades of service to his community, Matua Norm embodied this award. The post to which people bind their mooring ropes, providing stability in unity.

This reporting period saw eight projects funded, with kaupapa spanning

Rangatahi particpating in Toi Kai Rawa’s ‘He Rangatahi, He Anamata’ Summit, co-funded by the Pou Herenga Tanagata Award

Tapuwae Roa Annual Report 2024 - 2025

education, arts, wellbeing, and leadership development. Projects included filmmaking wānanga for kura kaupapa in Te Tai Rāwhiti, land governance workshops in Tūhoe, international deaf leadership representation in Denmark, and a series of wānanga hauora for wāhine in Whangārei. Additional kaupapa focused on youth theatre in Pōneke, a rangatahi leadership summit in the Waiariki, and marae-based leadership wānanga in Taranaki.

33

Ākonga from Te Kura Kaupapa Māori o Ngā Mokopuna taking part in Ngā Tapuwae a-Taraika Tours funded by the Pou Herenga Tangata Award

Amorangi: Māori in Governance Summit This financial year focused on the planning and development of the third iteration of Amorangi – Māori in Governance Summit, which is set to return on Wednesday, 29 July 2026, at Shed 6 in Pōneke.

Following the success of the inaugural online event in 2022 and the transition to a hybrid format in 2024, this past year was dedicated to refining Amorangi’s delivery model, exploring future themes, and strengthening partnerships to ensure Amorangi continues to grow and inspire the next generation of tikanga-led, future-focused Māori governors.

Pou Herenga Tangata Awardee, Keeti Ngatai-Melbourne facilitating her three-day film workshop, ‘E Tipu, E Rea’

More information, including registration details and the full agenda, will be available in early 2026 at maorigovernance.co.nz/summit.

He Tukutuku Koiora: Māori Associate Directorship Programme This year marked a significant milestone in the delivery of He Tukutuku Koiora, Tapuwae Roa’s flagship Associate Directorship programme. Ākonga taking part in Keeti Ngatai-Melbourne’s three-day film workshop, ‘E Tipu, E Rea’

Tapuwae Roa Annual Report 2024 - 2025

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Ngā Amonuku ō 2023 - 2025

Emma Winiata

Kale Panoho

Peata Williams

Jesse Pirini

Ernestynne Walsh

Hinurewa Poutu

Teahooterangi Pihama

Joanne Reidy

Amonuku at Moana New Zealand

Amonuku at ChildFund New Zealand

Amonuku at Te Taumata

Amonuku at Te Mātāwai

Amonuku at Rua Bioscience

Amonuku at MetService New Zealand

Amonuku at UNICEF Aotearoa

Amonuku at Te Hononga Akoranga COMET

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Our cohort of eight Amonuku (Associate Directors) completed their second year of wānanga and transitioned into the final stage of the programme and an 18-month placement on their respective host boards.

Launched in FY2023, He Tukutuku Koiora is a two-and-a-half-year kaupapa Māori governance programme designed to prepare the next generation of Māori leaders for impactful governance roles.

The programme consists of four learning modules, each delivered by a diverse rōpū of experienced pūkenga from across the motu.

Collectively, these modules embed a gold standard of governance conduct, grounded in tikanga and mātauranga Māori, to ensure that Amonuku are equipped with the skills and support required to lead with integrity and influence.

He Tukutuku Koiora Amonuku, Jesse Pirini, participating in wānanga

In the first year, Amonuku completed Module One, ‘A Māori Approach to Governance’ and Module Two, ‘You as a Leader’ and began work towards Module Three, ‘The Role of a Board in Governance’. These modules encompass a range of submodules delivered by respected Māori leaders and governance practitioners from across a diverse range of industries and sectors: • Values-Based Governance, delivered by Kate Cherrington and Bentham Ohia • Cultural Intelligence and Capability, delivered by Maria Ngawati • The Role of Te Tiriti and Governance, delivered by Kathie Irwin Amonuku of He Tukutuku Koiora participating in wānanga

36

Tapuwae Roa Annual Report 2024 - 2025

• The Reality of Governance, delivered

by Merepeka Raukawa-Tait, Te Pūoho Kātene, and Liana Poutu • Finding your unique strengths, delivered

by Jodi Apiata and Dallas Harama Amonuku of He Tukutuku Koiora participating in wānanga

• Communications as Influence, delivered

by Charmaine Ngarimu • Politics and Persuasion, delivered by Robin Hapi, Awerangi Tamihere and Johnny McGregor • Health and wellbeing, delivered by Tuihana Ohia • Governance foundations, delivered by Susan Huria • Finance essentials, delivered by Dr. Nava Ramezanian

Amonuku of He Tukutuku Koiora

During this reporting period, Amonuku completed the remaining components of Module Three, finalising the theoretical learning component of the programme.

These included sessions focused on strategic direction, board-level risk management, and governance best practices.

• Strategy and the Board, delivered by Te Pūoho Kātene, Chris Jackson and Te Rangimarie Ririnui • Understanding and Managing Risk, delivered by Kevin McDonald

Dan Te Whenua Walker presenting to Amonuku at He Tukutuku Koiora wānanga

To deliver Module Four, ‘Organisational Whakapapa and Hekenga’, eight host boards across Aotearoa committed to providing safe, supportive, and challenging environments for our Amonuku to grow in real-world governance settings. Once the pilot cohort completes the full programme, He Tukutuku Koiora will enter a formal review phase in early 2026 with the goal of shaping future iterations of kaupapa Māori, tikanga-led governance education in Aotearoa.

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37

Pūkenga of He Tukutuku Koiora. From left to right: Bentham Ohia, Tuihana Ohia, Kate Cherrington

Tapuwae Roa Annual Report 2024 - 2025

38

ŌHANGA

Economic emancipation In all social levels, Māori have attained autonomy over their fates. Their economic resilience is not beholden to any external powers nor vulnerable to external shocks. Our people’s right to dream is untethered and not constrained by economic pressures or limitations.

Participant feedback remained positive, with 78% of respondents reporting satisfaction with delivery and mentoring, and many attendees finding that the wānanga had a significant positive impact on their pakihi. Attendees commended the relevance of content, approachable delivery style, and opportunities to connect with other Māori entrepreneurs.

Rakahinonga Roadshow: Wānanga Bootcamps for Māori Entrepreneurs

While overall attendance was lower than in previous Roadshows, engagement and interest remained strong, and the kaupapa continues to build relationships with regional partners such as Māui Studios, Ngāti Toa Rangatira, He Toronga Pakihi, and Tāiki E!

The Rakahinonga Roadshow continued in 2024, delivering five one-day wānanga (four in person and one online) across Taranaki, Ōtautahi, Porirua and Tūranganui-a-Kiwa, attracting over 100 registrations combined. Facilitated by Saara Tawha, the Roadshow supports aspiring Māori entrepreneurs to explore the fundamentals of starting a business through practical sessions covering business validation, pitching, and completing a Lean Business Canvas.

Participants of the Rakahinonga Roadshow held at Māui Studios in Ōtautahi

Tupu Māori Business Accelerator The second delivery of the Tupu Māori Business Accelerator took place from May to June 2025, continuing the kaupapa to accelerate Māori startups towards investment readiness.

Participants of the Rakahinonga Roadshow held at Taiki E! in Gisborne

Tapuwae Roa Annual Report 2024 - 2025

Developed in partnership with Sprout Agritech and co-funded by Callaghan Innovation, the eight-week programme supported ten pakihi comprising seventeen Purapura (founders), through three two-day noho wānanga, weekly online sessions, and tailored one-on-one mentoring.

The programme culminated in the programme’s first in-person showcase event, held at the Auckland Art Gallery with 100 registered attendees, providing founders with the opportunity to pitch their ventures to investors, business leaders, and fellow business founders.

Participant feedback remained highly positive, with 93% satisfied with content and delivery, 100% satisfied with mentors, and 87% stating the accelerator had a positive impact on their pakihi.

39

Tina Wickliffe (left) and Saara Tawha (right) at the Tupu Accelerator whakatau

Koro Carmen (Greenwaste Products NZ) pitching at the Tupu Showcase 2025

The 2025 cohort built on lessons from the inaugural programme, introducing improved application systems, enhanced marketing and communications, and refined selection and delivery processes.

Insights from participant feedback will continue to inform future iterations, particularly in strengthening networking opportunities and post-programme support.

Simon Tanner (left) and Teancum Kahaki (right), purapura of the Tupu Accelerator 202 5 cohort

Tapuwae Roa Annual Report 2024 - 2025

40

Ngā Purapura ō 2025 Takes Four

BEINGS

Aro.Well

Tina Wickliffe

Mauriora Kombucha

Plunge Lab

Makachilli

Green Waste Products NZ

Performnz IQ

Kiwi Data

Girl Native

Jenny Steward & Renee McCallum

Oliver George & Teancum Kahaki

Koro Carman & Simon Tanner

Lui Hellesoe

Léon Bristow

Tamara Kirwan, Julian Kirwan & Keela Atkinson

Hira Nathan

Pele Aumua & Maraki Aumua

Rawinia Rimene

Tapuwae Roa Annual Report 2024- 2025

41

Oliver George (left) and Pele Aumua (right), purapura of the Tupu Accelerator 202 5 cohort

Tapuwae Roa Annual Report 2024 - 2025

42

N G Ā YHE AUR A IN 2024

114

52

entrepreneurs registered for the Rakahinonga Roadshows

pakihi applied to participate in the Tupu Accelerator

10

Pakihi onboarded as Purapura into the Tupu Accelerator

4

ŌHANGA

1

100% 85%

rohe visited with the Rakahinonga Roadshow

99

attendees of the Tupu Accelerator showcase

online Rakahinonga Roadshow delivered

of participating Purapura in the Tupu Accelerator would reccommend to others

NPS (net promoter score) received for the delivery of the Tupu Accelerator

8

Amonuku currently completing He Tukutuku Koiora Associate Directorship Programme

8

organisations onboarded as host boards for He Tukutuku Koiora

RANGATIRA

15

interviews conducted for Tētē Kura – Māori Executive Pathways research

TANGAROA

136

akonga Māori participating in AquaBots underwater robotics programme

ANGITŪ

11

reo Māori assessment resources developed for Marautanga Āhuarangi

8

kura reo sponsored to compete in AquaBots underwater robotics programme

4

Tonganui Scholarships awarded to advance tikanga Māori, mātauranga tuku iho and Te Ao Māori within the oceans sector

MĀTAURANGA

1

impact reporting framework in development

8

Pou Herenga Tangata Awards distributed to support rangatahi in pursuing leadership

$80K awarded in scholarships and grants

262

total funding recipients within Ngā Auahitūroa

Tapuwae Roa Annual Report 2024 - 2025

43

Ō T E T A U NUMBERS -2025

8,612 190,252 32,262 total followers on social media

people have seen our messaging

people engaging with our content

26,024

HONONGA

31,062

total clicks on our social media content

278

hours of video watched

pānui to stakeholders opened

32,670 combined visits to our websites

3

press releases sent to media

ALLOCATED EXPENDITURE MĀTAURANGA 11.3% $164,414 ANGITŪ 5.6% $81,565 RANGATIRA 22.9% $333,812

ŌHANGA 39.3% $573,337 TOTAL IMPACT

$1,457, 628

TANGAROA 20.9% $304,501

Tapuwae Roa Annual Report 2024 - 2025

44

TAUĀKĪ AHUMONI Financial Statements

Te Pūoho Kātene at the Tupu Accelerator whakatau 2025

Tapuwae Roa Annual Report 2024- 2025

45

Te Pūtea Whakatupu Trust (trading as Tapuwae Roa)

Financial statements

w

Trustee’s Report

46

Statement of Comprehensive Revenue and Expense

47

Statement of Changes in Equity

48

Statement of Financial Position

49

Statement of Cash Flow

50

Notes to the Financial Statements

52

Changes in Accounting Policies

56

Tapuwae Roa Annual Report 2024- 2025

46

Trustee’s Report Tapuwae Roa

The Trustee of Te Putea Whakatupu Trust is: Te Putea Whakatupu Trustee Limited (trading as Tapuwae Roa) Registered Office of the Trustee: Level 12, 7 Waterloo Quay Pipitea Wellington 6011 Entity’s Purpose or Mission: The Trust’s objectives are to promote education, training and research including matters that relate to fisheries, fishing, and fisheries related activities.

Entity Structure: Te Putea Whakatupu Trust was established under the Maori Fisheries Act 2004 (the Act). Directors are appointed by Te Ohu Kai Moana Trustee Limited.

Te Putea Whakatupu Trust has an executive manager to undertake and oversee management functions. Some administration functions are undertaken by Te Ohu Kai Moana Trustee Limited.

Governance: Governance of Te Putea Whakatupu Trust is fulfilled by the Board of Trustees, with 6 trustees, that meets 6 times a year.

Main Sources of the Entity’s Cash and Resources: The financial assets are invested in a portfolio of funds managed by Te Ohu Kaimoana Portfolio Management Services Limited (Portfolio Management Services).

The Trust shares revenues and valuation movements, based on the percentage holdings relative to Te Ohu Kaimoana Trustee Limited and Te Wai Maori Trustee Limited.

Main Methods used by the Entity to Raise Funds: Te Putea Whakatupu Trust’s main source of funds is the return on the Trust’s investments.

Entity’s Reliance on Trust and Donated Goods or Services: Te Putea Whakatupu Trust does not rely on volunteers and donated goods or services to conduct its business.

For and on behalf of the Trustee 1 December 2025

Tapuwae Roa Annual Report 2024- 2025

47

Statement of Comprehensive Revenue and Expense Tapuwae Roa For the year ended 30 September 2025

NOTES

2025

2024

Sponsorship

-

145,581

256,648

Total Revenue from Non-exchange transactions

-

145,581

256,648

-

44,759

56,643

Gains on Investment Portfolio

-

3,326,202

4,030,872

Total Revenue from exchange transactions

-

3,370,960

4,087,514

-

3,516,541

4,344,162

Administration

-

142,405

131,762

Audit Fee

-

6,340

5,970

Communication and Information Services

-

12,729

13,281

Directors’ Fees

7

116,875

117,997

Professional Services

-

15,600

15,564

Projects

3

513,323

743,967

Te Ohu Kaimoana Administration and Personnel Costs

-

599,100

625,796

Travel & Accommodation

-

51,255

53,252

1,457,628

1,707,589

Net Surplus

2,058,913

2,636,573

Total Comprehensive Income for the Year

2,058,913

2,636,573

Revenue Revenue from Non-exchange transactions

Revenue from exchange transactions Interest Received

Total Revenue

Expenses

Total Expenses

The above Statement of Cashflow should be read in conjunction with the accompanying notes.

Tapuwae Roa Annual Report 2024 - 2025

48

Statement of Changes in Equity Tapuwae Roa For the year ended 30 September 2024

CAPITAL MAINTENANCE RESERVE (NOTE 7)

TRUST CAPITAL

RETAINED EARNINGS

Balance at 1 October 2024

20,700,000

7,437,609

-

28,137,609

Total Comprehensive Revenue and Expense

-

2,058,913

-

2,058,913

Closing Balance as at 30 September 2025

20,700,000

9,496,522

-

30,196,522

TOTAL

Equity

TRUST CAPITAL

RETAINED EARNINGS

CAPITAL MAINTENANCE RESERVE (NOTE 7)

Balance at 1 October 2023

20,700,000

(1,449,860)

6,250,896

25,501,036

Total Comprehensive Revenue and Expense

-

2,636,573

-

2,636,573

Transfer from reserves

-

6,250,896

(6,250,896)

-

Closing Balance as at 30 September 2024

20,700,000

7,437,609

-

28,137,609

TOTAL

Equity

The above Statement of Cashflow should be read in conjunction with the accompanying notes.

Tapuwae Roa Annual Report 2024- 2025

49

Statement of Financial Position Tapuwae Roa As at 30 September 2025

NOTES

30 SEPT 2025

30 SEPT 2024

Cash and Cash Equivalents

4

1,033,296

1,451,042

Other Current Assets

-

37,370

124,800

Total Current Assets

-

1,070,666

1,575,842

Investments

5

29,278,279

26,737,078

Total Non-Current Assets

-

29,278,279

26,737,078

-

30,348,945

28,312,919

6

152,423

175,310

152,423

175,310

-

152,423

175,310

-

30,196,522

28,137,609

Trust Capital

-

20,700,000

20,700,000

Retained Earnings

-

9,496,522

7,437,609

-

30,196,522

28,137,609

Assets Current Assets

Non-Current Assets

Total Assets

Liabilities Current Liabilities Payables and Accruals Total Current Liabilities Total Liabilities

Net Assets Equity

Total Equity

The above Statement of Financial Position should be read in conjunction with the accompanying notes.

Signed on behalf of the Trustee who authorised these financial statements.

1 December 2025 Director

Date 1 December 2025

Director

Date

Tapuwae Roa Annual Report 2024 - 2025

50

Statement of Cashflow Tapuwae Roa For the year ended 30 September 2024

2025

2024

277,453

281,330

Payments to Suppliers and Employees

(1,480,199)

(1,780,549)

Net Cash Flows from Operating Activities

(1,202,746)

(1,499,219)

785,000

2,075,000

Net Cash Flows from Investing

785,000

2,075,000

Net increase/(decrease) in cash

(417,746)

575,781

Opening Cash

1,451,042

875,261

Closing Cash

1,033,296

1,451,042

1,033,296

1,451,042

Statement of Cash Flows Cash Flows from Operating Activities Cash was received from Interest, Dividends and Other Receipts Cash was applied to

Cash Flows from Investing Cash was received from Proceeds from Sale of Investments

This is represented by: Cash and Cash Equivalents

The above Statement of Cashflow should be read in conjunction with the accompanying notes.

Tapuwae Roa Annual Report 2024 - 2025

51

Mauriora Komnucha presenting their pitch at the Tupu Showcase 2025

Tapuwae Roa Annual Report 2024 - 2025

52

Notes to the Financial Statements Tapuwae Roa For the year ended 30 September 2024

1. Reporting Entity Te Pūtea Whakatupu Trust (the Trust) was established under the Māori Fisheries Act 2004 (the Act). In accordance with the Act,the objectives of Te Pūtea Whakatupu Trust are to promote education, training and research including matters that relate tofisheries, fishing, and fisheries-related activities. The Trust is domiciled in New Zealand. Te Pūtea Whakatupu Trustee Limited acts as Trustee for the Trust.

2. Summary of Significant Accounting Policies The following specific accounting policies, which materially affect the measurement of financial performance, movements in equity, cash flows and financial position have been established and consistently applied:

Statement of Compliance The financial statements have been presented in accordance with New Zealand Generally Accepted Accounting Practice (“NZGAAP”) and the Charities Act 2005.

For the purposes of complying with NZ GAAP, the Trust is a public benefit entity.

The financial statements comply with Public Benefit Entity Standards Reduced Disclosure Regime (“PBE Standards

RDR”) and disclosure concessions have been applied. The Trust is eligible to report in accordance with PBE Standards RDR because it does not have public accountability and it is not large.

Basis of Measurement The measurement and reporting of financial performance, movements in equity, cash flows and financial position is based on historical cost, except for investments which are recognised at fair value. Reliance is placed on the fact that the entity is a going concern. The financial statements are presented in New Zealand dollars and all values are rounded to the nearest dollar.

Income Taxation Te Pūtea Whakatupu Trust is wholly exempt from New Zealand income tax having fully complied with all statutory conditions for these exemptions.

Goods and Services Tax These financial statements have been prepared on a GST exclusive basis with the exception of receivables and payables, which are stated inclusive of GST. Cash and Cash Equivalents Cash and Cash Equivalents in the Statement of Financial Position are

Tapuwae Roa Annual Report 2024- 2025

classified as loans and receivables, comprising of cash on hand and call deposits.

Financial assets and liabilities Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost or fair value through profit or loss.

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The Trust recognises an allowance for expected credit losses (ECLs) for financial assets at amortised cost.

ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Trust expects to receive, discounted at an approximation of the original effective interest rate.

The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Trust’s business model for managing them.

In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest on the principal outstanding amount. The Trust initially measures a financial asset at its fair value plus transactions costs.

Financial assets at amortised cost Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

Tina Wickliffe, purapura of the Tupu Accelerator 2025

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The Trust applied a simplified approach in calculating ECLs. Therefore, the Trust does not track changes in credit risk, but instead recognised an allowance based on lifetime ECLs at each reporting date. The Trust has established a provision matrix that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors economic environment.

The Trust considers a financial asset in default when contractual payments are 60 days past due.

However, in certain cases, the Trust may also consider a financial asset to be in default when internal or external information indicates the Trust is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Trust. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position

at fair value with net changes in fair value recognised in profit or loss.

Derecognition A financial asset is derecognised when the rights to receive cash flows from the asset have expired or the Trust has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full; and has either transferred substantially all the risks and rewards of the assets, or has transferred control of the asset.

Financial Liabilities After initial recognition, the Trust’s financial liabilities are subsequently measured at amortised cost using the effective interest rate method.

Gains and losses are recognised in the profit or loss when the liabilities are derecognised as well as through the effective interest rate method.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate method. The effective interest rate method amortisation is included within interest expense in profit or loss.

A financial liability is derecognised

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when the obligation under the liability is discharged, cancelled or expires.

Revenue Recognition Revenue is recognised and measured at the fair value of the consideration received or receivable to the extent it is probable that the economic benefits will flow to the trust and the revenue can be reliably measured.

Ākonga building their Aquabots with assistance from Tōnui Collab in Tūranganui-aKiwa (Photo credit: Canaan Akuhata-Brown)

Statement of Cash Flows For the purpose of the Statement of Cash Flows, cash consists of cash and cash equivalents as defined above. The cash flows included in the statement of cash flows are stated on a gross basis.

Ākonga building their Aquabots with assistance from Tōnui Collab in Tūranganui-aKiwa (Photo credit: Canaan Akuhata-Brown)

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Changes in Accounting Policies

Some prior year project expenditure was re-categorised to reflect full project costs in 2024. Otherwise there were no changes to the accounting policies for the year ended 30 September 2025.

2024

2025

3. Projects Angitū

-

77,500

43,210

45,482

Ōhanga

267,005

387,249

Rangatira

105,153

231,126

Tangaroa

97,955

2,609

Total Projects

513,323

743,967

2025

2024

81,342

27,167

Call Account Balance

956,006

1,426,580

Credit Card

(4,052)

(2,705)

1,033,296

1,451,042

2025

2024

Balance as at 1 October

26,737,078

24,781,206

Withdrawals during the year

(785,000)

(2,075,000)

Gains on Investment Portfolio

3,326,202

4,030,872

29,278,279

26,737,078

Mātauranga

4. Cash and Cash Equivalents Cheque Account Balance

Total

5. Financial Investments

Balance as at 30 September

The investments represent the Trust’s share of the investment portfolio managed by Te Ohu Kaimoana Portfolio Management Services Limited (Portfolio Management Services).

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The Trust shares on a proportional basis the income generated and valuation movements based on the percentage held of the total fund. The Target Policy Portfolio for Te Putea Whakatupu is categorised under four broad Asset Groups according to the primary roles that each asset class plays in the portfolio: Growth Assets, Alternatives, Inflation Protecting and Income Assets.

The types of investments that Te Pūtea Whakatupu hold within these asset classes are bonds (15%), equities (35%), private investments (24%), alternatives and inflation protecting (21%) and cash (4%).

The fair values of investments are based on the most recent available price quotations.

The Trust implements Responsible Investment Policies and therefore aims excludes investments in the adult industry, alcohol, gambling, tobacco and controversial weapon companies as per the Investment Policy Statement (IPS).

Fair Values The carrying value of the financial instruments as detailed above and as disclosed in the statement of financial position is the fair value.

2025

2024

Accruals

61,586

73,763

Trade Payables

90,837

101,547

152,423

175,310

6. Payables and Accruals

Total

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7. Related Party Transactions The Trust was initially funded by Te Ohu Kai Moana Trust as per the Maori Fisheries Act 2004 with the receipt of $20 million in October 2009. Additional capital was provided following the wind up of Te Ohu Kai Moana Charitable Trust in 2009.

2025 $ Value of Transactions

2024 $ Value of Transactions

2025 $ Amount Outstanding Payable / (Receivable)

2024 $ Amount Outstanding Payable / (Receivable)

847,023

586,799

-

4,680

Vanessa Kate (Cherrington) Appointed 28 Nov 17 – 31 Jan 19 (Director) – From 1 Feb 19 (Chair)

21,250

42,500

-

Awerangi Tamihere – Appointed alternate director 16 Jul 19

21,250

21,250

-

Maria Ngawati – Appointed alternate director 16 Jul 19

42,500

21,250

-

Tatiana Greening – Appointed alternate director 16 Jul 19

10,625

10,625

-

Bernie O’Donnell - Appointed alternate director 21 Mar 23

10,625

13,281

-

Naomi Manu - Appointed alternate director 22 Nov 23

10,625

9,091

-

Total Payments to Directors

116,875

117,997

-

Description of Related Party Relationship

Administration functions of the Trust are undertaken by Te Ohu Kai Moana Trustee Limited Payment to Directors of Te Putea Whakatupu Trustee Limited

4,680

The Trust paid $116,875 to key management personnel (6 directors) (2024: $117,997, 6 directors).

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Te Ohu Kaimoana Portfolio Management Services Limited (Portfolio Management Services) has the same ultimate parent as the Trust being Te Ohu Kai Moana Trustee Limited. It acts as the manager of the joint investment portfolio for the Trust. Refer to note 5 for further details. There have been no other related party transactions (2024: Nil).

9. Commitments and Contingencies There are no capital commitments or contingencies as at 30 September 2025 (2024: Nil).

10. Events Subsequent to Reporting Date There were no events that have occurred after the balance date that would have a material impact on the financial statements (2024: Nil).

11. Financial Risk Management Financial Assets

2025

2024

1,033,296

1,451,042

-

100,214

1,033,296

1,551,256

29,278,279

26,737,078

29,278,279

26,737,078

90,837

101,547

90,837

101,547

Debt instruments at amortised cost Debt instruments at amortised cost Cash and cash equivalents Receivables Total financial assets at amortised cost

Financial assets at fair value through surplus or deficit Investments Total financial assets at fair value through surplus or deficit

Financial Liabilities Financial liabilities at amortised cost Payables Total financial liabilities at amortised cost

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The Trust’s principal financial instruments comprise cash and cash equivalents, a share in the joint Investment portfolio, receivables and payables.

The Trust contracts Te Ohu Kai Moana Portfolio Management Services Limited to manage its share in the joint investment portfolio including its exposure to key financial risks, particularly the credit and interest rate risk in accordance with the statement of investment policies and objectives. The objective of the policy is to support the delivery of the Trust’s financial targets while protecting future financial security.

Exposure to credit and interest rate risks arise in the normal course of the Trust’s business. The Trust is risk averse and has policies that seek to minimise its risk exposure from its treasury activities.

Liquidity Risk flow forecast and an investment portfolio that includes instruments that are readily convertible to cash.

All payables recorded within the Trust financial statements are current liabilities.

Credit Risk Credit risk is the risk that a third party will default on its obligation to the Trust, causing the Trust to incur a loss. It arises from the financial assets of the Trust, which comprise cash, receivables and financial assets at fair value through profit and loss.

The Trust’s exposure to credit risk arises from potential default of the counterparty, with a maximum exposure equal to the carrying amounts of these instruments. The carrying amounts of these instruments that are presented in the statement of financial position are the maximum exposure at reporting date.

The Trust does not hold any credit derivatives to offset its credit exposure.

The Trust does not require any collateral or security to support transactions with financial institutions.

The counterparties used for banking and finance activities are financial institutions with high credit ratings and sovereign bodies. The Trust limits the amount of credit exposure to any one financial institution.

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Kaiako from Tōnui Collab facilitating the Aquabot build day in Tūranganui-a-Kiwa (Photo credit: Canaan Akuhata-Brown)

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TE KĀHUI O TE OHU KAIMOANA HUI-Ā-TAU 2025 Annual General Meeting Minutes 19 March 2025

Te Pūoho Kātene presenting at the Te Ohu Kaimoana Wānanga-a-Iwi

Tapuwae Roa Annual Report 2024 - 2025

TE KĀHUI O TE OHU KAIMOANA HUI-Ā-TAU 2025 Annual General Meeting Minutes 19 March 2025

Directors present: Te Ohu Kai Moana Trustee Limited: Dion Tuuta (Interim Chair), Bella Takiari-Brame (Director), Gale Thompson (Director), Nicole Anderson (Director), Bayden Barber (Director), Dean Moana (Director), Maru Samuels (Alternate), Kim Skelton (Alternate).

Te Wai Māori Trust Limited: Rawiri Faulkner (Chair), Donna Flavell (Director), Erina Watene (Alternate), and Maria Nepia (Alternate) .

Te Pūtea Whakatupu Trust Limited (trading as Tapuwae Roa): Maria Ngawati (Chair), Kate Cherrington (Director), Bernie O’Donnell (Alternate), and Tatiana Greening (Alternate).

Apologies Pahia Turia (Te Wai Māori), Maru Samuels (Te Ohu Kaimoana), Ian Ruru (Te Wai Māori), Naomi Manu (Tapuwae Roa), Awerangi Tamihere (Tapuwae Roa), Mavis Mullins (Te Ohu Kaimoana), and Cornell Tukiri (Moana New Zealand) Whakatau/karakia Dion Tuuta (Interim Chair) opens hui at 9am and introduces the kaupapa and kaikōrero for the day.

Te Ohu Kai Moana Trustee Report Presented by Dion Tuuta Interim Chair of Te Ohu Kaimoana, and Graeme Hastilow, Mātārae of Te Ohu Kaimoana.

Presentation by Dion Tuuta: Māori Fisheries Amendment Act: • Government passed the Māori Fisheries Amendment Act (MFAA) in July last

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year, passed third reading and royal assent, kicks off two-year time frame to implement changes, significant changes, due to take effect in July 2026.

• Graeme and the Te Ohu Kaimoana (TOKM) team have circulated a number of materials to iwi, including the valuation pānui last Thursday.

There is a significant number of resources on our website, too.

• Yesterday we looked at the restructuring of the appointments process and tax point.

• Our team are available to work with Mandated Iwi Organisations (MIOs) and Asset Holding Companies (AHCs) in helping to understand technical information.

• Key workstreams and key dates discussed for the Kāhui o Te Ohu Kaimoana Implementation.

• Transfer of AFL shares from TOKM to MIO/AHC – due to be transferred in July 2026.

• Constitutional and policy updates: working with iwi on changes to trust deeds and constitution, we will be in a position to share drafts with iwi no later than October this year.

• TOKM Kāhui constitutional documents finalised by December, Kāhui boards will approve changes next year with final version being shared at next year’s AGM.

• Compliance with MFAA requirements

by July 2026; TOKM’s legal team is available to help work through these workstreams as required.

Four-Year Audit Findings and Response: • The Māori Fisheries Act (MFA) requires four-year performance audit. This is an audit of each entity’s performance against their statutory requirements, covering from 1 October 2020 – 30 September 2024 (first four-yearly audit completed since 2012 – previous years, iwi resolved to skip), undertaken by independent auditors.

• Iwi were given the opportunity to participate in the audit and give feedback on final draft; some iwi commented as part of the audit, no iwi feedback was received on the final report.

Findings on TOKM: • TOKM is performing effectively in the achievement and delivery of our statutory duties.

• Key recommendations: • Develop technical excellence, increase policy and advocacy focus; shift focus of litigation from protecting rights to enhancing rights; develop a kāhui sensibility; clarify roles of each entity within kāhui.

Tapuwae Roa Annual Report 2024- 2025

• Findings relating to broader kāhui (each organisation will speak to specifics), generally: • Each entity is performing effectively in the achievement and delivery of their statutory duties.

• TOKM is working through implementing the actions from its response plan – several KPIs which contribute.

• We are in a good position to work harder collectively which takes effort and time, however coming back to Te Kawa o te Moana, this is a binding force for all of us; we are all working together to achieve greater cohesion via all of our individual purposes; this is the most unified the kāhui has ever been, we are collectively committed to working together; communication will become more important.

Presentation by Graeme Hastilow Roadshow: • Graeme acknowledge those people and iwi who hosted and participated in roadshow in 2024, hope that you have seen some of that feedback in our annual plan, we will be coming out for further roadshow/wānanga this year including MFAA and other kaupapa and the 2025/2026 annual plan will probably be in the middle of the year.

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Te Kawa o Te Moana: • This is TOKM’s commitment to Hinemoana and Tangaroa, it is something that we as an organisation are going to grow into, hopefully, you’ll see some change in our kōrero, acknowledge Te Ori Paki for leading that work; next steps: implementation plan, we will share with iwi once the board has had time to develop this further.

28N rights: • Graeme set out the background to how 28N rights came about; resulting in the settlement shares being taken; over the years TOKM has taken a series of injunction orders to attempt to talk with the Crown – ultimately, they didn’t bare any fruit due to unwillingness from the Crown. TOKM filed proceedings in 2023 against the Attorney General, heard in July of last year; following the hearing, the Court encouraged TOKM and Crown to work together particularly in terms of SNA8; the Crown declined to engage with us; we filed further injunction proceedings to prevent that total allowable commercial catch (TACC) increase; Judge noted that he hoped to have a decision by the end of last year, hasn’t happened yet. The Court

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declined interim orders but did so with regret; resulted in Ministers’ decisionmaking loss of settlement quota; we will let you know when there is an update from the Court.

Iwi engagement survey: • The purpose of the survey was to seek iwi’s satisfaction in TOKM’s performance and the priorities of iwi in fisheries, aquaculture and ocean health. In summary, we have improved since the last iwi engagement survey, first in over two years. This is the fourth one completed, and it will be made an annual thing.

Aquaculture settlement: • Huge piece of work; range of work that the team is doing across Auckland, Waikato West, Bay of Plenty, Marlborough and Te Waipounamu; including reconciliation, the New Space forecast, and aquaculture settlements. The nature of the prospective aquaculture settlement means that iwi can get assets in advance; there are conversations that are going on with the Crown, Crown is becoming risk adverse in discharging their responsibilities, despite the Ministers emphasis on iwi entering into aquaculture.

IkaNet and Pātaka: • IkaNet is an online system for issuing

customary fisheries authorisations, we have noted a renewed interest in electronic reporting for the use of Pātaka and customary permitting.

We have seen a big increase in its use and will be working with FishServe over the next 18 months to improve it. If anyone wants to talk to the team about IkaNet or Pātaka, they will be happy to assist.

Advocacy and engagement with the Crown: • Enormous amount of regulatory reform coming out of the Crown that is having impacts on settlement and the Taiao generally, the team is trying to respond to the Crown as much as possible with the view of protecting and enhancing settlements, also building relationships across government at the senior level with the intent of trying to work with the Crown in advance of these bills coming out so we aren’t always reacting Māori fisheries settlement documentary: • In production over the last few years, nearing the end of production phase, we are aiming for a release date of June or July 2025.

Financial performance: • All positive variances, all revenue items were above budget, and total expenses were below budget by

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67

about 3%. $11.8M normalised surplus which is up by $9.8M on the budget of $1.9M. • December pānui contained a valuation of the shares in AFL, last week there was a more detailed pānui with information about the outcome of that and its effects of the TOKM balance sheet, we have adopted that valuation, and the impairment is the result.

• Note that our deficit for the year was close to $45M

Te Pūoho Kātene and Kate Cherrington taking part in Te Ohu Kaimoana’s Wānanga-a-Iwi

• Our portfolio was $15.1M vs budget $6.5M which is the reason for our large, normalised surplus • Balance sheet as at 30 September 2024: assets held on trust for distribution for iwi (where that impairment is reflected), $18M in quota and other assets, total equity of $178M. Portfolio performance: • Investment portfolio, manages assets of TOKM, Te Wai Māori and Tapuwae Roa, had a fantastic year with an increase of $15-16M on last year, there is huge uncertainty in the global realm so we’re considering our options in terms of exposure in terms of global equites and not being in US markets, but history tells us these bounce back; sitting above benchmark.

Takutai Trust performance: • Trust activities funded by MPI by way of funding agreement from MPI Te Pūoho Kātene presenting at Te Ohu Kaimoana’s Hui-a-Tau 2025

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in accordance with the Act, funding $836k which was down by $65k in 2023; bulk of that funding goes to HR and Professional Services, there were no settlements in 2024 so no transfer of assets, this is not to say that no work was done in 2024, just no assets were transferred.

Pātai from the floor

• Graeme Hastilow: The board will consider that request and thank you for raising that; reiterating what Dion said, the support of TOKM in terms of our legal capability can assist iwi in that regard, noting that other costs will need to be met too; encourage iwi to reach out to our legal team.

• are not yet underway.

Pātai

Te Wai Māori Trust • Peter Rice (Te Arawa Fisheries): Some Report of our investment advisors give us benchmarks, in terms of the portfolio performance, what benchmark are they using?

Whakautu • Dean Moana: Valid point, something we discuss at the board all the time, wading between risk and terms and how much risk we want to build in the portfolio, range of points of view (one that sits in your camp where others say middle of the road), point is noted, our advisers at Mapua Wealth certainly have the message from us.

Pātai

Presented by Rawiri Faulkner, Chair of Te Wai Māori, and Carly O‘Connor, Wai Puna of Te Wai Māori.

Presentation by Rawiri Faulkner: • Mihi to Pahia and his whānau.

• Introduction to the Board, noting that there are reappointments occurring.

• MFAA see opportunity to incorporate rigour into our processes.

• Acknowledge Carly, Vanessa and the team.

Freshwater funding: • Danny Loughlin (Ngāti Tūwharetoa): Some of our investment advisors give • Administer two freshwater funds us benchmarks, in terms of the portfolio (Te Wai Ora - $250k of new funding performance, what benchmark are made available; and Tiaki Wai Fund they using?

- $7.5k grant per project), received to date many applications, 56, with Whakautu over $1M funding sought; Te Wai

Tapuwae Roa Annual Report 2024- 2025

Māori Scholarship. $31k to five tauira; MFE Essential Freshwater (Tangata Whenua Fund).

Financial performance: • Investment $2.5M ahead of 2023, investment portfolio increased, accumulated surpluses increased; MFE income was $5.2M ($5.2M of expenditure), total grants paid out in 2024 were $4.2M; other income was $280k higher than 2023; investment portfolio and accumulated income increased.

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their work (Indi Novak and Siobhan Nuri) – established the scholarship in 2022 and last year were able to distribute pūtea to those studying in the freshwater area.

Māori Freshwater Fisheries Conference 2023: • Provide platform for those to present their mahi and the whānau working on the ground; next heading to Te Kuiti, 8 and 9 April 2025, expecting a full event again this year.

Four-year audit: • Recommendations were made to Te Wai Māori – overview shared with the room; Trust response: entity response plan was prepared, will consider the recommendations throughout 2025 and years to come, will work collaboratively with the kāhui, commissioned external advice on fund payment structure, distribution and management; any actions identified by the trust will be captured in the trusts 5-year plan, commencing 1 October 2025.

Presentation by Carly O’Connor: Funding recipients: • Hokonui: funded an AI robo-flow model which will be used to monitor kanakana migration, data gathering and transfer – a valuable tool; Wai Ora Scholarship: shared videos from Ākonga building Aquabot electrical components

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Indigenous species: • Commissioned two reports last year (the first one was on drain clearance and the impacts on our indigenous taonga, the other on the safe fish passage at hydroelectric power stations to help inform consent processes); Te Mana o Ngā Tuna: New co-chairs (Erina Watene and Erina Wehi-Barton) focussing on priority setting and supporting local iwi led initiatives.

Targeted research: • Key project of recent years is the fish futures project with Cawthron with funding from MBIE Fish Futures Working Group – positive change in the group functioning, over the 5 years have secured $600k to fund that programme; idea was to have a coalition of the willing with representatives at the right level to seek change at the higher levels.

Policy and Legislation: • Watching brief – key focus of last year: Fast Track Approvals Bill, Māori Wards Amendment Bill, RM (Freshwater and other Matters) Amendment Bill; loss of Te Mana o te Wai.

Pātai from the floor No pātai from the floor

Te Pūtea Whakatupu Trust Report Presented by Te Pūoho Kātene, Kaihautū, and Maria Ngawati, Chair of Tapuwae Roa of Tapuwae Roa. Presentation by Maria Ngawati: • Working on project with Che Wilson and his family called the Ariki model, how do we use our non-hierarchical model.

• Mihi to Kate for her work as Chair over the past seven years.

Presentation by Te Pūoho Kātene: Four-year audit: • Gave us a chance to reflect on being a passive grant trust and how can we pivot our purpose for how we can enhance our role; recommendations: increase targeted investment in skills relevant to the fishing industry (continue to fund fisheries related research), gather robust data for analysis to measure outcomes and tailor its programmes, undertake a stakeholder engagement survey – identified by our own reflections; reflection on the history that got us there; legislative purpose is our minimal standard, our goal is being

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able to help Māori achieve their untapped potential.

Rangatira • Amorangi Māori in Governance Summit, He Tukutuku Koiora: Māori Associate Directorship, Pou Herenga Tangata Award (6x $5000 grants to support rangatahi leadership in communities).

Angitū:

Rangatahi particpating in Toi Kai Rawa’s ‘He Rangatahi, He Anamata’ Summit, co-funded by the Pou Herenga Tanagata Award

• Marautanga Ahuarangi – creation of climate change curriculum (slowed down slightly as the government has changed the NCEA programme, but we will be working with them to make sure this programme continues to be implemented smoothly). Ōhanga: • Rakahinonga Roadshows – entrepreneur roadshows throughout the different regions for the last couple of years; Te Ara Takatū – report on creating pathways for Māori entrepreneurship; Toi Tuka – Māori start up accelerator (next cohort to be welcomed in in May this year); hosted delegation of Native American businesses for a development programme targeting Māori and native creative entrepreneurs; Tupu Accelerator.

Rangatahi particpating in Toi Kai Rawa’s ‘He Rangatahi, He Anamata’ Summit, co-funded by the Pou Herenga Tanagata Award

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Mātauranga: • Tonganui Scholarships – 3x $10k scholarships each year advancing tikanga Māori in the oceans sector; Kura Waka Hourua – school for traditional ocean navigation (design phase initiated); aim to create oceans people, can’t sit outside the communities and expect to have the same care outside of this room, by connecting early they will have that love in their heart in the future; Hinātore – navigating Māori success conference.

Tangaroa: • Aquabots – STEM kaupapa enabling kura to participate in national underwater drone competition.

Financials: • Last year was a strong year financially, diversifying income streams, total surplus $2.6M; portfolio increased to $4M up by $1.51M from the year prior; increased the team to directly deliver the programme from 2.8 FTEs to 5 with a total operating expenditure of $420k; nearly $700k directly deployed to strategic objectives.

• Our year in numbers: demonstration of what the 2024 year looked like in numbers put on slideshow.

Plans for 2025: • (Tupu accelerator; Tētē Kura; He Tukutuku Koiora; Tangaroa; documentary); the Tupu Accelerator applications close tomorrow, entered

into arrangement to undertake a design research project of pathways for Māori to Executive leadership, preparing to relaunch for next cohort of Amonuku, accelerating our Oceans Work Programme, acknowledging the 20th anniversary of the formation of Te Pūtea Whakatupu Trust.

Pātai from the floor No pātai from floor

Hui-a-tau Resolutions Presented by Dion Tuuta Resolutions for Te Ohu Kaimoana Huia-Tau 2025: • Approve the minutes of the Hui-a Tau for March 2024 • Moved: Joseph Thomas • Seconded: Sam Mikaere • Carried • Approve the annual report of TOKM • Moved: Bronco Carson • Seconded: Peter Van Kampen • Carried • Approve the appointment of auditors and authorise the directors to agree to the auditor’s remuneration • Moved: Danny Loughlin • Seconded: Donna Flavel • Carried

Conclusion of Te Ohu Kaimoana Annual General Meeting

Tapuwae Roa Annual Report 2024 - 2025

TE KĀHUI O TE OHU KAIMOANA HUI-Ā-TAU 2026 Annual General Meeting Agenda

Te Ohu Kai Moana Trustee Limited and Aotearoa Fisheries Limited (trading as Moana New Zealand) Hui-ā-Tau, Thursday, 19 March 2026, Novotel Auckland Airport.

Agenda (may be subject to change)

9.00 am

Mihi whakatau

9.15 am

Te Ohu Kai Moana Trustee Limited Annual General Meeting Te Ohu Kai Moana Report (including Takutai Trust)

10.00 am

Te Wai Māori Trust Report

10.15 am

Te Pūtea Whakatupu Trust Report (trading as Tapuwae Roa) Te Ohu Kaimoana resolutions put to the meeting to: 1. Approve the minutes of the 2024 Annual General Meeting (Hui-ā-Tau)

10.30 am

2. Approve the annual report of Te Ohu Kai Moana Trustee Limited 3. Approve the appointment of auditors and authorise the directors to agree to the auditors’ remuneration.

10.35 am

11.00 am

Morning tea Aotearoa Fisheries Limited (trading as Moana New Zealand) Annual General Meeting: 1. Moana New Zealand business overview 2. Sealord Group Limited business overview Aotearoa Fisheries Limited’s resolutions put to the meeting to:

12.10 pm

12.30 pm

1. Approve the annual report of Aotearoa Fisheries Limited 2. Approve the appointment of auditors and authorise the directors to agree to the auditors’ remuneration.

Meeting concludes

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TE PŪTEA WHAKATUPU TRUST 4-YEAR STATUTORY AUDIT FY25 Progress Report

Tamara Kirwan at the Tupu Accelerator whakatau 2025

Tapuwae Roa Annual Report 2024 - 2025

BACKGROUND The Māori Fisheries Act 2004 (the Act) provides that Te Ohu Kaimoana, Aotearoa Fisheries Limited (trading as Moana New Zealand), Te Wai Māori and Te Pūtea Whakatupu (operating as Tapuwae Roa) must be subject to a performance audit every four years.

This involves an independent non-financial audit of each entity’s performance against its respective statutory purposes. For Moana New Zealand, this also includes a review of and report on its commercial performance.

The most recent audit was undertaken by independent auditors Dr Mark Hickford and Anaru Mill in 2024, and was the first four-year audit since 2012, after Mandated Iwi Organisations passed resolutions in 2016 and 2020 respectively, exempting each of the entities from the performance audit. The period for this audit was 1 October 2020 to 30 September 2024.

Each audit report assesses the strategic goals and objectives set by each entity, and discloses key findings, including achievements, challenges, opportunities and overall performance against those objectives in the context of each entity’s functions and duties in accordance with the Act. Finally, the auditors advise of their recommendations for each entity.

Upon being presented with the auditor’s recommendations, the Board of each entity decides which recommendations it will adopt and then sets a number of actions to address each recommendation made. It is a requirement of the Act that these actions be reported on within this annual report, by each entity and at our Hui-ā-Tau | Annual General Meeting in March of 2026.

Following are the auditor’s recommendations, as well as commentary and response from Tapuwae Roa as of 30 September 2025.

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PROGRESS ON AUDIT RECCOMMENDATIONS Paragraph 231.1.1 (a) “Increase targeted investment to develop skills relevant to the fishing industry, and particularly for education and training courses, and …”

Status: Delivered and Continuing Tapuwae Roa has significantly expanded its Tangaroa work programme to address this recommendation. Over the 2024–25 financial year, we have: • Delivered the fourth year of our Tonganui Scholarship, advancing tikanga Māori, mātauranga tuku iho and Te Ao Māori within the oceans sector.

• Expanded oceans-STEMM initiatives, including delivering school-based underwater robotics programme (AquaBots) into kura reo across three regions, translating and delivering dedicated Te Reo Māori resources and support to 130+ participating ākonga across eight kura.

• Advanced our Māori oceans workforce strategy, Te Ngake o te Kūpenga, aiming to increase Māori skilled workforce participation and resilient skills pathways across the oceans and seafood sectors. We are actively connected to and partnering with sector groups including Moana New Zealand, Sealord, Iwi Collective Partnership, and iwi such as Te Whakatōhea and Te Whānau a Apanui.

• Alongside Muka Tangata Workforce Development Council, we contributed to the national Seafood Qualifications Review to embed a Te Ao Māori strand within vocational pathways.

• Advanced our efforts supporting waka hourua (traditional navigation) in our continued effort to “grow oceans people”, alongside Te Toki Voyaging Trust and the national body, Te Hau Komaru.

Paragraph 231.1.1 (b) “… continu(e) to fund fisheriesrelated research.”

Status: Delivered and Strengthened The Trust has maintained and expanded investment in fisheriesrelated and ocean-related research through: • The Tonganui Scholarship, now in its fourth year, supporting Māori research into marine ecology, fisheries restoration, mahinga kai, blue economy innovation, and traditional knowledge revitalisation across multiple funded projects.

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Paragraph 231.1.2 (a) “Gather robust data for analysis to measure outcomes (and) a more precise understanding of the impact of its initiatives on outcomes.”

Status: In Progress (Foundational Work Delivered) In response, Tapuwae Roa initiated the development of an Impact Reporting Framework which includes: • Development of a Trust-wide impact architecture aligned to our Pou Whakaaweawe (intergenerational impact outcomes).

• Establishment of a technical indicator library to guide consistent measurement.

• Embedded stakeholder engagement into key kaupapa (e.g., Amonuku and host board reflections and feedback, Rakahinonga Roadshow attendee feedback, AquaBots ākonga surveys, Tupu Accelerator founder feedback, Tukuoha funding recipient accountability reports).

• Planned evaluations also include a third-party expert review of our He Tukutuku Koiora programme pilot in FY2026.

Paragraph 231.1.3 “Periodically commission a stakeholder engagement survey.”

Status: Not yet completed, planned A formal stakeholder engagement survey has not yet been commissioned. While Tapuwae Roa intends to work with Te Kahui o Te Ohu Kai Moana to deliver this in the future, we continue to engage with our stakeholders through various effective channels: • Newsletters and pānui to Mandated Iwi Organisations, Representative Māori Organisations, strategic partners and our growing pānui database of 4,873 subscribers (31,062 pānui opened in FY25) • Our strong, growing social media presence (8,611 total follows, with 32,262 people engaging with our content in FY25) • Strengthening partnerships with Representative Māori Organisations through hui ā kanohi.

Te Kahukura Boynton presenting the keynote at the Tupu Accelerator Showcase 2025