PŪRONGO Ā-TAU
ANNUAL REPORT
FOR THE YEAR ENDED 30 PIPIRI 2026
Tēnei hoki taku taketake E Rongo mārua whatu Whanaua iho i runga i te pū whakamārōrōhau Amo ake au i taku toki ko Te Āwhiorangi Waihōrua e hoki ki runga, e hoki ki raro E hoki ki te whai ao, ki te ao mārama Maru, ā, ka hura, Tangaroa unuhia! Unuhia i mua waka I roto waka i a Tāne Mahuta Ki te whai ao ki te ao mārama E Rongo e, whakairihia ake ki runga kia tina! Tina! Haumi e! Hui e! Tāiki e!
Front cover: Te Matiti o Te Tau 2026. This image was taken during the ritenga, Te Matiti o te Tau, at the Kura Reo in January 2026. Kura Reo is one of many kaupapa that forge a pathway to strengthen and grow our iwi and our uri. These wānanga reinforce cultural identity, collective capability, and strengthen foundations that support Ngāruahine now and into the future. The theme of this year’s annual report is ‘Unuhia i mua waka,’ taken from the poi karakia ‘Tēnei hoki taku taketake.’ This year has focused on building strong internal foundations and positioning us for the journey ahead. Our theme reflects a commitment to clearing the path and strengthening the organisation, so we can move forward as one, with clarity and purpose.
Ihirangi CONTENTS Election Notice
Pg 1
Trust Deed Requirements
Pg 2
Pouwhakarae Report
Pg 3-5
Tumu Whakarae Report
Pg 6-8
Ka Ora Taku Toa Strategy 2026-2031
Pg 9-16
Annual Highlights 2025-2026
Pg 17-30
Key Operating Data – At a Glance
Pg 31-33
Reporting against the Annual Plan
Pg 34
Te Kīwai Mauī o Ngāruahine – Heamana Report
Pg 35-40
Te Kīwai Mauī Board of Directors
Pg 41-42
Supplementary Information Te Korowai o Ngāruahine Trustees Highlights
Pg 43-50
Trustees Other Roles
Pg 51-54
Independent Members Qualifications
Pg 55-56
Governance Sub-Committees and Subsidiaries
Pg 57-58
Te Korowai o Ngāruahine Kaimahi Highlights
Pg 59-63
Minutes of the 2025 Annual General Meeting
Pg 64-76
Grant Recipients 2025-2026
Pg 77-84
Grants and Scholarship Stats 2025-2026
Pg 85-86
Annual Plan Summary 2026-2027
Pg 87-88
Financial Statements
Pg 89-120
NOTICE OF HUI Ā-TAU (ANNUAL GENERAL MEETING) 2026 NOTICE IS HEREBY GIVEN THAT the Hui ā-tau (Annual General Meeting) of Te Korowai o Ngāruahine Trust will be held at Waiokura Marae, Winks Road, Manaia on Saturday 29 August 2026. All Ngāruahine uri are invited to attend. 9.15am: Whakatau 9.30am: Morning tea 10am: Annual General Meeting (AGM) commences Agenda 1. Karakia tīmatatanga 2. Welcome 3. Accept Apologies 4. Accept previous minutes 5. Accept Pouwhakarae Report (Te Korowai o Ngāruahine Trust) 6. Accept Heamana Report (Te Kīwai Mauī o Ngāruahine Ltd) 7. Receive Audited Annual Financial Statements for period ending 30 June 2026 8. Appoint Auditor for 2026/27 9. Accept Trustee remuneration for 2026/27 10. Trustee highlights 11. Presentations 12. Receive Annual Report 2025/2026 13. Receive Ka Ora Taku Toa Strategy 2031 14. General business 15. Closing comments and acknowledgements 16. Waiata and karakia whakamutunga Hākari will follow. We encourage all uri to register in advance for this event. You can register your attendance for the Hui ā-tau or notify your apology online by going to https://www.research.net/r/AGM29082026 or by scanning the QR code below.
A representative of the Independent Returning Officer and a wāhi pōti (ballot box) will be present at the Hui ā-tau, enabling adult registered members of the Kanihi-Umutahi (me ētehi), Ngāti Manuhiakai and Ngāti Tū Hapū electorates to cast their vote in the 2026 Trustee Elections. The Hui ā-tau is being live streamed for uri who cannot attend in person. Information regarding the Hui ā-tau live streaming will be shared on our Facebook page and our website. A digital copy of the 2026 Annual Report will be available to download from our website www.ngaruahine.iwi.nz from 20 August 2026.
ELECTION NOTICE
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KOROWAI O NGĀRUAHINE TRUST TRUSTEE ELECTIONS 2026 CONFIRMATION OF NOMINATIONS AND ELECTION
Declaration of Contested Vacancies and Election Contested Vacancies (2 available positions per hapū) Kanihi-Umutahi (me ētehi) KING Te Hapimana Tauke KOOT BRENNEN Paula TAYLOR Katrina WEBB Allen Ngāti Manuhiakai ERB Kiri HAWE-FOREMAN Ferinica KATENE-ASHFORD Tazmyn Ngāti Tū BIGHAM HEMARA-WAHANUI HIBBERT
Bonita Allie Terence
As more than two valid nominations were received for the above hapū Trustee positions, elections will be required to determine those Trustees and will be conducted by postal and online voting. Adult members of Te Korowai o Ngāruahine Trust will be sent a voter pack for their hapū electorate. Voting packs lodge Wednesday 15 July 2026. Voting will close at 5pm on Saturday 29 August 2026. Voting papers can be placed in the ballot box at the wāhi pooti to be held as part of the Annual General Meeting, on Saturday 29 August 2026. Trustees will take office on the date of certification of the full election results after the close of voting.
Isiah Roberts Returning Officer Ph: 0800 666 042 Email: iro@electionz.com
1
| Te Korowai o Ngāruahine Annual Report 2026
TRUST DEED REQUIREMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KOROWAI O NGĀRUAHINE TRUST DEED REQUIREMENTS FOR THE ANNUAL REPORT
In accordance with clause 10.1, the Board must, within four months after the end of each Financial Year, cause to be prepared an Annual Report on the affairs of the Ngāruahine Group, covering the accounting period to the end of that Financial Year which must include: a. a comparison of the Ngāruahine Group’s performance against the Annual Plan; b. a balance sheet and income and expenditure statements and notes so as to give a true and fair view of the financial affairs of the Trust and the Ngāruahine Group for that Financial Year. The Financial Statements must include as a separate item: i) details of any remuneration or fees paid to any Trustee or any Trustee’s firm and details of any premiums paid in respect of Trustees’ indemnity insurance; ii) changes in the value of the Trust Fund; and iii) any distribution made by the Trust in accordance with its objects; c. the steps taken by the Trust to increase the number of Registered Members; d. details the sales and exchanges of Settlement Quota in the previous Financial Year, including: i) the quantity of Settlement Quota held by the Asset-Holding Company at the beginning of that year; ii) the value of Settlement Quota sold or exchanged; iii) the identity of the purchaser or other party to the exchange; iv) any transaction with Settlement Quota that has resulted in a registered interest by way of caveat or mortgage being placed over the Settlement Quota; v) the Settlement Quota interests that have been registered against the Quota Shares of the Trust; and vi) the value of Ordinary Shares sold, exchanged, or acquired; e. a report on the interactions of Te Korowai o Ngāruahine Trust in fisheries matters, including: i) with other entities within the Iwi; ii) with other Mandated Iwi Organisations; iii) with Te Ohu Kaimoana Trustee Limited; and iv) with Aotearoa Fisheries Limited. f. any changes made to the constitutional documents of the Trust or Trust Entities.
Te Korowai o Ngāruahine Annual Report 2026 |
2
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
Pouwhakarae Report Emma Gardiner - Ōkahu-Inuāwai Unuhia, unuhia, unuhia i mua waka I have the pleasure of presenting the Pouwhakarae report for Te Korowai o Ngāruahine Trust (Te Korowai) Group for the period 1 July 2025 to 30 June 2026. This is the last Pouwhakarae Report under this Board’s tenure, and I would like to take the opportunity to thank those who have made an important impact over the last few years. We would like to thank our hapū and uri for their engagement, patience, honesty and support. The strength and visibility of Ngāruahine comes directly from our uri, whānau, kura, pā and hapū. I would like to thank Te Aorangi Dillon, our Tumu Whakarae and our kaimahi. Change can be challenging, but we must make decisions in the best interest of serving Ngāruahine. Your dedication and adaptation over the last term was immense. E rere ana ngā mihi ki a koutou katoa. You can hear from our Tumu Whakarae on pages 6-8 and see our kaimahi on pages 59-63. I would like to thank my fellow Trustees for your commitment and contributions to Te Korowai over the last three years, and I acknowledge that this is done in addition to all the other roles you serve in Ngāruahine. You can find out more about the current Board and their highlights for the year on pages 4350. To the new incoming Board – We are dedicated to the successful start of your term, and we look forward to welcoming you all at your pōwhiri next month. Nau mai, e rarau! 3
| Te Korowai o Ngāruahine Annual Report 2026
Pouwhakarae Emma Gardiner, performing in the kapa whakataetae at Taranaki Tū Mai 2025.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
KA ORA TAKU TOA 2031
This kaupapa was built upon the accumulative aspirations of uri, kaimahi and Boards dating back to pre-settlement. The focus during our latest review was on our performance framework for identifying initiatives and monitoring outcomes so we can, hand on heart, know that our allocation of resources will result in tangible benefits for Ngāruahine. We would like to thank all our uri who participated in our in-person wānanga, online wānanga, our drop in table at Taranaki Tū Mai, and the recent series of hui with hapū. He mihi nui ki a koutou katoa.
Key strategy consultant and uri of Ngāruahine, Dee Sciascia facilitating one of our in-person wānanga at KanihiMāwhitiwhiti Pā.
To our hapū – There is a natural and healthy push and pull between our hapū and Te Korowai. A shared acknowledgement that hapū are integral to the success of our iwi, a demand for hapū mana motuhake – but also an acknowledgement that Te Korowai plays a role in supporting and enabling hapū development. This strategy prioritises policy level and multi-year programme solutions to do this. To our uri – You will see that we have continued to support the scholarships and grants programme, and events. However, there will be a more explicit alignment with our hapū and pā moving forward. While we have an ongoing dedication to the success of uri, this cannot be in isolation. It is important to encourage servitude, reciprocity and commitment to the success of our collective. Pā mai, hapū mai, iwi mai. A special mihi to Acushla Sciascia who has led this piece of mahi with the Board. Ka nui te mihi ki a koe Dee. You can see the final strategy on pages 9-16.
TOITŪ FUND
Trustees approved the Toitū Fund Policy and an extra allocation of $1.315 million to the Toitū Fund. This brings the total circulating fund to ~$5.9 million available to hapū to support Deferred Selection Properties (DSP), alongside further whenua acquisition and hapū development projects.
Our in-person hui provided great opportunities for uri to provide honest, constructive feedback towards the development of our Ka Ora Taku Toa Strategy.
SPECIAL RESOLUTION – APPROVED TRUST DEED AMENDMENTS During the year, Te Korowai Board initiated a special resolution for amendments to Te Korowai Trust Deed. The amendments were directly related to the Māori Fisheries Act amendments that were required by 26 July 2026. To avoid a ‘mad rush’ and the additional resourcing required to run a Special General Meeting (SGM), Te Korowai Board decided to ensure that the process was well planned and coincided with our 2025 AGM. The special resolutions were administered independently by Electionz, and were carried with over 75% of registered adult member voting in favour of the Trust Deed amendments. Ngā mihi ki a koutou i pōti mai ki tēnei whakataunga.
To see more information on the Toitū Fund, check out page 29.
Te Korowai o Ngāruahine Annual Report 2026 |
4
TE KOROWAI O NGĀRUAHINE TRUST GROUP
POUWHAKARAE REPORT
FINANCIAL AND OPERATING MODEL
A fundamental challenge facing all Post-Settlement Governance Entities (PSGEs) is that the iwi settlement quantum represents a small fraction of the overall historical grievance, and that the iwi population growth increases at a greater rate than the growth of the asset base. Over the long-term, the value PSGEs provide to their iwi diminishes at a per capita basis (average asset value per uri). Over the last few years, Te Korowai has regularly referenced the organisational review. This review identified two key interventions to this fundamental challenge; impact investments and service delivery contracts. These interventions do not address the ‘average asset value per uri’ challenge. However, it does look at how to increase value or wellbeing to our iwi despite this challenge. The concept of impact investments and service delivery contracts to improve wellbeing isn’t a new concept; however, its successful execution is rare to nil. This is because both interventions are multi-year in nature, require relentless implementation and management. This isn’t flashy or attractive, but it is critical if we want Te Korowai to address this fundamental challenge and maximise the value and wellbeing to Ngāruahine. This year and last year, Te Korowai Board made the conscious decision to approve an operational deficit to invest into supporting organisational infrastructure and systems culture. However, it is important to highlight that this is funded through retained earnings accumulated through underspends in previous years. It is common for organisations to have several years of underspending and years of investment into organisational improvement. These improvements directly support the transition into impact investments. Additionally, we have initiated a synergies report with Ngāruahine Iwi Authority (and Health Services). There are many inefficiencies inherent in the two organisations due to their type, size and location. To best achieve the objects in their respective constitutions, namely, to serve Ngāruahine, responsible Trustees have an obligation to evaluate if synergies can be achieved through a more formal relationship together.
5
| Te Korowai o Ngāruahine Annual Report 2026
FINANCIAL PERFORMANCE 2026
The total comprehensive income for the financial year 2026 was $4.4 million which contributed to the growing total asset base of $120 million to 30 June 2026. This is a $2.8 million increase in comprehensive income on the previous financial year. Since we settled with the Crown in 2014, our overall assets have grown in value by $51.7 million (as at 30 June 2026). In financial year 2025, the Group received total income of $5.5 million and had expenses of $6.1 million for an operating loss of $636,321. By comparison, in financial year 2026 the Group received total income of $4.2 million and had expenses of $5.1 million creating an operational deficit of $908,347. This operational deficit within the Group can be attributed across two areas: • Ngā Rere Lodge -$445,927. This is further explained on page 39. • Te Korowai o Ngāruahine Trust and Charitable Trust -$396,020 (This is further explained in the next section) I would like to acknowledge Te Kīwai Mauī o Ngāruahine Board for their contribution to the comprehensive profit for financial year 2026. The investment performance is further explained in the Te Kīwai Mauī Chairman’s report by Dion Maaka on pages 35-39.
HEI WHAKAKAPI
This year’s annual report captures the ongoing strength of Te Korowai engagement and events, and also the shift into more mature, multi-year kaupapa that will have positive intergenerational impacts within Ngāruahine. We look forward to seeing everyone at our hui ā-tau. Pai mārire!
Emma Gardiner Pouwhakarae Te Korowai o Ngāruahine Trust
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TUMU WHAKARAE REPORT
Tumu Whakarae Report Te Aorangi Dillon - Ngāti Hāua
I ROTO WAKA I A TĀNE MAHUTA
Unuhia i mua waka reminds us that before a waka even touches the water, much of the most important work has already taken place. It is in the preparation, the strengthening of its foundations laid previously, the careful consideration of its direction and the readiness of those who will carry it forward, where the success of the journey is ultimately determined.
The review asked whether Te Korowai was organised in the best possible way operationally, to meet the opportunities and expectations that continue to emerge for Ngāruahine. It recognised that as the organisation has grown and matured, so too must our systems, capability and operating model that support it.
Looking back on the 2026 financial year, I believe this has been one of those years for Te Korowai. With the completion of the first five years of Ka Ora Taku Toa, we took the opportunity to drill down on where we had been and the direction that made the most sense to head in for the coming five years.
The recommendations have provided a clear pathway for strengthening how we plan, coordinate and deliver our work, while ensuring the right capability exists to support our people into the future. The implementation is now underway and reflects a deliberate commitment to building an organisation that is resilient, sustainable and better equipped for the next phase of its journey.
While our day-to-day responsibility has remained focused on supporting the aspirations of our hapū, whānau and uri, this year has also been one of deliberate organisational strengthening. It has been a year of taking stock, challenging ourselves and ensuring that Te Korowai continues to evolve in ways that better position us to support Ngāruahine, not only today, but for the generations that follow.
The organisational review also provided the foundation for a broader conversation about how the wider Te Korowai o Ngāruahine Trust Group (‘the Group’) works together.
The first step in that journey was the completion of an organisational review. The review examined our systems, processes and structure to identify opportunities for improvement, while also recognising the external factors which contribute and drive change within the kaupapa.
Te Korowai o Ngāruahine Annual Report 2026 |
6
TUMU WHAKARAE REPORT
Throughout the year, work through Pupuke te Hihiri has helped us consider what this means operationally, including the capability, systems and ways of working Te Korowai will need to support the direction ahead. As this work progressed, we also reached an important milestone through the refresh of the Ka Ora Taku Toa strategy as mentioned in the Pou Whakarae report on page 4.
KI TE WHAI AO KI TE AO MĀRAMA
For Te Korowai operationally, the refresh provides greater clarity about where our effort should be focused over the coming years and how our planning and delivery can continue to align with the aspirations of Ngāruahine. This is one of the most significant organisational developments of the year. More than a reporting tool, the framework establishes the accountability model that underpins Ka Ora Taku Toa, creating a clear line of sight between the aspirations of Ngāruahine, the priorities identified through the annual plan, the work undertaken across Te Korowai, and the outcomes we seek to contribute towards. Use the QR code on page 11 to see the Strategy Performance Framework Importantly, it shifts our focus beyond measuring activity alone. It provides a clearer basis for assessing organisational performance through evidence of progress, impact and continuous improvement, strengthening accountability across the organisation.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Looking back, what stands out most is not any single initiative, but the way these pieces have come together. The organisation review, Pupuke Te Hihiri, the strategy refresh and performance framework each serves a different purpose, yet collectively they strengthen Te Korowai from within. They provide greater clarity about who we are, how we work, how we measure success and how we continue supporting the aspirations of Ngāruahine into the future. Just as importantly, they have all been progressed while Te Korowai has continued delivering for our people every day. Throughout the year, our team has continued supporting whānau, working alongside hapū, administering funding, strengthening relationships, maintaining organisational systems and responding to the opportunities and challenges that arise across our takiwā. The breadth of work reflected throughout this annual report demonstrates that strengthening Te Korowai has not come at the expense of delivery. Alongside this work, Te Korowai has continued advocating for the interests of Ngāruahine across a range of local, regional and national matters. Whether contributing to legislative reform, advocating for the protection of our whenua and taiao or ensuring the perspectives of Ngāruahine are represented in decisions that affect our people. Our responsibility has remained consistent – to be a strong and credible voice wherever that voice is needed. You can find more information on what we have been up to in the Pou highlights on pages 17 to 30.
Ngāruahine uri Heavenlee Ngatai and Te Aorangi Dillon joining in the festivities at the Relay for Life in Kohanga Moa (Inglewood).
7
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
None of this would have been possible without our kaimahi. Throughout a year of considerable loss within our team and organisational change, our kaimahi have continued to serve uri, whānau and hapū with professionalism, resilience and commitment. They have embraced new ways of working while continuing to deliver on behalf of Ngāruahine, demonstrating the adaptability and dedication that continues to strengthen Te Korowai.
TUMU WHAKARAE REPORT
Our focus now is on continuing to embed these changes, system improvements, maintaining momentum and ensuring Te Korowai remains well positioned to support the aspirations of Ngāruahine into the future.
Te Aorangi Dillon Tumu Whakarae Te Korowai o Ngāruahine Trust
Today, 71% of our workforce identify as uri of Ngāruahine with the remainder being from whanaunga iwi with whom we have strong connections. Combined with our continued commitment to professional development, this strengthens both the capability of our people and our ability to remain connected to those we continue to serve. While this year has seen significant organisational development, it is only one step in a much longer journey.
Te Korowai o Ngāruahine kaimahi at the tari.
Whānau Day at Wai o Rua - Stratford Aquatic Centre was another success in collaboration with Ngāruahine Iwi Health. Te Korowai o Ngāruahine Annual Report 2026 |
8
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KA ORA TAKU TOA STRATEGY
KA ORA TAKU TOA STRATEGY 2026-2031
9
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KA ORA TAKU TOA STRATEGY
Te Korowai o Ngāruahine Annual Report 2026 |
10
KA ORA TAKU TOA STRATEGY
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Pae Tawhiti - Vision Ka Ora Taku Toa Ngāruahine uri — resilient, confident and thriving Our vision is guided by the rallying call of our tupuna Tītokowaru for all Ngāruahine uri to be steadfast and resilient, to stand confident as Ngāruahine uri through elevating our reo, tikanga and toi; restoring and protecting the taiao; and supporting one another towards wellness and prosperity. The whakataukī Ka ora taku toa was composed by the late Dr Huirangi Waikerepuru in his ngeri inspired by the legacy of our tupuna Tītokowaru. Although not Tītokowaru’s own words, it captures the enduring spirit of his legacy and has become a rallying call for Ngāruahine uri to stand confidently in their identity, uphold the mana of Ngāruahinetanga, and pursue wellbeing, resilience and prosperity for generations to come.
Ngā Mātāpono - Values • • • •
Kia tika, kia pono – Be transparent and trustworthy Kia manaaki, kia māhaki – Be caring and respectful Kia manawanui, kia manawaroa – Be steadfast and resilient Kia ngākaunui, kia koa – Be empathetic and joyful
We continue to honour the original values adopted by Te Korowai. These values guide the kaupapa and the whakapapa they carry for hapū. That foundation has not been set aside. We are always growing, always learning – and our values grow with us. This is not a replacing of what came before; it is building upon it, a natural continuation of who we are and who we are becoming.
Performance Framework You can check out the performance framework document on our website. Simply scan the QR code below or if you are viewing the online version from your device then tap on the link at the bottom of this page.
https://www.ngaruahine.iwi.nz/tkont-performance-framework-2026 11
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KA ORA TAKU TOA STRATEGY
Ngā Pou - Strategic Focus Areas Ngāruahinetanga Confident and connected uri — our culture is visible, valued, and celebrated everywhere by ensuring our tikanga, reo, and taonga tuku iho thrive for generations.
Poua te Pātūtū (Kāinga) Ngāruahine uri live in warm, healthy homes where whānau and wellbeing flourish.
Te Kawa Whanakeora (Iwi Economy) Ngāruahine has a thriving circular iwi economy. Ngāruahine uri experience equity and excel in education, training, employment and enterprise.
Tupua te Mauri (Taiao) Our natural environment is restored and protected for generations to come.
Te Korowai o Ngāruahine Annual Report 2026 |
12
KA ORA TAKU TOA STRATEGY
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Ngāruahinetanga Confident and connected uri — our culture is visible, valued, and celebrated everywhere by ensuring our tikanga, reo, and taonga tuku iho thrive for generations.
Te Reo o Ngāruahine
Ngā Tikanga o Ngāruahine
Our reo is alive, heard on the pā and in the street; it is taught intergenerationally, and our uri are proficient speakers.
Hapū have strong kaikōrero, kaikaranga, ringatoi, and succession plans in place.
Ngā pā me ngā hapū
Ngāruahine ki te ao
Ngāruahine grows its creative and cultural wealth through strengthening, protecting and preserving te reo o Ngāruahine.
Ngāruahine hapū and pā are grown, developed and supported so that leadership can thrive. Leadership that supports uri to return home and reconnect. Hapū are enabled to govern, lead, and deliver. Our pā is our cultural heartbeat and calls uri home.
13
| Te Korowai o Ngāruahine Annual Report 2026
Ngāruahine tikanga and taonga tuku iho are strengthened, protected and practiced across our hapū and pā.
We grow and develop our reo and tikanga as living taonga to sustain our hapū and pā as the beating heart of our uri. In doing so, we actively seek partnerships and opportunities that will support this growth into the future. Our success is strengthened through strategic, long-term partnerships and opportunities (with other iwi, stakeholders, etc) that supports Ngāruahinetanga and Ngāruahine uri thriving.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KA ORA TAKU TOA STRATEGY
Te Kawa Whanakeora - Iwi Economy Ngāruahine has a thriving circular iwi economy. Ngāruahine uri experience equity and excel in education, training, employment and enterprise.
Te Ara Toiroa — Career pipeline
We grow and sustain pathways that inspire Ngāruahine uri to lead across diverse fields – ensuring strong succession and enduring leadership for generations to come. Uri are supported to excel within their chosen fields and strengthen Ngāruahine capability locally and globally.
Matauraura – Education
Pupuke te Hihiri — Iwi Economy
Uri are recognised entrepreneurs and innovators who lead, create, and sustain pathways to employment and prosperity (as defined by uri).
Hapū-led developments stimulate opportunities for uri procurement and enterprise to flourish while creating circular economies that are sustainable and centres the taiao and people at the heart of decisions.
We create opportunities and targeted initiatives that empower our uri to gain the knowledge, skills, capability and qualifications needed to excel in their chosen fields – locally and globally.
Te Korowai provides stimulus to a growing circular iwi economy. Our iwi, hapū, pā, and whānau are enabled to lead developments that support their wellbeing.
Te Korowai o Ngāruahine Annual Report 2026 |
14
KA ORA TAKU TOA STRATEGY
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Poua te Pātūtū - Kāinga Ngāruahine uri live in warm, healthy, and sustainable homes that nurture wellbeing, connection, and pride.
Te Whirinakitanga – Supply
We enable and champion papakāinga and innovative housing developments that provide safe, warm, and healthy homes for our whānau. Whānau live in safe, warm, and healthy homes that nurture intergenerational wellbeing – from kaumātua to mokopuna.
Pupuke te Mārama Research and Support
Pupuke te Mahara Capability Building
We lead research and partnerships that inform land use, whenua potential, housing access, and pathways to home ownership – strengthening whānau wellbeing and independence.
We grow the skills and leadership of our uri to plan, build, and deliver housing solutions for our whānau.
Whānau are supported on their journey to home ownership, with Ngāruahine uri leading, building, and delivering solutions to meet our own housing needs.
15
| Te Korowai o Ngāruahine Annual Report 2026
Whānau have access to a range of housing options that reflect their needs, aspirations, and way of life.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KA ORA TAKU TOA STRATEGY
Tupua te Mauri -Taiao Our natural environment is restored and protected for generations to come.
Mauri Ora — Restoration We empower whānau and hapū to lead restoration that strengthens the mauri of our lands, waters, and climate towards sustainable wellness.
Pupuke te Mahara Capability Building We grow uri capability to develop skills and leadership so that our taiao can be restored and sustainable.
Our wellness as uri is closely linked to the wellness of our taiao – when it flourishes, so do we.
Uri are highly skilled and experienced to lead our rejuvenation efforts.
Te Korowai Whakahirahira Protection
Pupuke te Mārama Research
We work intergenerationally through hapū, whānau, and uri to protect the mauri of our taiao – safeguarding our maunga, wāhi tapu, taonga, advocacy for the returning of whenua and kohinga kai for future generations.
We enable uri to lead and share research that gives life to Tupua te Mauri and enhances our understanding of how to sustain wellness within the taiao and people.
Our maunga, tongi, wāhi tapu, and taonga are protected and we actively seek ways for the return of whenua to Ngāruahine hapū and uri. We have many sources of mahinga kai for our whānau.
Uri are leading active research programmes that contribute to mātauranga Māori-led solutions to restore and protect the taiao.
Te Korowai o Ngāruahine Annual Report 2026 |
16
KA ORA TAKU TOA STRATEGY
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Annual Highlights 2025-2026
17
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS 2025-2026
Te Korowai o Ngāruahine Annual Report 2026 |
18
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
Ngāruahinetanga
Manaakitia Ririnui leading the haka at Taranaki Tū Mai – Ka mau te wehi rangatahi mā!
TARANAKI TŪ MAI 2025
Over 850 Ngāruahine uri descended on Ōpunakē in November 2025 to attend the biennial kaupapa, Taranaki Tū Mai. Although the competition was once again fierce, the most valuable part of Tū Mai, according to uri feedback, was the whanaungatanga, kotahitanga, and opportunity to represent our iwi. Iwi pride was evident through the sea of red and blue merchandise, the loud support from the sidelines, and a full stage for our whakangahau performance. Events of this scale are no easy feat, and we take this opportunity to thank all our volunteers, team coordinators, cooks, umpires, referees and of course, our hosts, Taranaki Iwi. To all of our uri who attended, from near and far, thank you for bringing amazing vibes to Taranaki Tū Mai and making it a definite standout kaupapa this year. We look forward to the next Tū Mai, hosted by Te Ātiawa in 2027.
Ngāruahine uri, Jevonte Makutu.
19
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
Te Korowai o Ngāruahine Annual Report 2026 |
20
ANNUAL HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE KURA REO O NGĀRUAHINE
Three Kura Reo were held this year, all reaching full capacity. Te kura reo o Ngāruahine held in July 2025 focused on Ngāruahinetanga, with all kaiako being Ngāruahine uri. 2026 began with Te Kura Reo o Ngāruahine where a Taiohi kura reo was also included and proved popular with our rangatahi. The final Kura Reo, held in April, focused on Te Reo Ōkawa, including karanga, karakia, poi karakia, and whaikōrero. The wānanga concluded with the ritenga ceremony, Te Huatahi o te Tau. He mihi nui ki a koutou ngā uri o Ngāruahine i tae mai ki ngā kura reo hei tauira, tō koutou māia, tō koutou manawanui ki te takahi i te ara ki te whakarauora anō i te Reo o Ngāruahine. Kua kitea, kua rangona, kei runga noa atu koutou!
Taiohi Kura Reo: Matua Chester Vella and taiohi.
TE MATOE O TE REO
At this year’s Te Matoe o Te Reo celebratory dinner, Philip and Puhi Nuku were honoured as longstanding champions of te reo Māori across Te Tai Hauāuru. Their unwavering dedication to te reo me ngā tikanga o Ngāruahine is exemplary. We acknowledge their significant contribution to the revitalisation and preservation of our language, and cultural identity.
Michelle Kahui at kura reo ki Kanihi Māwhitiwhiti Pā.
E rere ana ngā mihi ki a kōrua, i tō manawanui ki tō tātou reo Māori me te reo o Ngāruahine.
Matua Philip and Whaea Puhi Nuku. Photo Credit: Te Matoe o Te Reo.
21
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TE ŪKAIPŌ
ANNUAL HIGHLIGHTS
Te Ūkaipō rangatahi.
RELAY FOR LIFE
Kei te tihi o ō tātou whakaaro tonu tō tātou whanaunga a Lola Katene. Te Ūkaipō again attended Relay for Life in March 2026 in honour of Lola Katene and to support this community kaupapa. Under the team’s name Waiporoporo e Puāwai Ana, our rangatahi and extended whānau came together, bringing energy, heart, and commitment to the event. Honourable mentions: • Our incredible rangatahi for winning the chant competition two years in a row! • Russell Hockley Jr placing second in the relay runway. • Juistyce Katene winning Best Zoolander Face, and • Ramari Rei running 51 kilometres for Aunty Lola’s 51 years, which is also a Relay for Life record!
Russell Hockley Jr bringing the energy to the Relay Runway!
Ka mutu pea!
KAITIAKI IN THE CAPITAL
In June 2026, under the guidance of our Pou Taiao, Naomi Puketapu-Waite, our rangatahi travelled to Te Whanganui-ā-Tara. There, they experienced kaitiakitanga in its many forms through a behind the scenes tour at Te Papa Tongarewa, a unique tour of Aotearoa’s native wildlife by torchlight at Zealandia Te Māra a Tāne, and a tour and sculpture workshop at Wētā Workshop.
Juistyce Katene strikes a pose with Aunty Lola Katene at the Relay for Life event.
Our rangatahi absolutely loved this opportunity, which not only added to their kete, but built whanaungatanga amongst the rangatahi while opening doors to possible career pathways. Ngā mihi ki a koutou!
Kaitiaki in the Capital: Te Ūkaipō rangatahi at Te Papa. Te Korowai o Ngāruahine Annual Report 2026 |
22
ANNUAL HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Te Ūkaipō rangatahi host Ngāruahine pahake.
NGĀ TAUMATA RAU O PUANGA
On 19 June 2026 at the TSB Hub in Te Hāwera, we hosted a special celebration honouring our pahake, bringing them together with our rangatahi in a memorable expression of manaakitanga, whanaungatanga, kotahitanga, and connection. Our pahake arrived dressed to impress and ready to enjoy the festivities. Entertainment included our very own uri, MaRoPu and our whanaunga Harmony Showdown from Whanganui. Our Te Ūkaipō rangatahi played a significant role throughout the evening, assisting with registrations, hosting tables, and delighting our pahake with an impromptu kapa haka performance.
(Above and right) Ngāruahine whānui enjoying an evening of whakawhanaungatanga, laughter and dancing!
23
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
Te Korowai o Ngāruahine Annual Report 2026 |
24
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
Te Kawa Whanakeora TE ARA TOIROA MĀTAURANGA – KURA TO CAREER PROGRAMME
The Kura to Career (K2C) proposal was developed as a long-term kaupapa to support Ngāruahine rangatahi from kura through to employment, training, apprenticeships and tertiary pathways within the wider Ngāruahine economy and partner networks. As an initial step, a six-month pilot programme has been developed to trial the concept with Te Kura o Ngāruahine Rangi. The purpose of the pilot was to not deliver a full wraparound employment programme at this stage, but to: • Expose ākonga to a range of career sectors and opportunities. • Connect them with Te Korowai o Ngāruahine Trust business units, iwi relationships, uri businesses and external partners. • Encourage career aspirations and pathway planning, and • Provide mentoring, guidance and practical exposure over a six-month period. The pilot included ākonga interviews, a Te Korowai induction day, work experience placements, visits to tertiary and training providers, access to scholarships and driver licensing support, and attendance at career pathway events. The programme also utilised existing relationships and networks already established by Te Korowai and partner organisations to minimise costs while maximising exposure and opportunities for our rangatahi. Following completion, the pilot will be evaluated to measure outcomes and guide future programme development. The pilot enables Te Korowai to progress the Kura to Career vision while building evidence for future growth and funding.
(Right) The Kura to Careers induction wānanga provided senior tauira from Te Kura o Ngāruahine Rangi an opportunity to explore the various career options within Te Korowai o Ngāruahine.
25
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
TOTAL INVESTMENT FOR TE ARA TOIROA FY2026 NGĀRUAHINE KAIMAHI
MĀORI KAIMAHI
TOTAL NUMBER: 24 TOTAL VALUE TO NGĀRUAHINE ECONOMY: $1,518,405
100%
71%
CONTRIBUTION TO THE NGĀRUAHINE ECONOMY
TOTAL VALUE CONTRIBUTED TO NGĀRUAHINE URI/ECONOMY:
$299,137
TOTAL REGISTERED BUSINESSES:
86
TOTAL URI REGISTERED ON SKILLS DATABASE:
83
BUNNINGS POWERPASS
This year, Te Korowai secured access to the Bunnings PowerPass programme, giving registered uri access to trade pricing and savings on tools, materials and household supplies.
POWERPASS CARD
This initiative delivers practical savings to whānau while reflecting our commitment to creating tangible benefits for uri. Te Korowai recognises that small initiatives can make a meaningful difference to household budgets and overall wellbeing. The Bunnings PowerPass initiative stands as a proud example of delivering direct value to uri, supporting the economic wellbeing of our people.
APPLICATIONS RECEIVED: TOTAL CARDS ACTIVATED:
265 261
Te Korowai o Ngāruahine Annual Report 2026 |
26
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
Tupua te Mauri SUCCESS AGAINST TRANS‑TASMAN RESOURCES
2025 was a defining year in our collective stand to protect the moana. The repeated attempts by Trans‑Tasman Resources (TTR) to mine the seabed were met with unwavering resistance from hapū, marae, iwi, whānau and hapori across the region. Our team participated fully in the Fast-track Approvals Act 2024 process from submissions and conferences to local government advocacy. After months of collective mahi, the assessment panel denied the TTR application, finding that the adverse impacts of the proposal were sufficiently significant to outweigh its regional and national benefits. This decision reflected the strength and clarity of our shared voice. Our hapū led with Waitangi Tribunal claims, our communities rallied through paddle‑outs, and collective opposition was voiced across our whanaunga iwi in Taranaki. This united front demonstrated the power of kaitiakitanga in action. The outcome stands as a testament to the resilience of our people and the enduring commitment to safeguard the mauri of our waters for generations to come.
Looking out to the South Taranaki Bight from Waihi Beach.
OUTCOMES 2024/2025
2025/2026
Wānanga
3
3
Submissions
33
17
Consent Responses
17
25
Concession Responses
7
2
Hapū Kaitiaki Hui
10
9
ADVOCATING FOR OUR TAIAO THROUGH THE RMA REFORMS
Significant changes to environmental governance are on the horizon, with the ongoing overhaul of the Resource Management Act (RMA) reshaping how decisions are made across Aotearoa. These reforms have meant that our team are actively engaged and submitting on key proposals, monitoring legislative developments, and ensuring that the voices of our hapū and iwi are represented throughout the process. Maintaining strong relationships with local government has been central to this mahi. We continue to work closely with our councils to uphold the principles of kaitiakitanga and partnership as the new frameworks take shape. We initiated Mana Whakahono ā Rohe agreements with each of our four local councils: Stratford District Council, South Taranaki District Council, New Plymouth District Council, and Taranaki Regional Council. These agreements will establish a foundation for enduring collaboration and shared decision making. As the RMA reforms progress, our focus remains on protecting the integrity of our taiao and ensuring that local planning processes reflect the values and aspirations of our people. 27
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
WĀNANGA TOHORĀ
In February 2026, we hosted Oregon State University at Rangatapu as they returned for another year of tohorā rangahau in the South Taranaki Bight. This year, our Te Korowai intern and Ngāruahine uri Abraham Fletcher joined the research team on their voyage to assist with the mahi and see our taonga up close. During the 2026 field season, the team undertook 15 days of survey effort, covering over 1,000 km and documenting 32 sightings of an estimated 69 blue whales, including a mother and calf pair.
Dawn Barlowe and Giulia Wood from Oregon State University present their mahi to wānanga attendees.
The findings from this mahi build a clearer picture of how our changing moana is shaping tohorā behaviour and survival. Observations showed that these tohorā are responding quickly to shifts in wind-driven upwelling and prey availability, highlighting how closely their wellbeing is tied to environmental conditions. Together, this work strengthens our collective ability to uphold kaitiakitanga, ensuring the long-term resilience of tohorā and the wider moana in the face of climate change
Blake Te Kata shares his mātauranga, offering insight into Ngāti Wai relationships with tohorā.
Wānanga Tohorā ki Rangatapu.
Te Korowai o Ngāruahine Annual Report 2026 |
28
ANNUAL HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Poua te Pātūtū TOITŪ FUND
The purpose of the Toitū fund is to provide capital support for hapū developments in a sustainable way. The capital support is in the form of a distribution in advance, where Hapū can utilise their annual distribution towards repayments, contributing towards the circulating Toitū fund which can be re-accessed by hapū.
FUND
DEPOSIT
APPLICATION
Te Korowai deposits cash back into fund on behalf of hapū (Distribution).
Hapū applies for distribution in advance (cash). REPAY
Hapū repay distribution in advance (loan) via annual distribution.
HIGHLIGHTS TO DATE
TOTAL CIRCULATING FUND
TOTAL NUMBER OF PROPERTIES PURCHASED BY HAPŪ
$5.9m TOTAL ACCUMULATED FUNDS TO DATE
$6.6m
29
| Te Korowai o Ngāruahine Annual Report 2026
TOTAL LAND HECTARAGE
91
9
TOTAL WHARE
5
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL HIGHLIGHTS
Sun setting over Oeo Pā.
NGĀTI TAMAAHUROA – TĪTAHI
For Ngāti Tamaahuroa - Tītahi, the Toitū Fund has supported the hapū to take practical steps toward greater utilisation of whenua and assets for the benefit of uri. Their kaupapa is grounded in a simple aspiration — to strengthen the connection of whānau to their whenua while building a stronger foundation for future generations. During this financial year, Te Korowai Board approved $140,000 to the responsible Hapū entity to acquire the adjoining block to Old Te Kiri School. This whenua and dwelling will be developed into a hapū rental. Through access to the fund, the hapū has been able to progress opportunities that bring whenua and property back into active use, including creating pathways for housing, strengthening the hapū asset base and supporting longer-term development aspirations. The approach reflects what Toitū was established to enable: hapū determining their own priorities and having access to capital to turn those aspirations into action.
“It’s about using our whenua in a meaningful way, so our whānau can come home, live here and stay connected to where they belong.” — Anaru Jacobson, Ngāti Tamaahuroa-Tītahi uri
“We’re building on what we have now, so our tamariki and mokopuna have more to build from in the future. I riro whenua atu, me hoki whenua mai.” — Rangiroa Rongonui, Ngāti Tamaahuroa-Tītahi Chairperson
Te Korowai o Ngāruahine Annual Report 2026 |
30
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
Key Operating Data - At a Glance TOTAL ASSETS
TOTAL LIABILITIES
$118,458,749
$119,993,702
$124,753,704
$3,372,124
$4,254,478
$4,598,483
2023-2024
2024-2025
2025-2026
2023-2024
2024-2025
2025-2026
TOTAL EQUITY
NET PROFIT (AFTER TAX)
2025-2026
$120,155,221
2025-2026
$4,415,996
2024-2025
$115,739,224
2024-2025
$1,649,600
2023-2024
$115,086,625
2023-2024
$4,015,940
NGĀRUAHINE MERCH ORDERS TARANAKI TŪ MAI
RAUMATI TUATAHI
RAUMATI TUARUA
78 78
81 72
46
2025 2026
2025 2026
2025 2026
TOTAL MERCH ORDERS: 31
| Te Korowai o Ngāruahine Annual Report 2026
2025: 205
0
2026: 150
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
SCHOLARSHIPS & GRANTS
No. of Recipients Total $ Amount
2025
2026
160
147
NGĀ KETE UARA
$77,100 $68,102
2025
2026
Kete Harikoa - Kura Packs
22
9
Kete Manaaki - Pēpī Packs
23
3
(See pages 83-92 for further breakdown.)
TE ŪKAIPŌ WĀNANGA
IWI REGISTRATION
TE ŪKAIPŌ 2025
2026
Relay 4 Life
22
40
Kaitiaki in the Capital
N/A
14
Ngā Taumata Rau o Puanga
N/A
121
Whiti Basketball Camp
N/A
23
Whānau Day
300
334
PŌKAITAHI REO
2025
2026
7322
8154
NGĀ KURA REO O NGĀRUAHINE
2025
2026
2025
2026
Kaupae Tuatahi
25
-
Attendees
129
346
Kaupae Tuarua
14
-
Ngāruahine Uri
110
328
Kaupae Tuatoru
12
20
Living outside of Taranaki
70
145
Kaupae Tuawha
10
N/A
Level 1
42
85
Level 2
34
85
Level 3&4
53
75
Te Korowai o Ngāruahine Annual Report 2026 |
32
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
HAPŪ DISTRIBUTIONS
$624,240
$13,926 CONTRIBUTED TO SUPERLIFE FOR 150 URI IN THE $ FOR $ SCHEME
BUREAU SERVICES Xero Subscriptions
Financials
Audit
$11,012
$7,000
$13,300
NGĀRUAHINE SOCIAL MEDIA
FOLLOWERS:
FOLLOWERS:
FOLLOWERS:
9,117
977
1,474
FOLLOW US ON FACEBOOK!
FOLLOW US ON INSTAGRAM!
www.facebook.com/Ngaruahine www.instagram.com/te_korowai_o_ngaruahine/ 33
| Te Korowai o Ngāruahine Annual Report 2026
FOLLOW US ON TIK TOK!
www.tiktok.com/@ngaruahine
TE KOROWAI O NGĀRUAHINE TRUST GROUP
KEY OPERATING DATA - AT A GLANCE
Reporting against the Annual Plan The Annual Plan outlined activities undertaken by Te Korowai o Ngāruahine during the financial year from 1 July 2025 to 30 June 2026. Grounded in our Ka Ora Taku Toa strategic objectives, the plan reflected our unwavering commitment to realising the aspirations of our Iwi and supporting the wellbeing of our uri. Completed – activity has finished. In progress – activity has begun and will be carried over to next year. Ongoing – activity is continuous or recurring throughout the year.
Ngāruahinetanga Develop streamlined tools and systems to measure the impact of cultural Completed engagement. Improve uri connection and planning through integrated processes.
In progress
Create consistent and sustainable delivery models that support succession and Completed long-term kaupapa continuity. Track learner progress and gather feedback to ensure Te Reo Māori initiatives Completed are effective, responsive, and consistently delivered using standardised frameworks and resources.
Tupua te Mauri (Taiao) Empower hapū to respond to resource management and related processes.
Ongoing
Refocus on core systems and day-to-day business excellence.
Completed
Prepare Ngāruahine for iwi-led responses to climate and energy transition.
Ongoing
Te Kawa Whanakeora (Mahi) Strengthen delivery capacity for Te Kawa Whanakeora by reducing competing Ongoing role demands and improving coordination. Support our uri into career and procurement opportunities (Te Ara Toiroa). Ongoing Support our uri throughout their education (He Matauraura).
Ongoing
Poua te Pātūtū (Housing) Improve evidence-based planning and equity in kāinga investment decisions. Ongoing Support our whānau into safe, warm and healthy homes.
Ongoing
Ngā Āheitanga me ngā Whanaketanga (Organisational Capability) Strengthen internal processes and systems.
Completed
Deliver 2026 Te Korowai o Ngāruahine Board of Trustee Elections.
In progress
Support internal and external capability and capacity, and succession planning. Completed Capitalise on all opportunities to enhance the delivery of the strategy.
Ongoing
Te Korowai o Ngāruahine Annual Report 2026 |
34
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
TE KĪWAI MAUĪ HEAMANA REPORT
Te Kīwai Mauī Heamana Report Dion Maaka Tēnā koutou e aku rangatira, e aku whanaunga, ngā uri o Ngāruahine. Ka nui te mihi ki a koutou katoa. Kei raro tātou i te korowai o tō tātou maunga tapu, kei te rere ngā wai o ō tātou awa hei oranga mō te iwi. Ka hoki ngā whakaaro ki ō tātou tūpuna kua wehe atu, nā rātou ngā tūāpapa i whakatakoto, ā, kei a tātou te kawenata ki te kawe tonu i ā rātou wawata. E mihi ana ahau ki te kaha, te ngākau me te tautoko o te iwi i te roanga o te tau. Ahakoa te rangirua o ngā mākete o Aotearoa me te ao, i ū tonu Te Kīwai Mauī ki tāna aronga: te tiaki me te whakatipu i ngā rawa whakataunga hei painga mō ngā whakatupuranga o nāianei me āpōpō. Nō reira, tēnā koutou, tēnā koutou, tēnā tātou katoa.
OUR MANDATE
Te Kīwai Mauī o Ngāruahine Limited was established to safeguard and grow the iwi’s settlement assets, deliver sustainable distributions to Te Korowai o Ngāruahine (Te Korowai), and ensure investment decisions uphold Ngāruahine values, tikanga and intergenerational aspirations.
FINANCIAL PERFORMANCE AND PORTFOLIO • • • •
35
Total comprehensive income of $6.7 million, up from $4.5 million in FY2025. Distribution of $2.435 million (incl. MATC) to Te Korowai. Total assets exceeding $110 million, with net assets increasing 13.8% to $39.5 million. Growth supported by fair value gains in direct investments and private equity, together with favourable foreign exchange movements.
| Te Korowai o Ngāruahine Annual Report 2026
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
TE KĪWAI MAUĪ HEAMANA REPORT
INVESTMENT PORTFOLIO Private Equity - 12%
Cash and Bonds - 3%
Property Development - 5%
Listed Equities - 13%
Ground Leases 23%
FY2026 Commercial Property 20%
Impact Investment - 10% Natural Resources - 8%
Infrastructure - 7%
The portfolio remains deliberately diversified across ground leases, commercial property, infrastructure, natural resources, impact investments, listed equities, private equity, property development, cash and bonds. Diversification supports a balanced risk and return profile and strengthens resilience over the long term. The allocation reflects the different investment horizons and risk tolerances of Ngāruahine generations: • Current Generations portfolio, which is defensively oriented. • Shared Generations portfolio, which is defensive and growth oriented. • Future Generations portfolio, which is growth oriented.
STEWARDSHIP AND INVESTMENT APPROACH
The Board continued to balance income generation, capital preservation, and long-term growth. During FY2026, strong performance from several direct investments and private equity holdings, together with positive foreign exchange movements, more than offset lower operating income. Financial performance is not an end in itself. The purpose of the portfolio is to create enduring prosperity for Ngāruahine whānau. Distributions to Te Korowai support initiatives that strengthen our people, advance cultural aspirations and create opportunities for current and future generations.
TRANSITION TO MĀPUA WEALTH During the year, the Board completed the transition of investment management responsibilities from Koau Capital Partners to Māpua Wealth. We acknowledge Koau Capital Partners for its stewardship through the formative years of Te Kīwai Mauī and for helping to establish the foundations of the diversified portfolio held today. We welcome Māpua Wealth and look forward to working alongside them during the next phase of growth and development.
Te Korowai o Ngāruahine Annual Report 2026 |
36
TE KĪWAI MAUĪ HEAMANA REPORT
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
FINANCIAL YEAR 2025 PEFORMANCE The Te Kīwai Mauī o Ngāruahine Group delivered a total comprehensive income of $6.7 million for FY2026, compared with $4.526 million in FY2025. The result was driven primarily by fair value gains across direct investments, private equity, and managed funds, together with a positive foreign exchange movement.
Profit and Loss | Te Kīwai Mauī o Ngāruahine Group $000’s
FY26
FY25
Income
2,611
4,000
Expenses
(1,319)
(1,923)
Operating Profit before Tax
1,292
2,077
830
(102)
Change in Fair Value – Managed Funds
1,205
746
Change in Fair Value – Direct Investments
2,396
1,716
Change in Fair Value – Private Equity
1,607
446
Comprehensive Income Before Tax
7,330
4,884
Income Tax Expense
(630)
(356)
Total Comprehensive Income for the Period
6,700
4,527
Other Gains and Losses Foreign Exchange (FX) Gain (Loss)
37
| Te Korowai o Ngāruahine Annual Report 2026
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
TE KĪWAI MAUĪ HEAMANA REPORT
OUR KEY INVESTMENTS - A SUMMARY OF OUR KEY INVESTMENTS IS DETAILED BELOW. Investment
Financial Year 2026 Performance
Dexus
Dexus Diversified Infrastructure Trust – $7.3 million (Infrastructure) Australian infrastructure fund providing access to an established portfolio of infrastructure assets in Australia and New Zealand. Fair value increased from $6.4 million to $7.3 million during FY2026.
Hāpai Commercial
Hāpai Commercial Property – $16.2 million (Ground Lease and Commercial Property) FY2026 cash return was 4.3% and total return was 4.7%. Limited Partnership (LP) income increased to $0.76 million from $0.67 million in FY2025. Long-term return: 6.6% cash / 12.5% total
Hāpai Housing
Hāpai Housing – $5.9 million (Commercial Property) FY2026 cash return was 2.0% and total return was 7.4%. Four development projects remain underway, with cash returns expected to rise as further assets are completed. Long-term return: 2.8% cash / 7.3% total
Hāpai Property
Hāpai Development – $6.0 million (Property Development) FY2026 total return was 0.5%. The prior year Beachlands revaluation uplift was not repeated, and the LP result was a loss of $0.11 million. Long-term return: – cash / 9.5% total
Mercer
Mercer Conservative and Mercer Balanced – $14.3 million combined Holdings reduced from $15.6 million as capital continued to transition into direct investments. FY2026 income was $0.52 million, and the fair value gain was $1.2 million.
Pūai Tangaroa
Pūai Tangaroa – $0.7 million (Natural Resources) FY2026 total return was -5.2%, reflecting Australian supply volumes and weaker demand from China. The long-term investment rationale remains unchanged. Long-term return: 1.2% cash / 1.5% total
Pūainuku Pastures
Pūainuku Pastures – $8.3 million (Natural Resources) FY2026 cash return was 2.8% and total return was 20.9%, supported by a high Farm Gate Milk Price and stock value uplifts. Fair value gains of $1.2 million were recorded. Long-term return: 1.0% cash / 16.0% total
Pūainuku Vines
Pūainuku Vines – $3.8 million (Ground Lease) FY2026 cash and total return were both approximately 5.3% to 5.6%, reflecting the stability of the underlying Consumer Price Index (CPI)-linked lease structure. Long-term return: 5.6% cash / 13.5% total
Tai Hekenga
Tai Hekenga – $21.0 million (Ground Lease) FY2026 cash return was 4.8% and total return was 5.5%. The rent review process continued during the year and is expected to provide an upside once finalised. Long-term return: 8.9% cash / 18.7% total
Te Pūia Tāpapa &
Multiple Private Equity Funds – $12.7 million (Private Markets) Combined holdings in Continuity Capital, Oriens Capital Funds 1 and 2, and Te Pūia Tāpapa increased from $11.2 million to $12.7 million. Investment periods for Oriens Capital Funds 1 and 2 have ended, with no further capital calls expected.
Private Equity
Te Korowai o Ngāruahine Annual Report 2026 |
38
TE KĪWAI MAUĪ HEAMANA REPORT
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
MAJOR PROJECT AND OUTLOOK NGĀ RERE ORA Ngā Rere remains one of Te Kīwai Mauī’s most significant strategic investments, with the potential to showcase the cultural, environmental and tourism aspirations of Ngāruahine. During FY2026, the Board continued to oversee the development while working through the regulatory processes required to complete construction. Although progress was slower than originally anticipated, cultural, operational and communications workstreams advanced to support the future opening of the facility. The Board also engaged external advisers and relevant authorities to help resolve outstanding consent matters and provide greater certainty for completion. The Board’s focus is now on completing construction, preparing the visitor experience and accommodation offering for opening, and positioning Ngā Rere to deliver lasting benefits for Ngāruahine whānau.
LOOKING AHEAD While market conditions may continue to fluctuate, the Board remains confident in the long-term positioning of the portfolio. The priorities for FY2027 are to: • • • • •
Continue to grow and diversify the investment portfolio. Pursue direct investment opportunities where appropriate risk-adjusted returns exist. Maintain sustainable distributions to Te Korowai while preserving intergenerational capital. Strengthen portfolio resilience through active risk management and governance oversight. Ensure investment decisions remain aligned with the values, aspirations and long-term interests of Ngāruahine.
Te Rere o Kapuni with Taranaki Maunga.
39
| Te Korowai o Ngāruahine Annual Report 2026
TE KĪWAI MAUĪ HEAMANA REPORT
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
WHAKAKAPINGA HEAMANA – IN CONCLUSION Hei whakakapi, I acknowledge with gratitude my fellow Directors for their dedication, expertise and commitment throughout the year. He mihi hoki ki ngā Kaitiaki of Te Korowai o Ngāruahine, our investment managers, advisers and management team for their ongoing support and contribution. Most importantly, I acknowledge the people of Ngāruahine, whose aspirations remain at the centre of everything we do. The settlement assets entrusted to us were secured through the efforts and sacrifices of those who came before us. Our responsibility is to protect and grow those assets, so they continue to create opportunities for those who will come after us. Tēnā koutou, tēnā koutou, tēnā tātou katoa. Nāku iti noa, nā
Dion Maaka Heamana Te Kīwai Mauī o Ngāruahine
Te Korowai o Ngāruahine Annual Report 2026 |
40
TE KĪWAI MAUĪ BOARD OF DIRECTORS
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
Te Kīwai Mauī Board of Directors
Dion Maaka Heamana
Emma Gardiner Trustee Director
Dion holds governance roles as the Chair of Te Rua o Te Moko Limited (farming company) and Chair of Autism Connex (charitable trust). He is the current Chief Financial Officer (CFO) for Toi Foundation and previously held the same role for both Parininihi ki Waitōtara (PKW) Incorporation and Western Institute of Technology at Taranaki (WITT). Dion’s skills and experience encompass strategic and capital planning, policy development, and investment analysis. In recent times, Dion has been heavily involved in mergers and acquisitions, with a strong focus on impact investment initiatives that promote social good for the community while delivering appropriate financial returns. Dion is a Fellow Chartered Accountant, has a Postgraduate Diploma in Agricultural Commerce, and a Bachelor of Business Studies.
Emma has governance and senior management experience in the Māori economic development and commercial sectors. In addition to her governance roles within Te Korowai Group, she is a shareholder appointed Director on Oriens Private Equity Fund 1, Trustee on Toi Foundation and Director on Tā Edge, an operational partner in the high value manufacturing and physical technology sectors. Emma has a strong passion for impact investments and how we can maximise and measure greater benefits for our iwi economy (social, cultural, environmental and financial). Emma holds a Master of Business Administration, is a Chartered Member of the Institute of Directors New Zealand, has a Bachelor of Design, Digital Media, a Bachelor of Arts, Te Reo Māori and Māori Studies, and a Certificate in Horticulture.
Sarah has extensive experience in local government in both New Zealand and the United Kingdom. She is a senior Māori resource management practitioner, with considerable experience particularly in iwi, local, regional and national environmental policy, submission and cultural impact assessment preparation. All of which ensure the aspirations, rights and interests of Māori are recognised and provided for. Sarah is a member of the Institute of Directors New Zealand and sits on the Taranaki Rugby Football Union Board. Sarah has a Bachelor of Resource and Environmental Planning (Honours).
Sarah Mako Trustee Director 41
| Te Korowai o Ngāruahine Annual Report 2026
TE KĪWAI MAUĪ O NGĀRUAHINE LIMITED
Karna Luke Independent Director
(Alaena) Kiriwaitingi Rei Independent Director
TE KĪWAI MAUĪ BOARD OF DIRECTORS
Karna is a member of the Bank of New Zealand (BNZ) Executive Team – Customer Products and Services. He is the first Māori Executive for the bank. He has held several General Manager roles across BNZ and key senior executive roles at several financial services companies. He spent five years working in multinational corporates in Asia, and owns businesses in healthcare, beverage industry and global strategic consulting. Karna is an independent director on several boards, has a Bachelor of Social Policy and Social Work, and a Master of Business Administration from Massey University. He is also qualified through Financial Services Institute of Australasia (FINSIA) as a Chartered Banker and completed the Advanced Strategic Management Executive Programme at the Institute for Management Development (IMD) in Switzerland.
Kiriwaitingi is an experienced leader, facilitator and director having held directorships and executive roles in iwi, corporate and Crown organisations. As a qualified lawyer, she brings expertise in litigation, companies and trust law together with significant commercial acumen. She has well over a decade as the Chief Executive at Māori Investments and was the inaugural Head of Māori Alliance at Zespri International. Kiriwaitingi is currently the Director of Commercial and Enterprise at Te Matatini Enterprises and is also a facilitator for the Institute of Directors New Zealand. She currently holds directorships on Poutama Trust, Pūtauaki Trust, Māori Investments Limited, and Māhutonga (Whānau Ora, Area 2) Investment Board. Kiriwaitingi has a Bachelor of Laws, Bachelor of Social Science and Bachelor of Arts with Honours (First Class). She is a member of the Institute of Directors New Zealand and a graduate of the Te Hono Stanford Bootcamp 2019.
Te Korowai o Ngāruahine Annual Report 2026 |
42
TRUSTEE HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Trustee Highlights 2025-2026
43
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE HIGHLIGHTS
Te Korowai o Ngāruahine Annual Report 2026 |
44
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE HIGHLIGHTS
Te whare o Te Torokīkī o te Rua o Te Moko – Kanihi-Māwhitiwhiti Pā.
Katrina Taylor, Kanihi-Umutahi A key highlight has been the phenomenal growth of our hapū and its people, reflected in the increasing confidence, capability, and engagement of whānau. It has been inspiring to see whānau step into leadership roles, strengthen tikanga, and contribute to the wellbeing of the wider community. This growth is seen not only in what has been achieved but also in the strengthening of identity, connection, and purpose among our people. Being part of this journey has reinforced my commitment to serving our iwi and supporting the continued growth of hapū.
Te Hapimana (Taukē) King, Kanihi-Umutahi Ko te tau whakamutunga tēnei mō mātou ngā taratī ki Te Korowai o Ngāruahine 2023-2026, ā, he tau i whai wāhi ai au ki te tautoko i ngā kaupapa hei whakapakari i te mana me te motuhaketanga o tō tātou iwi. • Te hāpai i ngā ariā ahurea hei whakaaro mā Ngā Rere. • Mā roto i Te Ohu Arotake, te whakapakari i ngā whakahaere pūtea me te whanaketanga o ngā kaimahi e pā ana ki ngā tikanga whakahaere. • Te whakanui i te whakatūwheratanga o Ngā Tātarakihi o Ngāruahine Kōhanga Reo – he kaupapa nā te whānau, mā te whānau. • He mihi whakamutunga mō te whai wāhi ki te noho hei Kaitiaki mō Te Korowai o Ngāruahine.
45
| Te Korowai o Ngāruahine Annual Report 2026
TRUSTEE HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Te whare o Ngākaunui – Aotearoa Pā.
Emma Gardiner (Pouwhakarae), Ōkahu-Inuāwai My highlight for this year is meeting with hapū, and amongst other things, hearing their plans for the Toitū Fund. Between farms, kāinga, māra, training, and further whenua purchases, we are seeing the value of stepping aside and enabling our hapū to lead their own solutions. In particular, seeing the vision of Ngāti Tamaahuroa – Tītahi around the purchase of whenua.
Ngaraina Brooks, Ōkahu-Inuāwai Highlights that come to mind are the review of the strategy for the organisation and the recommendations that have been made to progress the direction of the Board. Another is the diversity of the Board and the experiences and contributions that each member brings to the table, along with great leadership. Me mihi hoki ki te Tumu Whakarae me nga kaimahi katoa o Te Korowai o Ngāruahine mō o koutou kaha, māia manaakitanga mō tō tātou iwi o Ngāruahine. Mauri ora rawa!
Te Korowai o Ngāruahine Annual Report 2026 |
46
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEE HIGHLIGHTS
Te Aroha o Tītokowaru Pā.
Ferinica Hawe-Foreman (Deputy Pouwhakarae), Ngāti Manuhiakai Effective leadership has enabled Trustees to participate in national forums such as the National Iwi Chairs Forum. Being present in these spaces ensures that our iwi is represented where significant decisions and policy directions are shaped. These opportunities allow Trustees to deepen their understanding of developments across the motu, strengthening our ability to make informed and strategic decisions for our people. Building strong governance capability supports continuity, enhances decision-making, and ensures that our people benefit from stable, confident leadership. Leadership that is grounded in hapū mandate and aligned with the aspirations of those we represent.
Kiri Erb, Ngāti Manuhiakai This year has presented unique challenges as we navigate an election cycle and consider how our current decisions will support the incoming Board. We are on the cusp of significant change with the development of the Toitū Fund and the operation of Pupuke te Hihiri impact investments. A primary focus has been on creating equitable opportunities for hapū to see the return of whenua. We are also focused on how Te Korowai can support ongoing developments through the creation of the Toitū fund, which will be accessible to hapū to deliver on their aspirations. Seeing this come together over the last year has been a highlight. After a great deal of mahi behind the scenes, it’s encouraging to see a clear pathway emerging that has the potential to deliver tangible outcomes for our hapū and uri.
47
| Te Korowai o Ngāruahine Annual Report 2026
TRUSTEE HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Waiokura Pā.
(Randal) Te Ahu Rei, Ngāti Tū As I reflect on the last six years as a Trustee, I think about the challenge that Lola put to me about holding space for the next wave of ‘movers and shakers.’ I witnessed that with the changing of the guard at the last election, as we have a good mix of old heads and young minds, and I’m confident that the iwi is in good hands going forward. Special mention should be made of the leadership team. Their high energy ensures that the iwi is headed in the right direction. ‘Ki te hoe.’
Dion Luke, Ngāti Tū A key highlight for me was the review of our strategy/performance framework. I acknowledge Dee Sciascia and the work she has put into the review report. For Post-Settlement Governance Entity (PSGE) Boards like Te Korowai o Ngāruahine, a strategy allows us to identify our own priorities rather than react to Government and Council priorities. This provides a roadmap for our operations team to develop actions, initiatives and programmes towards strategic objectives. Uri engagement in these reviews’ needs to be a lot higher. If you missed the opportunity this time around, I strongly encourage you to actively engage in the next review, possibly in three years.
Te Korowai o Ngāruahine Annual Report 2026 |
48
TRUSTEE HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TAWHITINUI/TAIKĀTU TO GO HERE
Tawhitinui Pā.
Rere-No-A-Rangi Pope, Ngāti Hāua He tau roa te tau, he tau wero te tau. Arā ngā wero nunui kua tau mai ki ngā kaimahi i roto i te tau nei. Heoti anō tā tātou he tangi ki te hunga kua papanga iho, kua nunumi atu ki tua o Paerau, ki reira rātou oti atu ai. Tērā hoki ngā wero a Kāwana mā i tū pakari ai tātou ki te kaupare i te kerihanga o te papa moana tapu o Tangaroa i-te-rupe-tū, anānaka, anānaka. Ahakoa ngā whakawhiunga o uta, o tai, e manawa piharau tonu ana ngā kaimahi o Te Korowai o Ngāruahine ki tā tātou kaupapa, nō reira tēnei ahau ka mihi ake ki a koutou. Tēnā koutou katoa.
Sarah Mako, Ngāti Hāua My highlight this year has been the strength, resilience, and determination shown by our Te Korowai kaimahi. Although you have experienced many significant losses in the tari throughout the year, you have continued to deliver outstanding mahi and kaupapa. The hard work and commitment of our kaimahi embodies Ka Ora Taku Toa and Te Korowai o Ngāruahine values. With a refreshed strategy, Te Korowai heads into a period of organisational growth with exciting priorities ahead. E mihi kau ana ki a koutou ngā kaimahi.
49
| Te Korowai o Ngāruahine Annual Report 2026
TRUSTEE HIGHLIGHTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
OEO PHOTO TO GO HERE
Ngā whare o Oeo Pā.
(Elizabeth) Liz Ross, Ngāti Tamaahuroa-Tītahi This being my first term as a Trustee has given me valuable opportunities to learn, explore, and actively participate in all aspects of the role. I attended several National Iwi Chair forums, which were highly informative and truly exhilarating to be part of. Visiting Ngāti Kahungunu Iwi was also an exciting and a memorable experience. Attending Te Amorangi Forum was exciting; alongside listening to the inspiring wāhine speaking about each of their different interests.
(Bianca) Bee Weston, Ngāti Tamaahuroa-Tītahi My time serving as a Trustee has been a journey of learning, growth, and understanding the responsibility of representing our hapū and iwi. A key highlight has been supporting the return of whenua and assets through the Differed Selection Property (DSP) and Right of First Refusal (RFR) processes. Attending the National Iwi Chairs Forum at Waitangi was another valuable experience, providing the opportunity to learn from iwi leaders across Aotearoa, build relationships, and understand the collective kaupapa impacting Māori nationally. The biggest lesson I take from this journey is that true governance is about service, listening to our people, protecting our whenua and creating pathways that ensure our hapū and iwi continue to grow stronger together. Mā te kotahitanga e whai kaha ai tātou.
Te Korowai o Ngāruahine Annual Report 2026 |
50
TRUSTEES OTHER ROLES
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEES OTHER ROLES – TRUSTEES 2023-2026 Katrina Taylor, Kanihi-Umutahi Chair Trustee Director Board member Employee Kaimahi Shareholder
Kanihi-Umutahi Hapū (November 2025) Kanihi-Umutahi Hapū Te Kupenga o Kanihi Holding Company Limited Te Kupenga o Kanihi Trust Te Whare Wānanga o Awanuiārangi Te Whare Kōrero o Ngāruahine Te Tōpuni Ngārahu General Partner Limited
Taukē King, Kanihi-Umutahi Deputy Chair Director Director / Tutor National Assessment Moderator (Mana Tohu Mātauranga o Aotearoa) Te Reo and Ahurea Māori Advisory Panel Shareholder Relationship (brother-in-law)
Te Korimako o Taranaki Ngāti Ruanui Tahua Limited Tahupōtiki Māori Club New Zealand Qualifications Authority Te Rūnanga o Ngāti Ruanui Te Tōpuni Ngārahu General Partner Limited Jackson Cassidy (kaimahi) – Te Korowai o Ngāruahine Trust
Emma Gardiner, Ōkahu Inuāwai Trustee Director / Shareholder Director/Shareholder Shareholder and Director Director Director Director Director Shareholder Limited Partner Trustee Beneficiary Association (Son attends)
51
| Te Korowai o Ngāruahine Annual Report 2026
Toi Foundation Dawson Holdings Corporate Trustee Limited Te Korowai o Ngāruahine Custodian Company Limited Tā Edge Limited Ngā Rere Ora Limited (formerly Te Rere o Kapuni Limited, Directorship from September 2023) Tū Āpiti Limited Te Kīwai Mauī o Ngāruahine Charitable Company Limited Oriens Capital GP Limited Te Tōpuni Ngārahu General Partner Limited Oriens Capital Fund 1 Ōkahu Inuāwai me ētehi atu hapū Parininihi ki Waitotara (PKW) and various Māori land blocks within Ngāruahine Te Kura o Ngā Ruahine Rangi (Right of First Refusal property - RFR)
TRUSTEES OTHER ROLES
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEES OTHER ROLES – TRUSTEES 2023-2026 Ngaraina Brooks, Ōkahu Inuāwai Director Iwi Representative Local Area Committee Member Justice of the Peace Shareholder Shareholder Member Kaimahi Beneficiary
Ngā Tapuwae Pae Pātūtū Limited Te Kāhui Matauraura (South Taranaki District Council Iwi Liaison Committee) CCS Disability in Action South Taranaki Association Te Rua o te Moko Limited Te Tōpuni Ngārahu General Partner Limited New Zealand Educational Institute (NZEI) Taranaki Area Council Ministry of Education – Relief Teacher Various Ngāruahine whenua blocks
Ferinica Hawe-Foreman, Ngāti Manuhiakai Chair Trustee / Secretary / Treasurer / Owner Trustee / Secretary Trustee Director Director / Shareholder Board member Hapū Representative Ngāti Manuhiakai Hapū Rep Ngāti Manuhiakai Hapū Rep Member, Iwi Liaison Committee Consultative Group Member Beneficiary Shareholder
Ngāti Manuhiakai Hapū Ngāti Manuhiakai 5A2 Trust Rangatapu Reserve Trust Manuhiakai Tūturu Charitable Trust Ngāti Manuhiakai Holding Company Limited Foreman Shearing Limited Federation of Māori Authorities (Aotea) Beach Energy, Todd Energy, Taranaki By-Products, Hiringa Energy, Rānui Generation Ngāruahine Kaitiaki Taiao Ohu Takutai Moana Te Kāhui Matauraura, South Taranaki District Council Kapuni Green Hydrogen Project Various Ngāruahine whenua blocks Te Tōpuni Ngārahu General Partner Limited
Dion Luke, Ngāti Tū Co-chair / Member Trustee Trustee Board Member Iwi Representative Principal Planner (Taiao) Shareholder Relationship (brother)
Papa Pounamu Committee – New Zealand Planning Institute Ngāti Tū Hapū Whenua Tōpū Trust Ngāti Tū Hapū Charitable Trust Ngāti Tū Hapū Executive Committee Taranaki Regional Council – Policy & Planning Committee Te Tōpuni Ngārahu General Partner Limited Te Tōpuni Ngārahu General Partner Limited Karna Luke (Independent Director) – Te Kīwai Mauī o Ngāruahine Ltd
Te Korowai o Ngāruahine Annual Report 2026 |
52
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEES OTHER ROLES
TRUSTEES OTHER ROLES - TRUSTEES 2023-2026 Kiri Erb, Ngāti Manuhiakai Trustee Director / Shareholder Director / Shareholder Director / Shareholder Shareholder
Manuhiakai Tūturu Charitable Trust Tika Administration & Events Limited Tika Catering Limited Kai Ki Tua Limited Te Tōpuni Ngārahu General Partner Limited
Te Ahu Rei, Ngāti Tū Board member Ngāti Tama representative Ngāti Tama representative Te Mātāwai Contracted translation services Contracted translation services Contracted translation services Shareholder Member
Ngāti Tama ki Te Waipounamu Trust Nelson City Council (NCC) Committees Te Pouaranga Bishop Suter Trust Te Pae Motuhake o Te Tai Tonga Nelson Airport Port Nelson The Nature Conservancy Te Tōpuni Ngārahu General Partner Limited Nelson-Marlborough Conservation Board
Sarah Mako, Ngāti Hāua
53
Director
Taranaki Rugby Football Union
Director
Te Kīwai Mauī o Ngāruahine Charitable Company Limited
Director
Ngāti Hāua Whānui Holding Company Limited
Director
Ngā Rere Ora Limited (formerly Te Rere o Kapuni Limited, Directorship December 2023)
Secretary
Ngāti Hāua Hapū Charitable Trust
Secretary
Taranaki Māori Rugby Football Union
Ngāti Hāua hapū rep
Ngāruahine Kaitiaki Taiao Ohu
Contractor
Parininihi Ki Waitōtara (PKW) Incorporation
Shareholder
Te Tōpuni Ngārahu General Partner Limited
Relationship (Aunty)
Te Aorangi Dillon (Tumu Whakarae) – Te Korowai o Ngāruahine Trust
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
TRUSTEES OTHER ROLES
TRUSTEES OTHER ROLES - TRUSTEES 2023-2026 Rere-No-A-Rangi Pope, Ngāti Hāua Hapū representative (Ngāti Hāua Piko) Researcher / student Shareholder
Marine and Coastal Act (MACA) Takutai Moana – Ngā Hapū o Ngā Ruahine (Takutai Moana) Te Herenga Waka – Victoria University of Wellington Te Tōpuni Ngārahu General Partner Limited
Bianca (Bee) Weston, Tamaahuroa-Tītahi Director Trustee Trustee Kaimahi Shareholder
Ngāti Tamaahuroa-Tītahi Holding Company Limited Oeo Marae Eltham Māori Club Hall Trust Ministry of Education Te Tōpuni Ngārahu General Partner Limited
Elizabeth Ross, Tamaahuroa-Tītahi Shareholder
Te Tōpuni Ngārahu General Partner Limited
Te Korowai o Ngāruahine Annual Report 2026 |
54
TE KOROWAI O NGĀRUAHINE TRUST GROUP
INDEPENDENT MEMBERS
INDEPENDENT MEMBERS QUALIFICATIONS & HIGHLIGHTS Phillippa Wilson, FCA. Te Ohu Arotake • Master of Public Policy • Bachelor of Business Studies • Fellow of the Institute of Chartered Accountants Australia & New Zealand The Board extends its sincere appreciation to our outgoing Independent Te Ohu Arotake member for seven years of dedicated service. Throughout this time, she has provided independent oversight, sound judgement, and valuable expertise, strengthening the organisation’s governance, financial stewardship, and risk management practices. Her commitment, professionalism, and willingness to provide constructive challenge have been instrumental in supporting the Board and management through a period of significant growth and change.
Lara Keane, Tumu Herenga Tāngata Ngāruahine, Ngāpuhi ki Taiāmai • Master of Commerce • Bachelor of Commerce (Honours) • Member of the Human Resources Institute of New Zealand Whakapapa and whanaungatanga are what inspires me to serve our iwi. It’s my way of honouring the connections of my tūpuna to Ngāruahine, and rekindling connections among my whānau alive now. As an Independent Member on Tumu Herenga Tāngata, I’m here to bring my professional skills to the governance of Te Korowai. As an uri myself, helping Te Korowai carry out its mahi with professionalism and heart really matters to me.
Alicia Manuirirangi, Te Ohu Arotake Ngāruahine • Bachelor of Business Studies • Member of the Institute of Chartered Accountants Australia & New Zealand A highlight has been being part of meaningful discussions and seeing the commitment to thoughtful governance, resilience, and the long-term aspirations of Te Korowai. I have appreciated the opportunity to contribute an independent perspective and support good decision-making through financial oversight.
55
| Te Korowai o Ngāruahine Annual Report 2026
INDEPENDENT MEMBERS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
INDEPENDENT MEMBERS QUALIFICATIONS & HIGHLIGHTS Caroline Silk, Tumu Herenga Tangata • Bachelor of Laws • Bachelor of Social Sciences • Member of Te Kāhui Ture o Aotearoa (NZLS) and New Zealand Banking Association (NZBA) • Visiting Justice (Corrections) I value the mahi of iwi and know that standing together is the way forward for Aotearoa. I am privileged to serve in an environment such as this and bring my skills as an employment law specialist as an independent member of Tumu Herenga Tāngata. It is with sadness that I can only serve until October 2026 due to an outside statutory appointment. I have enjoyed learning about the organisation and seeing its growth in its kaimahi over the past year. The executive team has shown patience, strength, and growth aligned with the kaupapa.
Te Ingo Ngaia, Te Mataōwhiti Ngāruahine, Taranaki Iwi, Waikato, Te Arawa, Ngāti Porou I puta a Te Ingo i ngā kōhanga reo, i ngā kura kaupapa Māori me Te Wharekura o Rākaumanga. Ka whanake ake ia ki Te Whare Wānanga o Waikato, ā, i puta atu me tāna tohu paerua i reira. Ka puta hoki tōna ihu hei Ika-ā-Whiro i Te Panekiretanga o Te Reo Māori. He kaiwhakamāori hoki ia. Kei taku iwi, tēnā tātou katoa! Anō te pai, te āhua reka, o te nohonga o ngā tēina me ngā tuākana i runga i te ara pai, i raro tonu i te whakaaro kotahi. My highlight has been exactly this, being on the same waka as my elders, my tuākana and also my brothers, for the purpose of reshaping our rautaki whakarauora i te reo o Ngāruahinerangi. Ka ora tonu te toa o ngā mahi i roto i ngā whatukura kua tōkia kētia ki hōna kauwaka huhua, ā, mā te reo hei tohu i taua mouri ora.
Tama Ale Samoa, Te Mataōwhiti Tītahi, Manuhiakai, Ngā Ruahine, Ōkahu, Tāngāhoe, Araukuuku me ngā karanga hapū katoa o roto. I puta a Tama Ale i te kōhanga reo, te kura kaupapa Māori, Te Pīnakitanga Ki te Reo Kairangi me Te Panekiretanga o Te Reo Māori. Ko te reo Māori te kaiwhakakōrero i ngā taonga o nanahi, kei reira he māramatanga nui hei apo mā tātou mā te iwi nui tonu o Ngāruahine. Takoto ana, hura mai ana, utu kore ana, ka takoto tonu, ka arongia noatia e te tokoiti, i wāhirua ai te whakaaro, i wāhirua ai te kōkiri, e wāhirua tonu nei. He tipu wehewehe i ātaahua ai te rākau, erangi he kotahi kōhiwi i pakari ai.
Te Korowai o Ngāruahine Annual Report 2026 |
56
TE KOROWAI O NGĀRUAHINE TRUST GROUP
GOVERNANCE SUB-COMMITTEES AND SUBSIDIARIES
TE KOROWAI GOVERNANCE SUB-COMMITTEES The Pouwhakarae sits on all sub-committees as an ex-officio member
Te Mataōwhiti (Te Reo me ōna Tikanga Sub-Committee)
Te Kīwai Matau o Ngāruahine Charitable Trust
Rere-No-A-Rangi Pope (Chair) Emma Gardiner Te Ahu Rei Katrina Taylor Te Ingo Ngaia (Independent Member) Tama Ale Samoa (Independent Member)
Ngaraina Brooks Emma Gardiner Kiri Erb Ferinica Hawe-Foreman Taukē King Dion Luke Sarah Mako Rere-No-A-Rangi Pope Te Ahu Rei Liz Ross Katrina Taylor Bee Weston
Tumu Herenga Tāngata (Human Resource Management SubCommittee) Ngaraina Brooks (Chair) Emma Gardiner Kiri Erb Lara Keane (Independent Member) Caroline Silks (Independent Member)
Te Ohu Arotake (Audit & Risk Sub-Committee) Kiri Erb (Chair) Emma Gardiner Taukē King Dion Luke Phillippa Wilson FCA (Independent Member) Alicia Manuirirangi CA (Independent Member)
Te Korowai o Ngāruahine Custodian Company Limited
Te Kīwai Mauī o Ngāruahine Limited Dion Maaka (Chair) Emma Gardiner Sarah Mako Karna Luke (Alaena) Kiriwaitingi Rei
Ngā Rere Ora Limited Dion Maaka (Chair) Emma Gardiner Sarah Mako Karna Luke (Alaena) Kiriwaitingi Rei
Emma Gardiner (Shareholder/Director) Te Aorangi Dillon (Director)
Ngāruahine Fisheries Limited Dion Maaka (Alaena) Kiriwaitingi Rei
57
| Te Korowai o Ngāruahine Annual Report 2026
GOVERNANCE SUB-COMMITTEES AND SUBSIDIARIES
TE KOROWAI O NGĀRUAHINE TRUST GROUP
GOVERNANCE ATTENDANCE 1 July 2025 - 30 June 2026
Board Meetings Attended
Board Meetings Eligible
Sub-Committee Meetings Attended
Sub-Committee Meetings Eligible
Ngaraina Brooks
9
9
5
6
Kiri Erb
7
9
14
15
Emma Gardiner
9
9
19
21
Ferinica Hawe-Foreman
9
9
2
2
Taukē King
7
9
6
9
Dion Luke
7
9
8
9
Sarah Mako
9
9
-
-
Rere-No-A-Rangi Pope
8
9
4
4
Te Ahu Rei
8
9
4
4
Elizabeth Ross
8
9
-
-
Katrina Taylor
7
9
4
4
Bee Weston
7
9
-
-
Trustees
Te Korowai o Ngāruahine Annual Report 2026 |
58
OUR KAIMAHI
Our Kaimahi
TE KOROWAI O NGĀRUAHINE TRUST GROUP
HIGHLIGHTS FOR 2025-2026 Te Korowai o Ngāruahine Kaimahi host pahake at Ngā Taumata Rau o Puanga.
59
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
OUR KAIMAHI
Te Korowai o Ngāruahine Annual Report 2026 |
60
OUR KAIMAHI
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Jessica Shaw
Anita Potts
Bonnie Johnstone
Ngāti Whātua, Waikato
Ngāruahine, Ngāti Ruanui
Te Whakatōhea
Kaiwhakahaere Pūmanawa Tangata HR Manager
Kaituitui Rōpū Hāpai Finance Coordinator
Kaitiaki Rārangi Iwi Registrar
anita@ngaruahine.iwi.nz Taranaki Tū Mai was my highlight this year. Kaupapa such as these, contribute to the essence of who I am.
office@ngaruahine.iwi.nz Working with Ngāruahine uri, connecting whakapapa, adding registrations, and seeing mātua confidently register their tamariki, collectively strengthening and growing the Ngāruahine register.
Janine Maruera
Moesha Katene-Rawiri
Jackson Cassidy
Ngāruahine
Ngāruahine, Te Ātiawa
Pouuruhi Pāpāho Communications Team Lead Interim Pouuruhi-ā-Iwi – Internal Relations
Te Ātiawa, Ngāpuhi, Ngāti Hāua ki Taumarunui, Ngāti Tūwharetoa
Kaipāho Communication Advisor
Kaihoahoa Design Advisor
moesha@ngaruahine.iwi.nz A highlight for me was seeing continuous engagement as our iwi came together. He waka eke noa.
jackson@ngaruahine.iwi.nz A highlight for me this year was capturing moments of our whānau proudly representing Ngāruahine at Taranaki Tū Mai.
jessica@ngaruahine.iwi.nz Starting a new role was daunting, but from my first week at kura reo, Ngāruahine uri welcomed me. Learning and laughter have made the transition meaningful and inspiring.
janine@ngaruahine.iwi.nz Seeing uri connect or reconnect with their iwi and gain confidence in their reo journey through kura reo. Ko te reo te mauri o te mana Māori.
61
| Te Korowai o Ngāruahine Annual Report 2026
OUR KAIMAHI
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Emma Park
Ritihia Reihana
Te Ana Stephen
Te Ātiawa
Taranaki, Ngāti Ruanui, Te Whakatōhea, Ngāruahine
Ngāti Hine, Ngāpuhi
Pouhāpai Chief Financial Officer
Kaitātai Kirimana Funding and Contracts Accountant
Kaikaute Accountant
emma@ngaruahine.iwi.nz We continued to implement system improvements and planning for future changes, while ensuring our spending remained aligned with whānau priorities and compliance requirements.
ritihia@ngaruahine.iwi.nz The best part of working for iwi is being able to aid in the development and implementation of the aspirations of whānau, hapū and marae.
teana@ngaruahine.iwi.nz It is a privilege to contribute my skills to support Ngāruahine aspirations, including my tamariki, as we work collectively to uplift and strengthen Ngāruahine uri.
Kawarau Ngaia
Naomi Puketapu-Waite
Ngatokoa Tikitau
Ngāti Maru, Ngāruahine, Ngāti Ruanui, Ngaa Rauru, Taranaki, Te Ātiawa, Ngāti Mutunga, Ngāti Tama, Ngāpuhi
Ngāruahine
Ngāruahine, Ngāti Ruanui, Taranaki Tūturu, Te Ātiawa, Ngāti Maru, Ngāpuhi, Ngāti Arera, Ngāti Tepuretu
Kaituitui Kaupapa a Iwi Iwi Coordinator kawarau@ngaruahine.iwi.nz Expanding my skills and filling my kete, kura reo was a standout highlight. I especially valued the Te Ataarangi kōrero and the Puanga regeneration.
Pouuruhi Taiao Environmental Lead naomi@ngaruahine.iwi.nz Being part of the long battle against seabed mining was a real highlight for me. Showing up and speaking out matters – he toka tū moana.
Pou Taituarā Taiao Environmental Project Support & Engagement ttaiao@ngaruahine.iwi.nz Leading engagement between our Ngāruahine Hapū Kaitiaki Taiao Ohu, regional iwi taiao teams, and Oregon State University team on tohorā research in the South Taranaki Bight.
Te Korowai o Ngāruahine Annual Report 2026 |
62
TE KOROWAI O NGĀRUAHINE TRUST GROUP
OUR KAIMAHI
Kelsey Chadwick
TeUraura Nganeko
Te Awa Johnstone
Ngāti Kahungunu ki Heretaunga, Ngāti Kahungunu ki Te Wairoa, Ngāti Tūwharetoa
Ngāruahine, Taranaki Tūturu, Ngāti Ruanui, Ngaa Rauru
Ngāti Raukawa ki te Tonga, Ngāti Whātua, Ngāti Kurī, Ngāpuhi
Pouuruhi External Relations
Executive Assistant Te Kīwai Mauī
teuraura@ngaruahine.iwi.nz My highlight was having a positive impact on reacquiring nine of the Deferred Selection Properties (DSPs) and Right of First Refusal (RFR) properties from the Crown.
TeAwa@maui.nz Working at Taranaki Tū Mai and whānau day was a highlight. It gave me a meaningful connection to the iwi and grounded the work I do.
Philip Nuku
Puhi Nuku
Connor Macleod
Ngāruahine
Ngāruahine
(Resigned - March, 2026)
Pouhautū
Kaiako Matua
phil@ngaruahine.iwi.nz Highlights were Kura Reo Raumati, Kura Reo Taiohi and Te Matiti o Te Tau ritenga. Strengthening reo through Te Ataarangi and hands-on experiences.
A highlight this year was the Tā i te Kawa wānanga. It was inspiring to witness intergenerational learning, Ngāti Hāuatanga pride, whānau returning home, and rangatahi carrying out formalities.
Ngāruahine, Ngāti Ruanui, Ngāti Mutunga, Taranaki, Ngāi Tahu
Kaituitui Te Ara Toiroa Administrative Coordinator kelsey@ngaruahine.iwi.nz It is always a privilege to support hapū aspirations. Enhancing mahi and kāinga outcomes to support the moemoeā of whānau and tūpuna.
63
| Te Korowai o Ngāruahine Annual Report 2026
Kaituitui Tari He mihi nui tēnei e tuku ana ki te iwi mai te ngākaunui. Kāore e tū atu te mahi i ngā mahi he painga mō te iwi.
TE KOROWAI O NGĀRUAHINE TRUST GROUP
OUR KAIMAHI
Minutes of 2025 Hui ā-tau (Annual General Meeting) SATURDAY 29 NOVEMBER 2025 AOTEAROA PĀ
Te Korowai o Ngāruahine AGM ki Aotearoa Pā, 2025.
Te Korowai o Ngāruahine Annual Report 2026 |
64
MINUTES OF 2025 ANNUAL GENERAL MEETING
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Ngā Taratī o Te Korowai | Trustees Emma Gardiner (Pouwhakarae), Ngaraina Brooks, Katrina Taylor, Kiri Erb, Taukē King, Dion Luke, Sarah Mako, Rere-No-A-Rangi Pope, Te Ahu Rei, Elizabeth Ross, and Bianca Weston.
Guest Presenters Dion Maaka and Abraham Fletcher.
In Attendance Ngawai Akapita, Patsy Broughton, Moana Campbell-Knowles, Darryn Carr, Geoff Carr, Spencer Carr, Paula Carr, Jackson Cassidy, Te Rawanake Coles, Te Aorangi Dillon, Will Edwards, Mākere Edwards, Linda Elgar, Hauraki Erb, Raymond Eynon, Abraham Fletcher, Eleanor Gardiner, Bev Gibson, Allie Hemara Wahanui, Whitney Herewini-Te Kani, Ngawai Hernandez-Walden, Fay Hohaia, Te Aroha Hohaia, John Hooker, Hoani Horsefall, Puawai Hudson, Te Awa Johnstone, Moana Jane Kara-Temel, Rangiira Katene, Te Oti Katene, Moesha Katene-Rawiri, Maraea Katene-Rawiri, Lara Keane, Ivy Kearney, Angela Kerehoma, Dinah King, Paula King, Donia King, Shay King, Paula Koot Brennen, Drew Lawson, Te Ariki Lawson-Thompson, Diane Luke, Dion Maaka, Connor Macleod, Clayton Maddox, Sophie Maddox, Damian Mahutonga, Kati Mako, James Makowharemahihi, Mike Marriner, Polli Marriner, Janine Maruera, Jenny McCallum, Taniya Miles, Peter Moeahu, Tina Moeahu, Wendy Moeahu, Debbie Ngarewa-Packer, Donna Ngatai, Heavenlee Ngatai, Mary Nicholson, Amber Nicholson, Te Amokura Nuku, Philip Nuku, Puhi Nuku, Brian Nyman, Taela O’Shea-Herewini, Neil Packer, Delroy Packer, Gregg Parata, Tina Parata, Emma Park, Te Kura-i-Whiti Pickering, Anita Potts, Takawai Pouwhare, Mataaria Priest, Norah Puketapu, Naomi Puketapu-Waite, Alison Ranui, Vanessa Rawiri, Kitana Rawiri, Ritihia Reihana, Tere Rewharewha, Caroline Silk, Zoe Spooner, Te Ana Stephen, Penny Taha, Talopatina Taituare Wright, Te Aho Heretangata Taituare Wright, Katrina Taylor, Whitiora Taylor, Patresse Te Kani, Patina Te Rauna, Sherisse Thompson, Pete Thompson, Hannah Tipa, Tere Waiariki, Caroline Waiwiri, Brent Waiwiri, Jaimie Webb, Grant Weston, Matt White (Auditor, PriceWaterhouseCoopers), Tu Wichman, Phillipa Wilson, Tania Williams, Te Mihiroa Wright. Online: Tracy Mihimamao Edwards, Ferinica Hawe-Foreman (Trustee), Aroha Healion, Lynell Huria, Anaru Jacobson, Ann Johnston, Jacqui King, William Maha, Iri Mako, Sacha MacDonald, Tania Niwa, Lara Ruakere, Hokipera Ruakere-Papuni, Chevourne Taukiri, Melissa Trujillo, Tia Turahui, Rhonda Vanstone, Ria Waikerepuru, Letisha-Rei Weston-Jacobson, Georgina Wharepapa, Renee Wright.
1. Karakia | Mihi Whakatau John Hooker.
Waiata Maunga Taranaki e tū nei.
2. Welcome Co-Master of ceremonies for the day (MC) Taukē King and Bianca (Bee) Weston, welcomed all attendees including those joining online to the hui, and outlined housekeeping information. Emma Gardiner (Pouwhakarae) gave a mihi and announced the agenda for the meeting, with focus on the resolutions, and announced ‘Te Ngutu o te Manu’ as a General Business item.
65
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
3. Apologies Apologies were received and noted, including online registrations. A full named list is held on file with the receiving officers, and took apologies from the floor: Sandra Bishop, Natalie Cameron, Anna Carr, Robert Glen Cornes, Linda Davidson, Raymond John Eynon, Danielle Gardiner, Tania Gilbert-Kennedy, Rewiti Hawe, Lisa Ison, Anaru Jacobson, Charlotte Keay, Cheryl Luke-Maraki, Ropata Maxwell, Nadya Mereana Matehaere Jacobson, Pikiteora Matehaere, TeUaraua Nganeko, Annette Nyman, Mitchell Pera, Bernard Reihana, Grace Rupapera, Hinerewha Tikitau, Letisha-Rei Weston-Jacobson, Sharniqua Hinewai Weston-Jacobson, Nicolette Young.
Resolution 1 THAT the apologies for the 2025 Annual General Meeting be accepted. Awhi nuku (Te Aroha Hohaia) / Awhi kerekere (John Hooker) POUA
4. Confirm previous minutes The minutes of the 2024 AGM were presented for acceptance. A question was raised regarding the Ngā Rere project and the employment of kaimahi who were subsequently made redundant when the project did not proceed as planned. It was noted that this question would be addressed during the financial and investment presentation by Dion Maaka. Allie Hemara Wahanui noted the omission of her name from the attendance list for Hui ā-tau.
Resolution 2 THAT the minutes of the 2024 Annual General Meeting be accepted, noting the amendment to include online attendees list. Passed subject to amendment. Awhi nuku (Maraea Katene-Rawiri) / Awhi kerekere (Dinah King) POUA
Te Korowai o Ngāruahine Annual Report 2026 |
66
MINUTES OF 2025 ANNUAL GENERAL MEETING
TE KOROWAI O NGĀRUAHINE TRUST GROUP
5. Pouwhakarae Report (Te Korowai o Ngāruahine Trust) Emma Gardiner (Pouwhakarae) presented the Pouwhakarae report covering the period 1 July 2024 to 30 June 2025. Key highlights included: Taranaki Maunga Settlement • The Pouwhakarae acknowledged the work put into Te Pire Whakatupua mō Te Kāhui Tupua 2025. • Acknowledgement of the achievements regarding the Taranaki Maunga settlement and the final reading of the Bill in Parliament. • Congratulations extended to the four successful iwi appointments to Te Tōpuni Kōkōrangi, the cogovernance entity representing the interests of the Maunga, all of whom are uri of Ngāruahine or have ties to Ngāruahine: Dee Sciascia, Te Aroha Hohaia, Nicola Ngarewa, and Liana Poutu. • Congratulations to Jacqui King, newly appointed Chair of Te Tōpuni Ngārahu, a collective entity of eight iwi for the purpose of the Maunga. Constitutional Review • A constitutional review was conducted covering terms of reference for subcommittees, the Mauī Constitution, the Mauī Shareholder Agreement, and conflict management. • A key change was that the Pouwhakarae is no longer automatically a director on Mauī, to better manage conflicts of interest and strengthen the parent Board’s ability to hold subsidiaries to account. Te Tiriti o Waitangi • Te Korowai has an ongoing duty to ensure that the settlement is enduring by holding the Government to account in the Ngāruahine rights and interests. • Te Korowai continued to lobby and make submissions in response to an unprecedented volume of government reform impacting Māori, iwi, and hapū. • Over 30 submissions were made during the financial year — more than the total number of submissions since the inception of Te Korowai. • We cannot forget this period and our responsibility to keep informed and to vote as we move to the general elections next year. Toitū te Whenua • The Pouwhakarae acknowledged hapū and the trust and good faith accumulated in recent years. • The Board has appetite to explore devolution and partnership with hapū, including the hapū distribution policy, support to secure deferred selection properties, and the Toitū te Whenua reacquisition policy and fund. • Thirteen properties were approved for acquisition during the year, with some finalised and others awaiting settlement. Despite delays we are starting to see the first case studies under this kaupapa and the value it brings to uri, whānau, hapū and Ngāruahine. Financial Performance 2025 • An approved operational deficit was recorded for the year, funded through retained earnings. • Total group assets grew to $120 million as at 30 June 2025. • A comprehensive profit was achieved despite the operational deficit. Pupuke Te Hihiri Impact Investment Strategy • Three years ago, Te Korowai approved the Pupuke Te Hihiri impact investment strategy. • The annual plan for 2025/26 is focused on organisational infrastructure to support the change in operational model. 67
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
6. Heamana Report (Te Kīwai Mauī o Ngāruahine Limited)) Dion Maaka, Heamana of Te Kīwai Mauī o Ngāruahine, presented the investment report for the 2025 financial year. Investment Highlights • Te Kīwai Mauī was established in 2016 with a mandate to safeguard and grow iwi settlement assets and deliver sustainable financial distributions to Te Korowai. • Assets include ground leases, commercial property, property development, natural resources (fisheries and dairy), and listed equities. • Comprehensive income of $5 million was achieved between Te Kīwai Mauī and Ngāruahine Fisheries. • Five-year average return is approximately 7.6%, approximately 1.6% above the industry benchmark for a conservative portfolio. • Distributions in excess of $5 million have been delivered over the period. • A dividend of $2.4 million was provided to Te Korowai for the current year, compared to $1.88 million in 2020 — an increase of approximately 30%. • Total assets increased to $120 million, an increase of $1.5 million in capital value on the prior year. • Strong returns were recorded from ground leases and natural resources, particularly dairy farms in the South Island. Pupuke Te Hihiri Activities • Various properties in Manaia were assessed for Project Tūkau. No suitable properties were found currently on the market; a watching brief is maintained. • In partnership with Ngāti Ruanui, a joint business case for Kāinga Whakaahurangi assessed the feasibility of a mid-scale staged housing development in Stratford. Potential new government and community funding streams are being explored.
Te Korowai o Ngāruahine Annual Report 2026 |
68
MINUTES OF 2025 ANNUAL GENERAL MEETING
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Ngā Rere Update • The successful delivery of Ngā Rere has remained the foremost focus of Te Kīwai Mauī in 2025. • Strategic changes were made to accelerate delivery, including appointing a new Project Manager and strengthening operational planning. • Kaimahi were employed in anticipation of an opening date of approximately March 2025. This did not proceed, and kaimahi were subsequently let go earlier in 2025. The Board provided significant support to assist kaimahi through the redundancy process and into new employment opportunities or development support. • The decision to change the project management was intentional as the previous project management had failed to identify multiple issues. • The remaining outstanding issue relates to the design and installation of emergency stairs by the main contractor’s subcontractor. The design has not been accepted by Council. This sits outside Te Kīwai Mauī’s direct control, as it is the contractor’s responsibility. • All options are being exhausted to bring all parties to the table to resolve the issue and remobilise on site.
7. Audited Annual Financial Statements for period ending 30 June 2025 Emma Park (Pouhāpai / Chief Financial Officer) and Kiri Erb (Chair, Te Ohu Arotake — Audit and Risk Committee) presented the group financial summary for 2025. Group Structure • Outline of Group entities Key Highlights • Acknowledged Matt White (auditor) for attending the hui. • Clean audit opinion, with no unresolved material issues. • Robust monthly reporting process in place. • Total group assets valued at $120 million, a 1% increase on the prior year. Statement of Financial Position (Balance Sheet) as at 30 June 2025 • Total group assets: $119.9 million (rounded to $120 million), comprising current assets (cash, term deposits, inventory) and non-current assets (whenua and investments). • Total group liabilities: $2.8 million, including a loan component from crown funding received for Ngā Rere. • Total accumulated funds (equity): $117 million. Statement of Comprehensive Income • The 2024 financial year covered a 15-month period due to a balance date realignment from 31 March to 30 June. A normalised 12-month comparison shows approximately a 4% change. Total expenses for the year: $6.1 million. • Unrealised investment gain recorded in line with accounting standards. • Comprehensive income: $1.6 million. • An operational loss was recorded, which was an intentional and approved decision by the Board. Expenditure Notes • Personnel expenses: $2.1 million (prior year normalised: just under $2.3 million). Increase partly due to fixed-term contracts funded by third-party funding. • Advisory, consulting and professional fees include legal fees, consultants, and costs associated with third-party funded kaupapa such as Kāinga Whakaahurangi and Te Ara Toiroa. • Strategic pou (hapū distributions including scholarships and bureau service payments): $933,000. • Office and general expenses include depreciation and lease costs for the tari in Hāwera office. 69
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
Summary of comments and questions from the floor A question from the floor queried the difference between assets stated as $120 million on page 8 and $110 million on page 32 of the annual report. Clarified that $110 million refers to non-current assets only, with approximately $10 million in current assets making up the balance. A question from the floor queried income of $720,000 on page 106 versus expenses of $6 million on page 108. Clarified that investment revenue of $4.9 million and other revenue are recorded separately on page 100, with total revenue just under $4.5 million. A comment from the floor noted that advisory, consulting and professional fees totalled approximately $1.5 million and expressed the view that this reflects a lack of experience and expertise on the Board. The Pouwhakarae responded that Te Korowai made a deliberate decision three years ago to use third-party funding to service kaupapa, which drives the advisory and consulting spend rather than taking on long-term full-time employment (FTE) liabilities. A comment from the floor noted total wages, fees, and salaries of approximately $2.5 million, and a combined spend of approximately $4 million on advice, wages, and salaries. A question from the floor raised the governance structure, noting 22 governors across the group with uri only able to vote for two, and proposed a review of the structure to have seven Trustees elected iwi wide. The Pouwhakarae clarified that there are 12 elected Trustees of the PSGE, 5 Directors on the commercial subsidiaries and the remaining are non-voting independents on subcommittees. In regard to the size of the PSGE Board, the Pouwhakarae acknowledged this as a valid point regarding size, and any changes required a broader discussion at hapū level regarding representation. A comment from the floor proposed the Board consider appointing an Artificial Intelligence (AI) specialist and investment specialists to the investment Board, and undertake a structural review, referencing Tūaropaki as an example of visionary investment. The Pouwhakarae noted Tūaropaki is a shareholder organisation, not a Post-Settlement Governance Entity (PSGE), and operates under different responsibilities. A question from the floor queried where redundancy payments for Ngā Rere kaimahi were recorded. Confirmed as recorded under salaries, with specific redundancy amounts noted as a Human Resources matter where privacy of affected kaimahi must be maintained. A question from the floor noted comprehensive income of $1.6 million compared to approximately $4 million in the prior year and sought clarification. Explained that the difference is partly attributable to the 15-month versus 12-month comparison period and movements in asset revaluations ($2.9 million uplift this year versus $4 million in the prior period). A question from the floor queried expenditure of $2.2 million recorded on page 20 for an internal iwi database. Clarified that this figure represents total Ngāruahine employees and contractors under the Te Ara Toiroa strategy, it is not a database cost. A question from the floor queried Hapū distributions. Clarified that the total hapū distribution recorded at $612,000 was divided equally across all six hapū, cumulative funds received by each hapū are exactly equal. The current policy approved by the Board: $100,000 per hapū plus 2% per annum.
Te Korowai o Ngāruahine Annual Report 2026 |
70
MINUTES OF 2025 ANNUAL GENERAL MEETING
TE KOROWAI O NGĀRUAHINE TRUST GROUP
A question from the floor asked what percentage the Strategic Pou and total operational expenses was of current equity, concerned about investments for the future. Confirmed total operational expenditure just under 6% of equity. Confirmed that currently the hapū distribution is $100,000 per hapū plus 2% per annum as approved by the last Board. Impact investment and third-party funding are the preferred funding model, rather than relying on living off interest earnings. A question from the floor queried the operational overspend of $600,000. Items identified included Kāhui Legal fees for the constitutional review, the organisational review, communications strategy, procurement work, and implementation of Te Ara Toiroa. A question from the floor raised the possibility of subcontracting the operation of Ngā Rere. Confirmed this has been considered, but the Board remains committed to providing employment opportunities for uri on the Maunga. A question from the floor asked how long the hapū distribution policy has been in place. Confirmed as approximately three to four Board terms. A question from the floor asked where the deficit was drawn from. Confirmed as cash reserves. A further question asked how long the deficit is expected to continue, with the response noting a deficit is anticipated over the next year, primarily due to Ngā Rere not yet being open and implementation of the organisational review recommendations and transition plan. Confirmed also that Te Kīwai Mauī Board are bound to ensure that there is a 7.5% return on investment. A question from the floor asked about the next economic journey for the group, and how hapū, marae, and whānau businesses can become involved. The Pouwhakarae outlined the Pupuke Te Hihiri impact investment strategy, the Statement of Investment Policy and Objectives (SIPO) allocation of 20% to impact investments over the next few years. A comment from the floor expressed support for the concern raised about PricewaterhouseCoopers performing both the audit and advisory roles, suggesting these should be separated. The Pouwhakarae clarified that the audit and advisory work is performed by different PricewaterhouseCoopers offices, units and locations, and the advisory was strategic and organisational rather than financial in nature.
Resolution 3 THAT the Te Korowai o Ngāruahine Trust Group audited financial statements for the 12-month period ending 30 June 2025 are received. Awhi nuku (John Hooker) / Awhi kerekere (Paula Carr) POUA
71
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
8. Approve appointment of Auditor for 2025/26 The Pouwhakarae read the resolution.
Resolution 4 THAT PriceWaterhouseCoopers be reappointed as auditors for the Te Korowai o Ngāruahine Group for the 2025/26 financial year. Awhi nuku (Angela Kerehoma) / Awhi kerekere (Zoe Spooner) POUA
9. Accept Trustee remuneration 2025/26 THAT Trustee remuneration remains unchanged for the 2025/26 financial year.
10. Special Resolution: Amendments to the Trust Deed (Māori Fisheries Act) Amendments to the trust deed were presented, required by changes to the Māori Fisheries Act. The amendments cover: • • • • •
Electoral provisions: clarifying voting by members of an iwi, with no substantive change. Mandated iwi reporting: increasing reporting obligations in the annual report and at the AGM. Annual plans: requiring Trustees to prepare annual plans for fisheries. Ownership terminology: changing ‘income shares’ to ‘ordinary shares.’ Restrictions on directors: maintaining a level of independent directors as required under the Fisheries Act. • Shareholder rights: increasing thresholds regarding the sale of any settlement quota. A 75% majority of those voting is required for the special resolution to pass. Voting closes at 2:00pm. Registered uri who had not received voting papers were directed to the receiving officers, Philippa Wilson and Caroline Silk. It was noted that communications regarding the special resolution were raised as insufficient, with one attendee observing that information only became available approximately three days prior to the annual general meeting. This was acknowledged by the Chair.
Waiata Auē Te Rongomau
11. Trustee Highlights Trustees shared individual highlights for the year, including: • Whānau engagement kaupapa including Te Pōkaitahi Reo, kura reo, and Taranaki Tū Mai Wānanga. • Participation in professional learning through the Institute of Directors. • Relocation of the office to a more functional and low-maintenance space. • Responding to the government’s legislative reform agenda affecting Māori rights and interests. • Witnessing the settlement of Taranaki Maunga at Parliament. • Congratulations to Ngāti Hāua Piko for the rebuild of the Wharekai, and to the whānau at Taikātū Pā for the new marae complex due to open in the coming weeks.
Te Korowai o Ngāruahine Annual Report 2026 |
72
MINUTES OF 2025 ANNUAL GENERAL MEETING
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Te Whare Kōrero o Ngāruahine Ashley Douglas, nō Ngāti Manuhiakai me Taranaki Tūturu hoki, shared her learning journey as an akoranga of Te Pōkaitahi Reo ki Ngāruahine and encouraged uri to reclaim their reo and their Ngāruahinetanga. Tupua te Mauri The Pouuruhi for Tupua te Mauri, Naomi Puketapu-Waite presented a brief overview of the rōpū mahi and collaborations including: • Southern trapping network expansion in preparation for kiwi releases in 2025 on the maunga; • World first planning methodology collaboration between Te Korowai, Ngā Rere and the Department of Conservation Te Papa Atawhai; • Geographic Information System (GIS) layers shared from Ngā Iwi o Taranaki and available to hapū to determine whenua aspirations; • Emergency response planning including responding to the potential of volcanic unrest; • Maara kai initiatives; • 2025 awa project based around capacity building and restoration; • Opposing the direct discharge of wastewater, farm dairy effluent or contaminants to all water bodies within the rohe; • Collaborating with the Taranaki Biosecurity Network around risks; and • S186a application – an attempt to protect and give the moana time to regenerate.
12. Kaimahi and Tumu Whakarae Highlights Ngāruahinetanga Te Ūkaipō (Rangatahi Programme) Mihi to Lola Katene, former kaimahi who passed away this year. Highlights included wānanga covering whakapapa, surfing lessons, and dawn ceremonies. The jigsaw initiative was introduced as a visual and tangible way for rangatahi to connect to Ngāruahine. The Te Poipoitanga rangatahi mentoring programme was also implemented, supporting rangatahi not engaged in education or training pathways. Te Whare Kōrero o Ngāruahine Te kura reo was highlighted as a key kaupapa guided by the principle of Ngāruahinetanga. The programme draws from three Mātāpuna: Pūrākau (stories), Te Takiwā (the land), and cultural ceremonies. The summer kura reo is fully subscribed, with a rangatahi programme running alongside. Tupua te Mauri Over 30 submissions were made during the financial year on kaupapa including the Fast Track Approvals Bill, South Taranaki Papakāinga Plan change, Regional Land and Freshwater Plan, Marine and Coastal Area (Takutai Moana) Amendment, Treaty Rights Bill, Offshore Renewable Energy Bill, and the Regulatory Standards Bill. The Rangahau Waiora programme was delivered with support from Ali Cole. The relationship withre Ogon State University and Lee Torres regarding tohorā research in the South Taranaki Bight was highlighted as significant evidence in the case against Trans-Tasman Resources. Poua te Pātūtū (Kāinga) An alternative energy wānanga was held with industry leaders. Ngāruahine’s position of not supporting Trans-Tasman Resources was reaffirmed. Thirteen properties were approved for acquisition during the year.
73
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
Tumu Whakarae Report The Tumu Whakarae supports the Pouwhakarae earlier kōrero, to acknowledge the Board, kaimahi and whānau who have lost loved ones this year. The last two years have been incredibly challenging under this coalition government. Through the obstacles the kaimahi have stayed committed to the iwi, held steady, adapted where needed and delivered across all pou. They remained committed to providing more direct benefits to hapū this year while strengthening internal systems. Annual Plan 2025/26 The annual plan is built directly from the strategy and findings of the organisational review and internal processing. Key focus areas include: • Ngāruahinetanga: integrating early connection planning, standardising reo and tikanga frameworks and tracking learner progress. • Te Kawa Whanakeora: building clearer pathways into employment and procurement, strengthening educational support from early learning through to adulthood. • Poua te Pātūtū: strengthening the evidence base for housing decisions and supporting uri into warm, safe, stable homes. • Tupua te Mauri: working with hapū to lead and respond to Taiao initiatives, rebuilding core systems and strengthening readiness for climate and energy transition. • Internal capability: strengthening internal processes and reporting, delivering elections with clarity and building capability and succession within the team.
Summary of comments and questions from the floor A question from the floor raised the question of kaimahi who are also uri being restricted from speaking at the AGM. The Tumu Whakarae clarified that kaimahi have access to governance at any time, and that AGMs are intended for uri. Employment concerns should be raised through proper channels, including the Chief Executive (CE), the Board, or the whistleblowing (protected disclosure) policy. A comment from the floor raised the need for greater support for pahake, noting that rangatahi programmes are well supported but pahake needs such as health support are not as visible. A question from the floor requested that future annual reports show financial investment aligned to each strategic pou. A question from the floor raised the question of whether the Chair’s removal from automatic directorship on Te Kīwai Mauī weakens governance oversight. The Chair explained that strengthened reporting channels provide the necessary line of sight, and that the parent Board’s role in holding subsidiaries to account is more important than a director seat. A comment from the floor noted that communications regarding the trust deed amendments were insufficient, with information only becoming available approximately three days prior to the AGM. A comment from the floor raised that the iwi skills and business register does not yet reflect the depth of skills held by uri, and that online-only access excludes some whānau. The Tumu Whakarae extended an apology to the floor for the poor level of service experienced when contacting the tari and committed to improving the responsiveness and quality of service. A question from the floor raised concern about the constitutional changes to Te Kīwai Mauī, specifically the removal of the automatic CE and Chair directorship, and the risk of subsidiaries developing their own culture without parent oversight. The Chair acknowledged this concern and explained the nuance between a director role and the parent Board’s accountability function. Te Korowai o Ngāruahine Annual Report 2026 |
74
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
13. Scholarship Recipient Presentation Abraham Fletcher, scholarship recipient and summer intern, presented to the AGM. He shared his studies in a Bachelor of Arts majoring in Māori Resource Management (Kaitiakitanga), how the scholarship assisted him to complete his studies debt-free, his future aspirations centred on whakapapa, reconnecting with his tīpuna and reo, and building cultural confidence.
14. Receive Annual report 2024/25 The Pouwhakarae put the resolution to the floor.
Resolution 5 THAT the Annual report 2024/25 is received. Awhi nuku (Te Aroha Hohaia) / Awhi kerekere (Kati Mako) POUA
15. General Business Item 1: Te Ngutu o te Manu (Ngāti Manuhiakai) Peter Moeahu raised the matter of the return of Te Ngutu o te Manu to Ngāti Manuhiakai Hapū. He noted: • The Crown confiscated Te Ngutu o te Manu from Ngāti Manuhiakai Hapū. • In 2022, Ngāti Manuhiakai Hapū lobbied the South Taranaki District Council for the return of the land and paid for those lands at the signing ceremony at Kānihi Pā. • Three years on, the land has not been returned to the hapū. • Request for a deputation to the Board was denied. A resolution submitted in advance of the AGM was also declined. • He referenced clause 2.5E of the trust deed, which states hapū hold mana whenua over all lands in their takiwā, and expressed the view that the Board is in breach of its trust deed by not returning the land. • He called on the iwi to support the return of Te Ngutu o te Manu to Ngāti Manuhiakai Hapū. The Chair acknowledged the points raised and encouraged Ngāti Manuhiakai, Ōkahu Inuāwai and Kanihi Umutahi hapū to discuss the matter directly with each other, noting the AGM is not the appropriate forum for inter-hapū discussions. Item 2: Accountability for Ngā Rere A question was raised regarding governance accountability for Ngā Rere, including who beyond the project manager was held to account. The Chair noted that sensitive matters regarding individuals cannot be discussed in this forum. Three systemic issues identified through the organisational review were outlined: transparency of project management information through to the Board, delegations, and procurement. A request was made for uri to be informed of what information is confidential and what is not. The Chair confirmed all policies are available through the tari upon request. A request was made for separate entitylevel financial reporting at future AGMs. The Chair noted that the audited reporting meets sector norms and consistent with previous years.
75
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
MINUTES OF 2025 ANNUAL GENERAL MEETING
16. Closing acknowledgements The whānau of Lola Katene acknowledged the support provided by Te Korowai kaimahi and the iwi throughout her illness, during the tangi, and in the days that followed. Attendees were reminded that voting on the special resolution closes at 2:00pm. New merchandise is available to purchase via the Facebook.
Waiata Tēnei rā mātou
15. Karakia whakamutunga J Hooker. Hui ā-Tau 2025 was closed at 1.40pm.
Disclosure: We acknowledge that not all apologies received for the AGM may have been recorded. If you submitted an apology and it has not been noted, please contact us so that our records can be updated accordingly. Te Korowai o Ngāruahine Annual Report 2026 |
76
TE KOROWAI O NGĀRUAHINE TRUST GROUP
GRANT RECIPIENTS 2025-2026
Scholarship and Grant Recipients 2025-2026
Waingōngoro river, Ōhawe.
77
| Te Korowai o Ngāruahine Annual Report 2026
GRANT RECIPIENTS 2025-2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
He Hua Ōwhiti Taiao Scholarship 2025-2026 A one-year scholarship to support students undertaking Environmental Studies in the 2026 academic year. $1,500 per recipient.
Ingoa
Study
Club/Event
Alison Anitawaru Cole
Master of Planning
Lincoln University
Amanda Ngawai May Terry
Postgraduate Certificate in Planning
Massey University
Cashious Theo Hawe La'auli
Bachelor of Aquaculture and Marine Conservation
Nelson Marlborough Institute of Technology
Lucia Young
Bachelor of Science (Biology and Environmental Science)
University of Canterbury
Shaun Nuku
Poutuarongo Kaitiaki Pūtaiao - Bachelor in Environmental Management
Te Wānanga o Raukawa
Parininihi ki Waitōtara – Ngāruahine Undergraduate Scholarship 2025-2026 A one-year scholarship awarded to one Ngāruahine uri in their second year of study or higher in the 2025 academic year.
Ingoa
Study
Club/Event
Jordi Sands
Te Tohu Paetahi
University of Waikato
He Iti Taku Iti Ngāruahine Iwi Education Scholarships 2025-2026 A one-year scholarship for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2025 academic year. Postgraduate study $3,000 per recipient.
Ingoa
Study
Club/Event
Airana Ngarewa
Doctor of Philosophy
University of Canterbury
Laura Gemmell
Doctor of Philosophy
University of Otago
He Iti Taku Iti Ngāruahine Iwi Education Scholarships 2025-2026 A one-year scholarship for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2025 academic year. Undergraduate study $1,500 per recipient.
Ingoa
Study
Club/Event
Analee Toro
Bachelor of Medicine, Bachelor of Surgery
University of Otago
Billie-Jean James
Bachelor of Nursing
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Sophie Maddox
Bachelor of Arts (Education and Psychology)
Massey University
Trinity Kumeroa
Bachelor of Digital Screen with Honours
University of Canterbury
Te Korowai o Ngāruahine Annual Report 2026 |
78
SCHOLARSHIPS AND GRANTS RECIPIENTS 2025-2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Punahau me Hinehou Grant 2025-2026 Sponsored by Aronga Limited – A one-year grant to support mothers in training. $1,500 per recipient.
Ingoa
Study
Institution
Anahera Ngaia
Poutuarongo Whakaakoranga Bachelor of Teaching (Māori Medium)
Te Wānanga o Raukawa
Stacy Awheto
Bachelor of Arts (Music and Te Reo Māori)
University of Waikato
Tuku Aupiki Grant 2025-2026 To assist with non-fundable short courses, conferences, wānanga, noho, online courses and non-StudyLink applications. $500 per recipient.
79
Ingoa
Study
Institution
Benny Katene
New Zealand Certificate in Gasfitting (Level 4)
Earnlearn Te Pukenga
Clayton Maddox
Te Pōkaitahi Reo (Rumaki, Reo Rua) (Te Kaupae 1)
Te Whare Wānanga o Awanuiārangi
Eleanor Gardiner
Te Huanui Level 1
Te Ataarangi ki te Kāhui Maunga
KyleeErana Taramai
Poupouhuia Te Reo 2
Te Wānanga o Raukawa
Stephanie Chalmers
Te Pōkaitahi Reo (Rumaki, Reo Rua) (Te Kaupae 1)
Te Whare Wānanga o Awanuiārangi
Tyson Weston
Te Huanui Level 1
Te Ataarangi ki te Kāhui Maunga
Wendy Eynon
Funeral Celebrancy Course
Celebrant Training College
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
SCHOLARSHIPS AND GRANTS RECIPIENTS 2025-2026
He Iti Taku Iti Ngāruahine Iwi Education Grants 2025-2026 A one-year grant for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2025 academic year. Undergraduate study $373 per recipient.
Ingoa
Study
Club/Event
Aharina Prime-Rei
Te Aho Tātairangi - Bachelor of Teaching and Learning Kura Kaupapa Māori
Massey University
Aisha Campbell
Bachelor of Communications
Auckland University of Technology (AUT)
Aisjah Martini
New Zealand Certificate Interior Décor - Level 4
Open Polytechnic
Amiria Bristowe
Poupou Whakapiki Mauri
Te Wānanga o Raukawa
Amy Webb
Bachelor of Laws / Bachelor of Arts (History)
University of Auckland
Angela Kerehoma
Poutuarongo - Degree Toi Māori
Te Wānanga o Raukawa
Arihia SoleNukunuku
Papa Reo
Te Wānanga o Aotearoa
Berea Morrison
Heke Reo Diploma
Te Wānanga o Raukawa
Bernie Reihana
Te Pōkaitahi Tikanga
Nelson Marlborough Institute of Technology (NMIT)
Breeya Martin-Pu
Heke Toiora Whānau
Te Wānanga o Raukawa
Callum TaramaiAnderson
NZ Certificate in Real Estate - Level 4
Open Polytechnic
Campbell Hooker
Postgraduate Diploma in Health Science (Musculoskeletal Physiotherapy)
Auckland University of Technology (AUT)
Catherine Booker
Bachelor of Māori Art (Weaving)
Te Wānanga o Aotearoa
Cathryn Fraser
Bachelor of Art and Design
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Cerise Weston
Te Reo Māori - Level 1
Open Polytechnic
Charlotte Webb
Bachelor of Medicine and Surgery
Otago University
Chevourne Taukiri
Te Rōnakitanga ki te Reo Kairangi Level 5
Te Wānanga o Aotearoa
Chrissy Murray
Bachelor of Nursing
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Cjay Wetini Mcminn
New Zealand Certificate Construction Trade Skills - Level 4
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Daisy M M Hawkins
Bachelor of Arts
Otago University
Dale Luke
Te Reo Māori Certificate - Level 1
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Daniel Nganeko
Data Analyst - Diploma in Digital Technology Development and Design - Level 5
Mission Ready NZ
Dinnie Moeahu
PhD Māori and Indigenous Studies
University of Canterbury
Emily Price
Bachelor of Nursing
University of Waikato
Te Korowai o Ngāruahine Annual Report 2026 |
80
TE KOROWAI O NGĀRUAHINE TRUST GROUP
SCHOLARSHIPS AND GRANTS RECIPIENTS 2025-2026
He Iti Taku Iti Ngāruahine Iwi Education Grants 2025-2026 (continued) A one-year grant for uri studying full time courses in the 2025 academic year at a recognised tertiary institution in Aotearoa. $373 per recipient.
81
Ingoa
Study
Club/Event
Erin HemaraWahanui
New Zealand Certificate in Commercial Barbering - Level 4
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Faith Wharewaka
Bachelor of Nursing - Māori
Manukau Institute of Technology
Genaya Halliday
Diploma in Agriculture
Lincoln University
Grace Alice Wharewaka
Bachelor of Social Practice
UNITEC Institute of Technology
Greayer Eketone
Doctor of Clinical Psychology
University of Auckland
Hope Priest
Hairdressing - Level 3
Whitireia and WelTec
Jackie Jones
Certificate in Health and Wellbeing Level 3
NZMA Porirua campus
Jakaea Reihana
Bachelor of Nursing - Level 7
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Janine LukeTaamaru
Masters of Indigenous Studies
Te Whare Wānanga o Awanuiārangi
Jarden Lacey
Master of Community Dentistry
University of Otago
Jasmine King
Bachelor of Nursing
NorthTec Polytechnic
Jasmine Milne
Te Aho Tātairangi - Bachelor of Teaching and Learning Kura Kaupapa Māori
Massey University
Jaxon Moeahu
Bachelor of Business (Finance, Māori Development)
Auckland University of Technology (AUT)
Jayda Bell
Bachelor of Nursing
Ara Canterbury
Jayda Edwards
New Zealand Certificate in Study & Career Prep - Level 4
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Keesha Craig
Bachelor of Arts (Psychology)
University of Waikato
Keiryn Rowe
Bachelor of Arts
Victoria University of Wellington
Kiannah MarshallNgeru
Bachelor of Nursing
Massey University
Kiri Campbell
Bachelor of Laws
Auckland University of Technology (AUT)
Leah Eynon
Te Huanui Reo - Level 2
Te Ataarangi ki te Kāhui Maunga
Leah Matoe
Master of Māori and Indigenous Leadership
University of Canterbury
Lee Vickie Rangi Lucas
Bachelor of Māori Art (Raranga)
Te Wānanga o Aotearoa
Letisha-Rei WestonJacobson
Bachelor of Nursing - Māori
Whitireia
Liam Cassidy Ngatai
NZ Certificate in Auto Engineering Level 3
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Maraea KateneRawiri
Bachelor of Social Work
Massey University
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
SCHOLARSHIPS AND GRANTS RECIPIENTS 2025-2026
He Iti Taku Iti Ngāruahine Iwi Education Grants 2025-2026 (continued) A one-year grant for uri studying full-time courses at a recognised tertiary institution in Aotearoa in the 2025 academic year. Undergraduate study $373 per recipient.
Ingoa
Study
Club/Event
Melissa Martin
Heke Toiora Whānau
Te Wānanga o Raukawa
Mikaia Allan
Bachelor of Laws
Victoria University of Wellington
Ngapera Akapita
Master of Māori and Indigenous Leadership
University of Canterbury
Ngapuke KingLepaio
Bachelor of Law
University of Waikato
Nicola Jenkins
New Zealand Certificate in Financial Service - Level 5
Open Polytechnic
Nikita Gapper
Bachelor of Medical Imaging
Ara Institute of Canterbury
Phillip Kahotea
Bachelor of Applied Counselling
Te Pū Wānanga o Anamata
Rachael Vaimoso
Te Pōkaitahi Reo - Te Kaupae 3
Te Whare Wānanga o Awanuiārangi
Rawi Katene-Rawiri
Bachelor of Social Work
Massey University
Renee Puata
Bachelor of Nursing - Māori
Whitireia
Riana Ngaia
Bachelor of Early Childhood
Te Rito Maioha
Riria Vella
Te Aho Paerewa Postgraduate Diploma Teaching and Learning in Māori Medium
Massey University
R'leeyah-Lynette Luke
Pharmacy Technician - Level 4
Open Polytechnic
Sara Picard
Bachelor of Arts
Victoria University of Wellington
Sarah Richards
Bachelor of Midwifery
Te Pūkenga Kirikiriroa (WINTEC)
Sharna-Lee Goldsmith-Wallis
New Zealand Hairdressing Certificate - Level 3
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Siobhan Grant
Heke Rongoā
Te Wānanga o Raukawa
Stevie-Rei Kenny
Postgraduate Certificate Primary Health Care Nurse
Whitireia
Tama James
Electrical Pre-Trade - Level 3
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Tianna Osborne
Beauty Therapy - Level 4
Te Kura Matatini o Taranaki - Western Institute of Technology at Taranaki
Tiare Luke
Bachelor of Nursing - Māori
Whitireia
Toni Ngatai-Olliver
Heke Te Whare Pora - Diploma in Weaving
Te Wānanga o Raukawa
Tūheimoa-Rāhana Te WhatumararaMaruera
Te Aho Paerewa Postgraduate Diploma Teaching and Learning in Māori Medium
Massey University
Tyler Waitere
Tertiary Foundation Certificate
University of Auckland
Tyson Huia
Doctor of Health Science
University of Canterbury
Te Korowai o Ngāruahine Annual Report 2026 |
82
SCHOLARSHIPS AND GRANTS RECIPIENTS 2025-2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Te Hua Ōwhiti Kura Grant 2025-2026 A grant to assist rangatahi to undertake extracurricular activities. $250 per recipient.
83
Ingoa
Study
Club/Event
Achilles Wineera
Basketball, Athletics
St Paul's Primary, Waitākere City Athletic Club
Ava-Jade Leatherby
Rugby League
Ngā Waihotanga
Charlie Cave
Surfing
East End Surf Life Saving Club New Plymouth
Ciara-J Tirama Angel Hauwaho
Netball
Pukekohe Netball Centre
Connor Murray
Rugby League
Ngā Waihotanga Sports & Cultural Club
Elias Green
Rugby League
Ngā Waihotanga Sports & Cultural Club
Elizabeth Hibbs
Swimming
QE2 Swim Club Inc
Elizabeth Whitfield
Dance
Dance24 Music Studio
Ezrah Bennett
Rugby League
Inspire Rugby League Academy
Francie Hibbs
Dancing
JK Performing Arts, Christchurch
Harlen Muggeridge
Rugby League
Hāwera Hawks
Hoana-Julia Hockley
Rugby League
Normanby Okaiawa Knights Sports Club
Hoani Hockley
Rugby League
Normanby Okaiawa Knights Sports Club
Hudson Potts
Basketball
Hāwera Hāpai
Hunter Ngaia
Netball
Aotea Netball
Issac Morrison-Fonoti
Rugby League
Auckland Rugby League Club
Jacob Kahu
Rugby League
Te Whanganui a Tara Māori Rugby League
Jahrangimah Ashby Pauu
Rugby League
Hokianga Storm
Jaiah Otene
Surfing
Fitzroy Surf Lifesaving Club
Jay Devine-Collins
Basketball
New Plymouth Basketball Association
Johan Leef-Luke
Rugby League
Ngā Waihotanga Sports & Cultural Club
Jordyn Ngeru-Broughton
Basketball
Hāwera Hāpai
Kahurangi Hockley
Rugby League
Normanby Okaiawa Knights Sports Club
Kaiahn Weston
Rugby League
Ngā Waihotanga Sports & Cultural Club
Kaiden Muggeridge
Basketball
Hāwera Hāpai
Kasen Luke
Rugby League
Ngā Hau e Whā o Wainuiomata
Kaydon Kahu
Rugby League
Ngā Hau e Whā o Wainuiomata Rugby League
Kayla Ashby-Pauu
Netball
AZZ1 Netball Club, Christchurch
Kaylahni King
Rugby League
Ngā Waihotanga
Kellan Patterson
Rugby
Southern Rugby Club
Kereama Hockley
Rugby League
Normanby Okaiawa Knights Sports Club
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
SCHOLARSHIPS AND GRANTS RECIPIENTS 2025-2026
Te Hua Ōwhiti Kura Hākinakina me Te Ahurea Grant 2025-2026 A grant to assist rangatahi to undertake extracurricular activities. $250 per recipient.
Ingoa
Study
Club/Event
Khodie Woodhead
Netball
Eltham Netball Club
Larenzo Akarana
Rugby League
Ngā Waihotanga Sports & Cultural Club
Levi Devine-Collins
Surfing
New Plymouth Surfriders Club
Malakai Rose
Music Lessons
Clyde School
Maria Ngatai-Weston
Netball
Eltham Netball Club
Mateo-Ngaia Hockley
Rugby League
Normanby Okaiawa Knights Sports Club
Max Cave
Surfing
East End Surf Life Saving Club New Plymouth
Max Crown
Tag
Tag New Zealand Association
Nehemiah Matoe-Kapi
Basketball
Polynesian Basketball
Peizha Cassidy
Rugby
Manukura
Precious Eketone
Kura Tuarua Kapahaka Whakataetae ā-motu
Te Kura Māori o Porirua
Prin'sess Eketone
Kura Tuarua Kapahaka Whakataetae ā-motu
Te Kura Māori o Porirua
Riwha Grindlay
Basketball
Hāwera Hāpai
Rocky Patterson
Rugby
Southern Junior Rugby
Russell Ngatauerua Hockley
Rugby
Te Paepae o Aotea
Samaia Jay Leef
Rugby League
Hāwera Hawks
Shane Hockley
Rugby League
Normanby Okaiawa Knights Sports Club
Te Aute Grindlay
Basketball
Hāwera Hāpai
Treidyn Ezeal Reid
Rugby League
Tūwharetoa Māori Rugby League
Whitiora Taylor
Basketball
Hāwera Hāpai
Zaire Rupapera
Rugby League
Star Rugby League Academy
Te Korowai o Ngāruahine Annual Report 2026 |
84
GRANTS & SCHOLARSHIP STATS 2025-2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
He Iti Taku Iti RECIPIENTS PER INSITUTION INSTITUTION
0
2
4
AUCKLAND UNIVERSITY OF TECHNOLOGY
6
8
-4
UNIVERSITY OF WAIKATO
MASSEY UNIVERSITY
-5
UNIVERSITY OF CANTERBURY
-5
WESTERN INSTITUTE OF TECHNOLOGY TARANAKI
-5
-2
-8 -6 - 12
-3 -3
-0
UNIVERSITY OF AUCKLAND
-3 -3
UNIVERSITY OF OTAGO
-3
WHITIREIA AND WELTEC
-3
TE WĀNANGA O AOTEAROA
-2
TE WHARE WĀNANGA O AWANUIĀRANGI
-2 -2
OPEN POLYTECHNIC
2026
-6
-3
ARA INSTITUTE OF CANTERBURY
TOTAL RECIPIENTS
-5
2025: 76 2026: 80
-5 -4
-2 -0 -0
-5 - 10 - 10
OTHER INSTITUTIONS
Study Area Health Mātauranga/Reo Māori Arts Education Business/Communications Law Trades Environmental Science/Technology Other Total 85
| Te Korowai o Ngāruahine Annual Report 2026
KEY: 2025
-7 -7
VICTORIA UNIVERSITY WELLINGTON
YOOBEE COLLEGE
12
-8
-4
TE WĀNANGA O RAUKAWA
TOI OHOMAI INSTITUTE OF TECHNOLOGY
10 -9
2025 30 11 9 8 6 6 2 1 1 2 76
2026 29 19 5 6 3 4 7 0 3 4 80
GRANTS & SCHOLARSHIP STATS 2025-2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Level of Study
67
66
2025
2026
UNDERGRADUATE
4
4
2
4
4
2025
2026
2025
2026
2025
POST GRADUATE DIPLOMA
5
MASTERS
2026
PHD
Te Hua Ōwhiti Kura
25
KEY:
23
2025 16
2026
15 11 9
8
7 5 2
0
5 1
0
0
0 RUGBY / TAG
FOOTBALL
SWIMMING / SURFING
0 ARTS (CULTURAL)
WAKA AMA
RUGBY LEAGUE
3
VOLLEYBALL
3
NETBALL
3
0
0
12
5
4
TOUCH
5
5
MARCHING
10
BASKETBALL
RECIPIENTS
20
Tuku Aupiki
11
RECIPIENTS
10 8 5
6 4
4
2 0
3
2
0 2025
2026
TE REO MĀORI
2025
2026
ĀHUATANGA MĀORI
2025
2026
OTHER
Te Korowai o Ngāruahine Annual Report 2026 |
86
ANNUAL PLAN SUMMARY 2025-2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Annual Plan Summary The Annual Plan Summary outlines the key focus areas of each pou, supporting the continued advancement of the priority kaupapa within the Ka Ora Taku Toa Strategy Refresh. Through this plan and its focus areas, we reaffirm our commitment to serving with integrity, adapting where needed, and remaining accountable for delivering outcomes that advance the future of Ngāruahine.
NGĀRUAHINETANGA • Pilot a community of practice that strengthens the practical, everyday use of Ngāruahine reo and provides a model for future investment. • Strengthen and promote Māori medium and reo learning pathways for uri and whānau. • Establish the first Ngāruahine reo and tikanga excellence programme with hapū and pā. • Grow the visibility of Ngāruahine reo, kōrero and identity through Toi Whenua and existing projects and spaces. • Strengthen uri registration, engagement and information systems to support better connection, planning and decision-making. • Work alongside hapū and pā to identify and support their capability, governance and leadership priorities. • Protect and advance Ngāruahine rights and interests through Te Tiriti, Taranaki Maunga, fisheries, Marine and Coastal Area (MACA) and local government advocacy.
TUPUA TE MAURI • Support hapū to develop and refine Te Mauri o te Taiao Hapū Plans and begin their integration with Te Uru Taiao. • Establish a clearer picture of priority protection areas, wāhi tapu and taiao opportunities across the takiwā. • Strengthen Ngāruahine participation and advocacy in environmental, statutory and regulatory processes. • Establish an initial understanding of climate risk across the Ngāruahine takiwā and identify future resilience, research and funding pathways. • Strengthen pathways for uri to participate in Taranaki Maunga restoration, kaitiakitanga and environmental leadership.
TE KAWA WHANAKEORA (MAHI) • Strengthen Te Ara Toiroa by mapping iwi-supported employment pathways, developing workforce succession and establishing Group procurement monitoring. • Begin implementation of He Matauraura, with targeted focus on science, technology, engineering, and mathematics (STEM), trades, health and other areas of priority for Ngāruahine. • Rephase and implement Pupuke te Hihiri, including the governance, ownership, policy and operating arrangements required for impact investment. • Establish the Toitū Fund framework, providing an equitable and sustainable pathway for hapū-led impact investment. • Strengthen the monitoring of both financial return and social, cultural and environmental impact from Ngāruahine investment activity. 87
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
ANNUAL PLAN SUMMARY 2025-2026
POUA TE PĀTŪTŪ (KĀINGA) • Establish a clear pipeline of hapū and iwi housing opportunities and progress priority developments toward investment readiness. • Strengthen pathways connecting uri with Ka Uruora, financial capability and home ownership support. • Identify and progress appropriate housing funding and capital opportunities. • Establish a clearer picture of Ngāruahine and hapū housing need to guide future investment and development. • Develop the construction workforce and capability pipeline required to increase Ngāruahine participation in our own developments.
NGĀ ĀHEITANGA ME NGĀ WHANAKETANGA (ORGANISATIONAL CAPABILITY AND CAPACITY) • Ensure Te Korowai has the people, systems and capability required to deliver the first year of the five-year phased strategy. • Strengthen procurement, project management, data, reporting and organisational systems. • Complete priority Pupuke te Hihiri and Group operating arrangements, including governance, role boundaries and shared-service requirements. • Maintain strong oversight of financial sustainability, organisational capacity and delivery risk. • Establish Annual Plan reporting that gives the Board a direct line of sight from strategy to delivery, performance and accountability.
Te Korowai o Ngāruahine Annual Report 2026 |
88
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Financial Statements FOR THE YEAR ENDED 30 JUNE 2026
Te Korowai Finance team at the 2025 AGM, Aotearoa Pā.
89
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
Te Korowai o Ngāruahine Annual Report 2026 |
90
FINANCIAL STATEMENTS
DIRECTORY TE KOROWAI O NGĀRUAHINE TRUST FOR THE YEAR ENDED 30 JUNE 2026
Trustees Emma Gardiner (Chair) Ngaraina Brooks Katrina Taylor Te Hapimana (Taukē) King Rere-No-A-Rangi Pope Sarah Mako Randal (Te Ahu) Rei Dion Luke Elizabeth (Liz) Ross Bianca (Bee) Weston Ferinica Hawe-Foreman Kiri Erb Bankers Bank of New Zealand ASB Bank Limited TSB Bank Limited Solicitors Kahui Legal Lisle McErlane Buddle Findlay Brookfields Lawyers Accountants VanBurWray Chartered Accountants Limited Auditors PricewaterhouseCoopers
91
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
CONTENTS Independent Auditor’s Report
Pg 93-94
Financial Statements Statement of Comprehensive Income
Pg 96
Statement of Financial Position
Pg 97
Statement of Changes in Equity
Pg 98
Statement of Cash Flows
Pg 99
Notes to the Financial Statements 1. Summary of significant accounting policies
Pg 100-102
2. Trading revenue
Pg 103
3. Other revenue
Pg 104
4. Expenses
Pg 105-106
5. Change in fair value of investments
Pg 107
6. Cash and cash equivalents
Pg 107
7. Trade and other receivables
Pg 107
8. Goods and services tax
Pg 108
9. Prepayments and accrued income
Pg 108
10. Property, plant and equipment
Pg 109
11. Intangibles
Pg 110
12. Investments
Pg 111
13. Trade and other payables
Pg 112
14. Other current liabilities
Pg 112
15. Loans
Pg 113
16. Income tax
Pg 113-114
17. Financial instruments
Pg 115
18. Treaty settlements
Pg 115
19. Reserves and retained earnings
Pg 116
20. Trustee remuneration
Pg 117
21. Directors remuneration
Pg 117
22. Remuneration of key management personnel
Pg 117
23. Investment in subsidiaries
Pg 118
24. Statement of cash flows
Pg 118
25. Accounting judgements and estimates
Pg 118
26. Related party transactions
Pg 119
27. Commitments and contingencies
Pg 120
28. Subsequent events
Pg 120
Te Korowai o Ngāruahine Annual Report 2026 |
92
INDEPENDENT AUDITORS REPORT
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Independent auditor’s report To the Trustees of Te Korowai o Ngāruahine Trust
Our opinion In our opinion, the accompanying consolidated financial statements (the financial statements) of Te Korowai o Ngāruahine Trust (the Trust) including its subsidiaries (the Group), presents fairly, in all material respects, the financial position of the Group as at 30 June 2026, its financial performance, and its cash flows for the year then ended; and in accordance with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime (NZ IFRS RDR).
What we have audited The Group’s financial statements which comprises: •
the statement of financial position as at 30 June 2026;
•
the statement of comprehensive income for the year then ended;
•
the statement of changes in equity for the year then ended;
•
the statement of cash flows for the year then ended; and
•
the notes to the financial statements, which include significant accounting policies and other explanatory information.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our Independence We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Code of Ethics for professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. Other than in our capacity as auditor we have no relationship with, or interests in the Group. PricewaterhouseCoopers, PwC Centre, 109 Ward Street, PO Box 191, Hamilton 3240, New Zealand T: +64 7 838 3838
pwc.co.nz 93
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
INDEPENDENT AUDITORS REPORT
Other information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditor’s report thereon. The annual report is expected to be made available to us after the date of this auditor’s report. Our opinion on the financial statements does not cover the other information and we will not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Responsibilities of the Trustees for the financial statements The Trustees are responsible, on behalf of the Trust, for the preparation and fair presentation of the financial statements in accordance with NZ IFRS RDR, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that is free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate or collectively, they could reasonably be expected to influence the economic decisions of users taken on the basis of financial statements. A further description of our responsibilities for the audit of the financial statements is located at the External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-7-1/
Who we report to This report is made solely to the Trustees, as a body. Our audit work has been undertaken so that we might state those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust’s Trustees, as a body, for our audit work, for this report or for the opinions we have formed. The engagement partner on the audit resulting in this independent auditor’s report is Matthew White. For and on behalf of:
PricewaterhouseCoopers 13 August 2026
25
Hamilton
PwC – Independent auditor’s report
Te Korowai o Ngāruahine Annual Report 2026 |
94
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS TE KOROWAI O NGĀRUAHINE TRUST FOR THE YEAR ENDED 30 JUNE 2026
95
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME Te Korowai o Ngāruahine Group - For the year ended 30 June 2026 Account
Note
30 Jun 2026
30 Jun 2025
2
109,704
116,218
109,704
116,218
Ngā Rere Cost of Sales
(1,301)
(557)
Fisheries Fees
17,910
17,905
Total Cost of Sales
16,609
17,348
Gross Profit
93,095
98,870
Trading Revenue Fisheries Income Total Trading Revenue Cost of Sales
Other Revenue Investment Income
3
3,114,569
4,398,580
Other Revenue
3
992,534
961,418
Total Other Revenue
4,107,103
5,359,998
Total Revenue
4,200,198
5,458,868
Expenses Advisory, Consulting and Professional Fees
4
1,032,553
1,535,051
Communications and Engagement
4
47,418
6,672
Governance
4
535,963
571,178
IT Expenses
4
72,053
83,822
Office and General Expenses
4
861,427
817,409
Personnel Expenses
4
1,723,464
2,147,156
Strategic Pou
4
835,667
933,901
Total Expenses
5,108,545
6,095,189
Operating Profit/(Loss)
(908,347)
(636,321)
829,886
(101,542)
5,208,095
2,908,105
5,129,634
2,170,241
713,637
520,641
4,415,997
1,649,600
Other Income Foreign Currency Gains and (Losses) Change in Fair Value of Investments
5
Profit for the Year before Tax Income Tax Income Tax Expense Total Comprehensive Income
16
Te Korowai o Ngāruahine Annual Report 2026 |
96
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
STATEMENT OF FINANCIAL POSITION Te Korowai o Ngāruahine Group - For the year ended 30 June 2026 Account
Note
30 Jun 2026
30 Jun 2025
Cash and cash equivalents
6
7,741,124
8,111,782
Trade and other receivables
7
298,440
122,853
Prepayments and Accrued Income
9
157,620
150,191
1,301
1,301
Current tax receivables
705,009
798,513
Goods and services tax
5,090
134,134
8,908,584
9,318,774
Assets Current Assets
Inventory
Total Current Assets Non-Current Assets Deferred Tax Asset
16
12,100
16,341
Property, Plant and Equipment
10
17,485,567
14,906,019
Intangibles
11
1,071,461
1,071,461
Investments
12
97,275,993
94,681,107
115,845,121
110,674,928
124,753,705
119,993,702
Total Non-Current Assets Total Assets Liabilities Current Liabilities Creditors and accrued expenses
13
202,183
741,305
Other current liabilities
14
2,532,772
1,695,715
IRG Loan (Current)
15
158,480
-
2,893,435
2,437,020
1,705,048
1,817,457
1,705,048
1,817,457
4,598,483
4,254,477
120,155,222
115,739,225
Total Current Liabilities Non-Current Liabilities IRG Loan
15
Total Non-Current Liabilities Total Liabilities Total Assets less Total Liabilities (Net)
Accumulated Funds Treaty Settlement
18
68,457,501
68,457,501
Reserves
19
1,594,998
1,594,998
Retained earnings
19
50,102,723
45,686,726
120,155,222
115,739,225
Total Accumulated Funds
Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 12 August 2026:
_______________________________ Emma Gardiner – Pouwhakarae 97
| Te Korowai o Ngāruahine Annual Report 2026
_____________________________________________ Kiri Erb – Chair, Te Ohu Arotake
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
STATEMENT OF CHANGES IN EQUITY Te Korowai o Ngāruahine Group - For the year ended 30 June 2026 Balance at 1 July 2024
Treaty Settlement
Other Reserves
Retained Earnings
Total equity
68,457,501
1,594,998
44,037,126
114,089,625
1,649,600
1,649,600
Profit for the Period Balance at 30 June 2025
Balance at 1 July 2025
68,457,501
1,594,998
45,686,726
115,739,225
Treaty Settlement
Other Reserves
Retained Earnings
Total Equity
68,457,501
1,594,998
45,686,726
115,739,225
4,415,997
4,415,997
50,102,723
120,155,222
Profit for the Period Balance at 30 June 2026
68,457,501
1,594,998
Refer to note 19c for details regarding the restatement of prior year reserves balance.
Te Korowai o Ngāruahine Annual Report 2026 |
98
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
STATEMENT OF CASH FLOWS Te Korowai o Ngāruahine Group - For the year ended 30 June 2026 30 Jun 2026
30 June 2025
856,763
1,125,637
Receipts from government grants
-
43,000
Receipts from other sources
-
228,030
Interest and other investment receipts
488,730
483,517
Cash paid to Suppliers & Employees
(4,203,157)
(5,656,198)
Income tax (paid)
(89,444)
187,655
GST received/(paid)
(146,189)
219,458
(3,093,297)
(3,368,901)
-
5,354,532
Proceeds from sale of investments
2,885,440
4,750,000
Distributions from direct investments
3,012,303
2,053,037
Dividends received
-
438,032
Proceeds from sale of property, plant and equipment
-
2,066
Exchange rate on cash and cash equivalent
-
(101,542)
Payments to acquire property, plant & equipment
(2,721,734)
(5,085,070)
Payments to purchase Investments
(453,370)
(2,872,353)
2,722,639
4,538,702
-
763,000
-
763,000
(370,658)
1,932,801
Opening cash and cash equivalents
8,111,782
6,178,981
Closing cash and cash equivalents
7,741,124
8,111,782
Net change in cash for the period
(370,658)
1,932,801
Cash Flows from Operating Activities Receipts from Customers
Total Cash Flows from Operating Activities Cash Flows from Investing Activities Receipts from maturing term deposits and investments
Total Cash Flows from Investing Activities Cash Flows from Financing Activities Receipts from loans Total Cash Flows from Financing Activities Net increase/(decrease) in cash Cash Balances
99
| Te Korowai o Ngāruahine Annual Report 2026
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
NOTES TO THE FINANCIAL STATEMENTS Te Korowai o Ngāruahine Group - For the year ended 30 June 2026
1. Summary of significant accounting policies (a) Basis of Preparation Entities Reporting The entity reporting is Te Korowai o Ngāruahine Trust (Te Korowai) and its subsidiaries Te Kīwai Mauī o Ngāruahine Limited, Ngā Rere Ora Limited (formerly named Te Rere o Kapuni Limited), Ngāruahine Fisheries Limited and Te Korowai o Ngāruahine Charitable Trust (formerly named Te Kīwai Matau o Ngāruahine Charitable Trust) (together the ‘Group’). Te Korowai is the mandated post settlement entity for Ngāruahine. Basis of Preparation The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand and the requirements of the Trustee Act 2019 and the Financial Reporting Act 2013. The Group is a for-profit entity for the purposes of complying with NZ GAAP. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (‘NZ IFRS RDR’) and other applicable Financial Reporting Standards, as appropriate for profit-oriented entities. The Group is eligible to and has applied Tier 2 For-profit Accounting Standards (New Zealand equivalents to International Financial Reporting Standards - Reduced Disclosure Regime (‘NZ IFRS RDR’) on the basis that it does not have public accountability and is not a large for-profit public sector entity. The Group has elected to report in accordance with NZ IFRS RDR and has applied disclosure concessions. Historical Cost Convention The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through the statement of comprehensive income. Measurement Basis All of the Group’s transactions are conducted in New Zealand dollars and the financial statements are presented in New Zealand dollars. Where transactions were undertaken in foreign currency the New Zealand dollar amount recorded by the bank has been used as the transaction value.
Te Korowai o Ngāruahine Annual Report 2026 |
100
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
(b) Principles of Consolidation (i) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns (i.e. profit/losses) from its involvement with the entity and has the ability to affect those returns through its control over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and removed from the date that control ceases. The Group applies the acquisition method to account for any businesses that become part of the Group. The amount recorded for the acquisition of a subsidiary is the fair values of the assets transferred, liabilities accepted (including any that are contingent on certain events occurring) and the equity interests issued by the Group to bring it to the total acquisition price. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The amount paid above the fair value of the net assets acquired is recorded as goodwill. If the total of the price paid is less than the fair value of the net assets a gain on acquisition is recognised in the statement of comprehensive income. Inter-company transactions, balances and unrealised gains on transactions between group entities are excluded from the financial statements as the net effect for the Group is zero. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (c) Changes in Accounting Policies There have been no changes in accounting policies. Policies have been applied on a consistent basis with those of the previous reporting period.
101
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
Impairment (i) Financial assets The Group assesses at the end of each year whether a financial asset or group of financial assets is impaired. Impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events since initial recognition of the asset (a loss event) and that loss event has an impact on the estimated future cash flows from the financial asset, which can be reliably estimated. Evidence of impairment may include thata debtor is experiencing significant financial difficulty, default or delinquency in payments, the probability that they will enter bankruptcy orother financial re-organisation, and where data indicates that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. The amount of the loss is measured asthe difference between the carrying amount and the present value of estimatedfuture cash flows (discounted at the original effective interest rate). The carrying amount of the asset is reduced and the amount of the loss is recognised in the Statement of Comprehensive Income. If, in a subsequent period, the amountof the impairment loss decreases and that decrease can be objectively linked toan event after the impairment was recognised, the previously recognised impairment loss is reversed and recognised in the Statement of Comprehensive Income. (ii) Non-financial assets Intangible assets that havean indefinite useful life, or intangible assets that are not ready to use, are not subject to amortisation and are tested annually for impairment. Assets thatare subject to amortisation are reviewed for impairment whenever events orchanges in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount is the higher of the assets fair valueless costs of disposal and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Te Korowai o Ngāruahine Annual Report 2026 |
102
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
2. Trading Revenue 30 Jun 2026
30 Jun 2025
Fisheries Income - ACE Leasing
109,704
116,218
Total Trading Revenue
109,704
116,218
Lodge income The Group operates a Lodge on Taranaki Maunga, which is owned by its subsidiary company Ngā Rere Ora Limited. Revenue related to accommodation is recognised over time in the Statement of Comprehensive Income on a time-based output method over the period of the service. Revenue related to sale of goods is recorded at a point in time and is recognised in the Statement of Comprehensive Income when the customer has received the related goods. The Lodge was closed in October 2021 for redevelopment and remained closed during 2026. Fisheries income The Group operates Ngāruahine Fisheries Limited, sales of annual catch entitlements (ACE) are recognised when invoiced.
103
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
3. Other Revenue Investment Income Dividend Income Interest Received Direct Investment AMP Capital Diversified Infrastructure Trust Income Hāpai Commercial Property LP Income Hāpai Development LP Income Hāpai Housing LP Income Pūai Tangaroa LP Income Pūainuku Pastures LP Income Pūainuku Vines LP Income Tai Hekenga LP Income Total Direct Investment Managed Funds Mercer Portfolio (loss)/gain Total Managed Funds
30 Jun 2026
30 Jun 2025
460,581 113,495
438,031 290,638
175,837 757,052 (107,003) 322,614 8,872 (473,815) 220,050 975,648 1,879,255
329,311 673,549 (71,880) 173,218 9,064 736,857 209,449 866,609 2,926,177
519,583 519,583
596,043 596,043
Private Equity Oriens Capital Private Equity Fund Limited Partnership (LP) (loss)/gain Oriens Capital Fund 2 Limited Partnership (LP) (loss)/gain Te Pūia Tāpapa Limited Partnership (LP) Income Total Private Equity Total Investment Income
121,521
95,537
5,244 14,890 141,655 3,114,569
(14,826) 66,979 147,690 4,398,580
Other Revenue Charitable Distributions Contract Income Grants Received Koha Sundry Income Total Other Revenue Total Other Revenue
228,030 425,665 129,119 8,460 201,260 992,534 4,107,103
228,030 324,279 128,000 15,597 265,512 961,418 5,359,998
Te Korowai o Ngāruahine Annual Report 2026 |
104
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Interest income Interest is recognised by the Group using the effective interest method. PIE income Portfolio Investment Entity (PIE) income and dividends are recognised when received. Dividend income is distributions from investments in managed PIE funds. Grant income, dividends and koha is recognised when it is received. All other income is recognised at the point a service has been delivered or commitment made by a customer. Other income is the reimbursement of costs from other parties where we have shared costs. Grant income is recognised when all conditions of the grant have been fulfilled.
4. Expenses 30 Jun 2026
30 Jun 2025
59,393
43,300
-
135,736
Audit fees - PricewaterhouseCoopers
105,237
130,676
Consultants & Professional Fees
525,415
807,893
Fund Manager Fees
91,133
69,577
Ka Uruora - Admin fee
30,000
30,000
Legal Fees
162,175
182,369
Investment Management
56,000
120,000
-
15,500
3,200
-
1,032,553
1,535,051
Communications
7,043
6,672
Election costs
37,670
-
Taranaki Tū Mai Costs
2,705
-
Total Communications and Engagement
47,418
6,672
2,371
17,945
205,382
207,914
Membership Committee Fees
2,167
3,186
Professional Memberships
5,049
4,920
Taiao Reference Group
7,680
9,080
Te Mataōwhiti
11,000
8,912
Te Ohu Arotake
11,000
11,000
Tumu Herenga Tangata
12,262
11,000
Training and Development
3,953
22,121
Trustee Fees
275,100
275,100
Total Governance
535,963
571,178
IT Maintenance & Support
-
26,296
Licences and Subscriptions
72,053
57,526
Total IT Expenses
72,053
83,822
Advisory, Consulting and Professional Fees Accounting Fees Advisory services - PricewaterhouseCoopers
Tax structure services - PricewaterhouseCoopers Valuation Fees Total Advisory, Consulting and Professional Fees Communications and Engagement
Governance Catering Director Fees
IT Expenses
105
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
Office and General Expenses Travel
14,819
5,909
Travel - Governance
51,068
73,379
Travel - Staff
11,040
27,216
Amortisation of software
5,000
-
Advertising
732
61,133
Bad Debts
1,144
-
Bank Fees
615
563
Catering - Non Governance
97,303
52,648
Consumables
2,915
-
Depreciation
153,253
120,713
Equipment Hire
66,987
22,508
Events, Venue Hireage & Kai
9,782
15,218
Fringe Benefit Tax
16,715
4,947
General Expenses
3,677
200
Health and Safety
3,910
-
Internet & Telephone
53,490
68,217
Insurance
70,470
71,865
Interest Expense
38,490
56,853
Koha
13,637
59,790
Light, Power & Heating
5,889
6,200
Low Value Assets
1,977
-
Merchandise Costs
29,866
2,295
Motor Vehicle Expenses
12,087
5,646
Office Expenses
69,931
60,459
-
47,500
Printing, Postage & Stationery
Office Rental
24,584
11,436
Rates
33,862
19,274
Repairs & Maintenance
52,219
9,620
Venue Hire
15,965
13,822
Total Office and General Expenses
861,427
817,409
ACC Employer Premiums
5,743
3,813
Recruitment
20,335
10,350
1,666,814
2,106,775
Staff Expenses
1,013
4,200
Training & Development - Staff
29,559
22,017
1,723,464
2,147,156
53,350
53,944
Personnel Expenses
Salaries & Wages
Total Personnel Expenses Strategic Pou Bureau Services & Pātaka Distribution Hapū Relationships
-
5,000
Iwi Scholarships
68,102
77,100
Ka Uruora Iwi Saver Distributions
13,926
11,262
Relationship Priorities
76,049
21,000
Support Hapū development
624,240
765,000
-
595
835,667
933,901
5,108,545
6,095,189
Whānau/uri Total Strategic Pou Expenses Total Expenses
Te Korowai o Ngāruahine Annual Report 2026 |
106
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
5. Change in Fair Value of Investments 30 Jun 2026
30 Jun 2025
1,204,718 1,204,718
746,262 746,262
147,638 135,490 159,649 (50,096) 1,984,776 (1,560) 20,507 2,396,404
489,026 258,274 35,235 (4,175) 749,232 (7,617) 195,996 1,715,971
47,718 1,973,779 54,833
104,879 356,771 4,475
Oriens Capital Private Equity Fund LP
(370,924)
(168,363)
Te Pūia Tāpapa LP
(98,434)
148,110
1,606,973 5,208,095
445,872 2,908,105
30 Jun 2026
30 Jun 2025
Cash at Bank and On Hand
7,741,124
8,111,782
Total Cash & Cash Equivalents
7,741,124
8,111,782
Managed Funds Mercer Investment Total Managed Funds Direct Investments Hāpai Commercial Property LP Hāpai Development Property LP Hāpai Housing LP Pūai Tangaroa LP Pūainuku Pastures LP Pūainuku Vines LP Tai Hekenga LP Total Direct Investments Private Equity Dexus Diversified Infrastructure Trust Continuity Capital Private Equity Fund No.6 LP Oriens Capital Fund 2 LP
Total Private Equity Total Change in Fair Value of Investments
6. Cash & Cash Equivalents
Cash and short-term deposits in the statement of financial position comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Bank accounts earn interest at specified rates on daily balances and term deposits earn interest at the rate set at the time the investment is made.
7. Trade & Other Receivables 30 Jun 2026
30 Jun 2025
Accounts Receivable
298,440
122,853
Total Trade & Other Receivables
298,440
122,853
Trade receivables are the amounts that are owed to us by other organisations or individuals. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. At the end of each month an assessment is performed to determine whether there is still an expectation that invoiced amounts will be received. If amounts are no longer expected to be received a provision for impairment is recognised.
107
| Te Korowai o Ngāruahine Annual Report 2026
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
8. Goods and Services Tax All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST.
9. Prepayments and Accrued Income 30 Jun 2026
30 Jun 2025
Accrued Income
36,506
19,964
Prepayments
33,992
43,106
Kāinga Whakaahurangi
87,122
87,122
Total Prepayments & Accrued Income
157,620
150,191
Prepayments are recorded at cost and expensed over the period they cover. Prepayments include insurance paid in advance. Accrued interest is interest accrued on term deposits that will be received when the deposit matures and accrued PIE income on the managed investments that is received monthly. Kāinga Whakaahurangi is the pre-feasibility costs in relation to the Stratford Housing project.
Te Korowai o Ngāruahine Annual Report 2026 |
108
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
10. Property, Plant and Equipment 30 Jun 2026
30 Jun 2025
Opening carrying value
4,997,623
3,661,477
Additions
1,991,419
1,336,146
Total Land
6,989,042
4,997,623
Opening carrying value
36,453
21,496
Additions
10,669
35,109
Depreciation
(18,412)
(19,090)
(957)
(1,062)
27,753
36,453
14,483
6,000
-
15,000
(2,400)
(6,517)
12,083
14,483
Opening carrying value
73,044
60,216
Additions
1,089
45,443
Depreciation
(17,269)
(32,615)
Total Furniture, Fittings and Office Equipment
56,864
73,044
Opening carrying value
29,270
41,680
Additions
58,517
-
Depreciation
(20,465)
(12,410)
Total Motor Vehicles
67,322
29,270
128,977
539
-
158,466
(31,639)
(30,028)
(22)
0
97,316
128,977
107,784
-
-
127,837
Depreciation
(60,158)
(20,053)
Total Right of Use Assets
47,626
107,784
9,518,385
6,704,367
669,176
2,814,018
Total Capital Work in Progress
10,187,561
9,518,385
Total Property, Plant and Equipment
17,485,567
14,906,019
Land
Computer Equipment
Disposals Total Computer Equipment Computer Software Opening carrying value Additions Depreciation Total Computer Software Furniture, Fittings and Office Equipment
Motor Vehicles
Chattels Opening carrying value Additions Depreciation Disposals Total Chattels Right of Use Assets Opening carrying value Additions
Capital Work in Progress Opening carrying value Additions
109
| Te Korowai o Ngāruahine Annual Report 2026
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
All property, plant and equipment are stated at cost less depreciation and impairment. Buildings and Capital Work in Progress are not depreciated. Ngā Rere Ora Limited has entered into an agreement with Livingstone Construction Limited for the construction of the lodge. While the original contract was $7.635 million, the total estimated project cost has subsequently increased to approximately $13 million as a result of changes to the project’s scope and specifications. Construction is expected to be completed during FY27. An independent valuation was obtained in October 2024 for insurance purposes only, the findings stated that “as if complete” basis, indicating a value of approximately $8.7 million. However, given the subsequent changes to the design, scope and specifications of the project, Ngā Rere considers that this valuation is no longer representative of the completed asset. Ngā Rere will continue to monitor the carrying value of the asset as construction progresses. An updated independent valuation will be obtained at an appropriate stage of the project, and again upon completion, to assess whether the carrying amount of the asset remains supportable and whether any impairment assessment under NZ IAS 36 Impairment of Assets is required. Subsequent costs are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are recorded as expenses in the year that they are incurred. The residual values and estimated useful lives are reviewed at the end of each financial year to see if they are still appropriate. • • • • •
Chattels Computer equipment Office equipment Fixtures and fittings Motor vehicles
7%-67% DV 40% - 67% DV 7% - 50% DV 7% - 20% DV 21% DV
11. Intangibles 30 Jun 2026
30 Jun 2025
1
1
Quota Shares
1,071,460
1,071,460
Total Intangibles
1,071,461
1,071,461
Goodwill Goodwill Intangibles
Goodwill Goodwill of $1 has been recorded for the excess of consideration paid over the assets received on the purchase of Ngā Rere Ora (formerly Dawson Falls Mountain Lodge). Fishing Quota Fisheries quota held by Ngāruahine Fisheries Limited is an indefinite life intangible asset because there is no foreseeable limit to the period over which the quota is expected to generate cash inflows for Ngāruahine Fisheries Limited. They are recorded at cost less impairment. An independent valuation was received from Quota Management Systems Limited as at 30 June 2026 which states that the market value of quota owned to be $2,541,566 (2025: $2,551,579). Management does not expect that a reasonable change in key assumptions would result in a material reduction in the recoverable amount of the fish quota below its carrying value. The fishing quota is not considered to be impaired as at 30 June 2026. Te Korowai o Ngāruahine Annual Report 2026 |
110
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
12. Investments 30 Jun 2026
30 Jun 2025
Investment in Te Tōpuni Ngārahu Limited Partnership
100,000
100,000
Shares in Moana New Zealand
964,630
964,630
1,064,630
1,064,630
AMP Capital Diversified Infrastructure Trust (ADIT)
7,291,526
6,413,922
Hāpai Commercial Property Limited Partnership
16,219,997
16,006,496
Hāpai Development Property Limited Partnership
6,031,661
6,270,381
Hāpai Housing Limited Partnership
5,860,053
5,485,333
Pūainuku Pastures Limited Partnership
8,315,207
7,125,761
Pūainuku Vines Limited Partnership
3,840,049
3,836,811
Pūai Tangaroa Limited Partnership
704,199
745,429
Tai Hekenga Limited Partnership
20,950,536
20,929,914
Total Direct Investments
69,213,228
66,814,047
Mercer Investments (New Zealand) Ltd
14,282,016
15,567,040
Total Managed Funds
14,282,016
15,567,040
Continuity Capital Private Equity Fund No.6 Limited Partnership
7,457,877
5,633,407
Oriens Capital Private Equity Fund LP
1,543,207
1,874,856
Oriens Capital Fund 2 Limited Partnership
1,710,675
1,592,825
Te Pūia Tāpapa Limited Partnership
2,004,360
2,134,302
Total Private Equity
12,716,119
11,235,390
Total Investments Recorded at Fair Value
96,211,363
93,616,477
97,275,993
94,681,107
Investments Recorded at Cost
Total Investments Recorded at Cost Investments Recorded at Fair Value Direct Investments
Managed Funds
Private Equity
Total Investments
Investments are comprised of investments in managed funds, private equity and direct investments as detailed above. Managed funds Investment in managed funds are recognised at fair value. Changes in the fair values are recognised in the profit and loss section of the statement of comprehensive income. If the value of the funds has increased it will appear as income, if it has decreased it will appear as a loss. Investments are recorded at market value as determined by the fund managers using unit prices at year end. Private equity investments Private equity investments are recognised at fair value. Changes in the fair values are recognised in the profit and loss section of the statement of comprehensive income. If the value of the funds has increased it will appear as income, if it has decreased it will appear as a loss. The Oriens private equity investment is recorded at market value as determined by the fund at year end. 111
| Te Korowai o Ngāruahine Annual Report 2026
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
Direct Investments The Direct Investments are valued at fair value by the fund managers at year end. Changes in the fair values are recognised in the profit and loss section of the statement of comprehensive income. If the value of the funds has increased it will appear as income, if it has decreased it will appear as a loss. Moana New Zealand Shares Investments comprise of shares in Moana New Zealand (formerly Aotearoa Fisheries Limited). Shares are measured at cost less impairment. Impairment write-downs were recognised in the 2018 and 2020 financial years, totalling $340,842. As at 30 June 2026, there is no impairment. As a result, the carrying value of the investment in Moana New Zealand remains at $964,630 as at 30 June2026. During 2026, Moana New Zealand declared a pro-rata bonus share issue. The reason for this share issue was to release excess Māori Authority Tax Credits to shareholders, who can obtain a tax or cash benefit. From 18 December 2025, Ngāruahine Fisheries Limited now holds 3,856 shares (2025:1928) in Moana New Zealand.
13. Trade and Other Payables 30 Jun 2026
30 Jun 2025
Accounts Payable
202,183
741,305
Total Trade & Other Payables
202,183
741,305
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost. They represent the amounts we owe for goods and services provided to the Group to the end of the financial year that are due to be paid. The amounts are unsecured and are paid within 30 days of an invoice being received.
14. Other Current Liabilities 30 Jun 2026
30 Jun 2025
5,660
690
Income Received in Advance
456,406
191,041
Lease Liability
51,306
108,824
2,009,240
1,385,000
10,160
10,160
2,532,772
1,695,715
BNZ Credit Card
Support Hapū development (distributions) Vouchers Sold Total Other Current Liabilities
Income received in advance relates to funding that is not yet utilised. In the prior years, vouchers sold during the year which have yet to be redeemed for accommodation at Ngā Rere Ora (formerly Te Rere o Kapuni). Lease liability relates to the Lease and Right-to-Use asset on the lease of 40A Union Street, Hāwera. In 2025, a portion of the lease arrangement was recognised on the Statement of Financial Position in accordance with the applicable lease accounting requirements. Following a reassessment in 2026, the accounting treatment was revised as the arrangement no longer meets the criteria for recognition under the lease standard. Accordingly, the previously recognised lease balance is being phased out over the relevant period.
Te Korowai o Ngāruahine Annual Report 2026 |
112
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
15. Loans 30 Jun 2026
30 Jun 2025
158,480
-
IRG Loan
1,705,048
1,817,457
Total Loans
1,863,528
1,817,457
IRG Loan (Current)
In 2024,Ngā Rere Ora Limited entered into a loan agreement with the Ministry of Business, Innovation, and Employment (MBIE) under the Infrastructure Ready Grant Program. The loan carries a fixed interest rate of 2.52% per annum for the duration of the facility. The loan has a 10-year term and is set to mature on November 20, 2033. Interest is compounding for the initial 24 months and accrued monthly thereafter.
16. Income Tax 30 Jun 2026
30 Jun 2025
5,129,634
2,170,241
897,686
379,792
Less: Non-assessable Revenue
(1,345,406)
(1,066,129)
Plus: Non-deductible Expenses
1,215,672
877,789
Plus: Other Non-deductible Items
(58,555)
333,699
4,240
(4,510)
713,637
520,641
Current Tax Expense
709,397
525,151
Deferred Tax Expense
4,240
(4,510)
713,637
520,641
Asset / (Liability) opening balance
16,341
11,831
Current year movement
(4,240)
4,510
Asset / (Liability) closing balance
12,100
16,341
Provisions
12,100
16,341
Asset / (Liability) closing balance
12,100
16,341
Income Tax Expense Profit before income tax expense Income tax @ 17.50%
Other Total Income Tax Expense Made up of the following items:
Total Income Tax Expense Deferred Tax
Made up of the following items:
The tax expense for a period comprises current tax and deferred tax. Tax is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current Income Tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax also includes any tax liability arising from the declaration of dividends. Te Korowai is registered with the Inland Revenue Department as a Māori Authority for tax purposes.
113
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
Deferred Tax Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and • Temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. In determining the amount of current and deferred tax Te Korowai takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. Te Korowai believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes Te Korowai to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. All entities in the Group except for the Charitable Trust are Māori Authorities for taxation purposes and are liable for income tax on assessable net income at the relevant Māori Authority tax rate. Taxation is charged for the current year is based on the estimated taxation payable. Previously, deferred tax had not been accounted for. The Group holds investments in various limited partnerships that are tax transparent for tax purposes. The limited partners are responsible for the tax on their share of the limited partnerships taxable income. Deferred income tax is required to be provided on temporary differences arising on these investments, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. As the financial information of the investments is not yet available to the Group, no deferred income tax has been recognised in respect of these investments. The Group considers the deferred tax impact to be immaterial to the Group.
Te Korowai o Ngāruahine Annual Report 2026 |
114
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
17. Financial Instruments 30 Jun 2026
30 Jun 2025
Assets At Amortised Cost Cash and cash equivalents Trade and other receivables Direct Investments Total At amortised cost At fair value through profit and loss Investments Total At fair value through profit and loss Total Assets
7,741,124 334,946 1,064,630 9,140,700
8,111,782 142,817 1,064,630 9,319,229
96,211,363 96,211,363 105,352,063
93,616,477 93,616,477 102,935,706
Liabilities At Amortised Cost Creditors and accrued expenses Loans Total At amortised cost Total Liabilities Total Financial Instruments
202,183 1,863,528 2,065,711 2,065,711 103,286,352
741,305 1,817,457 2,558,762 2,558,762 100,376,944
The Group’s financial assets and liabilities are detailed above. Prepayments, GST and income tax are excluded from the table as they do not meet the definition of a financial instrument. For financial instruments, which are measured at fair value, changes in the fair values of these financial instruments are shown under the profit and loss section of the statement of comprehensive income. If the value of the financial instruments has increased it appears as income, if they have decreased it is a loss. Revenue earned on financial instruments for example interest, dividends and PIE income, is recorded separately in the profit and loss section of the statement of comprehensive income, this revenue is not included when calculating changes in fair value of the financial instruments.
18. Treaty Settlements 30 Jun 2026
30 Jun 2025
100
100
Historical treaty settlement - Quantum
67,089,539
67,089,539
Historical treaty settlement - Quota
1,071,461
1,071,461
Historical treaty settlement - Land
296,401
296,401
68,457,501
68,457,501
Ordinary shares
Total Treaty Settlements
The Groups equity is the sum of the funds received from the Ngāruahine historical treaty settlement plus share capital. As part of the Ngāruahine Claims Settlement Act 2016, Te Korowai o Ngāruahine Trust received four properties; Te Kohinga (Ōhawe Beach), Te Ngutu o te Manu site A (Ahipaipa Road), Waipakari (Ōhawe Beach), Te Poho o Taranaki (Manaia Road). The fair value of the properties received amounted to $296,401.
115
| Te Korowai o Ngāruahine Annual Report 2026
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
19. Reserves and Retained Earnings 30 Jun 2026
30 Jun 2025
1,594,998 1,594,998
1,594,998 1,594,998
45,686,726 4,415,997 50,102,723
44,037,126 1,649,600 45,686,726
(a) Reserves
Movements: Opening Balance Closing Balance (b) Retained earnings. Movements in retained earnings were as follows:
Opening Balance Profit for the year Closing Balance
(c) Nature and purpose of reserves The opening Reserves are from a gain on acquisition reserve which arose when Te Korowai acquired the assets and liabilities of Ngā Hapū o Ngāruahine lwi Inc (including Ngāruahine Fisheries Limited, via the Ngāruahine Claims Settlement Act 2016. The Group prepaid $672k in 2015 for Ngāruahine Fisheries Limited but received a net asset at book value of $2.7M resulting in a $1.94M net gain after deducting the liabilities of Ngā Hapū o Ngāruahine lwi Inc. The gain on acquisition may only be applied to charitable purposes as Ngā Hapū o Ngāruahine lwi Incwas a registered charity at the time the transfer occurred. Te Korowai o Ngāruahine Charitable Trust reserves were set aside by the Trustees for capability, relationship and self-resilience priorities for the benefit of Ngāruahine uri. The Board is currently in the process of finalising the broader fund structure and distribution policies. A provision for “Support Hapū Development” was previously recognised as a reserve within Accumulated Funds however upon re-assessment, it was deemed the Trust had a contractual obligation to distribute this balance and therefore has a future economic outflow which meets the definition of a liability. As a result the 2026 balance has been classified as a current liability, and the 2025 comparative restated accordingly. There has been no impact on the Statement of Comprehensive Income.
Te Korowai o Ngāruahine Annual Report 2026 |
116
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
20. Trustee Remuneration 30 Jun 2026
30 Jun 2025
Bianca Weston
17,000
17,000
Dion Luke
17,000
17,000
Elizabeth Ross
17,000
17,000
Emma Gardiner (Chair)
65,000
65,000
Ferinica Hawe-Foreman (Deputy Chair)
24,500
24,500
Katrina Taylor
17,000
17,000
Kiri Erb
22,200
22,200
Ngaraina Brooks
22,200
22,200
Randal Te Ahu Rei
17,000
17,000
Rere-No-A-Rangi Pope
22,200
22,200
Sarah Mako
17,000
17,000
Te Hapimana King
17,000
17,000
Total Trustee Remuneration
275,100
275,100
The Pou Whakarae and the Chairs of the Sub-committees receive a fixed amount. All other Trustees receive $17,000 per annum in 2026. (2025: $17,000). Any other ad hoc working committees of the Board are covered by the standard trustee remuneration.
21. Directors Remuneration 30 Jun 2026
30 Jun 2025
Dion Maaka (Chair)
58,000
58,000
Amber Nicholson (Aspiring)
4,167
10,000
Emma Gardiner
35,000
35,000
Sarah Mako
35,000
35,000
Karna Luke
34,000
34,914
Kiriwaitingi Rei
39,215
35,000
Total Directors remuneration
205,382
207,914
Directors remuneration refers todirectors’ fees paid to the directors of Te Kīwai Mauī o Ngāruahine Limited. No directors’ fees are paid to directors of Ngāruahine Fisheries Limited and Ngā Rere Ora Limited except the chair.
22. Remuneration of Key Management Personnel
Over $100,000
30 Jun 2026 6
30 Jun 2025 5
The total amount of key management remuneration is $671,021,for 12 months (2025 was $626,462).
117
| Te Korowai o Ngāruahine Annual Report 2026
FINANCIAL STATEMENTS
TE KOROWAI O NGĀRUAHINE TRUST GROUP
23. Investment in Subsidiaries The Group had the following subsidiaries at 30 June 2026, all subsidiaries are included in the consolidation • Ngāruahine Fisheries Limited • Ngā Rere Ora Limited (formerly Te Rere o Kapuni Limited) • Te Kīwai Mauī o Ngāruahine Limited • Te Korowai o Ngāruahine Charitable Trust (formerly Te Kīwai Matau o Ngāruahine Charitable Trust)
24. Statement of Cash Flows The following definitions are used in the Statement of Cash Flows: • Cash and cash equivalents can all be readily converted into cash and includes any at call borrowings such as bank overdrafts used by the Group as part of its day to day cash management. • Operating activities include all transactions and other events that are incurred in the day-to-day running of the Group. It does not include any investment activities. • Investing activities includes the cash flow that is obtained from the investments that the Group makes, such as our managed funds. • Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.
25. Accounting Judgements and Estimates The preparation of the financial statements in conformity with NZ IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods. All judgements and estimates made are believed to be reasonable given the current circumstances and information available. Judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements include the following: • • • • •
Revenue recognition (Note 2 & 3) Intangible assets (Note 11) Valuation of investments (Note 12) Useful life, recoverable amount, depreciation and rates (Note 10) Impairment (Note 10)
Te Korowai o Ngāruahine Annual Report 2026 |
118
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
26. Related Party Transactions The accounting standards require us to disclose information about related parties. Related parties are organisations and individuals that have significant influence, control over, common management personnel or similar Board to the Group. This means any organisation that a Trustee is also a Trustee or Director on is a related party. The Group’s related parties transactions were:
119
Description of Related Party Relationship
Description of the transaction
2026
2025
Hāpai Housing General Partner Limited
Dion Maaka - Director on General Partner
Investment Income
322,614
(454,153)
Hāpai Commercial Property General Partner Limited
Dion Maaka - Director on General Partner
Investment Income
(691,189)
-
Hāpai Development Property General Partner Limited
Dion Maaka - Director on General Partner
Funds Invested
(267,412)
(858,460)
Manuhiakai Tuturu Charitable Trust
Ferinica Hawe-Foreman / Kiri Erb - Trustee
Distribution
(8,574)
-
Ngāti Tu
Dion Luke - Trustee
Distribution
(8,574)
-
Oeo Pa Trustees
Bee Weston - Trustee
Distribution
(1,724)
-
Oriens Capital GP Limited
Emma Gardiner - Director on General Partner
Capital Call
Oriens Capital GP Limited
Emma Gardiner - Director on General Partner
Investment Income
126,765
-
Te Kupenga o Kanihi Charitable Trust
Katrina Taylor
Trustee
(1,574)
-
Te Tōpuni Ngārahu LP
Limited Partner
Investment
Tika Catering Limited
Kiri Erb - Shareholder & Director
Catering Services
(22,008)
(11,875)
Ōkahu-Inuāwai (me ētehi atu) Hapu Charitable Trust
Emma Gardiner - Trustee
Distribution
(8,574)
-
Ngāti Haua Whānui Incorporated
Sarah Mako - Trustee
Distribution
(8,574)
-
| Te Korowai o Ngāruahine Annual Report 2026
(25,000)
(1,500)
TE KOROWAI O NGĀRUAHINE TRUST GROUP
FINANCIAL STATEMENTS
27. Commitments and Contingencies There are no contingent liabilities or guarantees as at 30 June 2026 (Last year - $nil) Capital Commitments 2026
Total Commitment
Remaining Commitment (at 30 June 2026)
Continuity Capital
$7,500,000
$1,648,266
Hāpai Development
$5,000,000
$972,588
Livingstone Construction Limited
$7,804,273
$270,728
Oriens
$2,500,000
$331,500
Oriens 2
$2,550,000
$470,500
Te Pūia Tāpapa
$2,030,000
$8,420
$27,384,273
$3,702,002
Total
28. Subsequent Events There are no subsequent events after balance date.
Te Korowai o Ngāruahine Annual Report 2026 |
120
Poua ki runga Poua ki raro Poua ki tāmoremore nui nō Rangi Poua ki tāmoremore nui nō Papa E Rongo, whakairihia ki runga Kia tina! Tina! Hui e! Tāiki e!
This document was printed on reycled paper.