Issuu

Annual Report 2025

Te Wānanga o Aotearoa Head Office, Te Puna Manaaki 320 Factory Road, Te Awamutu 3840

Te Pūrongo 2025 | 3

He manu kura wiwini e pae ai ki uta A sacred-feathered bird, steady through shifting winds

4 | Te Wānanga o Aotearoa

Ko te Whakakitenga Our Vision

He takapau mātauranga, he whānau huarewa Whānau transformation through education

Te Pūrongo 2025 | 5

Ko te uaratanga Our Mission

Kia angitu te tauira Tauira Success

6 | Te Wānanga o Aotearoa

Ngā Uara Our Values

Ngā Ture The knowledge that our actions are morally and ethically right and that we are acting in an honourable manner.

Te Whakapono The basis of our beliefs and the confidence that what we are doing is right.

Te Pūrongo 2025 | 7

Te Aroha Having regard for one another and those for whom we are responsible and to whom we are accountable.

Kotahitanga Unity amongst iwi and other ethnicities; standing as one.

8 | Te Wānanga o Aotearoa

Rārangi Upoko Contents

06 10 14 Ngā Uara Our Values

Arotakenga In Review

Tā Te Heamana Chairperson’s Report

16 18 22

Te Mana Whakahaere Council

Tā Te Kura Toroa Chief Executive’s Report

Ngā Pou Executive Leadership Team

24 28 56 He Tauira Tauira Stories

Ngā ki Taurangi Statement of Service Performance

Te Tahua Financial Report

Te Pūrongo 2025 | 9

10 | Te Wānanga o Aotearoa

Arotakenga In review

89%

of tauira reporting their skills shared with the community

90%

of tauira reporting their use of te reo had increased

Te Pūrongo 2025 | 11

27,350 tauira studied with Te Wānanga o Aotearoa in 2025

17,074 EFTS

87%

15,340

tauira satisfaction

tauira studied te reo Māori

74%

female tauira

1,277

full-time and part-time kaimahi

169

days cultural leave taken

tauira completed He Waka Hiringa & Te Tohu Paerua o Te Reo Kairangi Masters Degree

10%

tauira with disability

47%

tauira aged over 40 years

61%

tauira Māori

12 | Te Wānanga o Aotearoa

Te Pūrongo 2025 | 13

14 | Te Wānanga o Aotearoa

Tā Te Heamana Chairperson’s Report

E kore noa iho e tauhou te mamae e rongo rā tātou i te āhuatanga o ō tātou mate. Nō reira, kia kī au i konei – haere koutou ki a Nunui mā, ki a Roroa mā. Haere, e ngā wehi! Haere, e ngā tipua! Whakarewangia ō koutou waka, ka mānu atu ai ki runga i ngā wai whakaika, ki runga i ngā wai whakatere taniwha, ki ngā ringaringa atawhai o Hinenuitepō e tatari ana i te kāpunipuni o ngā wairua. Tauāraia te pō, tītokona te ao mārama. Tihei mauri ora! I am honoured to present the Chairperson’s Report for

sectors. His expertise in financial oversight and strategic

Te Pūrongo 2025. In 2025, as Te Wānanga o Aotearoa

transformation further enhances the depth of capability

marked 40 years since its founding, we reflected on

guiding Te Wānanga o Aotearoa as we progress toward

the legacy built by those who have shaped our journey

Te Pae Tawhiti 2030.

and recognised the responsibility that comes with it. This milestone has reinforced the importance of steady

Te Pae Tawhiti: from direction to action

leadership and deliberate progress, grounded in our

Te Pae Tawhiti 2030 moved into active implementation

continued commitment to tauira success and whānau

during 2025. The strategic objectives approved by Te

transformation through education.

Mana Whakahaere in 2024, spanning transformational education, empowered kaimahi, iwi partnership,

This year marked the first full year under our Chief

and financial sustainability, became the basis for

Executive, Evie O’Brien, the first wahine Māori to hold

organisational planning, investment, and structural

this role. Evie’s pōwhiri signalled a defining moment

decisions throughout the year.

for our Wānanga, reflecting both the strength of our foundations and the confidence placed in her leadership. Over the past year, she has led with clarity, foresight and a strong commitment to strengthening our kaupapa and serving our communities. It is fitting that the permanent title, Te Kura Toroa, was

This included overseeing a significant organisational realignment to ensure our structures, leadership, and capability reflect where we are heading, not simply where we have been. Te Mana Whakahaere was closely engaged in these decisions, conscious of both their strategic necessity and their impact on our people.

adopted for the Chief Executive role during this time.

By the end of the year, Te Pae Tawhiti was no longer a

The recommendation to confirm this permanent title

strategy being shaped. It was the foundation on which

was carefully considered and endorsed by Te Mana

decisions were being made. That shift, from planning

Whakahaere, recognising the significance of the role and

to practice, gives us confidence in the direction ahead.

the leadership it requires. The name embodies endurance, vision, and mana. These qualities align closely with the

Financial Sustainability

leadership Evie brings at this pivotal stage in our history.

Financial sustainability remained central to our long-term

Te Mana Whakahaere was strengthened by the

In 2025, we undertook deliberate investment to address

appointment of Steve Tucker, who joined the Council in October, bringing with him extensive governance and executive leadership experience across multiple

direction in 2025.

legacy systems and infrastructure in support of long-term sustainability. While necessary, this contributed to a

Te Pūrongo 2025 | 15

reported deficit of $1.6 million, representing -0.9 percent

Governance carries a responsibility not only to respond to

of total revenue.

immediate priorities, but to protect the long-term strength

Throughout the year, Te Mana Whakahaere maintained disciplined oversight of financial performance and

of Te Wānanga o Aotearoa. Our decisions today must continue to support the aspirations of future generations.

organisational capability, supported structural stability

Te Mana Whakahaere are confident in the leadership guiding

and ensured resources stayed in alignment with our

our Wānanga. I would like to take a moment to acknowledge

long-term strategy. Through this steady approach, we

the incredible commitment shown by our Te Kura Toroa, Ngā

continued to reinforce our institutional foundations while

Pouwhakahaere, General Manager – Business Partnerships,

upholding our kaupapa.

Te Ngira Kōtuitui and all our Paemanu. Individually and

Sector Impact and Presence Beyond financial sustainability, Te Wānanga o Aotearoa continued to hold a significant presence within the tertiary sector of Aotearoa in 2025. Its reach and sustained community impact remained evident across the motu. Within a sector shaped by participation shifts and funding constraints, governance attention remained focused on preserving accessibility, educational quality and cultural integrity across our provision.

collectively, they have generously shared their time, energy, skills, knowledge and experience to help further evolve our Wānanga with thoughtful and deeply considered insight. Te Mana Whakahaere expresses its sincere appreciation for their contribution. I would also like to share my deep appreciation of the commitment shown by our kaimahi across the motu. As Evie has visited our sites, I understand that there have been some challenging conversations, however I have also seen our kaimahi reflect honestly on their contributions in

Our impact extended beyond enrolment measures.

relation to Kaupapa Matua. It is through their daily mahi

Recognition with the Mana Tangata Award at the New

that our kaupapa is realised in communities throughout

Zealand HR Excellence Awards reflected the strength

Aotearoa. At the heart of this work are our tauira, whose

of our organisational culture and our commitment to

dedication to learning and personal growth continues

kaupapa-grounded practice.

to inspire us. Thank you for the trust and confidence

Te Manawahoukura, our Centre of Rangahau, continued to build our research capability in 2025, were awarded over $3.3 million in research funding, and increased research outputs by 70 percent. Rangahau-focused workshops supported the development of internal capability, while recognition of one of our kaiako as a Companion of the Te Apārangi Royal Society further established Te Wānanga o Aotearoa presence in Māori research excellence.

you place in us, and for allowing us to be part of your educational journey. Together, we have the opportunity to make a lasting contribution to whānau and communities. It continues to be an absolute privilege to serve as Chair of Te Mana Whakahaere. Together, we will continue to carry this responsibility with care and ensure that Te Wānanga o Aotearoa remains strong and relevant for the years ahead.

Looking Ahead As we move forward, our focus remains on the clarity of who we are, our why, what we do and ultimately on our destination. The progress made over the past year provides assurance as we continue toward the 2030 horizon set by Te Pae Tawhiti.

Vanessa Eparaima Chair, Te Mana Whakahaere

16 | Te Wānanga o Aotearoa

Te Mana Whakahaere Council

Vanessa Eparaima MNZM

Bryan Hemi

Te Heamana

Te Heamana Tuarua

Chairperson

Deputy Chairperson

Raukawa, Ngāti Tūwharetoa

Te Pūrongo 2025 | 17

Robert Gabel

Katie Bhreatnach

Jacinta Ruru MNZM

Mema | Member

Ngāti Kahu, Te Rarawa, Te Paatu

Ngāti Mahuta, Ngāti Whakaue

BA, BCom, CA

LLB (Hons), BA (Hons), LLM, wMInstD

Raukawa, Ngāti Ranginui, Ngāti Maniapoto

Steve Tucker

Jon Stokes

Steve Ruru

Mema | Member

Mema Whakatūria | Ministerial Appointment

Raukawa, Ngāti Maniapoto

Raukawa, Ngāti Ranginui

DipJournalism

BMS, FCA

Te Āti Haunui-a-Pāpārangi BMS, FCA, CMInstD

BA, LLB, LLM, PhD, Hon LLD, CMInstD, FRSNZ

Turi Ngatai Mema Whakatūria | Ministerial Appointment Ngāi Te Rangi, Ngāti Ranginui

Steve Tucker joined the Audit & Risk Committee in Jan-25 and Council in Oct-25.

18 | Te Wānanga o Aotearoa

He reta puiaki nā Te Kura Toroa A message from the Chief Executive

Evie O’Brien Te Kura Toroa Chief Executive Ngāti Awa, Ngāti Pikiao, Ngāti Ranginui, Ngāti Maniapoto BEd (Adult Education), MBA with Distinction

Te Pūrongo 2025 | 19

Ngā puke e tū mai rā, ka horo. Ngā maunga e tū mai rā, ka horo. He iwi ka marara, he whare ka hinga i a koutou, e ngā amokapua ka ngaro nei. Haere ki ō koutou mātua, haere ki ō koutou tūpuna. Haere ki ngā whatiwhati kī, haere ki ngā whatiwhati kōrero. Haere, hoatu koutou i te kōmata o te rangi, ki te toi o ngā rangi. Haere, haere, haere atu rā. Waiho ake ko te pō ki a koutou, tēnā ko te ao ki a mātou. Tihei mauri ora!

20 | Te Wānanga o Aotearoa

Tā Te Kura Toroa Chief Executive’s Report

He tau tūpuhi te ka mahue nei. He tau whakahere te tau ka mahue nei. Arā kē noa atu ngā piere nuku i pā mai ai ki a tātou, ki Te Wānanga o Aotearoa, i whakamātauhia te manawaroa o tēnā, o tēnā tātou. Heoi anō, ina titiro whakawaho tātou ki te ākau, ka kitea atu atu te timunga me te paringa o te tai. He rā ka taka e whitingia ai tātou e te rā. Tēnei te mihi kauanuanu e rere atu rā ki ngā uku whakarauora katoa o tā tātou kua whakapau kaha ki tā tātou kaupapa. It is a privilege to present Te Pūrongo for 2025, my first year as Te Kura Toroa – Chief Executive of Te Wānanga o Aotearoa. Stepping into this role as Te Kura Toroa has reinforced my responsibility to uphold kaitiakitanga, and the importance of leading with clarity, integrity, and purpose. I acknowledge the leadership and foundations laid by those who have led this organisation before me, and the commitment of our kaimahi who continue to bring our kaupapa to life every day. As we enter a period of renewal and focused evolution, my priority is to ensure we move forward with clear direction and consistency. 2025 has been a year of listening, connection, and purposeful reset. Engagement across the motu with kaimahi, tauira, iwi and partners has shaped our priorities and strengthened alignment across the organisation. In 2025, we set a deliberate course for the future of Te Wānanga o Aotearoa. Te Pae Tawhiti 2030 is our intergenerational strategy, shaped from within and grounded in Kaupapa Matua. It reflects our conviction that kaupapa Māori education must not only endure in a changing world, but lead. Te Pae Tawhiti guides how we will strengthen the experience of tauira and whānau, invest in our kaimahi and kaiako, deepen our partnerships with iwi, and build a sustainable organisation for the decades ahead. It is both a long-term direction and a call to action, one that asks us to be more deliberate in how we organise, how we work together, and how we deliver on our purpose. This is a deliberate choice to evolve in ways that honour who we are, while ensuring we are ready for what lies ahead. Delivering on Te Pae Tawhiti required us to look honestly at how we are organised. In 2025, we undertook a significant

organisational realignment, reshaping our structures, leadership, and resourcing to reflect the direction we have set and the outcomes we are working toward. New leadership and organisational capability is now in place, designed to strengthen how we serve tauira, support kaimahi, and deliver on our commitments to iwi and communities. The work of embedding these changes continues, and we are committed to doing so with care and consistency. Programme development has reflected this renewed direction. Guided by Ako Wānanga, our distinctive teaching and learning framework, we have strengthened our pipeline through co-design and collaboration to ensure new offerings are relevant, sustainable and aligned with the aspirations of iwi, industry and our communities. In 2026, we begin delivering te reo Māori learning beyond Aotearoa, starting with Australia, supporting whānau Māori and others living abroad. Our cultural engagement continues to reflect the depth of our commitment to te ao Māori. In 2025, we supported major initiatives across sport, kapa haka, language revitalisation, and indigenous knowledge exchange. Our ongoing engagement with the waka ama community at the Waka Ama Sprint Nationals at Lake Karāpiro and our sponsorship of Te Matatini o Te Kāhui Maunga reflect the connection between learning and lived cultural practice. We also continued to engage with indigenous education networks, including hosting and participating in the World Indigenous Nations Higher Education Consortium and World Indigenous Nations University Symposium at our Māngere campus in Tāmaki Makaurau. Partnership-led programme innovation continued throughout the year. In collaboration with Waikato-Tainui, we launched Te Tohu Tiaki Taonga to support iwi-led

Te Pūrongo 2025 | 21

archiving and protection of taonga. The development of two new programmes, Te Tātai Whetū and Taonga Pūoro, strengthens the recognition and advancement of mātauranga Māori in the areas of astronomy and traditional instrumental practice. Te reo Māori revitalisation remains central. Mahuru Māori reached 19,930 subscribers and 3,560 registered participants, while our bilingual Taringa podcast grew to 4.3 million downloads, reflecting sustained national and international engagement.

advance our strategic priorities. I also thank Te Mana Whakahaere for their continued guidance and oversight. As we reflect on over four decades of wānanga-led learning and look ahead, I am confident in our direction. With Te Pae Tawhiti as our compass, strengthened partnerships, and a clear commitment to kaupapa Māori, Te Wānanga o Aotearoa is well positioned to continue creating meaningful, intergenerational impact. Ngā manaakitanga,

The impact of our Te Kōpuretanga Scholarships continued to grow, with 298 applications received, a 42 per cent increase on the previous year, and 21 recipients awarded a total of $115,000 in scholarship funding. Our commitment to accessible, fit-for-purpose learning environments has continued with the opening of the Te Ao Mārama campus in Porirua, ensuring our physical footprint supports tauira and kaimahi while aligning with our long-term vision. At the centre of all our mahi remains tauira success. In 2025, more than 154,000 engagements with tauira were recorded across our support network, a 91 per cent increase on the previous year. This growth underscores the scale and strengthened coordination across our national and regional tauira support services, ensuring learners are well supported throughout their study journey. I want to acknowledge the collective leadership of Ngā Pouwhakahaere. This year, we established two new senior leadership roles to sit alongside Ngā Pouwhakahaere: Ariana Paora, General Manager – Business Partnerships, and Haimona Maruera, Te Ngira Kōtuitui, General Manager – Cultural Leadership, Tikanga and Iwi Engagement. These roles strengthen our focus on partnerships, tikanga and iwi relationships as we

Evie O’Brien Te Kura Toroa | Chief Executive

22 | Te Wānanga o Aotearoa

Ngā Pou Executive Leadership Team

Glenn McKay

Lindsay Baxter

Pouwhakahaere Whakatairanga

Pouwhakahaere Taumatua

Deputy Chief Executive Tauira Engagement & Experience

Deputy Chief Executive Strategy & Transformation

MBA with Distinction

DipCPM, BIT, PMP, MEd with Distinction

Te Pūrongo 2025 | 23

Jason Hungerford

Shireen Maged

Pouwhakahaere Tahua

Pouwhakahaere Ako

Deputy Chief Executive Finance & Operations

Deputy Chief Executive Ako Excellence

CA, BCA, GradDipPA

PhD, MEd, BEd, BA, HDE

Peter Fletcher-Dobson

Leon Takimoana

Pouwhakahaere Taupārongo

Pouwhakahaere Whanake

Deputy Chief Executive Data & Digital Information

Deputy Chief Executive Kaimahi Experience & Wellbeing

BA (Hons), Politics, DipJournalism, Poupou Huia Reo Māori L4

GradDipPsyc BSocSci (Hons) Professional Member of HRINZ

Ariana Paora

Haimona Maruera

Pou Ārahi Te Arawai

Pou Ārahi Te Ngira Kōtuitui

General Manager Te Arawai (Partnerships)

General Manager Cultural Leadership, Tikanga & Iwi Engagement

MBA, PGDipBus, GradDipBus

MMIL with Distinction, PGrad, BEdAdTch, DipTchKKM

24 | Te Wānanga o Aotearoa

Tauira Stories

Te Pūrongo 2025 | 25

Building a beauty brand through education and drive Maata Morrell-Dzilic | Tauira

Maata Morrell-Dzilic left school at 16 to pursue her passion in beauty therapy. After gaining the qualifications she needed through EIT | Te Pūkenga, she launched her business, Ma’s Beauty, at just 18 years old. Last year she completed a Certificate in Small Business Level 4 at Te Wānanga o Aotearoa to gain the skills and knowledge she needed to grow her business, and this year she is studying towards a Diploma in Small Business and Project Management Level 5. “I really enjoyed the programme last year and what I learnt, so I decided to continue my studies. I’ve learnt what it takes to build a successful business and my kaiako have all been supportive,” she says. Now, at 21, Maata has grown her venture from a salon into a thriving brand, launching her own cosmetics line alongside designing and selling luxury artificial flower bouquets. Business is going well for Maata, and much of her time is spent in her salon or developing new products. That’s why the flexibility of studying online with Te Wānanga o Aotearoa has been so helpful, allowing her to balance her

“Take up every opportunity you get to learn and grow your knowledge. Business is going good for me and the knowledge and tools that I have been taught has really helped me and my business grow.”

growing brand with her study. “Being able to study online is so convenient for me. I can

“When you first start out in business you can forget how

work during the day and keep my business running and

important it is to have that knowledge. I highly recommend

then I can do classes online at night. Learning online can

that anyone thinking about opening a business should take

be tricky, but I’ve had understanding and supportive kaiako

the time to learn about business. Studying a programme like

who make it easier.”

I did through Te Wānanga o Aotearoa really helped me.”

Maata believes having a passion for your business is

With passion, determination, and her drive for success

powerful but pairing that passion with solid business

through education, Maata continues to grow her business

knowledge is what truly sets you up for long-term success.

with purpose and hopes to see other small business owners thrive by pursuing learning.

Maata is preparing to launch the newest addition to her cosmetics line, Ma’s Cosmetics – a vibrant new lip gloss proudly named after her godson’s nickname, Honey.

26 | Te Wānanga o Aotearoa

Turning challenges into change Ian Rauwhero | Tauira

He learned valuable lessons while studying, including believing in himself. “I would overthink simple questions and tasks which would create doubt. Once I started believing that what I was putting on paper was good enough, things flowed more freely and I started to enjoy studying.” A standout moment during his studies was organising a whānau day for those in emergency housing. “It instilled in me a desire to help more whānau within our community as well as my whānau, iwi, hapū.” Ian says studying didn’t just support the goals he already had. It helped refine and solidify them and make them A chance encounter at Te Wānanga o Aotearoa came at

seem more achievable.

exactly the right time for Ian Rauwhero (Tainui, Waiohua,

“My goal before studying was to create a programme aimed

Ngāti Pikiao).

at helping men navigate family court. I have made many

Following successfully navigating family court and sharing his experience on social media, he’d begun to realise the value of supporting others through hard times. “Friends and family I hadn’t spoken to for a while started reaching out. I helped a few of them navigate their own

friendships and have networked with a lot of important people. I am more confident and more determined than ever, to achieve what I had set out to achieve.” He’s now been offered work in social services and gained a new perspective on life.

family court journeys from my lived experience, which

“I look deeper… I’m more open to new experiences and

turned out to be quite successful.”

more interested in learning new things.”

A spark was lit, and he began looking at ways to formalise

Ian’s advice to others thinking about studying is simple.

what he’d learned. He happened to drive past an open day at Te Wānanga o Aotearoa one day, shortly after gaining custody of his children and stopped in.

“Believe in yourself and give everything a go. A lot of activities require you to be put in

“The first person I met was Matua Pete… I sat with him and

uncomfortable positions. For me, that was

spoke to him about the tikanga course he was running while

where a lot of my growth came from.”

the children painted. The way he spoke and made me feel is the reason why I chose to study at the Wānanga.” Ian enrolled in and completed Manaaki Tāngata - Certificate in Bicultural Social Services in 2023 and then He Puāwai Certificate in Adult & Tertiary Teaching in 2024. It was his first time back in a classroom since high school.

Te Pūrongo 2025 | 27

Painting from within: Nakita’s creative awakening Nakita Tilson | Tauira

For contemporary Māori artist Nakita Tilson, painting

It was the process of painting Hine Tōhenga through

isn’t just something she does, it’s who she is.

trial, frustration, and starting over, that reminded her of

A full-time artist, Nakita mainly works with acrylic and oil on canvas, but her creativity doesn’t stop there. She also designs handmade soaps, sculpts clay ornaments, and looks after a thriving plant collection with over 600 indoor and outdoor varieties. “I consider myself a fine painter aligning contemporary Māori art,” she says. “I work with all mediums - spray paint, pastels, pencil… I also design and make soaps utilising the

her own strength. There were moments she wanted to give up. “By the fourth attempt, I almost painted over her so I couldn’t see it,” she says. But she kept going, trusting that the struggle was part of the story. “Without my persistence in the creating stages, Hine

essence of rongoā Māori.”

Tōhenga wouldn’t exist.”

“I’ve always been passionate about art. My father, my foster

Dr Ng’s support also gave Nakita the confidence to step

family, and those around me have always encouraged my creativity.” That support gave her the confidence to chase her dream.

into new spaces. She’s now creating an artist profile, designing a website, and building her public speaking skills through Toastmasters.

“Being an artist was always a dream of mine from a very young age. I was adamant I was going to pursue a career as an artist.” Her journey with Te Wānanga o Aotearoa began at 18, when she enrolled in the Kāwai Raupapa - Certificate in Māori and Indigenous Art programme in Te Awamutu. She went on to complete Maunga Kura Toi - Bachelor of Māori Art in Rāhui Pōkeka while raising 4 tamariki and becoming hapū with her fifth. Since then, she’s continued learning, He Pī Kā Pao Level 1 & 2 and He Waka Hiringa - Master of Applied Indigenous Knowledge. After facing a serious illness at 17, Nakita had to adjust her life and her art. Her eyesight was affected, and painting became a different kind of challenge. But as art has always

“Dr Ng’s commission encouraged my creativity

been her outlet, she kept going, adapting her process and

in so many ways. I decided it’s time to paint

using art to reconnect with herself and her world.

from within and dedicate this year to painting

A recent turning point came through a commission from ophthalmologist Dr Ng, who has supported her throughout her health issues. His only request: paint a wahine toa. This request became her latest piece of work, Hine Tōhenga.

my ideas.”

28 | Te Wānanga o Aotearoa

Ngā ki Taurangi Statement of Service Performance

30 Te Huanganui

Whakamarumarutia

Statement of Service Performance

Outcomes Framework

Active Protection

44 Pātuitanga

Investment Plan

Recognition and Protection of Tino Rangatiratanga

Equity and Partnership

EFTS 2024-2026

Ngā ki Taurangi

Rangatiratanga

Cost of Service Statement

Equal Opportunities

50 Te Tahua

Financial Report

Te Pūrongo 2025 | 29

30 | Te Wānanga o Aotearoa

Te Huanganui Outcomes Framework

Te Huanganui is the Outcomes Framework for Te Wānanga o Aotearoa. The title refers to the significant benefits and advantages that result from our work, in essence, the fruits of our labour. Te Huanganui weaves a relationship between the strategic objectives of Te Wānanga o Aotearoa and the unique contribution we make to the peoples of Aotearoa New Zealand and the nation as a whole. It includes our outputs, the impacts of those outputs, and the ultimate outcomes of our mahi. For our 2024-2026 Investment Plan we have grounded Te Huanganui in the context of our relationship with the Crown. To achieve this we have embraced the WAI 718 Waitangi Tribunal Report, which formally relates the principles of Te Tiriti o Waitangi to the Government’s relationship with – and responsibility to – wānanga. This is the second year of reporting against Te Wānanga o Aotearoa Investment Plan 2024-2026 which was approved by the Tertiary Education Commission for two years (2024 and 2025). The following diagram provides a high-level representation of Te Huanganui as approved in the Investment Plan.

Te Pūrongo 2025 | 31

Ngā Putanga Our Outcomes

Te Pae Tawhiti Our Strategy

Whakamarumarutia The principle of Active Protection Wānanga and mātauranga Māori are advanced

1 Offering a relevant and sustainable programme mix

Ngā Panga Our Impact

1.1 We have a strong footprint in the education and training system 1.2 We are the driving force in a bicultural New Zealand 1.3 We are building a tradition of Rangahau that advances mātauranga Māori

Rangatiratanga The principle of Recognition and Protection of Tino Rangatiratanga Everyone has access to āhuatanga Māori educational opportunities

2 Putting our tauira at the centre

2.1 Tauira have a holistic transformative āhuatanga Māori educational experience 2.2 We break down barriers to provide accessible educational opportunities for all

Pātuitanga The principle of Equity and Partnership We work together to achieve outcomes in a bicultural Aotearoa New Zealand

3 Ensuring sustainability through educational excellence

3.1 Tauira achieve valued outcomes with us 3.2 We are continuously enhancing Ako teaching and learning 3.3 We are sustainable

32 | Te Wānanga o Aotearoa

Whakamarumarutia The principle of Active Protection Wānanga and mātauranga Māori are advanced

Te Pūrongo 2025 | 33

Offering a relevant and sustainable programme mix Ë

We have a strong footprint in the education and training system

We are the driving force in bicultural Aotearoa New Zealand

We are building a tradition of Rangahau that advances mātauranga Māori

34 | Te Wānanga o Aotearoa

Performance measures

1.1

We have a strong footprint in the new education and training system

1.1.1

1.1.2

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

New programmes and educational initiatives

New developments are informed by engagement with key stakeholders

n/a

48 stakeholders

49 stakeholders

4 stakeholders

An engagement is defined as a survey or meeting held with individuals or groups to gather input on educational initiatives. To ensure data accuracy, multiple interactions with the same participant or group are recorded as a single unique engagement. Over the past three years, we have established a robust programme development pipeline, underpinned by enhanced end-to-end processes and significantly increased internal capability from ideation to delivery. In 2025, this framework supported the development of 16 new programmes and educational initiatives, including: ›

Te Reo Māori Excellence: A comprehensive redesign of the reo Rangatira suite, with Papa Kōrero (Level 2), Te Kahupapa o te Reo (Level 1 and Level 2), Te Pūtaketanga o te Reo (Level 3 and Level 4), Te Rōnakitanga ki te Reo Kairangi (Level 5), Te Aupikitanga ki te Reo Kairangi (Level 6), and Te Pinakitanga ki te Reo (Level 7).

›

Advancing Mātauranga Māori: Introducing the New Zealand Certificate in Taonga Pūoro (Level 4).

›

Strategic Partnerships: Collaborating with fellow wānanga and Oranga Tamariki to deliver Tū Māia – Building Māori Cultural Capability (Micro-credential).

›

Leadership Development: Launching two micro-credentials focused on Leadership and Cultural Capability and Values-Based Practices within the Aotearoa New Zealand context.

›

Vocational Pathways: Enhancing career readiness through the NZ Certificate in Construction and Trades Skills – Carpentry (Level 3), Digital Media and Design (Level 5), and specialised micro-credentials Thinning to Waste and Work Readiness.

Every new development is grounded in a rigorous engagement process with subject matter experts and industry leaders. A review of programme documentation confirmed the breadth of this collaboration, recording 49 distinct stakeholder engagements across iwi, hapū, Māori organisations, practitioners, industry organisations and government agencies.

1.2

We are the driving force in a bicultural New Zealand

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

1.2.1

We forego tauira fee income to provide accessible language and cultural programmes

$11.3M

$11.5M

$12.2M

$10M

Fees foregone is calculated by a base fee for tauira studying fee-free language and cultural programmes with an annual adjustment in accordance with the Annual Maximum Fee Movement (AMFM) published in the New Zealand Gazette.

Te Pūrongo 2025 | 35

In 2025, our 40th year of operation, we continued to make a strong contribution to the revitalisation of te reo Māori by providing accessible, fee-free programmes, and by leveraging our capability and resources to support an ecosystem of events and activities across the motu. To quantify our social impact, we developed the ‘Fees Foregone’ measure. This tracks the millions in annual tauira fee revenue we waive to provide free access to foundation tikanga and reo Māori programmes. In 2025, 9,197 tauira (representing 6,096 EFTS) enrolled in fee-free language and cultural programmes. While participation levels remained stable compared to 2024, a 6.0% increase in the Annual Maximum Fee Movement (AMFM) set by the Tertiary Education Commission caused the target to be exceeded, resulting in $12.2 million in fees income forgone.

1.2.2

Partner in major cultural initiatives

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

7 initiatives

9 initiatives

10 initiatives

3 initiatives

Te Wānanga o Aotearoa continues to support cultural initiatives that bring te ao Māori to life. In 2025 we supported 10 major cultural initiatives: ›

The Waka Ama Sprint Nationals at Lake Karāpiro remain a key fixture in our ongoing engagement with the waka ama community.

›

We supported Te Matatini o Te Kāhui Maunga as a key sponsor, with kaimahi and tauira contributing across performance, leadership, haukāinga and delivery roles.

›

We hosted the World Indigenous Nations Higher Education Consortium (WINHEC) and World Indigenous Nations University (WINU) Symposium at our Māngere campus in Tāmaki Makaurau.

›

In partnership with Waikato-Tainui, we launched Te Tohu Tiaki Taonga, a programme supporting iwi aspirations to preserve and archive taonga.

›

We developed Te Tatai Whetū, a new programme dedicated to further developing connections to the stars across te iwi Māori and Aotearoa as a whole.

›

Our Te Kōpuretanga Scholarships resulted in 298 applications, a 42 per cent increase on the previous year.

›

Our bilingual Taringa podcast grew from 4.1 million to 4.3 million downloads, reflecting sustained national and international engagement.

›

Mahuru Māori continued to strengthen everyday use of te reo Māori, reaching 19,930 subscribers and 3,560 registered participants.

›

Alongside organisational change, aimed at fulfilling the aspirations of Te Pae Tawhiti 2030, Te Whare Whātuia was established to reconnect and strengthen relationships with iwi and hapū at regional levels.

›

Te Arawai, the newly established partnerships uepū, developed an international offering of beginner reo Māori courses, to be delivered in Australia in early 2026.

36 | Te Wānanga o Aotearoa

1.3

We are building a tradition of Rangahau that advances Mātauranga Māori

1.3.1

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

Peer reviewed Rangahau publications

n/a

1.3.2

Non-traditional Rangahau outputs

n/a

1.3.3

Rangahau collaborations with external partners

n/a

1.3.4

Other TEC Investment Plan Commitments 1.3.4.1 External research income

$132,539

$152,000

$1,160,403

$100,000

$200,000

1.3.4.2 Research degrees completed

The 2023 results are not available as tracking only began with the establishment of Te Manawahoukura Centre of Rangahau Excellence in 2024. The significant variance from the prior year is due to a change in methodology applied in the current year, resulting in a more accurate outcome. The result for research degree completions is interim as it is subject to validation by the TEC following submission of the final single data return in April 2026. Rangahau centres questions of ownership, ensuring knowledge gathered belongs to and benefits the iwi, hapū and communities from which it comes. Alongside empirical data, it values diverse forms of knowing — oral histories, whakapapa, lived experiences and cultural practices — recognising these as equally legitimate sources that together create richer, more nuanced understandings of the complexity of our world. Established in 2024, Te Manawahoukura serves as the hub of rangahau excellence at Te Wānanga o Aotearoa. Dedicated to advancing mātauranga Māori, the Centre empowers kaimahi through expert mentoring and an annual programme of initiatives designed to elevate the quality and impact of our collective research. Momentum is building, with targets for publications, non-traditional outputs, and external collaborations being significantly exceeded. External research income also surged to $1.2 million, as kairangahau and kaiako continued to excel in national leadership and attract external funding. Our flagship Masters programme – He Waka Hiringa (Master of Applied Indigenous Knowledge) has a small annual intake of approximately 40 tauira. In 2025, research degree completions reached 27. While this fell short of our target, the result reflects the realities of a challenging economic climate, where many tauira have had to balance their academic pursuits with increasing work and whānau responsibilities. Over the next plan period Te Manawahoukura will continue to build on these foundations by implementing a new Rangahau Strategy. In addition to this, its role will expand to uplifting kaiako capability to ensure that excellence in rangahau directly informs and enhances teaching and learning practices across all our higher level programmes.

Te Pūrongo 2025 | 37

38 | Te Wānanga o Aotearoa

Rangatiratanga The principle of Recognition and Protection of Tino Rangatiratanga Everyone has access to āhuatanga Māori educational opportunities

Te Pūrongo 2025 | 39

Putting our tauira at the centre Ë

Tauira have a holistic transformative āhuatanga Māori educational experience

We break down barriers to provide accessible educational opportunities for all

40 | Te Wānanga o Aotearoa

Performance measures

2.1

Tauira have a holistic, transformative āhuatanga Māori educational experience

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

2.1.1

Tauira report that the skills and knowledge gained helped improve their cultural identity

76%

>75%

77%

>75%

2.1.2

Tauira report that the skills and knowledge gained helped improve their health and wellbeing

71%

>70%

73%

>85%

2.1.3

Tauira report the skills and knowledge gained helped improve their career prospects

69%

67%

66%

75%

These results are taken from the annual Graduate Survey that is used to track graduate outcomes and the broader holistic impact of studying with Te Wānanga o Aotearoa. The 2025 survey was sent via the SurveyMonkey platform to a cohort of 13,023 recent graduates with 20% (2,582) of them taking the opportunity to respond. The survey had a margin of error of 2%. We embody our vision of ‘Whānau Transformation Through Education’ by delivering a transformative, holistic āhuatanga Māori experience that equips graduates with the skills and confidence to enable them to succeed on their own terms. Each year, we use the Graduate Survey to track career outcomes and the broader holistic impact of studying with us. While results for cultural identity (77%) and health and wellbeing (73%) both showed year-on-year growth—with the former exceeding its target—results for career prospects declined and fell short of our target. In 2025, we launched Te Pae Tawhiti 2030, a strategic roadmap that sets out a commitment to modernised, future-ready teaching and learning. Over the next plan period our focus turns to systemic innovation – evolving not only what we deliver but how we deliver it – to ensure whānau transformation continues for generations to come.

Te Pūrongo 2025 | 41

2.2

We break down barriers to provide accessible educational opportunities for all

2.2.1

Expected graduates at Level 1-3 Non-Māori, non-Pasifika graduates Māori graduates Pasifika graduates

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

4,785 4,188 642

5,200 5,027 724

5,559 5,942 873

7,000 5,000 1,000

45% 51% 7%

42% 54% 8%

40% 56% 9%

48% 45% 7%

29% 66% 10%

25% 69% 11%

28% 67% 11%

30% 60% 10%

12% 63% 33%

12% 65% 32%

13% 65% 32%

10% 68% 22%

5% 78% 22%

9% 81% 18%

5% 85% 19%

10% 80% 10%

2.2.2 Proportion of total SAC-eligible EFTS enrolled at Level 1-3 Non-Māori, non-Pasifika EFTS Māori EFTS Pasifika EFTS 2.2.3 Proportion of total SAC-eligible EFTS enrolled at Level 4-7 (non-degree) Non-Māori, non-Pasifika EFTS Māori EFTS Pasifika EFTS 2.2.4

Proportion of total SAC-eligible EFTS enrolled at Level 7 (degree) Non-Māori, non-Pasifika EFTS Māori EFTS Pasifika EFTS

2.2.5 Proportion of total SAC-eligible EFTS enrolled at Level 8-10 Non-Māori, non-Pasifika EFTS Māori EFTS Pasifika EFTS

42 | Te Wānanga o Aotearoa

The introduction of accessible online Te Reo Māori programmes has significantly shifted our tauira population in recent years. Tauira Māori reclaiming their reo exceeded the target for a second year to become the largest grouping at Level 1-3. Although the targets for the other ethnicity groupings were not met, it is pleasing to see a year-on-year increase in expected graduates in our foundation level programmes. With the majority of Te Wānanga o Aotearoa provision at sub-degree level, the results for Level 1-3 and Level 4-7 (non degree) followed the same pattern as expected graduates with the targets for the proportion of Māori and Pasifika tauira exceeded. In 2025, the proportion of EFTS enrolled in degrees remained steady. While results for Non-Māori/non-Pasifika (13%) and Pasifika (32%) tauira exceeded targets, the target for tauira Māori was not met. Despite this, it is encouraging that Māori participation in degrees remains high at 65%. Overall, we continue to make strong progress in maintaining levels of participation in higher-level qualifications across the wānanga. Though our Level 8-10 programmes—He Waka Hiringa, Kaitiakitanga, and Te Tohu Paerua o te Reo Kairangi— maintain intimate cohort sizes, their influence is profound. We are proud to provide these transformative pathways that empower Māori and Pasifika tauira to lead through high-level indigenous scholarship.

Te Pūrongo 2025 | 43

Deane Gage Graduate He Waka Hiringa Master of Applied Indigenous Knowledge

44 | Te Wānanga o Aotearoa

Pātuitanga The principle of Equity and Partnership We work together to achieve outcomes in a bicultural Aotearoa New Zealand

Te Pūrongo 2025 | 45

Ensuring sustainability through educational excellence Ë

Tauira achieve valued outcomes with us

We are continuously enhancing Ako teaching and learning

We are sustainable

46 | Te Wānanga o Aotearoa

Performance measures

3.1

Tauira achieve valued outcomes with us

3.1.1

First year retention rate for tauira at Level 4-7 (non-degree) Non-Māori, non-Pasifika graduates Māori graduates Pasifika graduates

3.1.2

Actual 2025

Target 2025

Target 2026

0% 0% 0%

71% 74% 71%

84% 75% 86%

92% 79% 81%

75% 75% 75%

72% 63% 63%

81% 70% 72%

82% 72% 73%

78% 78% 78%

38% 47% 37%

36% 50% 45%

42% 51% 50%

40% 40% 40%

Course completion rate for tauira at Level 1-10 Non-Māori, non-Pasifika Māori Pasifika

3.1.4

Actual 2024

First year retention rate for tauira at Level 7 degree Non-Māori, non-Pasifika Māori Pasifika

3.1.3

Actual 2023

Progression rate for tauira at Level 1-3 Non-Māori, non-Pasifika Māori Pasifika

This section provides the results for performance commitments negotiated with TEC for 2024-2026. Please note, the 2025 results are interim as they are subject to validation by the TEC following submission of the final single data return in April 2026. The 2024 results have now been updated as final. The targets and results for first year retention at Level 4-7 are zero as Te Wānanga o Aotearoa has no multi-year programmes at these levels. Please refer to page 55 for further details on the measurement basis for these performance commitments. After a comprehensive programme of initiatives to improve tauira engagement and achievement, education performance results continued an upwards trajectory in 2025 with improvements across all indicators. The first year retention targets for Level 7 (degree) were exceeded across all ethnicity groupings. Notably, non–Māori/non– Pasifika tauira achieved the highest retention rate at 92%, representing a 8% improvement on the 2024 result. Course completion rates rose by 1–2% across all ethnicity groupings, maintaining a positive upward trend. Notably, completion rates for Pasifika and tauira Māori continue to gain momentum as they progress toward the universal target of 78%. As more tauira pathway into higher-level programmes, progression rates also exceeded the targets and surpassed 2024 levels across all ethnicity groupings. The results for this measure include students who have progressed to a higher-level qualification both internally at the wānanga and externally at another tertiary education provider. We rely on data from the Tertiary Education Commission in relation to students progressing externally to another provider. Over the next three years we will continue to focus on developing new engaging and accessible programmes and supporting kaiako to deliver transformational learning that underpins tauira success.

Te Pūrongo 2025 | 47

3.2

We are continuously enhancing Ako teaching and learning

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

3.2.1

NZQA is confident in education performance and assessment practices

Confident

The New Zealand Qualification Authority (NZQA) is responsible for monitoring educational quality. During this plan period the NZQA sought to replace the External Evaluation and Review (EER) system with the Integrated Quality Assurance Framework (iQAF) that went live in January 2026. The last EER for Te Wānanga o Aotearoa was completed in March 2022 resulting in a rating of ‘confident’ in our educational performance and ‘confident’ in our capability in self-assessment. As the EER has now been discontinued, the 2022 result has been restated for 2023, 2024 and 2025. The 2022 EER report confirmed that our tauira are realising their potential to the fullest by not only gaining skills, knowledge and qualifications but also (re)connecting to their identity as Māori; and reconnecting to education in a safe and empowering way. The report went on to say that our approach also resonates with Non-Māori, who also achieve well with us. In the interim, Te Wānanga o Aotearoa has continued to implement an Academic Performance Improvement Action Plan. We have overhauled our Quality Management System and transitioned from retrospective monitoring to a real-time system that tracks academic performance at the class, programme, takiwā, and national levels. From 2026 the regulatory approach will emphasise annual self-review and reporting along with ongoing monitoring and compliance activities by NZQA, supported by a more integrated and risk-proportional assurance model. Over the next plan period we will continue to enhance our people, systems, and policies to ensure we not only meet, but exceed the expectations of the new regulatory environment.

3.2.2

Kaiako have the minimum quality requirements (subject and teaching qualifications)

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

59%

68%

77%

75%

Te Ara Kounga, the Kaiako Capability Strategy, provides a unified framework to enhance quality ako practice, with the ultimate goal of 100% of kaiako meeting minimum role requirements. In 2025, the proportion of kaiako holding both subject matter and teaching qualifications reached 77%, exceeding the 75% target for the first time. This success was driven by a synergy of new and ongoing initiatives that strengthened cultural alignment and data accuracy. Key contributors included the Te Reo Māori proficiency attestation process for equitable skill recognition, updated diploma-level language requirements to better reflect programme structures, enhanced data reconciliation for better workforce visibility, and proactive management support for kaimahi completing their qualification journeys.

48 | Te Wānanga o Aotearoa

3.3

We are sustainable

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

3.3.1

Funded EFTS

>92.7%

>98.8%

101.8%

>99%

In 2023, the Tertiary Education Commission (TEC) approved Te Wānanga o Aotearoa Investment Plan 2024–2026. This approval covered a two-year period, with funded Equivalent Full-Time Student (EFTS) targets confirmed annually. For 2025, the funded EFTS target remained consistent with previous years at 16,748. Driven by growth in Level 3–7 sub-degree and Level 7 degree programmes, total enrolments reached 17,054—exceeding the funded target by 306 EFTS, or 101.8%.

3.3.2

Surplus

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

2.8%

10.3%

–0.9%

To address legacy issues and ensure long-term sustainability, Te Wānanga o Aotearoa is implementing Te Pae Tawhiti 2030 strategic plan. This includes a multi-million dollar digital transformation designed to modernise all systems and enhance ako excellence in teaching and learning. While this investment is vital to future-proof the organisation, it will necessitate short-to-medium-term deficits as the institution realigns/invests in its workforce and technological infrastructure. Within this context, the 2025 financial result is a $1.6 million deficit (representing -0.9% of total revenue). This figure includes a $12.2 million investment in Te Pae Tawhiti. In the absence of that strategic investment, Te Wānanga o Aotearoa would have reported a surplus of $10.5m that is primarily the result of strong investment returns and insurance proceeds from a 2023 flood claim. The operating result excluding those investment returns reflects a more challenging and dynamic environment to which Te Pae Tawhiti 2030 provides a strategic response.

Te Pūrongo 2025 | 49

3.3.3

Stakeholders satisfied

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

n/a

64%

68%

75%

>80%

The Stakeholder Survey is conducted on the SurveyMonkey platform. The 2024 result is from a survey sent in January 2025 and the 2025 result is from a survey sent in October 2025. After a two-year hiatus, the Stakeholder Survey was reintroduced in 2024 to capture insights into perceptions, expectations, and experiences with Te Wānanga o Aotearoa. While the core methodology has remained consistent since 2016, the 2025 database was expanded to include 234 active stakeholders. A 13% response rate (30 participants) provided meaningful feedback on our current performance and engagement. Although the 68% satisfaction rate fell short of our target, it reflects a 4% year-on-year improvement. This result establishes a robust baseline to measure progress and refine our approach as we continue the implementation of Te Pae Tawhiti 2030.

3.3.4

Tauira satisfaction

Actual 2023

Actual 2024

Actual 2025

Target 2025

Target 2026

90%

87%

90%

>90%

This result is taken from the annual Graduate Survey that is used to track graduate outcomes and the broader holistic impact of studying with Te Wānanga o Aotearoa. The 2025 survey was sent via the SurveyMonkey platform to a cohort of 13,023 recent graduates with 20% (2,582) of them taking the opportunity to respond. The survey had a margin of error of 2%.

Our mission is to ensure every tauira enjoys a holistic, transformative āhuatanga Māori educational experience that leads to valued outcomes. While tauira satisfaction remained high in 2025 at 87%, this result sat slightly below our ambitious target. We proudly attribute these consistently high levels of satisfaction to our kaiako; year after year, our Graduate Survey is filled with praise for their dedication. As one tauira beautifully put it: ‘Kaiako are the taonga!’ We recognise there is always room for growth. Over the next three years, our strategic work programme will specifically focus on further enhancing these transformational educational experiences to ensure we continue to deliver the excellence our tauira deserve.

50 | Te Wānanga o Aotearoa

Investment Plan

At the time of publishing this report the SDR was showing total EFTS as 17,074. The total EFTS numbers in the following tables may differ due to rounding and the inclusion of a small number of non-DQ funded EFTS.

Actual 2023

Actual 2024

Actual 2025

Investment Plan

—

3,821

3,532

3,398

2,998

1,973

2,206

2,389

2,575

3,744

3,467

3,608

4,312

3,714

4,001

4,313

4,486

1,564

1,681

1,844

1,954

513

563

508

569

695

847

864

866

107

112

120

124

115

120

16,229

16,544

17,144

18,000

EFTS By Level

Totals

EFTS By Whare

Actual 2023

Actual 2024

Actual 2025

Investment Plan

Angitu

2,123

1,760

1,531

2,366

Hauora — Fitness and Healthcare

577

607

606

775

Reo Rangatira

8,836

8,962

9,162

9,385

Social Services

943

1,080

1,153

1,024

Te Arawhānui – Business and Computing

1,504

1,467

1,790

1,706

Te Hiringa

176

186

217

301

Toi

898

1,016

1,109

1,257

Tūāpapa – Learning Skills and ESOL

1,033

1,322

1,406

1,006

Umanga — Skills and Trades

137

144

170

179

Totals

16,227

16,554

17,144

18,000

Te Pūrongo 2025 | 51

Cost of Service Statement

The Cost of Service for 2024-2026 has been calculated in accordance with the three outcomes of Whakamarumarutia, Rangatiratanga and Pātuitanga.

Whakamarumarutia

covers all programmes and activity to protect and advance wānanga and mātauranga Māori.

Rangatiratanga

covers all programmes and activity that provide tauira with the opportunity to participate in tertiary education regardless of age, ethnicity or academic ability.

Pātuitanga

covers all other programmes and activity where we partner with others to achieve specific educational outcomes.

Investment Plan Budget $’000

TMW Approved Budget $’000

Actual 2025 $’000

Actual 2024 $’000

Rangatiratanga (Participation)

48,862

41,841

41,905

41,244

Pātuitanga (Partnership)

7,614

21,695

24,889

32,664

Whakamarumarutia (Protection)

133,369

113,007

120,302

116,175

Total revenue

189,845

176,542

187,097

190,083

Rangatiratanga (Participation)

50,479

40,700

47,242

38,940

Pātuitanga (Partnership)

14,063

8,170

12,307

20,728

Whakamarumarutia (Protection)

122,775

131,639

129,181

112,481

Total expenditure

187,317

180,509

188,730

172,149

Surplus/(deficit)

2,527

(3,967)

(1,633)

17,934

Revenue

Expenditure

The Cost of Service statements include budget figures from the 2024-2026 Investment Plan that was approved on 2 August 2023, and the annual budget that was approved on 6 November 2024. These budgets differ as actual Investment Plan funding is approved on an annual basis and is subject to change. The 2025 Cost of Service reflects the investment in Te Pae Tawhiti that was offset by favourable investment returns and proceeds from an insurance claim.

52 | Te Wānanga o Aotearoa

Tauira Profile

The following tables provide a six year overview of tauira demographics. Tauira

EFTS

Year

Tauira

Year

Overall

SAC 1-2 EFTS

SAC 3+ EFTS

2025

27,350

2025

17,074

5,673

11,333

2024

27,108

2024

16,544

5,697

10,805

2023

26,809

2023

16,225

5,778

10,431

2022

25,705

2022

14,412

4,294

10,105

2021

26,412

2021

17,054

5,105

11,926

2020

22,839

2020

14,239

3,562

10,673

Tauira Ethnicity Year

Māori

European

Asian

Pasifika

Other

2025

61%

37%

12%

10%

2024

61%

39%

12%

10%

2023

57%

44%

11%

2022

56%

47%

10%

2021

55%

45%

12%

10%

2020

53%

44%

12%

10%

Please note that these figures may add up to more than 100% as tauira identify with more than one ethnicity.

Tauira Age Year

Under 25

25 to 39 Years

40 Years +

2025

11%

42%

47%

2024

11%

42%

48%

2023

42%

48%

2022

43%

48%

2021

40%

51%

2020

40%

51%

Te Pūrongo 2025 | 53

Equal Opportunities

Te Wānanga o Aotearoa is committed to providing open, accessible and inclusive study and employment opportunities for all. This commitment is embedded in Ngā Uara, our values that are considered as part of our policies and practices and everything we do as an organisation. Equal Educational Opportunities Te Wānanga o Aotearoa has a diverse tauira population unlike any other New Zealand tertiary education organisation. Of 27,350 tauira: ›

61% are Māori, 37% European, 10% Pasifika, 12% Asian;

›

74% are female and 25% male;

›

48% are over 40 years of age;

›

13% had no secondary qualifications and 35% had no prior tertiary qualification; and

›

10% have a disability.

Despite the challenges posed by such a diverse student body, we are determined to eliminate barriers to tauira success. Our fees free policy for the majority of sub-degree qualifications is the key component of maintaining accessibility for tauira who would not normally have the financial means to undertake tertiary studies. Part-time, home-based and online learning options provide tauira with the ability to upskill without interrupting employment or other responsibilities. We also take pride in a values-based educational experience that connects all tauira with their identity so they can succeed in cultural, social and economic contexts. Equal Employment Opportunities Te Wānanga o Aotearoa is also committed to equal opportunities for our kaimahi. In 2025 there were 1,277 full and part-time kaimahi, including a high proportion of female (70%) and Māori (68%) kaimahi. Whānau friendly working environments and cultural leave are just some of the initiatives that we provide as we seek to ‘walk the talk’ through values-based employment policies and practices.

54 | Te Wānanga o Aotearoa

Statement of Service Performance Policies and Critical Judgements and Assumptions

Reporting entity Te Wānanga o Aotearoa is a Tertiary Education Institution domiciled in New Zealand and is governed by the Education and Training Act 2020 and the Crown Entities Act 2004. The primary purpose of Te Wānanga o Aotearoa is to provide tertiary education and it has designated itself as a public sector public benefit entity for the purposes of financial reporting. The Statement of Service Performance of Te Wānanga o Aotearoa is for the year ended 31 December 2025. The Statement was authorised for issue by Te Mana Whakahaere on 28 April 2026. Basis of preparation Statement of compliance The Statement of Service Performance of Te Wānanga o Aotearoa has been prepared in accordance with the requirements of the Education and Training Act 2020 and the Crown Entities Act 2004, which include the requirements to comply with New Zealand generally accepted accounting practice (NZ GAAP). The Statement of Service Performance has been prepared in accordance with Tier 1 PBE (Public Benefit Entity) financial reporting standards, which have been applied consistently throughout the period, and complies with PBE financial reporting standards. Critical reporting judgements, estimates and assumptions In preparing the Statement of Service Performance, Te Wānanga o Aotearoa has made judgements on the application of reporting standards and has made estimates and assumptions concerning the future. The estimates and assumptions may differ from subsequent actual results. The main judgements, estimates and assumptions are discussed below: Enrolment measures Measures based on enrolments are extracted from internal systems based on finalised year-end figures. These are reconciled to the Single Data Return (SDR) submitted to the Tertiary Education Commission in January, which is the final year-end enrolments report to be submitted and is used for funding and statistical purposes by the government. In certain circumstances, tables based on enrolment percentages do not add to 100%. This is because a Māori or Pasifika student can identify as both. As a result, these students appear in both statistics.

Te Pūrongo 2025 | 55

Educational Performance Indicators Certain reported results for the year are based on raw data that has yet to be refined by and reconciled with the Tertiary Education Commission, and which will not be finalised until after the statutory deadline for the preparation and audit of the Statement of Service Performance. These results are in relation to successful course completion rates, first year retention rates and number of research degree completions. These measures are explained in the EPI Guideline Methodology (www.tec.govt.nz/assets/Forms-templates-andguides/EPI-Guidelines-Methodology-Update-Sep-2021.pdf). Scan the code or follow the link

The reporting of these measures for the current year uses the latest information available to Te Wānanga o Aotearoa at the time of preparation of the Annual Report. The comparatives for the prior years have been updated to show the final confirmed result. Service Performance Information The Statement of Service Performance is included in pages 28 to 55 of Te Pūrongo. For the 2024-2026 Investment Plan, Te Wānanga o Aotearoa revised Te Huanganui outcomes framework within the context of a relationship with the Crown, with three new outcomes that are based on Te Tiriti o Waitangi principles of protection, participation and partnership. The Statement of Service Performance now includes eight output measures that are intended to provide a coherent pathway towards achievement of the impacts and outcomes of Te Huanganui. In addition to this, the Tertiary Education Commission Investment Plan Education Performance Indicators now sit within the Statement of Service Performance.

56 | Te Wānanga o Aotearoa

Te Tahua Financial Report

58 Tauaki Haepapa

Statement of Responsibility

Te Pūrongo a te kaitātari kaute motuhake

Tauaki whiwhingā moni me te utu matawhānui

Independent Auditor’s Report

Statement of comprehensive revenue and expense

Tauaki nekehangā rawa

Tauaki tūngā pūtea

Tauaki kapewhiti

Statement of changes in net assets/equity

Statement of financial position

Statements of cash flows

Ngā whakamārama ki ngā tauaki pūtea Notes to the financial statements

Te Pūrongo 2025 | 57

58 | Te Wānanga o Aotearoa

Tauaki Haepapa Statement of Responsibility

In the financial year ended 31 December 2025, Te Mana Whakahaere (the Council) and the management of Te Wānanga o Aotearoa were responsible for: Ë

preparation of the annual financial statements and statement of service performance and the judgements used in them; and

establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of financial reporting and non-financial reporting.

In the opinion of Te Mana Whakahaere and management of Te Wānanga o Aotearoa, the financial statements and statement of service performance fairly reflect the financial position and operations of Te Wānanga o Aotearoa for the year ended 31 December 2025.

For and on behalf of Te Mana Whakahaere

Vanessa Eparaima

Evie O’Brien

Te Heamana | Chairperson

Te Kura Toroa | Chief Executive

28 | 04 | 26

Te Pūrongo 2025 | 59

Te Pūrongo a te kaitātari kaute motuhake Independent Auditor’s Report

Ki te hunga pānui i ngā tauākī pūtea me tauākī ratonga whakatutuki o Te Wānanga o Aotearoa mō te tau i mutu i te 31 o Hakihea 2025. Ko Te Mana Arotake te kaitātari kaute o Te Wānanga o Aotearoa (Te Wānanga). Nā Te Mana Arotake ahau, a Leon Pieterse, i kopou ki te whakahaere mā te whakamahi i ngā kaimahi me ngā rawa a Mana Arotake Aotearoa, i te tātari kaute, mōna o: ›

ngā tauākī pūtea a Te Wānanga kei roto ko te tauākī o te tūnga pūtea i te 31 o Hakihea 2025, te tauākī o ngā whiwhinga me ngā whakapaunga whānui, te tauākī o ngā huringa ki te tūtanga, te tauākī kapewhiti mō te mutunga o te tau i taua rā me ngā tuhipoka o ngā tauākī pūtea tae atu ki ngā kaupapa here mahi kaute me ētahi atu kōrero whakamārama i ngā whārangi 66 ki te 88, 90 ki te 92, 94 ki te 102 me 104 ki te 117; ā

›

te tauaki ratonga whakatutuki a Te Wānanga kei ngā whārangi 30 ki te 36, 38 ki te 42, 44 ki te 52 me 54 ki te 55.

Tā mātou whakatau Ko tā mātou whakatau: ›

e whakaatu tika ana ngā tauākī pūtea a Te Wānanga: ›

› ›

i ngā āhuatanga kikokiko katoa: ›

te āhua o te pūtea i te 31 o Hakihea 2025; me

›

āna mahi whakahaere pūtea me ngā kapewhiti mō te tau i mutu i taua rā; ā

e ū ana ki ngā tikanga mahi kaute whānui i Aotearoa e ai ki Ngā Paerewa Pūrongo Hinonga Painga Tūmatanui; ā,

te tauākī ratonga whakatutuki a Te Wānanga: ›

he whakarato i te tūāpapa tōtika me te whaihua e āhei ai te kaipānui te aromatawai i ngā mea kua tutuki i Te Wānanga; he mea whakatau i runga anō i ngā ritenga tātari kaute ko te tikanga e whakaae whānuitia ana i Aotearoa;

›

ka whakaatu tika i te whakatutukinga tūturu a Te Wānanga ina whakaitairitea ki ngā putanga matapae i whakaurua ki te Mahere Whakangao mō te tau i mutu ai i te 31 o Hakihea 2025; ā

›

e ū ana ki ngā tikanga mahi kaute whānui i Aotearoa e ai ki Ngā Paerewa Pūrongo Hinonga Painga Tūmatanui;.

I tutuki tā mātou tātari kaute i te 28 o Paengawhāwhā 2026. Koia nei hoki te rā i whakaputaina ai tā mātou whakatau. Te pūtake o tā mātou whakatau He mea whakahaere te arotakenga i runga anō i Ngā Paerewa Arotake a te Kaitātari Matua, kei roto nei e mau mai ana ngā Paerewa Ngaio me te Matatika, me ngā Paerewa Arotake ā-Ao (ki Aotearoa), me te Paerewa Tātari Kaute o Aotearoa 1 (Kua Whakahoutia): Te Tikanga Matatika Aowhānui mā Ngā Tohunga Whakatūturu i tukua e Te Kāwai Ārahi Pūrongo Mōwaho. He whānui ake te whakamārama o ā mātou kawenga i raro i aua paerewa i te wāhanga Ngā kawenga a te kaitātari kaute o tā mātou pūrongo. Kua tutuki i a mātou ā mātou kawenga i raro i Ngā Paerewa Arotake a Te Mana Arotake. E whakapono ana mātou kua riro mai ngā taunakitanga arotake e rawaka ana, e tōtika ana hei tūāpapa mō tā mātou whakatau arotake.

60 | Te Wānanga o Aotearoa

Te Pūrongo a te kaitātari kaute motuhake Independent Auditor’s Report (continued)

Ngā kawenga a Te Mana Whakahaere e pā ana ki ngā tauākī pūtea me te tauākī ratonga whakatutuki Kei Te Mana Whakahaere te kawenga mō Te Wānanga ki te whakarite i ngā tauākī pūtea e whakaatu tikahia ana, ā, e ū ana hoki ki ngā tikanga mahi kaute whānui i Aotearoa. Kei Te Mana Whakahaere te kawenga anō hoki mō ki te whakarite i te tauākī ratonga whakatutuki mō Te Wānanga kua whakaatu tikahia e ū ana ki ngā tikanga kaute e whakaaetia whānuitia ana i Aotearoa. Ina whakaritea ana ngā pūrongo pūtea me ngā mōhiohio whakatutuki kei Te Mana Whakahaere te kawenga ki te pūrongo i te whakatutukinga tūturu a Te Wānanga ina whakatauritea ki ngā putanga matapae i te Mahere Whakangao. Kei Te Mana Whakahaere te kawenga mō aua whakahaere o roto e āhei ai ia ki te whakarite tauākī pūtea me te tauākī ratonga whakatutuki kāore rawa he hapa whaikiko i roto, ahakoa takea mai i te mahi māminga, he hapa pokerehū rānei. Ina whakaritea ana ngā tauākī pūtea me te tauākī ratonga whakatutuki kei te Kaunihera te kawenga mō te aromatawai mēnā he rawaka ngā rawa a Te Wānanga; he kia haere tonu hei pakihi. Kei Te Mana Whakahaere anō te kawenga mō te whāki, ina hāngai ana, i ngā take e pā ana ki te pakihi me te whakamahi tonu i ana mahi kaute pakihi, engari rawa ki te hiahia Te Mana Whakahaere ki te whakakore i TE Wānanga, te whakamutu rānei i ngā whakahaere, kāore rānei he huarahi anō i tua atu i ēnei. Ka hua ake ngā kawenga kei Te Mana Whakahaere i te Ture Mātauranga me te Whakangungu 2020 me te Crown Entities Act 2004. Ngā kawenga a te kaitātari kaute e pā ana ki te tātari kaute i ngā tauākī pūtea me te tauākī ratonga whakatutuki Ko ā mātou whāinga he rapu i runga i te tūturutanga mēnā e wātea ana ngā tauākī pūtea me te tauākī ratonga whakatutuki i ngā kōrero hapa, ahakoa tinihanga, hē rānei, me te tuku i te pūrongo a te kaitātari kaute e takoto ai tā mātou whakatau. Ko tēnei mea te whakatūturu whaitake he whakatūturu taumata teitei , engari ehara i te kī taurangi mā te whakahaere i te tātari e ai ki Ngā Paerewa Arotake a Te Mana Arotake ka kitea i ngā wā katoa he hapa whaikiko mēnā kei reira tētahi. Ko te hapa whaikiko, he rahinga, he whākinga rānei e rerekē ana, e ngaro ana rānei, ā, ka hua mai pea i te mahi māminga, i te hapa pokerehū rānei. E whakaarohia ana te hapa whaikiko hei mea whaikiko mēnā, ahakoa takitahi, ahakoa tōpū, ko te tūmanako whaitake tērā tonu pea ka awea ngā whakatau a ngā kaipānui i muri i te pānui i aua tauākī pūtea me te tauākī ratonga whakatutuki. Mō ngā mōhiohio tohatoha pūtea i pūrongotia i ngā tauākī pūtea me te tauākī ratonga whakatutuki, i herea ā mātou manatūnga ki te whakarite i whakaaetia e Mahere Whakangao. Kāore i aromātaihia te haumaru me ngā whakahaere o ngā whakaputanga tāhiko o ngā tauākī pūtea me te tauākī ratonga whakatutuki. Hei wāhanga o te tātari e ai ki Ngā Paerewa Arotake a Te Mana Arotake, ka whakamahi mātou i te whakawā ngaio me te mau tonu ki te hokirua ngaio puta noa i te tātari. I tua atu: ›

Ka tautuhi mātou me te aromatawai i ngā mōrea o ngā kōrero hapa o ngā tauākī pūtea me te tauākī ratonga whakatutuki, ahakoa nā te tinihanga, nā te hē rānei, ka waihanga me te whakatinana i ngā tukanga tātari kaute e urupare ana ki aua mōrea, me te whai taunakitanga tātari kaute e rawaka ana, e tōtika ana hoki ki te tuku i tētahi pūtake mō tā mātou whakatau. He teitei ake te tūponotanga kāore e kitea he hapa whaikiko e ahu mai ana i te mahi māminga, i tērā e ahu mai ana i te hapa pokerehū, nā te mea ka whai wāhi pea ki te mahi māminga te mahi kūpapa, te tāwhai, ngā hapa mārire, ngā aweketanga, me te takahi i ngā whakahaerenga o roto.

›

Ka whai mōhiotanga mātou ki ngā whakahaerenga o roto e hāngai ana ki te tātari hei hoahoa tukanga arotake e hāngai ana ki ngā āhuatanga. Heoi anō, kāore e hoahoaina aua tikanga hei whakapuaki whakaaro ki te whaihua o ngā whakahaerenga o roto a Te Mana Whakahaere.

›

Ka arotake mātou i te tōtikatanga o ngā kaupapa here mahi kaute me te whai take o ngā whakatau tata mahi kaute me ngā puakanga hāngai a Te Mana Whakahaere.

Te Pūrongo 2025 | 61

Te Pūrongo a te kaitātari kaute motuhake Independent Auditor’s Report (continued)

›

Ka arotakea e mātou: ›

mēnā ka whakarato te tauākī ratonga whakatutuki i te tūāpapa tōtika me te whaihua e āhei ai te kaipānui te aromatawai i ngā mea kua tutuki i Te Wānanga, ina whakaitairitea ki ngā putanga matapae i Mahere Whakangao. Ka mahia tā mātou arotake i runga anō i ritenga tātari kaute ko te tikanga e whakaae whānuitia ana i Aotearoa; ā,

›

ka whakaatu tika i te whakatutukinga tūturu a Te Wānanga; he mō te tau pūtea; ā,

›

kua whakaritea i runga anō i ngā ritenga tātari kaute ko te tikanga e whakaae whānuitia ana i Aotearoa..

›

Ka whakatau mātou i runga i te tōtikatanga o tā Te Mana Whakahaere whakamahi i tōna kaupapa mahi tātari, ā, i runga anō i ngā taunakitanga tātari kua riro, mēnā kei reira he kumukumu whaikiko e pā ana ki ngā mahi me ngā āhuatanga ka whakaatu kāore pea e taea e Te Wānanga; he te noho tuwhera tonu mō muri atu. Mēnā ka whakatau mātou kei reira he kumukumu whaikiko, me miramira i ngā whākinga hāngai i ngā tauākī pūtea i tā mātou pūrongo tātari, tērā rānei, mēnā he takarepa aua whākinga, me whakarerekē i tā mātou whakatau. E ahu mai ana ā mātou whakatau i ngā taunakitanga tātari kua riro tae noa ki te rā o tā mātou pūrongo kaitātari. Heoi anō, ka noho ngā takahanga, āhuatanga rānei ā muri atu he pūtake pea mō te kati, te hanumi rānei i Te Wānanga.

›

Ka arotakehia e mātou ngā whakaaturanga whānui, hanganga me ngā mea katoa kei roto i ngā tauākī pūtea me te tauākī ratonga whakatutuki, tae atu ki ngā puakanga, ā, mēnā e tika ana te whakaatu a ngā tauākī pūtea me te tauākī ratonga whakatutuki i ngā tino tauwhitinga me ngā putanga ake.

Ka kōrero atu mātou ki Te Mana Whakahaere mō te whānuitanga me te wā o te tātari kaute, i tua atu i ētahi atu take, me ngā kitenga nui o te tātari kaute, tae atu ki ngā hapa nui o ngā whakahaere o roto ka kitea i roto i tā mātou tātari kaute. I takea mai ā mātou kawenga i te Public Audit Act 2001. Ētahi atu mōhiohio Kei Te Mana Whakahaere te kawenga mō ērā atu o ngā mōhiohio. Ko ērā atu o ngā kōrero ko ngā kōrero ērā kei roto i te pūrongo ā-tau, engari ehara ko ngā tauākī pūtea me te tauākī ratonga whakatutuki, me te pūrongo a tā mātou kaitātari kaute. Kāore e kapi i tā mātou whakatau mō ngā tauākī pūtea me te tauākī ratonga whakatutuki ērā atu mōhiohio, ka mutu kāore ā mātou whakatau ā-tātari kaute, whakaūtanga rānei mō ērā. Mō te āhuatanga ki tā mātou tātari kaute i ngā tauākī pūtea me te tauākī ratonga whakatutuki, ko tā mātou kawenga he pānui noa i ērā atu kōrero. Nā tēnei, ka whiriwhiri mātou mēnā kāore i te tika ērā atu kōrero ki ngā tauākī pūtea me te tauākī taonga whakatutuki, ki ngā mōhiohio rānei i riro mai i te tātari kaute, i tētahi atu tikanga rānei kei te hapa te takoto. Mēnā, whai mai ana i ā mātou mahi, ko te whakatau he hapa whaikiko i roto i ērā atu mōhiohio, me pūrongo tēnā e mātou. Kāore i a mātou he mea hei pūrongo atu e pā ana ki tēnei. Tūhake E noho motuhake ana mātou i Te Mātāwai, ā, e ai ki ngā whakaritenga tū motuhake a Ngā Paerewa Arotake a te Kaitātari Matua, kei roto ko te Paerewa Ngaio me te Matatika 1: Te Tikanga Matatika Aowhānui mā Ngā Tohunga Whakatūturu (tae atu ki Ngā Paerewa Motuhake Aowhānui) (Aotearoa) i tukua e Te Kāwai Ārahi Pūrongo Mōwaho. I tua atu i te tātari, kua oti i a mātou te Pūtea Rangahau ā-Whakatutukitanga (PBRF) te tātari, tērā e hototahi ana kia aua whakaritenga motuhake. I tua atu i te tātari PBRF, me tēnei mahi tātari, karekau ō mātou hononga, ō mātou panga, ki I tāpae Te Wānanga.

Leon Pieterse Mana Arotake Aotearoa Mō Te Mana Arotake Kirikiriroa, Aotearoa

62 | Te Wānanga o Aotearoa

Te Pūrongo 2025 | 63

Te Pūrongo a te kaitātari kaute motuhake Independent Auditor’s Report

To the readers of the financial statements and statement of service performance of Te Wānanga o Aotearoa for the year ended 31 December 2025 The Auditor-General is the auditor of Te Wānanga o Aotearoa (Te Wānanga). The Auditor-General has appointed me, Leon Pieterse, using the staff and resources of Audit New Zealand, to carry out, on his behalf, the audit of: ›

the financial statements of Te Wānanga that comprise the statement of financial position as at 31 December 2025, the statement of comprehensive income, statement of changes in equity, and statement of cash flows for the year ended on that date and the notes to the financial statements that include accounting policies and other explanatory information on pages 66 to 88, 90 to 92, 94 to 102 and 104 to 117; and

›

the statement of service performance of Te Wānanga on pages 30 to 36, 38 to 42, 44 to 52 and 54 to 55.

Opinion In our opinion: ›

the financial statements: ›

› ›

present fairly, in all material respects: ›

its financial position as at 31 December 2025; and

›

its financial performance and cash flows for the year then ended; and

comply with generally accepted accounting practice in New Zealand in accordance with Public Benefit Entity Reporting Standards.

the statement of service performance for the year ended 31 December 2025: ›

provides an appropriate and meaningful basis to enable readers to assess the actual performance of Te Wānanga; determined in accordance with generally accepted accounting practice in New Zealand;

›

fairly presents, in all material respects, the actual performance of Te Wānanga as compared with the forecast outcomes included in the investment plan for the year ended 31 December 2025; and

›

complies with generally accepted accounting practice in New Zealand in accordance with Public Benefit Entity Reporting Standards.

Our audit was completed on 28 April 2026. This is the date at which our opinion is expressed. Basis for our opinion We carried out our audit in accordance with the Auditor-General’s Auditing Standards, which incorporate the Professional and Ethical Standards, the International Standards on Auditing (New Zealand), and New Zealand Auditing Standard 1 (Revised): The Audit of Service Performance Information issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those standards are further described in the Responsibilities of the auditor section of our report. We have fulfilled our responsibilities in accordance with the Auditor-General’s Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

64 | Te Wānanga o Aotearoa

Te Pūrongo a te kaitātari kaute motuhake Independent Auditor’s Report (continued)

Responsibilities of Te Mana Whakahaere for the financial statements and the statement of service performance Te Mana Whakahaere is responsible on behalf of Te Wānanga for preparing financial statements that are fairly presented and that comply with generally accepted accounting practice in New Zealand. Te Mana Whakahaere is also responsible for preparing a statement of service performance on behalf of Te Wānanga that is fairly presented and that complies with generally accepted accounting practice in New Zealand In preparing the statement of service performance Te Mana Whakahaere is required to report the actual performance for Te Wānanga as compared to the forecast outcomes in its investment plan. Te Mana Whakahaere is responsible for such internal control as it determines is necessary to enable it to prepare financial statements and a statement of service performance that are free from material misstatement, whether due to fraud or error. In preparing the financial statements and the statement of service performance, Te Mana Whakahaere is responsible for assessing the ability of Te Wānanga to continue as a going concern. Te Mana Whakahaere is also responsible for disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless Te Mana Whakahaere intends to liquidate Te Wānanga or to cease operations, or has no realistic alternative but to do so. The responsibilities of Te Mana Whakahaere arise from the Education and Training Act 2020 and the Crown Entities Act 2004. Responsibilities of the auditor for the audit of the financial statements and the statement of service performance Our objectives are to obtain reasonable assurance about whether the financial statements and the statement of service performance, as a whole, are 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 carried out in accordance with the Auditor-General’s Auditing Standards will always detect a material misstatement when it exists. Misstatements are differences or omissions of amounts or disclosures and can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of readers taken on the basis of these financial statements and statement of service performance. For the budget information reported in the financial statements and the statement of service performance, our procedures were limited to checking that: ›

the budget information in the financial statements agreed to the Te Mana Whakahaere approved budget; and

›

the information in the statement of service performance agreed to the investment plan.

We did not evaluate the security and controls over the electronic publication of the financial statements and the statement of service performance. As part of an audit in accordance with the Auditor-General’s Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. Also: ›

We identify and assess the risks of material misstatement of the financial statements and the statement of service performance, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

›

We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls implemented by Te Mana Whakahaere.

›

We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Te Mana Whakahaere.

Te Pūrongo 2025 | 65

Te Pūrongo a te kaitātari kaute motuhake Independent Auditor’s Report (continued)

›

We evaluate whether the statement of service performance: ›

provides an appropriate and meaningful basis to enable readers to assess the actual performance of Te Wānanga, compared with the forecast outcomes in the investment plan. We make our evaluation by reference to generally accepted accounting practice in New Zealand.

›

presents fairly the actual performance of Te Wānanga for the financial year; and

›

has been prepared in accordance with generally accepted accounting practice in New Zealand.

›

We conclude on the appropriateness of the use of the going concern basis of accounting by Te Mana Whakahaere and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of Te Wānanga to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause Te Wānanga to cease to continue as a going concern.

›

We evaluate the overall presentation, structure and content of the financial statements and the statement of service performance, including the disclosures, and whether the financial statements and the statement of service performance represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with Te Mana Whakahaere regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Our responsibilities arise from the Public Audit Act 2001. Other information Te Mana Whakahaere is responsible for the other information. The other information comprises all of the information included in the annual report, but does not include the financial statements and the statement of service performance, and our auditor’s report thereon. Our opinion on the financial statements and the statement of service performance does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon. In connection with our audit of the financial statements and the statement of service performance, our responsibility is to read the other information. In doing so, we consider whether the other information is materially inconsistent with the financial statements and the statement of service performance, or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on our work, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Independence We are independent of Te Wānanga in accordance with the Auditor-General’s Auditing Standards, which incorporate the independence requirements of 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. In addition to the audit, we have carried out the performance-based research funding (PBRF) audit engagement, which is compatible with those independence requirements. Other than the PBRF audit and this engagement, we have no relationship with or interests in Te Wānanga.

Leon Pieterse Audit New Zealand On behalf of the Auditor-General Hamilton, New Zealand

66 | Te Wānanga o Aotearoa

Statement of comprehensive revenue and expense For the year ended 31 December 2025

Note

Actual 2025 $’000

Budget 2025 $’000

Actual 2024 $’000

Government funding

155,280

152,728

156,444

Tauira fees

3,807

3,709

3,689

Interest revenue

3,167

4,778

5,325

Other revenue

24,843

15,327

24,625

187,097

176,542

190,083

(117,358)

(110,931)

(105,488)

14, 15

(9,772)

(12,035)

(9,821)

(61,600)

(57,543)

(56,840)

Total expenses

(188,730)

(180,509)

(172,149)

(Deficit)/Surplus for the year

(1,633)

(3,967)

17,934

Gain on property revaluations

12,169

–

Gain on artworks revaluations

–

Total other comprehensive income

12,188

–

Total comprehensive income

10,555

(3,967)

17,934

Revenue

Total income Expenditure Kaimahi costs Depreciation and amortisation expense Other expenses

Other comprehensive revenue and expense

Explanations of major variances against budget are provided in note 25. The accompanying notes form an integrated part of these financial statements.

Te Pūrongo 2025 | 67

Statement of changes in net assets/equity For the year ended 31 December 2025

Actual accumulated comprehensive revenue and expense $’000

Actual revaluation reserves $’000

Actual total net assets/ equity $’000

Budget $’000

202,756

68,646

271,402

243,082

(1,633)

12,188

10,555

(3,967)

Balance as at 31 December 2025

201,123

80,834

281,957

239,115

Balance as at 1 January 2024

184,822

68,646

253,467

245,682

17,934

–

17,934

(2,600)

202,756

68,646

271,401

243,082

Note

Balance as at 1 January 2025 Total comprehensive revenue and expense for the year

Total comprehensive revenue and expense for the year Balance as at 31 December 2024

The accompanying notes form an integrated part of these financial statements.

68 | Te Wānanga o Aotearoa

Statement of financial position As at 31 December 2025

Note

Actual 2025 $’000

Budget 2025 $’000

Actual 2024 $’000

Cash and cash equivalents

13,598

9,319

9,144

Tauira and other receivables

14,211

3,511

15,979

Other financial assets

48,500

40,000

65,000

Inventory

2,516

1,228

2,027

3,426

2,550

3,148

2,798

2,302

3,793

85,049

58,910

99,091

ASSETS Current assets

Prepayments Assets held for sale

Total current assets Non-current assets Managed funds

93,568

84,965

82,844

Property, plant and equipment

121,073

115,979

112,490

Intangible assets

6,181

15,657

5,620

Investment property

1,750

1,609

1,700

Total non-current assets

222,572

218,210

202,654

Total assets

307,621

277,120

301,745

LIABILITIES Current liabilities Payables

12,603

4,114

14,972

Kaimahi entitlements

12,609

11,281

14,571

Provisions

147

418

437

25,359

15,813

29,980

305

290

364

305

290

364

Total liabilities

25,664

16,103

30,344

Net assets

281,957

261,017

271,401

Total current liabilities Non-current liabilities Provisions

Total non-current liabilities

EQUITY Accumulated funds

201,123

192,372

202,756

Reserves

80,834

68,646

281,957

261,017

271,401

Total equity

Explanations of major variances against budget are provided in note 25. The accompanying notes form an integrated part of these financial statements. For and on behalf of Te Mana Whakahaere Vanessa Eparaima

Evie O’Brien

Te Heamana | Chairperson

Te Kura Toroa | Chief Executive

28/04/26

Te Pūrongo 2025 | 69

Statement of cash flows For the year ended 31 December 2025

Actual 2025 $’000

Budget 2025 $’000

Actual* 2024 $’000

Receipts from government grants

152,827

152,772

145,700

Receipts from tauira fees

3,805

1,258

3,773

4,320

4,778

5,611

–

Other cash receipts from operating activities

14,207

13,341

12,219

Payments to kaimahi

(119,306)

(122,014)

(103,488)

Payments to suppliers

(63,352)

(50,188)

(54,112)

938

(31)

(2,667)

(6,556)

(84)

7,036

745

390

Note

Cash flows from operating activities

Interest revenue received Dividend revenue

GST (net) Net cash flow from operating activities Cash flows from investing activities Sale of property, plant, and equipment Purchase of property, plant and equipment

(4,619)

(8,095)

(17,558)

Purchase of software development

(1,594)

(971)

(170)

Purchase of programme development

(22)

(2,000)

(619)

Receipt on maturity of cash investments

85,000

45,000

35,000

Placement of cash investments

(68,500)

(35,000)

(45,000)

Net cash flow from investing activities

11,010

(1,041)

(27,957)

–

(27)

Cash flows from financing activities Repayment of borrowed funds Net cash flow from financing activities

–

(27)

Net (decrease)/increase in cash and cash equivalents

4,454

(1,125)

(20,948)

Cash and cash equivalents at the beginning of the year

9,144

10,444

30,092

13,598

9,319

9,144

Cash and cash equivalents at the end of the year

Explanations of major variances against budget are provided in note 25. The accompanying notes form an integrated part of these financial statements. *During the year ended 31 December 2025, it was identified that the presentation in relation to transactions managed by third party fund managers were incorrectly classified as dividend revenue and interest revenue within the operating activities cashflows, and the reinvestment of these funds within the managed fund portfolio was classified as purchase of managed fund investments within investing activity cashflows. As the cashflows from these transactions were not between the fund manager and Te Wānanga o Aotearoa, they are considered to be non-cash in nature. The following lines in the cashflow statement from 2024 financial statements have been amended as a result of this correction, to more faithfully represent the statement of cashflows, as well as the requirements of PBE IPSAS 2. Actual 2024 $’000

Restatement 2024 $’000

Actual (restated) 2024 $’000

Purchase/withdrawal of managed funds investments

(1,931)

1,931

–

Interest revenue received

5,723

(112)

5,611

Dividend revenue

1,819

(1,819)

–

70 | Te Wānanga o Aotearoa

Statement of cash flows (continued) For the year ended 31 December 2025

Actual 2025 $’000

Actual 2024 $’000

(1,633)

17,934

9,772

9,821

Asset impairment

814

435

Impairment/(impairment reversal) of receivables

(14)

Fair value investment property

(32)

(77)

Managed funds investment net (gains)/losses

(10,724)

(12,493)

Total non-cash items

(184)

(2,328)

Net (gain)/loss on disposal of property, plant, and equipment

(654)

(289)

Movements relating to investment & held for sale properties

977

(30)

Capitalisation of labour

(1,397)

(1,554)

Total items classified as investing or financing activities

(1,074)

(1,873)

(Increase)/decrease in inventories

(489)

358

(Increase)/decrease in tauira and other receivables

(876)

(2,632)

(Increase)/decrease in prepayments

(278)

(1,197)

(Increase)/decrease in interest accrued

1,082

399

Increase/(decrease) in payables

(2,017)

(5,509)

Increase/(decrease) in net GST

560

(2,667)

Increase/(decrease) in revenue received in advance

664

1,033

Increase/(decrease) in provisions

(349)

Increase/(decrease) in provision for kaimahi entitlements

(1,962)

3,406

Increase/(decrease) in fees-free income received in advance

–

Net movement in working capital items

(3,665)

(6,697)

Net cash inflow/(outflow) from operating activities

(6,556)

7,036

Reconciliation of net surplus/(deficit) after tax to net cash flow from operating activities

Note

Surplus/(deficit) after tax Add/(less) non-cash movements Depreciation and amortisation expense

14,15

Add/(less) items classified as investing or financing activities

Add/(less) movements in working capital items

Te Pūrongo 2025 | 71

Notes to the financial statements For the year ended 31 December 2025

Statement of accounting policies for

1. the year ended 31 December 2025

2. Summary of significant accounting policies

1.1 Reporting entity Te Wānanga o Aotearoa is a Tertiary Education Institution, domiciled and operates in New Zealand. Relevant legislation governing Te Wānanga o Aotearoa includes the Crown Entities Act 2004 and the Education and Training Act 2020.

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.

The primary purpose of Te Wānanga o Aotearoa is to provide tertiary education and it has designated itself as a public sector public benefit entity for the purposes of financial reporting. The financial statements cover all of the activities pertaining to an educational and research institution including but not limited to: ›

The provision of student services and the facilitating of student activities, including scholarships;

›

The activities of a researcher, programme developer, publisher, property owner, occupier including tenant or landlord, provider of accommodation, early childhood service provider, conference holder, exhibitions, recreation facilities, sponsorship and hireage; and

›

Any other activity or occupation incidental to an educational and research institution.

The financial statements of Te Wānanga o Aotearoa are for the year ended 31 December 2025. The financial statements were authorised for issue on 28 April 2026 by Te Mana Whakahaere.

These policies have been consistently applied to the opening statements of financial position and reporting period to 31 December 2025, unless otherwise stated. 2.1 Basis of preparation The financial statements have been prepared on the going concern basis, and the accounting policies have been applied consistently throughout the period. Statement of compliance The financial statements and service performance information comply with Public Benefit Entity International Public Sector Accounting Standards (“PBE IPSAS”) for Tier 1 entities. The financial statements of Te Wānanga o Aotearoa have been prepared in accordance with the requirements of the Crown Entities Act 2004 and the Education and Training Act 2020, which includes the requirement to comply with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They comply with PBE IPSAS and other applicable Financial Reporting Standards, as appropriate for Tier 1 public sector public benefit entities. Measurement base The financial statements have been prepared on a historical cost basis except where modified by the revaluation of artwork, land and buildings. Functional and presentation currency The financial statements are presented in New Zealand dollars and all values are rounded to the nearest thousand dollars ($’000). The functional currency of Te Wānanga o Aotearoa is New Zealand dollars. There has been no change in the functional currency of Te Wānanga o Aotearoa during the year. There have been no changes to the cost allocation methodology since the date of the last audited financial statements. New amendment applied There are no new amendments adopted or applied in 2025.

72 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

Summary of significant accounting policies

2. (continued)

Standards, amendments, and interpretations issued that are not yet effective and have not been early adopted There are no standards issued and not yet effective that are relevant to Te Wānanga o Aotearoa. 2.2 Goods and Services Tax (GST) All items in the financial statements are stated exclusive of GST, except for receivables and payables, which are presented on a GST inclusive basis. Where GST is not recoverable as input tax, it is recognised as part of the related asset or expense. The net amount of GST recoverable from or payable to the Inland Revenue (IRD) is included as part of receivables or payables in the statement of financial position. The net GST paid to or received from the IRD, including the GST relating to investing and financing activities, is classified as an operating cash flow in the statement of cash flows. Commitments and contingencies are disclosed exclusive of GST. 2.3 Cost allocation The cost of service for each significant activity of Te Wānanga o Aotearoa has been derived using the cost allocation outlined below. Direct costs are those costs directly attributable to a significant activity. Indirect costs are those costs that cannot be identified in an economically feasible manner with a specific activity. Direct costs are charged directly to the significant activity. Indirect costs are charged to significant activities using the appropriate cost drivers. 2.4 Key judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The following items have been included in the financial statements as a result of key judgements or estimates:

Distinction between revenue and capital contribution: Most Crown funding received is operational in nature. Thus, it is provided by the Crown under the authority of an expense appropriation and is recognised as revenue. Where funding is received from the Crown under the authority of a capital appropriation, Te Wānanga o Aotearoa accounts for the funding as a capital contribution directly in accumulated funds. Estimation of Tertiary Education Commission (TEC) Revenue & Receivable Within note 7, a portion of the TEC funding receivable is calculated based on courses and programmes spanning the balance date and the EFTS data associated with those courses. The funding represents management’s best estimate of the receivable from the TEC and may be subject to adjustment once final TEC payments are received for these courses and programmes. Estimation of useful lives of assets: The estimation of the useful lives of assets has been based on historical experience as well as the manufacturers’ warranties (for plant and equipment), lease terms (for leased equipment) and turnover policies (for motor vehicles). In addition, the condition of each asset is assessed at least once per year and considered against the remaining useful life. Adjustments to useful lives are made when considered necessary and information is provided in notes 14 and 15. Property revaluations: Note 14 provides information about the estimates and assumptions exercised in the measurement of revalued land and buildings.

Te Pūrongo 2025 | 73

Notes to the financial statements For the year ended 31 December 2025

3. Revenue Accounting policy Revenue is measured at fair value. The specific accounting policies for significant revenue items are explained below:

grants are initially recorded as grants received in advance and then recognised as revenue when the conditions of the grant are satisfied.

Delivery on the New Zealand Qualifications and Credentials Framework (NZQCF) based funding (previously SAC funding) Delivery on the NZQCF based funding is Te Wānanga o Aotearoa’s main source of operational funding from the Tertiary Education Commission (TEC). Te Wānanga o Aotearoa considers this funding to be non-exchange and recognises it as revenue when the course withdrawal date has passed, based on the number of eligible students enrolled in the course at the date and the value of the course.

Tauira tuition fees Domestic tauira tuition fees are subsidised by government funding and are considered non-exchange. Revenue is recognised when the course withdrawal date has passed, which is when a student is no longer entitled to a refund for withdrawing from the course.

Rental revenue Rental revenue is recognised in the surplus/(deficit) on an accrual basis. Interest revenue Interest revenue is recognised by applying the effective interest rate to the gross carrying amount of the financial asset. Interest revenue on financial assets classified as amortised cost or fair value through other comprehensive revenue and expense is accrued using the effective interest method. The effective interest rate exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. The method applies this rate to the principal outstanding to determine interest revenue each period. This means interest is allocated at a constant rate of return over the expected life of the financial instrument based on the estimated cash flows. Interest revenue on financial assets classified as fair value through surplus/(deficit) is recognised as it accrues. Dividend revenue Dividends are recognised when the right to receive payment has been established. Contract revenue Certain contract revenue is accounted for as an exchange transaction and is recognised on percentage of completion basis. Other government grants Funding is received from the TEC in relation to costs expected to be incurred by Te Wānanga o Aotearoa to complete specific projects agreed between the TEC and Te Wānanga o Aotearoa. Other grants are recognised as revenue when they become receivable unless there is an obligation in substance to return the funds if conditions of the grant are not met. If there is such an obligation, the

Fees-free revenue Te Wānanga o Aotearoa considers fees-free revenue to be non-exchange revenue and recognises revenue when the course withdrawal date for an eligible student has passed. Te Wānanga o Aotearoa has presented funding received for fees-free as part of tuition fees. This is on the basis that receipts from the TEC are for payment on behalf of the student as specified in the relevant funding mechanism. Performance Based Research Fund (PBRF) Te Wānanga o Aotearoa considers PBRF funding to be non-exchange in nature. PBRF funding is specifically identified by the TEC as being for a funding period as required by section 425 of the Education and Training Act 2020. Te Wānanga o Aotearoa recognises its confirmed allocation of PBRF funding at the commencement of the specified funding period, which is the same as Te Wānanga o Aotearoa’s financial year. PBRF revenue is measured based on Te Wānanga o Aotearoa’s funding entitlement adjusted for any expected adjustments as part of the final wash up process. Indicative funding for future periods is not recognised until confirmed for that future period. Research and contract revenue For a non-exchange research contract, the total funding receivable under the contract is recognised as revenue immediately, unless there are substantive conditions in the contract. If there are substantive conditions, revenue is recognised when the conditions are satisfied. A condition could include the requirement to complete research to the satisfaction of the funder to retain funding or return unspent funds. Revenue for future periods is not recognised where the contract contains substantive termination provisions for failure to comply with the requirements of the contract. Conditions and termination provisions need to be substantive, which is assessed by considering factors such as contract monitoring mechanisms of the funder and the past practice of the funder.

74 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

3. Revenue (continued) Contract revenue Certain contract revenue is accounted for as a non-exchange transaction and is recognised as revenue immediately based on hours of delivery each month, unless there are substantive conditions in the contract. If there are substantive conditions, revenue is recognised when the conditions are satisfied.

2025 $’000

2024 $’000

Delivery on NZQCF based funding*

146,535

149,428

Other government funding

7,468

6,084

Performance-based research funding

1,277

932

Total government funding

155,280

156,444

Fees from domestic tauira

3,807

3,689

Total tauira fees

3,807

3,689

Term Deposits

2,508

4,319

Cash at Bank

608

908

Managed Funds

Total interest revenue

3,167

5,325

Contract revenue**

6,048

5,772

Profit on sale of property, plant & equipment

711

365

Fair value investment property

Dividend from external sources

2,164

1,819

Miscellaneous revenue***

7,290

6,031

Gains/(losses) on managed funds investment

8,598

10,561

Total other revenue

24,843

24,625

Total revenue

187,097

190,083

Government funding

Tauira fees

Breakdown of interest revenue Interest earned from financial assets measured at amortised cost

Interest earned from financial assets measured at FVTSD

Breakdown of other revenue

* Includes $8m of Ngā Whare Wānanga Allocated Funding received from the Ministry of Education and Tertiary Education Commission in recognition of the vital role of Wānanga in Aotearoa and to help address the ongoing challenges of delivering accessible Kaupapa Māori education. ** Contract revenue relates to licences and subcontracting arrangements. *** Miscellaneous revenue includes insurance proceeds, childcare grants and fees and lease income.

Te Pūrongo 2025 | 75

Notes to the financial statements For the year ended 31 December 2025

4. Kaimahi costs Accounting Policy Superannuation Schemes Employer contributions to KiwiSaver are accounted for as defined contribution schemes and are recognised as an expense in the surplus/(deficit) when incurred. 2025 $’000

2024 $’000

Wages and salaries

111,145

99,390

Other kaimahi costs

3,549

2,950

Employer contributions to defined contribution plans

2,799

2,401

Increase/(decrease) in employee entitlements

1,361

2,301

Capitalised internal labour

(1,496)

(1,554)

Total kaimahi costs

117,358

105,488

2025 Number

2024 Number

$100,000 – $109,999

$110,000 – $119.999

$120,000 – $129,999

$130,000 – $139,999

$140,000 – $149,999

$150,000 – $159,999

$160,000 – $169,999

$170,000 – $179,999

$180,000 – $189,999

$190,000 – $199,999

$200,000 – $209,999

$230,000 – $239,999

–

$240,000 – $249,999

$290,000 – $299,999

$300,000 – $309,999

$410,000 – $419,999

–

$420,000 – $429,999

–

Total Kaimahi

266

205

As per Crown’s Entities Act 2004 Section 152(c): Employee Remuneration Total remuneration received that is or exceeds $100,000:

76 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

4. Kaimahi costs (continued) As per Crown’s Entities Act 2004 Section 152(d): During the year end 31 December 2025, 93 employees received compensation and other benefits totalling $2,107,156 in relation to cessation (2024: 18 employees amounting to $244,883). There have been no additional payments made to committee members appointed by the Board who are not Board members and no Board members received compensation or other benefits in relation to cessation during the year ending 31 December 2025 (2024: nil).

5. Other expenses Accounting Policy Scholarships Scholarships awarded by Te Wānanga o Aotearoa that reduce the amount of tuition fees payable by the student are accounted for as an expense and not offset against student tuition fees revenue. Operating leases An operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an asset to the lessee. Lease payments under an operating lease are recognised as an expense on a straight-line basis over the lease term. Lease incentives received are recognised in the surplus/(deficit) as a reduction of rental expense over the lease term. Audit Fees Te Wānanga o Aotearoa financial statements and service performance for the year ended 31 December 2025 are audited by Audit New Zealand on behalf of the Auditor-General. Audit New Zealand also provided assurance services in relation to the Performance Based Research Fund external research income (ERI) annual return for the year ended 31 December 2025. Fees paid to other audit firms were for planning and undertaking internal audits. Fees incurred for services provided by audit firms are disclosed below.

Te Pūrongo 2025 | 77

Notes to the financial statements For the year ended 31 December 2025

5. Other expenses (continued) 2025 $’000

2024 $’000

Audit of the financial report

292

324

Audit by Other Service Provider for internal audit

–

Other assurance services

–

Impairment/(Recovery) of receivables

(14)

Bad debts written-off

127

133

Minimum lease payments – operating leases

5,391

5,764

Consulting fees

10,178

7,771

Small capital purchases

371

434

Loss on sale/disposal

983

Contract tutors

10,023

8,739

Rent

480

529

Impairment on intangibles, inventory and PP&E

Sponsorship and koha

206

131

Occupancy expenses

7,943

8,400

Administration

13,084

11,993

Tauira resources

10,650

10,435

Travel

1,832

2,047

Total other expenses

61,600

56,840

2025 $’000

2024 $’000

Cash at bank and in hand

8,598

9,144

Short-term deposits maturing within three months from date of acquisitions

5,000

–

Total cash and cash equivalents

13,598

9,144

6. Cash and cash equivalents Accounting Policy Cash and cash equivalents include cash at bank and in hand, deposits held at call and short-term deposits with an original maturity of three months or less.

While cash and cash equivalents at 31 December 2025 are subject to the expected credit loss requirement of PBE IPSAS 41, no loss allowance has been recognised because the estimated loss allowance for credit loss is trivial. There are no restrictions over any of the cash and cash equivalent balances held by Te Wānanga o Aotearoa at 31 December 2025 (2024: nil).

78 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

7. Tauira and other receivables Accounting policy Tauira fees and other receivables are recorded at the amount due, less an allowance for expected credit losses. Te Wānanga o Aotearoa applies the simplified expected credit loss model of recognising lifetime expected credit losses for receivables. In measuring expected credit losses, tauira fees and other receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due. Tauira fees and other receivables are written-off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include the debtor being in liquidation. The expected credit loss rates for receivables at 31 December 2025 are based on the following: ›

Debt is over $150

›

Age of debt is over 365 days

›

Automatic Payment’s stopped and minimal or no contact with Te Wānanga o Aotearoa or collection agency regarding the debt

There have been no changes in the estimation technique or significant assumptions used in measuring the loss allowance.

2025 $’000

2024 $’000

Tauira fee receivables

202

389

Less: Allowance for credit losses

(120)

(134)

Net tauira receivables

255

Trade receivables

1,547

1,571

Accrued interest

323

1,405

TEC funding receivable

12,259

12,748

Total other receivables

14,129

15,724

Net tauira and other receivables

14,211

15,979

Receivables from exchange transactions

1,873

2,513

Receivables from non-exchange transactions

12,337

13,466

Total receivables

14,211

15,979

Tauira receivables

Other receivables

Total receivables above comprise:

Te Pūrongo 2025 | 79

Notes to the financial statements For the year ended 31 December 2025

7. Tauira and other receivables (continued) (a) Fair value Other receivables are non-interest bearing and receipt is normally on short-term of 30-day terms. Therefore, the carrying value of other receivables approximates their fair value. Tauira receivables are non-interest bearing and receipt is normally on enrolment and no later than graduation. Therefore, the carrying value of tauira receivables approximates their fair value. (b) Impairment The carrying amount of receivables that would otherwise be past due or impaired and whose terms have been renegotiated is nil (2024: nil).

2025 Gross $’000

2025 Allowance for credit loss $’000

2025 Net $’000

2024 Gross $’000

2024 Allowance for credit loss $’000

2024 Net $’000

14,021

–

14,021

15,349

–

15,349

Past due 1 – 60 days

–

118

–

118

Past due 60 – 120 days

–

Past due > 120 days

307

(120)

187

637

(134)

503

Total other receivables

14,331

(120)

14,211

16,113

(134)

15,979

Not past due

All receivables greater than 30-days in age are considered to be past due. The impairment provision has been calculated based on expected losses for Te Wānanga o Aotearoa and the pool of receivables. Expected losses have been determined based on an analysis of losses for Te Wānanga o Aotearoa in previous periods and a review of specific receivables. Other impaired receivables have been determined to be impaired because of the significant financial difficulties being experienced by the debtor. Movements in the allowance for credit losses are as follows: 2025 $’000

2024 $’000

Opening allowance for credit losses as at 1 January

134

148

Increase in loss allowance made during the year

Receivables written-off during the period

(88)

(90)

Balance at 31 December

120

134

Te Wānanga o Aotearoa holds no collateral as security as other credit enhancements over receivables that are either past due or impaired.

80 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

8. Inventory Accounting policy Inventories held for distribution or consumption in the provision of services that are not issued on a commercial basis are measured at the cost, adjusted for any loss of service potential. ›

Inventories acquired through non-exchange transactions are measured at fair value at the date of acquisition.

›

Inventories held for use in the provision of goods and services on a commercial basis are valued at the lower of cost and net realisable value.

The cost of purchased inventory is determined as follows: ›

inventories held for resale – purchase cost is on a weighted average cost

›

materials and consumables to be utilised for rendering of services – purchase cost is on a first in, first out basis.

The amount of any write-down for the loss of service potential or from cost to net realisable value is recognised in the surplus/(deficit) in the period of the write-down.

2025 $’000

2024 $’000

Inventories held for distribution

2,350

2,011

Work in progress

166

Total inventory

2,516

2,027

Inventories are made up of consumables and inventories held for distribution to Takiwā. Consumables are materials or supplies which will be consumed in conjunction with the delivery of services and predominantly comprise of books and resources used in the teaching of courses to tauira. Inventory consumed for Te Wānanga o Aotearoa in 2025 is $3.2m (2024: $3.2m). These figures form part of tauira resources which is disclosed in note 5, other expenses. No inventories held for distribution were written-down during 2025 (2024: nil). There have been no reversals of writedowns in 2025 (2024: nil). A provision made for the inventories held for distribution due to tauira resources being revised and redeveloped amounted to $0.04m (2024: $0.02m) No inventories are pledged as security for liabilities (2024: nil).

Te Pūrongo 2025 | 81

Notes to the financial statements For the year ended 31 December 2025

9. Assets held for sale Accounting policy A non-current asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use. The asset is measured at the lower of its carrying amount and fair value less costs to sell. Write-downs of the asset are recognised in the surplus/(deficit). Any increases in fair value less costs to sell are recognised in the surplus/(deficit) up to the level of any impairment losses that have previously been recognised. Non-current assets classified as held for sale are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.

2025 $’000

2024 $’000

Land

1,337

1,980

Buildings

1,461

1,813

Total assets held for sale

2,798

3,793

Te Wānanga o Aotearoa owns land and buildings at 71 and 75 Ashworth Street in Tokoroa. Te Mana Whakahaere has agreed to sell the properties, because the site was underutilised and there are more suitable options for future delivery in Tokoroa. Both properties had been on the open market since mid-2024 and in September 2025 an unconditional sale and purchase agreement was received with settlement scheduled for April 2026. Securing an unconditional sales agreement took longer than 12-months from the initial classification as ‘Held for Sale’, as the market conditions were challenging due to the location and repurposing of facilities. The conditions were outside of the control of Te Wānanga o Aotearoa. Despite the settlement date occurring more than 12-months after the initial classification as held for sale, the sale is considered highly probable, and Te Wānanga o Aotearoa remains committed to completing the disposal. Therefore, ongoing classification as assets held for sale is appropriate under PBE IFRS 5. The revaluation reserve held in other comprehensive income for 71 Ashworth Street, Tokoroa is $3.4m and for 75 Ashworth Street, Tokoroa is $0.8m as at 31 December 2025.

82 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

10. Other financial assets Accounting policy Financial assets are initially recognised at fair value plus transaction costs unless they are carried at fair value through the surplus/(deficit) in which case the transaction costs are recognised in the surplus/(deficit). Purchases and sales of financial assets are recognised on trade-date, the date on which Te Wānanga o Aotearoa commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and Te Wānanga o Aotearoa has transferred substantially all the risks and rewards of ownership. Term deposits Term deposits are initially measured at the amount invested. Where applicable, interest is subsequently accrued and added to the investment balance. A loss allowance for expected credit losses is recognised if the estimated loss allowance is not trivial. At year end, term deposits are assessed for indicators of impairment. If they are impaired, the amount not expected to be collected is recognised in the surplus/(deficit). Managed fund The managed fund is a portfolio of financial assets that are actively traded with the intention of making profits. Therefore, the managed fund is measured at fair value through the surplus/(deficit). After initial recognition, the managed fund is measured at fair value, with gains and losses recognised in the surplus/(deficit). Financial assets are classified into the following categories for the purpose of measurement: ›

fair value through the surplus/(deficit);

›

amortised cost;

›

fair value through other comprehensive income.

The classification of a financial asset depends on the purpose for which the instrument was acquired. Financial assets at fair value through the surplus/(deficit) Financial assets at fair value through the surplus/(deficit) include financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term or is part of a portfolio that are managed together and for which there is evidence of short-term profit-taking. Derivatives are also categorised as held for trading. Financial assets acquired principally for the purpose of selling in the short-term or part of a portfolio classified as held for trading are classified as a current asset. After initial recognition, financial assets in this category are measured at their fair values with gains or losses on remeasurement recognised in the surplus/(deficit). Amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in the surplus/(deficit) when the asset is derecognised or impaired.

Te Pūrongo 2025 | 83

Notes to the financial statements For the year ended 31 December 2025

10. Other financial assets (continued) Fair value through other comprehensive revenue and expense Financial assets at fair value through other comprehensive revenue and expense are those that are designated into the category at initial recognition or are not classified in any of the other categories above. They are included in non-current assets unless management intends to dispose of, or realise, the investment within 12-months of balance date. Te Wānanga o Aotearoa includes in this category: ›

Investments that it intends to hold long-term but which may be realised before maturity; and

›

Shareholdings that it holds for strategic purposes.

After initial recognition, these investments are measured at their fair value, with gains and losses recognised in other comprehensive revenue and expense, except for impairment losses, which are recognised in the surplus/(deficit). On derecognition, the cumulative gain or loss previously recognised in other comprehensive revenue and expense is reclassified from equity to the surplus/(deficit). Impairment of financial assets At each balance date, Te Wānanga o Aotearoa assesses whether there is any objective evidence that a financial asset or group of financial assets is impaired. Any impairment losses are recognised in the surplus/(deficit). There were no impairment provisions for other financial assets. None of the financial assets are either past due or impaired.

2025 $’000

2024 $’000

Term deposits with maturities >3 months and <12-months

48,500

65,000

Total current portion

48,500

65,000

Managed funds

93,568

82,844

Total non-current portion

93,568

82,844

Total other financial assets

142,068

147,844

Current portion

Non-Current portion

Term deposits Te Wānanga o Aotearoa considers there has not been a significant increase in credit risk for investments in term deposits because the issuer of the investment continues to have low credit risk at balance date. Term deposits are held with banks that have a long-term AA- investment grade credit rating, which indicates the bank has a very strong ability to meet its financial commitments. No loss allowance for expected credit losses has been recognised because the estimated 12-month expected loss allowance for credit losses is trivial. The carrying amount of term deposits approximates their fair value. The weighted average effective interest rate for term deposits is 3.46% (2024: 5.68%).

84 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

10. Other financial assets (continued) Managed funds The managed fund is measured at fair value and consists of listed shares and listed bonds. The fair value of the managed fund investments is determined using quoted market bid prices from independently sourced market information. Therefore, the carrying value of managed funds approximates their fair value.

2025 $’000

2024 $’000

Fixed interest – NZ

4,766

2,004

Fixed interest – International

12,965

12,913

Equity securities – NZ

35,624

31,234

Equity securities – Australia

31,455

34,258

Equity securities – International

6,493

–

Cash – NZD

1,819

2,433

Cash – AUD

220

Cash – International

226

–

Total managed funds

93,568

82,844

Fixed interest fund

Equity

Cash

Te Pūrongo 2025 | 85

Notes to the financial statements For the year ended 31 December 2025

10. Other financial assets (continued) 2025 $’000

2024 $’000

Equity securities – NZ

3,062

3,670

Equity securities – Australia

2,478

5,406

Equity securities – International

663

–

Fixed interest – NZ

136

Fixed interest – International

261

212

Cash – NZD

–

Cash – AUD

–

6,608

9,387

Fixed interest – International

–

104

Fixed interest – NZ

–

Equity securities – NZ

–

610

Equity securities – Australia

2,659

443

Equity securities – International

–

Total realised gains on assets at fair value through the surplus/(deficit)

2,672

1,183

Total gain in market value of investments

9,280

10,570

Fixed interest – International

–

Equity securities – Australia

569

–

Cash – NZD

–

Cash – AUD

Cash – International

–

Total unrealised losses on assets at fair value through the surplus/(deficit)

683

Total loss in market value of investments

683

Gains in market value of investments Unrealised gains on assets at fair value through the surplus/(deficit)

Total unrealised gains on assets at fair value through the surplus/(deficit) Realised gains on assets at fair value through the surplus/(deficit)

Losses in market value of investments Unrealised losses on assets at fair value through the surplus/(deficit)

86 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

11. Payables Accounting policy Short-term creditors and other payables are recorded at their face value.

2025 $’000

2024 $’000

Trade payables

1,790

4,907

Accrued expenses

3,949

3,278

Revenue in advance

1,706

1,042

Total payables and deferred revenue under exchange transactions

7,445

9,227

Other government funding

100

3,043

Taxes payable (GST, PAYE)

5,058

2,702

Total payables and deferred revenue under non-exchange transactions

5,158

5,745

Total current portion

12,603

14,972

–

12,603

14,972

Payables and deferred revenue under exchange transactions

Payables and deferred revenue under non-exchange transactions

Total non-current portion Total payables and deferred revenue

Creditors and other payables are non-interest bearing and are normally settled on terms varying between 7 days and 20th of the month following invoice date. Therefore, the carrying value of trade and other payables approximates their fair value. Deferred non-exchange revenue relates to grants and donations received to which there are stipulated conditions attached. Non-exchange revenue in relation to this balance is recognised at the point in time as each stipulated condition is met. For terms and conditions relating to related parties’ payables, refer to note 20.

Te Pūrongo 2025 | 87

Notes to the financial statements For the year ended 31 December 2025

12. Kaimahi entitlements Accounting policy Short-term kaimahi entitlements Kaimahi entitlements that Te Wānanga o Aotearoa expects to be settled within 12-months of balance date are measured at nominal values based on accrued entitlements at current rates of pay. These include salaries and wages accrued up to balance date, annual leave earned but not yet taken at balance date and sick leave. Te Wānanga o Aotearoa recognises a liability for sick leave to the extent that compensated absences in the coming year are expected to be greater than the sick leave entitlements earned in the coming year. The amount is calculated based on the unused sick leave entitlement that can be carried forward at balance date to the extent Te Wānanga o Aotearoa anticipates it will be used by staff to cover those future absences. Superannuation schemes Obligations for contributions to KiwiSaver are accounted for as defined contribution superannuation schemes and are recognised as an expense in the surplus/(deficit) when incurred.

2025 $’000

2024 $’000

Annual leave

10,955

9,570

Accrued salaries

1,216

4,575

Sick leave

438

426

12,609

14,571

Total non-current portion

–

Total kaimahi entitlements

12,609

14,571

Current portion

Total current portion

88 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

13. Provisions Accounting policy A provision is recognised for future expenditure of uncertain amount or timing when there is a present obligation (either legal or constructive) as a result of a past event; it is probable that an outflow of future economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Lease make-good The lease make-good provision is based on an estimate of future costs to restore leased premises back to the condition when the lease period commenced.

2025 $’000

2024 $’000

Lease make-good

147

437

Total current portion

147

437

Lease make-good

305

364

Total non-current portion

305

364

Total provisions

452

801

Balance at 1 January

801

708

Movement in other provisions

(349)

Balance at 31 December

452

801

Current Portion

Non-current portion

Movements for provisions are as follows:

In respect of a number of leased premises, Te Wānanga o Aotearoa is required at the expiry of the lease term to makegood any fixtures or fittings installed in the premises. In many cases, Te Wānanga o Aotearoa has the option to renew these leases, which impacts on the timing of expected cash outflows to make-good the premises. The cash flows associated with the non-current portion of the lease make-good provision are expected to occur in February 2027, January-February 2028, May 2028, August 2028, December 2028, April 2030, September 2030, November 2030, December 2030, January 2031, April 2032, January 2033 and February 2035. Information about Te Wānanga o Aotearoa leasing arrangements is disclosed in note 23.

Te Pūrongo 2025 | 89

90 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

14. Property, plant and equipment Accounting policy Property, plant and equipment asset classes consist of land and buildings, leasehold improvements, furniture and equipment, computers, motor vehicles, waka, library books and artwork. Items of property, plant and equipment are initially measured at cost, except those acquired through non-exchange transactions which are instead measured at fair value as their deemed cost at initial recognition. Items of property, plant and equipment are subsequently measured under the following: ›

Buildings are measured at cost or valuation less subsequent accumulated depreciation.

›

Land and artwork are stated at cost or valuation and are not depreciated.

›

All other asset classes are stated at cost less accumulated depreciation and impairment losses.

›

Items of property, plant and equipment that have been acquired through non-exchange transactions are measured at fair value.

(a) Revaluations Land, buildings and artwork are revalued with sufficient regularity to ensure that the carrying amount does not differ materially from fair value and at least every three years for land and buildings and at least every five years for artwork. The carrying values of revalued classes are assessed annually to ensure that they do not differ materially from fair value. If there is evidence supporting a material difference, then the off-cycle asset classes are revalued. Property, plant and equipment revaluation movements are accounted for on a class of asset basis. The net revaluation results are credited or debited to other comprehensive revenue and expense and are accumulated to an asset revaluation reserve in equity for that class of asset. Where this would result in a debit balance in the asset revaluation reserve this balance is not recognised in other comprehensive revenue and expense but is recognised in the surplus/(deficit). Any subsequent increase on revaluation that reverses a previous decrease in value recognised in the surplus/(deficit) will be recognised first in the surplus or deficit up to the amount previously expensed and then recognised in other comprehensive revenue and expense. (b) Additions The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is probable that future economic benefits or service potential associated with the item will flow to Te Wānanga o Aotearoa and the cost of the item can be measured reliably. Work in progress is recognised at cost less impairment and is not depreciated. In most instances, an item of property, plant and equipment is initially recognised at its cost. Where an asset is acquired through a non-exchange transaction, it is recognised at its fair value and as at the date of acquisition. (c) Disposals Gains and losses on disposals are determined by comparing the proceeds with the carrying value of the asset. Gains and losses on disposals are recognised in the surplus/(deficit). When revalued assets are sold, the amounts included in the revaluation reserve in respect of those assets are transferred to accumulated surplus/(deficit) within equity.

Te Pūrongo 2025 | 91

Notes to the financial statements For the year ended 31 December 2025

14. Property, plant and equipment (continued) (d) Subsequent costs Costs incurred subsequent to initial acquisition are capitalised only when it is probable that future economic benefits or service potential associated with the item will flow to Te Wānanga o Aotearoa and the cost of the item can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in the surplus/(deficit) as they are incurred. (e) Depreciation Depreciation is provided on a straight-line basis on all property, plant and equipment (excluding land and artwork) at rates that will write-off the cost (or valuation) of the assets to their estimated residual values over their useful lives. The useful lives and associated depreciation rates of major classes of assets have been estimated as follows: Class of asset depreciated Buildings

Estimated useful life

Depreciation rates

10 – 50 years

2% – 10%

Leasehold improvements

Expiry of lease including renewal periods

Furniture and equipment

2 – 20 years

5% – 50%

ICT Equipment

2 – 15 years

6.67% – 50%

Motor vehicles

3 – 25 years

4% – 33%

Waka

10 – 25 years

4% – 10%

Library books

10 – 15 years

6.67% – 10%

Leasehold improvements are depreciated over the non-cancellable period for which Te Wānanga o Aotearoa has contracted to lease the asset together with any further terms for which Te Wānanga o Aotearoa has the option to continue to lease the asset. Change in accounting estimates – useful lives During the period, an assessment was undertaken to review the remaining useful lives of assets held by Te Wānanga o Aotearoa, including those assets that were considered to be held at zero net book value (in that accumulated depreciation was/is equal to cost) as at 1 January 2025. The review concluded that changes to useful lives are necessary, to better reflect the expected economic benefit to be received from the relevant assets. A change in accounting estimate for useful lives was approved by Te Mana Whakahaere at their meeting on 5 November 2025. The change in accounting estimate has the following impact on the statement of comprehensive revenue and expense for 2025 and for future periods: ›

$0.6m decrease in depreciation for 2025 from 1 Jan 2025; and

›

$0.6m increase for future periods subsequent to 2025.

Te Wānanga o Aotearoa also retrospectively reviewed the overstatement of depreciation in prior years and concluded that no material difference existed between the change in estimated useful lives applied in 2024 versus the retrospective application of the prior estimated useful lives.

92 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

14. Property, plant and equipment (continued) (f) Impairment Te Wānanga o Aotearoa does not hold any cash-generating assets. Assets are considered cash-generating where their primary objective is to generate a commercial return. Property, plant, and equipment are reviewed for impairment at each balance date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable service amount. The recoverable service amount is the higher of an asset’s fair value less costs to sell and value in use. Value in use is the present value of an asset’s remaining service potential. It is determined using an approach based on either a depreciated replacement cost approach, a restoration cost approach, or a service units approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availability of information. If an asset’s carrying amount exceeds its recoverable service amount, the asset is considered to be impaired and the carrying amount is written-down to the recoverable service amount. For revalued assets, the impairment loss is recognised against the revaluation reserve for that class of asset. Where that results in a debit balance in the revaluation reserve, the balance is recognised in the surplus/(deficit). For assets not carried at a revalued amount, the total impairment loss is recognised in the surplus/(deficit). The reversal of an impairment loss on a revalued asset is credited to other comprehensive revenue and expense and increases the asset revaluation reserve for that class of asset. However, to the extent that an impairment loss for that class of asset was previously recognised in the surplus/(deficit), a reversal of the impairment loss is also recognised in the surplus/(deficit). For assets not carried at a revalued amount, the reversal of an impairment loss is recognised in the surplus/(deficit). Value in use for non-cash-generating assets Non-cash-generating assets are those assets that are not held with the primary objective of generating a commercial return. For non-cash-generating assets, value in use is determined using an approach based on either a depreciated replacement cost approach, a restoration cost approach, or a service units approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availability of information. Value in use for cash-generating assets Cash-generating assets are those assets that are held with the primary objective of generating a commercial return. The value in use for cash-generating assets and cash-generating units is the present value of expected future cash flows.

Te Pūrongo 2025 | 93

94 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

14. Property, plant and equipment (continued) Land $’000

Buildings $’000

Leasehold Improvements $’000

Furniture & Equipment $’000

49,455

33,323

4,222

4,034

Additions

–

10,954

845

870

Disposals

–

(51)

Reclassification

–

(23)

Impairment

–

Change in accounting estimate

–

(317)

(891)

Depreciation charge

–

(4,682)

(738)

(1,115)

Revaluation

7,795

4,374

–

Balance as at 31 December 2025

57,250

43,980

4,039

2,825

57,250

43,995

9,831

7,317

–

(15)

(5,792)

(4,491)

Net book value

57,250

43,980

4,039

2,825

2024

Land $’000

Buildings $’000

Leasehold Improvements $’000

Furniture & Equipment $’000

Balance as at 1 January 2024

50,750

40,339

3,575

4,290

Additions

1,175

1,565

837

1,157

Disposals

–

(10)

(20)

(2,470)

(2,915)

–

Impairment

–

Depreciation charge

–

(5,666)

(180)

(1,393)

49,455

33,323

4,222

4,034

49,455

38,810

9,813

10,877

–

(5,487)

(5,591)

(6,843)

49,455

33,323

4,222

4,034

2025

Net Book Value Balance as at 1 January 2025

At 31 December 2025 Cost Accumulated depreciation

Net Book Value

Reclassification

Balance as at 31 December 2024 At 31 December 2024 Cost Accumulated depreciation Net book value

Te Pūrongo 2025 | 95

Notes to the financial statements For the year ended 31 December 2025

ICT Equipment $’000

Motor Vehicles $’000

Artwork $’000

Library $’000

Waka $’000

Work in Progress $’000

Total $’000

1,803

3,155

4,406

452

11,552

112,490

1,085

1,002

4,638

19,502

(17)

(23)

–

(91)

–

(14,899)

(14,883)

–

(3)

–

(3)

1,201

108

–

(98)

(12)

–

(8)

(666)

(799)

–

(106)

(16)

–

(8,121)

–

12,188

3,405

3,442

4,451

312

1,291

121,073

5,325

6,508

4,451

2,493

654

1,291

139,115

(1,919)

(3,065)

–

(2,181)

(578)

–

(18,042)

3,405

3,442

4,451

312

1,291

121,073

ICT Equipment $’000

Motor Vehicles $’000

Artwork $’000

Library $’000

Waka $’000

Work in Progress $’000

Total $’000

1,632

2,001

4,402

347

725

108,116

859

1,791

18,565

26,082

(17)

(36)

(12)

(5)

–

(99)

–

(7,738)

(13,123)

–

(7)

–

(7)

(671)

(601)

–

(3)

–

(8,479)

1,803

3,155

4,406

452

11,552

112,490

4,268

8,374

4,406

2,697

713

11,552

140,965

(2,465)

(5,219)

–

(2,245)

(625)

–

(28,475)

1,803

3,155

4,406

452

11,552

112,490

96 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

14. Property, plant and equipment (continued) Valuation The most recent valuation of land and buildings were performed by independent valuers, Carl Waalkens and David Stewart of Bayleys Valuation Services as at 31 December 2025. Land and buildings using market-based evidence Land and non-specialised buildings are valued at fair value using market-based evidence. The main market-based valuation methods applied were capitalised income and discounted cashflow methods. The capitalised income method considers both sales and leasing evidence by using market rents and capitalisation rates to determine the current fair value. The discounted cashflow method has been calculated on a 10-year investment period with a discount rate of 8.5% to provide the net present fair value. Market rents range from $0.044m to $2.1m per annum. An increase/(decrease) in market rents would increase/(decrease) the fair value of non-specialised buildings. Capitalisation rates are market-based rates of return and range from 5.25% to 9.0%. An increase/(decrease) in the capitalisation rate would decrease/(increase) the fair value of non-specialised buildings. Specialised buildings Where applicable, the depreciated replacement cost method was considered for specialised buildings (for example, campuses) to determine the fair value. Depreciated replacement cost is determined using a number of significant assumptions. Significant assumptions include: ›

The replacement asset is based on the replacement with modern equivalent assets, with adjustments where appropriate, for obsolescence due to over design or surplus capacity.

›

The replacement cost is derived from QV costbuilder data and where relevant, recent construction contracts of similar assets. Construction costs range from $1,750 to $6,000 per square metre, depending on the nature of the specific asset valued. This range reflects the different components of buildings, ranging from ground service areas to accommodation blocks.

Artwork The most recent valuation of artwork was performed by an independent valuer, Erika Chamberlain of Antique and Art. The valuation was undertaken in accordance with PBE IPSAS 17 using fair value and is effective as at 31 December 2025. Determination of fair value has been made by: ›

Reference to observable prices in an active market. Where the market exists for the same or similar asset the market prices are deemed to be a fair value. The values ascribed in the valuation are primarily based on observable prices both in the primary retail market and secondary auction market.

›

If there is no active market, fair value is determined by other market-based evidence adjudged by active and knowledgeable participants in the market.

Te Pūrongo 2025 | 97

Notes to the financial statements For the year ended 31 December 2025

14. Property, plant and equipment (continued) Impairment No impairment losses (2024: nil) have been recognised for leasehold improvements due to no longer being in our current property portfolio or the improvement no longer exists. Impairment losses of $0.0m (2024: $0.0m) have been recognised for library books due to no longer being in our current library collection. The impairment loss has been recognised in the statement of comprehensive revenue and expense in the line item “Other expenses”, see note 5.

2025 $’000

2024 $’000

Library

Equipment

354

ICT Equipment

1,056

Buildings

219

11,090

Total work in progress

1,291

11,552

Class

Restrictions on title Under the Education and Training Act 2020, Te Wānanga o Aotearoa is required to obtain consent from the Ministry of Education to dispose of land and buildings. Te Wānanga o Aotearoa does not have any: ›

Restrictions on title on property, plant and equipment.

›

Property, plant and equipment pledged as security for liabilities.

›

Compensation for items of property, plant and equipment that were impaired, lost or given up.

Finance leases The net carrying amount of property, plant and equipment held under finance leases is nil (2024: nil).

98 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

15. Intangible assets Accounting policy Intangible assets are initially recorded at cost except for intangible assets acquired through non-exchange transactions (measured at fair value). All of Te Wānanga o Aotearoa’s intangible assets are subsequently measured in accordance with the cost model, being cost (or fair value for items acquired through non-exchange transactions) less accumulated amortisation and impairment. Computer software Computer software is separately acquired and capitalised at its cost as at the date of acquisition. After initial recognition, separately acquired intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. Costs associated with maintaining computer software programmes are recognised as an expense when incurred. Costs that are directly associated with the development of software for internal use are recognised as an intangible asset. Direct costs include software development employee costs and an appropriate portion of relevant overheads. Staff training costs are recognised as an expense when incurred. Programme development costs Programme development costs relate to development of educational courses and are capitalised once accreditation has been received and when it is probable that future economic benefit arising from use of the intangible asset will flow to Te Wānanga o Aotearoa. Following initial recognition of programme development costs, the cost model is applied and the asset is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation A summary of policies applied to Te Wānanga o Aotearoa’s intangible assets is as follows:

Class of intangible asset

Estimated useful life

Method used

Computer software

2 – 15 years

Straight-line method

Programme development costs

2 – 15 years

Straight-line method

Change in accounting estimates – useful lives During the period, an assessment was undertaken to review the remaining useful lives of assets held by Te Wānanga o Aotearoa, including those assets that were considered to be held at zero net book value (in that accumulated depreciation was/is equal to cost) as at 1 January 2025. The review concluded that changes to useful lives are necessary, to better reflect the expected economic benefit to be received from the relevant assets. A change in accounting estimate for useful lives was approved by Te Mana Whakahaere at their meeting on 5 November 2025.

Te Pūrongo 2025 | 99

Notes to the financial statements For the year ended 31 December 2025

15. Intangible assets (continued) The change in accounting estimate has the following impact on the statement of comprehensive revenue and expense for 2025 and for future periods: ›

$0.01m decrease in amortisation for 2025 from 1 Jan 2025; and

›

$0.01m increase for future periods subsequent to 2025.

Te Wānanga o Aotearoa also retrospectively reviewed the overstatement of amortisation in prior years and concluded that no material difference existed between the change in estimated useful lives applied in 2024 versus the retrospective application of the prior estimated useful lives. The carrying value of an intangible asset with a finite life is amortised on a straight-line basis over its useful life. The amortisation period starts when the asset is available for use and ceases at the date that the asset is derecognised. The amortisation method for each class of intangible asset having a finite life is reviewed at the end of each financial year. If the expected useful life or expected pattern of consumption is different from the previous assessment, changes are made accordingly. The amortisation for each period is recognised in the surplus/(deficit). The carrying value of each class of intangible asset is reviewed annually for indicators of impairment. Intangible assets are tested for impairment where an indicator of impairment exists. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the surplus/(deficit) when the asset is derecognised. All other research and development costs are recognised as expenses in the surplus/(deficit) in the year in which they are incurred. Impairment of intangible assets Intangible assets that have an indefinite useful life or are not yet available for use are not subject to amortisation and are tested annually for impairment. Assets that have a finite useful life are reviewed for indicators of impairment at each balance date. When an asset is found to be impaired, a recoverable amount is estimated. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. The value in use for cash-generating assets is the present value of expected future cash flows. If an asset’s carrying amount exceeds its recoverable amount, the asset is impaired and the carrying amount is writtendown to the recoverable amount. The total impairment loss is recognised in the surplus/(deficit).

100 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

15. Intangible assets (continued) Value in use for non-cash-generating assets Non-cash-generating assets are those assets that are not held with the primary objective of generating a commercial return. For non-cash-generating assets, value in use is determined using an approach based on either a depreciated replacement cost approach, restoration cost approach, or a service units approach. The most appropriate approach used to measure value in use depends on the nature of the impairment and availability of information. Value in use for cash-generating assets Cash-generating assets are those assets that are held with the primary objective of generating a commercial return.

2025

Software $’000

Programme Development $’000

Work in Progress $’000

Total $’000

Opening net book amount

930

2,968

1,722

5,620

Additions

1,332

1,053

3,019

5,404

–

(3,195)

Amortisation charge

(472)

(1,178)

–

(1,650)

Change in accounting estimate

(64)

–

1,856

2,779

1,546

6,181

Cost

5,482

9,395

1,546

16,423

Accumulated amortisation and impairment

(3,626)

(6,616)

–

(10,242)

Net book value

1,856

2,779

1,546

6,181

Opening net book amount

768

3,322

737

4,827

Additions

396

754

2,408

3,558

Reclassifications

–

(1,423)

Amortisation charge

(234)

(1,108)

–

(1,342)

Closing net book value

930

2,968

1,722

5,620

Cost

4,806

9,170

1,722

15,698

Accumulated amortisation and impairment

(3,876)

(6,202)

–

(10,078)

Net book value

930

2,968

1,722

5,620

Year ended 31 December 2025

Reclassifications

Closing net book value At 31 December 2025

2024 Year ended 31 December 2024

At 31 December 2024

There are no restrictions over the title of Te Wānanga o Aotearoa intangible assets, nor are any intangible assets pledged as security for liabilities. No intangible assets have been impaired in 2025 (2024: nil). There were no contractual commitments for the acquisitions of intangible assets for Te Wānanga o Aotearoa (2024: nil).

Te Pūrongo 2025 | 101

Notes to the financial statements For the year ended 31 December 2025

16. Equity Accounting policy Net assets/equity is measured as the difference between total assets and total liabilities. Net assets/equity is disaggregated and classified into a number of reserves. The components of net assets/equity are: ›

Accumulated funds

›

Property revaluation reserves.

Property revaluation reserves This reserve relates to the revaluation of property, plant, and equipment to fair value. 2025 $’000

2024 $’000

Balance at 1 January

202,756

184,822

Surplus/(deficit)

(1,633)

17,934

Balance 31 December

201,123

202,756

Balance at 1 January

68,646

Land net revaluation gain

7,795

–

Buildings net revaluation gains

4,373

–

Artwork net revaluation gains

–

80,834

68,646

Land

48,834

41,039

Buildings

31,235

26,862

Artwork

765

745

Total

80,834

68,646

Accumulated funds

Property, plant and equipment revaluation reserve

Balance 31 December Property revaluation reserves for each asset class consist of:

Capital management The capital of Te Wānanga o Aotearoa is its net assets/equity, which comprises accumulated funds and the property revaluation reserve. Equity is represented by net assets. Te Wānanga o Aotearoa is subject to the financial management and accountability provisions of the Education and Training Act 2020, which includes restrictions in relation to disposing of assets or interests in assets, ability to mortgage or otherwise charge assets or interests in assets, granting leases of land or buildings or parts of buildings and borrowings. Te Wānanga o Aotearoa acknowledges it has complied with the financial management and accountability provisions of the Education and Training Act 2020 for the year ended 31 December 2025. Te Wānanga o Aotearoa manages its revenues, expenses, assets, liabilities, investments, and general financial dealings prudently and in a manner that promotes the current and future interests of the community. The equity of Te Wānanga o Aotearoa is largely managed as a by product of managing revenues, expenses, assets, liabilities and general financial dealings. The objective of managing the equity of Te Wānanga o Aotearoa is to ensure that it effectively and efficiently achieves the goals and objectives for which it has been established, while remaining a going concern.

102 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

17.

Investment property

Accounting policy Properties leased to third parties under operating leases are classified as an investment property unless the property is held to meet service delivery objectives, rather than to earn rentals or for capital appreciation. Property held to meet service delivery objectives is classified as property, plant and equipment. Investment property is measured initially at its cost, including transaction costs. After initial recognition, investment property is measured at fair value as determined annually by an independent valuer. Gains or losses arising from a change in the fair value of investment property are recognised in the surplus/(deficit). Breakdown of investment property and further information

2025 $’000

2024 $’000

Balance at 1 January

1,700

–

Investment properties –at fair value – net gain/(loss) from fair value adjustment

Investment properties –at fair value –transfer from owner occupied property

–

1,600

Investment properties –at fair value – other changes

1,750

1,700

Balance at 31 December

The valuation of investment property as at 31 December 2025 was performed by David Stewart, an independent registered valuer from Bayleys Valuations Limited. Bayleys Valuations Limited are experienced valuers with extensive market knowledge in the types and location of investment property owned by Te Wānanga o Aotearoa. The fair value of investment property has been determined using the capitalisation of net revenue, comparable transaction and discounted cash flow methods. These methods are based on market evidence and use assumptions including future rental revenue, competition, location and appropriate capitalisation or discount rates: ›

Net revenue, which considers future rental revenue and anticipated maintenance costs is $110 per square metre. An increase/(decrease) in net revenue would increase/(decrease) the fair value of investment property.

›

Capitalisation rates range from 7.5% to 8.0%. An increase/(decrease) in the capitalisation rate would decrease/(increase) the fair value of investment property.

Information about the revenue and expenses in relation to investment property is detailed below:

2025 $’000

2024 $’000

Rental income

161

151

Operating expenses from investment property generating revenue

Contractual obligations for capital expenditure

–

Te Pūrongo 2025 | 103

104 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

18. Early learning centres During 2025, Te Wānanga o Aotearoa received total grants of $2.5m from the Ministry of Education for early learning purposes (2024: $2.5m). These grants have been classified as non-exchange revenue.

Apakura Te Kākano

2025 $’000

2024 $’000

Bulk funding

708

549

Language and kaupapa

Other

Targeted

Total Ministry of Education funding received

742

582

Salaries

598

460

Faculty support

Provision of meals for tamariki

Property occupancy costs

Funds applied to:

Repair and Maintenance cost

Resources

Consultancy

Depreciation

Total funds applied

742

582

2023 overpayment recovery*

–

(19)

Total Ministry of Education funding received

–

(19)

Bulk funding

513

572

Ngā Kākano o te Manukau

Te Rau Oriwa Low socio economic

Special needs

Language and kaupapa

Targeted

Other

Total Ministry of Education funding received

582

641

567

564

Funds applied to: Salaries Property occupancy costs

–

Provision of meals for tamariki

Faculty support

–

Repair and Maintenance cost

Total funds applied

582

641

*In 2023, the Ministry of Education overpaid $18,359, which was recovered from Te Wānanga o Aotearoa in 2024.

Te Pūrongo 2025 | 105

Notes to the financial statements For the year ended 31 December 2025

18. Early learning centres (continued) Raroera Te Puawai

2025 $’000

2024 $’000

Bulk funding

723

656

Low socio economic

Special needs

Language and kaupapa

Targeted

Waha Rumaki funding

Other

Total Ministry of Education funding received

819

735

Salaries

640

592

Property occupancy costs

Provision of meals for tamariki

Funds applied to:

Resources

Repair and Maintenance cost

Consultancy

–

Depreciation

Total funds applied

819

735

Bulk funding

571

506

Low socio economic

Whare Amai

Special needs

Language and kaupapa

Targeted

Waha Rumaki funding

Other

Total Ministry of Education funding received

684

591

Salaries

623

591

Faculty support

–

Provision of meals for tamariki

–

Resources

–

Property occupancy costs

–

Funds applied to:

Repair and Maintenance cost

–

Total funds applied

684

591

106 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

19. Financial instruments Te Wānanga o Aotearoa’s activities expose it to a variety of financial risks (market risk, liquidity risk and credit risk). Te Wānanga o Aotearoa’s risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of Te Wānanga o Aotearoa. Te Wānanga o Aotearoa uses derivative financial instruments such as interest rate swaps and forward foreign exchange contracts to hedge certain risk exposures. (a) Financial instrument categories The estimated carrying amount and fair values of Te Wānanga o Aotearoa’s financial assets and liabilities are presented as follows:

2025 $’000

2024 $’000

Cash and cash equivalents

13,598

9,144

Tauira and other receivables

14,211

15,979

Term deposits

48,500

65,000

Total financial assets

76,309

90,123

Managed fund

93,568

82,844

Total financial assets held for trading

93,568

82,844

Creditors and other payables

7,545

12,270

Total financial liabilities

7,545

12,270

Financial assets

Financial assets held for trading measured at fair value through the surplus/(deficit)

Financial liabilities

(b) Fair value hierarchy For those instruments recognised at fair value in the statement of financial position, fair values are determined according to the following hierarchy: ›

Quoted market price (level 1) – Financial instruments with quoted prices for identical instruments in active markets.

›

Valuation technique using observable inputs (level 2) – Financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable.

›

Valuation techniques with significant non observable inputs (level 3) – Financial instruments valued using models where one or more significant inputs are not observable.

Te Pūrongo 2025 | 107

Notes to the financial statements For the year ended 31 December 2025

19. Financial instruments (continued) The following table analyses the basis of the valuation of classes of financial instruments measured at fair value in the statement of financial position: Total $’000

Quoted market price $’000

Observable inputs $’000

Significant non-observable inputs $’000

Managed fund

93,568

–

Total financial assets

93,568

–

Managed fund

82,844

–

Total financial assets

82,844

–

31 December 2025 Financial assets

31 December 2024 Financial assets

There were no transfers between the different levels of the fair value hierarchy. (c) Financial instrument risk Te Wānanga o Aotearoa has policies to manage risks associated with financial instruments. Te Wānanga o Aotearoa is risk averse and seeks to minimise exposure from its treasury activities. The policies do not allow any transactions that are speculative in nature to be entered into. Market Risk Price risk Price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices. Te Wānanga o Aotearoa’s managed fund is exposed to price risk. This price risk is managed by diversification of the managed fund portfolio in accordance with the limits set out in the investment policy. Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. Te Wānanga o Aotearoa has only limited exposure to foreign currency risk. Te Wānanga o Aotearoa purchases library items and software licences from overseas which exposes it to currency risk. Fair value interest rate risk Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. Investments issued at fixed rates of interest create exposure to fair value interest rate risk. Te Wānanga o Aotearoa does not actively manage its exposure to fair value interest rate risk. Cash flow interest rate risk Cash flow interest rate risk is the risk that the cash flows from a financial instrument will fluctuate because of changes in market interest rates. Investments issued at variable interest rates create exposure to cash flow interest rate risk.

108 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

19. Financial instruments (continued) Credit risk Credit risk is the risk that a third party will default on its obligation to Te Wānanga o Aotearoa causing Te Wānanga o Aotearoa to incur a loss. Due to the timing of its cash inflows and outflows, Te Wānanga o Aotearoa invests surplus cash into term deposits which gives rise to credit risk. In the normal course of business, Te Wānanga o Aotearoa is exposed to credit risk from cash and term deposits with banks, debtors and other receivables. For each of these, the maximum credit exposure is best represented by the carrying amount in the statement of financial position. Te Wānanga o Aotearoa manages credit risk by ensuring that no more than 35% of total liquid funds are held with any one approved counter party. With the exception of tauira fees, Te Wānanga o Aotearoa trades only with recognised and creditworthy third parties. Receivable balances are monitored on an on going basis with the result that Te Wānanga o Aotearoa exposure to bad debts is not significant as a result of the ability to withhold graduation from tauira who do not pay their fees. Receivables arise mainly from tauira fees. There are procedures in place to monitor or report the credit quality of receivables. Te Wānanga o Aotearoa has no significant concentrations of risk in relation to receivables as it has a large number of credit customers. Te Wānanga o Aotearoa holds no collateral or other credit enhancements for financial instruments that give rise to credit risk. Credit quality of financial assets The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to Standard and Poor’s credit ratings (if available) or to historical information about counterparty default rates. All instruments in this table have a loss allowance based on lifetime expected credit losses. 2025 $’000

2024 $’000

AA–

62,098

74,141

Total cash at bank and term deposits

62,098

74,141

10,672

9,541

AA–

2,497

2,382

A–

5,526

3,967

Total managed funds

18,695

15,890

Cash at bank and term deposits

Managed funds

Liquidity risk Management of liquidity risk Liquidity risk is the risk that Te Wānanga o Aotearoa will encounter difficulty raising liquid funds to meet commitments as they fall due. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Te Wānanga o Aotearoa aims to maintain flexibility in funding by keeping committed credit lines available. Te Wānanga o Aotearoa manages liquidity risk by continuously monitoring forecast and actual cash flow requirements.

Te Pūrongo 2025 | 109

Notes to the financial statements For the year ended 31 December 2025

19. Financial instruments (continued) Contractual maturity analysis of financial liabilities The table below shows an analysis of Te Wānanga o Aotearoa financial liabilities grouped according to maturity, based on the remaining period at the balance date to the contractual maturity date. The amounts disclosed are the contractual undiscounted cash flows.

Carrying amount $’000

Contractual cash flows $’000

Less than 1 year $’000

1–2 years $’000

2–5 years $’000

More than 5 years $’000

2025 Payables

7,545

–

Total

7,545

–

2024 Payables

12,270

–

Total

12,270

–

Contractual maturity analysis of financial assets The table below shows an analysis of Te Wānanga o Aotearoa financial assets grouped according to maturity, based on the remaining period at the balance date to the contractual maturity date.

Carrying amount $’000

Contractual cash flows $’000

Less than 1 year $’000

1–2 years $’000

2–5 years $’000

More than 5 years $’000

Cash and cash equivalents

13,598

–

Tauira and other receivables

14,211

–

Term deposits

48,500

–

Total

76,309

–

Cash and cash equivalents

9,144

–

Tauira and other receivables

15,979

–

Term deposits

65,000

Total

90,123

–

2025

Other financial assets:

2024

Other financial assets:

110 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

19. Financial instruments (continued) Sensitivity analysis The tables below illustrate the potential impact to the surplus/(deficit) and equity (excluding retained earnings) for reasonably possible market movements with all variables held constant based on the financial instrument exposures of Te Wānanga o Aotearoa at balance date.

–100bps Surplus $’000

–100bps Other equity $’000

+100bps Surplus $’000

+100bps Other equity $’000

Cash and cash equivalents

(136)

–

136

–

Other financial assets

(1,421)

–

1,421

–

Total sensitivity

(1,557)

–

1,557

–

(91)

–

Other financial assets

(1,478)

–

1,478

–

Total sensitivity

(1,569)

–

1,569

–

2025 Interest rate risk – Financial assets

2024 Interest rate risk – Financial assets Cash and cash equivalents

Explanation of interest rate risk sensitivity The interest rate sensitivity is based on a reasonable possible movement in interest rates, with all other variables held constant, measured as a basis points (bps) movement. For example, a decrease in 100 bps is equivalent to a decrease in interest rates of 1.0%. Te Wānanga o Aotearoa holds no liabilities arising from financing activities (2024: nil).

20. Related party disclosure Related party disclosures have not been made for transactions with related parties that are within a normal supplier or client/recipient relationship on terms and conditions no more or less favourable than those that it is reasonable to expect Te Wānanga o Aotearoa would have adopted in dealing with the party at arm’s length in the same circumstances. There are no related party transactions to disclose in 2025 (2024: nil)

Te Pūrongo 2025 | 111

Notes to the financial statements For the year ended 31 December 2025

21. Key kaimahi remuneration Appointment Date

Retirement Date

2025 $’000

2024 $’000

Te Mana Whakahaere (Current) Katie Bhreatnach

Council/HR Remuneration Board/Digital Steering Committee

Jul–15

–

Vanessa Eparaima

Council Chair/HR Remuneration Board/ Digital Steering Committee

Jul – 15

–

Robert Gabel

Council/Audit & Risk/Investment Committee

Jul–15

–

Bryan Hemi

Council Deputy Chair/HR Remuneration Board/Digital Steering Committee

Jul–15

–

Steve Ruru

Council/Audit & Risk/Health & Safety/ Digital Steering Committee

Dec–16

–

Jon Stokes

Council/HR Remuneration Board/ Investment Committee

Dec–16

–

Jacinta Ruru

Council/Academic Board

Mar 22

–

Turi Ngatai

Council/Academic Board /Digital Steering Committee

Dec–22

–

Steve Tucker

Council/Audit & Risk/Digital Steering Committee

Jan 25

–

Independent members of other committees Jaydene Kana

Audit & Risk

Apr–19

–

Colin Magee

Audit & Risk

Apr–19

Nov–24

–

Ravi Nyayapati

Audit & Risk Audit & Risk/Digital Steering Committee

Jun–23

–

Melinda Webber

Academic Board

May–20

–

Karen Long

Academic Board

Oct–20

–

Rawiri McLean

Academic Board

May–23

–

Caroline Seelig

Academic Board/Digital Steering Committee

Aug–23

–

Poia Rewi

Academic Board

Aug–23

May–25

–

Te Taka Keegan

Academic Board

Jun–24

–

Benjamin Ritchie

Academic Board

Jun–24

–

Aaron Klee

Investment Committee

Feb–24

–

Tracy Voice

Digital Steering Committee

Sep–25

–

Johnell Wihongi

Academic Board

Apr–25

–

Michael Holloway

Investment Committee

Feb–25

–

460

421

Total key kaimahi remuneration

112 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

21. Key kaimahi remuneration (continued) 2025 $’000

2024 $’000

Ngā Pouwhakahaere/Senior management

2,560

2,172

Total key management personnel remuneration

2,560

2,172

Short-term and kaimahi welfare benefits

2,438

2,125

Other long-term benefits-KiwiSaver

122

Total key management kaimahi remuneration

2,560

2,172

Key management kaimahi remuneration

Short-term and kaimahi welfare benefits includes salary, wages and any non-financial benefits provided to kaimahi, including motor vehicle, medical insurance, life insurance and income protection insurance.

2025 Number

2024 Number

Ngā Pouwhakahaere/Senior management

Te Mana Whakahaere and sub-committees

Total

Number of key management kaimahi and governance members

To determine management kaimahi numbers for Ngā Pouwhakahaere/Senior leadership, full time equivalents (FTE) is used. An FTE is based on kaimahi working a 37.5 hour week. To determine the number of governance members with respect to Te Mana Whakahaere and sub-committees, a member is recognised only once if they hold more than one position. The FTE concept is not practical to apply to governance roles.

Te Pūrongo 2025 | 113

Notes to the financial statements For the year ended 31 December 2025

22. Contingencies Contingent liabilities Litigation Te Wānanga o Aotearoa has 3 possible legal claims outstanding as at the balance date (2024: 2). The claims relate to disputes with internal parties. Te Wānanga o Aotearoa has not disclosed the details of these claims as it may seriously prejudice the position of Te Wānanga o Aotearoa with respect to disputes with the other internal parties. The potential value of the possible litigation is not reliably quantifiable at this time. Redundancy arising from redeployment and Voluntary Alternate Positions (VAP) At 31 December, Te Wānanga o Aotearoa had no present obligation for potential redundancy payments under the VAP process because kaimahi had not yet irrevocably elected redundancy, and the election window remains open until 27 February 2026. The potential financial effect cannot be reliably estimated at reporting date due to uncertainty over the quantum or probability of kaimahi that may ultimately elect redundancy, and the outflow of economic benefits associated with the election of such redundancy. The organisation will continue monitoring elections up to the date of authorisation of the financial statements. As the outcome depends on kaimahi decisions occurring after balance date to trigger an obligation and outflow of economic benefits, this constitutes a contingent liability under PBE IPSAS 19 rather than a provision. Financial guarantee Te Wānanga o Aotearoa has no financial guarantees in place as at balance date (2024: nil). Contingent assets Te Wānanga o Aotearoa has no contingent assets as at balance date (2024: nil).

114 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

23. Capital commitments and operating leases Accounting policy Operating leases Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as the lease revenue. Operating lease payments are recognised as an expense in the surplus/(deficit) on a straight-line basis over the lease term. Lease incentives received are recognised in the surplus/(deficit) as a reduction of rental expense over the lease term. Capital commitments Capital commitments represent capital expenditure contracted for at balance date, but not recognised in the financial statements are as follows;

2025 $’000

2024 $’000

Buildings

584

446

Motor Vehicles

–

344

Intangible assets

–

Capital commitments

Investment property

–

Equipment

142

Total capital commitments

663

944

Operating leases as lessee Te Wānanga o Aotearoa has entered commercial leases on certain buildings where it is not in the best interest of Te Wānanga o Aotearoa to purchase these assets. These leases have a life of between 1 and 12 years with renewal terms included in the contracts. Renewals are at the option of Te Wānanga o Aotearoa. There are no restrictions placed upon the lessee by entering into these leases. Future minimum rentals payable under non-cancellable operating leases as at 31 December are as follows:

2025 $’000

2024 $’000

Within one year

5,309

4,482

After one year and not later than five years

11,737

8,697

Later than five years

2,341

1,389

Total non-cancellable operating leases

19,387

14,568

Te Pūrongo 2025 | 115

Notes to the financial statements For the year ended 31 December 2025

23. Capital commitments and operating leases (continued) Operating leases as lessor Te Wānanga o Aotearoa owns a number of buildings and has entered commercial leases where it is not in the best interest of Te Wānanga o Aotearoa to use these buildings for their operations. These leases have an average life of between 1 and 3 years with renewal terms included in the contracts. Renewals are at the option of the lessee. There are no restrictions placed upon the lessee by entering into these leases. Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:

2025 $’000

2024 $’000

Within one year

126

After one year and not later than five years

–

Total non-cancellable operating leases

126

No contingent rents have been recognised in the statement of comprehensive revenue and expense during the period.

24. Events after the balance date There were no events after balance date (2024: 1).

116 | Te Wānanga o Aotearoa

Notes to the financial statements For the year ended 31 December 2025

25. Explanation of major variances against budget Accounting policy It should be noted Te Wānanga o Aotearoa budget figures have been approved by Te Mana Whakahaere at the beginning of the year. Budget figures are prepared in accordance with NZ GAAP and are consistent with the accounting policies adopted by Te Mana Whakahaere for the preparation of the financial statements. However, some items presented in the budget have been reclassified in the annual report to be consistent with the presentation of actuals. Explanations for major variations from Te Wānanga o Aotearoa budget figures are as follows: Statement of comprehensive revenue and expense Te Wānanga o Aotearoa result was a deficit of $1.6m (-0.9% of total revenue) which was $2.3m favourable to budget. Government funding was $2.5m higher than budget due to a favourable mix of programmes delivered. Interest income was $1.6m lower than budget due to lower than planned interest rates. Other revenue was $9.5m higher than budget, mainly attributed to higher than planned returns on managed funds $6.2m and $2.1m from insurance proceeds received for flood damages to the Mangere Campus in 2023. Kaimahi costs were $6.4m unfavourable to budget due mainly to unplanned expenditure - $3.3m investment in Te Pae Tawhiti 2030 (approved post initial budget process), $1.1m for a general salary increase and $1.3m increase in the annual leave liability. Depreciation and amortisation were $2.3m favourable to budget mainly due to lower than planned capital expenditure and the impact of the change of accounting estimate for useful lives. Other expenses were $4.0m unfavourable to budget mainly related to $8.6m unplanned investment in Te Pae Tawhiti 2030 (approved post initial budget process) offset by savings across most cost categories, particularly consultancy, resources, software licences, marketing, hospitality and travel. Statement of financial position Cash and cash equivalents are $4.2m higher than budget due to additional investment in a $5m short-term term deposit. Tauira and other receivables were $10.7m higher than budget mainly due to budget not assuming the reclassification of NZQCF funding recognised based on when the course withdrawal date has passed, and the number of eligible students who have enrolled at that time. Other financial assets were $8.5m higher than budget due to more cash being available to invest due to lower operational and capital expenditure and the budget assuming different timing of maturity and investment than actual. Inventories were $1.3m higher than budget due to assumptions around purchasing requirements and timing than occurred. Prepayments were $0.9m higher than budget. The budget assumed different timing of renewals than actual. Managed funds were $8.6m higher than budget due to higher-than-expected returns on investments. Property, plant and equipment were $5.0m higher than budget from the unplanned revaluation of Land, Buildings and Artworks resulting in a $12.2m increase in value offset by lower than planned capital expenditure. Intangible assets were $9.5m lower than budget due to the budget assuming higher capital expenditure would occur in the prior year than occurred. Payables were $8.5m higher than budget mainly due to increased accruals for the unplanned investment in Te Pae Tawhiti 2030 (approved post initial budget process). Kaimahi entitlements were $1.3m higher than budget because the budget assumed more annual leave would be taken by year end than was taken.

Te Pūrongo 2025 | 117

Notes to the financial statements For the year ended 31 December 2025

Explanation of major variances against budget

25. (continued)

Statement of cash flows Tauira fees receipts were $2.5m higher than budget because the budget assumed a lower collection rate than actual. Interest revenue received was $0.5m lower than budget due to lower than planned interest rates. Other cash receipts from operating activities were $0.9m higher than budget mainly due to the receipt of insurance proceeds. Payments to kaimahi were $2.7m below budget due largely to the budget assuming less days payable (accrued) at the end of the year than actual. Payments to suppliers were $12.8m higher than budget due mainly to unplanned investment in Te Pae Tawhiti 2030 (approved post initial budget process). GST was $0.6m higher than budget due to timing of year end IRD due dates. Sales of property, plant and equipment were $0.7m higher than plan due to an increased reduction of the motor vehicle fleet Purchases of PPE were $3.5m below budget due to planned capital expenditure not proceeding due to priority changes. Purchases of software were $0.6m above budget due to unplanned capital expenditure for Te Pae Tawhiti 2030 (approved post initial budget process). Purchases of programme development were $2m below budget due to more use of internal labour as opposed to contracted services, meaning a lower cash outflow. Purchases of cash investments (net) were $6.5m higher than budget because more cash was carried over from the prior year than planned in the budget.

118 | Te Wānanga o Aotearoa

Hei Whakamaumahara In Rememberance

E te iwi nui tonu tēnei ka tangi mō koutou kua ngaro ki te Hono-i-wairua. Mahue mai ko mātou te hunga ora ki muri nei auē atu ai, mōteatea atu ai, mapu atu ai. Nō reira moe mai rā kei aku rau kahurangi kei aku kuru tongarerewa. Waiho mai ko mātou hei pīkau ī ā koutou ōhākī hei oranga mō ngā whakatupuranga. E moe, okioki atu.

To the multitudes who have departed this world, we mourn for you as you take your place where the spirits gather. In the world of the living – those of us who have been left behind – we wail in sorrow, we weep as we think of you, we heave a sigh of grief. But, sleep cherished ones, treasured ones. Leave for us your works that we may continue to fulfil your aspiration to help our future generations. Forever be at rest.

Te Pūrongo 2025 | 119