View Draft NKNT Annual Report 2025 2026 flipbook.
Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Is a post-settlement governance entity established on 1 March 2007. Its purpose is to receive all monies and any other assets due to Ngāti Kearoa Ngāti Tuara as an affiliate hapū of Te Pūmautanga o Te Arawa and to administer those monies and any other assets for the benefit of the members of the hapū. www.ngatikeangatituara.com
i Agenda……………………………………………………….. Paerangi 2050………………………………………………. Trustees & Team……………………………………………. TE RŪNANGA O NGĀTI KEAROA NGĀTI TUARA TRUST Chair’s Report………………………………………………. Previous Minutes………………………………………….. Operational Update Management Report………………………………….. Taiao Report…………………………………………….. Ngā Tohu…………………………………………………. Stakeholder Updates Karamū Tākina Trust………………………………….. Te Pumautanga o Arawa…………………………….. Central North Island Iwi Collective (CNI)………. Whakapapa Committee……………………………… Te Arawa River Iwi Trust………………………………. Te Papa Tākaro o Te Arawa………………………….. Financial Report…………………………………………… Investment Update……………………………………….. Highlights……………………………………………………. TE RŪNANGA O NGĀTI KEAROA NGĀTI TUARA CHARITABLE TRUST Chair’s Report……………………………………………… Previous Minutes………………………………………….. Financial Report…………………………………………… 1 2-3 4-5 7-8 9-15 16 17 18-22 23-24 25 26 27 28-29 30 31-50 51-53 54-57 59-60 61-63 64-82
1 1 AGENDA • Karakia Whakatūwhera – Opening Prayer • Mihi Whakatau - Welcome Address • Ngā Whakapāhā - Apologies TE RŪNANGA O NGĀTI KEAROA NGĀTI TUARA TRUST • Chair’s Report • Previous Minutes • Operational Update • Stakeholder Updates • Financial Report • Investment Update • Election of Trustees TE RŪNANGA O NGĀTI KEAROA NGĀTI TUARA CHARITABLE TRUST • Chair’s Report • Previous Minutes • Financial Report NGĀTI KEAROA NGĀTI TUARA RESERVATIONS TRUST • Co-Chairs’ report • Treasurer's report • Proposed minor • General business • History of Tārewa Reservations - Optional site visit to Tārewa Reservations. Karakia Whakamutunga – Closing Prayer
2 WHAKAPAPA | MANA MOTUHAKE | KOTAHITANGA | PŪKENGATANGA O U R V I S I O N Kai Hohoro koe e puke whakamana. At Horohoro you will be found, o prestigious mountain. O U R M I S S I O N Maximise our collective strengths to achieve inter-generational aspirations.
3 OUR GUIDING PRINCIPLES NGĀTI KEAROA NGĀTI TUARATANGA Ka whai mai i ngā taonga tuku iho Our tupuna Kearoa and Tuara, Te Ao Kawhai and Haukapuanui led us in new directions building on the traditions of the past. We will uphold, protect and strengthen our traditional knowledge - our whakapapa, reo and tikanga, our history and traditional stories. KAITIAKITANGA Hei pupuri te mana o te whenua, hei pupuri te kaha o te tangata Horoirangi was a revered guardian of Ngāti Kea Ngāti Tuara. She taught us to protect our environment - whenua, forests, waterways, native plants and creatures, our marae and other taonga, that our people may be strong and sustain into the future. MANAAKITANGA Mā te manaaki i te tangata, e tū ai te mana. Our tupuna Hinengawari was a gifted kuia with special powers of manaakitanga. We honour and care for our whānau, our manuhiri, and our community
4 Mary Corbett Chairperson - Rūnanga Trust Trustee - Charitable Trust Jenny Kaka-Scott Deputy Chairperson - Rūnanga Trust Eugene Berryman-Kamp Chairperson - Charitable Trust Robyn Bargh Deputy Chairperson - Charitable Trust Trustee - Rūnanga Trust Danielle Marks Trustee - Rūnanga Trust Tia Smith Trustee - Rūnanga Trust Matiu Wiki Trustee - Rūnanga Trust Hayden Pore Trustee - Rūnanga Trust
5 Kelsey Papanui Board Secretary Sheena Waerea Communications and engagement Lead Arohanui West Environmental Manager Hemi Waerea Environmental Advisor Tania Kiel Administrator Joanne McNaughton Trustee - Rūnanga Trust Trustee - Charitable Trust Reina Hapi Trustee - Charitable Trust Mark Milroy Trustee - Charitable Trust Ngahuia Corbett General Manager
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Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust AGM Minutes of the Annual General Meeting Held at Kearoa Marae on Saturday, 18 October 2025 at 9.30 AM. Present: Mary Corbett (Chairperson), Jenny Kaka-Scott (Deputy Chair), Robyn Bargh (Trustee), Jo McNaughton (Trustee), Danielle Marks (Trustee), Isabel Hapi, Hayden Pore, Brooke Ellis, Graeme Ellis, Moetu Ellis, Tracy Narby, Tawhiri Mihipeka Morehu, Maria Bargh, Melanie Mark-Shadbolt, Rhonda Herring, Mike Bray, Amy Bray, Bill Young, Anthony Peni, Trish Young, Miria George, Hone Kouka, Taina Berryman, Te Waea Waudby, Timi Peri, Marie Clarke, Niki Clarke, Sheena Waerea, Eugene Berryman-Kamp, Dee Harrison, Kataraina George, Shanan Tana, Butch Tuoro, Brooke Ellis. In Attendance: Tanisha Jones (Ake Accountants), Zahle Wiseley (Admin), Ngahuia Corbett (General Manager), Kelsey Papuni (ARC Secretary). Apologies: Kat Whiripo, Tia Smith, Vercoe Whānau, Reina Hapi, Ivonne Wiki, Kingi Biddle, Maxine Courtney, Atawhai Gillies, Peri Marks and Mark Milroy 1. Opening Meeting The meeting commenced at 9.30am with karakia led by Tawhiri Morehu, welcoming whānau, trustees, and guests to Kearoa Marae. The Chair acknowledged the short notice given for the meeting. Members’ present agreed by consensus to continue with the meeting in accordance with the Trust Deed. 2. Confirmation of Previous Minutes Minutes of the AGM held 30 November 2024 were tabled. No amendments or matters arising were noted. Resolution: That the minutes of the previous AGM held 30 November 2024 be taken as read and accepted. Moved: Butch Tuoro | Seconded: Brooke Ellis | Carried. 3. Chairperson’s Report The Chair presented the Annual Report, highlighting a strong year focused on protecting te taiao, consolidating investments, and strengthening governance practices. The Chair acknowledged trustees, whānau, and staff for their support throughout the year. Resolution: That the Board accept the Chair’s Annual Report as presented. Moved: Tracy Narby | Seconded: Jenny Kaka-Scott | Carried.
ANNUAL REPORT 2026 10 4. Operational Overview The General Manager (GM) presented the operational overview, outlining key progress areas against the strategic plan. Key Highlights: • Consolidation of Advice First and Craigs investment portfolios has reduced duplicate fees and simplified financial reporting. • Mutual agreement with Paiaka Lands Trust to exit nursery partnership due to financial sustainability. • Transition to Ake Accounting as a result of the Trust’s changing needs. To date, the new accountant has added real value by identifying gaps and supporting with improvements. • Financial improvements include, 10yr forecast to assist with decision making, the development of a SIPO, and corrections of US tax rates. • Database cleanup identified 1,800 approved members, with work continuing the three-tier registration system. • Development of a secure digital archive platform is underway. • Members are asked to notify Sheena of any awards or achievements to share via newsletter. • He Kōrero Tuku Iho initiatives launched: bite-sized pūrākau (stories) to share iwi knowledge and history. Profiles of key iwi members are being developed to strengthen whakapapa learning; Sheena Waerea offered support and welcomed suggestions. • Succession planning and youth engagement initiatives were noted as priorities to encourage rangatahi participation within the hapū. • Strengthened taiao partnerships with Horohoro School through water monitoring and drone- based observation projects. • Continuity planning is complete, and the resource consent management system is in development. • Review of the Iwi Environmental Plan is underway which will involve hapū engagement. Discussion (Pātai and Responses) TAGH Returns: Butch Tuoro asked whether TAGH’s 2.5% return would continue for the next decade. • Robyn Bargh confirmed that 2.5% represents an average return, as TAGH’s investments in forestry and tourism fluctuate. • The Chair added that annual dividends are paid but returns remain modest. The GM confirmed the Trust is locked in for 10 years, limiting flexibility to improve returns. SIPO and Strategic Alignment: Members queried how financial forecasting within the SIPO aligns with the strategic plan. • The GM confirmed that all financial decisions are reviewed by the Board to ensure strategic consistency. • The Chair added that the SIPO defines risk parameters and directly aligns with the overarching strategy. Consolidation of Funds: A question was raised about the rationale and risks of consolidating investment funds. • The GM explained consolidation was undertaken to reduce duplication and enhance diversification, as returns were similar across both providers. • While all investments carry some risk, the greater exposure lies with TAGH rather than Craigs, which operates under a moderate risk profile and provides regular monitored reporting.
ANNUAL REPORT 2026 11 • Sector breakdowns will be included in the Annual Report and upcoming Investment Update. • The Chair also noted the Charitable Trust remains invested in Advice First for additional diversification. Consent for He Tangata Profiles: Members queried whether consent is sought before publishing profiles. • Sheena confirmed individuals are contacted for permission, and obtaining consent earlier would streamline the process. Income Streams and Sustainability: Trish Young asked about initiatives to develop independent income streams and reduce reliance on government funding. • The Chair advised the Rūnanga is not heavily dependent on government contracts and is focused on building its asset base for long-term sustainability. • Alternative income generation remains a key focus; however, limited staffing capacity constrains the ability to pursue short-notice opportunities such as the recent solar panel initiative (two-week turnaround). Administrative Resourcing: Trish further queried whether securing new funding is the responsibility of the administration team. • The GM confirmed it is part of the team’s role but noted the current staffing level (two employees) is not sustainable. • Butch Tuoro commented that future staffing will need to be reviewed to manage workload effectively. Education and Apprenticeship Grants: A question was raised about future tertiary education and apprenticeship grants. • The GM acknowledged these are included in forward planning. Marie Clarke suggested linking education grants to marae-based roles to encourage recipients to return and contribute locally. • Succession planning continues, with a working group of grant recipients supporting upcoming history wānanga. Role of Iarau: Members queried the role of Iarau. Iarau was introduced as a Māori-owned business providing technical environmental contract services. • The Trust engages Iarau under a subscription-based Tier 1 model (24 hours per month), requiring prioritisation of work. • Recent projects include a resource consent support, taiao stocktake and the development of a resource consent management system. • It was noted that while Iarau provides technical advice, all decisions remain with the Board. Resolution: That the General Manager’s Operational Report be accepted as presented. Moved: Hayden Pore | Seconded: Tawhiri Morehu | Carried. 5. Financial Report Presenter: Ake Accountant – Tanisha Jones Tanisha Jones introduced herself and presented the Audited Financial Statements for the year ending 30 June 2025. Key Points: • The Incorporation of the TAGH investment at fair market value now provides a more
ANNUAL REPORT 2026 12 accurate representation of total assets. • Total Investment allocation: approximately $13.5 million, with 80% in TAGH and 20% in Craigs Investment Partners. • The 2025 deficit of $55,000 attributed to the impairment of the Horohoro partnership and operating expenses. • The Trusts overall financial position remains strong, supported by sound reserves and prudent cash management. Discussion (Pātai and Responses) Trustee Fees: • Trish Young queried the increase in trustee fees from $9,000 in 2024 to $80,000 in 2025. • The GM clarified that the variance arose due to fees for Karamu Takina trustees being included in there while the Trust was setting up its own bank account. Wages: • Miria George queried which roles were included in the 2025 wage costs. • The GM explained that the Department of Conservation (DOC) contract concluded, and the wage line relates to staff payouts and holiday pay (approximately four people), funded through Environmental and Taiao contracts. Land Valuation (Page 59): • Members queried the reference to $45,000 in land value. • The accountant confirmed that this reflects allocated Trust land and noted it will require revaluation in the next audit cycle. Investment Line Error (Page 47): • A member queried an inconsistency referring to “Horohoro.” • The accountant confirmed this was a typographical error; it should read “Craigs” (investment provider). Financial Instruments (Page 51): • A query was raised about formatting irregularities in the financial instruments section. • The accountant explained that layout distortion occurred because the report was prepared in Canva, affecting printing and alignment. AGM Hui Costs (Page 39): • It was queried why there was an increase in AGM expenses to $7,000, more than double the prior year. • The GM explained that costs included election service fees (~$3,500) in addition to venue and catering. Request – Financial Document Format: Brooke Ellis requested that all financial documents be provided in PDF format, (not Canva) to prevent formatting inconsistencies. Action: The audited accounts to be reissued to members as a PDF version for clarity and accuracy. Resolution: That the Audited Financial Statements for the year ending 30 June 2025 be taken as read and accepted. Moved: Tawhiri Morehu | Seconded: Robyn Bargh | Carried. 4. Auditor Appointment • The Board confirmed the appointment of Cookson Forbes as the Trust’s auditor. • Butch Tuoro queried whether alternative auditors should be considered. • The accountant advised that Cookson Forbes consistently provides efficient turnaround times and has a strong record working with Māori organisations.
ANNUAL REPORT 2026 13 Resolution: That the Board approve the continued appointment of Cookson Forbes as Auditor for Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust. Moved: Taina Berryman | Seconded: Hayden Pore | Carried. 5. Investment Update The GM presented an overview of the Trust’s investment portfolio and performance. Key Points: • TAGH remains a cornerstone long-term investment with variable returns. • Craig’s Investment Partners portfolio continues to yield steady growth of 6-8%. • Current diversification includes technology, gold, and managed funds. • SIPO now includes ethical investment principles as discussed at the previous AGM. Pātai/Comment A concern was raised regarding the ethical alignment of Trust’s current investments. • The Chair confirmed that ethical investment practices are embedded in the SIPO and regularly reviewed. • The Trust’s financial advisor advised that while the Trust prioritises ethical investment, some limitations exist within available market options. • The Board continues to exercise due diligence and caution in investment decision-making. 6. Affiliate Reports Te Arawa River Iwi Trust (TARIT) Jenny Kaka-Scott reported on ongoing policy advocacy and environmental protection challenges, including the impacts of the Government’s proposed fast-track legislation. Te Pūmautanga o Te Arawa (TPT) Robyn Bargh provided an update on CNI land management and TAGH commercial performance. • Te Pumautanga o Te Arawa (TPT) is a post-settlement entity; NKNT was one of 11 affiliates. • One TAGH affiliate has withdrawn its ‘B’ shareholding so there are now 10 ‘B’ shareholders, there are still 11 ‘A’ shareholders in TAGH. • TAGH is TPT’s commercial arm, supported by CNI (Central North Island Forests). • CNI involves 8 iwi, including NKNT, and manages Kaingaroa and Horohoro Forests. Financial Overview • Annual returns range between $44–54 million from businesses, forestry, kiwifruit, and managed funds. • TAGH started with an initial fund of $34m and the value of the total fund is now over $150m. • Dividends to TPT (and therefore TAGH) depend on profitability and are distributed equally among affiliates. CNI Forest & Land Issues • Two main workstreams: 1. Land management – includes security concerns. 2. Land allocation – ongoing High Court deliberations on which iwi receive which lands. • Horohoro allocation delayed due to legal challenges. Karamu Tākina Trust (KT) • Partnership agreement signed with Rotorua Lakes Council (RLC), resource consent renewal underway. • KT provides 70% of the town’s water supply.
ANNUAL REPORT 2026 14 • Agreement gives greater iwi voice in resource consent and water quality management. • Plans for an education centre focused on awa (river) care and water quality. Discussion (Pātai and Responses) Horohoro Mana Whenua Claim • Trish Young asked about the status of mana whenua claims over Horohoro. • It was confirmed that TPT recognises the land as belonging to Ngāti Kearoa Ngāti Tuara (NKNT); however, overlapping claims exist. The matter may require formal adjudication for resolution. Purpose of Karamu Tākina Trust • Jenny queried whether KT is an instrument of the Rūnanga, noting it originated from Paiaka land and was established jointly with Paiaka. • Robyn confirmed that the Rūnanga and Paiaka Lands Trust are partners in the Karamu Takina Trust. • The upcoming Chairs Hui will further clarify entity roles and relationships for whānau understanding. NKNT Limited Holdings • Currently in abeyance due to a lack of active commercial contracts. Use of Charitable Trust • Trish Young asked whether the Charitable Trust could be used more strategically for financial or tax efficiency. • The accountant confirmed discussions have occurred, and similar arrangements exist among other iwi clients. • Robyn Bargh recommended that this be reviewed collectively at an entity level (Chair-to-Chair Hui) to determine strategic alignment. Resolution: That the Investment Update and Affiliate Reports be accepted as presented. Moved: Tawhiri Morehu | Seconded: Hayden Pore | Carried. 7. Election of Trustees Four trustee positions were up for election. Mary Corbett and Robyn Bargh stood for re-election while two positions were vacated following the resignations of Hemi Waerea and Raiha Ratapu. Pātai: Trish Young queried why some nominations were deemed invalid. • The Chair explained that one nominee was not a registered member of the hapū, and another had not completed their membership registration, rendering both ineligible. Valid Nominations Hayden Pore and Matiu Wiki were duly nominated and validated. Resolution: That the Board confirm the re-election of Mary Corbett and Robyn Bargh, and the election of Hayden Pore and Matiu Wiki as trustees of Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust. Carried unanimously. 8. General Business • Discussion was held on administrative capacity and succession planning; trustees acknowledged the workload on current staff.
ANNUAL REPORT 2026 15 • Members were encouraged to support rangatahi engagement in iwi governance and planning processes. • Typographic correction noted: Eugene Berryman-Kamp and Taina Berryman. 9. Closing of the Rūnanga AGM The Chair thanked all participants for their contributions and acknowledged the collaborative spirit of the hui. The Rūnanga Annual General Meeting concluded at 11:43am. ACTION SCHEDULE Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Date Action Owner Status 18 Oct 2025 Reissue audited accounts in PDF format to members GM / Ake Accountants Completed 18 Oct 2025 Review revaluation of Trust land ($45,000) referenced in financial statements and arrange updated valuation as required. GM / Ake Accountants Pending 18 Oct 2025 Clarify entity roles and relationships at the upcoming Chairs Hui for improved transparency and whānau understanding. Chair/Chairs Hui Pending 18 Oct 2025 Review the strategic use of the Charitable Trust for potential tax and financial benefits, in coordination with the wider entity group. Board Pending 18 Oct 2025 Integrate ethical investment criteria into SIPO GM / Board In Progress 18 Oct 2025 Continue review of the Iwi Environmental Plan and undertake planned hapū consultation GM / Iarau Ongoing 18 Oct 2025 Engage and induct newly appointed trustees Chair / GM Pending
ANNUAL REPORT 2026 16 OPERATIONS UPDATE Celebrating Our People, Strengthening Our Future Last year, we signalled that we would prioritise delivering initiatives that strengthen and uplift who we are as Māori. As part of this commitment, we held our first Mokopapa, marking a significant milestone for the hapū and a momentous occasion for our whānau who came together to celebrate and share in this special time. Our team has grown with the appointments of Tania Kiel (Administrator) and Arohanui West (Pou Taiao). As I complete my third year in this role, I remain deeply appreciative of the many hands that continue to support our team and help us serve our hapū to the best of our ability. MANAGEMENT REPORT Ngahuia Corbett Steadfast in Purpose, Strong in Service We entered the year amidst a challenging political environment, despite this, we continue to engage constructively and in good faith on the issues before us to ensure that the voice of Ngāti Kearoa Ngāti Tuara is heard and accounted for. Since its establishment in 2007, the Rūnanga has remained a responsible steward of the settlement, ensuring that long-term sustainability and prudent financial management are always a top priority. The TAGH dividend that we receive each year continues to fund a very slim operations team, leaving much of our project delivery reliant on external funding, which we have seen redirected or cut altogether. Fortunately, we have successfully secured multiple contracts across various sectors, allowing us to offer meaningful, strategically aligned kaupapa throughout the year. Rooted in Purpose, Rising Together Resilient Today, Ready for Tomorrow With the upcoming elections looming, we are aware that this is an uneasy time for many. In spite of this, the infrastructure of the Rūnanga is strong, our people are capable, and our purpose is clear. We have weathered many political and economic shifts in the past, and we will do so again; our whānau can rest assured that we remain steady, resilient and entirely committed to the journey ahead. …our whānau can rest assured that we remain steady, resilient and entirely committed to the journey ahead.
ANNUAL REPORT 2026 17 OPERATIONS UPDATE Ko Arohanui West tēnei, uri o Te Arawa whānui (Tūhourangi, Ngāti Whakaue, Ngāti Kearoa Ngāti Tuara) and newly appointed Pou Taiao, Environmental Manager for Te Rūnanga o Ngāti Kearoa Ngāti Tuara since late April 2026. I bring with me a background in waste-minimisation, environmental advocacy, communications, and climate education. Honouring the Foundations, Advancing the Vision I would like to thank my predecessor, Hēmi Waerea, for his commitment to this role. Hēmi supported the refresh of the Iwi Environmental Plan (IEP), created a mauri monitoring framework and ran corresponding wānanga. Hēmi also created an online taiao dashboard to house the IEP, store mauri monitoring data, outline our consents process, and inform stakeholders on best practices for engagement. Tēnā koe Hēmi mō ēnei mahi rangataira. Realising Our Taiao Aspirations Highlights of my role Some highlights from my first quarter in the role include securing funding to support the development and implementation of a rongoā framework for our hapū. Building relationships and representing Ngāti Kearoa Ngāti Tuara in hui and local decision-making across geothermal, wastewater, stormwater, wetland restoration, conservation, and other general taiao kaupapa. Applying for funding for rangatahi taiao wānanga and a pokaitū restoration project. And delivering the ‘Mai i Kurawaka’ Para Kore wānanga in Taharangi, where our hapū members were resourced and empowered to revive menstrual mātauranga and embed waste-reduction practices at home. United in Mahi, Inspired by Our Future It’s an absolute pleasure to do this mahi alongside our hapū, for our hapū. I look forward to the year ahead and the work that will entail to ensure our collective taiao aspirations are realised. Ngāti Kearoa Ngāti Tuara Taiao Aspirations He mihi anō ōku ki a koutou katoa. I would like to also thank our uri of Ngāti Kearoa Ngāti Tuara for your valuable contributions through both wānanga, feedback and surveys, which have helped us to better identify our hapū taiao aspirations that ultimately shape our Environmental Plan, and inform our taiao strategy moving forward. The feedback we have received thus far is evidence that there is a strong desire to reestablish mahinga kai practices, restore our waterways, protect and enhance our remaining biodiversity, and strengthen the connection between people and place. TAIAO REPORT Arohanui West It has been busy for the last few months with a looming national election and major changes happening at both the central and local government levels, including the proposed conservation amendment bill, minerals strategy 2040, local water done well, and simplifying local government, just to name a few.
ANNUAL REPORT 2026 18 OPERATIONS UPDATE TOHU HĀPORI Several successful funding applications to the Ministry of Health and Te Rau Ora have allowed us to offer initiatives targeted at health and wellbeing, as well as rangatahi-led initiatives. Honouring our Past, Inspiring our Future A haerenga to Mōtītī, led by our rangatahi, will go ahead in March 2027 to visit the burial site of Ngatoroirangi. We are excited to offer this as a way of connecting our young people with one another and our shared whakapapa. . This will be the beginning of a series of wānanga as we work to build the mātauranga of our next generation. Nurturing the wellbeing of our people Te Oranga Rongoā o NKNT is a series of wānanga which will take place over the next 12 months, providing our uri the opportunity to partake in practical applications of rongoā and mirimiri as part of our wider aim to address health issues utilising traditional methods. In line with this, we have provided financial support for our uri to attend the Kaumatua Olympics as well as Marae2Marae.
ANNUAL REPORT 2026 19 OPERATIONS UPDATE Cultural Capacity & Future Generations A key area of focus is to strengthen cultural capability across the hapū. As part of this we have established weekly reo classes, delivered wānanga for karanga and taonga pūoro, and of course the highlight for many, our first Mokopapa. We have also enjoyed working closely with our kura (Horohoro School) supporting localised curriculum to support the transfer of mātauranga to our tamariki. TOHU KAUPAPA Growing Our Cultural Strength A key area of focus is to strengthen cultural capability across the hapū. “Like many other iwi, succession planning is high on the priority list, and we aim to continue supporting our collective hapū efforts to ensure that the mana of NKNT is strong”.
ANNUAL REPORT 2026 20 OPERATIONS UPDATE Better Systems, Stronger Outcomes for our People We have worked incredibly hard making improvements to ensure we are working efficiently with the resources that we have. This involves the establishment of our Environmental Dashboard which is home to our refreshed IEP, Matai Mauri, and our Resource Management System. TOHU TAIAO We are strengthening our voice, systems and capability to protect our whenua and wai, manage our resources effectively, and shape a stronger future for our hapū Welcoming New Leadership The appointment of our Pou Taiao, Arohanui West, has increased our capacity to participate in decision- making regarding the future of our whenua and wai. More importantly, to uphold the position of NKNT in spaces where it matters most. Building the Foundation for Stronger Decision- Making, Sustainable Resources and a Resilient Future
ANNUAL REPORT 2026 21 OPERATIONS UPDATE Building Financial Strength and Sustainability Each year we review operating expenses to ensure that we are acting as responsible stewards of the settlement funds, often stripping back on costs where necessary, and ensuring that our time and services to external parties is appropriately compensated. We have been fortunate to secure funding for all our project delivery this year as well as some of our roles in the business. Our team have also provided business support services to other hapū entities which generated extra income to support operations. TOHU WHAIRAWA We continue to strengthen our financial foundation through responsible stewardship, careful management of costs, securing funding, and generating additional income to support sustainable operations
ANNUAL REPORT 2026 22 OPERATIONS UPDATE TOHU TŪĀPAPA Enhancing Communication, Engagement and Whānau Connection Our engagement methods are always improving and evolving so that we can engage with as many of our uri both nationally and internationally. The feedback on our bi-monthly pānui continues to be positive as well as our He Tangata Profiles of different hapū members. We have undertaken an audit of the database this year which was a long and meticulous task. Many of our uri have incomplete or outdated information on their profiles so we will be carrying this work over to 2027 to complete. We are strengthening engagement with our uri through improved communication, regular updates, whānau profiles and ongoing work to ensure our database information is accurate and up to date. Connecting with Our Uri
23ANNUAL REPORT 2026 STAKEHOLDER UPDATES Introduction The Karamu Tākina Spring is the main water supply for central Rotorua and is located on Ngāti Kearoa Ngāti Tuara land at Tihi-o-Tonga. Following years of research into the taking of the Karamu Tākina puna and the surrounding lands and subsequent negotiations, Rotorua Lakes Council acknowledged the long-standing grievance. Ngāti Kearoa Ngāti Tuara signed a Heads of Agreement with Rotorua Lakes Council in 2022 and a Partnership Agreement regarding the co-management of the Karamu Tākina puna in 2025. As part of the agreement the Council agreed to return the lands surrounding Karamu Tākina and certain lands at Tārewa to Ngāti Kearoa Ngāti Tuara. The Karamu Tākina Trust was established in September 2023. The purpose of the Karamu Tākina Trust is to receive, hold, manage and administer the Trust's Assets and to promote the exercise of kaitiakitanga and rangatiratanga over Karamu Tākina Lands. The current trustees are: Robyn Bargh (Chair), Mary Corbett and Jenny Kaka-Scott appointed by the Runanga; and Bill Young and Margaret Courtney appointed by Paiaka Lands Trust. 1. Joint Resource Consent Rotorua Lakes Council and the Karamu Tākina Trust have jointly applied for a resource consent from the Bay of Plenty Regional Council (BOPRC) to replace the water take and supporting structure consents for the municipal water supply from the Karamu Tākina puna. We are awaiting a decision on this. Trustees have been meeting with the RLC Karamu Tākina Operational team to begin developing a KT Operational Agreement and protocols for how the two parties will work together. KT Trustees have developed a strategic positioning document as a basis for this work. 2. Karamu Tākina projects 2025 - 26 A project team was engaged to develop reports on three key areas of work: • Site restoration: Tia Smith • Education Centre: Knisha Ruland • Mauri Monitoring: Hemi Waerea The team produced excellent reports which reflected the aspirations of hapū members, analysis of the many different strands of the work, and consideration of the practical implications of working on the Karamu Tākina site. Many thanks to the team for their great work. Trustees are now working with RLC to develop a plan for the proposed work. KARAMŪ TĀKINA Robyn Bargh
24ANNUAL REPORT 2026 STAKEHOLDER UPDATES Our focus has been on protecting our Karamu Tākina Partnership Agreement and our Joint Resource Consent if there is any change to a new entity. This is also an issue for other iwi landowning groups with partnership agreements with RLC on water services including Pekehaua Puna Reserve Trust and Te Tāhuhu o Tawakeheimoa Trust (N Rangiwewehi), Haumingi 3 9B Trust (N Pikiao), Pukeroa Ōruawhata Trust, Te Kōmiti Nui o N Whakaue, and Tūhourangi Tribal Authority. It is important that we are all included in discussions as any agreement involves a transfer of management of assets and resource consents. Mayor Tapsell and Councillors Barker and Sandford agreed that iwi partners should be fully involved. RLC is the only Council in the Eastern BOP with this number of iwi partnership arrangements. Discussions are continuing. Finally, I’d like to thank my fellow trustees who have given their time, energy and expertise to advance this kaupapa and to ensure that Karamu Takina is in good stead for future generations. The team produced excellent reports which reflected the aspirations of hapū members, analysis of the many different strands of the work, and consideration of the practical implications of working on the Karamu Tākina site. Many thanks to the team for their great work. Trustees are now working with RLC to develop a plan for the proposed work. 3. Visit to Pekehaua Puna On 31 August, KT trustees and the Project Team visited the Pekehaua Puna. The Pekehaua trustees outlined the Ngāti Rangiwewehi journey in regaining the lands surrounding Pekehaua and achieving joint management of their puna. It was interesting to see their different situation and exciting to see what could be possible, yet at the same time sad to hear the story of their long journey to get their lands and their puna returned. 4. Local Water Done Well Karamu Tākina trust has been involved in meetings about the best arrangement for Local Water Done Well and agreeing on a Water Services Council Controlled Organisation (CCO), responsible for delivery of water services in the agreed new region. Discussions have been held with the Te Arawa Chairs group and Council representatives: the Mayor and Councillors Barker and Sandford who have been involved in a Waters Working Group (WWG) with the Eastern Bay Councils. Together We Protect, Together We Prosper
25ANNUAL REPORT 2026 STAKEHOLDER UPDATES Te Pumautanga o te Arawa Trust (TPT) is a post- settlement governance entity formed on 1 December 2006 to receive, hold and manage settlement assets on behalf of eleven Te Arawa iwi and hapū, known as affiliates. Ngāti Kearoa Ngāti Tuara is one of the TPT affiliates. Robyn Bargh represents Ngāti Kearoa Ngāti Tuara on TPT. This year Tia Smith has also been attending TPT meetings as an Observer. The TPT Treaty settlement was made up primarily of: • Commercial redress: The transfer of Crown forest land to be returned to iwi in 2044. Until then the forests are managed by the Central North Islands Iwi Collective (CNI). • Financial redress: A total of $38.6m paid to Te Arawa Group Holdings (TAGH) to be invested on behalf of 11 TPT affiliates. 2. Devolution and Equity Devolution is the process by which the TPT assets will be allocated in 2044 to the affiliates with proven manawhenua. Equity has been a major issue for TPT. Tūhourangi have been claiming for some time that there was inequity in the TPT settlement outcome and the distribution of settlement assets. They claim that matters such as population size, the number of hapū and marae, and the extent of land loss were not adequately taken into account. However, our view is that all TPT affiliates experienced substantial historical injustice, including land loss, economic deprivation, disruption to traditional authority and the erosion of cultural and social wellbeing. Reassessing the settlement now according to selected contemporary criteria is difficult to apply consistently and could create further claims of inequity among affiliates. To help resolve their claimed inequity, Tūhourangi proposed that the TPT dividend from the proposed CNI Forestry Right Extension be paid to Tūhourangi and Ngāti Pikiao. At the August 2026 TPT Board meeting, a majority of the TPT Board voted against the proposal. 3. Strategic Planning In July this year, TPT engaged Karl Wixon to lead a strategic review to help inform its strategic direction. The process included a review of existing material, one-on-one interviews with trustees and an online meeting with the TPT Board. Karl identified eight key themes. It has become clear that TPT is entering a new phase - preparing for the opportunities and responsibilities leading to 2044 and beyond. This will be an important focus for the new strategic plan. TE PŪMAUTANGA O TE ARAWA AND CNI Robyn Bargh 1. Te Arawa Group Holdings (TAGH) Te Arawa Group Holdings (TAGH) is the commercial arm of Te Pūmautanga o Te Arawa Trust with a vision is to build intergenerational wealth for the benefit of shareholders. The TAGH investments are a major investment for NKNT, worth $158m as noted in the 2025 TAGH Annual Report. Annual dividends are paid to TPT as the ‘A’ shareholder and to 10 TPT affiliates who have ‘B’ Class shares (Ngāti Tahu-Whaoa who withdrew their ‘B’ Class shares in 2021.) Standing Strong for the Future
26ANNUAL REPORT 2026 STAKEHOLDER UPDATES 1. The two main workstreams for CNI are: • CNI Land Management Ltd manages forests which are valued at over $400m; the annual distribution to iwi each year is about $24m of which TPT receives 15.6%. • Manawhenua: The process of agreeing which CNI iwi have manawhenua over the forests has been long and arduous. A decision was made by an adjudication panel in 2014 on 9 forests, but these decisions are still being debated in the High Court. Allocation of the remaining 14 forests is yet to be determined. Ngāti Kearoa Ngāti Tuara is one of four TPT affiliates with a claim to the forestry lands; our claim is to Horohoro CFL (Patetere South). Horohoro CFL has not yet been adjudicated via the CNI processes. TPT have agreed that any land returned via the CNI process goes back to the iwi with manawhenua in 2044. 2. CNI is involved in two challenges through the Courts. • Manawhenua: Te Rūnanga o Ngāti Manawa v CNI Iwi Holdings Limited is case is regarding manawhenua claims to 9 CFL’s in Kaingaroa Forest, adjudicated in 2014. The 2014 adjudication panel CENTRAL NORTH ISLAND IWI COLLECTIVE (CNI) recommended certain allocations of land by percentages. Ngāti Manawa challenged this decision in the High Court and then the Court of Appeal. Both Courts ruled against Ngāti Manawa. Ngāti Manawa have now sought leave to appeal to the Supreme Court. We are awaiting a decision on this. • Forestry Right Extension CNI has developed a commercial proposal with Kaingaroa Tipu, a Forestry Right Extension (FRE), which would provide additional, long-term benefits to CNI. Ngāti Manawa took a case to the High Court against the proposed FRE agreement arguing, among other things, that CNI did not have the authority to enter this agreement, and that this was not in the best interests of the iwi with manawhenua in the forests. Judge McQueen ruled against Ngāti Manawa and dismissed the case and awarded costs against Ngāti Manawa. Ngāti Manawa asked for Interim Relief from the High Court and Judge McQueen ruled against this. Ngāti Manawa are now going to the Court of Appeal. Te Pūmautanga o Te Arawa (TPT) is one of eight iwi who make up the Central North Island Iwi Collective (CNI) which was set up in 2008. The other CNI affiliates are: Ngāi Tūhoe, Ngāti Manawa, Ngāti Rangitihi, Tūwharetoa, Ngāti Whakaue, Ngāti Whare, and Raukawa. The Central North Island (CNI) iwi forest settlement allocates 176,000 hectares of Crown forest land and accumulated rentals to the eight iwi through CNI Land Management Ltd. Robyn Bargh is a Director on CNI Iwi Holdings Ltd, with Rangitihi Pene also representing TPT. CNI meetings are held quarterly.
27ANNUAL REPORT 2026 STAKEHOLDER UPDATES Whakapapa Committee members are: Robyn Bargh, Mihipeka Morehu, Tawhiri Morehu, Rapu Pou, Marie Clarke, Brook George, Hemi Waerea and Hakopa Pore. The whakapapa committee meets bi-monthly to review applications for NKNT registration and validate those that meet the criteria. The number of applications varies, more after hapū hui or whānau reunions, but there are generally about 10 new applications per month. Many are difficult to validate as applicants are sometimes not able to provide enough whakapapa information to enable the committee to make a decision. Some applications require further research, and, in the process, whakapapa committee members are learning more of our NKNT whakapapa and are building up our own knowledge base. It is great when we are able to help applicants reconnect with their whānau and whakapapa. YourIwi, the NKNT registration database, is maintained by the Rūnanga Administrator. As of 31 August 2026 the database had 1906 registered NKNT members. Although some of the information is out of date, we can get a snapshot of the hapū: • Ages: 570 members under 18 years; 1,053 over 18 years; 270 over 65 years. • Most registered members are living in New Zealand but there are 141 in Australia and others in Afghanistan, Netherlands, United Kingdom and United States. • In New Zealand, most members are living in Rotorua and the Bay of PLaenty but there are also members from Northland, Auckland, Hawkes Bay, Taranaki, Manawatu, Waikato, Wellington, Canterbury, North Otago and the West Coast. It is important that you keep your contact information, e.g., email address and phone number, up to date so you can receive Ngāti Kearoa Ngāti Tuara pānui, details of wānanga and hui and other important hapū information. To update your information, log in to Your Iwi: https://youriwi.com/login. Currently, we have many members with out-of-date contact information. If you want to be informed about our hapū activities, please get these details up to date so we can keep in touch. If you can’t remember your login details you can contact Tania at the Rūnanga office admin@ngatikeangatituara.com. Finally, I’d like to thank our administrators: Marie Clarke who worked hard to get our data up to date and improve our processes, and Tania Kiel who has continued this work. Ngā mihi nui ki a kōrua. And thanks to our whakapapa committee members who willingly share their knowledge, expertise and enthusiasm for this kaupapa. Ka nui ngā mihi ki a koutou. WHAKAPAPA COMMITTEE Robyn Bargh
28ANNUAL REPORT 2026 STAKEHOLDER UPDATES Plan Change 1 (PC1) has also required considerable attention. Government proposals have included delaying implementation until 2032 and changes that could weaken some of the mechanisms intended to improve water quality. River iwi continue to strongly oppose changes that undermine Te Ture Whaimana or the integrity of our settlement arrangements. Keeping Iwi at the Table TARIT continues to work through Joint Management Agreements with councils connected to the Waikato River. A significant achievement during the year was the review, negotiation and signing of the revised Joint Management Agreement with Waikato Regional Council. Local government and water services are also undergoing major reform. TARIT has remained involved in these discussions to ensure iwi are not left on the sidelines and that Treaty settlements, Te Ture Whaimana, mana awa and iwi representation are protected regardless of what new council or water structures emerge. Engagement with the Crown has at times been frustrating. A planned Ministerial Forum had to be postponed when Ministers were unavailable, despite the importance of the issues facing River iwi. TARIT continues to seek meaningful Crown engagement and accountability for the commitments made through our settlement. Te Arawa River Iwi Trust (TARIT) represents Ngāti Kearoa Ngāti Tuara, Ngāti Tahu Ngāti Whaoa and Tūhourangi Ngāti Wāhiao in relation to the Upper Waikato River. TARIT was established following the Waikato River settlement, with a central purpose of asserting mana awa and working collectively to restore and protect the health and wellbeing of the Waikato River, its tributaries and surrounding environment. Standing strong for Te Ture Whaimana Protecting Te Ture Whaimana and our River Settlement This has been one of the most important issues facing TARIT over the past year. Significant Government reforms to the Resource Management Act and freshwater management have created concern about the potential weakening of protections secured through the Waikato River Settlement. TARIT has worked alongside the other River iwi to strongly advocate for Te Ture Whaimana – the Vision and Strategy for the Waikato River – to remain recognised and protected within the new legislation. Earlier in the year its position within the reforms was uncertain, so the more recent recognition by the Crown that Te Ture Whaimana needs to be included, using wording proposed by River iwi, is an important development. TE ARAWA RIVER IWI TRUST Jenny Kaka-Scott & Danielle Marks Our Awa, Our Mana, Our Future
29ANNUAL REPORT 2026 STAKEHOLDER UPDATES Financial Strength and Independence TARIT remains in a strong overall financial position. Through prudent financial management, careful spending and investment over many years, TARIT has built a solid asset and investment base, supported by TARIT Holdings and its investments. The regular Crown funding that previously supported TARIT’s operations has now ceased. While TARIT continues to receive some Waikato River Authority and contestable funding for specific kaupapa, it must now fund its core operations from its own resources. Careful management of its investments and assets is therefore increasingly important – generating the income needed to operate while protecting and growing the asset base for future generations. Looking Ahead The past year has reinforced just how important our River Settlement remains. The political, planning and local government systems around it may change, but our responsibility to protect Te Ture Whaimana, uphold mana awa and restore the Waikato River for future generations does not. For Ngāti Kearoa Ngāti Tuara, our role as TARIT trustees is to ensure our iwi remains informed, represented and actively involved wherever decisions may affect our settlement interests and our relationship with the awa. Protecting and understanding the Awa Environmental work has continued alongside the policy and advocacy mahi. TARIT has maintained pressure on agencies over the invasive Golden Clam (Corbicula fluminea) and has worked with MPI, industry and Ministers to strengthen the response and prevent its further spread. The Te Mana o Te Wai kaupapa has also brought together mātauranga Māori and practical monitoring of our waterways. Affiliate wānanga were held, a TARIT-specific maramataka was developed to support monitoring, and freshwater policies were developed that can be applied across different awa. Agriculture emerged as the most consistent pressure identified through the monitoring. Another highlight was Tira Hoe, providing an opportunity to experience the Waikato River directly. Travelling the awa makes the changing state of the river very visible – from its upper reaches through to Te Pūaha o Waikato, where the cumulative impacts on water quality become increasingly apparent. Strengthening TARIT Alongside the external challenges, TARIT has also been looking inward. Trustees completed a Board evaluation, governance and representative appointment processes are being strengthened, and work is underway to improve financial reporting and TARIT’s longer-term financial sustainability. Given the scale of change occurring around us, the Board has agreed to hold a strategic planning wānanga following the November local government elections to take stock and determine TARIT’s priorities and longer-term direction.
30ANNUAL REPORT 2026 STAKEHOLDER UPDATES Ngā kura-ā-iwi Matariki taonga tākaro introduction: 400 participant engagements. A new/ contemporary traditional Māori game “Matariki” created by Tukiterangi Curtis. Tākaro Hirahira, Kura Play Week 2025: 400 participant engagements. Tūwharetoa ki Kawerau tūpuna games wānanga workshop: 70 participant engagements. Toi Ohomai Traditional Māori Games Wānanga: 45 participant engagements. The Te Arawa Marae to Marae Relay is also listed, but no participant or delivery information is recorded against that activity. It has therefore not been included in the participation total. Across all activities recorded participation at 915 participants. These include 40% wāhine, 60% tāne. The age information records: (not including TAMTM26) • 340 tamariki • 224 rangatahi • 223 matua • 88 pakeke • 10 kaumātua • 30 participant engagements where age was not recorded The quantitative evidence contains five activity records for Te Papa Tākaro o Te Arawa. Four of these records include participant information: Te Arawa Marae to Marae Relay: 43 Total Te Arawa Marae Teams registered, at a minimum of 25 registered participants per team (Approx 1,200 registered participants), many unregistered participants, and many more spectators & support whānau. Close to 400 kōeke throughout all stages. Key feedback points: • Annual calendar event for Te Arawa Iwi • Sharpen up competition category details • Grow event to at least 50 teams • Possible consideration to corporate & invitation to other iwi Marae teams. • Direct Marae/ Te Arawa entity financial investment • TAMTM27 has been confirmed, with a twist, taking it backwards to the first 10years of the marathon. Mātātoa 2026 (Māori CrossFit Competition): Events Managed by Whatanui and Matangiroa Flavell (Ngāti Rangiwewehi), and based in Kirikiriroa, TPTOTA has been training 30+ Male/ Female team pairs in preparation for the competition on 10-11 October. In conjunction with this programme, we have our very own Te Arawa CrossFit champion, Hikooterangi Curtis returning home to compete, and also host a CrossFit specific wānanga to prep our athletes and provide a professional athlete’s POV of life as a professional CrossFit athlete. Celebrating Our People, Growing Our Potential TE PAPA TĀKARO O TE ARAWA Atawhai Gillies
31 ANNUAL REPORT 2026 Financial repoRt Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust For the year ended 31 March 2026 Prepared by Ake Chartered Accountants and Business Advisors
32 Contents 3 Independent Auditor's Report 5 Directory 6 Approval of Financial Report 7 Statement of Profit or Loss 10 Statement of Changes in Equity 11 Balance Sheet 13 Notes to the Financial Statements Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 2 of 18
33 INDEPENDENT AUDITOR’S REPORT To the Trustees of Te Runanga o Ngati Kea Ngati Tuara Trust – 2026 Audit Reporting Entity The reporting entity is Te Runanga o Ngati Kea Ngati Tuara Trust and the financial statements have been prepared and audited in accordance with the Trust Deed. Opinion We have audited the financial statements of Te Runanga o Ngati Kea Ngati Tuara Trust (the Trust) on pages 7 to 18, which comprise the balance sheet as at 31 March 2026, the statement of profit or loss, statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the Trust for the year ended 31 March 2026 are prepared, in all material respects, in accordance with Special Purpose Financial Reporting Framework for For-Profit Entities (SPFR-FPE), issued by Chartered Accountants Australia & New Zealand. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). Our responsibilities under those standards are further described below in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Trust in accordance with Professional and Ethical Standard 1 (Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor we have no relationship with, or interest in, the Trust. Other Matter – Basis of Preparation We draw attention to Note 2 page 13 of the financial statements, which describes the basis of preparation. The financial statements have been prepared for the Trusts owners and taxation purposes and as a result, may not be suitable for another purpose by any other third party. Restriction on Responsibility This report is made solely to the Trustees & Owners, as a body, in accordance with the Trust Deed. Our audit work has been undertaken so that we might state to the Trustee & Owners those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustees & Owners as a body, for our audit work, for this report, or for the opinions we have formed. Responsibilities of the Trustees for the Financial Statements The Trustees are responsible on behalf of the Trust for determining that the SPFR-FPE Framework adopted is acceptable in the Trust's circumstances, for the preparation of the financial statements in accordance with the SPFR-FPE financial reporting framework and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 3
34 Responsibilities of the Trustees for the Financial Statements - continued In preparing the financial statements, the Trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional scepticism throughout the audit. A further description of the auditor’s responsibilities for the audit of the financial statements is located at the XRB’s website at https://www.xrb.govt.nz/standards-for-assurance-practitioner’s/ auditors-responsibilities/audit-report-8/. Fred Cookson is the engagement partner. Other Regulatory Matter – Deed of Trust Compliance The Runanga special purpose financial statements have been prepared and audited in accordance with clause 17.3 and 17.4 of the Deed of Trust. In doing so, the Trustees have adopted the Special Purpose Financial Reporting – For-Profit-Entities framework mandated by Chartered Accountants Australia New Zealand. Cookson Forbes & Associates Ltd Chartered Accountants 96 Waioweka Road OPOTIKI, New Zealand 28th August 2026 4
35 Directory Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust For the year ended 31 March 2026 Nature of Business Administration of Ngāti Kearoa Ngāti Tuara Assets Address Unit 1 28 Tarewa Road Rotorua 3010 Date of Formation 01 March 2007 IRD Number 103-376-092 Trustees Mary Corbett (Chair) Jenny Kaka- Scott Jo McNaughton Robyn R Bargh Raiha Ratapu Hemi Waerea Daniele Marks Tia Smith Chartered Accountant Ake Chartered Accountants & Business Advisors Level 1 88 The Strand Whakatāne www.akeaccounting.co.nz Bankers BNZ Bank Solicitors JB Morrison 1137 Pukuatua St Rotorua 3010 Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 5 of 18
36 Approval of Financial Report Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust For the year ended 31 March 2026 The Trustees are pleased to present the approved financial report, including the historical financial statements of Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust for the year ended 31 March 2026. APPROVED For and on behalf of the Trustees. Trustee Date: 28 August 2026 Trustee Date: 28 August 2026 Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 6 of 18
37 Statement of Profit or Loss Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust For the year ended 31 March 2026 NOTES 2026 2025 Income Admin Fee Income 8,400 - Consent Advisory 6,675 - Contract Receipts 65,543 108,672 Koha/Donations Received - 900 Rent & Shared Services Received - 2,880 Service Agreement - Karamu Takina Trust 33,600 - Sundry Income 7,439 - TARIT Funding 30,000 - Wages & Mileage Reimbursements Received 4,457 48,832 Waka Income 500 2,200 Total Income 156,615 163,484 Investment Income Craigs - Dividends 24,086 13,825 Craigs - Overseas Income 14,605 6,825 Change in Fair Value of Investment Portfolio Assets - 8,000 Foreign Exchange Gains/(Losses) 396 (1,601) Gain (Loss) on Sale of Investments 60,578 5,823 Interest Income 57,053 87,481 Te Arawa Group Holdings Ltd – Dividend Received 463,030 396,364 Non-Assessable Income 11,280 5,425 PIE Income 10,715 13,979 Rebates 609 2,012 Total Investment Income 642,353 538,133 Total Income 798,968 701,617 Expenses Project Costs Catering Expenses - Projects 2,078 616 Hireage - Plant & Equipment 357 222 Hireage - Venue - 937 Mileage - 1,038 Native Plant Purchases - 29,006 Project Management 32,730 - Repairs & Maintenance 30 30 Resource Development 935 - Subcontractors 109,343 75,958 Wages & Salaries - Environmental - 68,312 Total Project Costs 145,473 176,119 The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 7 of 18
38 Statement of Profit or Loss NOTES 2026 2025 Administration Accident Compensation Levy 4,072 10,566 Accountancy Fees 36,002 29,130 Advertising 1,403 520 AGM Hui 4,232 6,943 Audit Fees 12,765 19,720 Board Resources - Subscriptions 2,145 2,145 Catering Expenses - BOT & Other Hui 1,661 2,691 Cleaning & Laundry 294 317 Contingency 7,500 - Computer Expenses 662 1,095 Consultancy 6,000 39,365 Data Organisation & Transfer 3,000 - Electricity 922 865 Entertainment 426 - Event Fees 557 - Hapū Engagement 1,500 - Impairment Expense - 23,617 Koha 4,992 1,040 Lease Equipment 1,246 1,146 Legal Expenses 3,561 40,109 Licences & Registrations 765 1,510 Loss on Disposal of Investment 51,592 - Low Cost Assets 302 3,014 Micro Hydro Dam Expenses 2,484 - Mileage Reimbursement 1,016 31 Office Expenses 1,670 198 Personnel (Advisor/Contract Fees) 37,500 - Portfolio Management Fees 20,591 19,275 Printing, Stationery & Postage 1,423 1,259 Professional Development 1,668 - Protective Clothing & Safety 187 - Security 319 198 Software Support 41,600 743 Staff Expenses 1,223 7,193 Subscriptions 22,430 14,060 Telephone, Tolls & Internet 2,086 4,210 Training & Support 9,361 1,007 Travel and Accommodation 407 - Trustee Fees 5,703 84,250 Wages & Salaries 226,586 218,740 Website Hosting & Maintenance - 2,780 Total Administration 521,852 537,735 The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 8 of 18
39 Statement of Profit or Loss NOTES 2026 2025 Finance & Standing Charges Bank Charges 46 125 Insurance 24,950 13,105 Interest Expenses 4 4,778 Rent 13,000 13,000 Total Finance & Standing Charges 37,999 31,008 Total Expenses 705,324 744,862 Net Operating Profit/(Loss) before Depreciation Depreciation 93,644 (43,245) Depreciation 6,052 6,328 Net Operating Profit/(Loss) before Tax Taxation 87,592 (49,573) Income Tax Expense 12,670 5,964 Net Profit/(Loss) for the Year 74,923 (55,537) The accompanying notes and audit report form part of and should be read in conjunction with these financial statements.
40 Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 9 of 18 Statement of Changes in Equity Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust For the year ended 31 March 2026 NOTES 2026 2025 Trust Capital Opening Balance 1,145,030 1,145,030 Retained Earnings Opening Balance 2,201,863 2,257,401 Net Profit/(Loss) after Taxation 74,923 (55,537) Total Retained Earnings 2,276,786 2,201,863 Investment Revaluation Reserve Opening Balance 11,063,822 721,487 Movement in Reserves Financial Instruments Gain 7 44,261 24,726 Te Arawa Group Holdings Ltd Gain 7 668,046 10,317,609 Total Investment Revaluation Reserve 11,776,129 11,063,822 Total Trust Capital 15,197,945 14,410,715 The accompanying notes and audit report form part of and should be read in conjunction with these financial statements.
41 Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 10 of 18 Balance Sheet Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust As at 31 March 2026 NOTES 31 MAR 2026 31 MAR 2025 Assets Current Assets Cash and Bank Advice First Cash Account - 16,730 BNZ 00 Account 284,917 274,305 BNZ 01 Eftpos Account 1,263 1,799 BNZ 67 Savings Account 243,290 340,139 BNZ Koha & Tangi Account 5,000 - Craigs AUD Call Account 5,868 1,691 Craigs GBP Call Account 2,960 240 Craigs NZD Call Account 208,655 103,236 Craigs USD Call Account 4,037 559 Total Cash and Bank 755,990 738,699 Trade and Other Receivables 93,938 500 Prepayments 12,762 20,032 GST Receivable 10,547 2,127 Income Tax Receivable 3 89,465 86,868 Total Current Assets 962,703 848,225 Non-Current Assets Investments Advice First - 794,237 Craigs Investments Equity 7 3,200,201 2,392,689 Te Arawa Group Holdings Ltd - Investment 6 10,985,655 10,317,609 Investment - Karamu Takina Trust - 5 Total Investments 14,185,856 13,504,540 Property, Plant and Equipment 88,149 91,455 Total Non-Current Assets 14,274,005 13,595,994 Total Assets 15,236,708 14,444,220 Liabilities Current Liabilities Trade and Other Payables 15,144 17,129 Employee Entitlements 22,836 16,371 Settlors Loan - Karamu Takina Trust - 5 Other Current Liabilities 783 - Total Current Liabilities 38,763 33,505 Total Liabilities 38,763 33,505 Net Assets 15,197,945 14,410,715 The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 11 of 18
42 Balance Sheet NOTES 31 MAR 2026 31 MAR 2025 Equity Trustee Funds 12,921,159 12,208,852 Retained Earnings 2,276,786 2,201,863 Total Equity 15,197,945 14,410,715 Trustee Date: 28 August 2026 Trustee Date: 28 August 2026 The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 12 of 18
43 Notes to the Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust For the year ended 31 March 2026 1. Reporting Entity Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust is a Trust established and domiciled in New Zealand by Trust Order dated 01 March 2007. The Trust is classified as an Ahu Whenua Trust as defined in Section 215 of Te Ture Whenua Māori Act 1993. The financial statements have been prepared for the sole use of the Trustees & Owners and for Taxation purposes. 2. Statement of Accounting Policies Basis of Preparation These financial statements have been prepared in accordance with taxation principles contained in the Income Tax Act 2007. Some aspects of the Special Purpose Framework for use by For-Profit Entities (SPFR for FPEs) published by Chartered Accountants Australia and New Zealand have also been applied. These financial statements are audited in accordance with Clause 7B(i) of the Trust Order. Historical Cost These financial statements have been prepared on a historical cost basis. The financial statements are presented in New Zealand dollars (NZ$) and all values are rounded to the nearest NZ$, except when otherwise indicated. Changes in Accounting Policies There have been no changes in accounting policies. Policies have been applied on a consistent basis with those of the previous reporting period. Investments Equity investments are recognised at their cost which is also their net realisable value, with the exception of investments in share portfolios which are stated at their market value. These investments are subsequently recorded at market value. The Trust has elected to adopt NZ IAS 39 accounting for financial instruments. Changes in market value are accounted for through the statement of Profit or Loss. Unlisted equity investments without an active market are measured at fair value based on the investee's audited net asset value, where this provides the most reliable estimate. Revenue Recognition Revenue is measured at the fair value of the consideration received or receivable for the sale of goods and services, excluding goods and services tax rebates and discounts, to the extent it is probable that the economic benefits will flow to the entity and revenue can be reliably measured. Sales of services are recognised in the period by reference to the stage of completion of the transaction at the end of the reporting period. Interest received is recognised as interest accrues, gross of refundable tax credits received. Dividends received are recognised on receipt, net of non-refundable tax credits. Grant revenue is recognised when the conditions attached to the grant have been complied with. Where there are unfulfilled conditions attaching to the grant, the amount relating to the unfulfilled condition is recognised as a liability and released to income as conditions are fulfilled. The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 13 of 18 Notes to the Financial Statements
44 Property, Plant and Equipment Property, plant and equipment is stated at historical cost less any accumulated depreciation and impairment losses. Historical cost includes expenditure directly attributable to the acquisition of assets, and includes the cost of replacements that are eligible for capitalisation when these are incurred. An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised. Depreciation Account Method Rate Land No Depreciation 0% Office Furniture & Equipment Diminishing Value (100%) 16% - 50% Plant & Equipment Diminishing Value (100%) 10% - 100% Plant & Equipment Straight Line (100%) 67% Resource Assets Diminishing Value (100%) 0% - 50% Resource Assets Straight Line (100%) 100% Impairment of Non-Financial Assets At each balance date, non-financial assets are classified into four categories: assets measured at fair value; assets currently available that the trust intends to use to the end of its useful life; assets intended to be sold prior to the end of their useful life; and assets damaged or idle at balance date. Assets measured at fair value, or assets the trust intends to use to the end of their useful life are not reviewed for impairment at balance date. Assets intended to be sold prior to the end of their useful life, or assets damaged or idle at balance date are reviewed to determine if any indicators of impairment exist. If indicators exist the asset is tested for impairment to ensure that the carrying amount of the asset is recoverable. If the recoverable amount of an asset is determined to exceed its carrying amount then the resulting difference is recognised as an impairment loss in profit or loss for that period. Financial Instruments A Financial Instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument in another entity. Non-derivative financial instruments Non-derivative financial instruments comprise investments in equity securities accounted for as fair value through profit or loss (FVPL), trade receivables, cash and cash equivalents, short term borrowings and trade payables. Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through Statement of Profit or Loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments are measured at amortised cost using the effective interest method. Interest expenses are recognised in Statement of Profit or Loss. The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 14 of 18 Notes to the Financial Statements
45 Cash and Cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Trust's cash management are included as a component of cash and cash equivalents. Instruments at Fair Value through Profit or Loss The Trust's investments in equity securities are classified as fair value through Profit or Loss. Subsequent to initial recognition they are measured at fair value by reference to published price quotations and changes therein, other than impairment losses, are recognised directly in profit or loss. The Trust has elected to adopt NZ IAS 39 accounting for Financial Instruments. Changes in market values are accounted for through the Statement of Profit or Loss. Māori Land and Freehold Status The Trust's land is classified as Māori Freehold Land as per Te Ture Whenua Act 1993 and as such there is a restriction on the sale or disposal of the corpus land. Income Tax Income tax is accounted for using the taxes payable method. The income tax expense in profit or loss represents the estimated current obligation payable to Inland Revenue in respect of each reporting period after adjusting for any variances between estimated and actual income tax payable in the prior reporting period. Goods and Services Tax All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST. The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 15 of 18 Notes to the Financial Statements
46 2026 2025 3. Income Tax Expense Net Profit (Loss) Before Taxation 87,592 (49,573) Adjustments for Timing Differences Closing Adjustments Annual Leave Accrual 16,245 11,097 Total Closing Adjustments Opening Adjustments 16,245 11,097 Annual Leave Accrual (11,097) 28,039 Total Opening Adjustments (11,097) 28,039 Total Adjustments for Timing Differences 5,148 39,136 Adjustments for Permanent Differences Non-Deductible Expenditure FDR Movement 45,730 37,721 Entertainment 228 - Investment Revaluations and Gains (60,578) (13,823) Investment Impairment - 23,617 Non-Deductible Expenses 7,838 5,011 Total Non-Deductible Expenditure (6,781) 52,525 Non-Assessable Income Non-Assessable Income (11,280) (5,425) Unlisted PIE Income (3,064) (2,581) Total Non-Assessable Income (14,344) (8,006) Total Adjustments for Permanent Differences (21,125) 44,520 Taxable Profit (Loss) 71,615 34,083 Tax Payable at 17.5% 12,533 5,964 Deductions from Tax Payable Opening Balance 86,868 632 Māori Authority Credits Received 81,030 69,364 Other Tax Credits 606 491 RWT Paid 14,879 19,206 Imputation credits on dividends received 5,620 3,772 Income Tax Paid / (Refund) (86,868) (632) Total Deductions from Tax Payable 102,134 92,832 Income Tax Payable (Refund Due) (89,602) (86,868) The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 16 of 18
47 Notes to the Financial Statements 2026 2025 4. Māori Authority Credit Account Opening Balance Add 592,534 500,825 ICA / Māori Authority Credit 86,650 73,135 RWT Paid 14,879 19,206 Total Add Less 101,529 92,341 Income Tax Refunds 86,868 632 Total Less 86,868 632 Total Māori Authority Credit Account 607,195 592,534 2026 2025 5. Related Parties Te Runanga O Ngati Kea Ngati Tuara Trust and Te Paiaka Lands Trust are settlors and beneficiaries of Karamu Takina Trust. The Runanga paid a settlement sum on establishment. 5 5 Wage reimbursements from Horohoro Native Tree Nursery Partnership - 6,117 Plant Purchases (at market value) from Horohoro Native Tree Nursery Partnership - 29,006 Planting costs charged (at market value) by Horohoro Native Tree Nursery Partnership - 29,878 Wage and mileage reimbursements from Te Runanga o Ngati Kea Ngati Tuara Charitable Trust - 75,040 Share of office expenses received from Te Paiaka Lands Trust. - 2,880 Share of other expenses received from Te Paiaka Lands Trust. 52,108 225 Grant milestones received from Te Arawa River Iwi Trust. M Corbett (Trustee) and P Marks (Trustee) are 31,403 77,698 Trustees on this Trust. - Venue hire paid to Kearoa Marae Committee. R Ratapa (Trustee) and H Waerea (Trustee) are Committee Members. 937 Insurance paid on behalf of Keaora Marae Committee. R Ratapa (Trustee) and H Waerea (Trustee) are Committee Member 18,048 6,325 Total Related Parties 101,564 228,111 6. Te Arawa Group Holdings Limited The Trust holds 9 Class B shares in Te Arawa Group Holdings Limited (TAGH), representing approximately 9.89% of the company. These shares were received by the Trust as part of the settlement agreement with Te Pumautanga o Te Arawa Trust (TPT). TPT holds 1 Class A share. The Trust was not permitted to sell its shares until after June 2021. Further restrictions on the transfer of shares have been agreed to in the shareholders agreement dated 27 March 2023. As at 30 June 2025, Te Arawa Group Holdings Limited’s audited net assets were $158,663,448 (2025: $149,032,125). On this basis, the fair value of the Trust's shareholding is $15,693,793 (2025: $14,739,441) prior to impairment as set out below. Historically, this investment was disclosed only in the notes to the financial statements and not recognised on the balance sheet due to uncertainty over valuation methodology. During the current year, the Trustees determined that a net asset value approach, based on audited financial statements of TAGH, provides a supportable basis for measurement. The investment is recognised at fair value and, given reliance on unobservable inputs (investee NAV), classified as Level 3 (consistent with NZ IFRS 13 fair-value hierarchy). TAGH dividends received during the year totalled $463,030 (2025: $396,364). Impairment of TAGH Shares The net equity value has been impairment assessed and allowance has been made with regard to the share transfer restrictions including the further moratorium on the transfer of shares until 1/7/2033 and the pre-emptive rights condition. Further, the payment of the annual dividend is at the discretion of the TAGH directors based on company performance from year to year. The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 17 of 18
48 Notes to the Financial Statements 7. Financial Instruments 2026 Cost Fair Value Cash at Bank $755,990 - Trade and Other Receivables $93,938 - Craigs Investment Portfolio - $3,200,201 Advice First Portfolio - $Nil Te Arawa Group Holdings - $10,985,655 Closing Balance $849,928 $14,185,856 2025 Cost Fair Value Cash at Bank $738,699 - Trade and Other Receivables $500 - Craigs Investment Portfolio - $2,392,689 Advice First Investment Portfolio - $794,237 Te Arawa Group Holdings - $10,317,609 Closing Balance $739,199 $13,504,535 The Craigs Investment Portfolio and the Advice First Investment Portfolio are valued at current market values, based on listed equities on the stock exchange. The current market value is considered to be the fair value. Fair value hierarchy: Level 1 - listed investment portfolios; Level 3 - TAGH (NAV-based). 8. Capital Commitments Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust has no capital commitments as at 31 March 2026 (Last Year: Nil). 9. Contingent Liabilities Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust has no contingent liabilities as at 31 March 2026 (Last Year: Nil). 10. Events Occurring After Balance Date No significant events have occurred after the balance date (Last Year: Nil). The accompanying notes and audit report form part of and should be read in conjunction with these financial statements. Special Purpose Financial Statements Te Rūnanga o Ngāti Kearoa Ngāti Tuara Trust Page 18 of 18
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51 Investment Update ANNUAL REPORT 2026 Kia ora koutou, I am pleased to report on the performance of the portfolio for the financial year. Circumstances and Suitability Review During the year we reviewed the Trust’s investment needs and risk profile, and our advice was that a moderate risk, balanced portfolio is most appropriate. Trustees accepted this advice, and this was documented in the investment policy statement. The balanced portfolio evenly balances the need for security and income, with the need for growth. In today’s economic climate, growth assets remain critical to ensure the putea keeps up with inflation. Asset Allocation at balance date 31/03/26
52 Investment Update ANNUAL REPORT 2026
53 Investment Update ANNUAL REPORT 2026 Portfolio Management The portfolio received a contribution of $816,625 in August 2025, and this was invested in a diversified range of income and growth assets. The growth assets are held via direct shares, and funds. The portfolio has benefited from a slightly overweight position to international equities. Our strategy is to continue with this as global economies are outperforming NZ/Australia. Restrictions on investing directly in mining, armaments and gambling apply, and you do not have direct shareholding in these industries. Fund investments are not subject to these restrictions, as we cannot determine the investments held by fund managers. Performance for the year ended 31/03/26 Opening Balance 31/03/25 $2,491,635 Net Contributions $756,075 Total Gains before fees and tax $207,834 Closing Balance 31/03/26 $3,412,385 Total rate of return 6.96% Since balance date 01/04/26 – 06/09/26 Closing Balance as at 06/09/26 $3,724,478 Total Gains before fees and tax $332,058 Total rate of return for the period (approx. 5 months) 9.74% We are pleased with this improving performance of the portfolio, as more of the putea is directed to higher growth sectors and economies. The strongest growth has come from technology and semiconductor investments. Our recommendation is to continue to diversify globally, and we are increasing holdings in more value orientated investments (eg health and industrial companies), this being funded by taking some of the gains from the technology assets held. We continue to monitor and manage the portfolio to grow the putea without taking unnecessary risk, and we are exceeding the long term expected returns of 5.2%-6.2% pa, from this type of portfolio. Nga mihi Tom Davies Craigs Investment Partners
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59 I have attended the regular Ngāti Kea Ngāti Tuara entity Chairs hui where we are working to coordinate strategically our activities across Ngāti Kea Ngāti Tuara. As we work through that process, we can then determine the most appropriate activities for the charitable trust, moving forward. With a "soft" economic outlook and a reduction in government funding across many of the sectors we operate within, accessing putea through public funding is becoming increasingly difficult and we expect that to continue for the foreseeable future. He uri o Hinegarwari, tena koutou katoa. Firstly, my apologies for not being able to attend the AGM in person, I am away for the weekend in Te Whanganui a Tara and am unable to change that commitment. For the Charitable trust the last year has been a year of stabilisation and consolidation. As noted at the last AGM, with the ending of our taiao contracts the charitable trust has moved into "hibernation" mode to minimise expenditure whilst we work alongside the other Ngāti Kea Ngāti Tuara entities to position ourselves for the future.
60 Regarding our financial position you will see in the AGM pack our 31 March 2026 financial year end report from Ake Chartered Accountants which confirm we are in a sound financial position and have a clear audit report from Cookson Forbes, with net assets of $352,142, $230,131 in investments and $46,195 cash available at year end. Obviously in response to reduced income, we have reduced operating costs but did post a $24, 867 deficit for the year. This included some of the final costs as we reduced our previous operations and activities. We intend to further reduce our expenditure however until further income can be secured, we are likely to operate in a deficit position, using our reserves. Having said that we have of course continued to administer the education grants granting 11 grants totaling $9 900 in the last financial year. Work to widen the scope of our education grants to include potential trade training etc is linked to our strategic "reset" alongside the other Ngāti Kea Ngāti Tuara entities as we will need to work out how to increase our future funding opportunities if we are to increase our education grant activity. I would like to thank my fellow trustees for their perseverance and ongoing commitment to the charitable trust, as we reposition ourselves for the future. Mauri ora, Eugene Berryman-Kamp - NMCT Chair
61 Te Rūnanga o Ngāti Kearoa Ngāti Tuara Charitable Trust AGM Minutes of the Annual General Meeting Held at Kearoa Marae on Saturday, 18 October 2025 at 12:04 PM. Chair: Eugene Berryman-Kamp 1. Opening The Chair opened the hui, acknowledging the Rūnanga trustees and whānau present. 2. Confirmation of Previous Minutes Resolution: That the minutes of the AGM held 30 November 2024 be taken as read and accepted. Moved: Trish Young | Seconded: Bill Young | Carried. 3. Chairperson’s Report The Chair presented the Charitable Trust’s annual report, outlining key achievements for the year: • Ongoing management of the Education Grant Programme ($9,000 distributed). • Successful transition of the Predator Free Horohoro project to Paiaka Trust, ensuring continuity of outcomes. The review of the fixed assets and disposal of unused equipment is ongoing following auditor recommendations. • Commitment to the upcoming Chair-to-Chair hui to clarify entity roles and strengthen governance efficiency. Pātai: Buch Tuoro asked whether the assets associated with the Predator Free Horohoro project were to be gifted to Paiaka Trust. • The Chair responded that, based on the auditor’s advice, assets should be sold at a reasonable market value rather than gifted, as appropriate disposal is a fiduciary responsibility of the Charitable Trust. Resolution: That the board accept the Chair’s Annual Report as presented. Moved: Maria Bargh | Seconded: Mary Corbett | Carried
62 Financial Report The audited financial statements were tabled. Key Points • Positive cash position maintained at approximately $58,000. • Reduction in operating costs following project transitions. • No material audit adjustments identified. Resolution: That the Financial Report be taken as read and accepted. Moved: Tracy Narby | Seconded: Taina Berryman | Carried. 4. Education Grants Discussion • Next round of Education grants is scheduled for March 2026. • Robyn Bargh reminded attendees that the fund is supported by Advice First investment returns and encouraged members to consider donations to sustain and expand it. • A proposal was raised to introduce a “return-to-hapū” clause requiring grant recipients to contribute back to the hapū, encompassing both youth and adult participants. • Further discussion included ideas for succession planning and rangatahi wānanga development to foster leadership and cultural connection. The Chair acknowledged the value of these suggestions and confirmed they will be considered for future implementation. Resolution: That the update on the Education Grants be accepted as presented. Moved: Robyn Bargh | Seconded: Trish Young | Carried. 5. Closing of the Charitable Trust AGM The Chair thanked all attendees for their participation. The hui closed with Karakia Whakamutunga at 12:33pm.
63 ACTION SCHEDULE Te Rūnanga o Ngāti Kearoa Ngāti Tuara Charitable Trust Date Action Owner Status 18 Oct 2025 Confirm disposal process for Predator Free Horohoro assets in line with auditor recommendations CT Board Pending 18 Oct 2025 Attend Chair-to-Chair hui to clarify entity roles and strengthen governance alignment. CT & Rūnanga Chairs In Progress 18 Oct 2025 Develop and incorporate a “return-to-hapū” clause within education grant criteria CT Board Pending 18 Oct 2025 Plan and promote the next Education Grant round scheduled for March 2026. CT Board / Admin Support Upcoming
64 ANNUAL REPORT 2026 Financial report
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