PŪRONGO Ā-TAU Annual Report

2019-2020

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 1 Waitaraiti kei raro, Mangaehu kei runga, Tatū ki te raki, Te Ihuwaka ki te tonga.

Ko ngā awa honohono i ēnei tongi, Ko Taramoukou, Manganui, Pātea ki te hauāuru. Tāngahoe ki uta, Whanganui, Tāngarākau, Heao ki te rāwhiti.

Ko te tupuna tuitui ko Waewaeroa. Kei roto i ēnei huahanga ngā whenua, ngā awa, ngā wairere, ngā puke teitei. Ngā kōiwi o ngā tūpuna, me ngā tāonga katoa o Ngāti Maruwharanui. HAUMI E, HUI E, TĀIKI E !!!

Located within the natural flora and fauna of Tarata, adjacent to the shimmering hue of the Waitara River, is a marae local and Hapū call Te Upoko o te Whenua.

Akin to the Ngāti Maru Iwi, the marae has over a generation become the foundation of many whānau, most of whom have partaken in the development of what it stands for today, “a place they can call home”. CONTENTS

4 Chair’s Report Te Rūnanga o Ngāti Maru () Trust

6 General Manager’s Report Te Rūnanga o Ngāti Maru (Taranaki) Trust

8 Chair’s Report Te Kāhui Maru

10 General Manager’s Report Te Kāhui Maru

12 Notice of 2020 Annual General Meetings

13 AGM 2019 Minutes

14 Te Kāhui Maru LP

17 Group Structure

18 Trustees

21 Key Highlights

22 Annual Plan

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 3 CHAIR’S REPORT Te Rūnanga o Ngāti Maru (Taranaki) Trust

I am pleased to present my Chair’s were in favour of us signing the Deed. confiscation and other policies leaving Report for Te Rūnanga o Ngāti Maru That’s a great result, thank you for your Ngāti Maru effectively landless. What (Taranaki) Trust for the year-ending 31 support! follows, down through the decades, March 2020. is numerous and repeated attempts Ngāti Maru has long fought for justice as from our tūpuna to seek justice. This We continue our journey toward a result of Crown breaches of the Treaty. culminated in the 1989 and 2002 settlement with uri voting The page-long list of our ancestors who Waitangi Tribunal claims and in 2016, overwhelmingly in October 2020 to petitioned the Crown is testament to the Rūnanga picked up the baton to support the signing of our Deed of that fact. As early as 1891 our tūpuna Te negotiate the claim on behalf of Ngāti Settlement. From the almost 48% of Kere Ngātaierua lodged our first petition Maru. registered uri who voted, 92% said they to Parliament over the impacts of Crown

4 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 92% agreed to sign the Deed of Settlement

I want to take a moment to acknowledge hui and events over the last five years. keep our loved ones safe and thriving. It all those who went before us and who has been a very tough year, but I think This will possibly be the last Rūnanga paved the way for the progress the we’ve shown that we can be strong in Chair’s Report. This is because once the Rūnanga has been able to make today. the face of adversity. Ngāti Maru Settlement Legislation is E koro mā e kui mā, e ōku pāhake o passed into law in 2021, the Rūnanga Have a safe and enjoyable festive season Maru kua ngaro atu ki te pō – it is my will cease to exist. Te Kāhui Maru, the everyone, and I really look forward to humble wish that, through our actions new Post-Settlement Governance Entity re-connecting with our Maru whānau in as a Rūnanga, we have honoured your (PSGE), will at that point take on the 2021. legacy and achieved some degree of Rūnanga’s assets and liabilities. So, I’d justice in memory of your name. like to take this opportunity to say it has To those alive today – I acknowledge been a privilege to be of service to Ngāti present and past fellow trustees, the Maru in the capacity as your Rūnanga settlement negotiators and most Chair. importantly I acknowledge all of our Holden Hohaia Finally, I want to thank all our kaimahi whānau, who participated in the Chair and whānau within Ngāti Maru who work ratification vote and attended numerous Te Rūnanga o Ngāti Maru tirelessly in their many communities to (Taranaki) Trust

E koro mā e kui mā, e ōku pāhake o Maru kua ngaro atu ki te pō – it is my humble wish that, through our actions as a Rūnanga, we have honoured your legacy and achieved some degree of justice in memory of your name.

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 5 GENERAL MANAGER’S REPORT Te Rūnanga o Ngāti Maru (Taranaki) Trust

Tēnā koutou e te iwi o Ngāti Maru. The and be a representative body to carry refined and tested during our regular 2019 – 2020 year has been a busy one out negotiations with the Crown to wānanga held at our Marae, Te Upoko o for Te Rūnanga o Ngāti Maru Trust. The negotiate the Ngāti Maru Treaty of Te Whenua. significant portion of our time and effort Waitangi Settlement. Once that has been It was during these wānanga that feedback has been involved with the negotiations completed, it will be disestablished. Te was sought on the various aspects of the of our Treaty of Waitangi Settlement. Kāhui Maru will then assume the role as settlement package. From that feedback, Although the settlement has absorbed the representative body for Ngāti Maru. the negotiators were able to refine and much of our focus, we have managed to We expect this to take place in 2021. focus on key areas that were important carry out a range of other functions. TREATY OF WAITANGI SETTLEMENT to Ngāti Maru. I know that we did not get BACKGROUND everything we had hoped for. However, In August this year, the negotiations the settlement is comprehensive and The Rūnanga was established in 2009 team finalised an agreed package with reflects the hopes and desires of Ngāti as a representative body of Ngāti Maru the Crown for final settlement. The Maru as outlined to the negotiations team. (Taranaki). Members of the Ngāti Maru trustees and negotiators initialed this Wharanui (Pukehou) Trust and the Ngāti Deed of Settlement and in doing so were Finally, we brought it out to you, the uri Maru (Taranaki) Fisheries Trust were agreeing to take this back to our people of Ngāti Maru to seek your approval to appointed as the initial trustees. The to be ratified. The basis of this settlement move forward and finalise the settlement. Rūnanga is a Whenua Tōpu Trust, it was outlined during the aspirations hui The response was a resounding vote of was established to administer property held in 2016. The contents were later approval where 47.6% of you voted and

6 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 VISION Tihe i a Maru Ora – Behold the vitality of Ngāti Maru.

VALUES Maru Mua – Understanding and learning from our history and our experience. Maru Pae – Connection to place (our whenua, awa, marae, ngā wāhi tapu). Maru Roto – Strengthening Maru within. Ngāti Maru is healthy and flourishing physically, spiritually, emotionally and culturally. Maru Taha – Strengthening relationships and building connections. Maru Muri – Strengthening Maru’s future prosperity. The response (to signing the Deed of Settlement) was a resounding vote of Maru Tiketike – Reaching for the heavens approval where 47.6% of you voted and – innovation and outstanding achievement. 92.2% voted in favour of the settlement.

92.2% voted in favour of the settlement. whanaunga iwi. At times some of these an example of how powerful we can be This has sent a strong message to discussions were tense and not always when we are together and act as one. Trustees to keep moving forward and positive. However, we have managed to Ehara taku toa i te toa takitahi, engari he finish the settlement. navigate ways forward with each other toa takitini. and are currently in the process of re- We had hoped to finalise negotiations by REGISTER establishing links and connections based signing the Deed before the end of the on whakapapa and a shared interest to Our registered numbers continue year. Trustees had expressed a desire to see each iwi benefit and succeed. to increase as we move through this sign the Deed of Settlement at the marae. transitional period. Before the ratification Unfortunately, the marae is currently I have used the term ‘re-establishing’ to of the PSGE and the Agreement in being renovated so will be closed until describe what we are trying to achieve. Principle in 2018, the total registered early next year. This works well as it will That is because these relationships did membership was 2,419 children and give us plenty of time to plan the event exist at one time and have fallen out adults. This has grown significantly and and hopefully more of our uri will be able of existence over the last few decades. we now have a total membership of 2,932 to attend. We are now planning for this to This is a consequence of the Treaty of registered uri. This is a positive outcome take place in February 2021 Waitangi settlement process where iwi as it shows that we as an iwi continue to are required to differentiate themselves HOUSING grow in numbers and are attracting uri from their neighbours by claiming specific back to our base. During 2019 and 2020, Ngāti Maru rohe and mapping these which in turn acquired contracts to carry out excludes others. This is an antagonistic renovations and maintenance on houses practice that creates division and breaks in need of repair. This work is being down relationships. Now that Ngāti Maru carried out across Taranaki and involves is nearing its settlement the Trustees are houses of uri from all eight Iwi. wanting to rebuild those relationships and Anaru Marshall strengthen the whanaungatanga we share RELATIONSHIPS General Manager with our neighbours and relations. Te Rūnanga o Ngāti Maru During the settlement negotiations, we The experience of COVID-19 and the way (Taranaki) Trust were required to resolve matters of all eight iwi in Taranaki pulled together is shared interest with our neighbouring and

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 7 CHAIR’S REPORT Te Kāhui Maru

It is my pleasure to present the second the sole PSGE, replacing Te Rūnanga o Chair’s Report for Te Kāhui Maru. Ngāti Maru (Taranaki) Trust which will be disestablished. We expect this to take Since the establishment of Te Kāhui place sometime in late 2021. Maru in August 2018, we have focused our efforts on establishing our Te Kāhui Maru is still in its early days commercial board and putting sound however we will be reaching out to our processes and systems in place. This people over the next 12 months to seek work has helped to administer the input into developing the long-term settlement assets which have already strategies, vision and aspirations of Ngāti been returned to Ngāti Maru. These Maru. Long-term planning is necessary include the $15 million on account to ensure that our goals are focused on portion of our financial redress that what we as uri of Ngāti Maru want for was negotiated when we signed the our future. Agreement in Principle in 2017. There are many emerging opportunities When the final settlement is passed into our experienced commercial board legislation, Te Kāhui Maru will become are pursuing. Some of these will be in

8 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 Taranaki. Of course, we need to invest and more recently Bronwyn Koroheke to support and enhance these. The our money wisely and will be laser- for their expertise and commitment responsibility to protect and preserve focused on making sure our investments to seeking out sound opportunities in our tikanga and cultural connections are are fruitful. This includes commercial which we can invest. This is especially always paramount in the minds of the redress properties from our settlement important in these current times of trustees. of i.e settlement of Te Wera Forest, uncertainty and financial instability. The future of Ngāti Maru is bright. identified Sale and Leaseback properties In addition to our commercial and ongoing co-operation with other opportunities, we will be looking at how aligned iwi partners with whom we have we can increase our participation in successfully co-invested to date. the areas of environment, employment We had around $14 million of capital and health. What the priorities are and invested into our holdings company at what this will look like will be guided by Holden Hohaia the start of the year. At 30 June 2020 this whānau, iwi and hapū of Ngāti Maru Chair had grown to $15.9 million, an increase during the long-term planning process. Te Kāhui Maru of over 13%. Supporting our marae and our cultural I would like to thank our Commercial revitalisation is also important and we Board Jamie Tuuta, Anaru Marshall will certainly continue to do our utmost

In addition to our commercial opportunities, we will be looking at how we can increase our participation in the areas of environment, employment and health.

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 9 GENERAL MANAGER’S REPORT Te Kāhui Maru

Tēnā anō tātou e te iwi. MARU ORA TRUST realising some of its goal for this current year. Te Kāhui Maru Trust is only in its second Maru Ora Trust is the charitable entity year of existence. It was established in that will administer distributions and COVID-19 RESPONSE AND RECOVERY August 2018 after a ratification vote by the educational grants to uri and the marae. The 2020 year was hugely interrupted by iwi. The purpose of the Trust is to receive The trustees for this Trust are the existing the COVID-19 pandemic. Once it became and manage the assets and properties Te Kāhui Maru trustees. The Maru Ora apparent that the country was moving into from the settlement negotiations on Trust will be making distributions in early lockdown, we made a concerted effort to behalf of Ngāti Maru and also assume 2021. These will be advertised on our reach out to our members to check how all of the assets and liabilities from the website and social media pages. they were managing and if they were safe Rūnanga when it is wound up. Te Kāhui During this year, Te Kāhui Maru provided and well. Maru Limited Partnership manages the Te Upoko o Te Whenua Marae with a assets on behalf of Te Kāhui Maru. The The Ngāti Maru response was led by distribution totaling $50,000. This will charitable entity the Maru Ora Trust has trustees Eileen Hall and Sam Tamarapa, go toward operating and capital costs also been established to administer the and supported by a number of our incurred by the marae and assist it in distribution of benefits to the iwi. younger members. The fantastic work

10 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 The Trust’s endeavours in the relocation of kōkako and the conservation of the environment for the preservation of kiwi in our rohe has been extensive.

they carried out enabled us to send food of the environment for the preservation of as part of the ‘shovel ready’ initiatives parcels and welfare packs to support our kiwi in our rohe has been extensive. ETET being rolled out locally. uri who were in the most need. is moving into an expansion of their pest NGĀTI MARU WEBSITE eradication activities within Ngāti Maru. COLLECTIVE LEADERSHIP During 2020 Te Kāhui Maru launched its We have also partnered with Ngāti This event resulted in a collective response new website, www.maru.nz. it is a new and Tama and Ngāti Mutunga to protect kiwi from all of the iwi of Taranaki. Various refreshed site that is easy to navigate. It habitats within our shared areas along Ohu were established to distribute the holds some information from our previous the Waitara River. This work will provide welfare and kai packs. There was also website, and it also contains updates on training and employment opportunities for the establishment of checkpoints on what is happening within the Ngāti Maru our respective iwi members who have a our northern and southern borders as world. Please visit the site when you have passion for the environment. the alert levels of COVID-19 were being a spare moment. reduced. This was a positive attempt to Ngāti Maru continues to work in this space limit the free-flow of travelers and tourists and will be launching initiatives early in the into Taranaki during such a high-risk time. new year that will support the creation of jobs and training opportunities within the Ngāti Maru took a lead in some of these environmental and conservation space. activities and played a supportive role in Anaru Marshall other areas of the response. EMPLOYMENT OPPORTUNITIES General Manager ENVIRONMENT During the COVID-19 lockdown, Ngāti Te Kāhui Maru Maru partnered with Ngāti Ruanui, Ngāti Maru has had a long and established Ngāruahine and the Stratford District relationship with the East Taranaki Council to broker employment Environmental Trust (ETET) based at opportunities within the Council’s area. Purangi. The Trust’s endeavours in the These jobs were offered to iwi members relocation of kōkako and the conservation

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 11 AGENDA OF 2020 ANNUAL GENERAL MEETING

TE RŪNANGA O NGĀTI MARU (TARANAKI) TRUST NGĀTI MARUWHARANUI PUKEHOU TRUST HUI Ā TAU (Annual General Meeting) TE UPOKO O TE WHENUA MARAE HUI Ā TAU (Annual General Meeting)

Agenda 1. Karakia/Mihi The AGM of Ngāti Maru Wharanui Pukehou Trust will be held immediately following the AGM of Te Kāhui Maru Trust. 2. Apologies 3. Minutes from previous AGM Agenda 4. Chair’s Report 1. Apologies 5. Receive and adopt audited financial accounts 2. Minutes of Previous AGM 6. General business 3. Chair’s Report 4. Receive and adopt financial accounts TE KĀHUI MARU TRUST 5. Election of new Trustees HUI Ā TAU (Annual General Meeting) 6. General business 7. Karakia whakakapi The AGM of Te Kāhui Maru Trust will be held immediately following the AGM of Te Rūnanga o Ngāti Maru (Taranaki) Trust. Jan Matuku, Chairperson

Agenda 1. Apologies All Ngāti Maru uri are invited to attend. 2. Annual Report to 30 June 2020 3. Audited Financial Statements to 30 June 2020 Information will be available on our website maru.nz with hard copies provided at the hui. 4. Annual Plan for the Year ended 30 June 2021 5. Appointment of Auditor If you have any questions, or if you would like to join via 6. Approval of Trustee Remuneration our webinar link - please register by email: 7. General business [email protected]

Holden Hohaia, Chairperson

12 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 AGM 2019 MINUTES

Held at Te Upoko O Te Whenua Marae 21 December 2019 at 10am

There was an attempt to hold the AGM STATEMENT OF FINANCIAL Te Kāhui Maru Trustees. They provided on the 14 of December 2019. However, PERFORMANCE a report with a recommended range for there was not a quorum present to remuneration – The TKM trustees chose Discussed that the budget is not a full constitute the meeting. the middle of the range as a package. year budget. Most of the activities are Pursuant to clause 14.12 in the absence limited to establishment. A distribution Anaru went on to broadly outline the of a quorum the hui is to be adjourned payment of $50,000 has been approved expectations, responsibilities and roles to 7 days later, being 21 Dec 2019, for payment to the Marae. of the trustees and the various skill sets 10am. Te Upoko o te Whenua Marae that sat around the TKM Board table. STATEMENT OF FINANCIAL POSITION and those registered members who RESOLUTION: that Trustee attended would constitute a quorum. $15 million on-account received. Remuneration of $59,500 for the year Currently $4.5 million in cash Present ending 30 June 2020 be approved – investments, and $10.5 million in Leah / Rowey – carried Eileen Hall Chairperson, Leah Ransfield, DI (across three opportunities: $3 Rowena Henry, Jordan Wansborough- million in Te Puia Tapapa, $5 million GENERAL BUSINESS Marshall (late), Anaru Marshall. in Tai-Hekenga, and $2 million in Iwi There were no formal general business Commercial Property). The hui opened at 10.00am with karakia items raised for discussion. However, by Anaru Marshall, Eileen Hall welcomed RESOLUTION: that the Audited Financial matters that were raised at the previous everyone and called the meeting to Statements for the year ended 30 June meeting of 14 December were tabled to order. 2019 be accepted - Leah / Rowey – be carried into this meeting. carried Apologies A discussion regarding support for a ANNUAL PLAN TO 30 JUNE 2020 Rangatahi led project was raised by Karl Burrows, Jamie Tuuta, Kiriana Kayla Pue at the previous hui. It was re- Burrows, Raymond Tuuta, Zita Teika, Anaru presented the key activities introduced for discussion by Anaru. Tomairangi Mareikura, Holden Hohaia, planned for the year to 30 June 2020. Sam Tamarapa, Bronwyn Koroheke, Pare Primarily to progress the development Action: Anaru to meet with Kayla and Hayward. and establishment activities of the Trust. Te Aroha to progress the development Establish the Maru Ora Charitable Trust. of the programme and how the Trust RESOLUTION: that apologies be can facilitate the process and provide received - Rowena / Leah - carried Develop the 5-year Strategic Plan for support and resource. Eileen added that the Te Kāhui Maru Group. Develop the ANNUAL REPORT TO 30 JUNE 2019 a proposal be prepared for the Trustees performance and reporting framework to consider. Rowey supported the idea Anaru tabled the report and provided an for the Group. (no resolution required) of a proposal to be developed early in overview of Trust activities for the year APPOINTMENT OF AN AUDITOR the new year. ended 30 June 2019. Rowey noted that Ngāti Maru had used At the previous hui, Tamzyn Pue had RESOLUTION: that the annual report Silks in the past and were happy with provided an overview of Taranaki Tu Mai for the year ended 30 June 2019 be their performance. 2019 acknowledging the contribution of accepted - Leah / Rowey – carried all involved over the two years to make it Eileen added that they have a large A presentation of the structure, a successful event. Anaru reintroduced client base made up of Māori entities investments and activities of the this acknowledgement as it had been and groups, so understand the type of commercial entity Te Kahui Maru LP was such a significant event in the Ngāti organisation we are – experienced, good led by Anaru. Maru calendar for 2019. reputation and based in Whanganui. RESOLUTION: that the Te Kāhui Maru The Chair thanked all participants for RESOLUTION: that Silks Audit of LP Annual Report for the year ended 30 attending and closed the meeting. This Whanganui be appointed as the Auditor June 2019 be accepted - Rowey / Leah – was followed with a karakia by Anaru. for the Financial Year ending 30 June carried 2020 – Rowey / Leah – carried Meeting closed 10.21am AUDITED FINANCIAL STATEMENTS TRUSTEE REMUNERATION Confirmed. TO 30 JUNE 2019 Anaru explained that a remuneration The Te Kāhui Maru Consolidated Group consulting group, Strategic Pay Ltd Financial Statements for the year ended had been engaged to recommend an 30 June 2019 were tabled and presented appropriate level of remuneration for Eileen Hall by Anaru.

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 13 CHAIR REPORT Te Kāhui Maru LP

Tuia te rangi e tū nei Tuia te papa e takoto ake nei Tuia hō tātou mate tuatinitini o te wā iti nei me te tau kua paremo ake nei Tuia rā tātou ngā kanohi ora o rātou kua riro atu rā ki a Hineruakipouri Tuia te kotahitanga, hei paihere nā te rangimarie Kei ngā uri o Ngāti Maruwharanui kei te motu me te ao, tēnā rā tātou katoa.

Te Kāhui Maru LP (TKMLP) is the become fully invested and expect to see HOW WE INVEST commercial arm of Te Kāhui Maru Trust. this track upwards towards a long-term TKMLP’s goal, on behalf of Ngāti Maru, is We were formed in late 2018 and the goal of around 4.5% per annum. to protect capital and deliver stable and 2020 Fiscal Year (FY20) has been our OUR BACKGROUND growing income to the Trust to fund its first full year of operations. operations. Having a separate commercial and At the start of FY20 our portfolio was investment entity, with its own board We have put substantial work into our almost entirely in cash. Our major and management is best practice for investment strategy over the last two achievements for the year were new investment management. This structure years, seeking to balance the needs of investments into a consortium acquiring aids transparency and accountability for income and growth. We aim to achieve Crown land in and to another commercial performance, while leaving this by: iwi-led grouping that has been building a the Trust with ultimate control. portfolio of commercial property assets. • Having a range of assets of varying Normally a commercial entity is not risk profiles – some that will deliver These helped us to deliver a total established until after settlement is reliable income and some that will be return of over 13% for the year. This is complete. In Ngāti Maru’s case however more volatile but potentially higher an extraordinary outcome at the best the negotiations team secured an on- returning. We define assets as income, of times, but especially so given the account (pre-settlement) payment of growth or long-term growth to help us volatility from COVID-19. Underlying this $15 million (and subsequent payments). manage our asset allocation. however was a major value uplift at one Hence it was appropriate to establish a of our investments, Tai-Hekenga. • Balancing these risks in a prudent way commercial subsidiary early and TKMLP that allows us to meet our obligations While we’re delighted with this we was formed in late 2018. This gives us to the Trust. caution that at this scale this is a one- something of a head-start as we now off, and the more robust measure of move towards settlement date. • Implementing the asset allocation performance is operating profit. We by pursuing assets that we can own TKMLP has three directors: Holden generated around a 3% operating directly. This can be more complicated Hohaia, Anaru Marshall and myself as return. Given we were largely invested than investing in shares and bonds. It chair oversaw FY20. However, since year- in cash through the year, this level was can also be more costly to undertake end Bronwyn Koroheke has replaced expected however we have a plan to and harder to exit. But is also better Holden Hohaia.

14 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 suited to long-term investors with the that will deliver dependable income and investors seeking to partner with ability to be patient. capital growth. existing institutional investors on large scale private • Seeking to invest at scale by working Hapai has bought four buildings outright investments. The goal is to get broad with other iwi investors that share our and at year-end was contracted for exposure to the New Zealand economy commercial values. a fifth. The focus is on assets with through this vehicle by leveraging strong tenant covenants, location and We will look for assets that have good experienced partners and their deal usage diversity. The buildings are in access channels for us, show capable channels. TKMLP has committed $3 Tauranga, the Hawke’s Bay, Dunedin management and long-term defensible million out of a total of $115.5 million. and Christchurch. The portfolio was positions. The origination of appropriate relatively unaffected by COVID-19 with TPT has taken time to build relationships opportunities takes time. As a long-term only minor adjustments made to lease and find its feet in the New Zealand investor we can afford to be patient arrangements, in part reflecting the direct investment market. It closed however we believe we’ve made good quality of the portfolio. its first investment in early July 2020, progress in the last 18 months of our just after financial year-end. TPT, New operation. Hapai has a nationwide investment Zealand Super Fund and Direct Capital remit and New Plymouth remains one of OUR INVESTMENT WORK OVER FY20 (a New Zealand private equity firm) its target areas. jointly took a 30% stake in TR Group, At the start of FY20 our portfolio was TKMLP has committed a total of $3 a major truck, trailer and bus rental almost entirely held in cash. Through the million to Hapai and at year-end a little business established in 1992. TPT and year this changed with: under $2 million had been called and its investor partners will become co- Tai-Hekenga paid across. TKMLP also has a director owners alongside existing family owners. on the governance body of Hapai. Tai-Hekenga is a consortium of Taranaki This investment required calling about Whānui-linked iwi that has collectively TE PUIA TAPAPA 10% of committed capital or roughly purchased a large portfolio of Crown $300,000 from TKMLP. At time of writing As mentioned last year, in 2019 TKMLP leaseback land in Wellington including (October 2020) TPT had also just closed committed to invest in Te Pūia Tāpapa schools, Ministry of Justice properties its second investment and made a (TPT). and specialist properties used by the further capital call to take a stake in non- Department of Internal Affairs. The TPT is a grouping of 26 iwi and Māori bank lender, Avanti. assets are land only. The improvements, and hence the bulk of the seismic risk, OUR CLOSING PUTEA remains with the Crown. At year-end we had total assets of $16.8 million, up from $15.2 million at the start of The process of negotiating and finalising the year. This is now 50% invested in cash. these purchases has been slow, but settlements were finally able to take place from September 2019 onwards. LONG-TERM GROWTH ASSETS: 2%

Revaluations as part of financial year- end (March 2020) led to strong value PRIVATE EQUITY: 2% gains, reflecting decreasing yields on COMMERCIAL PROPERTY: 8% secure income style properties such as CASH: 50% these.

This has flowed through to both TKMLP’s TE KĀHUI MARU LP income for FY20 and the carrying value PORTFOLIO - of the Tai-Hekenga asset. We invested FY20 CLOSING $5 million and it is now valued at $6.6 million. CROWN LEASEBACKS: 40% HAPAI COMMERCIAL PROPERTY LP

TKMLP has been looking for an INCOME ASSETS: 98% efficient way to gain direct exposure to commercial property. Single building acquisition will give concentrated risk and may be inefficient to operate, while many unlisted investment vehicles have high management costs and/or little input from investors. TKMLP has delivered a 9.6% return since inception in Hapai Commercial Property LP (‘Hapai’) was formed in response to these December 2018 however we caution this is a short time concerns by six iwi investors. Its focus is period and valuation gains such as enjoyed this year are to build a highly diversified, investment one-offs. grade commercial property portfolio

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 15 OUR FINANCIAL RESULTS FOR FY20

000s FY20 FINAL FY20 Budget Operating income $555 $791 Operating expenses $138 $161 Net profit before tax and donations $417 $630 Other comprehensive income $1,593 - Total comprehensive income before tax $2,010 $630 and donations

As mentioned above we had a good RESERVING While it is early days, since being year in FY20. This was underpinned formed TKMLP has created around We have been working with accountants by the major valuation gain (booked $1.2m of value above that needing to and trustees to develop a robust as other comprehensive income) from match inflation and population growth reserving model. Tai-Hekenga. The operating return (measured using publicly available data). was lower than budget due to later We want to track ‘real capital’ to ensure We will calculate and report on this each than expected settlement of some uri can see that Te Kahui Maru’s year. investments however overall we’re very commercial asset base is keeping up THE YEAR AHEAD pleased with the returns for the year. with inflation and population growth. We expect to see this balance between TKMLP has delivered a 9.6% return since Any earnings above this are ‘true’ cash and other assets continue to inception in December 2018 however retained earnings and show an increase change over the coming years, with this is a short time period and valuation in wealth. Managing this figure can in benefits for our operating returns. At gains such as enjoyed this year are one- turn become a good indicator of inter- time of writing we’re actively considering offs. generational equity. These calculations two further direct investments, alongside We delivered a $250,000 distribution to are detailed below: partners with whom we’re already the Trust in FY20. comfortable. Also as noted, TPT’s

TE KĀHUI MARU - KEY STRATEGIC PERFORMANCE METRICS

FY20 FY19 Year ended 30-Jun 30-Jun Results TKMLP operating profit (before tax & donations) $416,929 $155,795 TKMLP total comprehensive income (before tax & donations) $2,009,648 $155,795 Planned FY21 Distribution $300,000 $250,000 -

Real capital $14,604,134 14,134,978 Reserves $1,246,652 - Total group equity $15,850,786 $14,134,978

Underlying consolidated debt (where governance control) $3,001,826 $11,842

Ratios Long term targets Operating profit as % of equity 4.0% - 4.5% 2.9% Total return as % of equity 6.5% - 7.0% 14.2%

Distribution as % of equity 2.0% 1.8% Distribution as % of operating profit 45% - 55% 60.0%

Underlying debt % Max 30% 18.9%

Reserves as percentage of Real Capital 10% - 15% 8.5% Reserves cover of next year’s distribution 2.0x - 5.0x 4.16x

16 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 investment work is speeding up and TE KĀHUI MARU LP we expect to see it undertake further investments in FY21. Financial Year Ended FY20 FY19

A major focus will also be assisting Opening Pūtea $14,134,978 - with settlement transition. This will see further capitalisation to the LP as well as the purchase of assets secured through Movements during the year settlement, such as Te Wera Forest and Capital introduced $14,134,978 properties being sold by the Crown. The Closing Pūtea $14,134,978 $14,134,978 liquidity is a challenge in the current interest rate environment but we have a plan to invest prudently over the coming Calculations three to four years. Inflation reserve $212,025 - We have also committed to a $300,000 distribution to TKMT for the FY20 year. Population reserve $257,131 -

CONCLUSION $469,156 -

I would like to end by thanking my fellow directors for their support and Equity Breakdown work during the year. It is exciting to be moving forward. Initial capital $14,134,978 $14,134,978

Inflation reserve $212,025 - Population reserve $257,131 -

Retained earnings $1,246,652 -

Jamie Tuuta Total Equity $15,850,786 $14,134,978 Chair Te Kāhui Maru LP

GROUP STRUCTURE

TE KĀHUI MARU TRUST (PSGE)

MARU ORA TE PAKIHI CHARITABLE O MARU TRUST MANAGEMENT (CT) LIMITED (LLP)

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 17 TRUSTEES

Ngāti Maru, Taranaki Whānui ki te the Deed of Settlement and the high level Upoko o te Ika of support (92%) from those who voted. His priorities this year have been to help Holden is currently general manager for set up the PSGE Te Kāhui Maru, as well as Māori Partnerships at Manaaki Whenua the commercial board and all the systems (Landscape Research). His background and and processes needed with input from qualifications are in law and communication our Marae and our uri. This was a focus as a certified Māori language interpreter. because, as a new entity, Holden believes Holden has been a trustee for multiple we need to make sure those new systems boards including Taranaki Whānui ki Te are robust and fit for the future. Upoko o te Ika, Te Aro Papakainga and Experience Wellington, a Council-controlled His aspirations for his iwi is to be organisation. He has been on Te Rūnanga constantly growing, learning and HOLDEN HOHAIA of Ngāti Maru Trust for eight years and strengthening connections to each other, Chair Chair for five of those. Holden’s focus and to our whenua and taiao and to our contribution to Ngāti Maru is to facilitate culture, reo and our unique Maru stories. open and honest communication amongst Kia tū tiketike a Ngāti Maru! ourselves as a collective, and to foster leadership amongst others.

Holden’s highlight for 2020 was seeing the high voter turnout for the ratification of

Ngāti Maru, Ngāti Ruanui, Te Ātiawa, involved in community development and is Ngāpuhi, , Te Ātiawa ki Te passionate about kapa haka which is a huge Tauihu part of Tamzyn’s life as one of the co-tutors of Ngā Purapura o Te Tai Hauāuru who Tamzyn is the breakfast host at Te Korimako have represented Taranaki/Whanganui at o Taranaki Radio Station, project manager Te Matatini for the past six competitions of ‘Ruia Te Purapura’ – Whakamarungia Te and will be representing in 2022 ki Tāmaki Reo Project, Ngāti Maru iwi co-ordinator Makaurau. and a teacher at Ngā Pekanga Kōhanga Reo. Her background is in education, To Tamzyn being Maru means she is broadcasting, communications, media and born with the responsibility to honour performing arts. She has vast governance Maruwharanui, our ancestor and all of experience as a Trustee in different fields those who brought her here by making a TAMZYN ROSE-PUE including marae, Rūnanga, Te Whare positive contribution to their legacy. She Deputy Chair Punanga Korero Trust (TWPK) Health Board does this by serving her marae and iwi with and sits on various committees including its best intentions in mind and by doing Te Huinga Taumatua for the New Plymouth some purposeful and meaningful mahi. District Council and Te Kāhui Maunga She has always maintained that it is about (AMPAC). what you can do for your iwi with whatever resources you have which she has done for Her favourite role continues to be as years while working in media. This by using mummy to her 19-year-old son Rākaiao, your hands, feet, skills and knowledge, but and aunty to her niece Paerangi and her most of all with heart. Tamzyn attributes other precious whānau members. this to her Maru upbringing and the core Tamzyn is the Taranaki Tū Mai facilitator for values entrenched and handed down to her Ngāti Maru and she along with a dedicated by her Ngāti Maru elders. group of Maru relations led the Taranaki “I live to honour them and their aspirations Tū Mai Festival in 2019. She is also the Iwi and in doing this, I know that I am adding Coordinator for Ngāti Maru and assists value to the Ngāti Maru story and legacy. with promotions, media, hui logistics and My son, my niece, my girl and whānau are planning, kaupapa promotions, hui and all Maru to the core – mind, body, soul and her favourite – iwi wānanga. She is also heart!”

18 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 TRUSTEES

Ngāti Maru, Ngāti Mutunga, Taranaki to COVID-19 and the northern collective Iwi, Ngāti Tama, Te Atiawa, Te Atihaunui- iwi and ngā iwi o Taranaki coming together a-Paparangi, Ngāti Toa, Ngāti Raukawa, to unite against the pandemic to protect Ngai Tahu our people and whakapapa. His priority this year was to reconnect with ngā uri o Raymond is the kaiwhakahono-ā-iwi (iwi Ngāti Maru, particularly with our marae Te engagement lead) at Te Kāhui o Taranaki Upoko o Te Whenua. He says without our Trust. He has previous and current Marae and people, we wouldn’t exist. experience in governance roles across all facets of working for iwi allowing him to His aspirations for Ngāti Maru are to be the bring diverse skills and knowledge to our best uri we can be. Whether that be in the whānau at Ngāti Maru. His governance kitchen, the karanga, on the paepae – we all roles have included: Trustee for Te Rūnanga have a role to play. Raymond says we are RAYMOND TUUTA o Ngāti Mutunga, chairman for Urenui equal and are whānau regardless of where Trustee Pā, chairman for Te Potaka Pā Trust and each of us have been brought up. Our secretary for Te Kaunihera Matua o Te Hui whakapapa connects us and makes us who Aranga. we are. Ngā uri o Maruwharanui!

Raymond’s highlight for 2020 was the resilience shown as a people in regard

Te Atiawa, Ngāti Maru ki Taranaki, Ngāti Her priorities have been to build a strong Maniapoto (through marriage) business and financial acumen in relation to the commercial activities of Te Kāhui Maru Bronwyn is the executive director for with a view to ensuring sufficient funding in Whariki Business Service which is a Māori advancing our strategic priorities for our uri. consultancy business that provides financial Also to support our chair, fellow trustees and accounting services in the Waikato. She and our negotiations manager as we move has a Master of Business Administration, through the process of our settlement and a National Diploma in Accountancy and transition. Bronwyn has also focused on is a qualified Chartered Accountant. Her ensuring that our governance processes background includes working as the chief are enhanced and that we strive for ‘best financial officer with Māori Television and Te practice’ in delivering on our strategic Wānanga o Aotearoa. In addition to being a priorities for our uri. BRONWYN KOROHEKE trustee of Te Rūnanga of Ngāti Maru Trust, Trustee she also holds governance roles as chair of Bronwyn’s aspirations for Ngāti Maru the Audit and Risk Committee, trustee for include the revival of our reo, tikanga the Crown Forestry Rental Trust, trustee and cultural sites of significance. Also for Forestry Emissions Unit Trust and a prosperous uri who are able to trustee for Pirongia School. Her knowledge move forward and asserting our tino and expertise coupled with her education rangatiratanga over our whenua and and governance roles brings a strong coming together as one for future presence of financial governance for Ngāti generations. Maru. Bronwyn is passionate about Māori revitalisation in the forms of te reo Māori, economic development, iwi development and kaitiakitanga of the whenua for both Ngāti Maru and Māori.

A 2020 highlight for Bronwyn was the mandate given by our uri and the level of engagement that we received during the ratification stage towards the advancement of our settlement with the Crown.

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 19 TRUSTEES

Ngāti Maru Maru pēpē. Her mokopuna is delightful and seeing her smile just lights up Eileen’s life. Eileen is a vision and hearing technician working for the Taranaki District Health As a Trustee Eileen acknowledges that Board. She has a background in nursing COVID-19 and the lockdown was difficult and has spent many years working in health for many. She was proud to be able to help care at Taranaki Base Hospital. As well as her iwi during this time, in particular our being a trustee of Te Rūnanga of Ngāti Maru kaumatua, to ensure they were cared for. Trust, she is also a committee member of Eileen’s aspirations for Ngāti Maru are to Basketball Taranaki and coaches basketball prosper as an iwi, providing opportunities at Taranaki representative level. Eileen for education, wellness and career loves participating at Taranaki Tu Mai and pathways. She would also like to see the playing sport with her children. iwi continue moving forward, capitalising on EILEEN HALL opportunities that see our uri prosper. Her highlight for 2020 was spending time Trustee with her mokopuna Sadie-Lee, another

Ngāti Maru A highlight for Sam for 2020 has been the endorsement and confidence from our uri Sam has a strong background in the to support the ratification of our Treaty of fisheries sector having worked with the Waitangi settlement with the Crown. Ninety- Ministry of Fisheries for several years. He two per cent is the highest level of support is a member of the Taranaki Whanganui for a settlement he can recall of any of our Conservation Board and a trustee for iwi of Taranaki. His priority as a trustee has Meremere Pā. Sam is also the Ngāti Maru been to make sure we have a strong and representative on the Taranaki Māori Trust stable base from which we can begin to Board. He currently works for the Taranaki build and prosper from. Regional Council as the iwi communications officer, liaising and facilitating engagement Sam’s aspirations for Ngāti Maru is concise with iwi and hapū on resource management – to know who we are and aim for the SAM TAMARAPA and the work of the Council. stars. Trustee

Ngāti Maru, Ngāti Maniapoto, for community-led development and Ngāti Hāua self-determination. Anaru has a Master of Business and Administration (MBA) from Anaru is the general manager for Te Kāhui Massey University. Maru and Te Rūnanga o Ngāti Maru, an uri of Ngāti Teika and Ngāti Tamakehu. Anaru is A highlight from 2020 for Anaru has also the lead negotiator for the Ngāti Maru been finalising the Ngāti Maru Treaty Treaty of Waitangi Settlement claim. of Waitangi Deed of Settlement and the iwi ratifying it. Another major highlight He has a background in management, was the response of our uri during the having held the Chief Executive role at COVID-19 lockdown and how we came a large social enterprise with branches together with the rest of the iwi of in Taranaki and the Bay of Plenty. This Taranaki to support our most vulnerable business carried out home improvements ANARU MARSHALL members. and focused on training and development General Manager and the creation of employment His priorities over the 2020 year have been opportunities. He was also the manager of the settlement and the COVID-19 response. the Youth Transition Service with branches His aspirations moving forward into 2021 in Waitara, Hāwera and New Plymouth. is to build on the good work carried out The focus was once again on training during the lockdown and ensure that Ngāti education and jobs. Anaru has also worked Maru is involved in the pandemic response within government developing policy and activities and have access to opportunities supporting community organisations to that come from out of it. meet their aspirations. He has a passion

20 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 KEY HIGHLIGHTS

TIMELINE DEED OF SETTLEMENT

SIGNED THE TERMS OF Participation 47.6% in ratification vote NEGOTIATION JULY 2016 Resolution One

I, as a member of Ngāti Maru, agree: SIGNED AGREEMENT IN to accept the Ngāti Maru Deed of Settlement, Te Hiringa Taketake. PRINCIPLE 92.10% Ae DECEMBER 2017

Resolution Two

ESTABLISHED TE KĀHUI I, as a member of Ngāti Maru, agree: MARU TRUST (PSGE) that Holden Hohaia, Tamzyn Pue, Bronwyn Koroheke, Eileen Hall, AND TE KĀHUI MARU LP Raymond Tuuta, Sam Tamarapa, Anaru Marshall, Nathan Peri, (COMMERCIAL BOARD) Prescilla Paretutaki Hayward-Howie, Jamie Tuuta, and Rowena Henry AUGUST 2018 sign the Deed of Settlement on behalf of Ngāti Maru.

Ae 92.20%

Voted by post or at hui 35.05% INITIALED DEED OF SETTLEMENT Voted by internet 64.95% AUGUST 2020

Ratification of the PSGE and the Agreement in Principle in 2018, the total registered membership was 2,419 children and adults. RATIFIED DEED OF This has grown significantly and we now have a total membership of SETTLEMENT 2,932 registered uri. OCTOBER 2020 Adults - over the age of 18: 1730

Children - 1182 SIGN THE DEED OF SETTLEMENT FEBRUARY 2021

INTRODUCE LEGISLATION INTO PARLIAMENT FEBRUARY 2021

SETTLE CLAIM NOVEMBER 2021

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 21 ANNUAL PLAN

2020/21 Priorities

The key priorities include: The key limitations include: The key strategies to achieve the Annual plan and Budget include: • The transfer and receipt of remaining • Capacity to address variables and risks, Treaty Settlement assets such as, COVID-19 and its impact • Keep overheads low

• 5-year strategy development • Low TKM LP dividend distribution, • Lean and agile operations – sustainable due to: growth • Policy review programme • The SIPO and optimum SAA will • Seek third party contracts to support • Design and implementation of the take time to implement on transfer discrete and value add initiatives operational structure of assets

• The drop in the OCR and financial market volatility caused by the COVID-19 crisis; therefore,

• A low cash returns on investments to meet the Group’s budget needs.

Strategic Description Ngā whainga a-tau Success Indicators Timeline Responsibility objectives Maru Roto Strengthening Maru within That there is meaningful • AGM Ongoing CEO with support – Ngāti Maru are healthy engagement with uri by Comms and • Hui/Wananga and flourishing physically, Events spiritually, emotionally and • Panui culturally • Online content Maru Taha Strengthening relationships That there is a clear • Strengthen existing Ongoing CEO and building connections stakeholder strategy relationships • Leveraging opportunities Maru Muri Strengthening Maru’s That transition into the • In the green End of FY or CEO with support future prosperity new entity is efficient Winddown by Advisor Special • Leveraging third Projects party funding 5-year Strategy • Cognizant of the November Trustees and CE early stage of the 2020 organisation Maru Pae Connection to place Development of policies • Kaitiakitanga plan April 2021 Advisor Special and processes to Projects manage cultural redress Maru Reaching for the heavens - Seek third party funding • Development of a April 2021 Advisor Special Tiketike innovation and outstanding to support value add charitable initiatives Projects achievement initiatives for Maru strategy and distributions policy • Alignment with establishment phase of the organisation • Alignment with 5-year strategy / Trustee & CE conversations to date

22 TE KĀHUI MARU TRUST ANNUAL REPORT 2020 NOTES

TE KĀHUI MARU TRUST ANNUAL REPORT 2020 23 PŪRONGO Ā-TAU Annual Report

2019-2020

Address: Office 4, 52-54 Molesworth Street, New Plymouth 4310 Email: [email protected] maru.nz

24 TE KĀHUI MARU TRUST ANNUAL REPORT 2020