Parininihi ki Waitōtara Incorporation Annual Report 2023

TE RAU AROHA 2023 ANNUAL REPORT

HE TĀNGATA HE WHENUA HE ORANGA SUSTAINING AND GROWING OUR PEOPLE THROUGH PROSPERITY

NGĀ KUPU WHAKARAUORA OUR STORY

Parininihi ki Waitōtara is on a mission to grow and sustain our people, to create meaningful opportunity for them, their whānau and the generations to come.

We are an intergenerational business with the impetus and determination to continue the legacy of our tūpuna and take control of our own destiny.

Our core values of Kaitiakitanga, Manaakitanga, Whakapono, Whānaungatanga and Kotahitanga are principles and values set down by our shareholders – they provide us with the path we follow towards our vision of He Tāngata, He Whenua, He Oranga.

As Taranaki Māori, our strength lies in ourselves, our connection to the whenua and our determination to build opportunity while staying true to our kaupapa.

We are focused on achieving our long term goals and aspirations through a diversification strategy that promotes innovation and co-operation to deliver sustainable returns. Our whenua is the foundation on which we build the capacity and capabilities of our people and develop our economic strength. We are also proud to stand in the role of kaitiaki of this land, sustaining it for current and future generations .

Each year, our annual report provides another chapter in our story, a contribution to the continuing legacy of determination, of resilience, and the knowledge of who we are and what we mean to become.

TE RAU O TE KURA O PARININIHI KI WAITŌTARA OUR PURPOSE The ambition of our kaumātua to build Parininihi ki Waitōtara into an organisation dedicated to fulfilling the aspirations of our ancestors is being realised.

We recognise we have a duty to manage our lands and assets not just for our generation but for those that follow us.

TE IHO OUR VISION He Tāngata, He Whenua, He Oranga – Sustaining and Growing our People through Prosperity.

TE WHAINGA OUR MISSION A successfully diversified and sustainable Taranaki Māori-owned and operated business providing meaningful opportunity to its people.

NGĀ MĀTĀPONO OUR VALUES

Manaakitanga Care for our present and future generations

Kaitiakitanga Commitment to leadership

Whakapono Adherence to our tikanga and belief in our future

Whanaungatanga / Kotahitanga Belief in collective action with trusted relationships

TE RAUWHĀRANGI CONTENTS

PARININIHI KI WAITŌTARA INCORPORATION Te Pūrongo o Te Rau Toi Ariki

TR6

Te Pūrongo o Te Rau Toi Ariki Chairperson Report

6

Te Pūrongo o Te Rau Matomato

TR14

Te Pūrongo o Te Rau Matomato Chief Executive Officer Report

14

Te Rau Rengarenga Committee of Management

19

Te Ara Putanga Annual Results - Capturing our Core Values

22

Te Rau Rangapū PKW Group Entities

18

Te Rau Manawanui Executive Leadership Team

20

PARININIHI KI WAITŌTARA INCORPORATION ANNUAL FINANCIAL STATEMENTS Kupu Whakatake Introduction

Te Pūrongo a ngā Kaiarotake Auditor Report Te Pūrongo ā-Tau ā Komiti Committee’s Annual Report

Te Tauākī Whiwhinga, Whakapaunga Whānui Statement of Comprehensive Income

40 42 45 46

Te Tauākī Tūnga Pūtea Statement of Financial Position

47

Te Tauāki Kapewhiti Statement of Cash Flows

49

Te Tauākī Whakaatu i te Rerekētanga o te Tahua Statement of Changes in Equity

Ngā Whakamārama i ngā Tauākī Pūtea Notes to the Financial Statements

Cover: A montage of images of our Rau Titikura / Shareholder and kaimahi whanau contributing to the PKW kaupapa througout the year.

48

50

PARININIHI KI WAITŌTARA TRUST Te Pūrongo o Te Rau Toi Tauira

TR74

Te Pūrongo o Te Rau Toi Tauira Chairperson Report

74

He Rau Āwhina He Putanga Tauira Scholarships and Grants

83

Ngā Hua o ngā Tau Hokorua 40 years of supporting whānau to follow their aspirations

PARININIHI KI WAITŌTARA TRUST ANNUAL FINANCIAL STATEMENTS

78

Kupu Whakatake Introduction

94

He Pāronga Kōrero Entity Information

98

Te Tauākī Whiwhinga, Whakapaunga Whānui Statement of Financial Performance

100

Te Tauākī Kapewhiti Statement of Cash Flows

102

Te Pūrongo a ngā Kaiarotake Auditor Report

96

Te Tauāki Koronga mō ngā Mahi kia Tutuki Statement of Service Performance

99

Te Tauākī Tūnga Pūtea Statement of Financial Position

101

Ngā Whakamārama i ngā Tauākī Pūtea Notes to the Performance Report

103

Register of Interests of Board Members and CEO

107

Governance Attendances

109

TR6

PARININIHI KI WAITŌTARA INCORPORATION

TE PŪRONGO O TE RAU TOI ARIKI DION TUUTA

Turuturu te kawa, whakamanamana te kawa, heke mai te kawa ora!

Kia piki ake rā ki runga i te waka o te manawanui, kia tāia ki te ngākau tangata te raukura o te whakapono, kia uruora ki roto i te whenua taurikura e māhora ake nei. Ko Parininihi ki Waitōtara tēnei e maioha atu nei, e whakairi ake ana i te kupu me te kōrero kia poipoia e te ngutu tāngata, ko tātou tēnei e ara ake nei, e matike ake nei kei runga, Rire, rire, hau pai mārire.

Kia whakaritorito i te tī, ahakoa ka whati, ahakoa ka wana; koia tēnā, ko te tohu o te ora, koia tēnā, ko te tohu o te mounga roa. He tai papaki i te mahara tangata i roto i ngā tau maha, engari ka rokohina ake rā i te āio o te tai kia paingia e tātou!

Ko te manawaroa tētehi āhuatanga e āta mōhio nei tātou, hei Māori o Taranaki, hei Kōporeihana hoki, ā, i te tau kua pahure, kua maha ngā ara i whakahuatia mai ai te manawaroa.

Ko ō tātou mātāpono, arā, ko te Manaakitanga, te Kaitiakitanga, te Whakapono, te Kotahitanga me te Whanaungatanga e mau tonu nei hei punga o te māia me te arotahi i tā tātou rapu i te ara ki tētehi pakihi Māori nō Taranaki kua whānui, kua toitū hoki e rato ana i ngā mea angitu whaitake mō ō tātou tāngata.

PŪRONGO AHUMONI

E kore e ngāueue, e kore e wharara, ko tā tātou taunaki ake i ngā pou rau takitaki. Nā rātou i taituarā mai tā tātou haere, nā rātou i waitohu te ara kei mua. Nēi kore, e kore pea ngē e taea noatia e tātou tēnei mea kotahitanga te whakakaupapa, e kore pea ngē e taea noatia e tātou tēnei whare tūranga kōrero o Parininihi ki Waitōtara te poupou ake. Nā whai anō i eke, nā whai anō i kite ate ara kei mua.

I tēnei tau, i hua mai i PKW Group he $1m ngaronga moni tapeke i muri i te tāke, i ahu tōtika mai i te hekenga iho o te arotake anō o tō tātou kohinga whenua. He kaha te pānga atu o te piki me te heke o te tukanga wāriu whenua ki tō tātou tūnga huamoni, ngaronga moni rānei i ia tau, me te $10.5m hekenga (mai i $205m i tērā tau ki $194m i tēnei tau) he tauira anō o tēnei tūāhuatanga.

Nōku te hōnore ki te whakatakoto mō Te Rau Rengarenga o Parininihi ki Waitōtara, arā, ko te Komiti Whakahaere o Parininihi ki Waitōtara Kōporeihana, i te pūrongo ā-tau mō te tau pūtea 2022/2023.

Kua whai painga ā tātou pūrongo ahumoni i ngā pikinga wāriu nui o mua, nō reira ka haere tonu ngā piki me ngā heke o te mākete tūwāhi. He mea hira kia mōhio e whakaata ana ēnei nekenga i ngā nekenga o te wāriu pepa, ehara i ō te moni.

He tau huringa anō tēnei mō te Kōporeihana i ōna āhuatanga huhua, nō reira ka mihi au ki ā tātou kaimahi katoa, te rōpū whakahaere matua, rātou ko ōku hoa poari e tāpae ana i ō rātou mōrahi ki ā rātou mahi i ia rā mai i te tīmatanga.

He whakaahua pai ake o tā mātou whaihua hei rōpū pakihi e kitea ana ki tā mātou huamoni whakahaere i mua i te tāke, he $7.3m (FY21/22: $14.1m).

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - TE PŪRONGO O TE RAU TOI ARIKI

TR7

Kei runga: Ko Taranaki Maunga e tirohia whakarunga ana i te takiwā o Ōkare ki Uta.

Nā te hono tōtika a te tukunga hua tūtanga pakihi ā-tau ki te otinga huamoni whakahaere, e harikoa ana mātou ki te tāpae i te $2.20 mō ia hea hua tūtanga pakihi tapeke marohi i tēnei tau, kei roto te $2.05 hua tūtanga pakihi ā-tau mō ia hea (he pikinga 10 hēneti i ō tērā tau hua tūtanga pakihi he $1.95 mō ia hea), ā, he hua tūtanga pakihi tāpiri motuhake hoki he $0.15 mō ia hea. Ka hāngai tēnei ki tō mātou rautaki kia toitū te tuku i te hua tūtanga pakihi ki ō mātou kaiwhaipānga.

Kīwai o Mauī o Ngāruahine, te taha arumoni o Te Korowai o Ngāruahine Trust.

Kua huri a Craig Hattle, te ringatohu motuhake hei Heamana o PKW Farrms hei ringatohu motuhake, whakakapi hoki mō Richard, ā, kei a ia ngā wheako huhua me te pūkenga arumoni pakari hoki puta noa i te ia kai, wāriu kaka hoki.

Ka whakaata te hua tūtanga pakihi i te tūāpapa pakari o tō tātou pakihi, mai i ā tātou ia huamoni rīhi 7-tau, PKW Farms, me tā tātou haumitanga kōura e tuku tonu ana ki ngā putanga kaha. He tohu tēnei o te hira o te whakakanorautanga hei tiaki i a tātou i te nui haere o te piki me te heke haere e kitea ana ki te ōhanga, hei otinga o ngā tūponotanga i te ao e haere tonu ana. Ka haere tonu tā mātou tūhura i mea angitu mō te haumitanga rautaki.

I kitea he panoni mana whahakahaere i Te Rau Manawaora o Parininihi ki Waitōtara hoki, i te kōwhiringa o Angela Kerehoma hei Tarati Māngai Rautitikura hou kia whakakapi i a Darryn Ratana, kua puta atu i muri i te whakapau kaha mō ngā tau 12. Ka rere te poroaki me te mānawa ki a Darryn mō āna mahi, ā, ka mihia a Angela e hou mai nei. Waihoki, i kopoua a Allie Hemara-Wahanui hei Tarati Motuhake (Independent trustee) tuatahi. E tino hiahia ana mātou ki ā rātou tāpae ārahitanga ki tō tātou whānau.

TĀNGATA

Ngā Huringa Manahautū

I tēnei tau i poroaki, i pōhiri hoki mātou i ētehi tāngata nui i/ki tā tātou mana whakahaere, tīma whakahaere hoki.

I te taha manahautū, i poroporoaki mātou i a Warwick Tauwhare-George, Te Rau Matomato/Chief Executive Officer. I ārahina te rōpū e Warwick mō ngā tau e ono, i āta arotahi ki te hiki i te whaihua ahumoni me te rapu mea angitu ā-whenua, tae ana ki tā tātou uru ki te Miraka Hipi me te haumitanga ki SLC Ventures me Spring Sheep.

Ngā Panoni Mana Whakahaere I te taha mana whakahaere, i poroporoaki mātou i a Will Edwards i Te Raurengarenga/Komiti Mana Whakahaere, a Richard Krogh hoki i te Poari o PKW Farms. I kawe mai a Will rāua ko Richard i ā rāua pūkenga whakamīharo ki te tēpu o te Poari, ā, he nui hoki ā rāua tāpae ki te whaihua o te pakihi. Ka rere te tai o mihi ki a rāua me te manako ia, ka whaihua ā rāua kaupapa haere ake nei.

I whakararau mātou i a Jayde Rangi-Wilkinson i kōwhiria ai ki te Poari i te putanga atu a Will; he umanga pakari tā Jayde i roto i te whakahaere mahi. Inātata nei i hūnuku a Jayde ki Taranaki ki te mahi hei Mana Hautū (CEO) mō Te

Mō te Poari, ka whakanui au i te tirohanga whakamua me te ū o Warwick ki tāna mahi, ā, ka rere te whakaaro nui ki a ia mō te āpōpō.

Mate atu kāinga tahi, ka ora kāinga rua, ā, e pārekareka ana mātou ki te whakararau i a Aisha Ross (nō Ngāruahine, Ngāti Ruanui, Taranaki Iwi, Te Atiawa hoki) hei Te Rau Matomato/CEO hou.

E mārama tūturu ana a Aisha ki te Kōporeihana hei kanohi

<<

TR8

<<

o tētehi whānau whaipānga e ū ana ki te kaupapa, ā, hei Hoa Ringatohu (Associate Director), hei mema o Te Rau Rengarenga o Parininihi ki Waitōtara (Committee of Management) hoki. He pakari nōna nā ōna wheako ngaio i te taha auaha me te pūrawa tīmatanga, ā, ka whakaurua he tirohanga rautaki hou ki te tūranga o Te Rau Matomato/Chief Executive. E tino hiahia ana te Poari ki te mahi i te taha o Aisha, ki te whakahou i tā tātou mahere rautaki i a tātou e whai tonu ana i tō tātou tirohanga whakamua o He Tangata, He Whenua, He Oranga.

"Mate atu kāinga tahi, ka ora kāinga rua, ā, e pārekareka ana mātou ki te whakararau i a Aisha Ross (nō Ngāruahine, Ngāti Ruanui, Taranaki Iwi, Te Atiawa hoki) hei Te Rau Matomato/ CEO hou. "

Aisha will be ably supported by our experienced executive team, including its newest member Jahron Neha (Ngāti Maniapoto) in the role of General Manager Finance and Investments. He pakari tō Jahron ahunga mai i te taha ahumoni nā tāna mahi i KPMG, Tatua, AACO hoki, ā, kua kitea kētia ngā hua o ōna pūkenga me ōna wheako.

Ngā Huringa kei te Pae Tata I tēnei tau ka kitea hoki te wehenga atu o ngā tokorua kauanuanu i Te Rau Rengarenga/Committee of Management, a Tama Potaka rāua ko Claire Nicholson.

Ka haere tonu tō mātou hono ki Rabobank, me tā rātou matatau ki te rāngai pakihi ahuwhenua ka tāpae tonu i te wāriu tūturu ki ā mātou whakahaere pāmu.

Ka puta a Tama i Te Raurengarenga/Committee of Management whai muri i tōna kōwhiringa hei Mema Paremata o te Rōpū Nāhinara mō te Uru o Kirikiriroa (Hamilton West). Ka puta a Claire Nicholson hoki i te Poari i muri i tāna mahi pūmau mō ngā tau e iwa.

Ka tū pakari te hunga whaipānga nā runga i te mōhio i riro i a Parininihi ki Waitōtara ētehi tono whakataetae ikeike mai i ngā kaituku moni kounga e mārama ana i te mahi whaitake o te Kōporeihana, ā, e pīrangi ana ki te mahi ngātahi kia whakatutuki ai ō tātou whāinga. Nā tēnei kua pakari mātou kia taea ai te urupare ki ngā piki me ngā heke o te ōhanga e matapaetia ana haere ake nei.

I kawea mai e Tama rāua ko Claire he pūkenga whakamīharo, ō rāua wheako arumoni hoki ki Te Rau Rengarenga/Committee of Management ki te Poari o PKW Farms hoki. Mō te whānau whaipānga, e mihi ana au ki a rāua mō ō rāua tāpae nunui ki te Kōporeihana i ēnei tau.

Nō muri i te wā o te whakawhiti me te huringa, e tiro whakamua ana mātou kia eke ki te pūmautanga te tēpu Poari, kia āhei ai te arotahi ā-rōpū ki te whakahihiko i tō mātou rautaki.

NGĀ HONONGA RAUTAKI HOU I te tau nei, i whai te Kōporeihana i tētahi tukanga angitu mō te whai pūtea rapu ai mātou i ngā tono whakataetae mō tō mātou ratonga nama.

E mōhio ana te hunga whaipānga, ko Rabobank anake tō mātou kaimahi pēke i ngā tau 15 kua pahure. Whai muri i tētehi tukanga pakari mō te tender, nā ō mātou kaitohutohu o PWC, i tono te Poari ki a ASB ki te mahi i te taha o Rabobank kia ratoaā PKW moni. I kōwhiria a ASB nā tōna ū ki ētehi whāinga toitū, me te kaha o tōna hāngai ki tō te Kōporeihana anga ko Te Ara Putanga.

NGĀ WERO ŌHANGA, WAETURE HOKI Nō muri mai i te urutā, arā tonu ngā wero o te taiao ōhanga. Kei mua i a tātou te piki haere o ngā nama puta noa me ngā utu iti atu mō ngā huanga ka mahi nei tātou.

E pēhia rawatia ana te rahinga o ngā huamoni puta noa i te hinonga me ngā haumitanga. Ko te rongoā ko te āta whakahaere i a tātou e urutau tonu ana, e āraia tātou i ngā pēhitanga ōhanga e tupu mai nei, e whakaū ai hoki ka kawea tonutia tā mātou rautaki whakakanorautanga.

Ka puta mai ētehi wero nunui hoki i roto i ngā waeture hou ākuanei nā e whakamanatia ai mō te whakahaere rawa, te hurihanga āhuarangi, me ngā ture whakahaere wai māori.

Ka rere atu ēnei pānga kua whakapaetia ki ngā pakihi katoa ka ahu mai i te whenua.

Heoi anō ko tō mātou urupare ki ēnei wero kua ahu mai i te tūnga me ngā tumu pakari, i te tira toitū, māia hoki e whakaohoohotia ana e te tirohanga tuku iho i ngā whakatupuranga, me te ū ki ō tātou kaiwhaipānga o nāianei rangi, o āpōpō anō hoki.

Mauī: Ko te pōwhiri ki a Aisha Ross i tū i te Novotel kei Ngāmotu.

Kei raro: (mauī, katau): Ka tūtakitaki ngā Rau Titikura/ Shareholders i mua i te Hui ā-Tau 2022 i tū i Kānihi Māwhitiwhiti Pā.

He mea waiwai te arotahi ki te whakahaere nama, ki te whai mārama ki te tūraru me tā mātou whakahaere i tērā hoki. Ka hoki anō ki te kōrero, ko te whakakanorautanga o te huinga haumitanga he ara whakamua mahea, ā, e tūhuratia ana te haumi torohū kei te rāngai pūngao whakahou me te rāngai whakawhanake whare noho.

HE MIHI

TE WHAKAPIRI KI TE HUNGA WHAIPĀNGA

Ka whakamānawa hoki au i te pakari me te kaha o ō mātou kaimahi i tā rātou mahi tonu ki te whakatutuki i ngā hiahia mō te pakihi.

The shareholder voice is one we listen to closely, Ka āta whakarongo atu mātou ki te reo kaiwhaipānga, ā, ka whakaatatia e mātou ngā kōrero i puta inākuanei i te uiui kaiwhaipānga, kia arahina tā mātou whakatau whakaaro.

E hiahia ana mātou ki te whakatupu hoki i tā mātou toro atu ki te whānau kia whakawhitiwhiti kōrero, kanohi ki te kanohi, mātou ko ngā rangatira, kia whai mārama tonu ki ō rātou hiahia mō te Kōporeihana, ki ō rātou kawatau hoki mō Te Rau Rengarenga/Committee of Management.

Ko te haere tonu o te wāwāhi hea tētehi wero kei mua i a mātou, otirā, ka hoki anō au ki tō mātou ū ki ngā kaiwhaipānga katoa, ahakoa te maha, te ruarua ranei, o ā rātou hea.

Hei whakakapi ake, e mihi ana ahau ki ōku hoa o Te Rau Rengarenga, ki Te Rau Manawanui, ki ō mātou hoa pakihi hoki nā rātou te Kōporeihana i tautoko i te tau kua pahure atu.

Ā, hei whakamutunga māku, ka whakamihi, ka whakamānawa i tō tātou whānau whaipānga nā rātou te tautoko me te kaha haere tonu atu o tā tātou mahi ngātahi hei Parininihi ki Waitōtara Kōporeihana.

Mauriora Dion Tuuta Te Rau Toi Ariki Parininihi ki Waitōtara Incorporation Te Rau Rengarenga o Parininihi ki Waitōtara / Committee of Management

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - TE PŪRONGO O TE RAU TOI ARIKI

TR9

6

PARININIHI KI WAITŌTARA INCORPORATION

TE PŪRONGO O TE RAU TOI ARIKI CHAIRPERSON REPORT DION TUUTA

Turuturu te kawa, whakamanamana te kawa, heke mai te kawa ora!

Kia piki ake rā ki runga i te waka o te manawanui, kia tāia ki te ngākau tangata te raukura o te whakapono, kia uruora ki roto i te whenua taurikura e māhora ake nei. Ko Parininihi ki Waitōtara tēnei e maioha atu nei, e whakairi ake ana i te kupu me te kōrero kia poipoia e te ngutu tāngata, ko tātou tēnei e ara ake nei, e matike ake nei kei runga, Rire, rire, hau pai mārire.

Kia whakaritorito i te tī, ahakoa ka whati, ahakoa ka wana; koia tēnā, ko te tohu o te ora, koia tēnā, ko te tohu o te mounga roa. He tai papaki i te mahara tangata i roto i ngā tau maha, engari ka rokohina ake rā i te āio o te tai kia paingia e tātou!

E kore e ngāueue, e kore e wharara, ko tā tātou taunaki ake i ngā pou rau takitaki. Nā rātou i taituarā mai tā tātou haere, nā rātou i waitohu te ara kei mua. Nēi kore, e kore pea ngē e taea noatia e tātou tēnei mea kotahitanga te whakakaupapa, e kore pea ngē e taea noatia e tātou tēnei whare tūranga kōrero o Parininihi ki Waitōtara te poupou ake. Nā whai anō i eke, nā whai anō i kite ate ara kei mua.

On behalf of the Parininihi ki Waitōtara Incorporation Committee of Management I am honoured to present the annual report for the financial year 2022/2023.

It has been another year of change for the Incorporation on many different fronts, and so I wish to acknowledge all our kaimahi, the executive management team and my fellow board members for bringing their best to their mahi every day right from the outset.

Resilience is something we know very well, both as Taranaki Māori and as an Incorporation, and over the last year it has been brought to the fore in a wide variety of ways.

Our values of Manaakitanga, Kaitiakitanga, Whakapono, Kotahitanga and Whanaungatanga remain a source of strength and focus for us, standing as touchstones as we negotiate the pathway of becoming a successfully diversified and sustainable Taranaki Māori owned and operated business providing meaningful opportunity for our people.

FINANCIAL REPORT This year the PKW Group returned a net loss after tax of $1m, a result directly attributable to the downward re-evaluation of our corpus whenua. The volatility of the land valuation process has a considerable impact on our profit or loss position each year, and the reduction $10.5m (from $205m last year to $194m this year) is another example of this in action.

Our financial reports have benefited from large valuation uplifts in the past, and so the swings and roundabouts of the property market will continue. It is important to note that these movements represent paper valuation movements not cash.

A more realistic picture of our performance as a business entity can be seen in our operating profit before tax of $7.3m (FY21/22: $14.1m).

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - TE RAU TOI ARIKI CHAIRPERSON REPORT

7

Above: Taranaki Maunga looking up from behind Ōkare ki Uta whenua.

As the annual dividend payment is directly linked to the operating profit result, we are pleased to offer a total proposed dividend for this year of $2.20 per share, made up of an annual dividend of $2.05 per share (up 10c on last year's dividend of $1.95 per share) plus a special additional dividend of $0.15 per share. The is in line with our strategy of delivering sustainable dividend flow to our owners.

Executive Officer for Te Kiwai Mauī o Ngāruahine, the commercial arm of Te Korowai o Ngāruahine Trust.

The dividend is a reflection on the underlying strength of our business from our 7-yearly rental revenue streams, alongside PKW Farms and our lobster investment continuing to provide strong outcomes. This speaks to the importance of diversification to protect ourselves from the increasing volatility being experienced by the economy as a result of continuing global uncertainty.

We will continue to explore opportunities for strategic investment.

Parininihi ki Waitōtara Trust also saw governance changes with Angela Kerehoma being elected as the new Shareholder Representative Trustee to succeed Darryn Ratana, who retired after 12 years of dedicated service.

We thank Darryn for his service and welcome Angela.

Additionally, Allie Hemara-Wahanui was also appointed as the first Independent Trustee. We look forward to their leadership contributions to our whanau.

PEOPLE This year has seen us farewell and welcome several significant people from our governance and management teams.

Governance Changes At the governance level we farewelled Will Edwards from Te Raurengarenga/Committee of Management, and Richard Krogh from the PKW Farms Board. Both Will and Richard brought fantastic skills and networks to the Board table, and they made a huge contribution to the performance of the business. We wish them well in their future endeavours.

We welcomed Jayde Rangi-Wilkinson who was elected to the Board to succeed Will; Jayde brings with him a strong career in operations management. Jayde recently relocated home to Taranaki where he works as the Chief

Independent director Craig Hattle has stepped into the Chair of PKW Farms as the independent director successor to Richard, bringing with him a wealth of experience and a strong commercial acumen across the food and fibre value chain.

Executive Changes At the executive level we farewelled Warwick TauwhareGeorge, our Te Rau Matomato/Chief Executive Officer.

Warwick led the organisation for six years driving a dedicated focus on improving financial performance and seeking out new land-based opportunities, including our venture into Miraka Hipi and investment in SLC Ventures and Spring Sheep.

On behalf of the Board I would like to acknowledge the vision and commitment Warwick brought to his role and wish him well for the future.

As one door closes, another opens, and we were extremely pleased to welcome Aisha Ross (Ngāruahine, Ngāti Ruanui, Taranaki Iwi, and Te Atiawa) as our new Te Rau Matomato/CEO. Aisha has a deep understanding of the Incorporation as a member of a committed shareholder whānau

<<

8

<<

and is a previous Associate Director and member of the Committee of Management. He has a strong professional background in innovation and venture capital and brings a fresh strategic outlook to the role of Te Rau Matomato/Chief Executive. The Board is looking forward to working with Aisha and refreshing our strategic plan while continuing to pursue our vision of He Tāngata, He Whenua, He Oranga.

Aisha will be ably supported by our experienced executive team, including its newest member Jahron Neha (Ngāti Maniapoto) in the role of General Manager Finance and Investments. Jahron has a strong background in finance working with KPMG, Tatua and AFFCO and his skills and experience have already shone through.

"As one door closes, another opens, and we were extremely pleased to welcome Aisha Ross (Ngāruahine, Ngāti Ruanui, Taranaki Iwi, and Te Atiawa) as our new Te Rau Matomato/CEO. "

Upcoming Changes This year we will also see the departure of two highly respected members of the Committee of Management, Tama Potaka and Claire Nicholson.

Tama will step down from the Committee of Management following his election as the National MP for Hamilton West. Claire Nicholson will also retire from the Board after 9 years of dedicated service.

Both Tama and Claire brought fantastic skills and commercial experience to the Committee of Management and PKW Farms Board. On behalf of the shareholding whānau I thank them both for the significant contribution they have made to the Incorporation over the years.

After a period of transition and change, we are now looking forward to gaining some stability around the board table to enable a collective focus on re-energising our collective strategy.

NEW STRATEGIC RELATIONSHIPS During the year the Incorporation undertook a successful refinancing process as we sought competitive bids for our debt provision.

As shareholders are aware, for the past 15 years Rabobank has been our sole banker. Following a robust tender process, undertaken with assistance from our advisors PWC, the Board invited ASB to join Rabobank in providing PKW’s finance. ASB was also selected for its commitment to sustainability aspirations, and the strong alignment with the Incorporation’s Te Ara Putanga framework.

Our strong and positive relationship with Rabobank will continue, with their expertise in the agribusiness sector continuing to add tangible value to our farm operations.

Shareholders can be proud of the fact that Parininihi ki Waitōtara Incorporation received a number of highly competitive bids from high quality financiers who recognise the strong performance of the Incorporation and want to partner with us to help us achieve our aspirations. This places us in a good position to deal with expected economic volatility moving forward.

ECONOMIC AND REGULATORY CHALLENGES The post-pandemic business environment remains challenging. We face increasing costs across the board and lower prices for the products we produce. Profit margins across our organisation and investments are under real pressure. Careful management is called for as we continue to adapt and insulate ourselves to these growing economic pressures, while also ensuring we continue our strategy of diversification.

Significant challenges will also present themselves in a slew of impending regulatory reforms to resource management, climate change and freshwater management legislation. These anticipated impacts will flow through to all land-based businesses.

However, our response to these challenges is from a position of strength, of robust foundations and a resilient and determined team that draws inspiration from our intergenerational perspective and commitment to our shareholders of today and in the future.

Left: Pōwhiri for Aisha Ross held at the Novotel Ngāmotu.

Below (left and right): Rau Titikura/Shareholders connect prior to the 2022 PKW Hui ā-Tau (AGM) held at Kānihi Māwhitiwhiti Pā.

The focus on cost control will be integral along with our awareness of risk and the way we manage it. As already mentioned, diversification of the investment portfolio is a clear strategic pathway forward, and potential investment in the renewable energy space and residential property development is being explored.

ACKNOWLEDGEMENTS

SHAREHOLDER ENGAGEMENT

I also would like to acknowledge once more the resilience and effort that our kaimahi have shown as they continue to work to deliver on the expectations of the business.

The shareholder voice is one we listen to closely, and we will be reflecting on the messages the recent shareholder survey provides to guide us in our decisionmaking. We also intend to increase our engagement with whānau with opportunities to kōrero kanohi ki te kanohi with owners to learn more about what they want for the Incorporation, and their expectations of the Committee of Management.

One of the challenges we face is the ongoing fragmentation of shares, but I wish to reiterate our commitment to all shareholders, no matter the size of their holding.

In conclusion I would like to thank my fellow Committee of Management members, the executive leadership team, and our business partners for the support they have shown to our incorporation over the past year.

Finally, I would like to thank and acknowledge our shareholder whānau for their continued support and belief in the power of our collective action as Parininihi ki Waitōtara Incorporation.

Mauriora Dion Tuuta Te Rau Toi Ariki Parininihi ki Waitōtara Incorporation Committee of Management

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - TE RAU TOI ARIKI CHAIRPERSON REPORT

9

10

BALANCE SHEET HIGHLIGHTS

TERM LIABILITIES $'000

Debt levels have remained consistent. The total term debt to assets ratio is 14.5%.

TOTAL ASSETS $'000

Total assets have decreased due to a decrease in the fair value of whenua tupuna.

Offset partly by new investments and property, plant and equipment.

TOTAL EQUITY $'000

Shareholders Equity has increased from $257m in 2019 to $310.5m in 2023 representing a total growth of 20.7% over 5 years.

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - BALANCE SHEET HIGHLIGHTS

11

Rau Titikura/Shareholder whānau during the Half Year AGM at Waiōkura Marae.

12

AT A GLANCE FINANCIAL PERFORMANCE

NET PROFIT (LOSS) AFTER TAX

OPERATING PROFIT AFTER TAX

and before fair value gains / (losses)

ating profit after tax

Equity

ng profit after tax

OPERATING PROFIT

Net Profit After Tax Operating profit after tax

*DividendEquity & Grant Distribution

Net Profitprofit Afterafter Tax tax Operating

$6.0M

Net Profit After Tax

Operating profit after tax

down $5.7m from 2022

Equity

*Dividend & Grant Distribution

Net Profit After Tax

Operating profit after tax

Net Profit After Tax NET PROFIT

$310.5m

Net Profit After Tax

DIVIDEND & GRANT DISTRIBUTION*

Shareholders Kaimahi

Kaimahi

*Dividend & Equity Grant Distribution

EQUITY

*Dividend & Grant Distribution

Net Profit Operating profitAfter afterTax tax

Net Profit After Tax

Operating profit after tax

Net Profit After Tax

Farmed Whenua

MaoriWhenua Business Farmed

Maori Business

Farmed Whenua

Maori Business

hareholders

Shareholders Kaimahi

Kaimahi

Shareholders

Kaimahi

Equity

ating profit after tax

Equity

Shareholders

Equity

down $4.8m from 2022

Kaimahi

DIVIDENDS & GRANTS

*Dividend & Grant Distribution

*Dividend & Grant Distribution

Equity

*Dividend & Grant Distribution

Net Profit After Tax Operating profit after tax

Net Profit After Tax

Operating profit after tax

Net Profit After Tax

med Whenua

Maori Business Farmed Whenua

Maori Business

Shareholders Equity

Kaimahi Shareholders SHAREHOLDERS *Dividend & Grant Distribution Equity

Kaimahi *Dividend & Grant Distribution

Farmed Whenua Shareholders

Maori Business Kaimahi Farmed Whenua Shareholders

Maori Business Kaimahi

ating profit after tax

Farmed Whenua

*Dividend & Grant Distribution Equity

NUMBER OF SHAREHOLDERS

11.4k

Farmed Whenua

up 0.2k from 2022 Shareholders Equity

Farmed Whenua Shareholders

WHENUA

3,323ha

Farmed Whenua down 17ha from 2022

Maori Business

$2.8M

down $262k from 2022 * This represents the Annual Dividend proposed to shareholders and distribution to the PKW Trust for 2023.

% OF KAIMAHI MĀORI Maori Business

Kaimahi KAIMAHI *Dividend & Grant Distribution MĀORI

50%

down from 57% in 2022

Maori Business Kaimahi

TARANAKI MĀORI BUSINESS SPEND

ACTIVELY FARMED WHENUA

Maori Business Farmed Whenua

down $7.1m from 2022

*Dividend & Grant Distribution

FINANCIAL POSITION EQUITY Shareholders

($1.0M)

MĀORI BUSINESS Maori Business

16%

up from 15% in 2022

HE TANGATA PARININIHI KI WAITŌTARA INCORPORATION - AT A GLANCE

13

FIVE YEAR CONSOLIDATED PERFORMANCE TO 2022/23 2018/19

2019/20

2020/21

2021/22

2022/23

$ 000s

$ 000s

$ 000s

$ 000s

$ 000s

Revenue

28,256

28,104

31,802

37,144

34,447

Operating expenses

(17,343)

(17,300)

(18,301)

(22,046)

(26,028)

Finance costs

(2,565)

(2,078)

(2,031)

(1,938)

(2,320)

Share of profit from joint ventures

2,269

533

2,268

1,003

1,190

Operating profit / (loss) before tax and other items

10,617

9,259

13,738

14,162

7,289

Tax expense

(1,941)

(1,387)

(2,389)

(2,412)

(1,286)

Operating profit / (loss) after tax and before fair value gains / (losses)

8,676

7,872

11,349

11,750

6,003

Net gains/(losses) from investments

3,109

4,188

31,435

(5,671)

(7,047)

Profit for the year

11,785

12,060

42,784

6,079

(1,044)

Financial Performance

CHANGE IN OUR ASSET BASE AS A RESULT OF OUR DIVERSIFICATION STRATEGY IMPLEMENTATION OVER THE PAST 12 MONTHS

PKW Whenua - Farming

Whenua - Farming

cation

2.9%

PKW Whenua - Diversification

2.9%

PKW Whenua - Farming

2.3%

2.3%

PKW Whenua - Diversification

PKW Farms

2020-21 2020-21 4.5%

2020-21 4.5%

PKW Fish

1.1%

PKW Trust

0.1% PKW Commercial Property

2.7% 56.8%

nua - Tupuna

PKW Miraka Hipi

1.1%

PKW Investments

2.7% PKW Trust

0.1% PKW Commercial Property

2.7% 56.8%

PKW Whenua - Tupuna

1.1%

PKW Investments

PKW Farms

PKW Investments

5.0%

0.1% 2.7%PKW Whenua - Tupuna 52.9%

5.0%

4.1%

PKW Trust

0.1% PKW Whenua Tupuna Property PKW -Commercial

3.1% 52.9%

PKW Trust

0.1% 52.9% 3.1%

5.0%

50.7%

2.3

PKW Farms

25.1%

2022

2022-23

PKW Fish

5.0%

3.8% PKW Investments 3.1%

PKW Trust

PKW Commercial Property PKW Whenua - Tupuna

PKW

1.3%

PKW Miraka Hipi

PKW Trust

2.7%

PKW Farms

PKW Investments

0.1%

2.8%

PKW Whenua - Farming

25.1%

4.1%

3.1%

2.3%

PKW Other (inc. Cash)

PKW Fish

PKW Investments

PKW Whenua - Diversification

1.3%

4.7%

4.1%

PKW Whenua - Tupuna Property PKW Commercial

2.7%

PKW Miraka Hipi

PKW Miraka Hipi PKW Investments

PKW Whenua - Farming

2022-23 2022-23

PKW Fish

4.7%

PKW Miraka Hipi

2.7%

2.3%

2.8%

PKW Other (inc. Cash) PKW Farms

2021-22 2021-22

PKW Fish

4.7%

PKW Forestry

PKW Forestry PKW Whenua - Diversification

24.4%

24.4%

2021-22 2021-22 2021-22

2021-22 4.5%

PKW Trust

PKW Commercial Property

1.3%

PKW Farms

2.7%

PKW Whenua - Farming

PKW Other (inc. Cash)

24.4%

2021-22

PKW Miraka Hipi

2.8%

2.7%

1.1%

PKW Fish

PKW Fish

PKW Miraka Hipi

PKW Forestry PKW Whenua - Diversification

2.5%

2.5%

1.1%

23.8%

23.8%

2.2%

PKW Other (inc. Cash)

PKW Farms

PKW Farms

23.8%

PKW Whenua - Diversification

PKW Other (inc. Cash)

1.1%

3.0%

2.2%

2.5%

PKW Other (inc. Cash) PKW Other (inc. Cash)

PKW Whenua - Farming

PKW Whenua - Farming

2.2%

PKW Whenua - Diversification

PKW Miraka Hipi

3.8% P

PKW Trust

0.1%

0.1%

PKW Whenua PKW- Tupuna Commercial Property

PKW Whenua - Tupuna Property PKW Commercial

3.0% 50.7%

50.7% 3.0%

TR14

PARININIHI KI WAITŌTARA INCORPORATION

TE PŪRONGO O TE RAU MATOMATO AISHA ROSS

Takina mai ko te kawa!

Ko te kawa nā wai?

Ko te kawa nā Tītokowaru

Ko te kawa hau tapu o Parau kau o Tū kau

Ka iri te kawa kei runga! Ka iri te kawa kia rautāpatu te kawa ora Tūturu o whiti whakamoua kia tina Tina! Haumi e, Hui e, Tāiki e!

Nōku te māringanui ki te whakatakoto mō te Kōporeihana o Parininihi ki Waitōtara te Pūrongo ā-Tau ko Te Rau Aroha mō te tau i mutu i te 30 o Pipiri, 2023 mō te wā tuatahi hei Te Rau Matomato/CEO. Haere tonu ana te huri, ā, kua huri, kua panoni tō tātou hinonga, ō-roto, ō-waho hoki, i te tau kua pahure ake nei. Ahakoa ka hua mai ngā wero, i te mutunga iho ka rato te huri i te mea angitu ki te ako, ki te tupu hoki nā ngā tirohanga me ngā whakaaweawe rerekē. Nā, ka whai wā ki te whakahou i tō tātou aronga ki ngā wero kei mua i te aroaro, ā, ka whakamātau, ka whakapakari hoki i tō tātou whakapono me te māia ki ō tātou uara, me ō tātou tūāpapa.

Haere ai mātou mā tēnei wā whakawhitiwhiti ārahitanga, ka mihi au ki a Warwick Tauwhare-George mō tōna tāpae ki tō tātou kaupapa, mō tāna mahi hoki ki te tautoko i te tīma whakahaere whakamīharo hoki. He mea waiwai ki te whakatutukitanga haere tonu o te rōpū ko tēnei tira ngaio, whai wheako, e ngākaunui ana, e whakapono ana ki tō tātou kaupapa. He pūmau tō rātou ū ki a koutou, e ngā Rau Titikura.

Ka rere hoki tōku mihi, tōku whakamānawa ki tō tātou whanaunga, a Will Edwards hoki, mō tōna ū ki te kaupapa, ngā wā i noho ki te tēpu Poari, te tāpae ki te mana whakahaere, whakataunga whakaaro e ratoa ai te tohutohu me te ahunga ki te rōpū.

I whakararau mātou i a Jayde Rangi-Wilkinson ki Te Rau Rengarenga/Committee of Management, ā, e hiahia ana

HE WHENUA PARININIHI KI WAITŌTARA INCORPORATION - TE PŪRONGO O TE RAU MATOMATO

TR15

Kei runga: He rā hou ka tīmata i muri i tā mātou tau tuatahi ka kīkī ki te mahi i Koetuku Pāmu (Pāmu Miraka Hipi).

au ki te mahi ki tōna taha, ki te taha o ngā mema katoa o te Poari haere ake nei.

He nui ngā kōrero kua puta kē mō te taiao ōhanga o tēnei wā, me ōna pāpātanga huamoni, utu hoki kua piki, ngā mākete hurihuri o te ao, me te kaha hekenga wāriu o ngā whare/whenua e tuku i ngā wero nui puta noa i ō tātou aronga pakihi katoa.

Hei urupare, me arotahi tātou ka tika ki te kaha o tō tātou pakihi, me te pakari ka tukuna mai i a mātou e whakahaere ana i ngā mea e taea ana te whakahaere, e kaupare ake i ngā mea tē taea te whakahaere, me te hanga, whakatipu tonu hoki i tā tātou kōkiri tonu i tō tātou tirohanga whakamua o He Tāngata, He Whenua, He Oranga.

"... me arotahi tātou ka tika ki te kaha o tō tātou pakihi, me te pakari ka tukuna mai i a mātou e whakahaere ana i ngā mea e taea ana te whakahaere, e kaupare atu ana i ngā mea tē taea te whakahaere, me te hanga, whakatipu tonu hoki i a tātou e kōkiri whakamua tonu ana ki tō tātou tirohanga whakamua o He Tāngata, He Whenua, He Oranga."

PŪRONGO AHUMONI Mō te tau pūtea 2022/2023 kua hua mai i PKW Group he $1m ngaronga moni i muri i te tāke (21/22: $6.1m huamoni), me te tapeke whiwhinga whānui ka -$2.2m (21/22: $1.2m). Ka āta whakaatu ēnei mati i ngā pikinga me ngā hekenga o te wāriu o ō tātou whenua me te pānga o tēnei ki tō tātou whaihua i ia tau.

He $10.5m (21/22: $15.7m) te tapeke moni ngaro o te whakahounga wāriu me tōna pānga tōtika ki tō mātou whaihua ahumoni. Ka whakaaro pea he whakatikatanga te ngāwari haere tonu o te mākete whare/whenua i muri i te whakangako o 2020/21 i te wā he $32.3m te tapeke o te ekenga nui o ā tātou wāriu.

Ahakoa te piki me te heke o te wāriu o te tāra, ka ū tonu te wāriu o ō tātou whenua hei rawa matua me te wāhanga taurewa ka hua mai i te pakihi hei hinonga kaha, toitū hoki.

Ka hāngai te utu miraka ki ō tērā tau i te utu hanumi o $8.59 kgMS (21/22: $8.60kgMS). Ka eke ki tēnei utu mā te whakamauru i ngā utu miraka hurihuri, te ārai i tētehi wāhanga o ō mātou putanga. I eke ki tēnei utu hanumi mā te ārai i te utu o $8.84kgMS me te $8.22kgMS pūtea tuku mai i Fonterra.

I hāngai te whakapaunga o te rōpū ki te mataepae ka $26m (21/22: $22m), he taunaki anō o ngā pāpātanga huamoni kua piki me te pikinga utu tere i kitea i te roanga

<<

TR16

Kei runga: Te Rau Manawanui o PKW kei te Hui ā-Haurua Tau i tū i Waiokura Marae.

<<

o taua 12 marama. He āhuatanga tāpae anō ko te nama whakahaere mō Miraka Hipi LP i te roanga o tōna tau tuatahi, kei tōna wāhanga tīmatanga tonu.

He $2.3m te utu o te pūtea, he ekenga utu i ō tērā tau (21/22: $1.9m) nā te pikinga o nga reiti huamoni.

Mō tā mātou mahi hei pakihi, i whakatutukitia he hua pai hoki mā tōna $6m monihua whakahaere, i muri i te tāke (21/22: $11.7m), ka tautokona e te $34.4m moniwhiwhi (21/22: $37.1m).

HAUMITANGA Ehara i te mea he mea ōhanga noa iho ngā pānga ki ētehi o ā mātou haumitanga matua, ina rā ko te pānga whakangaro taiao i ahu mai i a Gabrielle i Te Tai Rāwhiti ka pā kino kē atu ki Rockit Apples, ā, ka pā atu ki te pāpātanga hopu i tāngia e Port Nicholson Fisheries (PNF).

Heoi anō, e pai tonu ana te koke whakamua a PNF nā te kaha tonu o te popono o te mākete mō te kōura i Haina,

"He āhuatanga waiwai ō tātou tāngata o te whaihua o tō tātou pakihi, ā, me tiaki ō tātou tāngata pērā ki ngā taonga."

me te hoahoa i te taupuni whakamahinga hou kua tata oti i mua i te timatanga o te hanga hei te mutunga o 2023.

Ka hoki anō ki te kōrero, kua oti i tā tātou kaupapa Miraka Hipi tōna tau tuatahi, ā, i tīkina mai te miraka tuatahi i te Hōngongoi 2022. Ahakoa kua kitea kētia ngā hua ki te taiao, ki te maha o ngā tūranga mahi kua whakatūria i roto i te kaupapa nei, ka tatari tonu ki te wā kia kitea ngā hua arumoni i a tātou e whai ana i te mahere rautaki mō te whakarahinga ake o te kaupapa.

Ka tuku tonu a Tai Hekenga i ngā otinga pūmau e hiahia ana mātou i tēnei wāhanga toitū, ōrite o ā mātou huinga haumitanga – he tauira mahea o ngā hua o te whakakanorautanga me te whakatau whakaaro ka hāngai ki ngā uara.

Hei te wā iti nei ka tīmata te pūnaha arotake rīhi hou, ā, ka whakaurua ki te pūrongo o te tau e tū mai ana. E kōkiri tonu ana mātou i i te aronga nei kia whakaū ai ka eke mātou ki te taumata e hiahiatia ana. Nō reira, he aronga tūhonohono i te taha o te West Coast Settlement Reserves Lessee Association e matea nei ki te whakaea i ngā wero tērā pea ka puta mai.

TĀNGATA Hei hinonga, ka ū tonu mātou ki te hauora o ā mātou kaimahi puta noa i te rōpū whānui, ka āta arotahi ki te hauora me te haumaru o PKW Farms me tō tātou whānau Taiao, nā te taiao mōrearea e mahi ana rātou.

Mauī: Te whakarewatanga o te taupānga Piki Mai Rawea mō te Rau Titikura/Shareholder whānau i te Hui ā-Haurua Tau, i Waiokura Marae.

Kei raro: Te hunga i tae atu ki te Kurataia o Taranaki e whakarongo ana ki te kōrero i Te Niho o Te Atiawa, i Parihaka Pā.

" Kua eke poutama matatau, mātauranga hoki te Tīma Taiao mō te hauora me te mātauranga o tō tātou taiao o Taranaki, ā, he mea whakamīharo ngā mahere mahi mō te tiaki i te taiao."

He āhuatanga waiwai ō tātou tāngata o te whaihua o tō tātou pakihi, ā, me tiaki ō tātou tāngata pērā ki ngā taonga. Me ōrite tō mātou whaiwhakaaro ki te hauora me te haumaru, ā, me pakari tā mātou hāpai i ngā tukanga tiaki kia noho haumaru ai ngā kaimahi i te taha tinana, taha hinengaro hoki. He pono tēnei, inarā i te taiao ōhanga e mahi nei mātou me ōna tono, wero hoki, tae ana ki te hiahia kia whakahaere nama, kia eke ki ngā taumata whāomo hoki.

Kua āta arotahi atu ki te whakapakari i ō mātou hononga ahurea, tuakiri hoki mā te reo me ōna tikanga, kaupapa hoki i te tau kua pahure atu. Ko te eke panuku o te hui Taranaki Kurataiao tuarua i tū i Muru Raupatu Marae, me te whakarewa i te taupānga pūkoro ko Piki Mai Rawea ētehi tauira noa o te kounga o ngā mahi e mahia ana.

Ka kitea tēnei arotahi i te ū tonu ki te whakatinana me te whakatō i te Rautaki Kaitiakitanga a PKW, i whanakehia

ai i te mahi ngātahi o tō tātou whānau. Kua eke poutama matatau, mātauranga hoki te Tīma Taiao mō te hauora me te mātauranga o tō tātou taiao o Taranaki, ā, he whakamīharo ngā mahere mahi mō te tiaki i te taiao.

HE MIHI Ahakoa te poto o te wā i taku uru ki te whānau kaimahi, tōna ruarua marama nei, e tū whakaiti nei au i te tautoko kua utaina mai ki runga i ahau mai i ōku hoa tīma whakahaere, i a Dion Tuuta rātou ko Te Rau Rengarenga o PKW, tae ana ki ngā Rau Titikura tonu. E tū ngākau whakaute nei au, ā, e tino hiahia ana ki te mahi hei Te Rau Matomato/CEO mā koutou, haere ake nei.

Ngā tini manaaki, Aisha Ross Te Rau Matomato

HE WHENUA PARININIHI KI WAITŌTARA INCORPORATION - TE RAU MATOMATO CEO REPORT

TR17

14

PARININIHI KI WAITŌTARA INCORPORATION

TE PŪRONGO O TE RAU MATOMATO CEO REPORT AISHA ROSS

Takina mai ko te kawa!

Ko te kawa nā wai?

Ko te kawa nā Tītokowaru

Ko te kawa hau tapu o Parau kau o Tū kau

Ka iri te kawa kei runga! Ka iri te kawa kia rautāpatu te kawa ora Tūturu o whiti whakamoua kia tina Tina! Haumi e, Hui e, Tāiki e!

It is a privilege to present the Parininihi ki Waitōtara Incorporation Te Rau Aroha Annual Report for the year ending 30 June 2023 for the first time as Te Rau Matomato/CEO. Change is a constant, and our organisation has experienced this, both internally and externally, over the last year. But while it can present challenges, change ultimately provides us with the opportunity to learn and grow from differing perspectives and influences. It allows space to review and refresh our approach to the challenges ahead and tests and builds the belief and confidence we hold in our values and foundations.

As we go through this time of leadership transition, I acknowledge Warwick Tauwhare-George for his contribution to our kaupapa, and mahi in supporting an amazing management team. This group of seasoned professionals with a passion and belief in our kaupapa are key to the ongoing success of the organisation. Their commitment to you, our shareholders, is steadfast.

I would also like to mihi and acknowledge our whanaunga Will Edwards for his commitment to the kaupapa, the time spent around the Board table, contributing to the governance decision-making that provides the organisation with guidance and direction.

We welcomed Jayde Rangi-Wilkinson to Te Rau Rengarenga / Committee of Management, and I am looking forward to working with him and the rest of the Board into the future.

HE WHENUA PARININIHI KI WAITŌTARA INCORPORATION - TE RAU MATOMATO CEO REPORT

15

Above: A new day begins after our first full year of operation at Koetuku Farm (Miraka Hipi Farm).

Much has already been said about the current economic climate, with high interest rates, rising costs, fickle global markets and a significant downward shift in property valuations presenting real challenges throughout all our business interests.

In response, we must focus on the strength of our business and the resilience it provides as we control what we can, parry what we cannot, and we continue to build and grow as we work towards our vision of He Tāngata, He Whenua, He Oranga.

FINANCIAL REPORT For the financial year 2022/2023 the PKW group has resulted in a net loss after tax of $1m (21/22: $6.1m profit), with a total comprehensive income of -$2.2m (21/22: $1.2m). These figures clearly demonstrate the swings in the valuation of our whenua and the impact this has on our performance each year.

The direct impact on our financial performance was a total revaluation loss of $10.5, (21/22: $15.7m). This continued softening of the property market can be seen as a recalibration after the boom in 20/21 which saw our values rocket by $32.3m overall.

Despite the swings in dollar value, the value of our whenua as our core asset and the leverage it gives us to continue to build the business into a strong and sustainable organisation remains unchanged.

"... we must focus on the strength of our business and the resilience it provides as we control what we can, parry what we cannot, and we continue to build and grow as we work towards our vision of He Tāngata, He Whenua, He Oranga."

The milk pay out was consistent with last year at a blended price of $8.59kgMS (21/22: $8.60kgMS). This price is reached by mitigating fluctuating milk prices by hedging a portion of our output. The blended rate was reached though a hedging price of $8.84kgMS and Fonterra’s payout of $8.22kgMS. Group expenditure was in line with forecast at $26m (21/22: $22m), further evidence of the high interest rates and fast rising inflation we experienced over the 12-month period. Another contributing factor was the first full year of operational expense from Miraka Hipi LP, which is still very much in its start-up phase.

<<

16

Above: PKW Executive Leadership Team at the Half Year AGM held at Waiōkura Marae.

<<

Finance costs were $2.3m, an increase on last year (21/22: $1.9m) due to rising interest rates.

In terms of our performance as a business, a solid result was achieved with an operating profit after tax of $6m (21/22: $11.7m), supported by $34.4m in revenue (21/22: $37.1m).

INVESTMENTS The impacts to some of our key investments were not just economic, with the environmental devastation caused by Cyclone Gabrielle hitting the East Coast impacting Rockit Apples particularly hard, and also affecting the catch rates recorded by Port Nicholson Fisheries (PNF).

However, PNF is still doing well with market demand in China for kōura remaining strong, and the project for the new processing plant in its final planning stages before construction begins later in 2023.

"Our people are a vital element in the success of our business, and like taonga, should be protected. "

As previously mentioned, our Miraka Hipi venture has completed its first full year, with the first milk pick-up occurring in July 2022. While we are already experiencing the benefits in the taiao, and in the number of jobs the venture has created, the commercial returns will take time to become apparent as we follow the strategic plan for the increased scale of the operation.

Tai Hekenga continues to deliver the consistent returns we expect from this sustainable and consistent part of our investment portfolio – a clear example of the benefits of diversification and value-aligned decision-making.

The next rent review cycle is due to begin very soon and will be included in next year’s report. We continue to take a proactive approach to this process to ensure we achieve the best possible outcome. Therefore, a collegial approach with the West Coast Settlement Reserves Lessee Association is necessary to deal with any challenges as they arise.

PEOPLE As an organisation, we have an on-going commitment to the hauora of our kaimahi across the entire business, with a distinct focus on health and safety of our PKW Farms and Taiao whānau, given the high-risk environment they work in.

Our people are a vital element in the success of our business, and like taonga, should be protected. The consideration we give to health and safety must be

Left: Launch of the Piki Mai Rawea app to Rau Titikura/Shareholder whānau at the Half Year AGM, Waiōkura Marae.

Below: Kurataiao Taranaki attendees listen to the kōrero at Te Niho o Te Atiawa, Parihaka Pā.

" The Taiao Team has deepened their expertise and knowledge about the health and mātauranga of our Taranaki environment, and the work plans in place to care for it are impressive."

consistent and we must be robust in enforcing the protection measures required to keep kaimahi safe, both physically and mentally. This is particularly true in the demanding and challenging economic environment we are working in, with the need for cost control and efficiencies to be met.

There has been a significant focus on the strengthening of our cultural ties and identity through Te Reo me ōna tikanga, and kaupapa over the past year. The second Taranaki Kurataiao conference was a great success being held at Muru Raupatu Marae, and the launch of the Piki Mai Rawea mobile App just two examples of the quality mahi taking place.

The ongoing commitment to implement and embed the PKW Kaitiakitanga Strategy, which was developed in close collaboration with our whānau, is a further reflection of this focus. The Taiao Team has deepened

their expertise and knowledge about the health and mātauranga of our Taranaki environment, and the work plans in place to care for it are impressive.

ACKNOWLEDGEMENTS Although I have only been a part of the kaimahi whānau for a few short months, the support I have received from my fellow management team, Dion Tuuta and the Committee of Management, and shareholders themselves has been humbling. I have a deep sense of gratitude and look forward to continuing to serve as your Te Rau Matomato/CEO into the future.

Ngā tini manaaki, Aisha Ross Te Rau Matomato

HE WHENUA PARININIHI KI WAITŌTARA INCORPORATION - TE RAU MATOMATO CEO REPORT

17

18

TE RAU RANGAPŪ PKW GROUP ENTITIES

Rau Titikura / PKW Shareholders

Te Rau Manawaora o Parininihi ki Waitōtara / PKW Trust

Active Investment**

Passive Investment

PKW Farms LP *

Parininihi ki Waitōtara Incorporation

Te Pūia Tāpapa LP

PNF Fisheries LP PNF Facilities LP

Mangaoapa Forest Partnership

PKW Miraka Hipi LP *

Tai Hekenga LP

Rockit Orchard No.2 LP

* PKW Farms LP and PKW Miraka Hipi LP are 100% owned subsidiaries of PKW Incorporation. ** Refer to Financial Notes B7 and E23 for percentage of entity ownership.

Ngāmotu Hotels LP

SLC Ventures LP

TE RAU RENGARENGA O PARININIHI KI WAITŌTARA COMMITTEE OF MANAGEMENT

Dion Tuuta Te Rau Toi Ariki / Chairperson

Anne-Marie Broughton

Taaringaroa Nicholas

Claire Nicholson

Tama Potaka

Liana Poutu

Jayde Wilkinson

Anne-Marie Broughton Trustee

Allie Hemara-Wahanui Te Rau Ruru Independent Trustee

Angela Kerehoma Te Māngai Rau Titikura Shareholder Representative

Taaringaroa Nicholas Director

Claire Nicholson Director

TE RAU MANAWAORA PKW TRUST

Liana Poutu Te Rau Toi Tauira / Chairperson

PKW FARMS GENERAL PARTNER LIMITED

<

Craig Hattle Te Rau Ruru Chair & Independent Director

Mark Bridges Te Rau Ruru Independent Director

HE TĀNGATA PARININIHI KI WAITŌTARA HE WHENUA INCORPORATION PARININIHI KI- WAITŌTARA TE RAU TOIINCORPORATION ARIKI CHAIRPERSON - GOVERNANCE REPORT

19

20

TE RAU MANAWANUI EXECUTIVE LEADERSHIP TEAM

Aisha Ross Te Rau Matomato Chief Executive Officer

Jacqui King Te Rau Whakapuāwai Head of Corporate Services

Jahron Neha Te Rau Māhorahora General Manager Finance & Investments

Puna Wano-Bryant Te Rautitikura General Manager Shareholder Engagement

Richard Buttimore Te Rau Whakahono Pito General Manager Property

Shane Miles Te Rau Whakahaumako General Manager Ahuwhenua

TE RAU WHAKAWĀ PKW COMMITTEES

TE RAU RENGARENGA O PARININIHI KI WAITŌTARA COMMITTEE OF MANAGEMENT

TE RAU MANAWAORA O PARININIHI KI WAITŌTARA PKW TRUST

Dion Tuuta (Chair) Claire Nicholson William Edwards - Ceased November 2022 Taaringaroa Nicholas Jayde Wilkinson - Commenced November 2022 Liana Poutu Tama Potaka Anne-Marie Broughton

Dion Tuuta - Ceased November 2022 Claire Nicholson - Ceased November 2022 Taaringaroa Nicholas - Ceased November 2022 William Edwards (Chair) - Ceased November 2022 Darryn Ratana (PKW Trust Shareholder Representative) Ut - Ceased November 2022 Tama Potaka - Ceased November 2022 Liana Poutu (Chair) Anne-Marie Broughton Angela Kerehoma (PKW Trust Shareholder Representative) - Commenced November 2022 Allie Hemara-Wahanui - Commenced November 2022

TE RAU MATOMATO CHIEF EXECUTIVE OFFICER / SECRETARY Aisha Ross

TE RAU MATAORA HUMAN RESOURCES COMMITTEE

TE RAU MATATŪ AUDIT AND RISK COMMITTEE

Claire Nicholson (Chair) William Edwards - Ceased November 2022 Anne-Marie Broughton Dion Tuuta Tama Potaka

Taaringaroa Nicholas (Chair) Liana Poutu Dion Tuuta Jayde Wilkinson - Commenced November 2022

TE RAU RANGAPŪ SUBSIDIARY COMPANIES

TE RAU HERENGA WAKA JOINT VENTURE COMPANIES

PKW FARMS GENERAL PARTNER LIMITED Richard Krogh (Chair) - Ceased July 2022 Craig Hattle (Chair) - Commenced January 2023 Taaringaroa Nicholas Claire Nicholson Mark Bridges (Independent Director)

PORT NICHOLSON FISHERIES GENERAL PARTNER LTD Warwick Tauwhare-George - Ceased June 2023 Aisha Ross

PKW MIRAKA HIPI LIMITED PARTNERSHIP NOVEMBER 2021 Richard Krogh (Chair) - Ceased July 2022 Craig Hattle (Chair) - Commenced January 2023 Taaringaroa Nicholas Claire Nicholson Mark Bridges (Independent Director)

KOURA INC GENERAL PARTNER LIMITED Aisha Ross

PORT NICHOLSON FACILITIES LP Aisha Ross

MANGAOAPA PARTNERSHIP NGĀMOTU HOTELS LP Aisha Ross

HE TĀNGATA PARININIHI KI WAITŌTARA HE WHENUA INCORPORATION PARININIHI KI- WAITŌTARA TE RAU TOIINCORPORATION ARIKI CHAIRPERSON - GOVERNANCE REPORT

21

22

Te Ara Putanga - Annual Results

W H

Annual Results 2023 GA/ N A AT GA G UNHITAN A ANOTA K

MAN AAK ITA NG A

W H A K AP O GA

NO

IT KA Measuring performance goes beyond the dollar bottom line for Parininihi ki Waitōtara Incorporation, with social, cultural, environmental, and financial perspectives all playing a part to ensure the organisation delivers against its core values of Manaakitanga, Kaitiakitanga, Whakopono, Kotahitanga and Whanaungatanga.

These perspectives are measured through Te Ara Putanga, the outcomes pathway for Parininihi ki Waitōtara Incorporation.

This innovative tool creates the bigger performance picture via a series of metrics that not only provide an annual assessment, but also build on previous years to provide a record of PKW’s progress over time.

Te Ara Putanga not only measures performance, but also guides decisionmaking and strategic direction, creating an outcomes pathway leading to the PKW vision of He Tāngata, He Whenua, He Oranga - growing and sustaining our people through prosperity.

IA

N A T KI

Each metric consists of: ۰ a description;

۰ a result on a scale of 1 to 10. PKW has set a minimum standard for any metric at 5, represented by a dotted line on the graphs;

۰ an explanation of the annual result;

۰ the result from the last financial year, showing how the business performance has changed, or remained stable; and

۰ future actions planned.

23

W H

Annual Results 2022

GA/ TANA A G G UNHITAN A ANOTA K

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA ANNUAL RESULTS

Te Ara Putanga - Comparative Annual Results MAN AAK ITA NG A

W H A K AP O

GA

NO

KA

W H

Annual Results 2021

GA/ TANA A G G UNHITAN A ANOTA K

IT

N ITA K IA

MAN AAK ITA NG A

W H A K AP O

GA

NO

KA

ITI

A

A K IT

N

<<

24

Manaakitanga Care for our present and future generations RETURN ON ASSETS

The rate of return on the asset / investment PKW holds or has made. A 5% return across the Incorporation portfolio has been set as the target.

3.0

3.5 (22-23)

6.5 (21-22)

5.5 (20-21)

Why? Operating margins have been significantly impacted this financial year. Two significant external factors were Fonterra's falling farmgate milk price, which put farm operating margins under pressure, and the devastation of Cyclone Gabrielle and other environmental events in Hawkes Bay, which caused extensive damage to the Rockit Apple orchards. Also, this year is the first full season for Miraka Hipi and so an operation loss was not unexpected, as the venture has just started its three-year discovery and learning phase.

4.5 (19-20) What's next? Markets remain volatile as high inflation continues, and market uncertainty with our country's key trading partners is causing concern. A key focus for Parininihi ki Waitōtara will be to further its diversification strategy to manage its portfolio risk and continue to adapt to market changes.

DEBT

The level of debt and debt maturity committed to PKW's business activities and investments. Balancing the debt across the organisation's interests is key and any investment decisions need to comply with the debt cap of 25% (asset to debt ratio) set by the Board for the Incorporation as a whole.

0.0

6.0 (22-23)

6.0 (21-22)

6.0 (20-21)

Why? PKW debt at a group level remains well under the debt cap threshold, at 14.5%. No debt drawdowns were required during the year, as needs were met with existing operating cashflows.

6.0 (19-20) What's next? Debt levels will continue to be monitored and managed to ensure balance across the Group is maintained.

DIVIDENDS AND DISTRIBUTIONS

This metric measures EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) which is essentially the core operating performance of the organisation and informs distribution to shareholder decisions. In basic terms, the higher the result, the greater the potential for an improved dividend.

1.0

5.0 (22-23)

6.0 (21-22)

6.0 (20-21)

Why? Despite the pressures of market volatility and inflation, our active investments returned respectable operating profit results. As the annual dividend payment is directly linked to the operating profit result, this performance has flowed through to a total proposed dividend for this year of $2.20 per share, made up of an annual dividend of $2.05 per share (up 10c on last year's dividend of $1.95 per share) plus a special additional dividend of $0.15 per share being distributed.

5.0 (19-20) What's next? We will continue to focus on maintaining a balance of cash-generating investments and growth investments while continuing to diversify the portfolio, to support long term benefits to shareholders through distributions such as dividends.

Above: Tahurangi Te Ngahuru Patene, tamaiti of Miaana and Hayden Patene, attends his first PKW Hui ā-Tau (AGM) in 2022 at Kānihi Māwhitiwhiti Pā.

RISK

Robust policies, processes and systems are key to identifying, tracking and managing risk. This metric is influenced by both active and passive investments.

0.0

8.0 (22-23)

8.0 (21-22)

8.0 (20-21)

Why? Risk identification, mitigation and management remain key to the PKW group enterprise risk framework.

Formal frameworks and refinement for some investments have been completed.

8.0 (19-20) What's next? A full risk framework review will be carried out during the 22/23 financial year.

COST MANAGEMENT

Close management of business cost is essential to maintaining and lifting the bottom line. Adhering to budgets and ensuring cost rationalisation procedures are in place to deliver positive results.

0.0

5.5 (22-23)

5.5 (21-22)

6.0 (20-21)

Why? During times of market volatility, cost management is critical. Parininihi ki Waitōtara achieved this through adherence to forecast and deferring costs that were not high priority.

5.0 (19-20) What's next? There is strong culture on cost management across our operations and focus on cost efficiencies will remain a focus.

MANAAKITANGA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

25

26

Kaitiakitanga Commitment to leadership

Above: Richard Buttimore (Te Rau Whakahono Pito/General Manager Property) at Farm 20, Pohutukawa Place, Bell Block.

HEALTH AND SAFETY

Clear expectations and key performance indicators encourage a positive health and safety culture across PKW's business concerns and active investment interests. The score of this metric is directly linked to the reporting protocols in place - a score of 5 indicates all reporting responsibilities have been met.

0.5

6.0 (22-23)

6.5 (21-22)

6.0 (20-21)

Why? Health and Safety remains an imperative within the PKW culture. Critical Risk Teams continue to work well. Across the business, the high standards of KPI achievement (set at 100%) have fallen, resulting in a reduction to the result on the prior year.

6.0 (19-20) What's next? PKW has been supported by an external facilitator to refresh its Annual Planning goals and targets in this area. We have also refreshed our KPIs for the coming year, placing more focus on leadership. As our Health and Safety culture matures, it is necessary to re-energise and reinforce the critical importance of this Pou.

27

The extent to which the organisation meets its requirements and obligations for animal welfare across its entire portfolio, not just within PKW Farms LP. PKW's dairy business is assessed through the ‘WellFarm’ programme. This independent industry-wide tool uses data generated by the PKW Farms vet to provide an overview of how animals are cared for and is designed to help dairy farmers better understand key animal health markers and how they impact on the optimisation of on-farm production performance.

1.0

7.0 (22-23)

8.0 (21-22)

7.5 (20-21)

Why? A slight reduction in scores on a select number of farms relating to the Wellfarm program monitoring reduced the overall score for this metric.

5.0 (19-20) What's next? Farms identified for improvement will be a focus for the coming year.

WATERWAYS PROTECTION

The Kaitiakitanga Strategy sets minimum requirements for protecting awa that flow across PKW whenua and monitoring protocols to assess the health of the water. Fencing off waterways from stock and riparian planting are at the heart of this metric.

0.0

8.0 (22-23)

8.0 (21-22)

8.0 (20-21)

Why? The overall fencing and riparian planning programme of works was completed to 90% of the target - a 1% uplift on the prior year. Data is validated by Taranaki Regional Council.

8.0 (19-20) What's next? We will continue to aim for 100% delivery of the fencing and riparian planning programme in the forthcoming year. Freshwater legislation reforms are still underway, and PKW continues to evaluate and explore potential impacts and responses to this.

Below: Taiohi and rangatahi from Ngāti Hāua, along with members of the PKW Taiao Team, during a monitoring exercise at Taikātu Stream.

Image supplied by Te Korowai o Ngāruahine Trust.

KAITIAKITANGA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

ANIMAL WELFARE

28

Kaitiakitanga (continued) Commitment to leadership

ENVIRONMENTAL COMPLIANCE

This measures the extent and ability to which the organisation can comply with the relevant and applicable environmental legislation and other regulatory requirements. There are four sections, each with their own score, within this metric. a) Agri-Investments - both mandatory and voluntary environmental compliance, encompassing the health of the waterways and the flora and fauna found there.

0.0

7.0 (22-23)

7.0 (21-22)

7.0 (20-21)

Why? Consent compliance was maintained at 100% and all planned SHMAK assessments for water monitoring were completed by the kaitiaki taiao team. PKW’s Cultural Health Index tool continues to inform and grow our knowledge and understanding of the health of our waterways.

8.0 (19-20) What's next? Use of the Cultural Health Index tool for water monitoring has continued. A range of reforms are due in the coming year, and PKW are actively keeping abreast of the changes.

b) Commercial Investments - Asbestos - ensuring that buildings and whenua within the commercial investment portfolio are up to standard specifically under Health and Safety at Work (Asbestos) Regulations 2016

0.0

9.5 (22-23)

9.5 (21-22)

9.0 (20-21)

Why? An asbestos register has been created for all commercial properties. In addition, an independent expert has been engaged to review the management of known asbestos on PKW Farms with targeted sampling of suspected cases, and our plan to address known issues has been advanced.

9.0 (19-20)

What's next? Continued progress of the detailed review for PKW Farms, which will include ongoing monitoring and, where required, ongoing management of any asbestos risk.

c) Commercial Investments - Land Contamination - ensuring that buildings and whenua within the commercial investment portfolio are up to standard with regards to the identification and management of land contamination.

0.0

10.0 (22-23) 10.0 (21-22)

10.0 (20-21)

Why? As per prior years, result remains unchanged as no known contamination of existing or newly acquired whenua has been identified.

10.0 (19-20)

What's next? On-going monitoring will continue.

KAITIAKITANGA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

29

Above: Taiohi and rangatahi from Ngāti Hāua, along with members of the PKW Taiao Team, during a monitoring exercise at Taikātu Stream.

Image supplied by Te Korowai o Ngāruahine Trust.

d) Commercial Investments - Building Warrant of Fitness - ensuring that buildings and whenua within the commercial investment portfolio are up to standard specifically with regards to Building Warrant of Fitness.

0.0

10.0 (22-23) 10.0 (21-22)

10.0 (20-21)

Why? The annual Building Warrant of Fitness assessments were held and as per last year, there is no change in the status of any building owned by PKW.

10.0 (19-20)

What's next? Building maintenance and monitoring will continue throughout the year.

30

Kaitiakitanga (continued) Commitment to leadership

RESOURCE USE AND EFFICIENCY

This metric is split into three sections to ensure that an accurate assessment can be made across all resource consumption. a) Resource use and efficiency - Nutrients Conscious and careful application of fertiliser and urea across both dairy and dry stock farming concerns to ensure only what is needed in the correct quantities at the right time is used.

0.0

10.0 (22-23) 10.0 (21-22)

10.0 (20-21)

Why? PKW continues to use the OverseerFM online software tool to assess the annual nutrient performance of all managed whenua. All fertiliser decisions are made based on soil testing and recommendations from a qualified nutrient advisor. Nitrogen use on all farms is managed below 190kg of nitrogen per hectare.

10.0 (19-20)

What's next? As part of the Kaitiakitanga Strategy Farming Methods Pou, PKW Farms continues to explore ways to manage nutrient inputs as new technology and product offerings come available. While this mahi around how we use fertiliser in the future is being done, we continue to look at ways to increase efficiencies around current practice.

b) Resource use and efficiency - Water Using water efficiently is important for both the bottom line and the environment.

0.5

7.0 (22-23)

7.5 (21-22)

7.5 (20-21)

Why? 75% of farms have the appropriate infrastructure, technology, and tools in place to measure water use. The data shows that, across the farming business, the daily average of litres of water used per cow is well under the targeted limit.

7.5 (19-20)

What's next? Continue to roll out necessary technology and infrastructure where required for PKW farms and maintain data analysis to target areas for improvement and efficiency. We will continue to explore how best to collect data from other areas of the business such as the PKW Whare and Novotel Ngāmotu.

c) Resource use and efficiency - Energy Reduction in the use of energy, primarily electricity, signifies essential cost savings as well as being good for the planet.

0.5

6.5 (22-23)

7.0 (21-22)

7.0 (20-21)

Why? Energy consumption across all PKW Farms has not increased from last year. Consumption continues to be assessed by Meridian (our electricity provider).

7.0 (19-20)

What's next? Finding energy efficiencies, and fit-forpurpose monitoring system for investments outside PKW Farms, continues to be an area of focus.

WASTE MANAGEMENT

All investments are required to comply with any resource consents in place. In addition, there is an expectation that waste is actively monitored as to amount and type.

0.5

8.0 (22-23)

7.5 (21-22)

8.0 (20-21)

Why? Data capture has continued to assess waste across the farming investment, with a particular focus on waste going to landfill. Across the farming business, waste to landfill continued to be reduced by 6% (from a total of 35.7 tonnes last year to 33.5 tonnes this year). In addition, recycling and other sustainability efforts are now in place at the main office as well as in the Novotel and across the PNF investments, building on last year's efforts. Use of environmentally friendly and sustainable products and consumables have been implemented wherever possible.

6.5 (19-20)

What's next? A waste audit is scheduled for the PKW Whare and waste volume data is being collected by the Novotel investment. Once waste volumes are minimised as much as possible through recycling efforts, a specific reduction target for relevant investments will be considered.

EFFLUENT MANAGEMENT

Compliance with resource consents is non-negotiable for PKW's agri-business and reducing the environmental impact of both dairy and dry stock units forms part of the Kaitiatikanga Strategy.

0.0

8.5 (22-23)

8.5 (21-22)

7.0 (20-21)

Why? Investment over previous year has seen up-todate effluent systems now in place on relevant farms. All systems meet high specifications with fail-safe automatic systems as well as robust on-farm internal procedures.

Final areas for improvement have been budgeted and planned.

7.0 (19-20)

What's next? Upgraded infrastructure and systems will be monitored closely to ensure they meet our Kaitiakitanga expectations. Any remaining improvement areas will be finalised.

CLIMATE CHANGE RISKS

Carbon neutrality continues to be an aspirational goal for the Incorporation, and the PKW Climate Change Strategy has been developed to reach it. An implementation plan is being developed by specialist consultants which will inform a series of metrics which will be included in the Te Ara Putanga framework.

BIOSECURITY

This metric assesses the likelihood and measures the impact a biological or biochemical event could have on an investment. Biosecurity is a key business risk and awareness is paramount.

0.0

5.0 (22-23)

5.0 (21-22)

Why? PKW’s Biosecurity Plan remains in place to effectively monitor and manage risk.

5.0 (20-21)

5.0 (19-20)

What's next? Risk assessment of potential biosecurity threats will continue.

KAITIAKITANGA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

31

32

Whakapono Adherance to our tikanga and belief in our future

Above: Te reo workshops, faciliatated by Dr. Ruakere Hond, helped to connect language with taiao at Kurataiao Taranaki, Muru Raupatu Marae, June 2023.

TE REO USE, UNDERSTANDING, RELEVANCE & PROFICIENCY

Promotion of Te Reo Māori is important for PKW and for the Māori culture as a whole. The organisation has a duty to ensure Te Reo is actively used across all investments.

0.5

5.5 (22-23)

5.0 (21-22)

4.5 (20-21)

Why? The naming of the two Miraka Hipi farms at Koetuku and Waitokorau, and the related cultural narrative has been a key influence on the scoring for this metric. The development of the PKW app ‘Piki Mai Rawea’ has also enhanced the use, understanding and proficiency of te reo o Taranaki for kaimahi and whānau.

4.5 (19-20)

What's next? There will be a continued focus on working with hapū, iwi and whānau to name whenua and establish a cultural narrative for farms where needed. PKW will continue to promote the use of the Piki Mai Rawea app tools to enhance capability and build competency.

33

The extent to which the investment will have a positive or negative effect on how shareholders and Taranaki Māori view themselves.

2.5

7.0 (22-23)

4.5 (21-22)

4.5 (20-21)

Why? This metric is linked to efforts to increase the use of te reo me ōna tikanga as part of business as usual. This result is aided by the embedding of the Cultural Framework ‘Te Whakakaupapa i te Kotahitanga’, the development of the PKW App ‘Piki Mai Rawea’ and the naming of farms.

4.5 (19-20)

What's next? Novotel Ngāmotu will continue its Haukai (restaurant) brand refresh, including the use of dual reo signage. PKW will continue to embed its Cultural Framework throughout its active entities, with a number of key opportunities to raise our kaupapa Māori profile through the launching of our Miraka Hipi business.

NARRATIVE

Ensuring that investment opportunities align with PKW’s vision, core values and strategic approach. The strength of that alignment, along with the rate of reinforcement, has an impact on the metric score.

1.0

8.0 (22-23)

7.0 (21-22)

6.0 (20-21)

Why? We continue to share our story through channels such as the annual general and half-yearly meetings, the annual report, Whenua magazine, the website, and social media. The Parininihi ki Waitōtara narrative has been further enhanced with the Cultural Framework ‘Te Whakakaupapa i te Kotahitanga’ and the development of the PKW app ‘Piki Mai Rawea’ and farm naming. The organisation is committed to continuing a critical project - the Parininihi ki Waitōtara Story. This has been captured and promoted through the Piki Mai Rawea app.

6.0 (19-20)

What's next? Further additions to the Piki Mai Rawea app are in the pipeline, including podcasts which capture the oral history and traditions of the PKW narrative.

ACCESS AND CONNECTION TO LAND

A sense of connectiveness with the whenua is important for PKW shareholders so this metric is designed to assess if an investment has a positive or negative impact on that desire.

1.0

4.0 (22-23)

3.0 (21-22)

3.0 (20-21)

Why? The intent outlined in the Kaitiakitanga strategy remains unchanged and progress is on-going, with several investments over the past year enabling uri to access wāhi tapu and whenua.

3.0 (19-20)

What's next? The Incorporation will continue to drive this initiative to deliver tangible results for whānau.

WĀHI TAPU

Identification and acknowledgment of wāhi tapu is key to this metric, along with the extent that a site is protected and accessible to whānau and iwi.

0.5

6.5 (22-23)

6.0 (21-22)

6.0 (20-21)

Why? Fencing of all wahi tapu has been a focus over the past 12 months, to ensure we preserve and protect features from further degradation.

6.0 (19-20)

What's next? The Kaitiakitanga Strategy Manager and kaitiaki taiao team have realigned the Mātauranga Kura Taiao project, with the primary focus on wāhi tapu protection, preservation and oral history capture. The project links with the review of the Whenua Acquisition and Development Plan.

WHAKAPONO PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

CULTURAL VISIBILITY & PRIDE

34

Whanaungatanga / Kotahitanga Belief in collective action with trusted relationships

Above: Pōwhiri for Aisha Ross held at the Novotel Ngāmotu.

ATTRACTION AND RETENTION OF KEY STAFF

Identifying key staff and ensuring there is a succession plan in place for those roles enables the business to maintain momentum and progress despite any changes in the PKW team. Attracting the right people, whose personal aspirations and skillsets complement the Incorporation's strategic aims and goals, is also important to create an effective and efficient workforce.

0.0

5.0 (22-23)

5.0 (21-22)

5.0 (20-21)

Why? Key staff changes have taken place in both PKW Incorporation and PKW Farms during the year. While there were employment opportunities for whānau, there were challenges in filling a number of specialist on-farm relief roles.

4.0 (19-20)

What's next? Succession planning process is still to be implemented across key roles within the Incorporation. A workforce development pipeline will be given more focus.

<<

CO-INVESTMENT OPPORTUNITIES

Identifying and creating potential co-investment opportunities for other Taranaki Māori groups is strategically important to PKW.

0.0

5.0 (22-23)

5.0 (21-22)

5.0 (20-21)

Why? PKW actively explores the potential for coinvestment opportunities, although none have been realised during the 22/23 financial year.

4.5 (19-20)

What's next? Building relationships with potential investment partners continues to be a key strategic aim as well as strengthening relationships with existing partners.

WORKING CONDITIONS

Establishing a positive working culture and ensuring staff well-being across the entire PKW investment portfolio is important for business success while recognising the importance of a good work life for each individual.

1.5

5.0 (22-23)

6.5 (21-22)

6.5 (20-21)

Why? PKW's annual engagement survey resulted in a significant reduction, reflecting a number of key personnel changes which takes adjustment. However, PKW's workplace conditions remain strong.

6.0 (19-20)

What's next? Settling in team changes and developing engagement initiatives will aid in lifting engagement.

WHANAUNGATANGA / KOTAHITANGA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

35

36

Whanaungatanga / Kotahitanga (continued) Belief in collective action with trusted relationships

EMPLOYMENT OPPORTUNITIES FOR TARANAKI MĀORI

Opportunities within the investment portfolio should be identified to ensure roles are retained where possible and further jobs can be created.

0.5

5.5 (22-23)

5.0 (21-22)

5.0 (20-21)

Why? A multitude of new positions were created with the establishment of the new Miraka Hipi businesses, together with a new role in the office within the property team.

5.0 (19-20)

What's next? It is anticipated that additional resourcing will be sought over the coming year as the Miraka Hipi business expands, as well as in the area of Kaitiakitanga as we focus on climate adaption.

CAPABILITIES DEVELOPMENT

The extent to which the investment provides opportunities to develop the personal and professional capabilities of both internal workers and other external stakeholders such as young Māori and whānau. Identification of core competencies and a cohesive development plan for individuals is integral.

0.5

8.0 (22-23)

7.5 (21-22)

7.0 (20-21)

Why? Annual team-wide training in the areas of wellbeing, and the Health and Safety Training plan have been held across the organisation. Outside of the operating businesses, PKW Trust continues to be a driver for capability development within our community through grants distributions. The PKW leadership also undertook a 12-month programme of leadership training.

6.0 (19-20)

What's next? PKW is focused on tailoring learning for all kaimahi and key business partners.

Above: Richard Buttimore (Te Rau Whakahono Pito/General Manager Property) and J'Keyah Inia (Te Rau Hāpai Whakahono Pito) out in the field at Farm 20, Pohutukawa Place, Bell Block.

ALIGNED PARTNERS

Divided into two measures, this metric assesses the likelihood of new whānau, iwi and regional businesses being created or existing SMEs growing as a result of PKW investment. a) Spend with Māori businesses

0.5

6.0 (22-23)

6.5 (21-22)

6.5 (20-21)

Why? In dollar terms, spend with Māori businesses increased significantly to $4.30m this year (2022: $3.17m), delivering an incremental improvement in percentage terms at 16.5%.

6.5 (19-20)

What's next? An increase in percentage terms brings PKW closer towards its goal of 25% of controllable spend being allocated to Māori suppliers, and we continue to welcome Māori business not currently working with PKW to connect with us.

b) Value for money

0.5

6.5 (22-23)

6.0 (21-22)

5.0 (20-21)

Why? PKWs progressive procurement strategy remains in place. The number of formal agreements in place with suppliers has increased by 48% this year, adding value to existing key business relationships through the provision of training, development, and employment opportunities.

5.0 (19-20)

What's next? A continuation of our progressive procurement action plan will continue to deliver positive outcomes for whānau.

WHANAUNGATANGA / KOTAHITANGA PARININIHI KI WAITŌTARA INCORPORATION - TE ARA PUTANGA

37

Taranaki Maunga looking up from behind Ōkare ki Uta whenua.

PARININIHI KI WAITŌTARA INCORPORATION - NGA TAUĀKĪ PŪTEA (FINANCIAL STATEMENTS)

PARININIHI KI WAITŌTARA INCORPORATION NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS for the year ended 30 June 2023

40

KUPU WHAKATAKI INTRODUCTION

These financial statements have been presented in a style that attempts to make them less complex and more relevant to shareholders and other stakeholders. We have grouped the financial statements into the following sections: A Te Ānga (Basis of preparation) B Ngā taonga e purutia ana e koutou (Our assets) C Te Pūrongo whiwhinga te whakapaunga kaha (Our performance)

D Haupū rawa (Our capital)

E Ngā Kōrero Whakatāpiri (Other disclosures)

Each section sets out the accounting policies applied in producing the relevant statements and notes, along with details of any key judgements and estimates used. The intent is to provide readers with a clearer understanding of PKW's financial position and performance.

Keeping it simple Notes to the financial statements provide information required by accounting standards or legislation to explain a particular feature of the financial statements.

The notes that follow also provide explanations and additional disclosures to help readers' understanding and interpretation of the financial statements.

We have used icons and colour throughout to signal and direct readers to the additional disclosures, and to connect the financial information back to our core values presented in Te Ara Putanga.

Explains the main purpose of the section Links the Primary Financial Statements to the detailed breakdown in the Notes to the Financial Statements Explains the accounting policy applied in the disclosure note Signals if a key estimate or critical judgement has been applied Signals a key risk area for PKW Identifies a capital commitment by PKW that is not included in the numbers of the Financial Statements Signals a key difference where PKW has specific obligations/rights due to legislation that may not apply to other entity types Reflects the link the asset or investment has to Te Ara Putanga based on the core value it contributes to the most, indicated by the pou being highlighted white

41

NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS for the year ended 30 June 2023

TE TAUĀKĪ PŪTEA POUMATUA PRIMARY FINANCIAL STATEMENTS Te tauākī whiwhinga, whakapaunga whānui (Statement of comprehensive income)

Te tauākī tūnga pūtea (Statement of financial position)

Te tauākī whakaatu i te rerekētanga o te tahua (Statement of changes in equity)

Te tauākī kapewhiti (Statement of cash flows)

Te Ānga

Ngā taonga e purutia ana e koutou

Te Pūrongo whiwhinga Te whakapaunga kaha

Haupū rawa

Ngā Kōrero Whakatāpiri

A1 Basis of preparation

B3 Investment properties

C9 Revenue

D14 Capital management

E16 Risk management

A2 Critical accounting estimates and judgements

B4 Property, plant and equipment B5 Intangible assets B6 Biological assets

C10 Other gains / (losses)

E17 Derivative financial instruments

C11 Expenses

E18 Income tax expense

C12 Finance income and expenses

E19 Deferred tax liability

B7 Interests in associates C13 Dividends and joint ventures B8 Investments

D15 Borrowings

E20 Māori authority credit account E21 Related party transactions E22 Group entities E23 Subsequent Events

PARININIHI KI WAITŌTARA INCORPORATION - NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS

PARININIHI KI WAITŌTARA INCORPORATION

42

5F 1ŚSPOHP Ī OHĪ ,BJBSPUBLF *OEFQFOEFOU "VEJUPS½T 3FQPSU ( QJÃ NDLSĨSXUL KHD R 7H .DSRUHLKDQD R 3DULQLQLKL NL :DLWĊWDUD (To the Shareholders of Parininihi ki :DLWǀWDUD Incorporation) 7H DURWDNH SĨWHD R QJÃ SĨURQJR SĨWHD (Report on the audit of the consolidated financial statements)

0QJOJPO In our opinion, the consolidated financial statements of 3DULQLQLKL NL :DLWǀWDUD Incorporation (the ’Incorporation’) and its subsidiaries (the 'group') on pages 45 to 71 present fairly, in all material respects: i. the Group’s financial position as at 30 June 2023 and its financial performance and cash flows for the year ended on that date; in accordance with New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime issued by the New Zealand Accounting Standards Board.

We have audited the accompanying consolidated financial statements which comprise:

— 7H WDXƗNƯ WnjQJD SnjWHD VWDWHPHQW RI ILQDQFLDO SRVLWLRQ Pǀ WH WDX L RWL L WH +XQH 3;

— 7H WDXƗNƯ ZKLZKLQJD ZKDNDSDXQJD ZKƗQXL

VWDWHPHQW RI FRPSUHKHQVLYH LQFRPH WH WDXƗNƯ ZKDNDDWX L WH UHUHNƝWDQJD R WH WDKXD VWDWHPHQW RI FKDQJHV LQ HTXLW\ PH WH WDXƗNƯ NDSHZKLWL (statement of cash flows) for the year then ended; and

— notes, including a summary of significant accounting policies.

5F UŚĪQBQB P UĴOFJ BSPUBLF #BTJT GPS PQJOJPO We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.

Our firm has provided other services to the Group in relation to Board Alignment and Strategy and Prosperity Workshop Facilitation services. Subject to certain restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group.

These matters have not impaired our independence as auditor of the Group. The firm has no other relationship with, or interests in, the Group.

1ĪSPOHP LĴ BUV 0UIFS JOGPSNBUJPO The Committee of Management Members, on behalf of the Group, are responsible for the other information included in the entity’s Annual Report. Our opinion on the consolidated financial statements does not cover any other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. © 2023 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

5F XIBLBNBIJOHB P UĴOFJ BSPUBLF 6TF PG UIJT JOEFQFOEFOU BVEJUPS½T SFQPSU This independent auditor’s report is made solely to the Shareholders as a body. Our audit work has been undertaken so that we might state to the Shareholders those matters we are required to state to them in the independent 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 Shareholders as a body for our audit work, this independent auditor’s report, or any of the opinions we have formed.

/HĪ IBFQBQB P UF ,PNJUJ 8IBLBIBFSF 3FTQPOTJCJMJUJFT PG UIF $PNNJUUFF PG .BOBHFNFOU .FNCFST GPS UIF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT The Committee of Management Members, on behalf of the incorporation, are responsible for:

— the preparation and fair presentation of the consolidated financial statements in accordance with generally

accepted accounting practice in New Zealand (being New Zealand Equivalents to International Financial Reporting Standards Reduced Disclosure Regime) issued by the New Zealand Accounting Standards Board;

— implementing necessary internal control to enable the preparation of a consolidated set of financial statements that is free from material misstatement, whether due to fraud or error; and

— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related

to going concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations or have no realistic alternative but to do so.

/HĪ IBFQBQB P OHĪ ,BJBSPUBLF "VEJUPS½T SFTQPOTJCJMJUJFT GPS UIF BVEJU PG UIF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT Our objective is:

— 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 independent 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. They 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 consolidated financial statements.

A further description of our responsibilities for the audit of these consolidated financial statements is located at the External Reporting Board (XRB) website at: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-7/ This description forms part of our independent auditor’s report.

KPMG +DPLOWRQ 20 September 2023

2

PARININIHI KI WAITŌTARA INCORPORATION - NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS

43

44

Rautitikura/Shareholder whānau during the Half Year AGM at Waiōkura Marae.

TE PŪRONGO Ā-TAU Ā KOMITI (COMMITTEE'S ANNUAL REPORT) FOR THE YEAR ENDED 30 JUNE 2023

2023

REVIEW OF OPERATION Loss of PKW for the year

Add retained earnings as at 1 July 2022 Retained earnings

Dividend paid from capital reserves THE FINANCIAL STATUS OF PKW AT 30 JUNE 2023 WAS: Assets

THESE WERE FINANCED BY: Shareholders' funds Liabilities

$'000 (1,044)

236,127

235,083 2,635

383,564

310,554 73,010

383,564

Parininihi ki Waitōtara Incorporation is a Māori incorporation constituted under Te Ture Whenua Māori Act 1993.

With a primary purpose to manage and promote the use and administration of whenua and other interests on behalf of the owners.

PARININIHI KI WAITŌTARA INCORPORATION - NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS

45

46

TE TAUĀKĪ WHIWHINGA, WHAKAPAUNGA WHĀNUI (STATEMENT OF COMPREHENSIVE INCOME) FOR THE YEAR ENDED 30 JUNE 2023

This section summarises what PKW earned (revenue), what PKW spent (expenditure), any movements in the value of PKW assets or investments (gains or losses) and the resulting profit or loss for the financial year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

Revenue Other gains / (losses) - net Expenses Finance costs - net Share of net profits - equity method Profit before income tax Income tax Profit / loss for the year Other comprehensive income: Items that will not be reclassified to profit or loss:

Revaluation of property, plant and equipment Items that may be reclassified to profit or loss: Cash flow hedges - net of tax Other comprehensive income for the year - net of tax

Total comprehensive income for the year

2023

2022

Notes

$'000

$'000

C9 C10 C11 C12 B7(b)

34,447 (7,047) (26,028) (2,320) 1,190 242 (1,286) (1,044)

37,144 (5,671) (22,047) (1,938) 1,003 8,491 (2,412) 6,079

(3,752)

(5,741)

2,613 (1,139)

886 (4,855)

E18

B4

(2,183)

1,224

For and on behalf of the Committee of Management these financial statements are authorised for issue on 20 September 2023.

DION TUUTA Chair

20 September 2023

TAARINGAROA NICHOLAS

Chair Audit and Risk Committee 20 September 2023

TE TAUĀKĪ TŪNGA PŪTEA (STATEMENT OF FINANCIAL POSITION) AS AT 30 JUNE 2023

This section details what PKW own (assets), what PKW owe (liabilities) and the owners share of PKW (shareholders' funds) at the end of the financial year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

Notes ASSETS Current assets Cash and cash equivalents Trade and other receivables Derivative financial instrument Inventories Total current assets Non-current assets Property, plant and equipment Intangible assets Investments accounted for using the equity method Investments in equity instruments Derivative financial instruments Investment property - commercial and rural Investment property - whenua tupuna Biological assets Total non-current assets Total assets LIABILITIES Current liabilities Payables and accruals Current tax payable Whenua lease liabilities Total current liabilities Non-current liabilities Borrowings Unclaimed dividends Derivative financial instruments Deferred tax liabilities Whenua lease liabilities Total non-current liabilities Total liabilities Net assets SHAREHOLDERS' FUNDS Share capital Reserves Retained earnings Total shareholders' funds

2023

2022

$'000

$'000

9,526 6,242

1,035

696 17,499

15,701 6,172 388 526 22,787

134,228 17,590 6,990 25,702

133,029 15,731 11,940 24,495

10,311 145,894 24,269 366,065

10,817 152,755 14,703 364,764

7,510 829 192 8,531

6,083 1,580 189 7,852

D15 C13 E17 E19

55,500 6,548 78 1,331 1,022 64,479 73,010 310,554

55,512 5,766 177 2,062 811 64,328 72,180 315,371

D14 D14 D14

5,549 69,922 235,083 310,554

5,549 73,695 236,127 315,371

E17

B4 B5 B7 B8

E17 B3 B3 B6

1,081

383,564

1,294

387,551

PARININIHI KI WAITŌTARA INCORPORATION - NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS

47

48

TE TAUĀKĪ WHAKAATU I TE REREKĒTANGA O TE TAHUA (STATEMENT OF CHANGES IN EQUITY) FOR THE YEAR ENDED 30 JUNE 2023

This section details the movement in PKW shareholders' funds over the financial year, such as any profit or loss, or dividends attributed or paid to shareholders.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements) Shareholder funds

Notes Balance at 1 July 2021 Profit for the year Other comprehensive income Revaluation of PPE - whenua tupuna Cash flow hedges - net of tax Total comprehensive income Dividends paid Balance as at 30 June 2022 Balance as at 1 July 2022 Loss for the year Other comprehensive income Revaluation of PPE - whenua tupuna Cash flow hedges - net of tax Total comprehensive income Dividends paid Balance as at 30 June 2023

C13

C13

Share capital $'000

Capital/ revaluation reserve $'000

Cash flow hedge reserve $'000

Retained earnings $'000

Total $'000

5,549 -

82,467 -

(1,042) -

230,048 6,080

317,022 6,080

-

(5,741)

-

-

(5,741)

5,549

(5,741) (2,875) 73,851

886 886 (156)

6,080 -

236,128

886 1,225 (2,875) 315,372

5,549 -

73,851 -

(156) -

236,128 (1,044)

315,372 (1,044)

-

(3,752)

-

-

(3,752)

5,549

(3,752) (2,635)

2,613 2,613 -

(1,044) -

2,613 (2,183) (2,635)

67,464

2,457

235,084

310,554

TE TAUĀKI KAPEWHITI (STATEMENT OF CASH FLOWS) FOR THE YEAR ENDED 30 JUNE 2023

This section details PKW's cash, what cash came in (receipts) and out (payments). It is separated into cash from doing its day to day business (operating activities), cash relating to capital expenditure ie buying/selling assets and investments (investing activities) and cash relating to borrowings and funding (financing activities).

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

Notes

2023

2022

$'000

$'000

Cash flows from operating activities Receipts from customers Interest received Income tax paid Payments for milk price derivatives

39,644 596 (3,321) (2,900)

40,664 155 (2,441) (5,492)

Payments to suppliers Payments to employees Interest paid Lease interest paid GST paid

(20,095) (4,882) (2,866) (58) (1,718)

(17,473) (4,168) (2,034) (59) (2,332)

Cash flows from investing activities Receipts for disposal of property, plant and equipment Payments for purchase of property, plant and equipment

102 (7,390)

5,385 (13,105)

352

982

Receipts from milk price futures

5,222

Net cash inflow from operating activities

9,622

1,557

8,377

Payments for intangible assets

(1,888)

Payments for investments Receipts from dividends Receipts from joint ventures Payments to joint ventures Payments for biological asset - woodlot Net cash outflow from investing activities

(1,138) 778 949 (23)

(5,695) 690 57 (43)

(13,471)

(11,729)

55,500

3,770

(2,092) (222) (2,326)

(1,636) (267) 1,867

(6,175) 15,701 9,526

(1,485) 17,186 15,701

Receipts from investments

Cash flows from financing activities Proceeds from borrowings - ASB and Rabobank Repayment of borrowings - Rabobank Payment of dividends Lease principal paid Net cash inflow / (outflow) from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

(5,213)

C13

(55,512)

-

-

-

PARININIHI KI WAITŌTARA INCORPORATION - NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS

49

50

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 Notes to the financial statements provide information required by legislation and accounting standards to expain a particular feature of the financial statements. The notes are a part of the financial statements and will also provide explanations and additional disclosure to assist readers' understanding and interpretation of the annual report and the financial statements.

TE ĀNGA

(BASIS OF PREPARATION)

This section sets out the legislation and accounting standards that apply to PKW, and significant items that relate to the financial statements as a whole.

A1 T hese financial statements are for Parininihi ki Waitōtara Incorporation and its subsidiaries (collectively PKW). Please refer to note E22 for further disclosure.

PKW's consolidated financial statements are prepared:

• In accordance with generally accepted accounting practice (GAAP) in New Zealand and section 276 of Te Ture Whenua Māori Act 1993. The financial statements comply with New Zealand equivalents to International Financial Reporting Standards, as applicable to for-profit entities, for the purposes of complying with NZ GAAP. PKW is eligible and has elected to report in accordance with Tier 2 for-profit accounting requirements (NZ IFRS RDR) on the basis that PKW has no public accountability and is not a large for-profit public sector entity;

• On a historical cost basis, except for revaluation of certain assets and liabilities;

• In New Zealand dollars with all values rounded to thousands; and

• Using accounting policies as provided throughout the notes to the financial statements.

Accounting policies and standards No changes to accounting policies have been made during the year.

A2 C ritical accounting estimates and judgements Preparation of these financial statements requires the Committee of Management and Management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements.

Judgements and estimates are based on external advice, historical experience and other various factors they believe to be responsible under the circumstances, the result of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

These judgements and estimates have been provided throughout the notes to the financial statements.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

NGĀ TAONGA E PURUTIA ANA E KOUTOU (OUR ASSETS)

This section details the assets and investments PKW hold as kaitiaki (stewards) and how they generate revenue.

B3 Investment properties Investment properties are held for long-term capital appreciation and to earn rentals.

Investment property held by PKW includes whenua entrusted to the Incorporation upon establishment in 1976 (whenua tupuna). The whenua is classified as either Corpus (based on two legal titles existing - a Fee Simple and a Leasehold) or Māori Freehold, and is leased out to third parties.

It is generally accepted that a market bias exists for Māori Freehold whenua due to various encumbrances imposed by Te Ture Whenua Māori Act 1993. These encumbrances have been reflected in the values adopted including the historical connection between the owners and the whenua, the membership of the preferred class of alienee’s and the statutory role of Te Kooti Whenua Māori (Māori Land Court).

Recognition and measurement Investment property is carried at fair value and any changes in fair value are recognised in the statement of comprehensive income as part of other gains/losses - see note C10.

2023 2022 $'000 $'000 Whenua tupuna Balance at beginning of year Transfers to property, plant and equipment Loss in fair value Total whenua tupuna Commercial property Balance at beginning of year Gain / (loss) in fair value Total commercial property

152,755 (6,861) 145,894

161,886 (611) (8,520) 152,755

1,140 (65) 1,075

1,084 56 1,140

Rural property Balance at beginning of year Transfers to property, plant and equipment Additions Gain / (loss) in fair value Total rural property

9,677

8,736

(500) 9,236

895 9,677

Total commercial and rural property

10,311

10,817

Total investment property

156,205

163,572

59

(33) 79

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

51

52

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B3 Investment properties (continued) Commercial and rural property PKW engage independent and qualified valuers to determine the fair value of the investment properties at the end of each financial year. At 30 June 2023 the valuations have been performed by Colliers International (2022: Colliers) who are considered industry specialists in valuing these types of commercial and rural properties.

Fair value has been based on the Market approach which considers comparable assets for which price information is available. This approach applies level 2 inputs under the fair value hierarchy, providing estimates based on comparable information.

Whenua tupuna A discounted cash flow model is used to assess the fair value of the lessor's interest in whenua tupuna at the end of each financial year. PKW engage PwC as an independent advisor, to provide specific inputs to the model each year.

Critical accounting estimates and judgement The inputs applied in the valuation of whenua tupuna have been categorised as level 3 in the fair value hierarchy, requiring Management to make estimates based on unobservable inputs.

The following table summarises the quantitative information about the significant unobservable inputs used: Inputs used to measure FV Discount rate Growth rate Time horizon An assessment (and therefore potential adjustment) of the projected cash flows at the next rental reset period (being 2023/24), based on market knowledge and matters to be addressed during the next rental review.

2023 6.10% 2.40% 30 years

2022 5.80% 2.50% 30 years

Inputs sensitivity analysis The following table illustrates the impact on fair value if inputs as at 30 June 2023 were higher or lower by 10%. Any change in fair value will have a direct impact on net profit after tax in the statement of comprehensive income.

Inputs used to measure FV Discount rate Growth rate

Impact 10% lower $'000 29,000 (8,000)

Impact 10% higher $'000 (21,000) 10,000

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B4 Property, plant and equipment Recognition and measurement Property, plant and equipment various classes Measured at cost less accumulated depreciation and any accumulated impairment losses. Any gain or loss on disposal is recognised in the statement of comprehensive income.

Whenua tupuna class Reflects whenua tupuna utilised within PKW and is recognised at fair value using the discounted cash flow model - see note B3. Any changes in fair value is recognised in other comprehensive income.

Right of use assets class Recognised at cost based on the initial lease liability measurement.

All classes Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to PKW. An asset's carrying amount is written down to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.

Depreciation is calculated using the straight-line and diminishing value methods to allocate the cost over the estimated useful lives, and is recognised in the statement of comprehensive income. Whenua is not depreciated.

The estimated useful lives are as follows:

Buildings Plant, equipment and machinery Improvements Right of use assets

Straight Line 5-100 years 33-50 years 5-100 years 2-30 years

Diminishing Value 12-33 years 2-50 years 5-50 years -

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

53

54

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B4 Property, plant and equipment (continued)

Capital

Whenua

Buildings

$'000

$'000

$'000

At 30 June 2022 Cost Valuation Accumulated depreciation Net book amount

3,812 3,812

48,773 48,773

At 30 June 2023 Opening net book amount Reclassifications Additions / adjustments Transfers from WIP Revaluation Disposals Depreciation (note C11) Closing net book amount

3,812 (1) 1,972 (3,811) 1,972

At 30 June 2023 Cost Valuation Accumulated depreciation Net book amount

1,972 1,972

WIP

Plant &

Improvements

$'000

$'000

18,611 (5,623) 12,988

11,620 (6,205) 5,415

11,080 (2,196) 8,884

1,439 (462) 977

95,335 52,180 52,180 - (14,486) 52,180 133,029

48,773 54 683 49,510

12,988 94 3,334 (1) (759) 15,656

5,415 (12) 2,739 (125) (1,123) 6,894

8,884 (135) 2,230 (3) (409) 10,567

977 559 (151) (185) 1,200

52,180 133,029 11,517 (3,811) (3,752) (3,752) (280) (2,476) 48,429 134,227

49,510 49,510

22,036 (6,380) 15,656

14,008 (7,114) 6,894

13,173 (2,606) 10,567

1,257 (57) 1,200

- 101,956 48,429 48,429 - (16,157) 48,429 134,228

equipment

Right of

Whenua

$'000

$'000

use asset

tupuna

Total

$'000

The estimated fair value of PPE excluding whenua tupuna at 30 June 2023 was $104m (2022: $103m), with selected properties pledged as security against PKW borrowings - see note D15.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B5 Intangible assets Assets that have no physical nature, but have value that is expected to provide a future benefit to PKW. Fishing Quota During the year PKW brokered an arrangement that resulted in the sale of $11.3m of quota shares from another organisation to a consortium of buyers that included PKW. The arrangement resulted in PKW acquiring $1m of quota shares.

The recoverable amount of total quota shares at 30 June 2023 was $59.7m (2022: $56m) and the full amount is pledged as security against PKW borrowings - see note D15.

Carbon credits PKW is allocated carbon credits (NZUs) through the Emission Trading Scheme for forestry plantations. At 30 June 2023 PKW owned 51,120 NZUs (2022: 25,560) with a total market value of $1.97m (2022: $1.93m) see note B7 for details on acquisition during the year.

Revenue and recognition Fishing quota and carbon credits have an indefinite useful life and are recognised at cost and reviewed annually for impairment. Impairment is only recognised when the carrying value exceeds the recoverable amount, and any impairment is recognised in the statement of comprehensive income as part of other gain/ losses.

Carbon Computer credits software $'000 $'000

Fishing quota $'000

Total $'000 15,731 1,888 (29) 17,590 17,972 (382) 17,590

Year ended 30 June 2023 Opening net book amount Additions Amortisation charge (note C11) Closing net book amount

888 888

111

(29) 82

15,620 1,000 16,620

At 30 June 2023 Cost Accumulated amortisation Net book amount

888 888

464 (382) 82

16,620 16,620

-

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

55

56

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B6 Biological assets PKW holds livestock and forest woodlots as biological assets, and engage independent and qualified valuers to determine the fair value of biological assets at the end of each financial year.

At June 2023 PGG Wrightson provided the fair value of the livestock (2022: PGG Wrightson), which reflects livestock of similar age, breed and genetic merit throughout Aotearoa.

Livestock has been pledged as security against PKW borrowings - see note D15.

Mangaoapa forest woodlot comprises of 291.6ha of Pinus Radiata planted from 1992 -2000. Forme Forest Industry Consultants have provided the fair value of the woodlot using the crop expectation value approach, which is the accepted methodology in Aotearoa for woodlots that have not yet reached maturity and with mixed age stands. See note B7 for details on acquisition during the year.

Recognition and measurement Biological assets are measured at fair value less cost to sell, and changes in fair value are recognised in the statement of comprehensive income within revenue.

Livestock Balance as at 1 July 2022 Purchases Sales FV gain Total livestock

Livestock numbers comprise of: Dairy Beef Sheep Closing balance

Woodlot Balance as at 1 July 2022 Purchases FV gain Total woodlot

Dairy $'000

Beef $'000

Group Sheep livestock $'000 $'000

12,172 1,281 (1,286) 295 12,462

1,544 (973) 782 1,353

988 (87) 455 1,356

14,704 1,281 (2,346) 1,532 15,171

Quantity 2023

Quantity 2022

7,647 1,475 2,436 11,558

7,022 1,628 2,129 10,779 Woodlot $'000 10,425 (1,327) 9,098

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B7 Interests in associates and joint ventures PKW has interests in associates and a joint venture which are all resident in Aotearoa. They are accounted for using the equity method of accounting.

During the year PKW acquired the remaining 50% share in the Mangaoapa Station Partnership, with the underlying assets reclassified as property, plant and equipment, intangible assets and biological assets.

Recognition and measurement Investments are initially recognised at cost and the carrying value is increased or decreased by cash contributions paid or distributions received, and PKW's share of profit or loss for the year.

The share of profit or loss is recognised in the statement of comprehensive income within share of net profit - equity method.

Interests in joint ventures and associates Name

Port Nicholson Facilities Limited Partnership

Nature of business

Property

Port Nicholson Fisheries Limited Koura

Carrying amount

Ownership interest

2023

2022

Balance date 2023

2023 $'000

2022 $'000

33%

33%

31-Mar

1,946

1,716

11%

12%

31-Mar

779

949

Partnership

processing

Mangaoapa Station Partnership

Forestry

100%

50%

30-Jun

85

5,189

Hotel

33%

33%

30-Jun

4,180

4,086

Total carrying amount

6,990

11,940

Movement in carrying amount

2023 $'000 11,940 18

2022 $'000 10,952 42

1,190 (949)

1,003 (57)

Ngāmotu Hotels Limited Partnership

Balance 1 July 2022 Capital invested Transfers to other classifications Share of profit after tax Cash distribution

Total equity accounted investments

(5,209)

6,990

-

11,940

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

57

58

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 B8 Investments Recognition and measurement Investments in an entity where PKW does not have significant influence or joint control are classified as investments at fair value through profit or loss. Gains or losses on FV movement and any interest or dividend income is recognised in the statement of comprehensive income.

Farming portfolio PKW is required to hold certain shares and investments in cooperative companies to facilitate farming operations. Shares are held as a consequence of business operations and not held for trading. These are initially recognised at cost, and subsequently revalued to fair value based on the market share price at 30 June 2023.

Diversification portfolio PKW has implemented a diversification strategy consisting of property and other business interests outside core dairy farming. These are initially recognised at cost, and subsequently revalued to fair value based on valuations undertaken by each entity, or measured at amortised cost.

2023 $'000

2022 $'000

465 9,673 10,138

465 8,579 9,044

199

365

Tai-Hekenga Limited Partnership

8,478

8,696

Te Pūia Tāpapa Limited Partnership

1,244

1,282

SLC Ventures Limited Partnership

4,400

5,000

SLC Ventures Limited Partnership convertible notes

1,123

-

Other financial assets Total diversification investments

120 15,564

108 15,451

Total investments

25,702

24,495

Farming portfolio Ballance Agri-Nutrients Limited Fonterra Co-operative Group Limited Total farming investments Diversification portfolio Rockit Orchards No.2 Limited Partnership

Fonterra Co-operative shares have been pledged as security against PKW borrowings - note D15.

Capital commitment In April 2018 PKW committed $2m to invest in Te Pūia Tāpapa Limited Partnership, a fund established by iwi and Māori organisations to invest in significant Aotearoa businesses. At 30 June 2023 $0.7m remains as committed capital due on completion of key milestones by the fund.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

TE PŪRONGO WHIWHINGA TE WHAKAPAUNGA KAHA

(OUR PERFORMANCE)

This section focuses on the results and performance of PKW. On the following pages you will find notes explaining PKW's results for the year.

C9 Revenue Recognition and measurement Rental revenue - whenua tupuna Rental revenue is recognised on a straight line basis over the term of the lease.

The Group leases whenua tupuna under operating leases with rentals payable six-monthly. Under legislation rent amounts are set every seven years with the next rent review due 1 January 2024 with a perpetual right to renew every 21 years.

Milk proceeds Milk proceeds are recorded at a point in time when control of the milk transfers to the customer which is when the product is physically lifted and removed from the farm vats. PKW sells milk to Fonterra, Open Country Dairy (OCD) and Spring Sheep Milk Co and has entered into milk price future contracts. Revenue is recognised at the mid-point of the latest published Fonterra or OCD forecast milk price range, or at the agreed milk price and future contract.

Quota lease Quota is leased based on an annual catch entitlement and at an agreed price with revenue recognised when invoiced.

Royalty revenue Royalty revenue for Waipipi Wind Farm is recognised by the greater of a percentage of revenue generated by each wind turbine, or at an agreed minimum value.

Livestock Livestock sales are recorded when control of the livestock transfers to the customer, usually on slaughter or collection of the animals by a third party. Revenue is recognised as a net balance of livestock sales, purchases and fair value movements.

Woodlot Revenue is recognised when the woodlot is harvested. Fair value movements are recognised in the statement of comprehensive income within revenue.

Other revenue Dividends are recognised when received.

All other revenue is recognised at the point a service has been delivered or commitment made by a customer, or conditions attached to grants are met.

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

59

60

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

C9 Revenue (continued)

Rental revenue - whenua tupuna Rental revenue - other Milk proceeds Quota lease Royalty revenue Livestock Woodlot Other revenue - dividends Other revenue - general

Total revenue

2023 $'000

2022 $'000

7,099 288 22,869 1,894 259 1,531 (1,327)

7,126 270 23,255 1,645 227 2,937 -

779 1,055 34,447

690 994 37,144

2023 $'000

2022 $'000

(46) 425 (6,861)

2,341 (421) (8,520)

C10 Other gains / (losses)

Gain / (loss) on disposal of property, plant and equipment Gain / (loss) on investments at fair value Loss on investment property - whenua tupuna

Gain / (loss) on investment property - commercial and rural Total other gains / (losses)

(565) (7,047)

929 (5,671)

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

C11 Expenses Expenses have been categorised in alignment with the outcomes set in Te Ara Putanga.

Manaakitanga Advisory, consulting and professional fees Depreciation and amortisation Rent and whenua rates Repairs and maintenance Quota and dairy insight levies

Insurance

Other manaakitanga expenses Total Manaakitanga Kaitiakitanga Resource use - water rates and electricity Animal health Feed inputs Pasture management Other kaitiakitanga expenses Total Kaitiakitanga Whanaungatanga Contract milker expenses Kaimahi benefits Kaimahi welfare Health and safety Governance fees Social investment - grants Total Whanaungatanga Whakapono

Shareholder communications Total Whakapono

Total expenses

2023 $'000

2022 $'000

1,608 2,503 327 1,921

987 2,132 402 1,925

7,994

1,061

831 6,800

270 2,289 4,334 1,600 270

212 1,646 3,323 1,469 217

263 311

249 274

8,763

6,867

2,926 5,247 80 41 461

3,154 4,250 127 32 478

401 9,156

8,305

115

74

26,028

22,046

115

264

74

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

61

62

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

C12 Finance income and expenses Finance costs Interest on borrowings and finance charges Interest on lease liability Total finance costs Finance income Interest income Interest income - other Total finance income Net finance costs

2023 $'000

2022 $'000

(2,866) (51) (2,916)

(2,034) (59) (2,093)

592 3 596

155 0 155

(2,320)

(1,938)

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

C13 Dividends PKW aspire to target a distribution over time of 1.5-2.0% of shareholder funds and/or 40-45% of net operating profit. When setting the dividend the Committee of Management consider the following: •T he requirements of Te Ture Whenua Māori Act 1993 and other applicable legislation •T he level of distributable profit and cash available for distribution • Any relevant banking covenants •T he significance of dividends to PKW shareholders as a link to PKW and their ancestral whenua.

PKW currently pays dividends from tax-free reserves made up of pre 2004/05 retained earnings and realised capital gains, and therefore current distributions are non-taxable.

Dividend for 2023 Special dividend for 2023 Dividend for 2022 (paid November 2022) Special Dividend for 2022 (paid November 2022) Total dividends

Date approved

by Committee of Management 26-Jun-23 26-Jun-23 27-Jun-22 27-Jun-22

2023 per share

2.05 0.15 2.20

2023 $'000

2,455 180 2,635

2022 per share

1.95 0.45 2.40

2022 $'000

2,336 539 2,875

Grant to Parininihi ki Waitōtara Trust An annual grant of $263k (2022: $287k) is paid each year from PKW Incorporation to PKW Trust based on 10% of the annual dividend, to support the Trust objectives to advance the educational and cultural aspirations of Taranaki Māori. This grant has been eliminated in these financial statements - see note E22.

Unclaimed dividends Comprises dividends held by PKW relating to missing shareholders. Unclaimed dividends are recognised as a non-current liability due to the nature of the missing shareholders and the length of time required to locate a shareholder or their tamariki mokopuna.

PKW maintain a list of the shareholders whose dividends remain unpaid, and actively work on the identification of missing shareholders.

2023 $'000 Unclaimed dividends

6,548

2022 $'000

5,766

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

63

6464

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

HAUPŪ RAWA (OUR CAPITAL)

This section explains how PKW manages its capital structure (items that make up Shareholders' funds) and borrowings.

D14 Capital management PKW considers its capital as comprising all the components of shareholders' funds.

Initial share capital Capital reserve Cash flow hedge reserve Retained earnings Total shareholders' funds

2023 $'000

2022 $'000

5,549 67,464 2,458 235,083 310,554

5,549 73,851 (156) 236,129 315,372

Initial share capital Value of capital on establishment of the Incorporation. Shares issued have no par value, each shareholder is entitled to a single vote per share.

Capital reserve Comprises capital contributions that have been recognised since establishment of the Incorporation, including the fair value movement of whenua tupuna held as property, plant and equipment, less dividends paid from realised capital gains.

Cash flow hedge reserve The cumulative gain or loss on cashflow hedges. When the underlying derivative has been ended it will be recognised in profit or loss.

Retained earnings Accumulated net profit and losses, including transfers from the cashflow reserve when the underlying derivative has ended, less dividends paid.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

D15 Borrowings Recognition and measurement Group borrowings are recognised initially at the fair value of the drawn facility amount and subsequently stated at amortised cost using the effective interest method. All borrowing costs are recognised as an expense in the period they are incurred.

On 28 June 2023, the existing Rabobank facilities were refinanced. The borrowings are now provided by ASB and Rabobank with no change to the total facilities amount.

Secured Rabobank facility ASB facility Total secured borrowings

Rabobank facility A

2023 Drawn $'000

2023 2023 Undrawn Total facility $'000 $'000

2023 $'000

2022 $'000

21,770 33,730 55,500

55,512 55,512

2022 Drawn $'000

2022 Undrawn $'000

2022 Total facility $'000

(expires 30 June 2027)

-

11,000

11,000

-

-

-

(expires 30 June 2027)

18,000

2,270

20,270

-

-

-

(expires 30 June 2027)

-

6,230

6,230

-

-

-

(repaid 28 June 2023)

-

-

-

-

11,000

11,000

(repaid 28 June 2023)

-

-

-

6,842

2,158

9,000

(repaid 28 June 2023)

-

-

-

44,900

100

45,000

(repaid 28 June 2023)

-

-

-

3,770

6,230

10,000

(expires 30 June 2026)

37,500

-

37,500

-

-

-

Total facilities

55,500

19,500

75,000

55,512

19,488

75,000

5.32%

-

-

3.26%

-

-

Rabobank facility B

Rabobank facility C

Rabobank facility 1 Rabobank facility 2

Rabobank facility 3

Rabobank facility 4 ASB facility

Weighted average interest rate on drawn borrowings

The facilities are secured under a common terms deed with ASB and Rabobank, granting general security within the PKW Group on Quota shares, Fonterra shares, livestock and mortgages over selected properties.

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

65

66

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

NGĀ KŌRERO WHAKATĀPIRI

(OTHER DISCLOSURES)

Section E outlines various other notes required by accounting standards and additional disclosure to assist readers' understanding of these items in the financial statements.

E16 Risk management PKW has exposure to key risks and these risks could affect PKW's future financial performance by: Risk

Exposure arising from

Measurement

Management

Legislative or regulatory

Changes to legislative regime or operational regulations

Watching brief

Active participation via submissions supported by relevent advisory services

Environmental

Social licence to operate; agricultural impacts due to climate or disease

Watching brief

Alignment and refinement of operating practices

Climate related changes

Changes in climatic conditions that impact operating models and systems, financial risk profile, animal or human wellbeing

Scenario analysis Development and implementation of a climate change response adaption plan

Interest rate

Long-term borrowings at variable rates

Sensitivity analysis

Interest rate swaps

Funding or credit

Inability to renew borrowing facilities or favourable terms

Aging analysis

Borrowing facility arrangements with two banks

Liquidity

Inability to meet day to day obligations

Rolling cash flow forecasts

Liquid funds and committed facilities

Sensitivity analysis

Milk price futures and swaps

Commodity price Material movement in agricultural product prices

Primary responsibility for identification and control of risks rest with the Audit and Risk Committee (via delegation from the Committee of Management) and Management. The Committee of Management approves policies for managing each of the risks identified above.

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

E16 Risk management (continued) Financial instruments PKW holds the below financial instruments as part of its normal operations. These are contracted future economic benefits (assets) and economic outflows (liabilities) that PKW hold with other parties.

Financial assets Receivables Milk price futures collateral Cash and cash equivalents Investments Derivatives - interest rate swaps

Total financial assets

Financial liabilities Payables Borrowings Unclaimed dividends Derivatives - milk price futures

Total financial liabilities

2023 Amortised cost $'000

2023 Fair value $'000

2023 Total $'000

2022 Amortised cost $'000

2022 Fair value $'000

2022 Total $'000

4,413 1,736 9,526 1,123 16,798

24,579 2,116 26,695

4,413 1,736 9,526 25,702 2,116 43,493

5,378 726 15,701 21,805

24,495 1,682 26,177

5,378 726 15,701 24,495 1,682 47,982

729 55,500 6,548 62,777

78 78

729 55,500 6,548 78 62,855

326 55,512 5,766 61,604

177 177

326 55,512 5,766 177 61,781

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

67

68

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 E17 Derivative financial instruments PKW uses cash flow hedges to manage risk associated with variable interest rates and farmgate milk price fluctuations.

Interest rate swaps Interest rates on the PKW borrowing facilities are floating, exposing PKW to movements in interest rates. The swaps provide the right to pay interest at fixed rates and receive interest at floating rates, and cover 55% (2022: 58%) of drawn borrowings.

Milk price futures PKW has milk price risk resulting from variability in Fonterra or OCD's final farmgate milk price announced and settled in September each year. Futures contracts have been entered into for the 2023, 2024 and 2025 seasons, with the objective to create price certainty around milk price by locking in the price for a portion of milk production in the current and future seasons.

Recognition and measurement Fair value movement is recognised in other comprehensive income. Gains / losses are transferred to profit or loss when the underlying contract ends.

PKW has the following derivative financial instruments:

2023 $'000

2022 $'000

Current assets Interest rate swaps

1,035

388

Non-current assets Interest rate swaps Total derivative financial instrument assets

1,081 2,116

1,294 1,682

78

78

177 177

2,038

1,505

Non-current liabilities Milk price futures Total non-current derivative financial instrument liabilities Total derivative financial instrument liabilities

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023 E18 Income tax expense Recognition and measurement Tax expense reflects the impact of current and deferred tax and is recognised in profit or loss, unless it relates to an item in other comprehensive income or directly to equity.

Current tax is the tax payable on the taxable income for the year and any adjustments to previous years.

2023 $'000

2022 $'000

Reconciliation between tax expense and accounting profit Profit for the year

242

8,491

Tax at the Māori Authority tax rate 17.5%

42

1,486

(13) 1,400 (54) (11) (78) 1,286

(773) 1,653 15 (19) 50 2,412

2,495 (1,209) 1,286

2,373 39 2,412

555 1,841

188 2,600

Adjusted for the tax effect of: Other permanent differences Changes in fair value of investments Prior year adjustments Non-assessable income Non-deductible expenses Income tax expense Income tax expense Income tax comprises: Curent tax Deferred tax expense Charged to other comprehensive income Loss on FV of cash flow hedges Income tax

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

69

70

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

E19 Deferred tax liability Recognition and measurement Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities and the amounts used for income tax purposes.

Movement in deferred income tax: Investments equity method $'000

Property, plant and equipment $'000

Livestock $'000

Other $'000

Total $'000

At 1 July 2021 Statement of comprehensive income Other comprehensive income At 30 June 2022

1,208

290

431 (46)

365 129

2,294 39

1,054

400

385

(271) 223

(271) 2,062

At 1 July 2022 Statement of comprehensive income

1,054 (1,012)

400 92

385 (39)

223 (250)

2,062 (1,209)

-

-

-

478

478

Other comprehensive income At 30 June 2023

(154)

42

110

492

346

451

1,331

E20 Māori authority credit account

Māori authority credits can be attached to taxable dividends paid to members. Attaching credits means payments to members are not taxed twice, and shareholders can claim Māori authority credits against their own income tax liability.

PKW currently pays dividends from tax-free reserves and therefore current distributions are non-taxable.

Māori authority credits

2023 $'000

2022 $'000

19,127

16,536

NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA (NOTES TO THE FINANCIAL STATEMENTS) FOR THE YEAR ENDED 30 JUNE 2023

E21 Related party transactions PKW has a related party relationship with the Governance members of the Group and the executive management team.

Compensation with key management personnel Governance fees Parininihi ki Waitōtara Incorporation Parininihi ki Waitōtara Trust PKW Farms LP Sub committees Total Governance fees Kaimahi benefits for executive management team Total key management personnel compensation

2023 $'000

2022 $'000

323 10 126 459 1,645 2,104

320

7

140 10 477 1,358 1,835

E22 Group entities The consolidated financial statements include the Parent Parininihi ki Waitōtara Incorporation and the entities it controls, and Parininihi ki Waitōtara Trust. Balances and transactions between entities within PKW are eliminated, and accounting policies are applied consistently within the Group.

Nature of business

Balance date

Farming

30-Jun

100

100

Charitable

30-Jun

100

100

30-Jun

100

100

PKW is comprised of the following material entities: PKW Farms LP PKW Trust PKW Miraka Hipi LP

Miraka hipi

(Sheep dairy)

Equity holding 2023 2022 % %

E23 Subsequent events There were no events occurring subsequent to balance date which require adjustment to or disclosure in the ngā tauākī pūtea (financial statements).

PARININIHI KI WAITŌTARA INCORPORATION - NGĀ WHAKAMĀRAMA I NGA TAUĀKĪ PŪTEA NOTES TO THE FINANCIAL STATEMENTS

71

TE RAU MANAWAORA O PARININIHI KI WAITŌTARA PARININIHI KI WAITŌTARA TRUST The Parininihi ki Waitōtara Trust is aligned to the PKW Group strategy and is a key contributor to the wider kaupapa. The Trust has set down its 5 year strategy as follows: TE IHO VISION Taranaki uri realising and succeeding while strengthening their connection to PKW and Taranaki TE WHAINGA MISSION Seeding Taranaki Potential Building Success TE PŪTAKE STRATEGIC INTENT Collective Impact to achieve shared outcomes NGĀ ARONGA GOALS Leadership & Collaboration Developing Community Active Participation

TR74

PARININIHI KI WAITŌTARA TRUST

TE PŪRONGO O TE RAU TOI TAUIRA LIANA POUTU

Haehaea mai te pō

Kia tū mai ngā whetū

Tākiritia te ārai kapua

Kia tākiri mai te haeata i te matapihi o te rāwhiti Kia ara mai ko te rā i te tihi o Taranaki Ka ao, ka ao, ka awatea.

Tēnei, ka tangi auē ki ngā mate o te tau nei te hawe ngangī o te ngākau ki te tokopae aituā kua ririu atu rā ki tua o paerau, ki tua o pae mano. E moe koutou te moe, e au ai te moe, e rarau, kāti. Nei anō hoki te karanga ki te hau o te ora, ā, kia aumihi anō hoki ki te ora o ngā uri o Taranaki whānui mai i Parininihi ki Waitōtara, kia hauora ki whakatupua, hauora ki whakatawhito, hauora ki te whai ao, ki te ao mārama.

Tihe mouri ora!

Nōku te māringanui ki te whakatakoto mō Te Rau Manawaora o Parininihi ki Waitōtara, arā, ko te Parininihi ki Waitōtara Trust, i te pūrongo ā-tau mō te tau pūtea 2022/2023.

Ka tuku ngā kauneke i ngā mea angtiu kia taea ai te titiro whakamuri ki ngā mahi kua whakatutukitia kētia, heoi anō kia taea ai te whai whakaaro hoki mō te ahunga whakamua, ka taea, me whai rānei e mātou. I tēnei tau, i whai wāhi Te Rau Manawaora o PKW ki ngā mea angitu i tā tātou whakamihi, whakanui, arotake hoki i te 40 tau o te Tarati.

I roto i tēnei wā, he hira te tāpaetanga o te Tarati ki te tautoko i ngā whānau ki te eke ki ngā taumata e wawatatia ana, i te ao mātauranga, i te ao hākinakina hoki, ina hoki ka whakatupu i te āheitanga me te āheinga i roto i te hapori Māori o Taranaki. Waihoki, e mārama ana me hāngai te whai pūtea takune ki te whanaketanga o te marae, whānau, hapū hoki, ā, kia hāpaitia hei mea tuatahi te hanga honohononga pakari ki ngā iwi o Taranaki, me ngā rōpū whaipānga rautaki.

Kāore i huri te kaupapa o te Tarati mai rā anō, engari kua huri tō tātou ao me ōna āhuatanga huhua, nō reira me pīngore, me aronui hoki hei rōpū kia ū ai e whaihua ā tātou mahi.

Ko te whakatinana i tō mātou anga mana whakahaere hou i tēnei tau tētehi tauira o te whakaū whaihua, me te mahea o te whakawehe i te taha mana whakahaere o te Tarati me te Kōporeihana.

Kua tokowhā nga Tarati ināianei, tokorua o rātou kua tāpuia mō ngā mema o Te Rau Rengarenga o Parininihi ki Waitōtara/Committee of Management, tētehi anō tarati hei kanohi motuhake, me tētehi mō Te Māngai Rautitikura/shareholder representiative. Mā tā rātou mahi tahi, ka kaha ake te arotahi o ā rātou mahi hei māngai mō te whānau.

Kua riro aua tūru i ngā wāhine Māori tokowhā i tēnei tau – ko māua ko Anne-Marie Broughton, he mema o te Te Rau Rengarenga (CoM), mātou ko Allie HēmaraWahanui (māngai motuhake) ko Angela Kerehoma (Te

Mauī: Te hunga i tae ā-tinana atu ki te Kurataiao, i waho o Te Niho o Te Atiawa i Parāhuka Marae.

Kei raro (mauī): Ko nga tamariki i te Hui ā-Haurua tau 2023 i tū i Waiokura Marae.

Kei raro (matau): He wā anō i honohono tātou ki a tātou i te pōhiri ki a Aisha Ross, i tū i Novotel Ngāmotu.

Māngai Rau Titikura/māngai kaiwhaipānga) – katoa rā he kaha ngā hononga ki ō rātou marae, iwi, hapū hoki, ā, e mārama ana ki ngā matea kanorau o ngā whānau.

Kua tīmata kē te whakatō i tēnei panoni i mua i te whakahou rautaki e haere mai nei ina ka tūhura mātou me pēhea te Tarati e hiki i te whaihua o te rato tautoko.

Kua kōkiri whakamua kē mātou i runga i tēnei ara mā te whakatū i ngā Karahipi Te Reo Rangatiratanga i te taha o Toi Foundation. Ka rato ēnei karahipi i te pūtea nunui (i tēnei tau, he $50,000 te wāriu o ngā karahipi tuatahi, ā, kua tukuna kētia te $25,000) kia whakaāhei i ngā kaiwhakawhiwhi kia takahia te ara mātauranga, otirā, kia tīkina atu tētahi mea i tangohia i a rātou, i tō rātou hapori hoki. He tohu tērā o te huri i te aronga kurutete noa ki tētehi aronga tino whaitikanga mō ngā iwi me ngā hapū katoa.

I taunaki hoki Te Rau Manawaora i te Kura Taiao tuarua, i ratoa he wā, he wāhi hoki mā ngā tīma taiao ā-iwi huri noa i te maunga kia hui tahi ki te whakawhitiwhiti whakaaro, mātauranga hoki, ā, ki te whakawhānui i ō rātou akoranga. Kō tētehi āhuatanga matua o tē

HE ORANGA PARININIHI KI WAITŌTARA INCORPORATION - TE PŪRONGO O TE RAU TOI TAUIRA

TR75

kaupapa i tēnei tau ko te whakaea i te hiahia ki te whakamahi i te reo me ngā tikanga o Taranaki i roto i ngā whai wāhitanga ki te taiao kia arowhānui ki te whakapakari i te tuakiri me te ahurea.

Kia whakaū ai e whakaea ngā matea o ngā whānau o Taranaki, me whakaaroaro, arotake hoki, ā, me ui atu he aha atu ētehi mahi hei mahi i tēnei wā e āta whaihua ai.

Ko tētehi āhuatanga matua o tēnei tukanga, ko te mōhio e tika ana tō tātou tautohu i ngā matea, kāore hoki e pōhēhē ana, e matapae hē ana rānei. Me whakawhānui e tātou tō tātou arotahi, mai i ngā ara kua takahia i mua, hei tauira, te mātauranga, kia rapu i ētehi atu āhuatanga e hiahia ana i tā tātou tautoko.

NGĀ WHAKATAUNGA KARAHIPI, TAKUNE HOKI He maha ake ngā takune me ngā karahipi i whakataungia i tēnei tau, tōna 222 (2021/2022: 210), hui katoa he $381, 000 (2021/22: $248,000).

E hari koa ana te Tarati kua whakatūria he kirimana karahipi rangapū ki te taha o ngā iwi e waru o Taranaki, ā, e hiahia ana te Poari te haere tonu ki te rapu mea

<<

TR76

Mauī: Ko te whānau Rau Titikura/Shareholder whānau i te Hui ā-Haurua Tau 2023 i tū i Waiokura Marae.

Kei raro: Ka pōhiritia te whānau Rau Titikura/ Shareholder whānau ki te Hui ā-Tau 2022 i tū i Kānihi Māwhitiwhiti Pā.

" Ka rere taku mihi ki ō tātou hoa kaikawe wā-roa, me tā rātou tāpae ki te tautoko tonu i ō tātou whānau, iwi, hapū hoki mā te Tarati."

<<

angitu atu mahitahi anō kia maha atu ngā karahipi e tukuna ana.

He huhua tonu ngā momo kaupapa e ako ana ō mātou kaiwhiwhi; ko te mātauranga, te rongoā, te ture ngā tino kaupapa e whāia ana, waihoki kua uru ēnei kaupapa ki ngā tono: ko te toi, te tauwhiro, te hoahoa, te ahuwhenua, te mātai mataaro, te hoahoa whare, te pūtaiao me te hoahoa taiao, te mātai taketake, te pakihi me te arumoni, me te pūhanga hiko. Tūturu, he whakamīharo ngā aronga me ngā pūmanawa o ō tātou ākonga.

MONIWHIWHI Ka rere taku mihi ki ō tātou hoa kaikawe wā-roa, me tā rātou tāpae ki te tautoko tonu i ō tātou whānau, iwi, hapū hoki mā te Tarati. E whakamiha nei, i roto tonu i ngā whakapātaritari o tēnei wā, nā te mea nā ēnei honohononga me te kaupapa kotahi nei, ka āhei tātou te eke ki taumata kē atu i ō te mahi takitahi. I tēnei tau he $382,754 te whiwhinga moni takuhe i tae mai ki te Tarati mai i ō tātou hoa mahitahi, ā, he $431,000 te tāpaetanga mai i te Kōporeihana. Hui katoa he $185,000 te huamoni i ngā haumitanga a te Tarati.

HE MIHI WHAKAKAPI Nā te mea koinei tō tātou ngahurutau tuawhā, ka mihi atu au ki ngā Rau Toi Tauira/Trust chairs katoa, rātou ko ngā mema Poari i roto i ngā tau. Me whakanui ka tika te whaihua o ngā mahi a Te Rau Manawaora/PKW Trust ki te tokopae tangata, nā te whakamāmā i ngā toimaha ahumoni, te whakatata i te whāinga, te wawata rānei kia mau ai, te rato huruhuru rānei ki ētehi kaupapa hapori i ōna rā wā, tae ana ki ngā ringaringa āwhina i mahia ngā mahi.

Ka rere te mihi ki Te Rau Rengarenga o Parininihi o Waitōtara, nāna te Tarati i tautoko, mai anō, ā, haere tonu atu nei, ā, ka whakamānawa i ō tātou hoa rangapū hoki.

Ngā mihi Liana Poutu Te Rau Toi Tauira Te Rau Manawaora o Parininihi ki Waitōtara

HE ORANGA PARININIHI KI WAITŌTARA INCORPORATION - TE PŪRONGO O TE RAU TOI TAUIRA

TR77

"Nā te mea koinei tō tātou ngahurutau tuawhā, ka mihi atu au ki ngā Rau Toi Tauira katoa, rātou ko ngā mema Poari i roto i ngā tau."

AT A GLANCE INVESTMENTS VALUE OF INVESTMENTS

INCOME FROM INVESTMENTS

$ VALUE OF INVESTMENTS HELD

INCOME FROM INVESTMENTS HELD

up from $3.157m in 2022

up from 127k in 2022

$3.165m

185k

GRANTS & SCHOLARSHIPS xaT retfA tfiorP teN

$ VALUE OF GRANT INCOME FROM PARTNERS

$382k

up from $318k in 2022

Net Profit After Tax

Operating profit after tax

$ VALUE OF GRANTS & SCHOLARSHIPS

*Dividend & Grant Distribution

Shareholders

21

noitubirtsiD tnarG & dnediviD*

ytiuqE

noitubirtsiD tnarG & dnediviD*

ihamAfter iaK Tax Net Profit

sredloherahS

ihamiaK

21 in 2022

NUMBER OF GRANTS & SCHOLARSHIPS AWARDED

222 *Dividend & Grant Distribution ssenisuB iroaM

Kaimahi

xaT retfA tfiorP teN

GRANT & SCHOLARSHIP PARTNERS

$381k

up from $248k in 2022 Equity

xat retfa tfiorp gnitarepO

Kaimahi

up from 210 in 2022 aunehW demraF

ssenisuB iroaM

74

PARININIHI KI WAITŌTARA TRUST

TE PŪRONGO O TE RAU TOI TAUIRA CHAIRPERSON REPORT LIANA POUTU

Haehaea mai te pō

Kia tū mai ngā whetū

Tākiritia te ārai kapua

Kia tākiri mai te haeata i te matapihi o te rāwhiti Kia ara mai ko te rā i te tihi o Taranaki Ka ao, ka ao, ka awatea.

Tēnei, ka tangi auē ki ngā mate o te tau nei te hawe ngangī o te ngākau ki te tokopae aituā kua ririu atu rā ki tua o paerau, ki tua o pae mano. E moe koutou te moe, e au ai te moe, e rarau, kāti. Nei anō hoki te karanga ki te hau o te ora, ā, kia aumihi anō hoki ki te ora o ngā uri o Taranaki whānui mai i Parininihi ki Waitōtara, kia hauora ki whakatupua, hauora ki whakatawhito, hauora ki te whai ao, ki te ao mārama.

Tihe mouri ora!

On behalf of Te Rau Manawaora o Parininihi ki Waitōtara, the Parininihi ki Waitōtara Trust, it is my privilege to present the annual report for the financial year 2022/2023.

Milestones offer us the opportunity to not only look back at what has been achieved but also to take a moment to pause and reflect on what the future direction could, or should, be. This year has provided such an opportunity for the PKW Trust as we acknowledge, celebrate and review 40 years of its existence.

Over this time, the Trust has made a significant contribution in supporting whānau in achieving their aspirations, in both the educational and sporting worlds, while also improving capability and capacity in the Taranaki Māori community. It also recognised the need to align grant funding with the development of marae, whānau and hapū, and made building strong relationships with Taranaki iwi and strategic stakeholders a priority.

The kaupapa of the Trust has not changed over the years, but the world around us has, in many different ways, and we must be flexible and responsive as an organisation to make sure we are being effective in what we do.

One example of ensuring effectiveness was the implementation of our new governance structure this year, with a clear separation between the governance of the Trust and the Incorporation.

There are now four trustees, with two reserved for Committee of Management members, one for an Independent and one for a shareholder representative, together providing a more focused representation for whānau.

Those seats have been taken by four wāhine Māori this year – myself and CoM Board member AnneMarie Broughton, Allie Hēmara-Wahanui (independent representative) and Angela Kerehoma (Te Māngai Rau Titikura/shareholder representative) – all of whom are

Left: Kurataiao attendees outside Te Niho o Te Atiawa at Parāhuka Marae.

Below (left): Tamariki at the 2023 Half Year AGM held at Waiōkura Marae.

Below (right): Another opportunity for us to connect during the pōwhiri for Aisha Ross, held at the Novotel Ngāmotu.

strongly connected with their marae, iwi and hapū and understand the diverse needs of whānau.

Embedding this change has been taking place ahead of the upcoming strategic refresh where we will explore how the Trust can be more impactful when providing support.

We have already made some exciting progress along this path with the creation of the Te Reo Rangatiratanga Scholarships in partnership with the Toi Foundation.

These scholarships provide a significant sum (this year inaugural scholarships worth $50,000 and $25,000 have been awarded) to enable recipients to not only pursue educational endeavours but also to reclaim something that was taken from them and their community. It signals a move away from a purely transactional approach to something more meaningful for all iwi and hapū.

Te Rau Manawaora has also supported a second Kura Taiao, which provides a space for taiao teams from iwi around the maunga to come together to share perspectives and knowledge, and to expand their own learnings. One key element of this year’s event was

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU TOI TAUIRA CHAIRPERSON REPORT

75

addressing the need to practise the use of te reo and tikanga o Taranaki in interactions with the natural world to embrace the revitalisation of identity and culture.

Ensuring that we are meeting the needs of Taranaki whānau requires us to question and review, to ask what more can be done and how, to have the most impact.

A key element in this process is to establish that we are identifying those needs correctly, not catering to assumption or presupposition. We need to broaden our focus from traditional avenues such as education and inquire about what other areas need our support.

SCHOLARSHIP AND GRANT APPROVALS An increased number of 222 grants and scholarships were approved this year (2021/2022: 210) totaling $381,000 (2021/22: $248,000).

The Trust is very pleased that we now have scholarship partnership agreements with all eight iwi of Taranaki, and the Board is keen to continue to find more opportunities for partnerships to be able to increase the number of scholarships on offer.

<<

76

Left: Rau Titikura/Shareholder whānau at the 2023 Half Year AGM held at Waiōkura Marae.

Below: Rau Titikura/Shareholder whānau are welcomed at the 2022 PKW Hui ā-Tau (AGM), held at Kānihi Māwhitiwhiti Pā.

" I would like to acknowledge our longstanding partners and their role in continuing to support our whānau, iwi and hapū through the Trust."

<<

The range of subjects being studied by our recipients was as diverse as ever, with education, medicine and law featuring highly with art, social work, design, agriculture, engineering, architecture, environment science and planning, indigenous studies, business and commerce, and electrical engineering all featuring in applications. The interests and talents of our ākonga are truly amazing.

REVENUE I would like to acknowledge our long-standing partners and their role in continuing to support our whānau, iwi and hapū through the Trust. It is much appreciated, particularly in these challenging times, as it is these relationships, and a shared kaupapa, that mean we can achieve more than we could working alone. This year, the Trust received $382,754 in grant income from our partners and the contribution from the Incorporation was $431,000. Income from Trust investments totalled $185,000.

FINAL ACKNOWLEDGEMENTS As it is our 40th anniversary, I would like to mihi all the Te Rau Toi Tauira, and their Board members, over the years. The difference the PKW Trust has made to so many lives, by helping to ease a financial burden, bringing a goal or dream within reach, or enabling a community project in that time, should be celebrated, together with those who undertook the mahi to make it happen.

As always, thank you to Te Rau Rengarenga o Parininihi ki Waitōtara, the Committee of Management, for its ongoing support to the Trust, and, again, to our partners.

Ngā mihi Liana Poutu Te Rau Toi Tauira Te Rau Manawaora o Parininihi ki Waitōtara

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU TOI TAUIRA CHAIRPERSON REPORT

77

"As it is our 40th anniversary, I would like to mihi all the Te Rau Toi Tauira, and their Board members, over the years."

AT A GLANCE INVESTMENTS VALUE OF INVESTMENTS

INCOME FROM INVESTMENTS

$ VALUE OF INVESTMENTS HELD

INCOME FROM INVESTMENTS HELD

up from $3.157m in 2022

up from 127k in 2022

$3.165m

185k

GRANTS & SCHOLARSHIPS xaT retfA tfiorP teN

$ VALUE OF GRANT INCOME FROM PARTNERS

$382k

up from $318k in 2022

Net Profit After Tax

Operating profit after tax

$ VALUE OF GRANTS & SCHOLARSHIPS

*Dividend & Grant Distribution

Shareholders

21

noitubirtsiD tnarG & dnediviD*

ytiuqE

noitubirtsiD tnarG & dnediviD*

ihamAfter iaK Tax Net Profit

sredloherahS

ihamiaK

21 in 2022

NUMBER OF GRANTS & SCHOLARSHIPS AWARDED

222 *Dividend & Grant Distribution ssenisuB iroaM

Kaimahi

xaT retfA tfiorP teN

GRANT & SCHOLARSHIP PARTNERS

$381k

up from $248k in 2022 Equity

xat retfa tfiorp gnitarepO

Kaimahi

up from 210 in 2022 aunehW demraF

ssenisuB iroaM

78

NGĀ HUA O NGĀ TAU HOKORUA

40 YEARS OF SUPPORTING WHĀNAU TO FOLLOW THEIR ASPIRATIONS

Over the past 40 years, the Parininihi ki Waitōtara Trust (PKW Trust) has invested millions into the future of Taranaki Māori by providing financial support to those with aspirational dreams and goals.

It also stands as a connection between uri and their whakapapa, as kaitiaki of the legacy our tūpuna created, and a pathway to giving back by getting involved in Taranaki kaupapa.

We take a look back to acknowledge the dedication and mahi of those who have administered the Trust's work and celebrate 40 years of meeting the needs of people to grow the capability of all.

1978

1982

Parininihi ki Waitōtara Incoporation (PKW Inc) AGM 26 August - After presentation from Preston Bulfin (Legal Adviser) and Ray Bailey (Morikaunui Incorporation) advising on the formation of a trust for the benefit of shareholders and their families, a resolution was passed authorising the Committee to investigate and if practically possible set up a Trust.

The first minuted meeting of the PKW Trust was held 18 December 1982. Present were C Bailey, E Tamati, J Kerehoma, J Ahie, E Rangi, R Bailey, B Edwards and P Charleton (Secretary). Charlie Bailey was confirmed as Chairperson.

1979

PKW Trust is registered in June 1983. The first meeting of trustees after the Trust Deed had been registered was on 10 July. With limited funds to distribute it was resolved that the income be retained for the following year.

PKW Inc AGM – Report presented after discussions to establish a Trust for certain specific purposes.

1983

1987 A resolution passed at the 1987 AGM focused on the most important and probable areas for distributions to be made.

Garry Nicholas was elected as the shareholder representative at the 1987 AGM and was requested to review Trust documents and previous discussions and present a report to the Trustees. Edward Tamati was elected as the new chairperson following the passing of Charlie Bailey.

1988 Garry Nicholas as shareholder representative undertook assessments of grants applications and made recommendations to the trustees. Criterion around eligibility for grants was starting to take shape.

1990

2000

In following years Bry Kopu, Beverly Gibson, Talei Tamati, Helen Carlton became the next group of recipients to receive the Charles Bailey Scholarship.

Rangipo Metekingi delivered a comprehensive report to the AGM advising that a Peer Group had been established to start linking scholarships to opportunities to improve Māori capacity within Taranaki.

1993

2001 Fletcher Energy (previously Petrocorp) shut down operations in Taranaki and their relationship with the Charles Bailey Fletcher Energy scholarships ended reducing income by $20k per annum.

1989 Negotiations with Petrocorp begin in relation to compensation for use of land at the McKee Wells in Tikorangi with the proposal to fund an annual scholarship. Employment with Petrocorp would be offered, and the scholarship was to support study covering engineering, electrical, chemical and clerical work.

The Charles Bailey Scholarship was established in conjunction with Petrocorp and presented to the AGM. Brendan Erueti became the first recipient to be awarded the scholarship.

HE ORANGA PARININIHI KI WAITŌTARA TRUST - 40 YEARS

79

Gloria Kerehoma replaced Garry Nicholas as the shareholder representative on the Trust.

A Sports Grant policy was developed. Scholarships targeted towards Valuation and Environmental management were not taken up. Discussions at the AGM focused on the need to align grant funding with development of marae, whānau and hapū.

1996

Rangipo Metekingi became the Education Subcommittee chair taking an active role in the development of policy and practice for the Trust.

<<

80

2005

2007

2009

With Peter Jackson's departure to live overseas, Amokura Panoho (mokopuna of Rawinia Rangitake and Edward Eriwata) was appointed as the second Kaitakawaenga.

Gloria Kerehoma also retired as shareholder representative and Te Aroha Hohaia was elected into the role at the AGM. A new subcommittee was established that merged the Education committee with the Social, Political, and Cultural Committee with Rangipo Metekingi remaining as Chair. A Māori Community and Marae Subsidy Policy along with Scholarships and Education Policy were formalised. A draft strategic plan was developed.

In 2005 the CoM agreed to the establishment of an Iwi Liaison Officer/ Kaitakawaenga role to build stronger relationships with shareholders and the wider Māori community within Taranaki.

2006 The budget for an Iwi Liaison Officer was committed and an annual budget forecast was developed for the next three years.

The first significant investments were made into projects that aligned with the new Trust strategy. Examples of projects funded included Rangatahi Hui, and Kapunipuni Reo. The new Strategic plan also emphasised the need to increase the profile of the Trust.

In 2006 Tama Potaka was appointed as the new Trust Chair and Peter Jackson (eldest son of Sam & June Jackson) was appointed as the first Kaitakawaenga.

Amokura Panoho begins identifying potential relationships with Agribusiness training providers and other strategic stakeholders.

Grants now fall into three main categories, Sports and Culture, Community and Education Grants and Scholarships. After-School Grants are also made available.

2008 Hinerangi Edwards is appointed Chair of PKW Trust upon Tama Potaka's retirement from PKW, and along with Te Aroha and Amokura starts progressing the development of clearer criteria around the grants distribution.

PKW move into their new premises in Robe Street, New Plymouth and all the files previously held at the Stratford offices of Staples Rodway are relocated to the new office site.

Successful grant recipients are encouraged to come to the Annual General Meetings to make presentations on their chosen field of study and the value of the grants to their work.

The CoM undertake a strategic planning programme across all of its businesses. As part of that process the PKW Trust held its own strategic planning session programme. This discussion was aimed at reaffirming the core purpose and focus of PKW Trust and to chart potential areas for development moving forward.

As part of this discussion the Trust began to critically examine its own funding processes to find better ways of supporting its beneficiaries and promote its activities.

The grants application process goes online and a subcommittee made up of the Chair, the CEO, the shareholder representative and the Kaitakawaenga evaluate applications and present recommendations to the Trustees for endorsement.

The Trust starts to sponsor key events such as the Taranaki Māori Sports Awards, Manu Korero and the Taranaki Arts Awards.

2010

The Trust identifies key stakeholders that they want to build strategic relationships with in the community.

Amokura Panoho resigns from her role as Kaitakawaenga to develop other business opportunities.

2011

Whenua

2013

2017

Allie Hemara-Wahanui is appointed as the first Community Development Manager for PKW Incorporation responsible for overseeing the establishment of strategic relationships and managing the Trust activity.

A record number of applications were received this year, and a new partnership with Ballance Agri-Nutrients was established, creating two undergraduate level scholarships worth $2,500 each.

2014 The Trust Deed was updated to improve its administrative processes for the first time in 30 years. There were two changes proposed; the first extended the term for the shareholders representative from one year to three years, to align with the terms served by all other trustees, and the second gave Trustees the power to vary the deed if required to avoid lengthy, cumbersome, and expensive Court processes.

Hakihea 2011 | ISSUE 1

2016

PKW commence production of Whenua Magazine - and include a section titled "Awhina' specifically to promote the work of the Trust and showcase where shareholder investments are going in the areas of education, Shareholder Regaining community engagement andOur One Step Closer Ancestral Land Representative development.

Stepping Forward

Retires

Te Aroha Hohaia resigns as Shareholder Representative and Darryn Ratana is appointed at the Annual General Meeting.

PKW Trust fine tunes its scholarship programme and increases the annual award to up to three years for the Charles Bailey scholarship.

PKW Trust also joined Victoria University’s Taihonoa programme in which the educational institution matches grants awarded by Māori and iwi organisations to their uri. This created two new postgraduate level scholarships, bringing the total number of scholarships available to 13.

HE ORANGA PARININIHI KI WAITŌTARA TRUST - 40 YEARS

81

General Manager Shareholder Engagement Allie HemaraWahanui leaves for a new role as Tumuaki of Te Korowai o Ngāruahine Iwi Trust.

2018 Former Charles Bailey Scholar Mitchell Ritai is appointed as General Manager Shareholder Engagement, making him the first PKW scholar to be employed by the Incorporation.

2019 Individual sporting and cultural grants were no longer made available, with the kaupapa of cultural and physical wellbeing integrated onto the Community Grants Programme, enabling the Trust to support events that allow the wider community to participate, such as Taranaki Tū Mai and Iron Māori.

A partnership between PKW and Ngāruahine was announced, the first of its kind between the Incorporation and Taranaki iwi. It saw the creation of tertiary scholarship targeting second, or later, year students.

<<

82

2020

2022

2023

The cultural framework based on the waiata composed for Parininihi ki Waitōtara, “Te Whakakaupapa i te Kotahitanga” is implemented.

Two more iwi-PKW joint scholarships are announced with Te Kāhui o Taranaki and Te Kotahitanga o Te Atiawa. The undergraduate scholarships, worth $2,500 each, are designed to support studies in Environmental Planning or Resource Management, reflecting the need for more Māori in these spaces and takes the scholarship portfolio to 22.

Hinerangi Edwards steps down as chair after 12 years of service, and Dion Tuuta takes up the seat.

At the AGM, which is held online due to the COVID-19 pandemic lockdown regulations, he outlines the governance review underway to ensure the right structures are in place to deliver positive outcomes for whānau.

2021 Puna Wano-Bryant takes over the role of General Manager Shareholder Engagement.

Agreements with Ngāti Maru and Ngāti Mutunga see two more tertiary scholarships created – meaning that PKW now has co-funding agreements with five of the eight Taranaki iwi.

Beverley Gibson takes over as Chair to replace Dion Tuuta, who has become Chair of the Committee of Management for the Incorporation.

Darryn Ratana retires as Te Māngai Rau Titikura / Shareholder Representative on Te Rau Manawaora / PKW Trust Board after ten years and Angela Kerehoma is voted on in his place. Will Edwards becomes Te Rau Toi Tauira / Chairperson.

The first Kurataiao Taranaki is organised by the Trust to bring Kaitiaki Taiao together to share knowledge, to connect and to learn. A series of full immersion te reo Māori and Taiao technical sessions are included in the three-day schedule of talks and wānanga. The event also aligned with the commitment by Te Rau Manawaora to forge closer links with hapū and iwi.

Agreements with Ngaa Rauru, Ngāti Ruanui and Ngāti Tama see three more tertiary scholarships created – meaning that PKW now has co-funding agreements with all eight Taranaki iwi.

A change in governance structure reduces the seats around the Board table from seven to four – and all four seats are taken by wāhine.

The first new Board of Te Rau Manawaora is Liana Poutu, Anne-Marie Broughton, Allie Hemara-Wahanui and Angela Kerehoma. Liana Poutu becomes the new Te Rau Toi Tauira / Chairperson.

The free Piki Mai Rawea App is launched by PKW putting a rich resource of content including Taranaki history, tikanga, iwi, te reo, waiata and karakia at users fingertips.

The first Te Reo Rangatira grants are launched, assisting qualified Taranaki Māori to achieve fluency and high level proficiency before returning home to contribute back to the Taranaki Māori community.

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU ĀWHINA PKW SCHOLARSHIPS The following students have been awarded scholarships:

NAME Course of Study

Shareholder Endorsement

Value of Scholarship

Charles Bailey Postgraduate Scholarship Katrina Taylor MA Indigenous Studies

Christine O’Carroll

$7,500

Gloria Kerehoma Postgraduate Scholarship Asher Katene Master of Arts, Postgraduate Diploma in Clinical Psychology

Nanci-Lee Katene

$5,000

Mate ki Tawhiti Carr Postgraduate Scholarship Ngaputiputi Akapita Master of Education (Administration and Leadership)

Henare Tauwhakaiti Ngaia

$5,000

Edward Tamati Postgraduate Scholarship Symon Rangimokai Knuckey Poutahu Whakaakoranga Whānau Trust

Te Ihorangi and Rangikata O’Carroll

$5,000

PKW Undergraduate Scholarship Arapera Tapiata Bachelor of Art

Margaret Te Ruihi Walsh Whanau Trust

$2,000

PKW Undergraduate Scholarship Ivan Tarlton

Bachelor of Laws

Piripi Wipatene Whānau Trust

$2,000

PKW Undergraduate Scholarship Pounamu Keepa

Bachelor of Pharmacy

Lillibet Tataurangi Balle (Hawe)

$2,000

PKW Undergraduate Scholarship Sarah Richards

Bachelor of Midwifery

Sarah Richards

$2,000

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU ĀWHINA TE PUTANGA TAUIRA SCHOLARSHIPS & GRANTS

83

<<

84

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS TE RAU ARA WHANAUNGA IWI PARTNER SCHOLARSHIPS The following students have been awarded scholarships: Name Course of Study

Shareholder Endorsement

PKW-Ngaa Rauru Undergraduate Scholarship Te Puni Doyle Bachelor of Commerce

Margaret Te Ruihi Walsh Whanau Trust $3,750

PKW-Ngaruahine Undergraduate Scholarship Roka Reni Osborne Bachelor of Social Work

Ellison Paul Hunia Whakatutu

PKW-Ngāti Maru Undergraduate Scholarship Tira Burrows Bachelor of Commerce

Karl Burrows $3,750

PKW-Ngāti Mutunga Undergraduate Scholarship Kelsea Elkington Bachelor of Health Science

Te Taku Parai $3,750

PKW-Ngāti Ruanui Undergraduate Scholarship Etelini Roberts Bachelor of Medicine and Surgery

James Berry $3,750

PKW-Ngāti Tama Undergraduate Scholarship Phoebe-Robyn Turner O’Carroll Bachelor of Health Science

Melanie Chard $3,750

PKW-Taranaki Iwi Undergraduate Scholarship Rongomaihenga Waerea-Hohaia Bachelor of Health, Sport and Human Performance PKW-Te Atiawa Undergraduate Scholarship Ngatupara Ritai Bachelor of Business

Value of Scholarship

$3,750

Edward Rongomai Ira Tamati Whanau Trust $3,750

Pamela Te Urumairangi Ritai Whanau Trust $3,750

TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS The following students have been awarded scholarships: Name Course of Study

Shareholder Endorsement

Value of Scholarship

PKW-TOI Reo Rangatiratanga Scholarship Dean Kahu Diploma in Māori Language Fluency - Rumaki Reo

ROJETO Whānau Trust

$50,000

Tiana Capper

Heke Poutaurongo Reo

Estate of Charles Bailey

$25,000

Master of Teaching and Learning (Secondary)

Moana Skelton $5,000

Doctor of Philosophy

Angela Pope $5,000

VUW Postgraduate Scholarship Duncan Tamati Rere-No-A-Rangi Pope

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS TE RAU HONONGA EDUCATION PARTNER SCHOLARSHIPS (continued)

Name Course of Study

Shareholder Endorsement

PKW-Nova Energy Scholarship Tuteremoana Sword

Miriam Sword (nee Tamakaha) $5,000

Bachelor of Information and Communication Technology

Value of Scholarship

PKW-Farmlands Undergraduate Scholarship Luka Kamana Environmental Planning

Te Kawau Bertrand Whanau Trust $2,500

Madelyne Slater-Carter

Bachelor of Medicine and Bachelor of Surgery

Christine Matheison-Picken $2,500

Mahara Haitana

Bachelor of Bicultural Social Work Year 3 Mahara Jean Haitana $2,500

PKW-BNZ Undergraduate Scholarship Matangiorupe Sword Engineering Technologies

Miriama Hukarere Sword (Nee Tamakaha) $2,500

PKW-Ballance Agri-Nutrients Scholarship Sean Wipatene Bachelor of Architectural Studies

Karl Wipatene $2,500

Tuheimoa Maruera

Janine Maruera $2,500

Bachelor of Arts in Māori Knowledge

PKW-Marsh Insurance Undergraduate Scholarship Pero Brophy Bachelor of Management Studies w/ Honours

Te Uraura Nganeko $2,500

PKW-Govett Quilliam Undergraduate Scholarship Thomas Tito-Green Bachelor of Laws

George Koroheke Tito Whanau Trust $2,000

PKW-iStudios Undergraduate Scholarship Bryn Davison Bachelor of Design Innovation

David MacLeod $2,000

PKW-Mark Frost Electrical Undergraduate Scholarship Analee Toro Bachelor of Medicine and Bachelor of Surgery

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU ĀWHINA TE PUTANGA TAUIRA SCHOLARSHIPS & GRANTS

85

Joyce Toro $1,500

PKW-Meridian Energy Undergraduate Scholarship Mia Robinson Bachelor of Visual Arts

Tutahi Aranga Steven Francis Robinson $1,500

PKW-Evergreen Undergraduate Scholarship Mike Taurerewa Te Reo Māori Level 1/2

Te Moana Mcleod $1,500

PKW-DR (Jack) Gray Ltd Undergraduate Scholarship Danielle Knight Bachelor of Laws

Tutere and Hikimapu Rangihaeata $1,500 Whanau Trust

<<

86

HE RAU ĀWHINA HE PUTANGA TAUIRA SCHOLARSHIPS AND GRANTS

TE RAU ĀWHINA PKW TERTIARY GRANTS The following students have been awarded a PKW Tertiary Grant:

Name Course of Study

Shareholder Endorsement

Value of Grant

Adam White

Poutuarongo Reo

Te Kawau Bertrand Whanau Trust

$750

Aharina Prime-Rei

Te Aho Tātairangi

Pauline Prime

$750

Alexis Bright

Bachelor of Nursing

Gary Ngaia

$750

Amene-ia Jury

Geology and Geography

John Tom Jury

$750

Amy Gallagher

Graduate Diploma in Teaching (ECE)

Amy Elizabeth Gallagher

$750

Ana Tupangaia

Bachelor of Agri-Business

Lorna Wikitoria Parata

$750

Anahera Preston

Te Tohu Paetahi Tikanga Rangatira aa-Tapuhi - Bachelor of Nursing Māori

Matthew Mark Preston

$750

Anahera Wanakore

Agriculture (Level 4) with strands of Arable Anahera Wanakore Farming, Dairy Farming and Livestock Farming

$750

Anthony Raumati MICN301 Medicine Third Year

Pamela te Urumairangi Ritai Whanau Trust

$750

Anya Christiansen

Bachelor of Arts/Bachelor of Global Studies Conjoint

Chris White

$750

Ariah Gardiner

The Complete Beauty Collection Elite Beauty & Spa

Leanne Horo

$750

Bailee Manukonga

Bachelor of Nursing

Hemi Manu

$750

Bianca Rameka (nee) Archibald

Bachelor of Teaching (ECE)

Dawn Mahutonga

$750

Blake Love

Bachelor of Arts

Piripi Wipatene Whanau Trust

$750

Bodhi White

Graduate Diploma in Māori Knowledge

Pereni Belle Tupe

$750

Catherine Booker

Maunga Kura Toi - Bachelor of Māori Art - Raranga

Harry Rangihuatau Dansey

$750

Charlotte Webb

Bachelor of Arts

Margaret Webb

$750

Chontelle Wallace

Poutahu Whakaakoranga

Patrick Wallace

$750

Christina Neale

Bachelor of Medicine and Surgery

Henry Katene

$750

Corban Richter

Masters of Architecture

Raewyn Kaneihana

$750

Cynthia Otene

Doctor Health Science

Sinclair Otene

$750

Daria Crown-Harris

Bachelor of Teaching (ECE)

Pehikino-Crown Whanu Trust

$750

Deejae Taiwhati

Engineering

Lavinia Raupita Whanau Trust

$750

Dominic Hawkins

Bachelor of Medicine and Surgery

Ripo Tautahi Whanau Trust

$750

Dwayne O'Carroll

Doctor of Philosophy - PhD Fine Arts

Christine O'Carroll

$750

Ella Wipatene

Bachelor of Engineering

Piripi Wipatene Whanau Trust

$750

Ethan Langton

Mechanical Engineering

Rex Langton

$750

Eva Puata

Advanced Diploma of Professional Dance

Ruve Lindsey

$750

Freedom Cooper Pakinga Bachelor of Social Work

Edward Rongomai Ira Tamati Whānau Trust

$750

George Miles Bachelor of Sport and Exercise

Ngaraiti and Rangi Kotuku Rukuwai Whanau Trust

$750

TE RAU ĀWHINA PKW TERTIARY GRANTS (continued)

Name Course of Study

Shareholder Endorsement

Value of Grant

Georgia-Rae Jones

Bachelor of Science majoring in Environmental Gareth Jones Science

$750

Gina MacDonald

Masters of Māori and Indigenous Leadership

Jamie Tuuta

$750

Grace O'Shaughnessy

Bachelor of Environmental Policy and Planning Henry Katene

$750

Halle Reid

Diploma in Adventure Tourism Management

Bernard Joseph King

$750

Hannah Tipa

Te Tohu Paetahi Ako

John Henry Hooker

$750

Helena Rattray - Te Mana

Doctor of Philosophy - Indigenous Studies

Leona Mariana Te Mana

$750

Hinemarie Bailey

Diploma in Te Tohu Paetahi

Charles Bailey Estate

$750

Holly Ahern

Bachelor of Arts (BA) and Bachelor of Law (LLB)

Wendy Smith

$750

Huria Ritai

Bachelor of Arts

Te Urumairangi Ritai Whanau Trust

$750

Ikaaika Jacobs

Rumaki Reo Tohu Pōkairua

Pauline Prime

$750

Jada Jacobs

Bachelor of Nursing Year 3

May Metapere Edmonds

$750

Janine Luke-Taamaru

Masters of Indigenous Studies

Estate of Rawinia Kipa

$750

Jasmine Donald

Environmental Policy and Planning (Hons)

Piripi Wipatene Whānau Trust

$750

Jayla Berge

Bachelor of Teaching (Primary)

Patricia Nuku

$750

Jenny Crown

Diploma in Māori and Indigenous Art: Ngā Mahi ā te Whare Pora Level 5

Pehikino-Crown Whanu Trust

$750

Jessie (Waiwiri) MacKenzie

Bachelor of Nursing (Level 7)

Richard (Temanaki) Waiwiri

$750

Jessie Mckenzie

Bachelor of Laws and Bachelor of Commerce

Shona Agnes Maxwell

$750

Jessie Urwin

Bachelor of Medicine and Bachelor of Surgery

Raymonde Pikitu Cowell

$750

Jordan Berry

Toi Paematua - Diploma in Māori and Indigenous Art

Niven Berry

$750

Joseph Ahie

Masters of Science

Ripo Tautahi Trust

$750

Joseph Hau

Foundation Studies Certificate Health Science

Kenny Hau

$750

Kahana Ngaia

Bachelor of Applied Management

Moana Tamati

$750

Kayla Manuirirangi

Masters of Social Science in Population Studies and Demography

Bobbie Manuirirangi (power of attorney for my Koro, Tongawhiti Warwick Manuirirangi

$750

Keita-Mere Koroheke

Bachelor of Health Sciences

Ruve Lindsay

$750

Kyla Potaka

Bachelor of Physiotherapy

Tamati Potaka

$750

Lance Cashell

Heke Toi Whakarakai (Whakairo)

Jock and Marina Cashell Whanau Trust

$750

Lania Careswell

Masters Degree in Education

Michael Rex Tangipo Careswell

$750

Lauren Over Master of Science

Edward Rongomai ira Tamati Whānau Trust

$750

Lena Kemp

Master of Health Science

Jan Hariata Bezems

$750

Lyla Atutahi

Bachelor of Laws

Lyla Atutahi

$750

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU ĀWHINA TE PUTANGA TAUIRA SCHOLARSHIPS & GRANTS

87

<<

88

TE RAU ĀWHINA PKW TERTIARY GRANTS (continued)

Name Course of Study

Shareholder Endorsement

Value of Grant

Lyric Tyler Bachelor of Science

Edward Rongomai Ira Tamati Whanau Trust

$750

Madison Waller

Professional Legal Studies

Rocky Hudson

$750

Maia King

Bachelor of Applied Science

Bernard King

$750

Maia McLennan Bachelor of Nursing

Edward Rongomai Ira Tamati Whanau Trust

$750

Maihora Jacobs

Diploma of Māori Language Fluency - Rumaki Reo Programme

Pauline Prime

$750

Marama Broughton

Heke Reo Māori

Margaret Ann Broughton

$750

Maruata Ngarewa Cribb

Bachelor of Teaching in Primary

Hemi Ngarewa

$750

Melissa Cooper

Post Graduate Diploma in Museum Studies

Nanci Lee Katene

$750

Merenia Ashwell

Toi Paematua Nga Mahi a te Whare Pora

Merenia Ashwell

$750

Mikayla Mathys

Bachelor of Engineering Technology

Pamela Matiu Ratana

$750

Moerangi Taylor

Te Aho Paerewa Postgraduate Diploma Teaching and Learning in Māori Medium

Tamzyn Rose Pue Poi Pue and Ana Taura Pue Whānau Trust

$750

Naomi Butler

New Zealand Certificate in Pest Operations (Level 4)

Maikara Tapuke

$750

Neave Burgess

Bachelor of Medicine and Bachelor of Surgery

John Niwa

$750

Neve Duxfield

Bachelor of Arts

Mary Wakefield

$750

Ngarongo Phillips-Simpson Pre-Professional Social Work

Te Whanau a Richard Piripi Phillips Whanau Trust

$750

Nikayla Williams

Te Tohu Paetahi

Ollie and Rosie Katene Whānau Trust

$750

Nikita Whaitiri

Bachelor of Teaching Primary

Te Urumairangi Ritai Whanau Trust

$750

Noah Kemp

Rūmaki Reo

Jan Bezems

$750

Noah Sands

Motor Vehicle Mechanic - Apprenticeship

Graham Sands

$750

Olympia Fazakerley

Master of Arts

JN & R Taiaroa Whanau Trust

$750

Orewa Whakatutu-Kunaiti

Bachelor of Nursing

Mairini Kershaw

$750

Paige Taylor Richter

Bachelors of Health Science

Robyn Davey

$750

Pani Ema Awarau

Bachelor of Nursing

Kereama Francis Awarau

$750

Paris Urwin

Film and Television Level 6

Raymonde Pikitu Cowell

$750

Paul Mahutonga

He Waka Hiringa - Masters of Applied Indigenous Knowledge

Barbara Dawn Mahutonga

$750

Pehitu Mathieson-Mana

Heke Reo

Mina Mathieson

$750

Puhi-o-aotea Pene

Glazing – Apprenticeship

Leona Mariana Te Mana

$750

Rachelle Thurgood

Masters of Social Work

Noeline Edwin

$750

Raiha Kahukore

Te Tohu Paetahi

Raiha Kahukore

$750

Rebekah Hill

Global Environment and Climate Change Law

Gemma Barbara Toa

$750

Reef Phillip Robinson

Bachelor of Design Innovation

Ihaka Robinson

$750

TE RAU ĀWHINA PKW TERTIARY GRANTS (continued)

Name Course of Study

Shareholder Endorsement

Value of Grant

Riley Davison

Health Science

Te Urumairangi Ritai Whānau Trust

$750

Robina Bedwell

Masters in Māori Indigenous Leadership

Estate of Charles Bailey

$750

Sam Fraser

Bachelor of Medicine and Bachelor of Surgery (MB ChB)

Foxy Rangi

$750

Sam Lock

Bachelor of Commerce

Jackie Martin

$750

Season Blackburn-Kingi

Master of Health Science

Peter Moeahu

$750

Selwyn-Roimata Teua

Diploma of Māori Language Fluency

Josephine Teua Downs

$750

Stevie Broughton

Bachelor of Psychology

Claire Nicholson

$750

Tamaarangi Te Rei Tuta

Bachelor of Science

Jamie Tuuta

$750

Tamati Laurence

Bachelor of Psychology - double major Psychology and English Literature

Jamie Tuuta

$750

Tania Korau

Bachelor of Nursing

Elkington Trust

$750

Te Rohu Crow

Bachelor of Laws (LLB) and Bachelor of Arts (BA) Patricia Sharyne Crow

$750

Teao Eiffe

Bachelor of Nursing Māori Y3

Paul Eiffe

$750

TeRongopai Hopa-McNaught

Bachelor of Science

Betty Te Rautau Anderson

$750

Thaneshya Hohaia-McLeod

NZ Diploma in Business Level 5

Rauru Te Ngā Ruru Whānau Trust

$750

Thomas Buchanan

Heke Reo Māori

Margaret Broughton

$750

Tiaan Owen

Bachelor of Criminal Justice

Susan Owen

$750

Trina Taurua

He Waka Hiringa

Elizabeth Piere Taurua

$750

Tuarua Manaia

Te Tohu Paetahi

Marietta Manaia

$750

Tuia Tapuke

Bachelor of Arts

Maikara Kararaina Tapuke

$750

Tulin Pritchard

Bachelor of Law (LLB) minoring in Psychology

Mums Mob

$750

Vince Ropitini

Bachelor of Design with Honours

Janice Ropitini

$750

Virginia Innes-Jones Bachelor of Arts

Edward Rongomai Ira Tamati Whanau Trust

$750

Xavia Connolly

Graduate Diploma in Psychology

Wiremu Whānau Trust

$750

Phoebe Tumata

Bachelor of Health Science (Nursing)

Phoebe Tumata

$750

Aaron Davis

Batchelor of Business

Marcus Paul Davis

$400

Alec Kozenof

Plumbing, Drain laying, Gasfitting - Apprenticeship

Edward Rongomai Ira Tamati Whanau Trust

$400

Alexia Davis

Bachelor of Business

Marcus Paul Davis

$400

Alyssa Rowlands

Bachelor of Teaching (Early Childhood Education)

Cheryl Hintz

$400

Andrew Bannan

Building - Apprenticeship

Patricia Graine Niwa Bannan

$400

Asha Raven

Bachelor of Nursing

Jamie Tuuta

$400

Ashleigh Kauika

Postgraduate Certificate in Nursing

Johanna Kauika

$400

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU ĀWHINA TE PUTANGA TAUIRA SCHOLARSHIPS & GRANTS

89

<<

90

TE RAU ĀWHINA PKW TERTIARY GRANTS (continued)

Name Course of Study

Shareholder Endorsement

Value of Grant

Azaria Weston

Engineering - Apprenticeship

Eleanor Rauna Weston

$400

Brooke Exeter

Bachelor of Teaching and Learning

Heslop Whanau Trust

$400

Caius Owen

New Zealand Certificate in Electrical Engineering

Susan Owen

$400

Daniel Tauru

Certificate In Money Management Level 3

Hazel Hanita-Paki

$400

Dinnie Moeahu

Māori and Indigenous Studies PhD

Peter Moeahu

$400

Dontei Weston

Panel Beating - Apprenticeship

Eleanor Rauna Weston

$400

Erena Taylor

Graduate Diploma of Chartered Accounting

Christine Nicholas

$400

Erika Alldridge Bachelors of Nursing

Edward Rongomai Ira Tamati Whanau Trust

$400

Gerald Taena McGuigan

Joinery/Cabinetry - Apprenticeship

Malcolm McGuigan

$400

Hamish Clark

Bachelor of Science

Graham Kevin Clark

$400

Jacqueline Davis

Postgraduate in Health Science (Mental Health Richard Davis and Addictions)

$400

Jaimee-Lee Coleman

Te Ara Reo Māori (He Pi Ka Rere)

Te Awahuri Te Utupoto Whanau Trust

$400

Jarna Flintoff Health Science First Year

Topaki Rangimaria Arahanga Whanau Trust

$400

Jennifer Jacobsen

NZ Certificate in Business (Administration and Technology) Level 3 & Level 4 (conditional)

Mary Barnard

$400

Jordan Morehu Ryan

Bachelor of Science

Te Kawau Bertrand Whanau Trust

$400

Julie Harkness

Te Reo Level 3

Edward Rongomai Ira Tamati

$400

Kaitlyn Hawe-Good

Health Science First Year

Doris Hawe

$400

Kelly Karena

Bachelor of Counselling and Mental Health Addictions

Jennifer Waitai-Rapana

$400

Kiani Nevin

New Zealand Certificate in Commercial Barbering (Level 4)

Heather Morehu

$400

Latisha Phillips

Electrical Engineering pre trade Level 3

Matau Matenga Baker

$400

Latoia Kiriona-Whanau

Career Force

Teresa Rudolph

$400

Lavinia Taylor

Postgraduate Diploma in Business

Toherangi Whānau Trust

$400

Leana Barriball

Faculty of Science and Engineering PhD degree programme

Leana Barriball

$400

Lee-Ana Robinson

Te Pōkaitahi Reo (Rumaki, Reo Rua) (Te Kaupae 1) Niven Wayne Berry

$400

Manutai Wi Rutene-Pomare

Health Sciences First Year

JamieTuuta

$400

Maria Waretini

Poutuarongo Toiora Whānau Y4 (Social Work)

Maria Cresencia Waretini

$400

Narlisa King

Business and Administration Level 3

William Terrance King

$400

Natasha Potaka

Pokai tahi reo rua (Level 2)

Sonya Wirihana

$400

Ngamihi Wright

New Zealand Diploma in Systems Administrations Level 6

Ngamihi Broughton

$400

TE RAU ĀWHINA PKW TERTIARY GRANTS (continued)

Name Course of Study

Shareholder Endorsement

Nina Goble

Anthony Gray Skelton

$400

Norita Tamati Electrical pre trade Level 3

Edward Rongomai Ira Tamati Whanau Trust

$400

Paige Tamatea

Health Science First Year

Tamatea Whanau Trust

$400

Peti Waaka

Post Graduate Diploma in Health Science (Māori endorsement)

Marie Waiata Waaka

$400

Pikiteora Weston-Jacobson

Toi Tangata Reo

Nancy Katene

$400

Rahuia Hohaia-McLeod

He pi ka Pao te reo Level 1 & 2

Rauru Te Ngā Ruru Whānau Trust

$400

Renata King

Bachelor of Data Science

Aubrey Ngarape Tuuta

$400

Renee Baldwin

Bachelor of Arts (Psychology)

Leanne Horo

$400

Ruiha Kopa

Bachelor of Arts

Jamie Tuuta

$400

Sarika Rona

Doctor of Philosophy

Joseph Rona

$400

Stephen McLeod

Diploma in Te Pinakitanga ki te Reo Kairangi Level 7

Rauru Te Ngā Ruru Whānau Trust

$400

Tamara Apera

Bachelor of Health Science - Midwifery

Michael Rex Tangipo Careswell

$400

Taylor Kupe

Bachelor of Nursing

John Niwa

$400

Te Ahuru Wilton

Bachelor of Arts

Vicki Monk

$400

Te Rina Kumeroa

Bachelor of Creative Technologies

Henare Ngaia

$400

Tere Moana Nui Akiwa Conaglen

Electrical pre trade Level 3

Lobellia Conaglen

$400

Vincent Davis-Herlihy

Bachelor of Commerce

Kerin Herlihy

$400

Wade Gadsby

Masters in International Development

Christopher Gadsby

$400

Wiremu Jahelle Puna-Leeks

Bachelor of Social Science

Ngauranga Kura Niwa

$400

Zhane Otene

Bachelor of Arts

Wiremu Whanau Trust

$400

Bachelor of Nursing

Value of Grant

HE ORANGA PARININIHI KI WAITŌTARA TRUST - TE RAU ĀWHINA TE PUTANGA TAUIRA SCHOLARSHIPS & GRANTS

91

TE RAU MANAWAORA O PARININIHI KI WAITŌTARA PARININIHI KI WAITŌTARA TRUST NGA TAUĀKĪ PŪTEA FINANCIAL STATEMENTS for the year ended 30 June 2023

94

KUPU WHAKATAKI INTRODUCTION

This performance report has been presented in a style that attempts to make the performance report less complex and more relevant to beneficiaries and other stakeholders. We have grouped the performance report into the following sections: A Te Ānga (Basis of preparation)

C Te Pūrongo whiwhinga Te whakapaunga kaha (Our performance)

D Haupū rawa (Our capital)

E Ngā Kōrero Whakatāpiri (Other disclosures)

Each section sets out the accounting policies applied in producing the relevant statements and notes. The intent is to provide readers with a clearer understanding of PKW Trust's performance and financial position.

Keeping it simple Notes to the performance report provide information required by accounting standards or legislation to explain a particular feature of the financial statements.

The notes that follow also provide explanations and additional disclosures to help readers' understanding and interpretation of the performance report.

We have used icons and colour throughout to signal and direct readers to the additional disclosures, and to connect the financial information back to our core values presented in Te Ara Putanga.

Explains the main purpose of the section Links the primary performance report to the detailed breakdown in the Notes to the performance report Explains the accounting policy applied in the disclosure note Reflects the link the asset or investment has to Te Ara Putanga based on the core value it contributes to the most, indicated by the pou being highlighted white

PARININIHI KI WAITŌTARA TRUST

WHĀINGA KUA TUTUKI RĀNEI (Performance Report) for the year ended 30 June 2023

He pārongo kōrero (Trust information)

Te Tauākī koronga mō ngā mahi kia tutuki (Statement of Service Performance)

TE TAUĀKĪ PŪTEA POUMATUA

PRIMARY FINANCIAL STATEMENTS Te tauākī whiwhinga, whakapaunga whānui (Statement of financial performance)

Te tauākī tūnga pūtea (Statement of financial position)

Te tauākī kapewhiti (Statement of cash flows)

Te Ānga

Te Pūrongo whiwhinga Te whakapaunga kaha

Haupū rawa

Ngā Kōrero Whakatāpiri

T e Ānga (Basis of preparation)

1 Analysis of Revenue

3 Accumulated funds

4 Related party transactions

2 Analysis of Expenses

Trustees of Parininihi ki Waitōtara Trust

PARININIHI KI WAITŌTARA TRUST - WHĀINGA KUA TUTUKI RĀNEI PERFORMANCE REPORT

95

96

Te PŚSPOHP Ī OHĪ ,BJBSPUBLF *OEFQFOEFOU "VEJUPS½T 3FQPSU ( QJƗ NDLZKLZLKL WDNXKH R 7H 7DUDWL R 3DULQLQLKL NL :DLWōWDUD (To the Beneficiaries of Parininihi ki Waitōtara Trust) 7H DURWDNH R WH SnjURQJR QDQDKX (Report on the audit of the performance report)

"SPUBLF 0QJOJPO In our opinion, the performance report of Parininihi ki Waitōtara Trust (the ’Trust’) on pages 99 to 106:

We have audited the accompanying performance report which comprise:

i. present fairly in all material respects the trust’s financial position as at 30 June 2023 and its financial performance and cash flows for the year ended on that date in accordance with PBE Simple Format Reporting Standard - Accrual (Not For Profit); and

— 7H WDXƗNƯ WnjQJD SnjWHD VWDWHPHQW RI ILQDQFLDO

ii. suitably report the outcomes and outputs, and quantifies the outputs to the extent practicable, in the statement of service performance.

— Notes, including a summary of significant

SRVLWLRQ Pǀ WH WDX L RWL L WH +XQH

— 7H WDXƗNƯ ZKLZKLQJD ZKDNDSDXQJD ZKƗQXL

(statement of financial performance) me te WDXƗNƯ NDSHZKLWL VWDWHPHQW RI FDVK IORZV Pǀ WH WDX L RWL L WH +XQH accounting policies and other explanatory information; and

— +H SƗURQJR NǀUHUR Pǀ 3.: WUXVW WUXst

LQIRUPDWLRQ PH WH WDXƗNL NRURQJD Pǀ QJƗ PDKL kia whakatutuki (statement of service performance) on page 98.

5F UŚĪQBQB P UĴOFJ BSPUBLF #BTJT GPS PQJOJPO We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’), and the audit of the entity information PBE FRS 48 requires to be included in the statement of service performance, in accordance with the International Standard on Assurance Engagements (New Zealand) 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information ('(ISAE (NZ) 3000').

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Trust in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.

Our responsibilities under ISAs (NZ) and ISAE (NZ) 3000 are further described in the Auditor’s responsibilities for the audit of the performance report section of our report.

Other than in our capacity as auditor we have no relationship with, or interests in, the Trust.

5F XIBLBNBIJOHB P UĴOFJ BSPUBLF 6TF PG UIJT JOEFQFOEFOU BVEJUPS½T SFQPSU This independent auditor’s report is made solely to the beneficiaries as a body. Our audit work has been undertaken so that we might state to the beneficiaries those matters we are required to state to them in the independent 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 beneficiaries as a body for our audit work, this independent auditor’s report, or any of the opinions we have formed. © 2023 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

/HĪ IBFQBQB P OHĪ 5BSBUľ 3FTQPOTJCJMJUJFT PG UIF 5SVTUFFT GPS UIF QFSGPSNBODF SFQPSU The Trustees, on behalf of the Trust, are responsible for:

— the preparation and fair presentation of the performance report in accordance with generally accepted

accounting practice in New Zealand (being PBE Simple Format Reporting Standard - Accrual (Not For Profit));

— implementing necessary internal control to enable the preparation of a performance report that is fairly presented and free from material misstatement, whether due to fraud or error;

— the preparation of a statement of service performance that complies with the requirements of PBE FRS 48; — identifying outcomes and outputs that are relevant, reliable, comparable and understandable, and quantifying the outputs to the extent practicable, to report in the statement of service performance; and

— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related

to going concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations or have no realistic alternative but to do so.

/HĪ IBFQBQB P OHĪ ,BJBSPUBLF "VEJUPS½T SFTQPOTJCJMJUJFT GPS UIF BVEJU PG UIF QFSGPSNBODF SFQPSU Our objective is:

— to obtain reasonable assurance about whether the performance report as a whole is free from material misstatement, whether due to fraud or error;

— perform procedures to determine whether the service performance information required by PBE FRS 48 has been suitably reported in the statement of service performance;

— perform procedures to obtain and evaluate evidence in regards to whether the reported outcomes and

outputs and quantification of the outputs to the extent practicable, are relevant, reliable, comparable and understandable; and

— to issue an independent 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. They 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 this performance report.

A further description of our responsibilities for the audit of this performance report is located at the External Reporting Board (XRB) website at: http://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-report-8/ This description forms part of our independent auditor’s report.

.30* +DPLOWRQ 20 September 2023 2

PARININIHI KI WAITŌTARA TRUST - WHĀINGA KUA TUTUKI RĀNEI PERFORMANCE REPORT

97

98

Parininihi ki Waitōtara Trust HE PĀRONGO KŌRERO

(TRUST INFORMATION) FOR THE YEAR ENDED 30 JUNE 2023

Entity's purpose or mission: The charitable objectives of the Parininihi ki Waitōtara Trust (PKW Trust) is to support the educational and cultural purposes of Taranaki Māori, as endorsed by the shareholders of Parininihi ki Waitōtara Incorporation (PKW).

PKW Trust supports the aspirations of Taranaki Māori through the provision of an annual programme of educational and cultural grants and advances its charitable objectives through projects and activities that deliver on the following strategies: VISION

Taranaki uri realising and succeeding while strengthening their connection to PKW and Taranaki MISSION Seeding Taranaki potential – building success STRATEGIC INTENT Collective impact to achieve shared outcomes GOALS - Leadership and collaboration - Developing community - Active participation

Legal name of entity: Parininihi ki Waitōtara Trust Type of entity and legal basis (if any): Charitable Trust Registration number: CC36303 Entity structure: Governance: as set out in the Trust Deed and associated amendment, PKW Trust is governed by two Trustees appointed from the Incorporation's Committee of Management, one Shareholder Representative and one Independent Trustee.

Main sources of the entity's cash and resources: PKW make an annual grant calculated on 10% of the dividend paid to Shareholders.

PKW Trust also draws interest from a $2.9m loan to PKW. Additional grant revenue is sourced from third parties.

Main methods used by the entity to raise funds: PKW Trust is not an active fundraiser.

Entity's reliance on volunteers and donated goods or services: PKW Trust is reliant on in-kind services.

Physical address: 35 Leach Street New Plymouth, New Zealand

Postal address: PO Box 241, New Plymouth 4340, New Zealand Phone: +64 (06) 769 9373 Email: office@pkw.co.nz Web: www.pkw.co.nz

Facebook: www.facebook.com/ Parininihi-ki-Waitōtara-Incorporation377456922465330/?ref=page_ internal

TE TAUĀKĪ KORONGA MŌ NGĀ MAHI KIA TUTUKI

(STATEMENT OF SERVICE PERFORMANCE) FOR THE YEAR ENDED 30 JUNE 2023 Description of PKW Trust's outcomes

Established in 1983 the purpose of PKW Trust as per the deed, is to support the education and cultural aspirations of Taranaki Māori. This is reinforced by PKW Trust's vision, mission and strategic intentions and goals.

Description of quantification of PKW Trust's outputs Actual this year

Output - active participation Distribute PKW Trust's grant programme to Taranaki Māori as part of building capacity and supporting cultural aspirations. Increasing participation by the number of:

- Education grant recipients - Marae grant recipients - Community grant recipients Total grant investment

Budget this year

Quantity

$'000

Quantity

218 2 2 222

329 42 10 381

223 1 1 225

$'000

264 21 22 307

Actual last year

Quantity

207 1 2 210

$'000

206 20 22 248

PARININIHI KI WAITŌTARA TRUST - WHĀINGA KUA TUTUKI RĀNEI PERFORMANCE REPORT

99

100

TE TAUĀKĪ WHIWHINGA, WHAKAPAUNGA WHĀNUI (STATEMENT OF FINANCIAL PERFORMANCE) FOR THE YEAR ENDED 30 JUNE 2023

This section summarises what PKW Trust earned (revenue), what PKW Trust spent (expenditure) and how much revenue was left after expenses (surplus) for the year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements)

Notes

Actual this year $'000

Budget this year $'000

Actual last year $'000

Revenue Grants Other Interest Total revenue

C1 C1 C1

383 7 185 575

309 136 445

321 5 127 453

Expenses Kaimahi expenses Grants and scholarships made Other expenses Total expenses

C2 C2 C2

77 381 55 513

83 307 55 445

70 248 26 344

62

-

109

Surplus for the year

TE TAUĀKĪ TŪNGA PŪTEA

(STATEMENT OF FINANCIAL POSITION) AS AT 30 JUNE 2023

This section details what PKW Trust own (assets), what PKW Trust owe (liabilities) and the surpluses held as capital by the beneficiaries (accumulated funds) at the end of the financial year.

Further details can be found in Ngā whakamārama i nga tauākī pūtea (Notes to the Financial Statements) Actual this year $'000

Budget this year $'000

Actual last year $'000

406 9 3,165 3,580

95 33 3,132 3,260

291 15 3,157 1,939

3,580

3,260

3,463

LIABILITIES Current liabilities Accounts payable Grants approved but unpaid Total current liabilities

41 115 156

-

29 72 101

Total liabilities

156

-

101

3,424

3,260

3,362

2,141 1,283 3,424

1,977 1,283 3,260

2,079 1,283 3,362

ASSETS Current assets Bank accounts Accounts receivable Related party receivable Total current assets

Notes

E4

Total assets

Total assets less total liabilities (net assets) ACCUMULATED FUNDS Accumulated surpluses Reserves Total accumulated funds

D3 D3

This performance report has been approved by the Trustees, for and on behalf of Parininihi ki Waitōtara Trust on 20 September 2023:

LIANA POUTU Chair

20 September 2023

TAARINGAROA NICHOLAS

Chair Audit and Risk Committee 20 September 2023

PARININIHI KI WAITŌTARA TRUST - WHĀINGA KUA TUTUKI RĀNEI PERFORMANCE REPORT

101

102

TE TAUĀKĪ KAPEWHITI

(STATEMENT OF CASH FLOWS) FOR THE YEAR ENDED 30 JUNE 2023

This section details PKW Trust's cash, cash receipts (what cash came in) and cash payments (what cash went out).

Actual this year $'000

Budget this year $'000

Actual last year $'000

411 153

281 136

258 132

Cash was applied to: Payments to suppliers Grants & scholarships paid Kaimahi payments

35 337 77

55 307 82

8 194 70

Net cash flows from operating activities

115

(27)

118

Net increase / (decrease) in cash Opening cash Closing cash

115 291 406

(27) 122 95

118 173 291

This is represented by: Bank accounts and cash

406

95

291

Cash flows from operating activities Cash was received from: Grant receipts Interest receipts

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2023

This section sets out the legislation and accounting standards that apply to PKW Trust, and significant items that relate to the performance report as a whole. The notes also provide explanations and additional disclosure to assist readers' understanding and interpretation of the performance report.

TE ĀNGA

(BASIS OF PREPARATION)

PKW Trust's performance report is prepared: • In accordance with PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-ForProfit) on the basis that it does not have public accountability and has total annual expenses of equal to or less than $2,000,000 • On an accrual basis of accounting • Under the assumption it will continue to operate in the foreseeable future • Inclusive of GST Income tax PKW Trust is a registered Charitable Trust and is exempt from New Zealand income tax. PKW Trust has complied with all statutory conditions.

Changes in accounting policies There have been no changes in accounting policies during the financial year.

Comparative balances have been restated to reflect revised presentation.

PARININIHI KI WAITŌTARA TRUST - NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA NOTES TO THE PERFORMANCE REPORT

103

104

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2023

TE PŪRONGO WHIWHINGA TE WHAKAPAUNGA KAHA (OUR PERFORMANCE)

This section focuses on the results and performance of PKW Trust. On the following pages you will find notes explaining PKW Trust's results for the year.

C1 Analysis of revenue Revenue item Grants

Received from PKW Incorporation Third parties Total grants

Interest

PKW Incorporation Bank Total interest

This year $'000

Last year $'000

263 127 390

287 39 269

168 17 185

125 2 131

Revenue disclosures Grant revenue is accounted for depending on whether or not any conditions are attached. Where no conditions are attached, the revenue is recognised on an accruals basis. Where conditions are attached, the revenue is recognised once the conditions are satisfied. Interest revenue is recognised on an accruals basis.

C2 Analysis of expenses

This year $'000

Last year $'000

65

62

Expense item Kaimahi expenses

Paid to Kaimahi benefits

Grants and scholarships made

Education Marae Community Total grants and scholarships made

329 42 10 381

206 20 22 248

Other expenses

Other admin expenses Consultancy Total other expenses

4 51 55

2 24 26

Trustee fees Total kaimahi expenses

12 77

8 70

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2023

HAUPŪ RAWA

(OUR CAPITAL)

This section explains what makes up the accumulated funds of PKW Trust.

D3 Accumulated funds This year Opening balance Surplus Closing balance Last year Opening balance Surplus Closing balance

Accumulated surpluses

Reserves

Total

2,079 62 2,141

1,283 1,283

3,362 62 3,424

1,970 109 2,079

1,283 1,283

3,253 109 3,362

Accumulated surpluses Accumulated net surpluses since the establishment of PKW Trust.

Reserves The initial and subsequent PKW Incorporation unclaimed dividends allocation to PKW Trust.

PARININIHI KI WAITŌTARA TRUST - NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA NOTES TO THE PERFORMANCE REPORT

105

106

NGĀ WHAKAMĀRAMA I NGĀ TAUĀKĪ PŪTEA (NOTES TO THE PERFORMANCE REPORT) FOR THE YEAR ENDED 30 JUNE 2023

NGĀ KŌRERO WHAKATĀPIRI

(OTHER DISCLOSURES)

This section outlines transactions with related parties of PKW Trust. Related parties are entities or people that have significant influence over PKW Trust.

E4 Related Party Transactions

This Year $'000 Value of transactions

During the year PKW Trust received funds from, and invested with, its parent entity PKW Incorporation as follows: Interest revenue Grant revenue The amounts outstanding with PKW Incorporation at balance date were: Loan to PKW Incorporation Advance to PKW Incorporation Accounts receivable

Last Year $'000

This Year $'000

Last Year $'000

Value of Amount transactions outstanding

Amount outstanding

168 263 431

125

32

4

1,378

1,346

-

-

1,524

1,524

32

287 340

4

263 3,165

258 3,128

Interest is receivable at the average group rate of 5.86% (2022: 4.35%) Related Party Disclosures PKW Trust has two loans to PKW Incorporation. They are based on the balance of transaction costs and are included in current assets as they are repayable on demand. During the year the advance to PKW Incorporation has been reclassified from non-current assets to current assets to reflect the correct presentation.

Related party receivables include receivables which are stated at their estimated net realisable value.

Donations were received from the PKW Trust Chair ($2k via fees), a PKW Shareholder ($5k via dividends and koha).

Trustees of Parininihi ki Waitōtara Trust William Edwards (Chair, ended 12 November 22) - Committee of Management Member Liana Poutu (Chair, commenced 12 November 22) - Committee of Management Member Anne Marie Broughton - Committee of Management Member Alison Hemara-Wahanui (Independant Trustee, commenced 12 November 22) Darryn Ratana (Shareholder Representitive, ended 12 November 22) Angela Kerehoma (Shareholder Representitive, commenced 12 November 22)

REGISTER OF INTERESTS OF CURRENT BOARD MEMBERS AND CEO AS AT MAY 2023

DION TUUTA

ANNE-MARIE BROUGHTON

Chair of Committee of Management of PKW Incorporation, ex-officio member of Audit and Risk Committee and Human Resources Committee.

Committee of Management of PKW Incorporation, Human Resources Committee and Trustee of PKW Trust.

ENTITY POSITION Tuuta Waetford Tapui Ltd Director Paysauce Shareholder Te Atiawa Trust CEO Te Manawaroa o Ngāti Tama Trustee Charitable Trust

Agri-Womens Development Trust

Trustee

Whanganui & Partners - Regional Economic Development Agency

Director

Mataarangi Limited

Director

MARK BRIDGES Independent Director of PKW Farms General Partner Ltd. ENTITY POSITION Southern Pastures Ltd Associate Director Bridges Consultancy & Project Director Management Ltd Bridges Family Trust Trustee Poharu Farms Ltd 2020 Director RJ Nominees Ltd Director Whatalotta Heifers Ltd Farm Advisor

ENTITY

POSITION

MPI Sustainable Food & Fibre Member Futures Investment Advisory Panel

Whenuakura Marae

Chair & Trustee

Mataarangi Trust

Trustee

Mana Earth Limited

Whanganui West Catchment Group Incorporated Crown Regional Holdings

Director

Co-Chair Director

CRAIG HATTLE Independent Director and Chair of PKW Farms LP. Commenced January 2023.

ENTITY POSITION BAF Board Trustee Carefirst Ltd Director Egmont Seafoods Director Freight Bulk Transport Osflo Director Edison Consulting Ltd Director Naki Host Ltd Director Venture Taranaki Food and Fibre Steering Committee

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - REGISTER OF INTERESTS OF BOARD MEMBERS AND CEO

107

108

TAARINGAROA NICHOLAS

CLAIRE NICHOLSON

Committee of Management of PKW Incorporation, Director PKW Farms General Partner Ltd, Chair Audit and Risk Committee.

Committee of Management of PKW Incorporation, Director PKW Farms General Partner Ltd, Chair of Human Resources Committee.

ENTITY POSITION Ngāti Ruanui Holdings Director Corporation Ltd Ngāti Ruanui Holdings Operating Director Company Ltd Parininihi ki Waitōtara Incorporation Committee Member/ Shareholder PKW Farms Ltd Director Te Awanui Hukapak Ltd Director Southern Pastures (NZ) Ltd Director/Shareholder Southern Pastures Founders Ltd Director/Shareholder Southern Pastures Management Ltd Director/Shareholder Te Waharoa Investments Ltd Director Matariki Capital Partners Ltd Director/Shareholder Waikato-Tainui Group Investment Member Committee Te Kīwai Mauī o Ngāruahine Ltd Director Oriens Capital GP Ltd Director Rockit Orchards LP 1 Limited Partner Miro LP Limited Partner Tai Hekenga GP Limited Director Pohutukawa V Fund Investor Tukairangi Investments Ltd Director Lewis Road Creamery Ltd Director Hāpai Commercial Property GP Ltd Director Te Whai Ao Ltd Director Hāpai Development Property GP Ltd Director Hāpai Housing GP Ltd Director

ENTITY Sirona Animal Health Ltd

TAMA POTAKA Committee of Management of PKW Incorporation and Human Resources Committee.

ENTITY Te Pihopatanga o Aotearoa Mōkai Pātea Waitangi Claims Trust Member of Parliament (Hamilton West)

POSITION Trustee Negotiator MP

EOS Consulting Ltd Techion Edison Consulting Group Ltd O'Brien Group Holdings Ltd Rockit Apples No. 2 Rawhiti Orchard Precision Antimicrobials Otago University Advisory Board Manuka Bioscience Limited NZAGRC – Stakeholder Advisory Group and Science Advisory Group and Māori Advisory Group NZAGRC - Māori Advisory Group Farmlands Board Pāmu Nutrient Management Tools Māori Advisory Group - Member Climate Emergency Relief Panel Farmlands People and Performance Committee

POSITION Shareholder / Director Director Shareholder Shareholder Director / Shareholder Shareholder Shareholder Member Investor Member Member Director Director Director Director Chair

LIANA POUTU

JAYDE WILKINSON

Committee of Management of PKW Incorporation, Audit and Risk Committee and Chair of PKW Trust.

Committee of Management of PKW Incorporation, Audit and Risk Committee. Commenced November 2022.

ENTITY Edward Rongomai Ira Tamati Whānau Trust Kaipakopako 2C2 Trust Ministerial Advisory Committee on Emergency Management Parininihi Ki Waitōtara Taranaki Crossing Project Steering Group Taranaki Maunga Taranaki Whanganui Conservation Board Te Atiawa (Taranaki) Holdings Ltd Te Atiawa Iwi Trustee Ltd Te Atiawa Iwi Holdings Management Ltd Te Kotahitanga o Te Atiawa Trust Te Reo o Taranaki Charitable Trust Toi Foundation Toi Foundation Holdings Parininihi Ki Waitōtara Trust Te Tōpuni Ngārahu FP Severe Weather Emergency Recovery Legislation Review Panel

ENTITY Te Kīwai Mauī o Ngāruahine Araukuku A & B

POSITION Trustee Chair Member Shareholder Co Chair

POSITION CEO Treasurer / Trustee

AISHA ROSS

Iwi Negotiator Member

Chief Executive Officer of PKW Group.

Commenced April 2023.

Director Director Director

ENTITY Palmerston North Māori Reserves Trust 23ika Limited Hillfarrance Venture Capital General Partner Ngāmotu Hotels LP Koura Inc General Partner Limited Port Nicholson Fisheries Facilities GP Ltd

Chair Trustee Trustee Director Chair Chair Member

POSITION Trustee Director Ambassador Director Director Director

GOVERNANCE ATTENDANCES GOVERNANCE

Committee of Management

Audit and Risk HR Committee PKW Farms GP Committee Ltd

PKW Trust

PKW Miraka Hipi LP

Attended Possible Attended Possible Attended Possible Attended Possible Attended Possible Attended Possible

Claire Nicholson Will Edwards Taaringaroa Nicholas Dion Tuuta

Anne-Marie Broughton Liana Poutu Tama Potaka Jayde Wilkinson Darryn Ratana Mark Bridges Richard Krogh Craig Hattle Allie Hemara-Wahanui Angela Kerehoma

8 4 12

11 11 11 8 7 -

12 4 12

12 12 12 12 8 -

4

4 4 1 -

4

4 4 2 -

4 0 -

4 1 -

9 11

11 11

2 3 3

3 3 3

8 9

9 9

-

-

11 1 5

11 1 5

2 -

3 -

5 5

5 5

9 1 5

9 1 5

4 2 2

4 2 4

-

-

2 8 8 2

3 8 8 3

-

-

HE TĀNGATA PARININIHI KI WAITŌTARA INCORPORATION - REGISTER OF INTERESTS OF BOARD MEMBERS AND CEO

109

110

NOTES

NOTES PARININIHI KI WAITŌTARA INCORPORATION - RAU TITIKURA / SHAREHOLDER NOTES

111

PARININIHI KI WAITŌTARA INCORPORATION 35 Leach Street

New Plymouth | New Zealand

PO Box 241 | New Plymouth 4340