Turanga Group Holdings Limited (TGHL) Annual Report
This report provides an overview of the achievements of Tūranga Group Holdings Limited (TGHL) for the 2024-25 Financial Year.
Tūranga Group Holdings Limited (TGHL) is the Rongowhakaata Iwi Trust Group’s (the Group) commercial arm, managing business investments and property assets.
TGHL is where we manage the whenua owned by Rongowhakaata in Tūranga, in line with Ture Pākehā (legal requirements). It’s a commercial holding company owned 100% by Rongowhakaata Iwi Trust, designed to hold and grow assets on behalf of our iwi.
But TGHL isn’t just about legal compliance. It’s an opportunity to rethink how we care for our whenua, reconnect with our identity, and bring our indigenous values into the business space. We’re working to actively connect with the whenua, not just passively manage it.
For the 2024-25 financial year TGHL reported $11.6m net assets, total revenue of $1.17m and a $438,000 operating loss. While TGHL’s balance sheet is strong, the operating loss is largely due to the state of many of the properties in the Group portfolio which need significant remedial works and investment.
The TGHL Board comprises:
Moera Brown (Chair – Independent Director)
David van der Zouwe (Independent Director)
Meka Whaitiri (RIT Trustee Director)
Phila Lagaluga (Associate Director)
What was achieved by TGHL during the 2024-25 financial year?
Commercial Readiness
The 5-year Statement of Intent was developed following engagement with uri over the last couple of years at Hui-ā-Iwi and Wānanga-ā-Iwi. It aligns with RIT's long-term strategy He Tirohanga Whānui and the RIT Group's investment strategy and guidelines.
During the year TGHL invested in in-house capability to prepare for the upcoming commercial programme outlined in the SoI. Designing and implementing the Project Management Office is an example of this.
Properties
TGHL continued to maintain and progress development of the Group’s properties. Leases were extended or renegotiated with three of the properties (Grey St, Opou, and Pacific Street).
The detailed design work for Te Wai-ō-Hīhārore was completed and building consent lodged in preparation for refurbishment of the historic Railway Station Building - our first ever purpose-built commercial property, and stronghold in the CBD.
Native Garden Nursery
The Matawhero Nursery maintained consistent performance throughout the year; however, this operational stability did not translate into a profit, and the business ultimately finished with a loss. This can largely be attributed to the lingering effects of Cyclone Gabrielle and changes in government funding priorities impacting on our clients' projects. The Nursery maintained Plant Pass certification through to 2027, improved drainage and increased propagation capacity.
The medium-term outlook for the Nursery is considered positive with continued interest from other iwi, private interests and public funders to source and grow and plant native species throughout New Zealand. Land-use planning changes identified by the Gisborne District Council has a focus on identifying the worst eroding land across the region, which will need to transition out of plantation forestry and/or pastoral farming and into permanent vegetation cover.
Reflection
TGHL wishes to acknowledge and thank Puka Moeau for his leadership during his time as Chair of TGHL, and Phil Hokianga for his service as Trustee-appointed Director.
In 2024–25, TGHL strengthened its people, processes, and systems while staying focused on long-term goals. Through proactive planning, smart investment, and continuous improvement, the organisation has built a strong foundation for future opportunities. These efforts highlight TGHL’s commitment to resilience, adaptability, and sustainable growth as it moves confidently into the years ahead.
