ANNUAL REPORT 2025 To always stand next to and behind Rugby’s seriously injured players
Official Associates Partners, Funders and Sponsors in Kind www.facebook.com/NZRugbyFoundation www.instagram.com/nz_rugby_foundation www.rugbyfoundation.nz 2 ANNUAL REPORT 2025
Contents Notice of Annual General Meeting Officers of 2025 Obituaries Chair and Management’s Report Business Committee Chair’s Report Capital Fund 2025 Serious Injuries A Year At A Glance Research That Matters Very Injured Players (VIPs) New VIPs Deceased On Field That We Know Of Restructure Update Pettigrew Giving Circle and Friends of the Foundation PERFORMANCE REPORT Non-financial Information Entity Information Approval of Financial Report Statement of Service Performance Financial Information Statement of Financial Performance Statement of Financial Position Statement of Cash Flow Statement of Accounting Policies Notes to the Performance Report Independent Auditor’s Report Tremain Legacy Society 31 32 33 34 36 44 47 The front cover is indicative of where our people live. In some instances, photos were not available, and some individuals preferred not to be included. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 3 4 5 6 7 10 11 12 13 14 16 18 19 21 22 24 26 27
Notice of Annual General Meeting The 2025 Annual General Meeting (39th AGM) of the New Zealand Rugby Foundation Incorporated will be held on Friday 17 April 2026 at 1.00pm. Top of the Park, (Level 5) Alexandra Park, Auckland. The meeting will be held in person and also on Zoom. In accordance with the constitution of the New Zealand Rugby Foundation Inc: (a) The Annual General Meeting of the NZ Rugby Foundation shall be held annually at a time and place as the Board shall decide and shall be held not more than four months after the end of the NZ Rugby Foundation’s financial year and must not be held more than 15 months after the previous Annual General Meeting. (b) The Executive Officer shall give at least fifteen (15) Business Days written notice of the date of the Annual General Meeting, to Members. (c) Any Member requiring any business to be discussed or any resolution to be considered at the Annual General Meeting shall give notice in writing to the CEO of such business or such resolution no later than ten (10) Business Days prior to the date fixed for the meeting. (d) The Annual General Meeting shall include the following matters: ORDER OF BUSINESS: i. Opening of Meeting – Karakia. ii. Apologies. iii. Confirmation of Minutes of previous Annual General Meeting . iv. Presentation of the Chair’s report. v. A report from management. vi. Receive and adopt the Annual Report. vii. Receive and adopt the audited financial statements. viii. Notice of any disclosures of conflict of interest made by Officers (including a brief summary of matters, or types of matters, to which those disclosures relate.) ix. Election of Directors and appointment of Auditor. • The Director due for rotation is Teina Boyd, who is available to restand. • Ratification of new Directors. Dr Stephen Kara. • Appointment of the Auditor. x. Election of President, if required, and appointment of Patrons (s), if applicable: • Current President Andy Dalton is due for rotation and has declared availability for nomination for the next three years. xi. Acknowledgements of outgoing Directors and other Officers. • Heidi Beech has declared herself unavailable for re-election. xii. Consider any business or proposed resolutions of which notice has been given. xiii. Transact any general business. xiv. Closure – Karakia. Lisa Kingi-Bon Head of VIP Support & Partnerships 4 ANNUAL REPORT 2025
Officers of 2025 Patrons President Founding President Original First XV Sir Graham Henry KNZM Richie McCaw ONZ Andy Dalton Sir Russell Pettigrew F.Inst. D, FCIT K.T † Sir David Beattie, Sir Russell Pettigrew, Sir Brian Lochore, Sir Desmond Sullivan, Sir Wilson Whineray, J.G Frazer, B.J Drake, J.J Stewart, G.C McKay, A.R Leslie, R.A Harper, B.A Hancox, K.R Tremain, R.W Thomas, I.A Vodanovich Board of Directors Andrew Golightly Melodie Robinson Mark Peters Keven Mealamu Rowena Davenport Simon Tremain Graham Mourie MBE Andrew Hall Prof Steve Morris Hannah Porter Teina Boyd Heidi Beech Andy Ellis Dr Stephen Kara Honorary Life Members Sir Russell Hilton Pettigrew F.Inst.D, FCIT K.T RNZN 3886, WWII. † Sir Colin Earl Meads KNZM MBE † Sir David John Graham KNZM CBE ED † Richie Guy ONZM Colin Gibbons JP Maurice Trapp Tane Norton MNZM † Andy Leslie MNZM Ambassadors Chief Executive Accountant Auditors Bankers Administration Sir Bryan Williams KNZM David Latta Lisa Kingi-Bon Angela Davies Crowe New Zealand Audit Partnership Bank of New Zealand Newmarket Sport Auckland House Level 4, Alexandra Park Function Centre Green Lane West Epsom Ph: (09) 623 7980 Email: lisa@rugbyfoundation.nz Footnote: When placed immediately before or after a person’s name, the cross indicates that the person is deceased † NEW ZEALAND RUGBY FOUNDATION INC. CC42547 5 Chair Deputy Chair Business Committee Chair NZR representative
We dedicate this annual report to the following people who passed away in 2025 DR JOHN MAYHEW (BOARD MEMBER 2014–2025) We were deeply saddened by the passing of Dr John Mayhew on 9 April 2025. John served on our Board for more than a decade, bringing wisdom, integrity, and an unwavering commitment to our purpose. A trusted and steady presence, he was always a sound source of medical advice – no frills, just the facts. He brought clarity to DAN ARAKAWA On Sunday 15 June, Dansun tragically passed away after suffering a medical event at training at East Coast Bays Rugby Club, surrounded by those who loved him. Dan was a true club man, loyal, humble, and always ready to play wherever needed in the front row. With 250–300 games for East Coast Bays, including around 90 for the Premiers, his love for rugby was contagious, and his cheeky grin lit up every changing room. In one season, he proudly played for every team from U21 to Premier 1. Beyond the field, Dan helped over 50 young Japanese players experience rugby in New Zealand and was a dedicated business owner running international rugby and English programmes. More than a player, he was a beloved partner, father, son, and friend. His loss has left a huge void in many lives. Now, Erina faces the unimaginable, grieving the love of her life while caring for their beautiful baby girl, Arahia. complexity and helped guide us through difficult decisions with calm authority. He was the ultimate combination of a great man and an excellent sports doctor. John leaves a lasting imprint on our organisation. We miss him greatly, and we hold his family close in our thoughts with deep respect and care. Dr John Mayhew. Dansun Arakawa with Erina and Arahia. DAVEY WEAR VIP #23, Davey Wear, passed away peacefully on 8 October 2025. Injured in 1983 while playing for Canterbury, Davey lived for more than four decades with tetraplegia following a C5/6 dislocation. He remained a dearly loved father, grandfather, brother, uncle, friend, and colleague. Davey Wear. 6 ANNUAL REPORT 2025
Chair and Management’s Report The year has been Executive Summary We supported VIPs1 one of both progress and reflection for the New Zealand Rugby Foundation (NZRF). Throughout the year, we continued to stand alongside rugby’s seriously injured players and their whānau, providing tailored support, advocacy, and connection at moments when it matters most. facing complex health challenges, received two new players into the Foundation’s lifelong support programme, and assisted 65 players through our Near Miss support service. Our advocacy work with ACC delivered positive outcomes for injured players, while collaboration across the rugby and health systems strengthened our ability to influence prevention, care, and long-term wellbeing. At the same time, the Board-led Strategic Review completed in 2024 is now being embedded into dayto-day delivery. This work intensifies our focus on those areas where the Foundation can have the greatest impact and ensures our support remains sustainable for future generations of injured players. For almost four decades, the NZRF has stood alongside players whose lives have been changed by serious rugby injury. That commitment – to stand beside them for life – remains at the heart of everything we do. While closely connected to the game we serve, we operate independently, ensuring injured players and their whānau always have a trusted champion standing beside them. REFLECTION AND ACKNOWLEDGEMENT During the reporting year, we experienced both progress and loss. We acknowledge with deep respect the passing of members of our community whose contributions and presence will be long remembered. These losses are felt deeply across our organisation and among the players, whānau, carers, and supporters we serve, and we extend our heartfelt condolences to all families and loved ones affected. Long-standing NZRF Director Dr John Mayhew passed away on 9 April. We also lost East Coast Bays club player Dan Arakawa, who died during training and passed away on 15 June, leaving his newlywed partner Erina and their daughter Arahia. In August, we tragically farewelled former Tasman, Highlanders, and Māori All Blacks player Shane Christie. VIP #23, Davey Wear, passed away peacefully on 8 October 2025. Injured in 1983 while playing for Canterbury, Davey lived for more than four decades with tetraplegia following a C5/6 dislocation. He remained a dearly loved father, grandfather, brother, uncle, friend, and colleague. These moments remind us of the seriousness of our mission and the responsibility we carry in standing alongside rugby’s seriously injured players and their whānau. CHAIR’S PERSPECTIVE – STEWARDSHIP AND STRATEGIC DIRECTION During the year, the Board remained focused on ensuring the NZRF continues to deliver on its purpose of standing alongside rugby’s seriously injured players and their whānau. 1 VIP_ Very Injured Players/Very Important People NEW ZEALAND RUGBY FOUNDATION INC. CC42547 7 Following the Strategic Review completed in 2024, the Board’s priority has been guiding the embedding of this strategy across governance, partnerships, funding priorities, and organisational structure. The review confirmed where the Foundation can deliver the greatest impact and reinforced the importance of sustaining lifelong support for injured players and their families. The Board will always oversee the organisation’s financial sustainability and resilience. In a challenging economic environment, maintaining strong stewardship of resources, diversified funding, and prudent investment management remains essential to ensuring the NZRF can continue its work for generations to come. As we approach our 40th year of service in 2026, we do so with pride in the organisation’s history cont’d overleaf ...
CHAIR AND MANAGEMENT’S REPORT CONT’D Annual General Meeting team photo 9 April 2025. and confidence in the clarity of its future direction. MANAGEMENT’S PERSPECTIVE – DELIVERY AND IMPACT While the Board provides stewardship and strategic direction, the work of the NZRF is carried out through the relationships we maintain with players and their whānau. During the year, many VIPs faced complex health challenges, including significant medical interventions and ongoing care needs. Our role is to walk alongside them, providing tailored support, trusted advocacy, and connection with others who understand their journey. Several VIPs sought assistance in challenging ACC decisions relating to attendant care and other entitlements. Collaborating with legal partners, we advanced these matters and achieved positive outcomes for several players. 8 ANNUAL REPORT 2025 We also celebrated new life within our VIP whānau, congratulating Robbie and Kelsey Hewitt on the arrival of Ellie, and welcoming baby Tana to Michael and Tatiana Fatialofa and big brother Tommy. THE YEAR AT A GLANCE • 84 grants approved for VIP support. • 65 Near Miss cases supported. • 21 home visits across six cities and towns • 41 VIPs and families supported through Foundation events. • 14 ACC advocacy cases progressed. • Two “new” VIPs received into lifelong support. WELCOMING NEW VIPS Two new players joined the NZRF, a club no one ever expects to join. This included our first female VIP, Teilah Ferguson, reflecting the evolving landscape of rugby participation and injury. Ollie Thomson, injured in 2023, also joined our VIP family. Each new case reinforces the importance of early support, peer connections, and strong advocacy for players and their families as they begin to navigate life after serious injury. NEAR MISS SUPPORT Our Near Miss programme supports players who experience serious injury but go on to make full recoveries – affectionately known as the “Lucky Unluckies.” During the year, we supported Near Miss grants and direct expenses of around $50,000, (excluding resources and overheads): • 65 cases were supported • 52 male and 13 female players • 14 surgeries were required
• 19 cases remained open at year’s end COLLABORATION AND PARTNERSHIPS Collaboration across the rugby and health systems remains central to our work. During the year, we strengthened relationships through the Board’s participation on the New Zealand Rugby Stakeholders Panel, a vital collection of organisations intertwined in rugby. Engagement continued with eight international counterpart charities and World Rugby, involvement in national brain health working groups, and ongoing collaboration with the Auckland University Brain Bank. We are so grateful for the strong relationship we maintain with New Zealand Rugby, and we thank Provincial Unions and clubs across the motu for their partnership when serious injuries occur. CHAMPIONING AND SYSTEM INFLUENCE Advocacy remains a core function of the Foundation. During the year, 14 cases were actively progressed with or against ACC, of which four achieved successful outcomes. We also continued to raise concerns regarding cumulative concussion exposure and systemic gaps affecting players who sit between the ACC and Health New Zealand frameworks. Financial Stewardship and Sustainability are key. The Chair of the Business Committee, Mark Peters, provides further detail in the Financial Report. LOOKING AHEAD Our focus for the years ahead is on embedding the Foundation’s strategy across everything we do – delivering lifelong support for VIPs and their whānau, strengthening support for Near Miss players, growing sustainable funding, and continuing to advocate for injured players across the rugby and health systems. We are very focused on increasing awareness of the NZRF’s work, so more players, families, and communities know where to turn when serious injury occurs. It is surprising how many people do not know about us until they need us. This is a key focus for 2026. CLOSING THANKS We acknowledge the extraordinary support given to us by our Patron, Sir Graham Henry and Raewyn Lady Henry, whose commitment and generosity of time far exceed the expectations of the role. Finally, we thank the Board and staff for their dedication during a year of continued progress and organisational change. Lisa Kingi-Bon Head of VIP Support & Partnerships Andrew Golightly Board Chair, NZ Rugby Foundation NEW ZEALAND RUGBY FOUNDATION INC. CC42547 9
2025 Business Committee Chair’s Report The past year was one with many financial challenges for the Foundation. The key outcome was that we were able to maintain a strong level of financial grants to our main beneficiaries of past players we support as VIPs and to continue our funding of a promising research project into concussion. The bare numbers for the year show a core business loss from all activities of just over $80k. A number of reasons have brought about this result – and before outlining I reiterate, as usual, that VIP grants are the first priority in any financial year and our Board and Management are very clear that some loss is acceptable to maintain that core principle. Key areas affecting our result were; • A tight economic situation is affecting inward grants and major gifts, and we remain very grateful for those we do receive. • A couple, of smaller events having to be cancelled or postponed due to slow sales. • Inflation effect on overall operational costs. I must add that Ben and his team continue to professionally and superbly run a number of high class events that contribute substantially to our income, and keep the Foundation’s profile high among our supporters and the rugby public. Fortunately – and after some very uncertain times in the first quarter of 2025 with effect on markets by US tariff uncertainties – our Investment Fund increased by $510k ($470k Investment Fund Growth, plus around $40k Forex Gain, Bonds Surplus and Impairment Reversal). We remain very grateful for the outstanding work JB Were’s team does in managing The Foundation’s funds. As I have said before, our strong preference is that any growth in our Capital Fund needs to be reserved for future inflation proofing of our reserves. A growing fund base will increase our interest & dividend revenue, which does go into our core income, so having to use $80k of the capital growth to ‘balance the books’ while acceptable is not ideal. In addition strong reserves also underpin the Foundation being able to continue full operation in the event of any future major international upheavals. Like many Charitable Organisations the Foundation is finding it harder to access grants from various Gaming Trusts – symptomatic of both current economic conditions and generational changes in leisure spending. We are very grateful for the grants we have received and for continued support from NZ Rugby. Board and Management are constantly looking for new revenue opportunities and this will continue. The Financial outlook for 2026 is still a little uncertain so careful management of our resources will be important as we seek new revenue initiatives in what may be a tough year again. What is certain is that we will unhesitatingly continue to support the very important people that our very existence is for. Looking forward to 2026, we have a new role in our team – Head of Finance & Operations – and we very much welcome Debrah to that position. This will be an important management role for the Foundation, will improve our overall financial management and will leave Lisa and Ben to concentrate on their own core roles. Finally a sincere to all our staff, my Business Committee colleagues and all Board members for their commitment to and work for the Foundation. Mark Peters FCA Chair, Business Committee A tight economic situation is affecting inward grants and major gifts, and we remain very grateful for those we do receive. 10 ANNUAL REPORT 2025
Capital Fund PORTFOLIO VALUE OVER 10 YEARS $4,300 $4,550 $4,800 $5,050 $5,300 $5,550 $5,800 $6,050 $6,300 $6,550 $6,800 $7,050 $7,300 DATE There have been net withdrawals of $1,250,000 over the period Portfolio Value PORTFOLIO VALUE OVER 1 YEAR $7,500 $7,250 $7,000 $6,750 $6,500 31/01/2025 31/03/2025 31/05/2025 There have been net withdrawals of$262,000 over the period 31/07/2025 DATE Portfolio Value 30/09/2025 30/11/2025 31/12/2025 NEW ZEALAND RUGBY FOUNDATION INC. CC42547 11 31/01/2016 31/05/2016 30/09/2016 31/01/2017 31/05/2017 30/09/2017 31/01/2018 31/05/2018 30/09/2018 31/01/2019 31/05/2019 30/09/2019 31/01/2020 31/05/2020 30/09/2020 31/01/2021 31/05/2021 30/09/2021 31/01/2022 31/05/2022 30/09/2022 31/01/2023 31/05/2023 30/09/2023 31/01/2024 31/05/2024 30/09/2024 31/01/2025 31/05/2025 30/09/2025 31/12/2025 VALUE VALUE Thousands Thousands
2025 Serious Injuries WHAT IS A SERIOUS INJURY? Serious injuries have the potential to result in permanent disablement to players. These are reportable incidents: 1. A head or spinal injury or medical event (e.g. a heart attack) that results in the player being admitted to the hospital. 2. An injury or medical event (e.g. a heart attack) that results in the death of a player during match play or rugby training. 3. An injury that is expected to result in some permanent disability (e.g. loss of use of a limb, loss of an eye). WHAT IS A NEAR MISS? A serious injury of a player in the above categories who fully recovers. Rugby’s a great game. Just ask the thousands of people who pull on their jerseys every weekend – no matter what the weather may be. Most games, players walk off the field, sometimes quite muddy, and very happy. Every so often, someone is very seriously injured. Occasionally, the injury can be life changing. That is why we’re here. There were 65 serious injuries in 2025, and we acknowledge the players, their parents, grandparents, partners, siblings, friends, and children who were affected. We understand that it’s a challenging and stressful time. We also know that every single journey is different. Our support is what is required, sitting alongside the health system. We are proud to have provided as much mental health support as we have and also acknowledge our funders and donors who have supported us in this specific area. SURGERIES Surgery – Spine Surgery – Face Surgery – Head Surgery –Internal Injuries Surgery – Other Head Spine Heart Internal Injuries Deceased Other Serious – Eye 27 30 0 6 1 1 65 42% 46% 0% 9% 2% 2% 100% NEAR MISS 2025 numbers Male Female 52 13 65 80% 20% 100% 2 5 2 4 1 14 “Thanks for checking in. Leo (and us all) doing much better than we last spoke. In his words, he’s a 7/10 now. He’s still often sensitive to loud noises, bright lights, etc. The loops you sent were his game changer in coping! Back to school last week for half days and he wanted to stay longer each day. Hardest part now is getting him to remember to slow down sometimes! Laura Ferguson and OT in touch each week, so working through exercises to get sign off for full-time school/ play etc.” A lovely note of thanks from a Near Miss family. 14% 36% 14% 29% 7% 100% 12 ANNUAL REPORT 2025
The Year At A Glance 84 21 14 14 19 5 grants approved for VIP support home visits across six cities and towns ACC advocacy cases progressed 65 41 2 Near Miss Support surgeries were required Near Miss cases supported VIPs and families supported through Foundation events ‘new’ VIPs received into lifelong support 20% cases remained open at year’s end Near miss incidents are female fundraising events 33% of total revenue 121 VIPS since NZRF records began NEW ZEALAND RUGBY FOUNDATION INC. CC42547 13
Research That Matters Brain Recovery and Preparedness in Adolescents using Imaging after a Rugby season (Brain-RePAIR) update by Josh McGeown, PhD., Senior Research Fellow, Honorary Research Fellow, Anatomy & Medical Imaging, University of Auckland, Neurological Foundation First Fellowship In March 2026, the BrainRePAIR study entered its third year. This project is aimed at making the game safer by using instrumented mouthguards and advanced brain scans to study how repetitive head impacts and concussion affect brain health, but more importantly, by understanding how the brain recovers after injury. This project is jointly supported by NZRF, Hugh Green Foundation, and Neurological Foundation and is a collaborative effort between scientists across New Zealand. A major goal of the study is to identify how long the standdown times and the off-season should be to allow the brain to heal after a concussion or season of rugby, respectively. In 2026, the Brain-RePAIR team will focus on analysing the large dataset collected from adolescent schoolboy players in Gisborne, while continuing to build the adolescent schoolgirl dataset in Dunedin. Brain-RePAIR Preliminary Findings Brain injury can affect multiple parts of the brain at the same time, and the areas affected can vary widely from person to person. A focus of the Brain-RePAIR study is to identify ways of combining different brain scan measurements – structure, function, and wiring – to better understand and visualise these complex patterns. The plots above provide an example comparison between a typical control participant (left) and an athlete who suffered a concussion (mTBI) one week before their scan (right). The coloured outer edge of each graph represents the average values observed in the healthy control group. A larger, rounder shaded area generally reflects a brain that is more “typical” of the control group, while a smaller or more uneven (“jagged”) shape indicates greater differences from the control group across one or more brain measurements. The dashed circle marks a level where values start to deviate more strongly from the control group. By summarising these measurements into an individualised brain profile, this approach may help us track how the brain changes after concussion and throughout recovery and ultimately improve stand down times and safe return-to-play decisions. 14 ANNUAL REPORT 2025
Our miracle man, Semisi Naiqara, on his final day at ABI Rehabilitation Services. When Semisi arrived there in October 2024, it took two people to get him out of bed. This incredible team of clinicians lead his rehab with superb professionalism, love and care. He walked on 22 July 2025, and he is now back at school three days a week. Semisi was injured on 5 September 2024 and surprised everyone with his recovery. Michael, Tatiana Fatialofa and big brother Tommy, welcomed Tana. Robbie and Kelsey Hewitt with baby Ellie. A wonderful fundraiser hosted by King Country v Wairarapa Bush, where we were named the Charity of Choice. These players’ jerseys were auctioned off, and we were gifted a very tidy sum of $15,000.00. See above: Our late Patron’s son, Glynn Meads and brother-in-law Paul Mitchell with the jerseys. Our heartfelt thanks to King Country. Peni and Ana Moimoi with Peni Junior. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 15
Very Injured Players (VIPs) 1 2 3 4 5 6 7 8 9 10 11 Alan Pullar Bob Porter Christopher Moran Bob Waldron Peter O’Flaherty Richard Smaill Tony Taylor Muir Templeton James Campbell Grant Sharman Richard Welsh 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Philip D Wells Richard Hill Philip Spring Chris Riddell Trevor Clarke Stelios Meimaris Peter van Raalte Phil Rangitaawa Leonard Gee Geoff Cochrane David Wear Ross Ormsby James Algie John Moananui Clayton Stretch Bob Symon Donald Corkill Ray Newland John Kaye Stuart Meek Grant Buchanan Alan Boyd Keith Jarvie Paul Johnston 1966 † 1972 † 1973 † 1973 1973 † 1974 † 1974 † 1975 † 1975 † 1977 1979 12 John Mafileo (2nd injury 2017/tetra) 1979 13 1979 1979 1979 1980 † 1980 1980 1980 † 1982 † 1982 1983 † 1983 † 1984 1984 1984 † 1984 † 1984 1984 1984 1984 † 1985 1985 1986 † 1986 1986 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 Ross Cameron Phillip Wharekawa Mike Girling-Butcher Charlton Harris Kerrin Tilley Robert Smith Gary McMurry Mark Scherer Iain Scott Neil Cudby Steve Bailey David Tai Mark Herron Gordon Gunther Gerry Tinker Ronald Wilson Brad Hayward Dougal Scott Wayne Forrest Dion Seeling Tim Williams Jason Solomon Craig Tibbitts Phillip Booth Wayne Chapman Matthew Muller Ben Larson Kerry Southee Dan Buckingham Perenise Vaili Dayna Tiwha Nick Chisholm Sid Ranapia Kendall Akhurst Kendrick Murray Vaughan de Groen 16 ANNUAL REPORT 2025 1987 † 1987 1988 † 1988 1988 1989 1989 1989 1989 1990 1991 1991 † 1992 1992 1992 1993 1994 1994 1995 1995 1995 1996 1996 1996 1996 1998 1999 1999 1999 2000 2000 2000 2000 † 2000 2003 2003
Very Injured Players (VIPs) 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 Nuuolaii Kepaoa Anaru Ese Malala Gaono Scott McEwan David Thorne Jack McSweeny Nui Bartlett Alex Dalzell Fetu Ese Tainafi Lefono Samuel Fanau Alan Mita Hone Herewini Bryce Clapham Darryl Sabin James Gourlay Robert Hewitt Penisimani Moimoi Molimau Leeti Joshua Maguire Scott Martlew Nicholas Blincoe Raana Tangaere Austen Haig Joel Tibble 2003 2004 2005 2005 2006 2006 2006 2006 2006 2007 2008 2008 2008 2009 2009 2009 2009 2009 2009 2010 2010 2010 2011 2011 2011 98 99 100 101 102 103 104 105 106 107 108 109 110 111 Tausili Tuaimalo Cody Everson Seti Tafua Nat Manville Sam Lawrence Lui Te’o Keenan Alexander Braden Coates Ryan Roughan Jacob Fifita-Tovo John Cocker (2013) Ta’u Latu Sione Fifita (2011) Jonathan Maxwell (2002) Alan Gardiner Wayne Harris 2011 2011 2012 2014 2015 2016 2016 2017 2018 2018 2018 2017 2019 † 2019 112 Michael Fatialofa (London/MoH) 2020 113 114 115 116 Tutekawa Wyllie (1982) Josh Freer 119 120 Semisi Naiqara Teilah Ferguson 2021 2021 2022 2022 117 Unaloto Tanginoa (1990/USA/MoH) 2023 118 Oliver Thomson (2024) 2024 2025 2025 121 Graham ‘Tumanako’ Christie (1996) 2025 † Footnote: When placed immediately before or after a person’s name, the cross indicates that the person is deceased † NEW ZEALAND RUGBY FOUNDATION INC. CC42547 17
New VIPs Welcome to the Club you never imagined joining OLIVER THOMSON Ollie was injured on 25 May 2024, playing for Border Rugby Football Club, Whanganui. Taken off Injury Report: Ollie was the tackler. Unfortunately, an opposition player landed on him awkwardly, causing an injury to his spine. There was no foul play involved, just an unfortunate rugby injury. Ollie is a walking tetra and has done incredibly well adapting to his new situation. We acknowledge Ollie’s courage and great attitude. We acknowledge his awesome Mum, Dad, and siblings. We acknowledge and thank his employers for their support in navigating this. TEILAH FERGUSON Taken off Injury Report: Boot sprig to the eye, possibly at the end of a tackle. Went to the hospital and had eye surgery. Lost vision in her left eye as a result. On 3 May Hurricanes Poua and Hawke’s Bay Tui midfielder, was playing for her Club at Elwood Park in Hastings when she was injured. “I went for the tackle and we fell to the ground, but the other player’s legs kept pumping,” the 25-yearold recalls. “In the process, her leg flicked up and the boot hit me in the eye.” We acknowledge her courage, positivity, drive and “humour” as she navigates her new normal. We acknowledge her beautiful Mum, Julie, a former Black Fern, her brother Trey and her whānau and friends. 18 ANNUAL REPORT 2025 We acknowledge the Hawke’s Bay Rugby Union, her employer. Teilah has been appointed as Women’s High-Performance Manager for the Hawke’s Bay Rugby Union.
Deceased On Field That We Know Of Joeli Fifita Pita Fuafiva Tino Amote Joeli Vave Cory Davis Robert Hickland (SCI) Willie Halaifonua (TBI) Jordon Kemp (TBI) Daniel Baldwin (TBI) Geoff Toni (cardiac arrest) Bevan Moody (cardiac arrest) 2000 † 2001 † 2002 † 2002 † 2005 † 2008 † 2013 † 2014 † 2015 † 2017 † 2017 † Lelea Potaufa (cardiac arrest) 2020 † Murphy Johnston (cardiac arrest) 2021 † Toko Haupuku (cardiac arrest) 2021 † Mark Weedon (cardiac arrest) Robert Tuari (cardiac arrest) Cory Heather (TBI) Jade Halkett (cardiac arrest) Elikena ‘Ali’ Prescott (cardiac arrest) 2024 † Brook Wilson (cardiac arrest) Dan Arakawa (spontaneous non-contact subarachnoid haemorrhage) 2021 † 2022 † 2024 † 2024 † 2024 † 2025 † GRAHAM ‘TUMUNAKO’ CHRISTIE VIP #121 Graham ‘Tumunako’ Christie, was injured on Saturday, 6 April 1996, playing for his club, Tamatea v Colenso Pirates in Hastings. Tumanako suffered a serious spinal cord injury. The injury resulted in C5/C6 tetraplegia, leaving him with very limited use of his arms and hands. He was airlifted to Christchurch and underwent surgery. We only learned of Tumanako last year 2025, and that he passed away watching his ‘beloved’ Crusaders win the Super Final 25 May 2002. Tumanako was very active in Māori culture and in sport. He taught Māori culture at several schools across Heretaunga. He was the co-chairman of Te Rau Aroha Kōhanga Reo and is fluent in Te Reo Māori. He has taught at Kōhanga Reo (preschool), Kura Kaupapa (primary school), and at adult education programmes within the Heretaunga Taiwhenua. He was also known locally as a historian and a knowledgeable source of information about the area. He is survived by five children and five mokopuna, and was the second eldest of eight siblings. Graham ‘Tumanako’ Christie 26/02/1958 – 25/05/2002 (injured 1996) Footnote: When placed immediately before or after a person’s name, the cross indicates that the person is deceased † NEW ZEALAND RUGBY FOUNDATION INC. CC42547 19
TONY HARGOOD Tony Hargood, a long-serving figure in provincial rugby, is currently walking the length of New Zealand in support of the New Zealand Rugby Foundation. His journey “A Brief Walk Through the History of New Zealand Rugby” is as much about connection as it is about fundraising. As he travels the country, Tony is visiting each of the 26 provincial unions, stopping at their home grounds to kick a goal and spend time with the people who bring the game to life in their communities. Along the way, he is capturing stories that reflect the depth, character, and quiet strength of rugby across Aotearoa. There is a simplicity and authenticity to the initiative that resonates. Match balls collected at each stop will be auctioned to support the Foundation. Still, the real impact lies in the conversations, the visibility, and the reminder that behind every jersey is a lifelong connection to the game. In many ways, this is Tony’s way of giving back – a final chapter in a lifetime in rugby – while reinforcing something we see every day: that when serious injury occurs, the rugby community stands beside its own for the long haul. To date, Tony has walked 1916 km. Go figure. Thank you, Big T. Big T far right, pictured with VIP Neil Cudby, Ed Cocker, Willie Rickland, and Cory Sweeney, NZ Women’s 7’s coach. Big T with Chair Andrew Golightly. Ryan Roughan and John Cocker ‘welcome’ Teilah Ferguson to the ‘eye club’. VIP Brad Heyward with the one and only Siya Kolisi. 20 ANNUAL REPORT 2025
Restructure Update The New Zealand Rugby Foundation (NZRF) has confirmed an updated leadership structure to ensure it is well positioned to continue standing alongside seriously injured rugby players and their whānau – now and into the future. For VIPs and families, nothing changes. The support provided by the Foundation will continue as normal. The update follows a Board-led strategic review to ensure NZRF remains focused on what it does best: providing immediate support when a serious rugby injury happens and providing ongoing partnership and advocacy. WHAT’S CHANGING: To strengthen alignment with NZRF’s strategic pillars – Support, Champion, and Collaborate – the Foundation is moving to a leadership structure with three senior roles, each with clear responsibility and accountability: • Head of VIP Support & Partnerships: Lisa Kingi-Bon New Zealand Rugby Foundation Updates Leadership Structure to Strengthen Lifelong Support for Seriously Injured Players – responsible for developing and delivering injury Support services, being the primary spokesperson for NZRF and driving the work under the pillars, Collaboration and Championing. • Head of Commercial: Ben Sturmfels – continuing to lead fundraising, partnerships, brand initiatives, and donor stewardship. • Head of Finance & Operations – a new role focused on strengthening financial management, compliance, and governance support. Debrah Breedt joined the team Monday 19 January. NZRF Chair Andrew Golightly said the changes reflect the Board’s commitment to strong governance and future-focused stewardship. “This structure re-confirms our focus on what matters most – standing alongside seriously injured players – while also strengthening the systems, leadership, and accountability required for long-term sustainability. It positions NZRF to continue delivering impact with confidence and clarity.” “We need to ensure we have structures in place to partner with our people forever.” NZRF President Andy Dalton NZRF President Andy Dalton said, “As an organisation, we are mindful that ‘we are all just wearing the jersey’, we need to ensure we have structures in place to partner with our people forever.” The Board also acknowledged the leadership of Lisa Kingi-Bon, who has championed a shared leadership model as part of a sustainable, future-focused approach for the Foundation. NZRF remains deeply committed to its relationships with New Zealand Rugby, and the entire rugby ecosystem, donors, funders, and the media. The Board will continue to review the effectiveness of the updated structure to ensure it delivers the strongest possible outcomes for seriously injured players and the organisation’s future. Debrah Breedt and results-driven leadership, Debrah has a consistent track Debrah Breedt is a forwardthinking CPA qualified finance executive with over 20 years of international experience leading financial strategy, operational transformation, and technology integration across diverse sectors including FMCG, sport governance, telecommunications and retail. Known for her strategic insight record of elevating organizational performance and profitability. Previously, as Head of Finance at Athletics New Zealand and CEO of North Harbour Gymnastics, Debrah was instrumental in aligning financial operations with highperformance organisational goals. She managed complex funding structures, directed IT and asset management, ensured regulatory compliance and governance support. In her spare time Debrah is an avid endurance runner and enjoys spending time in the outdoors. She also has a passion for people and getting involved in the community by volunteering at sporting events, charity fundraising and recently with Victim Support. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 21
The NZ Rugby Foundation would like to officially acknowledge the support of a number of key individuals and families that provide ongoing and significant support. Julian Arnhold* Willy and Rick Johnston Bryce Caldwell * Major Donors (Not PGC) Gavin and Amanda Nell Roger Spooner* Wayne Edwards Nick Tongue Andrew Horgan Brady and Kylee Williams Friends of the Foundation Acknowledging these individuals or groups that gave up their time to assist in various generous ways on stage, as elements of auction items or donor engagement programmes. Active Building Management All Blacks Experience Alternative Commentary Collective Phil Alison Auckland RFU Beauden Barrett Blues Rugby John Bowring Sam Cane Centurions RFC Chiefs Rugby Steve Cockeram Monalisa Codling Mike Copeland Ron Cribb Crusaders Rugby Andy Dalton Dominion Breweries Stephen Donald Hampton Downs Drua Rugby Amy du Plessis Eden Park Marc Ellis Josh Emett EZ GO Golf Farina Italian Restaurant 22 ANNUAL REPORT 2025 Foleys Hospitality Good Group Hospitality Leigh Hart Sir Graham Henry Raewyn Lady Henry Highlanders Rugby Leslie Holland Andrew Hore Hurricanes Rugby Jaquar Land Rover NZ Ltd Kauri Bay King Country RFU Josh Kronfeld Ayesha Leti-Iiga Duke of Marlborough Massey RFC Laura McGoldrick Moana Pasifika Rugby Percy Montgomery Varick Neilson NZ Barbarians RFC NZ Rugby Pernod Ricard Premium Liquor Kieran Read Rees Hotel Queenstown Remuera Golf Club Anna Richards Charlie Riechelmann Melodie Robinson Eric Roy Rugby For Life Scapegrace Distilling Company Michael Scott Sculptureum Hon David Seymour Grant Sharman Bob Skinstad Sir Wayne Smith SoHo Wines Scotty Stevenson The Classics The Rock Morning Rumble Gail Trapp Maurice Trapp Maison Vauron Joe Wheeler Alan Whetton Sir Bryan Williams Lesley Lady Williams Jeff Wilson Waiheke Zip Line Wellington RFU Whanganui RFU
Performance Report New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 Contents 3 5 6 24 26 27 31 32 33 34 36 44 Entity Information Approval of Financial Report Statement of Service Performance 10 11 12 13 15 23 Statement of Financial Performance Statement of Financial Position Statement of Cash Flows Statement of Accounting Policies Notes to the Performance Report Independent Auditor's Report NEW ZEALAND RUGBY FOUNDATION INC. CC42547 23
Entity Information New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 Legal Name of Entity New Zealand Rugby Foundation Incorporated Entity Type and Legal Basis Incorporated Society and Registered Charity Registration Number CC42547 Entity's Purpose or Mission To always stand alongside Rugby's seriously injured players. Thriving futures for Rugby's seriously injured players and whānau. The Foundation’s work is anchored in three enduring pillars: underpinned by Fundraising initiatives, visibility and legacy planning and Financial and Operational Compliance. Support • To stand alongside every seriously injured rugby player and their whānau with reliable, tailored, lifelong support that enhances wellbeing, independence, and mana motuhake. Champion • To advocate strongly and fairly to remove barriers, improve systems, and secure better outcomes for seriously injured players across rugby, ACC, and health systems. Collaborate • To build deep, enduring relationships and co-design solutions with stakeholders across the rugby ecosystem and wider community, recognising that collective effort delivers greater impact. Directors Andy Dalton (President) Andrew Golightly (Chair) Melodie Robinson (Deputy Chair) Mark Peters (Business Committee Chair) Keven Mealamu (NZR Representative) Andy Ellis Andrew Hall David Latta (to 9 April 2025) 24 ANNUAL REPORT 2025
Entity Information Dr John Mayhew OMNZ (to 9 April 2025) Graham Mourie MBE Hannah Porter Heidi Beech Prof. Stephen Morris Rowena Davenport Simon Tremain Teina Boyd Officers Andy Dalton (President) Sir Graham Henry KNZM (Patron) Richie McCaw ONZ (Patron) Main Sources of Entity's Cash and Resources The majority of revenue has been received from our annual New Zealand Rugby grant and Gaming funding, with the remainder through fundraising events, capital investments and sponsorship in kind. Main Methods Used by Entity to Raise Funds Fundraising activities include an annual luncheon which has occurred since 1987, our first year of operation. We are the nominated charity at a number of events throughout New Zealand, where we receive significant donations. We have regular applications to Community and Gaming Trusts. Relationship management with commercial sponsors and New Zealand Rugby. Entity's Reliance on Volunteers and Donated Goods or Services We received governance support from volunteers. We received donated goods and services which assist in the successful running of our fundraising events. Contact Details Level 4, Alexandra Park Function Centre, Epsom, Auckland P O Box 26599, Epsom, Auckland Phone: 09 623 7900 www.rugbyfoundation.nz office@rugbyfoundation.nz NEW ZEALAND RUGBY FOUNDATION INC. CC42547 25
Approval of Financial Report New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 The Directors are pleased to present the approved financial report including the historical financial statements of New Zealand Rugby Foundation Incorporated for year ended 31 December 2025. APPROVED Andrew Golightly Chair Date ..................................... Friday 27 March 2026 Mark Peters FCA Business Committee Chair Date ..................................... Friday 27 March 2026 26 ANNUAL REPORT 2025
Statement of Service Performance New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 Why the New Zealand Rugby Foundation Exists Vision Thriving futures for rugby’s seriously injured players and whānau. Purpose To always stand alongside rugby’s seriously injured players. The purpose of the New Zealand Rugby Foundation (NZRF) is to support seriously injured rugby players, known as VIPs – Very Injured Players, and their whānau by providing lifelong assistance that promotes wellbeing, independence, and dignity. Through financial support, practical assistance, and personal connection, the NZRF ensures that players who sustain catastrophic injuries are not left to navigate the challenges of recovery and long-term disability alone. Everything we do is anchored in three core pillars: 1. Support Standing alongside every seriously injured rugby player — our VIPs —and their whānau with practical, tailored assistance. This includes both permanently injured players and those who experience serious but temporary injuries. • VIPs receive lifelong support following catastrophic injury. • Players experiencing serious but temporary injuries —known as Near Miss Players — receive immediate support when injury turns life upside down. 2. Champion Rugby is a physical game and, as with many activities, serious injuries can occur. When they do, the NZRF acts quickly and fairly to champion the unique needs of injured players and their whānau. We advocate publicly and privately for improved outcomes, increased funding, and greater recognition of the needs of injured players. 3. Collaboration The NZRF builds deep and enduring relationships across the rugby community. We work alongside New Zealand Rugby, the New Zealand Rugby Players Association, and other partners to share knowledge, co-design solutions and strengthen the network of support surrounding injured players. Together we can make a lasting difference. Financial Stewardship Our work is underpinned by prudent financial stewardship. Over time the NZRF has developed diverse income streams, including: • The Capital Fund • • • • • New Zealand Rugby grant funding Fundraising events The Pettigrew Giving Circle Major donors Business and individual giving NEW ZEALAND RUGBY FOUNDATION INC. CC42547 27
Statement of Service Performance • • • • Regular givers Gaming and trusts Annual campaigns The Tremain Legacy Society These funding streams ensure the NZRF can continue partnering with VIPs and their whānau for generations to come. What We Did This Year During the year, the NZRF delivered a range of services supporting VIPs and their families. These services included: • • • • Grants providing tailored financial assistance Funding rehabilitation and equipment Personal support and advocacy through case management Helping whānau navigate the practical and emotional challenges of life-changing injury We supported 65 Near Miss injury cases, providing assistance to players and families during periods of acute need. Alongside this direct support, we strengthened partnerships with supporters and stakeholders to ensure assistance remains sustainable and responsive throughout players’ lifetimes. The Year at a Glance • • • • • • 84 grants approved for VIP support 65 Near Miss cases supported 21 home visits across six cities and towns 41 VIPs and families engaged through events 14 ACC advocacy cases progressed Two new VIPs welcomed into lifelong support How Have We Supported Our VIP This Year? 28 ANNUAL REPORT 2025 f ld b d d f
Statement of Service Performance Near Miss Support costs totalled $52,535 during the year. • 65 cases supported • • • 52 male players and 13 female players 14 surgeries required 19 cases remained open at year end The NZRF is not a clinical service. Instead, we work alongside emergency services and health professionals to support players and families through financial assistance, counselling support and help navigating the health system. Support often continues beyond the year of injury, and we remain engaged with a number of Near Miss players injured in previous years. Championing for Players Advocacy for VIPs remains an important part of the NZRF’s work. During the year 14 cases were progressed with ACC, with four successful outcomes achieved. Championing includes navigating an at times complex health and ACC system. Collaboration and Research The NZRF continued its support of research into concussion and brain health. Working alongside New Zealand Rugby and the New Zealand Rugby Players Association, we contributed $75,000 toward a research initiative advancing understanding of brain health in rugby. Published research outcomes are available on the NZRF website. 2025 Performance Measures Total number of VIPs since records began Total number of current VIPs New VIPs during the year Near Miss Incidents (*) Near Miss Incidents - Males Near Miss Incidents - Females VIP Grants and Services Provided Deaths of Players on field by rugby Deaths of Players on/off field, medical event or accident not by rugby Number of Fundraising Events Additional Information 21 VIPs have passed away since records began in 1966. Death of two VIPs, one of whom was injured but passed away before we knew about him (injured 1996). 2024 121 98 3 118 97 1 65 52 13 84 - 2 5 68 49 19 78 1 3 7 NEW ZEALAND RUGBY FOUNDATION INC. CC42547 29
Statement of Service Performance What This Means The NZRF continued to provide consistent and responsive support to VIPs and their whānau throughout the year. Demand for support remains strong, reflecting both the ongoing needs of players already within the NZRF family and the addition of new players requiring assistance through both new VIP and Near Miss programmes. Our focus remains on delivering timely, personalised support that recognises the lifelong nature of catastrophic injury and the importance of maintaining dignity, independence, and connection for players and their whānau. In an uncertain economic environment, the NZRF continues to exercise prudent financial stewardship to ensure support remains sustainable for current and future VIPs. Use of Judgements in Service Performance Reporting In preparing this Statement of Service Performance, management has applied professional judgement to identify the outcomes and outputs that most accurately represent the NZRF’s mission and strategic direction. The performance metrics included are intended to offer insight into the NZRF’s work and its broader impact. They facilitate assessment of the NZRF’s effectiveness and keep stakeholders and the wider community informed about services provided throughout the year. The service performance data presented here aligns with the information the NZRF uses internally to track performance and guide organisational decision-making. These deliverables feed into near and long-term outcomes that advance the NZRF’s commitment to standing beside rugby players and their whānau as they navigate the profound effects of life changing catastrophic injury. As measurement and evaluation frameworks continue to mature, further indicators may be introduced in subsequent reports to illustrate advancement toward extended outcomes. Description of Medium to Long-Term Outcomes Indicative Medium-Term Outcomes (2–3 years) • • • • • • Strengthen financial resilience and diversify funding to support future generations of players and whānau Continue to be the trusted lifeline for rugby players who suffer life-changing injuries Strengthen data, systems and organisational capability Increase visibility and understanding of the NZRF’s value and impact Contribute to research and sector learning Continue to advocate for improved outcomes for seriously injured players Longer-Term Outcomes (5 years) • • Review and refresh strategy to ensure ongoing relevance Build a resilient legacy organisation that endures for future generations 30 ANNUAL REPORT 2025
Statement of Financial Performance New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 NOTES Operating Revenue Donations, koha, bequests and other general fundraising activities General grants Membership fees and subscriptions Revenue from commercial activities Interest, dividends and other investment revenue Other revenue Total Operating Revenue Operating Expenses Expenses related to fundraising Employee remuneration and other related expenses Expenses related to commercial activities Other expenses related to service delivery Grants and donations made Other expenses Total Operating Expenses Net Operating Surplus/(Deficit) Before Investment Value Gain Gain on Investment Value Gain / Loss on Investment Revaluation Total Gain on Investment Value Net Surplus/(Deficit) for the Year 4 2 2 2 2 2 2 2025 2024 1 1 1 1 1 1 854,930 418,675 15,550 5,462 220,460 74,112 1,589,189 305,979 513,072 3,878 322,117 387,922 98,531 1,631,500 (42,311) 470,963 470,963 428,651 748,465 563,357 16,835 19,577 217,973 30,176 1,596,383 216,005 522,289 8,621 384,295 490,590 211,636 1,833,437 (237,053) 663,780 663,780 426,727 This statement should be read in conjunction with the following Statement of Accounting Policies and Notes to the Performance Report. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 31
Statement of Financial Position New Zealand Rugby Foundation Incorporated As at 31 December 2025 NOTES Assets Current Assets Bank accounts and cash Debtors and prepayments Inventory Total Current Assets Non-Current Assets Investments Property, Plant and Equipment Total Non-Current Assets Total Assets Liabilities Current Liabilities Creditors and accrued expenses Employee costs payable Deferred revenue Total Current Liabilities Total Liabilities Total Assets less Total Liabilities (Net Assets) Accumulated Funds Current Year Earnings Retained Earnings Total Accumulated Funds 7 7 4 6 31 DEC 2025 31 DEC 2024 3 3 3 46,472 35,873 12,351 94,696 7,255,034 51,369 7,306,403 7,401,099 23,933 57,175 12,765 93,873 6,848,317 62,101 6,910,418 7,004,290 5 5 5 66,215 21,311 13,973 101,499 101,499 7,299,600 428,651 6,870,949 7,299,600 65,500 26,707 41,135 133,341 133,341 6,870,949 426,727 6,444,222 6,870,949 This statement should be read in conjunction with the following Statement of Accounting Policies and Notes to the Performance Report. 32 ANNUAL REPORT 2025
Statement of Cash Flows New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 2025 Cash Flows from Operating Activities Cash Receipts Donations, koha, bequests and other general fundraising activities General grants Membership fees and subscriptions Revenue from commercial activities Interest, dividends and other investment revenue Other revenue Net GST Total Cash Receipts Cash Payments Expenses related to fundraising Employee remuneration and other related expenses Expenses related to commercial activities Other expenses related to service delivery Grants and donations made Other expenses Total Cash Payments Total Cash Flows from Operating Activities 2024 877,976 391,513 15,550 5,462 232,205 1,907 (1,329) 1,523,284 (305,979) (518,468) (3,163) (322,118) (387,922) (51,860) (1,589,510) (66,226) 2025 Cash Flows from Other Activities Cash Receipts Receipts from the disposal of property, plant and equipment Receipts from the sale of investments/maturity of bonds Total Cash Receipts Cash Payments Payments to acquire property, plant and equipment Payments to acquire investments Total Cash Payments Total Cash Flows from Other Activities 706,129 591,548 16,835 19,577 160,611 - 7,061 1,501,761 (216,005) (523,162) (16,709) (384,295) (490,590) (45,719) (1,676,480) (174,719) 2024 - 198 700,758 700,758 (3,906) (608,087) (611,993) 88,765 2025 Net Increase/(Decrease) in Cash Opening Cash Closing Cash (Note 3) Total Net Increase/(Decrease) in Cash 858,168 858,366 (5,495) (708,534) (714,029) 144,337 2024 23,933 46,472 22,539 54,315 23,933 (30,382) This statement should be read in conjunction with the following Statement of Accounting Policies and Notes to the Performance Report. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 33
Statement of Accounting Policies New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 1. Basis of Preparation New Zealand Rugby Foundation Incorporated (The Foundation) has elected to apply the XRB's Tier 3 (NFP) Standard on the basis that it does not have public accountability and has total annual expenses equal to or less than $5,000,000. All transactions in the Performance Report are reported using the accrual basis of accounting. The Performance Report is prepared under the assumption that the entity will continue to operate in the foreseeable future. The Foundation has re‑registered under the Incorporated Societies Act 2022 in accordance with the statutory transition requirements on 3 February 2026. 1.1 Goods and Services Tax (GST) The Foundation is registered for GST. All amounts are stated exclusive of goods and services tax (GST) except for accounts payable and accounts receivable which are stated inclusive of GST. 1.2 Income Tax New Zealand Rugby Foundation Inc is wholly exempt from New Zealand income tax having fully complied with all statutory conditions for these exemptions. 1.3 Bank Accounts and Cash Bank accounts and cash in the Statement of Cash Flows comprise cash balances and bank balances (including short term deposits) with original maturities of 90 days or less. 1.4 Revenue Donations are recognised as revenue when they are received, as there are no documented expectations that create a receivable prior to receipt. Grant revenue is recognised as the documented expectations are satisfied. Revenue received from professional fundraisers is recognised on a net basis, as the Foundation does not control the gross proceeds and is only entitled to the net amount remitted. 1.5 Donated Auction Items The Foundation receives donated items for auction and events. These items are recognised as revenue when the Foundation obtains control and can reliably measure their value. Where the value cannot be reliably measured until sale (e.g., auction items), revenue is recognised at the point of sale. 1.6 Sponsorship in Kind Sponsorship in kind, if any, is measured at the fair value as at the date of acquisition, ascertained by reference to the expected cost that would be otherwise incurred by the entity. Sponsorship in kind is minimal for the entity. 1.7 Accounts Receivable Accounts Receivable are stated at their estimated realisable value. 1.8 Investments Shares (Measured at Current Market Value) Share investments are recorded at their current market value at the reporting date. Market value is determined using quoted 34 ANNUAL REPORT 2025
Statement of Accounting Policies prices from recognised financial markets (for example, NZX or offshore exchanges). Changes in market value are recognised in the Statement of Financial Performance in the period in which they arise. Dividends are recognised as revenue when received or receivable, provided it is probable that economic benefits will flow to the entity. Bonds (Measured at Cost) Bonds and other fixed‑interest investments are measured at cost, adjusted for accrued interest. These investments are reviewed for indicators of impairment at each reporting date. If there is objective evidence that the recoverable amount is lower than the carrying amount, an impairment loss is recognised in the Statement of Financial Performance. No revaluation to market value is performed for these investments under the cost‑based measurement approach. 1.9 Accounts Payable Accounts Payable are recorded at the amount of cash required to settle those liabilities. 1.10 Functional and Presentational Currency All balances within these financial statements are stated in New Zealand dollars ($). Amounts are rounded to the nearest dollar. 1.11 Inventory Inventory is stated at the lower of cost, determined on a "first-in-first-out" basis, and net realisable value. 1.12 Fixed Assets All owned items of Furniture and Fittings are initially recorded at cost, and depreciated using Diminishing Value as outlined below: - Office Furniture and Equipment 11.4% to 60% - Website 60% - Motor Vehicle 20% Where an item of furniture or equipment is disposed of, the gain or loss is recognised in the Statement of Financial Performance and is calculated as the difference between the net sale price and the carrying value of the asset. 1.13 Foreign Exchange Movements Transactions in foreign currencies are translated to NZD at the settlement rate. Monetary assets and liabilities denominated in foreign currencies in the Statement of Financial Position are translated to NZD at the foreign exchange rate ruling at that date. Foreign exchange differences arising on their translation are recognised in the Statement of Financial Performance. 1.14 Changes in Accounting Policies The Foundation has updated its accounting policies to comply with the XRB's Tier 3 (NFP) Standard, effective for periods beginning on or after 1 April 2024.The most significant change relates to the measurement of investments. Under the previous policy, share investments were measured at fair value through profit or loss and fixed‑interest investments were measured at market value when market value was below cost. Under the Tier 3 Standard, the Foundation has adopted the mixed‑measurement option, measuring share investments at current market value and fixed‑interest investments at cost unless market value is lower. There were no significant impacts on opening accumulated funds or the current‑year surplus as the carrying values of investments under the previous policy were consistent with the values required under the Tier 3 Standard. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 35
Notes to the Performance Report New Zealand Rugby Foundation Incorporated For the year ended 31 December 2025 2025 1. Analysis of Revenue Donations, koha, bequests and other general fundraising activities Auckland Luncheon Income Fundraising Events Income Fundraising Taskforce Income General Donations Major Gifts Total Donations, koha, bequests and other general fundraising activities General grants Gaming Trusts - NZRF Overheads Gaming Trusts - VIP NZR Grant Total General grants Membership fees and subscriptions Members Donations Total Membership fees and subscriptions Revenue from commercial activities Memorabilia Sales Test Tickets Total Revenue from commercial activities Interest, dividends and other investment revenue Dividends Interest Total Interest, dividends and other investment revenue Other revenue Gain on Foreign Currency Translation Gain / Loss on Sale of Bonds Reversal of Impairment on Investments Sponsorship in Kind Total Other revenue 294,732 389,651 119,600 16,947 34,000 854,930 5,003 13,671 400,000 418,675 15,550 15,550 5,462 - 5,462 97,904 122,557 220,460 13,653 1,907 26,518 32,034 74,112 2025 2. Analysis of Expenses Expenses related to fundraising Auckland Luncheon Expenses Cost of Donors and Sponsors Event Management / Professional Fees Fundraising Events Expenses Fundraising Taskforce 133,812 26,496 1,350 125,401 12,032 55,178 11,812 130 131,606 14,413 179,585 340,449 165,800 24,535 38,095 748,465 113,165 50,192 400,000 563,357 16,835 16,835 18,200 1,377 19,577 95,113 122,860 217,973 2024 - - - 30,176 30,176 2024 36 ANNUAL REPORT 2025
Notes to the Performance Report 2025 2024 Marquee Event Expenses Total Expenses related to fundraising Employee remuneration and other related expenses ACC KiwiSaver Employer Contributions Recruitment Salaries Staff Professional Development Total Employee remuneration and other related expenses Expenses related to commercial activities Memorabilia Payments Total Expenses related to commercial activities Other expenses related to service delivery Accommodation and Travel (outside of Auckland) Accounting Administration Advertising / Marketing / Printing Audit Fees Bank Fees Board Meeting Expenses Chair Discretionary Expense Computer Expenses Electronic Transaction Fees Entertainment General Expenses Insurance Office Equipment Parking and Taxis (within Auckland) Postage and Courier Printing, Photocopying and Stationery Rent Research Subscriptions Telephone and Internet Test Tickets Reimbursement Vehicle Expenses - Petrol, Mileage and Other Vehicle Lease Website Expenses Total Other expenses related to service delivery Grants and donations made Grants - Gaming Funded Grants - Gifts and Other Grants - Hosting 6,888 305,979 2,314 13,711 16,400 472,451 8,196 513,072 3,878 3,878 20,825 7,200 6,775 16,332 12,328 1,132 52,898 2,109 14,428 2,158 24,267 3,501 13,899 1,082 7,414 1,319 648 32,820 75,000 8,156 3,168 - 9,623 - 5,036 322,117 13,671 14,433 49,936 2,865 216,005 2,012 14,509 - 495,604 10,164 522,289 8,621 8,621 31,054 7,200 7,611 15,122 9,000 1,624 84,784 22,595 12,479 1,475 32,028 3,609 10,622 589 7,202 583 1,777 32,820 76,337 4,536 5,227 1,443 10,283 366 3,928 384,295 50,193 14,081 65,463 NEW ZEALAND RUGBY FOUNDATION INC. CC42547 37
Notes to the Performance Report 2025 2024 Grants - Injured Players Grants - Major Builds Grants - Near Miss Grants - Relationship Total Grants and donations made Other expenses Advertising / Promotions SIK Depreciation Gain / Loss on Sale of Fixed Assets Impairment Loss on Investments Interest Expense Investment Fees Legal Fees SIK Loss on Foreign Currency Translation Total Other expenses 212,692 43,426 52,535 1,227 387,922 1,825 14,638 919 - 707 50,235 30,209 - 98,531 2025 3. Analysis of Assets Bank accounts and cash BNZ 10 BNZ CHEQUE 00 RAPID SAVE 97 JB Were Call Accounts Total Bank accounts and cash Debtors and prepayments Accounts Receivable GST Prepayments Total Debtors and prepayments Inventory Merchandise on Hand Total Inventory 12,351 12,351 12,765 12,765 177,530 27,253 49,782 106,288 490,590 15,565 17,769 (147) 60,609 663 45,204 14,612 57,362 211,636 2024 105 13,117 7,618 25,632 46,472 17,578 4,836 13,458 35,873 172 175 10,596 12,990 23,933 35,912 3,507 17,756 57,175 38 ANNUAL REPORT 2025
Notes to the Performance Report 4. Investments 2025 Asset Class Bonds Offshore Bonds Shares Total Valuation Method Cost less Impairment Cost less Impairment Current Market Value 6,848,317 2024 Asset Class Bonds Offshore Bonds Shares Total 608,087 (700,758) 1,907 470,963 26,518 7,255,034 Opening Carrying Amount 2,235,000 472,365 4,140,952 Purchases (Disposals) 100,000 - 508,087 (101,907) - (598,851) Gains/ (Losses) on Sale 1,907 - - Gains/ (Losses) on Revaluation - - 470,963 Impairment (Loss)/ Reversal - 26,518 - Closing Carrying Amount 2,235,000 498,883 4,521,151 Valuation Method Cost less Impairment Cost less Impairment Current Market Value 6,349,781 708,534 (858,169) - 663,780 60,609 6,848,317 Shares are measured at current market value at balance date. Market values for NZ-listed shares are determined using the official closing prices published by the NZX on the valuation date. Overseas-listed shares are valued using the closing prices quoted on the relevant stock exchanges, sourced through independent external information services used by the Foundation's custodian. These prices represent observable market inputs and reflect the amounts the Foundation could reasonably expect to receive if the shares were sold on the reporting date. Opening Carrying Amount 2,085,000 972,062 3,337,719 Purchases (Disposals) 150,000 - 558,534 - (439,088) (419,081) Gains/ (Losses) on Sale - - - Gains/ (Losses) on Revaluation - - 663,780 Impairment (Loss)/ Reversal - (60,609) - Closing Carrying Amount 2,235,000 472,365 4,140,952 NEW ZEALAND RUGBY FOUNDATION INC. CC42547 39
Notes to the Performance Report 2025 2024 5. Analysis of Liabilities Creditors and accrued expenses Accounts Payable Accruals Credit Cards Total Creditors and accrued expenses Employee costs payable Employee Entitlements Total Employee costs payable Deferred revenue Income Received in Advance Total Deferred revenue 6. Property, Plant and Equipment 2025 Asset Class Furniture and fixtures Office equipment Computers (including software) Motor vehicles Total 2024 Asset Class Furniture and fixtures Office equipment Computers (including software) Motor vehicles Total Opening Carrying Amount 1,449 228 7,251 65,645 74,573 - - 5,495 - 5,495 - 67 131 - 198 Purchases Sales/Disposals Current Year Depreciation and Impairment 324 69 4,247 13,129 17,769 Closing Carrying Amount 1,125 92 8,368 52,516 62,101 14,921 39,542 11,752 66,215 21,311 21,311 13,973 13,973 26,068 24,510 14,922 65,500 26,707 26,707 41,135 41,135 Opening Carrying Amount 1,125 92 8,368 52,516 62,101 - - 3,955 - 3,955 3 - 46 - 49 Purchases Sales/Disposals Current Year Depreciation and Impairment 242 31 3,862 10,503 14,638 Closing Carrying Amount 880 61 8,415 42,013 51,369 40 ANNUAL REPORT 2025
Notes to the Performance Report 7. Accumulated Funds 2025 Accumulated Surplus Opening Balance Surplus/(Deficit) Closing Balance 2024 Accumulated Surplus Opening Balance Surplus/(Deficit) Closing Balance 4,444,222 426,727 4,870,949 Reserves 2,000,000 - 2,000,000 Total 6,444,222 426,727 6,870,949 2025 Breakdown of Reserves Goodman Fielder Wattie Limited New Zealand Rugby Total Breakdown of Reserves 2024 4,870,949 428,651 5,299,600 Reserves 2,000,000 - 2,000,000 Total 6,870,949 428,651 7,299,600 1,000,000 1,000,000 2,000,000 1,000,000 1,000,000 2,000,000 In the 1987 Annual Report "The success of the Foundation has been assured by the generous participation of Goodman Fielder Wattie Limited contracting to the sum of $1 million." The President's report continues, It is the policy of the Foundation not to dissipate it's funds but to provide any support from fund income." Funding agreement of 2000, and a further variation in 2003. The funding agreement states; "The funding be retained as a capital sum so that the Foundation may only expend income earned from the investment of the funding." NEW ZEALAND RUGBY FOUNDATION INC. CC42547 41
Notes to the Performance Report 8. Commitments 2025 Description Office Rent Total 2024 Description Office Rent Total 9. Contingent Liabilities and Guarantees There are no contingent liabilities or guarantees as at 31 December 2025 (Last year - nil). 2025 10. Goods or Services Provided to the Entity in Kind Beverage for events (DB/Yealands/Foleys/Butterworth Wines/Luna Wines) Design and print (PDQ) Legal advice (Claymores/John Miller Law) Total Goods or Services Provided to the Entity in Kind 2024 Nature of Commitment The Foundation leases office space at Sport Auckland House, the agreement may be terminated by either party giving six months written notice Within one year 15,750 15,750 Between one and five years - Nature of Commitment The Foundation leases office space at Sport Auckland House, the agreement may be terminated by either party giving six months written notice Within one year 16,410 16,410 Between one and five years - - - - 1,825 30,209 32,034 7,265 8,300 14,612 30,176 42 ANNUAL REPORT 2025
Notes to the Performance Report 2025 2024 11. Related Parties Revenue New Zealand Rugby (Annual Grant) New Zealand Rugby (Expense Reimbursement) New Zealand Rugby (Events) Total Revenue Expenses New Zealand Rugby (Test Tickets) Total Expenses 400,000 1,619 5,000 406,619 4,378 4,378 The Foundation have a responsibility to coordinate with New Zealand Rugby in giving effect to the objectives of the Foundation. To monitor this, Keven Mealamu, a Director of New Zealand Rugby is also a Director of this Foundation. 12. Events After the Balance Date There were no events that have occurred after the balance date that would have a material impact on the Performance Report (Last year - nil). 13. Ability to Continue Operating The entity will continue to operate for the foreseeable future. 400,000 - 3,000 403,000 - - NEW ZEALAND RUGBY FOUNDATION INC. CC42547 43
Crowe New Zealand Audit Partnership Level 17, 88 Shortland Street Auckland 1010 C/- Crowe Mail Centre Private Bag 90106 Invercargill 9840 New Zealand Main +64 9 303 4586 Fax +64 9 309 1198 www.crowe.nz INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF NEW ZEALAND RUGBY FOUNDATION INCORPORATED Opinion We have audited the performance report of New Zealand Rugby Foundation Incorporated (the Incorporated Society) which comprise the financial statements on pages 31 to 43, the statement of service performance on pages 27 to 30 and the entity information on pages 24 to 25. The complete set of financial statements comprise the statement of financial position as at 31 December 2025, and the statement of financial performance and statement of cash flows for the year ended, and the statement of accounting policies and other explanatory information. In our opinion, the accompanying performance report presents fairly, in all material respects: ▪ the entity information as at 31 December 2025; ▪ the financial position of the Incorporated Society as at 31 December 2025, and its financial performance and its cash flows for the year then ended; and ▪ the service performance of the Incorporated Society for the year ended 31 December 2025 in that the service performance information is appropriate and meaningful and prepared in accordance with the entity’s measurement bases or evaluation methods in accordance with Reporting Requirements for Tier 3 Not-for-Profit Entities issued by the New Zealand Accounting Standards Board. Basis for Opinion We conducted our audit of the financial statements in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)), and the audit of the entity information and statement of service performance in accordance with the ISAs (NZ) and New Zealand Auditing Standard (NZ AS) 1 (Revised) The Audit of Service Performance Information. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Performance Report section of our report. We are independent of the Incorporated Society 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other than in our capacity as auditor we have no relationship with, or interests in, the Incorporated Society. The title ‘Partner’ conveys that the person is a senior member within their respective division and is among the group of persons who hold an equity interest (shareholder) in its parent entity, Findex Group Limited. The only professional service offering which is conducted by a partnership is external audit, conducted via the Crowe Australasia external audit division and Unison SMSF Audit. All other professional services offered by Findex Group Limited are conducted by a privately owned organisation and/or its subsidiaries. Findex (Aust) Pty Ltd, trading as Crowe Australasia is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Findex (Aust) Pty Ltd and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Crowe Global does not render any professional services and does not have an ownership or partnership interest in Findex (Aust) Pty Ltd. Services are provided by Crowe New Zealand Audit Partnership an affiliate of Findex (Aust) Pty Ltd. © 2026 Findex (Aust) Pty Ltd 44 ANNUAL REPORT 2025
Information Other Than the Performance Report and Auditor’s Report The Directors are responsible for the other information. Our opinion on the performance report does not cover the other information included in the annual report and we do not and will not express any form of assurance conclusion on the other information. At the time of our audit, there was no other information available to us. In connection with our audit of the performance report, if other information is included in the annual report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the performance report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of our auditors’ report, we concluded that there is a material misstatement of this other information, we are required to report that fact. Directors’ Responsibilities for the Performance Report The Directors are responsible on behalf of the Incorporated Society for: (a) the preparation and fair presentation of the performance report in accordance with Reporting Requirements for Tier 3 Not-for-Profit Entities issued by the New Zealand Accounting Standards Board; (b) the selection of elements/aspects of service performance measures and/or descriptions and measurement bases or evaluation methods that present service performance information that meaningful in accordance with Reporting Requirements for Tier 3 Not-for-Profit Entities; is appropriate and (c) the preparation and fair presentation of service performance information in accordance with the entity’s measurement bases or evaluation methods, in accordance with Reporting Requirements for Tier 3 Notfor-Profit Entities; (d) the overall presentation, structure and content of the service performance information in accordance with Reporting Requirements for Tier 3 Not-for-Profit Entities; and (e) such internal control as the Directors determine is necessary to enable the preparation of the financial statements and statement of service performance that are free from material misstatement, whether due to fraud or error. In preparing the performance report, the Directors are responsible for assessing the Incorporated Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Incorporated Society or to cease operations, or have no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Performance Report Our objectives are to obtain reasonable assurance about whether the performance report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (NZ) and NZ AS 1 (Revised) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of this performance report. NEW ZEALAND RUGBY FOUNDATION INC. CC42547 45
As part of an audit in accordance with ISAs (NZ) and NZ AS 1 (Revised), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ▪ Identify and assess the risks of material misstatement of the performance report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ▪ Obtain an understanding of internal control relevant to the audit of the performance report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Incorporated Society’s internal control. ▪ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ▪ Obtain an understanding of the process applied by the entity to select its elements/aspects of service performance, performance measures and/or descriptions and the measurement bases or evaluation methods. ▪ Evaluate whether the selection of elements/aspects of service performance, performance measures and/or descriptions and measurement bases or evaluation methods present an appropriate and meaningful assessment of the entity’s service performance in accordance with Reporting Requirements for Tier 3 Not-for-Profit Entities. ▪ Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Incorporated Society’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the performance report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Incorporated Society to cease to continue as a going concern. ▪ Evaluate the overall presentation, structure and content of the performance report, including the disclosures, and whether the performance report represents the underlying transactions, events and elements/aspects of service performance in accordance with Reporting Requirements for Tier 3 Not-forProfit Entities in a manner that achieves fair presentation. We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Restriction on Use This report is made solely to the Directors, as a body. Our audit has been undertaken so that we might state to the Directors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Incorporated Society and the Directors as a body, for our audit work, for this report, or for the opinions we have formed. Crowe New Zealand Audit Partnership Dated at Auckland this 27th day of March 2026 46 ANNUAL REPORT 2025
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We stand in service to all registered rugby players in New Zealand. In 2025, there were 140,000 registered players. This covers 26 Provincial Unions, which include 480 Clubs and 296 Secondary Schools across the motu. Since records began in 1966, we have 121 VIPs in our NZ Rugby Foundation family. Commitment Courage Compassion Connection
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