Notes to the Financial Statements

Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

1. REPORTING ENTITY

Te Kāhui o Taranaki Group comprises Te Kāhui o Taranaki Trust, Taranaki Iwi Holdings Limited Partnership, Taranaki Iwi Fisheries Limited, Taranaki Iwi Claims Management Limited and Taranaki Iwi Charitable Trust.

Te Kāhui o Taranaki Trust (Te Kāhui) is a trust established by a trust deed on 24 June 2013 and is subject to the Trustees Act 1956. Taranaki Iwi Holdings Limited Partnership (TIHLP) is a limited partnership registered on 11 September 2015 and is subject to the Limited Partnership Act 2008. Taranaki Iwi Fisheries Limited is a company incorporated under the Companies Act 1993.

The financial statements comprising Te Kāhui o Taranaki Group are presented for the 15 months to 30 June 2019.

These financial statements and the accompanying notes summarise the financial results of activities carried out by Te Kāhui o Taranaki Group. Te Kāhui is engaged in the business of investment for the purposes of providing benefits and opportunities to Taranaki Iwi.

These financial statements have been approved and were authorised for issue by the Board of Trustees on 1 November 2019.

The purpose and responsibilities of the Te Kāhui as outlined in the Trust Deed is to receive, hold, manage and administer the settlement assets received on behalf of the ngā uri o Taranaki.

2. STATEMENT OF ACCOUNTING POLICIES Basis of Preparation

The Group has adopted to report under the New Zealand equivalents to International Financial Reporting Standards

- Reduced Disclosure Regime (“NZ IFRS – RDR”) as set out in the External Reporting Board’s “Accounting Standards Framework”.

The financial statements are general purpose financial statements that have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (“NZGAAP”). They comply with New Zealand equivalents to International Financial Reporting Standards (“NZ IFRS”) and other applicable financial reporting standards as appropriate for profit-oriented entities. The group has elected to report under NZ IFRS – Reduced Disclosure Regime of the External Reporting Board as the company is a for-profit Tier 2 entity for financial reporting purposes on the basis that it does not have public accountability and is a large for-profit public sector entity. The financial statements have been prepared in accordance with the requirements of the Limited Partnership Act 2008, Companies Act 1993 and the Financial Reporting Act 2013.

Change in Basis of Preparation

The Group has adopted this year to report under the New Zealand equivalents to International Financial Reporting Standards

-Reduced Disclosure Regime (“NZ IFRS – RDR”) as set out in the External Reporting Board’s “Accounting Standards Framework”. The previous financial year’s were reported under PBE SFR-A (NFP) Public Benefit Entity Simple Format Reporting - Accrual (Not-For-Profit).

The change has been made as most of the Group assets are held by TIHLP to provide a commercial income return on assets to fund the commercial and noncommercial purposes of the Group. This is the reason for adopting For Profit reporting.

Differences in presentation are noted in the Reclassification note below.