Notes to the Financial Statements

Te Kāhui O Taranaki Trust & Group for the year ended 30 June 2021

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.

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. 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.

Measurement Base

These financial statements have been prepared on a historical cost basis. The financial statements are presented in New Zealand dollars (NZ$) and all values are rounded to the nearest NZ$, except when otherwise indicated.

Consolidation

The consolidated financial statements comprise the Te Kāhui o Taranaki Trust (Te Kāhui), Taranaki Iwi Holdings Limited Partnership (Limited Partnership), Taranaki Iwi Fisheries Limited (Fisheries Holdings), Taranaki Iwi Claims Management Limited and Taranaki Iwi Charitable Trust (Charitable Trust).

Changes in Accounting Policies

There has been no changes in accounting policy during the year.

Functional and Presentation Currency

These financial statements are presented in New Zealand dollars (NZD), which is Te Kāhui o Taranaki Group’s functional currency.

Current versus Non-Current Classification

The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

Expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is current when:

• It is expected to be settled in a normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

Te Kāhui o Taranaki Group classifies all other liabilities as non-current.