Statement of Cash Flows

Te Kāhui O Taranaki Trust & Group as at 30 June 2021

Ōrimupiko / Headlands site B, Sutton Road site A, Sutton Road site B, Tapuinīkau Pā, Tataraimaka

Pā and Te Koru Pā.

Ngā Motu:properties jointly held in fee simple

Ngā Motu, which comprise,—as 1 property, Mataora (Round Rock), Motuotamatea (Snapper Rock), and Pararaki (Seagull Rock): as 1 property, Motumahanga (Saddleback), Moturoa, Waikaranga (Seal Rocks), and Whareumu (Lion Rock): as 1 property, Koruanga / Motukuku and Tokatapu.

16. INTANGIBLE ASSETS

Quota Shares

Quota Shares are stated at cost less any accumulated impairment loss.Gains and losses are recognised in profit or loss when the assets are derecognised or impaired. Cost is based on the

17. INVESTMENTS IN ASSOCIATES

transfer price when transferred from Te Ohu Kaimoana in 2007. An independent valuation was received from Quota Management Systems Limited as at 30 June 2021 which states that the market value of quota owned to be $5,361,361.

Emission Trading Scheme Taranaki Iwi Fisheries Ltd has been allocated 706 NZU. The Investment is stated at market value.

The Group’s share of results of equity accounted associates are included in these financial statements from the date that joint control begins, until the date that joint control ceases. Under the equity method, an investment in an associate is initially recognised in the balance sheet at cost and adjusted thereafter to recognise the group’s share of the profit or loss and other comprehensive income of the associate less any impairment losses.

The Group has a 33% share in the general partner, Ngāmotu Hotels General Partner Limited. The Group’s investment in the limited partnership has been accounted for as an associate. Details of the Group’s associates are as follows: Associate

Ngāmotu Hotels Limited Partnership 33%

Interest

Activity

Operates Hotel business including accommodation and restaurant

The associate is incorporated in New Zealand and has a 30 June balance date.

The movement in the carrying value of the investment in associates is as follows:

18. INVESTMENT PROPERTY

Investment property includes properties held to earn rental income and / or for long-term capital appreciation which generates cash flows largely independently of other assets held by the entity. A property is also classified as investment property if it does not have an operating lease in place but is held with the intention of securing an operating lease. Land held for an undetermined future use is also classified as Investment Property.

Investment Property under Construction - Properties that are being constructed or developed for future use as investment properties are classified as Investment Properties.

Any gain or loss resulting from either a change in the fair value or the sale of an investment property is immediately recognised in profit or loss within change in fair value of investment property.

Rental income from investment property are reported within revenue and are recognised as described in Note 3.

Prior to purchase of investment property, costs involved are recognised as an asset. Once the property is purchased, the costs involved are transferred to the cost of the investment property recorded in the Statement of Financial Position. If the Limited Partnership does not intend to purchase the specific property, the costs are transferred to expenses within profit or loss in the Statement of Comprehensive Income as at the date the intention to not purchase is recognised.

Investment properties are revalued every year. Investment properties were valued on 30 June 2021 by the following valuers who are Registered Valuers, FNZIV, FPINZ:

• CBRE

Taranaki Iwi Holdings Limited Partnership carried out market valuations by CBRE at the end of June 2021 on the two land only properties that were acquired during the financial year ended 30 June 2018 which resulted in an