He Korona Whakataena 2020 -2021

a n o r o K e H a n e a t a k a h W 2020 - 2021

Kōrero ā te heamana Tīhei mauri ora!

Me he roimata toroa e tani ana ki uta whenua tēnei te hotu manawa ki a koutou o te tau, te tapu o tua whakarere.

Koia te kapo rau atu i te ihi o Kōmaru i te wawana o Hine Marama hai rana i aku mate i te ao i te pō e tāea anō ai te korona ataahua.

Nau mai hoki mai whakatata mai e te iwi Tūhoe Pōtiki.

Ko taku mihi arohā atu tēnei ki a koutou katoa i hui mai nei ki te whakamoe a tātau i te tau 2020-2021 ki te karana pōhiri atu ki te tau 2022 e ranona ana te hokina mai o Mataaho tana hurihana anō i a Papa kia tika, ka kitea areareatia i muri tata mai nei te kakama matapopore o tāua te ira tanata kia tika.

Ko te karana a te wā, Tūhoe - Te Urewera kia kotahi, tū pono ki nā tuaki o te kāpura ahi e kore e pirau e kore nei e roroku ko tōu orana ko tōu Tūhoetana ko tōu Tūhoetana ko tōu Mana Motuhake.

Contents 5 11 26

TE UREWERA HE TANATA FINANCIAL STATEMENTS

Te Urewera Ka tahuri tātau i aia atu nei ki te whakahoki i a tātau ki Te Urewera kia tika pono ai te noho ā iwi ā hapū ā whānau. Me whakakaha ake te āta noho a Tūhoe me te karauna kia eke ki nā kōrero ranatira i hohoua ki Ruatāhuna. Me whakanui ake te āhua o te whakaaro a te Karauna mō Te Urewera.

Me whakakoi ake te pūtake te kaupapa o te poari o Te Urewera kia rite ki te pae tawhiti e kūmea mai ana kia tata. Me kitea he hanana hou ki te mata o Te Urewera rohe whenua ēhara nō te papa atawhai.

He takiwā whakahari i te koa nākau Tūhoe tēnei he whaka-Tūhoe i a Te Urewera he whaka-Te Urewera i a Tūhoe.

Roopū Nahere Ko te kaupapa o nā roopu noho wao mahi nāhere nei puta noa i Te Urewera he tauira he whakaari ki a tātau kua noho tawhiti nei ki te āhua o te noho tika me te taiao ki te whakaatu hoki ka tāea tonutia i ēnei rā nei te hono anō o te tanata Tūhoe nākau koihotahota ki tōnā ewe whenua o Te Urewera. Ka whakatūria ēnei momo roopu ki te awa o Taurana Waimana ki Ruatāhuna, ki Waikaremoana ki whea atu ka taea ka hiahiatia kia whai rite na rerena mōhiohio ki tērā o na roopu kua tū ki te awa o Ōhine-mataroa Rūātoki.

Te Mate Urutā Ka tae mai tēnei māuiui, tano hohe, whakarotu ihi whakakāhore i te noi o te tanata. Ka mate te tanata ka pani te whānau, ka tani te hapū - ka pōhara te iwi, ka mōai te whenua. Kai a tātau anahe te orana mō Tūhoe whānui kāre i waahi kē, kiihai i tanata atu.

Mā tō tātau pakari hihiko ki te mahi nātahi ka toke he mamae poto. He manaaki he atawhai tētahi ki tētahi te tikana i tēnei wā o te pōautinitini o te ketekete manawa. Tuatahi kai a koutou nā whānau nā tānata hai manaaki hei tiaki i te huna ka taka ki te hē tuarua, kai ia mārua nā tānata kaimahi hai whakakotahi i te kōrero me te mahi, hai haumaru i te haukāina i ōna hapū marae katoa tuatoru, kai te tari a te iwi te mahi ki te whakakao rawa, taputapu, rauemi utana. Ko te tū ranatira kai te rina kaha kai te pakihiwi whānui kai a tātau katoa koia te Mana Motuhake o Tūhoe - te kotahitana o tō tātau kaha.

Te Ahi Kaa E Pihi ake ana nā ranatira o Tūhoe ki āpopo. I te tau ka mahue mārama kitea ana te huna e pikau ana i nā tohu ranatira. Ko rātau tērā kāre i whakatenetene ki te hāpai i nā mahi tiaki pūtaiao manaaki marae. He rekereke puehu, he rina raupā, he ihu paraimu. Nā rātau te tūtaki i te huna whakapōhanehane i te Iwi, te whakautuutu i nā pānui whakapōhēhē, ki te whakatika i nā mahi nanakia e kawea ana i runa i te īnoa hapū iwi. Ko rātau hoki i māia ki te turaki i nā ture Kāwana ki runa i o rātau marae hapū. Ara rā nā pākeke i kite ka hāpai ake i te tai ranatahi kia whakamua mai ki te arataki kaupapa hapū, ā whārua hoki, kia haere mai i te kāuta ki nā pae tapū. Ka mihi ki a rātau tokomaha e tautoko ana ki te waihana papakāina hapū ki runa i o rātau whenua me te rapu i nā rinarehe whakatikatika marae. Nā ranatahi e rapu huarahi nei hai patu i tērā mate parekura kua roa kē nei e patu ana i a Tūhoe, te paurakino. Ko te kano me te kanohi tēnei o te Matemateāone.

Taraipara Koineki te haumāuiui te ūmananui a Tūhoe mō nā tau tūroa nei arā ki te whakapiki i te mana a ō tātau taraipara kia tū mai hai reo mō te iwi.

Kai te kitea i te tau ka huri nā nekenekena tika mai i te āhua o tētahi Komiti ki te whakaahua o tētahi Manatū. Nā ā rātau nā wānana tirohurihana ki te kaupapa tūturu, ki nā pūtake tūrana, ki nā tikana whakahāere i nukunuku ai nā taraipara. Ko rātau takiwhā ka puta i tōna wā ko te mana o te iwi o Tūhoe.

‘Kotahi te Iwi, Kotahi te Ahuna, Kotahi te Mana’.

Ka mutu iho, tēna tātau katoa Tāmati te ihu waka Kruger

Heamana Tūhoe - Te Uru Taumatua 2021

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

1

Te Mana Motuhake Tūhoetana Ma te m a te ā on e

2

| T Ū H O E T E U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

The doorway to enter a Tūhoe world of Te Mana Motuhake is ajar.

The struggles of our tipuna, the battles, the bloodshed, the loss and the fight has led us to this point in time, where the door is ajar. Those steps taken by the many before us has led to the privileged position our generation finds itself.

As we peer through the door, we see Te Urewera - Tūhoe kinship renewed by Tūhoe hearts, minds and hands. The Te Urewera Bushcrews walking the land, rebuilding our knowledge base and mending the severed bonds.

We can see a place where Tūhoe people are living collectively as hapū with their whenua, rebuilding our culture one block at a time, reconnecting with the land and with each other.

We see a place where all Tūhoe children are loved, nurtured, and cherished, wrapped in a cloak of aroha that our tamariki deserve. The trauma of disconnection, abandonment and state care is a thing of the past.

E te Iwi, this is not a dream, it is a reality on the other side of the door, that is ajar.

Tūhoe, we must ask each other what it is we must do to walk through that door? What is holding us back? Is it a lack of belief? Is it a lack of courage? Is it jealousy? Is it apathy? Is it our self-interest? Is it fear of change? Is it our trust and confidence in each other?

Whatever it may be, our children are watching closely. They are learning from every move we make. The actions we take today are shaping what they interpret as what it means to be Tūhoe. They are waiting patiently for us to push that door wide open.

We see a place where the addiction caused by the systemic intergenerational trauma is vanquished and replaced by Tūhoetana and Matemateāone.

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

3

4

4

| T Ū H O E T E U R U TAU MAT UA | Twenty Twenty - Twenty Twenty One Tūhoe T e U r u Tau m at ua | T we nty N ine te e n - Twe nty T we nt y

a r e w e r U Te a” tu e ō an ki to te ā m , ao w te i tū re ai m “E kore e nawhere he ction ne on -c re e Th n. te lis t us m e w , it ow kn “Our hearts remember it, our minds al” he to ed ne e w ow kn l al e w t ha w is a er to the land, to nature, to Te Urew

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA | | H e Korona Whakataen a

Twenty Nineteen - Twenty Twenty

5

5

Kua whitu tau te tai pakeke o te kawenata “ Te Urewera Act”.

Heoi, ko Te Urewera tāukiuki, Te Rohe Pōtae o Tūhoe.

TŪHOE HAVE LONG ENDURED TE UREWERA, AND TE UREWERA WILL CONTINUE TO ENDURE ALL PEOPLE, CULTURES, AND LIFE AS PART OF PAPATŪĀNUKU. It has been 7 years since Te Urewera Act was came into existence.

Our confidence and capability grow, our systems become more tested and the reconnecting of Tūhoe people with Te Urewera becomes more real.

Our confidence in the Crown is low. Its representation is cumbersome and unable to meet its obligations of the Te Urewera legislation and restore Crown honor to Te Urewera and to Tūhoe people.

The priority of Tūhoe reconnection to Te Urewera and Te Urewera to Tūhoe is a responsibility that cannot be disrespected or abdicated. It is at the forefront of the revitalisation of our Tūhoetana and a pillar to realising our potential of Te Mana Motuhake.

A Tribal control strategy has now been developed. We are now confident to recognise and consider a Control Strategy that is the wholeness of life in Te Urewera. An approach bound by responsibility, exploration of better ways of taking care of our taiao, restoration of our Tūhoe instinct and knowledge, and revitalization of lived values and practices. A control strategy that grows experts in understanding our human impacts and realizing what it truly means to live within our means and responsibly.

6

| T Ū H O E T E U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

We now have a buschrew in every whārua ensuring that Tūhoe retention, regrowing and relearning of a Tūhoe Te Urewera approach is paramount in how the mahi is done. Be it pest control, track maintenance or knowledge sharing. With the Ruatāhuna Bushcrew officially on board we now have four operating Tribal Bushcrews or rather one Te Urewera wide workforce.

Regrowing our Tūhoe knowledge of Te Urewera has no shortcuts. This can only be done with Te Urewera as the “classroom” ma te whāwhā, ma te hīkoi I te whēnua mā te honi I te kakara o te nahere mā te mahi tonu!

Te Urewera is attracting manuhiri wanting to enjoy her company more than ever with the 20202021 summer our busiest season (October-April) yet. The Great Walk bed-nights were up 56% from last year and 79% from two years ago.

We believe this increase is because there is no international travel options and Kiwis are exploring their own backyards. The summer season experience is providing valuable information as we begin to redesign what the future of a Tūhoe Te Urewera manuhiri experience could be.

SUMMER SEASON GREAT WALK BEDNIGHT BOOKINGS (1 October 2020 - 30 April 2021)

2020/2021

2019/2020

19,938

12,765

2 0 18 / 2 0 1 9

11,124

Generally we saw a reduction in freedom camping and more uptake of our ‘pack in pack out’ Care for Nature tikana. Sadly there was a small number of manuhiri who disregarded and disrespected Te Urewera and were therefore asked to move on. In areas where freedom camping has been an historic issue (toilets dug into the ground, cutting down trees for firewood, leaving rubbish) we are already seeing positive change. The former sites now have nahere regrowing and flourishing.

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

7

What are we seeing?

Tūhoe people with an innate knowledge of Te Urewera are not there like they once were. Willing bushman ready to take up mahi and spend time in Te Urewera have proven difficult to find. The desire to learn the lore of the nāhere and the skills of Bushcrews will need to be regrown. It is no longer like the days of old when Te Urewera was once the go to place for Tūhoe needs for Wai, Ronoā, Kai and much more.

Te Tapapatana o Te Ranimahana and Pukerimu are the two sites used for this initiative to monitor native rākau as a method of learning from a Tūhoe lens.

Today we see less of that relationship and the difficulty to bridge the gap is apparent as the disconnection to Te Urewera has grown.

Bushcrew effort to look at the health of Te Urewera through Tūhoe eyes has shown us things like:

TREES ARE BECOMING BARE Trees bearing berries

that are falling off before ripened

miro berries are unusually low

An increase in wasps

2019

WEEDS ARE ARRIVING to new areas

Low to no undergrowth on the forest floor

deer are skinny Lots of Mārearea and smaller sized Trout at Hanamahihi

LOWER NUMBER OF TROUT in rivers 8

| T Ū H O E T E U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

Rimu riddled with bugs which appears to be eaten alive from the bottom-up

Whio have made their way back to

Papakorito which was last seen 5-10 years ago

Te Urewera Baseline Control 2021 3,226 2020 4,350 2019 10,658 POSSUMS

2,401

127

4,576

287

5,361

283

RATS

STOATS

The Waimana baseline control team focused on rat, stoat and possum control. The team delivered a seasonal rat knockdown, an assessment of stoat trap infrastructure and the start of a possum knockdown.

Contractors focused on delivering regular stoat trap checks. Rat control targeting the protection of breeding birds and new growth throughout Spring and Summer was largely a success but in some locations was delivered later due to lock downs. A mix of rat control methods were used repeating the approach taken in previous years.

Natures Road has progressed to a completed business case study.

Working with NZTA (He Waka Kotahi) to design a road that takes into account the safety issues required for public roading in Aotearoa and ensuring our commitment to Te Urewera and health and wellbeing isn’t compromised has been of great value to Ngāi Tūhoe.

From the development of natural products to learning how to manage and repair the road, the livelihood opportunities and working with external stakeholders to see Te Urewera as one corridor, has seen growth in our confidence and ability. The Natures Road Business Case study will shortly be heard by the Waka Kotahi Board.

KIWI AVERSION TRAINING 2021 2020 2019

2021 TRAINING LOCATIONS Ruatāhuna Rūātoki Tāneatua Waikaremoana Waimana Twenty Twenty - Twenty Twenty One

61

126

59

139

40

109

PERMITS

DOGS

4 10 17 15 15

7 20 34 31 34

| H E KO R O NA WH A K ATA ENA |

9

10

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

a t a n a T He , ta o h ta o ih o k u a k ā n e h , e ra ā m u a “He nāk he nākau iti”

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

11

Nā whārua o Te Urewera The Tūhoe Tribals of Te Urewera have expressed that they are facing all levels of despair with a sense of reality and determination.

The romantic notion of the Tūhoe identity has quickly been tempered by the harsh and confronting truths we face across all of Te Urewera. The erosion of Tūhoetana replaced

by Pākehatana and self-interest has been in plain sight in 2021 and embarrassingly for all Tūhoe this played out publicly on news media, Māori media and social media..

Worryingly for all of your Taraipara is the realisation that methamphetamine is in Te Urewera and directly or indirectly affecting all of our whānau which will require a mighty and united effort to repel. This adversary feeds on abandonment, disconnection and trauma and like ‘Te Pūru’, has an insatiable appetite.

Intergenerational suspicion and mistrust of the Government has developed into an unnatural mistrust of each other, a wavering in our ability and less faith in our principle. This has been seen and felt by disunity within our whānau, marae and whārua.

12

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

These issues though grim in reality can be overcome because we as an Iwi have overcome more! We know what it takes to overcome adversity and we know what our tīpuna relied on when they faced the challenges of their time.

ETAHI O NĀ MAHI I TUTUKI I RORO I NĀ WHĀRUA The need to revitalise and grow leadership has seen kaupapa like Te whai i nā Tapuwae o Hape, Whakapai i te awa Ōhinemataroa, Take Whenua - Nō Toi, nō Pōtiki whenua, nō Tūhoe te mana ranatira Waikaremoana Ahi Kā. Te Ahoaho o Tāpuapua reaffirmed the ranatahi aspirations for 2050 in the Rūātoki valley with the ensuing wanana a chance to gain shared understanding of our Tūhoe principles.

The need for wai and wai infrastructure meant teaching our people to be Water Care engineers and growing our ability to look after ourselves in those spaces. Whārua based Bushcrews bring Te Urewera tōhuna together to work through how to keep Tūhoe knowledge alive and growing.

The need to unlearn bad behaviours in Te Urewera has seen Rūātoki introduce “Te Whakamau Pū” to teach the next generations’ better nāhere behaviours. The need for homes across Te Urewera has led to both retro-fitting and undertaking urgent repairs on the homes of our most vulnerable for short-term respite whilst looking to a future of hapū villages. Marae in Rūātoki and Ruatāhuna are actively doing their due diligence to inform their planning for hapū villages and Waikaremoana has registered their interest.

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

13

He TapuWae: SMP “While the Tūhoe vision to bring about the end of Tūhoe dependency on the state remains ever strong for and within Tūhoe, the Crown has not convincingly reciprocated in deed or practice.”

“Like no other plan or mechanism before it, He Tapuae: SMP comes with Tūhoe insight and involvement within it. It comes with Tūhoe commitment, hands, heart, and feet, to turn something imagined into something real ... moving from “He Tapuae – A shadow, through to He Tapuwae – A solid Footprint toward honest relationship, partnership, collaboration.”

On the 2nd of July 2021, under gaze of Matariki and on the 10year anniversary of the signing of the Political Compact - Nā kupu Ranatira a Tūhoe me te Karauna. Ngāi Tūhoe hosted the Crown in Ruatāhuna at Te Umuroa to signify a recommitment of the Crown to the next stage of the SMP - He Tapuwae. To commemorate the arrival of Matariki, ranatahi from each whārua shared their dreams and aspirations for 2050, mapping a pathway to the future.

All Tūhoe Tribals were present to hear Senior leaders from each agency deliver their continued commitment and strategic pathways toward transforming the social circumstances of Tūhoe over the next five years. Taking us to ten years in our forty-year Blueprint journey.

14

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

The Crown agencies in attendance were: • Ministry of Social Development (MSD) • Ministry of Business and Innovation (MBIE) • Ministry of Education (MOE) • Ministry of Health (MOH) • Oranga Tamariki (OT) • Housing Urban and Development (HUD)

Covid-19 During the resurgence of Covid-19 in 2021 we felt a sense of calm across all whārua.

TĀNEATUA MEDICAL CENTRE Average No. of Patients seen per day

Our whānau were more resilient removing the need for a direct response. The Tūhoe Tribals greater concern was for whānau who were more directly affected in the Tāmaki and Kirikiriroa rohe.

803

Sep 2020 to Aug 2021

With the impending Government Covid-19 management plans Tribals are actively developing a Te Urewera wide Covid readiness plan. The Traffic Light System introduced this year compelled the Tribals to share the message that vaccinated or not, we are all Tūhoe and we must revert to Matemateāone as our guide in these uncertain times.

Average No. Monthly Patient Registrations

Life with lock downs, masks and contact tracing has quickly taken new shape and form to become a new norm. Thus, the conversation on vaccinations was put on the table for Tribal discussion. While it remains a personal choice, the Iwi united on enabling access to the vaccine. In August, our first pop-up Vaccination Day happened at Te Kura Whare with another happening in October. We recognise the need for a mobile medical service that allows us to be better connected with our isolated communities living in Te Urewera and have worked to secure a former breath testing bus to be redesigned and fit for this purpose.

Flu Vaccinations received by our 65years

Tūhoe Medical Centres operated at a greater level of comfort in every alert level situation. Consultations, hygiene standards and strict practices were easily adapted and implemented by the teams. Proactive work is being done to build our expertise, infrastructure and leadership within our whārua.

Tūhoe Medical Centers operate at a greater level of comfort in any alert level situation. Actively working toward building our expertise, infrastructure and leadership within our whārua. Life with lock downs, masks and contact tracing have quickly taking new shape and form, thus, the conversation on vaccinations is on the table. While it remains a personal choice, the Iwi is united in enabling access to the vaccine. Thus a mobile service allows us to be better connected with our living communities within Te Urewera.

1,985

Sep 2020 to Sep 2021

73%

KMC

TMC

71%

Covid-19 Testing in Tūhoe Medical Centres TMC KMC

2021

2020

236 343

190 224

Covid-19 Vaccinations at the Pop-up Vaccination Days at Te Kura Whare

1st Jab 2nd Jab

Twenty Twenty - Twenty Twenty One

October

September

37 78

86 -

| H E KO R O NA WH A K ATA ENA |

15

Matemateāone

Healing from neglect, crisis and addiction will require kapu tī time spent with whānau and in Te Urewera.

Our response..... Te Urewera > Ahi Kaa > Well-being > Respite > Whānau Te Tira Whakato Matemateāone is a steering group is a Tūhoe and Orana Tamariki (OT) collaboration with the opportunity to transform practices and habits for deeper, more long-lasting care. They are responsible for achieving the vision, aspirations and objectives of the Matemateāone Agreement.

In April 2021 they approved a Joint Work Program for an OT Tūhoe Project Team to focus on:

• • • • •

Designing and building caregiver and home assessment standards Enabling Tūhoe assessment standards Collaborating on support therapies development within Tūhoe Collaborating on care and protection alternatives Promoting community resilience and whānau responsibility aims

As we work together, we continue to get clearer observations into the DNA of Government Departments. We understand their infrastructure (systems, policy, actions and behaviours) are developed for risk mitigation with prevention and support generally a second priority. We realise willingness to engage and solidify the Matemateāone Agreement of 2019 requires OT and their regional stakeholders to be clear on their roles and responsibilities in Tūhoe communities.

16

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

We are challenged by the Orana Tamariki resourcing system breeding expectation, entitlement and dependency. It is common practice for whānau entering the Crown system to be offered $500-$1500 per week to care for Tūhoe tamariki. The ‘state’ of whānau is determined by assessment tools, people situations and systems that by design create a tick-box bias. Is this Matemateāone?

As we attempt to design solutions and systems that are a Tūhoe model of care, whereby love and care is the ronoa, we must enable whānau and hapū involvement to reveal the potential for care under Tūhoe lore rather than fitting into Crown law.

Mending Room

Number of cases over a 12 month period Low Level Offence Referrals

Each new case in the Mending Room and tamariki in State care brings a new set of issues but neglect, crisis and addictions are common themes.

What we have seen from whānau access to a justice alternative for low level offending and family harm in the Mending Room: • Common threads of emotional and psychological abuse

19

Family Harm Incident Reports received

57

been attended by Police 71% have more than once.

Common Threads

• Addictions - drug, alcohol, co-dependant relationships

Emotional and Psychological Abuse Physical Abuse

• Behaviours of intimidation, bullying, yelling, threats, manipulation, punching, slapping

Behaviours

• Resulting in chronic trauma suffered by Tūhoe whānau We are still growing our understanding of family harm and how best to offer support to whānau. Unlike low level offences where the person is compelled to attend Court or the Mending Room, no such requirement exists for a family harm incident. As a consequence, the Mending Room requires other strategies to reach these parents and keep them engaged. The practice of kinship relationships and knowing the right whānau member to reach out to support these parents is being evolved, but is hard work.

Intimidation, bullying, yelling, threats, manipulation, punching, slapping

Reported Family Harm

Twenty Twenty - Twenty Twenty One

70% Waimana 25% Ruatāhuna 5% Rūātoki

| H E KO R O NA WH A K ATA ENA |

17

Emergency Housing

We are clear on the need for a temporary and transitional housing solution to allow whānau to rest, reset and regroup.

Real examples that we have seen are situation like; • An aunty that may have lost her whare to fire • A cousin needing refuge and respite because of violence in the home • Koro moving to take care of mokopuna with nowhere to go • A whānau that may need to isolate because of COVID-19 A short term, up to 3-month, pledge-based solution to alleviate immediate undue whānau stress and pressures must raise the standards, values, relationships and accountability of responsible living by whānau.

18

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

Paurakino Methamphetamine Our research comes from the kōrero of Tūhoe people, and whānau suffering from the effects of paurakino, Police info on the intelligence of crime operations and experts’ study on the change in humanness assures us Paurakino is like a raging bull.

Destructive, disruptive and deathly.

The consumption nationwide is constant, internationally New Zealand is a ‘hotspot’ and locally it surrounds us at the edges of Te Urewera. We cannot deny the threat of Paurakino to our Tūhoe tikana and whakapapa. It has not only encircled our lands, but breached Te Urewera!

July 2021: Per Capita Methamphetamine Consumption (mg/day/1000 people) National Average

Wairoa

Ōpotiki

514 mg/day 1000 people

1,356 mg/day 1,405 mg/day 1000 people 1000people

ŌPOTIKI

MURUPARA TE UREWERA

Murupara 2,285 mg/day 1000people

The Tūhoe antidote must be one that responds to the deep roots of trauma buried in disconnection that has shown to often develop into addiction and other negative behaviour. Our nākau, our hearts know that the remedy has to be born of arohā, matemateāone, our connectedness to each other, to Te Urewera and Tūhoetana. Taking action against this dependency means designing language, care and learning by ourselves for ourselves.

We welcome the dedicated hands of the Mana Enhancing roopu and their unique approach for providing manaaki to all whānau members - tamariki, spouses, parents, grandparents, aunties, uncles – anyone who is directly and indirectly affected by Paurakino. This has seen whārua develop their own branches of Mana Enhancing allowing a safe, non-judgement and embracing space for anyone who is directly or indirectly affected by any kind of substance abuse, not just methamphetamine.

WAIROA

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

19

Tāneatua Village The Tāneatua Village as the blueprint for our vision of healthy communities has taught us a great deal already.

From our experiences with Te Kura Whare, Te Tii and Te Kura Whenua we know that the building is the easy part. Our greatest feat is to rediscover what it meant to live in a community based on Tūhoe values and practices.

Unlike a housing project, a Tūhoe village must embody a papakāina.

The village lifestyle and spirit must put the whenua first, inspire unity in the decision making, be filled with spaces that inspire whānau togetherness and build people not buildings.

Thus, in August 2020, a reset split the mahi in to ‘Village Delivery’ and ‘Construction Delivery’ workstreams.

From this, we focused our ‘Village Delivery’ workstream on bringing about an authentic and rewarding way of life amongst a community of whānau for Tūhoe.

Monthly kapu tī have been happening for a year and have now evolved into Village lifestyle • Everyone is responsible for pitching in and doing the workshops for the next twelve mahi around the Village • Living with the whenua means responsible living to months. increasing self-reliance for food and water On Friday 12th February and • Living together means taking part in each other’s lives guided by Rūātoki tōhuna and caring for one another • The Village is big enough to be a community and ground was broken on the small enough that everyone can come together to Village site to celebrate the make decisions beginning of the ‘Physical The Village build has provided many opportunities to build capability for Delivery’ workstream. This Tūhoe people. A class of twenty Tūhoe were awarded Site Safe passports included reminding people of after attending a day course, and from this two ranatahi have been employed the history of the whenua, how by our construction partner SABRE to assist with the onsite civil works. More it was stolen and how it was recently, three carpentry mahi opportunities were advertised with a high returned caliber of interest by Tūhoe ranatahi.

In July 2021, an invite to the ‘Tāneatua Village’ was published and detailed a comprehensive guide to what life is expected to be like in the village. Some key concepts for the Village are:

20

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

On Wednesday 7th April our Resource Consent for Land Use was granted

by Whakatāne District Council, which allowed formal construction to begin on site. Before this, in November, we determined affordability and shared buy-in prices in our invite to the Tāneatua Village by testing every aspect of design, construction and financial situations including; •

a range of benefit rates given by Ministry of Social Development (MSD) to whānau

•

materials and equipment that whānau can maintain to reduce ongoing maintenance costs

•

self-sufficient potable water and wastewater to reduce council rates

•

food forest, maara kai and spaces that require whānau contribution to reduce the cost of living

In early June we welcomed our Site Manager to the team and a few weeks later civil works began on site with our new contractor.

The current build site is changing every day, as the build evolves. The layers of the whenua have been revealed in soil remediation, significant works have taken place to install drainage and wastewater systems which have helped the landscape take shape. Concrete foundations have been poured for house pads, allowing the Village layout to move from concept to tangible reality.

The August 2021 lockdown, which has continued into October in Auckland, has altered our time frames significantly. The primary reason for this has been the scarcity of materials, rather than work onsite falling behind schedule. This has meant that we are now looking at finalising homeowners in May 2022 and handing over the keys to homes in November 2022.

Twenty Twenty - Twenty Twenty One

| H E KO RO NA WH A K ATA ENA |

21

Protesting & Promenading The spreading of misinformation was publicy very un-Tūhoe.This appeal to gain public and Government support, to go against hapū ING OUR DIRTY LAUNDRY IR A and Tribal efforts has caused painful divisions.

In response Te Komiti o Runa released the facts and information required to correct what was being said in the media and online. The protesting, though peaceful in the beginning led to many unfortunate events that included death threats against TUT and Tribal kaimahi, intimidation of Tūhoe manuhiri and the vandalism of Tūhoe property and resources.

Despite this, and in an effort to discuss these matters and seek a way forward “kanohi ki te kanohi” Ruatāhuna led the Tūhoe pākeke initiative and invited Te Kohina to meet. The Tūhoe kuia and koroua were disappointed that this invitation was declined but took the opportunity to tautoko the pathway the Iwi was taking and their trust and confidence in the structure and leadership.

22

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

Ngāti Ruapani Support for the Ngāti Ruapani mai Waikaremoana negotiation group continues as the group navigates it’s way through the settlement journey.

The group presented their ranatahi led aspirations for a brighter and better future to Te Arawhiti.

Te Kura Whare

Education

Tūhoe Tribal Authorities collectively assessed the applications for the Tūhoe Education Contributions. Overall, 117 applications were received, 99 of which were approved. Applications are assessed based on past contribution, future contribution and contribution from their education endeavour. The amount each applicant received varied from $500 to a maximum of $1,500.

See below for a summary: Waimana Manawarū Rūātoki Waikaremoana

36 applications 27 approved 26 applications 26 approved

From January to March 2021, Te Uru Taumatua tested if we could produce clear positives in a 4-day working week at Te Kura Whare.

We asked ourselves to be better and do better in a way that still delivers Iwi priorities and saves Iwi resources and costs. Importantly we have seen less impact on Te Kura Whare, including 20% less rubbish, less pressure on the wastewater plant, less use of power and an overall reduction on wear and tear of the whare.

Te Kura Whare was never meant to be surrounded by lawns, rather bush. Over the winter, a collaboration of Tūhoe whānau have dedicated effort to planting thousands of trees across the landscape to create an area rich in native plants and food forest. Our journey with Te Kura Whare continues to bring to life the learnings that inspire the vision that we must restore the spaces we live in and live within our means.

52 applications 43 approved 3 applications

3 approved

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

23

Tūhoe Trust Fund The Tūhoe Trust Fund is the legal structure that holds our resources.

It is reflective of the hardship, loss, sacrifice and struggle of the past while also providing hope and growth opportunities for current and future Tūhoe.

The trust fund is a collective instrument that makes Tūhoe stronger when used in conjunction with the assets that are natural to the Tūhoe way of life; Kinship, values and connection to the land. The Tūhoe Trust fund is made up of tāona and assets.

Tāona are those things that are precious, priceless and irreplaceable to us. They are the things that we work for, are culturally significant and last forever. Assets are the items that work for us and enable us to achieve our goals protecting the treasures and our way of life.

The Short Story 2020-2021 TUT Group Total ($000) Made Investments, Associates & Subsidiaries, Operations

Used Annual Priorities, Operations, Tax/ Depreciation, Governance Fees: Chair $54k, Trustees $18k each

Available Tribal Development, Infrastructure projects, Preservation

24

| T Ū H O E TE U R U TAU MAT UA |

49,376M 14,115M 35,261M

Twenty Twenty - Twenty Twenty One

A COVID-19 World The rebound in value has been considerable. The previous financial year (2020) saw the initial impact of COVID-19 weigh heavily on financial markets. One year later and the recovery has been strong and consistent.

The Tūhoe Trust Fund rose by $46.5 in this financial year.

More importantly, over the 5 years the value has risen from 326.1m to 419.7m.

The appreciation in asset values was aided by the policy responses to COVID-19 conditions. Around the world interest rates were slashed to historically low levels, business subsidies were quickly applied and changes to increase remote working capabilities were accelerated.

Future periods will no doubt see a moderation, even a possible retracment of gains made in the 2021 financial year.

The Tūhoe Trust Fund will continue to adhere to the prudent investment principles of diversification with the aim of safe guarding capital while maximising the potential for consistent returns over time. The capital held will assist to enable our goals and objectives.

Both consumers and businesses took the opportunity to borrow more, and when able to, spend more. The levels of debt have undeniably increased but the short-term impact has seen asset values enjoy a period of prosperous appreciation.

Barriers to growth have included disruptions in the supply chain leading to shortages of both goods and labour, resulting in higher prices. The decade of low inflation may now be behind us and a future debt burden will need to be carefully navigated by investors. The Tūhoe Trust Fund carries no debt.

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

25

l a i c n a Fin s t n e m e t Sta

26

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Contents 28 30 31 32 33 34

I ndependen t Au d itor’s Re p ort St a t ement of Comp re h e n siv e Re ve n u e & Exp e n se St a t ement of Chan g e s in Equ ity St a t ement of Fin an c ial P osition St a t ement of Cash Flows

Not es t o th e Fin an c ial State me n ts

Trust Directory AS AT 3 1 MARCH 2 0 2 1

Objective of business Management of assets held in trust and the distribution of income from these assets for the long-term benefit of the Tūhoe Iwi as a Post Settlement Governance Entity.

Trustees Tāmati Kruger Patrick McGarvey Peter Madden Ryan Te Wara Ngātai Rangihau Jackie Te Amo Lorna Taylor

Tribal Rūātoki Rūātoki Waimana Waimana Ruatāhuna Ruatāhuna Waikaremoana

Address: 12 Tūhoe Street Tāneatua Auditors: BDO Wellington Audit Limited 50 Customhouse Quay, Wellington 6011 Bankers: ASB Bank, Westpac Bank, BNZ Bank Solicitors: David McLay, Daveys Burton, Bell Gully

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

27

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF TŪHOE TE URU TAUMATUA GROUP

Opinion We have audited the financial statements of Tūhoe Te Uru Taumatua (“the Parent”) and the consolidated financial statements of the Parent and its subsidiaries (together, “the Group”), which comprise the Parent and consolidated statements of financial position as at 31 March 2021, and the Parent and consolidated statements of comprehensive revenue and expense, Parent and consolidated statements of changes in equity and Parent and consolidated statements of cash flow for the year then ended, and notes to the Parent and consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying parent and consolidated financial statements present fairly, in all material respects, the financial position of the Parent and the Group as at 31 March 2021, and the financial performance and cash flows of the Parent and the Group for the year then ended in accordance with Public Benefit Entity Standards Reduced Disclosure Regime (“PBE Standards RDR”) issued by the New Zealand Accounting Standards Board.

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group 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.

Our firm carried out other assignments for the Parent and Group in the area of taxation advice.

Other than the above, in our capacity as auditor we have no other relationship with, or interests in, the Parent or any of its subsidiaries.

Trustees’ Responsibilities for the Parent and Consolidated Financial Statements The Trustees are responsible on behalf of the Parent and Group for the preparation and fair presentation of the Parent and consolidated financial statements in accordance with PBE Standards RDR, and for such internal control as the Trustees determine is necessary to enable the preparation of Parent and consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the Parent and consolidated financial statements, the Trustees are responsible on behalf of the Parent and Group for assessing the Parent and Group’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 Trustees either intend to liquidate the Parent and Group or to cease operations, or have no realistic alternative but to do so.

28

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF TŪHOE TE URU TAUMATUA GROUP

Auditor’s Responsibilities for the Audit of the Parent and Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the Parent and consolidated financial statements as a whole are 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) 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 these Parent and consolidated financial statements.

A further description of our responsibilities for the audit of the financial statements is located at the External Reporting Board’s website at: https://www.xrb.govt.nz/assurance- standards/auditorsresponsibilities/audit-report-7/.

This description forms part of our auditor’s report.

Who we Report to This report is made solely to the Parent’s Trustees, as a body. Our audit work has been undertaken so that we might state those matters which 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 Parent and the Parent’s Trustees, as a body, for our audit work, for this report or for the opinions we have formed.

BDO WELLINGTON AUDIT LIMITED, Wellington New Zealand 18 October 2021

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

29

Statement of Comprehensive Revenue Expense FOR THE YEAR ENDED 31 MARCH 2021 Note Revenue Operational Income Other Income Total Revenue

Group 2021 2020

Parent 2021 2020

$ 000's

$ 000's

$ 000's

$ 000's

6,471 9,057 15,528

6,021 5,769 11,789

6,825 8,248 15,074

6,712 4,781 11,493

6 6 6

8,552 966 4,635 14,153 1,375

7,859 971 3,553 12,384 (594)

4,706 462 22,646 27,813 (12,739)

3,853 436 5,514 9,803 1,690

9

13,992 15,367

2,092 1,497

(12,739)

1,690

8.3 9 21

29,273 103 44,743 (964) (45,707)

(7,141) (2,888) (8,532) (62) (8,470)

29,273 (1,383) 15,151 (242) 15,393

(7,141) 1,234 (3,033) (7,250) 690 (7,939)

172 45,879

(24) (8,494)

146 15,539

(7,939)

8 8.1 8.2

Expenses (by Function of Expenses) Direct Costs Indirect Costs Administration & Other Costs Total Expenses Net Operating Surplus/(Deficit) Share of Profit & Loss of Associates: Share of equity accounted surplus and deficit Operating Surplus(Deficit) Other Revenue/(Losses) Gain/(Loss) on Revaluation of Financial Portfolio CNI Taxfree Distribution Gain/(Loss) on revaluation of Forest Rights Surplus/(Deficit) for the year before income tax Tax Expenses/(Income) Surplus/(Deficit) for the year Other Comprehensive Revenue and Expense Gain/(Loss) on revaluation Other Intangibles Total Comprehensive Revenue and Expense

10

14

The accompanying notes form part of these financial statements 30

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Statement of Changes in Equity FOR THE YEAR ENDED 31 MARCH 2021 Note Retained Surpluses Opening Balance

135,500

55,585

63,525

45,879 45,879

(8,494) (8,494)

15,539 15,539

(7,939) (7,939)

(172) (172) 172,737 242,783 242,783

24 24 127,030 242,783 242,783

(146) (146) 70,978

55,585

224,026 224,026

224,026 224,026

14

87 172 259

111 (24) 87

146 146

-

11

415,778

369,899

295,151

279,612

14

Closing Retained Surpluses Fixed Capital of Trust - Opening balance Transfers to Fixed Capital Closing Fixed Capital Revaluation Reserve: Opening Balance Transfer from Retained Surpluses - Intangible Assets Closing Revaluation Reserve Equity at Balance Date

Parent 2021 2020 $ 000's $ 000's

127,030

Total Comprehensive Revenue and Expense Total Recognised Revenues and Expenses for the period Less: Transfer Revaluation gains to Revaluation Reserve Intangible Assets

Group 2021 2020 $ 000's $ 000's

13

The accompanying notes form part of these financial statements BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

31

Statement of Financial Position AS AT 31 MARCH 2021

Note Trust Equity

Group 2021 2020 $000's $000's

Parent 2021 2020 $000’s $000’s

415,778

369,899

295,151

279,612

25,095 20,242 3,326 85 1,830

7,117 18,741 3,500 82 746

522 6,042 2,578 5 12

2,224 3,041 2,763 5 31

Represented by:

Assets Current Assets Cash and Cash Equivalents Term Deposits Receivables from non exchange transactions Inventories Other Current Assets

15 16

Income Tax

10

948 51,526

463 30,648

687 9,847

345 8,410

19 14 20 21 17 13 9 22 9

39,995 15,346 1,989 27,682 184,988 10,054 -

40,475 15,175 1,989 27,578 169,701 10,054 -

88,168 368,221

77,612 342,584

18,834 455 1,989 9,222 184,988 53,425 18,743 287,656

19,074 310 1,989 10,605 169,701 53,425 18,607 273,710

419,747

373,231

297,504

282,120

2,444

1,566

828

742

2,444

1,566

828

742

1,524

1,766

1,524

1,766

3,968

3,332

2,352

2,508

415,778

369,899

295,151

279,612

18

Non-Current Assets Property, Plant & Equipment Intangible Assets Investment Property Forestry Rights Investments (Financial Portfolio) Investments (AFL Income Shares) Interest in CNI Iwi Holdings Trust - at cost Other non Current Assets Equity Accounted share in Associated Entity

Total Assets Less: Liabilities Current Liabilities 23

Creditors and Accruals under exchange transactions

Non-Current Liabilities 10

Deferred tax Liability

Total Liabilities Net Assets

Trustee

18 October 2021

Trustee

18 October 2021

The accompanying notes form part of these financial statements 32

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Statement of Cash flows FOR THE YEAR ENDED 31 MARCH 2021

Note

Group 2021 2020 $ 000's $ 000's

Parent 2021 2020 $ 000's $ 000's

Cashflow from Operating Activities 7,497

Receipts from operational and other income

Dividend Income

5,880

3,343

2,302

310

338

-

-

(12,325)

(11,148)

(7,224)

(6,124)

Investment income received

8,234

4,576

7,635

4,300

Donations Paid

(100)

-

(20,000)

(3,200)

Income Tax (Paid) / refunded

237

629

386

647

GST (paid)/recovered

(60)

-

-

-

3,792

275

(15,859)

(2,074)

4,680

Payments to Staff and Suppliers

Net cash (used)/generated from operating activities Cash flows from Investing Activities Distribution received CNI Iwi Holdings Ltd

3,436

4,680

3,436

Purchase of Property Plant Equipment & Intangibles

(735)

(4,834)

(264)

(117)

12,486

1,353

10,986

(2,619)

Investments made - Term Deposits and Managed Portfolio Loan Receivables

(1,000)

-

-

-

Net cash (used)/generated from investing activities

14,187

1,649

14,158

1,944

Cash flows from Financing Activities Advances paid

-

-

(3)

-

Net cash generated from financing activities

-

-

(3)

-

17,979

1,924

(1,703)

(129)

7,117

5,194

2,224

2,352

25,095

7,117

522

2,224

Net increase/(decrease) in cash and cash equivalents Opening Balance Cash and cash equivalents at balance date

BDO WELLINGTON

15

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

33

Notes to the Financail Statements AS AT 31 MARCH 2021

1 Reporting entity The Tūhoe Te Uru Taumatua (“TUT”, “the Trust” or “Group”) previously known as Tūhoe Establishment Trust is a common law trust established on 23 May 2009.

In June 2013 Ngāi Tūhoe whanui voted in support of the Tūhoe Comprehensive Settlement. The Tūhoe Iwi vote resulted in the adoption of a new Tūhoe Te Uru Taumatua Trust Deed.

The financial statements of Tūhoe Te Uru Taumatua comprise the Trust, its subsidiaries and associates. The Trust reports its separate operations under ‘Parent’.

TUT is involved in the management of assets held in trust and the distribution of income from these assets for the long-term benefit of the Tūhoe Iwi as a Post Settlement Governance Entity.

The Trust’s primary objective is to provide goods and services for the social benefit of Tūhoe and not for financial return to any equity holders. For this reason it is designated as a Public Benefit Entity (‘PBE’).

2 Settlement with the Crown and formation of TUT On 1 July 2009 the Tūhoe Te Uru Taumatua, the approved Post Settlement Governance Entity (PSGE) received the Tūhoe component of the Central North Island (CNI) Settlement. The landmark settlement consisted of accumulated historic rentals, carbon entitlements and future forestry rentals.

On 30 June 2009 a Trust Deed and Shareholders Agreement was signed to establish the CNI Iwi Holdings Trust to hold the settlement assets on behalf of the CNI Forests Iwi Collective.

Under the CNI Deed of Settlement (DOS) the Crown returned 176,000 ha of North Island forest lands as well as interests in Crown Forestry Licenses with an agreed value of $225.6 million.

In addition, Accumulated rents with a value of $284 million, held by Crown Forests Rental Trust, became payable to CNI Iwi Holdings, and was subsequently distributed to CNI Iwi Collective members.

The DOS also deals with further assets to be settled on CNI Iwi Holdings, such as New Zealand Carbon Units (NZU’s) to be settled free of charge.

The CNI Iwi Holdings Trust Deed records that the various Governance Groups do not acquire an ownership interest in any of the assets of CNI Iwi Holdings. TUT is recorded in this deed as the Governance entity representing the interests of Ngāi Tūhoe with a beneficial interest (right to income) in CNI Iwi Holdings for 35 years.

During the initial period the Crown retains a 10% beneficial interest in CNI Iwi Holdings assets, the accumulated rents and current rents. The initial period is the period to 2014, during which time the Crown proportion is available to settle any claims outside of the DOS. At the termination of the initial period, Ngāi Tūhoe beneficial represent 26.3125% (Initial period 23.68125%) the interest (right to income) in CNI Iwi Holding.

In terms of the DOS there are restrictions on the disposal of the forestry assets during the initial period as well as during the 35 year terms of the forest leases.

In June 2013 Tūhoe and the Crown signed the Te Urewera Deed of Settlement. The Deed of Settlement is the final settlement of all historical Treaty of Waitangi claims of Tūhoe resulting from acts or omissions by the Crown prior to 21 September 1992, and is made up of a package that includes: • agreed historical account, Crown acknowledgments and apology • redress over Te Urewera and other cultural redress • redress in relation to Mana Motuhake • financial and commercial redress.

The Tūhoe Claims Settlement Bill was Passed into Law on 24 July 2014. In addition to the matters stated above, the settlement provides for the disestablishment of the Tūhoe Waikaremoana Maori Trust Board and Tūhoe Fisheries Charitable Trust and vesting of their assets and liabilities in Tūhoe Charitable Trust. .

34

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

The Tūhoe Charitable Trust was also recognised by Te Ohu Kai Moana Trustee Limited as the Mandated Iwi Organisation in place of the Tūhoe Fisheries Charitable Trust; and Tūhoe Fish Quota Limited is the asset holding company of the Tūhoe Charitable Trust

3 Basis of preparation (a) Statement of compliance The consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They comply with Public Benefit Entity International Public Sector Accounting Standards (“PBE IPSAS”) and other applicable Financial Reporting Standards, as appropriate for Tier 2 not-for-profit public benefit entities, for which all reduced disclosure regime exemptions have been adopted.

The Group qualifies as a Tier 2 reporting entity as for the two most recent reporting periods it has had between $2m and $30m operating expenditure.

(b) Measurement basis The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position, which are measured at fair value : • Financial Portfolio • Investment property • Investment classified as fair value through surplus or deficit

(c) Functional and presentation currency The financial statements are presented in New Zealand dollars ($) which is the controlling entity’s functional and Group’s presentation currency, rounded to the nearest thousand dollars ($000’s).

There has been no change in the functional currency of the Group during the year.

4 Use of judgements and estimates The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

(a) Judgements Judgements made in applying accounting policies that have had the most significant effects on the amounts recognised in the consolidated financial statements include the following: • Whether there is control (or not) over an investee • Whether there is joint control (or not) over an investee • Whether there is significant influence (or not) over an investee

(b) Assumptions and estimation uncertainties Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year ending 31 March 2021 include the following: • Key assumptions underlying determining the recoverable amounts for impairment testing • Likelihood and magnitude of outflows in determining recognition and measurement of provisions • Useful life, recoverable amount, depreciation/amortisation method and rate • Determination of fair values [refer to items in Note 3 above]

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

5 Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements and have been applied consistently by the Group.

The significant accounting policies of the Group are detailed below: (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (s) (t)

Basis of consolidation Subsidiaries and associates Revenue Employee benefits Finance income and finance costs Financial instruments Impairment of non-derivative financial assets Inventory Property, plant and equipment Intangible assets Quota shares Investment property Biological assets Impairment of non-financial assets Leases Provisions Income Tax Goods and Services Tax Statement of Cash Flows Change and accounting policies

(a) Basis of consolidation

i. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.

The Group controls an entity when it has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.

The Group measures goodwill at the acquisition date as: The aggregate of: • The fair value of consideration transferred • The recognised amount of any minority interests in the acquiree, and • The fair value of any pre-existing equity interest in the acquiree Less: • The fair value of the net identifiable assets acquired and liabilities assumed.

Any gain on bargain purchase gain is recognised immediately in surplus or deficit.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in surplus or deficit.

Transactions costs related to a business combination incurred by the Group, other than those associated with the issue of debt or equity securities, are expensed in surplus or deficit as incurred.

Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not subsequently remeasured and settlement is accounted for within net assets/equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in surplus or deficit.

Subsequent changes in a controlled entity that do not result in a loss of control are accounted for as transactions with controllers of the controlling entity in their capacity as controllers, within net assets/equity. iii. Loss of control of a controlled entity On the loss of control, the Group derecognises the assets and liabilities of the controlled entity, any minority interest, and the other components of net assets/equity related to the controlled entity. Any surplus or deficit arising on the loss of control is recognised in surplus or deficit.

If the Group retains any interest in the previously controlled entity, then such interest is measured at fair value at the date that control is lost. Subsequently, the retained interest is either accounted for as an equity-accounted associated or an availablefor-sale financial asset depending on the level of influence retained. v. Associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies.

Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.

Investments in associates for the Group are accounted for using the equity method and are recognised initially at cost, including directly attributable transaction costs. Investment in the Parent is carried at cost.

The consolidated financial statements include the Group’s share of the surplus or deficit and other comprehensive revenue and expense of its equity accounted associates and jointly-controlledentities, after adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases.

When the Group’s share of losses exceeds its interest in its equity accounted associates and jointly-controlled-entities, the carrying amount of the investment, including any long-term investments that form part thereof, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee. vi. Joint ventures Joint ventures are those entities over whose activities the Group has joint control, established by a binding agreement and requiring unanimous consent for strategic financial and operating decisions.

Joint ventures that are structured in a separate vehicle are classified jointly-controlled-entities and are accounted for using the equity method (as detailed above for associates) proportionate consolidation method whereby a Group’s share of each of the assets, liabilities, revenue and expenses of a jointly controlled entity is combined line by line with similar items in the Group’s financial statements.

Joint ventures that are not structured in a separate vehicle are classified as either jointly-controlled-operations or jointly controlled assets. The consolidated financial statements include the Group’s share of assets, liabilities, expenses, and revenues from the jointly-controlled-operation or jointly controlled asset on a line-by-line basis.

ii. Controlled entities Controlled entities are entities controlled by the Group, being where the Group has power to govern the financial and operating policies of another entity so as to benefit from that entity’s activities. The financial statements of the Group’s controlled entities are included in the consolidated financial statements from the date that control commences until the date that control ceases.

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

35

Notes to the Financail Statements AS AT 31 MARCH 2021

(b) Subsidiaries and Associates Registered Charity

Subsidiaries: Tūhoe Charitable Trust

Operating Division

Ownership

CC45656

Distribution

TUT

Voting interest

Balance Date

100%

31 March

Tūhoe Fish Quota Limited

CC11440

Asset Holding

TCT

100%

31 March

Ruatoki Tribal Authority Charitable Company Ltd

CC52142

Community Development

TCT

100%

31 March

Waikaremoana Tribal Authority Charitable Company Ltd

CC52146

Community Development

TCT

100%

31 March

Te Waimana Kaaku Tribal Authority Charitable Company Ltd

CC52143

Community Development

TCT

100%

31 March

Tūhoe Manawaru Tribal Authority Charitable Company Ltd

CC52145

Community Development

TCT

100%

31 March

No

Te Urewera Oversight

Trustees majority appointed by TUT

66.67%

31 March

No

Investment

26.31%

12.50%

31 March

Te Urewera Board

Associates: CNI Iwi Holdings Trust

The Tūhoe Charitable Trust was incorporated on 31 July 2010, with the objects: a) the promotion of health & wellbeing of members of Ngāi Tūhoe b) the maintenance, upkeep and administration of Marae and Hapū c) matters beneficial to Ngāi Tūhoe Communities i.e. education, health, housing, environment sustainability. The principle activity of the Tūhoe Charitable Trust is the provision of funding for these objects.

Tūhoe Fish Quota Limited holds the settlement quota, the income shares and all other assets as custodian for the benefit of the charitable purposes of the Shareholder, Tūhoe Charitable Trust who were vested all assets and liabilities of Tūhoe Fisheries Charitable Trust as per the Tūhoe Settlement Claim Act 2014.

The four Tribal Companies were incorporated during Nov-March 2015 period. Tūhoe Charitable Trust as a Parent completed a Single Entity registration with Charities Services under the name of Tūhoe Tribal Authorities. As part of the terms and condition of the Single Entity registration, the Parent has a duty to file annual return that must account for the activities of each registered charity that forms part of the single entity; and the financial statements must be consolidated for all of the registered charities that form part of the single entity using the relevant standards prescribed by the Financial Reporting Act 2013. The first Annual Return was due in 2016.

The Te Urewera Board is a Special Purpose Enitty established by the Te Urewera Act 2014 and was set up to manage and govern Te Urewera.

(c) Revenue Revenue is recognised when the amount of revenue can be measured reliably and it is probable that economic benefits will flow to the Group, and measured at the fair value of consideration received or receivable.

The following specific recognition criteria in relation to the Group’s revenue streams must also be met before revenue is recognised. i. Revenue from exchange transactions Sale of goods Revenue from the sale of goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates.

Revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably.

36

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognised as a reduction of revenue as the sales are recognised.

Annual Catch Entitlement (ACE) Sales are accounted for in the respective ACE rounds as they are received. ACE are receipted for other species in April and in October for wet fish.

Rendering of services Services relate to Health Centre services as well as Te Urewera Management services provision Revenue from services rendered is recognised in surplus or deficit when the service is rendered.

Amounts received in advance for services to be provided in future periods are recognised as a liability until such time as the service is provided.

Forestry Rents - CNI Iwi Holdings Distribution Distributions from CNI Iwi Holdings comprise the Trust’s share of forestry land rentals and is treated as revenue from operations and is recognised at the date of distribution.

Rental income on investment property Rental income from investment property is recognised in surplus or deficit on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. ii. Revenue from non-exchange transactions Non-exchange transactions are those where the Group receives an inflow of resources (i.e. cash and other tangible or intangible items) but provides no (or nominal) direct consideration in return..

With the exception of services-in-kind, inflows of resources from non-exchange transactions are only recognised as assets where both: • It is probable that the associated future economic benefit or service potential will flow to the entity, and • Fair value is reliably measurable.

Volunteer services received are not recognised as the fair value of the services are not able to be reliably measured.

Liabilities are recognised in relation to inflows of resources from non-exchange transactions when there is a resulting present obligation as a result of the non-exchange transactions, where both: • It is probable that an outflow of resources embodying future economic benefit or service potential will be required to settle the obligation, and • The amount of the obligation can be reliably estimated.

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

The following specific recognition criteria in relation to the Group’s non-exchange transaction revenue streams must also be met before revenue is recognised.

The Group also derecognises financial assets and financial liabilities when there has been significant changes to the terms and/or the amount of contractual payments to be received/paid.

As a part of the settlement the Trust was able to purchase Matahi Forest at a price well below its fair value, therefore the transaction includes a non-exchange component equal to the difference between fair value and the purchase price.

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Grants Grants are recognised as revenue when the conditions associated with the grants have been fulfilled.

Non-exchange revenue includes grants, donations, koha received and some contract for services .

Contract for services - Non-exchange revenue is recognised when received.

(d) Employee benefits i. Short-term employee benefits Short-term employee benefit liabilities are recognised when the Group has a legal or constructive obligation to remunerate employees for services provided with 12 months of reporting date, and is measured on an undiscounted basis and expensed in the period in which employment services are provided. ii. Long-term employee benefits Long-term employee benefit obligations are recognised when the Group has a legal or constructive obligation to remunerate employees for services provided beyond 12 months of reporting date. iii. Termination benefits Termination benefits are recognised as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

(e) Finance income and finance costs Finance income comprises interest income on financial assets, gains on the disposal of available-for-sale financial assets, fair value gains on financial assets at fair value through surplus or deficit, and gains on the remeasurement to fair value of any preexisting interest in an acquiree. Interest income is recognised as it accrues in surplus or deficit, using the effective interest method..

Finance costs comprise interest expense on financial liabilities, unwinding of the discount on provisions, losses on disposal of available-for-sale financial assets, fair value losses on financial assets at fair value through surplus or deficit, impairment losses recognised on financial assets, and fair value adjustments on concessionary loans issued.

(f) Financial instruments The Group initially recognises financial instruments when the Group becomes a party to the contractual provisions of the instrument.

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.

The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.

BDO WELLINGTON

The Group classifies financial assets into the following categories: fair value through surplus or deficit, held-to-maturity, loans and receivables, and available-for-sale.

The Group classifies financial liabilities as amortised cost, which includes accounts payable, funds in custody and accrual expenses.

Financial instruments are initially measured at fair value, plus for those financial instruments not subsequently measured at fair value through surplus or deficit, directly attributable transaction costs.

Subsequent measurement is dependent on the classification of the financial instrument, and is specifically detailed in the accounting policies below. i. Fair value through surplus or deficit A financial instrument is classified as fair value through surplus or deficit if it is: • Held-for-trading: Derivatives where hedge accounting is not applied • Designated at initial recognition: If the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy.

Financial instruments classified as fair value through surplus or deficit are subsequently measured at fair value with gains or losses being recognised in surplus or deficit. This includes investments (Financial Portfolio) ii. Held-to-maturity If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity.

Held-to-maturity financial assets are subsequently measured at amortised cost using the effective interest method, less any impairment losses.

Held-to-maturity financial assets comprise term deposits. iii. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market.

Loans and receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses.

Loans and receivables comprise cash and cash equivalents, monetary recoverables and other current assets (excluding tax receivables and prepayments) Cash and cash equivalents represent highly liquid investments that are readily convertible into a known amount of cash with an insignificant risk of changes in value, with maturities of 3 months or less. iv. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or are not classified in any of the above categories of financial assets.

Available-for-sale financial assets comprise shares in Aotearoa Fisheries Limited (AFL). AFL shares are being carried at cost as there is no quoted market. The fair value of the AFL shares cannot be reliably measured due to no active market.

Upon derecognition, the accumulated gain or loss within net assets/equity is reclassified to surplus or deficit.

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

37

Notes to the Financail Statements AS AT 31 MARCH 2021

(g) Impairment of non-derivative financial assets A financial asset not subsequently measured at fair value through surplus or deficit is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset, and that the loss event(s) had an impact on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired includes default or delinquency by a counterparty, restructuring of an amount due to the Group on terms that the Group would not consider otherwise, indications that a counterparty or issuer will enter bankruptcy, adverse changes in the payment status of borrowers or issuers in the Group, economic conditions that correlate with defaults or the disappearance of an active market for a security. In addition, for an equity security classified as an available-for-sale financial asset, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment. i. Financial assets classified as held-to-maturity and loans and receivables The Group considers evidence of impairment for financial assets measured at amortised cost (loans and receivables and held-tomaturity) at both a specific asset and collective level.

All individually significant assets are assessed for specific impairment. Those found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified.

Assets that are not individually significant are collectively assessed for impairment by grouping together assets with similar risk characteristics.

In assessing collective impairment the Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in surplus or deficit and reflected in an allowance account against loans and receivables or held-to-maturity.

Interest on the impaired asset continues to be recognised.

When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through surplus or deficit. ii. Financial assets classified as available-for-sale Impairment losses on available-for-sale financial assets are recognised by reclassifying the losses accumulated in the fair value reserve in net assets/equity to surplus or deficit.

The cumulative loss that is reclassified from net assets/equity to surplus or deficit is the difference between the acquisition cost, net of any principal repayment and amortisation, and the current fair value, less any impairment loss recognised previously in surplus or deficit.

Changes in impairment provisions attributable to application of the effective interest method are reflected as a component of interest income. If, in a subsequent period, the fair value of an impaired available-for-sale debt security increases and the increase can be related objectively to an event occurring after the impairment loss was recognised, then the impairment loss is reversed, with the amount of the reversal recognised in surplus or deficit. However, any subsequent recovery in the fair value of an impaired available-for-sale equity security is recognised in other comprehensive revenue and expense.

38

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

(h) Inventory Inventory is initially measured at cost, except items acquired through non-exchange transactions which are instead measured at fair value as their deemed cost at initial recognition.

Inventories are subsequently measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

(i) Property, plant and equipment i. Recognition and measurement Items of property plant and equipment are initially measured at cost, except those acquired through non-exchange transactions which are instead measured at fair value as their deemed cost at initial recognition.

Heritage assets with no future economic benefit or service potential other than their heritage value are not recognised in the statement of financial position.

Items of property, plant and equipment are subsequently measured either under the: • Cost model: Cost (or fair value for items acquired through nonexchange transactions) less accumulated depreciation and impairment.

• Revaluation model: fair value, less accumulated depreciation and accumulated impairment losses recognised after the date of the most recent revaluation.

Valuations are performed with sufficient frequency to ensure that the fair value of a revalued asset does not differ materially from its carrying amount.

Gains and losses on revaluation are recognised in other comprehensive revenue and expense and presented in the revaluation surplus reserve within net assets/equity. Gains or losses relating to individual items are offset against those from other items in the same class of property, plant and equipment, however gains or losses between classes of property, plant and equipment are not offset.

Any revaluation losses in excess of credit balance of the revaluation surplus for that class of property, plant and equipment are recognised in surplus or deficit as an impairment.

All of the Group’s items of property plant and equipment are subsequently measured in accordance with the cost model.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following: • The cost of materials and direct labour • Costs directly attributable to bringing the assets to a working condition for their intended use • When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located, and • Capitalised borrowing costs.

Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in surplus or deficit.

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

Upon disposal of revalued items of property, plant and equipment, any associated gain or losses on revaluation to that item are transferred from the revaluation surplus to accumulated surplus.

The Trust has decided not to value the Lake for the purpose of Financial Reporting and acknowledges that the Waikaremoana Lake as Tūhoe's Heritage asset whose value cannot be reliably determined.

ii. Reclassification to investment property

v. Depreciation

When the use of a property changes from owner-occupied to investment property, the property is remeasured to fair value and reclassified as investment property.

For plant and equipment, depreciation is based on the cost of an asset less its residual value, and for buildings is based on the revalued amount less its residual value. Significant components of individual assets that have a useful life that is different from the remainder of those assets, those components are depreciated separately.

Any gain or loss arising on remeasurement is recognised in surplus or deficit. iii. Subsequent expenditure Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance is expensed as incurred. iv. Heritage Assets Financial Reporting standards in New Zealand recognise that some assets have a heritage element because of their cultural, environmental or historical significance. The standards recognise that the value of such assets in cultural, environmental, educational and historical terms is unlikely to be fully reflected in a financial value based purely on a market price, that legal or statutory obligations may impose prohibitions or restrictions on disposal or sale and that they are often irreplaceable. TUT recognises two of its assets as having the characteristics of Heritage assets: iv.a) Te Urewera An important element of the Deed of Settlement signed with the Crown in July 2014 relates to joint control over Te Urewera National Park. The Te Urewera Act 2014 notes that for Tūhoe, Te Urewera is their place of origin and return and their homeland.

The Act contains restrictions on the ability to alienate, mortgage, charge or otherwise dispose of the land. The Act constitutes the Te Urewera Board to manage Te Urewera. For the first three years,four members of the Board are appointed by Tūhoe and four by the Crown. In terms of the Act, major decisions must be unanimous and others by concensus. Tūhoe considers that the Te Urewera land is a Heritage asset due to its nature and characteristics. Further, the value of the land cannot be reliably measured due to its historical and cultural value. iv.b) Lake Waikaremoana The Lake Waikaremoana Act 1971 vested ownership of Lake Waikaremoana in Tūhoe Waikaremoana Maori Trust Board and Wairoa Waikaremoana Maori Trust Board as tenants in common.

In accordance with the terms of the Te Urewera - Tūhoe Claims Settlement Bill, from the settlement date all assets and liabilities of the Tūhoe Waikaremoana Maori Trust Board have been vested in the Tūhoe Charitable Trust.

In the past, The value of the Lake has been determined by calculating the present value of expected future cash inflows.

Expected future cash inflows are for the period of the lease agreements that are in place for use of the Lake bed.

As far as the Trust is concerned the above method is a way of calculating the accounting value of the Lake bed but does not reflect the cultural, social and economic benefit of the lake to the Tūhoe iwi.

In consideration of the Lake’s cultural and social value to Tūhoe, the Trust has decided not to use a sensitive accounting value of the Lake that does not represent the real value of the asset. The Trust recognises that there is no method to determine a Fair Value or a Depreciated Replacement Cost (DRC) of this asset. Finally, the Trust has recognised that the Lake is : • a unique asset that has iconic status • historic and irreplaceable; and • an asset that is sacred to Tūhoe community.

BDO WELLINGTON

Depreciation is recognised in surplus or deficit over the estimated useful lives of each component of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. Assets under construction are not subject to depreciation.

The diminishing value depreciation rates are: • • • • • •

Art & Archives 10% to 100% Buildings 2% to 3% Plant and equipment 10% to 67% Motor vehicles 30% Fixtures and fittings 10% to 30% Computer equipment 16% to 60%

Depreciation methods, useful lives, and residual values are reviewed at reporting date and adjusted if appropriate. .

(j) Intangible assets i. Recognition and measurement Intangible assets are initially measured at cost, except for: • Intangible assets acquired through non-exchange transactions (measured at fair value), and • Goodwill (measured in accordance with business combination accounting – refer Note 5(a)(i)).

All of the Group’s intangible assets are subsequently measured as per the fair market price, except for the following items which are not amortised and instead tested for impairment: • Goodwill • Intangible assets with indefinite useful lives, or not yet available for use.

The Group has no intangible assets with indefinite useful lives.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed intangible assets includes the following: • The cost of materials and direct labour • Costs directly attributable to bringing the assets to a working condition for their intended use, and • Capitalised borrowing costs. ii. Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in surplus or deficit as incurred. iv. Amortisation Amortisation is recognised in surplus or deficit over the estimated useful lives of each amortisable intangible asset.

The diminishing value amortisation rates are: • Software 50% to 60% Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

39

Notes to the Financail Statements AS AT 31 MARCH 2021

(k) Quota Shares Quota shares are treated as an intangible asset. Quota share are the property rights that represent the quota owners share of the fishery, which have an infinate useful life. As no active market, Quota shares are recognised at settlement value being cost less any subsequent impairment changes, in arrordance with PBE IPSAS 31.

(l) Investment property Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. i. Recognition and measurement Investment property is initially measured at cost, except those acquired through non-exchange transactions which are instead measured at fair value as their deemed cost at initial recognition.

Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of selfconstructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs.

Investment properties are subsequently measured at fair value.

Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in surplus or deficit.

For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.

Impairment losses are recognised in surplus or deficit. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

(o) Leases

ii. Reclassifications

i. Classification and treatment

When an investment property that was previously classified as property, plant and equipment is sold, any related amount included in the revaluation reserve is transferred to retained earnings.

Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases.

When the use of an investment property changes to owner occupied, such that it results in a reclassification to property, plant and equipment, the property’s fair value at the date of reclassification becomes its cost for subsequent accounting.

Biological assets including forestry rights are initially measured at cost except those acquired through non-exchange transaction which are instead measure at fair value as deemed cost at initial recognition. Biological assets are subsequently measured at fair value less cost of disposal. Any gain or loss on disposal of Biological asset is recognised in surplus or deficit.

Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.

Leases that are not finance leases are classified as operating leases.

Operating leases are not recognised in the Group’s statement of financial position. Payments made under operating leases are recognised in surplus or deficit on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. ii. Determining whether an arrangement contains a lease

(n) Impairment of non-financial assets The carrying amounts of the Group’s non-financial assets, other than biological assets, investment property, and inventories, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

Goodwill, indefinite life intangible assets, and intangible assets not yet available for use are tested annually for impairment. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amount.

| T Ū H O E TE U R U TAU MAT UA |

Finance leases

Operating leases

(m) Biological assets

40

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows (for cash-generating assets) or future remaining service potential (for non-cash-generating assets) are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.

Twenty Twenty - Twenty Twenty One

At the inception of an arrangement the Group determines whether such an arrangement is or contains a lease. This will be the case if the following two criteria are met: • The fulfilment of the arrangement is dependent on the use of a specific assets or assets, and • The arrangement contains a right to use the asset(s).

At inception or on reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, then an asset and a liability are recognised at an amount equal to fair value of the underlying asset. Subsequently the liability is reduced as payments are made and an imputed finance cost on the liability is recognised using the Group’s incremental borrowing rate.

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021 (p) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost within surplus or deficit.

(q) Income Tax TUT is a Maori authority for income tax purposes.

(s) Statement of Cash Flows Operating activities include amounts received from investment income and other income sources and payments to employees and suppliers to manage the day-to-day running of TUT. Investing activities are those related to the purchase and disposal of investments and property, plant and equipment.

Financing activities comprise loans and borrowings and distributions to members of TUT.

(t) Changes in Accounting Policies All accounting policies adopted are consistent with those of the previous financial year.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance date.

Management periodically evaluates positions taken in tax returns where applicable tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the parent's statement of financial position differs from its tax base, except for differences arising on: - The initial recognition of goodwill - The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting or taxable profit, and - Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future.

Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised.

The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/ (assets) are settled/ (recovered).

Deferred tax is not brought to account In respect of the subsidiaries as all subsidiaries are registered charities and not liable for taxation or in respect of the equity accounted associate as there is no difference between the carrying amount and tax base.

(r) Goods and Services Tax TUT is registered for GST and amounts in these financial statements are stated exclusive of GST with the exception of Receivables and Payables which are inclusive of GST. The activities of TUT on behalf of its members mean that some form of apportionment is required for the deduction of GST inputs. The basis of apportionment has been agreed with the IRD. The apportionment effect is disclosed separately in the Statement of Compresive Revenue and Expenses.

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

41

Notes to the Financail Statements AS AT 31 MARCH 2021

6 Expenses include Note

Group 2021 2020 $000's $000's

Parent 2021 2020 $000's $000's

Direct Costs: Governance Costs

370

233

353

224

5,410

5,035

2,859

2,852

Anamata

251

103

251

103

Ōnukurani

578

474

578

474

Iwi

823

1,260

182

86

Whairawa

472

62

455

62

Employee Benefit expense (Management & Direct) Group Project Direct Costs

Other Direct Costs - Cost of sales

649

694

27

53

8,552

7,859

4,706

3,853

Resources & maintenance

517

437

205

145

Communication Unit costs

89

131

73

109

Telecommunications

53

44

33

26

Utilities

133

146

64

71

Other Indirect Costs

174

214

86

86

966

971

462

436

1,030

882

730

670

749

708

749

708

1,215

1,175

505

526

170

87

170

87

240

221

102

96

100

-

20,000

3,200

117

134

50

69

16

19

11

10

Professional Fees

210

80

141

39

Grants Paid

164

80

124

37

623

167

64

71

-

-

-

-

4,635

3,553

22,646

5,514

124

134

87

85

Indirect Costs:

Administration & Other Costs include: Personel Expenses Financial Portfolio Management Fees

19

Depreciation & Amortisation GST Apportionment Insurance

7

Donation Fees paid to Auditors: For Audit services For Taxation services

Other Administration Costs Tribal Capacity (Other Costs)

Total Kiwisaver Employer contribution included within the Direct wages and Personnel expenses

7 Donations Note In March 2021 Tūhoe Te Uru Taumatua made donations of $20,000,000 (LY $3,200,000) in income to the Tūhoe Charitable Trust.

42

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

Group 2021 2020 $000's $000's 100

-

Parent 2021 2020 $000's $000's 20,000

3,200

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021 8 Revenue Note

Group 2021 2020 $000's $000's

Parent 2021 2020 $000's $000's

8.1 Income from Operations (exchange revenue) ACE Trading Receipts from business Forestry rentals - Distribution from CNI Iwi Holdings Service provision Lease & Rental income

9

738 5,430 119 183 6,471

875 4,690 152 304 6,021

2,506 4,165 119 36 6,825

2,347 4,178 152 36 6,712

127 16 629

186 6 181

15 483

1 35

8.2 Other Income Non-exchange revenue Grant Received Koha Received Sundry Income

Exchange revenue Interest Income Investment Income

17

Dividend Earned

368

674

224

593

7,527 390 9,057

4,151 570 5,769

7,527 8,248

4,151 4,781

(a) Grants are recognised as revenue when the conditions associated with the grants have been fulfilled. (b) Dividend earned from Aotearoa Fisheries Limited Shares ( Total Shares 8,754). Maori Authority credits attached to AFL’s dividend $83,706 (LY $63,606) have been claimed for refund from the IRD and taken up as an account receivable.

8.3 Other gains/(losses) (a) Tūhoe and the Crown signed a Deed of Settlement on 4 June 2013. The Tūhoe Deed of Settlement is the final settlement of all historical Treaty of Waitangi claims of Tūhoe resulting from acts or omissions by the Crown prior to 21 September 1992, and is made up of a package that includes: • agreed historical account, Crown acknowledgments and apology • redress over Te Urewera and other cultural redress • redress in relation to Mana Motuhake • financial and commercial redress.

The Tūhoe Claims Settlement Bill was passed in the House, at Parliament on 24th July 2014. The Act has disestablished - Tūhoe Waikaremoana Maori Trust Board - Tūhoe Fisheries Charitable Trust The Act also vested all of their assets and liabilities in Tūhoe Charitable Trust. The Tūhoe Charitable Trust was also recognised by Te Ohu Kai Moana Trustee Limited as the Mandated Iwi Organisation in place of the Tūhoe Fisheries Charitable Trust; and Tūhoe Fish Quota Limited is the asset holding company of the Tūhoe Charitable Trust.

Tūhoe received the cash settlement amount in advance during September 2013.

Group 2021 2020 $000's $000's Fair value of assets vested: Tūhoe Waikaremoana Maori Trust Board Tūhoe Fisheries Charitable Trust Tūhoe Fish Quota Limited

-

-

Parent 2021 2020 $000's $000's

-

-

The following adjustments were made in determining the value of the Crown Settlement: As explained in note 5 (i), the Lake Waikaremoana asset, previously included at fair value in the financial statements of Tūhoe Waikaremoana Maori Trust, is regarded as a heritage asset whose fair value cannot be reliably measured. For this reason, its value in the financial statements of the Tūhoe Waikaremoana Maori Trust has been eliminated.

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

43

Notes to the Financail Statements AS AT 31 MARCH 2021

Note

Group 2021 2020 $000's $000's

Parent 2021 2020 $000's $000's

8,728 11,364 9,182 (0) 29,273

8,728 11,364 9,182 (0) 29,273

(b) Fair value gains/(losses) on Managed Portfolio- unrealised AMP Capital Jarden (Previously First NZ) ANZ Investments Alvarium Wealth (Previously NZAM)

Started Started Started Started

May-13 Mar-14 Dec-15 Dec-15

17

(2,369) (2,558) (2,186) (28) (7,141)

(2,369) (2,558) (2,186) (28) (7,141)

9 Accounting for Associates, Partnerships and Joint Ventures

The following entities meet the definition of an associate and have been equity accounted in the Group financial statements of TUT: CNI Iwi Holdings Trust (Beneficial interest 26.3125% [LY 26.3125%])

Group 2021 2020 $000's $000's

CNI Iwi Holdings Trust: Investment at cost Prior year equity accounted adjustments (net) Less: Distribution received (Net of Maori Tax Credits) Less: Tax Free Distribution received (Crown Allocation Portion) Add/Less: Increase in opening equity adjustment from Audit Add: Share of surplus after tax Add: Prior year adjustment for timing difference on settlement of Crown agreed portion and NZU's Net Equity accounted share of surplus or deficit Equity accounted share in CNI Iwi Holdings Trust

53,425 24,187 77,612 3,436 -

53,425 26,776 80,201 3,447 1,234

13,992

1,893

-

199

13,992 88,168

2,092 77,612

Details on NZU’s:: In the financial statements of CNI IHT, NZ Carbon Credit units (NZU’s) are valued at balance date at $37 per unit (LY: $23.75 per unit).

The 31 March 2021 audit of the Associate is currently in progress. The Group has determined that any change to the share of surplus currently recognised will not have a material impact on the Group.

44

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021 10 Income Tax

Group 2021 2020 $000's $000's

Parent 2021 2020 $000's $000's

(i) Current tax expense/(income) Recognised in the Income Statement Surplus before Tax Taxable Income

44,743 44,743

(8,532) (8,532)

15,151 15,151

(7,250) (7,250)

Prima Facie Taxation at 17.5% Tax on the Expenditure not deductible for tax purposes Non taxable Income

7,830 1,960 (6,026)

(1,469) 548 (926)

2,651 1,960 (78)

(1,269) 548

Non taxable Other Income FIF - non claimable Tax portion Under/(over) provision - prior year Temporary difference Non taxable surplus from Charitable Entities Imputation credit and foreign tax credit unutilised

(4,542) 0 3 53 0 (722) (722)

2,135 0 3 201 0 469 469

(4,542) 0 3 5 (0) (0)

1,919 0 3 18 1,220 1,220

(722) (242) (964)

469 (531) (62)

(0) (242) (242)

1,220 (531) 690

(463) (722) (150) 386 (948)

(1,560) 469 (82) 711 (463)

(345) (0) (729) 386 (687)

(1,481) 1,220 (731) 647 (345)

Note

Tax Expense/(Income)

Tax on Taxable Income Current Tax Expense/(Income) (ii) Split between Current income tax expense Original and reversal of temporary differences Tax Expense/(income)

Income Tax Payable/(Refundable) Opening Balance Current income tax expense Maori tax credit PIE and Income tax paid to IRD Taxes payable at year end

Non taxable income includes: Share of equity accounted profits not received as distributions and CNI Manawhenua Settlement Income .

Tūhoe Charitable Trust is a registered charity and its net surplus is not taxable.

Because not all expenses are incurred in deriving taxable income, they are subject to apportionment based on an apportionment model.

The taxable income above is after application of the apportionment model and is subject to confirmation by Inland Revenue when tax returns are assessed.

Taxes payable at balance sheet date includes PIE tax withheld by the managers of the investment portfolio. These taxes (2021: 722,366 and 2020: 802,677) are paid to the IRD in April.

Deferred Tax (Parent and Group) Deferred tax liability/(asset) Balance 31 March 2019 Recognised in surplus or deficit - 2020 Balance 31 March 2020 Recognised in surplus or deficit - 2021 Balance 31 March 2021

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

Prepaid expenses

Matahi Forest

Total

4 4 4

2,293 (531) 1,762 (242) 1,520

2,297 (531) 1,766 (242) 1,524

| H E KO R O NA WH A K ATA ENA |

45

Notes to the Financail Statements AS AT 31 MARCH 2021 11 Equity Note

Total Retained Equity Earnings

Fixed Revaluation Reserve Capital

Equity is as detailed in the Statement of Changes in Equity:

Group 2021 Balance at 1 April 2020 Total Recognised Revenue Transfer to Revaluation Reserve Balance at 31 March 2021

14

369,899 45,879 415,778

127,030 45,879 (172) 172,737

242,783 242,783

87 172 259

378,394 (8,494) 369,899

135,500 (8,494) 24 127,030

242,783 242,783

111 (24) 87

279,612 15,539 295,151

55,585 15,539 71,123

224,026 224,026

-

287,552 (7,939) 279,612

63,525 (7,939) 55,585

224,026 224,026

-

Group 2020 Balance at 1 April 2019 Total Recognised Revenue Transfer to Revaluation Reserve Balance at 31 March 2020

14

Parent 2021 Balance at 1 April 2020 Total Recognised Revenue Balance at 31 March 2021

Parent 2020 Balance at 1 April 2019 Total Recognised Revenue Balance at 31 March 2020

This amount termed 'fixed capital' has been set aside as the capital received through Settlement, a transfer has been made from Retained Earnings to Fixed Capital of the Trust in the 2010, 2014 and 2015 financial years.

The amount transferred into fixed capital is determined as follows:

Year

Beneficial interest in Forest Land settled Accumulated Rents distributed in terms of DOS Less: Portion of Accumulated rents derived after 1 July 2009 Tūhoe Financial Redress (Comprehensive Settlement)

2010 2010 2010 2014

53,425 67,253 (2,692) 106,040 224,026

2015

18,757 242,783

Parent Te Ohu Kai Moana Trust Settlement

Group

46

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

12 Crown Settlement - 2015

Cash& Investment Property Deposits

TOKM Assets

Land

Fish Quota

Others

Total

Tūhoe Waikaremoana Maori Trust

3,583

1,060

-

8

-

(23)

4,629

Tūhoe Fisheries Charitable Trust Tūhoe Fish Quota Limited Central North Island Iwi Holdings Ltd

1,405 4,988

1,610 2,670

18,757 18,757

8

4,028 4,028

18 100 95

18 24,289 1,610 30,545

The following adjustments were made in determining the value of the Crown Settlement: a) As explained in note 5, the Lake Waikaremoana asset, previously included at fair value in the financial statements of Tūhoe Waikaremoana Maori Trust, is regarded as a heritage asset whose fair value cannot be reliably measured. For this reason, its value in the financial statements of the Tūhoe Waikaremoana Maori Trust has been eliminated.

13 Te Ohu Kai Moana Trust Settlement

Group 2021 NZ$

Fishing Quota Shares AFL Income Share (8754 Shares)

2020 NZ$

Parent 2021 2020 NZ$ NZ$

8,703

8,703

-

-

10,054 18,757

10,054 18,757

-

-

AFL Income shares are based on the valuation completed by Taylor Duignan Barry Limited, Corporate Finance Specialist during September 2008. The amounts above relate to the amount received on settlement as per Note 13, the Fishing Quota Shares are revalued annually, refer to current valuation in Note 14.

14 Intangible Assets a) Intangible Assets (Parent & Group)

Parent

Group

Goodwill Kawerau NZ Units Medical Parent Center

TOKM Settlement Fishing Quota Shares

Antons Quota Shares

CRA Quota Shares

Paua Quota Shares

NZ Units

Total Group

2021 Opening balance Additions during the period Disposal during the period Revaluation Gain/(Loss) Balance at 31 March 2021

307 146 452

1,522 1,522

8,703 8,703

564 564

1,925 1,925

2,103 2,103

355 172 527

15,172 172 15,344

Opening balance Additions during the period Disposal during the period Revaluation Gain/(Loss)

327 (20)

1,522 -

8,703 -

564 -

1,925 -

2,103 -

379 (24)

13,673 1,522 (24)

Balance at 31 March 2020

307

1,522

8,703

564

1,925

2,103

355

15,172

2020

During September 2010, Tūhoe Fish Quota Limited received a one off allocation of 1967 New Zealand Units (NZU’s). A further 39 units were received in August 2013, from te Ohu Kai Moana Maori Fisheries Trust relative to the coastline settlement. The NZU’s are recognised in the Financial Statements at a fair value being quoted market value in a traded open market.

Central North Island Iwi Holding Limited transferred 12,780 NZU's that were attached to 764 hectares of cultural redress land received by Tūhoe on settlement.

Quota is valued at deemed cost based on the valuation upon settlement date. Quota was valued by Quota Management Systems Limited, an independent broker as at 31 March 2021 determining a market value of $17,589,370 (2020: 16,914,581).

On the 28th June 2019, the Parent purchased the systems and processes of Kawerau Medical Centre for $1,595,000 (Intangibles: $1,522,330, Tangibles: $67,670, Stock in Trade: 5,000).

This included access to patient database and continuing with essentially the same doctors and staff. No shares were acquired. Refer to 5(a) (I)/(j) for accounting recognition policy.

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

47

Notes to the Financail Statements AS AT 31 MARCH 2021

2021

2020

$ 000’s

$ 000’s

Opening Balance 1 April Additions during the period Balance 31 March

249 249

249 249

Additions during the period Balance at 31 March

249

249

Accumulated Amortisation: Opening Balance 1 April Charge for the period Balance 31 March

245 2 247

238 7 245

2 455 15,346

3 310 15,175

b.i) Intangibles Computer Software (Parent & Group) At Cost:

Net book value 31 March Total Intangible assets Parent Total Intangible assets Group

15 Cash and Cash Equivalents

2021 $ 000's

2020 $ 000's

0.05% 0.75% 0.00%

378 142 2 522

375 1,847 2 2,224

0.05% 0.75%

2,668 21,904 24,572 25,095

1,366 3,526 4,892 7,117

2021 $ 000's

2020 $ 000's

0.85% - 2.15%

6,042 6,042

3,041 3,041

0.85% - 2.15% 0.85% - 2.15%

7,500 6,700 14,200 20,242

9,000 6,700 15,700 18,741

2021 Interest Rates Parent ASB Current Account - TUT ASB Fast Saver - TUT Cash & Paypal account

Group Members ASB Current Account ASB Fast Saver

Total for Group

16 Term Deposits 2021 Interest Rates Parent ASB Term Deposit - TUT

Tūhoe Charitable Trust ASB Term Deposit - TCT ASB Term Deposit - TFQL

Total for Group

48

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

Parent & Group 17 Investments (Financial Portfolio)

AMP $ 000's

2021 FNZ $ 000's

ANZ $ 000's

NZAM $ 000's

TOTAL $ 000's

2020 TOTAL $ 000's

Opening portfolio balance

53,551

55,433

60,712

5

169,701

174,196

Add : New Investment Less: Funds Withdrawn

(7,000)

(6,000)

(7,000)

(5)

3,404 8,728 (244) (458) 57,980

1,789 11,364 (200) (185) 62,200

2,335 9,182 (304) (119) 64,807

(1) (0) 0

(20,005) 7,527 29,273 (749) (762) 184,988

(64) 4,151 (7,141) (758) (684) 169,701

Income received from share of PIE - realised Gains/(losses) from changes in unit price-unrealised Management Fees paid Tax Deducted

Note

8.2 8.3b

Funds are invested under the terms of the Trust's Statement of Investment Policies and Objectives (SIPO) as formulated by the Investment Committee and approved by the TUT Board. The investment portfolio was previously managed by AXA Global Funds, whose business was acquired by the AMP Group and the funds are now under management by AMP Capital. A second investment portfolio is being implemented and managed by Jarden (First New Zealand Capital). This is a passively managed strategy with investment primarily in market indices. During 2015-16, the Investment Committee recommended diversification strategy. As a result, some funds have been tansferred to ANZ Investment and Alvarium Wealth (NZAM) (passive fund). During the year, it was recommended by Investment Committee to exit from Alvarium Wealth (NZAM).

All Managed funds are represented by units as per the terms of the SIPO. Investments are selected to give a spread to minimise risk while giving adequate returns. The fair value of shares are measured using directly observable market inputs and are based on quoted prices.

18 Other Current Assets

Tax Account Receivables Pre-Paid expenses Accrued Income Loan Receivable

BDO WELLINGTON

Group 2021 NZ$

2020 NZ$

Parent 2021 2020 NZ$ NZ$

60

-

-

-

401 369 1,000 1,830

38 708 746

12 12

31 31

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

49

Notes to the Financail Statements AS AT 31 MARCH 2021

19 Property, Plant and Equipment a.i) Property, Plant & Equipment (Group)

Land Buildings Fixtures & Fittings

$ 000's 2021 At Cost: Opening balance Additions during the period Impairment during the period Balance at 31 March 2021 Accumulated Depreciation: Opening balance Depreciation charge of the period Balance at 31 March 2021 Net book value 31 March 2021

Motor Plant & Computer Vehicles Equipment Equipment

Art & Archive

Total

4,403 4,403

37,953 389 38,343

637 637

707 76 783

883 250 (2) 1,131

534 20 (1) 553

603 603

45,721 736 (3) 46,454

4,403

3,192 954 4,146 34,197

318 39 357 280

434 60 493 290

546 82 628 504

408 43 451 102

348 37 385 218

5,245 1,214 6,459 39,995

3,934 469 4,403

36,349 2,205 (601) 37,953

619 18 637

595 112 707

853 30 883

505 29 534

603 603

43,459 2,863 (601) 45,721

4,403

2,318 874

275 43

375 59

454 92

349 59

306 42

4,077 1,168

3,192 34,031

318 319

434 273

546 338

408 126

348 255

5,245 40,475

2020 At Cost: Opening balance Additions during the period Disposal during the period Balance at 31 March 2020 Accumulated Depreciation: Opening Balance Depreciation charge for the period Depreciation recovered on disposal Balance at 31 March 2020 Net book value 31 March 2020

The land at Ruatāhuna received via consolidation has been leased out to Housing New Zealand Corporation and community members who has their houses on the land. Generally these lease agreements are long term agreements with review clause.

The Building includes work-in-progress on a building in Te Tii Stage 2 and the Eco Village. The payment made towards the work as of the balance date was $1,734,010 (2020: 1,478,836). a.ii) Property, Plant & Equipment (Parent)

$ 000's 2021 At Cost: Opening balance Additions during the period Disposal during the period Balance at 31 March 2021 Accumulated Depreciation: Opening balance Depreciation charge for the period Balance at 31 March 2021 Net book value 31 March 2021

Land Buildings Fixtures & Fittings

Motor Plant & Computer Vehicles Equipment Equipment

Art & Archive

Total

3,913 3,913

16,091 0 16,091

436 436

434 5 439

723 242 (2) 963

440 19 (1) 458

603 603

22,640 267 (3) 22,904

3,913

1,829 319 2,148 13,944

278 23 302 134

319 34 354 85

447 57 504 459

351 38 389 69

342 32 374 229

3,567 503 4,071 18,834

3,913 3,913

16,039 52 16,091

436 436

415 19 434

712 11 723

413 27 440

603 603

22,531 109 22,640

3,913

1,525 304 1,829 14,262

251 27 278 158

276 43 319 115

392 55 447 276

299 52 351 89

305 37 342 260

3,048 519 3,567 19,074

2020 At Cost: Opening balance Additions during the period Disposal during the period Balance at 31 March 2020 Accumulated Depreciation: Opening balance Depreciation charge for the period Depreciation recovered on disposal Balance at 31 March 2020 Net book value 31 March 2020

50

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

20 Investment Property

Parent Kaingaroa Property $ 000's

Group Total $ 000's

1,989 1,989

1,989 1,989

1,989 1,989

1,989 1,989

2021 Opening balance Investment Property Sold Revaluation Gain/(Loss) Balance at 31 March 2021

2020 Opening balance Investment Property Sold Revaluation Gain/(Loss) Balance at 31 March 2020

Investment property is stated at fair value and is not depreciated.

The Kaingaroa property was valued by Telfer Young of Rotorua, Registered Valuers at 31 March 2017.

The Kaingaroa property has not been valued for the 2021 year as the trustees do not consider it will have materially changed.

21 Forestry Rights Matahi Te Manawa Forestry Forest Rights $000’s $ 000's

Parent

Group

Total $ 000's

Total $ 000's 27,578

2021 Opening balance Revaluation Gain/(Loss) Balance at 31 March 2021

16,974

10,605

10,605

1,486

(1,383)

(1,383)

103

18,460

9,222

9,222

27,682

16,829

13,638

13,638

30,467

2020 Opening balance Additions during the period Revaluation Gain/(Loss) Balance at 31 March 2020

-

-

-

-

144

(3,033)

(3,033)

(2,888)

16,974

10,605

10,605

27,578

The Matahi Forest was purchased during 2016. The Forestry rights have been valued by PF Olsen Limited from Rotorua at 31 March 2021.

The Te Manawa Forest was purchased during 2019. The Forestry rights have been valued by Ngahere Resource Limited from Rotorua at 31 March 2021.

As part of the purchase of the Matahi forest land, the Trust became a participant in the ETS in respect of pre-1990 forest land. The Trust expects to keep the area forested, and they do not consider the land fit for any other purpose, but in the event that they are harvested and not replanted to the correct density within four years, a liability would be incurred to return NZ Units to the Crown equivalent to the lost carbon from the deforestation. This potential liability is not recognised in the financial statements.

22 Other Non - Current Assets

Group 2021 2020 NZ$ NZ$

Parent 2021 2020 NZ$ NZ$

Transactions with Related Party Loan To Tūhoe Charitable Trust

-

-

18,743 18,743

18,607 18,607

The loan is unsecured and repayable within 1 month from the date when demanded. Tūhoe Te Uru Taumatua have confirmed that they will not demand on the loan within the foreseeable future therefore has been classified as non-current. Interest is charged at a rate no lower than the 180 day term deposit rate offered by ASB Bank.

BDO WELLINGTON

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

51

Notes to the Financail Statements AS AT 31 MARCH 2021

23 Creditors and Accruals Group 2021 NZ$ Accounts Payable PAYE, Kiwisaver & Student Loan deductions GST Payable HR Liabilities Funds in Custody Income received in advance Accrued Expenses

2020 NZ$

Parent 2021 2020 NZ$ NZ$

529

348

172

56

154 183 468 144 733 232 2,444

132 418 295 178 95

89 31 357 179 828

75 298 250 64 742

1,566

The funds in custody are amounts held in Trust on behalf of the respective entities or a specific purpose.

24 Related Parties Note

Group 2021 2020 NZ$ NZ$

Parent 2021 2020 NZ$ NZ$

Transactions with related parties:

Receipts CNI Iwi Holdings Ltd - Distribution of Forestry Land rents

8.1, 9

-

-

4,165

5,412

-

-

37 20,000 18,743

37 3,200 18,607

Payments Te Urewera Board - Shared Costs Donation & Grants to Tūhoe Charitable Trust Loans & Advances - Tūhoe Charitable Trust

Group 2021 NZ$

2020 NZ$

Parent 2021 2020 NZ$ NZ$

Related parties include: Trustees and Investment Committee Members of the Trust Directors of CNI Iwi Holdings Ltd appointed by TUT Management team Transactions with Key Management Personnel: Governance Payment Investment Committee Representation Fees Management team (Salaries) No amounts were due and unpaid at balance date.

Number of Key Management Personnel (FTE's): Governance Investment Committee Directors in Associates Management team

179 170 657

171 59 18 657

162 170 498

162 59 465

23 5 2 8

23 5 2 8

7 4 2 4

7 4 2 4

The Governance Payments are set fees per annum for the Parent. The Group includes set periodic payments and meeting fees.

Investment Committee and Directors payments are based on number meeting they attend.

52

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

Notes to the Financail Statements AS AT 31 MARCH 2021

25 Financial Instruments (Financial Risk Management) The Tūhoe Te Uru Taumatua Statement of Investment Policy and Objectives (SIPO) provides parties involved in the investment management of the Trust Fund with a working document that identifies the investment objectives, strategy, constraints and performance measurement criteria for TUT. The Trust Fund comprises two broad portfolios of assets; the Financial Portfolio; and the Closely-Held Asset Portfolio.

The Trust Fund is defined in the Tūhoe Trust Deed as “all property that is from time to time held by the Trustees on the trusts of this Deed.”

Bank accounts, short term deposits, accounts receivable, investments, accounts payable and advances to associates are financial instruments.

Credit Risk Credit risk is the risk of loss that arises from a counterparty failing to meet their obligations in full and on time.

The maximum exposure to credit risk is represented by the carrying value of each financial asset and financial liability in the Statement of Financial Position. Bank accounts and short term investments are all with trading banks with investment grade credit ratings.

The Investment Managers of the Financial Portfolio use a multi-manager approach, thereby reducing the exposure to any single manager and counterparty. Assets are held separate to the Investment managers' own assets under trust.

The Trustees, in consultation with their investment advisors, have developed TUT's Statement of Investment Policies and Objectives ("SIPO") which stipulates a diversified investment strategy which reduces the credit risk exposure of the Trust.

Interest Rate Risk Interest rate risk is the risk that the value or future value of cash flows from a financial instrument will fluctuate because of changes in interest rates. The Trust has low exposure to interest rate risk on short term deposits which are sensitive to changes in interest rates. Bond holdings are well diversified by issuer and by maturity date.

Foreign Currency Risk Currency risk is the risk of change in fair value of financial instruments due to fluctuations in foreign exchange rates.

Currency risks from shares are actively hedged within controlled limits by the Investment Manager. Currency risks from bond investments are generally fully hedged.

Liquidity Risk Liquidity risk represents the Trust's ability to meet its contractual obligations. The Trust evaluates its liquidity measurements on an ongoing basis. TUT generates sufficient cash flows from its activities to meet its obligations arising from its financial liabilities.

Market Price Risk Market price risk is the risk that changes in market prices, such as equity prices or timber prices, will affect the Trust's profit or valuation of net assets. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.

The Trust has considerable investments in a number of Wholesale Unit Trusts that are of a liquid nature. In order to achieve the Trust's Investment objectives and reduce risk exposures the Trustees have allocated these funds across a number of asset classes and applied benchmarks and ranges to further reduce market risk.

The Trust also has a significant Investment in CNI Iwi Holdings in terms of the Central North Island Forests Deed of Settlement and therefore there is a concentration of market risk associated with this investment.

Financial Instruments

2021 Group Parent $ 000's $ 000's

2020 Group Parent $ 000's $ 000's

Financial Assets Loans and receivables Cash and Cash equivalents Receivables from non-exchange transactions Other Current Assets Held to Maturity Term deposits Held for Sale Investment in AFL shares Forestry Rights Fair value through surplus or deficit Investments (Financial Portfolio) Financial Liabilities Liabilities at amortised cost Accounts payable under exchange transactions

BDO WELLINGTON

25,095 3,326 369 -

522 2,578 12 18,743

7,117 3,500 708 -

2,224 2,763 31 18,607

20,242

6,042

18,741

3,041

10,054 27,682

9,222

10,054 27,578

10,605

184,988

184,988

169,701

169,701

761

350

443

120

Twenty Twenty - Twenty Twenty One

| H E KO R O NA WH A K ATA ENA |

53

Notes to the Financail Statements AS AT 31 MARCH 2021

26 Capital Management The Trust's capital includes Fixed Capital, Retained Earnings and Fair Value Reserve.

The Trust's policy is to maintain a strong capital base so as to sustain Iwi and Tribal Development to provide benefits to its various Hapu (Marae Groups) and individual beneficiaries.

The Trust is subject to externally imposed capital requirements under the Central North Islands Deed of Settlement and CNI Iwi Holdings Trust Deed and Shareholders' Agreement. These agreements limit the ability of TUT to dispose of its beneficial interest in Central North Island Forest Land for a period of at least 10 years.

The Group's policies in respect of capital management and allocation are reviewed regularly by the Board of Trustees.

27 Operating Leases The Trust has operating leases for office equipment The total value of minimum lease payments is due as follows:

Not later than one year Later than one year and not later than five years Later than five years

2021 Group Parent $ 000's $ 000's

2020 Group Parent $ 000's $ 000's

52

5

52

5

172 262 485

16 27 48

152 290 494

5

28 Commitments and Contingencies The Board moved a resolution for further investment in Tribal. There was approval of $20M (PY 2.2m) funding to be invested in coming years on tribal projects. These projects include ongoing support to the community health centre, four new buildings for Tribal, Tūhoe Marae upgrade project and Tribal Spatial Planning Priorities and Capacity building.

The Matahi forestry rights purchase was an agreement with Crown Forestry established to return crown forests under a treaty settlement. In 2008, the Crown purchased 20 years forestry rights over the Matahi trees owned by Matariki Forests. The underlying land was a subject to a complex grievance dating back to the original purchase by the Crown in 1896. Under the term of the agreement, during the twenty year term of the forestry right, the Crown may purchase the other interest in the property. The Crown’s option to purchase the land is assignable to Te Kotahi a Tūhoe, the Tūhoe entity mandated for Treaty negotiations. The land and the forest were claimed by the Waimana hapū. There were access difficulties into the forest.

Ngāti Manawa has gone back to court to argue that the adjudication did not properly allocate Kaingaroa. The legal fees that will arise as a result of this are unknown.

29 Contingent Asset One of the Investment funds, Managed by FNZ, invested in US based Funds and have deducted 30% withholding tax on this income.

Under the DTA the Trust is only required to pay tax of 15% on the income. As a result, a US tax return will be filed to claim this tax refund from IRS. It is expected that this refund could be around $150,000. No provision has been made for this in the financial statements.

At balance date there is a $300,000 contingent asset, being an amount receivable from Housing NZ for removal of a septic tank at Te Tii. This is contingent on the approval of resource consent for the work.

30 Events after Balance Sheet Date Post balance date TCT has used funds previously provided as a loan receivable of $1M and $400k service agreement as a deposit to purchase a half share of 191 Awahou Road. The amount was utilised as a deposit for the purchase of 50% share of the Awahou Quarry land property. The same was settled on 25th May 2021. The Group is completing phase 2 of the transaction to acquire 50% equity into the operating companies and Royalty agreement. The budgeted total Investment in the Quarry land and share in the operating entities is $8.5M.

54

| T Ū H O E TE U R U TAU MAT UA |

Twenty Twenty - Twenty Twenty One

BDO WELLINGTON

07 312 9659 tari@ngaituhoe.iwi.nz 12 Tūhoe Street, Tāneatua PO Box 56, Tāneatua 3163 TELEPHONE:

EMAIL:

www.ngaituhoe.iwi.nz