He Korona Whakataena 2019-2020

He Korona Whakataena Tw e n t y N i n e t e e n - Tw e n t y Tw e n t y

Contents 4

Te Mana Motuhake

14

MatemateÄ one

22

Permanency

36

Financial Statements

He Tanata Whakamoe Tau He Iwi Whakamoe Tau E taku pae Māori kua rūpeke atu ki te wāhi naro haere ki te kaina ā tō tipuna ki Te Ahoaho o Tūkapua tukuna te wairua poke kia whitiaho kai tua o mamae ko arohamauroa.

E te hau maewa o te nehenehe nui o te wao tapu nui ā Tāne mirimiria a ihu ki te kakara o te tamaiti ā Tāne kōhimuhimuhia te tarina e te reo tāukiuki o te rākau tapu he oī, he whakohomauri! hai hohou I te rono mai te whenua ki te rani, mai te rani ki te whenua!

E te iti, e te rahi tēnā koutou, tēnā tātau katoa Ko te whakaemitana tēnei ō nā kōrero, nā akorana, nā tukina e taea ai e tātau te tuku te tau tahito kia moe e āhei ai te tiki atu i te tauhou.

Kai roto I tēnei purono kōrero te whānuitana atu ō nā mahi ā nā Taraipara o Tūhoe me Te Uru Taumatua mo 2019-2020 Ia tau āta titiro ake ai tātau I hea tātau I pai ake, I hea tātau I pakari ake , ki hea whakatika haere ai.

Mā te tātari I nā tāeatana me nā whērutana anahe tātau e mātuamōhio ai me pehea te tata o pae tawhiti.

Me pērā rawa o tātau whākaaro, kia kaua o tātau mata e piko ki raro tirikohu ai mē hiki ki runa nā whatu e mātai atu ai tātau ki te anamata ā to tātau noho motuhake.

Ko te raupā tēnei a ō tātau rinarina, ko nā tapuwae a ō tātau waewae e ahu atu ana ki ō tātau moemoeā, ō tātau wawata hoki.

Heamana Tūhoe - Te Uru Taumatua 2020

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The way of life that we dream of is firmly in our hands for the making.

The lifestyle that is interwoven with the natural system that is Te Urewera. The lifestyle that gives meaning to our customs, our beliefs, our language and our traditions.

Te Urewera is both our mother, and teacher, our nurturer and doctor, our provider, our inspiration – Te Urewera is the blueprint for life itself.

The principles that Te Urewera has taught us over centuries underpin our view of the world.

Our view of each other and our view of how things should be.

Let us remember her teachings in times of disharmony. Let us remember her timeless lessons when we are uncertain and let us always respect that her lore is enduring.

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Tūhoe T e U r u Tau m at ua |

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The world is currently in a state of volatility. In 2020 what had been normal life for many become chaotic and uncertain. COVID-19 is still causing widespread mayhem and disruption.

There has been great human loss of life and most have been affected in some way.

We also felt an easing of human pressure on Papatūānuku, as things slowed down. The fish came back. Nature was undisturbed by human self interest. If only for a short time, we knew that Papatūānuku had a small moment of peace.

Being in lockdown in our homes reminded us what was important in life, and for most of us it was simple and uncomplicated.

So let us look back on the year with the humility to learn, the appetite to reinvigorate and the conviction to hold on to what we know to be true.

The challenges of the year have been many, but this also brings opportunity for belief, courage, and action.

Though there may still be turmoil ahead, the Iwi remains resolute and clear in its direction, its vision and the pathway to get there.

Seanne Wil liams & Stefan Marks

Te Urewera Photography Competition Winners

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4

TĹŤhoe T e U r u Tau m at ua |

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Te Mana Motuhake

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Te Mana Motuhake o Tuhoe can be an expression OF mutual respect and duty members of a whānau and hapū owe each other.

Traditionally, communal land was used for vibrant communities filled with generations of young and old together. Sharing, progressing and prospering.

Living with the notion they were responsible for each others welfare. That is what we are reinvigorating; kinship villages underpinned by caring, transformational relationships with our whenua and with each other.

We have learned a great deal from the trial of a Tūhoe village in Tāneatua without pouring a single foundation.

The trial has taught us a few key things: HEALTH OF THE WHENUA

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Tūhoe T e U r u Tau m at ua |

The building is the easy part

T we nty N ine te e n - Twe nty T we nt y

Space matters less than how we use it

We’re building skills as well as homes

SMALLER COMMUNITY, BETTER CONNECTIVITY

WHAT OUR REGISTER SAYS ABOUT OUR PEOPLE, OUR PLACES.

WHÄ€RUA

1,324

rural

3,975

CITY

4,749

AUSTRALIA

602

international

Twenty Nineteen - Twenty Twenty

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The Tuhoe Mending Room SHOWS OUR PEOPLE ARE TAKING RESPONSIBILITY FOR THEIR ACTIONS

indicates the pressures and trauma whanau are experiencing when entering the Mending Unemployment

We’ve had 56 referrals and we now understand the trauma and pressures whānau are under when they enter.

This year we introduced family harm incidents to the Mending Room.

A recent review means we’re now clearer on how to expand and grow.

Health

Financial

Partner in prison

Anger management

No drivers license

our people are choosing to use the mending room

Tamariki not in care Physical abuse

Mental abuse

41 %

83 %

Loss of a loved one

Sexual abuse Drug abuse

of the 56 referrals were tūhoe

attended the mending room

Alcohol abuse Housing

0

8

Tūhoe T e U r u Tau m at ua |

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5

10

15

20

The Service Management Plan (SMP) is our plan to be accountable for all of our own affairs to the maximum autonomy possible. A review of our SMP this year asked “Has settlement delivered on the Crowns commitment to strengthen Tūhoe maximum autonomy in ending social services dependence?”. The reviewers found that there is underlying support for Mana Motuhake, clarity in our 40 year vision and Tūhoe are further ahead than we ourselves think. The long term goals are not lost, people are aligned and there is quality leadership.

These 5 Year reviews should be seen as the building blocks towards having total control of our care and responsibility for our social issues and the infrastructure to building our capability.

indicates the reason for referral Discharge Firearm

Possess knife

Disorderly Behaviour Driving Wilful Damage

Wilful Trespass

Theft

Assault

Drugs

Threats

Shoplifting

0

5

10

15

20

TŪHOE WANTS TO LEARN: ·

How do we perceive our despair and how do we measure growth in our leadership response to that?

·

How is Tūhoe grappling with shifting responsibility for social outcomes to Tūhoe?

·

In terms of the SMP, what does a responsible Crown relationship look like over the next five years?

·

What do you consider the priorities to be over the next five years?

Priorities may reflect a mix of infrastructure, capability or programmes initiatives.

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Responsible kaitiaki of Te Urewera A focus for our R큰훮toki Bushcrew was on possum control work and trapping methods.

The focus was raised from getting the mahi done, to gathering data and recording observations. The observations of our Bushcrew are from a T큰hoe lens, giving a holistic view of what a healthy Te Urewera is, and what the threats to that may be.

Being led by uncle Maynard Apiata, this information helps to advise the wellbeing and health of Te Urewera.

TE UREWERA CONTROL

2019

2020 POSSUMS

4,350 RATS

POSSUMS

10,658 RATS

4,576

5,361

STOATS

STOATS

287

283

The reduced numbers of possums is due to the temporary pause in possum control to allow a reframing and refocus of the ongoing control methods to increase their effectiveness.

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T큰hoe T e U r u Tau m at ua |

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Safety issues identified 13 dangerous fireboxes in huts throughout Te Urewera. Those needing replacing are now being installed with custom made fireboxes that are heavily built and built to last.

Ko tētahi raruraru i pupū ake i runa i ētahi o nā marae o Rūātoki ko te tōtara wāhirua o nā hapū, nā tukituki i waena i nā kaitiaki o nā marae me te ahikā o nā hapū. Ko te mana o nā kaitiaki nō te Kooti Whenua Māori, he ture pēhi tēnei i tō tātau Tūhoetana. Kai te whakapau kaha te Taraipara o Te Komiti o Runa ki te tautoko i nā hapū ki te kaupare atu i nā kino o te tikana kaitiaki kia ara ake ko te mana o nā hapū ki runa, kia puāwai ai ko te mana motuhake o Tūhoe. Kai koinei te orana o tō tātau Tūhoetana.

Rūātoki Marae

This is the second year Tūhoe have led the Maritime Audit for operating our boats. The audit includes a review of the Maritime Transport Operator Plan (MTOP) ensuring boats and operators meet the requirements set out in the MTOP that cover a broad range of responsibilities.

A Tūhoe presence was felt at Ōmahuru and Te Pākau campsites during the Waimana summer season. Our Kaiheteri maintained campsite facilities and cared for manuhiri and whānau to allow an enjoyable and safe experience.

Monitoring of whio was done on the Taurana River and chick survival was observed over a 5 month period.

Learnings show that pest control is having a positive effect on the whio population.

10,695

TŪHOE on the register

4,876 2,112 2,328 1,379

rūātoki ruataahuna waimana waikaremoana

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Pataka Kai WAS WELL UTILISED BY TŪHOE TRIBALS A total of 1,210 kg distributed to all four tribals.

Tanihana (kgs)

Unveiling (kgs)

Te Waimana Kaaku

260

10

20

0

290

Te Komiti o Runa

580

30

0

10

620

Manawarū

200

0

0

0

200

Waikaremoana

90

10

0

0

100

1,130

50

20

10

1,210

Tribal Area

Total

3%

8%

17%

TRIBAL DISTRIBUTION

51%

12

Pakeke huritau (kgs) Other (kgs)

24%

7%

EVENTS FOR

PATAKA KAI DISTRIBUTION 90%

Te Komiti o Runa

Tanihana (kgs)

Te Waimana Kaaku

Unveiling (kgs)

Manawarū

Pakeke Huritau (kgs)

Waikaremoana

Other (kgs)

Tūhoe T e U r u Tau m at ua |

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Total (kgs)

Short Story Summary of Performance - TUT Consolidated in thousands

MADE USED AVAILABLE

$16,304 $12,981

$13,621

$13,816 $17,094

$12,114 $11,255

$10,701

$11,519 $6,613

$4,707

$13,492 $7,600

$8,320

$28,418

$24,236

$24,322

$25,335

$23,707

$13,027

-$5,893

2020

2019

2018

2017

2016

2015

2014

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TĹŤhoe T e U r u Tau m at ua |

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Matemateaone Twenty Nineteen - Twenty Twenty

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Love and care

FOR THE WHENUA AND EACH OTHER It is often something felt not said. We see this in our Care for Nature Standards, as well as the Matemateāone contract of love and care between Orana Tamariki and Tūhoe.

With growing awareness that Tūhoe tamariki can return to Tūhoe homes, we are seeing more and more whānau naturally putting their hand up to look after their mokopuna.

Koroua, kuia, aunties, uncles and cousins knowing their obligations to each other, are all stepping in to love and care for their tamariki. Over the past year, 24 whānau have asked your Iwi for support.

Tamariki brought into care

2020 2019

We see the love and care people have for Te Urewera through their intentions: “Introducing my mokopuna to their homelands” “Fishing, taking pictures, walking in this very special place. Also taking a spare rubbish bag to pick up any rubbish we see while there.”

“Enjoying god’s creation”

60

“Finding some peace, solitude and destressing after lockdown” “To absorb the beauty of being one with the outdoors and having nature around”

80 112

2018

The focus for the Matemateāone Agreement in its first year of partnership with Orana Tamariki centered around establishing a kinship steering group and project team.

Structures and operations are evolving to shape a Tūhoe approach to get the mahi of working with whānau on the road.

“Connecting to my roots” “Forgetting the rat race and getting back to the land” “Enjoying the beautiful Tūhoe whenua and hospitality”

How many pig dogs participated in the Kiwi Aversion Trainings?

42

46

TRIBAL AREA WAIKAREMOANA MANAWARŪ

29

TE KOMITI O RUNA TE WAIMANA

72

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Tūhoe T e U r u Tau m at ua |

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How many times was each whārua included in hunting permit applications?

480 770 591 1,281

rūātoki ruatAAhuna waimana waikaremoana

TOTAL NUMBER OF TE UREWERA PERMITS ISSUED:

1,956

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Waikaremoana launched a whānau support service to inspire whānau to become responsible and access tools to overcome challenges, reach their goals and create their own pathways.

Our Care for Nature standards saw a 1,960kg decrease in rubbish collected from around Waikaremoana this year.

The 2018/2019 summer season saw 1,077 manuhiri at the lake and 2 tonnes of rubbish collected. However, the 2019/2020 summer season has brought 1,888 manuhiri with only 60kg of rubbish collected.

Our relationship with Department of Conservation (DOC) slowly evolves and we are making positive progress on our Journey Plan. Our goal is to create an atmosphere of confidence and permission for DOC people to participate in Te Urewera, and our next step is to work together on four connection points: Manuhiri Experience, Proud Infrastructure, Control Approaches and Capability.

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Tūhoe T e U r u Tau m at ua |

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Te Waimana Kaaku focus has been the development of community, to embrace a holistic long term approach for the wellbeing and future of whānau. To build strength through unity, interconnectivity and inclusiveness: · 15 house repairs · 8 kaumatua homes warmer and drier · 60 employment and training placements

Our love for each other is apparent as we unify Nāti Hinekura and Nāti Ruapani hapū of Waikaremoana confirm the appointment of their new hapū delegates to the Waikaremoana Tribal Authority. A significant step forward, whereby the hapū confirm a relationship with the Tribal and engagement in a unified Waikaremoana Tribal. The supported roopu of Nāti Ruapani mai Waikaremoana received the mandate for the Ruapani claims. The terms of negotiation were celebrated in March allowing the next phase of negotiations that will discuss and shape a confident pathway forward.

The Tūhoe-Orana Tamariki partnership - Matemateāone - reached it’s first year milestone. A socially distanced kapu tī celebration took place with local caregivers who care for Tūhoe tamariki, and were invited to share their experiences and insights. These conversations will help the iwi shape our future approaches.

Where can we feel the Iwi presence most from the Tūhoe - Orana Tamariki Matemateāone agreement?

33%

28 whānau over 50 tamariki

50%

have been supported by the Iwi. 17% WHAKATĀNE OTHER BAY OF PLENTY WELLINGTON, AUCKLAND, CANTERBURY

out of

Tūhoe tamariki in care are presently in nonwhānau placements with these tamariki transitioning to a whānau placement facilitated by Tūhoe.

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E whakatau ana e TKOR e toru nā mea nui e ora ai ō tātau whānau me ō tātau hapū o Ngāi Tūhoe. Tuatahi nā ko te wai, tuarua ko ō tātau marae, tuatoru ko te āhua o tā tātau noho, arā ko nā papakāina. Koinei nā mahi kai runa i a TKOR i tēnei tau. Kai te kaha a TKOR ki te hāpai i te kotahitana, te mahi tahi, te manaaki tētahi i tētahi me te whakapono mā tatau anō tātau e whakahaere ka tika.

Ka mahi tahi a TKOR me te Kaunihera o Whakatāne ki te whakapai ake i te ratona wai ki nā whānau, ā tōna wā kua riro mā te Taraipara anō e whakahaere, ā, kua motukia atu te Kaunihera. He pērā anō mō te awa, i tēnei wā kai te waihana nā hapū i tētahi kaupapa, mahere mō te awa whānui, kaua mō tēnā wāhana, mō tēnā wāhana anake.

I oti te āta tirotiro i nā marae e nā tohuna, kātahi ka hanaia he mahere e kotahi mai ai nā whānau ki te mahi i nā mahi, ki te whakatikatika, ki te whakapai ake i te marae. Ahakoa he whakapai ake i ō tātau marae te kaupapa, ko te tino kaupapa kē ko te whakahoki mai i ō tātau whānau ki nā marae. Mā tēnei e mutu ai te totoro atu ki nā kaupapa āwhina a te kāwanatana e whakanoikore nei i a tātau. Mā nā hapū anō ō rātau marae e tiaki. Ko te tino hiahia o nā ahikā kia nui atu nā whānau e hokihoki mai ki nā marae.

Kai te whakatikatika ētahi hapū i ō rātau marae kia pai ai te whakatū papakāina ki runa i nā marae. Ko tōna kaupapa kia tipu anō ai nā whānau ki runa i ō rātau marae, ki raro i nā tikana a Tūhoe e ora ai tō tātau reo, tō tātau Tūhoetana me te matemateāone tētahi ki tētahi.

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Tūhoe T e U r u Tau m at ua |

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With the understanding of taking a collective approach the Tribal Authorities came together to assess the Tūhoe Education Contribution Applications.

Overall, 126 applications were received, 100 of which were approved. A total of $90,360 was allocated of the available $96,000. Applications were assessed based on past contribution, future contribution and contribution from their education endeavor. The amount each application received varied from $500 to a maximum of $1,500.

TŪHOE EDUCATION CONTRIBUTION TRIBAL AREA WAIKAREMOANA RUATAAHUNA RŪĀTOKI WAIMANA

14 Total Received 38 39 35 8 Total APPROVED 29 30

33 6k Total ALLOCATED 30k 29k

24k

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TĹŤhoe T e U r u Tau m at ua |

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Permanency

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I te ata pō o te 22 o Pepuere ka hika te ahi ki runa o Te Houhi. I whakakotahi atu a Nāti Haka Patuheuheu ki te tutakitaki anō I tōnā ahi. Kia rono anō ai te Rani I te kakara o tōnā auahi e rewa haere ana.

The return of Nāti Haka Patuheuheu to Te Houhi was confirmed by the igniting of it’s fire and the call to Tūhoe whānui to bring the memory of their loved ones back to this ancestral home. A day of ceremony, festivities and whanaunatana was one long awaited by Nāti Haka Patuheuheu and by Tūhoe.

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Tūhoe T e U r u Tau m at ua |

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N A T URE 'S ROAD

T r i a l S i t es U p dat e | October 2020

Tūhoe whānau are getting physically healthier every year, with our Tūhoe Medical Centre’s making progress in Primary Health Organisation (PHO) health targets.

These results show the effort of the team in patient care:

Two years on, both of the Natures Road trial sites are regarded as a success, with new aims set for the Manapae site.

Samples from the Manapae site will be used this summer to assess the condition of the material from the initial trial.

Provided there is minimal material loss, it is entirely possible to re-hoe and recompact the existing pavement to return the road surface to the original state.

The ability to recycle material from the original trial will be a positive research outcome because it reduces the whole of life cost of the road, and also reduces the need to introduce foreign materials to Te Urewera. This research will guide the trial of a recycling system, scheduled to happen before next winter.

TARGET

ACHIEVED

80% 67%

of our wāhine have had cervical smear

70% 53%

eligible patients have had a mammogram

95% 68%

of our babies 2yrs old are up to date with vaccinations

90% 91%

of patients have had a Cardiovascular Risk Assessment

80% 82%

of eligible patients have had a Diabetes Annual review

90% 95%

of whānau have had their smoking status recorded

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I te whārua o Rūātoki kai te kaha haere ake tō mātau whakapono ki a mātau anō, ka taea e mātau nā mahi e tika ana mō te whārua. I runa i nā kaupapa kua whakaarahia e te Taraipara; arā ko te wai, te awa, te whakatikatika i ō tātau marae – kua nui ake te huna kua ara ake ki te ārahi i tēnā kaupapa, i tēnā kaupapa. He mahi whakatipu ranatira tēnei. Me te aha, kai te rata wō rātau wairua ki te kawe i ēnei mahi ahakoa te whānui me te whāroa, kua kore te wairua mataku. He nanakia hoki te tere o te ana whakamua o nā mahi ināianei, ā, nā te pakari haere o nā taraketi me nā kaimahi i pēnei ai. Kua tino kore kē nei te hiahia ki te whakawhirinaki atu ki te rāwaho, ki nā tari kāwanatana.

Ko te nuina o nā taraketi o te Taraipara ināianei kai te taipakeke o te 25 – 45 tau.

Ahakoa te tamariki, e nanaiore ana rātau kia ū ki te wairua whakakotahi me te nākau māia ki te kawe i nā mahi nui e puta ai he hua ki nā whānau me nā hapū.

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Tūhoe T e U r u Tau m at ua |

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Waikaremoana assisted their young māmā group by promoting healthy parenting tools. Together with our parents we trial a mending room approach to tackle bad behaviour and raise accountability. An in-school resilience programme aims to teach our tamariki ways they can deal with challenges.

The Te Urewera Summit was the next step toward creating lasting friendships with fourteen manuhiri groups interested in the care of Te Urewera. Themes of connection, friendship and priorities were explored and led the manuhiri groups to dedicate more responsibility as friends to each other and to Te Urewera. Two helioperators are also now approved to operate within Te Urewera.

Sarah Hudson (Hāmua) received the Tūhoe Mataaho Contribution. Sarah will survey, map and catalogue a variety of earth pigments present within the Tūhoe rohe.

The development of a palette has lasting applications for re-connecting to the whenua, education, art, and infrastructure development. Sarah aims to commence her research in November 2020.

How many tours of Te Kura Whare happened in 2020?

15

tours this included our first virtual tour with The Living Building Institution

What is the most visited page at ngaituhoe.iwi.nz?

13,086 Alerts and Important Information

How many times did users visit the Vacancies page at ngaituhoe.iwi.nz?

6,519 How many times did users visit the Marae pages at ngaituhoe.iwi.nz?

Find my Marae – 1,631 page views Rūātoki Marae – 2,329 page views Waimana Marae – 2,137 page views RuatAAhuna Marae – 1,488 page views Waikaremoana Marae – 739 page views

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COVID- 19 Lockdown I roto I tō tātau noho rāhui e karo ake ai tātau I nā kino o te mate korona I rono tātau I te kaha hiahia kia kore tātau e noho hai ponona, hai mōkai rānei ki nā whakahaere o tētahi atu. No konā ka mōhio tātau kia tere noa atu tō tātau whakatīnana i te mana motuhake o Tūhoe.

The need for mental health support arising from level 4 lockdown was activated. O508 4 AROHA provided virtual GP and counselling support through the Tāneatua Medical Centre. Dr Paul Butler, Tūhoe counsellors and support people formed the rohe response team.

An unforeseen gift that 2020 offered was the chance to reset, take stock and strip away what doesn’t really matter.

With human activity coming to a stop all around the world, nature rested. Waters cleared, fish replenished, the air was clean and families reconnected.

Tūhoe Medical Centres Our Medical Centres in Tāneatua and Kawerau remained open to care for Tūhoe whānau during lockdown. A total of 1,220 patients were seen from 26 March to 13 May.

COVID-19 reminded us we don’t want to be reliant on others or outside influences that we want to deliver ourselves the help and care we need. The uncertainty of COVID-19 taught us that the resilient and self-reliant Te Urewera communities that once flourished must be restored quickly.

We made sure we were all looking out for each other with Tribal checkpoints, tribal testing stations, a helpline, keeping whānau connected, and essential kai services for our isolated whānau.

Te Urewera Board responded quickly in closing down Te Urewera in line with the lockdown announcement. Closure of the water taxi service, Hunter Permit caps, introduction of online trip reporting and reduced hut booking numbers were some of the measures put in place to respond to the changing alert levels.

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Tūhoe T e U r u Tau m at ua |

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Age Groups

L4

L3

0

33 1

2

1-4

48

17

5

9

4

6-14

62

16

15-24

52

40

25-4

158

103

45-64

239

79

65-74

174

39

75-84

86

19

85+

28

2

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Matariki Tapuapua Dreaming, not for yourself but for your hapū, for your whārua and for the Iwi. This was the event held by the Tūhoe Tribals to wake up that dreamer that lives within us all.

Casting our minds 50 years ahead to visualize a future full of hope and aspiration, the motivator for clear, direct and courageous action today!

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Tūhoe T e U r u Tau m at ua |

T we nty N ine te e n - Twe nty T we nt y

Some say that when you go to sleep and dream, it is actua lly the past speaking to today to send a message to tomorrow!

The Tūhoe Tribals dreamed up a week’s worth of awesome activities to celebrate Matariki. Tūhoe whānau took part in all sorts including ronōa and soap making, DIY beeswax wraps, sports days, haerena and hikoi, pūrakau, bush craft, fire safety, composting and worm farms.

The week long celebration concluded at Te Kura Whare with a laser light show for all our whānau to enjoy.

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

31

Tuhoe Trust Fund How quickly the world changes. If the phrases “social distancing” and “keeping to your bubble” were used at the start of 2020 they would have been met with bewilderment. Today, everyone in the world understands the significance of those words. COVID-19 has caused wide spread uncertainty that has made the financial markets unpredictable.

How did COVID-19 impact our Trust Fund?

It is well understood by the board that uncertainty is part of any organisation. The uncertainty can come in any form and this time it was in the form of COVID-19. In 2015, a Mātohatoha model was developed to manage resources for now and for the future. The purpose of Mātohatoha was to adopt an approach to allocating Tūhoe resources for the staged development of revitalising Te Mana Motuhake through provision for preserving for days of uncertainty. This approach has allowed Tūhoe to carry on with its priorities and developments. Currently, there is enough liquidity in the Trust fund from the preservation to carry on with planned projects without incurring any loss or impairment.

Our investments are made with a longterm vision. This was the first lesson we applied. Our first investment was to gain returns in the 8 year cycle with the understanding of possible volatility during the period especially investing in shares/ equity.

32

Tūhoe T e U r u Tau m at ua |

T we nty N ine te e n - Twe nty T we nt y

During February and March, panic around COVID-19 resulted in a drastic reaction by global markets. This volatility was reflected as a drop in the Tūhoe Trust Fund value from $382.7m to 373.2m.

By changing the way we live as we learn more about COVID-19, the disruption and volatility has settled somewhat.

The uncertainty still remains, but effort in finding a vaccine has given some confidence to the globe.

The financial market valuation as at the end of September 2020 is higher than preCOVID-19 high. While the interest rates will remain low, property market sees a new high. Local tourism has more bookings than ever before. Lake Waikaremoana huts have seen a 33% occupancy increase compared to previous years. Our rental income from forestry has no impact with long term contracts in place.

TOTAL TRUST FUND VALUE AT THE END OF SEPTEMBER 2020 WAS

398m.

kana ko i t He ahuna tahi kot He ahi ITIE

S

Pri in t

orities

Blu

TRIB AL PRIOR

epr

H

, k i o t h i a w ei

TUhoe CHARITABLE Trust

TE KOTAHI A TUHOE TUhoe FISHERIES TRUST

TUhoe Establishment Trust

TUhoe FISHERIES QUOTA LTD TUhoe WAIKAREMOANA MAORI Trust BOARD Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

33

D

1810

our

FREE INTERDEPENDENCE

1820

NĀ ROHE PŌTAE O TŪHOE

1830 PEACE NEGOTIATIONS

1895 TE UREWERA DISTRICT NATIVE

1958 TŪHOE WAIKAREMOANA TRUST BAORD

TOHUNGA SUPPRESSION

TŪHOE DID NOT SIGN TREATY OF WAITANI

1954

1860

TE UREWERA ACT

WAIKAREMOANA REMAINS ISOLATED

1865 WAR AND CONFISCATION

INVASION

Scorched Earth Policy

1872 TE WHITU TEKAU

Tūhoe T e U r u Tau m at ua |

TRIBAL AUTHORITY’S ESTABLISHED

1907

1840

34

1962

T we nty N ine te e n - Twe nty T we nt y

1915 INVASION OF MAUNAPOHATU

1971 TŪHOE AHUREI ROTORUA

1929 OUTBREAK OF THE GREAT DEPRESSION

t

o

When we

Dream

r past

sends us messages

to share about

our future...

2018

2050

2020 2019

2007

TERRORISM RAIDS

2011

2014

2000 ESTABLISHMENT OF TE KOTAHI A TŪHOE

1998 PAPAKAINA WAIKAREMOANA PROTEST

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

35

36

TĹŤhoe T e U r u Tau m at ua |

T we nty N ine te e n - Twe nty T we nt y

Financial Statements Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

37

Contents Independent Auditor’s Report

......................................................................................

Statement of Comprehensive Revenue and Expense Statement of Changes in Equity

Statement of Financial Position

Statement of Cash Flows

..................................................................................

..................................................................................

..............................................................................................................

Notes to the Financial Statements

........................................................................

38

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

40

42 43

44

45 46

BDO WELLINGTON

Trust As at 31 March 2020

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

BDO WELLINGTON

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

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

39

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 2020, 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 consolidated financial position of the Group as at 31 March 2020, and the Parent and consolidated financial performance and the Parent and consolidated cash flows 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.

Other Information The Trustees are responsible for the other information. The other information obtained at the date of this auditor’s report is information contained in the annual report, but does not include the Parent and consolidated financial statements and our auditor’s report thereon.

Our opinion on the Parent and consolidated financial statements does not cover the other information and we do not express any form of audit opinion or assurance conclusion thereon.

In connection with our audit of the Parent and consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Parent and consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

40

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

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

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/auditors-responsibilities/auditreport-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 30 October 2020

BDO WELLINGTON

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

41

Statement of Comprehensive Revenue & Expense For the Year Ended 31 March 2020 Note Revenue Operational Income Other Income Total Revenue

Group 2020 2019

Parent 2020 2019

$ 000's

$ 000's

$ 000's

$ 000's

6,021 5,769 11,789

4,460 7,250 11,709

6,712 4,781 11,493

6,552 6,458 13,010

6 6 6

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

6,419 909 3,960 11,288 422

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

3,735 428 6,639 10,802 2,207

9

2,092 1,497

11,531 11,953

1,690

2,207

8.3 8.3 9 21 22

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

9,266 (510) 20,709 236 20,474

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

9,266 3,022 775 15,271 987 14,284

(24) (8,494)

69 20,543

(7,939)

14,284

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) TĹŤhoe-Crown Treaty Settlement Gain/(Loss) on Revaluation of Financial Portfolio CNI Taxfree Distribution Gain/(Loss) on revaluation of Investment Property 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

15

The accompanying notes form part of these financial statements

42

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

Statement of Changes in Equity For the Year Ended 31 March 2020

Note Retained Surpluses Opening Balance

115,026

63,525

49,240

(8,494) (8,494)

20,543 20,543

(7,939) (7,939)

14,284 14,284

24 24 127,030 242,783 242,783

(69) (69) 135,500

55,585

63,525

242,783 242,783

224,026 224,026

224,026 224,026

15

111 (24) 87

42 69 111

-

-

12

369,899

378,394

279,612

287,552

15

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 2020 2019 $ 000's $ 000's

135,500

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

Group 2020 2019 $ 000's $ 000's

14

The accompanying notes form part of these financial statements

BDO WELLINGTON

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

43

Statement of Financial Position AS AT 31 March 2020

Note Trust Equity

Group 2020 2019 $000's $000's

Parent 2020 2019 $000’s $000’s

369,899

378,394

279,612

287,552

7,117 18,741 3,500 82 746

5,194 22,739 2,754 55 459

2,224 3,041 2,763 5 31

2,352 3,039 2,494 5 1

Represented by:

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

16 17

Income Tax

10

463 30,648

1,560 32,763

345 8,410

1,481 9,374

20 15 21 22 18 14 9 23 9

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

39,381 13,684 1,989 30,467 174,196 10,054 -

77,612 342,584

80,201 349,972

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

19,482 338 1,989 13,638 174,196 53,425 18,193 281,262

373,231

382,735

282,120

290,636

1,566

2,043

742

788

1,566

2,043

742

788

1,766

2,297

1,766

2,297

3,332

4,341

2,508

3,085

369,899

378,394

279,612

287,552

19

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 Creditors and Accruals under exchange transactions

24

Non-Current Liabilities 10

Deferred tax Liability

Total Liabilities Net Assets

Trustee

30 October 2020

Trustee

30 October 2020

The accompanying notes form part of these financial statements

44

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

Statement of Cash flows For the Year Ended 31 March 2020 Note

Group 2020 2019 $ 000's $ 000's

Parent 2020 2019 $ 000's $ 000's

Cashflow from Operating Activities 5,880

Receipts from operational and other income

Dividend Income Payments to Staff and Suppliers Investment income received Donations Paid Income Tax (Paid) / refunded GST (paid)/recovered Net cash (used)/generated from operating activities

3,744

2,302

1,760

338

338

-

-

(11,148)

(10,591)

(6,124)

(6,274)

4,576

6,500

4,300

6,135

-

(375)

(3,200)

(4,000)

629

(733)

647

(741)

-

18

-

(18)

275

(1,099 )

(2,074)

(3,138)

Cash flows from Investing Activities Distribution received CNI Iwi Holdings Ltd Purchase of Property Plant Equipment & Intangibles Investments made - Term Deposits and Managed Portfolio Purchase of Te Manawa forest

4,680

6,503

4,680

6,504

(2,886)

(3,468)

(117)

(1,005)

(146)

14,803

(2,619)

15,581

-

(18,067)

-

-

1,649

(229)

1,944

21,080

Advances paid

-

-

-

(18,000)

Net cash generated from financing activities

-

-

-

(18,000)

Net increase/(decrease) in cash and cash equivalents

1,924

(1,328)

(129)

(57)

Opening Balance

5,194

6,522

2,352

2,409

7,117

5,194

2,224

2,352

Net cash (used)/generated from investing activities Cash flows from Financing Activities

Cash and cash equivalents at balance date

BDO WELLINGTON

16

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

45

Notes to the Financial Statements For the Year Ended 31 March 2020 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 Ngai 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 Ngai 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, Ngai 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.

46

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

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 2020 include the following: •

• • •

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.

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 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. 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

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. vii. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

Unrealised gains arising from transactions with equity accounted associates and jointly-controlled-entities are eliminated against the investment to the extent of the Group’s interest in the investee.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

47

Notes to the Financial Statements For the Year Ended 31 March 2020 (b) Subsidiaries and Associates Subsidiaries:

Registered Charity

Operating Division

Ownership

Voting interest

Balance Date

Tūhoe Charitable Trust

CC45656

Distribution

TUT

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 Ngai Tūhoe b) the maintenance, upkeep and administration of Marae and Hapu c) matters beneficial to Ngai 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.

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Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

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 Financial Statements For the Year Ended 31 March 2020 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 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

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.

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.

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

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

BDO WELLINGTON

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.

Twenty Nineteen - Twenty Twenty

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Notes to the Financial Statements For the Year Ended 31 March 2020 (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.

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Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

(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 Financial Statements For the Year Ended 31 March 2020 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 Tuhoe, 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 Tuhoe and four by the Crown. In terms of the Act, major decisions must be unanimous and others by concensus. Tuhoe 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 Tuhoe Waikaremoana Maori Trust Board and Wairoa Waikaremoana Maori Trust Board as tenants in common.

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

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.

• a unique asset that has iconic status • historic and irreplaceable; and • an asset that is sacred to Tūhoe community.

BDO WELLINGTON

Twenty Nineteen - Twenty Twenty

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Notes to the Financial Statements For the Year Ended 31 March 2020 (k) Quota Shares Quota shares are recorded initially at cost. Settlement quota shares are recorded at a value determined by the settlement documentation.

Impairment losses are recognised whenever the carrying amount of an asset exceeds its recoverable amount. Quota shares are tested for impairment whenever there is an indication of impairment on an individual basis or at a cash-generating unit level.

(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.

(m) Biological assets 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.

(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.

52

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.

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

Finance leases 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.

Operating leases 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 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 Financial Statements For the Year Ended 31 March 2020 (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.

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.

(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 There has been a change in accounting policy for the treatment of quota shares as explained in the Prior Period Restatement schedule. The Quota Shares have previously been recognised initially as the latest valuation any impairment cost, as determined

by TOKM valuation.

All other accounting policies adopted are constant with those of the previous financial year.

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 Nineteen - Twenty Twenty

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Notes to the Financial Statements For the Year Ended 31 March 2020 6 Expenses include Note

Group 2020 2019 $000's $000's

Parent 2020 2019 $000's $000's

Direct Costs: Governance Costs Employee Benefit expense (Management & Direct)

233

256

224

172

5,035

4,003

2,852

2,450

Group Project Direct Costs Anamata

103

10

103

160

Onukurani

474

922

474

652

1,260

674

86

174

62

85

62

85

Iwi Whairawa Other Direct Costs - Cost of sales

694

468

53

42

7,859

6,419

3,853

3,735

Resources & maintenance

437

346

145

140

Communication Unit costs

131

109

109

92

50

47

26

26

Utilities

139

115

71

64

Other Indirect Costs

214

292

86

106

971

909

436

428

Personel Expenses

882

781

670

682

Financial Portfolio Management Fees

708

741

708

741

1,175

1,186

526

551

87

223

87

223

221

190

96

104

-

375

3,200

4,000

134

121

69

58

19

20

10

11

Professional Fees

80

109

39

23

Grants Paid

80

136

37

140

167

77

71

107

-

-

-

0

3,553

3,960

5,514

6,639

134

111

85

82

Indirect Costs:

Telecommunications

Administration & Other Costs include:

Depreciation & Amortisation

20

GST Apportionment Insurance Donation

7

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 2019 TĹŤhoe Te Uru Taumatua made donations of $3,200,000 (LY $4,000,000) in income to the TĹŤhoe Charitable Trust.

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Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

Group 2020 2019 $000's $000's -

375

Parent 2020 2019 $000's $000's 3,200

4,000

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 8 Revenue Note

Group 2020 2019 $000's $000's

Parent 2020 2019 $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

875 4,690 152 304 6,021

807 3,161 183 308 4,460

2,347 4,178 152 36 6,712

2,113 4,220 183 35 6,552

186 6 181

3 156

1 35

1 128

674 4,151 570 5,769

885 5,842 363 7,250

593 4,151 4,781

487 5,842 6,458

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

Exchange revenue Interest Income Investment Income Dividend Earned

18

(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 2020 2019 $000's $000's Fair value of assets vested: Tūhoe Waikaremoana Maori Trust Board Tūhoe Fisheries Charitable Trust Tūhoe Fish Quota Limited

-

-

Parent 2020 2019 $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

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| H e Korona Whakataen a

55

Notes to the Financial Statements For the Year Ended 31 March 2020

Note (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

18

Group 2020 2019 $000's $000's

Parent 2020 2019 $000's $000's

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

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

2,416 4,194 2,668 (12) 9,266

2,416 4,194 2,668 (12) 9,266

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 2020 2019 $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 26,776 80,201 3,447 1,234

53,425 21,749 75,174 3,482 3,022 -

1,893

11,531

199

-

2,092 77,612

11,531 80,201

Crown agreed portion and NZU's: In the financial statements of CNI IHT, NZ Carbon Credit units (NZU's) are valued at balance date at $23.75 per unit (LY:$25.60 per unit).

56

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 10 Income Tax

Group 2020 2019 $000's $000's

Parent 2020 2019 $000's $000's

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

(8,532) (8,532)

20,709 20,709

(7,250) (7,250)

15,271 15,271

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

(1,469) 548 (926)

3,624 647 (2,748)

(1,269) 548

2,672 647 (20)

Tax on Taxable Income Current Tax Expense/(Income)

2,135 0 3 201 0 469 469

(1,373) 0 (27) 378 (401) 100 100

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

(2,020) 0 (27) (401) 851 851

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

469 (531) (62)

100 136 236

1,220 (531) 690

851 136 987

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

(928) 100 (64) (669) (1,560)

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

(853) 851 (739) (741) (1,481)

Note Tax Expense/(Income)

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

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 .

TĹŤhoe 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 (2020:802,677 and 2019:646,637) are paid to the IRD in April.

Deferred Tax (Parent and Group) Deferred tax liability/(asset) Balance 1 April 2018 Recognised in surplus or deficit - 2019 Balance 31 March 2019 Recognised in surplus or deficit - 2020 Balance 31 March 2020

BDO WELLINGTON

Prepaid expenses

Matahi Forest

Total

4 4 4

2,157 136 2,293 (531) 1,762

2,161 136 2,297 (531) 1,766

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

57

Notes to the Financial Statements For the Year Ended 31 March 2020 11 Prior year Adjustment During the financial year, it was agreed that the Quota Shares within the Group would be valued at settlement value (Cost less impairment) in accordance with PBE IPSAS 31 as there is no active market. The change in accounting policy has been reflected in the prior period by restating each of the affected items as follows:

Audited Movement Accounts adjustments

Restated Accounts

Effect of Reclassification Impact on Statement of Comprehensive Revenue and Expense Gain/loss on Revaluation of Quota Share Other Comprehensive Revenue & Expense Total Comprehensive Revenue & Expense

869 869 21,343

800 800 800

69 69 20,543

16,132 385,572

2,837 2,837

13,295 382,735

2,079 359,888

2,037 2,037

42 357,851

2,949 381,231

2,837 2,837

112 378,394

Impact on Statement of Financial Position Quota Shares Total Assets

Impact on Statement of Changes in Equity Balances as at 1 April 2018 Revaluation Reserve - Intangible Assets Total Equity

Balance as at 31 March 2019 Revaluation Reserve - Intangible Assets Total Equity

58

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 12 Equity Note

Total Retained Equity Earnings

Fixed Revaluation Reserve Capital

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

Group 2020 Balance at 1 April 2019 Total Recognised Revenue Transfer to Revaluation Reserve Transfer to Fixed Capital Transfers to Tūhoe Charitable Trust Balance at 31 March 2020

15

378,394 (8,494) 369,899

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

242,783 242,783

111 (24) 87

357,851 20,543 378,394

115,027 20,543 (69) 135,500

242,783 242,783

42 69 111

287,551 (7,939) 279,612

63,524 (7,939) 55,585

224,026 224,026

-

273, 267 14,284 287,552

49,240 14,284 63,525

224,026 224,026

-

Group 2019 Balance at 1 April 2018 Total Recognised Revenue Transfer to Revaluation Reserve Transfer to Fixed Capital Transfers to Tūhoe Charitable Trust Balance at 31 March 2019

15

Parent 2020 Balance at 1 April 2019 Total Recognised Revenue Transfer to Fixed Capital Transfers to Tūhoe Charitable Trust Balance at 31 March 2020

Parent 2019 Balance at 1 April 2018 Total Recognised Revenue Transfer to Fixed Capital Transfers to Tūhoe Charitable Trust Balance at 31 March 2019

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

BDO WELLINGTON

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59

Notes to the Financial Statements For the Year Ended 31 March 2020 13 Crown Settlement - 2015

Cash& Investment Property Deposits

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

3,583 1,405 4,988

1,060 1,610 2,670

TOKM Assets

Land

Fish Quota

Others

Total

18,757 18,757

8 8

4,028 4,028

(23) 18 100 95

4,629 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.

14 Te Ohu Kai Moana Trust Settlement

Group 2020 NZ$

Fishing Quota Shares AFL Income Share (8754 Shares)

8,703 10,054 18,757

2019 NZ$ 8,703 10,054 18,757

Parent 2020 2019 NZ$ NZ$ -

-

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 15.

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

Parent TOKM NZ Units Goodwill Parent Kawerau Settlement Fishing Medical Quota Center

Antons Quota Shares

Group CRA Paua Quota Quota Shares Shares

NZ Units

Total Group

Shares

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

327 (20) 307

1,522 1,522

8,703 8,703

564 564

1,925 1,925

2,103 2,103

379 (24) 355

13,673 1,522 (24) 15,172

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

268 59

-

8,703 -

564 -

1,925 -

2,103 -

310 69

13,604 69

Balance at 31 March 2019

327

-

8,703

564

1,925

2,103

379

13,673

2019

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 2020 determining a market value of $16,914,581 (2019:16,131,998).

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.

60

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 2020

2019

$ 000’s

$ 000’s

At Cost: 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

238 7 245

214 24 238

3 310 15,175

11 338 13,684

b.i) Intangibles Computer Software (Parent & Group)

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

16 Cash and Cash Equivalents

2020 $ 000's

2019 $ 000's

0.05% 0.75% 0.00%

375 1,847 2 2,224

486 1,865 1 2,352

0.05% 0.75%

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

2,262 580 2,842 5,194

2020 $ 000's

2019 $ 000's

2.15%-3.5%

3,041 3,041

3,039 3,039

ASB Term Deposit - TCT

2.15%-3.5%

9,000

14,000

ASB Term Deposit - TFQL

2.15%-3.5%

6,700 15,700 18,741

5,700 19,700 22,739

2020 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

17 Term Deposits 2020 Interest Rates Parent ASB Term Deposit - TUT

Tūhoe Charitable Trust

Total for Group

BDO WELLINGTON

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| H e Korona Whakataen a

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Notes to the Financial Statements For the Year Ended 31 March 2020 Parent & Group 18 Investments (Financial Portfolio)

Note

Opening portfolio balance Add : New Investment Less: Funds Withdrawn Income received from share of PIE - realised Gains/(losses) from changes in unit price-unrealised Management Fees paid Tax Deducted

8.2 8.3b

AMP $ 000's

2020 FNZ $ 000's

ANZ $ 000's

NZAM $ 000's

TOTAL $ 000's

56,489 -

57,112 (2)

60,565 (62)

30 -

(66) (2,369) (291) (212) 53,551

1,239 (2,558) (168) (191) 55,433

2,976 (2,186) (299) (281) 60,712

2 (28) 5

174,196 (64) 4,151 (7,141) (758) (684) 169,701

2019 TOTAL $ 000's 178,572 (18,000) 5,842 9,266 (741) (743) 174,196

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.

19 Other Current Assets

Tax Account Receivables Pre-Paid expenses Accrued Income

62

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

Group 2020 NZ$ 38 708 746

2019 NZ$ 1 458 459

Parent 2020 2019 NZ$ NZ$ 31 31

1 1

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 20 Property, Plant and Equipment a.i) Property, Plant & Equipment (Group)

$ 000's 2020 At Cost: Opening balance Additions during the period Impairment during the period Balance at 31 March 2020 Accumulated Depreciation: Opening balance Depreciation charge of the period Balance at 31 March 2020 Net book value 31 March 2020

Land Buildings Fixtures & Fittings

Motor Plant & Computer Vehicles Equipment Equipment

Art & Archive

Total

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 3,192 34,761

275 43 318 319

375 59 434 273

454 92 546 338

349 59 408 126

306 42 348 255

4,077 1,168 5,245 40,475

3,934 -

33,316 3,033

467 153

571 24

706 151

397 108

603 -

39,994 3,469

3,934

36,349

619

595

(4) 853

505

603

(4) 43,459

3,934

1,445 873 2,318 34,031

228 47 275 344

297 78 375 220

383 75 (4) 454 399

303 46 349 156

263 42 306 297

2,919 1,162 (4) 4,077 39,381

2019 At Cost: Opening balance Additions during the period Disposal during the period Balance at 31 March 2019 Accumulated Depreciation: Opening Balance Depreciation charge for the period Depreciation recovered on disposal Balance at 31 March 2019 Net book value 31 March 2019

The land at Ruatahuna 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.

TThe 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 $1,478,836 (2019: 773,704) a.ii) Property, Plant & Equipment (Parent)

$ 000's 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 Balance at 31 March 2020 Net book value 31 March 2020

Land Buildings Fixtures & Fittings

Motor Plant & Computer Vehicles Equipment Equipment

Art & Archive

Total

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 37 342 261

3,048 519 3,567 19,074

3,913 3,913

15,183 856 16,039

427 9 436

415 415

639 77 (4) 712

347 66 413

603 603

21,527 1,007 4 22,530

3,913

1,221 304 1,525 14,514

219 32 251 185

217 59 276 139

337 59 4 392 320

269 30 299 114

263 42 305 298

2,576 526 4 3,048 19,482

2019 At Cost: Opening balance Additions during the period Disposal during the period Balance at 31 March 2019 Accumulated Depreciation: Opening balance Depreciation charge for the period Depreciation recovered on disposal Balance at 31 March 2019 Net book value 31 March 2019

BDO WELLINGTON

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Notes to the Financial Statements For the Year Ended 31 March 2020 21 Investment Property

$ 000's

Parent Kaingaroa Property $ 000's

$ 000's

-

1,989 1,989

1,989 1,989

626 (626) -

1,989 1,989

2,615 (626) 1,989

Papakura Property

Group Total

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

2019 Opening balance Investment Property Sold Revaluation Gain/(Loss) Balance at 31 March 2019

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 2020 year as the trustees do not consider it will have materially changed.

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

Parent Total

Group Total

$ 000's

$ 000's

2020 Opening balance

16,829

13,638

13,638

30,467

Additions during the period

-

-

-

-

Increase due to assets acquired through a non-exchange transaction

-

-

-

-

144

(3,033)

(3,033)

(2,888)

16,974

10,605

10,605

27,578

Revaluation Gain/(Loss) Balance at 31 March 2020

2019 Opening balance

-

12,862

12,862

12,862

18,114

-

-

18,114

-

-

-

-

Revaluation Gain/(Loss)

(1,285)

775

775

(510)

Balance at 31 March 2019

16,829

13,638

13,638

30,467

Additions during the period Increase due to assets acquired through a non-exchange transaction

The Matahi Forest was purchased during 2016. The Forestry rights have been valued by PF Olsen Limited from Rotorua at 31 March 2020.

The Te Manawa Forest was purchased during 2019. The Forestry rights have been valued by Ngahere Resource Limited from Rotorua at 31 March 2020.

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.

23 Other Non - Current Assets Group 2020 2019 NZ$ NZ$ Transactions with Related Party Loan To Tuhoe Charitable Trust

-

-

Parent 2020 2019 NZ$ NZ$ 18,607 18,607

18,193 18,193

The loan is unsecured and repayable within 1 month from the date when demanded. Tuhoe Te Uru Taumatua have confirmed that they will not demand on the loan within the forseeable 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.

64

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 24 Creditors and Accruals Group 2020 NZ$ Accounts Payable PAYE, Kiwisaver & Student Loan deductions GST Payable HR Liabilities Funds in Custody Income received in advance Accrued Expenses

348 132 418 295 178 95 1,566

2019 NZ$ 785 78 274 223 336 100 248 2,043

Parent 2020 2019 NZ$ NZ$ 56 75 298 250 64 742

261 40 238 207 41 788

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

25 Related Parties Note

Group 2020 2019 NZ$ NZ$

Parent 2020 2019 NZ$ NZ$

Transactions with related parties:

Receipts CNI Iwi Holdings Ltd - Distribution of Forestry Land rents

8.1, 9

-

-

5,412

7,242

-

-

37 3,200 18,607

155 4,270 18,193

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

Group 2020 NZ$

2019 NZ$

Parent 2020 2019 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

171 59 18 657

228 26 18 657

162 59 465

144 26 465

23 5 2 8

23 5 2 8

7 4 2 4

7 5 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.

BDO WELLINGTON

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65

Notes to the Financial Statements For the Year Ended 31 March 2020 26 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

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

66

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

2020 Group Parent $ 000's $ 000's

2019 Group Parent $ 000's $ 000's

7,117 3,500 708 -

2,224 2,763 31 18,607

5,194 2,754 458 -

2,352 2,494 1 18,193

18,741

3,041

22,739

3,039

10,054 27,578

10,605

10,054 30,467

13,638

169,701

169,701

174,196

174,196

443

120

1,033

302

BDO WELLINGTON

Notes to the Financial Statements For the Year Ended 31 March 2020 27 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.

28 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

2020 Group Parent $ 000's $ 000's 52 152 290 494

2019 Group Parent $ 000's $ 000's 5 5

11 11

5 5

29 Commitments and Contingencies The Board moved a resolution for further investment in Tribal. There was approval of $2.7M (PY 4.7m) 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, TĹŤhoe 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 Tuhoe, the Tuhoe entity mandated for Treaty negotiations. The land and the forest were claimed by the Waimana hapu. There were access difficulties into the forest.

Ngati 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.

30 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.

31 Events after Balance Sheet Date There are no events after Balance sheet date to report.

BDO WELLINGTON

Twenty Nineteen - Twenty Twenty

| H e Korona Whakataen a

67

Notes

68

Tuhoe T e U r u Tau m at ua | Twenty Nineteen - Twenty Twenty

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