Annual Report 2025

NATURE OF BUSINESS

YEAR ESTABLISHED

OFFICES AND CONTACT INFORMATION

TE PAPATOHU

Te Aronga o te Poari

Tūwharetoa Māori Trust Board is established under the Māori Trust Boards Act 1955 to administer assets and benefits on behalf of Ngāti Tūwharetoa. The Board acts in the best interests of its beneficiaries, manages its resources prudently, and reports annually in accordance with its statutory obligations. Our ongoing focus is the protection of our wai and the growth and development of our iwi across cultural, social, environmental, and economic priorities.

Financial Statements

Tūwharetoa Māori Trust Board and Taupō Waters Trust

Statement of Compliance and Basis of Preparation

Pūrongō Pūtea

The full financial statements have been prepared in accordance with Public Benefit Entity (PBE) standards Reduced Disclosure Regime (RDR) and the entity has made an explicit and unreserved statement of compliance with PBE standards RDR in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in New Zealand dollars and have been rounded to the nearest thousand dollars.

The summary financial statements have been prepared in accordance with FRS-43: Summary Financial Statements. The summary financial statements are prepared on the historical cost basis.

Events after the reporting date

The full financial statements, which were authorised for issue on 7 November 2025, have been subject to audit by Silks Audit Chartered Accountants Ltd, Whanganui and an unmodified audit report was issued dated 7 November 2025. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to provide as complete an understanding as that provided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, PO Box 87, Tūrangi, 3353 on request.

There have been no changes in accounting policies.

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

for

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

Summarised Statement of Changes in Net Assets

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

Summarised Statement of Financial Position

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

For and on behalf of the Tūwharetoa Māori Trust Board

Trustee: Date: 7 November, 2025

Secretary: Date: 7 November, 2025

Summarised Statement of Cashflow

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

Statement of Compliance and Basis of Preparation

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The full financial statements have been prepared in accordance with Public Benefit Entity (PBE) standards Reduced Disclosure Regime (RDR) and the entity has made an explicit and unreserved statement of compliance with PBE standards RDR in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements. The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

Pūrongō Pūtea

The summary financial statements are for the Taupō Waters Trust with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in New Zealand dollars and have been rounded to the nearest thousand dollars. The summary financial statements have been prepared in accordance with FRS-43: Summary Financial Statements. The summary financial statements are prepared on the historical cost basis.

Events after the reporting date

The full financial statements, which were authorised for issue on 7 November 2025, have been subject to audit by Silks Audit Chartered Accountants Ltd, Whanganui and an unmodified audit report was issued dated 7 November 2025. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to provide as complete an understanding as that provided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, PO Box 87, Tūrangi, 3353 on request.

There have been no changes in accounting policies.

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements. The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

Summarised Statement of Changes in Net Assets

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

Summarised Statement of Financial Position

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements.

The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board, P O Box 87, Tūrangi, 3353 on request. There ha�e been no changes in accounting policies.

For and on behalf of the Tūwharetoa Māori Trust Board

Trustee: Date: 25 October, 2025

Summarised

Statement

The full financial statements ha�e been prepared in accordance with Public Benefit �ntity �PB�� standards �educed �isclosure �egime �� and the entity has made an explicit and unreser�ed statement of compliance with PB� standards �� in its full financial statements for each period presented in the summary financial statements. The full financial statements meet the requirements of the Māori Trust Boards Act 1955 and the Māori Trust Boards Amendment Act 2011.

of Cashflow

The summary financial statements are for the Tūwharetoa Māori Trust Board Group with specific disclosures included in the summary financial statements extracted from the full financial statements. The summary financial statements are presented in �ew �ealand dollars and ha�e been rounded to the nearest thousand dollars. The summary financial statements ha�e been prepared in accordance with ��3� �ummary �inancial �tatements. The summary financial statements are prepared on the historical cost basis.

��e�ts a�ter the re�orti�� date

The full financial statements, which were authorised for issue on � �o�e��er ��, ha�e been sub�ect to audit by �il�s Audit �hartered Accountants �td, �hanganui and an unmodified audit report was issued dated � �o�e��er ��. The summary financial report has been examined by the auditor for consistency with the full financial report.

The summary financial statements cannot be expected to pro�ide as complete an understanding as that pro�ided by the full financial statements. The full financial statements can be obtained from the office of Tūwharetoa Māori Trust Board,

P O Box 87, Tūrangi, 3353 on request.

There ha�e been no changes in accounting policies.

27 Town Centre, Tūrangi | + 64 (0)7 386 8832 He Whare Hono Building, Level 2, 67 Horomatangi Street, Taupō | +64 (0)7 376 5086

Email: info@tuwharetoa.co.nz

Website: www.tuwharetoa.co.nz

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