BIF Annual Report 2025

www.booster.co.nzBooster Innovation Scheme Annual Report 20251
This Annual Report 2025 has been prepared for
the period 1 April 2024 to 31 March 2025.
Booster
Innovation
Scheme
Annual Report 2025
Booster Innovation Fund

www.booster.co.nzBooster Innovation Scheme Annual Report 20252
Contents
Section 1 Details of the Scheme ............................................................................3
Section 2 Description of the Scheme .....................................................................3
Section 3 Information on composition of the Scheme ...........................................4
Section 4 Changes relating to the Scheme ............................................................5
Section 5 Financial condition and performance of the Scheme ............................6
Section 6 Fees ........................................................................................................7
Section 7 Scheme property.................................................................................... 8
Section 8 Changes to persons involved in the Scheme ........................................ 11
Section 9 How to find further information ............................................................12
Section 10 Contact details and complaints ............................................................ 13

www.booster.co.nzBooster Innovation Scheme Annual Report 20253
1. Details of the Scheme
2. Description of the Scheme
Description of the Scheme: The Booster Innovation Fund (the ‘Fund’) was established to invest in a portfolio
of early-stage companies founded on intellectual property originated or developed in New Zealand that are
selected on the basis that they have the potential to become commercially successful globally. The Fund was
also listed on the NZX Main Board, code BIF, on 2 March 2022.
Date on which the Scheme started: The Scheme was established on 22 October 2020. The Scheme was initially
offered as a wholesale scheme with its first transaction being on 24 August 2021. The Scheme was registered
as a managed investment scheme on 10 November 2021 and became available to retail investors on 18
November 2021.
This Annual Report has been prepared for the year ended 31 March 2025, which covers the period 1 April
2024 to 31 March 2025 (the year).
Name of the scheme:Booster Innovation Scheme (Scheme)
Manager:Booster Investment Management Limited (BIML or Manager)
Supervisor:Public Trust
Product Disclosure
Statement:
The date and status of the latest Product Disclosure Statement for the Scheme is:
• Booster Innovation Scheme – Booster Innovation Fund, dated 11 December
2024 (subsequently updated by way of a Supplementary Document dated
6 May 2025 and 13 June 2025) – open for applications.
Financial Statements
and Auditor’s Report:
The latest financial statements for the Scheme and its auditor report, covering
the financial year 1 April 2024 to 31 March 2025 have been lodged on the scheme
register and are available at www.disclose-register.companiesoffice.govt.nz
or at www.booster.co.nz.

www.booster.co.nzBooster Innovation Scheme Annual Report 20254
3. Information on composition of the Scheme
Units on issue
The number of units on issue in the Fund at the start and at the end of the year was:
Substantial product holders
The Fund is listed on the NZX Main Board under NZX code BIF. Any unit holder that holds more than 5% of
the units in the Fund considered to be a substantial product holder.
A list of the substantial product holders and their respective unit holding in the Fund, as at the end of the
year is as follows:
2
ACNL holds units as a Custodian for underlying investors.
Fund
Units on issue at
1 April 2024
1
Units on issue at
31 March 2025
Booster Innovation Fund12,630,107 14,416,518
1
The opening units as at 1 April 2024 are the closing units as at 31 March 2024.
Substantial product holderUnit holding
Percentage
of holding
Asset Custodian Nominees Limited (ACNL)
2
4,477,44731.06%
Including ACNL as custodian for relevant interests of the
Managing Director of the Manager, Allan Yeo
3,055,209 21.19%
Of which the following units (being relevant interests of
Allan Yeo) are held for Booster Financial Services Limited
2,893,10520.07%
Booster KiwiSaver Scheme
(through PT (Booster KiwiSaver) Nominees Limited)
7,435,96251.58%
Booster SuperScheme
(through PT (Booster Superannuation) Nominees Limited)
1,279,4098.87%

www.booster.co.nzBooster Innovation Scheme Annual Report 20255
4. Changes relating to the Scheme
Statement of Investment Policy and Objectives (SIPO)
No material changes were made to the SIPO of the Scheme’s Fund during the year. A copy of the Scheme’s
most recent SIPO is available at www.booster.co.nz
Governing document
No changes were made to the Scheme’s Trust Deed during the year.
A copy of the Scheme’s Trust Deed is available at www.booster.co.nz.
Related party transactions
There were no material changes to the nature or scale of any related party transactions during the year
and all related party transactions that provided for a related party benefit were on arms’ length terms.
The types of related party transactions that featured during the year also featured in prior years, and
included:
Related parties acquiring units in the Scheme
Related parties of the Scheme and other funds managed by the Manager may (and do) acquire,
hold or dispose of units of the Fund and such transactions have continued during the year.
NZ Innovation Booster Limited Partnership
The Scheme’s Fund owns units in the NZ Innovation Booster Limited Partnership (NZIB). NZIB is a
partnership between Booster Financial Services Limited (‘BFSL’ the parent company of the Manager),
Victoria Link Limited (Wellington UniVentures) and Otago Innovation Limited. Due in part to Booster
Financial Services Limited being a shareholder of the general partner of NZIB, we consider NZIB to be a
related party. The Scheme acquired further units in NZIB during the year.
Capital Commitment
BFSL committed an ongoing capital contribution into NZIB of up to $2 million per year, on an average, for a
minimum of 5 years when NZIB was formed in 2018, subject to the underlying investments meeting NZIB’s
investment criteria. This commitment can be partly or wholly met by the Fund where it is determined to be
in the best interests of the Fund and its investors.
Purchase of interests in companies from Wellington UniVentures via NZIB
As both Wellington UniVentures and BFSL are shareholders of the general partner of NZIB, we consider
Wellington UniVentures to be a related party. As with previous years, during the Year the Fund acquired
NZIB partnership units either from Wellington UniVentures, or to support purchase by NZIB of an interest
in a business Wellington UniVentures held outside of NZIB.
Further information on the Fund and Related Party Benefits can be found in the Scheme’s Product Disclosure
Statement and Other Material Information document available at www.booster.co.nz.
Terms of the offer
There were no material changes made to the terms of the offer of the Scheme’s Fund during the Year.
A number of updates to the Product Disclosure Statement (PDS) – either via replacement PDS or via
Supplementary Document – were made during the Year. These were primarily to update information on the
Booster Innovation Fund Sub-Committee, the Manager’s Board of Directors, or to update Fund financial and
asset information.
A copy of the Scheme’s current PDS and the Supplementary Document is available at www.booster.co.nz.

www.booster.co.nzBooster Innovation Scheme Annual Report 20256
Valuation and pricing methodologies
No changes were made to the Scheme’s Fund valuation and pricing methodologies during the year that
impact the net asset value of the Fund or the value of investor’s interests.
5. Financial condition and performance of the Scheme
The below information is a summary of the financial information for the Scheme for the year ended 31 March
2025 which provides a description of the Scheme’s financial condition. The full financial statements are
available at www.disclose-register.companiesoffice.govt.nz or at www.booster.co.nz.
The financial statements for the Fund are prepared under International Financial Reporting Standards,
which differs to the approach applied for unit pricing purposes. There may be occasions where the financial
statements are adjusted for information that becomes available post balance date relating to the year-end
valuation in accordance with accounting standards. Unit pricing is adjusted as required to reflect the new
information is received.
Statement of Financial Performance of the Fund
For the year ended
31 March 2025 $’000
Investment income/(loss)(1,704)
Fees and expenses(35)
Net income/(loss) before tax(1,739)
Statement of Financial Position of the Fund
As at 31 March 2025
$’000
Cash264
Investments held at fair value 20,133
Performance fee payable0
Other payables(34)
Net Assets20,363
Statement of Changes in net assets attributable to unitholders
For the year ended
31 March 2025 $’000
Net assets at the beginning of the period19,455
Proceeds for units issued2,713
Withdrawals(66)
Net profit after tax(1,739)
Net income/(loss) after tax attributable to unitholders20,363

www.booster.co.nzBooster Innovation Scheme Annual Report 20257
Statement of Cash Flows
For the year ended
31 March 2025 $’000
Opening cash position350
Net cash (outflows) from operating activities(2,733)
Net cash inflows from financing activities2,647
Cash at end of accounting period 264
The below table shows the breakdown on investments held at fair value. Fair value adjustments refer to
unrealised gains/losses for holdings during the period assessed in accordance with valuation methodologies
for the Scheme.
Investments held at fair value
For the year ended
31 March 2025 $’000
Opening balance19,139
Acquisitions 2,729
Distributions-
Fair value adjustments(1,854)
Foreign exchange translation119
Investments at end of year 20,133
6. Fees
Fees and expenses charged by the Fund through the unit price, but not including investor specific action
fees, in respect of the Scheme for the year are:
3
The disclosed fees and expenses represent the amounts either disclosed or reflected in the financial statements of the Scheme’s Fund
over that period.
4
The percentage is calculated based off the dollar amount divided by the average net asset value of the Scheme’s Fund for the year to
31 March 2025.
Any new fees or changes to existing fees are subject to the Scheme Trust Deed. The Manager will consult
and agree any fee change with the Supervisor and provide 1 month’s notice of any increase in the fees or
charges to all investors in the Fund. Expenses may vary from year to year.
Fee Type and Rate
3
Dollar Amount
Percentage of
Scheme Property
4
Fees and Expenses Charged by the Manager or associated persons
Performance-based management fee$00.00%
Fees and Expenses Charged by other persons
Capital raising expensesniln /a
Other fund administration expenses$34,5000.17%
Other fund administration expenses from underlying funds$24,5150.12%

www.booster.co.nzBooster Innovation Scheme Annual Report 20258
7. Scheme property
As at 31 March 2025, the Fund held the following investments:
5
CompanyBusiness Sector
Business
Sub-Sector
Business
Development
Stage
Shareholding
range
Investment
made in
year to
31/03/2025^
Advemto Limited
6,9
Materials and
technologies
Scientific
instrumentation
Early stage10 - 15%No
Alimetry Limited
6

Life sciences and
medical technologies
Screening and
diagnostics –
human health
Expansion0 - 5%No
Allegro Energy Pty
Limited
6
Energy and clean
technologies
Energy storageExpansion0 - 5%No
Avasa Limited
8
Life sciences and
medical technologies
Medical devicesSeed0 - 5%No
BioLumic Inc
Materials and
technologies
Agriculture
technologies
Expansion 0 - 5%No
BioOra Limited
Life sciences and
medical technologies
Life sciences –
human health
Seed0 - 5%Yes, in full
Bontia Bio Limited
6
Life sciences and
medical technologies
Synthetic biologySeed10 - 15%Yes, in full
B.Spkl
Energy and clean
technologies
Green hydrogen
technologies
Seed0 - 5%No
Calocurb Limited
Life sciences and
medical technologies
Health
supplements
Expansion0 - 5%No
Captivate Technology
Limited
Energy and clean
technologies
Carbon captureSeed0 - 5%No
Chitogel Limited
6
Life sciences and
medical technologies
Biotechnology –
human health
Expansion 0 - 5%
Partial –
additional
0.4% acquired
Ferronova Pty
Limited
6
Life sciences and
medical technologies
Screening and
diagnostics –
human health
Expansion 0 - 5%No
Hot Lime Labs
Limited
^
Energy and clean
technologies
Carbon capture -
horticulture
Early stage5 - 10%
Partial -
additional 1.2%
acquired
Inhibit Coatings
Limited
6
Materials and
technologies
Material coatingsEarly stage 5 - 10%No
InsituGen Limited
6
Life sciences and
medical technologies
Screening and
diagnostics – animal
and human health
Seed 10 - 15%No
Komodo Holdings
Limited
Information
technology services
Education
technologies
Early stage0 - 5%No
Kai’s Education
Limited
Information
technology services
Education
technologies
Early stage0 - 5%Yes, in full
Liquium Limited
6
Energy and clean
technologies
Ammonia
production
Seed0 - 15%No
MACSO Technologies
Limited
^
Information
technology services
Animal healthSeed5 - 10%
Partial –
additional
2.7% acquired

www.booster.co.nzBooster Innovation Scheme Annual Report 20259
Marama Labs
Limited
9
Information
technology
services
Software and
measurement
hardware
Early stage5 - 10%No
Mars Bioimaging
Limited
Information
technology
services
Screening and
diagnostics -
human health
Expansion0 - 5%Yes, in full
Montoux Limited
10
Information
technology services
Life and health
insurances
Expansion0 - 5%No
My Better Breathing
Limited (trading as
Good Air)
9
Life sciences
and medical
technologies
Medical devicesEarly stage0 - 5%
Partial –
additional
2.1% acquired
Opo Bio Limited
9
Materials and
technologies
Cellular
agriculture
Seed5 - 10%
Partial –
additional
2.5%
acquired
Orbis Diagnostics
Limited
Life sciences
and medical
technologies
Screening and
diagnostics -
human health
Early stage0 - 5%No
OrbViz Limited
Information
technology services
Analytics
and business
intelligence
Early stage0 - 5%Yes, in full
Scentian Bio Limited
Information
technology services
Smart sensorsEarly stage0 - 5%No
Sensor Holdings
Limited (trading as
StretchSense)
Information
technology
services
Augmented and
virtual reality
Expansion 0 - 5%No
Solros Therapeutics
Limited
6
Life sciences
and medical
technologies
Life sciences -
human health
Seed 5 - 10%Yes, in full
The Sustainable Care
Company Limited
(trading as Cleanery)
^
Life sciences
and medical
technologies
Consumer
products
Expansion 0 - 5%
Partial –
additional
1.4% acquired
Tectonus Limited
Materials and
technologies
Construction
materials
Early stage0 - 5%Yes, in full
Wave TopCo Limited
Energy and clean
technologies
Electric systemsExpansion0 - 5%No
Wellumio Limited
6
Life sciences
and medical
technologies
MRI scannersSeed0 - 5%No
Whole Fish Limited
(trading as Nutrition
from Water)
Materials and
technology
Food nutritionSeed0 - 5%Yes, in full
Woolchemy NZ
Limited
^
Materials and
technology
Natural materialsEarly stage0 - 5%
Partial –
additional
1.2% acquired
X-Frame Pty Limited
6
Materials and
technologies
Construction
materials
Expansion 5 - 10%No
Zincovery Limited
Energy and clean
technologies
Materials
recycling
Early stage0 - 5%Yes, in full

www.booster.co.nzBooster Innovation Scheme Annual Report 202510
The following charts provide an analysis of the composition of the investment portfolio as at 31 March 2025.
Portfolio value by business stage
56% Expansion29% Early stage
13% Seed
1% Cash
Portfolio value by sector
15% Information

services
technology
35% Materials &
technologies
22% Life sciences

& medical
technologies
27% Energy & clean
technologies
1% Cash
Fund value by individual holding
This chart shows the relative size of each of the 37 investments (excluding investments valued at nil) in
which the Fund held an interest in as at 31 March 2025 (as a proportion of NAV). Commercial confidentiality
obligations restrict the identification of each investment.
0%25%
100%50%
75%
^
Follow on (additional) investment made in year to 31 March 2025. Percentage is additional investment acquired.
5
Investments with a $nil value are not included.
6
Investments are held indirectly via an interest in NZ Innovation Booster LP.
7
A portion of the investment is held via a convertible note, percentage indicates estimated equity position on conversion.
8
Investment is held via a security convertible to equity, percentage indicates estimated equity position on conversion.
9
The company underwent recapitalisation of its shareholders during the reporting period.
10
The company was placed into voluntary liquidation and held at an amount above $nil value.

www.booster.co.nzBooster Innovation Scheme Annual Report 202511
8. Changes to persons involved in the Scheme
The Manager
BIML is the manager, administration manager and investment manager of the Scheme. This did not change
during the year.
Changes to Directors of the Manager
During the year the Manager had the following Board changes:
• Dianne Day was appointed as a Director of the Manager on 1 July 2024.
• Richard Kirkland stepped down as a Director the Manager on 2 July 2024.
• Diana Papadopoulos was appointed as an alternate Director of the Manager on 17 March 2025.
Changes in Key Personnel of the Manager
11
Diana Papadopoulos was appointed Chief Executive Officer of the Manager effective 17 March 2025
11
. Diana
was the Chief Customer Officer of the Manager at the time of this appointment.
The Supervisor
Public Trust is the Supervisor of the Scheme and this did not change during the year.
During the year, the Supervisor had the following Board changes:
12
• Kirsty Mary Campbell completed her term as a
Board Member on 15 July 2024.
• Graham Naylor completed his term as a Boad
Member on 15 July 2024.
• Harley Edward Aish was appointed as a Board
Member on 15 July 2024.
• Karen Rosemary Price was appointed as
Deputy Chair of the Board on 15 July 2024 and
was subsequently appointed Acting Chair of
the Board on 1 April 2025.
• Anita Maria Kileen was appointed as a Board
Member on 19 July 2024.
• Matthew Sky Harker was appointed as a Board
Member on 19 July 2024.
• John Duncan ceased as a Board Member on 25
February 2025.
• Ian Fitz Gerald stepped down as Chair of the
Board on 31 March 2025.
11
Since 31 March 2025 there have been a couple of changes to Key Personnel. On 9 May 2025, Nadine Brown was appointed as the
Chief Customer Officer of the Manager, taking over the position recently vacated by Diana Papadopoulos following her appointment
as Chief Executive Officer. On 11 April 2025 Nic Craven stepped down as Chief Investment Officer of the Manager.
12
Will Peet was appointed as a Board Member on 1 June 2025.
Other Persons Involved
The Unit Registrar for units listed on NZX (Link Market Services Limited, now known as MUFG Pension &
Market Services (NZ) Limited),the Custodian PT (Booster Investments) Nominees Limited and the Auditor
(Ernst & Young) did not change during the year.

www.booster.co.nzBooster Innovation Scheme Annual Report 202512
9. How to find further information
Information relating to the Scheme is available on the offer register and scheme register at
www.disclose-register.companiesoffice.govt.nz by searching ‘Booster Innovation Scheme’ for the scheme
register and ‘Booster Innovation Fund’ for the offer register:
• The offer register includes the PDS, fund update, Other Material Information and material contracts for
the Scheme.
• The scheme register includes the Trust Deed, the SIPO, the financial statements and the annual reports
for the Scheme.
A copy of the Scheme’s most recent Climate Statement can be found on the Climate Register at
www.crd-app.companiesoffice.govt.nz by searching ‘Booster Innovation Scheme’.
To request this annual report and other information about the Scheme and your investment (free of charge):
write to Booster Investment Management Limited,
PO Box 11872, Manners Street, Wellington 6142
email investments@booster.co.nz
call 0800 336 338 from 8.00am to 8.00pm (Monday to Friday)
visit www.booster.co.nz

www.booster.co.nzBooster Innovation Scheme Annual Report 202513
* Effective 30 April 2025, the Manager has changed its dispute resolution scheme provider to FSCL from Financial Dispute Resolution
Services.
Booster Investment Management Limited (BIML) is the issuer of the Booster Innovation Scheme. None of BIML, Public Trust, or any
director, board member or nominee of any of those entities, or any other person guarantees the Scheme’s performance, returns or
repayment of capital. A copy of the Scheme’s Product Disclosure Statement is available at www.booster.co.nz.
10. Contact details and complaints
Manager
Chief Operating Officer
Booster Investment Management Limited
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners Street
Wellington 6142
Phone: 0800 336 338
Email: investments@booster.co.nz
Supervisor
General Manager, Corporate Trustee Services
Public Trust
Level 2, Public Trust Building,
22-28 Willeston Street,
Private Bag 5902
Wellington 6140
Phone: 0800 371 471
Email: CTS.Enquiry@PublicTrust.co.nz
If you have any queries on your listed securities holdings, you can contact the Securities Registrar on the
contact details below:
Securities Registrar
MUFG Pension & Market Services (NZ) Limited
(re-branded from Link Market Services Limited during the Year)
Level 30, PwC Tower,
15 Customs Street West
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Email: nquiries.nz@cm.mpms.mufg.com
If you have any queries or complaints about the Scheme, you can contact the Manager (in the first instance),
or the Supervisor, at the contact details below:
If your complaint can’t be resolved by the Manager, the Supervisor or the Unit Registrar, you can refer to the
following approved dispute resolution scheme run by Financial Services Complaints Limited (FSCL)
*
. FSCL
will not charge you a fee to investigate or resolve your complaint.
You can contact FSCL at:
Level 4, 101 Lambton Quay
PO Box 5967
Wellington 6140
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Website: www.fscl.org.nz

www.booster.co.nzBooster Innovation Scheme Annual Report 202514
We’re here to help.
To find out more about Booster Innovation
Scheme, talk to your financial adviser, visit our
website or call us on 0800 336 338.
booster.co.nz
Booster Investment Management Limited
PO Box 11872, Manners Street
Wellington 6142, New Zealand

---

Booster
Innovation
Fund
Financial Statements 202

Statement of Comprehensive Income1
Statement of Changes in Net Assets
Attributable to Unitholders
1
Statement of Financial Position2
Statement of Cash Flows3
Notes to the Financial Statements4
Independent Auditor’s Report16
Contents

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 1
Statement of Comprehensive Income
For the year ended 31 March 2025

20252024

Note
$'000$'000
Interest income5
27
17
7
119 (11)
Net (losses)/gains on financial instruments at fair value through profit or loss7
(1,854)1,622
Tax refund
4
-
Total Income
(1,704)
1,628
Administration costs10
35
35
Total Expenses
35
35
(Loss)/profit for the year before tax
(1,739)
1,593
(Loss)/profit for the year after tax for the period attributable to unitholders
(1,739)
1,593
Other comprehensive income
-
-
Total comprehensive(loss)/income for the period attributable to unitholders
(1,739)
1,593
Statement of changes in net assets attributable to unitholders
For the year ended 31 March 2025

20252024
$'000$'000


Net assets at the beginning of the reporting period
19,455
14,086
Transactions with unitholders
Proceeds from units issued
2,713 3,835
Withdrawals
(66)(59)
Net (loss)/profit after tax and total comprehensive income
(1,739)
1,593
Net assets attributable to unitholders at the end of the reporting period
20,363 19,455
Net gains/(losses) on foreign exchange translation on financial instruments at fair value
through profit or loss
These financial statements should be read in conjunction with the accompanying notes.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 2
Statement of Financial Position
As at 31 March 2025
Note
20252024
$'000$'000
Assets
Cash and cash equivalents6
264
350
Financial assets at fair value through profit or loss7
20,133
19,139
Total Assets
20,397
19,489
Liabilities
Other payables
34 34
Total Liabilities
34 34
Net assets attributable to unitholders
20,363 19,455
Represented by:
Net assets attributable to unitholders
20,363 19,455
John Selby
Director and Chair of the Board
Melanie Templeton
Director
For and on behalf of Booster Investment Management Limited who authorised the issue of these financial statements on 27 June
2025:
These financial statements should be read in conjunction with the accompanying notes.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 3
Statement of Cash Flows
For the year ended 31 March 2025
Note
20252024
$'000$'000
Cash was provided from/(applied to):
Interest income
27
17
Administration costs
(35)(236)
Purchase of financial instruments at fair value through profit or loss
(2,729)(3,385)
Tax refund
4
-
Net cash outflows from operating activities6
(2,733)(3,604)
Cash was provided from/(applied to):
Proceeds from units issued
2,7133,835
Payments for redemption of units
(66)(59)
Net cash inflows from financing activities
2,647
3,776
Net (decrease)/increase in cash held
(86)
172
Cash and cash equivalents at beginning of reporting period
350
178
Cash and cash equivalents at end of reporting period6
264 350
These financial statements should be read in conjunction with the accompanying notes.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 4
Notes to the financial statements
1. Reporting entity
These financial statements are for the Booster Innovation Scheme's only f und, the Booster Innovation Fund (the Fund) as at
31 March 2025 (reporting date). Comparative information has been provided for the year to 31 March 2024.
The Booster Innovation Sche me is established and domiciled i n New Zealand and is an FMC Reporting Entity under the
Financial Markets Conduct Act 2 013. The Scheme is a managed inv
estment scheme. The Scheme is comprised of one
investment fund at the reporting date. The Fund's aim is to provide investors with an opportunity to invest in early stage
companies founded on intellectual property originated or developed in New Zealand that the Manager believes have the
potential to become commercially successful globally. Since 2 March 2022, the Fund's units are quoted on the New Zealand
Stock Exchange (NZX) Main Board operated by the NZX Limited (under code "BIF").
The Scheme was i nitially established on 22 October 202 0 as part of the Booster Investment Scheme II Trust which is dated
18 September 2019.
The Manager of the Scheme is Booster Investment Management Limited, and the Supervisor is
Public Trust.
These financial statements have been prepared for the only Fund within the Scheme and not the Scheme as a whole in
accordance with the Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds)
Exemption Notic
e 2022.
These financial s
tatements were adopted and authorised for issue by the Board of Directors of the Manager on 27 June
2025.
2. Summary of material accounting policies
a) Basis of preparation
The financial statements of the Fund have been prepared in accordanc
e with the Trust Deed governing the Scheme, section
7 of the Financial Markets Conduct Act 2013 and Generally Accepted Accounting Practice in New Zealand (NZ GAAP). For
the purpose of complying with NZ GAAP, the Fund is a for-profit entity. They comply with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS) issued by the New Zealand Accounting Standards Board and
International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board, and other
applicable financial reporting standards as appropriate for profit oriented entities. The financial statements of the Fund have
been prepared in accordance with Tier 1 for-profit reporting requirements outlined in the External Reporting Board's
Acc
ounting Standards Framework (XRB-A1) and they have been prepared on the assumption that the Fund operates on a
going concern basis.
b) Basis of measurement
The financial statements have been prepared on an accruals basis and are based on historical costs modified by the
revaluation of selected assets and liabilities for which the fair value basis of accounting has been applied.
The Statement of Financial Position is presented on a liquidity basis. Assets and liabilities are presented in decreasing order
of liquidity and are not classified between current or non-current.
The Scheme is not registered for GST and the financial statements are stated inclusive of GST where applicable.
c) Functional and presentation currency
The functional currency of the Fund is New Zealand dollars
(NZD).
The financial statements are presented in N
ZD and rounded to the nearest thousand ($'000) unless otherwise stated.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in the Statement of Comprehens
ive Income.
Investments and other monetary assets and liabilities denominated in foreign currency are translated to NZD at the
ex
change rate prevailing at the reporting date.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 5
2. Basis of preparation (continued)
d) Uses of estimates and judgements
e)
Investment entity
f) Unitholders' funds
3. Accounting Policies
4. Standards, amendments, and interpretations to existing standards
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements. The
effective date is for annual periods beginning on or after 1 January 2027. The Fund and Scheme have not early adopted
IFRS 18 .NZ IFRS 18 sets out the requirements for the presentation and disclosure of information in the financial statements
and will not change the net profit reported, only the disclosure of information. The impact on the disclosures for the Funds
and Scheme is yet to be determined.
In the current year the Scheme has adopted amendments issued for Financial Reporting Standard No. 44 New Zealand
Additional Disclosures (FRS 44) for disclosure of fees for audit firms’ services. These amendments improve the
transparency and consistency of disclosures provided about fees paid to the Scheme’s auditor.
Several amendments and interpretations to other standards apply for the first time in the year ended 31 March 2025, but do
not have an impact on the financial statements of the Fund and Scheme.
The accounting policies adopted have been consistently applied throughout the periods presented in these financial
statements.
Material accounting policies that summarise the measurement used and are relevant to the understanding of these financial
statements are provided throughout the accompanying notes.
The preparation of 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 these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation, uncertainty and critical judgements in applying accounting
policies that have the most significant effect on the amounts recognised in the financial statements are described below:
Fair Value of Financial Assets at Fair Value through Profit or Loss
The most significant judgement made in the preparation of these financial statements relates to the reliance on the
Manager's valuation of Level 3 financial assets. Significant judgements, estimates and assumptions were used to derive the
value of the level 3 financial assets at fair value through profit or loss. Refer to note 7 for further detail about the value of
these investments.
The Fund meets the definition of an investment entity. The Manager determined that the Fund meets the definition of an
investment entity by considering the number of unitholders in the Fund, the Fund's business purpose which is to generate a
return to unitholders from capital appreciation and that substantially all of the funds financial assets are measured and
evaluated on a fair value basis.
The Fund will aim to make a limited amount of cash available for withdrawals. Due to the limited cash available for
withdrawals and uncertain demand for withdrawals by other investors, unitholders should regard an investment in the Fund
as not readily redeemable.
Units in the Fund are quoted on the New Zealand Stock Exchange (NZX) Main Board. Unitholders may be able to sell their
units on the NZX if there are interested buyers.
The units qualify as 'puttable instruments' and are classified as equity.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 6
5. Dividend, distribution and interest revenue
6. Cash and Cash Equivalents
20252024
$'000$'000
Cash at bank - Total
264 350
Reconciliation of net (loss)/profit after tax to net cash from operating activities
20252024
$'000$'000
(1,739)
1,593
Movement in assets and liabilities
(2,729)(3,385)
Change in performance fee payable
- (201)
1,854 (1,622)
(119)
11
Net cash outflows from operating activities
(2,733)(3,604)
7. Financial assets at fair value through profit or loss

20252024
$'000$'000
NZ Innovation Booster LP*
11,029
11,728
Unlisted Shares
9,104 7,411
Total financial assets held at fair value through profit or loss
20,133
19,139
NZ IFRS 13 Fair Value Measurement
2025
2024
$'000
$'000
Level 1
-
-
Level 2
-
-
Level 3
20,133
19,139
Total financial assets held at fair value through profit or loss
20,133
19,139
Financial instruments are recognised initially at fair value. Subsequent to initial recognition, all financial instruments at fair value through profit or
loss are measured at fair value with changes in their fair value recognised in profit or loss within the Statement of Comprehensive Income,
resulting in transaction costs being reflected in the movement in fair value for the period.
NZ IFRS 13 Fair Value Measurement, requires the Fund to measure and disclose fair values using the following fair value hierarchy:
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly
(derived from prices);
Level 3: inputs for the asset or liability that are not based on observable market data.
The Fund's financial assets and liabilities at fair value through profit or loss are classified as follows:
* The Fund holds units in NZ Innovation Booster LP, refer to note 11 Related parties for more information.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Fund and the revenue can be readily measured.
Interest Revenue is recognised using the effective interest rate method, and includes revenue earned on cash equivalents.
Net realised and unrealised gains or losses on financial instruments at fair value through profit or loss are calculated as the difference between
the fair value at sale or redemption, or at reporting date, and the fair value recorded at the date of the last valuation. This difference includes both
realised and unrealised gains and losses but does not include interest or dividend revenue.
Payments and receipts relating to the purchase and sale of financial assets are classified as cash flows from operating activities, as income from
and movements in the fair value of these securities represent the Fund’s main income generating activity.
Net (loss)/profit after tax
Purchase of financial instruments at fair value through profit or loss
Net losses/(gains) on financial instruments at fair value through profit or loss
Cash at bank represents cash and on-call deposits with New Zealand banks registered with the Reserve Bank of New Zealand, with the result that
they are subject to insignificant risk of changes in value.
Cash and cash equivalents are classified as financial assets measured at amortised cost in accordance with NZ IFRS 9 Financial Instruments.
Net (gains)/losses on foreign exchange translation on financial instruments at fair
value through profit or loss

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 7
7. Financial assets at fair value through profit or loss (continued)
Reconciliation of level 3 investments for the year:
20252024
$'000$'000
Opening balance19,139
14,143
Acquisitions2,729
3,385
Fair value adjustments(1,854)1,622
Foreign exchange translation119 (11)
Closing balance
20,133 19,139
Valuation Methodology
Price of recent investment supported by other
observable data including achievement to
business plan, recent capital raising activity
and remaining cash balance.
Price of recent investment,
business plan achievement, last
capital raise valuation, recent
capital raising activity.
Management's
assessment of
performance against
business plan.
Unobservable inputsKey inputs
The table below provides information about how the fair value of financial assets valued at fair value through profit or loss for level 3 inputs have
been determined.
Measurement of fair value of financial instruments classified as Level 3
Financial instruments classified as being Level 3 relate to shares in registered unlisted companies, founded on intellectual property originated or
developed in New Zealand, and New Zealand Limited Partnerships (as noted above).
Where the Fund holds the investment directly, the last price at which capital was raised by the relevant business is used as a reference price.
The Manager also considers how recently the business last raised capital and its relevance given changes in the business, as well as any
changes to its target market or its progress towards the commercialisation of its intellectual property since the last capital raise. An assessment
will be made of the extent to which the business has achieved its business plan since the last capital raise, its remaining cash available, and any
capital raising activity in progress, on at least a quarterly basis. Any other new information received in respect of an investment that may be
material to the Fund’s unit price is considered on a monthly basis prior to the issue or redemption of units in the Fund.
Where the Fund holds the investment indirectly, the valuation will be initially determined by the Manager/ Board of the relevant underlying
investment entity and reviewed by the Fund’s Advisory Board prior to approval by the Fund’s Investment Committee. Applying the criteria
described above, where the Manager assesses the value of an investment may have materially changed, a more comprehensive assessment of
value is made including consideration of other indicators of value such as industry valuation benchmarks, similar investment company
comparisons or third-party pricing events where available.
There were no transfers between Level 1, Level 2 and Level 3 in the current financial period.
All financial assets held at fair value through protif or loss are recognised within the financial statements are classified as Level 3 (Non observable
inputs).
Fair value is influenced by how the
business is progressing towards
commercialisation objectives,
which may be evidenced through
the share price of capital raises,
any partially complete capital
raises may result in a material
change in fair value. Review of
any unobservable inputs will be
reviewed to the extent that they
may affect the fair value.
Sensitivity analysis

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 8
7. Financial assets at fair value through profit or loss (continued)
Company Development
stage
% share interest
Advemto Limited
1.6
Early stage10.2%
Alimetry Limited
1
Expansion0.7%
Allegro Energy Pty Limited
1
Expansion2.6%
Amaroq Therapeutics Limited
1
Seed9.6%
Avalia Immunotherapies Limited
1, 2
Seed10.2%
Avasa Limited
4
Seed1.5%
BioLumic IncExpansion1.0%
BioOra LimitedEarly stage1.8%
Bontia Bio Limited
1
Seed7.8%
B.Spkl LimitedSeed2.4%
Calocurb Holdings LimitedExpansion2.4%
Captivate Technology LimitedSeed3.5%
Chitogel Limited
1
Expansion1.7%
Codify Asset Solutions (CAS) Limited
1
Early stage2.4%
Ferronova Pty Limited
1
Expansion
3.5%
Hot Limes Labs LimitedEarly stage5.2%
Inhibit Coatings Limited
1
Early Stage6.3%
InsituGen Limited
1
Seed12.8%
Jaipuna Limited (trading as Amy.app) Early stage1.4%
Kai's Education LimitedEarly stage2.1%
Komodo Holdings LimitedEarly stage4.0%
Ligar Limited Partnership
1, 2
Expansion0.7%
Liquium Limited
1
Seed7.3%
MACSO Technologies Limited
5
Seed5.7%
Marama Labs Limited
1
Early Stage6.0%
Mars Bioimaging LimitedExpansion0.7%
Mekonos Inc
1.2
Expansion0.4%
Montoux Limited
2
Expansion3.4%
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 9
2 The investment value has decreased to $nil or near $nil value as the company is in liquidation or under receivership
3 The investment is held via a convertible note, percentage indicates estimated equity position on conversion
4 Investment is held via a security convertible to equity, percentage indicates estimated equity position on conversion, often referred to as a
SAFE or simple agreement for equity
Carbon capture -
horticulture
Material coatings
Life sciences and medical
technologies
Energy and clean technologies
Information technology services
Building industry
software
Health supplements
Medical devices
Materials and technologiesScientific instrumentation
Life sciences and medical
technologies
Screening and
diagnostics – human
Energy and clean technologiesEnergy storage
Life sciences and medical
technologies
Life sciences – human
health
Life sciences and medical
technologies
Materials and technologies
Energy and clean technologiesCarbon capture
Biotechnology – human
health
Green hydrogen
technologies
Life sciences and medical
technologies
Business sectorBusiness sub-sector
The following table represents the Funds interest based on shares issued at the reporting date for level 3 financial assets:
Screening and
diagnostics – animal
health
Ammonia production
Education technologies
Life sciences and medical
technologies
Screening and
diagnostics - human
Life sciences – human
health
Life sciences and medical
technologies
Animal health
Materials and technology
Materials and technology
Agriculture technologies
Energy and clean technologies
Life sciences and medical
technologies
Energy and clean technologies
Biotechnology materials
Education technologies
Information technology servicesEducation technologies
Life sciences and medical
technologies
Screening and
diagnostics - human
health
Life sciences and medical
technologies
Life sciences – human
health
Life sciences and medical
technologies
Synthetic biology
6 The company underwent recapitalisation of its shareholders during the reporting period
Software and
measurement hardware
Information technology services
Insurance technology
Information technology services
Information technology services
1 Investments are held indirectly via an interest in NZ Innovation Booster LP
Information technology services
Information technology services
Life sciences – human
health
Life sciences and medical
technologies
5 Investment via a security convertible to equity was converted into preference shares in March 2025

7. Financial assets at fair value through profit or loss (continued)
Company Development
stage
% share interest
My Better Breathing Limited (trading as Good
Air)
6
Early stage4.6%
Opo Bio Limited
6
Seed8.5%
Opum Technologies Limited
2
Early stage2.8%
Orbis Diagnostics LimitedEarly stage0.6%
OrbVis LimitedEarly stage2.0%
PowerON Limited
2
Early stage5.1%
Scentian Bio LimitedEarly stage2.2%
Sensor Holdings Limited (trading as
StretchSense)
Expansion1.9%
Solros Therapeutics Limited
1
Seed7.8%
The Sustainable Care Company Limited
(trading as Cleanery)
Consumer
products
Expansion
3.6%
TamoRx Limited Seed4.2%
TasmanIon Limited
1
Seed9.6%
Tectonus LimitedEarly stage2.2%
Upstream Medical Technologies Limited
1, 3
Early stage3.0%
Wave TopCo Limited Expansion1.7%
Wellumio Limited
1
Seed2.7%
WholeFish Limited (trading as Nutrition from
Water, Inc.)
Seed
1.7%
Woolchemy NZ LimitedEarly Stage3.8%
X-Frame Pty Limited
1
Expansion7.6%
Zincovery LimitedEarly stage1.2%
Information technology services
Augmented and virtual
reality
Life sciences and medical
technologies
Life sciences – human
health
Energy storage
Materials and technology
Soft Robotics
Life sciences and medical
technologies
Life sciences – human
health
Energy and clean technologies
Food nutrition
Life sciences and medical
technologies
MRI scanners
Life sciences and medical
technologies
Life sciences and medical
technologies
Screening and
diagnostics
Analytics and business
intelligence
Information technology services
Life sciences and medical
technologies
Information technology servicesSmart sensors
Screening and
diagnostics – human
Business sub-sector
Life sciences and medical
technologies
Screening and
diagnostics - human
Materials and technology
Materials and technologiesConstruction materials
Cellular agriculture
Life sciences and medical
technologies
Materials and technology
6 The company underwent recapitalisation of its shareholders during the reporting period
Electric systemsEnergy and clean technologies
1 Investments are held indirectly via an interest in NZ Innovation Booster LP
2 The investment value has decreased to $nil or near $nil value as the company is in liquidation or under receivership
3 A portion of the investment is held via a convertible note, percentage indicates estimated equity position on conversion
4 Investment is held via a security convertible to equity, percentage indicates estimated equity position on conversion, often referred to as a
SAFE or simple agreement for equity
5 Investment via a security convertible to equity was converted into preference shares in March 2025
Construction materials
Materials recyclingEnergy and clean technologies
Materials and technologyNatural materials
Materials and technologies
Business sector
The following table represents the Funds interest based on shares issued at the reporting date for level 3 financial assets:
Medical devices

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 10
7. Financial assets at fair value through profit or loss (continued)
Business Development Stage
8. Financial risk management
As at reporting date, the Fund is invested in unlisted companies and an unlisted limited partnership. Risks arising from holding financial
instruments are managed through a process of on-going identification, measurement and monitoring. The Fund may be exposed to credit risk,
market price risk and liquidity and cash flow risk arising from the financial instruments it holds.
The risks are measured using a method that reflects the expected impact on the results and net assets attributable to Unitholders of the Fund
from reasonably possible changes in the relevant risk variables.
Information about these risk exposures at the reporting date, measured on this basis, is disclosed below. Information about the total fair value of
financial instruments exposed to risk, as well as compliance with established investment mandate limits, is also monitored by the Manager. These
mandate limits reflect the investment strategy and market environment of the Fund, as well as the level of risk that the Fund is willing to accept.
This information is prepared and reported to relevant parties within the Manager on a regular basis (ranging from daily to monthly depending on
the nature of the information) as deemed appropriate.
In order to avoid excessive concentrations of risk, the Manager monitors the Fund's exposure to ensure concentrations of risk remain within
acceptable levels. The risk management policies employed by the Manager to manage these risks are discussed below.
Early stage (or sometimes referred to as ‘start-up’)
This stage frequently involves more than one investment which provides funding for product development, pilot production, team expansion and
the first sales. Capital funding typically provides the business with sufficient cash for 2-4 years.
Company Formation (or sometimes referred to as ‘seed’)
This is the pre-revenue company establishment stage once the intellectual property is ready for commercialisation. It involves the employment of
initial staff, formation of the Board, confirmation of the business model including product development, market validation and initiating the
company's intellectual property strategy. Typically, the company secures initial investment in the order of $1m and this takes the company through
the first 18 months of its existence.
Expansion (or sometimes referred to as Series A and B)
At this stage the company has proven its technology and is seeking to expand its market share and scale its business operations and capability.
Credit risk
Credit risk represents the risk that the counterparty will fail to discharge an obligation and cause the Fund to incur a financial loss.
With respect to credit risk arising from the financial assets of the Fund, the Fund's exposure to credit risk arises from default of the counterparty,
with the current exposure equal to the fair value of these instruments as disclosed in the Statement of Financial Position. This does not represent
the maximum risk exposure that could arise in the future as a result of changes in values, but best represents the current maximum exposure at
the reporting date.
Concentrations of credit risk are minimised in the Fund primarily by:
- Ensuring due diligence is completed on the counterparties and regular reviews are completed against milestones throughout the year; and
- Ensuring that transactions are undertaken with a large number of counterparties.
The carrying amount of financial assets best represents the maximum credit risk exposure at each reporting date. This relates also to financial
assets carried at amortised cost, as they have a short term to maturity.
The Manager does not consider there to be significant credit risk in relation to the Fund as there is no accounts receivable or material cash
equivalents.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 11
8. Financial risk management (continued)
20252024
$'000$'000
Financial instruments exposed to market price risk
20,133
19,139
Market -30%
(6,040)(5,742)
Market +30%
6,040
5,742
9. Capital Risk Management
10. Auditor's remuneration
2025
2024
$'000$'000
63
49
1 1
Total
64
50
Audit fees - Ernst & Young
Market price risk
Market price risk is the risk that the value of the Fund will fluctuate as a result of changes in market prices. This risk is managed by ensuring that
all activities are transacted in accordance with mandates, overall investment strategy and within approved limits.
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The
Fund's only exposure to interest rate risk is on its cash and cash equivalents.
Cash and cash equivalents are current and the Fund does not consider there to exist any significant interest rate risk.
Price risk
The Fund is exposed to security price risk. This arises from investments held by the Fund for which prices in the future are uncertain.
The analysis below shows the effect of fair value changes on profit or loss and equity that would result in reasonable changes in market
fluctuations where the Fund has invested directly in equity securities or in a limited partnership.
The Fund's capital is represented by redeemable units and is reflected in the Statement of Financial Position as net assets attributable to
Unitholders.
The Fund's objective when managing capital is to safeguard its ability to continue as a going concern in order to provide long-term returns for
unitholders on the investment activities thereof.
The Manager monitors capital on the basis of the value of net assets attributable to unitholders. Compliance with investment management
mandate limits is monitored by the Manager with oversight from the Supervisor.
Liquidity and cash flow risk
Liquidity risk is the risk that the Fund will experience difficulty in either realising assets or raising sufficient funds to satisfy commitments
associated with financial instruments. Cash flow risk is the risk that future cash flows derived from holding financial instruments will fluctuate.
This risk applies in relation to withdrawing units. Unlisted shares in early stage companies by nature have relatively long return timeframes. As a
result, an investment in the Fund should be considered as not readily redeemable on demand. The Fund aims to have a limited amount of cash
available for withdrawals on a quarterly basis.
When an underlying investment is sold, the Manager may make some or all of the proceeds of the sale available for withdrawal.
Should full realisation of assets be required, it is reasonable to expect this may take greater than six months due to the nature of the underlying
assets the Fund invests in.
Other assurance services relate to the audit of the Scheme's registry. The Fund accrues for audit fees during the year. Direct expenses are
limited to $30,000 plus GST per annum, any amounts over this are paid by the Manager.
Other assurance services - Ernst & Young

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 12
11. Related parties (continued)
The related parties as at 31 March 2025 are presented as follow:
a) Responsible Entities
20252024
$'000
$'000
NZ Innovation Booster Limited Partnership
11,029
11,728
NZIB is a limited partnership registered under the Limited Partnerships Act 2008. It is not a registered managed investment scheme under the
Financial Markets Conduct Act 2013.
d) Investment in NZ Innovation Booster Limited Partnership (NZIB)
The above holding represents 55% holding in NZIB.
b) Manager's management fees and other transactions
Under the terms of the Trust Deed, the Manager is entitled to receive performance management fees from the Fund within the Scheme. When
applicable these fees are disclosed in the Statement of Comprehensive Income as "performance management fee". The performance based fee
is payable to the Manager in the form of units when the Funds performance exceeds the hurdle rate of return (of 10% per annum). The fee is
equal to 20% of the excess return. The fee is calculated daily, paid annually based on the annual return. The fee is reviewed and adjusted, if
required, following the release of the audited accounts. As at the reporting date no performance fee was payable (31 March 2024: $nil).
The Manager and/or the Supervisor are entitled to deduct or be reimbursed out of the Fund within the Scheme for other costs, disbursements,
charges, or expenses incurred. These are accrued through the unit price daily. For the 12 months ended 31 March 2025 the amounts paid totalled
$34,500 (31 March 2024: $33,000). Direct expenses are limited to $30,000 plus GST per annum, any amounts over this are paid by the Manager.
c) Fees paid to the Supervisor
Under the terms of the Trust Deed, the Supervisor is entitled to receive Supervisor fees. The Manager pays these fees on behalf of the Fund
which totalled $2,045 for the year ended 31 March 2025 (31 March 2024: $1,770).
The general partner of NZIB is NZ Innovation GP Limited and Booster Financial Services Limited is a 50% shareholder of the general partner.
The table below shows the Fund's fair value investment into NZIB:
Booster Investment Management Limited (BIML) is the Manager of the Scheme. BIML is a wholly owned subsidiary of Booster Financial Services
Limited (BFS). BFS holds units in the Fund as noted in 11(g) below.
Public Trust is the Supervisor for the Scheme. Public Trust does not hold or has ever held units in the Fund.
Asset Custodian Nominees Limited (ACNL) is wholly owned by Booster Financial Services Limited. ACNL holds units in the Fund on behalf of
investors in its capacity as a custodian company for the Booster Wrap Administration System.

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 13
11. Related parties (continued)
20252024
$'000
$'000
Booster KiwiSaver Scheme
Booster KiwiSaver High Growth Fund2,508
2,384
Booster KiwiSaver Balanced Fund1,680 1,681
Booster KiwiSaver Moderate Fund417 456
Booster KiwiSaver Geared Growth Fund1,663 1,414
Booster KiwiSaver Growth Fund
1,719
1,664
Booster KiwiSaver Socially Responsible High Growth Fund
1,537
1,163
Booster KiwiSaver Socially Responsible Balanced Fund
617
517
Booster KiwiSaver Socially Responsible Moderate Fund
74
67
Booster KiwiSaver Socially Responsible Growth Fund
88
50
Booster KiwiSaver Socially Responsible Geared Growth Fund
162
82
Total Booster KiwiSaver Scheme
10,465
9,478
Booster SuperScheme
Booster SuperScheme Conservative Portfolio
139
153
Booster SuperScheme Balanced Portfolio
607
660
Booster SuperScheme Growth Portfolio539 562
Booster SuperScheme High Growth Portfolio
272
265
Booster SuperScheme Socially Responsible Balanced Portfolio
92
78
Booster SuperScheme Socially Responsible High Growth Portfolio
69
40
Booster SuperScheme Sterling Socially Responsible Balanced Portfolio
82
80
Total Booster SuperScheme1,800 1,838
Booster Investment Scheme
Defensive Fund2
3
Moderate Fund57 63
Balanced Fund212 224
Growth Fund112 114
High Growth Fund87 89
Shielded Growth Fund39 37
Socially Responsible Moderate Fund
27
23
Socially Responsible Balanced Fund
138
118
Socially Responsible High Growth Fund
59
50
Focus Moderate Fund
21
19
Focus Balanced Fund
52
44
Focus Growth Fund
24
20
Focus High Growth Fund
22
15
Socially Responsible Growth Fund
8
-
Total Booster Investment Scheme
860
819
Other funds managed by BIML invest in the Fund, as follows as at reporting date:
e) Investment by funds managed by related parties

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 14
11. Related parties (continued)
20252024
$'000
$'000
Booster Financial Services Limited
4,071
4,389
12. Taxation
20252024
Tax expense comprises:
$'000
$'000
Current tax expense/(benefit)
-
-
Deferred tax expense/(benefit)
-
-
Total tax expense
- -
20252024
Tax expense comprises:
$'000
$'000
(Loss)/profit before tax
(1,739)
1,593
Listed PIE (loss)/profit before tax
(1,739)1,593
Less: (Loss)/Income not assessable for taxation
(1,739)
1,593
Taxable Income
- -
Income tax using the statutory income tax rate 28%
-
-
Income not assessable for taxation
-
-
Income tax expense as per Statement of Comprehensive Income
- -
20252024
Imputation credits
$'000
$'000
Imputation credits opening balance
-
-
Imputation credits available resulting from the payment of the provision for tax
-
-
Imputations utilised in the period
-
-
Imputation credits available 31 March 2025
- -
The ultimate parent company of the Manager, Booster Financial Services Limited, invests in the Fund as follows as at reporting date:
The Fund is registered as a listed Portfolio Investment Entity ('Listed PIE'). As a Listed PIE, the Fund is liable for tax at the prevailing company tax
rate (28%) on taxable interest and dividends and gains and losses from its investments after the deduction of management fees and other
deductible expenses. The Fund will pay tax to cover a tax liability in full, and in this event will accumulate imputation credits. Annually a Listed PIE
is required to attach imputation credits to the fullest extent under the tax rules to its distribution (if paid).
The prima facie income tax expense on profit before tax reconciles to the income tax expense in the financial statements as follows:
f) Investment by ultimate parent company of the Manager

Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 15
13. Earnings per unit
The Fund's diluted EPU is the same as the basic EPU since the Fund has not issued any instrument with dilutive potential.
20252024
'000s
$'000
(Loss)/profit after tax
(1,739)
1,593
Weighted average number of units
14,417
12,630
Basic and diluted earnings per unit (cents per unit)
(12.06)12.61
14. Net tangible assets per unit

20252024
$$
Net tangible assets per unit
1.41
1.54
15. Contingent Assets, Liabilities, and Commitments
16. Other matters
17. Events occurring after reporting date
No significant events have occurred since the reporting date which would impact on the financial position of the Fund or on the financial
performance and cash flows of the Fund for the year ended on that date.
Net tangible assets per unit is a non-GAAP measure. The net tangible assets per unit is calculated on a Fund basis by dividing the net assets
attributable to unitholders by the units on issue at the end of the period.
Commitments
At the reporting date, the Fund has committed to additional investment amounts totalling $1,003,000 (31 March 2024: $978,000).
There are no other outstanding contingent assets or liabilities or commitments at the reporting date.
FMA Proceedings against the Manager of the Scheme

On Wednesday 12 June 2024, the Financial Markets Authority (FMA) filed civil proceedings against Booster Investment Management Limited
(BIML) and five of its Senior managers and executive directors (the BIML Individuals). The FMA’s Statement of Claim alleges 75 causes of action
against BIML and the BIML Individuals relating to 18 investments made by BIML between 2017 and 2023, into a limited partnership, the Booster
Tahi Limited Partnership (Tahi), which invested into a series of New Zealand wine businesses, later amalgamated into the Booster Wine Group.
. The causes of action against BIML allege breaches of the following provisions of the FMCA:

o section 143(1):a failure to act in the best interests of the Booster Scheme participants by investing in the circumstances;

o section 143(2): a failure to carry out functions of a manager in accordance with the governing document, SIPO and other issuer
obligations;

o section 173: entering into a transaction giving related party benefits without obtaining the supervisor’s consent or certification that the
transaction falls under an exception specified in the FMCA; and

o section 144: a failure to exercise the requisite care diligence and skill when exercising BIML’s power to invest scheme property.
The FMA is seeking declarations; pecuniary penalties (with a maximum penalty of $600,000 for BIML per charge); a court determined inquiry into
damages to determine any harm or loss any investors suffered as a result of any breach; and costs. Booster is defending the FMA’s claims. Any
legal costs that are incurred and any pecuniary damages that may be imposed are the expenses of BIML directly and will not impact this Scheme.
It is difficult to calculate exposure to BIML at this early stage. In terms of penalty if BIML is found to have contravened the FMCA, the court will
have regard to s 506 of the FMCA (which provides that a person is only liable to 1 pecuniary penalty order for the same conduct) and the totality
principle (i.e. that the total penalty should reflect the overall seriousness rather than merely the number of charges). The court case is expected
to begin in February 2027.
The Scheme has no exposure to the Booster Tahi LP.
The basic earnings per unit (EPU) is calculated by dividing profit after tax for the period attributable to unitholders by the weighted average
number of units on issue during the period at a Fund level.

A member firm of Ernst & Young Global Limited


Independent auditor’s report to the Unitholders of the Booster Innovation Fund

Opinion
We have audited the financial statements of the Booster Innovation Fund (the “Fund”, the only
constituent fund of Booster Innovation Scheme (the “Scheme”)) on pages 1 to 15, which comprise the
statement of financial position of the Fund as at 31 March 2025, and the statement of changes in net
assets attributable to Unitholders, the statement of comprehensive income and the statement of cash
flows for the year then ended of the Fund and the notes to the financial statements including a
summary of material accounting policies.
In our opinion, the financial statements on pages 1 to 15 present fairly, in all material respects, the
financial position of the Fund as at 31 March 2025 and its financial performance and cash flows for
the year then ended in accordance with New Zealand equivalents to International Financial Reporting
Standards and International Financial Reporting Standards.
This report is made solely to the Fund’s Unitholders, as a body. Our audit has been undertaken so that
we might state to the Fund’s Unitholders those matters 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 Fund and the Fund’s Unitholders, as a body, for our
audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report.
We are independent of the Fund and the Scheme 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.
Partners and employees of our firm may deal with the Fund or Scheme on normal terms within the
ordinary course of the business of the Fund or Scheme. We have no other relationship with, or interest
in, the Fund or Scheme.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, but we do not
provide a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.

A member firm of Ernst & Young Global Limited


We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinions on
the accompanying financial statements.
Financial Assets at Fair Value through Profit or Loss
Why significant How our audit addressed the key audit matter
► The Fund’s portfolio of investments,
being its financial assets at fair value
through profit or loss, represents
substantially all of its total assets.
► As detailed in the Fund’s accounting
policies, as described in Note 2 (d) to the
financial statements, the financial assets
at fair value through profit or loss are
recognised in accordance with NZ IFRS 9
Financial Instruments.
► The portfolio includes investments in
early-stage entities which are unquoted,
for which no other market price is
available and whose valuation requires
use of assumptions with little or no
observable inputs. The Fund applies the
market approach valuation technique,
adjusted for changes in the business, to
value these investments. In addition,
similar investments are held through the
Fund’s interest in NZ Innovation Booster
Limited Partnership (the “Limited
Partnership”). The Limited Partnership
values its interests in early-stage entities
in a consistent manner.
► The fair value assessment requires
significant judgement by management, in
particular with regard to key input
factors such as changes in the business
and commercialisation of intellectual
property, and the impact these have on
valuation inputs. Therefore, the
recognition and measurement of the
In relation to the valuation of direct investments
by the Fund and those held through the Limited
Partnership, our audit procedures included:
► Obtaining an understanding of
management’s assessment of the investment
valuations and the methods used to assess
these;
► Considering the progress of the businesses
against their anticipated performance
metrics or recent fundraising activities by
those businesses in assessing management’s
valuations;
► Ensuring the percentage ownership of each
investment at 31 March 2025 was
appropriately reflected in the valuation
calculations;
► For a sample of investments, engaged our
valuation experts to challenge the work
performed by management and assess the
reasonableness of the assumptions used
based on their knowledge gained from
reviewing valuations of similar investments,
known transactions and other accepted
approaches in the industry;
► Agreeing the purchase of investments to
supporting evidence of the transaction; and
► Validating the fair value gains or losses
recognised by considering the year end fair
value and the purchase of investments
during the year.

A member firm of Ernst & Young Global Limited


investment portfolio is considered a key
area of audit focus.
► Disclosures regarding the Fund’s
investments are included in Note 7 to the
financial statements.
We also assessed the disclosures in the financial
statements, including whether they appropriately
reflect the Fund’s exposure to financial
instrument risk with reference to NZ IFRS 7
Financial Instruments: Disclosures.
Information other than the financial statements and auditor’s report
The Manager of the Scheme is responsible for the other information. The other information comprises
the annual report, which includes the Climate Statement but does not include the financial statements
and our auditor’s report thereon. We obtained the annual report other than the Climate Statement
prior to the date of this auditor’s report. The Climate Statement is expected to be made available to us
after the date of this report.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements, or our knowledge obtained during the audit, or otherwise appears to be
materially misstated.
If, based upon the work we have performed on the other information that we 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. When we
read the Climate Statement, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Manager’s responsibilities for the financial statements
The Manager is responsible, on behalf of the Fund and the Scheme, for the preparation and fair
presentation of the financial statements in accordance with New Zealand equivalents to International
Financial Reporting Standards and International Financial Reporting Standards, and for such internal
control as the Manager determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing on behalf of the Fund
and the Scheme, the Fund’s and Scheme’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 Manager either intends to liquidate the Fund or Scheme or cease operations, or have no realistic
alternative but to do so.

A member firm of Ernst & Young Global Limited


Auditor’s responsibilities for the audits of the financial statements
Our objectives are to obtain reasonable assurance about whether the 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 opinions. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with International Standards on Auditing (New Zealand) 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 economic decisions of Unitholders taken on the basis of these financial statements.
A further description of the auditor’s responsibilities for the audits of the financial statements is
located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards-for-assurance-
practitioners/auditors-responsibilities/audit-report-2/. This description forms part of our auditor’s
report. The engagement partner on the audit resulting in this independent auditor’s report is Stuart
Mutch.



Chartered Accountants
Wellington
30 June 2025

Booster Innovation Fund
Level 19, Aon Centre
1 Willis Street
Wellington 6011