BIF Annual Report 2026
www.booster.co.nzBooster Innovation Scheme Annual Report 20261
This Annual Report 2026 has been prepared for
the period 1 April 2025 to 31 March 2026.
Booster
Innovation
Scheme
Annual Report 2026
Booster Innovation Fund
www.booster.co.nzBooster Innovation Scheme Annual Report 20262
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 ............................7
Section 6 Fees ........................................................................................................8
Section 7 Scheme property.................................................................................... 9
Section 8 Changes to persons involved in the Scheme ........................................ 13
Section 9 How to find further information ............................................................14
Section 10 Contact details and complaints ............................................................ 15
www.booster.co.nzBooster Innovation Scheme Annual Report 20263
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 2026, which covers the period 1 April
2025 to 31 March 2026 (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 8 December
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 2025 to 31 March 2026 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 20264
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 2025
1
Units on issue at
31 March 2026
Booster Innovation Fund14,416,518 16,330,729
1
The opening units as at 1 April 2025 are the closing units as at 31 March 2026.
Substantial product holderUnit holding
Percentage
of holding
Booster KiwiSaver Scheme
(through PT (Booster KiwiSaver) Nominees Limited)
9,102,72655.7%
Asset Custodian Nominees Limited (ACNL)
2
4,609,47528.2%
Included within ACNL:
Units held as custodian for relevant interests of the Managing Director
of the Manager’s ultimate parent company, Booster Group Limited,
Allan Yeo
3,136,172 19.2%
Of which the following units (being relevant interests of Allan Yeo) are
held for Booster Financial Services Limited
2,974,06918.2%
Booster SuperScheme
(through PT (Booster Superannuation) Nominees Limited)
1,380,8588.9%
www.booster.co.nzBooster Innovation Scheme Annual Report 20265
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 the Fund (via its custodian), BFSL, the parent company of the Manager, and
Victoria Link Limited (Wellington UniVentures), Otago Innovation Limited (OIL) and Auckland Uni
Services (AUS). Wellington UniVentures, OIL and AUS (together our ‘investment partners’) are wholly
owned subsidiaries of Victoria University of Wellington, University of Otago and the University of
Auckland respectively.
Due in part to BFSL being a shareholder of the general partner of NZIB, we consider NZIB to be a
related party. As Wellington UniVentures, BFSL, OIL and AUS are shareholders of the general partner
and are limited partners of NZIB, they could also be considered to be related parties. NZIB holds
shares in the underlying businesses.
• During the Year, there were changes to the shareholders of NZIB’s general partner and its limited
partners:
- On 8 December 2025, AUS joined NZIB as a new investment partner and became a shareholder of
NZIB’s general partner. This addition is expected to broaden BIF’s investment pipeline and enhance
access to early-stage investment opportunities across New Zealand’s leading research institutions.
- Following this change, the NZIB Limited Partnership (LP) Agreement was updated accordingly.
In connection with this update, the ownership of NZIB’s general partner was revised. BFSL and
Wellington UniVentures each reduced their shareholding from 50% to 25%, while OIL and AUS
each acquired a 25% shareholding in the general partner of NZIB.
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. Currently other Booster Managed Funds have agreed to take on
50% of that commitment. These commitments 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.
www.booster.co.nzBooster Innovation Scheme Annual Report 20266
Purchase of interests in companies from Wellington UniVentures via NZIB
• As in previous years, during the Year the Fund acquired NZIB partnership units either from our
investment partners or to support purchase by NZIB of an interest in businesses that were 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
Excluding matters noted below, there were no material changes made to the terms of the offer of the
Scheme’s Fund during the Year.
• Climate reporting changes
- On 22 October 2025 the Government announced that Managed investment scheme (MIS) managers
will be removed from the climate reporting regime and will no longer be required to produce annual
climate statements. Following changes to regulatory requirements, the Manager has ceased
preparing annual climate statements for the Fund with the statements for the year ended
31 March 2025 being the last.
• Responsible Investment Policy Update
- During the Year, the Responsible Investment Policy was amended to clarify the approach to
consideration of Environmental, Social and Governance (ESG) matters in investment decision
making. ESG integration methodologies used for certain listed investments are not applied to
unlisted investments (which this Fund invests in) as ESG comparisons can be harder to make.
• Changes to the Fund’s Investment Committee
- On 5 June 2025:
• The Fund’s Investment Committee ceased operating as a subcommittee of the Booster
Investment Committee and fulfils the full Investment Committee role for the Fund, with
reporting obligations to the Board of the Manager.
• Daniela (Dana) McKenzie was appointed as a full member of the Fund’s Investment Committee
and ceased her role within the Advisors team.
• Changes to the Fund’s Advisor team
- On 5 June 2025, John Selby and Dana McKenzie ceased their roles from the Advisors team.
- On 15 September 2025, Deborah (Deb) Shepard was appointed to the Advisors team.
- On 20 November 2025, Craig Squire was appointed to the Advisors team.
• During the Year, the Scheme’s Product Disclosure Statement was updated to:
- reduce the minimum initial investment amount from $1,000 to $500;
- note that valuation assessments for Fund interests held by NZIB would now follow the same
approval process for directly held interests;
- change the approved dispute resolution scheme provider to Financial Services Complaints Limited
(effective 30 April 2025); and
- other immaterial changes.
Refer to the Product Disclosure Statement for further information on the changes described above.
A copy of the Scheme’s current Product Disclosure Statement is available at www.booster.co.nz
Valuation and pricing methodologies
No changes were made to the Scheme’s Fund valuation and pricing methodologies during the Year that
impact on the net asset value of the Fund or the value of investor’s interests, except for the valuation
approval process change for NZIB held interests noted above.
www.booster.co.nzBooster Innovation Scheme Annual Report 20267
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
2026 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 new
information received.
Statement of Financial Performance of the Fund
For the year ended
31 March 2026 $’000
Investment income1,764
Fees and expenses(35)
Net income before tax1,729
Statement of Financial Position of the Fund
As at 31 March 2026
$’000
Cash326
Investments held at fair value 24,470
Tax payable(78)
Other payables(35)
Net Assets24,683
Statement of Changes in net assets attributable to unitholders
For the year ended
31 March 2026 $’000
Net assets at the beginning of the period20,363
Proceeds for units issued3,074
Withdrawals(347)
Net profit after tax1,593
Net Assets attributable to unitholders24,683
Statement of Cash Flows
For the year ended
31 March 2026 $’000
Opening cash position264
Net cash (outflows) from operating activities(2,665)
Net cash inflows from financing activities2,727
Cash at end of the Year326
www.booster.co.nzBooster Innovation Scheme Annual Report 20268
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 2026 $’000
Opening balance (investments at 31 March 2025)20,133
Acquisitions 2,585
Distributions-
Fair value adjustments1,756
Foreign exchange translation(4)
Investments at end of the Year 24,470
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 2026.
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$34,5000.14%
Other fund administration expenses from underlying funds$20,4880.08%
www.booster.co.nzBooster Innovation Scheme Annual Report 20269
7. Scheme property
As at 31 March 2026, the Fund held the following investments:
Company
^
Company
StageDescription
Shareholding
range
Investment
made in year
to 31/03/2026
Advemto Limited
5
Seed
Developing ultrafast spectroscopy
systems, that can reduce research
analysis from months to days.
5 - 10%No
Alimetry Limited
5,6
Expansion
Sell non-invasive devices for aiding
informed diagnostics for gastric disease.
0 - 5%No
Allegro Energy Pty
Limited
5
Expansion
Developing high performance water-
based electrolytes to provide a low cost,
clean and green energy storage solution.
0 - 5%No
Amaroq Therapeutics
Pty Limited
5
Seed
Developing a new class of therapeutics
that target long non-coding RNA in
cancer.
0 - 5%No
Avasa LimitedEarly stage
Developing a novel implantable medical
device that aids in complex microvascular
artery and vein reconstruction.
0 - 5%
Partial, additional
2% acquired
BioLumic IncExpansion
Improves crop yield and quality by
treating seeds and seedlings with
UV-light recipes.
0 - 5%No
BioOra LimitedExpansion
Specialises in automating the CAR T-cell
therapy manufacturing process to reduce
costs and increase accessibility to cancer
treatments.
0 - 5%
Partial, additional
1% acquired
Bontia Bio Limited
5
Seed
Specialises in utilising proprietary
synthetic biology technologies to
create scalable production systems
for commercially valuable compounds
from nature.
10 - 15%
Partial, additional
5% acquired
B.Spkl LimitedSeed
Developing a unique manufacturing
method and materials technology to
produce a key component of hydrogen
electrolysers, aiming to facilitate viable
green hydrogen production.
0 - 5%No
Cadmus Animal HealthSeed
Developing an immunotherapeutic for the
treatment of chronic periodontal disease
in companion animals.
5 - 10%Yes, in full
Calocurb LimitedExpansion
Selling a plant-based appetite
suppressant, sourced from New Zealand
hops, to assist people with chronic and
debilitating obesity, a growing health
epidemic internationally.
0 - 5%No
Captivate Technology
Limited
Seed
Developing a novel method of carbon
capture, with potential to sequester
greenhouse gas emissions across a range
of industries.
0 - 5%No
Chitogel Limited
5
Expansion
Sell sinus dressings that helps to enhance
wound healing and improve patient
outcomes post-surgery.
0 - 5%No
www.booster.co.nzBooster Innovation Scheme Annual Report 202610
Ferronova Pty Limited
5
Expansion
Developing surgical tracer systems that
are designed to more accurately map
cancer spread to lymph nodes.
0 - 5%No
Hot Lime Labs Limited
(trading as Aplenty)
Early stage
Selling carbon delivery systems to
convert wood biomass into a more
sustainable source of CO2 for use in
horticulture.
0 - 5%No
Indus LimitedSeed
Developing and marketing a unique
investment platform to facilitate
investment into India for people living
abroad.
0 - 5%Yes, in full
Inhibit Coatings
Limited (trading as
Argentix)
5
Seed
Developing coatings to inhibit microbial
contamination and outbreaks, targeting
infection protection in the foot and ankle
market.
5 - 10%No
InsituGen Limited
5
Seed
Developing testing solutions for
measuring hormone activity in companion
animals and for the detection of
performance enhancing drug use in
animals and humans.
5 - 10%No
Kai’s Education LimitedEarly stage
Specialises in the development and sale
of gamified and interactive learning
tools with a focus on teaching STEM
(science, technology, engineering, and
mathematics) subjects to students.
0 - 5%No
Komodo Holdings
Limited
Early stage
Helping teachers and schools track the
wellbeing of students using an interactive
wellbeing platform.
0 - 5%
Partial, additional
1% acquired
Liquium Limited
5
Seed
Seeking to revolutionise the ammonia
production process making it cleaner,
cheaper and scalable.
5 - 10%No
MACSO Technologies
Limited
Early stage
Selling cloud-based monitoring systems
utilising human-like sensors and on-edge
artificial intelligence to monitor changes
in the built environment.
5 - 10%No
Marama Labs
Limited
5
Early stage
Develops scientific hardware and data
analytics solutions to help customers
improve the quality of their production.
5 - 10%No
Mars Bioimaging
Limited
Expansion
Provides advanced spectral molecular
imaging. Their technology combines the
best of X-ray, CT, MRI, and PET scans
to produce 3D, high-resolution, colour
images for use in healthcare.
0 - 5%
Partial, additional
0.1% acquired
My Better Breathing
Limited (trading as
Good Air Nosebuds)
Seed
Developing and selling mechanical
breathing technology to improve natural
function and reduce nasal congestion.
0 - 5%No
Nutrition From Water
Inc
Early stage
Developing marine whey, a protein source
produced from water and microalgae.
0 - 5% No
Opo Bio LimitedSeed
Developing next generation bio-based
ingredients for cosmetic and medical
applications.
5 - 10% No
Orbis Diagnostics
Limited
Early stage
Developing point of care diagnostics for
use in pharmacy and other settings.
0 - 5% No
www.booster.co.nzBooster Innovation Scheme Annual Report 202611
OrbViz Holdings
Limited
Seed
A SaaS platform that transforms static
reports and spreadsheets into interactive
reports that stakeholders can easily
access, explore and respond to.
0 - 5% No
Scentian Bio LimitedEarly stage
Developing and commercialising a unique
sensing system, based on insect sensing
receptors, that can define a digital
reference for a taste and smell.
0 - 5%
Partial, additional
2% acquired
Sensor Holdings
Limited (trading as
StretchSense)
Expansion
Selling motion capture gloves that
combine sensors and machine learning
for hand and finger tracking in enterprise
training, animation and gaming.
0 - 5% No
Solros Therapeutics
Limited
5
Seed
Commercialising brain health focused
therapies that take advantage of novel
mechanisms of action.
5 - 10%
Partial, additional
5% acquired
Tectonus LimitedExpansion
Applies proprietary technology to
multistorey buildings aiming to lower the
cost of construction in seismic regions
and provide owners and occupiers with a
safer, more resilient building.
0 - 5%
Partial, additional
1% acquired
The Sustainable Care
Company Limited
(trading as Cleanery)
Expansion
Sell a range of eco-friendly cleaning and
personal care products that aim to have a
reduced environmental impact compared
to existing solutions.
0 - 5% No
Wave Propulsion
Limited
Expansion
Merged entity of ZeroJet and Tectrax
that provides eco-friendly electric jet
propulsion and amphibious drive systems
for innovative marine solutions.
0 - 5% No
Wellumio Limited
5
Early stage
Developing portable, magnetic resonance
imaging (MRI) device to improve stroke
treatment model.
0 - 5%
Partial, additional
1% acquired
Woolchemy NZ
Limited
Early stage
Utilising wool to create intelligent
eco-logical materials for personal care
products.
0 - 5% No
Wych Holdings LimitedSeed
Delivering secure, compliant, and
scalable open data solutions through
standardised APIs, reducing complexity,
cost, and security risk.
0 - 5%Yes, in full
XFrame Pty Limited
5
Expansion
Selling recoverable, reusable building
frames for sustainable construction.
5 - 10% No
Zincovery Process
Technologies Limited
(trading as Zethos)
Early stage
Specialises in the recycling of critical
minerals, having developed an alternative
approach that can reduce carbon
emissions.
0 - 5% No
^
Companies that have advised the Manager that they have been put into liquidation (and the Manager has valued at or near $nil)
are not included. Other companies with a $nil are also not included.
5
Investments are held indirectly via an interest in NZIB.
6
Investment is held indirectly via NZIB which has an interest in the specific investees through an agreement with the Matu ̄ Karihi fund.
www.booster.co.nzBooster Innovation Scheme Annual Report 202612
The following charts provide an analysis of the composition of the investment portfolio as at 31 March 2026.
Portfolio value by business stage
60% Expansion24% Early stage
14% Seed
2% Cash
Portfolio value by sector
11% Information
services
technology
29% Materials &
technologies
23% Energy & clean
technologies
35% Life sciences
& medical
technologies
2% Cash
Fund value by individual holding
This chart shows the relative size of each of the 40 active investments (excluding investments placed into
liquidation and valued at nil) in which the Fund held an interest in as at 31 March 2026 (as a proportion of
NAV). Commercial confidentiality obligations restrict the identification of each investment.
0%25%100%50%75%
www.booster.co.nzBooster Innovation Scheme Annual Report 202613
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:
• On 1 December 2025, Allan Yeo stepped down from the Manager’s Board of Directors, and Diana
Papadopoulos has been appointed to the position of director, replacing her previous role as alternate
director to Allan Yeo.
Changes in Key Personnel of the Manager
• On 11 April 2025, Nic Craven stepped down as Chief Investment Officer of the Manager.
• 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 September 2025, Simon O’Grady was appointed as Chief Investment Officer of the Manager.
Changes to the group structure of the Manager
On 31 December 2025
• Two additional companies, Booster Group Limited (BGL) and Booster Financial Services Group Limited
(BFSGL), were introduced into the group structure between the existing shareholders of Booster
Financial Services Limited (BFSL), and BFSL. As a result, BGL became the parent company of BFSGL,
and BFSGL became the parent company of BFSL. BFSL remains the immediate parent company of the
Manager.
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:
• Karen Price was appointed as Chair of the Board of Public Trust effective 1 June 2025.
• William Peet was appointed as a Director of the Board of Public Trust effective 1 June 2025.
Other Persons Involved
On 30 April 2025, the Manager changed its independent approved dispute resolution scheme provider from
Financial Dispute Resolution Services (FDRS) to Financial Services Complaints Limited.
There were no changes to the Custodian (PT (Booster Investments) Nominees Limited), the Unit Registrar
(MUFG Pension & Market Services (NZ) Limited), or the Auditor (Ernst & Young) during the Year.
www.booster.co.nzBooster Innovation Scheme Annual Report 202614
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 Product Disclosure Statement, 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.
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 202615
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 Unit Registrar on the contact
details below:
Unit Registrar
MUFG Pension & Market Services (NZ) Limited
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 202616
We’re here to help.
To find out more about Booster Innovation
Scheme, talk to your financial adviser,
call us on 0800 336 338 or visit our website.
booster.co.nz
Booster Investment Management Limited
PO Box 11872, Manners Street
Wellington 6142, New Zealand
---
Booster
Innovation
Fund
Financial Statements 2026
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 Report
17
Contents
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 1
Statement of Comprehensive Incom
e
For the year ended 31 March 2026
20262025
Note
$'000$'000
Interest income
12 27
6
(4)119
Net gains/(losses) on financial instruments at fair value through profit or loss6
1,756
(1,854)
Tax refund
- 4
Total Income/(loss)
1,764 (1,704)
Administration costs9
35 35
Total Expenses
35 35
Profit/(loss) for the year before tax
1,729 (1,739)
Tax expense11
136 -
Profit/(loss) for the year after tax for the period attributable to unitholders
1,593 (1,739)
Total comprehensive income/(loss) for the period attributable to unitholders
1,593 (1,739)
Statement of changes in net assets attributable to unitholders
For the year ended 31 March 2026
20262025
$'000$'000
Net assets at the beginning of the reporting period
20,363 19,455
Transactions with unitholders
Proceeds from units issued
3,074 2,713
Withdrawals
(347)(66)
Net profit/(loss) after tax and total comprehensive income
1,593 (1,739)
Net assets attributable to unitholders at the end of the reporting period
24,683 20,363
Net (losses)/gains 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 Positio
n
As at 31 March 2026
Note
20262025
$'000$'000
Assets
Cash and cash equivalents5
326 264
Financial assets at fair value through profit or loss6
24,470 20,133
Total Assets
24,796 20,397
Liabilities
Tax payable
78-
Other payables
35 34
Total Liabilities
113 34
Net assets attributable to unitholders
24,683 20,363
Represented by:
Net assets attributable to unitholders
24,683 20,363
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 23
June 2026:
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 202
6
Note
20262025
$'000$'000
Cash was provided from/(applied to):
Interest income
12 27
Administration costs
(35)(35)
Purchase of financial instruments at fair value through profit or loss
(2,585)(2,729)
Tax (paid)/refunded
(57)
4
Net cash outflows from operating activities5
(2,665)
(2,733)
Cash was provided from/(applied to):
Proceeds from units issued
3,074 2,713
Payments for redemption of units
(347)(66)
Net cash inflows from financing activities
2,727 2,647
Net increase/(decrease) in cash held
62 (86)
Cash and cash equivalents at beginning of reporting period
264 350
Cash and cash equivalents at end of reporting period5
326 264
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 fund, the Booster Innovation Fund (the Fund) as at
31 March 2026 (reporting date). Comparative information has been provided for the year to 31 March 2025.
The Booster Innovation Scheme is established and domiciled in New Zealand and is an FMC Reporting Entity under the
Financial Markets Conduct Act 2013. The Scheme is a managed investment 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 initially established on 22 October 2020 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 Notice 2022.
These financial statements were adopted and authorised for issue by the Board of Directors of the Manager on 23 June
2026.
2. Summary of material accounting policies
a) Basis of preparation
The financial statements of the Fund have been prepared in accordance 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
Accounting 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 NZD 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 Comprehensive Income.
Investments and other monetary assets and liabilities denominated in foreign currency are translated to NZD at the
exchange 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
3. Accounting Policies
4. Standards, amendments, and interpretations to existing standards
IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18) will replace IAS 1 Presentation of Financial
Statements. The effective date is for annual periods beginning on or after 1 January 2027. The Fund has 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 is
yet to be determined.
Several amendments and interpretations to other standards apply for the first time in the year ended 31 March 2026, but do
not have an impact on the financial statements of the Fund.
The accounting policies adopted have been consistently applied throughout the periods presented in these financial
statements.
The principal accounting policies applied in the preparation of these financial statements are set out in the accompanying
notes where an accounting policy choice is provided by NZ IFRS. A policy is also included when it is new, has changed, is
specific to the Fund’s operations, or is material. Where NZ IFRS does not provide an accounting policy choice, the Fund has
applied the requirements of NZ IFRS but a detailed accounting policy is not included.
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 6 for further detail about the value of
these investments.
e)Investment entity
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.
f)Unitholders' funds
The Fund will aim to make a limited amount of cash available for withdrawals on a quarterly basis. The amount available for
withdrawal is at the discretion of the manager, and will be influenced by available liquidity in the Fund relative to investment
opportunities being pursued. Where sufficient liquidity is not available to meet withdrawal requests, withdrawals may be
deferred.
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 are classified as e
quity.
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 6
5. Cash and Cash Equivalents
20262025
$'000$'000
Cash at bank - Total
326 264
Reconciliation of net profit/(loss) after tax to net cash from operating activities
20262025
$'000$'000
1,729 (1,739)
Movement in assets and liabilities
(2,585)(2,729)
1 -
Change in tax paid
(58)-
(1,756)1,854
4 (119)
Net cash outflows from operating activities
(2,665)(2,733)
6. Financial assets at fair value through profit or loss
20262025
$'000$'000
NZ Innovation Booster LP*
12,448 11,029
Unlisted Shares
12,022 9,104
Total financial assets held at fair value through profit or loss
24,470 20,133
NZ IFRS 13 Fair Value Measurement 2026
2025
$'000
$'000
Level 324,470 20,133
Total financial assets held at fair value through profit or loss
24,470 20,133
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 10 Related parties for more information.
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 profit/(loss) after tax
Purchase of financial instruments at fair value through profit or loss
Change in other payables
Net (gains)/losses on financial instruments at fair value through profit or loss
Cash at bank represents cash 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 losses/(gains) on foreign exchange translation on financial instruments at fair
value through profit or loss
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 7
6. Financial assets at fair value through profit or loss (continued)
Reconciliation of level 3 investments for the year:
20262025
$'000$'000
Opening balance
20,133 19,139
Acquisitions
2,585 2,729
Fair value adjustments
1,756 (1,854)
Foreign exchange translation
(4)119
Closing balance
24,470 20,133
Valuation Methodology
Price of recent investment supported by other
observable data including achievement to
business plan, recent capital raising activity and
remaining cash balance.
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 new information received in respect of an investment that has a material
impact to the Fund’s unit price is considered as soon as possible. Any other information is reviewed on a monthly basis prior to the issue or
redemption of units in the Fund.
Where the Fund holds the investment indirectly, the valuation assessments follow the same approach as if the investment were held directly. On
a quarterly basis we provide valuation assessments to the NZIB manager/ Board of the underlying investment.
Also, consistent with the approach outlined for direct investments above, we will consider any other new information received by us at any time in
between formal valuation assessments to determine if an adjustment is required to the Unit Price and/or notified
via the NZX market announcement platform to ensure the Fund continues to meet its continuous disclosure obligations.
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 profit 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
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.
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 8
6. Financial assets at fair value through profit or loss (continued)
Company Development
sta
ge
% share
interest
Advemto Limited
1
Seed9.2%
Alimetry Limited
1
Expansion0.7%
Allegro Energy Pty Limited
1
Expansion2.6%
Amaroq Therapeutics Pty Limited
1
Seed4.2%
Avasa Limited
5
Early stage1.5%
BioLumic IncExpansion0.8%
BioOra LimitedExpansion2.4%
Bontia Bio Limited
1
Seed11.9%
B.Spkl LimitedSeed2.4%
Cadmus Animal Health LimitedSeed5.6%
Calocurb Holdings LimitedExpansion2.4%
Captivate Technology LimitedSeed2.6%
Chitogel Limited
1
Expansion1.3%
Codify Asset Solutions (CAS) Limited
1
In hibernation2.4%
Ferronova Pty Limited
1
Expansion2.6%
Hot Limes Labs LimitedEarly stage4.8%
Indus Limited
4
Seed1.0%
Inhibit Coatings Limited
1
Seed5.3%
InsituGen Limited
1
Seed8.8%
Jaipuna Limited (trading as Amy.app) In hibernation1.4%
Kai's Education LimitedEarly stage2.0%
Komodo Holdings LimitedEarly stage4.5%
Liquium Limited
1
Seed6.5%
MACSO Technologies Limited Early stage5.7%
Marama Labs Limited
1
Early Stage4.3%
Mars Bioimaging LimitedExpansion1.2%
Mekonos Inc
1.2
In liquidation0.4%
Financial technologies
Material coatings
Information technology services
Catalysts for ammonia
production
Energy and clean technologies
Animal health
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
Life sciences and medical
technologies
Medical diagnostics
Business sectorBusiness sub-sector
Medical devices
Materials and technologiesScientific instrumentation
Life sciences and medical
technologies
Screening and
diagnostics – human
health
Energy and clean technologies
Life sciences and medical
technologies
Life sciences – human
health
The following table represents the Funds interest based on shares issued at the reporting date for level 3 financial assets:
Life sciences and medical
technologies
Animal health
Synthetic biology
Information technology services
Building industry
software
Health supplements
Carbon delivery for
horticulture
Life sciences and medical
technologies
Energy and clean technologies
Materials and technologies
Energy and clean technologiesCarbon capture
Biotechnology – human
health
Agriculture technologies
Energy and clean technologies
Energy storage
Life sciences and medical
technologies
Information technology services
Information technology services
Screening and
diagnostics – animal
health
Education technologies
Materials and technology
Life sciences and medical
technologies
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
Green hydrogen
technologies
Life sciences and medical
technologies
Software and
measurement hardware
Information technology services
1 Investments are held indirectly via an interest in NZ Innovation Booster LP
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 July 2025
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 9
6. Financial assets at fair value through profit or loss (continued)
Company Development
sta
ge
% share
interest
Montoux Limited
2
In liquidation3.4%
My Better Breathing Limited (trading as Good
Air)
Seed3.8%
Nutrition from Water, Inc. Early stage1.7%
Opo Bio Limited Seed7.5%
Opum Technologies Limited
2
In liquidation2.8%
Orbis Diagnostics LimitedEarly stage0.6%
OrbViz LimitedSeed1.9%
Scentian Bio LimitedEarly stage3.7%
Sensor Holdings Limited (trading as
StretchSense)
Expansion1.5%
Solros Therapeutics Limited
1
Seed7.1%
The Sustainable Care Company Limited
(trading as Cleanery)
Expansion3.5%
TamoRx Limited In hibernation4.2%
TasmanIon Limited
1
Seed9.6%
Tectonus LimitedExpansion1.4%
Upstream Medical Technologies Limited
1, 2, 3
In liquidation3.0%
Wave Propulsion Limited Expansion1.5%
Wellumio Limited
1
Early Stage3.1%
Woolchemy NZ LimitedEarly Stage3.7%
Wych Holdings LimitedSeed1.3%
X-Frame Pty Limited
1
Expansion7.6%
Zincovery LimitedEarly stage1.2%
Consumer products
Information technology servicesFinancial technologies
Information technology services
Augmented and virtual
reality
Life sciences and medical
technologies
Life sciences – human
health
Energy storage
Materials and technology
Life sciences and medical
technologies
Life sciences – human
health
Energy and clean technologies
Food nutrition
Life sciences and medical
technologies
MRI scanners
Materials and technologyNatural materials
Analytics and business
intelligence
Information technology services
Life sciences and medical
technologies
Smart sensors
Screening and
diagnostics – human
Life sciences and medical
technologies
Screening and
diagnostics - human
health
Materials and technologiesConstruction materials
Life sciences and medical
technologies
Business sub-sector
Insurance technology
Life sciences and medical
technologies
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
Life sciences and medical
technologies
Materials and technology
Screening and
diagnostics
Construction materials
Materials recyclingEnergy and clean technologies
Materials and technologies
Electric systems
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
Information technology services
5 Investment via a security convertible to equity was converted into preference shares in July 2025
Information technology services
Cellular agriculture
Business sector
The following table represents the Funds interest based on shares issued at the reporting date for level 3 financial assets:
Medical devices
Energy and clean technologies
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 10
6. Financial assets at fair value through profit or loss (continued)
Business Development Stage
7. Financial risk management
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.
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.
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.
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.
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 11
7. Financial risk management (continued)
20262025
$'000$'000
Financial instruments exposed to market price risk
24,470 20,133
Market -30%(7,341)(6,040)
Market +30%7,341 6,040
8. Capital Risk Management
9. Auditor's remuneration
2026
2025
$'000$'000
72 63
2 1
Total
74 64
Audit fees - Ernst & Young
Other assurance services - 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.
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 12
10. Related parties
The related parties as at 31 March 2026 are presented as follow:
a) Responsible Entities
20262025
$'000
$'000
NZ Innovation Booster Limited Partnership12,449 11,029
The above holding represents 62% of the total holding value in NZIB.
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)
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. A high water mark is used to prevent the Manager from being rewarded for the same performance twice. It is
increased each time the Fund’s return is positive, but remains unchanged if the investment return is negative in the year. This means a
performance-based fee is only payable for returns in excess of the hurdle rate after any prior year losses have been covered. 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 2025: $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 2026 the amounts paid
totalled $34,500 (31 March 2025: $34,500). 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 $2,052 for the year ended 31 March 2026 (31 March 2025: $2,045).
The general partner of NZIB is NZ Innovation GP Limited and Booster Financial Services Group Limited is a 25% 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 10(f) below.
Public Trust is the Supervisor for the Scheme. Public Trust does not hold or has ever held units in the Fund.
The Manager and Supervisor provide key management personnel (KMP) services to the Fund.
Asset Custodian Nominees Limited (ACNL) is wholly owned by Booster Financial Services Group 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
10. Related parties (continued)
20262025
$'000
$'000
Booster KiwiSaver Scheme
Booster KiwiSaver High Growth Fund3,226 2,508
Booster KiwiSaver Balanced Fund2,010 1,680
Booster KiwiSaver Moderate Fund460 417
Booster KiwiSaver Geared Growth Fund2,475 1,663
Booster KiwiSaver Growth Fund2,139 1,719
Booster KiwiSaver Socially Responsible High Growth Fund2,335 1,537
Booster KiwiSaver Socially Responsible Balanced Fund842 617
Booster KiwiSaver Socially Responsible Moderate Fund98 74
Booster KiwiSaver Socially Responsible Growth Fund 181 88
Booster KiwiSaver Socially Responsible Geared Growth Fund 364 162
Total Booster KiwiSaver Scheme14,130 10,465
Booster SuperScheme
Booster SuperScheme Conservative Portfolio154 139
Booster SuperScheme Balanced Portfolio670 607
Booster SuperScheme Growth Portfolio617 539
Booster SuperScheme High Growth Portfolio348 272
Booster SuperScheme Socially Responsible Balanced Portfolio129 92
Booster SuperScheme Socially Responsible High Growth Portfolio126 69
Booster SuperScheme Sterling Socially Responsible Balanced Portfolio99 82
Total Booster SuperScheme2,143 1,800
Booster Investment Scheme
Defensive Fund3 2
Moderate Fund63 57
Balanced Fund244 212
Growth Fund132 112
High Growth Fund104 87
Shielded Growth Fund52 39
Socially Responsible Moderate Fund37 27
Socially Responsible Balanced Fund185 138
Socially Responsible High Growth Fund 82 59
Focus Moderate Fund29 21
Focus Balanced Fund68 52
Focus Growth Fund33 24
Focus High Growth Fund36 22
Socially Responsible Growth Fund 14 8
Wealth Balanced Fund3 -
Wealth Geared Growth Fund3 -
Wealth Growth Fund4 -
Wealth High Growth Fund2 -
Wealth Moderate Fund1 -
Total Booster Investment Scheme1,095 860
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
10.Related parties (continued)
20262025
$'000
$'000
Booster Financial Services Limited
4,6174,071
11. Taxation
20262025
Tax expense comprises:
$'000
$'000
Current tax expense
102-
Prior year adjustment34-
Total tax expense
136-
2026
2025
Tax expense comprises:
$'000
$'000
Profit/(loss) before tax
1,729(1,739)
Foreign Investment Fund income416-
Listed PIE profit/(loss) before tax
2,145(1,739)
Less: Income/(loss) not assessable for taxation1,791(1,739)
Taxable Income
354-
Income tax using the statutory income tax rate 28%102-
Prior year adjustment34-
Income tax expense as per Statement of Comprehensive Income
136-
2026
2025
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 2026
- -
The 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 parent company of the Manager
The income tax expense for the year includes an adjustment of $34,000 relating to prior periods, arising from the finalisation of the income tax
return.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to
interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 15
12. 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.
20262025
'000s
$'000
Profit/(loss) after tax1,593 (1,739)
Weighted average number of units16,331 14,417
Basic and diluted earnings per unit (cents per unit)
9.75 (12.06)
13. Net tangible assets per unit
20262025
$$
Net tangible assets per unit1.51 1.41
14. Contingent Assets, Liabilities, and Commitments
15. Other matters
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.
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.
Commitments
At the reporting date, the Fund has committed to additional investment amounts totalling $615,000 (31 March 2025: $1,003,000).
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.
Booster Innovation Scheme - Booster Innovation Fund | Financial StatementsPage 16
16. Events occurring after reporting date
Investment Company Updates
Subsequent to the reporting date, on 14 May 2026, one of the investee companies advised they were undertaking a new capital raise which was
at a price lower than the carrying value of the investment at balance date. Whilst the information was received post balance date, there is
evidence that the conditions existed at 31 March 2026. For the purposes of the 31 March 2026 financial statements, the value of the investments’
equity holding was reduced by $719,000, to the price offered in the new capital raise on the basis that this market transaction represented fair
value.
In April, one of the investee companies advised that they were evaluating two potential funding pathways for an upcoming capital raise and the
price of this round would be lower than the Fund's holding value. In May the company confirmed the details of the preferred capital raise. The
value of the equity holding was reduced, in both the April and May investment review cycles as more information became available. The
valuation was decreased by a total of $774,000. This was not deemed to be an adjusting subsequent event at 31 March 2026 and as such the
financial statements have not been adjusted.
No other 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.
A member firm of Ernst & Young Global Limited
Independent auditor’s report to the Unitholders of Booster Innovation Fund
Opinion
We have audited the financial statements of Booster Innovation Fund (the “Fund”, the only constituent
fund of Booster Innovation Scheme (the “Scheme”)) on pages 1 to 16, which comprise the statement
of financial position of the Fund as at 31 March 2026, and the statement of comprehensive income,
statement of changes in net assets attributable to unitholders and statement of cash flows for the
year then ended of the Fund, and the notes to the financial statements including material accounting
policy information.
In our opinion, the financial statements on pages 1 to 16 present fairly, in all material respects, the
financial position of the Fund as at 31 March 2026 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 as applicable to audits of financial statements
of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with
Professional and Ethical Standard 1.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Other than in our capacity as auditor we have no relationship with, or interest in, the Fund or Scheme.
Partners and employees of our firm may deal with the Fund or Scheme on normal terms within the
ordinary course of trading activities of the business of 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.
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 opinion on the
accompanying financial statements.
A member firm of Ernst & Young Global Limited
Page 2
Valuation of 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 market price is available and
whose valuation requires use of
assumptions with little or no observable
inputs. To value these investments the
Fund applies a range of valuation
techniques considered appropriate to each
investment after taking into consideration
recent capital raising activity, achievement
of its business plan and remaining cash
balances available. 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 similar 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 valuation of the
investment portfolio is considered a key
area of audit focus.
► Disclosures regarding the Fund’s
investments are included in Note 6 to the
financial statements.
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;
► Confirming the percentage ownership of
each investment at 31 March 2026 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.
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.
A member firm of Ernst & Young Global Limited
Page 3
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, but does not include the financial statements and our auditor’s report thereon.
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, 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.
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 directors determine 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 directors are responsible for assessing on behalf of the Fund
and 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 directors
either intend to liquidate the Fund or Scheme or cease operations, or have no realistic alternative but
to do so.
Auditor’s responsibilities for the audit 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 opinion. 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 users taken on the basis of these financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is
located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards/assurance-
standards/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
23 June 2026
Booster Innovation Fund
Level 19, Aon Centre
1 Willis Street
Wellington 6011
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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