Gloriavale’s charity trust reports downturn
A West Coast Christian community’s trust has reported a six-figure deficit, according to a report filed with Charities Services.
The Gloriavale Christian Community, home to about 55 families and located near Lake Haupiri, is run by a tax-exempt charity operating as the Christian Church Community Trust.
An annual report, submitted on July 21, says the trust had a deficit of $272,106 for the year to July 2016.
It’s a swing of more than $1 million after it reported a net surplus of more than $1.7 million the year before.
Gloriavale declined to comment on the reasons for the deficit when contacted by Stuff on Thursday.
The charity listed its total assets at $39.5m in its latest annual report, down from the $41.4m the year before. Liabilities rose $40,000 to $3.13m.
The report stated the trust had 49 volunteers, who together worked an average of 1205 hours a week.
The trust owns 12 companies including Air West Coast, Canaan farms, Forest Gold Honey and Harvest Honey, oil exploration company Ocean Harvest International, Haupiri Net, and pharmaceutical company Pure Vitality.
Last year’s revenue from goods and services was $11.89m and $4.59m million in donations, fundraising and grants raised the total to $16.54m. Expenses totalled $16.81m.