Gloriavale’s surplus declines

Gloriavale’s surplus declines

| Greymouth Star |Subscription Only|
Laura Mills

Gloriavale’s charitable trust has reported a $766,000 surplus for the year. That is well down on a $3.4m surplus recorded last year, and $2.29m before that.

Total income was $15.8m, compared to $27m last year. It had revenue of almost $16m, administration costs of $893,000 and other expenses of almost $6m. Its companies paid $25,000 in tax. It has cash and equivalents of $5.9m, and total current assets of $8.5m.

Assets, less liabilities, totalled $46.8m, while total equity was $46.8m.

During a 2022 employment hearing, it was revealed Gloriavale received $4.8m in government funds in the year to July 2021, comprised of $2.3m in Working for Families payments, $2m in early childcare education grants, $283,000 in Ministry of Education grants and $229,000 for midwifery services. 

Gloriavale’s barrister Philip Skelton KC told the court the trust’s main source of income was not from government funding but its farming businesses.

As Gloriavale is run as a trust, not a business, it is obliged to file annual financial statements.

The annual report says it has one fulltime employee and 20 volunteers.