Pressures tell on Gloriavale finances

| Greymouth Star | Laura Mills |
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After six years of surplus, the under-pressure Gloriavale Christian Community has reported a deficit of over $800,000.

For the year ended July 2024, it reported one full-time employee and 22 volunteers.

A surplus of $3.4 million two years ago dropped to $766,000 for the 2023 financial year, and now for the first time since 2018 it has posted a deficit of $864,231.

Gloriavale has previously indicated some of its result comes down to the performance of its dairy farms.

The Christian community owns some of the largest farms on the West Coast.

The Fonterra dairy price for 2018-19 was just $6.35 a kilo of milksolids; the year before it was $6.69, last year $7.83 and the current forecast is about $10.

Total revenue for the year past was $14.7m ($15.03m the year before), total expenses $15.59m ($15.11m), cash and cash equivalents $6.14m ($5.9m), total assets of $47.7m ($48.75m), and total equity of $45.85m ($46.87m).

Gloriavale operates as the Christian Church Community Trust, a registered charitable trust based at Lake Haupiri.

“The trust owns the communal living facilities in which the community members reside. The trust provides facilities for a private school and three early childcare centres and owns 100% shares in eight companies,” the annual report says.