Gloriavale assets grow to more than $40 million

Members of the Gloriavale Christian Community, based on the shores of Lake Haupiri. Photo / Mark Mitchell

Gloriavale Christian Community assets have grown to more than $40 million, according to its annual report to July 2015 filed with Charities Services.

The 400 to 500-strong community, based on the shores of Lake Haupiri, has a tax-exempt charity operating as the Christian Church Community Trust. Trustees are listed as Steady Standtrue, Enoch Upright, Howard Temple and Fervent Stedfast.

The financial result has just been released by the Charities Services division of the Department of Internal Affairs.

Gloriavale owns a number of businesses, including a large dairy farm, sphagnum moss exports and an aircraft maintenance operation.

Companies include Air West Coast, Canaan Farms, Value Proteins, Forest Gold Honey, Prospect Energy, Caring Midwives, Air West Coast Maintenance, Haupiri Net and Value Proteins, which was previously petroleum company Ocean Harvest.

In the year to July 2015, Gloriavale had no paid employees but 48 volunteers were working 1379 hours a week.

It paid nothing in salaries and wages. The trust made $3.19 million from service and trading operations, and had $2.8 million of donations, with a total gross income for the year of just over $6 million.

Total expenditure was $4.35 million. It reported a net surplus of $1.7 million.

Current assets were recorded as $6.19 million and total assets of $41.42 million, up from $36.6 million in the 2014 financial year.

Assets include dairy cattle and deer closing stock, plant and equipment, vehicles and aircraft, buildings and structures.

Expenses include everything from pool maintenance to water testing, and kitchen and laundry maintenance.

The public concert is listed as a "gift" with the value of $57,834.

Grants and donations totalled $3.09 million, leaving an operating profit of $2.4 million.

The Department of Internal Affairs revealed in May that Gloriavale's charitable status was under investigation.

-Greymouth Star