Gloriavale Christian Community reported a six-figure deficit last year, according to the annual report to July 2016 filed with Charities Services and released this week.
The 500-strong community, based on the shores of Lake Haupiri, is run by a tax-exempt charity operating as the Christian Church Community Trust.
Trustees are listed as Mark Christian, Samuel Valor, Enoch Upright, Fervent Stedfast and Howard Temple.
Gloriavale owns a number of businesses, including one of the largest dairy farms on the West Coast, a sphagnum moss exporter and aircraft maintenance operation.
Companies include Air West Coast, Canaan Farms, Value Proteins, Forest Gold Honey, Caring Midwives, Haupiri Net, and Value Proteins, which was previously the petroleum exploration company Ocean Harvest.
In the 2015-16 year the Christian Church Community Trust reported a net surplus of $1.7 million.
The Greymouth Star understands the poor result last year is a direct result of the dairy downturn.
The annual report says the trust has no employees, but an average of 49 volunteers working 1205 hours a week.
The various Gloriavale-owned companies employ most of the able-bodied men at the Haupiri community.
Revenue last year was $11.899 million. Donations, grants and fundraising brought in a further $4.5 million, bringing total revenue to $16.54 million.
It spent over $2 million on education and had total expenses of $16.8 million, leaving a deficit of $272,106.
On the other side of the ledger, Gloriavale also has non-current assets of over $29 million and cash (and cash equivalents) of $2 million.
Total assets are valued at $39.5 million and total equity $36.37 million.
- By Laura Mills
