December 03, 2017
Tuwharetoa rebuild takes next step
Tuwharetoa Settlement Trust has reinstituted education grants and is set to introduce a marae capital works grant as its financial health is restored.
At its annual meeting at the Wairakei Resort on Saturday it revealed an after tax income for the 2016/17 financial year of $4.7 million, up $1.7 million on the previous years.
Chair Rakeipoho Taiaroa says over the past four years total net equity has more than doubled from $16.2 million to $37 million.
The current trustees were elected when the organisation was in crisis after the original trustees misallocated settlement capital as grants to hapu, leaving little in the kitty to build an asset base.
They responded by suspending annual grants and forming partnerships with other Tuwharetoa entities to buy properties on the deferred settlement list, including Hautu-Rangipo prison and forest, the land under nine Taupo schools, the town’s courthouse, probation office and several forest enclaves.
In the past year it bought a m2 (square metres) commercial property in the Taupo CBD in a 50-50 partnership with Te Pae o Waimihia.
Mr Taiaroa says it has signed memoraranda to work more closely with Tuwharetoa Maori Trust Board and Ngati Tawharetoa Fisheries Charitable Trust, including sharing administrative services and it is also keen to work collaboratively with Te Kotahitanga o Ngati Tuwharetoa.
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