December 09, 2018
Collaborations boosts Tūwharetoa balance sheet
The Tūwharetoa Settlement Trust has continued its financial turnaround, chalking up a net profit after tax of $8.5 million position in the 2017-2018 financial year.
That’s $3.9 million up on the previous year and takes equity to $47.5 million, with no debt.
The trust increased grants available to whānau and marae to nearly $1 million.
Five years ago the settlement was worth just $16 million after stumbles by the original trustees.
Chair Rakei Taiaroa says the result came through working collaboratively with other Tūwharetoa entities.
For efficiency it shares administrative services with Tūwharetoa Māori Trust Board and Ngāti Tūwharetoa Fisheries Charitable Trust, and it also makes joint investments with other Tūwharetoa land and forestry trusts so it can take up opportunities that would be too big to undertake on its own.
With the approval of the tribe’s southern Forest Hapū Cluster Trusts, the settlement trust sold its forestry rights for Taurewa, Waituhi and Pureora South Forests to Lake Taupō Forest Management Limited, reducing its heavy exposure to the forestry sector and freeing up funds for other investment opportunities.
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