The growing and profitable Tamihere Empire

Have gone through the annual accounts of the Te Whãnau O Waipareira Trust Group (consists of two trusts and six companies). Here’s some key extracts:

So from 2020 to 2023 income increased 29%. However the surplus increased 220%. The net assets grew by 71% and the average salary to top charitable executives increased 155%.

What is remarkable is that they are running a $16 million surplus/profit on turnover of $72 million. That’s a level of profitability many commercial businesses would love to achieve, let alone a charity.

Now good on them for being so profitable, so they can use their surplus to help more charitable causes. But it does make you wonder if the Government is getting value for money for its contracts, considering the huge level of surplus achieved.