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Boom financial report for Waipareira

Boom financial report for Waipareira

It’s been a boom financial year for west Auckland’s Waipareira Trust.

Facing tough times less than a decade ago, the financial management of Waipareira over the past six years has seen major growth – especially to the bottom line.

Waipareira highlights:

Debt free

Has grown its asset base to over $29 million - an increase of 5%

Operated a net surplus of $370k – a financial turnaround of $1m

Waipareira Trust Chief Financial Officer Christine Wu said the financial turnaround reflected astute management under the leadership of former Labour MP John Tamihere.

At the Waipareira Annual General Meeting on Wednesday at Hoani Waititi Marae, the financials contained within the 2013-2014 Annual Report, paint a picture of economic growth and stability.

“We have provided shared back office services to 5 entities which have all obtained unmodified audit opinions from KPMG,” Ms Wu said. “We also won the Te Pou Matakana Commissioning Agent contract.”

She said the Waipareira group revenue increased 16.5% from $13.9 million to $16.2 million - mainly due to winning the Commissioning Agency Contract.

Waipareira had also invested heavily in its staff.

“Over the last 12 months our principle use of cash has been to support continuing operation and further funding for agreed innovative strategy, including the Whanau Ora Diploma and Whanau Tahi Navigator System as well as funding the commission agency RFP,” she said.

On the back of the strong financial statements, the whanau saw the need for continuity at governance level. Three Trustees positions were up for vote but after the trio reconfirmed their commitment to Waipareira, no vote was needed and the AGM finished in record time.

For further information or a copy of the 2013-2014 Annual Report, contact Wai-Communications Director Joseph Lose on 0280007546 or joseph.lose@waiwhanau.com

ends

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