The Trusts - giving the numbers
The Trusts claims to have given back about $1 million of its’ combined $8.8m in profits from alcohol sales for the year ended March 2016, according to the latest issue of Our West magazine.
For the financial year ended March 2016 the two trusts, Portage and Waitakere, had retained earnings of $48m.
Waitakere Licensing Trust is the second largest licensing trust in New Zealand. Invercargill Licensing Trust is the biggest.
Waitakere’s revenue was $64m for the year ended March 2016. It recorded a gross profit of $19.7m and profit after tax of $2.78m and retained earnings of $32.5m.
The Portage Licensing Trust had gross profit of $11.4m and profit after tax of $1.5m for the year ended March 2016 and retained earnings of $16.4m.The Trusts have $15.7m in cash, The Trusts’ chief executive Simon Wickham says.
Invercargill Licensing Trust’s group surplus in 2016 was $15.2m on sales of $82.4m. More than $8m went back into the community.
Waitakere Licensing Trust president Linda Cooper and Portage Licensing Trust president Ross Clow say they are proud to have shared $1m across 200 events and organisations across west Auckland. But $500,000 of that $1m was used to purchase free smoke alarms and toolkits for the community, leaving $500,000 shared among groups and events.