Food banks, the Puhinui urban regeneration project and a Graeme Dingle Foundation pilot education programme have benefitted from Milford Foundation’s second year of operation.
The charitable arm of Milford Asset Management (MAML) reported a net profit of $3.6 million in the year to March 2022, up 18.8% from its inaugural nine-month profit of $3.03m. The foundation launched in July 2020.
Created by MAML to support charitable purposes across youth, education, training, health, social services and environment sectors, it reported $5.4m revenue ($3.2m previously) in its latest performance report filed at Charities Services this month.
Donations increased from $3m previously to $4.4m ($1.5m from outside the Milford Group) while donated goods and services, including marketing, legal, audit and administration costs totalled $748,000 ($213,232 previously).
Revenue totalled $5.42m ($3.24m previously) and accumulated funds, $6.63m ($3.03m previously).
Employee volunteers
Milford Group (comprising MAML, subsidiaries and related parties), employees, shareholders, directors, clients and the public contributed revenue, while ongoing operational costs of the foundation were met by MAML and its subsidiary, Milford Funds (MFL).
Employees volunteered an estimated 1,164 hours, resulting in personnel costs funded by MAML and MFL totalling $284,376, including the undisclosed salary of chief executive, Bryce Marsden.
It donated $741,000 to three food banks for families impacted by covid, committed $1.2m over the next five years to the Puhinui regeneration project in Auckland, and is sponsoring the pilot Graeme Dingle Foundation project aimed at giving KiwiCan leaders higher qualifications to enhance their career pursuits.
Grants totalled $1.07m for the year.
The foundation holds investments in 12 Milford funds.
