Public Interest Research

Selling Taranaki Short

TSB Bank's decline, the transformation of Toi Foundation, and the proposed $620 million sale to Heartland Group β€” researched, sourced, and laid out for the Taranaki community.

Every figure below is checked against primary sources β€” annual reports, NZX announcements, RBNZ enforcement records, Toi Foundation's own financial statements and grant listings, and Companies Office records. Full citations are in the main report.
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Full Report Β· 41 pages
Selling Taranaki Short
The complete research paper: TSB Bank's history and decline, Toi Foundation's governance transformation, trustee conflicts of interest, the Heartland sale terms, and what should happen next.
Read the PDF β†’
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Interactive Β· Grants & Conflicts of Interest
2024/25 Grant Analysis & Trustee COI
Every grant Toi Foundation made in FY2024/25, searchable by category β€” followed by a full breakdown of which trustees are connected to which grant recipients, and by how much.
Open the interactive report β†’
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Interactive Β· Five-Year Trend
Grant Trends: 2020 β†’ 2022 β†’ 2025
How Toi Foundation's giving has changed over five years, category by category β€” including the share of grants directed to Māori kaupapa organisations, up from 14% to 41%.
Open the trends report β†’

Compiled by Taranaki Research Group from official Toi Foundation grant data, financial statements, and public records.

Published for public information ahead of the TSB Bank sale community consultation.