News
Community Trust South have today announced the financial results for year ending 31 March 2020. The Trust acknowledges that it has been a challenging time for markets as the NZ and global economies react to COVID-19.
“These are certainly unprecedented times for us all and the impact of COVID-19 on our community is significant.” says Trust Chair Trish Boyle.
2020 saw Trust expenses at $1.284 million ($1.234 million in 2019). The Trust had Grants committed for the period of $7.498 million ($8,055 million for the previous period). Granting support during the year included a major grants round with a budget of $1.5 million, providing support for grant requests over $100,000.
The Trust Investment return for 2020 was -1.4% (5.4% for 2019) and as at balance date total net assets were $217,519 million ($232,302 in 2019).
A total comprehensive deficit of $14.783 million after grants was posted (2019 saw a profit after grants of $3.412 million).
“While this has certainly been a challenging year given the circumstances we accept the result. In line with the Trust Statement of Investment Policies and Objectives, we can expect to see a negative return one year in every five on average given the long term perpetual nature of the Trust.” says Investment Committee Chair and Trust Deputy Chair Lindsay Wright.
“Subsequent to balance date NZ and global markets have generally improved and the Trust will continue to closely monitor what is an evolving situation to ensure it is well placed to appropriately respond into the future.” says General Manager Jackie Flutey.
Trish Boyle, Trust Chair, says “We recognise the need to continue to support the community during this challenging time and so the Trust has approved a budget for grants of $6.5 million for the 2021 year.“
Full details of the year end 31 March 2020 financial statements are available on the Trust website https://www.communitytrustsouth.nz/about-us/our-trust/
Community Trust South will hold its Annual Public Meeting to formally present the Annual Report including details of its activities over the year and the financial results at 5.30pm on 6 October 2020 at Level 6, Kelvin Hotel, Invercargill. Members of the public are welcome to attend.