Community Trust South Reveals Financial Gains and New Strategic Focus

• Community Trust South reports a 9.8% investment return after fees for the year 2024.
• Trust’s total net assets rose to $246 million, with significant grants committed.
• New strategic aspiration, “Thriving South,” launched to align with community priorities.

Community Trust South has announced its financial results for the year ending 31 March 2024, revealing a significant recovery in investment returns. The Trust reported an annual investment return of 9.8% after fees, a substantial improvement from the previous year’s -0.9%. This increase has brought the Trust’s total net assets to $246 million as of the balance date, compared to $239 million in 2023.

The Trust posted a total comprehensive income of $6.46 million after grants, a notable turnaround from the $9.17 million deficit reported the previous year. Trust expenses for 2024 were $1.46 million, up from $1.32 million in 2023.

During the period, the Trust committed $11.93 million in grants, more than double the $5.56 million committed in the prior year. This included a significant one-off grant of $5 million towards the Museum of Southland project, a critical initiative for the Southland region.

Investment Committee Chair Mel Montgomery expressed satisfaction with the results, stating, “It is pleasing to be able to present this positive financial result and provide this significant support to the community. However, there is a need to ensure a balanced approach is taken to rebuild the capital of the Trust for future generations in perpetuity, and so the Trust has reduced its grants budget for this current year ending 31 March 2025 to $6.5 million.”

Kirsty Pickett, Chair, highlighted the Trust’s strategic review during 2024, in which over 390 people from across the Trust’s rohe contributed. “The new strategy was shaped by what we heard the priorities were in the community and was launched from 1 April 2024,” she said. “This new strategic aspiration for a Thriving South has a long-term 10-year horizon and guides how we fund and the focus of our mahi. Over time the focus of our work and funding will transition to align to these new community priorities.”

Community Trust South will hold its Annual Public Meeting on Wednesday, 25 September 2024, at 5.30pm at Pacific Island Advisory Charitable Trust, Invercargill. The meeting will formally present the Annual Report, detailing the year’s activities and financial results. Members of the public are invited to attend.

Chief Executive Officer Jackie Flutey announced that, for the first time, a brief video highlighting the Trust’s achievements over the past year will be presented at the meeting and made available online for those unable to attend.