Community Trusts Act, Trusts Act & Our Trust Deed

Community Trust South operates under the Community Trusts Act 1999, the Trusts Act 2019 and the terms of our Trust Deed. The purpose of this Act is to make provision for the continued operation of the community trusts that were established under the Trustee Banks Restructuring Act 1988 to acquire the shares in the capital of a trustee bank's successor company.

Management of Conflicts

Given the size of the south's community and the varied interests, and roles of our trustees, situations involving conflicts of interest, whether actual or perceived, are unavoidable.

In order to maintain the integrity of the trust and trustees, the principles of impartiality, honesty, transparency and openness guide us in the identification, disclosure and management of any conflicts of interest.

In most situations the handling of conflicts of interest will be uncomplicated, however we know not all situations can be anticipated so our policies and procedures guide us and the Board exercise prudent judgement on a case by case basis.

Annual Reports & Financial Statements

2021

Community Trust South 31 March 2021 Year End Result

 

Te Pou Arataki Pounamu o Murihiku/Community Trust South has today announced the financial results for the year ending 31 March 2021.  

 

“The Trust is pleased to announce a very strong financial result for this past year, following a significant bounce back in investment markets,” says Trust Chair Mata Cherrington.    

The Trust Investment return for 2021 was 20.8% (-1.4% for 2020) and as at balance date total net assets were $256,042 million ($217,519 million in 2020). 

Total comprehensive income of $38.523 million after grants was posted (2020 saw a deficit after grants of $14.783 million).

“We are very satisfied to have achieved this positive result.  The result puts us in a good position for the future with significant progress having been made towards our capital re-build,” says Investment Committee Chair David Goble. 

2021 saw Trust expenses at $1.152 million ($1.284 million in 2020).  The Trust had Grants committed for the period of $5.418 million ($7.498 million for the previous period).  Grants committed were down on the prior year due to lower applications because of Covid-19 and not having a major grants round.

In response to Covid-19, the Trust provided flexibility to organisations allowing them to retain funding where they were incurring expense, however there were some organisations that were not incurring expense and so did not apply for funding or pick up approved funding.  During this past year the Trust provided additional funding to areas and organisations most impacted by Covid- 19. 

In 2021 the Trust focussed on capital rebuild and did not have a major grants round, for applications over $75,000.  A major grants round had been held in the prior year, 2020, with a budget of $1.5 million.  $1m has been allocated for a major grants round this current year ending 31 March 2022 (this round is now closed to applications). 

“Recognising the need in our community the Trust has committed to an increased grants budget of $8 million for the year ending 31 March 2022.  With this additional funding we are well placed to be able to support our community over this upcoming year,” says General Manager Jackie Flutey.

Mata Cherrington, Trust Chair, says “We are fortunate that Community Trust South has the highest per capita trust capital of all the community trusts in Aotearoa/New Zealand and, while there is uncertainty ahead with Covid-19, we are in an excellent position to be able to continue to respond to the needs in our community both now and into the future.”

Full details of the year end 31 March 2021 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 Wednesday, 29 September 2021 at Hokonui Marae, 140 Charlton Road, Gore (subject to Covid-19 alert levels). Members of the public are welcome to attend.

2020

Community Trust South 31 March 2020 Year End Result
 

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.“ 

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 7 October 2020 at Level 6, Kelvin Hotel, Invercargill.  Members of the public are welcome to attend.

2019

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2012

Our impact

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