Community Trusts Act, Trustee Act & Our Trust Deed

Community Trust South operates under the Community Trusts Act 1999, the Trustee Act 1956 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

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

2018

2017

2016

2015

2014

2013

2012

Our impact

Sam Robie web