Strong Year End Result for Community Trust South

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  • Wednesday, 1 September 2021

Press Release 

Strong Year End Result for Community Trust South

 

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.