The challenging impacts of COVID-19 have been reflected in the year-end financial results for Community Trust South, which have been announced today.

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). 

Investment Committee Chair and Trust Deputy Chair Lindsay Wright said 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,” he said. 

Trust expenses in 2020 were $1.284 million ($1.234 million in 2019). Grants committed for the period totalled $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.

General manager Jackie Flutey said that New Zealand and global markets had generally improved since the balance date.

“The trust will continue to closely monitor what is an evolving situation to ensure it is well placed to appropriately respond into the future,” she said.

Chair Trish Boyle said these were unprecedented times and the impact of COVID-19 on the southern community was significant

“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.

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