Rotorua Trust reports positive year-end results
Community groups and organisations are working to make the Rotorua District thrive, thanks to $3.0 million in community grants and scholarships provided by the Rotorua Energy Charitable Trust over the past year.
The Rotorua Energy Charitable Trust announced its annual result for the year ending 31 March 2015 at its 21st annual general meeting (AGM) on 23 July 2015.
The Trust’s income was $12.2 million, a decrease on its $14.7 million income last financial year reflecting the reduction in investment returns to 9.66% from 2014’s 12.4%. The net surplus for the year also decreased to $9.8 million this financial year from $12.2 million in 2014.
Trust chairman Grahame Hall, said despite decreased income and surplus, the Trust has had a very successful year.
“Most important for us this year was the fact that we were able to maintain our reserve target of $131.8 million, which we were able to achieve last year for the first time since the global financial crisis.
“Meeting and maintaining this reserve has given Trustees the ability to increase the level of grants to the Rotorua District community, which we did by nearly $1.0 million this year,” he said.
Hall said Rotorua Energy Charitable Trust was making steady progress towards achieving its vision of “helping to create a safe and vibrant district, where people are proud to live, work, invest, play and educate their families”.
Over the past year the Trust has made 343 grants and scholarships totalling $3.0 million, and every dollar is making a significant impact in the community.
“Seven and one-half million dollars in major grants was also conditionally granted to thirteen organisations whose capital projects bring a significant benefit to the wider community,” Hall added.
The Trust’s Major Grants range from $250,000 to $1.5 million, are spread across a variety of sectors, and primarily contribute toward building and facility development. The grants were formally considered in April 2015 and will be funded over the next three years.
Community groups and organisations receiving grants and scholarships from Rotorua Energy Charitable Trust range from local not-for-profits, health and disability support services, and community and education providers, to groups protecting Rotorua’s environment, unique heritage and history.
Over the past 20 years, 4,631 community grants and scholarships have been awarded totalling $93.6 million.