Trust loss due to low mar­ket

Kapi-Mana News - - NEWS -

Porirua Com­mu­nity Trust has posted a $177,000 loss for the year ended March, 2001, which has been at­trib­uted to a de­pressed com­mer­cial prop­erty mar­ket.

The val­ues of the trust’s in­vest­ment prop­er­ties dropped $300,000, and this was largely re­spon­si­ble for the net deficit.

Chair­man John Burke said the over­all out­come was not in keep­ing with ex­pec­ta­tions – the trust ex­pe­ri­enced a $148,000 net sur­plus in 2009-10 – and this was due to the prop­erty mar­ket, con­tin­u­ing dif­fi­cul­ties in global fi­nan­cial mar­kets, and cer­tain non­re­cur­ring ex­penses.

These re­sulted in a re­duced op­er­at­ing sur­plus of $139,000.

Mr Burke said de­spite these chal­lenges, there were some no­table achieve­ments.

These in­cluded the pro­vi­sion of a fur­ther five ter­tiary schol­ar­ships, bring­ing the to­tal an­nual value of the scheme to $30,000.

Mean­while, the trust’s re­lated en­tity, Mana Com­mu­nity Grants Foun­da­tion, dis­trib­uted grants to­talling more than $2.5 mil­lion – up from $1.73m in the pre­vi­ous year.

The trust was well-po­si­tioned to fur­ther grow its sup­port of com­mu­nity ac­tiv­i­ties in the com­ing years, Mr Burke said.

Green stars: Mahi­nawa Spe­cial­ist School has been recog­nised for its na­tion-lead­ing green build­ings and land­scap­ing. Pic­tured is board of trustees co-chair­man Eddy Bray, stu­dent Bron­son Wil­liams-El­liott, ed­u­ca­tion sec­re­tary Karen Sewell and stu­dent Kieran Bray.

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