Trust loss due to low market
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.