Deficit for trust
The Porirua Community Trust has reported a $99,000 net deficit for the year to March.
Trust chairman John Burke released its annual report last week. He said overall results were not in keeping with expectations because of the continuing depressed commercial property market and ongoing crises in global financial markets.
The result was an improvement on the previous year’s $177,000 loss.
A total of $275,000 was marked down on the valuation of the trust’s investment properties and investment portfolios. However, the trust was buoyed by an improved operating surplus of $ 223,000, up from last year’s $139,000.
Mr Burke said this was because of an increase in rental income, reductions in interest expense and election costs, and a reversal of a prior year grant commitment.
He said the trust had some positive achievements during the year. This included a further five tertiary scholarships in a scheme that had awarded $75,000 to students since its inception three years ago.
A total of $2 million was distributed to the community as grants by the trust’s charitable arm, Mana Community Grants Foundation.