Deficit for trust

Kapi-Mana News - - NEWS -

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.

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