Community Trust’s focus on post-Covid future
The Covid-19 crisis, which undoubtedly rattled the region and shook the nation’s economy, has also resulted in changes within a major Taranaki funding body.
The TSB Community Trust had to look at its own expenditure but also rethink, albeit temporarily, who it gives money to.
Trust chief executive Maria Ramsay said its financial position remained sound and it would have about $9 million for grants this financial year.
Of that, $7m was for new grants while the rest was to fund projects it previously committed to, she said.
In April, the Reserve Bank moved to stop banks from paying dividends, so the trust could not rely on its annual payment from TSB, which it owns.
In response, and for first two quarters of the financial year, the trust made temporary changes to its application process, including not accepting grants sought for new capital work, along with those from individuals or local authorities, or for programmes or events. This would be reassessed at the end of September, Ramsay said.
However, the trust’s investment in KiwiSaver provider Fisher Funds gave it other means to draw on.
As part of its Covid-19 response, the trust had two new funding pools.
Trust business operations manager Glen West said the first was a community response fund, supporting organisations under stress. So far about $300,000 had been dished out.
The other fund was a $400 professional services grant, a figure matched by the corporate sector, for not-for-profit organisations that might need to access help or advice on a range of levels, including legal or financial.
Ramsay said more than 24 of those grants had been approved.
Ramsay said the trust had also taken a ‘‘wait and see’’ approach following the coronavirus crisis and the assistance given out by central Government.
It will be when money starts to dwindle that the extent of need would be known, Ramsay said.
‘‘We are mindful that we do need to wait and see where the gaps are and where that assistance is needed.’’
The trust was also not immune to considering its own operating costs and cutting back where it could, Ramsay said.
No jobs were lost, but it decided not to fill two vacancies it had.
The trust’s annual general meeting, which is open to the public, is on July 29 from 1pm-3pm at the Sandfords Event Centre in Opunake.