Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Rotorua Energy Charitable Trust announces annual result

Rotorua Energy Charitable Trust announces annual result


The Rotorua Energy Charitable Trust has announced its annual result for the year ending 31 March 2014 at its annual general meeting (AGM) held yesterday (24 July).

The Trust’s income was $14.7 million, a 15.7% increase on its $12.7 million income last financial year. The net surplus for the year also rose nearly 25% to $12.2 million this financial year from $9.8 million in 2013.

Trust chairman Grahame Hall said the Trust’s successful year was made possible due to the improved investment returns received on its Perpetual Capital Fund investments, which are managed by the Trust’s wholly owned subsidiary, Perpetual Capital Management Limited (PMCL).

“This year the Perpetual Capital Fund portfolio returned 12.42 per cent, resulting in a portfolio value of $135.03 million at 31 March 2014-1, he said.

“Additionally, our investment portfolio achieved a significant milestone this year in that we exceeded our reserve target of $131.76 million for the first time since the global financial crisis.”

“Now that we have reached our reserve target once again, Trustees have the ability to look at increasing the level of grants to the Rotorua District community,” he said.

During the last year alone the Trust has provided 300 community grants totalling $2.6 million and helped 40 students pursue a higher education with $281,000 in Tertiary Study Awards.

“Every dollar we grant and every scholarship we provide has a positive effect – not only on individuals young and old, but also on Rotorua as a collective community,” he said.

Mr Hall says the Trust has made steady progress within the last year, particularly in the areas of major grants and untagged funding.

“In March we called for expressions of interest from organisations throughout the Rotorua District with ideas for capital projects that require an injection of major funds in excess of $750,000.

“This is the first request the Trust has made for expressions of interest related to major project ideas since 2006. And we are pleased to say we received a record number of funding applications.

“Thirty organisations have applied to the Trust for major grants, seeking a total of $51 million in respect of projects with a total capital cost of $102 million,” he said.

Additionally, the Trust’s untagged funding has benefitted more than 100 community groups with over $500,000 this year alone.

“We began untagged funding in 1998 by granting community groups funding for operational costs. That year we granted $74,000 to support 25 community groups. We have been able to give significantly more this year,” Mr Hall said.

“Because there are essentially no strings attached, untagged funding allows groups to put the grant toward their area of greatest need.”

The conclusion of the 2013-2014 financial year sees the Trust mark a major milestone as it celebrates its 20th year.

“During the past 20 years we have made 4288 community grants totalling $90.3 million. $5.8 million of this funding has been provided by way of Tertiary Study Awards to support 841 students from our district.”

Numerous community members joined Trustees and staff to celebrate the Trust 20th year with a compelling presentation by rugby accident survivor Darryl Sabin. The Trust’s AGM followed the presentation.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news