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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news