Grants returning to normal Investments recovering

Trustline newsletter, March 2010

The Trust’s investments continue to recover from the impact of the 2008 international financial crisis and the grants process is returning to normal.

Last year the Trust had to respond to the global financial crisis and the grants programme had to be put on hold for the first six months of 2009.

Because the investments fund the grants programme, it was a relief to see markets rally, allowing us to announce a $23.7m grants budget for the second half of 2009.

As we approach the March 31 end of our financial year, the Trust is in a much stronger financial position, with investments increasing by $153m through the year.

In April Trustees will  make a decision on the grants budget through to March 2011. At this stage we expected the grants budget to be near the $40m average.  

The Trust’s investment value is not quite back to where it was a year ago, but the recovery has been much stronger and faster than anyone expected.

In what is being described as a ‘rogue’ year, the Trust has shown resilience in the way it was able to mitigate the effects of the recession, while continuing to meet many of its objectives.

However, this has been a difficult time for the community and we appreciate the patience and understanding shown when the Trust announced that grants would have to be delayed.

We’re committed to making sure that situation does not occur again.