Trust adjusts to suit market’s uncertainty
Published date | 24 June 2022 |
Publication title | Otago Daily Times (New Zealand) |
Set up in the mid-1990s after the Government restructured the ownership of regional savings bank, the trust started with initial capital of about $131million.
Since then, it has grown to about $305million.
Mrs Bridger said it was the trust’s priority to preserve the real value of that, especially during times of economic unrest, while also being able to return as much as possible to the community.
From an investment perspective, the start of the current financial period, which started on April 1, had been ‘‘very challenging’’, she said.
The current year’s grants budget was $10million, up from $9million the year before.
Despite the economic uncertainty, chairman Diccon Sim said the board believed with its reserves and good investment governance it was confident it could increase this year’s budget.
Mrs Bridger said the trust was currently drawing from a ‘‘rainy day fund’’ which had been built up over years of surpluses.
It also drew from it last year and during the Global Financial Crisis in 2008 and 2009.
‘‘There will be a time where the reserve will be depleted and we have to keep an eye on that ... but we are confident in the long-term.
‘‘It’s our goal to make sure the trust is here for another 35 years,’’ she said.
Mr Sim said the trust’s...
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