The region's biggest charity is blaming the global recession for its $1.4 million drop in value, from $43.9m to $42.5m.
The annual report for 2012 shows the Community Trust of Mid and South Canterbury's managed funds took the biggest hit, losing $1.3m, but through interest and dividend payments the trust received income of $1.7m. This took its total income from its investments to $342,719. This was significantly down on the $2.59m the trust received from its investments last year.
The final washup for the trust saw it transfer a deficit of $80,944 to the trust fund compared with an injection of $2.1m in 2011.
Chairperson Nicola Hornsey blamed the economic situation for the trust's position.
"As economic and political uncertainties continued to affect the global financial markets, the value of the trust's assets fluctuated over the course of the year," she said.
At March 31, "the trust's net assets were valued at $42,494,326 and there was a loss in value over most of the investment asset classes. The lower value of the trust assets was also partly attributable to the investment income being lower than forecast and the $500,000 donation to the Ashburton Stadium Trust which resulted in the trust exceeding the donation budget.
"The trust's investment strategies and objectives are regularly reviewed to ensure that the trust is well placed to cope with the turbulent times that continue to affect investors."
In the 2012 year, $1.43m was donated to charity; in 2011 $1.05m. The trust spent $312,000 on operating costs this year, $294,000 in 2011.
The Community House has had a change in management, she said.
"Following John Wilson's move to take up a management position with the South Canterbury District Health Board, the trust welcomed Liz Shea as the chief executive officer."
"The trust welcomed two new trustees in June 2011, Jennifer Strauss and Maarten Dirkzwager, both South Canterbury lawyers."
Timaru woman Jan Hide was also appointed a trustee on October 1, this year.
The trust was set up following the closure of Trust Bank South Canterbury, with the assets given for the benefit of the community.
COMMUNITY TRUST POST FOR CITY BUSINESS WOMAN
Timaru businesswoman Jan Hide has been appointed a trustee of the Community Trust of Mid and South Canterbury.
Ms Hide is the owner of fashion retail outlet Fashion Focus that has shops in Timaru, Ashburton and Oamaru.
She was previously a director of aged care services, responsible for overseeing retirement villages in both the North and South Island.
She is a consultant and tutor in dementia and aged care and was South Canterbury's first palliative care nurse.
She has also served as the national director of the New Zealand Parkinson's Society, and held national executive positions with Alzheimer's New Zealand and Epilepsy New Zealand. She is Patron of Alzheimer's South Canterbury.
The appointment was made by Associate Finance Minister Jonathan Coleman. Community Trust chairman, Peter O'Leary said the trust was pleased welcome on board a person of Ms Hide's calibre.
"She is very highly qualified, and has recent successful experience in the business, health care, tertiary education and volunteering sectors.
"With this considerable experience she will bring fresh insights and analysis to the board table."
Dr Coleman also announced that Maarten Dirkzwager will continue as a trustee.
Mr Dirkzwager, a partner in Timaru law firm Timpany Walton, has been re-appointed for a four- year term.
He is on the trust's property sub-committee, is chairman of the finance and investment sub-committee, and has held several community-focused board appointments.
Jean Taylor is leaving the board having completed her term during which she chaired the trust's property sub-committee.
- The Timaru Herald