Trust recovering from recession

The Community Trust of Otago's finances are recovering well after being hit by the global economic crisis and earlier investment losses amounting to $15 million have since been regained, trust officials say.

If the financial recovery continues, trust chairman Bill Thomson hopes the trust's annual donations to community organisations can be restored to previously higher levels earlier than planned.

Trust chief executive Keith Ellwood said the unrealised losses had occurred in the financial year ending March 31, with the "trough" at its deepest about February.

The trust's investment finances had steadily improved each month since April and the previous unrealised loss of about $15 million had since been recovered, Mr Ellwood said.

The trust had earlier projected that its current somewhat reduced annual donation level of $4 million to $5 million might have to be continued for five years or more.

However, Mr Ellwood and Mr Thomson said in an interview the trust was "cautiously optimistic" of continued financial improvement.

The trust also hoped this would "considerably shorten" the projected five-year period before the previous $6 million to $7 million annual donation level could be restored.

It was aware some community organisations faced greater needs after the economic downturn and had ensured donations continued to be made - amounting to a further $2,850,000 over the past six months.

• Nicola Taylor, the director of the Dunedin Anglican Community Care Centre, was recently reappointed to the 12-person trust board for a further four-year term.