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The Otago Community Trust's annual meeting last night was a subdued affair, despite a year when its investments were hit by the global financial crisis and it awarded its biggest grant - $7 million to the Forsyth Barr Stadium at the University Plaza.
Last year's annual meeting was disrupted by a dozen stadium opponents, questioning the effect a planned $10 million grant would have on other applications.
There were no questions from the floor at this year's meeting, held in the Otago Museum's Hutton Theatre and attended by more than 100 people.
As of March 31, the trust's total capital stood at $161 million, compared with $190 million last year, chairman Bill Thomson said. Trustees would focus on restoring reserves by reducing donations.
"We are confident in our ability to recover these losses."
Reductions to 2010 donations would be modest, he said.