Despite a "difficult" 12 months in the financial market, the Cromwell-based Central Lakes Trust had recorded a $227,000 surplus to the year ended September, trust chief executive Paul Allison said.
The surplus was less than budgeted for, but in light of recent turmoil in the international market, any surplus was good news, Mr Allison said.
"We have protected ourselves as well as we can from being exposed to high risk and difficult financial times.
"We did make a surplus of $1.3 million last year plus a $4 million dividend - that [dividend] is probably a bit of an extra.
"That was less than budgeted [but] in light of what had happened internationally and what the financial markets had done in that 12 months [it was still a surplus]."
Mr Allison said the trust's portfolio comprised less than 20% of international shares and about 12% of Australia and New Zealand shares, which totalled less than one-third of the total portfolio in shares.
While that side of the portfolio had not performed as well as hoped, with unrealised losses reportedly totalling about $19 million, that had been offset by gains in other areas, Mr Allison said.
"It's a bit like saying the winger dropped the ball three times but forgetting to say the team won.
"I think the situation is that it has been a difficult 12 months, but despite that our trust has made a surplus on its investment.
"It's a small surplus - $227,000 - but overall, it's a surplus . . . certain parts of the portfolio perform better than others, but that's consistent with what's happening all around the world.
"We've tried to . . . mitigate any potential loss.
"We have repositioned ourselves with cash and bonds in terms of percentage ratio.
"We've got a number of different investments [and] we have an investment adviser who gets and makes recommendations.
"We are always aware of what the market is doing through the professional advice that we are given.
"It's difficult to predict what might lie ahead - most of the financial experts are guessing.
"There is some volatility, both upwards and downwards . . . I don't think anybody can accurately predict what the future holds."
The total portfolio was worth $266 million at year ended September, $120 million of that being the valuation of Pioneer Generation, leaving $146 million in actual funds, he said.
Established in late 2000, the trust was born from the deregulation of the Otago Central Electric Power Board and received $120 million from the sale of lines.
The trust had an initial net worth of $154 million, with assets now worth $266 million.
Mr Allison said the trust covered Queenstown, Wanaka, Arrowtown, Cromwell, Alexandra, Roxburgh, Makarora, Milford Sound, Raes Junction and St Bathans, but did not have a "huge" population base.
Donations to the community in the past seven years had totalled more than $39 million, he said.
Meanwhile, Community Trust of Otago chairman Bill Thomson said the trust had lost about $5 million, or 2% of its investments.
Equities - some in New Zealand and some overseas - made up 30% of the $181 million of investments the trust had, and they had been hardest hit.
The trust's investments were down from $190 million at the end of March - $4 million lower because of donations handed out, and the other $5 million because of the international situation.
Mr Thomson said the trust had reserves that allowed it to keep donating money in difficult times, and "these are pretty exceptional times we're in now".
