Mr Edward said while it was still too early to say what projects the trust would be involved with during the coming three-year term, new trustees would need to be brought up to speed on what the trust had been working on.
"I was very happy with the process and both Tamati and myself value the work done since the trust's inception.
"We both have big shoes to fill in terms of the community contribution people like Johnny Lepper, Judy Keaney and Grahame Hall have made over the years.
"We are both humbled and gratified by the response we had from the community and there is a responsibility that comes with that, but we are up for the challenge.
"The important thing is to understand what the present commitments are and then the money supply and potential funding streams for the future."
Mr Coffey said the trust was now focused on the job ahead.
"Stewart has the experience in this community and he knows everybody and lots of things that go on around here.
"I think I represent the new generation and the new people who are here in Rotorua," he said.
Mr Edward said the trust was well served by, and would take guidance from, the two experienced trustees, Mrs Kai Fong and Mrs La Grouw, and their knowledge would be invaluable.
Mr Hall said he was delighted Mr Edward had been elected chairman.
"Stewart has the skills, energy and vision to take the trust forward.
"He will be a good team leader and I also believe he will get along well with the trust manager and staff."