Rotorua community organisations set for record funding boost

BayTrust chief executive Alastair Rhodes (second from left). Photo/File

BayTrust will make a record $6.8 million worth of funding available to local community organisations next year thanks to another strong revenue performance.

A total of $5.9m was distributed between 199 different organisations in the past financial year with BayTrust chairman Kenneth Brown set to announce at today's annual public meeting in Taupo that this figure will substantially increase.

BayTrust's investment portfolio returned $17m , or 8%, in the past year following a "stellar performance" the year prior, with total equity now sitting at $213.5m.

"Because of our strong balance sheet we anticipate we will be able to increase our granting for next year to a record $6.8m which will allow us to increase funding across all our funding tiers and outcomes areas as well as create a new Community Amenities Fund to help support intergenerational community and environmental projects," Brown said.

As a result of their strong financial returns, BayTrust more than adequately covered their expenses and granting ($8.5m) for the year.

"Looking forward the BayTrust board and our Investment Advisors, Cambridge Associates, continue to be cautious around our future returns with increasing volatility being experienced in the financial markets," Brown said.

"However, we're thrilled to be in a position where we can help more community organisations deliver projects and services that make a huge difference to Bay of Plenty residents' lives."

Among those who received funding this year was Coastguard Eastern Region who were given $167,430 to help provide a better level of service and more consistent cover across the Bay of Plenty.

The Rotorua Mountain Bike Club was also able to continue running their professional First Response Unit in the Whakarewarewa Forest last summer thanks to a $25,000 grant.

BayTrust chief executive Alastair Rhodes said an in-depth review of outcome areas and funding priorities had been carried out, which concluded they were well-aligned with the community's wants and needs.

"We have also confirmed that going forward we will look to support more innovative ideas and projects, and work in a true partnership manner with many organisations including increasing our multi-year funding and introducing a new Community Amenities Fund which is an exciting prospect."

The Community Amenities Fund will grant between $100,000 to $300,000 to capital projects that deliver new permanent facilities, or upgrade and preserve existing community and environmental assets.

Along with grants BayTrust provided other significant community support during the year including capacity-building opportunities such as workshops which were extremely well-received.

"One of our key values is 'together we are strong' and I'd like to say a big thank you to all Trustees and staff for all the hard-work that has been put in over the year," Rhodes said.

"Plus an even bigger thank you to all the wonderful community organisations and their supporters for their ongoing work in helping make the 'Bay of Plenty the greatest place to be'."

A copy of this year's annual report is now available on BayTrust's website.