In the trust's financial year ending March 31, the value of its investment portfolio dropped by about $9 million due to the recession.
Despite that, the trust received $4.5 million dividends from Pioneer Generation, which it owns, offsetting part of the loss.
About 30 people attended the trust's ninth annual public meeting held in Cromwell's Presbyterian church last night.
Trust chairman Duncan Butcher said the "unrealised" financial loss was not a physical one, and therefore would not affect the amount which could be granted to charitable organisations and groups.
"The value of our portfolio has reduced, but it would only be a realised loss if we sold those assets [at a reduced value]," he said.
Despite a bad financial year, the trust's investment value had actually increased on a whole since it was formed in November 2000.
Trust chief executive Paul Allison said the trust started with $120 million in cash and the asset of Pioneer Generation, which was valued at $35 million at the time.
Since then, its total portfolio of $155 million has increased to about $260 million, he said.
The initial investments worth $120 million were now valued at $142 million, and Pioneer Generation was worth $120 million (up from $35 million).
"Our total assets have risen from day one, and we've given away $41 million in grants since then," Mr Allison said.
Although the 2008-09 financial year was the worst in the trust's recent history, it still approved 128 grants totalling $3.4 million.
"In comparison to other trusts [in the philanthropy sector] we are doing well, considering the recent economic times," Mr Allison said.
"We have made a commitment to ensure the level of grants is maintained, especially during this time when some people are struggling."
The trust had experienced an increase in requests from welfare and social service agencies, which were finding it difficult to maintain previous years' levels of funding and sponsorship.
Its largest single grant approved this financial year was $600,000 for the continuation of an information and communication technology initiative in schools throughout the wider Central Otago area.
Other recipients of large grants included Central Otago Health Inc ($130,000), the Wakatipu Trails Trust ($100,000), Alexandra Kindergarten ($80,000), Gibbston Community Association ($80,000), Regional Youth Trust ($71,000), and Central Otago Ecological Trust ($50,000).
Representatives of various groups and organisations at last night's meeting told the trust about how its financial support was gratefully received and critically needed.
