Funding's on the line for hundreds of charities as one of the country's biggest community trusts faces financial uncertainty.
The ASB Community Trust has delayed setting its grants budget for the coming year to allow time for the financial markets to recover.
The trust usually sets its budget by the end of the financial year, but this year it's on hold till September.
A summary financial statement issued on Friday shows the trust in the red by more than five times as much as it was the previous year, despite granting only about half as much money.
Chief financial officer Syd Beguely says the cuts are a sign of the times and a means of protecting the investment for future generations.