Charities and students benefited from a $36 million windfall from the Bank of Bermuda Foundation during its first 18 years.

In a letter to shareholders in the Foundation Annual Report 2007, Joseph Johnson, chairman of the bank's charitable arm, said the money had been donated to charitable initiatives and educational scholarships between its start in 1989 and December 2007.

The Foundation revealed total assets of $179 million last year compared to $171.4 million in 2006, compared to liabilities of $242,397 and $173,366 for the respective periods.

Total net assets, including restricted and unrestricted, stood at $178.9 million in 2007 versus $171.2 million the previous year.

As far as revenue was concerned, the total figure was $8 million last year in contrast to $6.3 million two years ago, while donations amounted to $4.3 million in 2007, down from $5.4 million the year before.

Expenses were up at $997,836 in 2007 against $941,558 in 2006, leaving a total surplus of $3.1 million last year compared to minus $15,382 the previous year.

Among the main beneficiaries last year were the Rockaway Seniors' Housing Complex in Southampton where 100 affordable homes were built, and the documentary series Enviroshorts, which focused on Bermuda's natural environment.

The Foundation also sponsored a number of youth tournaments including the West End Athletic Club Schools Challenge, the ITF Junior Tennis Tournament and the Bank of Bermuda Foundation Triathlon Series.

Meanwhile the Foundation's Scholarship Programme awarded 20 scholarships worth $717,000 in 2007 to help students through higher education, as well as providing funding for scholarships for the Bermuda Union of Teachers' Endicott Teacher Training Programme to allow teachers to pursue a Masters degree in Organisational Management.