It was a case of winners all round as the Bank of Bermuda Foundation boosted its revenue by almost $3 million, while putting more than $7.3m into promoting education, according to its latest report.

The bank's charitable branch saw its revenue, including dividends, gains on sales of investments and donations received, rise from $3,697.512 in 2005 to $6,283,962 last year.

Meanwhile, its outgoings totalled $5,357,786 for donations in 2006, up more than $1m from $3,803,683 in 2005, and $6,299.344 in expenses last year, compared to $4,594,275 two years ago.

The biggest outlay, amounting to almost half of all donations, went towards arts, culture, heritage and environmental projects at $2,2256,936, closely followed by youth development, sports and miscellaneous, which was $837,371.

Other beneficiaries included education ($744,791), human services ($625,669), general charitable ($529,019) and scholarships ($364,000).Investment management fees were the main expenditure, standing at $280,000, while administration charges were not that far away at $225,000, as were member funding expenses of $135,000.

But overall with earnings versus outgoings, there was still a deficit of $15,382 last year, albeit a significant reduction from $896,763 in 2005.Writing his letter in the organisation's annual report, Joseph Johnson, chairman of the board of directors at the Bank of Bermuda Foundation, said: "Our mission to support local charitable organisations is a driving force year after year; 2005 and 2006 were no exceptions.

"During this period, the Bank of Bermuda Foundation contributed more than $7.3m to promote education; preserve our cultural heritage; protect the environment; and support human services, youth development and sports organisations within our community.

"I am pleased to report that inMay 2005, the Foundation reached an important milestone in having donated over $25m to Bermuda's community for charitable initiatives and educational scholarships, since its inception in 1989.

"During the past two years, the Bank of Bermuda Foundation has supported over 150 registered charities and schools, spanning a wide range of interest sectors and community-focused programmes."

He said some of the highlights included the building of homes for the elderly as well as scholarships for students in higher education.

"Highlights include our support for the construction of 100 homes for seniors in Rockaway, Southampton and our significant contribution to the Bermuda Institute of Ocean Sciences for the purchase of a new research vessel - The Bank of Bermuda Atlantic Explorer.

"With a commitment to education, the Bank of Bermuda Foundation's Scholarship Programme is one of the ways in which we are improving the opportunities available to the Island's youth.

"The scholarships, which are awarded annually, reward community involvement and academic excellence in students aspiring to continue in higher education. In 2006, the Foundation introduced the new Joseph CH Johnson Scholarship - an award of $25,000 a year for four years

."Through the Bank of Bermuda Foundation's Staff Matching Donation Programme, some $87,000 was invested in local charities and schools in the past two years. While the Foundation's Board and Executive Giving Programmes donated $200,000 during the same period."

Donations over 2005 and 2006 have featured Age Concern Bermuda, Bermuda Cricket Board, Bermuda High School, Bermuda Hospitals Charitable Trust, Bermuda Housing Trust and Bermuda National Trust, for donations above $25,000, and the likes of Bermuda Insurance Institute, Bermuda Red Cross and the Young Entrepreneurship Initiative of Bermuda have all stood to benefit from those donations under $25,000.

Meanwhile, as a whole, the Foundation's assets total $171,410,604, up from $147,667,475 two years ago, including current assets and investments, while liabilities amount to $173,366, a representing a huge decrease of $404,649.