Local charities walked away with a brighter future yesterday after being honoured with a $5million investment from Butterfield Bank.

In total, 20 charities were selected to each receive $250,000 worth of Butterfield Bank shares, however, the recipients are unable to touch the funds until 2011. The shares are to be used for the establishment of endowment funds for long-term and capital projects.

According to bank President and CEO Alan Thompson the donations "encourage endowments and build for the future".

"Butterfield Bank established a special endowment programme (this year) to commemorate our 150th anniversary and to say 'thank you' to Bermuda for a century-and-a-half of loyalty and support," Mr. Thompson said.

Recipient Denise Carey, director of the Sunshine League, said she was humbled by the donation.

"It means stability for us," Ms Carey said. "It's a humbling experience to receive such a donation. As a children's home we struggle from year to year to cover our operational expenses, so this provides us a well needed relief."

Liz Boden, director of Open Airways, admitted that the investment was important to the longevity of the charity.

"Open Airways is a very small charity representing a large number of people and... we need to make sure the charity is sustainable," she said. "We know we are making a big difference in the community to the people who have asthma. The good news is hospital administration for asthma is down by 77 percent since we started this work, but the bad news is 1,400 people went to the emergency room because of asthma and no one need suffer."

Other charities receiving donations were: the Adult Education School, Bermuda Institute of Ocean Sciences, Bermuda Sloop Foundation, Bermuda High School for Girls Charitable Trust, Caron Bermuda, Masterworks, Meals on Wheels, National Dance Foundation, PALS, PRIDE, Physical Abuse Centre, Saltus Grammar School, Somersfield Academy, The Family Centre, The Reading Clinic, Warwick Academy, Windreach Recreational Village and Women's Resource Centre.

The awards made to recognise charities falling under the categories of Human Services, Community, Conservation and Environment, Youth and Sport, and Education.

"These awards were decided upon after careful review of applications from numerous registered Bermudian charities," said Mr. Thompson. "We would have loved to have provided endowment funding to all of the organisations that applied — there were so many worthy requests among the applications... But, with a pre-established pool of $5million worth of bank shares, the Charitable Foundation felt that, by supporting these 20 organisations, we could provide significant, long-term benefit to the community that Butterfield Bank has called home for 150 years."