SUBSTANTIAL INCREASE IN ROTORUA TRUST FUNDS
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15 April 2010 |
Rotorua Trust increased its trust funds by $12 million during the financial year ended 31 March 2010.
Trust chairman, Grahame Hall reported in the Trust’s 2010 annual report that it was a very pleasing result especially given some of the hard decisions trustees had to make last year due to the challenging economic climate.
“Trustees are delighted that the decisions they and the investment team made last year have paid dividends with a very positive result for the year. The directors and management of Perpetual Capital Management Limited are to be congratulated for this outstanding result,” he said.
Perpetual Capital Management Limited a wholly owned subsidiary of the Rotorua Trust is responsible for the management and advisory aspects of the Trust’s investment assets.
”The investment return of 14 percent for the year has enabled the Trust’s investment portfolio to regain a substantial portion of the negative results from the previous two years. The distribution policy, which operates in relation to the investment portfolio, enabled trustees to continue to make donations to the community during the year which is in stark contrast to some charitable organisations which suspended funding to their communities.”
Approximately $80 million in donations has been made available by the Trust to the local community over the past 15 years.
A full set of the annual financial statements, including the auditor’s report, are available on the Trust’s web site www.rotoruatrust.org.nz
A summary annual report will be distributed to the local community on 14 July 2010.
Copies can also be obtained by calling the Trust on 347 6239, email admin@rotoruatrust.org.nz or by writing to them at P O Box 1418, Rotorua 3040.
Ends
For further information, please contact:
Grahame Hall
Chairman
Rotorua Energy Charitable Trust
Telephone 07 345 5900
Mobile 0274 955 017
Web www.rotoruatrust.org.nz
Issued by:
imPRove it Public Relations Ltd
Telephone 07 348 1444
Mobile 027 430 8876
Email annette@improveit.co.nz
Web www.improveit.co.nz
TWO SIGNIFICANT PAINTINGS BOOST
HERITAGE COLLECTION
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15 April 2010 |
Two paintings of local significance were purchased by the Rotorua Trust for The Heritage Collection recently.
Trust chairman, Grahame Hall said the opportunity to purchase the paintings, one by Charles Goldie and another by Walter Wright, was too good to miss.
“Trustees felt it was important to secure these important pieces of work for the community. Our financial position has improved this year and we had an opportunity to buy them at a very good price.”
Keen to preserve the region’s history, the Trust began collecting artworks inspired by the Rotorua district and its people 10 years ago. “We believe the acquisition of such important artwork is a very sound investment on behalf of our local community. It’s important to bring the works ‘home’ where they will remain and be enjoyed by many generations to come.”
Mr Hall said the two paintings are of special significance to our people. A major historical work, the portrait of “Mihipeka Wairama” by Charles F Goldie, is the sixth painting the Trust has purchased by the well-known New Zealand artist. One of the Tuhourangi people, Mihipeka Wairama, was among the survivors forced to leave their ancestral home of Te Wairoa following the Tarawera eruption in 1886. “Mihipeka, along with many of the survivors, was taken in at Whakarewarewa Village and it was there she first met Goldie and became one of his favourite models.” The other paintings by Goldie in the Collection are Mita Taupopoki, Guide Sophia, Hinemoa, Maramena Uiari, and Te Arani or Pipi Haerehuka.
The Trust also recently purchased a painting by Walter Wright. Entitled “Maori Canoe Race, Lake Rotorua”, it is a rare and important historical document. Mr Hall said the painting is of waka peke (leaping canoes). “This involved waka jumping over logs raised slightly above the water surface. Very popular with spectators, it took a lot of skill.” A regular feature of regattas, waka racing was a sport enjoyed by both Maori and Pakeha from the mid-19th century. “This is our first painting by Walter Wright and it really is a stunning piece.”
Initiated in 2002 by the Trust’s inaugural chairman, the late Johnny Lepper, The Heritage Collection contains more than 120 works of art and has a total value of almost $3 million.
Mr Hall said The Collection had been professionally reviewed last year. “We are now selling limited works; those of less significance and where we have a number of works covering the same subject, to help cover the cost of more important acquisitions.” The two paintings cost $150,000 (Goldie) and $16,000 (Wright) respectively.
The Heritage Collection can be viewed on the Trust’s web site www.rotoruatrust.org.nz
Grahame Hall
Trust Chairman
Rotorua Trust
Telephone 07 345 5900
Mobile 0274 955 017
Web www.rotoruatrust.org.nz
Issued by:
imPRove it Public Relations Ltd
Telephone 07 348 1444
Mobile 027 430 8876
Email annette@improveit.co.nz
Web www.improveit.co.nz
ROTORUA TRUST INCREASES
OPERATING COST DONATIONS
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6 April 2010 |
Ninety local charitable groups and organisations will benefit from Rotorua Trust operating cost grants this year.
Trust Chairman, Grahame Hall said the Trust will make more than $300,000 available each year for the next three years.
“This is an increase of almost six per cent on the last round in 2007.”
Every three years the Trust makes a limited amount of funding available to assist local charitable organisations meet their annual operating costs.
Mr Hall said grants for operating costs are becoming more difficult for organisations to obtain because very few funders make them available.
“As far as we know, we are the only Trust in New Zealand making donations for ongoing operating costs, in this case for three years.”
“Organisations continue to tell us that it takes a lot of pressure off because they know they have got the funding each year for the next three years.”
“It also means they don’t have to apply every year,” he said.
Mr Hall said the Trust receives applications from a variety of groups and organisations, both large and small.
“We received applications from organisations working in the art and culture, community, youth, older person and education areas.”
“Trustees were also pleased to get applications from 13 groups that had never applied before.”
Mr Hall said only groups that have been operating for two years as a legal entity qualify.
“They must be able to demonstrate the ability to improve and benefit the Rotorua District community and are expected to have a reasonable level of self-sufficiency.”
Schools are not eligible for the grants.
The Trust’s next funding round for operating costs will open in December 2012 and successful organisations will be notified early the following year.
Any applications made between now and that time will be referred to the next round.
Ends
For more information please contact:
Grahame Hall
Trust Chairman
Rotorua Trust
Telephone 07 345 5900
Mobile 0274 955 017
Web www.rotoruatrust.org.nz
Issued by:
imPRove it Public Relations Ltd
Telephone 07 348 1444
Mobile 027 430 8876
Email annette@improveit.co.nz
Web www.improveit.co.nz
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