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Chairman’s Review
Kia Ora, Greetings
2014/15 was a milestone year for the Rotorua Energy Charitable Trust as we turned twentyon 3 June 2014.
Our Annual General Meeting in July 2014 was a wonderful time of celebration where nearly 100 members of our community joined Trustees and staff during a special lunchtime event to mark our anniversary.
The Trust continues to make a huge difference in the community through the grants and scholarships we provide. This year alone we’ve provided 343 community grants and scholarships totalling $3.0 million.
Looking back on our nearly 21 years in existence, we’ve now made4,631 community grants and scholarshipstotalling $93.6million.
Every dollar we grant and every scholarship we provide continues to have a positive, significant effect – not only on individuals young and old, but also on Rotorua as a collective community.
As we look back over the past year, we have continued to make steady progress toward achieving our vision of helping to create “a safe and vibrant district, where people are proud to live, work, invest, play and educate their families.”
This year’s highlights include:
$500,000 to Healthy Homes:
In July we announced the Trust is contributing $500,000 over the next two years toward the cost of improving Rotorua housing conditions through the popular ‘retrofit’ Healthy Homes insulation programme.
$7,500,000 in Major Grants:
In December we announced $7.5million were conditionally granted to 13 organisations whose capital projects bring a significant benefit to the wider community. The grants range from $250,000 to $1.5 million, are spread across a variety of sectors, and primarily contribute toward building and facility development. Subject to receipt of further information from the organisations, the grants will be formally considered for approvalwith the funding being distributed over the next three years.
$200,000 to Crankworx:
We contributed $200,000 to the world’s largest mountain biking festival – Crankworx – which came to Rotorua in March. The economic and reputational impact on the region was incredibly significant as the event attracted around 15,000 spectators and 750 riders from New Zealand and around the world.
The Trust’s ability to make a difference is possible due to the investment returns that the Trust receives from the investment of its Perpetual Capital Fund.
For the past twenty years, the Trust has managed its investment portfolio internally and in recent years this has been by way of the Trust’swholly owned subsidiary, Perpetual Capital Management Limited (PCML).
Trustees undertook a review of the management of the Trust’s investment portfolio this year and sought proposals from external managers as well as PCML.After careful consideration, in December we announced the appointment of Mercer (NZ) as the new trust investment manager effective from the 1 April 2015.
While internal investment management had served the Trust well over the past 20 years, Trustees believe that the appointment of Mercer is the best option going forward. The company has a strong New Zealand-based team backed by global experience and strength.
We want to take this opportunity to thank PCML directors and staff for their longstanding service. It is their prudent strategy that has allowed the Trust to invest millions over the past two decades as we’ve worked toward creating a healthy community from the inside out.
In closing, I would like to sincerely thank our small but dedicated team of staff membersandmy fellow Trusteesfor their ongoing efforts and continued support.
Thank you.
Grahame W Hall, QSO, JP
Chairman