Chairperson and CEO report

For the year ended 31 March 2010

It has been pleasing to watch the steady recovery in the Trust’s investment portfolio this year as the impact of the global financial crisis recedes and confidence gradually returns to investment markets.

In the year to 31 March 2010 the Trust’s investments increased in value by $28m (25%) and overall, after expenses and grants, the Trust made a surplus of $29m. This surplus was critical to restoring the Trust’s “real” (i.e. base plus inflation-adjusted) Capital position. At year-end net Capital was $137m, cf. the “real” capital position of $127m.

Two funding rounds were held during the year (September and March) and the Trust paid out over $1.5m in grants to essential BoP causes, from Katikati to Turangi to East Cape. It also awarded Dillon Scholarships totalling $94,000 to 42 people, supporting tertiary study for those with disabilities.

Granting highlights of BayTrust’s Year included:

• $10,000 Presbyterian Support Family & Community Services towards the costs of running their Tauranga (Hillier) and Whakatane sites;

• $20,000 Rotorua Community Youth Centre Trust contribution towards operating and administration costs;

• $35,000 Lake Taupo Hospice Trust contribution towards building extensions and renovations;

• $75,000 Otumoetai Sports & Recreation Club Inc. contribution towards clubroom upgrade and inclusion of an observatory.

During the year BayTrust carefully reviewed its on-going relationship with Sport BoP, and specifically the CoachForce programme of which the Trust was the foundation funder in 1997. The Trust has now re-committed to a further three-year programme to June 2012, which brings BayTrust’s total investment in CoachForce to $7.2m. CoachForce is all about encouraging, supporting and developing more and better coaches for 15 Bay sports. We congratulate Sport BoP and all the CoachForce personnel and participating sports on their continuing success, which is so essential to helping particularly children, and young people enjoy and succeed with sporting/recreation endeavour and activities.

The Trust also reviewed and renewed its $600,000, 3-year commitment to the BayTrust Rescue Helicopter operated by the Philips Search & Rescue Trust. In the last four years this Rotorua-based helicopter has completed nearly 300 missions, saved countless lives and significantly helped many individuals and families.

During the year under review Trustees Luke Martin (Rotorua); Maria Ngatai (WBoP) and Adrienne von Tunzelmann (WBoP) retired and Gregg Brown (Rotorua); Stephen Morris (WBoP); Pamela Lewis (WBoP) and Jenny Mahoney (EBoP) were appointed to the Board. One seat had been vacant since January 2009 and the new appointments returned the board positions to 12. Luke and Maria had both served two terms (eight years) and Adrienne one term (four years) with BayTrust and all had been strong and diligent contributors to the Trust’s directions objectives and activities.

In September 2009 ex-Trustee Terri Eggleton joined the Trust in the newly-created full-time position of Community Development Advisor. This has enabled BayTrust to have a renewed focus on Community Development as the key means by which it will achieve its mission of effectively building, strengthening and enhancing Bay of Plenty communities.

Our sincere thanks to all Trustees and staff for their enthusiasm, energy and commitment to BayTrust over the past 12 months.

All Trustees & staff are very conscious that although BayTrust can assist, communities are actually built developed and maintained by those with the vision and passion to understand community needs and opportunities; and turn good ideas into excellent projects and much needed services. It is a privilege to be a part of what BayTrust can do to support the incredible endeavour of so many wonderful volunteers and others committed to helping nurture our communities.

We remain firmly committed to supporting and strengthening our BOP communities and people, and thank all those who give so much of themselves for others.

Paula Thompson
Chair

Bruce W Cronin
Trust Manager

17.06.10