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Chair's Report to 2011 Annual General Meeting

The presentation of this report gives me great pleasure in knowing that another successful year has passed and that all Trustees hold a positive outlook for the future of the Trust.


As Chair I offer the following thoughts. All trustees are now very familiar with the workings of the Trust, the direction in which it is going and the comfort zone we are in. It is my opinion that new ideas are important, new ideas brought in by new Trustees. For the ongoing good health of any Trust the retention of trustees familiar with the Trust's workings is important but it is equally important to balance that with fresh thoughts. It is my intention to resign from the Board when I conclude 10 years of service, at that time I will offer for nomination another Eastern Bay of Plenty person. I also make the suggestion that when a new Trustee is invited to the Board that a brief but concise "Introduction Kit" which includes the Trust Deed, Trust background and short bio's of fellow trustees be given to the incumbent.


Publicity for 2010: The Bay Weekender, Whakatane Beacon and Bay of Plenty Times have had regular articles and photos during 2010. My congratulations to Monique are recorded. Our website gives the Trust a modern image but is still an under utilised tool. Every recipient of the Millennium Scholarship and participant in the Future Leaders Programme must continue to be made aware of this facility.


Millennium Scholarships: Attendance by Trustees at College Prizegivings is very important for the profile of the Scholarship and the Trust. I thank all Trustees who attended their college's prizegiving and commend to those trustees who have not attended to make the effort this year - comparisons from college to college give us a better understanding of the educational system and an opportunity to promote our Trust and Future Leaders Programme. The Scholarship ceremonies give us another opportunity to familiarise ourselves with the recipients and to promote the Trust's work. I thank John Burn and Roger Loveridge and all trustees who attended the Tauranga ceremony and to Peter Paterson who ran the Whakatane ceremony. The Trust has commitments in respect of Education Grants over the next five years totalling $245,550. Our total commitment to Millennium Scholarships since 2000 is $544,750 to 146 tertiary students.


Investments and Financial: Total equity at year end is $4,589,598 showing a net surplus for the year of $130,102. Our present Investment Allocation shows a conservative approach. We have reduced our higher risk and property investments and increased equities, fixed interest and cash investments.


My thanks to the steady hands of the Investment Committee.


Future Leaders Programme: For 2010 Phil Laurence once again presented a programme well received by the students involved. There is keen competition with many other similar programmes for youth in motivation and leadership. Phil is very capable and has strong support but we still struggle to get all Colleges to participate.


Instep: was the beneficiary again of a grant of $10,000 and provides valuable work experience and job opportunities to students. As long as Instep is accountable and continues to be managed by some seriously motivated Tauranga residents I believe it is a worthy investment for facilitating local youth into worthwhile careers.


Trustees: We have had no changes in our Board and I thank all Trustees for their diligence during the past year. We still have a vacancy which has been left to "lie on the table" as it is felt we have a good balance at the moment. A former Trustee, Robin Wray, continues to battle health issues but is in good spirits - he sends his kind regards to all. Trustees who came up for rotation during 2010 were Roger Loveridge and John Mainland - both were available for re-election and subsequently were re-elected.


My personal thanks to Peter Wood and his staff for their ongoing commitment to the Trust. The work he does behind the scenes in making sure all documentation is out on time, all procedures are followed to the letter and his care and attention to detail is very much appreciated. Thank you Peter.


My thanks to you all for your support over the past year.