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BOP Education Trust 46 articles
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Chair's Report to 2013 Annual General Meeting

I have pleasure in presenting my first annual report as Chair of the Bay of Plenty Education Trust. I have enjoyed my first term as Chair and have appreciated the support of my fellow trustees during the year.


The Trust has had a successful year with a net surplus of $499,746, an increase of $185,196 over last year. The net surplus after expenses represents a return of 10.2% on the investments of the Trust. An amount of $199,898 was transferred to the Educational Purposes Reserve and the balance in that reserve at year end was $500,795 after distributions of $118,299 for educational purposes. The total capital of the Trust is $5,175,576 as at 31 December 2012. The Trust has now reached the objective to have a capital base of $5 million set at the time the Trust was established in 1985.


Millennium Scholarships
A further 18 scholarships of $5,750 each were awarded in 2012 with a total value of $103,500. The Trust has now awarded 183 scholarships with a value of $757,500 since the programme was established in 2000. The scholarship criteria were reviewed during the year to reflect the trustee's determination that the recipients fall within those criteria. As part of that review the scholarship was renamed The Science, Technology and Emerging Industries Scholarship.


The Trust's accounting policy for the valuation of direct property was changed last year and the Trust now re-values these properties each year so that the valuation policy is in line with his policy for its other investments. There was an additional cost of $5,635 to gain the valuations however it is prudent to ensure that the policy for all investments is consistent.


The gross income received on the Trust's investments was $545,239 and this represents a return of 11.1% on the average investments held during the year. The growth in the value of the investments totaled $291,073 and is an important part of the Trust income.


Monique has continued in her role as the Trust publicist and we now also employ Katie to handle photography to ensure that we have a professional presentation. Exposure in all tabloids and newspapers in the area continues to raise the Trust's profile.


Our website is still under-utilised but offers a much needed internet profile.


Future Leaders Programme
Now in its 6th year the 2012 FLP run by Phil Laurence presented a programme to year 13 students. The additional 2nd year meeting was re-evaluated and social media will be used in place of this meeting. We received reviews from participants who rated their FLP experience and also student;s comments - changes have been undertaken according to these comments.


Our grant of $10,000 is well placed with this efficient organisation that provides a great step towards full time employment for local youth into worthwhile careers.


During the year Peter Patterson and John Mainland retired as trustees. John as been a trustee since 2006 and Peter a trustee since 2007. The Trust has been well served by their contributions during their terms.


John Revington and Aileen Lawrie were appointed trustees during the year and I welcome them on behalf of the Trust. We all look forward to working with them in the interests of the Trust.


Ses MacKinnon retired as the Chair of the Trust at the last Annual General Meeting. Our thanks to her for her leadership during her time as Chair. We are fortunate that she has consented to continue as a trustee. Her service and concern for the Eastern Bay continues to be invaluable.


Roger Loveridge