Annual Report 2015 VICTORIA UNIVERSITY OF WELLINGTON FOUNDATION Contents 2 From the Chair 11 Passion and pragmatism behind untied bequest 3 From the Vice-Chancellor 12 Funding gives drug discovery chemistry 4 Our year real traction At a 13 5 Generous endowment for research centre Law prize honours top New Zealand judge $10.9 from Gama Foundation 14 Individual sacrifice marked by epic symphony million 6 First-in-family scholarships change lives 16 Trust for young photographers enters new era glance 17 Visiting Chair sheds light on global “footnote” 18 8 Ancient collection adds wealth Our year in pictures RAISED IN of knowledge 20 Victoria Benefactors’ Circle 22 Victoria Legacy Club DONATIONS 24 U.K. and U.S. Friends 25 Donations received 10 Earthquake Commission backs 28 Disbursements groundbreaking programme 30 Financial statements $2.6 million Foundation trustees $45 EARNED ON million INVESTMENTS DISTRIBUTED SINCE 1990 ₁ ₂ ₃ ₄ ₅ ₆ ₇ ₈ ₉ ₁₀ 267 82 members members OF VICTORIA OF VICTORIA BENEFACTORS’ LEGACY CLUB ₁₁ ₁₂ ₁₃ ₁₄ ₁₅ CIRCLE 1. Craig Stevens (Chair) 2. Judge Ian Borrin (Deceased March 2016) 3. Prue Flacks (to February 2015) 4. Steven Fyfe 5. Professor Grant Guilford (Vice-Chancellor) 6. Ewan Henderson 7. Sir Neville Jordan KNZM, DistFIPENZ (Chancellor) 8. Leo Lonergan (Deputy Chair) 9. Brent Manning 10. Elaine McCaw (to February 2015) 11. Ian Mckinnon CNZM QSO JP (to January 2015) 12. Simon Murdoch CNZM (to February 2015) 13. Kerry Prendergast CNZM 14. Brian Roche (to August 2015) 15. Helen Sutch (to December 2015) Cover image by Mike Heydon/www.jetproductions.co.nz. Late-Roman antiquity from the David Carson-Parker collection (see page 8). ISSN 2230-3723 (Print) ISSN 2230-3731 (Online) capital value of endowed funds and to provide ongoing support. Approximately three quarters of the Foundation’s investment portfolio is held for endowed capital funds, which ensures that the From the benefit of those numerous endowed projects will be long lasting. Vice-Chancellor The Victoria University Foundation Trustees’ Scholarship is a project that has given me much university and one of the great Securing the intellectual potential satisfaction since joining the board. This scholarship global-civic universities. Our put at risk through experience of offers first-in-family students a major helping hand strategic plan sets out a number disadvantage is a strategy that is to study at Victoria. I am pleased to advise that, to date, five students have received the benefit of of strategies that focus and vital to ensuring that New Zealand these scholarships, and the inaugural scholar, Vinny enable this vision. This report has the opportunity to employ Carroll, is now pursuing Master’s study. demonstrates how the work of the talented and qualified staff that As friends of Victoria University, Foundation supports the strategic represent the diversity of our From the Chair you play an enormously valuable plan and the wider goals society. The Foundation’s work My fellow trustees join me in thanking role. The financial support we of Victoria. in developing a first-in-family At the beginning of 2015, I was delighted to our many donors and sponsors who receive through the University programme, which supports young Foundation is incredibly be appointed chair of the Victoria University have contributed to the Foundation, New Zealanders who would not important to Victoria. It allows Among those is our intent Foundation and continue a journey started more thereby offering valuable support to the otherwise have the opportunity to us to assist more students, to develop a distinctive attend university, is an important than twenty-five years ago, when our charitable University. I also extend my gratitude to trust was first created. The Foundation has, in through prizes and scholarships, academic emphasis: we driver of progress in this area. the Development Office staff and to the that time, paid out more than $45 million for the and to improve the student have identified eight cross- There are many other stories trustees—particularly to deputy chair benefit of the University—to advance knowledge experience by developing new disciplinary themes derived highlighted in this report that Leo Lonergan—for their wisdom and teaching programmes and and to disseminate and maintain that knowledge from our positioning as New offer a glimpse of the breadth and through teaching and research. In the past year, energy in guiding the Foundation’s leading-edge facilities. depth of initiatives supporting our Zealand’s globally ranked the University has started to embed its new ambitious plans for the University. activities over the past year. It also enables us to further strategic vision. The Foundation supports that capital city university that All have the backing of generous strengthen the quality, quantity vision and has set upon a path that reflects these frame and develop our and visionary donors and and impact of our research by strategic goals, seeking funds for priority projects teaching, research and supporters, to whom I extend my I would like to acknowledge the considerable establishing new academic that could not otherwise proceed. sincerest thanks. contribution of those trustees who completed their positions and research institutes, public engagement. In 2015, the Foundation’s revenue and investment tenure in 2015—my predecessor Elaine McCaw and building library and art collections I would also like to thank Shelagh portfolios both had a sharp rise thanks to the also Prue Flacks, Ewan Henderson, Ian McKinnon, and presenting events that engage Murray, who served as executive Simon Murdoch, Brian Roche, Helen Sutch and Professor John Psathas’s epic philanthropic support of a range of organisations and our communities, such as director of Development and the Rick Zwaan—and welcome our new trustees— symphony No Man’s Land is a individuals. One of those donations was an incredibly public lectures. Foundation until late 2015. Robyn Bargh, Rick Christie, Bernadette Courtney, spectacular example of one of generous $7 million from the Gama Foundation Shelagh made a significant for Victoria University’s Institute for Governance Jonathan Gee, Sir Neville Jordan, Farib Sos and As supporters of Victoria, you those themes, cultivating creative contribution to Victoria’s and Policy Studies. The Institute was established Sir Maarten Wevers. also play a significant role in the capital. This outstanding work fundraising in her five years here in 2012 from an earlier $3 million endowment from success of the University through illustrates what Victoria can do It is with great sadness that we have learned of the and has left us in good stead. your own achievements. Many in this area and how we can take the Gama Foundation, a charitable trust set up by death of Judge Ian Borrin on 23 March 2016. Ian Christchurch philanthropists Grant and Marilyn continued to contribute his advice and support to of you are making important it to the world with the help of Nelson. Their enduring support for Victoria is the board despite suffering from long illness. contributions to the economic our generous supporters. The making a tangible difference in strengthening the We offer sincere condolences to his partner and social wellbeing of our city Earthquake Commission’s twenty- University’s reputation and ability to achieve its goal Jenny George and family. and our country and, in doing plus year investment in Victoria’s of advancing better government. so, are building the standing of expertise in earthquake science is We, the Foundation, look forward to continuing to the University. We value your another example of philanthropic The Foundation’s revenue for 2015 was $13.5 million, assist Victoria University in achieving its vision of wisdom, guidance, involvement support reinforcing our unique significantly higher than the $7.3 million achieved being a world-leading capital city university and one and influence. With your support academic strengths, in this in 2014. This revenue came from $10.9 million of the great global-civic universities. Professor Grant Guilford in donations and $2.6 million from investment and connections we have the case, enhancing the resilience earnings, equating to a 12-month aggregate return opportunity to take Victoria on a and sustainability of our natural of 8.8 percent. As a result, the Foundation’s total remarkable journey to be a heritage and capital. funds grew to more than $42 million year-end 2015. world-leading capital city The trustees approved a distribution of 6.1 percent of these investment earnings to maintain the real Craig Stevens 3 Our year Generous endowment for research centre from Gama Foundation With your support, the Victoria University of Wellington Foundation has raised and distributed funds for many and varied projects at Victoria in 2015. These projects reflect the interests of our donors and sponsors and the strategic priorities of the University as it sets out to become a world-leading capital city university and one of the great global-civic universities. This annual report provides just a glimpse of the generosity that has enabled Victoria to undertake excellent research, teaching and public engagement in the service of local, national and global communities. Brent Manning (Trustee), Professor Grant Guilford (Vice-Chancellor), Grant and Marilyn Nelson The Gama Foundation has given management and decision making Victoria University’s Institute for “This is a wonderful in the public sector. It also Governance and Policy Studies endorsement of the work undertakes public policy research (IGPS) a $7 million boost to its on important contemporary issues. the IGPS has done and can work leading thinking and debate around issues at the heart of the do in the future to lead Michael Macaulay, the director democratic process. thinking on important of IGPS, says the additional questions facing society. endowment will support new The IGPS was established in 2012 It will allow Victoria to research initiatives, new research through an earlier $3 million deliver real benefit for staff and more PhD students.