King's College Foundation Annual Report

King’s College Foundation Annual Report 2018

It was fantastic to see some of our Foundation Members attend the Foundation Cocktails event before watching the 2018 Glee Club’s performance of Guys and Dolls.

Foundation Annual Report 2018 1 President’s Report

It gives me much pleasure to I would like to acknowledge the outstanding We are very pleased to have engaged the leadership of Headmaster Simon Lamb, as services of Giving Architects and its principal, present my report for the year King’s continues to excel across a wide variety Clive Pedley. Clive has brought his considerable ended 31 December 2018. of activities. Testament to Simon’s leadership is organisational skills and fundraising experience the strong roll, high quality of teaching staff and to the table as this hugely significant campaign The King’s College great spirit within the College. gathers momentum. Foundation has again been In my report last year, I advised that I would be The Foundation will be assisting financially actively engaged with stepping down as Foundation President and that with support for this wide-ranging capital Simon Power would be filling my position. development at King’s, that will take place over helping the College across a the next 10 or so years. It became apparent midway through the year range of activities. that the major fundraising appeal would require an independent leadership structure, which at Investment Fund that stage was not in place. It will possibly come as no surprise to many of To facilitate a smooth transition, the Foundation you that our Investment Fund could not match decided that until the structure was decided the stellar returns of 2017. In fact, we returned upon, I would remain as Chairman and Simon a loss of 2.6%, which was around the average Power remained as a co-opted member. performance of most similar investment funds. At the end of 2018, Board Chairman Ross Green The Foundation distributed $770,463 to the stepped aside to become head of the Capital College for targeted scholarship and bursaries Campaign Committee, and the College was and $255,997 for other purposes. delighted when Simon Power took on the role The Investment Fund’s balance at 31 December of Board Chairman – hence the reason why I am 2018 was $23,087,513. still at the helm, and writing this report! This year’s financial result has not impacted Preparation for the fundraising appeal to assist on our ability to continue to fund the many with the start of the implementation of the scholarships and bursaries we support. Master Property Plan has been at the forefront However, we will be relying on a better of Foundation business over the last 12 months. performance for the 2019 financial year.

2 Foundation Annual Report 2018 Giving Back to the College Warne Rowllings we have no one better to manage this than Andy Morris. Each year, I receive acknowledgement letters Memorial Scholarship The Investment Committee continues to meet from scholarship and bursary recipients, to During the year, Old Collegian Paul Rowllings on a quarterly basis and keep a watchful eye on whom I reply on a personal basis. It provides (Major, 1986-90) and his family donated funds the performance of the respective sectors and me with an opportunity to remind them of our towards a hardship scholarship, which enables fund managers that we have engaged. desire to see these students give back to the a student to continue their education at King’s College over their lifetime just as others have, if for some reason their family can no longer Thank you, Andy, for your enthusiasm and which enabled them to be educated at King’s. afford all the fees. knowledge in this sector, along with that of other members, Peter Wilson, James Ring, This gesture need not necessarily be of It is called the Warne Rowllings Scholarship in James Mitchell, Peter Clark and Simon Power. a financial nature, but could be by way memory of Paul’s late father, who was a student of mentoring current students, coaching in both Selwyn and Major Houses from 1956-60. Thank you, too, to the Director of Commercial teams or being engaged with various Services, Paul Chapman, and his office for King’s organisations. Looking Ahead preparing the monthly returns and attending to other financial matters. As we look forward to 2019, our focus is Social Events Finally, to fellow Foundation Board members – now very much on fundraising for the Peter Wilson, Carrie Hobson, Liz Young, Murray The Foundation once again hosted an opening- Capital Campaign. night cocktail function prior to the Glee Club’s Reid, Andy Morris and Simon Power – thank performance of Guys and Dolls. It’s very With Ross Green at the helm, members of the you for giving your time and knowledge to encouraging to meet many of our members at Foundation will be offering their assistance the Foundation. when required, to ensure this is a very this function and see them enjoy a great night’s We have a big year ahead as the Capital successful venture. entertainment at the College. Campaign begins in earnest. The Foundation values having Jeanette Paine, Our last event for 2018 was the Donor’s Thank the Director of Marketing and Development, You cocktails, which were held at the Romer Virtus Pollet. Gallery in central Auckland. It was another to work alongside it. Jeanette has a very well-attended and very enjoyable evening, capable team behind her and much of their Richard Kidd and featured an outstanding address by a very time going forward will be associated with the PRESIDENT talented Year 13 student, Fabiana Massa-Carson. Capital Campaign. The growth of the Investment Fund is fundamental to the Foundation’s success, and

I would like to acknowledge the outstanding leadership of Headmaster Simon Lamb, as King’s continues to excel across a wide variety of activities. Testament to Simon’s leadership is the strong roll, high quality of teaching staff and great spirit within the College.

Foundation Annual Report 2018 3 Warne Rowllings Memorial Scholarship

King’s College had a Memories of his King’s days stayed with Warne all his life, some of which he wrote down for significant influence on his family. Warne Rowllings’ life. “Selwyn House was outside the school grounds and we had to cycle to school. Every morning, Indeed, Warne credited the College with we had to have a cold shower, even when the instilling the personal values and integrity pipes had to be banged to free the ice inside,” he was best known for. That said, it was the he recalled. lifelong friendships he made at the school which “In the three years I boarded, I never wore a mattered most to him throughout his life. pullover, never had a cold. Come to think of it, Warne was a boarding student in Selwyn House I never missed a day’s schooling through illness. for his first three years, before becoming a Day “Life was very regimented – breakfast, chapel, pupil at the newly-created Major House. classes, sports, dinner and homework. A new memorial scholarship has been “We had to dress for dinner in a shirt with a established by the Rowllings family, in his semi-stiff detached collar and a Donegal tweed memory. He attended King’s from 1956 to 1960 jacket. On Sunday chapel, we had to wear the and passed away in 2015. detached collar with a black suit, including During his time at the College, he participated a waistcoat.” enthusiastically in all aspects of King’s life – By the end of his third year, financial pressure academically, culturally and, most notably, on on the family meant Warne had to switch to the sports field. being a Day pupil. Later, with school fees in He played rugby for the First XV, cricket in the arrears, he faced the prospect of having to leave > Warne Rowllings First XI, and rowed and boxed for the College. King’s altogether. (Selwyn/Major, 1956-60)

King’s College First XV, 1960

King’s College Second XV, 1960

Warne Warne

4 Foundation Annual Report 2018 The Headmaster of the time, Geoffrey “We are delighted this scholarship is already Greenbank, was able to provide financial helping someone who is in a similar position assistance which allowed Warne to stay on as Warne found himself,” his widow, Jeanagh Warne’s good friend for his final year. Being able to complete his Rowllings, said. John Stewart was a year education, and maintain the friendships he “As the college prepares to celebrate 40 years valued highly, was instrumental in his later life. behind Warne at King’s. of girls at King’s, it feels especially fitting that “I was regarded by some of the older boys as a the first recipient is a girl. He was in Parnell House bit cheeky, as I was outgoing,” Warne wrote. “Warne felt deeply grateful to the school to be from 1957 to 1961 and “Those that held that view tried to take it out on able to stay. The school stepped in to support has strong memories of me but others, who liked a lively attitude, looked him and we hope this scholarship can provide their time at the College. after me and I was never injured.” the same lifeline for future Collegians.” The Warne Rowllings Memorial Scholarship will This scholarship is fully funded, but the college “Warne had a pretty good career be granted, at the discretion of the Headmaster, would gratefully welcome further donations at King’s. He was a consummate to a student whose family is unable to pay from those who knew Warne well, should they sportsman, a halfback in the First XV school fees due to genuine, unexpected wish to do so. and wicketkeeper in the First XI, in financial hardship. one game taking seven catches in an innings against Mount Albert Grammar,” The inaugural 2019 recipient is a girl in Year 12. John remembered. With financial support from the scholarship, this student will continue taking advantage of all the He went on to play for the University opportunities King’s provides – much as Warne Rugby Club and was a member of the did 60 years ago. 1966 Gallaher Shield-winning team, his team-mates including fellow former King’s students, All Black Tony Davies Major House Prefects, 1960 and Auckland rep Mike Cormack. “Warne gave everything a good go and in his final year as head at Major House Warne, Head of House he was a school leader.” Having attained a Bachelor of Commerce at Auckland University, Warne’s career was largely spent as a sharebroker, with Jordan Sandman Smythe, later JBWere which was merged into Goldman Sachs. He was on the board of Diocesan School for Girls, and was part of a group of firm friends who bought and raced yachts. As John Stewart put it, he may not have been a diehard sailor but he enjoyed the camaraderie it brought. John summed up Warne succinctly: “He was a very loyal friend, the sort of person who would help anybody if he saw the need. “He certainly had a good career at King’s. To be in the First XI and First XV and do the things he did was a considerable achievement. I imagine his final report would have said something like ‘he contributed greatly to the life of King’s during his time’.”

Foundation Annual Report 2018 5 Mark and Angela Clatworthy Scholarship

A desire to give talented This scholarship assists students with Māori or The scholarship is for boarding students only, Pacific Island heritage to fulfil their potential at and one is given out each year to a student young students a chance King’s College. who is recognised as having strong academic or sporting potential. That means a maximum they might not otherwise There were several stages involved in setting up of five students receiving the Clatworthy have access to was one the scholarship. Scholarship can be at King’s at any one time. of the key factors in Mark Mark, who was a student at Averill House from The scholarships are for both boys and girls and 1978 to 1982, did a significant portion of his and Angela Clatworthy the strong preference is for boys to start from study on his way to becoming an orthopaedic Year 9 – “the feeling is that the earlier they get setting up their scholarship surgeon in the United States and Canada. in 2013. the boys, the better” – while the girls would be “There is a lot of philanthropy there, so I was from Years 11 and 12, enabling three- and two- exposed to educational philanthropy and was year terms respectively. captured by that,” he said. King’s College Head of Admissions Graeme “In the US, philanthropy is a big part of their Syms interviews the candidates and oversees culture, but it’s not a big part of ours. I feel if the selection process. The Clatworthys don’t do you’ve done well you have an obligation to give any of the interviewing but are involved when it something back. comes to final decision time. “Giving kids who are talented an opportunity, Tied in with that, the rule of thumb is that the in my opinion, is the best thing you could best candidate gets the scholarship. possibly do.” “You’ve got to pick the best candidate, Two coaches of his son Charles, during his time independent of their contribution,” he said, at Selwyn House, were former scholarship referring to the issue of whether the College students, and three young men, now finalising would carry the full cost or if the family their training as orthopaedic surgeons in were to make a partial contribution towards Auckland, were scholarship students at King’s. the scholarship. Out of all that, came a desire for Mark The scholarship has now been endowed with the and Angela to play their part in giving Foundation, which means that the scholarship underprivileged youngsters an opportunity. can be awarded in perpetuity. > Mark Clatworthy (Averill, 1978-82) “I’ve run into five boys of Māori or Polynesian Mark was emphatic on what his reaction would heritage who went to King’s on scholarships and be if other parents sounded him out about it changed their lives,” Mark said. starting a scholarship fund. “So we wanted to look at doing something “Go for it – it’s enormously rewarding.” that was going to contribute. We thought the best thing was to give talented kids a lift up to achieve their potential.”

6 Foundation Annual Report 2018 Our Foundation Board of Management

The control, management and conduct of the affairs of our Foundation are vested in the Foundation Board of Management.

The Board of Management comprises: • Four persons, each being a member of the Foundation in any class of membership, appointed by the King’s College Board of Governors. The 2018 Members are Richard Kidd (Peart, 1969–73, President and Investment Committee Member), Peter Wilson ONZM (School, 1952–56, Investment Committee Member), Liz Young and Simon Power who was appointed Chair of the Board of Governors in January 2019. • Three persons who are members in any class of membership elected by the Members. Current Members are Andy Morris (Marsden/St John’s, 1974–78, Investment Committee Chair), Murray Reid (School, 1974–78) and Carrie Hobson. • The Headmaster of the College as an ex-officio member of the Board of Management. The Foundation Board of Management meets formally every two months to review overall progress on the goals of the Foundation. The Director of Marketing and Development and the Director of Commercial Services of the College attend the Foundation Board meetings. For information on the Deed of the Foundation, please go to www.kingscollege.school.nz/support-kings/ kings-college-foundation/our-deed

Foundation Annual Report 2018 7 Margaret Myers Fellowship Fund

This Fellowship fund was set up by the late Sir Douglas Myers (School, 1952- 56) in memory of his mother, who had a deep interest in education. Since 2001 34 teaching staff have taken part in the fellowship programme, travelling around the world visiting leading education institutions gaining new knowledge in their subject areas of expertise. The Margaret Myers teaching fellowships are awarded annually to enable King’s College teachers to attend study courses at overseas institutions. In addition, funding is made available to enable outstanding educationalists to attend the College to conduct seminars, lectures and workshops for staff, students and the wider King’s community.

Grant McKibbin Grant McKibbin BSocSc, DipTchng

Head of Positive Education, English Teacher, Mentor Te Pūtake Lodge

Budapest, Oxford University and Wales featured prominently on Grant McKibbin’s five‑week sojourn in Europe which formed his Margaret Myers Fellowship trip. Among the main take-aways Grant took from his time overseas was that King’s College is in good shape, in terms of the way it is working on the various aspects of student welfare. His first stop, along with wife Kathryn and daughter Margot, was attending the ninth European Conference on Positive Psychology education conference in Budapest. Those participating included Dunedin-based Denise Quinlan, a noted and published expert in the science of wellbeing and turning scientific evidence around the development of young people into practical self-help tools. One of the key points Grant took from the conference was that the connection in relationships is a significant factor in student success.

8 Foundation Annual Report 2018 “One of the basic principles of positive His time at Oxford reminded him of the changes psychology is that wellbeing precedes academic that take place in adolescents, not just physically success,” he said. but also in terms of the way their brains work. “It was nice to be in the realm of meeting “It’s the classic joke when the kid says ‘my people, familiar and new faces, from all parents were normal, then went weird, but came over the world and it all helped reinforce my right in the long run’. understanding of what we are doing at King’s.” “One of the principles of the conference was Grant has been teaching at King’s for 31 years, not pathologising or seeing adolescence as a and spent 14 years as Housemaster at Marsden. problem stage but seeing the potential from that growth area.” He has noticed substantial advances in that time in the working with students to promote Then followed a spot of sightseeing in London, confidence and positivity around their time at a night in Cardiff and visiting Laugharne, which the College. Grant admits he “will hold dear for the rest of my life”. It’s where the celebrated Welsh poet “There’s a lot of stuff I can see now, and I know and writer Dylan Thomas lived for the last few King’s is on the right track. It’s probably a more years of his life, and wrote his most noted work, resilient community, moving into the modern Under Milk Wood. Grant and his family went to age, and I’ve seen that transition. the boathouse where Thomas lived, as well as to “We are deliberately trying to move from a his local pub, and also to the cemetery where he college where students have to fit in, to one was buried. where we make room. It’s about acceptance For a Dylan Thomas devotee, it was “a bit like and tolerance.” going to Mecca,” Grant quipped. Grant believes King’s has a solid counselling There was time for a trip to Stratford-upon- system and an improving mentoring programme. Avon, watching Romeo and Juliet by the Royal His time in Budapest re-emphasised his belief Shakespeare Company, and a visit to King that King’s is at the forefront of changing Edward VI School, where its early students attitudes in New Zealand schools. included William Shakespeare. “This year, two schools contacted me and both Grant is in charge of developing a Year 9, 10 and made the point that we are seen as a bit of a 11 mentoring programme, called the Personal leader in some of these things.” Development Programme, at King’s. After a week in Paris, taking in tourist His stops in Budapest and Oxford “helped build attractions, it was on to London, briefly, then to my understanding, not only of the positive Oxford for a week at the university’s summer psychology but also relationship issues, helping school programme on adolescent psychology. to understand the whys and wherefores of what A group of about a dozen people from we are doing. around the globe discussed issues such as the “There’s a lot of new things that a number of importance of relational psychology. years ago teachers wouldn’t have seen as part of Grant’s learning from that was “we can be their job. But in developing student welfare, we very proud of what King’s is doing in terms of all have a part to play.” building relationships, the good mentoring programme we are developing and the work with staff on positive psychology and the growth mindset”.

Dylan Thomas

Foundation Annual Report 2018 9 Margaret Myers Fellowship Fund (continued)

Ben Simperingham

Ben Simperingham Licence Lettres Modernes (Nancy II)

Housemaster Marsden House, French and Spanish Teacher

Ben Simperingham’s passion In Barcelona he visited the Club Natació for water polo, combined with Barcelona (CNB), the most influential water a chance to freshen up his polo club in the country with a large collection of national and international titles. He also specialist language skills, spent time with the junior club to glean points underpinned his desire to of relevance which could be useful at King’s make the most of his Margaret and to try and use his contacts with an eye on Myers Fellowship. arranging trips for students to visit there. Ben spent five weeks in Europe, largely in Spain, “CNB was very interesting. The whole set-up France and England, with experiences as varied of European sports has nothing to do with as coaching water polo sessions in Spain, visiting high schools. They see schools and sport Nancy, the French city where he had attended as completely separate from one another,” university, and Eton College, a visit organised by Ben said. the widow of the late Murray Bean. “They get confused when we say we run sport He described the trip, which he undertook with through our schools. It’s very geared towards his partner Ana, daughter Sophie and stepson clubs, and the elite. The participation side of it Joshua, as a mix of R and R blended with time eludes them. You’re either playing and you’re observing aspects of life in Europe which have good, or go and play on PlayStation.” relevance for King’s College, and his languages. Ben said the skill levels in both the eight to 10 They arrived in Madrid and, after a visit to years and 11- to 12-year-old age categories was see his sister in Portugal, played in a Spanish “staggeringly high. It’s quite frightening when Masters water polo event in Lanzarote. It was, he you see what these guys do, for four or five two- admitted, “a pretty intense Spanish immersion”. hour sessions a week.

10 Foundation Annual Report 2018 “The level of commitment means their eight-year-olds are doing as much training as our premier players. If you’re wondering why Spain are winning Olympic medals I’ll give you a couple of clues.” The coaching can be brutal and he tried to imagine the reaction at King’s if he attempted to adopt some of the Spanish methods; “For example, watching guys tearing strips off kids for doing something which wouldn’t even rate an error in my book. If I tried the whole approach as they do, I’d end up with unhappy parents very quickly. “But you don’t win European Cups by mistake. You do it by starting young, working hard and brutally excluding people who don’t make the grade.” During his time in Nancy, a French city where he had lived and attended university, he had something of a reunion dinner with old water polo team mates – “and we had exactly the same conversations we’d had 25 years before”, he quipped. There were stops in Mâcon, Burgundy, renewing old acquaintances, and in Paris. There they had a sharp reminder that French President Emmanuel Macron was far from universally popular at that time, when his family got a little too close to a street riot, about 20 metres from where they were staying. A visit to Nice enabled him to reconnect with old friends, including his god daughter Lea Bachelier, who is the centre forward of the French women’s water polo team. That was a special delight, seeing her development from their last two meetings, when she was five and 11. From France, it was on to London for a spot of sightseeing and then Eton College. “Eton was an amazing experience, an extraordinary place – 1,200 boys, 20 boarding houses. An Eton housemaster’s life is extremely full-on,” Ben said. “It’s a staggeringly beautiful college, but I’m quite pleased I don’t have to put on a bow tie and tails every time I go to work.” Ben took particular delight in seeing the looks on his family’s faces as they visited major tourist attractions, such as the Eiffel Tower. As to why he had applied for the fellowship, Ben simply said: “You’d be mad not to, and as a language specialist I hadn’t been immersed in my primary language (French) for over 20 years. “It was very good for me. The time in Spain was a good chance to deepen and practise my Spanish. “Language is a muscle and if you don’t work out you lose it. It was a month of intense workouts, morning, noon and night. It helped me take a decent step forward in Spanish and pushed me back in the right direction with French.” Ben hopes to advocate for more exchange of students between Europe and King’s College. “The contacts I made, and renewed, will enable our language students to have more opportunity to travel, one on one, as opposed to groups, which is how I’d personally like to see language travel go. “If a student stays with a family they speak the language all day, every day. Those on a group trip speak Spanish to shopkeepers and waiters, but English to each other. Sending them through the links I’m working on will make for far stronger linguistic experiences.”

Foundation Annual Report 2018 11 Investment Committee’s Report

The Investment Committee is appointed by the Board of Management and is responsible for overseeing the administration of the Trust Fund (“the Fund”).

The overall annual return of the Fund for the year ending 31 December 2018 was -2.61%. This negative return, while disappointing, compared favourably in terms of performance to that of similar balanced growth funds that also have a slightly higher bias to international equities. The total value of the Fund as at 31 December was $23,088 million. The compilation of the Fund by way of asset class and manager selection as of this date was:

Asset class % Manager

Australasian Equities 29.58% Milford and Devon Global Equities 28.05% Russell IIS Global Bonds 14.27% Russell IIS/Kapstream Australasian Bonds 18.95% Milford and Russell Diversifiers 6.11% Mercers Cash 3.04%

In comparison to 2017, the Fund’s weighted allocation Looking into 2019, the Investment Committee believes to global equities and diversifiers each reduced over that the last quarter of 2018’s spike in market volatility the year by 2.00%, while the overall investment in will become more the norm than the exception because of the continued build-up of political, economic , social global and Australasian bonds increased 2.00% and and financial risks and excesses. While central banks 1.00% respectively. around the world will actively do what it takes to This reduction in the global equities was solely due ensure ongoing economic growth as well as maintain to poor equity market performance, especially in the stability of financial markets, there is a limit to the last quarter of 2018, when equities came under how much benefit any further intervention will help significant selling pressure owing to tightening markets. As a result, the Investment Committee will financial conditions and mixed, uneven global growth. continue to actively monitor and manage the Fund and The Fund’s global equities portfolio was down will, if deemed appropriate, initiate further steps to approximately 8.70% for the year while Australasian protect capital in extreme situations. equities were -1.98%. By way of background, the Investment Committee With regard to the Diversifiers – whose underlying meets every quarter to review, amongst other things: strategies and returns are expected to be the overall Fund performance, asset allocation, ‘uncorrelated’ to the rest of the Fund’s predominantly managing specific performance in addition to equity and bond portfolio – their performance requesting external parties to share their views and has been mixed. That is, they have been largely opinions on markets, politics and economies. uncorrelated but due to the strong overall returns from The Foundation’s aim is to distribute 4.5% of its equity markets, the Diversifiers have failed to generate annual income to the College in 2019 to assist with positive returns. There is still a logical rationale to scholarships and bursaries, with a further 2.0% going hold this investment style and strategy given the towards capital growth of each of the respective excess valuations of markets but a slightly reduced Endowment Funds if warranted. one. Therefore, in August it was agreed to reduce the number of diversifying managers to one, with the Andy Morris proceeds being reallocated equally back into global CHAIRMAN OF THE INVESTMENT COMMITTEE bonds and the one remaining diversifier manager. In terms of Australasian bonds, the combined return for the year was 4.03%, which offered the portfolio an excellent and much-needed risk/return diversification from equities.

12 Foundation Annual Report 2018 Our Investment Committee

In addition to Foundation Board of Management Members Richard Kidd, Andy Morris, Peter Wilson and Simon Power, our Investment Committee comprises three external members:

James Mitchell James is an Old Collegian (Marsden, 1973–77), and has 30 years of banking and financial services experience, most recently as Chief Operating Officer at Heartland Bank and prior to that working for ANZ and ASB Bank. His executive responsibilities at ASB and Heartland over a 16-year period have covered Business Banking, Corporate Banking, Rural Banking, Investment and Insurance Services, Operations and IT. James is now working as a consultant.

Peter Clarke Peter has more than 25 years of financial markets experience, having worked in New Zealand, Spain, Australia and Singapore. He retired from full-time employment in 2010 after spending the previous 16 years with Deutsche Bank/Bankers Trust. The last nine years of this time were spent with Deutsche Bank in Singapore where he focused on the Asian Fixed Income, Credit and Foreign Exchange markets. Peter is currently based in Auckland where he is a director of two investment vehicles. He also works as a sales consultant within the financial markets. Peter holds Bachelor degrees in Science and Commerce from the University of Auckland, and is a member of the NZ Institute of Chartered Accountants.

James Ring James is an Old Collegian (St John’s, 1973–77), and has had extensive experience in the funds management industry spanning 30 years. He is currently Investment Manager – International Equities at QuayStreet Asset Management Ltd, based in Sydney. Prior to this he was Investment Manager at Rank Group, managing their US group’s pension funds where he was responsible for asset allocation and global equities. James holds a Bachelor of Commerce (Agricultural Economics) and is a member of INFINZ.

Foundation Annual Report 2018 13 Summary Financial Statements

Statement of Comprehensive Revenue and Expenses For the year ended 31 December 2018 2018 2017 $ $

Revenue from non-exchange transactions

Donations - Preserved Capital Fund 53,000 15,020

Donations - Scholarships and Bursaries 486,772 1,177,686

Donations - Other Endowment Funds 5,680 8,925

Donations - Special Purpose Funds 551,535 164,802

1,096,987 1,366,433

Revenue from exchange transactions

Gain/(loss) on revaluation of investments (619,673) 3,017,252

Finance income 8,169 12,890

(611,504) 3,030,142

Total revenue 485,483 4,396,575

Expenses

Grants - Preserved Capital Fund – –

Grants - Scholarship and Bursaries 662,728 722,804

Grants - Other Endowment Funds 79,118 193,230

Grants - Special Purpose Funds 194,095 74,384

Audit fees 7,778 4,680

Sundry expenses 19,388 21,049

Total expenses 963,107 1,016,147

Total surplus/(deficit) for the year (477,624) 3,380,428

Other comprehensive revenue and expenses – –

Total comprehensive revenue and expenses (477,624) 3,380,428

Statement of Changes in Net Assets For the year ended 31 December 2018 2018 2017 $ $

Equity at start of the year 24,226,132 20,845,704

Total comprehensive revenue and expenses for the year (477,624) 3,380,428

Equity at end of the year 23,748,508 24,226,132

14 Foundation Annual Report 2018 Statement of Financial Position As at 31 December 2018 2018 2017 $ $

Equity 23,748,508 24,226,132

Non-current assets

Investments 23,087,515 23,706,996

Current assets

Cash and deposits 723,243 615,555

Interest receivable 207 255

723,450 615,810

Total assets 23,810,965 24,322,806

Current liabilities

Accounts payable 62,457 96,674

Total liabilities 62,457 96,674

Net assets 23,748,508 24,226,132

Statement of Cash Flows For the year ended 31 December 2018 2018 2017 $ $

Cash flows from operating activities

Receipts from:

Donations 1,096,987 1,366,433

Interest and dividends 8,169 12,890

Payments for:

Grants (970,302) (924,599)

Suppliers (27,166) (25,729)

Net cash inflow/(outflow) from operating activities 107,688 428,995

Cash flows from investing activities Receipts from:

Disposal of investments at fair value through surplus or deficit – – Payments for:

Acquisition of investments at fair value through surplus or deficit – (1,500,000)

Net cash inflow/(outflow) from investing activities – (1,500,000)

Net increase/(decrease) in cash and cash equivalents 107,688 (1,071,005)

Cash and cash equivalents at the beginning of the year 615,555 1,686,560

Cash and cash equivalents at the end of the year 723,243 615,555

NOTE: The summary financial statements of King’s College Foundation (“the Foundation”) have been prepared in accordance with the accounting standard PBE FRS 43 and extracted from the Foundation’s full financial statements. These have been prepared in order to provide interested persons with a succinct overview of the past financial performance of the Foundation and do not include all the disclosures in the full financial statements and therefore cannot be expected to provide as complete an understanding as provided by the full financial statements.

The Foundation’s full financial statements for this period have been prepared using Public Benefit Entity International Public Sector Accounting Standards Reduced Disclosure Regime (PBE IPSAS (RDR)). These were approved by the Foundation’s Board of Management on 15 April 2018. They are available on King’s College’s website www.kingscollege.school.nz. The full financial statements were audited by BDO Auckland, who issued an unqualified audit opinion.

Foundation Annual Report 2018 15 Trust Fund The Trust Fund consists of the following: Includes Donations Investment Allocations and Distributable Fund Balance During Year Returns Reclassifications Payments Fund Balance Income $ $ $ $ $ $ $ 31/12/2017 31/12/2018 31/12/2018

Preserved Capital Fund 7,390,901 53,000 (180,923) (362,026) – 6,900,952 113,274 Capital Endowment Fund: Scholarship and Bursary Funds General Scholarships and Bursaries 1,862,884 (76,227) (39,737) 362,026 (285,036) 1,823,909 – KCOCA Scholarships and Bursaries 3,046,264 87,369 (80,991) – (122,220) 2,930,423 324,153 Lilian Alexander Stride Bursaries 2,025,115 – (55,112) – (72,060) 1,897,944 350,665 Endeavour Scholarships 687,927 – (19,851) – – 668,076 200,053 Phil Ryall Bursary 392,901 – (10,701) – (16,536) 365,664 65,935 Peter Wilson Boarding Scholarships 1,437,190 – (34,515) – (62,924) 1,339,751 7,262 James Webster Memorial Scholarship 234,224 – (6,212) – (7,560) 220,452 33,230 Dr Roger Bartley Memorial Fund 158,196 – (4,041) – (6,248) 147,907 13,546 William Thode Memorial Scholarship 213,374 16,500 (5,691) – (7,320) 216,863 13,697 Ian Kirkpatrick Rugby Scholarship 99,139 – (2,481) – – 96,658 9,854 Bradley Fenner Scholarship 426,941 60,000 (11,408) – (18,879) 456,654 – Bryne Thomas Scholarship 130,192 – (3,039) – (8,000) 119,152 – The Rollin Bates Academic Scholarship 503,026 – (11,744) – (26,388) 464,894 – Mark and Angela Clatworthy Boarding Scholarship 51,684 135,000 (4,055) – (90,519) 92,111 – Warne Rowllings Memorial Scholarship – 325,093 (6,859) – – 318,234 –

11,269,059 547,735 (296,436) 362,026 (723,690) 11,158,694 1,018,396 Other Endowment Funds Margaret Myers Fellowships 3,214,970 – (90,712) – (65,010) 3,059,248 767,136 Sibson Trust 236,709 – (6,317) – – 230,391 43,194 JB Luncheon 1,253 1,000 (52) – (473) 1,728 – Positive Education 132,373 – (3,342) – (13,635) 115,396 1,004 Cultural Excellence 241,227 1,100 (6,256) – – 236,071 33,724 Sporting Excellence 390,651 1,520 (10,395) – – 381,776 68,089 Academic Excellence 22,702 1,560 (639) – – 23,623 4,096 Rolf Porter Rowing Fund 536,228 500 (13,255) – – 523,473 44,527 John Renshaw Memorial Prize 8,822 – (248) – – 8,575 2,215 Bruce Rhodes Maxwell Memorial Sun Dial 66,439 – (1,731) – – 64,708 10,022 Damapong Commerce Fund 20,944 – (530) – – 20,414 2,374 King's College Trust 27,808 – (704) – – 27,104 3,152

4,900,126 5,680 (134,180) – (79,118) 4,692,508 979,533 Special Purpose Funds Capital Projects 8,863 – (197) – – 8,666 – KCOCA Chapel Preservation 90,425 700 (2,022) – (14,835) 74,268 – KCOCA Discretionary 304,430 – (6,757) – – 297,673 – Century Club (Cricket) 43,452 – (964) – (8,509) 33,978 – Cricket Scholarship (Non-Endowment) 49,310 5,300 (1,206) – (15,216) 38,187 – Helping Hand Fund 42,595 – (945) – – 41,650 – Rugby Support Fund 6,967 – (155) – – 6,812 – Chapel Fund 7,419 – (165) – – 7,254 – New PE Facility 19,789 2,700 (496) – – 21,993 – Heritage (Archives) 2,679 – (59) – – 2,620 – Capital Campaign Fund 106,109 350,000 (9,739) – – 446,370 – Staff Accommodation Fund – 100,000 (2,110) – – 97,890 – General Purpose Special Fund 16,213 8,840 (546) – (3,919) 20,588 – Specific Property Projects – 60,000 (1,266) – (36,184) 22,550 – Chapel Organ Restoration – 20,145 (425) – (7,682) 12,038 – Mackay Trail Teaching Resources – 3,850 (81) – – 3,769 – General Scholarship (Non-Endowment) – 29,557 – – (29,557) – – Capital Campaign Costs (32,200) – – – (107,750) (139,950) (139,950)

666,050 581,092 (27,133) – (223,652) 996,357 (139,950)

24,226,136 1,187,507 (638,673) – (1,026,460) 23,748,510 1,971,254

16 FOUNDATION ANNUAL REPORT 2018 Membership

Membership of the Foundation for the period up to 31 December 2018 comprises five classes: President’s Circle, Patrons, Directors, Fellows and Members. Qualification for each class is determined by the amount of a person’s donation, notified bequest or pledge – this being an undertaking in writing by a person to make a donation. The financial categories attached to each class are as follows:

Classes Donation or pledge Notified bequest Members $5,000 to $14,999 $10,000 to $29,999 Fellows $15,000 to $39,999 $30,000 to $79,999 Directors $40,000 to $99,999 $80,000 to $199,999 Patrons $100,000 to $499,999 $200,000 to $999,999 President’s Circle $500,000 or more $1,000,000 or more

A Member may progress to a higher class of membership at any time by making an additional donation, pledge or bequest, or a combination thereof.

Thank you to all our Members who supported us in 2018. The Foundation is grateful for their generosity.

FOUNDATION ANNUAL REPORT 2018 17 Our Members

Every effort is made to keep our membership database up to date. Please update your details by [email protected] .

President’s Circle Association of the Friends of King’s College Mr J C S Bayley Mr H J and Mrs E Mackley King’s College Trustees Mr T Farmer Mr P H Masfen CNZM and Mrs J Masfen King’s College Old Collegians’ Association Mr M A Flanagan Mr A W Tattersfield PH Masfen Charitable Trust Mr G and Mrs R Hart Mr P W Wilson ONZM and Mrs G McGechan Thanksgiving Foundation Mr P A H and Mrs P Jackson

Patrons Fletcher Trust Mr S B Fisher QSO and Mrs V Fisher Mr L S Mayne New Zealand Guardian Trust Mr M Fujisawa Mr J A W and Mrs K McConnell The JAB Hellaby Endowment Trust Mr R E and Mrs J Green Mr J F McHardy Joyce Walker Foundation Charitable Trust Mr J W F Heaven Mr P M and Mrs J A Merton Lion Foundation Mrs C Heaven Mr D M and Mrs L Richwhite (previously Century Foundation) Mr F J R and Mrs L Hellaby Mr P W Rowllings Mr G Chang Dr R N and Mrs R Jones Mr A L G Ryall Dr M G and Mrs A Clatworthy Sir John Key and Bronagh, Lady Key Mr R J W Seton Mr C J and Mrs S Cook Dr H Le Grice CNZM Mr R W and Mrs J Tills Mr P J and Mrs E Crotty Sir David Levene Mr C and Mrs P A Webster Mr R M P and Mrs R Dunphy Dr G W Mason Mr J A and Mrs P Fauvel

Directors Continental Cars Mr O Chen and Mrs J Huang Mrs J Hanna H.B. Williams Turanga Trust Mr C Cheng Mr L J and Mrs H Harper Sir John Logan Campbell Residuary Estate Mr C H Cheung Mr C Heatley The Morgenzon Charitable Trust Mr C Chien Mrs R Hellaby The Richwhite Family Trust Mr K M F Chong Mr P K W Ho The UPC Trust Mr H F Chu Mr Y Ho The Wallace Foundation Mr M C Chuang Mr P N W Hsieh The Woolf Fisher Trust Mr C W P Chun Mr J Y Hsu T U Wells Endowment Trust Mr C G Cole and Mrs S Stevely-Cole Mr L Hsu Mr R H and Mrs A Aitken Mr J Collinson Mr S J H Huang Mr G and Mrs D Baker Mr D C D Cruz Mr C P Huljich Mrs M Bayley Mr F A W des Tombe Mr O Jantaraprapa Mr D G S and Mrs C Bayley Mrs S Dhamasaroj Mr K Jayasuta Mr S and Mrs S Boonnamsiri Mr S Dhevaaksorn Mr H Jo Dr D E Caughey Mrs C Dove Mr O and Mrs V Kam Mr J Y K Chan Mr S H Fang Mrs S Kantatan Mr K W Chau Mr P J and Mrs A Ferguson Mr M S and Mrs N Kao Mr K S S Cheang Mr P E Francis Mr S J and Mrs S Kember Mr C Y Chen Mrs Y Fujisawa Mr Y J Kim Mr T C C Chen Sir Colin Giltrap Mr R C and Mrs M Kingston Mr C Chen Mr J K and Mrs S O Greenslade Mr J and Mrs J Klisser Mr T Chen Mr A T and Mrs K Hadlow Mr H Ko

18 Foundation Annual Report 2018 Mr W K Ko Mr P Mills Mr P A Tesiram and Ms M Pinsonneault Mr T P Kwok Dr J R and Mrs L Monigatti Mr A S P Tetzner Mr L Lai Mr R F Munro and Mrs M Horne Mr K Thanasuwankasem Dr J Lam Mr K Ng Mr M G and Mrs C Thorburn Mr K W Lam Mr H M Ng Mr B Trethewey Mr Y Lam Mr G T K Ng Mr C J C Trower Mr W K Lau Dr G A and Mrs M L Nicholls Mr K W Tung Mr Y Lau Mr S W Owen Dr D J Turkington Mrs J Lawry Mr K K Pang Mr A H Waalkens Mr R O and Mrs L Le Grice Mr D Park Sir James Wallace Mr M A Le Grice Mr C W E and Mrs A Rathbone Mr M Wang Mr C Lee Mr M J and Mrs P M Reid Mr B L and Mrs C Wharfe Mr J T Lee Mr K J Roberts Mr J G Whitney Mr H K Lee Mr K Rojanastien Mr B Y Wong Mr T Liao Mr S and Mrs S Shepperson Mr P K Wong Mr J L Lien Mr T J Short Mrs J P Y Wong Dr S Lien Mr G N and Mrs J Siddall Mr M M T Wu Mr C H Liu Dr P and Mrs S Siriyodhin Dr S L Wu Mr C Liu Mr B C So Mr Y Xi Mr C J Loeak Mr H T and Mrs W Stedman Mr C Yang Mr C V Lu Ms U Sukhsvasti Dr W C Yang Mr D W Mace Mr J B Sutherland Mr F C Yu and Mrs Y Chan Mr R R and Mrs J McAnulty Mr P M T Tang Mr G W and Mrs K McCurrach Mr C L Tang

Fellows David Levene Foundation Mrs G Becroft Mr E T Y Chen Lou and Iris Fisher Charitable Trust Mr A Ben-Menachem Mr M Ching Michael Synnott Charitable Trust Mr V M Bielby Mr K Chow Rob Roy Properties Limited Mr R J Board and Ms N Ivers Mr S M A and Mrs M Clark Sargood Bequest Mr A Bourgogne Mrs S Clatworthy The New Zealand Guardian Trust Mr A Bowater Mr C Coon The Selwyn Robinson Trust Ms F E Bowater Mr L G Cormack Visible Difference Limited Mr D J Bridgman Mr A and Mrs S Coster (now VDG Global) Mr C N W Brittain Mr N Craddock Mr S P and Mrs L M Agnew Mr T M J Brittain Mr G P R and Mrs J de Latour Mr S A Alach Mr D Buchanan Mr N J G and Mrs P M Donne Ms K Alexander Mr P and Ms S Buckland Mr C J H Empson Mr K H Alison Mr S and Mrs R Buckley Dr A J Erenstrom Mr J D Anderson Mr R A Burns and Dr C Kennedy Mr L Fa Mrs H M Anderson Mrs S Burrett Sir Michael Fay Mr R S Andrewes Mr C T Carder Mr B T and Mrs B Fenner Mr C M Ashby Mrs S Caughey Mr R I Fenwick ONZM Mr G and Mrs M Baker Dr T C Chang and Ms J Y Loh and Mrs D Fenwick QSO Mrs B Bartley Mr P S and Mrs A Chapman Mr D M Ferrier and Ms A Nelson Mr G J and Mrs J Batkin Mrs Y T Cheang Mrs A B Fletcher Mr R H E and Mrs K Beckett Mrs D S Foreman

Foundation Annual Report 2018 19 Our Members (continued)

Sir Michael Friedlander Mr C Kong Mr P Rooney and Mrs S Benedek Rooney Mr M J and Mrs J Fuge Mr I Y H Lam Mr P F Rose Mr P J and Mrs G Galloway Mr H A Lawry Mr J H Ryall Mr M A T Gatward Mr C M Li Mr G and Mrs M Ryder Mr S and Mrs G Gellert Mr Y Lim Mr V and Mrs C Sharma Mrs A B Gibbs Mr C L Lin Mr B H and Mrs F Shepherd Mr P R J and Mrs D Gibson Mr S Lockwood Mr H R T and Mrs S Sherratt Mr P Gibson and Ms D Yap Mr W K Luk Mr S Sinhaseni Mrs E Gillett Mr P G Macauley Mr B Sirivallop Ms S P Gott Mr K Mair Mr T B Smith Mr T N and Mrs J Gould Mr S Mapaisansin Mr E and Mrs F Smith Mr G W and Mrs D B M Haliday Mr A M and Mrs E Martin Dr M G and Mrs P Snowden Mr R J and Mrs Y R Hall Mr R D Martin Dr M B and Mrs C A Spencer Mrs S Hall Mrs B McConnell QSM Mr S and Mrs V St John Mr B N B Hannan The Hon Sir Jim McLay Mrs M Steele Mr P and Mrs J Hanson and Marcy, Lady McLay Mrs S Stevens Dr C J and Mrs L Hardley Mr J Mei and Ms J Bu Mr N Sthapitanonda Mr T E and Mrs J Hargreaves Mr R A Melville Mr M and Mrs M Stiassny Mrs D S Harrington Mr P J Merfield Mr P J B Stinson Mr B W and Mrs D Harrison Mr A B and Mrs F Mitchell Mrs B Sutthiglom and Mr R Chaikwang Mr C J Harvey and Mrs A Lovell Mr I and Mrs L Morrice Mr M and Mrs S Synnott Mr R and Mrs J Hatrick-Smith Mr G J and Mrs D J Muir Mr T W L and Mrs S Talbot Mr R M and Mrs A Hay Mr S W Nam and Mrs S S Y Lee Mr W G Talbut Mr J R Hellaby Mr M Newman Ms K Toyomura Dawn, Lady Hellaby Mr V Nualkhair Mr B Trotter Mr D S Henderson Mr R D and Mrs P Olde Mr P F Ullrich Mr M J Hickton-Burnett Mr W B Orr Mr C C and Mrs D Waalkens Mr L R Jarman Dr L J and Dr K I Parker Mrs K Waalkens Mr P D and Mrs K Jeeves Mr B Patel Mr S and Mrs L Wallace Mrs J R Jeffries Mr G A Paykel Mr W P and Mrs N Y W Walsh Mr M D and Mrs J Jenkin Mr R C Pearson Mr G and Mrs P A Whiting Mrs J Keenan Mr T and Mrs D Phillips Rev N W and Mrs M Wilder Mr R Kelley Mr G J Plowman Mr O L and Mrs J Williams Mr R J and Mrs D Kidd Prof H and Mrs B Rea Mr E C and Mrs K Williams Mr C Y Kim Dr T Q S L and Mrs F A Reeves Mr M J and Mrs C Wyborn Mr T C King Mr J L and Mrs N Reeves Mrs P Yates Miss A Kinraid Mr J S Richards Mr Z Q Zhang and Mrs G X Lin Miss G Kinraid Mr R A and Mrs R Riddell Mr D H Zhuo and Mrs W Wu Miss M Kinraid Mr D P and Mrs F Robinson

Members Estate of the Late L R Civil New Zealand South British Mr M R Ah Chee Floreat Semper Fellowship The J C F Paine Charitable Trust Mr B G Allen The G Fisher Family Trust Mr A F Abel Mr G A L Amos Leo Harper Ltd Dr A C Adair Mr J Amos L J Fisher Charitable Trust Mr R D and Mrs J Agnew Mr G J Amos

20 Foundation Annual Report 2018 Mr R B and Mrs C Armstrong Dr M A and Mrs S Caughey Mr A G and Mrs S Dryden Mrs A Ashley-Wilson Mr P B R and Mrs M Caughey Mr B Duignan and Ms J Cater Mr S R and Mrs T Atkinson Mr P N Chalmers Dr M G Dunshea Mr R J M and Mrs N Bailey Mr S and Mrs C Chan Mr M C Duurentijdt Mr I G Bailey Mr N and Mrs J Chandra Mrs J Dye Mr W J Bainbridge Mr C Chang Mr L W and Mrs J Dye Mr W A and Mrs R Baird Mr M J Chapman Mr R J and Mrs J Earles Mr J G Baker Mr H L Cheeseman Mr R and Mrs L Eilenberg Dr M J and Mrs S Baker Rev T P Cheeseman Mr J Ellafrits Mr N Bamber Mr R J Chitty Mr P D Ellis Mrs S D K Bamber Mr G and Mrs L Chong Mr G D Enderby Mr D D Bamfield Mr W and Mrs R Chongsuttanamanee Mr D A and Mrs C M English Mr W I Bamford Mr J A Cimino Mr A B Evans Mr C Barfoot Mr D J Clark Mr M A Ewen Mr P H and Mrs J Barton Patricia, Lady Clark Mr F R Faram Mrs A J Barrowclough Mr P and Mrs V Clarke Mr L J P and Mrs M Fenelon Mr R Batkin Mr R B Clarke Mr M and Mrs B Fenton Mr J W Beck Mrs V Coats Mr R S and Mrs D Ferguson Mrs P Beeche Mr S Cohen Mr P and Mrs J Fielding Mr D J O Bennett Mr M H Coney Mr G Fisher Mr A R and Mrs H Bierre Mr B and Mrs A Cooper Mr R A and Mrs H Fisher Mr D F Black Dr G D and Mrs H Coster Mr P R and Mrs L Fisher Mr R H and Mrs K M Blakeney-Williams Mr K E J and Mrs R M Couper Mr P M Fogarty Mr A and Mrs C Bollard Mr R W Crompton Dr G A Foote Mrs G Brabant Dr P S and Dr K E Crosier Mr L R Fox Mr D J and Mrs P Bracewell Mr D and Mrs C Cryer Dr J G Fraser Mr M and Mrs W Brackenridge Mr P D Cullinane Mr M M Fraser Mr N R G Breen Dr P Cunningham Dr S and Mrs R Fuata’i Mr D S Bridgman Mr D A Currey Mr B G Fulton Mr C R S C Brown Mr G Dainty Mr R and Mrs D Fyfe Dr C and Mrs J Brown Mr D G Daniel Dr H D L Gabriel Mr G J Bull Mr C and Mrs J Dargaville Mr C B Gambrill Mr G R and Mrs N Burden Mr M C and Mrs L D Darrow Mr J G Gardner Mr P A and Mrs J E Burgess Dr D H C Davidson Mr R George Mr A Burr Mr G A Davies Mr D M V Gibbs Mr M Burton Mr P and Mrs A Davis Mr D E J Gibson Mr W L Butterworth Mr C R Dawson Mr G E M Gibson Mr M R and Dr L Buttle Mrs J Dawson Mrs T Gieck Mr J L F Button Mr M M and Mrs M Dawson Mr J and Mrs P Gilbert Ms X Cai and Mr B Wei Mr P M Dawson Mrs A Gilchrist Mrs A Campbell Mr N K and Mrs M De Silva Mr A R Gilchrist Mr P T Cane Mr A G de Tourettes Mr C D Gill Mrs D J Cane Mr J and Mrs K Delegat Mr D M B Gill Mr J and Mrs J L Carmichael Mr J Y Ding and Mrs Y Chen Mr B J Gillespie Mrs A Carpenter Mr E Dixon Mrs P Gilmour Mr D N Carruthers Mr B J and Mrs P J Donnelly Mr J and Mrs R Glengarry Mr R A Caughey Mr R J and Mrs R Drake Mr C S Goldie

Foundation Annual Report 2018 21 Our Members (continued)

Mr S Gollin and Ms W Cook Mr J Hsu Mr A R and Mrs J Lawrence Mr B Goodwin Mr A and Mrs J Hulbert Dr J E H Lawry Mr A F Grant Mr P Huljich Dr J M H Lawry Dr T B and Dr C P Gray Mr E J Hunkin Mr J P K Lee Mr A L and Mrs H L Green Mr P Hunt Dr M Legget and Mrs C Hobson Mr D G and Mrs J Grey Mr V and Mrs R Hunt Mr H C Lehman Mr M K Griffiths Mr M G R and Mrs A Hutcheson Mr I U Letele Mr P M Griffiths Mr J B S Hutchinson Mr S Lewis Mr P C Guildford Mr W R Hutchinson Mr D G Liggins Mr J D G Haddleton Mr D B Innes Mr Y and Mrs P Lim Mr S V Hadlow Mr R J Insull Mr P E and Mrs B Lindesay Mr S B D Hain Mr Y Ishii Mr T and Mrs J Lines Mr J Hall Mr E C Jack Mrs S Lingo Mr S and Mrs N Hall Ms C M Jackson Mrs J Litten Mr D A and Mrs J Hammond Mr J H Jackson Mr R D and Mrs M M A Llewellyn Mr D R Hammond Mr J Jacobsen and Ms C M Hellaby Mr J and Mrs D Lockie Mr E P Hanson Mr G and Mrs E Jacobsen Mr G I and Mrs J K Lowe Mr J M Hargreaves Mr M G Jamieson Mr J O Lusk Mr J Harman Mr B Jeffery Mr R A Lynd Mrs M Harrison Mr G L Johnson Mr J H Maasland Mr D Harry Mr G M Johnston Mr K G MacCormick Mr C T and Mrs L Hart Mrs P Johnston Mr R N MacCormick Judge D J Harvey Mr P L Johnston Mr H H Macdonald Mr C A and Mrs E Harvison Mr D J Jones Mr R W Macdonald Mr B R and Mrs M Hassall Mrs J Jones Mrs S Macindoe Mr L D Hawthorn Mr R A Josephson Mr M J and Mrs A MacMillan Mrs A Hay Mr J Judge and Mrs J Clarke Sir William and Lady Lois Manchester Trust Mr P B Hay Mr M J Kelt Mr D and Mrs K Manning Mr K and Mrs D Healy Dr B and Mrs D Kent-Smith Mrs T Maoate Mr L C Heard Mr T Khau Mr R Marchant and Mrs A M Ghirelli Mr B and Mrs L Heron Mr S and Mrs H S B Kim Mr B M Marler Mr B and Mrs J Herring Mr D A Kirkpatrick Mr W R M Marsh Mrs C M Hesketh Mr J C Kirk-Smith Mrs A Martelli Mr E D Hewetson and Ms A Langbein Mrs L Lischner Mr F Mason Mr E R and Mrs U Hickman Mr E F Kleyn Mr M and Mrs S Mason Mr P J and Mrs N Hickson Mr B Koningham Mr J S M and Mrs J Massey Mr M J Higgs Mr R C Kuegler Dr J R D Matthews Mrs J Hindmarsh Mr J La Grouw Jr Mr P M Mayston Mr M M and Mrs M Hobson Mr A F and Mrs J Laity Mr N K and Mrs J McDell Mr V B Holdaway Mr A R H and Mrs A Laity Mr M J McDonald Mr T L Honan Dr G F Lamb Mr G M McEwin Mr P B Hoobin Mr A G A and Mrs C Landels Dr A J McGeorge and Dr K Philipson Mr R J and Mrs L Horrocks Mr R B Lange and Mrs K C Jones Mr C I McGregor-Macdonald Mr D K Horton Mr M M Langley and Ms M Thomson Mr H M Horton Mr J Laurenson Dr D A R and Mrs T McKay Mr T J B Howard Mr R E and Mrs H Lawford Mr R J McKay Mr M C M Howat Mrs H Lawford Mr G and Mrs J McKendry

22 Foundation Annual Report 2018 Mr B L McKenzie Mrs D J Paterson Mr J F Shortt Mr D J McKenzie Mr I D and Mrs P E Paterson Prof R H Sibson and Ms F Ghisetti-Sibson Mr R E McKenzie The Right Reverend JC Paterson Mr M F R Simich Mrs R B McLaren and Mrs M Paterson Mr P A Simmons and Mrs A M Tills Mrs P McLaughlin Ms T H Pedersen Mr M Simson Mr M G M McLean Mr J B and Mrs G Peebles Mr P Simunovich Mr R F and Mrs J McLean Mr C E Perkins Mrs D Sinclair Mr P H and Mrs A McNamara Mr H E Perrett Mr F Sing Mr A and Mrs T McNaughton Mr G C Peters and Ms W J Mackay Mr M K and Mrs S Sisam Mr G A A and Mrs R Mekkelholt Dr J E Petoe Mr and Mrs A C Sissons Dr C G Mellow Mr R M and Mrs M Petricevic Mr B H Skelton Mr L Miao and Ms S Duanmu Mr D and Mrs J Phillips Mr J and Mrs D Slagter Mr A W Miles Mr A W and Mrs E Picot Mr H L M Smith Mr J A and Mrs J Miocevic Dr A H and Mrs M Preena Mr G R and Mrs S Smith Mr D N Mitchell The Hon J M Priestley CNZM QC Mr P R and Mrs D E Smith and Mrs A Priestley Mr J A N and Mrs C Mitchell Mr A J Smits Mrs L W Print Mr A J Mitchelson Mrs S Smits Mr K R Provan Mr R J Moody Mr K H Song Mr J R Ralston The Hon Justice S J E and Mrs J Moore Mr D G Spence Mr D S Reid Mr A W B Morris Mr B R Spring Mr M A Reid Mrs S Morrissey Mrs S L Spurway Mr H T Retzlaff Mr R S and Mrs R J Morton Mr B V C Stafford Mr P and Mrs K Reynolds Mr J A C and Mrs A Motion Mr R Stanners Mr W S Rial III Mr M C Muir Mr W T and Mrs F Stevens Mr V G T Richards Mrs D Mulcock Mr M and Mrs A Stokes Mr F H Richardson Mr S J and Mrs K M Munro Mr J R Storey Mr B E Rissetto Mr W D Murphy Mr K F Storey Mr S B Robinson Mr S C Myhill Mr K S Street Mr A J B Rogers Mr P and Mrs A M Nelson Dr D E Swaris Mr L R and Mrs M Rogers Mr T G and Mrs J Nelson Parker Mr D L P Tapper Mr G J Ross Mr B R Neumegen Professor C Tasman-Jones Mr Q and Mrs K Ross Mr B G Neville-White Mr C N and Mrs K M Taylor Dr D L Rothwell Mr T H and Mrs K Nickels Mrs J M Taylor Dr S and Dr S Roy Dr R Nicol Mr R H and Mrs C Taylor Mr R and Mrs S Roydhouse Mr R M Noakes Mr G M Thomson Mr P S and Mrs R Rust Mrs G Noble Mr M R Thorley Mr B C and Mrs K Sando Mrs J Norgate Mr M D and Mrs M C Thornton Mrs H M F Saunders Mr A and Mrs F Nugent Mr R B Thornton Mrs H Schouten Mr D L and Mrs S Olde Mr I and Mrs B Thursfield Mrs L Scott Mr D E Olsen Mr M C Tisdall Mr P J and Mrs P Scully Mr J O’Neill Mrs J Tongue Mr W and Mrs A Selles Mr K R and Mrs P O’Rourke Mr A R Train Mr B D and Mrs D Sharma Mr R W and Mrs N Orr Mr H Trebitsch Mr H and Mrs S Sheard Mr B K Otto Mr T R and Mrs L Turner Mr C T Sheffield Mr R and Mrs P Pagani Mr U and Mrs S Unasa Mr R Sheild Mr J Park and Mrs K Min Mr C K and Dr S Urry Mr D and Mrs C Sherning Mr J D W Pask Mr B F and Mrs J Vanstone Mr R Shih

Foundation Annual Report 2018 23 Our Members (continued)

Mr G E Vazey and Mrs C Ruwhiu-Vazey Mr R Weir and Ms S Abdale Mr R Wilson Mr P J Vela Mr C M Westerlund Mrs J Winter Mr C A Voyce Dr P White Mr J Wong Mr M Vujanic Mr K G and Mrs R Whitney Dr P C Wong Mr C H Waalkens Mr D A Wiley Mr T Wong and Mrs M Hollier Mr R F Waalkens Mr J A Wilkins Mr P M Wood Mr G and Mrs S Wadsworth Mr M Y Wilkins Mr A J and Mrs H Wootton Mr O W Wagener Mr D A R Williams Mr P T Worsp Mr A and Mrs S Wait Mr G D and Mrs G Williams Mr R W and Mrs A Wrightson Mr C and Mrs M Wakefield Mr G J P Williams Mrs F Wyborn Mr A J Walbridge Mr G W and Mrs S Williams Mr J and Mrs R Wylie Mr C A R Walker Mr J B Williams Mr Z Xie and Mrs X Wang Mr J H R and Mrs L Walker Mrs J M Williams Mr C and Mrs J Z Yang Libby, Lady Wallace Mr A D P Wills Mr A W L Yaxley Mr D M Walter Mr S C B Wills Mrs G Yaxley Mrs M Watson Mr J W and Mrs S Wilson Mr A K Yee Dr E C Watts Mr M and Mrs K Wilson Mr A W Young Mrs E Wedral Mr M and Mrs S Wilson Dr R and Mrs E Young

Corporate Members Alistair Dryden Family Trust Corporate Apartments Pepsi Cola Bottlers New Zealand Allied Domecq Wines (NZ) Ltd FlexiGroup NZ Ltd Rotary Club of Otahuhu Inc American Express International (NZ) Inc (previously Fisher & Paykel Finance) Simpson Grierson ANZ Banking Group NZ Ltd Fuji Xerox New Zealand Ltd Smith & Caughey Ltd Aon Consulting New Zealand Ltd Giltrap Group Holdings Ltd Soar Printing Co Ltd Aon New Zealand Limited Heartland Bank South Auckland Charitable Trust Armacup Maritime Services Ltd Lawton Building Ltd Specialist Radiology & MRI Ltd Auckland City BMW L J Hooker Commercial SunRice Battlefront Miniatures Ltd McConnell Ltd Vomo (Fiji) Ltd Bayleys Realty Group New Zealand Cricket Foundation Inc Vomo (NZ) Ltd Brittain Wynyard & Co Ltd Ngāti Whātua Ōrākei Whai Maia Ltd Walker & Hall ORB Medical Ltd

We acknowledge the sad passing of the following Members during 2018: Dr R H Burrell Mr R E Harvison Mr N P Rigg Dr A H Chong Mr G R Hill Mr E B Smith Mr J G B Grant Mr T A Matthews Dr B J Williams Mr G S Hall Mr N F Reynolds Mrs U Harry Dr D L Richwhite

24 Foundation Annual Report 2018