Affordable Housing for Our Community

Annual Report 2009

www.housingtrust.co.nz Chairman’s Report

This was our second year and it has been pleasing to achieve significant housing outcomes for home buyers – in a challenging and uncertain economic climate. A total of 24 households were assisted into home ownership during the year. These are can work-can’t buy households that could not otherwise afford to purchase in the district. The Purpose of the Trust The Trust is a beyond profitorganisation with a simple purpose – to ensure that residents committed to the district Contents and in regular employment have access to housing at no greater cost than elsewhere in the country. Our success in achieving this goal contributes to a more inclusive and balanced community, assists employers to attract and retain staff and supports the local economy by ensuring households are not spending excess disposable income on their housing obligation. p3 Chairman’s Report Housing Affordability p4 Statement of Financial Performance When measured against international benchmarks the cost of housing in New Zealand is high. It reflects a disparity between house prices, borrowing costs and household incomes. Research shows it is not uncommon for households to commit more than 45% of their gross income to meet housing costs – against an international target of 30%. p5 Statement of Financial Position In the Queenstown Lakes district where prices remain well above the national median, the cost of housing absorbs even higher levels of household income. We can’t solve the national problem, but we can strive to remove housing p6 Movements in Equity cost as an impediment for residents making a long term commitment to the district. p6 Notes to the Financial Statements The Changing Environment While interest rates have fallen, improving one aspect of affordability, banks have raised deposit rates to 20% p9 Audit Report making it more difficult for buyers to take advantage of otherwise more favourable buying conditions. It reminds us that the Trust doesn’t set the environment and nor does it have a forecasting role but must remain nimble – prepared p10 Shared Ownership – facts and figures to navigate and adapt to the fluid conditions set by the market. The Success and Popularity of Shared Ownership p12 Lake Hayes Estate project The design and implementation of the Shared Ownership programme has proved a winner for first time buyers and among the most successful of its kind in New Zealand where home owners enjoy all the privileges of ownership p14 Trustees without having to fund 100% of the purchase price. Testimonials confirm this is a product that is correctly targeting real housing needs in our district. p15 Directory Lake Hayes Estate Development During the year the Trust traded some of the Jacks Point obligations under a stakeholder deed with Council, for an approved 42 lot mixed use development at Nerin Square, Lake Hayes Estate. Building consent for the first stage comprising 5 two storey dwellings has been approved and construction is expected to start in June 2009. This development is a new supply initiative for the Trust as it seeks to break the perception of “affordable” being synonymous with “cheap”. The quality of the housing will be excellent – it’s the tenure options that make them affordable. Recent Events To ensure the Trust remains aligned with market needs, it completed an independent market research survey across more than 400 renters in March 2009 – to gain a better understanding of their needs and aspirations. The results of this survey are being compiled and will become a cornerstone piece of work for refining the needs in the market place and the types of products that the Trust might develop in the future. Acknowledgements The Trust relies on the contribution and assistance of many organisations for which we are appreciative. They include Housing New Zealand Corporation, co-funder of our shared ownership programme and Queenstown Lakes District Council who has provided unfettered support for the Trust’s activities, enshrined during the year in a Memorandum of Understanding. There are many other individuals and organisations who have provided their skill and expertise to assist the Trust during the year and to them we convey our thanks. It is a privilege to lead a team of talented and committed trustees where headspace is regularly stretched from wide lateral thinking to quite challenging levels of detail. Innovation provides few blueprints to follow. It was disappointing to lose Brett Gould from the district whose contribution was invaluable and we wish he and his family success in their relocation. The Trust enters the new financial year with a strong balance sheet, plenty of challenges – and a bevy of achievements to build on. But in this environment we remain vigilant and take nothing for granted.

The Trust has borne no costs in the production of this Report David Cole

www.housingtrust.co.nz  Statement of Financial Performance Statement of Financial Position For The Year Ended 31st March 2009 As at 31st March 2009

Group Group Parent Parent Group Group Parent Parent 2009 2008 2009 2008 2009 2008 2009 2008 $ $ $ $ $ $ $ $ INCOME EQUITY Grants Received 50,000 50,000 50,000 50,000 Trustees’ Accumulated Income Account 5,700,226 2,136,121 5,709,634 2,136,121 HNZC Reimbursement Grants Received 31,533 — 31,533 — TOTAL EQUITY 5,700,226 2,136,121 5,709,634 2,136,121 Developer Contributions Received 3,555,000 2,208,544 3,555,000 2,208,544 Interest Received 152,780 49,318 152,780 49,318 REPRESENTED BY – 3,789,313 2,307,862 3,789,313 2,307,862 NON CURRENT ASSETS Fixed Assets As Per Schedule LESS EXPENSES Land and Buildings 2,789,755 164,300 2,789,755 164,300 Accountancy Fees 15,623 3,590 15,203 3,590 Investments Accountancy Fees - Taxation Advisory 1,400 6,150 — 6,150 ASB Term Deposit — 900,290 — 900,290 Administration Services 12,480 26,775 12,480 26,775 SBS Term Deposit Audit Fees 7,000 4,000 7,000 4,000 522,941 1,909,855 522,941 1,909,855 Advertising 2,755 50 475 50 CURRENT ASSETS Bank Charges 72 21 69 21 Development Property 3,028,267 — — — Commission 631 — 631 — ASB Bank Accounts 227,567 60,430 225,330 60,430 Computer Expenses 967 — 967 — — 105,000 — 105,000 Consultants Fees 50 — 50 — Deposit on Property Amber Close, Arthurs Pt 865 3,801 865 3,801 Consultants Fees (reimbursed) 31,533 — 31,533 — Accrued Interest 283,308 — 283,308 — General Expenses 467 498 467 498 Anderson Lloyd Trust Account Insurance 1600 1,638 1600 1,638 Tax Paid 543 4,711 543 4,711 Interest — 6 — 6 Advance QLCHT Developments Ltd — — 3,043,138 — Legal Expenses 5,869 16,637 5,010 16,637 GST 6,517 8,860 2,818 8,860 Meeting Expenses 3,254 1,068 3,254 1,068 3,547,067 182,802 3,556,002 182,802 Mileage 1,899 1,038 1,899 1,038 TOTAL ASSETS 6,859,763 2,256,957 6,868,698 2,256,957 Office Expenses 2,033 6,639 2,033 6,639 Rates 4,310 — — — LESS LIABILITIES Repairs and Maintenance 136 — — — NON CURRENT LIABILITIES Staff Training 564 — 564 — Housing Corp NZ Ltd (note 4) 1,136,710 79,500 1,136,710 79,500 Subscriptions 1,036 368 1,036 368 Telecommunications 432 145 432 145 CURRENT LIABILITIES Travelling Expenses 6,353 3,943 6,353 3,943 Accounts Payable 22,569 41,336 22,096 41,336 Valuation Fees 1,913 1,675 1,913 1,675 PAYE Deductions Payable 258 — 258 — Trustee Fees 81,750 97,500 81,750 97,500 22,827 41,336 22,354 41,336 Wages 41,081 — 41,081 — TOTAL CASH EXPENSES 225,208 171,741 215,800 171,741 TOTAL LIABILITIES 1,159,537 120,836 1,159,064 120,836 TOTAL EXPENSES 225,208 171,741 215,800 171,741

BALANCE ADDED TO TRUSTEES’ NET ASSETS AS PER TOTAL EQUITY 5,700,226 2,136,121 5,709,634 2,136,121 ACCUMULATED INCOME ACCOUNT 3,564,105 2,136,121 3,573,513 2,136,121

 QLCHT Annual Report 2009 www.housingtrust.co.nz  Fixed Assets Movements in Equity All fixed assets are stated at cost. No depreciation is charged on land and the Trustees determined no depreciation is For The Year Ended 31st March 2009 to be charged on buildings. Investments All investments are recorded at the lower of cost or net realisable value. Group Group Parent Parent 2009 2008 2009 2008 Accounts Receivable $ $ $ $ Accounts receivable are stated at expected realisable value. TRUSTEES’ ACCUMULATED INCOME Goods and Services Tax ACCOUNT The accounts have been prepared on a GST exclusive basis with the exception of Accounts Payable and Accounts Opening Balance 2,136,121 — 2,136,121 — Receivable which are stated GST inclusive.

PLUS Development Properties Income Allocated 3,564,105 2,136,121 3,573,513 2,136,121 Development properties are stated at the lower of cost or net realisable value. Cost includes planning expenditure and any other expenditure to bring the Development property to its present condition.

Balance at Year End 5,700,226 2,136,121 5,709,634 2,136,121 Basis of Consolidation The Group financial statements are prepared by combining the financial statements of all the entities that comprise the Group, being Queenstown Lakes Community Housing Trust (the parent entity) and its subsidiary QLCHT Developments Limited. Subsidiaries are entities (including special purpose entities) over which the Group has The accompanying notes form part of and are to be read in conjunction with these financial statements. the power to govern the financial and operating policies so as to obtain benefits from their activities. Consistent accounting policies are employed in the preparation and presentation of the Group financial statements. The Group financial statements include the information and results of each subsidiary from the date on which the Notes to Accounts Trust obtains control and until such time as the Trust ceases to control such entity. For The Year Ended 31st March 2009 In preparing the Groups financial statements, all intragroup balance and transactions, and unrealised profits arising within the Group are eliminated in full. STATEMENT OF ACCOUNTING POLICIES Investment in subsidiaries are measured at cost in the parent company’s financial statements. Reporting Entity Impairment of Assets Queenstown Lakes Community Housing Trust is a Qualifying Trust operating in accordance with its Trust Deed and At each reporting date, the Group reviews the carrying amounts of its tangible assets to determine whether there governed by the requirements of the Trustee Act 1956. is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does The Financial Statements of the entity have been prepared in accordance with generally accepted accounting practice not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the as required by the New Zealand Institute of Chartered Accountants for general purpose financial reports. cash-generating unit to which the asset belongs. The entity qualifies for differential reporting as it is not publicly accountable and the entity does not exceed the size Recoverable amount is the higher of fair value less cost to sell and value in use. In assessing value in use, the criteria. All differential reporting exemptions have been taken advantage of. estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future Measurement Base cash flows have not been adjusted. The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount the position on an historical cost basis are followed in the preparation of these accounts. asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately, unless the relevant asset is carried at fair value, in which case the impairment loss is treated as a Specific Accounting Policies revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased The following specific accounting policies have a material effect on the measurement of results and financial position: to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not Revenue Recognition exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset Grant and Developer Contribution revenue is recognized upon entitlement that is in accordance with the terms of the (cash-generating unit) in prior years. A reversal of an impairment loss is recognised in profit or loss immediately, underlying agreements, interest revenue is accrued on a time basis by reference to the principal outstanding and at unless the relevant asset is carried at fair value, in which case the reversal of the impairment loss is treated as a the effective interest rate applicable. revaluation increase. An impairment of goodwill is not subsequently reversed.

Taxation Changes in Accounting Policies Taxation has not been provided for as the Queenstown Lakes Community Housing Trust is a registered charity and There have been no changes in Accounting Policies. All policies have been applied on a basis consistent with those meets the criteria for exemption from income tax in terms of the Income Tax Act 2007. used in the last year.

 QLCHT Annual Report 2009 www.housingtrust.co.nz  Notes to Financial Statements Audit Report For The Year Ended 31st March 2009 NOTES 1. Capital Expenditure As at 31 March 2009 the Trust is committed to property purchases under the Shared Ownership Scheme totaling $588,800 (excluding amounts to be funded by HNZC). (2008 $251,800).

AUDIT REPORT TO THE TRUSTEES OF QUEENSTOWN LAKES COMMUNITY HOUSING 2. Contingent Liabilities TRUST There were no known contingent liabilities at balance date this year, or last year. We have audited the financial statements on pages 4 to 8. The financial statements provide information about the past financial performance and financial position of the Queenstown Lakes Community usingHo Trust and Group and its financial position as at 31 March, 2009. This information is stated in accordance with the accounting policies set out on 3. Related Parties pages 6 to 8. Brett Gould (retired Trustee) was a partner in the firm Anderson Lloyd who provide legal services to the Trust. The aggregate of these payments totalled $25,861. Of this amount, $5,869 was on revenue account being 2.61% Trustees’ Responsibilities of the total expenses incurred by the Trust (2008 $6,637 and 4.0%). The remaining $19,992 related to property The Trustees are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting practice, of financial statements which fairly reflect the financial position of Queenstown Lakes Community Housing acquisitions, being 0.35% of current year acquisitions. Trust and Group as at 31 March, 2009 and the results of their operations for the year ended on that date. The Trust has advanced $3,043,138 to its subsidiary QLCHT Developments Limited. The advance is interest free and repayable upon demand. There were no other related party transactions. Auditors’ Responsibilities It is our responsibility to express to you an independent opinion on the financial statements presented by the Trustees.

4. Borrowings Basis of Opinion On the 27th February 2008, the Trust entered into a suspensory loan agreement with Housing New Zealand An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing: Corporation. This loan has a facility limit of $2,000,000. The Trust is able to draw (‘drawings’) against this facility up • the significant estimates and judgements made by Trustees in the preparation of the financial statements, and to 15% of the valuation of the relevant residential dwelling being purchased through a shared ownership agreement. • whether the accounting policies are appropriate to the Trust and Group’s circumstances, consistently applied and The loan is secured over land owned by Queenstown Lakes District Council. The loan is interest free and will be adequately disclosed. forgiven after 10 years provided that the terms of the agreement are observed by the Trust. We conducted our audit in accordance with New Zealand Auditing Standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the financial statements are free from material isstatements,m whether 5. Land and Buildings caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of Group Group Company Company information in the financial statements. Other than in our capacity as auditor, we have no relationship with or interests in Queenstown Lakes Community Housing 2009 2008 2009 2008 Trust or any of its subsidiaries. $ $ $ $ Unqualified Opinion Freehold Land at Cost 1,545,235 86,800 1,545,235 86,800 We have obtained all the information and explanations that we have required. Buildings at Cost In our opinion the financial statements on pages 4 to 8, fairly reflect the financial itionpos of Queenstown Lakes 1,244,520 77,500 1,244,520 77,500 Community Housing Trust and Group as at 31 March, 2009 and the results of their operations for the year ended on that date. Net Book Value of Land and Buildings 2,789,755 164,300 2,789,755 164,300 Our audit was completed on 26 May, 2009 and our unqualified opinion is expressed as at that date. Estimated depreciation not charged in 2009 is $18,571.

6. Subsidiaries Balance Country of Ownership Interest Chartered Accountants Date Incorporation 2009 2008 DUNEDIN, NEW ZEALAND % % NAME OF ENTITY SUBSIDIARY QLCHT Developments Limited 31 March New Zealand 100 —

 QLCHT Annual Report 2009 www.housingtrust.co.nz  Homeowners’ Comments This is to say ‘Thank you’ for enabling me to take this first step. Something I thought I’d never be able to afford to do in Queenstown. I am so very grateful. With warmest Shared Ownership – regards” DB Frankton Shared Ownership Helping First Home Buyers “We think the programme is great as there is no way we • The Trust purchases up to 40% equity All the Privileges of Ownership without Funding 100% could afford a nice family home like this by ourselves. interest in the property Now that we are in our home, most of the time we feel of the Purchase Price • The owner invests in the balance by like we’re 100% owners even though we’re not. While incomes in the District closely follow national averages, house prices remain way of deposit and mortgage S & H Lake Hayes Estate consistently higher than the national median, making it challenging for first home buyers • An owner’s repayment obligations to purchase a home within reasonable debt servicing levels. While interest rates have are targeted at 30% of gross “We are delighted with our new home and our experience with the Trust to date has been very positive. We both declined, banks have raised the threshold deposit to 20%, making it difficult for aspiring household income Julie Scott - found you extremely personable and easy to deal with and homeowners to take advantage of the otherwise favourable buying conditions. • The owner may staircase to full ownership, at market, over time as Programme Co-Ordinator I think having someone like you as our point of contact Shared ownership is a means for solving these problems. their incomes allow is an extremely important part of ‘buying in’ to the • The owner enjoys capital appreciation based on their level of ownership programme.” C & H Arthurs Pt

“We are very appreciative of not having a huge mortgage which we would struggle to repay. So the lack of financial The affordable gap pressure is a real bonus and means we can enjoy great in our district quality of life, rather than working every hour possible.” S & J Luggate

Comparison of Queenstown and “After 10 years of disappointments in trying to get onto a National Median House Prices property ladder that always seemed just beyond our grasp, we are still coming to terms with the fantastic reality of our Period June 2005-November 2008 (in months) Data set provided by QV for Queenstown Lakes Community Housing Trust own home. And then to top it all the house is more than we could possibly have hoped for. We wake up each day and think it is even better than the previous day - it is a huge thing for us and cannot really be put into words.” Initial Fund $4m Protecting the Trust’s Investment S & M Arrowtown An initial sum of $4m was created for the pilot programme with funding provided by: • The Trust’s interest in each property is recorded on the individual title • The Trust receives its % share from any sale proceeds “We both think that the programme is marvellous and very Housing New Zealand Corporation [HNZC] $2m • All outgoings are paid by the household much needed for the region. I still wake up every morning The Trust $2m • Each investment is supported by independent valuation prior to any and think “wow”. Our wonderful wee home would not have been achievable without the hard work of Julie and this commitment HNZC funds have been provided as a suspensory loan to be written off by the Corporation after 10 years provided the programme.” S & J Hawea • An annual report on each property is provided to the Trust by moneys are invested in affordable housing through this period. The Trust contribution was provided by Jacks Point Ltd as a qualified building inspector “The Shared Ownership Programme is a godsend – without part of its obligation to Council under a Stakeholder Deed. it I wouldn’t have been able to afford the unit I’m in now.

The support and advice from the Trust during the home Average Investment per Property $133,000 buying process was invaluable. Thank you.” MG Fernhill The Trust expects to assist approximately 30 households with this initial pool of funds and anticipates meeting this target in the second half of the 2009 calendar year. Property investments are spread across the district from Queenstown to Hawea.

Average Investment 30.4% The interest held in any single property ranges from 19%-40%. Note: The initial two year pilot programme has delivered on all its objectives and the Trust is pursuing funding opportunities for continuing the programme.

Eligibility Criteria To be eligible for the Shared Ownership programme a household must meet the following minimum criteria: • They must have lived in the district for at least six months • At least one member of the household must be in full time employment • Household income cannot be greater than 150% of the median for the district • They must not own other property • They must have mortgage approval for the portion they borrow from the bank • They must have a minimum of 5% deposit for their interest in the property • They must show an ability to service the bank mortgage within a target range of 30%-35% gross household income.

10 QLCHT Annual Report 2009 5,500 5,500 5,500 5,500 2,750 1,200 1,550 2,750 1,200 1,550 2,750 1,200 1,550 2,750 1,200 1,550 The Development 94 94 94 2,656 94 1,012 1,350 200 94 2,656 94 1,012 1,350 200 94 94 Nerin Square Development 94 2,656 94 1,012 1,350 200 94 2,656 94 1,012 1,350 200 94 2,580 94 2,580 94 900 1,606 94 94 656 200 94 900 1,606 94 94 656 200 94 2,300 280 94 2,300 280 94 94 Lake Hayes Estate 94 94 800 800 800 800 800 800 706 706 706 706 Stage 1 94 94 94 94 94 94 94 94 94 94 2/600 2/600 1,406 1,406 • Two storey town homes wardrobe wardrobe BEDROOM 1 BEDROOM 1 94 94 3,000 3,000

LIVING AREA LIVING AREA 2,906 2,906 3,506 3,506 3,506 3,506 2/600 2/600 wardrobe wardrobe • 3 bedrooms 1,406 1,406 710 710 94 94 94 94 94 94 94 94 94 94 • 2 bathrooms 94 810 94 810 up up EN EN 906 906 906 906 8 7 6 5 4 3 2 1 8 7 6 5 4 3 2 1 SUITE SUITE 2,506 2,506 2,506 2,506 100 100 100 100 • 2 car garaging hwc hwc dwn dwn 900 900 900 900 94 94 GARAGE 9 10 11 12 13 14 15 GARAGE 9 10 11 12 13 14 15 94 94 12,800 12,800 12,800 12,800 12,800 12,800 94 94 94 94

810 810 W/C 810 810 W/C

• $450,000 freehold. 906 906 12,000 12,000 12,000 12,000 5,812 5,812 11,812 11,812 1,512 1,512 94 94 810 810 94 94 • Completion late 2009 BEDROOM 2 BATH- BEDROOM 2 BATH- 3,212 3,212 9,000 9,000 F F 94 ROOM94 ROOM 810 810 2,212 2,212

1,606 KITCHEN1,606 KITCHEN 706 706 These homes qualify for the Trust’s 94 2/600 94 2/600 DINING DINING wardrobe wardrobe 94 94 94 94 94 94 94 94 shared ownership programmeAREA providing AREA606 606 94 94 access to first home buyers that meet the BEDROOM 3 BEDROOM 3 2/800 2/800 2,906 2,906 2,906 2,906 wardrobe wardrobe eligibility criteria. 2,206 2,206 94 94 94 94 94 94 94 94

612 612 94 94 94 94 94 94 94 2,506 94 906 1,606 200 94 2,506 94 906 1,606 200 606 94 606 94 800 800 94 706 94 94 706 94

5,500 5,500 94 5,206 200 94 5,206 200

10,750 10,750 5,500 5,500 Stage 2 • A comprehensiveGROUND design FLOOR GROUND1:100 FLOOR FIRST1:100 FLOOR 1:100FIRST FLOOR 1:100

This• drawing A iscommon protected by copyright architectural characterThis drawing is protected by copyright Drawn By: Hannah Hopcroft Drawn By: Hannah Hopcroft AREA 6 AREA 6 Date: 1st December 2008 Date: 1st December 2008 • Strong landscape attributes LAKES HAYES ESTATE VILLAGE LAKES HAYES ESTATE VILLAGE

ALL DIMENSIONS TO BE VERIFIED ON SITE ALL DIMENSIONS TO BE VERIFIED ON SITE UNITS B2 UNITS B2 Nerin Square is an approved development in the hub of Lake • Different configurations Hayes Estate. The land was purchased by the Trust in 2008 with Key Goals for Nerin Square • Adjoining parkland and recreation reserve consent to build 42 units. • To add new supply of homes that meet The Trust expects to build approximately 25 dwellings commencing early 2010. Prices The Trust is undertaking the development in two stages – the first stage the aspirations of first home buyers are yet to be determined but will offer tenure will comprise 5 homes due for completion towards the end of 2009. • To offer purchasing tenures, such as Expressions of Interest options that make them accessible for first shared ownership, that make them If you live and work in the district, don’t own any other The second stage will be a more integrated development and include home buyers. accessible for first home buyers some retail for the local community and potentially facilities like property and are keen to take advantage of the Trust’s Stage 2 will also include some limited retail child care. • To deliver a good quality specification assistance in buying your own home, begin by logging outlets designed to service the needs of the your details at our website www.housingtrust.co.nz • To provide a comprehensive new local Lake Hayes Estate community. neighbourhood that offers individual privacy yet access to good public amenity • To contribute to local community needs

“The quality of the homes will match the same high standard in the area. It’s the different forms of tenure that will make them affordable to first home buyers.” Barry Robertson – Deputy Chair 12 QLCHT Annual Report 2009 Trustees Directory

Chairman Settlor Graeme Morris Todd David Cole – BCom and Graduate Australia Institute of Management Advanced Management Programme. Date Settled 15 January 2007 A wide commercial background in leadership roles overseas in both private and public companies across finance, IT and marketing/communication sectors. Date of Would love to find more time to play the piano time and spend less time mowing Incorporation 12 July 2007 lawns on his lifestyle block. Accountants McCulloch & Partners P O Box 64 Deputy Chair Queenstown Barry Robertson – A Fellow of the Institute of Valuers, Associate of the Real Estate Institute of New Zealand and member of the Property Management Solicitors Anderson Lloyd Lawyers Institute of New Zealand. Queenstown Barry is highly respected for his commercial real estate skills. An avid reader and Bankers ASB Bank SBS Bank fitness fanatic, he is also completing an unfolding challenge to swim across all Queenstown Queenstown the lakes in the District.

Auditors Deloitte, Dunedin Dennis Pezaro – MDS IRD Number 97-121-805 Former chair of the New Zealand Medical Association, Dennis has lived in the district for 40 years and been a well respected GP for much of that time. He was recognised in the 2007 New Year’s Honours List with the Order of New Zealand Registered Address for services to community health and has always been in touch with the pulse of for Notices PO Box 1748, Queenstown 9348 the district – in more ways than one. Today he is never far from his new protégé – young pup “Pie”.

Stephen Brent – LLB and BCom A great combination of commercial and legal qualifications, Stephen has honed his skills both in New Zealand and overseas. He is now building his own legal practise in Queenstown, renovating a relocated house in the District – while dismantling an already very competitive golf handicap.

Brian Donnelly Brian Donnelly is the Executive Director of New Zealand Housing Foundation based in Auckland, renowned for pioneering innovations in the housing industry. He has been recognised with a social entrepreneur fellowship and is also a talent scout for the NZ Rugby Union Under 20’s national squad – selecting and mentoring a number of young elite players.

14 QLCHT Annual Report 2009 Home is where the heart is. And if there’s one thing Housing New Zealand has, it’s heart. We’ve helped hundreds of New Zealanders into their fi rst homes – and into the next stages of their lives. We’re especially proud of our partnership with Queenstown Lakes Community Housing Trust supporting their Shared Ownership Programme, which has given people in Queenstown a head start towards home ownership. And we have many more initiatives nationwide. It’s all part of our mission to give all New Zealanders access to quality, affordable housing.

hnzc.co.nz

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