TAKE A LOOK 2012/13 Review Funding sectors Grant recipients Contents 3 Chair’s Review 19 Arts & Culture 37 2013 Grant Recipients 6 CEO’s Review 20 Community Building Projects 8 Investment Strategy 21 Community Wellbeing 11 Aiming for Sustainability 22 Environment Financial Statements 12 Strategic Plan 23 Health 43 Auditor’s Report 14 25th Anniversary 24 Heritage 44 2013 Summary Financial 25 Learning Statements ASB Community Trust 26 Marae receives strong support from 27 Recreation & Sport ASB Bank Limited. ASB 28 Rescue Services Trust Governance Bank continues to support its traditional Auckland and 50 Trust Governance Northland local communities Initiatives and has committed $10 29 Community Housing million over five years 31 Emerging Artists to assist the operations 33 Māori & PacificE ducation of its previous owner, the Initiative (MPEI) ASB Community Trust. 35 Youth Health & Development NAVIGATE PDF HOME CONTENTS ASB Community Trust 2012/13 REVIEW Allendale House 50 Ponsonby Road, Auckland KEC Y TO I ONS: FUNDING p 09 360 0291 or 0800 272 878 Solicitors SECTORS f 09 378 6954 Jones Young e [email protected] 120 Albert Street, Auckland Continued on next page INITIATIVES w ASBCommunityTrust.org.nz Auditors and tax advisors GRANT RECIPIENTS Investment advisor KPMG Go back to previous page Cambridge Associates LLC 18 Viaduct Harbour Avenue, Auckland FINANCIAL 85 Castlereagh St, Sydney, Australia w See website STATEMENTS Banker Custodian ASB Bank Ltd TRUST JP Morgan Chase Bank NA ASB North Wharf, 12 Jellicoe Street, Play video GOVERNANCE 259 George Street, Sydney, Australia Auckland 1010 page 2 The 2012/13 financial summary is As Trustees, we Chair’s review included on page 44 to 49 and sets out the financial performance ofA SB Community believe that our new Trust Group and the parent Trust. At year strategic plan will end, the Group’s capital stood at $893.3 million and the Group’s Trust Fund enable us to pursue a (comprising capital plus reserves) totalled $1.077 billion. more aspirational and imaginative approach In 2013 the Trust is celebrating its 25th anniversary. It is worth reflecting that to meeting some of during the past two and a half decades, grants worth over $800 million have the challenging issues Ken Whitney contributed to the infrastructure, growth in our communities Board Chair and wellbeing of our communities. We are confident that we have a sound strategy while also improving in place to protect and enhance our assets From the Board Chair over time, to ensure that ASB Community our responsiveness to Trust grants will continue for generations traditional needs. The 2013 financial year was very much to come. a game of two halves. In the first half, Our new Community Support Grant the value of the Trust’s assets declined, NAVIGATE PDF necessitating the implementation of a GRANTS programme includes Quick Response Grants which, together with our prioritisation framework for our grants. Grants to community organisations Fortunately, this situation reversed in the forthcoming online application process, totalled $21.1 million, compared with HOME second half of the year as the value of the will allow us to meet the demand for faster $36.6 million in 2012. This left the Group application processing. In our Catalysts for Trust’s investments recovered and we were CONTENTS with total income of $55.9 million for Change and Key Community Partnership able to maintain the grants programme, the year. A $1 while also pre-funding and securing the programmes we have adopted a high 2012/13 2014 grants budget. engagement model. This approach will REVIEW focus on identifying new initiatives and MILLION GR ANT IN 1996 HELPED FUNDING In 2013 investment returns grew by 7.9% supporting our granting programme by RESTORATION WORK ON SECTORS (net of fees), or $81.2 million, compared assisting with governance and capacity development among organisations with THE HISTOric STONE with a negative 0.8% return (net of fees), INITIATIVES real potential for life-changing outcomes. STORE, IN THE or negative $10 million, in 2012. By 31 BAY OF ISLANDS March 2013, the Trust’s total assets were Fostering collaboration among grantees GRANT sitting at $1.077 billion, well ahead of the and partnership with other funders are RECIPIENTS $1.022 billion total asset value in 2012. also important objectives. By working together we can lift our horizons and FINANCIAL achieve more ambitious outcomes for the STATEMENTS people of our region. TRUST GOVERNANCE page 3 INVESTMENT STRATEGY included a purpose-built office complex that Chair’s review now sits alongside it. Our Trustees regard An increasingly important aspect of our The Trust’s Investment Committee the refurbishing of Allendale House as a gift work is to share the knowledge generated continuously reviews and adopts to future generations. by our high-engagement funding and best practice in the oversight of the capacity-building support through Trust’s investment portfolio. Carefully TheT rust first moved into Allendale credible and well researched evaluation constructed diversification across various House nearly 25 years ago. As the largest reports which are freely available on our asset classes helps protect the Trust as an non-government funder of heritage website. We hope that publishing the in-perpetuity community asset. projects in Auckland and Northland, it results of our experiences will provide a was appropriate that we take responsibility valuable resource for other funders and Cambridge Associates, an international for protecting a building that is such a programme developers by highlighting investment advisor to foundations and significant part of the city’s architectural our learnings on the key ingredients for endowments, continues to help the Trust history. With the Trust celebrating its successful and effective grants. make sound investment decisions. Our 25th anniversary in 2013, the successful investment strategies aim to maximise completion of the renovation project was a With encouraging results from our income, protect and future-proof assets, memorable way to mark this milestone. existing high engagement projects and ensure a reasonably stable level of in the Māori and PacificE ducation spending. The earthquake-strengthening work Initiative, Youth Health and Development and sensitive restoration has won praise Programme and the Community Housing The three objectives for the investment from the Historic Places Trust, while the sector we will continue to pioneer new strategy are to: buildings have been modernised with NAVIGATE PDF initiatives that we can de-risk before the ■ maintain the real value of capital of the energy-efficient technology such as solar next level of funding is sought. We believe Trust in perpetuity panels for water heating, sensor lighting that we have an important role to play in and wool insulation. As part of our ■ ensure a stable level of spending taking a controlled risk in being an early commitment to sustainability, the brief to HOME funder of innovative projects which are (operating and capital costs, and grants) the designers was to achieve a high green- community led and supported but which over time star rating for all the work undertaken. CONTENTS need to prove their success before they ■ maintain equity between present and This included everything from the 2012/13 can be scaled up with more mainstream future generations in perpetuity. selection of carpet and lighting, to the air REVIEW funding. In this way the Trust is able to conditioning system and paints used. play a unique and valuable role in the ALLENDALE HOUSE FUNDING development of our communities and our Allendale House is a terrific base from SECTORS country. In April 2013 the Trust’s Auckland home, which we are proud to celebrate the past Allendale House, was officially re-opened activities of the Trust and to launch a INITIATIVES by Prime Minister the Rt Hon John Key new chapter in our history. The old house GRANT after a two-year renovation project. represents tradition and stability, while RECIPIENTS the new annexe provides an efficient The refurbishment of Allendale has contemporary working environment for FINANCIAL preserved and given new life to an iconic our trustees and staff to meet the challenges STATEMENTS piece of Auckland’s architectural and of philanthropy in the 21st century. cultural heritage. The future-proofing work TRUST not only included earthquake-strengthening GOVERNANCE for the 120-year-old building, it also page 4 Clark, John Slater, Kim Wright and Vipan Chair’s review Garg. They all bring valuable new skills to PERSONNEL our Board and we are already reaping the benefit of their knowledge and abilities. During the past year we said farewell to We look forward to working with them in four Trustees: Brian Lythe, Ann Hartley, the years ahead. Kristen Kohere-Soutar and Paula Kearns. My report would not be complete without Brian was one of the Trust’s longest-ever thanking my fellow Trustees for their serving Trustees. Appointed in 2000, he passion, commitment and support this served three terms on our Board and past year. All of the Trustees join me because of this he was able to bring a in thanking our CEO Jennifer Gill and deep knowledge of the Trust’s history and her staff for their professionalism and community impact to the Board table and leadership in implementing the Board’s to help guide new Board members as they more strategic direction. We look forward began their work. to working with them as the Trust continues to build on its commitment Ann was my predecessor as Chair of the to the communities of Auckland and Board and during her four years as a Northland. Trustee, she gave her time and passion unstintingly as a Board member. Due to Finally, it has been a pleasure and an Ann’s many community connections and honour for me to serve as Chair during NAVIGATE PDF long experience, we benefited greatly from the past year.