King’s College Foundation Annual Report 2016 Foundation Director Sir Colin Giltrap and his grandson Marco Giltrap (Averill, Year 9) at the College’s annual Grandparents’ Day. Contents President’s Report 4 Our Foundation Board of Management 6 Investment Committee’s Report 8 Our Investment Committee 9 Our Deed 10 Capital Endowment Funds 12 Phil Ryall Bursary 16 Past Scholarship recipients 18 - Randall Kamea - Tim Southee Specific Endowment Funds 20 Staff Support Funds 23 2016 Margaret Myers Fellowship 24 Summary of Financial Statements 26 Membership 29 Our Members 30 PRESIDENT’S REPORT PRESIDENT’S REPORT There is an increasing President’s Report desire by the College to see our Scholarship and Bursary students acknowledge that it is indeed a privilege to be a recipient. I am very pleased to present our In 2016 the Foundation granted $770,000 towards 37th Annual Report to Members of scholarships, spread across 65 students. the King’s College Foundation. In addition, $130,000 was contributed to various other non student scholarship recipients, including the highly-sought- Celebrating a steady 2016 after Margaret Myers Fellowship that enables two teachers a year to travel overseas to learn more about their chosen The College is in a healthy position as the 2017 year subjects. The two recipients for 2016 were Bryan Sapsworth commences, and we can look back on a relatively robust and Ro Bairstow. You can read about their experiences while and steady 2016. The roll is at an all-time high, and future on the Fellowship on pages 24 and 25. enrolment applications are strong. Our Headmaster, Simon Lamb, has settled well into his role, gained much I would like to acknowledge Andy Morris, who chairs our respect throughout the College and our wider King’s Investment Committee. Andy is well respected in the community, and he is gradually implementing his vision financial sector, and ensures a robust process is in place of new teaching and learning dimensions in our with the Fund managers who manage our investments on Midway through 2016 Jeanette Paine was appointed as the This year the King’s Board of Governors has been focusing College classrooms. our behalf. They regularly attend our meetings to explain College’s new Director of Marketing and Development and on the preparation of a Master Property Development Plan their investment strategies, views of the markets and, of in the short time since her arrival, she has assembled a strong for the College which will form the blueprint for the next 15 The primary role of the Foundation continues to be to assist course, the returns they deliver to our Endowment Fund. team to assist her in this important area of focus for King’s. to 20 years. This will be a major focus for the Foundation. the College financially, with income generated through the Endowment Fund largely focused towards funding student We are fortunate to also have Peter Clarke, James Mitchell Jeanette works closely with our Foundation, providing As this Plan unfolds, there will be opportunities for a scholarships and bursaries. This means–tested funding not and James Ring contribute their investment skills to guidance and support for all of our marketing and significant fundraising campaign. More information will only helps students attend King’s who otherwise might not this Committee. They are ably assisted and supported by communications activities. She is currently formulating a come to hand over the course of the year and we look have been able to but, also helps to raise our standard in the the College’s Director of Financial Services, Paul Chapman. Development Programme, which will include fundraising forward to communicating with you further on this. There’s academic, cultural and sporting fields. Paul collates the information on a monthly basis and I and a more visible Bequest programme. no doubt that exciting times lie ahead for our College. thank him for his detailed reports. We reported another steady year of growth for the Fund One of the other core functions of the Foundation is to Finally, my sincere thanks to my fellow Foundation Board in 2016, albeit not at the heady heights of previous years. In 2016, we welcomed a new member to our Board, Liz grow our membership base. To this end we continue to Members Ross Green, Carrie Hobson, Andy Morris, Peter The Endowment Fund returned a net 5.4 per cent, Young. Liz replaces Peter Rose, who stepped down mid last host the New Parents Evenings, and the annual Donors Wilson, Murray Reid and Liz Young for their continued which benchmarks well when compared to other similar year after many years of dedicated service to the College. Thank You function. commitment, and the ever-willing and generous time and balanced funds that averaged 3.5 per cent. Liz and her husband, Vic, had their son educated recently support that they give to our Foundation. at King’s and she is a passionate advocate for the College. Looking ahead There is an increasing desire by the College to see our Virtus Pollet. 35m Scholarship and Bursary students acknowledge that it is Looking to 2017, we continue to engage with our wider Richard Kidd indeed a privilege to be a recipient. In fact, several of the King’s community at a number of new and traditional events. 20m PRESIDENT existing Endowment Funds are the result of significant In a departure from tradition this year, our 37th Annual donations by previous scholarship beneficiaries. There is 15m General Meeting will be held off site at the Northern Club a future expectation that, over time, these students will as a breakfast function on Thursday 1 June. acknowledge the generous efforts of the Foundation and 10m give back to King’s, either financially or by way of giving We feel this may encourage more of our centrally-based 5m their time to the College. Auckland members to attend. The Headmaster and Chairman of the Board will both give an address and I look 0m 2012 2013 2014 2015 2016 forward to seeing many of you there. 4 FOUNDATION ANNUAL REPORT 2016 FOUNDATION ANNUAL REPORT 2016 5 Our Foundation BOARD FOUNDATION OUR Board of Management The control, management and conduct of the affairs His business career has primarily been in property in Auckland where Carrie has more than 25 years’ corporate experience, initially in banking of our Foundation are vested in the Foundation Board of Management. he is best known as the founder and joint CEO of Kiwi Income Property and finance, and latterly in executive search. She is a founder and Trust, which grew to become New Zealand’s largest listed property owner of Hobson Leavy Ltd, a retained executive search firm. Carrie OUR FOUNDATION BOARD FOUNDATION OUR investment vehicle. In recent years, Ross has continued his interest in has an Honours degree in Economics from the University of Otago, THE BOARD OF MANAGEMENT COMPRISES: Foundation in growing its Endowment Fund to support the property in a private capacity. is an approved Certified Finance and Investment Professional (CFIP) College with scholarships and other funding. Richard holds • Four persons, each being a member of the Foundation in and a member of the Institute of Directors in New Zealand. She has a Bachelor of Agricultural Science and a Graduate Diploma Outside of business, he has served on the boards of St Cuthbert’s any class of membership, appointed by the King’s College also completed the Advanced Course in Executive Search from Cornell in Business. College, the Spirit of Adventure Trust and the New Zealand Maritime Board of Governors. The 2016 Members are Richard Kidd, University, New York. Peter Wilson, Ross Green and Liz Young. Museum, and is currently on the board of the Home and Family Trust, Peter W Wilson ONZM and the Auckland Theatre Company, as well as being Chairman of the As a parent of three children attending King’s College, Carrie believes • Three persons who are members in any class of INVESTMENT COMMITTEE MEMBER Waterfront Theatre Trust and the Ranfurly Care Society. the College embraces the whole student in their pursuit to be the best membership elected by the Members. Current Members that they can be — academically, on the sports field and in cultural are Andy Morris, Murray Reid, Carrie Hobson. Peter is an Old Collegian (School, 1952–56) and the founder Andy Morris activities — but it is more than this: King’s College provides the student of an internationally-aligned Auckland accountancy practice. • The Headmaster of the College as an ex-officio member HEAD OF THE INVESTMENT COMMITTEE with a greater understanding of the community in which they live while He has served as a company director and financial advisor in of the Board of Management. nurturing their personal well-being. It also helps them develop critical a diverse range of commercial and investment organisations. Andy is an Old Collegian (Marsden/St John’s, 1974–78). His two eldest sons completed their schooling at the College - Sam (St John’s, thinking and intellectual independence. The Foundation Board of Management meets formally every Peter is well-known for his long association with the 2011–12) and Nick (St John’s/Greenbank, 2014–15) – and his youngest month to review overall progress on the goals of the College and Old Collegians and is the past president of Tama is currently in Greenbank House. Liz Young Foundation. The Director of Marketing and Development and the Foundation Board of Management. He is also widely the Director of Commercial Services of the College attend the Liz joined the Foundation Board in 2016. She and her husband, Victor, recognised for his involvement in New Zealand sports Andy is a Principal at investment management business, NZAM.