The Foundation’s Endowment Investment Pool – which contains the endowment gifts for both the Foundation and the School of Medicine – returned an above average 15.3% for the year and accounted for $70.3 million of the Group’s balance sheet of $115.9 million. As the Foundation and the School of Medicine Foundation continue to mature, this relative growth will continue.
In another sign of the maturing of the Foundation, both its distributions and its investment income ($8.9 million) exceeded its fundraising. We are proud of the prudent stewardship of our donors’ gifts – both in their investment and their use – and this report gives further details on the people and programmes the Foundation has been able to support.
Another highlight of the year was the confidence shown by two charitable trusts in agreeing to gift all or most of their resources to specific named funds within the Foundation that:
It was particularly pleasing that the Liggins Institute Trust (LIT) made several significant gifts to the Foundation and that its former chair, Lyndy Sainsbury, agreed to join the Foundation as a trustee. The Foundation now has a range of LIT named funds which will be distibuted in accordance with donor agreements, or otherwise as recommended by the LIT trustees.
The other charitable trust that pledged a major gift to the Foundation (and then wound itself up) was the Taurus Trust, which supports musical education. While the original donor to this trust is anonymous, the chair of the Trust said the following at a very moving ceremony formalising the gift:
“This is a good day for the Taurus trustees. We are delighted and relieved to pass on the confidence and trust placed in us to the Foundation, with the firm belief in the reliability and ability of it to manage and grow our friend’s legacy for the benefit of young New Zealanders with promising musical talent.”
We take up that trusteeship with every solemnity and do so for every gift, whether large or small.
While endowment gifts are very valuable, so too are those to annual giving and I would like to thank all donors: both those who have made gifts in previous years, as well as those who made gifts for the first time. These gifts are essential to the continuation of scholarships, student support funds, and research programmes. Just as important, however, is the message this growing annual participation sends to the greater community: there is a wide range of support, at all levels, for the mission of the Foundation and the University of Auckland.
I would like to farewell Ian Parton and also welcome Roger France to the Board, and to thank all my fellow Trustees and the staff members who serve the Foundation for their work during the year, including particularly Cecilia Tarrant, as Chair of the Investment Committee, and Peter Hays, as chair of the Audit Committee.
Chair, Board of Trustees