BayTrust gifts $600k to Bay of Plenty community

BayTrust chief executive Alastair Rhodes. Photo supplied

Bay of Plenty community groups will likely get an extra $600,000 from BayTrust this year thanks to record equity levels.

Speaking at BayTrust's 29th Annual Public Meeting in Whakatane today, BayTrust board chairman Kenneth Brown said BayTrust was in a position to raise granting levels.

Over $5.5m was expected to be available to support local community organisations between now and March 2018, compared to $4.9m paid out during the last financial year.

In his chairman's report, Mr Brown explained BayTrust had received a 10 per cent return ($20.4m) on its investments in the past financial year. That pushed its total equity to over $200m for the first time.

Its initial asset base was $89m when it was first incorporated in 1988.

"This strong performance was in contrast to our forecasts made last year where we expected returns to be soft... this means the Trust is in a very healthy position at the end of this year, with grants maintenance reserves of $60m.

"These grant reserves, whilst high, have been built up to allow the Trust to cover periods of financial volatility and to continue to support communities in times of need."

BayTrust's recent $300,000 commitment to help Eastern Bay and Edgecumbe residents recover from flood damage was a great example of why grant reserves are important.

The money is an extra contribution and will not affect BayTrust's grant pool for the coming year.

Some 182 Bay of Plenty community groups were awarded BayTrust grants in the 12 months to March 31st, worth a total of $4.9m. This was up 48 per cent from the $3.3m paid out in 2016.

BayTrust chief executive Alastair Rhodes said housing, along with programmes that support children, youth and the environment, would remain key priorities.

"It has been confirmed that in mid-2018 we will be moving into the new Tauranga Community Hub (The Kollective) with other key Bay of Plenty funders and community groups, to help facilitate increased collaboration in this sector."

The recipients of the 2017 Strategic Funding Round were also announced today. A total of $2.4m is available each year to fund projects that will make a measurable and meaningful difference, and help make the Bay of Plenty the greatest place to be.

Mr Rhodes said seven community groups would receive a total of $1.5m for significant projects this year, and BayTrust is continuing discussions with three other organisations and anticipates being able to announce these outcomes shortly.

Among the successful applicants is the Mount Maunganui Lifeguard Service who will receive $270,000 towards the cost of fully re-building their club headquarters next year.

Mount Maunganui Lifeguard Service general manager Glenn Bradley said he was delighted BayTrust had become a cornerstone funder of the project.

Construction was due to begin next April and finish by December 2018.

Other strategic funding recipients this year included:

- Bay of Plenty Film Trust ($150,000) for promoting the region's film industry
- Rotorua Lakes Council ($130,000) for a children's health hub and library
- Tongariro Natural History Society ($141,464) for an environmental education programme
- W.I.S.E Better Homes ($345,000) for insulation projects in Rotorua and Taupo.