Napier couple transfer $500,000 scholarship fund to Hawke's Bay Foundation

Colin and Diana Crombie transferred their charitable trust to the Hawke's Bay Foundation. Photo / Paul Taylor

A charitable trust worth more than $500,000 has been transferred to the Hawke's Bay Foundation.

The Diana and Colin Crombie Scholarship Fund provides bursaries to high school students who are going on to tertiary education.

The three annual successful applicants - one each from Napier Boys' High School, Napier Girls' High School and Iona College each - receive $9000 each over three years towards studies.

Named after its founders, Napier philanthropists Diana and Colin Crombie, the couple made the decision to transfer their long-standing charitable trust to Hawke's Bay Foundation for convenience and the guarantee of safekeeping.

"Transferring our trust to the foundation takes a lot of pressure off us, especially as we're getting older," Diana said.

"The income from the fund will remain in Hawke's Bay and continue to be distributed according to our wishes for perpetuity, which is most important to us.

"It is comforting for us to know the fund will continue to be well-managed and get a better return than our term deposits, which means more for the community."

Colin established the insurance business Crombie Lockwood in Napier in the 1970s.

Since then he has supported many Hawke's Bay community projects, such as the redevelopment of the Hawke's Bay Museum and Art Gallery (MTG), which saw him honoured with a Queen's Service Medal in 2014.

"We started the business from a tiny acorn, and it grew to be a successful national company thanks to the support of the local community," Colin said.

"As a result, we are in a position to be able to give back. We decided to focus our giving on education as we believe it is the most important thing you can give young people."

The Hawke's Bay Foundation, established in 2012, invests donations received to provide a long-term sustainable source of funding for the Hawke's Bay community.

"The Hawke's Bay Foundation is a wonderful organisation to be involved with. You can choose where you want your money to go, even while it is managed by the foundation. It guarantees continuity," Colin said.

"There are great people on the board which was a drawcard for us. They know their stuff and have the same vision for a better Hawke's Bay."

Applications for the scholarship will open later in the year.