Good times for Lands Trust with surplus

Lands Trust Masterton chairman John Bunny told the annual general meeting equity had increased by 2.8 per cent to $39.8 million. FILE PHOTO

Lands Trust Masterton has ended its financial year on a high note, with assets reaching a record high of $67.8 million, up 6.6 per cent on last year and attaining an operating surplus of $1.9 million.

Chairman John Bunny told the annual general meeting yesterday equity increased by 2.8 per cent to $39.8 million.

This had been possible because of extensive earthquake strengthening work which had been done as opposed to " allowing earthquake-prone properties to devalue and become empty" as has happened in some other parts of the country.

Mr Bunny said had it not been for the stance taken by the trust on strengthening since 2011 several properties would now have become vacant and that would have impacted on rental income.

As it happened, rental income for the year rose by 9.6 per cent on the previous year to $4.6 million, factors in this being property developments being finished and new leases signed.

The good results were not reflected in grants for the year which at $914,068 were down 11 per cent on 2014.

In explanation Mr Bunny said the grants round was decided earlier in the year when a " prudent approach" was taken, mainly because of market conditions.

The grants were distributed throughout Masterton for educational, community and cultural activities with the education sector - from early childhood to tertiary - receiving $375,736.

"Collaborative initiatives that centred on professional development for teachers received $222,052 and involved all early childhood, primary, intermediate and secondary schools," Mr Bunny said.

More than $1.7 million had been given for teacher and student development since the initiatives were introduced 10 years ago.

Roll-based grants across the sectors totalled $49,210 and would allow boards to make their own decisions on the use of the grants made by the trust within their schools.

Another $77,700 had been allocated for one-off scholarships for tertiary students, including apprentices, who were either living within the trust's area or studying at UCOL Wairarapa.

Mr Bunny said support for UCOL was an "on-going feature" of the grants programme and $18,969 had been given in the financial year for course development and refurbishment of the student hub.

A highlight of the year had been the major refurbishment and strengthening of the historic Seddon Building on Dixon St which is now the Lone Star restaurant.

The building had been spared demolition by the trust's decision to restore and preserve it for commercial leasing and the $600,000 spent on it had brought the building up to 100 per cent of the building code.