Trust bucks storm with $1m grants

Masterton Trust Lands Trust has successfully weathered a difficult year to hand out more than $1m in grants to the local community.
"The trust has weathered the economic storm well due to solid foundations laid in previous years, prudent management, sound investment decisions and the strength and loyalty of its tenants," chairman Alan Sadler said in his annual report for the year-ended March 2009 at the 137th annual general meeting this week.
Mr Sadler said the trust had held a strong financial position and operational performance had been pleasing at a time when global financial markets have been in turmoil.
"Although the recession is a reality, the level of income has been maintained resulting in a 2.4 percent increase in operating surplus for the year."
During the year rental income grew by 7 percent and the trust invested a further $1 million in its property portfolio, providing continued employment within the community for various tradespeople, he said.
Mr Sadler said the value of the property portfolio declined by 2.7 percent, significantly less than that of many listed property trusts, which are generally showing declines closer to 10 percent.
"Our strategy over the last seven years to diversify into a mix of local, national and international tenants is certainly paying off."
Despite questions during the year as to how the recession would affect the grants to the community, grants have been maintained at the same level as last year, with more than $1 million provided in cash and non-cash grants, he said.
Education remains the focus of the grants programme with Masterton early childhood centres, primary schools and secondary schools continuing to receive financial support through a roll-based distribution which school boards of trustees use as they see fit, Mr Sadler said.
Since 2005 more than $760,000 has been granted to primary/intermediate and secondary school groups to boost professional development for teachers from all schools.
The tertiary sector received $161,691 in the form of scholarships for students undertaking tertiary studies, including those doing apprenticeships, and support for Ucol Wairarapa.
General support for the community continued through $332,275 in cash grants to a wide range of community groups, rental grants to community groups and non-cash concessional rentals.
The cycle of property improvement and renewal continued with an emphasis on following best practice with energy-efficient and environmental standards, Mr Sadler said, with several major upgrades completed for new and existing tenants.
Adding to its track record of working in partnership with others to provide civic facilities in Masterton, the trust was instrumental in providing a new visitor information centre (i-SITE) in the heart of the Dixon Street recreation precinct, he said.
Forming a new partnership with regional tourism organisation Destination Wairarapa, the trust built the architecturally-designed i-SITE as a contribution to the community, business and the development of Masterton as a tourist destination.
The Masterton Trust Lands Trust is a 138-year-old public lands trust formed to own and manage surplus land not sold to Masterton's working-class settlers. The original £165 value of the trust's land has now grown into an asset base of more than $54 million.
Income from the trust's property rentals is distributed in the form of grants to assist educational, community and cultural activities within Masterton. This concept has played a key role in the evolution of the town since 1871 and continues to do so.