Mackenzie Charitable Foundation

Report to Interested Parties April 2013

  1. We last reported to you in June 2011
  2. Since then the Foundation’s investment portfolio has continued to grow increasing the capacity to make grants. Some major initiatives, which we detail below, have continued to be funded.
  3. We are registered with the Charities Commission (Registration No. CC20247) and as a consequence continue to enjoy a tax free status.

Investments

  1. The Trustees have continued to follow a “prudent & conservative” approach to the investment of the Foundation’s wealth. The portfolio of investments currently includes bonds (7.0%), property (58.0%), equities (33.2%) and cash (1.8%).
  2. With the exception of some small holdings of equities in Australia, all investments are New Zealand based.
  3. The total investment portfolio has grown to $10,041,000. This has been achieved after having made grants totalling more than $847,000 in the past year. You will recall that at the time the farm was sold the assets held by the Foundation totalled $5,900,000.
  4. The Trustees are very satisfied with the development of its portfolio of investments which they have achieved while at the same time making significant increases in its grants programme.
  5. Don Church and Graham Sinclair continue to make an invaluable contribution to the success of the Foundation’s investment initiatives.

Grant Policy

  1. You will recall that the objects of the Foundation are:
    • Research, treatment, education & training relative to the disease of cancer.
    • Research, development, education for and training & expansion of the science & practice of agriculture.
    • General purposes but with preference for young people with less chance in life than many of their peers.

The Settlors also indicated an overall desire to confer the greatest possible benefit on the residents of Canterbury.

  1. It is the Trustees current policy to advertise publicly for grant applications 3 times per year.
  2. In addition they have considered larger one off applications as they come along from time to time.

Grants Made

  1. For the year ended 31 March 2013 the Foundation made grants totalling $847,000. This will bring the total amount paid out by way of grants, since the Foundation’s formation, to $4,340,000.
  2. The Trustees continue the positive support of both the Ashburton Benevolent Trust & Geraldine Benevolent Trust. Both of these Trusts provide timely assistance to numerous needy families in their respective communities.
  3. In the last 2 years the Foundation has also supported organisations such as the Cancer Society (via Advance Ashburton Community Foundation to secure a permanent home at Mona Square), The Champion Centre, Ashburton College, Lifeline Christchurch, Seabrook McKenzie Centre, Mid-Canterbury Riding for Disables, Methven District Heritage Association and a number of other organisations and individuals.
  4. Two major initiatives were continued in conjunction with Canterbury and Otago Universities. The Foundation has extended its commitment to the “Mackenzie Chair in Freshwater Ecology at Canterbury University for a further 5 years. And the “Mackenzie Chair in Cancer Medicine” with Otago University will run for 2 more years. Together these grants will exceed $3,350,000 over a 10 year period.
  5. The Foundation also continues its commitment with ongoing assistance to the Nuffield Farming Scholarship Trust, Presbyterian Support, and the Ashburton Mackenzie Community Group.

I trust that this update is of interest to you. If you have any questions please feel free to contact me

Yours sincerely,

TREVOR CROY

Secretary