Taranaki Foundation welcomes Friends of New Plymouth Opera House Fund26 April 2022
The Friends of New Plymouth Opera House have set up a dedicated ‘Named Fund’ with the Taranaki Foundation. The trustees have made the decision to wind up the Trust and transfer the proceeds to the Taranaki Foundation, which will administer the funds as per the Trust wishes going forward and see the funds safeguarded in perpetuity.
Kevin Murphy, who has been a New Plymouth Opera House Friends trustee since its inception, says the new Fund realises the aspirations of its founders.
“The income from the Fund will 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 support for the community.”
The Trust was established in 2007 to assist in the provision of facilities for recreation and cultural activities to provide financial and other assistance to TSB Showplace, TSB Stadium and Bowl of Brooklands for the benefit of the general public of Taranaki.
The main fundraiser for the Trust was the annual 24-hour book sale which ran for twenty-five years until 2014. The idea was brought to life by Bryan Robb. The first book sale was held in 1989 when it hoped that seven or eight thousand dollars would be raised, but it exceeded all expectations by raising about $20,000! The book sale continued to grow each year and in total raised more than $500,000 for the theatre, now called TSB Showplace.
This is the single largest ‘trust transfer’ to Taranaki Foundation and Foundation Chair, Bryce Barnett, says he and the Board are very appreciative and thankful for the trust and confidence the group has placed in us as an organisation.
“Our aim at Taranaki Foundation is to provide local charities with sustainable long-term income through the revenue generated from the investment of funds. It is a privilege to provide this service and continuity for Friends of New Plymouth Opera House and to support them into the future,” Bryce says.
Kevin Murphy agrees the transfer of their Trust to the Foundation was straight forward. The trustees are pleased that the Foundation will continue the good work of the Friends.
“Taranaki Foundation has established itself as a trusted community-connected organisation, supporting the breadth of local activity and the richness of our community. We are pleased to be adding to that wider picture.”
You can read more on this Community Fund here.
Read more about resettling a Trust or Society with Taranaki Foundation