Newsletter Term 1 Week 8

Reporoa College 25/03 2022

The Peter, Joan, and Kay Dean Reporoa Education Trust.

This trust was set up on the wish of Mrs Joan Dean to have an endowment fund established from the Dean Family Estate.

Peter and Joan lost their daughter, and only child, Kay, in the Erebus Disaster in November 1989. A small trust was soon established in Kay’s name and was operating for the benefit of pupils of Reporoa College of which Kay was a past pupil.

Peter and Joan had also purchased a 50ha forestry block, “Kay’s Forest,” in memory of Kay which after a harvest about 15 years ago was replanted and transferred to the Kay Dean Trust. This block is on the Napier/ Taupo Highway on the right-hand side of the road between the Rangitaiki Hotel and Tarawera cafe. The forestry gate carries the words “Kay’s Forest”

About 12 months ago the cash reserves of the Kay Dean Trust, Kay’s Forest, and a legacy of $1.4m from the Estate of Joan Dean were all bundled together into a new Trust. The Peter, Joan, and Kay Dean Reporoa Education Trust.

Joan’s final Will was challenged which effectively delayed the settlement process. However, a day in court and a written opinion from a QC resolved all matters and everyone was able to move on.

The current Trustees of myself, Shirley Donelley, Zillah Armer and Bruce Vermeulen in wanting to wrap this gift up real tight have chosen to invest it into the Geyser Community Foundation.

A word about Community Foundations. There are 17 community foundations scattered throughout New Zealand. Based on a well-established, globally successful model, the network has been growing in Aotearoa New Zealand since 2003. Community Foundations are independent, not-for-profit organisations found in most regions across the country. They run a lean model with fees kept low, and they are governed entirely by volunteer boards. Donations are invested so they can grow and become long term and reliable funding streams. Once invested the money is permanently locked up with only the dividend yield less 1% as a compounding figure released to the organisation which has ownership of the fund.

It was the wish of the Dean Family that the Trust is there for the benefit of those who at any time are either current pupils or are past pupils of Reporoa College. With some funds that we did have available over the last couple of years we were able to offer two scholarships at the 2020 prizegiving and one at last year’s prize giving. During 2021 we funded 2 senior students experiences to Outward Bound and 2 onto the Spirit of Adventure. Once we get the funding coming in regularly, we will be offering opportunities to past students for retraining or upskilling.

This fund is very much in its infancy. The Trust will receive its first dividend in July 2022. Given time, and with a 1% compounding figure and a 50ha forestry harvest every 25 to 30 years this legacy will become a multi-million-dollar fund. It will be the envy of many communities through-out New Zealand.

Alan Wills, on behalf of The Peter, Joan, and Kay Dean Reporoa Education Trust