Big Arts donation
ASB Community Trust is usually in the business of making community grants – but this time it is on the receiving end of a big donation.
Trustline, November 2010
The Aotea Centre Performing Arts Trust (ACPAT) has been brought to an end and has decided to hand its $420,000 capital to ASB Community Trust. In return, the community trust has agreed to continue making designated ACPAT grants for the next 10 years.
The assets were transferred at the beginning of November, 2010, and one or two ACPAT memorial grants will now be made each year to the performing arts of vocal, dance, theatre and instrumental music.
Since it made its first grant in 1994, ACPAT has made annual grants, awards and scholarships. More recently, it has allocated $30,000 annually to a wide range of performing arts organisations and individuals. A total of $570,000.00 has been awarded.
The initial funding for ACPAT was formed in 1990 when Dame Catherine Tizard, who was Mayor of Auckland, received a grant from the Queen’s Silver Jubilee Trust. When advised of the Trustee’s decision to transfer the funds, Dame Catherine (who was also one of the founding trustees of the ASB Community Trust in 1988) said “I have no hesitation in endorsing this decision, as ASB Community Trust has an excellent reputation in the community.”
ACPAT’s trustees’ decision to bring the trust to an end, and place its assets where they know the original objectives will be adhered to when making future awards, has been made after much consideration and deliberation.
ACPAT Chair Diana Fenwick said that with changing circumstances, trustees had come to the conclusion that the best interests of the Trust would be served by making the ASB Community Trust the recipient of current funds held, knowing that future awards, grants or scholarships would be made on a similar basis to the objectives of ACPAT.
“Funding for ACPAT has come from the community of the Auckland region and it is therefore appropriate that we not only adhere to our Trust Deed requirements, but that we are comfortable knowing it will be returned into the performing arts within the Auckland region,” she said.
ACPAT’s website will be maintained for a year, with a notice on the home page explaining that ACPAT is no longer operational and redirecting visitors to ASB Community Trust.