Masterton Trust Lands Trust (MTLT) reflected on a year of sound financial performance at its annual general meeting yesterday.
MTLT chair Christine Brewster presented the 2024 Annual Report noting the Trust’s financial resilience in a year of challenging economic conditions. “We recognise the past year has been a particularly difficult one for some of our tenants,” she noted.
Overall, the Trust’s debt reduced by $500,000 supporting a marginal improvement in equity to almost $86 million. Total assets under the Trust’s management remained stable at $103 million. Grants distributed to the community totalled $1.3 million.
The Trust expanded its commitment to education – investing $600,000 over three years to support literacy for Masterton’s young learners. The MTLT Supplementary Literacy Support Project funds a full-time specialist literacy teacher available to primary schools in the Trust district. The specialist role works with students, supports professional development for teachers, and strengthens established literacy programmes.
“We’re taking a long-term funding approach, deepening the Trust’s support for education, to deliver measurable outcomes,” explained Ms Brewster.
The Trust has 90 tenants in properties across Masterton with rental income funding its grants programme. In 2023/24 grants supported a diverse range of education, art, and community initiatives.
Education grants provided close to $225,000 to support learning in the classroom and in the community. Targeted education grants included $8,000 to bring an immersive space exploration experience to Masterton schools, and $10,000 for Digital Seniors – supporting seniors to use technology with confidence. A grant of $5,000 supported literacy and numeracy learning for refugees and migrants resettling in Masterton.
Community grants delivered close to $200,000 for grassroots and impact initiatives in Masterton. Recipients included the Oxford Street Community Gardeners who built a secure shed to store tools onsite and the Golden Shears 2024, receiving $10,000 to support its three-day international shearing competition. This enabled educational programmes including school visits by around 800 children and supported community participation, with free entry for the public on opening night.
Continuing its investment in public art, the Trust commissioned a unique sculpture for Masterton’s arts precinct, near ConArt. Distant Chant Waiata Tawhiti by local artist Sean Crawford, features a pair of huia in flight made from laser-cut corten steel, where at night, lights bring the sculpture to life.
The Trust provides rent free premises to support local community services. In 2023/24, MTLT provided $786,521 of concessional rent grants to 17 community organisations. These included Masterton Foodbank, Aratoi Wairarapa Museum of Art & History, Wairarapa Woodworkers Guild, and He Kāhui. “While these properties don’t provide a financial return to the Trust, they deliver social, cultural, and educational dividends to our community,” Christine Brewster explained.
Six years ago, the Trust adopted a strategy to build its financial resilience to weather the ups and downs of economic headwinds. “This past financial year, we have held steady, to ensure security of grants funding for our stakeholders – the people of Masterton – today, tomorrow and into the future,” concluded Ms Brewster.
The year in numbers
- Surplus (before grants, includes property portfolio revaluation): $1.9 million (down 88.7%)
- Net operating profit (before grants, does not include property portfolio revaluation): $2.9 million (down 15.6%)
- Rental income: $5.8 million (up 5.5%)
- Total assets: $103.5 million (up 0.1%)
- Equity: $85.3 million (up 0.8%)
- Debt to debt plus equity: 16.5% (down from 17.1%)
- Total grants: $1.3 million (down 15.5%)
- Grants distribution:
- Education grants: $224,656
- Arts grants: $70,217
- Community grants: $194,229
- Concessional rent grants: $786,521
Featured picture: MTLT Board – Tom Hullena, Monique Kloeg, Christine Brewster (Chair), Bella McClymont, Bex Johnson, Gary Caffell, Sandy Ryan, and John Bunny.