Sons and daughters of hard-working families will continue to benefit from a Charitable Trust worth over $500,000 that has been transferred to Hawke’s Bay Foundation.
Named after its founders, Napier philanthropists, Diana and Colin Crombie, the new fund is the former Penzance Charitable Trust, which has provided local secondary-school students with scholarships for the past 15 years.
The couple made the decision to transfer their long-standing charitable trust to Hawke’s Bay Foundation for convenience and the guarantee of safe keeping.
“Transferring our trust to the Foundation takes a lot of pressure off us, especially as we’re getting older,” Diana says.
“The income from the fund will remain in Hawke’s Bay and 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 for the community.”
The Crombie name is familiar to most, not only in Hawke’s Bay but throughout New Zealand, due to well-known insurance business, Crombie Lockwood, which Colin established in Napier in the 1970s. Since then Colin has supported many Hawke’s Bay community projects, such as the redevelopment of the Hawke’s Bay Museum and Art Gallery, which saw him honoured with a Queen Service Medal in 2014.
“We started the business from a tiny acorn, and it grew to be a successful national company thanks to the support of the local community,” Colin says.
“As a result, we are in a position to be able to give back. We decided to focus our giving on education as we believe it is the most important thing you can give young people.”
The Diana and Colin Crombie Scholarship Fund provides scholarships to students from Napier Boys High School, Napier Girls High School and Iona College who are going on to any kind of tertiary education. The three successful applicants will receive a total of $9,000 each over three years.
Established in 2012, Hawke’s Bay Foundation receives donations and bequests and invests them in order to provide a long-term sustainable source of funding for the Hawke’s Bay community. The original donation is never touched – rather it is preserved forever, with the income that is generated used to provide grants to local charities.
Diana and Colin agree the transfer of their Trust to the Foundation was straight forward, with all involved working for the common good and they look forward to seeing the outcome and impact it has under the new succession plan.
“The Hawke’s Bay Foundation is a wonderful organisation to be involved with. You can choose where you want your money to go, even while it is managed by the Foundation. It guarantees continuity,” Colin says.
“There are great people on the Board which was a drawcard for us. They know their stuff and have the same vision for a better Hawke’s Bay.”
Applications for the scholarship will be opened later in the year.