Trust change badly needed says Whiteside

Change is badly needed on the Hutt Mana Charitable Trust (HMCT) to improve the functioning and poor financial performance says HMCT candidate Richard Whiteside.

The last annual accounts show the Trust lost over $8 Million in the last 2 years. Whiteside says "a 20% loss of community money in 2 years is unacceptable despite the current economic climate".

"The HMCT has now actually lost money since its inception in 2004 and is worth less than the original $35 million invested for the good of the community, this is despite going through a period of the best economic times for a generation" says Mr Whiteside

"Grants have dramatically reduced to community groups who are in desperate need in tough times", he says

Whiteside cites a comparable trust, the Masterton Land Trust as "an example of great Trust management". It recently released a press statement celebrating grants reaching record levels for their community.

"The Hutt Mana Charitable Trust needs to take a leaf out of the Masterton Lands Trust book. Simply put, Masterton is open and transparent with lots of information on their website. They've increased grants to the community because they are making money" says Whiteside.

He is also concerned that according to its last accounts HMCT had $14 million on deposit with banks earning between 2% - 3% interest which he says "is barely keeping up with inflation".

A recent Crown Law report suggested the trust should conduct its affairs in a more transparent way another issue Mr Whiteside would like to tackle if he gains a position on the Trust.

Whiteside says "the public arguing & bitter rivalry between its 2 Lower Hutt trustees (Ogden & Terris) has been a distracting side show and he would work cooperatively with all Trustees but I would insist on full transparency."

Richard Whiteside was the National Party candidate for Rimutaka in 2008 narrowly losing by 753 votes. He is standing as an independent candidate for a Lower Hutt position as Trustee on the Hutt Mana Charitable Trust (HMCT) board.

ENDS

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