History of Foundation North
The Foundation was formed on 30 May 1988 through the creation of a Trust Deed under the Trustee Banks Restructuring Act 1988. The Foundation was settled with 60 million $1 prepaid ordinary shares in ASB Bank Limited, representing 100% of the issued capital. In 1989 45 million shares were sold to the Commonwealth Bank of Australia for $252 million, which was then donated to establish Foundation North.
On 3 October 2000 the remaining 25% shareholding was sold to the Commonwealth Bank for $560 million.
Because the objectives of the Trust were more restrictive than those of the ASB Bank Community Trust, it was able to obtain charitable status under the then current income tax legislation. This meant that the Charitable Trust’s income was exempt from income tax, whereas income earned by the Community Trust remained subject to income tax.
The Income Tax Act 1994 was amended with effect from the 2005 financial year to confer income tax exempt status on community trusts established under the 1988 Trustee Banks Restructuring Act. With the Foundation now able to enjoy income tax exempt status, there was no longer any need for the “two trust” structure to continue. Based on advice received, the Trustees of Foundation North decided to distribute the Foundation’s Capital to the ASB Bank Community Trust as a precursor to winding up the Foundation. This distribution took place on 31 March 2006.
The Published History of Foundation North
In celebration of their 20th Anniversary in 2008, Foundation North were gifted a commemorative book named Te Kaitiaki o Te Putea: The History of Foundation North 1998-2008.
Copies of the book are available by contacting the Foundation on (09) 360-0291, or email email@example.com
Summary of important dates
- 14th-19th century: Auckland isthmus occupied by Maori.
- 1840: Auckland City established.
- 1845: Mr John Kelly, a surveyor, bought a block of land covering 15.58ha off the crown. This piece of land sold six weeks later to Mr John Montefiore, who also bought at the same time six neighbouring allotments, the whole lot covering what is now most of Grey Lynn, an area of 91.54 ha.
- 1847: All this land sold to Messrs James Williamson and Thomas Crummer, to be farmed for over 40 years as the Surrey Hills Farm Estate.
- 1883: Surrey Hills Farm Estate sold to the Auckland Agricultural Co. Ltd. which then subdivided it into residential lots to be sold off.
- 1891: The lot with the present house bought by Mr George Allen, a saddler. He then built the present house as a townhouse, and let it out to various people over the next ten years.
- 1902: Mr Richard 0. Hendy bought the property.
- 1903: Property was a private hospital for two years.
- 1906: House was used as the doctor's rooms of Dr Hugh Keith (until 1915).
- 1912: Death of Mr Hendy; ownership passed on to his widow Millicent.
- 1917: House lived in by Mrs Hendy until 1926.
- 1929: Property was a boarding house run by Mrs C. Parnell.
- 1930: House used as both home and practice by Dr Leslie Drury over the next 22 years.
- 1941: Death of Mrs Hendy; property bought by Dr Drury.
- 1952: Property sold to Presbyterian Church, which established a hostel for Maori girls. Alterations to house included converting verandahs to rooms. Brick garage built at rear of property.
- 1964: Property sold to the Baptist City Mission, which ran a hostel for alcoholics.
- 1971: Bedroom added at rear of house.
- 1980: Property bought by Mr and Mrs A. P. Littlejohn, who established Orsini’s restaurant (opened 1981). Verandahs restored to original form. Brick garage removed and replaced by carport.
- 1986: Property sold to Pokiwi Holdings Ltd. and leased back to Orsini’s.
1987: Orsini’s closed down; property bought by Watts and Hughes Properties Ltd.
- 1989: Property bought by Foundation North.
- 2015: Foundation North rebranded from its former name ASB Community Trust.