Gateway Gift Trust Board Synod report 2025
Gateway Gift Trust Board
I am pleased to present this Gateway Gift Trust Board (GGTB) report to the LCNZ 43rd Convention of Synod. It is an honour and privilege to act in a servant leadership role as chairperson of the Gateway Gift Trust Board.
Members
Andrew Mattiske (Chair), Rev Andrew Marr, Dennis Mollet (LCNZ FAC Convenor), Rev Phil Husband, Lesley Johnson, Assistant Bishop Warren Paltridge, Bishop Richard Schwedes (with appointer oversight). I thank all the board trustees for their diligence and dedication to actively assisting the GGTB provide financial support for the Lord’s ministry through the LCNZ.
Governance
During this period, it was discovered that the Gateway Gift were not holding required Annual General Meetings. This has been rectified, and AGMs were held in November 2023, May 2024, and May 2025.
In the process of moving from a LCNZ Bishop being in residence to working with the LCA NSW&ACT Bishop to provide Episcopal oversight it was discovered that the Gateway Gift Trust Deed requires that all trustees be members of a New Zealand congregation. This necessitated a review of and changes to the Trust Deed. The amended Trust Deed has been accepted by the Trust Board. The amended deed is presented to the LCNZ Convention of Synod for their approval.
GGTB continued to work closely with Rutherford Rede and CATAS to ensure the ongoing performance and auditing of the funds under management is optimal and compliant.
Financial Performance
2023 and 2024 were significant growth periods following on from the previous two years of significant economic impacts.
Final audited 2024 2023
Income 849,903 584,755
Expenses 246,724 232,288
Net surplus 603,179 352,467
Net cash flow (10,088) (285,533)
Net assets 6,147,754 5,544,575
Net managed funds 6,341,927 5,690,427
GGTB’s investment outlook will remain firmly placed in the long term and Rutherford Rede continues to provide sound investment advice for our funds under management. The GGTB trustees are committed to managing the Gateway Gift endowment to preserve equity among generations and prolong the longevity of the funds.
The Swenson/Tobin smoothing model for distributions from the Trust has been adopted. This practice creates a cushion for distributions when returns fall and compels discipline for distributions when returns rise and so protect the capital of the Trust.
Grants
The Gateway Gift Trust has continued to provide major and minor grants during the last synodical term. Grants totalling $184,900 in 2023 and $184,175 in 2024 were given to support projects.
The major grants were for Mountainside (cross-cultural ministry), National Office (office of the bishop), Upper Moutere (kitchen upgrades), and Manawatu (children’s ministry & youth worker).
In assessing the 2025 grant applications during 2024 the board made the decision to allocate significantly more than the Svensen/Tobin distribution would have allowed. This was done to ensure more funding was made available and support the mission across the LCNZ.
Management of Funds
The current portfolio of funds includes the Gateway Gift, John King Estate, Dawn Corry Fund, Hintz Fund, Hetty Gudopp Fund, Project James Fund, the Lilian Schwarz Fund and The Te Punga Memorial Fund.
The Te Punga Memorial fund was transferred to Rutherford Rede to operate under their funds management in November 2024.
The Gateway Gift Trust is a real gift to the LCNZ, and like God’s gift of grace to us through Jesus Christ, it is not earned but rather available to the LCNZ as a gift.
The GGTB keenly support the congregations of the LCNZ actively accessing and utilising this gift.
On a personal note, I have advised the GGTB that I will not be standing again for GGTB or the chairperson role as I am in the process of returning to Australia. I wish the Gateway Gift and the LCNZ every blessing in the future and look forward to seeing the growth of the fund and the impact on the Mission in New Zealand.
GGTB have appointed Dennis Mollet as interim chairperson effective 14 May 2025.
Respectfully submitted
Andrew Mattiske,
Gateway Gift Trust Board Chair
13 May 2025
