The History of The Sargood Bequest
The history of the Sargood Bequest is intrinsically tied to one of New Zealand’s earlier companies, the firm Sargood Son & Ewen. In 1939 the Sargood Trust was established by Sir Percy Sargood. After the death of Sir Percy in 1940 and as a result of further bequests made by him, the Sargood Trust held substantial shares in the firm Sargood Son & Ewen.
SARGOOD TRUST: (1939 – 1974)
The original trustees of the Sargood Trust were all directors of the company. (1956 Board photo at right) Sargood Son & Ewen made good profits during World War II and throughout the post-war trading boom. Dividends of the company that the trust relied on did not exceed 5% as a matter of Board policy. That provided a steady income stream until the mid 1960s as the company reorganised its trading operations. Up until 1962 grants totalling 303,000 pounds had been made averaging 14,000 pounds per annum.
THE SARGOOD BEQUEST: (1975 – 2000)
In 1973 Bing Harris & Co made an offer for shares in Sargood Son & Ewen which was eventually accepted. This changed the position of the trust from having a ‘tied’ non-marketable investment to having cash for investment at the discretion of the trustees. In 1975 the original deed was revised and the name changed to Sargood Bequest. This was the start of the modern era of the Sargood Bequest. Trustees no longer were required to be directors of the company. Investment Trustees were also appointed to manage a new diversified portfolio of investments. Grants disbursed between 1974 and 2000 total $4,050,770 averaging $150,028 per annum.
MODERN ERA: (2000 – )
In October 1993 two longtime trustees of the Sargood Bequest retired which ushered in a new generation of trustees. Mr W.A. Ewen had been Finance Trustee and Mr R.S. Mills the Chairman for 22 years. Mrs J.S. Blennerhassett was appointed Chairwoman and oversaw the induction of the new trustees until her retirement in 2004. The Trustees serving before 1993 had guided the trust through its early ‘independent’ trust years, invested wisely and made many contributions throughout NZ society. These trustees were all direct descendents of the Ewen and Sargood families. By and large this tradition has endured.
The Sargood Bequest continues to support community groups within New Zealand. The modern focus is centred around access, participation and inspiration. The investment trustees continue to manage a diversified portfolio of investments on behalf of Sargood Bequest.
