Since 1988, when the Wellington Community Trust (WCT) was established, it has donated over $50 million to hundreds of community groups and projects throughout the Wellington region.
1988–1996: a background in banking
WCT, along with 11 similar organisations across New Zealand, was originally formed to distribute the profits accumulated by Trust Bank to charitable organisations in their regions. In 1994, most of the savings banks throughout New Zealand combined and Trust Bank New Zealand Limited was launched as a public company. As owners of the bank, each of the 12 trusts was allocated shares that reflected the size of the banking market in their region.
1996: independence from commercial interests
In May 1996 the combined community trusts sold their controlling interest in Trust Bank New Zealand to Westpac. This sale gave each Trust its founding capital and the freedom to operate independently of a commercial entity. Since then, each has developed its own investment and funding strategies to increase their capital and tailor their distribution of grants in response to the needs in their community.
More about our history
In 2001 WCT published Making a Difference, a book tracing its foundations and history up to 2000. Copies are available from the Trust or through the National Library.