Six future funds have been set up – all part of one foundation. Momentum Waikato has been working closely with our five major townships to create a locally based system whereby their motto of ‘Generosity that Delivers – Now and Forever’ can be fleshed out among us as a Coromandel wide future fund.
The Informer recently interviewed Stephen Town, as the Fund Champion of the Coromandel Future Fund as part of Momentum Waikato.
Stephen got me reading the 2025 Annual Report of Momentum Waikato to understand how the work of Coromandel Peninsula’s future funds sit. There is no doubt that The Informer is partial to this achievement and believes it can work well locally.
The situation in New Zealand is that our rates and taxes will not be able to cover much more than streetlights, water infrastructure, waste disposal, curbing and channeling and ACC. “Nice-to-haves might be in a Long-Term Plan, but apart from providing the basic infrastructure for a project, that is the limit of what council resources can do into the future.
These words published by Waikato Momentum’s Chair, Margaret Wilson, describing the reason for Momentum Waikato make sense for the Coromandel’s future.
“Inspiring and enabling generosity; offering personal and organization endowment funds that amplify and sustain the charitable aspect of bequests and savings; building an endowment fund pool and investing in projects that generate transformational impact” within and/or across Coromandel communities.
Q: Why do we need six future funds?
“We have set up one future fund for each community – Thames, Whangamata, Tairua/Pauanui, Mercury Bay, Coromandel/Colville, and one fund to cover the whole Coromandel. Each community has its own needs but there could be projects which will, by their nature, cover the whole Coromandel Peninsula community.
“If we can link up willing donors with projects that people genuinely want to happen, Momentum Waikato has got all the framework requirements covered.
“This is a momentous opportunity, but it is slow-burning and has not yet grasped the hearts of Coromandel Peninsula people.”
– Stephen Town, Fund Champion of the Coromandel Future Fund and Trustee of the Momentum Waikato board.
“It might take 10 years for Momentum Waikato with Coromandel’s six Future Funds to become a well-known feature as to how to get projects funded on the Coromandel. To start, it could only take one successful project – when people grab hold of a vision that they can see will benefit and serve their town or region into the future and donors also believe in that as a legacy; then the framework of Momentum Waikato is there for the Coromandel Future Funds to do their job.
“Once the philanthropy starts to flow, each community will have to agree on priorities – no flip flopping. Locals must make the distribution decisions regarding funding. No committee or person can come into an established community and impose a vision or idea. Every project is an emotional commitment as well as a financial commitment. It belongs to the community, and its sustainability is connected to the emotions and values of that community”.
Q: What are the advantages of setting this up as part of Momentum Waikato?
“This setting up of a future fund for each ward means funds raised are not wasted on administration and branding, promoting and managing one cause.
“Momentum was set up in 2013; has a firm financial basis and their structure will look after the Coromandel’s interests. They have all the skills to managing funds and can help to set priorities.
“There is no distribution from a Future Fund until a minimum of $50,000 is available for distribution; that is after investment returns cover inflation and a bit more. This practice banks the benefit of compounding returns.”
Q: With lots of uncertainty about the future form of local government, does a new amalgamated local government boundary and infrastructure pose any threat to the autonomy of these Coromandel future funds?
“Not in any way. What we have done with the deeds of each of the future funds is locate them within each of the Wards in the TCDC area so no one is going to lose sight of that. It is legally sound.”
Q: How did you get involved?
“Firstly, I am a veteran in the public service. I believe in the serving the people aspect. I have worked many years with Auckland City Council especially working to get traction on developments in the transport area and assisted with post Cyclone Gabrielle recovery on the Coromandel.
“I became involved through a chance meeting with Peter Farmer and the previous CEO of Momentum Foundation. We had worked together previously in philanthropic fields. Peter laid out a challenge regarding the Coromandel Peninsula. It was this:- “We need to have a goal. We need to grow Momentum Foundation so that it can serve as a major community funding approach.
“I could see Peter was very keen on specific targets. I was living in Whangamata and for me personally, the pieces of the puzzle fell in place.
“I said to Peter Farmer and to Momentum, “I’d like to help. I’m very happy to carry this vision on – I’ll join the Board as a Trustee if I’m invited to do so. This is a voluntary role and one I believe in. I believe in promoting the Future Funds at a pace the community can respond to. It’s a slow burn that will create its own energy.
“For example, in Whangamata there is a project – ‘Community Centre and Marae’. Council has enabled the land to be used for this purpose for a peppercorn rental.
“It will need an injection of philanthropic funding to bring it to a reality.”
(The Informer immediately thought of the much spoken about visions of 1) The Moewai Sports Park in Whitianga – finishing and expanding it – so often promoted by the late Noel Hewlett; and 2) The Thames Swimming complex finding a new venue).
Stephen smiled from his own experience, perhaps with Auckland City Council. “With a project that a community believes in and when it reaches out to link with philanthropic funding, there needs to be one business case presented clearly, not 20 which has happened with some projects.”
Email: stephen.town60@gmail.com
◾️Editor’s Note: Now the task ahead is to find a champion for each of the local future funds on the peninsula. Mercury Bay has Geoff Balm, a semi-retired local Chartered Accountant and accomplished sportsman. Peter Farmer, founder and previous owner of Farmer Auto Village Bay of Plenty and The Coromandel.
