About the Kapiti Retirement Trust
The Trust (formally known as The Kapiti District Trust) was formed over 50 years ago in 1957 by a group of local business men; the core of whom were members of the Paraparaumu Rotary Club. They felt there was a need locally for specific accommodation for the elderly and set about undertaking a survey to see if their perceptions were correct. This proved to be the case and ultimately lead to a group who oversaw the development of the original resthome, Marire Home. This was administered by the resulting Kapiti District Trust Board, formed for this purpose.
While Marire Home has long since closed, the now Kapiti Retirement Trust, is governed by a voluntary governance Board. They employ a General Manager, and now operate Sevenoaks (including Muriwai Court), and Midlands Gardens Retirement Village.
Our Point of Difference – We are a Charitable Trust
Retirement accommodation is a major business sector and continues to expand; as the numbers of those approaching retirement and wanting a secure living environment grows faster than any other demographic group. The majority of businesses operating in this sector have been set up in the traditional profit-making model. They are answerable to shareholders and investors and as such, are required to provide the best possible return on investment.
The Kapiti Retirement Trust offers a different model designed to benefit residents, not shareholders. We are registered under the Charitable Trusts Act 1957 and the Charities Act 2005 and our stated charitable purpose is "to provide hospital and other care facilities in appropriate premises…through the reinvestment of funds earned from the trading of residential licences…and other commercial activities".
We meet this purpose through the running of our 60 bed continuing care hospital which includes a dementia ward and operates from the Sevenoaks site. This means, while we must run at a profit, all profits go back into the activities of the Trust.
It also means that the rules, around which people buy into accommodation provided by the Trust, are quite different to the return on investment model. To start with, the value of the accommodation when a resident relinquishes their licence to occupy is arrived at by consensus of both parties (the seller and the Trust) through use of an independent valuer. What this means is that the seller benefits from any capital gain made over their time as a resident.
The costs of refurbishment are met by the Trust not the seller and while there is a one-off amenities contribution on entering and a final retention figure on selling, the net difference is inevitably more favourable to the resident.