Successful Sale Equips The Selwyn Foundation For Major Philanthropy

The Selwyn Foundation has completed the sale of its six retirement villages and its laundry operations to Metlifecare, enabling it to extend its charitable giving to a target of $100 million over the next 10 years.

All staff and residents have now come under the care of Metlifecare at Selwyn Park (Whangarei), Selwyn Heights (Auckland), Selwyn Oaks (Auckland), Selwyn Wilson Carlile (Hamilton), Selwyn St Andrew’s (Cambridge) and Selwyn Sprott (Wellington), and the commercial laundry in Auckland has also transferred.

The villages involved represent half of Selwyn’s retirement village capacity. The Foundation retains its historic Selwyn Village in Point Chevalier, Auckland, and the related Hansen Close in Birkenhead.

“The Foundation will provide ongoing spiritual and pastoral care and ministry at all villages. Residents will therefore be able to enjoy the continuity of fellowship, connection and spirituality that these established relationships offer,” said Hon David Cunliffe, Chair of The Selwyn Foundation.

Proceeds of this sale will be ethically invested and enable the Foundation to significantly lift its charitable giving from $10 million to a target of $100 million over 10 years, creating a brighter future for disadvantaged vulnerable elderly.

“This is a game-changer in terms of the Foundation’s ability to extend our charitable support and do more for the growing number of vulnerable older people in our communities where there is increasing hardship – whether it be loneliness and social isolation, financial or housing-related,” David Cunliffe said.

“Residents and staff are in very good hands, and we have no doubt that each village will continue to prosper under Metlifecare’s careful stewardship,” said Garry Smith, Chief Executive Officer at The Selwyn Foundation.

“The transferred villages will forever be an integral part of Selwyn’s history and it has been our honour to be of service to each community of residents, their family members and staff. We bid them farewell and offer them our best wishes for the future,” he added.

“The Selwyn Foundation’s Mission remains steadfast. We are building on the good works of those who have gone before us to create an enduring legacy that supports more of the growing numbers of vulnerable older people in Aotearoa New Zealand,” concluded Garry.

Key facts:

• The Foundation will continue to provide funding and support to increase access to housing, social supports and care options for older people. It will also establish and fund new partnerships to work in communities with higher risk and need, including Māori and Pasifika, and will collaborate with the aged care sector to deliver evidence-based leadership, shape policy decisions and champion issues of importance for older people.
• More than 715,000 people aged 65+ live in New Zealand. This is expected to grow to more than 1.3m by 2046.
• Almost a quarter (24%) of older peoplelive alone. New Zealand Superannuation assumes ‘couples’ reach retirement mortgage-free yet increasingly, older people are reaching retirement with mortgages or still renting.
• Half of New Zealand's older population in the future will live in rentals by 2036, if policy doesn’t change substantially. Those over 65 who are renting are more likely to have lower incomes, fewer financial assets and poorer health compared with older homeowners.
• There are 9,000 65+ people with a net worth of less than $70K in the Auckland region.
• The current New Zealand Superannuation does not cover the weekly minimum cost for healthy living of a single person, who is 65+ and privately renting (there is a shortfall of $114/w $5,980pa).
• 13% of people aged 75+ report feeling lonely. A lonely person is significantly more likely to suffer an early death by 30% to 60% and men aged 85+ have one of the highest suicide rates among all age groups in New Zealand.

© Scoop Media