2794
NEW ZEALAND GAZETTE
No. 127

Auditors:
Deloitte Ross Tohmatsu.

Report of Chairman for the Year Ended 31 March 1992

This is the fourth annual report of the Trust Bank Wellington Community Trust.

Personnel: Three new trustees were appointed by the Minister of Finance; Mr T. J. McGuinness of Paraparaumu, Mr G. Reeves, M.P. for Miramar and Mr N. Ryder-Lewis of Lower Hutt. Ms E. Tennet, M.P. for Island Bay was reappointed, but Mrs Whetu Tirikatene-Sullivan retired.

Objective: The trust remains committed to providing beneficial support for cultural, charitable, philanthropic and recreational organisations and groups in the Wellington community. This support is achieved with the assistance and involvement of Trust Bank Wellington Limited.

After careful consideration grants totalling $309,214 were made to 190 local groups and organisations. The average grant was about $1,600. The grants represent roughly 85 percent of the dividends received from Trust Bank New Zealand for the year ending 31 March 1992. A distinctive feature of this year’s grants was the sum of $50,000 awarded to Capital Discovery Place, a “hands on” science museum principally for children. It is the first such purpose built museum in New Zealand, though there are several in overseas countries. The community trust’s grant is additional to a grant of $30,000 made last year for the fitting out of the building and it absorbed the whole allocation for kindergartens, schools, playcentres and the like, which are or ought to be principally Government funded.

It was felt that the Capital Discovery Place had many facets for education, instruction and simple enjoyment and that the community trust should associate itself with its development. The grant is for 1991 only and the normal distribution will continue this year.

It is obvious that the community trust could usefully make much larger grants if funds permitted. For example, a number of excellent sponsorship opportunities to help community activities had to be foregone for lack of funds. The trust has to be chary of commitments involving regular annual or periodic payments. The trust hopes that the Trust Bank Group will continue to make expanding profits.

As the trust’s income increases over time, the trust and Trust Bank Wellington expect wider opportunities for financial assistance to community groups and organisations in our region.

Investments: The trust’s main investments remain in shares of Trust Bank New Zealand Limited. The trust’s income is derived from the dividend paid by Trust Bank New Zealand Limited on these shares.

Appreciation: I record my appreciation to the trustees and Trust Bank Wellington for their continued commitment and support to our objectives.

This report reflects our third year of activities and I am convinced that this community trust will play an increasing role in the future development of Trust Bank Wellington and the Wellington community.

F. D. O’FLYNN, Chairperson.

Income and Expenditure Account for the Year Ended 31 March 1992

1991 Income— $
$ Dividends, Trust Bank New Zealand Limited 366,300
317,550 Interest 17,296
17,210 Total income 383,596
334,760 Expenditure—
76 Accident compensation 101
3,172 Advertising 11,737
1,044 Auditor’s fees 794

•       General expenses                       231

  4,000 Secretarial services 4,554
  358 Stationery -
  7,440 Trustee fees 8,310
  31 Travelling expenses 890
  Total expenditure 26,617
  16,121 Net income before grants 356,979
  318,639 Less grants 309,214
  272,621 Net profit transferred to the trust fund $47,765
  $46,018

(The notes to the financial statements form part of and are to be read in conjunction with the above accounts.)