12 AUGUST NEW ZEALAND GAZETTE

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died he was one of trust’s delegates to the annual meeting of the Association of Philanthropic Trusts. He will be missed and our sympathy was extended to Mrs McGuinness.

Objective: The trust remains committed to providing beneficial support for cultural, charitable, philanthropic and recreational organisations and groups in the Wellington community.

Grants: The trust operates under predetermined guidelines for the distribution of grants to community organisations and groups. For the 1992 year 374 applications were received seeking over $1,800,000. This was considerably less than the $5 million sought last year, but still went well beyond the trusts resources.

After careful consideration grants totalling $303,465 were made to 262 local groups and organisations. The average grant was about $1,158. The grants represent roughly 84 percent of the dividends received from Trust Bank New Zealand for the year ending 31 March 1993.

Last year the trust granted $50,000 to the Capital Discovery Place, a “hands on” science museum principally for children. This was additional to a grant of $30,000 in 1990 for the fitting out of the building. In my last report I said that these two grants, which for 1991 absorbed the whole allocation for kindergartens, schools, playcentres, etc, were the last to be made to the Capital Discovery Place, but in the end the trust relented and gave $10,000 to subsidise school children’s transport and a further $10,000 for a dinosaur exhibit.

Notable grants were $4,000 to the United Nations Association for the running of two model UN General Assemblies by secondary school children and $4,000 to VSA for its activities. $3,000 each was awarded to the Alzheimers Disease Society and the Arthritis Foundation for their work. Only in exceptional circumstances do grants to any organisation exceed $4,000.

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. In the meantime the trust has to be wary of commitments involving regular annual or periodic payments. The trust hopes that the Trust Bank Group will continue to make expanding profits as it has done for the year last completed.

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 still 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 fourth year of activities and I am convinced that this community trust will continue to play an increasing role in the future development of the cultural, educational, recreational, health and welfare needs of the Wellington community.

F. D. O’FLYNN, Chairperson.

Income and Expenditure Account for the Year Ended 31 March 1993

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

Balance Sheet as at 31 March 1993

Represented by:
| Current assets |
| Deposits—Trust Bank Wellington Limited | 161,000 | 185,000 |