NEW ZEALAND GAZETTE

No. 124

Trust Bank South Canterbury Community Trust Inc.

Trustee Banks Restructuring Act 1988

Trust Bank South Canterbury Community Trust Inc.

Trust Particulars

The Trust Bank South Canterbury Community Trust Inc. was incorporated as a charitable trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. The purpose of the community trust is to provide charitable, cultural, philanthropic and recreational benefits to the community.

Trustees:
Mr A. F. McLay (Chairperson), Mr A. H. Carlton, Mr L. K. Cooney, Mrs P. P. Cornelius, Mr O. J. Gavigan (resigned, February 1993), Mr R. B. McCully, Mrs J. J. Rayne, Mr C. P. Sparrow, Mr A. J. Srhoy, Mr J. R. Sutton, Mr J. E. Thompson, Mr D. B. Timpany, Mr R. J. Underdown.

Bankers:
Trust Bank South Canterbury Limited, 243 Stafford Street, Timaru.

Solicitors:
Raymond Sullivan McGlashan, Barristers and Solicitors, 27 Strathallan Street, Timaru.

Auditors:
Martin Wakefield, Chartered Accountants, 26 Canon Street, Timaru.

Secretary:
K. A. Churcher, Chartered Accountant, 39 George Street, Timaru.

Trustees’ Report for the Period Ended 31 March 1993

Objectives of the Trust: The trust’s objectives are to provide financial assistance to organisations carrying on charitable, cultural, philanthropic and recreational work which is of benefit to the community, principally in the regions of South Canterbury and Mid Canterbury.

Policies and Structures of the Trust: All purposes of the trust are deemed to be charitable, to administer capital and to distribute income for charitable purposes in the Mid and South Canterbury areas.

The community trust comprises 13 trustees who are representative of South and Mid Canterbury communities. Trustees are appointed by the Minister of Finance and reside in either South or Mid Canterbury. Trustees retire by rotation and during the past year the terms of office expired on 3 May 1992 for Mrs A. P. Dodds and Mr L. K. Cooney. Mrs A. P. Dodds was not reappointed and Mr L. K. Cooney was reappointed for a further term. Mrs J. J. Rayne was also appointed as a trustee. Mr O. J. Gavigan resigned in February 1993 due to ill health.

Activities of the Trust: Trustees were actively engaged during the financial year pursuing the objects of the trust for the benefit of the areas which they represent. Although income for the year was slightly less than for the previous year the total amount distributed to qualifying and selected organisations was $58,056 greater than last year. The total amount donated to community organisations throughout South and Mid Canterbury was $143,556.

Review of Results and Financial Position of the Trust: The main income of the trust was received by way of dividends from Trust Bank New Zealand Limited, and after adding investment interest, the total income for the year was $273,921.

The appointment of a secretary to the trust on an independent basis naturally increased administration costs from that of previous years. The net surplus for the year was $94,659 bringing the accumulated trust fund to $5,126,464. The trust has made a large commitment to the Ashburton Arts Centre Association Inc of $150,000 spread over 3 years, and a commitment also to the South Canterbury Women’s Suffrage Committee of $2,000.

General: We continue to liaison with Trust Bank South Canterbury Limited for the benefit of organisations in South and Mid Canterbury.

Income and Expenditure Account for the Period Ended 31 March 1993