NEW ZEALAND GAZETTE

26 AUGUST

General

Trust Bank Otago Community Trust Inc.

Trustee Banks Restructuring Act 1988

Trust Bank Otago Community Trust Inc.

Annual Report for the Year Ended 31 March 1993

Trust Particulars

The Trust Bank Otago 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 trust is to provide charitable, cultural, philanthropic and recreational benefits to the community.

Trustees

Trustees are appointed by the Minister of Finance. While the initial term of appointment varies, replacement appointments are for a standard term of 4 years.

The present trustees are:
Mrs C. A. Melville, Chairperson, Mr S. E. Alexander, Mr R. R. Allan, Mr G. R. Bell, Mr J. Edgecombe, Mr P. C. L. Gibson, Mr R. M. Gray, Mrs N. S. Jones, Mr C. D. Matthewson, Dr J. Ng, Mr D. Pasley, Mr J. D. Polson, Ms H. A. Russell and Mr R. F. Walls.

Secretary: Mr K. G. Ellwood, 60–66 Tennyson Street, P.O. Box 5751, Dunedin.
Bankers: Trust Bank Otago Limited.
Solicitors: Anderson Lloyd.
Auditors: Taylor McLachlan & Partners.

Trust Bank Otago Community Trust Inc.

Trustees Report for the Year Ended 31 March 1993

The trustees have pleasure in presenting the fifth annual report of the trust. The trustees' duties, which have not changed since last year, include managing the assets of the trust and applying funds for charitable, cultural, philanthropic, recreational and other purposes, being purposes beneficial to the community generally, within the Otago provincial district. The major asset of the trust is a 13.5 percent shareholding in Trust Bank New Zealand Limited.

Donations

Donations approved during the year ............................................... 1,344,918
Less unpaid at balance date ..................................................... 730,000

Add prior year donations paid this year ......................................... 614,918
Donations paid as per income and expenditure account......................... 304,000
................................................................................ $918,918

The reason for some donations being unpaid at balance date is either, because certain conditions upon which the donation becomes payable are not yet fulfilled by the donee, or payment is to be spread over future years. By entering into arrangements to pay some donees over a period of years, the trust has been able to assist some larger projects in a more practical way. While payment of future years donation instalments is not legally binding upon the trust, undertakings of this nature are closely monitored by the trustees relative to the trust's projected income.

A full list of donations made during the year can be obtained from the secretary.

National Disaster Relief Fund

Our trust operates in conjunction with all other regional trust bank community trusts towards the maintenance of a national disaster relief fund. No payments were made from this fund during the year.

Review of Financial Results

While the income of the trust is slightly down on the previous year, it nevertheless continues to reflect extremely well on the performance of Trust Bank New Zealand Limited, from which the trust derives most of its income, in the form of dividends.

Trustees have been eager to further promote the role of the trust within the Otago community. There are many existing as well as new organisations who continue to be unaware of the assistance this trust can provide and so brochures have been produced and distributed to many places of public assembly to help address this situation.

Trustees consider that the affairs of the trust are sound.

Acknowledgments

During the year, the trust lost the services of two of its trustees, Mrs Helen Irwin of Cromwell and Mr Rob Mogensen, formerly of Dunedin. Their contribution was extremely valuable and sincerely appreciated by all trustees. Messrs Peter Gibson of Dunedin and Graeme Bell of Alexandra were appointed as trustees by the Associate Minister of Finance in May 1992.