23 JUNE NEW ZEALAND GAZETTE 2101

Trustees:
V. S. Buck (Chairperson), J. C. Bedwell, B. P. Duncan, J. M. Finn, Sir Hamish Hay, I. D. Howell, B. P. Hutchinson (resigned 31 May), D. A. McGregor (resigned 31 May), G. H. McIntosh (resigned 31 January), J. M. McKendry (appointed 31 May), J. L. Palmer, R. H. Scott (appointed 31 May), F. J. Smith (appointed 31 May), H. C. Sutton, R. J. Todd and M. W. Wisheart.

Trust Manager:
P. D. Stewart.

Trust Secretary:
L. E. Riddler.

Accountants:
M. J. Hadlee (KPMG Peat Marwick), P.O. Box 274, Christchurch.

Auditors:
Deloitte Touche Tohmatsu, P.O. Box 248, Christchurch (I. G. Rowley).

Banker:
Trust Bank Canterbury Limited.

Solicitors:
Buddle Findlay (C. Levin), P.O. Box 322, Christchurch.

Trustees’ Report for the Year Ended 31 March 1994

Objectives of the Trust:
To provide charitable, cultural, philanthropic and recreational benefits to the communities of Canterbury, Marlborough and Nelson.

Policies and Structure of the Trust:
The trust is structured to include community representatives from all 3 regions of the bank it represents. Its policies are to manage and distribute its income to the community it serves.

Activities of the Trust:
During the period under review the trust has provided financial assistance to a wide range of community groups in Canterbury, Marlborough and Nelson. In addition to responding to applications for assistance the trust has initiated several new projects of benefit to community groups.

Review of Results and Financial Position of the Trust:
The trust distributed over $3.7 million by way of donations to community groups during the last 12 months. The trust’s investment in Trust Bank New Zealand Limited continues to be very profitable and has enabled the trust to expand its charitable work while maintaining a sound financial position.

Signed on behalf of the board of trustees:
V. S. BUCK, Chairperson.
R. J. TODD, Trustee.
Dated this 20th day of May 1994.

Income and Expenditure Statement for the Year Ended 31 March 1994

Note $ 1994 $ 1993
Revenue—
Dividend ................................................ 4,685,525 3,044,925
Interest—
Government and local authorities securities ........... 228,048 196,784
Other .............................................. 104,274 61,848
Rent received ........................................ 1,430 6,110
Total revenue ........................................ 5,019,277 3,309,667
Less expenses—
Advertising ........................................ 18,355 22,841
Audit fees ......................................... 3,150 2,650
Computer software .................................. — 1,360
Distribution expenses .............................. 23,818 20,213
General expenses including stationery expenses ....... 14,181 18,709
Petty cash ....................................... 1,150 —
Public relations ................................. 573 —
Restructuring expenses ............................ 49,974 18,538
Staff and treasurer expenses ...................... 74,273 70,415
Trustees expenses ................................ 13,289 16,073
Trustees fees .................................... 72,123 70,800
Depreciation ..................................... 5,467 5,467
Total expenses ................................... 276,353 247,066
Net trading surplus .............................. 4,742,924 3,062,601