27 JULY NEW ZEALAND GAZETTE 1999

Unqualified opinion
We have obtained all the information and explanations we have required. In our opinion the financial statements:

• comply with generally accepted accounting practice;
• give a true and fair view of the financial position of the trust as at 31 March 1995 and the results of its operations and cash flows for the year ended on that date.

Our audit was completed on 22 May 1995 and our unqualified opinion is expressed as at that date.

KPMG PEAT MARWICK, Chartered Accountants.

A copy of the list of organisations to whom donations have been made by ASB Bank Community Trust and ASB Charitable Trust is available on request from ASB Trusts, P.O. Box 68-048, Newton, Auckland.

gn4932

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) – term completed 31 May 1994, Mr J. E. Thompson (Chairperson) – appointed 1 June 1994, Mr A. H. Carlton – resigned 31 March 1994, Ms R. A. Carruthers, Mr L. K. Cooney, Mr R. B. McCully, Mr A. R. McKay, Mr P. F. McIlraith – appointed 1 June 1994, Mrs J. J. Rayne, Mr C. P. Sparrow, Mr J. R. Sutton, M.P., Mr D. B. Timpany and Mr R. J. Underdown.

Bankers:

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

Auditors:

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

Secretary:

K. A. Churcher, Chartered Accountant, P.O. Box 591, 39 George Street, Timaru.

Trustees’ Report for the Period Ended 31 March 1995

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 Structure 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 now comprises 11 trustees who are representative of the Mid and South Canterbury communities. Trustees are appointed by the Minister of Finance and reside in either Mid or South Canterbury.

Trustees retire by rotation and during the past year the terms of office expired on 31 May 1994 for Messrs A. F. McLay, J. R. Sutton, M.P., and J. E. Thompson. Messrs J. R. Sutton, M.P., and J. E. Thompson were reappointed for a further term of 4 years with Mr Thompson being appointed as chairperson from 1 June 1994. Mr McLay was replaced by Mr P. F. McIlraith. The trustees are grateful to Mr A. F. McLay for his valuable contribution as a trustee and chairperson since the inception of the trust. We are also grateful to Mr A. H. Carlton for his contribution as a trustee since the inception of the trust. Mr Carlton resigned as at 31 March 1994 for health reasons and he has not yet been replaced.

Activities of the Trust:

The past year was indeed a very busy one for the trustees. Apart from the usual pursuit of the objects of the trust which is considering the many applications for financial assistance from a wide variety of community organisations considerable time has been spent examining the merits or otherwise of diversifying a part of the trust’s investment. Several meetings with esteemed investment managers have been held without any final decision having been reached at this stage. It has been valuable to have rapport with most of the other trusts. All trusts now operate independently from their banks in terms of their administration services. They are also making significant improvements in publicising the work of the trust to enhance its profile and also to ensure that a wider range of applicants are made aware of the activities of the trust. This has resulted in some increase in costs in these areas.

Review of Results and Financial Position of Trust:

The main income of the trust was received by way of dividends from Trust Bank New Zealand Limited, totalling $675,000 and after adding the investment income the total gross income was $728,140. The net income (before donations) was $668,653. After deducting the donations paid or committed to community groups the surplus transferred to undistributed funds was $147,600.