NEW ZEALAND GAZETTE

No. 70

Trust Bank Wellington

Trustee Banks Restructuring Act 1988

Annual Report for the Year Ended 31 March 1996

Trust Particulars

The Trust Bank Wellington Community Trust 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, principally in the region of the trust.

Trustees are appointed by the Minister of Finance.

Trustees:

Mr W. A. Brien, E.D., Chairperson, Mr B. M. Alleway, Ms D. Chin, Mr M. F. Dunphy, Mr D. Gibbons, Dr M. B. Jameson, Mr G. L. Reeves, Mr P. Richardson, Ms E. Tennent, M.P., Mr P. J. Willis, J.P.

Bankers:

Trust Bank Wellington.

Investment Advisors:

Jacques Martin Hewitt.

Fund Manager:

Tower Corporation Holdings Limited.

Solicitors:

Morrison Morpeth.

Auditors:

Spicer and Oppenheim.

Executive:

Frances Russell, J.P.

Address:

Level 9, BDO House, 99–105 Customhouse Quay, P.O. Box 11-679, Wellington. Telephone: (04) 499 7966. Facsimile: (04) 499 5960.

Annual Report

On behalf of the trustees it is my pleasure to present the eighth annual report of the Trust Bank Wellington Community Trust.

The trust remains committed to providing support to cultural, charitable, philanthropic and recreational organisations and groups in the area served by Trust Bank Wellington.

The public float of Trust Bank New Zealand in 1994 saw a marked increase in the asset of the trust. During the year under review $942,859 was distributed to 602 community groups and organisation in the wider Wellington region, making this trust one of the largest philanthropic trusts in the area.

Last year the trust evaluated its investment position and employed Tower Portfolio Management as fund manager. We are now in a position to enhance our investment and ensure that the local community continues to benefit from the considerable asset of the trust.

The trust operates under predetermined guidelines for the distribution of grants to community organisations and groups. In 1995 applications were received seeking over $3.6 million. The amount sought by applicants varies considerably from year to year but has always been well beyond the trust’s resources on each occasion.

It is always very difficult to give away money prudently, and 1995 was no exception. Each application is evaluated individually, some are declined because they fall outside the trust’s criteria, because of a commercial content, or because of insufficient information. However, at the end of the process the trustees believe that all possible steps have been taken to be fair and equitable to all applicants.

The trustees of Trust Bank Wellington Community Trust have continued to act in a diligent and prudent manner. With the restructuring of Trust Bank New Zealand, the proposed amendments to the trust deed, and the pending sale of the bank to Westpac, the trustees are moving the trust into a challenging and exciting phase.

The trust continues to play an important role in the philanthropic, cultural and recreational development of our region and now, with the increased income, a greater number of worth-while charitable organisations will benefit.

Administering the trust is the responsibility of Frances Russell, and I take this opportunity to thank her for the work that she does on our behalf throughout the year.

The work of the trust could never happen if it were not for the dedication of my fellow trustees. To them I offer my sincere thanks, especially those who gave the extra commitment and time to sub-committee work.

W. A. (Bill) BRIEN, Chairman, on behalf of Trust Bank Wellington Community Trust.