24 JULY NEW ZEALAND GAZETTE 1863

1997 1996
$ $
Other ... 393,758 14,513
36,174,239 1,202,818
Less current liabilities ... 454,167 50,877
35,720,072 1,151,941
Investment assets—
New Zealand investments ... 1,625,102 29,977,325
Overseas investments ... 1,109,304 1,163,096
2,734,406 31,140,421
Fixed assets ... 3,398 —
$38,457,876 $32,292,362

This financial information has been extracted from the audited financial statement. A full set of financial statements together with a list of donations made is available upon request, from the executive director, P.O. Box 365, Wanganui.
gn5086

Trust Bank Bay of Plenty Community Trust Incorporated

Trustee Banks Restructuring Act 1988

In accordance with section 24 of the Trustee Banks Restructuring Act 1988, the trust publishes throughout the Bay of Plenty region, the financial accounts of the trust in relation to the year ended 31 March 1997, viz:

Chairman's Report for the Year Ended 31 March 1997

Objectives of the Trust:
To receive income and allocate such income for charitable, cultural, philanthropic, recreational and other purposes, being purposes beneficial to the community principally in the Bay of Plenty area.

Policies and Structure of the Trust
A charitable trust designed to administer capital and distribute income for charitable purposes in the Bay of Plenty area.

Activities of the Trust:
The sale of Trust Bank New Zealand Limited shares in May 1996 at just under $90 million brought a busy year for the trust. The key objectives of trustees were to establish sound investment strategies and appoint fund managers to look after the trust's investments. This task was completed during April 1997 and in the interim period trust funds were invested short term. In tandem with this development Mr Bruce Cronin was appointed trust manager in January 1997.

The additional funds available for investment generated by the sale of Trust Bank New Zealand Limited shares has increased substantially the interest earnings of the trust. A consequence is that gross income of the trust has risen from $3,417,551 in 1996 to $9,546,132 in 1997. The additional net proceeds available have enabled the trust to distribute by way of donations and special projects, a record figure of $2,389,198.

Review of Results and Financial Position of the Trust
The net surplus for the year of $9,078,769 reflects the increased interest earnings and is by far the highest net result achieved by the trust to date. Taxation strategies put in place during the year have resulted in the trust's charitable subsidiary company, Bay of Plenty Community Trust Charities Limited, being utilised for the first time. A beneficiaries income distribution of $7,043,371 to the company has been made for purposes of future donations to charitable organisations.

The trustees are very aware that the capital of the trust must not only be protected but must be increased to keep pace with inflation and regional growth. In the immediate years ahead this will mean that reserve appropriations will need to increase but in harmony with reasonable total annual donations to the community.

Thanks and Appreciation
My sincere thanks are extended to my fellow trustees for the many hours worked on trust business during a very demanding year. Special thanks go to our retiring secretary, Athol Short, for the valued contribution he has made to the trust since taking up his position in 1993—we all wish him the very best in his retirement.

ROB TAIT, Chairman.
18 June 1997.

Consolidated Statement of Financial Performance for the Year Ended 31 March 1997

Note 1997 1996
$ $
Income—
Dividends ... 2 2,140,178 3,210,000
Interest ... 7,405,008 207,551