NEW ZEALAND GAZETTE

No. 79

Donations

In the year under review, trustees approved donations totalling $4.3 million. This compares with $3.1 million in the previous year. This is still very much below the level that can be sustained, and donations growth will be very strong in the years ahead. People might be surprised by how much we will be able to do in comparison with our past record.

There are two reasons why there is a delay in reaching the stage where donations match average income. The first is that the trust must establish a level of reserves that provides adequate protection for both our capital and our donations stream when the inevitable bad year occurs. The second is that we want to achieve the maximum effect with our donations and we thus need to manage our growth while both the trust and the community get used to the new range of possibilities that exists.

The trust has formally resolved that our traditional round of “small” donations will continue to be seen as highly important. These donations provide the lubrication that helps keep so many indispensable community organisations in good running order. At the same time, there is no doubt that larger amounts of money, well applied, can make a significant difference in the community. Perhaps we are now the organisation with the largest amount of discretionary funding available for dispersal in Otago. This presents considerable challenges and wonderful opportunities. We are excited by some of the projects already funded. A few examples are presented elsewhere in this document.

The Trust

The renaming of the trust and our imminent shift to our own premises are two outward manifestations of change and growth in progress, but there is much going on behind the scenes.

The trust is currently engaged in the process of formally articulating its vision, objectives and policies in a strategic plan. We have ensured that our governance relationships are clear. We will not become bureaucratic or unduly formalise our processes, but we must continually evaluate our own performance and check our direction.

We are thinking much more about accountability. This works two ways. Increasingly we are requiring recipients of funds to demonstrate the benefits obtained and increasingly we ourselves want to be accountable for our stewardship. This will require us, as much as possible, to help people understand us and what we are doing.

I would like to pay a tribute to my fellow trustees, who are busy people working in the community interest for a pathetic personal financial reward. Trustees fulfill a dual role, being both a board of directors and a source of collective judgment in decisions about donations. As chairperson I am fortunate to be able to work so easily together with such good people.

The trust is also very lucky in the quality of its staff. Keith Ellwood is an exceptional executive director, and the appointment of Carol Melville as donations assessor has significantly added to our strength. Heather Wyatt and Fay Jackson are able and effective members of the team.

We are looking forward to the year ahead, to being able to make a difference in the communities of our province.

CLIVE MATTHEWSON.

3 July 1997.

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

This surplus has been allocated to:

| Capital maintenance reserve | 1,206 | 1,495 |
| Investment revaluation reserve | – | 13,920 |
| Investment fluctuation reserve | – | 6,012 |
| Uncommitted surplus | 21,757 | 253 |

The notes to these financial statements form part of and should be read in conjunction with this consolidated statement of financial performance.

Consolidated Statement of Movement in Trust Funds for the Year Ended 31 March 1997