NEW ZEALAND GAZETTE

7 AUGUST 2029

Trust Bank South Canterbury Community Trust Inc.

Trustee Banks Restructuring Act 1988

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 J. E. Thompson (Chairperson), Ms R. A. Carruthers, Mr L. K. Cooney, Mr A. R. McKay, Mr P. F. McIlraith, Mrs J. J. Rayne, Mr C. P. Sparrow, Mr J. R. Sutton, M.P., Mr D. B. Timpany and Mr R. J. Underdown.

Bankers

Westpac Trust, 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.

Trustee’s Report for the Year Ended 31 March 1997

On behalf of the trustees of the community trust of South and Mid Canterbury, I am pleased to present this ninth annual report which highlights our activities for the area between the Rakaia and Waitaki Rivers.

Objectives of the Trust

These are to provide financial assistance to organisations carrying on charitable, cultural and philanthropic and recreational work which is of benefit to the community principally in the regions of Mid and South Canterbury.

Policies and Structure of the Trust

All purposes of the trusts are deemed to be charitable, to administer capital and to distribute income for charitable purposes in our area.

The community trust now comprises 10 trustees who are representative of the Mid and South Canterbury communities. Trustees are appointed by the Minister of Finance and reside in the area.

Trustees retire by rotation and during the year the terms of office expired on 31 May 1996 for Mrs J. J. Rayne and Mr L. K. Cooney. Both were reappointed for a term of 4 years. The size of the board remains at 10 trustees.

Activities of the Trust

During the year under review our trust made the major decision to sell its entire shareholding in Trust Bank New Zealand Limited. The trustees decision to sell is more than vindicated with the publication of the trust’s annual accounts. Trustees have during the past year spent a great deal of time selecting an adviser for funds investments and this was finally decided towards the end of the year. Until that time our funds were totally invested in fixed interest securities so taking advantage of the comparatively high interest rates which applied for most of the year.

Several major donations were committed to during the year such as Aorangi Park Stadium ($1,000,000, payable over 3 years), South Canterbury Hospice ($252,000), South Canterbury Mammography Services Trust ($120,000). These amounts significantly mark the first year following the sale of trust bank shares. With the help of an adviser, however, trustees will be putting in place appropriate policies to provide for fluctuations in income in future years. Trustees are currently reviewing the criteria for donations and in future have plans to adopt a more proactive policy in seeking out appropriate projects for donations.

At present trustees are spending much time considering the acquisition of a suitable building to establish as a community house. This would house a variety of voluntary groups who carry out valuable work within our area. It is hoped this will be finalised in the near future and it will be a major project for our trust.

Review of Results and Financial Position of the Trust

The trust’s income during the year was derived totally from interest which provided a gross income of $2,707,813. This is a considerable increase over the previous year when the gross income from interests and dividends amounted to $1,227,309. The net income before donations was $2,530,296 after writing off a debit balance in the investment revaluation reserve of $60,208. Deductions are then made for donations paid or committed to various community groups. A credit is shown of $10,525 received on the winding up of the endowment fund.

The surplus of $8,471 after donations, together with the capital profit on the sale of trust bank shares of $24,698,148, was transferred to the trust fund.

The trust deeply appreciates the strong support given by its administrator, Mr Ken Churcher, along with other specialist advisers the trust employs.

Perhaps the most rewarding aspect for the trust is the understanding we gain of the wonderful voluntary work of so many people for their various activities within our community.

J. E. THOMPSON, Chairperson.