30 JULY NEW ZEALAND GAZETTE 2315

This is not a rigid figure. The trust is not yet experienced in managing this level of disbursement. We do not know how large or how volatile or of what quality will be the demand. We will need to be flexible while both the trust and the community become used to the level of donations that we can now make.

The trust does not usually generate projects itself. Having money to distribute does not give us any special insights, and we do not wish to impose our ideas on the community. Thus, we generally prefer to foster self-reliance and to back projects that already have proven support. However, we do find ourselves in a position where we can see the big picture, where we can see the need to think strategically, and where sometimes we need to provide leadership. I mention some examples that demonstrate these points.

During the year past, our very large support for the 150th anniversary celebrations broke new ground. The trust decided that the outcome of raised spirits, although not measurable, justified investment.

The International Science Festival was an example where our risky entry at the very beginning paid off by allowing other support to be generated.

We are moving more towards funding activities rather than infrastructure. Thus, for example, we might support the production of a play rather than new lighting for a theatre. Theatres are for productions, not lighting, and if the production is successful then the lighting can be bought, so long as it really is the top priority.

Trustees monitor the distribution of donations, both by location and by category. Doing this has triggered 2 initiatives that promise much, for opposite reasons.

The trust invests heavily in sport, and we need to do better than just respond to applications in an ad hoc way. We are working on providing an overall framework to maximise the effectiveness of this substantial investment.

On the other hand, trustees observed that our donations to “culture” were consistently low. The trust has thus initiated a dialogue to help us understand why this is so and what we can do about it. We are pleased with the process and the outcome could be excellent.

The trust now has the means to make a considerable difference in the life of the province. This requires a new level of thinking about both the opportunities and the risks of what we do, about vision and about philosophy. Trustees welcome that challenge.

The Trust

The year past has seen the trust established in its new premises, with which we are very pleased.

We have no desire to advertise ourselves, and decline to provide what is normally understood by sponsorship. Nevertheless we want to be accountable. Thus, we are thinking about our communication with the public, in both directions.

During the year we lost 2 trustees and gained 2. David Polson had been a leading member of the trust since its inception. His service was conspicuous when the trust moved from the position of holding ownership only in Trustbank New Zealand to what it is today. Dave Pasley has been missed for both his good company and his telling contribution.

Gail Tipa and Ele Ludemann have both provided significant input since their appointments.

The trust is very lucky to have such good staff. In Rugby parlance, I “rate” Chief Executive Keith Ellwood. Carol Melville has had a big first full year as donations assessor. She is more than a mere employee! Heather Wyatt and Fay Jackson are just great in the front office.

Trustees have worked really well together. I thank them for what I believe has been a very good year.

CLIVE MATTHEWSON, Chairperson.

1 July 1998.

Consolidated Statement of Financial Performance for the Year Ended 31 March 1998

This surplus has been allocated to:
| Capital maintenance reserve | 3,843 | 1,206 |
| Uncommitted surplus | 13,637 | 21,757 |
| | 17,480 | 22,963 |

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 1998