NEW ZEALAND GAZETTE

No. 107

2642

General

Bay of Plenty Community Trust Incorporated

Trustee Banks Restructuring Act 1988

Bay of Plenty Community Trust Incorporated

Annual Report for the Year Ended 31 March 1998

Trust Particulars

The trust was incorporated on 5 August 1988 as the Trust Bank Bay of Plenty Community Trust, 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. In April 1998 the name was changed to the Bay of Plenty Community Trust.

Trustees:
Mr R. B. Tait (Chairman), Mr J. M. Black, Mr T. A. Currie (Resigned 31 May 1997), Mr S. J. Edward, Ms H. P. Jones, Mrs J. G. Mahoney, Mr E. E. Ogier, Mrs M. E. Rex Benner (Retired 31 May 1998), Mr B. J. Scantlebury, Mrs G. P. Searancke, Mr T. Te Heuheu, Mr L. G. Thurston and Mrs M. B. Townshend.

Trust Manager:
Mr B. W. Cronin.

Auditors:
Ingham Mora Malcolm & Russell, Tauranga.

Bankers:
WestpacTrust, Tauranga.

Financial Advisors:
Frank Russell Coy, Auckland.

Solicitors:
Sharp Tudhope, Tauranga.

Tax Advisors:
KPMG, Christchurch.

Chairman’s Report for the Year Ended 31 March 1998

A successful year for your trust:

I am pleased to report to you on another successful year for your trust as we see the assets now exceed $100,000,000. Total income for the year was $10,180,705 which is an increase of approximately $1.1 million over that achieved in the previous financial year.

Future generations will be well-served, too:

Of the remaining income, allocations were made to our reserves to ensure that future generations can benefit from the trust and that distributions to our communities continue. Accordingly, the trust has adopted a reserving policy to allow for inflation, regional population growth and for the contingency of yearly fluctuations to our income.

In administering this policy funds have been allocated to Bay of Plenty Community Trust Charities Limited which is a subsidiary owned 100 percent by the trust. This income will be available for future donations to charitable organisations.

The total assets of $105,300,000 have been invested in a diversified portfolio of assets both nationally and internationally. For the 1998 reporting year a large portion of these investments were held in term deposits within New Zealand. As investment contracts were completed during the year funds were allocated to the portfolio. We are pleased to continue to have the advice of Frank Russell and Co our lead advisor who is assisting the trust with these investments.

Benefits spread far and wide:

A total of 245 Bay of Plenty organisations received donations totalling $2,374,855 for a wide range of charitable, cultural, recreational, educational and social purposes. The basic criteria for the trust are to ensure that the donation helps to build, maintain and enhance Bay of Plenty communities.

During the year the trust was delighted to join Sport Bay of Plenty with its innovative and exciting coach force programme. This programme has potential to significantly enhance sporting opportunities particularly for youth throughout the Bay of Plenty region. The trust’s funds have allowed coaching centres to be established in Rotorua, Tauranga and Whakatane and supported the employment of “coaching directors” to 11 different sporting codes. The key objective is to gain, train and retain effective coaches throughout the Bay and to encourage sporting participation for our young people.

Other initiatives were to support employment opportunities throughout the Bay through the business grow network and Task