NEW ZEALAND GAZETTE

No. 112

The Community Trust of Mid and South Canterbury Inc.

Trustee Banks Restructuring Act 1988

Annual Report and Consolidated Financial Statements for the Year Ended 31 March 1998

Trust Particulars

The Community Trust of Mid and South Canterbury 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 (Chairman), Ms R. A. Carruthers, Mr L. K. Cooney, Mr A. R. McKay, Mr P. F. McIlraith, Mrs J. J. Rayne, Mrs M. B. Ross, 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 1998

On behalf of the trustees of the Community Trust of Mid and South Canterbury I am pleased to present this tenth 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 representatives of the Mid and South Canterbury communities. Trustees are appointed by the Minister of Finance, they reside in the area and their appointment is for a term of 4 years.

Trustees retire by rotation and during the year the terms of office expired on the 31st day of May 1997 for Ms R. A. Carruthers and Messrs A. R. McKay and C. P. Sparrow. Ms R. A. Carruthers and Mr A. R. McKay were reappointed. Mr Sparrow did not seek reappointment for health reasons and I wish to pay tribute for the outstanding service he has given over a long period of time. He was first appointed a trustee of the bank in 1970 and has been a trustee of the community trust since its inception. Mrs M. B. Ross of Ashburton has been appointed in his place.

Activities of the Trust

The past year has seen increased activity in many areas of the trust’s operation.

Our investments are under prudent management and subject to constant review. Although interest rates have been varied our income at $2.3 million is close to that of the previous year. Likewise the distribution of donations was on a similar scale. Of the many projects with which we became associated it was exciting to witness the official opening of the Community Trust Sports Centre (previously known as Aorangi Stadium). This, of course, was the trust’s largest grant to date.

A further venture was the leasehold acquisition of a building to be known as Community House. This, we hope, will bring together a wide cross section of voluntary organisations.

At present advice is awaited on the appointment of 2 trustees. A new trustee appointment is similarly awaited to replace myself. These terms officially expire on the 31st day of May 1998. When these appointments are notified to us by the Minister of Finance a new chairperson will be elected by the board.

During the coming year our secretary, Mr Ken Churcher, will retire on the 1st day of August 1998. He has held the position since 1991 when the then Trust Bank New Zealand Limited ruled that bank staff could not hold any official position in the community trust. Trustees hold him in regard and acknowledge his competence and dedication.

The trust is pleased that Mr Bruce Strathern, a well known businessman and entertainment personality, will assume the position of executive director.

J. E. THOMPSON, Chairperson.

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