26 AUGUST NEW ZEALAND GAZETTE 2443

Financial Advisors:
Frank Russell Company (N.Z.) Limited, Auckland.

Solicitors:
Sharp Tudhope, Tauranga.

Tax Advisors:
KPMG, Christchurch.

Chairman’s Report for the Year Ended 31 March 1999

Your Trust is Successful

I am delighted in this, my final chairman’s report, to be able to inform you of yet another very successful year for your trust. Net income for the year was $8,565,000 and trust assets now exceed $111,000,000. We distributed $2,539,000 to 283 community groups and $47,000 to “Dillon Scholars”.

We also reserved $3,197,000 for inflation and population growth, and $3,123,000 as a buffer against possible poor income years ahead. These have now been added to “general funds” which has been split to show the two separate reserves.

The trust’s investment portfolio has been place for a full year now and this is reflected in the higher “Investment Advice” fees ($318,000 up from $86,000). Advertising costs also increased significantly from $15,000 to $36,000 as a result of the trust producing and circulating its annual report through Bay of Plenty newspapers.

The trust congratulates all donations recipients and acknowledges their hard work and dedication to projects which make the Bay of Plenty a better place.

Your Trust is Sensitive

Your community trustees are very aware of the huge responsibility they have to ensure that the trust’s real capital base is maintained, that good income is earned and that each community distribution is carefully considered. As a cohesive yet diverse group of 12, your trustees are sensitive to different needs in different parts of the Bay, and support various projects accordingly.

“To help build, maintain and enhance Bay of Plenty Communities,” remains our objective. Trustees are constantly reminded of the crucial role volunteers play in the health of our community. When the board evaluates applications it likes to assess the degree of community contribution that the proposed project has measured in the level of voluntary support involved. We recognise the importance of volunteers and will continue to help those helping others.

Trustees are also aware of the increasing commitments people face in their already busy lives. Given the competition for time between work, family and community involvement, the trust believes that ongoing support is vital to maintain and encourage the spirit of volunteers.

Your Trust is Proactive

Your trust is achieving its objective in a variety of ways, including active partnerships with organisations making positive differences throughout our communities.

Clearly the trust’s strength lies in its ability to make financial contributions. The community organisations have the volunteers and systems in place, and together, we achieve a leverage which makes things happen.

In two particular cases, our continued relationship with Sport Bay of Plenty (Coachforce) and our new partnership with Presbyterian Support (Children and their Families Service), the outcomes have confirmed that the trust will continue to look at partnership opportunities with charitable organisations and community groups across the spectrum of welfare, health, sport, leisure and recreation, employment and youth issues.

With such synergies in mind, the trust has coordinated a series of “funders’ forums” meetings with local authorities, some government departments, other charitable trusts and public and private benefactors. It is clear from these discussions that each has its unique strength. Individually we do a lot of good. Collectively we can do even better.

Your Trust is Changing

This report is my final act as trust chairman. My 8 years on the trust has, without doubt, been a most rewarding involvement and I am very thankful for the opportunity of serving the community in this way.

During the past 5 years as chairman, I have been involved in the sale of the trust’s 7 percent stake in the former trust bank, the subsequent investment of the funds realised and in redefining the trust’s direction. These have been stimulating and challenging times and I thank my fellow trustees for their support. Glenys Searancke of Rotorua took over the chair from June 1 and I wish her well in her new role.

I would also like to acknowledge the very significant contributions of three trustees whose terms expired on the 31st day of May: Murray Black, Lyall Thurston and Margaret Townshend. We thank them for their hard work and dedication. The Minister of Finance is expected to announce new appointments in due course.

Special thanks also to trust manager, Bruce Cronin and his assistant, Cindy Currie for their considerable contribution and efforts over the past year.

I leave with a steadfast belief in the merits of the community trust. The extraordinary legacy of the founders of the Bay of Plenty Savings Bank, the history of this trust’s development and its remarkable impact on the Bay of Plenty is too important to ever be tampered with.

ROB TAIT, Chairman.