2678 NEW ZEALAND GAZETTE No. 107

Financial advisors:

Frank Russell Company (N.Z.) Ltd, Auckland.

Solicitors:

Sharp Tudhope, Tauranga

Tax advisors:

KPMG, Christchurch.

Chairman’s Report for the Year Ended 31 March 2000

"To help build, maintain and enhance Bay of Plenty Communities."

That is the objective your Trust has set for itself.

In my first year as Chair, I am delighted to be able to report to Trust beneficiaries, that is, all the people of the Bay of Plenty, that the Trust has kept this objective solidly in mind, as the results will show.

In the year to 31 March 2000, your Trust has:

• Distributed $2,557,189 to 254 community groups serving the Bay of Plenty.
• Paid a total of $57,535 in Dillon Scholarships to 41 people with disabilities who are undertaking tertiary study.
• Extended the very successful CoachForce partnership with Sport Bay of Plenty for a further 3 years at a total cost to the Trust (last three years and next three) of $3,900,000.
• Commenced a “Regional Facilities Reserve” with an initial deposit of $1,926,000, to enable significant contributions to major Bay of Plenty sports, recreational and cultural facilities in the future.
• Entered into discussions with all the Region’s Mayors (collectively) to reach agreement on how the Trust can best assist in the funding of projects with regional significance.
• Reserved $636,000 to cover inflation and population growth.
• Reserved $4,942,000 as a buffer against possible poor income years ahead.

All this has been made possible by a record income of $10,929,000 and a pleasing net surplus before donations of $10,119,000. A lower inflation rate and a slightly lower Bay of Plenty population growth rate have also freed up funds for other uses.

Every hour of every day our lives is enriched by people in our communities who devote time, energy and passion to helping others. I genuinely congratulate all those people, and especially those who have received Trust funding. We can’t assist every group, every time, but my Trustees and I do our best to allocate the funds we have available in ways which we consider will give the greatest long-term Bay of Plenty benefits.

Four new trustees joined us in August 1999 – Hilary Brown (Taupo), Jeanette Knudsen (Tauranga), Ray Sharp (Opotiki) and Berys Ross (Te Puke). Each has brought the benefits of her/his own skills and experience to the board table and the Trust is richer for that. With regret we farewell Rotorua trustee Stewart Edward, who retires after eight years, and acknowledge the enormous contribution he has made.

Finally, my thanks also to Trust manager Bruce Cronin and donations officer Cindy Currie for their contribution and efforts over the past year. My role as Chair has been easier and the performance of the Trust has been significantly enhanced by their hard work and dedication.

GLENYS SEARANCKE, Chair.
16 June 2000.

Consolidated Statement of Financial Performance for the Year Ended 31 March 2000

| Less expenditure: | | |
| Advertising | 64 | 36 |
| Audit fees | 6 | 6 |
| Accountancy fees | 16 | 2 |
| Portfolio management fees | 330 | 318 |
| Office administration | 164 | 145 |
| Office rental | 14 | 14 |
| Other administration costs | 42 | 35 |
| Trustees’ fees | 105 | 78 |
| Trustees expenses | 59 | 31 |
| Depreciation | 10 | 8 |
| Total operating costs | 810 | 673 |

| Net surplus before donations | 10,119 | 8,565 |