2980 NEW ZEALAND GAZETTE No. 117

Mr Bruce Timpany, who also acted on the former South Canterbury Savings Bank Trust, and Mr Jim Underdown, who latterly assumed the office of chairperson.

Mr Timpany’s professional legal experience was invaluable, his contribution to the trust was huge, while Mr Underdown’s local knowledge and background, together with his open and friendly personality, brought a new dimension to the office of chairperson. Mr Underdown fostered an atmosphere of goodwill that any incoming chairperson would find a delight to work with. On behalf of all the trustees, I would like to thank the above gentlemen for their contribution, and a job well done.

With the departure of Mr Underdown, I was elected chairperson, with Mrs Carole Brand being elected as deputy chairperson. We were pleased to welcome Mr Trevor McIntyre as a new trustee, whose experience and skills in the education sector will be of immense value to the trust.

Ms Rosemary Small was also appointed, but after a very brief tenure, she resigned to further business interests in Australia. The vacancy caused by her resignation has not, as yet, been filled, however the new appointment is due to be announced by the Minister of Finance as this report goes to print.

In an endeavour to raise the profile of the trust, a number of meetings have been held in areas outside Timaru – Ashburton, Waimate and Fairlie, when the opportunity was taken to meet with district organisations, and to inspect facilities partially financed by donations from the trust.

The trust’s objective is to provide financial assistance to organisations carrying on charitable, cultural, philanthropic and recreational work which is of benefit to the community principally in the regions of Mid and South Canterbury; and criteria has been established to ensure donations are made on a fair and reasonable basis in the districts.

The trust is conscious of the wonderful and valuable work being undertaken by a large number of individuals in the district who voluntarily work for the welfare of others. The bottom line is that this concept of grant-making can only work as a partnership within a community and the trust wish to thank the community for its contribution to that partnership. Trustees look forward to continuing and expanding their relationship with the district’s volunteer organisations.

The more pro-active approach adopted by our organisation has dramatically increased the workload of the trust office at Community House. I wish to thank our executive director, Mr Strathern and his staff for meeting this challenge in such a competent manner.

I thank all trustees for their service and co-operation during the year, and look forward to further serving the community we represent.

P. F. McILRAITH, Chairperson.

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

| Less expenses: | | | | |
| Direct investment expenditure |
| Investment administration | 127,862 | | 35,895 | |
| Loss on redemption of government stock | 1,434 | | 3,513 | |
| Loss on sale of investments | 118,342 | | 9,202 | |
| Total direct investment expenditure | 247,638 | | 48,610 | |
| | 2,200,187 | | 2,313,879 | |

| Less operating expenditure | | | | |
| Advertising | 4,236 | | 9,673 | |
| Auditor’s fees | 4,050 | | 6,412 | |
| Legal fees | 2,252 | | 3,148 | |
| Postage, tolls and fax | 1,774 | | 3,810 | |
| Printing and stationery | 12,023 | | 20,640 | |
| Secretarial and accountancy fees | 68,179 | | 70,920 | |
| Special reports | - | | 14,270 | |
| Sundry administration expenses | 11,695 | | 11,064 | |
| Trustees fees and travel | 42,139 | | 44,395 | |
| Total operating expenditure | 146,348 | | 184,332 | |

| Net income | 2,053,839 | | 2,129,547 | |
| Unrealised capital gains: Managed funds | 2,156,554 | | 64,864 | |
| Surplus transferred to the trust fund | 4,210,393 | | 2,194,411 | |