3116 NEW ZEALAND GAZETTE No. 119

Securities Act 1978

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2001/228
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rs6276

General Section

The Community Trust of Mid & South Canterbury Inc.

Community Trusts Act 1999

The Community Trust of Mid & South Canterbury Inc.

Annual Report and Consolidated Financial Statements for the Year Ended 31 March 2001

Trust Particulars

The Community Trust of Mid & 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 P. F. McIlraith (chairperson), Mrs C. E. Brand B.COM., C.A. (RETIRED), Ms R. A. Carruthers LL.B., Mr L. K. Cooney LL.B. NOT PUB., Mr S. J. Dorman LL.B., Mr A. R. McKay, Mr T. J. McIntyre B.AGRI., DIP. TCH., Mrs K. Mattingley CERT.SOC.WK., DIP.GRAD (OTAGO) M.N.Z.A.S.W., Mrs M. B. Ross B.A., Mrs H. Weeks.

Bankers: WestpacTrust, 243 Stafford Street, Timaru.

Auditors: Martin Wakefield, Chartered Accountants, 26 Canon Street, Timaru.

Executive Director: B. E. C. Strathern, P.O. Box 983, Community House, Timaru.

Chairperson’s Report

I am pleased to report on the stewardship of The Community Trust of Mid & South Canterbury Inc. for the year ended 31 March 2001.

Financial Results
The net investment returns on our managed funds were a most disappointing $565,124. After making provision for the administrative costs of the trust, the net profit was $386,569.

In the previous financial year, our investment returns were excellent, but during the first part of 2001, the international equity markets experienced a major downturn, impacting on the investment performance of the trust.

It must be accepted that the trust is a large domestic and international investor and, as such, will be subject to the vagaries of the market like any other commercial investor.

The trust is comfortable with its active investment policy, a policy which spreads investments between a number of investment classes, both domestically and internationally.

The trust’s objective is to generate the best return for a low level of risk, and it accepts that in the long term, some bad years will be experienced.

The trust has been prudent by having a reserving policy to cushion the impact of inflation and fluctuations in investment market returns. However, it is years such as the one we have just experienced that re-emphasises the need for adequate reserves.

The trust devotes a considerable amount of its time to the investment process, and at all times it is in direct consultation with its professional funds manager and its independent investment consultant to monitor investment results, to ensure its current investment policy is still compatible with the trust’s objectives and to make amendments considered necessary.

Donations
The trust’s policy is to support district organisations carrying out charitable, cultural, philanthropic and recreation work of benefit to Mid and South Canterbury districts. Much time is spent on reviewing the donation criteria to ensure that the changing needs of the community are catered for and that profit is distributed on a fair and reasonable basis.