NEW ZEALAND GAZETTE

No. 77

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General Section

Telecom

Telecommunications (Information Disclosure) Regulations 1999

Telecom is required to disclose certain information under the Telecommunications (Information Disclosure) Regulations 1999.

This information is available in the following ways:

1. On request at Telecom’s head office:
   Telecom Networks House
   68 Jervois Quay
   P.O. Box 570
   Wellington

2. Via the Internet at:
   http://202.27.156.72/about_telecom/who_we_are/telecomdisclosures.html

The Community Trust of Otago

Community Trusts Act 1999

The Community Trust of Otago Directory for the Year Ended 31 March 2001

Chairperson’s Annual Report:
I am pleased to have this opportunity to report on what The Community Trust of Otago (“the Trust”) has been doing over the year to 31 March 2001.

We hold local community money in trust and want to be accountable for our stewardship. The purpose of this annual report is to help that process.

The Trust simply wants to do everything excellently, and I hope that readers will contact us with any suggestions at all about how we can improve what we do.

Financial Results
The rate of return on our investments this year was 3.2%. This is the lowest we have had so far and so we cannot pretend to be pleased. But as I have mentioned in every annual report I have made, we expect both good and bad years. And relatively speaking we do have reason to be pleased. This was not a good investment year and an indexed fund with the same asset distribution would have returned 0.2%. This means that we did about 3% better than average investors with similar investment goals. Furthermore, our average annual return since we started investing in December 1994 is 10.3%, which is well above our long run expectation.

Free reserves – the funds we hold surplus to our inflation adjusted initial capital after allowing for unpaid donations – remain at the satisfactorily high level of $23 million.

These results leave us starting the new financial year in a steady position as regards both our investment settings and our donations budget.

Donations
In this year, the Trust committed over 1200 donations totalling $10.1 million. As the year ended we passed a big milestone: since inception in 1988, over $50 million has been committed.

The detail of our donations is covered elsewhere in the report and I will not single out any for special attention. Rather, I would like to mention a couple which demonstrate in a practical way some of our values.