23 AUGUST NEW ZEALAND GAZETTE 2535

General Section

Bay of Plenty Community Trust Incorporated

Community Trusts Act 1999

Bay of Plenty Community Trust Incorporated

Annual Report for the Year Ended 31 March 2001

Trust Particulars

The trust was initially incorporated on 5 August 1988 as the Trust Bank Bay of Plenty Community Trust in accordance with the provisions of the Trustee Banks Restructuring Act 1988. It continues under the provisions of the Community Trusts Act 1999. The purpose of the trust is to provide charitable, cultural, philanthropic, recreational and other benefits to Bay of Plenty communities. In April 1998, the name was changed to the Bay of Plenty Community Trust.

Trustees:
Mrs G. P. Searancke (Chair), Mrs H. A. Brown, Mr S. J. Edward (term expired 15 November 2000), Mrs J. Knudsen, Mrs J. G. Mahoney (term expired 15 November 2000), Mr E. E. Ogier, Mrs B. M. Ross, Mr B. J. Scantlebury, Mr R. B. Sharp, Mr T. M. Te Heuheu, Ms M. Waaka, Ms K. Withers, Ms T. J. Eggleton (appointed 15 November 2000), Mrs P. J. McLeod (appointed 15 November 2000).

Trust Manager:
Mr B. W. Cronin.

Accountants:
Murray Crossman & Partners, Tauranga.

Auditors:
Ingham Mora, Tauranga.

Bankers:
BNZ, Tauranga.
WestpacTrust, Tauranga.

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 2001

“Donations Up Despite Tough Year”

Prudent investment by community trustees paid big dividends for Bay of Plenty communities as the trust increased its donations in a very difficult investment year.

It is my pleasure to present my second annual report for the Bay of Plenty Community Trust and to elaborate on how we have helped the communities of our region, which extends from Katikati to the East Cape to Turangi. This is indeed a large and diverse region and to match this we are very fortunate to have trustees who come from Taupo, Rotorua, Whakatane, Opotiki, Te Puke, Tauranga and Katikati. Their knowledge of local community organisations is excellent and I never cease to be amazed at the strength and depth of this trust board’s representation.

The major downturn in global equities markets meant that investment income was down dramatically from $10.9m last year to $2.5m. But trustees’ adherence to sound investment and careful reserving policies allowed the trust to pay out a record $3.9m in community donations to 235 organisations and commit itself to a further $2.1m.

This year has seen very encouraging progress on three major Bay of Plenty projects as a result of the protocol signed with the mayors of the region – seven councils in total. This protocol helps the trust understand regional priorities from elected representatives’ (councils’) perspectives and helps those councils understand trust constraints. It enables both councils and the trust to work together for the overall benefit of the Bay of Plenty, without in any way compromising any party’s ability to make its own decisions for its own reasons.

The first of these regional projects was the Rotorua International Stadium grandstand extensions which saw the trust make its largest ever one-off donation to date of $1m.

A further $1m was also approved for the Whakatane Aquatic Centre and another $1m for the Tauranga Art Gallery. These funds will be paid out over a two-three year period.

The trust has also renewed its major funding partnerships with Sport BoP (Coachforce) and Presbyterian Support Services (The James Family), for $1.8m over three years and $300,000 over two years respectively.

In last year’s report I paid tribute to Stewart Edward from Rotorua who retired from the trust after eight years’ dedicated service. Jenny Mahoney of Whakatane also retired last year after serving the trust for four-and-a-half years and I thank her most sincerely for her very valuable contribution to the board.