2304 NEW ZEALAND GAZETTE No. 89

Thiamin chloride and thiamin hydrochloride may only be added to wine, sparkling wine and fortified wine to facilitate the growth of micro-organisms

[30.3] omitting paragraph 5(4)(h), substituting –

(h) 0.1 mg/L of cyanides and complex cyanides expressed as hydrocyanic acid; and

(i) 200 mg/L of dimethyl dicarbonate.

[30.4] omitting paragraph 6(1)(a), substituting –

(a) grape spirit; and

[30.5] omitting paragraph 6(1)(b), substituting –

(a) brandy; and

[30.6] omitting subclauses 7(1) and 7(2)

[30.7] omitting subclause 7(3), substituting –

(1) In addition to the substances permitted by clauses 3 and 4 of this Standard, fortified wine may also contain caramel.
gs4831

Bay of Plenty Community Trust Incorporated

Community Trusts Act 1999

Bay of Plenty Community Trust Incorporated

Annual Report for the Year Ended 31 March 2003

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:

Mr R. B. Sharp (Chair), Mrs H. A. Brown, Ms T. J. Eggleton, Ms S. Kai Fong (appointed 1 June 2002), Mrs J. Knudsen, Mrs E. Leighton (appointed 1 June 2002), Mrs P. J. McLeod, Mr E. E. Ogier (term expired 31 May 2002), Mrs B. M. Ross, Ms M. Waaka, Ms K. Withers (term expired 31 May 2002), Mr L. Martin, Mrs M. Ngatai, Mr V. Payne.

Trust Manager:

Mr B. W. Cronin.

Accountants:

Staples Rodway, 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 2003

The trust has experienced a year of extremely disappointing investment results to 31 March 2003, mainly due to the further significant decline in the value of the international equity investments held by the trust. Despite the trust’s relatively conservative portfolio (69% invested in fixed interest securities), the large drop in value of the portion of the trust’s investment in Global Equities (25.7% at 31 March 2003) gave rise to the trust showing a $5.248 million loss before expenditure and donations.

The trustees have, under advice, not changed the strategic asset allocation. While the resolve of trustees has been tested by the above result, our advice and my belief is that the investment mix we have is still the most appropriate for long term growth and income flow within the objectives of this trust.

It appears the trustees’ faith in the investment policy may be giving rise to appropriate results in the current year to date. Since the balance date, the international equities portion of the trust’s investment portfolio has increased in value by approximately $3.6 million in two months. We hope that this recovery is sustained and continues so that we will be clear of the concerns about poor returns and its negative impact on funds available for donations into our community. The balance of the trust’s investment portfolio has continued to perform to expectation relative to the returns available on fixed interest securities and cash deposits.