5 AUGUST 2004

NEW ZEALAND GAZETTE, No. 95

2385

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 2004

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 (term expired 31 May 2003), Ms T. J. Eggleton, Ms S. Kai Fong, Mr B. Kerr (appointed 1 June 2003), Mrs J. Knudsen J.P., Ms E. Leighton Q.S.O., Mr L. Martin J.P., Mrs P. J. McLeod M.N.Z.M., Mrs M. Ngatai J.P., Mr V. Payne, Mrs B. M. Ross (term expired 31 May 2003), Ms P. Thompson (appointed 1 June 2003), Ms M. Waaka M.N.Z.M.

Trust Manager:
Mr B. W. Cronin.

Accountants:
Staples Rodway, Tauranga.

Auditors:
Ingham Mora, Tauranga.

Bankers:
BNZ, Tauranga.
Westpac, Tauranga.

Financial Advisors:
Russell Investment Group Ltd, Auckland.

Solicitors:
Sharp Tudhope, Tauranga

Tax Advisors:
KPMG, Christchurch.

Chairman’s Report for the Year Ended 31 March 2004

I am delighted to report a highly successful year for your trust: investment returns have improved substantially, the trust hosted an excellent annual community trusts’ conference, and we completed and began implementing our three-year strategic plan.

Last year in this report, I said: "... trustees’ faith in the investment policy may be giving rise to appropriate results in the current year to date." The global equities recovery continued throughout the year and this has enabled the trust to rebuild reserves depleted in the previous three years and has reinforced the trust’s long-term, disciplined approach to investments.

In February, this trust hosted the combined community trusts’ annual conference in Wairakei, Taupo. It is a credit to my trustees, the trust staff and ex-trustee Hilary Brown, our conference organiser, that this event, which significantly benefits trusts and trustee development, was so successful.

I am very happy to have the support of an excellent board of trustees. Their wide range of talent is leading the development and exploration of ways that this trust can improve its effectiveness in enhancing our communities. We have continued to develop our thinking and strategies on how we can improve our objective of enhancing Bay of Plenty communities. This has led us to set aside some funding for the coming year for investigation and pursuit of regional initiatives that have the potential to improve the economics of more deprived areas in our region. The trust has continued its support of the many volunteer, social and community enhancement projects that it has traditionally supported.

Please read this report and share with me the pride I have in this trust. As Bay of Plenty communities, we are very lucky to have such a fund dedicated to the many needs and wants of our area controlled at a grass roots level within our region.

RAY SHARP, Chairman.

Date: 3 June 2004.

Consolidated Statement of Financial Performance for the Year Ended 31 March 2004