2190

NEW ZEALAND GAZETTE, No. 84

26 JULY 2007

Social Security Act 1964

Income Tax Act 2004

Social Security (SuperGold Card) Regulations 2007
2007/209
23/7/07
$3.60

Income Tax (Deemed Rate of Return, 2006-07 Income Year) Regulations 2007
2007/210
23/7/07
$1.60

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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 2007

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 Inc. In March 2006, the trust adopted the name BayTrust for operational purposes.

Trustees: Ms P. Thompson (Chairperson), Ms T. J. Eggleton, Ms S. Kai Fong, Mr B. Kerr, Mrs J. Knudsen J.P., Mr L. Martin J.P., Mrs P. J. McLeod M.N.Z.M., Mr R. Morrison, Mrs M. Ngatai Q.S.M., J.P., Mr. R. Sharp, Ms A. Simpson, Ms A. von Tunzelmann.

Trust Manager: Mr B. W. Cronin, J.P.
Accountants: Staples Rodway Tauranga Limited, Tauranga.
Auditors: Ingham Mora, Tauranga.
Bankers: BNZ, Tauranga.
Westpac, Tauranga.
Financial Advisers: Russell Investment Group Limited, Auckland.
Solicitors: Sharp Tudhope, Tauranga.
Tax Advisers: KPMG, Christchurch.

Chairperson’s Report for the Year Ended 31 March 2007

BayTrust beneficiaries, that is all those people normally resident in the Bay of Plenty, can feel hugely satisfied that their trust has again performed well. It has performed well in its investments, in its grants and in how it is positioning itself for the future.

Highlights of the year to 31 March 2007:

• Excellent return on investments: 9.9% ($13m). Although this was down on the previous year’s record return of 14%, it was again very healthy against an expectation of 7.2% p.a. ($8.6m) over the long term.
• Total grants paid rose to a record $4.6m, a significant improvement on $2.8m the previous year and on the average of $2.5m over the previous five years.
• After two exceptionally good income years, the trust further strengthened its investment position by reducing its allocation to short-term investments and by further diversifying its investment portfolio.