SUTHERLAND TRUST

Evening Star, Issue 24288, 1 September 1942, Page 2

SUTHERLAND TRUST

£500,000 FUND PLANNED WIDE RANGE OF BENEFICIARIES (P.A.) WKLLLVGTOX, August 31. Details are announced of the Sutherland Self-Help Trust, This was brought into being by a deed executed on July 27, and the funds will accumulate until 1961. or when they reach £500,000, whichever i.s the earlier. At the inception the assets consist of FA,UOi) given by Arthur Francis Humphries Sutherland on July 1. 1941, and 22 properties given by the SelfHelp Co.-op. htd. on July 27, 1942. These properties comprise 51 shops and eight residences, and the trustees (Benjauiin Sutherland, Arthur Suotherland, John Sutherland, and Allan McDongall, all of "Wellington) have leased thorn to the Self-Help at rentals based on the shop sites. It is anticipated that after paying all outgoings the net income for a few years will be £7,(XX) per annum, but as the capital grows the income will increase. The annual income will bo added to the assets until the distribution commences in 1901, or when the £500,000 mark i.s reached. Thereafter it will be available for distribution annually. There is provision for the income from further donations to accumulate for 20 years, although such donations will he included with the total assets when determining the £500,000. Provision for future donations has been made in the wills of the Sutherland family, and the board of trustees is empowered to receive gifts from outside sources. To provide a fund for the replacement of buildings a charge of not. less than 2j per cent, of the value of the buildings is to be made on the annual income. The trustees have been authorised to invest the income in a wide variety of ways, but, to avoid any deserving cause’ being excluded because of principles from participation in the distribution, no funds are to be invested in the liquor trade. When the time for distribution is reached, the trustees are to make available the income of the trust funds to a hoard of trustees for distribution. This board will consist of nominees of the Now Zealand Law Society, the Now Zealand (8.M.A.. the New' Zealand Society of Accountants, and two members nominated by Self-Help Ltd. At the death of tho last surviving original trustee the total assets of the trust will be vested in the hoard of trustees to encourage the perpetuity of the fund. A wide range of distribution is provided for, including such causes as the relief of disabled soldiers, sailors, and airmen, children in need of medical care or educational instruction, the Plunket Society, educational, religious, or charitable purposes, homes or hospitals, etc., but in considering the distribution the board of trustees _is to give more favourable consideration to applicants who raise money for carrying out their objects than to applicants who rely entirely on charitable grants.