SELF-HELP TRUST

Gisborne Herald, Volume LXIX, Issue 20877, 1 September 1942, Page 2

SELF-HELP TRUST

£500,000 TO BE RAISED AID TO "CHARITIES CONDITIONS EXPLAINED (P.A.) WELLINGTON, this day. Details are announced \of the Sutherland Self-Help Trust. This was brought into being by a deed executed on July 27 arid the funds will accumulate until 1961, or when they, rekeh £500,000, which ever is the earlier. At the inception, the assets consist of £SOOO donated by Mr. Arthur Francis Humphries Sutherland on July 1. 1941, and 22 properties donated by the Self-Help. Co-op. Limited on July 27, 1942. These properties comprise 51 shops and eight residences, and the trustees—Messrs. Benjamin Sutherland, Arthur Sutherland, John Sutherland and, Allan McDougall, all of Wellington—have leased them to the Self-Help at rentals based on shop sales. It is anticipated .that after paying, all outgoings,- the het.ihbdme for a few years will be £7OOO jjier annum, but as the capital grows, the income will increase. The annual income will be added to the assets until distribution commences*,-in. -s6l or when the £500.000-rriark is reached. Thereafter it will ,bc available for distribution annually. Future Donations There is provision for income 'from further donations to accumulate .for 20 years, although such donations,will be included with the total assets when determining the £ 500,000.. The provision /or. future donations has been made in the wills of the Sutherland family, and the board of.. trustees .is empowered to Pecelve, gifts, frbrii btj'tside sources. To provide a fund, for the replacement of buildings, a chafge of not less than 2J . per cent of the value of the buijdirigs is to be made on the annual income. The trustees Have been authorised to invest the income in a. wide variety of ways, Hut to avoid ( any, descrying 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 ate to fliake available,..the income of the trust funds to the board .of trustees fpr distribution. This board will consist of nominees, of the New,,Zealand .-Law Society, the New, Zealand branch. of the 8.M.A., the New Zealand Society of Accountants, and .two ribmmaied by the Self-Help. At the death ,of the last surviving original the total assets of the trust will.be vested in the board of trustees to encourage the perpetuity of the fund.

A wide range of distribution is.provided for such causes as the relief bf disabled soldiers, sailors arid airmen, Children, in need of medical care or educational.,instruction, (the PlUriltet Society, religious. Or charitable purposes, homes ..or hospitals, etp,, but in coH?icfeyrtig tbe , distribution the board „ o/. trustees is to give more favourable yonsideratipn.to applicants who raise money for carrying out their objects than to applicants who rely entirely bn charitable grants.