SELF HELP TRUST

Nelson Evening Mail, Volume 77, 2 September 1942, Page 2

SELF HELP TRUST

DISTRIBUTION ON WIDE BASIS

FUNDS TO ACCUMULATE TO £500,000 Wellington, This Day Details are announced of tbe Sutherland Self Help Trust. This was brought into being by a deed executed on 27th July and the funds will accumulate till 1961, or when they reach £500,000, whichever is the earlier.

At the inception the assets consist of £SOOO donated by Mr Arthur Francis Humphries Sutherland on Ist July, 1941, and 22 properties donated by the Self-Help Co-op. Limited on 27th July, 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 the shop sales. It is expected that after paying all outgoings, the net income for a few years will be £7OOO per annum, but as the capital grows the income will increase. The annual income will be added to the assets till distribution commences in 1961, or when the £500,000 mark is reached. Thereafter it will be available for distribution annually. There is a provision for income from further donations to accumulate for 20 years, though such donations will be 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 2£ per cent, of the value of the buildings is to be made on the annual income. The trustees have been authorised to invest income in a wide variety of ways, but to avoid any deserving cause being excluded because of its 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 trust funds to the board of trustees for 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 nominated by Self-Help Ltd. At the death of the last surviving original trustee, 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 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, and so on, but in considering distributions 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 *ntirely on charitable grants —P.A.