NEW TRUST FUND ESTABLISHED
PROVISION FOR WIDE DISTRIBUTION (P.A.) WELLINGTON, 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 is the earlier. At the inception the assets consist of £5OOO 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 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 until distribution begins in 1961 or when the £500,000 mark is reached. Thereafter it will be available for distribution annually. 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. To provide a fund for the replacement of buildings, a charge of not less than 21 per cent, of the value of buildings is to be made on the annual income. The trustees have been authorized 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 trust funds to a board of trustees for distribution. This board will consist of nominees of the New Zealand Law Society, the New Zealand branch of the British Medical Association, the New Zealand Society of Accountants and two nominated by the Self-Help. 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. In considering 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.
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Southland Times, Issue 24837, 1 September 1942, Page 5
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432NEW TRUST FUND ESTABLISHED Southland Times, Issue 24837, 1 September 1942, Page 5
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