Record Charity

Sun (Auckland), Volume II, Issue 407, 16 July 1928, Page 13

Record Charity

McCarthy estate’s £14,500 This Year’s Distribution THE record sum of £14,500 is being distributed this year from the T. G. McCarthy Trust, one of the most extensive charities administered in the Dominion. But not one pound of that amount is coming’ here, there being no beneficiaries in the Auckland Province.

It is 15 years since the inception of this trust which arises out of the will of the late Thomas George McCarthy. During the period of its existence there has been allocated from its revenue the sum of £123,527 for charitable and educational purposes. The allocations for each year since the commencement of the trust are shown in the following table: 1913, £2,530; 1914, £7,325; 1915, £7,070; 1916, £6,880; 1917, £5,790; 1918, £5,112; 1919, £6,545; 1920, £6,785; 1921, £6,860; 1922, £9,015; 1923, £9,350; 1924, £10,125; 1925, £12,040; 1926, £13,600; 1927, £14,500; total, £123,527. THIS YEAR’S OPERATIONS The annual meeting of the Board of Governors of the trust was held in the Executive Council Room, Government Buildings, to-day. There were present: His Excellency, the GovernorGeneral, Sir Charles Fergusson, the Prime Minister, the Rt. Hon. J. C. Coates, his Grace Archbishop Redwood, his Worship the Mayor, Mr. G. A. Troup. The Public Trustee, Mr. J. W. Macdonald, chairman of the advisory committee to the Board of Governors, was also present. Submitting his annual report and balance-sheet the Public Trustee reported that the operations during the year had again been most successful, and that the net income had shown a considerable increase over last year’s record figures. In determining the amount available in terms of the will for charitable and educational purposes, the Public Trustee explained that certain assets in the estate were held on special trusts and that the net income arising from these was not available for distribution each year to charitable and educational institutions, and was not included in the figures for the year. Moreover, until the termination of certain life interests granted under the will only one-half of the income from the residuary estate was available for distribution for charitable and educational purposes. Despite the heavy burden of land tax and rates, by developing the assets and ensuring that the maximum returns are derived from them and by careful handling the year’s operations had been, one© more, very successful. The trust being a long-continuing one, the conservation and development of tii© assets with a view to increasing the present income and ensuring that the earning power wotild be in no way diminished in the future were very important factors in the administration of the estate. During the year extensive alterations and additions were made to one of the estate properties, with the result that the income from this asset had been increased greatly. In another case old buildings which had oLitlived their usefulness were demolished and a new structure erected. In both these cases the properties were situated on main thoroughfares, and the renovations and new premises provided up-to-date shops. Portion of the increased revenue was disclosed in this year's profits, and it was hoped that the full benefit of the expenditure involved would be revealed in the coming year’s figures.

Onco. more by means of the facilities which his office affords, the Public Trustee had been able to finance the estate and readily provide it with all the funds required for the necessary expenditure which has arisen during the year. CITY AND PHOENIX BREWERY This brewery was carried on by the testator in his life-time, and the Public ’ usteo continues to run it on beh of the estate. The result of the . ar’s trading was gratifying. There has been a further substantial increase in the sales of “Red Top” ale and “Brown” stout, and a record profit for the year was disclosed. The improvements effected to the brewery premises during the preceding year and the efficient management of the business had to a large extent been responsible for the highly satisfactory .results which had been achieved. Recently there had been placed on the market a new product of the brewery to which the name, “Fifty-Fifty Ale and Stout,” had been given. There is considerable demand for this and the results to date are very encouraging. FINANCIAL ASSISTANCE The usual advertisement inviting applications for grants thought forth a record number of 143, of which 29 were new applications. Last year 120 applications were received. The Public Trustee reported that the advisory committee had held its annual meeting, and had recommended the distribution of the sum of £14,500. This constitutes the largest amount that lias been recommended for distribution in any one year since the inception of the trust. The advisory committee’s recommendations -were adopted by the Board of Governors. “His Excellency the GovernorGeneral, on behalf of the Board of Governors and with the approval of each member, expressed his appreciation of the capable and efficient manner which, in the opinion of the Board of Governors, the trust and its ftmetions were managed and carried out by the Public Trustee.” Auckland may benefit indirectly from the sums left to the following national institutions: Discharged Prisoners’ Aid Society, £200: National Art Gallery Museum and War Memorial, £500; Women’s Division of the New Zealand Farmers’ Union, £IOO.