Substantial Trust Fund Planned With Wide-range Objects

Taranaki Daily News, 1 September 1942, Page 4

Substantial Trust Fund Planned With Wide-range Objects

Press Assn.

Wellington, Last Night.

Details are announced oi 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 until they reach £500,000, whichever is the earliest. At the inception the assets consisted of £5000 donated hv Arthur Francis Humphries Sutherland on July 1, 1941, and 22 properties donated by the Self Help Co-op. Ltd. on July 27, 1942. These oroperties comorise 51 shops and eight residences, and the trustees (Benjamin Sutherland, Arthur Sutherland, John Sutherland and Allan McDougall, all of Wellington) have leased them to the Self Help at rentals based on shop saies. It is expected that after paying all outgoings the nett income for a few years will be £7000 a year, but that as the capital grows the income will increase. The armual income will be added to the assets until distribution commences in 1961 or when the £500.000 mark is reached. There - after it will be available for distribution annually. Further 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. 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 per cent. of the value of the building is to be made on the annual income. The trustees have been authorised to invest the income in a wide variety of way s, but to avoid the exclusipn of anv deserving cause 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 the trust funds to the board of trustees for distribution. This board will consist of nominees of the New Zealand Law Society, the New Zealand British Medical Association, the New Zealand Society of Accountants and two persons nominated by the Self Help. At the death of the last surviving original trustee the total assets of the trust will be vested in a 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 distribution the board of trustees is to give more favourable concideration to applicants who raise money for carrying out their objects than to applicants who rely entirely on charitable grants.