TRUST’S YEAR

Wairarapa Times-Age, 4 May 1938, Page 8

TRUST’S YEAR

SIXTY SIXTII ANNUAL REPORT GRANTS CURTAILED. RESTORATION OF OPERA HOUSE. “The income for the year under review amounted to £5715 5s 7d, an increase of £209 Is lOd over the previous year,” states the sixty-sixth annual report of the Masterton Trust Lands Trust. “The expenditure for the year totalled £5890 10s 3d, being £175 4s 8d in excess of income as shown below, but a reduction of £l6O Is 7d as compared with that of the previous year. Receipts Expenditure £sd £ s d No. 1 Ac 5484 18 7 5689 2 9 No. 2 Ac 172 7 0 119 9 3 No. 3 Ac 58 0 0 81 18 3 Excess Payments 175 4 8 5890 10 3 5890 10 3 “Property Account. —General expenses under this heading amounted to £4480 15s sd. Out of this total a sum of £BBO was paid in further reduction of the Trust’s loan liabilities. The further sum of £4OO was added to the Buildings Reserve Account. This amount represents approximately 1 per cent, on'the value of the buildings owned by the Trust, and in view of the age of a number of the buildings it will be necessary to continue to add to this fund. As far as possible, all buildings belonging to the Trust have been kept in good order and condition, the sum of £360 17s lOd having been spent on maintenance. Although there has been some increase in the return from rents, any benefit in this regard has been offset by increased payments in rates and the heavy land tax that has to be paid each year. The rates on the General Account amounted to £620 5s 6d, as against £546 15s lid in the previous year. “Grants. —In view of the fact that the Trustees had undertaken the restoration of the Opera House, the usual grants made to the schools and other institutions had to be curtailed for the last financial year, and from the General Account the only grants to be made were to the primary schools. The usual grants were made from the Scholarship Account.

OPERA HOUSE. “The financial year saw the completion of the contract for the restoration of the Opera House. The contract for this work had been let in the previous year, and the work of restoring and refurnishing was completed early in June last. That the expense of restoring this building has been worth while, is established by the fact that since the reopening in June last the building has been used on forty-three occasions, on account of or under local institutions. The Trustees hope that all local societies and institutions will continue to make full use of the theatre. Very considerable expense has been incurred by the Trust in the re-establishment of this building. The total cost of reconstruction and refurnishing was £4174 18s, of which £3OOO was raised by way of loan, £595 4s 6d was received in gifts, and £579 13s 6d was expended from the general funds of the Trust. Our thanks are extended to the Winter Show Fund Committee, .the Amateur Theatrical Society, Opera House Society and the Drama League 'for substantial gifts towards the cost of refurnishing. We also extend thanks to the Mayor and Councillors for rebating rates on this building. “The annual meeting of the Trust will be held in the Y.M.C.A. rooips on Monday, May 16, 1938, at 7.30 p.m. Of recent years the attendance of the public at the annual meeting has been very small. The Trustees feel that greater public interest should be taken in Trust matters, and they hope that the attendance at the forthcoming annual meeting will be more in keeping with the importance of the Trust and its position in our community. “General. —Our thanks are again due to the Audit Department for its very promp completion of the annual audit.”

In conclusion the chairman, Mr J. Marfarlane Laing, states:—“To my coTrustees, I would extend my sincere thanks for their good work and assistance given to me during the past year. I also desire to record my appreciation of the continued loyal service rendered to the Trust by our secretary. Our thanks are also due to the Press for the publicity given to and interest shown in the affairs of the Trust. The annual election of Trustees will take place on Thursday, May 26, 1938. The three retiring Trustees are Messrs D. Caselberg, J. M. Laing and L. J. Taylor.”