PROGRESS OF THE TRUST

Wairarapa Times-Age, 17 May 1938, Page 6

PROGRESS OF THE TRUST

£164 CREDIT BALANCE IN 1894 VALUE OF BUILDING RESERVE Some early Trust Lands Trust history was recalled at the annual meeting last night by Mr H. H. Daniell, who said that in 1894 the Trust had a credit balance in the No. 1 Account of £164, while rental receipts totalled £485. Payments of £9O were made to the schools and the Fire Brigade, while an item of expenditure was, Park debt £216. He understood that was a contribution towards the grandstand in the Park.

By 1924, incidentally the period during which his father, Mr C. E. Daniell, was associated with the Trust, the rentals grew from £485 to £3650, leaving out the scholarship acre rentals. Grants made in 1924 totalled £l9Ol. By drawing on the accumulated balance, the sum of £l2OO was used on capital improvements and £260 on repairs, while the Trust still had £2OO in Government debentures by way of a build-« ing fund. In 1931 the rentals had increased to £5199 16s. The grants were still £1945, and the General Account was then in debit to the tune of £1457 and the £2OOO Government debentures were gone. That year £5OO was also paid out of the Scholarship Account. In 1938, the General Account rentals were £5014 and the school grants £230. No other grants were made and the condition of the finances was such that those payments could only be made by delving into the previous year’s credit balance to the extent of £2OO. Mr Daniell said that the best feature of the balance sheet was that in the last two or three years a sinking fund had been put aside for future building so that in ten years’ time it should be possible to have a fund permanently available for construction or reconstruction.