TRUST AFFAIRS

Wairarapa Times-Age, 16 May 1941, Page 4

TRUST AFFAIRS

REVIEWED BY CHAIRMAN

Looking back to 1935 our total receipts from rentals were £4194, i an increase in seven years of £BOB. On the payment side our expenditure also shows an increase for this year. The payment for grants was £748 against £704 in 1940, which included £lOO for the last debenture of the Memorial Park. Our total grants in 1935 were only £265 and of this amount £lOO went to the Memorial Park.

“The Opera House has been used mainly during the year for raising funds for patriotic purposes and rents totalling £35 were refunded to the various societies,” Mr Hugo continued. In our scholarship account. grants totalling £337 were made to various students against £240 in 1940. We have now completed the repayment of £l5OO debentures on the Memorial Park. This annual payment which we had to pay for the last 15 years can now be used for other educational purposes. Our building reserve account now stands at £2557 against £2112 in 1940, an increase of £445.

“General expenses amount to £4090,” said Mr Hugo. “Of this amount the sum of £796 has been expended in the maintenance and general improvement of Trust property. The Trust loan indebtedness has been reduced by £l2BO. The sum of £399 has been transferred to the building reserve account, and the amount invested in National Savings bonds. In our statement of assets and liabilities you will notice that our assets are shown as £105,256 and our liabilities only £8963. This amount is mostly loan money which is gradually being paid off. The £5,000 housing loan is now reduced to £2,500, the earthquake damage restoration loan of £4OOO to £3,200, and the Chapel Street garage loan of £lOOO to £650.

“It is very pleasing to be able to state that the rentals at the end of our financial year are quite satisfactory and I think the Trust Lands Trust are very fortunate to have such a satisfactory lot of tenants,” said Mr Hugo. “Your trustees have not been able to entertain any new development in the way of building, but they are doing everything possible to conserve the Trust funds so that they will be in a position, to move forward again immediately the time is opportune for them to do so. Sixtynine years ago the lands now owned by the Trust were waste, unwanted lands, and today by foresight and perseverance the Trust has an income of over £6OOO from these same lands. In conclusion, I would urge a more active community spirit in the affairs of this Trust. It should be recognised that the Trust is playing and will play to a greater extent in the future a very important influence upon the development of Masterton. I wish to thank my co-trustees and the secretary (Mr McKenzie) for their support and co-operation during the year. Mr McKenzie has been a wonderful help,” said Mr Hugo. The annual report and balance-sheet were adopted. Mr J. Macfarlane Laing stated that he. had an answer to any criticism concerning the total grants made from total revenue. A sum of £lOB5 had been paid to beneficiaries. The Opera House had cost £534, for which the revenue was £219. The balance was

a grant to the whole community. Thus a total of £l4OO had been paid in grants out of £6,000 revenue. Mr H. H. Daniell stressed the valuable work which had been carried out in assisting organisations which benefited the community. “The scholarship fund is of no benefit to education,” said Mr Farrell. Included in the list -of pupils receiving assistance were the names of many who did not require assistance. To many the grant was pocket money. Miss Tankersley and Mr F. Shearer expressed opposition to Mr Farrell's remarks. “The children are entitled to the grants,” said Miss Tankersley. Several speakers thanked the Trust for its generous assistance. “I wish to compliment the Trust on one investment it made —a grant of £75 to the Wairarapa College Library,” said Mi F. C. Daniell, it was an investment which had shown a good reuun and in the future would show an even better one. A valuable library was being assembled. Mr Daniell expressed appreciation on behalf of the College Board and the staff for the Trust's assistance.

Mr E. G. Coddington, speaking for the Central School Committee, the Dental Clinic Committee, the Headteachers' Association and the Central School, expressed his thanks for the ready assistance given by the Trust. Mr Flaws, on behalf of the St John Amoulance Brigade, thanked the Trust for financial aid and the free use of rooms in Dixon Street. Mr J. P. Farrell endorsed Mr Coddington’s remarks. The following telegram was received from Mr W. H. Jackson, Auckland: Report and balance sheet worthy of enthusiastic reception.”

REVIEWED BY CHAIRMAN POLICY OF ECONOMY. ANNUAL MEETING OF VOTERS. “The present serious war position that we are passing through is essentially a time when public interest in the management of the Trust is most desirable,’ said Mr H. P. Hugo, chairman of the Masterton Trust Lands Trust at the annual meeting of voters held in the Y.M.C.A. rooms last night. Mr Hugo presided over an attendance which, although small, was representative of the community. Apologies for absence were received from Messrs J. H. Handyside and Raymond Lee. "The annual meetings of the Trust Lands Trust are usually attended by only a handful of enthusiasts, and some have given a lot of valuable time and thought to the successful working of the Trust. With these few exceptions the general public of the Small Farm Area stay away and do not bother with the Trust’s affairs.” said Mr Hugo. "Your Trustees have practised a policy of economy since the disastrous earthquake of 1934 and today our balance sheet reveals that in our summary of balances in Nos. 1. 2 and 3 accounts, our credit balance is £4821 which includes £2557 for building reserve account against £1451 in 1935." said Mr Hugo. "I think you will agree with me that your trustees are handling the affairs of the Trust in a very careful and prudent manner.

"You will notice from our statement of receipts and expenditure that we commenced the year with a credit balance of £925 and ended with £1196." said Mr Hugo. "Our rentals from leasehold and weekly tenants is £5902 against £5833 in 1940. In 1939 our rentals were £5387, which show an increase in two years of £515.