A BENEFICENT TRUST

Poverty Bay Herald, Volume LIII, Issue 16389, 11 July 1927, Page 7

A BENEFICENT TRUST

FOURTEEN YEARS' ALLOCATIONS WELLINGTON CHARITIES BENEFIT (Special to Herald) WELLINGTON, this day. - During the 14 years tho T- 0. Macarl hv Trust, arising out of the will of Thomas George Alacarthy, deceased, has been in existence the .sum of £119,000 lias liccii distributed amongst charitable and other organisations in Wellington province, the disbursements having risen from £!«S3O in 1013 to £13,600 for the last year.

The annual meeting of the Hoard of Governors of the Trust was held to-day, those present including the GovernorIjeueral, the Prime Archbishop Itedwood and the Mayor of Wellington. The Public Trustee, '.Mr. .1. W. Macdonalcl, chairman of the Advisory Committee of the Hoard of Governors, was also present.

In submitting his annual report and the balance sheet in respect of the administration of the estate, the Public Trustee reported that the operations during the year under review had been very successful and thai the net income had been substantially increased. Until I lie termination of certain life interests granted under (he will, only one-half of the income from the residuary estate would he available for distribution for charitable and educational purposes. With a view to enhancing and maintaining the earning power of the estate a considerable sum had been expended in repairing and renovating properties, and further rebuilding was proposed. With the facilities which his office afford the estates under administration by him, the Public/ Trustee had heen able to arrange continued and increased assistance to the Macartliy estate during the year, thus making this progressive programme possible The year's grants amounted to £13,600, distributed amongst lldO organisations, including numerous charitable homes, schools, and societies, Hoy Scouts, Community Club, Navy League, i'lunket Societies, and the Wanganui Swankers Club. ' v The Trustj it is interesting to note, arises under the will dated May 19, 1906 of the late Thomas George Macartliy, of Wellington, brewer, who owned the City and Phoenix Brewery, now conducted by the Public Trustee as part of the assets of the estate. The deceased livetf in Wellington for many years and died on August 19, 1912. The will appoints the Public Trustee of the Dominion the sole executor and trustee.

After payment of certain annuities, one-half of the annual income from the residuary estate js paid to a life-tenant in terms of the will. The remaining moiety of the annual income of the residuary estate is distributable each year between charitable and educational institutions or purposes in the provincial ■district of Wellington at the discretion of a special board of trustees mentioned in the will. On the death of the lifetenant- the whole of the capital and income of the' estate, subject to any annuities still payable, becomes available for the said charitable trusts.

The final balance of the estate for duty purposes was £389.689 17s Bd. Legacies amounting to £16.000 were paid under the will, and cslate and succession duty amounted to £63,101 16s Bd. The assets of Ihe whole estate are valued at £409,244.