Preamble including origin of the Trust and history to 2008
2.1 The Trust was established in Whakatane in memory of a former member of the Whakatane Philatelic Society Inc.
2.2 Subsequently the funds were transferred to the New Zealand Philatelic Federation Inc
[Federation] to administer. The exact date of this transfer is no longer known but a balance of $4,149 was carried forward from the year ended 30 September 1985 (Ref. 1986 Balance Sheet as at 30 September 1986).
2.3 The original capital amount received was $2,500. This was supplemented by a $1,250 donation from the BIRDPEX 1990 exhibition as agreed at the Federation 1991 annual general meeting (ref: note attached to the 1991/2 annual accounts).
2.4 The Federation undertook to invest the entire amount of the fund and not draw down the capital below $3,750. The funds were not available for the general purposes of Federation.
2.5 The proceeds of the investment and any unreserved capital were used to fund awards at New Zealand national exhibitions: specifically this was applied to fund the purchase of the runner-up to the grand award at these exhibitions.
2.6 The fund including income earned and awards paid for was handled within the Federation accounts, but neither income nor expenses were included in the Statement of Financial Performance as general Federation income and expenses.
2.7 The Federation considered in 2008 that the purpose of the fund would be more effectively carried out by setting up a separate charitable trust; it voted to do so and to transfer the funds held to the said trust.
Objects of the Trust
3.1 The advancement of the hobby of philately in New Zealand by means of supporting National Exhibitions.
3.2 The provision of suitable awards at National Exhibitions.
3.3 The initial award provided shall be the Runner-up to the Grand Award.
3.4 The Trustees are empowered to change the nature of the award or awards if in their opinion to do so would more effectively achieve the object in 3.1 above. (This could be because of suitable alternative sponsorship being achieved for the award as in 3.3. above.) Such change shall be notified to all organising committees for exhibitions which have already been approved for Federation patronage and shall not change the eligibility for a grant of any exhibition being held within 12 months of the decision.
4.1 The Trustees shall be the President, Secretary, and Treasurer for the time being of the New Zealand Philatelic Federation Inc, who shall be trustees ex officio and who shall act as chairman, secretary and treasurer respectively of the Trust. (This shall include any person appointed by the Federation in an acting role pending a permanent appointment being made).
4.2 They shall meet as needed to carry out the Trust Objects, keep appropriate records of all decisions made, prepare annual accounts which shall be subject to a Financial Review by the person carrying out that function for the Federation and report on Trust activities to the Federation Annual General Meeting. As an alternative to physically meeting, decisions may be reached electronically or by telephone but must be confirmed at the next physical meeting.
4.3 Decisions on grants to be made shall be unanimous.
Reserve Capital
5.1 The Reserve Capital consists of the original capital amount received of $2,500 supplemented by the $1,250 donation from the BIRDPEX 1990 exhibition as agreed at the Federation 1991 Annual General Meeting, and increased by capitalising unspent income as at 30 September 2008 to provide a new Reserve Capital figure of $15,789.51.
5.2 The Trust is committed to investing the entire amount of the fund and to not drawing down the Reserve Capital below the $15,789.51. The Trustees may from time to time at their sole discretion increase the Reserve Capital in order to extend the useful life of the Trust.
6.1 The Trustees shall have power to place the Trust’s funds in such financial instruments as would be suitable for a prudent trustee to invest in.
6.2 The proceeds of the investment and the unreserved capital shall be used to fund the Objects set out in Clause 4.
The trustees shall have power to meet incidental expenses from the income of the trust but may not benefit personally beyond reimbursement of expenses they have legitimately incurred on the trust’s behalf.
Applications to the Trust
National exhibition committees wishing to receive a grant from the fund shall apply in writing to the secretary of the Trust.
The making of a grant and the amount of a grant from the Trust is solely at the discretion of the Trustees who shall not be required to give applicants any reason for their decisions.
Dissolution of the Trust
If in the opinion of the Trustees the funds are no longer able to be used effectively to promote the objects of the Trust, the Trust funds may be amalgamated with such other fund or funds held on similar trusts as may best allow the continuation of the original intention of the Trust. Such dissolution shall be only by unanimous decision of the trustees which shall be reported to and confirmed by the next Annual General Meeting of Federation.
Founding Trustees

Leonard WilIiam Jury (signed) President of Federation
Robert Albert Gibson (signed) Secretary of Federation
Terry Lynton Isaac (signed) Treasurer of Federation

Dated 17 July 2009