The Eastland Energy Community Trust (the Trust) was created on May 7, 1993 and has as its governing document a deed of trust effective from this date. The Trust changed its name to Eastland Community Trust (ECT) on December 6, 2004.
Clause 16.7 of the Trust deed requires the Trust to prepare and deliver to the Gisborne District Council a Statement of Intent and budget no later than one month before the end of each financial year ending on March 31.
This Statement of Intent has been prepared to satisfy the requirements of clause 16.7 of the Trust deed in respect of the income year ending 31 March 2009.
The Trust was established for the following purposes:
- To preserve the value of the capital of the Trust fund having regard to the affect of inflation and profits and losses from time to time earned or sustained by the trustees in the exercise of their powers and duties of this deed, or any other losses sustained by the trustees.
- To provide for the beneficiaries in such manner as the trustees shall from time to time decide including, without limiting the generality of the foregoing:
- Paying for or subsidising the installation or maintenance of electricity reticulation or the supply of electricity in areas of the district where the trustees are of the opinion that the provision of those services by the company will not provide an acceptable commercial return. And that the cost to the consumer of that electricity is excessive in comparison with the majority of consumers with similar load profiles, connected to the company’s electricity distribution system.
- Supporting business, community and other initiatives, which in the opinion of the trustees are likely to encourage or sustain economic growth within the district which may, directly or indirectly, benefit the beneficiaries.