Whereas by a certain declaration of trust executed on 8 August 1922 by the Venerable Herbert Watson, George William Robinson, Lewis Henry Balfour Wilson, George Lawrence, and Sidney Albert Longuet, trusts were declared concerning an endowment fund for the Parish of St Peter, Wellington, being a parish in connection with the Church of the Province of New Zealand, commonly called the Church of England:

And whereas by clause 4 of the said deed it was provided as follows: “No part of the capital or corpus of the said fund shall at any time be expended or used and until the accumulated investments and the properties in the fund shall have reached the amount or value of £1,500 none of the income of the fund shall be expended or used Provided always that if and when any income of the fund may not (in accordance with the law restricting the accumulation of income that shall for the time being be in force) be any longer accumulated the same shall be applied for such purposes of the parish of a religious charitable or educational nature as the vestry thereof shall from time to time direct”:

And whereas it is desirable to increase the amount or value which the accumulated investments and the properties in the said fund must reach before any of the income may (subject to the proviso in the said clause 4) be expended or used.