Establishment of the Phoenix Trust Foundation

The CPBA Phoenix Trust Foundation was set up by the CPBA in June 1989 to assist students from the People’s Republic of China who were in necessitous circumstances due to the Tiananmen Square incident. On 26 September 1994, the Trustees of the Foundation resolved to wind up the Trust and distribute the balance of the funds, less any necessary expenses to the Salvation Army.

The Foundation’s bank accounts were closed on 10 March 1995 and its books of accounts audited by Deloitte Touche Tohmatsu, Chartered Accountants (formerly Duesbury’s) who had been auditing the Foundation’s accounts since 1990.

The auditors presented their final report and on 6 June 1995, the sum of $20,213 being the balance of the trust funds were handed over the Salvation Army.