It will make the results of that review public as it progresses.
Thursday's meeting was attended by 23 people - in the past few years, no-one has turned up - and the loss of $512,000 in the past financial year came under fire from residents, businessmen, Otago Chamber of Commerce Waitaki branch representatives and the Waitaki Ratepayers and Concerned Citizens' organisation.
Trust chairman Ali Brosnan acknowledged the discontent.
"I know everyone is pretty blown away by the loss this year," he said.
Mr Brosnan, trust board member Pam Spite, general manager Giles Beal and accountant Rob Reid tried to justify the loss, pointing out it included a book sum depreciation of $700,000, mostly from the $4 million refurbishment of the Northstar.
Mr Beal said the trading position of the trust before depreciation was actually an improvement on the 2008-09 year, when it made a $282,000 loss.
However, those at the meeting did not accept that, and criticised the trust's financial position and management.
The big question posed by Chamber of Commerce representative John Walker was: "Are you [Mr Brosnan] as trust chairman and the board confident you can improve the financial performance of the trust?"Mr Brosnan: "We have to."
Retired Oamaru accountant Tony Brady had scrutinised the accounts, and said the trust's cash position was worse than for the 2008-09 year.
He questioned some assumptions made by the trust and comments by Mr Brosnan in his annual report.
The trust's $4 million debt also came under scrutiny. Mr Brady argued it would have to be paid next year unless renewed and the trust was in no position to do that. Mr Beal said it was a 15-year loan and was to be reviewed next year, but Mr Brady said that was not so.
The $97,000 the trust "alleged" to have made in community grants was "not correct", Mr Brady said. It came from gaming machines in trust establishments through the Lion Foundation. The community grant totalled only $160.
However, trust representatives maintained the gaming machine grants were made through it.
Mr Walker asked about the trust's performance for the seven months of this financial year, but only received assurances that, despite mediocre trading in July, August and September, October had shown a big improvement.
Mr Reid said the result was "down slightly" on the same period in 2009-10, but Mr Beal maintained it was not appropriate to give exact figures.
