The offices of the Catholic Development Fund are closed over the Christmas period from 23rd of December 2015 until the 6th of January 2016.
The Catholic Development Fund in the Auckland Diocese is governed by the Diocesan Administration Board, of which the Bishop is the principal trustee.
The CDF is an important source of funding for project and initiatives eg:
- Parish and Church renovations/additions etc
- School building projects.
With 65 Parishes and 56 schools in the Diocese the financial demands on our resources continue to grow.
Our aim is to grow the fund to help meet these needs.
The activities of the CDF are fully backed by the assets of the Catholic Diocese of Auckland, with both the CDF and the Diocesan financial accounts being subject to an annual audit.
For you this is an opportunity to have an On Call Savings account and at the same time invest in the growth and progress of your catholic churches and schools.
Not only are you saving for your own family needs, you are also participating in providing opportunities for catholic schools and churches.
When you save with the CDF it has a trickle down effect and in turn helps the Diocese build schools and churches in your community.
+ P J Dunn
Information document pursuant to the Securities Act (Charity Debt Securities) Exemption Notice 2013
Prospective investors are advised that the Catholic Development Fund of the Catholic Diocese of Auckland (“CDF”), in making this offer of debt securities, is not subject to the normal offer document and independent supervisor requirements under the Securities Act 1978. This is because a general exemption from those requirements has been granted to all charities.
Accordingly, the information required to be disclosed in respect of this offer is less than the information that would normally be disclosed in a registered prospectus and an investment statement.
Also, there is no independent supervision of your money, and the normal mechanism for redress if you encounter difficulties in securing repayment of your money is not available.
The Financial Markets Authority has not examined or approved this particular offer.
The general exemption was granted on the basis that prospective investors in charities are not necessarily seeking a commercial investment opportunity, but instead wish to support the charitable purpose of the charity. The particular charitable purpose of the CDF is discussed in this document.
If the investment risk or return, or if repayment of your investment, is important to you, you should consider seeking financial advice before subscribing to this offer.
Authorised Financial Advisers
A list of all authorised financial advisers who can give you financial advice appears on the FMA’s internet site. The address is www.fma.govt.nz.
Description of Securities
The securities being offered are debt securities. They include on-call savings, funeral and educational accounts.
The risks of an investor not receiving back their investment or any interest return is minimal, given the current healthy financial position of the CDF and the risk management programme which is in place. There is no risk of an investor being required to pay more money than agreed.
- The returns comprise return of the money invested and interest on that money.
- The key factors that determine the interest returns are market conditions and the interest rate that is promised at the commencement of each investment.
- Returns, quantifiable as at the date of this document and enforceable by investors, have been promised for the types of investments as specified above. The rate of those returns are specified on the CDF website –www.administrationaucklandcatholic.org.nz.
- Taxation is likely to affect the interest returns. Each investor should take advice on their own individual situation.
- The dates on which and frequency with which returns from any investment will be due and paid are specified on the CDF website.
- The person legally liable to pay the returns is the Roman Catholic Bishop of Auckland.
Consequences of Insolvency
- Investors are not liable to pay money to any person as a result of the insolvency of the CDF.
- Claims that may rank ahead of claims of investors in the event of the CDF becoming insolvent would comprise any claims of secured creditors.
- Claims on the assets of the CDF that will or may rank equally with the claims of investors include all other creditors of the CDF.
The money paid by investors will in turn be invested by the CDF. The CDF provides funding for the Diocese of Auckland from the few additional percentage points of interest earned by such investment. In addition, the overall income earned by the CDF after payment of expenses is transferred to the Diocese of Auckland. The resulting funds are a major source of income for the ongoing work of the Church, both in social services and pastoral activities.
Terms and Conditions of the Offer of Securities
The terms and conditions of each type of investment are set out on the CDF website.
The CDF is a member of the Insurance and Financial Services Ombudsman Scheme, being a dispute resolution scheme pursuant to the Financial Services Providers (Registration and Dispute Resolution) Act 2008.
Other Material Information
For any further information please consult the CDF website.
Although all investments in the CDF are unsecured, CDF product information and brochures state that Roman Catholic Bishop of Auckland guarantees investments in the CDF. This means that the Bishop, as owner of the CDF, is legally liable to pay the returns.
It is a term of the offer of debt securities that, on request of the offeree, the CDF must send, or cause to be sent, without fee and within 5 working days of receiving the request, to that offeree a copy of the most recent audited financial statements of the CDF that comply with generally accepted accounting practice.