Disclosure
Anglican Funds Grafton Diocese has ceased operations and is no longer accepting applications for deposits or loans. For more information, click here.
Recent legislation changes that came into effect commencing 1st January 2017 require Anglican Funds Grafton Diocese (AFGD) to provide the following information to all existing and new retail associate clients intending to invest with us.
Australian Securities and Investments Commission (ASIC)
AFGD is required by law to notify investors that investments made with us are not subject to the usual protections for investors under the Corporations Act or regulation by ASIC.
Investment with AFGD is only intended to attract investors whose primary purpose for making their investment is to support our charitable purpose.
The charitable purpose of Anglican Funds Grafton Diocese (AFGD) is to be a fiscally responsible entity which generates financial resources to support and serve the community of faith that is the Anglican Diocese of Grafton. AFGD's role is to seek investments which it reinvests, or lends for profit to assist and grow the mission of the Anglican Church in the Diocese. Investment funds are raised through the issue of debentures in the charitable scheme. AFGD provides surpluses to the Anglican Diocese of Grafton for Mission, Ministry & Administration.
AFGD has lodged an AFGD Identification Statement with Australian Securities and Investments Commission (ASIC) as required by ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813. AFGD ASIC Acceptance Letter 5th October 2018.
AFGD does not currently hold an Australian Financial Services Licence (AFSL). Investors may be unable to get some or all of their money back when the investor expects or at all. The investment is not comparable to investments with banks, finance companies or fund managers.
Australian Prudential Regulation Authority (APRA)
Anglican Funds Grafton Diocese (the Fund) is not prudentially supervised by the Australian Prudential Regulation Authority. Therefore, an investor in the Fund will not receive the benefit of the financial claims scheme or the depositor protection provisions in the Banking Act 1959. Investments in the Fund are intended to support the charitable purposes of the Fund.
Definition of ‘Associate’
AFGD offers its investment products to associated clients, namely:
Associates are defined by ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813 as:
a) A body constituted by or under the authority of a decision of the charity or is controlled by the charity.
b) A person or body that constituted the charity or under whose authority the charity was constituted or controls the charity.
c) A charity with a charitable purpose (related charitable purpose) which is the same or similar to the charity.
d) A person acting as a trustee of a trust for the charity or a charity with a related charitable purpose.
e) A member of clergy, employee or **voluntary staff member who works for a person in paragraphs (a) to (d).
f) A person undertaking training or education to enable them to be a person mentioned in paragraph (e) who receives money from a person mentioned in paragraph’s (a) to (e).
AFGD considers the following individuals to be volunteer staff members (associates):
- Any unpaid member of any Board or Council of the Anglican Diocese of Grafton or one of its committees or sub committees. This refers to, but is not limited to, any governance group described in the Diocesan Governance Ordinance 2008 or described in any constitution established under the Anglican Church of Australia (Bodies Corporate) Act 1938 (NSW).
- Any unpaid member of a Parish Council.
- Parish volunteers who undertake ongoing volunteering for their Parish of at least 8 hours per week.
- A person who works on a regular and ongoing basis for at least 8 hours per week for an organisation of the Anglican Community without being paid, or an honorary office bearer recognised by the Ordinances of the Synod, for example, members of Diocesan Council, and its associated Boards and Committee.
Following the issue of the ASIC Corporations (Charitable Investment Fundraising) Instrument 2016/813, which applies from 1 March 2017, Anglican Funds Grafton Diocese is currently clarifying with the Australian Securities & Investments Commission the exemptions to which it is entitled as a charitable fundraiser. Pending that clarification, AFGD is unable to accept investments from new retail clients. Existing 'Associate' retail clients may retain their investments and may roll them over.
