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Uniting Financial Services

PRI reporting framework 2020

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Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

01.3. Additional information. [Optional]

Uniting Financial Services is the trading name of the Treasury and Investment Services (“TIS”) division of the Synod. UFS is not a corporatised financial services company nor a bank. It’s a religious charitable organisation made up of two Uniting Church entities: The Uniting Church (NSW) Trust Association Limited (“UCTAL”) and The Uniting Church in Australia Property Trust (NSW) (“UCAPT”).

UCTAL operates as the treasury for Uniting Church entities and organisations that operate in NSW and the ACT. It sources funds and undertakes investments, which include loans to organisations of the Uniting Church. UCTAL holds our AFSL (292186) for non-cash payment products, the provision of general advice and the offering of managed investment funds to wholesale investors.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Australia

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

30 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.5. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 10-50% 11.32
Fixed income >50% 59.9 10-50% 15.03
Private equity 0 0 0 0
Property <10% 2.97 <10% 2.08
Infrastructure 0 0 <10% 1.94
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash <10% 6.76 0 0
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

The economic logic of UFS’ business is the profitability of our core margin business. This is supplemented by a managed funds offering, generating fee income.

The largest and core component is a commercial bank style of business, with a balance sheet that consists of deposit-style debentures and capital on the liability side, invested in a portfolio of low risk financial assets.

Debentures are mostly sourced from Uniting Church organisations, but approximately 12% are from UCAPT which issues debentures to members of the public.
The assets held on balance sheet include marketable securities, direct property (being divested, with only one remaining), a book of commercial property loans and some loans to Uniting Church organisations. All investments are managed in accordance with the Ethical and ESG Investment Policy, aligned with the UN SDG's.

As at 31 December 2019 the balance sheet was A$1.251 bn in size, with net assets of A$142 mn.

The managed funds arm of our business was expanded in 2017 by the launch of the Ethical Diversified Fund. Along with the Ethical Australian Equity Fund, UFS has just over A$400 mn in funds under management. Investors are almost entirely Uniting church organisations, with only a couple of small external unit holders at present.


OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
0 SSA
27 Corporate (financial)
69 Corporate (non-financial)
4 Securitised
Total 100%
Externally managed
30.37 SSA
39.17 Corporate (financial)
27.78 Corporate (non-financial)
2.68 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

100 Developed Markets
0 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]


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