text:
PSSap Independent Auditor's Report
To the Minister for Finance and Members of the Public Sector Superannuation Accumulation Plan
In my opinion, the financial statements of the Public Sector Superannuation Accumulation Plan for the year ended 30 June 2020 present fairly, in all material respects, the financial position of the Public Sector Superannuation Accumulation Plan as at 30 June 2020 and its financial performance and cash flows for the year then ended in accordance with Australian Accounting Standards.
The financial statements of the Public Sector Superannuation Accumulation Plan which I have audited, comprise the following as at 30 June 2020 and for the year then ended:
Statement by the Trustee of the Public Sector Superannuation Accumulation Plan;
Statement of Financial Position;
Income Statement;
Statement of Changes in Member Benefits;
Statement of Changes in Equity;
Statement of Cash Flows; and
Notes to the financial statements, comprising a Summary of Principal Accounting Policies and other explanatory information.
Basis for opinion
I conducted my audit in accordance with the Australian National Audit Office Auditing Standards, which incorporate the Australian Auditing Standards. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Public Sector Superannuation Accumulation Plan in accordance with the relevant ethical requirements for financial statement audits conducted by the Auditor-General and his delegates. These include the relevant independence requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) to the extent that they are not in conflict with the Auditor-General Act 1997. The Auditor-General is mandated to perform the audit of the Public Sector Superannuation Accumulation Plan, pursuant to the Superannuation Act 2005. I am the delegate of the Auditor-General responsible for the conduct of this audit and I am a member of the Public Sector Superannuation Accumulation Plan. I have no involvement in any investment or any other decision made by the trustee of Public Sector Superannuation Accumulation Plan. A number of safeguards are in place in respect of my independence, including a quality review by an appropriately skilled auditor who is not a member of the Public Sector Superannuation Accumulation Plan. I have also fulfilled my other responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
Trustee's responsibility for the financial statements
The superannuation entity's trustee is responsible for the preparation and fair presentation of financial statements that comply with Australian Accounting Standards and the form agreed with the Minister for Finance and the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). Those Charged with Governance are also responsible for such internal control as they determine is necessary to enable the preparation that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the ability of the Public Sector Superannuation Accumulation Plan to continue as a going concern, disclosing, as applicable, matters related to going concern as applicable and using the going concern basis of accounting unless the trustee either intends to liquidate the entity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
My objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian National Audit Office Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with the Australian National Audit Office Auditing Standards, I exercise professional judgement and maintain professional scepticism throughout the audit. I also:
identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control;
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee;
conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern; and
evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
I communicate with the trustee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.
Bola Oyetunji
Senior Executive Director
Delegate of the Auditor-General
Statement by the Trustee of the Public Sector Superannuation Accumulation Plan ('Plan')
The Board of Directors hereby states that in its opinion:
(a) The accompanying financial statements of the Public Sector Superannuation Accumulation Plan are properly drawn up so as to present fairly the financial position of the Plan as at 30 June 2020 and the financial performance, changes in equity, changes in member benefits and cash flows of the Plan for the year ended on that date;
(b) at the date of this statement there are reasonable grounds to believe that the Plan will be able to pay its debts as and when they fall due;
(c) the financial statements are in a form agreed by the Minister for Finance and the Trustee in accordance with sub-section 30(1)(d) of the Governance of Australian Government Superannuation Schemes Act 2011 and have been prepared in accordance with Australian Accounting Standards and other mandatory professional reporting requirements;
(d) the financial statements have been prepared based on properly maintained financial records; and
(e) the operations of the Plan were conducted in accordance with the Governance of Australian Government Superannuation Schemes Act 2011, the Superannuation Act 2005, the Trust Deed establishing the Plan, the requirements of the Superannuation Industry (Supervision) Act 1993 and regulations, and the relevant requirements of the Corporations Act 2001 and regulations (to the extent applicable).
Signed this 23rd day of September 2020 in accordance with a resolution of directors of Commonwealth Superannuation Corporation (ABN 48 882 817 243) as Trustee of the Plan.
Patricia Cross - Chair
Garry Hounsell - Director
PSSap Statement of Financial Position As at 30 June 2020
Deferred tax asset
Investments in pooled superannuation trust
Benefits and pensions payable
Income tax payable
Other payables
Total liabilities excluding member benefits
Net assets available for member benefits
Defined contribution member liabilities
Allocated to members
(15 268 949)
Unallocated to members
Total defined contribution member liabilities
Operational risk reserve
The attached notes form part of these financial statements.
PSSap Income Statement For the Financial Year Ended 30 June 2020
Investment revenue
Changes in fair value of investments
Other revenue
Administration expenses
Net benefits allocated to members' accounts
Operating result before income tax benefit
Operating result after income tax benefit
PSSap Statement of Changes in Member Benefits For the Financial Year Ended 30 June 2020
Opening balance of member benefits allocated at the beginning of the financial year
Transfers from other funds
Government co-contributions
Low income superannuation tax offset
Income tax on contributions
Net after tax contributions
Benefits to members
Insurance premiums paid to insurer
Insurance claim payments received from insurer
Tax rebate on insurance premiums paid to insurer
Net transfers to reserves
Net increase/ (decrease) in amounts not yet allocated to members' accounts
Closing balance of member benefits at the end of the financial year
PSSap Statement of Changes in Equity For the Financial Year Ended 30 June 2020
Opening balance as at 1 July 2018
Operating result
Net transfers (from) / to reserves
Closing balance as at 30 June 2019
PSSap Statement of Cash Flows For the Year Ended 30 June 2020
Income tax (paid) / received
Other revenue received
Administration expenses paid
Net cash (outflows) from operating activities
Purchase of investments
Proceeds from sale of investments
Net cash (outflows) from investing activities
Contributions received
Income tax paid on contributions
Tax rebate received on insurance premiums
Benefits and pensions paid
Net cash (inflows) from financing activities
Net (decrease) / increase in cash held
Cash at the beginning of the financial year
Cast at the end of the financial year
PSSap. NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
PSSap NOTE 1. DESCRIPTION OF THE PLAN
The Public Sector Superannuation Accumulation Plan ('Plan') is a defined contribution scheme constituted by Trust Deed dated 29 June 2005 under the Superannuation Act 2005 and is domiciled in Australia. The Trustee of the Plan is the Commonwealth Superannuation Corporation (CSC) (ABN 48 882 817 243).
The principal place of business and registered office of the Plan is 7 London Circuit, Canberra, ACT 2601.
Contributions of the employers and the employees are made in accordance with the terms of the Trust Deed. The members' accounts are credited or debited each year with contributions and their proportionate share of the net investment income, expenses and income tax expense of the Plan.
PSSap NOTE 2. BASIS OF PREPARATION
(a) Statement of compliance
The financial report of the Plan is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards and Interpretations, the Superannuation Industry (Supervision) Act 1993 . For the purposes of preparing financial statements, the Plan is a not-for-profit entity.
The form of these financial statements has been agreed by the Minister for Finance and the Trustee in accordance with sub-section 30(1)(d) of the Governance of Australian Government Superannuation Schemes Act 2011 .
The financial statements of the Plan were authorised for issue by the Directors of the Trustee on 23 September 2020.
Standards adopted with no significant impact on the financial statements
The following new and revised Standards and Interpretations have been adopted in these financial statements. The adoption has not had any significant impact on the amounts or disclosures reported in these financial statements but may affect the accounting for future transactions or arrangements.
Standard / Interpretation
Effective for annual reporting periods
AASB 15 'Revenue from Contracts with Customers', AASB 2014-5 'Amendments to Australian Accounting Standards arising from AASB 15', AASB 2015-8 'Amendments to Australian Accounting Standards - Effective Date of AASB 15', and AASB 2016-3 'Amendments to Australian Accounting Standards - Clarifications to AASB 15'
beginning on or after 1 January 2019
AASB 1058 'Income of Not-for-Profit Entities'
AASB 2016-8 'Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities'
AASB 2017-4 'Amendments to Australian Accounting Standards – Uncertainty over Income Tax Treatments'
AASB 2014-10 'Amendments to Australian Accounting Standards – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture', AASB 2015-10 'Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128', AASB 2017-5 'Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128 and Editorial Corrections.'
AASB 2017-6 'Amendments to Australian Accounting Standards – Prepayment Features with Negative Compensation'
Standards in issue but not yet effective
At the date of authorisation of the financial report, the following Standards which are expected to be relevant to the Plan were in issue but not yet effective. The directors anticipate the adoption of these Standards will have no material financial impact on the financial report of the Plan.
Effective for annual reporting periods beginning on or after
Expected to be initially applied in the financial year ending
AASB 2018-7 'Amendments to Australian Accounting Standards – Definition of Material'
AASB 2019-1 'Amendments to Australian Accounting Standards – References to the Conceptual Framework'
AASB 2019-5 'Amendments to Australian Accounting Standards - Disclosure of the Effect of New IFRS Standards Not Yet Issued in Australia'
AASB 2020-1 'Amendments to Australian Accounting Standards – Classification of Liabilities as Current or Non-current'
AASB 2020-3 'Amendments to Australian Accounting Standards – Annual Improvements 2018–2020 and Other Amendments'
(b) Functional and presentation currency
The financial statements are presented in Australian dollars, which is the functional currency of the Plan.
Amounts in these financial statements have been rounded to the nearest thousand dollars, unless otherwise indicated.
(c) Use of judgements and estimates
In the application of Accounting Standards, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgements. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements made by management in the application of Accounting Standards that have significant effects on the financial statements, and estimates with a significant risk of material adjustments in the next year are disclosed, where applicable, in the relevant notes to the financial statements.
(d) Going Concern
The financial report has been prepared on a going concern basis, which contemplates the continuation of normal business operations and the realisation of assets and settlement of liabilities in the normal course of business. In making this assessment, the directors of the Trustee have considered future events and conditions for the period of twelve months following the approval of these financial statements, including the impact of the outbreak of COVID-19 which was declared by the World Health Organisation as a "Global Pandemic" on 11 March 2020. Whilst the situation remains uncertain, the Trustee remains confident that the Scheme will be able to continue as a going concern as the Scheme's assets outweigh its liabilities and it has sufficient liquidity to meet its debts as and when they fall due.
PSSap NOTE 3. SUMMARY OF PRINCIPAL ACCOUNTING POLICIES
The accounting policies set out below have been applied in preparing the financial statements for the year ended 30 June 2020 and the comparative information presented in these financial statements for the year ended 30 June 2019. Where necessary, disclosures of comparative numbers have been restated to be consistent with the current period.
(a) Cash and Cash Equivalents
Cash and cash equivalents include cash at bank used to transact member and employer contributions, transfers to and from other funds, benefit payments and tax liabilities.
(b) Financial assets
Financial assets (being investments in a pooled superannuation trust, cash at bank and other receivables) are recognised on the date the Plan becomes a party to the contractual provisions of the asset. Financial assets are recognised using trade date accounting. After initial measurement, any gains and losses from changes in fair value are recognised in the Income Statement.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using another valuation technique.
Fair values have been determined as follows:
(i) Units in a pooled superannuation trust are valued at the redemption price at close of business on the last business day of the reporting period as notified by the manager of the trust, reflecting the fair value of the underlying investments.
(ii) Other receivables are recognised at nominal amounts due which approximate fair value. All amounts are unsecured and are subject to normal credit terms.
(c) Foreign Currency Transactions
The Plan does not undertake transactions denominated in foreign currencies.
(d) Payables
Payables (being other payables and benefits and pensions payable) are recognised at their nominal value which is equivalent to fair value.
Other payables represent liabilities for services provided to the Plan during the financial period and which are unpaid at reporting date. All amounts are unsecured. Creditors are subject to normal credit terms.
Benefits payable
Benefits payable to a member are recognised where a valid withdrawal notice has been received and approved, but payment has not been made by reporting date.
(e) Defined contribution member liabilities
Defined contribution member liabilities are measured as the amount of member account balances as at the reporting date (Note 10).
(f) Contributions
Employer and member contributions, superannuation co-contributions, low income superannuation tax offsets from the Commonwealth Government and transfers from other funds are recognised when control of the contribution or transfer has passed to the Plan.
(g) Operational risk reserve
The purpose of the operational risk reserve (ORR) is to provide adequate financial resources to address potential losses arising from an operational risk event. The ORR is operated in accordance with an ORR policy. The level of the reserve is determined by the Trustee Directors and reviewed annually, based on an assessment of the risks faced by the Fund. The transferred assets underlying the ORR are held in separate cash options of the ARIA Investments Trust ('the AIT') and income earned on these assets is recognised in the reserve
(h) Derivatives
The Plan does not directly enter into derivative financial instruments.
(i) Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. Specific revenues are recognised as follows:
Interest revenue is recognised on an accrual basis.
Changes in the fair value of investments are recognised as income and are determined as the difference between the fair value at year end or consideration received (if sold during the year) and the fair value as at the prior year end or cost (if the investment was acquired during the period).
(j) Expenses
Expenses are recognised on an accruals basis and, if not paid at reporting date, are reflected in the Statement of Financial Position as an accrual or payable depending upon whether or not the expense has been billed.
(k) Insurance Premiums
Death and total and permanent disability insurance premiums are charged to member accounts on a monthly basis and then remitted to the life insurer in arrears.
(l) Income Tax
Income tax is recognised in the Income Statement and the Statement of Changes in Member Benefits. As the Scheme invests in the AIT, which is a pooled superannuation trust, tax on this investment revenue is paid by the AIT.
Current tax
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for the current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred tax is accounted for using the comprehensive balance sheet liability method in respect of temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items.
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Plan expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Plan intends to settle its current tax assets and liabilities on a net basis.
Current and deferred tax for the period
Current and deferred tax for the period is recognised as an expense or benefit in the Income Statement, except for tax on contributions, which is recognised in the Statement of Changes in Member Benefits.
(m) Goods and Services Tax ('GST')
Revenues, expenses and assets are recognised net of the amount of goods and services tax ('GST') recoverable from the Australian Taxation Office (ATO) as a reduced input tax credit. Where the amount of GST incurred is not recoverable from the ATO, it is recognised as part of the cost of acquisition of an asset or as an expense item.
Receivables and payables are recognised inclusive of GST.
The net amount of GST recoverable from, or payable to, the ATO is included as an asset or liability in the Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified within operating cash flows.
PSSap NOTE 4. OTHER RECEIVABLES
Receivable from the ARIA Investments Trust
Interest receivable
GST receivable
Administrator lag loss receivable
Compensation receivable
There are no receivables that are past due or impaired (2019: nil).
PSSap NOTE 5. INVESTMENTS
Pooled Superannuation Trust - ARIA Investments Trust
PSSap NOTE 6. CHANGES IN FAIR VALUE OF INVESTMENTS
(a) Investments held at 30 June
(b) Investments realised during the year:
(c) Total changes in fair value of investments
PSSap NOTE 7. FUNDING ARRANGEMENTS
(a) Contributions
Employers contribute either 15.4% (Australian government employers) or 9.5% (other employers) of employees' superannuation salary to the Plan, subject to superannuation law. These rates are consistent with the prior financial year. Employers may also make salary sacrifice contributions (before tax) to the Plan on behalf of members.
Members may make voluntary contributions to the Plan in the form of personal contributions (after tax).
Transferring superannuation from other funds
Money invested in other superannuation funds can be rolled over to the Plan.
Spouse Contributions
Additional contributions can be made by a spouse on behalf of a member of the Plan.
For the financial years ended 30 June 2019 and 30 June 2020, the Commonwealth Government contributed $0.50 for every $1.00 of eligible personal after-tax member contributions paid to the Plan up to a maximum of $500 per member.
The low income superannuation tax offset (LISTO) is a Commonwealth Government superannuation payment of up to $500. LISTO payments are recognised as revenue when received.
(b) Benefits paid
Where a member meets a condition of release and a valid application is received, the benefit is paid to the beneficiary from the Plan. Benefits to members also include rollovers out of the Plan.
Where members invest in a standard or transition retirement income stream (pension) via the Commonwealth Superannuation Corporation retirement income product (CSCri), regular income payments are made to the member from the Plan. Standard retirement income stream members also have access to ad hoc withdrawals.
Benefits paid by the Plan during the year are as follows:
Lump sum benefits and rollovers paid and payable
Pensions paid and payable
(c) Costs of Managing, Investing and Administering the Plan
Costs of and incidental to the management of the Plan and the investment of its money are charged against the assets of the AIT that are referable to the Plan. Transactions in respect of these costs have been brought to account in the financial statements of the AIT.
Expenses met by the AIT and referable to the Plan are as follows:
Investment manager fees
Custodian fees
Investment consultant and other service provider fees
Other investment expenses
Total direct investment expenses
Regulatory fees
Other operating expenses
Administration fees are paid by members and used to pay costs other than those incurred in managing and investing Plan assets. Costs funded by these administration fees are disclosed as 'other administration expenses' in the Income Statement and include $2,979,677 (2019: 1,301,252) charged to the Plan by CSC for acting as Trustee of the Plan during the reporting period.
PSSap NOTE 8. OTHER PAYABLES
Insurance premiums payable
Employer contributions refundable
Withholding tax payable
PSSap NOTE 9. INCOME TAX
(a) Income tax recognised in operating results
Tax benefit comprises:
Current tax benefit
Deferred tax income relating to the origination and reversal of temporary differences
Total tax benefit
The prima facie income tax benefit on the operating result before income tax reconciles to the income tax in the Income Statement as follows:
Operating result before income tax
Income tax benefit calculated at 15%
Net benefits allocated to members during the year
Investment revenue already taxed
Other revenue not taxable
Investment revenue not taxable
(b) Income tax recognised in Statement of Changes in Member Benefits
Contributions received:
Total contributions
Contributions tax calculated at 15%
Member contributions not subject to tax
Government co-contributions not subject to tax
Low income superannuation tax offset not subject to tax
Transfers from other funds not subject to tax
Member contributions subject to tax
Rollovers in subject to tax
Anti Detriment deduction
Net tax on contributions for which no TFN was provided
Super contribution on income protection payments subject to tax
Under / (over) relating to the prior year
Total income tax on contributions
Current tax rebate on insurance premiums paid to insurer
Deferred tax rebate on insurance premiums paid to insurer
Total tax rebate on insurance premiums paid to insurer
(c) Deferred tax balances
Deferred tax balances
Deferred tax asset:
Temporary differences
Taxable and deductible temporary differences arise from the following:
Charged to
Closing balance
Gross deferred tax assets /
(liabilities):
Gross deferred tax assets / (liabilities):
PSSap NOTE 10. DEFINED CONTRIBUTION MEMBER LIABILITIES
Defined contribution members bear the investment risk relating to the underlying assets and unit prices used to measure defined contribution member liabilities. Unit prices are updated on a daily basis for movements in investment markets.
At 30 June 2020 $30,508,627 (2019: $43,392,949) has not been allocated to members' at balance date. The amount not yet allocated to members' accounts relates to timing differences, which includes contributions received by the Plan that have not been able to be allocated to members as at balance date and valuation differences.
The Plan's management of the investment market risks is as disclosed in Note 13.
PSSap NOTE 11. CASH FLOW INFORMATION
(a) Reconciliation of Cash
For the purposes of the Statement of Cash Flows, cash represents cash at bank. Cash at the end of the reporting period as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows:
Cash at bank
(b) Reconciliation of operating results after income tax to net cash (outflows) from operating activities
Operating result after income tax expense
Decrease/(increase) in other receivables
(Increase)/decrease in deferred tax asset
(Decrease)/increase in other payables
(Decrease)/increase in income tax payable
PSSap NOTE 12. AUDITOR'S REMUNERATION
Amounts paid or payable to the Australian National Audit Office for audit services:
Regulatory returns and compliance
The audits and reviews were provided by the Australian National Audit Office. The audit fees will be charged against the assets of the AIT that are referable to the Plan.
Deloitte Touche Tohmatsu are contracted by the ANAO to provide audit services on its behalf. Fees for those services are included above.
No other services were provided by the Australian National Audit Office or Deloitte Touche Tohmatsu to the Plan during the reporting period.
PSSap NOTE 13. FINANCIAL INSTRUMENTS
(a) Financial instruments management
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
The investments of the Plan (other than cash held for managing contribution receipts, insurance expenses, benefit payments and tax payments) comprise units in the AIT. The AIT is a pooled superannuation trust which is also governed by the Trustee. This type of investment has been determined by the Trustee to be appropriate for the Plan and is in accordance with the Plan's published investment strategy. The Trustee applies strategies to manage risk relating to the investment activities of the AIT. The investments of the AIT are managed on behalf of the Trustee by specialist external investment managers who are required to invest the assets in accordance with contractual investment mandates.
(b) Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised in respect of each class of financial asset and financial liability are disclosed in Note 3 to the financial statements.
(c) Capital risk management
The Registerable Superannuation Entity ('RSE') licence of the Trustee of the Plan requires the Trustee to maintain adequate financial resources to address losses arising from operational risks that may affect registrable superannuation entities within its business operations in the form of operational risk reserve(s), operational risk trustee capital or a combination thereof to meet the target amount of financial resources that the RSE licensee determines is necessary to respond to these losses. The Trustee of the Plan was in compliance with this requirement throughout the reporting period.
(d) Categories of financial instruments
The financial assets and liabilities of the Plan are recognised at fair value as at the reporting date. Changes in fair value are recognised in the Income Statement.
(e) Financial risk management objectives
The Plan is exposed to a variety of financial risks as a result of its pooled investments in the AIT. These risks include market risk (including currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Plan's risk management and investment policies, approved by the Trustee, seek to minimise the potential adverse effects of these risks on the Plan's financial performance. These policies may include the use of financial derivative instruments.
The Trustee ensures that there is an effective risk management control framework in place for the Plan. Consistent with regulatory requirements, the Trustee has developed, implemented and maintains a Risk Management Framework to identify the policies, procedures, processes and controls that comprise its risk management and control systems for the Plan and for the Plan's investments through the AIT. The overall investment strategy of the Plan is set out in the Trustee's approved investment policies which address the investment strategy and objectives and risk mitigation strategies including risk mitigation relating to the use of derivatives.
The Trustee's internal investment team monitors and manages the financial risks relating to the Plan's investments. Derivative Risk Statements set out the strict parameters for the Trustee's investment managers authorised to use derivatives. In essence, derivatives cannot be used to raise the level of risk above the level it would otherwise have been, and derivatives cannot be used to leverage the investments.
The Plan's investments are managed on behalf of the Trustee by specialist external investment managers who invest their respective fund allocation in accordance with the terms of a written investment mandate or disclosure document. The Trustee has determined that the appointment of these managers is appropriate for the Plan and is in accordance with its investment strategy.
(f) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Plan. In its capacity as trustee of the AIT, the Trustee has adopted a policy of spreading the aggregate value of transactions across approved creditworthy counterparties as a means of mitigating the risk of financial loss. The Plan's exposure to its counterparties are continuously monitored by the Trustee.
The largest exposure to a single counterparty is to cash held by the investment master custodian Northern Trust. Credit risk relating to the master custodian is mitigated through contract indemnity provisions. Other than the master custodian, no individual exposure within the AIT exceeded 5% of net assets of that trust at 30 June 2020 or 30 June 2019.
The credit risk on the Plan's directly held cash and cash equivalents and interest receivable is limited because the counterparty is the Reserve Bank of Australia.
The table below shows the maximum exposure of financial assets to credit risk at the reporting date:
Other financial assets
Total financial assets
There has been an increase in the Plan's exposure to credit risk during the period arising from increased volatility in the market. The Trustee's existing policies and procedures were appropriate to manage this increase in exposure and therefore there has been no change to the manner in which the Trustee manages and measures credit risk since the 2019 period.
(g) Liquidity risk
Liquidity risk is the risk that the Plan will encounter difficulty in either realising assets or otherwise raising sufficient funds to meet its financial liabilities and/or member benefit payments or tax liabilities.
The Trustee's approach to managing liquidity is to ensure that the Plan will always have sufficient liquidity to meet its liabilities and member withdrawals. The Plan allows members to withdraw benefits, and it is therefore exposed to the liquidity risk of meeting member withdrawals at any time. The Plan has a high level of net inward cash flows through new contributions which provide capacity to manage liquidity risk. The Trustee undertakes forecasting and scenario testing of the cashflow requirements of the Plan to ensure timely access to sufficient cash and holds actively-traded, highly-liquid investments to meet anticipated funding requirements.
As a further risk mitigation strategy, it is the Trustee's policy that the target asset allocation to illiquid assets is limited to around 25% of the investments of the AIT (with a plus or minus 10 percentage point rebalancing range around that target). Regular scenario testing is performed to confirm the validity of the strategy.
The following tables summarise the maturity profile of the Plan's financial liabilities. The tables have been drawn up based on the contractual undiscounted cash flows of financial liabilities based on the earliest date on which the Plan can be required to pay. The tables include both interest and principal cash flows.
Financial Liabilities maturity profile:
3 months to 1 year
Member liabilities
Total financial liabilities
There has been no change to the Plan's exposure to liquidity risk or the management and measurement of that risk during the reporting period.
(h) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk and other market price risk. The policies and procedures put in place to mitigate the exposure to market risk are detailed in the Trustee's investment policies and the Risk Management Framework.
There has been an increase in the Plan's exposure to market risk during the period arising from increased volatility in the market. The Trustee's existing policies and procedures were appropriate to manage this increase in exposure and therefore there has been no change to the manner in which the Trustee manages and measures market risk since the 2019 period.
Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
The Plan does not undertake any transactions in foreign currency and is therefore not directly exposed to foreign currency risk. However, the Plan is indirectly exposed to foreign currency risk from the international assets held in the AIT, and it is managed in accordance with the Trustee's approved investment strategy. The AIT enters into forward foreign exchange contracts to hedge into Australian dollars some of the currency exposure arising from its investments denominated in developed markets foreign currencies. These contracts neutralise some of the gains and losses from currency fluctuation. A small part of the investments of the AIT, relating to emerging markets, may remain unhedged due to lack of suitable currency instruments for hedging.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The Plan is directly exposed to interest rate risk on cash and cash equivalents held with the Reserve Bank of Australia to meet benefits, taxation and insurance payments. All holdings at 30 June 2020 and 30 June 2019 had a maturity profile of less than one month.
The Plan is indirectly exposed to interest rate risk through its investments in the AIT. The Trustee manages interest rate risk through its investment strategy including diversification of asset allocation and the use of a diversity of specialist investment sector managers.
The following table illustrates the Plan's sensitivity to a 0.09% p.a. (2019: 0.20%) increase or decrease in interest rates, based on cash balances directly held at reporting date. This represents an assessment of the reasonably possible change in interest rates as at that date. Had interest rates been lower or higher by 0.09% (2019: 0.20%) at reporting date, and all other variables were held constant, the financial result would have improved/(deteriorated) as demonstrated:
Interest rate risk $' 000
Operating Result Before Tax
Net Assets Available to Pay
In the Trustee's opinion, the sensitivity analysis at reporting date approximates the direct interest rate exposures of the Plan during the financial year.
Other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or factors affecting all similar financial instruments traded in the market.
The Plan's investment in the AIT is exposed to market price risk in respect of the latter's holdings of equity securities and unit trusts. As the investment in the AIT is carried at fair value through profit or loss, all changes in market conditions will directly affect the Plan's net investment income. In its capacity as trustee of the AIT, the Trustee manages the market price risk arising from these investments by diversifying the portfolio in accordance with its investment strategy.
The following table illustrates the Plan's sensitivity to a reasonably possible change in the value of its investment in the AIT, based on risk exposures at reporting date. The volatility factors represent the average annual historical volatility in the investment option unit prices. For the Cash option and the investments backing the operational risk reserve a factor of 0.09% (2019: 0.20%) has been applied representing a reasonably possible change in interest rates as a proxy for price risk of the option. Had the unit price been higher or lower by the volatility factor at the reporting date, and all other variables were held constant, the financial result would have improved/ (deteriorated) as follows:
Change in price
Price risk $' 000
Net Assets Available to Pay Benefits
ARIA Investments Trust:
(Lower price)
Balanced option
-/+5.00%
Aggressive option
Income focused option
MySuper balanced
CSCri cash option
CSCri aggressive option
CSCri balanced option
CSCri income focused
CSCri cash option-TRIS
CSCri aggressive option-
CSCri balanced option-
option-TRIS
Carrying amount $'000
In the Trustee's opinion, the sensitivity analysis at reporting date is representative of the other market price exposures during the financial year.
(i) Fair value measurements
The Plan's financial instruments are included in the Statement of Financial Position at fair value. The fair value is determined per the accounting policies in Note 3.
Fair value measurements recognised in the Statement of Financial Position
The following table provides an analysis of the Plan's financial instruments whereby the assets and liabilities are each grouped into one of three categories based on the degree to which their method of valuation is observable.
Level 1: fair value measurements are those derived from quoted prices in active markets.
Level 2: fair value measurements are those derived from inputs (other than quoted prices included within Level 1) that are observable such as prices or derived from prices.
Level 3: fair value measurements are those derived from valuation techniques that include inputs that are not based on observable market data.
Pooled superannuation trust
There were no transfers between Level 1 and 2 in the period.
Units in the pooled superannuation trust are valued daily based on the latest listed and unlisted market prices and values of the underlying investments, less any tax and
Reconciliation of Level 3 fair value measurements
There were no Level 3 financial assets or liabilities for the period (2019:Nil).
Fair value measurements of the underlying investments
The funded components of the Schemes for which CSC is the Trustee are co-invested in a pooled superannuation trust. The following table provides an analysis of the underlying pooled superannuation trust's investments grouped into levels 1 to 3 of the fair value hierarchy based on the degree to which their fair value is observable. The table has been prepared on a look-through basis and therefore discloses investments held in underlying Trustee-controlled subsidiary trusts as if they are direct investments of the pooled superannuation trust.
Fixed interest investments
Derivatives contracts (net)
The fair values of the pooled superannuation trust's investments is determined as follows:
I. Cash comprises demand deposits with a bank, financial institution or futures broker. Cash equivalents are short-term, highly-liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.
II. Money market investments are valued at the market closing price on the last business day of the reporting period and include accrued interest.
III. Fixed interest securities are valued at their market value at close of business on the last business day of the reporting period.
IV. Equity securities and listed trusts are valued at the last sale price at close of business on the last business day of the reporting period.
V. Private equity funds are valued according to the most recent valuation obtainable from an independent (third party) valuer or an investment manager, applying valuation and disclosure guidelines consistent with the International Equity & Venture Capital Valuation Guidelines.
VI. Unlisted trusts (including pooled superannuation trusts and hedge funds) are valued at their most recent redemption price as determined by the manager of the relevant trust. Unlisted trusts controlled by the Trustee are valued at least annually in accordance with valuation guidelines agreed by the Trustee. Valuations may be completed by an independent valuer, the external investment manager or the Trustee. In determining the valuation, reference is made to guidelines set by relevant associations.
VII. Investment properties which comprise land and buildings for the purpose of letting to produce rental income, are initially measured at cost. Cost includes capital expenditure subsequent to acquisition. Investment properties are not depreciated. Subsequent to initial recognition, investment properties are measured at fair value. Investment properties are independently revalued at least annually. Valuations are performed by registered valuers. In determining the fair value, the expected net cash flows are discounted to their present value using a market determined risk adjusted rate. This is compared against valuations based on capitalised earnings methodologies as well as comparable market transactions.
VIII. Futures contracts are valued at market closing prices quoted on the last business day of the reporting period.
IX. Forward currency contracts and swaps are valued using prices obtained from independent providers as at the last business day of the reporting period (or alternatively from counterparties or the external investment managers where a provider does not supply a price).
X. Exchange traded options are valued as the premium payable or receivable to close out the contracts at the last buy price at close of business on the last business day of the reporting period.
Fair value in an inactive or unquoted market
The fair value of financial assets and liabilities that are not traded in an active market is determined using valuation techniques. These include the use of recent arm's length market transactions, reference to the current fair value of a substantially similar instrument, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.
The COVID-19 pandemic has impacted global economic activity and, to varying degrees, financial markets around the world. As a result assessing fair value as at reporting date involves increased uncertainties around the underlying assumptions for valuations given the very wide range of potential paths forward for both economies, policy responses and asset fundamentals. Additionally, very low, if any, transaction volumes make evidential valuation difficult. The independent valuations received for some property and infrastructure investments have been reported on the basis of "significant valuation uncertainty", meaning the valuation is current at the date of valuation only. The value assessed may change significantly over a relatively short period of time. The valuers confirmed inclusion of the "significant valuation uncertainty" declaration does not mean valuations cannot be relied upon. Rather, the phrase is used in order to be clear, transparent and indicate that, in the current extraordinary circumstances, less certainty should be attached to valuations than would otherwise be the case and input assumptions may have to change materially as conditions evolve.
There has been no change to the Trust's valuation policies for the year ended 30 June 2020.
The Trustee's Valuation of Investments Policy and Procedures provides that if a price is not at market value (due to illiquidity, suspension, a material event or otherwise), the Trustee may vary the value of the asset in accordance with the internal governance processes for the adjustment as outlined in the Policy. The objective of this special situations process is to preserve equity across member outcomes, regardless of their choices, by mitigating against the risk that in major disruptions, the effect of normal delays in the reporting of private-equity fund valuations is materially amplified.
Given the public-markets evidence; the genuine uncertainties surrounding financial markets asset fundamentals due to the COVID-19 pandemic and associated policy responses; and the expectation that these uncertainties will not reverse or be resolved within a single valuation cycle, the special situation hurdle was triggered within the Valuation Policy and the Trustee executed on that process for private equity funds, in accordance with the Policy.
As at 30 June 2020 an upwards Trustee valuation adjustment based on a public market price adjustment factor was added to the investment manager valuations of unlisted International equity trusts ($193.1m) and unlisted Australian equity trusts ($4.2m), representing 5.0% and 0.3% of the unlisted International and Australian equity trust portfolios respectively. This followed a symmetrically-executed downward adjustment to private-equity valuations immediately following the steep falls in public equity markets in March 2020.
PSSap NOTE 14. RELATED PARTIES
(a) Trustee
Commonwealth Superannuation Corporation (CSC) was the Trustee throughout the reporting period. Included in 'other administration expenses' is an amount of $2,979,677 (2019: $1,301,252) charged to the Plan by CSC for acting as Trustee of the Plan during the reporting period.
(b) Key Management Personnel
The Directors of CSC throughout the year ended 30 June 2020 and to the date of this report were:
Ariane Barker
Patricia Cross (Chair)
Melissa Donnelly (Appointed 1 July 2020)
Christopher Ellison
Nadine Flood (Term ended 30 June 2020)
Winsome Hall (Term ended 30 June 2020)
Garry Hounsell
Sunil Kemppi (Resigned 22 November 2019)
Peggy O'Neal (Term ended 30 June 2020)
Anthony Needham
Margaret Staib
Michael Vertigan
Alistair Waters (Appointed 25 February 2020)
In addition to the Directors,the following Executives of CSC had authority and responsibility for planning, directing and controlling the activities of the Scheme throughout the year ended 30 June 2020 were:
Paul Abraham - Executive Manager, Investment Operations
Catharina Armitage - Head of People
Peter Carrigy-Ryan - Chief Executive Officer
Robert Firth - Chief Risk Officer (Previously Head of Risk until 2 December 2019)
Philip George - Special Advisor, Member Outcomes (Commenced 3 February 2020)
Peter Jamieson - Chief Customer Officer
Adam Nettheim - Head of Customer Operations (Previously Head of Scheme Operations until 4 November 2019)
Alana Scheiffers - General Counsel (Previously Head of Legal & Compliance until 6 September 2019)
Alison Tarditi - Chief Investment Officer
Andy Young - Chief Operating Officer
The following changes to the executives of CSC were made subsequent to 30 June 2020:
Peter Carrigy-Ryan - Chief Executive Officer (Retired 12 July 2020)
Philip George - Chief Transformation Officer (Previously Special Advisor, Member Outcomes until 31 July 2020)
Damian Hill - Chief Executive Officer (Commenced 13 July 2020)
Andrew Matuszczak - Executive Manager, Technology (Commenced 31 August 2020)
Paul Abraham, Catharina Armitage, Melissa Donnelly,Christopher Ellison, Robert Firth, Nadine Flood, Philip George, Damian Hill, Sunil Kemppi, Anthony Needham, Adam Nettheim, Alana Scheiffers, Margaret Staib, Alison Tarditi, Alistair Waters and Andy Young are members of the Plan. The terms and conditions of their membership, or those of any related parties, are the same as for any other member who is not part of the key management personnel of the Plan.
(c) Key Management Personnel Compensation
The aggregate compensation of the key management personnel in relation to the Plan is set out below:
Short-term employee benefits
Post-employment benefits
Other long-term benefits
Termination benefits
Aggregate compensation in relation to the Plan is a pro-rata apportionment of the overall compensation paid by the Trustee, based on the net assets of the entities under its trusteeship or actual control.
The compensation of key management personnel (including Directors) related to investment management is charged against the assets of the AIT that are referable to the Plan.
The Plan has not made, guaranteed or secured, directly or indirectly, any loans to key management personnel or their personally-related entities at any time during the year.
(d) Investing entities
Throughout the year ended 30 June 2020, the Plan's only investment consisted of units in the AIT, which was established to provide a cost-effective means of gaining exposure to a broad range of listed and unlisted securities across various asset classes.
The other investors in the AIT throughout the year were the Public Sector Superannuation Scheme, the Commonwealth Superannuation Scheme, the Military Superannuation and Benefits Scheme and the Australian Defence Force Superannuation Scheme. All investing transactions are conducted under normal industry terms and conditions.
The Trustee of the Plan, Commonwealth Superannuation Corporation, is the trustee of the following regulated superannuation schemes: Commonwealth Superannuation Scheme, the Public Sector Superannuation Scheme, the Public Sector Superannuation Accumulation Plan, the Military Superannuation and Benefits Scheme and the Australian Defence Force Superannuation Scheme.
The Trustee pays costs of and incidental to the management of the Plan and the investment of its money from the assets of the AIT that are referable to the Plan (Note 7(c)). No fees were charged to the plan or its assets for acting as Trustee during the year ended 30 June 2020 (2019: $nil).
The Plan held the following investments in related parties at 30 June:
Fair Value of Investment
Share of Net Income / (Loss) after tax
ARIA Investments Trust
PSSap NOTE 15. COMMITMENTS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Plan had no capital commitments at 30 June 2020 (2019: $nil).
In the normal course of business, requests are made by members and former members for the review of decisions relating to benefit entitlements of the Plan (including insurance benefits) which could result in additional benefits becoming payable in the future. Each request is considered on its merits prior to any benefit becoming payable. In the opinion of the Trustee, these requests do not represent a material liability on the Plan.
There were no other contingent liabilities or contingent assets as at the reporting date (2019: $nil).
PSSap NOTE 16. SUBSEQUENT EVENTS
No matters have arisen since 30 June 2020 that have materially affected, or may materially affect, the operations of the Plan, the results of those operations, or the financial position of the Plan in future financial years.


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Rochester man found guilty of strip club triple shooting
by: Hailie Higgins
ROCHESTER, N.Y. (WROC) — A Rochester man was found guilty of shooting three people in a strip club in 2021, prosecutors said Wednesday.
On July 17, 2021, the Rochester Police Department responded to a strip club on Anderson Avenue in the Neighborhood of the Arts called The Barrel. There, they found two men suffering from gunshot wounds outside the club, and another shot inside, prosecutors said.
30-year-old Michael Parnell was identified by investigators as the shooter of all three men. He was taken into custody on August 29 following an investigation.
Neighbors ask for change after violent crime near strip club in Rochester
Parnell faces sentencing on February 22 for attempted murder in the second degree, assault in the first degree, reckless endangerment in the first degree, and two counts of criminal possession of a weapon on the second degree.
Anderson Avenue
International / 1 hour ago
News 8 welcomes Brennan Somers to Sunrise and Noon
Adam Interviews Elvio Fernandes

redpajama_set_name: RedPajamaCommonCrawl


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Warren, Smith Applaud President-elect Biden's Call for Emergency Child Care Aid in COVID-19 Rescue Plan
Washington, DC - United States Senators Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.), members of the Senate Health, Education, Labor, and Pensions Committee (HELP), issued the following statement regarding the child care provisions included in President-elect Biden's American Rescue Plan:"Right now, child care providers are struggling to keep their doors open while a pandemic and economic crisis devastate a system that was already deeply broken. That is why we are glad that … Continue Reading
Sen. Warren and Rep. Porter Urge Full Use of Defense Production Act to Bolster the Nation's Vaccine Supply as COVID-19 Deaths Hit Daily Records
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) and Congresswoman Katie Porter (D-Calif.) sent a letter to Dr. Moncef Slaoui, Chief Advisor of Operation Warp Speed (OWS), and General Gustave Perna, Chief Operating Officer of OWS, urging OWS to immediately use its full authorities under the Defense Production Act (DPA) to speed up production and distribution of COVID-19 vaccines. To date, the Trump administration has failed to adequately use these full authorities, and … Continue Reading
New Blog Post: Senator Warren: Here's How the Biden Administration Can Leverage U.S. Purchasing Power to Take on Climate Change
Blog Post with Data for ProgressWashington, DC - United States Senator Elizabeth Warren (D-Mass.) today contributed a blog post with Data for Progress (dataforprogress.org) on the urgent need to combat the climate crisis and how the incoming Biden administration may use existing procurement authority to enact strong emission standards and drive towards a more sustainable federal government. Read the full post here. Key sections below.Here's How the Biden Administration Can Leverage U.S. … Continue Reading
Warren, Lee, Colleagues Call on HHS to Provide COVID-19 Relief Funds to Underserved Communities
Washington, DC - United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Health, Education, Labor, and Pensions Committee (HELP), Congresswoman Barbara Lee (D-Calif.), Congresswoman Joyce Beatty (D-Ohio.), Congresswoman Judy Chu (D-Calif.), Congresswoman Karen Bass (D-Calif.), Congresswoman Robin L. Kelly (D-Ill.), and Congressman Raul Ruiz (D-Calif.) wrote to the Department of Health and Human Services (HHS) urging the agency to effectively allocate funds for … Continue Reading
Warren Identifies Key Priorities for the Incoming Biden-Harris Administration's Response to the COVID-19 Public Health Crisis
Washington, D.C. - United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, sent a 15-page memorandum to incoming COVID-19 Coordinator Jeff Zients and the Biden-Harris transition team's COVID-19 Advisory Board Co-Chairs Dr. Vivek Murthy, Dr. Marcella Nunez-Smith, and Dr. David Kessler, describing the findings from Senator Warren's extensive oversight of the Trump Administration's public health failures and … Continue Reading
At SASC Hearing, Senator Warren Highlights the Importance of Civilian Control of the Military as Senate Prepares to Vote on General Lloyd Austin to be Secretary of Defense
Washington, DC - During today's Senate Armed Services Committee (SASC) hearing, United States Senator Elizabeth Warren (D-Mass.) stated she will vote against rewriting federal law for General Lloyd Austin, the nominee to be Secretary of the Department of Defense (DOD), and urged the Senate to restore civilian voices to their proper place in the decision-making processes of the defense department. According to federal law, an individual must be retired from active duty military service … Continue Reading
Warren Delivers Floor Speech Urging Colleagues to Certify Election Results – Not Undermine Democracy and the Will of Voters
Watch Her Remarks HereWashington, DC - Today, United States Senator Elizabeth Warren (D-Mass.) delivered remarks on the Senate floor urging her colleagues to reject Republican efforts to overturn the election and overthrow our democracy for Donald Trump, and instead certify President-elect Joe Biden's Electoral College victory. The full text of her remarks is available below.Remarks by Senator Elizabeth WarrenJanuary 6, 2021Senator Elizabeth Warren: Mr. President, more than 350,000 … Continue Reading
Elizabeth Warren Op-Ed: End the silence about what Covid-19 is doing to America's prisons
Washington, DC - Today, United States Senator Elizabeth Warren (D-Mass.) coauthored an op-ed with COVID Prison Project founders Dr. Lauren Brinkley-Rubinstein and Dr. Kathryn Nowotny on CNN.com on the urgent need to address COVID-19 in prisons and jails and why we need Senator Warren's COVID-19 in Corrections Data Transparency Act to address the problem.Key sections below. Read the full op-ed here.CNN: End the silence about what Covid-19 is doing to America's prisons Opinion by … Continue Reading
Senators Warren and Markey Convene Bipartisan Advisory Committee on Massachusetts Judicial Nominations to the US District Court for the District of Massachusetts
Washington, DC - United States Senators Elizabeth Warren (D-Mass.) and Edward J. Markey (D-Mass.) today announced they will convene a bipartisan advisory committee to review and provide recommendations on federal District Court candidates across Massachusetts. Candidates interested in applying for a U.S. District Court nomination must submit their applications to the Advisory Committee by Wednesday, January 20, 2021.The Advisory Committee on Massachusetts Judicial Nominations will … Continue Reading
Senators Warren and Markey Announce Committee Members for the Bipartisan Advisory Committee on Massachusetts Judicial Nominations to the US District Court for the District of Massachusetts
Washington, DC - United States Senators Elizabeth Warren (D-Mass.) and Edward J. Markey (D-Mass.) today announced members of the bipartisan advisory committee that will review and provide recommendations on federal District Court candidates across Massachusetts. The Advisory Committee on Massachusetts Judicial Nominations will solicit, interview, and comment on applications for federal District Court vacancies. "We welcome Janeth Moreno, Sudha Setty, Leslie Su and Dehlia Umunna, the … Continue Reading
Sen. Warren and Rep. Welch Lead Letter on Trump Administration Failure to Address Millions of Orphan Oil and Gas Wells That Continue to Emit Methane and Toxic Chemicals
Washington, DC -- United States Senator Elizabeth Warren (D-Mass.) and Representative Peter Welch (D-Vt.) led a letter to Secretary of the Interior (DOI) David Bernhardt about the Bureau of Land Management's failure to hold the oil and gas industry accountable for plugging millions of abandoned oil and gas wells on public lands, which continue to leak dangerous chemicals like methane and endanger both the environment and public health. The letter is also signed by Senators Dianne … Continue Reading
Warren Announces Funding Bill Will Restore Pell Grant Eligibility to Victims of Predatory For-Profit Colleges
Washington, D.C. - Senator Elizabeth Warren (D-Mass.) today announced the Pell Grant Restoration Act, legislation that Senator Warren introduced, will be included in broader government funding legislation that the Senate will consider this week. This critical legislation would amend Higher Education Act to restore students' Pell Grant eligibility for any period of time during which they would have qualified for loan forgiveness due to school closure, fraud, or misconduct. This provision allows … Continue Reading
Senators Warren and Booker to OSHA: Your Persistent Failure to Protect Workers at Meatpacking Facilities From Escalating, Deadly COVID-19 Outbreaks is Disgraceful
Washington, DC - United States Senators Elizabeth Warren (D-Mass.) and Cory Booker (D-N.J.) sent a letter to the Occupational Safety and Health Administration (OSHA) asking why the agency is still failing to take any action to protect meatpacking workers during a raging global health pandemic in which meatpacking plants are serving as coronavirus disease 2019 (COVID-19) hotspots that are harming their employees and surrounding communities, the majority of which are immigrant communities … Continue Reading
Warren, Booker, Durbin, and Colleagues Request Investigation of Trump Administration's Unprecedented Spree of Federal Executions
Washington, DC - United States Senators Elizabeth Warren (D-Mass.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), Chris Van Hollen (D-Md.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Amy Klobuchar (D-Minn.), and Sherrod Brown (D-Ohio.), sent a letter to Michael E. Horowitz, Inspector General of the U.S. Department of Justice (DOJ), seeking an investigation of the frenzied and unprecedented "spree of federal executions during [President Trump's] lame-duck period." In July 2020, the … Continue Reading
Warren, Tillis Question Private Military Housing Providers on Reports They Have Denied Access And Failed to Provide Appropriate On-Base Housing to Military Families With Disabilities
Washington, DC - United States Senators Elizabeth Warren (D-Mass.), a member of the Senate Armed Services Committee and Thom Tillis (R-N.C.), Chairman of the Senate Armed Services Military Personnel Subcommittee, sent letters to top executives at six major private military housing companies requesting information about the on-base housing units they developed and manage to determine whether military families are being denied access to Americans with Disabilities Act (ADA) compliant … Continue Reading
Warren Introduces Legislation to Expand Access to Federally Funded COVID-19 Testing
"Even as vaccine distribution begins, testing will remain a critical tool in reducing rates of COVID-19 infections"The Expanding COVID-19 Testing Capacity Act of 2020 would require the federal government to manufacture and distribute COVID-19 diagnostic tests to expand Americans' access to free COVID-19 testing. Bill Text | Bill One-PagerWashington, DC - United States Senator Elizabeth Warren (D-Mass.), a member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, … Continue Reading
Warren, Blumenthal, Durbin, Krishnamoorthi and DeGette Question Tobacco Companies Exploitative e-Cigarette Advertisements During the COVID-19 Pandemic
Washington, DC - After a recent study by public health experts at Stanford University revealed that numerous tobacco companies - including several subsidiaries of British American Tobacco (BAT) and Philip Morris International (PMI) - have "chosen to exploit a global pandemic for marketing purposes," United States Senators Elizabeth Warren (D-Mass.), member of the Senate Health, Education, Labor, and Pensions Committee, Richard Blumenthal (D-Conn.), Dick Durbin (D-Ill.) along with … Continue Reading
Senators Warren and Markey Convene Bipartisan Advisory Committee on Nomination of United States Attorney for the District of Massachusetts
Washington, DC - United States Senators Elizabeth Warren (D-Mass.) and Edward J. Markey (D-Mass.) today announced they will convene a bipartisan advisory committee to review and provide recommendations on U.S. Attorney candidates for the District of Massachusetts. Candidates interested in applying for the U.S. Attorney position must submit their applications to the Advisory Committee by December 28, 2020. The Advisory Committee on United States Attorney for the District of Massachusetts … Continue Reading
Warren and Jayapal Reintroduce the Anti-Corruption & Public Integrity Act
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) and Congresswoman Pramila Jayapal (D-Wash.) today reintroduced the Anti-Corruption & Public Integrity Act, bicameral legislation to fundamentally change the way Washington does business and restore the American public's faith in democracy, which has been at "historic lows" for over a decade. Today, only 20% of Americans trust the government "to do the right thing."Originally introduced in 2018 as the most ambitious … Continue Reading
Warren Statement on Republican Attempt to Restrict the Ability of the Federal Reserve to Help the Economy
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) today released the following statement on the Republican attempt to restrict the ability of the Federal Reserve to help the economy. "After weeks of refusing to acknowledge Biden's victory, some Republicans have now decided that sabotaging his presidency is more important than helping our economy recover by insisting that any COVID relief legislation also restrict the ability of the Federal Reserve and the new … Continue Reading
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Home Business Lucky Cement Limited Distributes Rations Bags in 5000 Families under Prime Minister's...
Lucky Cement Limited Distributes Rations Bags in 5000 Families under Prime Minister's Ehsaas Emergency Rashan Programme /Scheme
The company has been at the forefront to support marginalized communities of Pakistan since the Covid-19 outbreak.
Lucky Cement Limited was also recognized as one of the top ten Most Supportive Brands of Pakistan during the current pandemic by IPSOS, a multinational market research company with headquarters in Paris, France.
In an effort to support the communities it operates in, the Company also launched a dedicated vocational training scholarship program for the youth of District Lakki Marwat.
Lahore (Muhammad Yasir) Lucky Cement Limited in partnership with the Prime Minister's Ehsaas Emergency Rashan Programme/Scheme distributes ration bags to families affected by the COVID-19 outbreak in the rural areas of District Lakki Marwat in KPK.
Under this initiative rations bags were distributed in around 5,000 families in various areas of District Lakki Marwat including Tehsil Tajori, Tehsil Landiwa, Lakki Marwat City, Tehsil Sarai Naurang and Pezu.
Since the outbreak, the Company is already at the forefront of providing support to the marginalized communities of Pakistan. Earlier, 20,000 ration bags were distributed amongst the affected families in the rural areas of Khyber-Pakhtunkhwa and Sindh. And now the Company is further expanding its muscle to support more deserving families. For its outstanding efforts the Company was also recognized as one of the top ten Most Supportive Brands of Pakistan during the current pandemic by IPSOS, a multinational market research company with headquarters in Paris, France.
Lucky Cement Limited has been continuously supporting initiatives pertinent to community development, health, environment and education. The Company has also recently launched a dedicated vocational training scholarship program for the youth of District Lakki Marwat, for which it has received an outstanding turnout of more than 150 students who have applied for the program. Now the top students will be sent to a vocational training centre in Rashidabad, TandoAllahyar in Sindh and the Company will cover the boarding, lodging and training expense for the students. The initiative is an effort to empower the youth, so they can become financially independent and contribute in the economic development of the country.
In the current pandemic which has affected millions of people globally, the Company is determined to continue making efforts and actively participate for the progress of Pakistan.
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Betsy Keefe Will Succeed Al Lancaster as General Manager of WSAW in Wausau, Wisconsin
Gray Television, Inc. announced that Al Lancaster, the General Manager of WSAW (CBS) in Wausau, Wisconsin (DMA 132) will retire this March after nearly 45 years in the broadcast industry. Al has led WSAW for the past 23 years....
Gray Promotes Collin Gaston to Senior Vice President and Promotes Jason Mathews to General Manager of WBRC
Gray Television, Inc. today promotes Collin Gaston, currently a Regional Vice President and the General Manager of WBRC FOX6 in Birmingham, Alabama, to the position of Senior Vice President to oversee Gray television markets...
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Gray Television, Inc. announced today that Curtis Miles will join Gray as the General Manager of KCTV (CBS) and KSMO (MyNetwork) in the Kansas City market (DMA 33), effective January 3, 2023....
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It's getting really close now, and as there is only a week until the final UK post dates for Christmas, I have reduced the price of my 2010 Christmas Cards.
You can now buy single cards for just £1.25 or multi-buy 3 for £3.25!
You can mix and match designs if you would like – just message me and I can let you know what I have left available.
Take a look at my Folksy SHOP here.
We are getting closer every day, so if you haven't got all your Christmas Cards written yet, today might be the day to sort the last ones. If you are buying handmade presents this year, there's no need to stop with that – you can find loads of lovely handmade cards on Folksy.com, all made in the UK by independent designers.
I have my own new designs for 2010 for sale in my Original Minnie Folksy SHOP.
Each design features pretty varigated holly photos taken by me, printed, cut, and then finished with a juicy red berry button.
Every card comes with an envelope made from recycled paper, and packaged in an eco-friendly 'compostable' clear bag made from corn starch, NOT plastic!
Handmade for £1.50 each, or buy in bulk and save money with 3 cards for £4. If you would like to mix and match designs just message me and I can sort it for you!


Baseball hats are moving from workout gear to fashion accessory. Many starlets are wearing baseball hats with heals for a night out of the town. While I would not recommend high heals and hats there are plenty of other ways to incoporate this accessory.
One can go the casual route with harem pants, short boots, and a baggy sweater. An ensemble that looks effortless and put together at the same time. The other is to dress up the hat a bit more with jeans, leather coat or zip up jacket, and boots. Both ways allow the wearer to work a baseball hat into an everyday look.
Although I am no longer going back to school I get that same feeling every fall. It is just something that is engrained in my brain after 18+ years of the same ritual. Especially the ritual of back to school shopping!!! This is a tradition I definitely still keep. You need a little pick me up every now and then and this is a perfect excuse to treat yourself where ever you are in your life. I am currently working a 9-5 and decided to purchase business attire.
Both of these looks allow for a little edge with the details and fun textures. The maroon skirt has foldover that adds a nice surprise to the typical mini skirt. The dark blue has an option to unzip the back for a slit. Both tops have fun patters, which is a great alternative to your classic button up. No matter what you choose, just make sure that its your style.


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La Cultural y Deportiva Leonesa Femenina es un equipo español de fútbol femenino de la ciudad de León, que actualmente juega en Primera Regional Femenina. Juega sus partidos como local en el campo de fútbol Rafa Tejerina de Trobajo del Camino. Pertenece a la Cultural y Deportiva Leonesa.

Historia
El equipo fue fundado en 1984 como Huracán Z femenino, en 1993 pasó a denominarse Club Deportivo Femenino Trobajo del Camino, y en 2020 cambia su nombre por Atlético Trobajo Femenino Trobajo Del Camino.
En 2022 cerró un acuerdo de absorción del primer equipo por la Cultural y Deportiva Leonesa.

Datos y estadísticas del club
 Temporadas en 1ª: 0
 Temporadas en 2ª: 9
 Temporadas en 1ª Regional: 20
 Mejor puesto en la liga:
 Peor puesto en la liga:
 Mejor temporada:
 Techo histórico en 1º división:
 Más partidos disputados en el club:
 Máxima goleadora de la historia del club:

Jugadoras y cuerpo técnico

Plantilla y cuerpo técnico
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|colspan=10 bgcolor=#E4002B style="color:White;" align=center| Porteros

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|colspan=10 bgcolor=#E4002B style="color:White;" align=center| Defensas

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|colspan=10 bgcolor=#E4002B style="color:White;" align=center| Centrocampistas

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|colspan=10 bgcolor=#E4002B style="color:White;" align=center| Delanteros

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Jugadoras internacionales

Altas y bajas 2022/23

Altas

Bajas

Denominaciones

Evolución histórica en Liga

Gráfico evolución en liga

Temporada a temporada 1984-2034

Uniforme

 Primera equipación: Camiseta blanca, pantalón blanco y medias blancas.
 Segunda equipación: Camiseta roja, pantalón rojo y medias magenta.
 Tercera equipación: Camiseta negra, pantalón negro y medias negras.
 Patrocinador:
 Firma Deportiva: Kappa.

Firma deportiva y espónsor

Simbología

Himno

La letra y música del himno oficial de la Cultural Leonesa fue creado y compuesto por Ángel Arredondo Giraldo, y el grupo de música folclórica leonesa La Braña lo interpreta. El 29 de abril de 2007 se presentó a todos los aficionados el nuevo himno compuesto por Manuel Quijano (padre de los componentes de Café Quijano), que fue rechazado por la afición y se recuperó en los partidos el himno de Ángel Arredondo Giraldo.

Este es el himno cantado: http://www.youtube.com/watch?v=jBiapN8jS18

Escudo
El escudo de la Cultural y Deportiva Leonesa se basa en un León rampante coronado y lenguado (símbolo de la ciudad de León) de color rojo, rodeado por una circunferencia también roja en la que se inserta en nombre del club: "Cultural y Deportiva Leonesa" con letras blancas, rematado en la parte superior de la circunferencia con una Corona roja, con adornos blancos y naranjas, símbolo que porta como club representativo de la capital del Viejo Reino de León. El diseño del mismo es de Máximo Sanz.

El actual diseño data de 2018.

Referencias

Deporte en León
Equipos de fútbol de la provincia de León

redpajama_set_name: RedPajamaWikipedia


Tough-love doesn't work. Liam Ashley was murdered for stealing his parents car, in the back of a hermetically sealed security van on his way to prison. He was seventeen.
But really, who cares? Last night tv3 interviewed the idiotic family of this idiotic child who met an idiotic death in an ever increasing idiotic world.
IS IT ART is always on the lookout for bad art, and luckily we managed to spot one, that famous image in the background, re-rendered by some of Liams homies in spray-paint. Baseball cap, pathetic weaselly moustache, don't you think they could have come up with a less loaded image than the one that's been bandied about the media as a symbol for judicial incompetence? This is not a reminder to the parents of the son that they lost, it's more symbolic of how many times this family got on the telly and in the paper because of about 5 bad judgement calls.
Not just sick but stupid too.


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Principal Shareholder Status Under Regulation O--Voting Trust Members
FDIC-79-9
Pamela E.F. LeCren, Attorney
Your letter to Charles M. Pickett, FDIC Regional Counsel, dated September 10, 1979 has been forwarded to the Legal Division of the Washington, D.C. office for reply. In your letter you request an opinion on whether or not ***, a director of ***, is a principal shareholder within the meaning of section 215.2(j) of Federal Reserve Regulation O (12 C.F.R. Part 215) which implements Title I of the Financial Institution Regulatory and Interest Rate Control Act of 1978. If *** is a principal shareholder within the meaning of the regulation, *** is limited in the amount of credit it can extend to him. In addition, extensions of credit made to him may not be preferential and they will generally be subject to prior approval by the bank's board of directors.1
According to your letter and the supporting documents forwarded to this office, *** is one of sixty-five persons who holds stock in *** that has been placed in a voting trust. The voting trust holds 51 per cent of the bank's stock. Sole authority to vote the stock resides in three trustees who act by majority vote. If a trustee position becomes vacant, the remaining trustees select, by majority vote, a successor from among the members of the trust. The members of the trust have no control over the bank stock other than the right to sell the stock. The purchaser takes title (beneficial) subject to the terms of the voting trust.
Section 215.2(j) of the regulation defines a principal shareholder as an individual or company that directly or indirectly, acting through or in concert with one or more persons, owns, controls, or has the power to vote more than 10 per cent of the stock of a bank. It is the opinion of the Legal Division of the FDIC that because of their power to vote the stock, the trustees of a voting trust are principal shareholders under section 215.2(j) assuming of course that the trust holds more than 10 per cent of the stock of the bank.
The members of a voting trust may or may not be principal shareholders. If a member is in a position to control the selection of the trustees (or the manner in which the trustees vote) that member will be a principal shareholder.2 If, for example, the members elect the trustees and each has one vote per share of their stock contribution, any member whose stock contribution to the trust is 10 per cent or more of the total and who is the largest contributor is presumed to be in a position to control the selection of trustees. The presumption of control is rebuttable. Any member who contributes 25 per cent or more of the total is conclusively presumed to control the selection of the trustees. A member who is the beneficial owner of more than 10 per cent of the stock held by the trust and who is the largest contributor will not be considered a principal shareholder where the member has no control over the trustees, no power to terminate the trust, and cannot remove or add trustees.3
In consideration of the foregoing, we are of the opinion that *** is not in a position to control the selection of the trustees nor to control the manner in which the trustees vote. His stock contribution is less than 5 per cent of the total held by the voting trust. The original three trustees no longer serve and the successor trustees were not selected by vote of the membership or in any way in which the membership would have control over their selection. *** is not in a position to control how the trustees vote the stock.4
Because of the above, we do not find *** to be a 10 per cent shareholder of *** by virtue of his membership in a voting trust that holds more than 10 per cent of the stock of the bank. He is therefore not subject to the lending restrictions of Regulation O.
1 As a director of the bank *** is already subject to the nonpreferential lending restriction and the prior approval requirement found in section 215.4(a) and (b) of the regulation. He is not, however, subject to the lending limit restriction. Go back to Text
2 In short that member controls the voting trust which itself falls within the definition of principal shareholder, i.e., a company that has the power to vote more than 10 per cent of the stock of a bank. Go back to Text
3 The Legal Division has interpreted the term owners within the meaning of Regulation O to reach only those persons who along with any other incident of "ownership" (possession, enjoyment, etc.) have the ability to control the property in question. Thus someone who "owns" stock held in a trust where the trustee has full control over the stock is not an "owner" for the purposes of Regulation O. Go back to Text
4 There is no reason to believe that *** is able to influence the trustee vote because of any implied or expressed agreement. If, however, evidence of such an agreement were present, the substance of this opinion would change. Go back to Text


A couple of months ago, I launched the Kimposed apparel line. Seeing my artwork on clothing was fun and exciting, but the launched lacked the impact that I was hoping to get. I knew that I needed live model photography! I mean, people want to see how the clothes look on real people, am I right?
So, I had to plan a photoshoot. By calling in a few favors from some of the creative and empowering women I've had a pleasure to connect with over the years, I was able to get everything on the calendar for a gloomy Tuesday afternoon in San Diego. Gloomy is apparently a good thing in the photography world, go figure!
I totally lucked out when it came to my team.
Jen Kim from Jenk Food lent me her artistic vision and photography skills for the shoot. Her food blog photos already made me salivate, so I already knew she's got the "skills to pay the bills", but I was definitely blown away by not only the shots we snagged but also the awesome locations she found right in my neighborhood.
And my model! Kristen was a complete natural in front of the camera! With very little direction, she was a pose-master. Basically, she slayed it.
We took every single one of these photos in the alleyways and sides of buildings in a small neighborhood called North Park, in San Diego.
If anyone has input on where I can shoot next, I need to do a male model session soon! Let me know in the comments.