Irene Maguire credits her strong Catholic upbringing with her natural lean towards social justice. Doing something for the other person has been a driver throughout her life, extending into her career. It’s therefore of no surprise that she and husband James set up Back to Work Ltd in 1999.
Back to Work Ltd is a job search support and vocational rehabilitation agency that supports those struggling to find work or looking for a change of direction.
Acknowledging the importance of participation in society and the contribution this makes to one’s sense of wellbeing and dignity, Back to Work goes above and beyond to offer a duty of care to the people they support. As Irene proudly says, “The person who comes in the door leaves happier than when they arrived, with something positive from being in our office. We offer a step along their pathway to employment.”
When setting up their business they were advised to put money aside for their annual tax payment, musing that as Benjamin Franklin said ‘in this world nothing can be said to be certain, except death and taxes’. Their advisors also outlined how common it is for small businesses to put off thinking about tax, including filing tax returns to Inland Revenue (IRD) and having a last-minute scramble to come up with the money. They recommended she set up a separate, interest-earning account for tax, GST and ACC payments.
Taking this advice, Irene set up a CDF (Catholic Development Fund) Saving Account, stating “putting money aside gives us peace of mind and consequently I never stress about our GST or tax as I know it’s safely put aside. And if we ever get a surplus, I pop that into the account too – I like knowing it’s there, out of sight and locked away.”
A CDF Member for over 22 years Irene has four CDF accounts: Savings Account, Term Investment, Christmas Club, and Funeral Savings Account.
When asked why Irene rates the CDF so much her response was straight-shooting, stating:
I know the church will use the interest from my investment for the common good. I have trust in the diocese and/or the Bishop as to where they decide the distribution is best applied. I especially like thinking my money has been part of the rejuvenation and strengthening of the diocese. My efforts, although only a tiny wee drop in a bucket, makes a difference to those around me. Given the CDF supports Catholic Social Services and the Catholic Youth Team I liken it to the passage in the Bible, Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime. Mathew 4:19.
I value the relationship I have with Mel (Melanie Perry, CDF Administrator). After all these years Mel even recognises my voice, so I don’t even have to introduce myself! Unlike a bank where you have zero relationships with your account manager, here I have a personal one with CDF staff. Recently my trading bank charged me $150 to change documentation – there are no fees at the CDF so that adds to my sense of fairness in the way the fund is administered.
I call it my ‘pin money’ – cash set aside which is out of sight. I like knowing I have savings that can be used for Christmas or in an emergency, i.e., to get someone home from overseas in the event of a funeral or wedding or even extra tax!
The CDF has hundreds of members like Irene. We value each and every one.
It’s important to get your own, independent, advice from your accountant, lawyer, or tax specialist. Neither any trustee of the CDF nor any of its employees or agents (nor anyone on its behalf) is providing any financial advice nor any financial planning service. For the avoidance of doubt, they are not providing any recommendation, guidance or opinion in connection with any investment in the CDF. If investment risk or return is important to you, you should consider seeking financial advice before investing in the CDF. A list of all authorised financial advisers who can give you financial advice appears on the following internet site – www.fam.govt.nz. The CDF has been declared under the Non-bank Deposit Takers (Declared-out Entities) Regulations 2015 not to be a non-bank deposit taker. This means the CDF is not subject to the NBDT legislation.