Simmonds PennyPENNY SIMMONDS (National—Invercargill): Thank you very much Madam Speaker. It's a pleasure to stand today and speak in support of the St Peter's Parish Endowment Fund Trust Bill. I looked through the first readings of the speech as well as the report that came from the select committee and obviously this fund was set up some time ago—1927—and in the first reading someone unkindly asked Ian McKelvie if he recalled it at all. I wouldn't be so unkind as to suggest that of course. But speaking of Mr McKelvie he was of course the chair of the select committee that took this bill through its submissions process. So the bill went to the Governance and Administration Committee in March this year and looked at the submissions the nine written submissions and of course a number of oral submissions. And we can see from the submissions that the board members have worked diligently to ensure that this bill goes through to ensure the successful continuity of their endowment fund.I served about nine years I think on Community Trust South and it is a significant responsibility for trustees of endowment funds like this that they not only make sure they are doing good work with the fund in their time but also that they are safeguarding the fund for perpetuity and ensuring that it will be there to continue this good work of the church going forward. So you can see from the submissions and from the work that this board has done that they are very mindful of those significant responsibilities that they have. So clause 5 is the particularly important one which allows the trust board to distribute up to 4 percent of the endowment fund in any financial year. And it is that delicate decision making of that balance of being able to use funds as they are needed but also to ensure that the fund is not eroded over time. And so they've come to a very conservative but also very sensitive balance in that 4 percent.They have noted in clause 5(3) that under exceptional circumstances they may be able to exceed that 4 percent and quite sensibly have not tried to put limitations or definitions around the threshold of what could be an exceptional circumstance. I think that's been a very wise thing to do because there will be unforeseen circumstances that have to be considered at that time in the context of what is occurring at that time. So I think wisely they have left some opening there for the trustees to exercise good judgment and I know they will show that same sensible and enduring responsibility that they have shown up until now.The administrative powers are covered in clause 6 and then clause 7 very importantly talks about mitigating that liability and indemnity of trustees. It's really important that the trustees can go about their work without that fear of any losses that may occur—because there will be times when it is quite tough to be able to make that sort of return and they have to have that indemnity. But of course they will be very aware that it doesn't indemnify any dishonesty or wilful misconduct or negligence. But I'm sure that the very good trustees of this endowment fund will never fall into that category. So I am very pleased to be one of the speakers lending support to this St Peter's Parish Endowment Fund Trust Bill. Thank you.