Fund Accounts year ending 31 March 2015 - also 2016

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Fund Accounts year ending 31 March 2015 - also 2016

Post  candyfloss on Fri 08 Jan 2016, 6:19 pm

I will copy this here in a new thread so it can be found more easily than mixed with the tweets...........


Freedom wrote:It hasn't taken Enid O'Dowd very long to prepare a report this time!  With thanks to CMoMM where this was posted.

Fund Accounts year ending 31 March 2015
Post  Enid O'Dowd Today at 5:53 pm

The Fund – Accounts for the year ended 31 March 2015
The accounts were approved on 18 December 2015 and signed by director Michael Linnett (retired accountant) on behalf of the Board. The accounts were then passed to the auditors who filed them at Companies House on 23 December 2015; the accounts became available to the public on 8 January. As in previous years, the accounts were filed close to the legal deadline.


This time the company has availed of a legal exemption for small companies enabling it to provide considerably less information than before.


The accounts filed consist of 4 pages:


1 .A cover page with an error spelling ‘abbreviated accounts’ as ‘abbreivated accounts’
2. Auditors’ Report
3. Balance Sheet
4. Notes to the Balance Sheet


From these accounts I have no idea what the actual income and expenditure was in the year. I don’t even know what the audit fee was or how many board meetings were held.


Due to the lack of information in these accounts I cannot update my spreadsheet of income and expenditure over the years since the company was incorporated in 2007.


At the end of the year there was £763,772 in the bank, just under £2,000 less than at 31 March 2014. Whether this indicates a lack of financial activity in the year I have no way of knowing.


What has money been spent on during this year?


According the official website there is:


‘The 24-hour ‘hotline’ for people to call with information is still functioning on 0845 838 4699 for people who would prefer to contact us directly’


And there is a team in place comprising ‘a campaign coordinator and translators/interpreters, the team has several individuals with invaluable marketing, advertising and I.T. skills who help with the general campaign to find Madeleine.’

On another page of the official website it states ‘An experienced Fund Administrator has been appointed to ensure the highest standards of transparency and accountability.’

'7) What is the money being spent on?
The majority of the fund money has been and continues to be spent on investigative work to help find Madeleine. Additionally money continues to be spent on the wider 'Awareness Campaign' – reminding people that Madeleine is still missing and to remain vigilant. None of the directors have taken any money from the fund as remuneration.
Anyone who wishes further information with regards to the financial details of Madeleine's Fund and its professional advisors, please refer to the accounts filed at Companies House. Crown Way Maindy Cardiff CF14 3UZ.’

Wouldn’t it be interesting to know how much money was spent in this year as claimed above?


What income came in during the year?

I haven’t a clue!

The audited accounts have never been placed on the website. It would cost nothing to do this. The public is referred to Companies House!
Dr Kate McCann stated in her book madeleine published in 2011 that:

‘from the outset everyone agreed that, despite the costs involved, it (the Fund) must be run to the highest standards of transparency.’

In my opinion the Fund never met ‘the highest standards of transparency.’

Has the Board now decided that the Fund should be as untransparent as it is legally possible to be? It would appear so.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Admin on Fri 08 Jan 2016, 6:38 pm

Your post moved here Costello..


costello wrote:
Freedom wrote:It hasn't taken Enid O'Dowd very long to prepare a report this time! With thanks to CMoMM where this was posted.

Have deleted rest so that discussion can continue here..

http://maddiemccannmystery.forumotion.co.uk/t1138-fund-accounts-year-ending-31-march-2015#47962

Many thanks to Enid O'Dowd. Interesting to say the least, but not surprising in my opinion. Seems like not many donations this year and no doubt a good few salaries!!
to be paid out.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Antonia on Fri 08 Jan 2016, 6:42 pm

Despite having over £750,000 in the bank according to the accounts, the madeleine website still has a donate button! I suppose you can never have enough money for searching...
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Walt on Fri 08 Jan 2016, 8:25 pm


From Enid O'Dowd

Has the Board now decided that the Fund should be as untransparent as it is legally possible to be? It would appear so.

I suppose they are at the legal lower limit of showing whats what,but they or Mitchell is for ever in the press,they either want the publicity or they don't, cake and eat it comes to mind,or are they afraid of closer scrutiny because of the publicity.
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Poe on Sat 09 Jan 2016, 10:13 am

This sentence jumped out:

None of the directors have taken any money from the fund as remuneration.

My reading of that is that none of the directors were paid a salary. It does not say that none of the directors claimed expenses or that none of the directors took money from the fund by way of a loan.

From: https://www.1stformations.co.uk/blog/how-to-take-money-out-of-a-limited-company/

4. Directors’ loan and director’s loan account
A director’s loan can be a tax-efficient way to remove money from a company. The purpose of a director’s loan is to allow a director to borrow money from a company or a company to borrow money from a director. These transactions must be recorded in a director’s loan account, which can be any form of a bank account or bookkeeping entry. A loan account will record a running balance of all money paid to or removed from a company by a director – account balances will show as ‘in credit’, ‘nil’ or ‘overdrawn’, in much the same way as a personal current account with an overdraft facility.
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Fund accounts year ending March 2016

Post  Guest on Fri 30 Dec 2016, 10:28 am

Tomorrow, 31st December, is the deadline to file last year's accounts.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Freedom on Fri 30 Dec 2016, 11:33 am

I expect that they will be as short and sweet (make that short and sour) as last year's.
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  bluebell on Fri 30 Dec 2016, 1:12 pm

Just a question and this may not be the right place - but would they have to pay Isabel Duarte's fees at least in stages?

Her fees must amount to a very large sum by now surely and I would think she'd like payment for work done, not hang on until all these appeals etc are finalised. Any thoughts?

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  candyfloss on Fri 30 Dec 2016, 1:17 pm

bluebell wrote:Just a question and this may not be the right place - but would they have to pay Isabel Duarte's fees at least in stages?

Her fees must amount to a very large sum by now surely and I would think she'd like payment for work done, not hang on until all these appeals etc are finalised.     Any thoughts?

Yes, good point.  What about the Portuguese PR firm they use too, do they appear in the accounts?  So very sad that money would get spent on things like this.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Antonia on Fri 30 Dec 2016, 5:55 pm

Any business person doing work that will last over a period of time would get a written agreement on payment terms. Salaries, rent etc have to be paid so there would have to be stage payments. A lawyer would be sure to do this. I imagine payments have been made from the Fund but the accounts are so summarised that there is no way to see for certain what the money is spent on. But any expenditure going out must be on lawyers because what else could they be sending money on - certainly the money is not going on detectives, good or bad!
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Andrew on Fri 30 Dec 2016, 7:23 pm

candyfloss wrote:
bluebell wrote:Just a question and this may not be the right place - but would they have to pay Isabel Duarte's fees at least in stages?

Her fees must amount to a very large sum by now surely and I would think she'd like payment for work done, not hang on until all these appeals etc are finalised.     Any thoughts?

Yes, good point.  What about the Portuguese PR firm they use too, do they appear in the accounts?  So very sad that money would get spent on things like this.

My thoughts are that Isabel Duarte probably hasn't done much work at all for the McCanns for a long time now. How many times as she actually had to attend court in say the last 5 years? Not a lot, I should imagine.

She'll be on a small retainer and will charge the full amount on completion of work carried out (once/twice a year?) I would've thought. But I don't think the outlay for that these days will be high at all. Minimal in fact.

What was the name of that Portuguese PR firm... Forgot about that.. scratch
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  unreorganised on Fri 30 Dec 2016, 10:08 pm

Andrew wrote:
What was the name of that Portuguese PR firm...  

"O Fura-Vidas" this is a documentary all about them and their work.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Andrew on Fri 30 Dec 2016, 10:16 pm

Very Happy

Top man. Great stuff.
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Guest on Fri 06 Jan 2017, 7:08 pm

The latest accounts have been filed with Companies House.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Andrew on Fri 06 Jan 2017, 7:23 pm

Luna wrote:The latest accounts have been filed with Companies House.

https://beta.companieshouse.gov.uk/company/06248215/filing-history

Top entry. If I post up the PDF link it all goes to pot for some reason.
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Antonia on Fri 06 Jan 2017, 8:01 pm

They haven't announced on their website that the accounts to march 2016 are now available..!

All the accounts tell you is that in the previous year they had close to 750k in the bank allowing for outstanding bills; and that in this year they spent £490,939 on Investments (no idea what investments as notes to the accounts do not even mention this expenditure!). They have £235,506 in the bank and had outstanding bills at march 31 of £11,545.

Can we have suggestions as to what they invested almost £500K in?
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  TheTruthWillOut on Fri 06 Jan 2017, 8:13 pm

Antonia wrote:Can we have suggestions as to what they invested almost £500K in?

A miracle? (or Cruck)Wink
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Antonia on Fri 06 Jan 2017, 8:18 pm

Suggestion - was the money invested in one of Brian kennedy's companies?
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Andrew on Fri 06 Jan 2017, 8:31 pm

Antonia wrote:Suggestion - was the money invested in one of Brian kennedy's companies?

Wrong Brian Kennedy.

My guess is that it would've been transferred to one of Smethurst's.

All legally above board as he's a director of NSU as well.
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Andrew on Fri 06 Jan 2017, 8:42 pm

Mitchell confirmed ages ago didn't he that they moved money to 'ringfence' or something similar?
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Year ending March 2016

Post  Guest on Fri 06 Jan 2017, 9:13 pm

@Andrew, yes ringfenced for continuing the search when OG investigation ends.

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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  canada12 on Fri 06 Jan 2017, 9:28 pm

Antonia wrote:

Can we have suggestions as to what they invested almost £500K in?

A nice sunny home in a country that doesn't have an extradition treaty with the UK...? Very Happy Very Happy
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Antonia on Fri 06 Jan 2017, 9:38 pm

I like your sense of humour Canada12.

It makes sense moneywise not to have so much in the bank when interest rates on deposit are so low. But investments can go up and down and it may be difficult to get your money quickly if need arises. In the case of a company like this which (in theory) is totally committed to finding Madeleine why would you tie your money up in 'investments'. this is what you might do if a normal trading company with spare cash. on the website they are still asking you to donate!
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Re: Fund Accounts year ending 31 March 2015 - also 2016

Post  Andrew on Fri 06 Jan 2017, 10:07 pm

canada12 wrote:
Antonia wrote:

Can we have suggestions as to what they invested almost £500K in?

A nice sunny home in a country that doesn't have an extradition treaty with the UK...? Very Happy Very Happy

Probably transferred and ringfenced for a new home if they end up losing Rothley Towers.
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Fund auditors

Post  Guest on Thu 09 Mar 2017, 7:07 pm

With acknowledgement to DougD over the road who has posted that the Fund's auditor, haysmacintyre, has resigned.

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