Wiz, you are better at accounts than me but I gather you did not want the job, so had a look and tried my best xx
The accounts are set out showing income and operating surplus for the year 2007-2008 alongside the current accounting year, 2008-2009 (headed up 2008, 2009) This shows that at the beginning of the financial year, April 2008 they had an operating surplus of just over one million pounds. During the year these accounts cover (period April 2008 to April 2009) they had an income of just £629,000 as opposed to £1.8M the previous year but spent during this year quite massively, a whopping £975,000 on "merchandising and campaign costs" and £31,000 on "administrative expenses" which were far higher the previous year at £141,000. But the previous year those merchandising and campaign costs were much lower at £673,000. I am no accountant but you can see that there was an increase on those costs of some £300,000 this year which seems to rougly equate with what got "Halligened". Certainly during that year, I would like to know how the McCanns can justify spending over one million pounds, particularly when income to the fund had dropped to only £673,000 which therefore leave them in the situation of having blown the operating surplus they had and they finish up with £690,000 left in the Fund as at the end of this accounting period which would have been April 2009. Clarence seems to be telling us it is now lower than that. One is inexorably drawn to the conclusion that not only did £300,000 get "Halligened" about £600,000 has gone into some black hole. The legal action against Goncalo Amaral was apparently started in May 2009 which is just after the end of this accounting period but it says in the accounts that action was funded from this. It therefore seems to me there has been the most collosal expense to the Fund of defending Kate and Gerry McCann with lawyers and I do not think it is legitimate to describe this as "campaign and merchandising costs". Of course another way of looking at this is one has to speculate to accumulate. The Fund has now lost its ONE MILLION POUND operating surplus and it seems like one heck of a coincidence that is what they want from Goncalo, but, it seems to have cost about half a million to try and get there. Thus the dichotomy, two purposes for the Fund, one defend Kate and Gerry, two, make money for Kate and Gerry. There is a further cost noted on the accounts of some £19K odd which is said to be valuing the asset at the time of its purchase rather than what it is worth now. That sounds to me like a nice shiny new car some time back. The price is right, Gerry !
It would seem Kate only got just £30K in admin costs to "help" her this year, whether that was for a secretary for Kate or for Kate personally I am not sure, but sure she could have had a little out that black hole of the most profligate spending spree one could imagine.
Thanks, as ever, to Joana Morais for producing these on her blog.
Viv x
Madeleine's Fund: Leaving No Stone Unturned Limited Accounts March 2009
CONTENTS
Pages
Legal and administrative information
Chairman's statement 2
Directors' report 3-4
Independent auditors' report 5
Income and expenditure account 6
Balance sheet 7
Notes to the financial statements 8
The following pages do not form part of the statutory accounts:
Detailed income and expenditure account and summaries 9-10
-----------
LEGAL AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 MARCH 2009
DIRECTORS:
JA Corner
M J Linnett
E G Smethhurst
D Skehan
J McCann
P J B Hubner
B Kennedy
KM McCann (appointed 12 November 2008)
GP McCann (appointed 12 November 2008)
COMPANY SECRETARY
BWB Secretarial Limited
COMPANY NUMBER
6248215
REGISTERED OFFICE
2-6 Cannon Street
London
EC4M 6YH
AUDITORS
haysmacintyre
Chartered Accountants & Registered Auditors
Fairfax House
15 Fulwood Place
London
WCIV 6AY
BANKERS
National Westminster Bank plc
3rd Floor, Cavell House
2a Charing Cross Road
London
WC2HONN
SOLICITORS
Bates, Wells & Braithwaite
2-6 Cannon Street
London
EC4M 6YH
Stephenson Harwood
One St Paul's Churchyard
London
EC4M 8SH
--------------------------
CHAIRMAN'S STATEMENT
The Chairman presents his statement for the year.
On 3rd May 2007, Madeleine McCann was abducted in Praia da Luz, Portugal. The events of that day touched the heart of many, in countries around the world. Donations started to flood in. In response to this, Madeleine's Fund was established.
The aims of the Fund are to help find Madeleine, to support her family and to bring her abductors to justice. Any surplus funds will be used to help families and missing children in similar circumstances in the United Kingdom, Portugal and elsewhere. The Fund has 7 directors.
We have continued to concentrate on ensuring that Madeleine is not forgotten and that the search for her continues. We have:
• provided finance for a team of investigators to lead a private search for Madeleine
• financed the translation of the full set of files released by the Portuguese police, enabling our team of investigators to follow up all potential leads
• paid for legal representation for Kate, Gerry, Sean and Amelie in Portugal, enabling them obtain an injunction banning Mr Amoral [sic] from repeating his fabricated claims about Madeleine's abduction
• funded an awareness-raising campaign to ensure that Madeleine is not forgotten, the key part of which is our website
• provided some administrative support to Madeleine's family in maintaining the impetus of the investigation
Last year I referred to the public apology made to Madeleine's parents, Kate and Gerry, by the Express Group following months of inaccurate speculation and accusations in the media. Other newspapers followed suit with accompanying donations to Madeleine's Fund. In addition, an apology was made to the friends of Gerry and Kate who were in Praia da Luz at the time of Madeleine's abduction.
Rather than accepting libel damages, the friends requested that a donation was made to the fund. This has enabled us to continue our search for Madeleine. On behalf of the directors of Madeleine's Fund, I thank Kate, Gerry and their friends for continuing to forego any personal financial recompense to ensure that the search for Madeleine continues.
Following the end of the financial year we were delighted to hear that Madeleine's parents, brother and sister had been successful in obtaining an injunction banning sales of Mr Amoral's [sic] book and banning him from repeating his claims.
These fabrications had hindered the search for Madeleine and were a barrier to potentially valuable information being passed on to the police. Our team of investigators continue to diligently review police files, witness statements and follow up every potential lead in the search for Madeleine.
Although the majority of donation income for the year arose from family and friends donating libel damages, we have a number of loyal donors continuing their support.
For this we are grateful. As expected, income in the new financial year is lower than last year and we continue to review all our expenses to ensure value for money.
The directors regularly discuss the strategy for the Fund to ensure that finances are available to achieve our main objective, finding Madeleine.
The Board of Directors would like to take this opportunity to thank everyone who has supported the search for Madeleine. The level of financial support, the amount of time given up and the numerous messages of support sent to Madeleine's family have been overwhelming. All messages of support sent to the Fund are passed to Gerry and Kate, and appreciated by them. We will continue to ensure that Madeleine is not forgotten and will leave no stone unturned in our search for her.
J McCann
Chairman
--------------
DIRECTORS' REPORT
The directors present their report and the financial statements for the year ended 31 March 2009.
PRINCIPAL ACTIVITIES
Madeleine's Fund: Leaving No Stone Unturned is a non-charitable not-for-profit company. The full objects of the Fund are:
• To secure the safe return to her family of Madeleine McCann who was abducted in Praia da Luz, Portugal on Thursday 3rd May 2008;
• To procure that Madeleine's abduction is thoroughly investigated and that her abductors, as well as those who played or play any part in assisting them, are identified and brought to justice; and
• To provide support, including financial assistance, to Madeleine's family.
• If the above objects are fulfilled then the objects of the Foundation shall be to pursue such purposes in similar cases arising in the United Kingdom, Portugal or elsewhere.
Madeleine's Fund is governed by a Board of Directors who meet on a regular basis, approximately every month. During the year, there Were 11 meetings.
In so far as it is relevant the Fund follows best practice governance procedures as set out in the publication "Good Governance: A Code for the Voluntary and Community Sector." The directors have reviewed the Fund's operations against these best practice recommendations and have developed:
• a Financial Procedures Manual
• job descriptions for directors. Chair and Treasurer
• clearly laid out policies and processes for:
• payments
• expense claims
• risk management
• whistleblowing
• registering conflicts of interest
Risk
The directors have agreed a risk strategy for Madeleine's Fund, namely:
"The risks that Madeleine's Fund faces are assessed for both the likelihood of occurrence and the impact on the organisation should they occur.
In order to achieve its objectives Madeleine's Fund must accept a certain amount of risk taking. An important part of the risk management strategy must be to be clear at an organisational level about the types and levels of risk the organisation is prepared to take. Therefore, the identified risks are also assessed for the organisation's attitude."
The risks facing the Fund were assessed in four categories:
• reputational
• financial
• information and communications technology
• human resources
Current controls in place to mitigate each risk were identified, together with additional controls required. The resulting risk register will be reviewed annually.
---------------------------
DIRECTORS' REPORT (continued)
DIRECTORS
The directors who served during the year were:
J A Corner
M J Linnelt
E G Smethhurst
D Skehan
J McCann
P J B Hubner
B Kennedy
KM McCann (appointed 12 November 2008)
GP McCann (appointed 12 November 2008)
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the directors are required to;
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PROVISION OF INFORMATION TO AUDITORS
So far as each of the directors is aware at the time the report is approved:
• there is no relevant audit information of which the company's auditors are unaware; and
• the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, haysmacintyre will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.
This report was approved by the board on 6.1.10 and signed on its behalf, by: [hand written signature] Brian Kennedy Director
----------------------------
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MADELEINE'S FUND: LEAVING NO STONE UNTURNED LIMITED (Limited by Guarantee)
We have audited the financial statements of Madeleine's Fund: Leaving No Stone Unturned Limited for the year ended 31 March 2009, set out on pages 6 to 8. These financial statements have been prepared in accordance with the accounting policies set out therein and the requirements of the Financial Reporting Standard for Smaller Entities (effective January 2008).
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors' responsibilities for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of directors' responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion the information given in the directors' report is consistent with the financial statements.
In addition we report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and other transactions is not disclosed.
We read other information contained in the annual report and consider whether it is consistent with the audited financial statements. This other information comprises only the directors' report, the chairman's statement and the operating and financial review. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
• the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities, of the state of the company's affairs as at 31 March 2009 and of its surplus for the year then ended;
• the financial statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the directors' report is consistent with the financial statements
date & signature: [hand written] haysmacintyre, 6 January 2010
Fairfax House
15 Fulwood Place
London
WCIV6AY
-------------------------------------------
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2009
2009 2008
Note £ £
INCOME 629,18\ 1,846,178
Merchandise and Campaign Costs (974,786) (673,366)
GROSS SURPLUS (345,605) 1,172,812
Administration expenses (30,865) (141,747)
OPERATING SURPLUS 2 (376,470) 1,031,065
Interest receivable 21,585 33,424
SURPLUS ON ORDINARY ACTIVITIES BEFORE (354,885) 1,064,489
TAXATION
Tax on surpluson ordinary activities (6,878) (12,462)
SURPLUS CARRIED FORWARD (361,763) 1,052,027
The notes on page 8 form part of these financial statements.
-----------------------------
BALANCE SHEET AS AT 31 MARCH 2009
2009 2008
Notes £ £
CURRENT ASSETS
Debtors 3 19,795 585,369
Cash at bank 719,723 572,344
739,518 1,157,713
CREDITORS: amounts falling due within one year
4 (49,254) (105,686)
NET CURRENT ASSETS 690,264 1,052,027
TOTAL ASSETS LESS CURRENT LIABILITIES
690,264 1,052,027
CAPITAL AND RESERVES
Accumulated Reserves 1,052,027
Income and expenditure account (361,763) 1,052,027
690,264 1,052,027
The financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2008).
The financial statements were approved and authorised for issue by the board on 6/01/2010 and signed on its behalf, by: Brian Kennedy [hand written signature] Director
The notes on page 8 form part of these financial statements.
-------------------
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009
I. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2008).
1.2 Income
Income comprises donations received by the company along with revenue recognised in respect of merchandise supplied, exclusive of VAT.
1.3 Taxation
The company remains accountable for taxation liabilities ansrng from capital gains, interest, trading activities and any other surplus arising other than from donations received.
2. OPERATING SURPLUS 2009 2008
£ £
The operating surplus is stated after charging:
Auditors' remuneration 5,750 13,366
3. DEBTORS 2009 2009 [sic]
£ £
Donations - 563,152
Accrued income - 2,422
Prepayments 19,795 19,795
19,795 585,369
4. CREDITORS: amounts falling due within one year
£ £
Trade creditors 11,938 28,329
Corporation tax 6,878 12,462
Other creditors 30,438 64,895
49,254 105,686
5. COMPANY STATUS
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £] towards the assets of the company in the event of liquidation. The company was formed on the 15th May 2007.
6. RELATED PARTY TRANSACTIONS
There were no related party transactions recorded in the year.