Re: Fund accounts 2011

by Advocatus Tue 10 Jan - 19:05

jd wrote:Tycoons who bankrolled Madeleine fund refuse to fund McCanns' legal defence

Millionaires who bankrolled the campaign to find Madeleine McCann are refusing to fund her parents' legal defence

One businessman said: "I am not going to contribute any more. It is a difficult issue and it is not something I propose to get engaged in.
"It is the most confusing scenario anybody has ever seen. I am not judge and jury and I hope what I am reading is wrong.
"If they cannot convince the people who already put the money in, they are not starting in a good place. If they can turn the tide in some form maybe there will be loads of backers. But right now this does not look a good place to go."

"We won't be pledging any more right now," said the entrepreneur, adding: "I don't think that at the moment we would allow the money to be swapped to cover defence costs, but this is a difficult position and a very sensitive issue."

http://www.dailymail.co.uk/news/article-481518/Tycoons-bankrolled-Madeleine-fund-refuse-fund-McCanns-legal-defence.html

Can ANY of these 'tycoons' (I have another name for them) be named?

I heard that Richard Branson, who, from memory, bunged in 100k, is, allegedly

Brace yourselves!!!!!

This public school failure with virtually zero qualifications, but curiously seems to lend his private island/mansion (bit like 'call me Cliff!') to the 'elite class' - 'Cherie, Tone, Mandy - etc)

by Guest Tue 10 Jan - 19:06

sharonl wrote:Thanks Candyfloss

I remember that thread now.

If Arthur Cowley left in 2011, it doesn't alter that fact that the Media were telling us that the McCanns had appointed a well established firm of Investigators by the name of Alpha Group Investigations.

I think that Cowley may have left after he was outed as the sole director of bogus company Alphaig.

The thread from Tony was in May, and then yes, Arthur Cowley abandoning investigation is June thinking

...............

https://jillhavern.forumotion.net/t2455-arthur-cowley-s-cottage-hq-of-alphaig?highlight=arthur+cowley+++%2Balphaig

by Gillyspot Tue 10 Jan - 19:21

From the findmadeleine website

"Fortunately though, we have a small team of very committed and experienced people working hard to help us find Madeleine.

Dave Edgar is the ‘Senior Investigating Officer’ (SIO) leading our independent investigation. Dave served as a police officer for 30 years, working in the Royal Ulster Constabulary (in the so called ‘bandit country' of south Armagh) followed by the Cheshire Police force. He is an accredited SIO and has managed many homicide and serious crime investigations. These include high profile cases such as the murders of ‘Shafilea Ahmed' and ‘Gary Newlove', being commended by the Judge in the latter case.

Dave has a full-time Portuguese speaker as part of the team who also helps with administrative tasks, and a part-time data inputter. He also has access to specialist teams who he can call on to assist when necessary.

In addition, there are several individuals and organisations with invaluable marketing and advertising skills (as well as highly motivated family members and friends) who help with the general campaign to find Madeleine. "

http://www.findmadeleine.com/about_us/find-madeleine-team.html

by Ollie Tue 10 Jan - 20:24

Money made from the book will be in the March 2012 accounts. If they make a profit next year they will be able to use the losses to offset any Corparation Tax due.

by pauline Tue 10 Jan - 20:33

Ollie wrote:Money made from the book will be in the March 2012 accounts. If they make a profit next year they will be able to use the losses to offset any Corparation Tax due.

the book deal was I believe signed in oct 2010 so part of the advance would have been paid then and should be in the accounts to march 2011.

We dont know what the advance was (but probably I feel at least £500,000) and it would have been part paid on signing the deal. Maybe 50% up front and the balance on publication. the figure for income in the accounts indicates that the advance received in the year was NOT put into the Fund despite what the book cover promised (all royalties to the Fund). Unless there was a most unusual contract the advance would be kept even if the royalties did not cover it. thats the risk publishers take when they pay a big advance to a new 'author' like Kate..

by Guest Tue 10 Jan - 20:38

I would think that is right Pauline.

[quote]

Precise details of the publishing deal have not been released, but a source said it included a "substantial" advance and "enhanced royalties" giving the couple a bigger share of profits from sales.

This from the article I posted on page 1 of this thread, in November, and the book deal was signed. Advance means up front. In advance of the book? So surely the advance should have shown up in the accounts?

by Gillyspot Tue 10 Jan - 20:39

pauline wrote:
Ollie wrote:Money made from the book will be in the March 2012 accounts. If they make a profit next year they will be able to use the losses to offset any Corparation Tax due.

the book deal was I believe signed in oct 2010 so part of the advance would have been paid then and should be in the accounts to march 2011.

We dont know what the advance was (but probably I feel at least £500,000) and it would have been part paid on signing the deal. Maybe 50% up front and the balance on publication. the figure for income in the accounts indicates that the advance received in the year was NOT put into the Fund despite what the book cover promised (all royalties to the Fund). Unless there was a most unusual contract the advance would be kept even if the royalties did not cover it. thats the risk publishers take when they pay a big advance to a new 'author' like Kate..

I too think that the advance should have been paid into the fund and thereby appear in the accounts by 31st March 2011 as that was only 6 weeks before the book was released (and 4 weeks after initial release date). All in all most odd (unless the "substantial" advance was not that substantial and appears in the funds income).

by Ollie Tue 10 Jan - 20:44

pauline wrote:
Ollie wrote:Money made from the book will be in the March 2012 accounts. If they make a profit next year they will be able to use the losses to offset any Corparation Tax due.

the book deal was I believe signed in oct 2010 so part of the advance would have been paid then and should be in the accounts to march 2011.

We dont know what the advance was (but probably I feel at least £500,000) and it would have been part paid on signing the deal. Maybe 50% up front and the balance on publication. the figure for income in the accounts indicates that the advance received in the year was NOT put into the Fund despite what the book cover promised (all royalties to the Fund). Unless there was a most unusual contract the advance would be kept even if the royalties did not cover it. thats the risk publishers take when they pay a big advance to a new 'author' like Kate..

I'm sure the advance needed to have been paid before end March 2010 to appear in the 2011 accounts. Their financial year end is March.

by Gillyspot Tue 10 Jan - 20:47

Ollie wrote:
pauline wrote:
Ollie wrote:Money made from the book will be in the March 2012 accounts. If they make a profit next year they will be able to use the losses to offset any Corparation Tax due.

the book deal was I believe signed in oct 2010 so part of the advance would have been paid then and should be in the accounts to march 2011.

We dont know what the advance was (but probably I feel at least £500,000) and it would have been part paid on signing the deal. Maybe 50% up front and the balance on publication. the figure for income in the accounts indicates that the advance received in the year was NOT put into the Fund despite what the book cover promised (all royalties to the Fund). Unless there was a most unusual contract the advance would be kept even if the royalties did not cover it. thats the risk publishers take when they pay a big advance to a new 'author' like Kate..

I'm sure the advance needed to have been paid before end March 2010 to appear in the 2011 accounts. Their financial year end is March.

Ollie. The accounts just filed are for 1.4.2010 to 31.3.2011 (accounts must be filed within 9 months of the end of the accounting year). I hope this helps.

by jd Tue 10 Jan - 21:17

Piers Morgan interview with the McCanns May 2011

As much as Piers Morgan did a woeful job of interviewing the McCann couple, being careful not to venture into uncharted waters, he did ask a couple of questions which appeared to have caught them off guard, at least Kate didn’t seem prepared:

Piers: So all the money from the book is going to – actually to the Madeleine Fund?
Kate: I think so

Kate thinks so? She’s not certain then? This is very curious because there’s a sticker on the front cover of the book which declares “All royalties donated to Madeleine’s Fund.” Royalties are somewhat different to monies collected from the sale of Kate's book

by Gillyspot Tue 10 Jan - 21:31

The "advance payment" or royalty is actually deferred income (will appear as turnover in the next years accounts) but the monies received should have appeared in the cash at bank section in these current accounts and a note added that there is a deferred income payment made which is included in the figures. They clearly have not so it leaves us to wonder where the payment has gone. Well it does me anyway.

by Guest Tue 10 Jan - 22:01

Principal risks and uncertainties

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 occurence and the impact on the organisation should they occur.

In order to achieve its objectives Madeleine's fund must accept a certain amount of risktaking. 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 anually.

Okeee... Glad that's all clear now smilie

by Gillyspot Tue 10 Jan - 22:25

Juulcy wrote:Principal risks and uncertainties

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 occurence and the impact on the organisation should they occur.

In order to achieve its objectives Madeleine's fund must accept a certain amount of risktaking. 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 anually.

Okeee... Glad that's all clear now

Interesting isn't it.
Reputational (Clarence Mitchell & Carter-Ruck to take care of that).
Financial (Kate's Book & Carter-Ruck to take care of that)
Information & communications technology - is that the part time data inputter?
Human resources - they don't have any as don't appear to have any employees.

by Guest Tue 10 Jan - 23:05

Risk management.. Information and technology is probably their quest to shut down sites, and the facebook merge
Human resources? How do they pose a risk for the fund??

by jd Tue 10 Jan - 23:09

A comment from 4 years ago..." They are now CHARGING for posters, and not only that, in order to buy a poster you also have to buy a wristband! I'm not making this up.

So they plead with members of the public to help them find Madeleine, and soak everyone who actually wants to buy a poster of Madeleine to put up in public places and keep her face out there, for £2.50 ($5.00). I would be gobsmacked if it wasn't for all the other nonsensical things the McCanns have done."

Looking on the site, you can now get 10 English posters, 2 luggage tags, 2 wallet cards 1 car sticker for only £1.75

by Liz Eagles Wed 11 Jan - 0:45

jd wrote:A comment from 4 years ago..." They are now CHARGING for posters, and not only that, in order to buy a poster you also have to buy a wristband! I'm not making this up.

So they plead with members of the public to help them find Madeleine, and soak everyone who actually wants to buy a poster of Madeleine to put up in public places and keep her face out there, for £2.50 ($5.00). I would be gobsmacked if it wasn't for all the other nonsensical things the McCanns have done."

Looking on the site, you can now get 10 English posters, 2 luggage tags, 2 wallet cards 1 car sticker for only £1.75

I wonder how many of those posters, wristbands, luggage tags, wallet cards and car stickers are actually in use. I seem to recall that KM said the twins saw car stickers and said they were helping to find Madeleine (something like that). I've not seen a car sticker, a poster, a luggage tag....has anyone on this forum encountered these in daily life? How many posters etc are on view in PDL?

In terms of marketing it's a good ploy...(sorry, couldn't help myself there)....keep it under 2 quid, keep the column inches sentimental...and hey, the great British public will donate.

I'm adding to this. Who is being paid to come up with this marketing material? I'd love to have beeen a fly on the wall when the holiday pack was thought up and priced just under the norm of charities who ask for 2 pounds.

by aiyoyo Wed 11 Jan - 2:41

uppatoffee wrote:So they have lost/spent approx £340,000 this year? No clear indication of what it's on. Is that right? Do they really not need to give any more details than that?

Their biggest lost would have to be from legal expenditure but it has to be masquerading under something since it is not shown..
Don't tell me someone else paid for all the legal expenditure?

Now who would that be if that is the case, and if so, why would he would undertake that for a couple he has never met prior to Maddie's ill fate.

No detective fees shown either, does it mean they have stopped searching (not that they ever start)?

A 6-digit figure and merchandise and campaign is disgusting since we dont get to see the campaign at all expect for their spin and wheeling out the pink mouthpiece now and then.

If merchandises are not given free but have to be bought, not cheap either (according to one poster) , then they should have recovered that cost. Unless no body bought them and those stuff are languishing in chez mccanns' store room.

Anyhow, any desperate parents would sell everything down to the shirt on their back to print posters so that they could give them away freely to engage people to search for their missing child.

Marketing merchandise hoping to profit on their missing child's name is unique only to this greedy couple and they wonder why people don't believe them.

by aiyoyo Wed 11 Jan - 2:46

[quote="pauline"]

uppatoffee wrote:So they have lost/spent approx £340,000 this year? No clear indication of what it's on. Is that right? Do they really not need to give any more details than that?

I understand they have complied with the minimum disclosure requirements for private limited companies which is what the Fund is. If the Fund were a charity, the disclosure requirements would be different = more information.

Now the auditors according to their website have great experience with not for profits and charities etc and have won awards for their accounts.

Why do they feel the need to state their Auditors are awards winner? What has that got to do with the Fund a/cs?

These accounts are quite frankly crap - but legal!

It appears to me the large advance has not gone into the Fund's bank account. The McCanns promised (cover of book) to give the royalties to the Fund - you could argue the advance is a different thing. And depending on how big the advance is, there mightn't be any royalties as the advance has to be cleared before royalties are paid.

If they didnt place the advance money into the Fund, their seriousness about the search would become questionable isn't it?[/quote]

by aiyoyo Wed 11 Jan - 3:24

Gillyspot wrote:From the findmadeleine website

Dave Edgar is the ‘Senior Investigating Officer’ (SIO) leading our independent investigation. Dave served as a police officer for 30 years, working in the Royal Ulster Constabulary (in the so called ‘bandit country' of south Armagh) followed by the Cheshire Police force. He is an accredited SIO and has managed many homicide and serious crime investigations. These include high profile cases such as the murders of ‘Shafilea Ahmed' and ‘Gary Newlove', being commended by the Judge in the latter case.

Homicide? wtf! I thought they were looking for a live Maddie!

Serious crime? Would that be fraud?

by Angelique Wed 11 Jan - 4:03

Juulcy wrote:Risk management.. Information and technology is probably their quest to shut down sites, and the facebook merge
Human resources? How do they pose a risk for the fund??

Could this "Human resources" be salary to Directors?

by **HiDeHo** Wed 11 Jan - 4:18

by Gillyspot Wed 11 Jan - 8:07

Changes in the fund.

Special-Resolution-Amendments-to-the-Articles-of-Association-of-Madeleine-s-Fund-Leaving-No-Stone-Unturned-Limited

http://www.scribd.com/doc/77849073/Special-Resolution-Amendments-to-the-Articles-of-Association-of-Madeleine-s-Fund-Leaving-No-Stone-Unturned-Limited

by jd Wed 11 Jan - 9:17

aquila wrote:

I wonder how many of those posters, wristbands, luggage tags, wallet cards and car stickers are actually in use. I seem to recall that KM said the twins saw car stickers and said they were helping to find Madeleine (something like that). I've not seen a car sticker, a poster, a luggage tag....has anyone on this forum encountered these in daily life? How many posters etc are on view in PDL?

In terms of marketing it's a good ploy...(sorry, couldn't help myself there)....keep it under 2 quid, keep the column inches sentimental...and hey, the great British public will donate.

I'm adding to this. Who is being paid to come up with this marketing material? I'd love to have beeen a fly on the wall when the holiday pack was thought up and priced just under the norm of charities who ask for 2 pounds.

They beg the public to help search for Maddie but in order to do so "YOU HAVE PAY THEM"...This says it all really. If you want to put a poster up then you have pay them!, if they want a picture of maddie in the media, the media have to pay them!. When I look on their site what always sticks out is PayPal, credit cards, all bank information...then I realise isn't this meant to be a site about the missing daughter...it feels like a banking site

by jd Wed 11 Jan - 9:54

First website set up - 6th May 2007

The official Madeleine McCann website is launched under the domain name www.bringmadeleinehome.com - This does not have a 'donate' button and is a simple awareness site.

The Infohost site says: 'On the 6th of May Infohost received a call from Philomena McCann, Madeleine's aunt, asking if they would set up a website to help find her neice. The website was setup that day as www.bringmadeleinehome.com.'

11th May 2007

- Lawyers fly in / 'No stone unturned' mentioned for first time

Gerry McCann reads a short prepared statement to the waiting press on the road outside their holiday apartment. He specifically emphasises that they will 'leave no stone unturned' in the search for Madeleine. He also mentions how grateful they are with the offers of support they have received both from home and around the world.

It would appear from this statement that the name of the company had already been decided and that this was a form of public preparation for the launch of Madeleine's Fund

It emerges, for the first time officially, that London lawyers have flown to Portugal to assist the McCanns, and are setting up a special "fighting fund" to allow members of the public to make their own financial contribution to the search. McCann family members in the UK confirm that 2 leading UK lawyers from the International Family Law Group (IFLG), specialising in divorce settlements where the affected parties are from different countries, have been hired. Why is it a 'fighting fund'...who are they fighting?

The name of the fund "leaving no Stone Unturned" is actually first mentioned on 5th May 2007, just 2 days after maddies abduction fairytale was acted out. Speaking on Sky news: When Ian Woods asks Philomena McCann: ''Is there a temptation for them to get out and try and search themselves...'' Philomena replies: ''Yeah, well, I mean for Gerry and Kate they want to get out there, they want to search everything, they want to leave nothing unturned.'' The wheels were already in motion by 5th May 2007 if not before 3rd May 2007

by Guest Wed 11 Jan - 10:43

Huge plunge in Madeleine fund as donors dry up

Wednesday January 11 2012

Kate and Gerry McCann's fund to help find their missing daughter Madeleine dwindled to £125,000 last year, official accounts show.

The amount the couple raised for Madeleine's Fund dropped from £233,099 (€282,281) in 2009-10 to £177,534 (€214,992) in 2010-11.

At the end of March last year the balance stood at £125,175 (€151,582), down from £470,034 (€569,196) a year earlier, according to newly published accounts filed with Companies House.

The McCanns, from Rothley, Leicestershire, had feared that the dwindling fund would leave them unable to continue paying private detectives to search for Madeleine. To avoid this, Mrs McCann published a book about their daughter's disappearance in May last year, with all proceeds from sales and a newspaper serialisation deal going to support the search.

The fund's directors wrote in a preface to the 2010-11 accounts: "Over the past financial year, as with the previous one, the costs of the search continued to be higher than the fund's annual income. Income, particularly donations, has been lower than in previous years, as might be expected.

"Without a significant financial boost, the fund would be empty by the end of spring 2011."

Madeleine's Fund was launched a fortnight after the little girl vanished from her family's holiday apartment in Praia da Luz, southern Portugal, on May 3, 2007.

Donations flooded in from supporters around the world who wanted to do something to help her parents, and the income for 2007-08 totalled £1,846,178 (€2,235,673)

Last year the fund paid for private investigators, a telephone information hotline, an ongoing awareness campaign and three fundraisers.

- Sam Marsden in London

Irish Independent

http://www.independent.ie/world-news/europe/huge-plunge-in-madeleine-fund-as-donors-dry-up-2984967.html