Re: Fund accounts 2011

by Guest 10.01.12 21:38

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 10.01.12 21:39

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 10.01.12 21:44

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 10.01.12 21:47

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 10.01.12 22:17

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 10.01.12 22:31

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 10.01.12 23:01

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 10.01.12 23:25

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 11.01.12 0:05

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 11.01.12 0:09

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 11.01.12 1:45

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 11.01.12 3:41

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 11.01.12 3:46

[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 11.01.12 4:24

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 11.01.12 5:03

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** 11.01.12 5:18

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by Gillyspot 11.01.12 9:07

Changes in the fund.

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

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by jd 11.01.12 10:17

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 11.01.12 10:54

First website set up - 6th May 2007

The official Madeleine McCann website is launched under the domain name [You must be registered and logged in to see this link.] - 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 [You must be registered and logged in to see this link.]

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 11.01.12 11:43

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

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by Guest 11.01.12 13:27

Some comments on the above article.......

Mikey30 1 comment
So where is the money from the book? the advance and the royalties? I know they said the royalties would go into the fund, but has the £2 million advance also gone into the fund to be spent on searching or has it gone elsewhere?

Hannah 1 comment
Why didn't the McCanns just hire one 'qualified' person to investigate where Madeleine may be, instead of so many exorbitant PR and legal teams like Carter Ruck and Clarence Mitchell, et al? The millions they have had handed to them have been spent very frivolously on their image and gagging all and sundry, when they should have had far more pressing things on their mind imo.

MOM OF TWO 1 comment
The fund is a limited company and shares no expenditure information any more than any other limited company so it is hardly surprising the donations have gone down. Also the revenue from Kate's book is not taken into account in these figures so the actual cash in hand at the bank will be higher than stated.

Laura 1 comment
Of course the 'Fund' is not in trouble. The estimated £2million made from the book has not been included.

Akfiori 1 comment
That's an awful lot of money gone . On what though, that's the question. How much does Edgar the private detective charge? Has the fund diminished because of the search or due to Carter Ruck suing everyone who questions the McCann version of events?. The good doctors are currently in litigation against two authors. One of whom was the lead detective in charge of the case. Make of that what you will.

by jd 11.01.12 13:35

Why didn't the McCanns just hire one 'qualified' person to investigate where Madeleine may be, instead of so many exorbitant PR and legal teams like Carter Ruck and Clarence Mitchell, et al? The millions they have had handed to them have been spent very frivolously on their image and gagging all and sundry, when they should have had far more pressing things on their mind imo.Has the fund diminished because of the search or due to Carter Ruck suing everyone who questions the McCann version of events?. The good doctors are currently in litigation against two authors. One of whom was the lead detective in charge of the case. Make of that what you will.

Says it all really

A reminder of the funds Objectives:

• To secure the safe return to her family of Madeleine McCann who was abducted in Praia da Luz, Portugal on Thursday 3rd May 2007;
• 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.

Oooophs... Its not a Fund anymore...Its a Foundation

1.5 "Foundation" Madeleine's Fund Leaving No Stone Unturned Limited

[u]A reminder of the Foundations Objectives:

2B. The objects of the Foundation are:
2B.1.1 To secure the safe return to her family of Madeleine McCann who was abducted in Praia da Luz, Portugal on Thursday 3rd May 2007; and
2B.1.2 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.
2B.2 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.

2C.6 alone or with other organisations seek to influence public opinion and make representations to and seek to influence governmental and other bodies and institutions

by Pershing36 11.01.12 14:24

Can anyone see any sign of the bewk money in this fund?

All I can see is the large opening balance going down year on year without any substantial input of funds.

My personal belief is they will wind it down in March.

by Guest 11.01.12 15:36

MADELEINE MCCANN FUND IN TROUBLE

It became apparent to the directors that without a significant financial boost the fund would be empty by the end of spring 2011.

11th January 2012

By Sam Marsden

KATE and Gerry McCann’s war chest to help find missing daughter Madeleine dwindled to £125,000 last year.

The amount the couple raised for Madeleine’s Fund dropped from £233,099 in 2009-10 to £177,534 in 2010-11.

But the McCanns, both 43, from Rothley, Leics, hope that Kate’s book about Maddie’s disappearance will boost the fund this year.

In newly-published accounts, the fund’s directors write: “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.

“It became apparent to the directors that without a significant financial boost the fund would be empty by the end of spring 2011.

“In view of this, Kate made the decision to write a book about Madeleine’s disappearance.”

Madeleine’s Fund was launched after the little girl, then aged three, vanished from a holiday apartment in Praia da Luz, Portugal, on May 3, 2007.

In 2007-08 it received £1.8million.

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by Guest 11.01.12 15:46

KATE and Gerry McCann’s war chest to help find missing daughter Madeleine dwindled to £125,000 last year

ooops

by jd 11.01.12 15:58

candyfloss wrote:KATE and Gerry McCann’s war chest to help find missing daughter Madeleine dwindled to £125,000 last year

Thats what I thought. However, they are planning on turning it into a quite a big company now with all the amendments. Not just a search fund anymore (even though the public will be told quite the contrary)

by Guest 11.01.12 16:00

jd wrote:
candyfloss wrote:KATE and Gerry McCann’s war chest to help find missing daughter Madeleine dwindled to £125,000 last year

Thats what I thought. However, they are planning on turning it into a quite a big company now with all the amendments. Not just a search fund anymore (even though the public will be told quite the contrary)

Place your bets on how long the words "war chest" will remain before being whooshed!

by Guest 11.01.12 16:11

Madeleine McCann hunt has cost £2.5million so far

Exclusive by Martin Fricker, Daily Mirror 11/01/2012

The search for Madeleine McCann has cost £2.5million so far, the Mirror can reveal.

The cash has been spent on advertising campaigns and private investigators working to find the little girl, who vanished aged four from a holiday apartment in Portugal in May 2007.

Parents Kate and Gerry set up the Find Madeleine fund and were initially swamped with donations from across the world from people touched by their desperate plight.

But the offers of money have slowed to a trickle over the past two years - at one point almost leaving the fund empty.

According to company accounts filed yesterday, there was just £125,000 left at the end of the last financial year. They spent almost half a million pounds in the previous 12 months on the search for Madeleine, who would now be eight years old.

The fund, run by a group of directors including the McCanns, recorded an operating loss of £344,859 - up by more than 50% on the previous year.

Their report, lodged with Companies House, reveals the true extent of their money troubles in early 2011. It states: “Over the financial year 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. It became apparent that without a significant financial boost, the fund would be empty by the end of Spring 2011.”

That financial warning was behind Kate’s decision to write ‘Madeleine’, a book about the youngster’s disappearance and their search for her. The book was published last May and has since raised hundreds of thousands of pounds to boost the fund.

The McCanns’ search has been helped by the decision of Scotland Yard to conduct a review of her disappearance.

In August, detectives made their first of three visits to Portugal for talks with the officers involved in the original inquiry. Officers working on the review are being led by Detective Chief Inspector Andy Redwood, who took part in the Spanish talks.

They are understood to be probing eight “very important” new leads after meeting private investigators in Spain last month.

Madeleine disappeared from a two-bedroom holiday apartment in Praia da Luz on May 3, 2007.

Read more: [You must be registered and logged in to see this link.]

by jd 11.01.12 16:12

candyfloss wrote: Place your bets on how long the words "war chest" will remain before being whooshed!

~~war chest~~ censored

by jd 11.01.12 16:16

candyfloss wrote:Madeleine McCann hunt has cost £2.5million so far

Exclusive by Martin Fricker, Daily Mirror 11/01/2012

The search for Madeleine McCann has cost £2.5million so far, the Mirror can reveal.

The cash has been spent on advertising campaigns and private investigators working to find the little girl, who vanished aged four from a holiday apartment in Portugal in May 2007.

Parents Kate and Gerry set up the Find Madeleine fund and were initially swamped with donations from across the world from people touched by their desperate plight.

But the offers of money have slowed to a trickle over the past two years - at one point almost leaving the fund empty.

According to company accounts filed yesterday, there was just £125,000 left at the end of the last financial year. They spent almost half a million pounds in the previous 12 months on the search for Madeleine, who would now be eight years old.

The fund, run by a group of directors including the McCanns, recorded an operating loss of £344,859 - up by more than 50% on the previous year.

Their report, lodged with Companies House, reveals the true extent of their money troubles in early 2011. It states: “Over the financial year 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. It became apparent that without a significant financial boost, the fund would be empty by the end of Spring 2011.”

That financial warning was behind Kate’s decision to write ‘Madeleine’, a book about the youngster’s disappearance and their search for her. The book was published last May and has since raised hundreds of thousands of pounds to boost the fund.

The McCanns’ search has been helped by the decision of Scotland Yard to conduct a review of her disappearance.

In August, detectives made their first of three visits to Portugal for talks with the officers involved in the original inquiry. Officers working on the review are being led by Detective Chief Inspector Andy Redwood, who took part in the Spanish talks.

They are understood to be probing eight “very important” new leads after meeting private investigators in Spain last month.

Madeleine disappeared from a two-bedroom holiday apartment in Praia da Luz on May 3, 2007.

Read more: [You must be registered and logged in to see this link.]