Madeleine Fund end of year accounts 2016-2017 delayed.

[Mr Gray]

It might be the "not for profit" status that means they don't need to pay tax on their surpluses.
http://www.findmadeleine.com/about_us/madeleines-fund.html
"About the Fund

Madeleine's Fund - 'Leaving No Stone Unturned' is a not-for-profit company which has been established to find Madeleine McCann, support her family and bring her abductors to justice. The Fund is following best practice governance procedures as set out in the Good Governance Code for the Voluntary and Community Sector. The directors of the company are Brian Kennedy, Michael Linnett, Edward Smethurst, Jon Corner, Kate McCann & Gerry McCann. They have appropriate legal, business and charitable experience. An experienced Fund Administrator has been appointed to ensure the highest standards of transparency and accountability. This should enable the Directors to maintain an appropriate governance distance in the day-to-day operations of the Fund."

So we need to see what the rules are in the "Good Governance Code for the Voluntary and Community Sector".

as I understand not for profit companies reinvest the surplus in the company and therefore do not pay tax

[John]

So are they paying tax?  There seemed to be a big surplus the first year.

"Are grants and donations taxable income for corporation tax?"   The answer here seem to suggest they should.
https://www.accountingweb.co.uk/any-answers/are-grants-and-donations-taxable-income-for-corporation-tax

Every Incorporated Company in the UK pays corporation tax on annual profit.

[Robittybob1]

This is the answer

https://www.xero.com/ie/resources/small-business-guides/cloud-accounting/non-profit-accounting/

 "Apply for tax exemptions
A big advantage of not-for-profit entities is tax exemption. Again, do this early on to get the most benefit from it. Note that although your business is tax-exempt, your employees will still have to pay taxes."

[Mr Gray]

This is the answer

https://www.xero.com/ie/resources/small-business-guides/cloud-accounting/non-profit-accounting/

 "Apply for tax exemptions
A big advantage of not-for-profit entities is tax exemption. Again, do this early on to get the most benefit from it. Note that although your business is tax-exempt, your employees will still have to pay taxes."

so the benefits of being charitable would be far outweighed by the conditions so not for profit was a much better choice....all taht suspicion from sceptics and theres a simple explanation

[John]

This is the answer

https://www.xero.com/ie/resources/small-business-guides/cloud-accounting/non-profit-accounting/

 "Apply for tax exemptions
A big advantage of not-for-profit entities is tax exemption. Again, do this early on to get the most benefit from it. Note that although your business is tax-exempt, your employees will still have to pay taxes."

Could that be why the online shop was abandoned?  Isn't suing newspapers and others for libel deemed profitable?

[Robittybob1]

so the benefits of being charitable would be far outweighed by the conditions so not for profit was a much better choice....all taht suspicion from sceptics and theres a simple explanation

They would be subject to audit by the IRS (Inland Revenue in NZ) so it will be up to them to keep the books looking OK.

[Alice Purjorick]

How interesting! It wasn't just because it was for one child then? That's the first time I've seen anyone admit that it was for parental expenses.

See youtube clip:
"Tell us about the Fighting Fund...". "This is not an appeal, the family haven't made an appeal.  We've just set up a mechanism for people who said they wanted to do something and contribute, so that the money can be used for all sorts of reasons but probably mainly for legal expenditure."17th May 2007

http://thepottingshedder.blogspot.co.uk/2011/06/other-night-i-was-stunned-to-see.html

[Alice Purjorick]

so the benefits of being charitable would be far outweighed by the conditions so not for profit was a much better choice....all taht suspicion from sceptics and theres a simple explanation

CLG and Charitable Status are not mutually exclusive. The RAC being a case in point.

[Alice Purjorick]

Every Incorporated Company in the UK pays corporation tax on annual profit.

Including The Foundation if the end of year figures since inception are to be believed....

[Alice Purjorick]

The fund was quite clear in its aims....one of which was to support Maddies family...Im surprised you were not aware of this

That was removed from the Articles of Association long since...about 6 years in fact.
It now reads:
Objects
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.

[G-Unit]

Although there was no mention of tax paid in the year end 2008 accounts, a sum appears in the 2009 accounts showing the tax paid for the previous year;

[Mr Gray]

That was removed from the Articles of Association long since...about 6 years in fact.
It now reads:
Objects
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.

Yeah...i know

[G-Unit]

As far as I can ascertain the term 'not for profit' has no statutory meaning and HMRC don't allow any tax relief for companies using that description.

[Mr Gray]

As far as I can ascertain the term 'not for profit' has no statutory meaning and HMRC don't allow any tax relief for companies using that description.

from what I have seen it does....they do not pay corporation tax

[Mr Gray]

Including The Foundation if the end of year figures since inception are to be believed....

of course john is wrong and not every company pays corporation tax on its profits