Madeleine Fund - End of Year Accounts 2016-2017.

[Alice Purjorick]

The abduction word comes and goes, doesn't it?

I was thinking more in terms of:
1) The definition of "resricted" seemingly being:
"It was to be used for 'the direct costs of the search for, and the investigation into, the disappearance of Madeleine'".
2) The company objectives 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".


The conditions of 1 are already satisfied in 2 so why the designation "restricted" to part of the assets ?

[G-Unit]

I was thinking more in terms of:
1) The definition of "resricted" seemingly being:
"It was to be used for 'the direct costs of the search for, and the investigation into, the disappearance of Madeleine'".
2) The company objectives 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".


The conditions of 1 are already satisfied in 2 so why the designation "restricted" to part of the assets ?

In the Y/E 2008 accounts 'Merchandising and Campaign costs' appear to be entered as the direct costs, with 'Administration expenses' being entered as indirect costs or overheads.

The problem is that if the restricted funds are to be used only for 'Merchandising and Campaign costs' what will the directors do if they run out of unrestricted funds? Can they sell merchandise and run a campaign if they have no funds to pay the accountant, auditor or insurance costs? Clearly not.

If funds are moved from restricted to unrestricted funds when needed then the restriction would appear to be meaningless.

[ShiningInLuz]

In the Y/E 2008 accounts 'Merchandising and Campaign costs' appear to be entered as the direct costs, with 'Administration expenses' being entered as indirect costs or overheads.

The problem is that if the restricted funds are to be used only for 'Merchandising and Campaign costs' what will the directors do if they run out of unrestricted funds? Can they sell merchandise and run a campaign if they have no funds to pay the accountant, auditor or insurance costs? Clearly not.

If funds are moved from restricted to unrestricted funds when needed then the restriction would appear to be meaningless.

Without getting into the nitty-gritty, is preparing or approving accounts for the Find Madeleine fund complex?

I prepared and approved accounts for a small club, and it was little more complex than brought forward + changes = carried forward.

Presumably as the fund is a limited company, there are more legal requirements to meet.

But is it rocket science?  Does it even need qualified accountants to draw up the accounts?

[G-Unit]

Without getting into the nitty-gritty, is preparing or approving accounts for the Find Madeleine fund complex?

I prepared and approved accounts for a small club, and it was little more complex than brought forward + changes = carried forward.

Presumably as the fund is a limited company, there are more legal requirements to meet.

But is it rocket science?  Does it even need qualified accountants to draw up the accounts?

It's not at all complicated, just simple arithmetic. I'm not an accountant but I have prepared end of year accounts and filed them with HMRC. If an accountant has competent lesser qualified staff his or her input may amount to nothing more than 'signing off' another's work.

The responsibility lies with the owners or directors for the accuracy of the figures. Simple but accurate record keeping is key. As long as every transaction is correctly recorded the Year End accounts will be correct.

It is the recording of transactions which Auditors look at. Every transaction should be supported by paperwork. If you sell something for £500, for example, there should be an invoice or till receipt for that amount. They will check a random selection of transactions, not all of them.

[Alice Purjorick]

Without getting into the nitty-gritty, is preparing or approving accounts for the Find Madeleine fund complex?

I prepared and approved accounts for a small club, and it was little more complex than brought forward + changes = carried forward.

Presumably as the fund is a limited company, there are more legal requirements to meet.

But is it rocket science?  Does it even need qualified accountants to draw up the accounts?

See post #61 and attachments.

[ShiningInLuz]

It's not at all complicated, just simple arithmetic. I'm not an accountant but I have prepared end of year accounts and filed them with HMRC. If an accountant has competent lesser qualified staff his or her input may amount to nothing more than 'signing off' another's work.

The responsibility lies with the owners or directors for the accuracy of the figures. Simple but accurate record keeping is key. As long as every transaction is correctly recorded the Year End accounts will be correct.

It is the recording of transactions which Auditors look at. Every transaction should be supported by paperwork. If you sell something for £500, for example, there should be an invoice or till receipt for that amount. They will check a random selection of transactions, not all of them.

Many thanks.

[G-Unit]

I think Michael Wright booked the move;

I contacted a removals firm in Lagos in my name, and I collected packing boxes and adhesive tape. We then began to pack all the stuff we wanted to keep, such as letters, postcards, etc.
http://www.mccannpjfiles.co.uk/PJ/MICHAEL_WRIGHT.htm

So Wright booked it and Corner's company paid for it. Perhaps because most removal companies require payment on delivery.

[G-Unit]

I think Michael Wright booked the move;

I contacted a removals firm in Lagos in my name, and I collected packing boxes and adhesive tape. We then began to pack all the stuff we wanted to keep, such as letters, postcards, etc.
http://www.mccannpjfiles.co.uk/PJ/MICHAEL_WRIGHT.htm

So Wright booked it and Corner's company paid for it. Perhaps because most removal companies require payment on delivery.

The sense of my post appears to have been lost for some reason. I was discussing an amount of £ 1,822 for shipping costs to 'River', Jon Corner's company, paid by the Fund  in the 2008 Y/E accounts. It was suggested that this may have been for shipping the McCann's belongings back to the UK after they left Portugal in September 2007.

[Mr Gray]

The fact that the Directors of the company are legally responsible for the accounts would  mean they would need to employ a professional accountant who would have a professional liability to the directors that everything  was legally correct
The idea of not employing a, professional in such a case is ridiculous imo

[G-Unit]

The fact that the Directors of the company are legally responsible for the accounts would  mean they would need to employ a professional accountant who would have a professional liability to the directors that everything  was legally correct
The idea of not employing a, professional in such a case is ridiculous imo

Hiring a professional accountant doesn't free directors of their legal responsibilities. If their accountant is negligent and that leads to extra money having to be paid out the company is still liable for the debt.

If the accountant admits liability and has public liability insurance he/she my agree to make an insurance claim and all will be well.

If the accountant denies liability the company will have to consider suing. If it can prove it's case the accountant will be ordered to reimburse it and probably compensate it also. Whether the money will then be forthcoming will depend on the accountant's financial circumstances.

All accountants can be described as professional, but not all can be assumed to be reputable and responsible.

[Brietta]

Hiring a professional accountant doesn't free directors of their legal responsibilities. If their accountant is negligent and that leads to extra money having to be paid out the company is still liable for the debt.

If the accountant admits liability and has public liability insurance he/she my agree to make an insurance claim and all will be well.

If the accountant denies liability the company will have to consider suing. If it can prove it's case the accountant will be ordered to reimburse it and probably compensate it also. Whether the money will then be forthcoming will depend on the accountant's financial circumstances.

All accountants can be described as professional, but not all can be assumed to be reputable and responsible.

And all of this basic speculation adds to the thread topic in what way?

[jassi]

Speculation is good.
Where would we be without it   

[Mr Gray]

Hiring a professional accountant doesn't free directors of their legal responsibilities. If their accountant is negligent and that leads to extra money having to be paid out the company is still liable for the debt.

If the accountant admits liability and has public liability insurance he/she my agree to make an insurance claim and all will be well.

If the accountant denies liability the company will have to consider suing. If it can prove it's case the accountant will be ordered to reimburse it and probably compensate it also. Whether the money will then be forthcoming will depend on the accountant's financial circumstances.

All accountants can be described as professional, but not all can be assumed to be reputable and responsible.

As I said the accountant is responsible professional.. Is it compulsory  for accountants to have indemnity insurance... It's not a very professional profession if it isnt

[ShiningInLuz]

And all of this basic speculation adds to the thread topic in what way?

It doesn't.

A basic enquiry as to whether something as simple as the Find Madeleine fund needs prof-accountants turned from a simple response into drivel about liability insurance.  Prune the thread there and nothing will be lost.

Elsewhere, the poster on here known as ***** has clarified that an appeal to the ECHR goes through two stages at the European Commission, before it may appear at the ECHR, hence nothing in the records as yet.

If we could have the simple version, things would get clearer.

Or we can have fog and confusion.

[Mr Gray]

It doesn't.

A basic enquiry as to whether something as simple as the Find Madeleine fund needs prof-accountants turned from a simple response into drivel about liability insurance.  Prune the thread there and nothing will be lost.

Elsewhere, the poster on here known as ***** has clarified that an appeal to the ECHR goes through two stages at the European Commission, before it may appear at the ECHR, hence nothing in the records as yet.

If we could have the simple version, things would get clearer.

Or we can have fog and confusion.

[Edited - deleted goading comment]
If the directors are legally responsible for accounts then they would need to ensure they we're properly  drawn up by a qualified accountant because the accountant would then be responsible to the directors..... I've explained all this before
The idea of having an amateur draw up accounts, when you have a legal responsibility  is ridiculous as I pointed out

As regards the ECHR it was Mr Bennett who explained about the stages as he had personally submitted a claim... [Edited - deleted goading comment]

[Edited - deleted 2 goading comments]