Malta Com­mu­nity Chest Fund Foundation holds first ever AGM in the name of ‘trans­parency’

Malta Independent - - NEWS -

The Malta Com­mu­nity Chest Fund Foundation has con­cluded its 2015 fi­nan­cial year with a bal­ance of €3,398,685, in­clud­ing €1,600,863 car­ried for­ward from last year.

The MCCF held its first ever An­nual Gen­eral Meet­ing, at which the Foundation’s state­ment of in­come, au­dited by KPMG, was pre­sented to share­hold­ers. Share­hold­ers in­clude all those Mal­tese and Goz­i­tans who have do­nated money and con­trib­uted to the Foundation.

Pres­i­dent Marie-Louise Coleiro Preca ex­plained that the AGM was car­ried out in an ef­fort to boost the Foundation’s trans­parency. She said that those who do­nate have a right to know how their funds are be­ing spent.

“The main aim of the Foundation, was, and still is that of im­prov­ing the lives of fam­i­lies and in­di­vid­u­als who would be go­ing through hard­ship in their lives...The Foundation works to achieve so­cial jus­tice by pro­vid­ing care, dig­nity and re­spect to who­ever would be in need of its ser­vices,” she said.

The Foundation is a phil­an­thropic or­gan­i­sa­tion regulated by the Civil Code un­der the aus­pices of the Pres­i­dent of Malta, with the prin­ci­ple aims as set out in pur­poses and ob­jec­tives of the Foundation sec­tion of this re­port’

The Foundation’s bal­ance sheet from the pe­riod 1 April 2015 to 31 De­cem­ber 2015 shows to­tal as­sets of €5,027,656 and to­tal cur­rent li­a­bil­i­ties of €1,443,739.

In its state­ment of in­come and ex­pen­di­ture, it was found that do­na­tions from Ist­rina amounted to €4,133,672, while to­tal con­tri­bu­tions from this and other ac­tiv­i­ties amounted to €4,474,793. The state­ment shows the clos­ing gen­eral fund as at year end 31 De­cem­ber 2015 to be €3,398,685.

€1,671,308 were spent on over­seas as­sis­tance, med­i­cal treat­ment and spe­cial equip­ment given to peo­ple in need. In ad­di­tion to this, €629,072 were spent on Ist­rina fund rais­ing ac­tiv­ity ex­penses, while €166,018 were spent on as­sis­tance to in­di­vid­u­als and NGOs. €185,573 were used to cover ad­min­is­tra­tive costs.

The main aim of the Foundation, was, and still is that of im­prov­ing the lives of fam­i­lies and in­di­vid­u­als go­ing through hard­ship in their lives

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