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