The Marcela Trust has sent in their accounts for their fiscal year ending July 2013 so I thought I'd take a look to see how our favourite salt and sugar haters are doing. For comparison, have a look at my analysis of their 2012 accounts.
A quick summary:
- Their donations this year were £300K to the Camelia Botnar Foundation, £170K to Fauna and Flora International (like last year, for their Western Transylvania work and to fund their student at Cambridge), £20K to the Nuffield Orthopaedic Centre and £7.5K to support the annual exhibition of the Society of Portrait Sculptors; these were funded in the usual way by restricted donations (totaling just under half a million quid) from OMC Investments which holds all the money that the Marcela Trust distributes.
- Nothing was sent to CASH or Action on Sugar this year; perhaps the Marcela Trust trustees are not keen on the attention they received as a result of the CASH donations.
- The 300K donation to the Camelia Botnar Foundation is interesting; I wonder what it was for? I looked at the Camelia Botnar Foundation 2012 accounts back in December and they looked in reasonable shape; their net funds had jumped from £5.1M to £6.3M. So was the 300K for something specific that the Marcela Trust wanted to set up but not fund directly? If so, what? The Marcela Trust report says that it "was made contribute [sic] to the foundation's annual running costs." We'll have to wait until December to see how this materialises in the CBF accounts and why it was needed.
- This year the Trust got £2.5K in donations and £22K in interest on funds, comparable to last year. They raised £5.6M (property rentals, hotel operating income etc) but spent £6M doing this, which is rather surprising; last year they raised about the same at a cost of only £3.7M. Where did they lose the extra £2.3M or so? Looking at the subsidiary activities trading costs, it looks like that was mostly due to extra impairment of investments (things they have are no longer as valuable as they used to be).
- Their funds had an OK year, rising £1.5M in value to £67M, about a 2% gain.
- They sold £3M of investment assets (property, presumably) but lost another £1M on revaluation of assets they held; this wasn't quite as bad as last year's £1.5M loss but must have still smarted a bit.
- They moved about £24M from investment assets to cash, nearly a mirror of last year's move of £24M cash to tangible assets (after raising £12M in loans); that loan is still outstanding in the creditors line, now due within 1 year.
- Fortunately the poor investment performance didn't stop the Trust increasing its wages paid. Wages were up about 6% overall and pensions about 19%. Dawn Pamela Rose was paid about £250K again, with £58.5K going into her pension scheme (up from £40K last year).
- Dawn Pamela Rose's QHH Limited subsidiary of OMC Investments commenced trading as a hotel during the previous financial period; it lost £15K on turnover of £1.1M this year.
So overall a year which is interesting mostly for the sudden arrest in the flow of funds to CASH, a property investment performance which looks less than stellar, and a £300K donation to Camelia Botnar Foundation which did not look to be needed. Let's see what the CBF accounts reveal when they appear in December...