MCCF holds its first-ever general meeting, declares €3.4 million balance in 2015

The Malta Community Chest Fund (MCCF) finished 2015 with a balance of €3,398,685, which includes money that was collected throughout the eight months leading to December 2015.

Out of some €1,600,863 which were carried forward from the previous year, it was explained that some €900,000 have to be deducted from the surplus: these were approved in February 2016 by the supervisory board to be used in social projects by the Fund for Voluntary Organisations. The financial statements do not cover some €750,000 - an average of €250,000 per month - following the decision taken by the supervisory council for the MCCF's financial year to match the calendar year.

The surplus stands at €172,822.

These figures emerged from the statement of income audited by KPMG, and were published during the MCCF's first-ever annual general meeting.

President of the Republic Marie Louise Coleiro Preca said that the move was intended to increase the foundation’s transparency.

“People who donate money are effectively the MCCF’s shareholders, and they deserve to know how their money is being spent,” she said.

The MCCF is run under the patronage of the Office of the President.

According to the statement of income, between April and December, the MCCF received €4,474,793, out of which the vast majority, meaing €4,133,672, were earned from donations made to Istrina fund raising activities.

€1,671,308 was spent on overseas assistance, medical treatment and special equipment given to people in need.

A further €629,072 was spent on Istrina fund raising activity expenses, while €166,018 were spent on assistance to individuals and NGOs. €185,573 was used to cover administrative costs.