FENLAND: Charity says its put repayment programme in place after new build aborts
A FENLAND charity has confirmed to the Charity Commission that it has put in place a repayment programme to pay back money used for an aborted bid for a new headquarters. FACET- Fenland Area Community Enterprise Trust- says in its recently published annua
A FENLAND charity has confirmed to the Charity Commission that it has put in place a repayment programme to pay back money used for an aborted bid for a new headquarters.
FACET- Fenland Area Community Enterprise Trust- says in its recently published annual accounts for last year that "the sum agreed for repayment is manageable, and will not cause undue financial hardship".
The accounts reveal how most of the �275,000 raised in grants and donations from major charities for a new building had been swallowed up in "professional fees and associated costs".
However FACET, which says the decision not to go ahead with a new building was for reasons largely outside of their control, believes the worst is over.
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The annual accounts show that with 65 students with learning disabilities funded by direct payments or out of county or private payments, and added cash from placements, the cash flow is improving.
Linda Ingram, chief executive and company secretary, said the board had hoped that 2007-8 would be the year some financial difficulties were resolved, this had not been possible,
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"In fact it was only by stringent management and accounting, and the sheer hard work put in by the management team, that the charity has been able to come through this difficult period," she says.
She said it was vital the work of FACET in Marwick Road continued "for the sake of the students who depend on us for the training and support we provide to help them reach their full potential in life.
"Our service is also incredibly important to the parents and carers, for whom in many cases FACET provides the only form of respite."
n The accounts confirm that Councillor Jan French, the former chairman of the trustees who was replaced later in the year, had been paid �22,000 by FACET during the financial year for consultancy services.