The GSD has voiced concern over how large sums of money from Community Care are being used and invested, after audited accounts revealed what the Opposition described as “unidentified loans” and “exaggerated reserves”.
In a statement the GSD said that although Community Care payments continue to be made to the elderly, the ‘delayed’ publication of the charity’s accounts raised a number of questions.
“This is revealed by audited accounts, signed in August 2018, for the years 2015, 2016 and 2017, which were filed after GSD Opposition MP and Shadow Minister for Public Finances, Roy Clinton, complained to the Charities Commission,” the Opposition said.
Given that Community Care has received £187 million of public monies in the five years ending on June 30, 2017, the GSD said it was important that it accounts for this money with transparency and full disclosure.
The GSD claimed that in 2016 and 2017 Community Care, through G.C.C. Investments Limited, is shown to have lent £85 million to an unidentified group company.
“Considering this opaqueness, Mr Clinton will be seeking an explanation from the Trustees as to the nature and purpose of this lending,” the GSD’s statement read.
“Additionally, during the period of the 2015 General Election, reserves stood at £81 million on 30 June 2015, not £100 million as claimed by the 2015 GSLP/Liberal Manifesto.”
Even as at 30 June 2017 reserves were just £89 million with annual costs running at £20 million, it added.
Mr Clinton said: “I am pleased that Community Care continues to make payments to our elderly but it needs to maintain transparency and openness as to how such large sums of public monies are being used and invested.”
“Further, based on the figures revealed, showing GSLP/Liberal Manifesto statements to be inaccurate, I do not see how the Government will achieve its manifesto target of £230 million of reserves by 2019/2020.”