Teesside-2
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What's in store for the future of Teesside International Airport? | The Northern Echo
What's in store for the future of Teesside International Airport? | The Northern Echo
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Is there though? I won’t pretend to know the ins and outs of what they are obliged to declare, but it does seem a bit dodgy that when Esken left their shares in the airport were handed to a ‘charitable trust’ that neither provides grants or accepts donations… Does this make the whole thing less susceptible to detailed scrutiny?
Don't know the reasons as to why they don't give or accept grants but charities can work in many different ways.
Dont know. Perhaps it’s been established with truly benevolent intent, but why have it attached to an airport as they are notoriously lacking in substantial profit through which to support other charitable ventures? Why did they see fit to gift it 25% of the shares in the airport when the only truly private sector share owner withdrew (and apparently took with it £millions)? Is it because a charitable trust is, like a private sector company, not bound to the same level of scrutiny as its public sector counterpart?
https://www.teesvalleymonitor.com/th...ort-foundation
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The charitable trust element of the ownership has been quoted as the reason to refuse FoA applications from investigative journalists examining the goings on at what most assume to be a publicly owned body so subject to scrutiny.
Last edited by Grumpy1; 5th Dec 2023 at 10:18.
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Local Company Example - A company who changed their name to TTI Realisations 2019 Ltd went bust after changing their name from TTE Technical Institute ltd, to a few other names over a period of time.
https://find-and-update.company-info...mpany/02360140
The accounts showed a £11 million black hole in their pension fund! Warnings had been given years before over the fund having millions not paid into it, but no one was prosecuted.
The administrators spreadsheet of the TTI Realisations 2019 Ltd company make interesting reading! They trained apprentices. HMRC were paid £500k to avoid more action.
https://find-and-update.company-info...filing-history
TTE has since been set up again working with a local college. Dont think all the same directors are involved, but it may be another charitable trust.
Charities Commission don't have enough powers, or staff to check on charitable trusts.
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If your pension deficit is equal to your turnover (and it was ultimately double that in this case), you have an almost unsurmountable problem - especially if you are a charity and cannot go cap in hand to shareholders for some cash. However even with charitable status, pension fund trustees would still be expected to report on the scheme financing to the Pensions Ombudsman although I am not sure what you would expect either party to do when the gap is that large.
Charitable status may mean that less information is available but it does not remove the requirement to report to external bodies (eg Pensions Ombudsman, Companies House). In your example, the pension deficit was shown in the accounts so lack of disclosure was hardly the issue in that case. Maybe the issue is more that journalists do not know how to interpret the information that is publicly available?
Charitable status may mean that less information is available but it does not remove the requirement to report to external bodies (eg Pensions Ombudsman, Companies House). In your example, the pension deficit was shown in the accounts so lack of disclosure was hardly the issue in that case. Maybe the issue is more that journalists do not know how to interpret the information that is publicly available?
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Also we are unsure of any action post 2022 that the Insolvency Service, HMRC or the Charities commission are taking.
If they are in the process of Civil Recovery then we won't find out, if its criminal we could find out.
Things move slowly in the land of both Civil and Criminal recovery and it could be another year before an answer is reached!
Limited liability does not applying in all circumstances like alot of Directors like to think.
HMRC and the Insolvency Service are actually supporting each other on a more regular basis to bring company directors to account when serious mis practise and evasion are present.
If they are in the process of Civil Recovery then we won't find out, if its criminal we could find out.
Things move slowly in the land of both Civil and Criminal recovery and it could be another year before an answer is reached!
Limited liability does not applying in all circumstances like alot of Directors like to think.
HMRC and the Insolvency Service are actually supporting each other on a more regular basis to bring company directors to account when serious mis practise and evasion are present.
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If your pension deficit is equal to your turnover (and it was ultimately double that in this case), you have an almost unsurmountable problem - especially if you are a charity and cannot go cap in hand to shareholders for some cash. However even with charitable status, pension fund trustees would still be expected to report on the scheme financing to the Pensions Ombudsman although I am not sure what you would expect either party to do when the gap is that large.
Charitable status may mean that less information is available but it does not remove the requirement to report to external bodies (eg Pensions Ombudsman, Companies House). In your example, the pension deficit was shown in the accounts so lack of disclosure was hardly the issue in that case. Maybe the issue is more that journalists do not know how to interpret the information that is publicly available?
Charitable status may mean that less information is available but it does not remove the requirement to report to external bodies (eg Pensions Ombudsman, Companies House). In your example, the pension deficit was shown in the accounts so lack of disclosure was hardly the issue in that case. Maybe the issue is more that journalists do not know how to interpret the information that is publicly available?
End result the missing millions doubled, and the company name changed more than once.
On a good note I see from the movements post and from Grumpy that a fence is being constructed around the old 01 runway, so the do listen to what we say.... Wonder who's paying for it.
When Willis first arrived I was shown a drawing of a wide body hangar in this location which so far hasn't appeared.
When Willis first arrived I was shown a drawing of a wide body hangar in this location which so far hasn't appeared.
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Also we are unsure of any action post 2022 that the Insolvency Service, HMRC or the Charities commission are taking.
If they are in the process of Civil Recovery then we won't find out, if its criminal we could find out.
Things move slowly in the land of both Civil and Criminal recovery and it could be another year before an answer is reached!
Limited liability does not applying in all circumstances like alot of Directors like to think.
HMRC and the Insolvency Service are actually supporting each other on a more regular basis to bring company directors to account when serious mis practise and evasion are present.
If they are in the process of Civil Recovery then we won't find out, if its criminal we could find out.
Things move slowly in the land of both Civil and Criminal recovery and it could be another year before an answer is reached!
Limited liability does not applying in all circumstances like alot of Directors like to think.
HMRC and the Insolvency Service are actually supporting each other on a more regular basis to bring company directors to account when serious mis practise and evasion are present.
Police did not act on it. Maybe not up to speed on missing pension money?
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Although there was some money left in the business which would have gone to those preferential creditors first, such as the Pension fund so some was technically recovered.
HMRC and the Insolvency Service may currently have cases open on the malpractice of the directors in the past. As i mentioned if there is a civil recovery by these groups you won't hear about it apart from maybe director disqualification, if there is a criminal recovery then it will be published but that may take some time too.
The physical action of knowingly trading Insolvency is against the law.
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The £11.6m that the Pension Protection Fund were claiming would be their valuation to pay out the benefits to the current & former employees after taking control of the scheme assets. This valuation is not the same as the one that is published in the annual accounts (which implied a £4.1m deficit at the end of 2017). The assets in the business added up to nothing like £11.6m so for that reason an administrator decided to liquidate the business and get what cash they could.
Now can we get back to discussing the airport?
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Been following this thread for too long, so much smoke & mirrors, conspiracy theories, potential villain's, yet it continues to throw up comment.
I'm unsure as to how many if any of the regular posters, have any direct involvement with the airport & if not then what their agendas are....
At present then this years published accounts seem to be a popular topic, yet for the most part, then the comments arising from data abstracted from the published accounts suggest that there are a few armchair accountants around, with those that possess a level of understanding simply adding "fuel to the fire" for those that appear to be using this thread with a political agenda.
Case in point then whilst there has been an explanation of "EBITDA " then attention is focused on the reduction of the loss being a reflection of the improvement in the airports performance. However this is not the "final" figure for any number of reasons & whilst some figures may be somewhat subjective i.e. depreciation / amortisation, then Interest charges on borrowings certainly are not. Given the uplift in borrowing charges, then I would very much doubt that there is anything "positive" at all in the bottom line.
On the other side then the significant increase in revenue appears very encouraging, though I fail to see that it should attract much debate until a breakdown is available between the various activities, be it pax operations or whatever. It's only when this level of detail is available is one able to make any constructive comment as to how the 10 year plan is progressing.
For my part I find it quite remarkable that the airport has to date managed to "weather the storm" , though I feel that the significant efforts made in developing the non passenger related activities should not be under estimated & that this is perhaps the only way ahead for the foreseeable future.
I'm unsure as to how many if any of the regular posters, have any direct involvement with the airport & if not then what their agendas are....
At present then this years published accounts seem to be a popular topic, yet for the most part, then the comments arising from data abstracted from the published accounts suggest that there are a few armchair accountants around, with those that possess a level of understanding simply adding "fuel to the fire" for those that appear to be using this thread with a political agenda.
Case in point then whilst there has been an explanation of "EBITDA " then attention is focused on the reduction of the loss being a reflection of the improvement in the airports performance. However this is not the "final" figure for any number of reasons & whilst some figures may be somewhat subjective i.e. depreciation / amortisation, then Interest charges on borrowings certainly are not. Given the uplift in borrowing charges, then I would very much doubt that there is anything "positive" at all in the bottom line.
On the other side then the significant increase in revenue appears very encouraging, though I fail to see that it should attract much debate until a breakdown is available between the various activities, be it pax operations or whatever. It's only when this level of detail is available is one able to make any constructive comment as to how the 10 year plan is progressing.
For my part I find it quite remarkable that the airport has to date managed to "weather the storm" , though I feel that the significant efforts made in developing the non passenger related activities should not be under estimated & that this is perhaps the only way ahead for the foreseeable future.
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Interest on the loan facility is 5.09% in the last few Accounts since purchase and not changed in the years. So will have to see when Accounts are published on Companies House if that has changed for this last year.
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I hope the airport does survive either with the charity or not. Peel were trying to close it, but it managed to survive. Onwards and upwards. I hope more is spent on equipment for the winter season.
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Thanks to posters for answers, I used the company mentioned due to the previous post about charitable trusts.
I hope the airport does survive either with the charity or not. Peel were trying to close it, but it managed to survive. Onwards and upwards. I hope more is spent on equipment for the winter season.
I hope the airport does survive either with the charity or not. Peel were trying to close it, but it managed to survive. Onwards and upwards. I hope more is spent on equipment for the winter season.
A lot of companies have charitable trusts attached to them. It is a way that they can give money away to local/ national causes.
McDonalds has Ronald McDonald House Charity.
Tesco has Tesco Stronger Starts.
Asda has the Asda Foundation.
Morrisons has the Morrisons Foundation.
Manchester Airport has Manchester Airport Community Trust Fund.
So Teesside Airport is no different having Teesside Airport Foundation.
How much has the Trust collected or given away?
Only MAG from your list has any element of public ownership. Only Teesside is whole publically owned apart from the charity element.
Only MAG from your list has any element of public ownership. Only Teesside is whole publically owned apart from the charity element.