Moghrey Mie Posted February 21, 2015 Share Posted February 21, 2015 Detailed Government Accounts Year Ended 31 March 2014 12.3. Media Development Fund Internal External Total Total Fund Fund 2013-14 2012-13 £ £ £ £ INCOME Recoupment of investments 2,757 - 2,757 1,139,408 Investment Income 103,788 8,237 112,025 738,103 106,545 8,237 114,781 1,877,511 EXPENDITURE Treasury Transfer to Working Capital - 284,866 284,866 616,459 Isle of Man Film Obligations - 1,478 1,478 (7,957) Other Expenses - - - 69,973 Investment Manager's Fees - 365,000 365,000 182,500 Transfers Transfer to Housing Reserve Fund 3,000,000 - 3,000,000 - Transfer to Legal Costs Reserve 2,000,000 - 2,000,000 - 5,000,000 651,344 5,651,344 860,975 Net Movement for Year (4,893,455) (643,107) (5,536,563) 1,016,536 Balance brought forward at 1st April 696,701 39,306,153 40,002,854 38,986,318 Balance carried forward at 31st March (4,196,754) 38,663,045 34,466,291 40,002,854 Does this mean Steve Christian's fee for managing the Media Development Fund is £365,000 per year? Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 21, 2015 Share Posted February 21, 2015 Media Development Fund (continued) 3. The purpose of the Fund, together with Isle of Man Film Limited (an incorporated Isle of Man company) is to support the development of the media and film industry by providing funds to invest in larger budget film productions and local media infrastructure facilities. In this manner, it is intended to create additional local employment opportunities and to enable a greater proportion of film and media related activities to be undertaken on the Isle of Man. 4. The Media Development Fund was established by the Treasury with effect from 31 March 2002. It was announced during the 2007-08 Budget in March 2007 that the fund would be externally managed on behalf of the Treasury and in August 2007 £50 million of the balance on the internal fund was transferred to the external fund managers. During 2012-13 the management of the external fund and control of £25 million of cash balances transferred from CinemaNX Limited to Pinewood Film Advisors Limited. 5. Each year the investment manager of the external fund reviews the amount recoverable from each film investment and makes provisions against the value of investments in certain films to more prudently reflect the future receipts anticipated. No such additional provisions were applied in the current year (2012-13 : £nil). 6. On 1 April 2014 an amount of £4.75 million was transferred from the external fund manager to the internal fund. This transfer will be reported within the fund statement for 2014-15. What investment in 'local media infrastructure facilities' did we see in 2013/14? Quote Link to comment Share on other sites More sharing options...
newsnight Posted February 21, 2015 Share Posted February 21, 2015 http://online.morningstarir.com/ir/pws/downloads/pdf/IRSept2014.pdf Page 36. * The Group has a consultancy agreement for services related to the Isle of Man Investment Advisory Agreement with Gasworks Media Limited, a company incorporated in the Isle of Man, whose sole shareholder, Steve Christian, is also an Executive Director of the Group. The total value of the transactions, including reimbursement of expenses, during the year was £336,000. See Note 27 for further details. Quote Link to comment Share on other sites More sharing options...
oldmanxfella Posted February 21, 2015 Share Posted February 21, 2015 What investment in 'local media infrastructure facilities' did we see in 2013/14? Well we seem to have invested rather a lot into Gasworks Media. Quote Link to comment Share on other sites More sharing options...
asitis Posted February 21, 2015 Share Posted February 21, 2015 If any of this on island bollocks gets anywhere near 50 million I'll eat my hat ! Quote Link to comment Share on other sites More sharing options...
newsnight Posted February 21, 2015 Share Posted February 21, 2015 What investment in 'local media infrastructure facilities' did we see in 2013/14? Well we seem to have invested rather a lot into Gasworks Media. Let's see if Leonard Singer MHK might like to ask Treasury Minister Eddie Tear MHK exactly how much in addition to the £336K per annum has been spent on Gasworks Media Ltd film projects out of the Media Development Fund? I'll also bet good money that Mr Skelly MHK would rather not ask that question either, because you know it's commercially confidential isn't it , so they can't tell us what they do with our money? 6 Quote Link to comment Share on other sites More sharing options...
the stinking enigma Posted February 22, 2015 Share Posted February 22, 2015 i like you newsnight Quote Link to comment Share on other sites More sharing options...
FACT Posted February 22, 2015 Share Posted February 22, 2015 Oh no, buster likes you, the end is nigh. 1 Quote Link to comment Share on other sites More sharing options...
the stinking enigma Posted February 22, 2015 Share Posted February 22, 2015 ha ha haaaa! you cant seriously believe that? i think you could be buster bloodvessel though .. Quote Link to comment Share on other sites More sharing options...
newsnight Posted February 22, 2015 Share Posted February 22, 2015 We are so fortunate on the Isle of Man having a Government that is brave enough, even heroically courageous, to take risks with the public’s money in the way it has, and does. We are especially fortunate in Allan Bell who has proved time and time again that in order to achieve his objective he will have no opposition from anyone in the Tynwald to scupper or impede the wonderful future he is building for us. Spending public money is no object and no price is too high to pay to get us to the Promised Land. We’ve had some wonderful outcomes too, who could forget the magnificence of such sparkling successes as the Jurby Hotel, the Bounty, the Aqua Leisure Centre, 'Jurby tyres’ and more recently the Mount Murray and the Media Development Fund, or the Sefton and so many others we just don’t have enough space or time to mention? We are so well served by our MHK’s who spend long hours sifting and checking facts, reading endless documents to ensure that they are fully informed, and when they debate and vote they do so without fear, or favour because the best interests of the public is always foremost to them, and no other consideration is ever allowed by them to shape their speech or actions. Democracy is standing tall and proud on this Isle of Man. Let’s also not forget those among the MHK’s and the Legislative Council who are Freemasons with their unbending commitment to open and honest dealings. Their contribution to Manx political life cannot, or indeed should not be underestimated? At the risk of causing embarrassment to any particular MHK, it should be noted that in the face of one woman MHK having the temerity to challenge the men in the Parliament to do the job they are being paid to do or to dare to ask searching questions about how public money is being used, the collective bravery they have shown as they have rigorously resisted and have tried time and time again to put her in her place, by reminding her that she is after all, just a feeble woman has been something to witness. How their chests must swell with pride when they think about how they shout her down or pour scorn on her, or indeed when Mr Bell and Teare demonstrate their wit and sarcasm the other male MHK’s must sit breathless with envy at such biting displays of intellectual prowess? Well you know I ask myself, where would we be today if it had not been for those billionaires who came to live in the Isle of Man? What state would we be in if it wasn’t for politicians of the calibre of Allan Bell, Eddie Teare, Leonard Singer, and others in the Tynwald showing us time and time again that when it comes to open and transparent dealings in government, they will leave no stone unturned, no question unanswered and will spend any amount of public money, no matter what anyone says about it to make that the keystone of Manx Government policy? We’ve never had it so good have we; it brings a tear to your eyes doesn’t it? 14 Quote Link to comment Share on other sites More sharing options...
woolley Posted February 22, 2015 Share Posted February 22, 2015 I have read a lot about this. One thing that continues to puzzle me about the latest deal is that if we were so keen to have Pinewood advising us on investing the Media Development fund that we were happy to purchase 10% of the group shares, why is Pinewood paying Gasworks around 90% of the management fee that we are paying them? Logically, that suggests no real change from the situation before the deal, i.e. Gasworks is driving 90% of the advising. I acknowledge that on paper the share deal is currently well in the black. I just don't see the rationale for the management side of the deal. Quote Link to comment Share on other sites More sharing options...
asitis Posted February 23, 2015 Share Posted February 23, 2015 I have read a lot about this. One thing that continues to puzzle me about the latest deal is that if we were so keen to have Pinewood advising us on investing the Media Development fund that we were happy to purchase 10% of the group shares, why is Pinewood paying Gasworks around 90% of the management fee that we are paying them? Logically, that suggests no real change from the situation before the deal, i.e. Gasworks is driving 90% of the advising. I acknowledge that on paper the share deal is currently well in the black. I just don't see the rationale for the management side of the deal. I think you sum it up succinctly Wooley. "on paper" the shares in the infrastructure have done well, however when you are in trouble cash flow wise that is of little use, unless you can sell at the top of the market ! The parallel film deals and payments to advisors seem to me to be a disaster !, unless, and I acknowledge this could be the case, unless there is something we don't know ! Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 23, 2015 Author Share Posted February 23, 2015 Open University Law degrees eh... I hope their reputation has improved. Otherwise expect to hear all about 'Pinnywood' and 'Aleebees'... 1 Quote Link to comment Share on other sites More sharing options...
integrity Posted February 23, 2015 Share Posted February 23, 2015 This will rumble on and on until Eddie comes up with a simple set of investment v return figures, then it could be put to bed ! Whilst ever the owners of the money i.e. US are kept in the dark the scepticism will continue. Over to you Eddie ! Oh and don't let the tangerine one have a hissy fit because we dare to ask questions ! How true your observations were ASITIS. Back 0n the 29th December 2012. If Mr Teare would for once remove his head from his backside he would be able to see a lot more clearly 3 Quote Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 23, 2015 Share Posted February 23, 2015 I suggest we need a Venn diagram showing the relationships between- Isle of Man Film Commission CinemaNX The Media Development Fund Isle of Man Film Ltd Pinewood Financial Advisers Ltd Pinewood Shepperton plc Steve Christian Maybe Kate Beecroft MHK could ask for it on our behalf. 4 Quote Link to comment Share on other sites More sharing options...
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