Annual Returns for Victoria Housing Estates Ltd for years 1955 - 1985 (30 years) & plus Registration of Society and Rules and and Changes in Rules.

The request was refused by The Financial Conduct Authority.

Justice Forvhe

Dear The Financial Conduct Authority,

This a request to digitise and upload the Annual Returns and Accounts of Bangor Provident Trust (BPT) (Society Number: IP000095) for the years 1955 - 1985 (30 years) plus Registration of Society and Rules and and Changes in Rules plus any other other filed documents.

Background To This Request

Mr Derek Tughan was removed as a Trustee of Bangor Provident Trust and Victoria Housing Estates on 18th January, 2016 by The Charity Commission for Northern Ireland.

Well over £12,000,000 was misappropriated from this Victoria Housing Estates in the forms of loans to companies then Victoria Housing Estates (VHE) Trustee Mr Derek Tughan had a beneficial interest in.

Other charity funds were used to make loans to a family member of Mr Tughan, and make loans to an individual employed by a company owned by Mr. Derek Tughan.

Charity funds were used for a number of years to pay two of Mr Derek Tughan’s relatives salaries totaling over £3,000 gross per month. No known service evidenced as provided for
these salaries.

Charity funds to the amount of £750,000 was to pay a HMRC tax liability of Mr Derek Tughan's family.

Charity funds were used to pay an employee was paid a monthly salary to chauffeur Mr Derek Tughan and work on another of his businesses.

London properties were used exclusively by Mr Tughan and his family, with all costs paid by VHE, yet there was no evidence how these properties furthered the charity’s purposes in any way.

Poor governance of the affairs of the charity, including a failure to keep minutes of meetings or to document decisions taken.

Poor financial management and inadequate financial statements, including a failure to properly disclose conflicts of interest.

The The Charity Commission for NI found that the charity had suffered significant
losses. In particular, the former charity trustees failed to properly maintain the charity’s property.

Full details here: https://www.charitycommissionni.org.uk/m...

Impact of Mr Tughan's Actions and Importance of Transparency.

The actions of Mr. Derek Tughan caused recognized significant financial loss to the charity, potential serious harm to beneficiaries and, in particular, to vulnerable beneficiaries.

Mr. Derek Tughan actions are potentially criminal misappropriation that damaged the reputation of charities generally.

As a matter of urgent public interest and concern and transparency and to help restore the damage to the reputation of charities generally and to maintain public confidence that charities are worth donating to, the requested Annual Returns and Accounts should be made available to public scrutiny as soon as possible by digitising them and uploading them.

Yours faithfully,

Justice Forvhe

2nd May, 2020

The Financial Conduct Authority

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Justice Forvhe left an annotation ()

Correction***

This should be a request for Bangor Provident Trust

The Summary should be as follows:

"Annual Returns for Bangor Provident Trust Ltd for years 1955 - 1985 (30 years) & plus Registration of Society and Rules and and Changes in Rules.”

The Financial Conduct Authority

Dear Justice Forvhe
Thank you for your request. 
Where paper records have been digitised, these are available on this
Mutuals Public Register. Any documents currently held in paper format only
will be made available for inspection once Government guidance permits. We
will contact you when that is the case.  
Contacting us

Please contact us if you have any questions.

We provide information on our website: [1]www.fca.org.uk/mutuals

You can phone us on 0300 500 0597 or send an email to
[2][email address]

Thank you.

Richard Jones
Mutuals Team
Financial Conduct Authority
This communication and any attachments may contain personal information.
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to contact with any queries about this, please see our privacy notices:
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Privacy Notice
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confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
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of our communications may contain confidential information which it could
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Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

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relations or contractual relationships. This email has originated from the
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Limited.

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in England and Wales No. 8970864. Registered office: 12 Endeavour Square,
Stratford, London, E20 1JN, United Kingdom

Switchboard 020 7066 1000

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Systems Regulator Limited)

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