The final accounts and the reasons for the application to voluntarily dissolve the organisation will be made known in the near future.
In the meantime, I wish to correct some factual errors in the information provided. The meeting held on the 12th February was a meeting of the Management Committee of Malltraeth Ymlaen. It was attended by all 12 members who are also the only members of this company limited by guarantee. The only agenda item was the dissolution of the company and the transfer of its assets. In the event of non-transfer of the assets ---all property and rights vested in, or held in trust for, the Company are deemed bona vacantia and will belong to the Crown.
Article nine of the company memorandum is very specific, that in the event of dissolution, no member may benefit from any assets but rather they must be transferred to another organisation having similar objectives, provided that in the event of that organisation being dissolved, no member can benefit.
There was only one eligible organisation within Bodorgan – The Bodorgan Community Centre, which is a charity registered with the Charity Commission, registration number 700192. In the event of the funds not being immediately required, they must be invested in trust.
THE STATEMENT A CHARITY OF THEIR CHOICE IS A BLATANT UNTRUTH WHICH WOULD BE ILLEGAL.
The balance was over £20000 but £893 were classified as restricted funds as they were grant funds from the Community Foundation Wales. Their Deputy Chief Executive, Andrea Powell has agreed to the transfer of those funds, and their expenditure will be reported to them.
Dafydd Jones for and on behalf of himself and nine other committee members.