Naomi Campbell's fashion charity under investigation over finances concerns
November 26, 2021, 8:27 am

Naomi Campbell's fashion charity under investigation over finances concerns

Naomi Campbells with children/Official Facebook page

The Guardian reported, the fashion charity established by the supermodel Naomi Campbell has come under formal investigation from the charities watchdog over misconduct concerns relating to its management and finances.

Campbell created Fashion for Relief in 2005 to raise funds for children living in poverty and adversity around the world, and says it has raised millions over the years for good causes through its annual charity fashion show.

The Charity Commission is to examine whether Campbell and her fellow trustees “have properly exercised their legal duties and responsibilities under charity law”, and will investigate payments made by the charity to one of its trustees.

Naomi Campbells with African young women and men/Official Facebook page

It will also look at the charity’s spending and the management of Fashion for Relief by its trustees, including potential misconduct and mismanagement and the failure to file statutory annual accounts on time.

Campbell is named as one of three trustees of Fashion for Relief, along with Bianka Hellmich and Veronica Sylvia Wing Wai Au Chou. All are listed as having been trustees of the charity since 2015.

Fashion for Relief has for years held glitzy fashion events to raise money for its charity partners. In 2019, it partnered with Sadiq Khan’s Mayor’s Fund for London to support low-income youngsters with skills and training.

It held a London fashion week show in September that year at the British Museum featuring a fashion show, gala dinner and art auction. Celebrities attending included Campbell, Naomie Harris, Pierce Brosnan, Skepta, and Alexa Chung.

The charity’s website does not appear to say how much money was raised for the Mayor’s Fund, though it displays cuttings from Vogue, Elle and other fashion media with headlines such as Naomi Campbell is Saving the World One Fashion Show at a Time.

The charity is yet to publish its 2020 accounts, which are more than 178 days late according to the Charity Commission’s online register.

The charity’s last set of published accounts show that in the year to July 2019 it raised £1,722,000, most of it through sponsorships. According to the accounts, £1,606,000 of that was spent putting on a charity event and paying for PRs and other staff. Just £5,515 appears to have been given to good causes.

The 2019 accounts also reveal unusually large trustee expenses. Hellmich was paid £77,000 in consultancy fees and £15,942 in travel expenses. The previous year, the charity spent £107,000 on trustees’ fees and £23,000 on expenses.

The Charity Commission for England has been in private discussions with Fashion for Relief for more than a year about what it called a “a range of regulatory concerns”, including late filing of accounts, potential conflicts of interests and weaknesses around financial controls.

The commission has now escalated what had been a compliance issue into a full inquiry – its most serious level of investigation – suggesting the regulator has been unable to satisfy its concerns.

Fashion for Relief has been approached for comment.

Source: theguardian

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.