Now that the Ark scheme accounts are audited and published on the Dalriada website, I have summarised them below and also attached the summarised spreadsheet separately. You can view each individual scheme’s accounts for yourself here: http://dalriadatrustees.
The most notable features are:
1. HMRC have issued demands on the scheme itself in the form of a Scheme Sanction Charge (for making loans) of almost £4m
2. Legal and Trustees’ fees for the year totaled £693,858
If there are any queries about the individual accounts please let me know – or alternatively ask Dalriada.
At the Ark Class Action members’ meeting held on 7th December, where both Sean Browes of Dalriada and Craig McAdam of Slater and Gordon were in attendance, the question of whether all those members who did not have loans could have 100% entitlement to their fund and those with loans could have 50% entitlement to their fund was raised. Also, the question of whether all the six schemes could be merged. Dalriada are of the opinion that this would not and could not work for tax reasons – however, I still think it would be worthwhile doing a theoretical calculation to see how how would work on a “what if” basis.
Dalriada will be putting out a further announcement in January.