It has been revealed that the ESG Herefordshire Ltd swallowed up £569,296 in administrative expenses in the year to 31 March 2008. The previous year its costs were £361,786. Together the past two years ESG has cost taxpayers over £900,000.
ESG Herefordshire Ltd is the company charged with redeveloping parts of Hereford City Centre some of which border on Hereford United football ground.
Last year ESG obtained their income of £545,000 from grants which are understood to come from Herefordshire Council.
Whilst the salary of the chief executive is not revealed, his pension contribution paid by ESG for the last year was £16,940.
Their auditors are in Birmingham. It is not known why a Hereford based auditors could not have been used keeping the accountancy fee and work in the area.
Finally should ESG fail then the directors will only be liable for an amount not exceeding £1.
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Wednesday, January 28, 2009
ESG has cost nearly £1M to date.
