BBC Children in Need, which has raised more than £600million since 1980, has allegedly stashed a large part of this into its investment portfolio instead of giving it directly to those children it claims to collect the money for.
BBC Children in Need has £87,705,000 invested in a range of portfolios, up from £81.2million last year. Another £2.2million is sitting in its bank accounts, up from £864,000 last year. The current charity drive, hosted by the BBC, is expected to raise another £40million.
The money is supposed to help charities that support disadvantaged and disabled children around the country. The BBC has insisted that all of the money it raises is given to charity, but said it does not release all of it at once so it is able to measure the impact of its donations and ensure funds are being put to good use.
In 2008 the BBC faced the prospect of an investigation by the Serious Fraud Office after keeping more than £100,000 which should have been given to charity.
An independent watchdog said donating to the charity is ‘a bad idea’ because of its huge administration costs – £2.4million out of a total of £33million raised at the time.
Intelligent Giving said money is swallowed up by the need for two sets of bureaucrats: those who run the charity and those in charge of the organisations to which it gives money.
Pudsey was not available for comment …