Shane Warne Foundation’s books reviewed amid concerns of high expenses

CRICKET legend Shane Warne’s charity has appointed an accountant to review its books over concerns about high expenses.

Warne’s charity gets overhaul

CRICKET legend Shane Warne’s charity has appointed an accountant to review its books over concerns about high expenses.

The Shane Warne Foundation will change the way it raises money for the needy in response to accounts that suggest it ran up almost $1 million in costs over three years.

The foundation’s new boss, Emma Coleman, has appointed an accountant to check its expenses, in addition to its routine annual audit by KPMG.

Consumer Affairs Victoria, which regulates charities, spoke to the charity about its overheads in September before deciding to renew its licence.

Sources say the costs stem from flash fundraising events.

Shane Warne.

Shane Warne in his playing days.

Ms Coleman, a former auditor and change management specialist who was appointed by Warne in September, said the charity’s fundraising events would be run at lower cost.

“They (Consumer Affairs) were satisfied with the explanation and with steps we had taken to address the issues and went on to grant the licence,” she said.

Since her appointment, Ms Coleman has overhauled the foundation’s accounting practices and devised a new business strategy based on cheaper revenue streams.

Ms Coleman said transparency was crucial to maintaining public confidence in the charity sector.

Under its permit conditions, the foundation is required to distribute only 4 per cent of its revenue to beneficiaries.

In fact, it hands out about 30 per cent. Records show that in 2014, almost $134,000 was distributed to beneficiaries from $452,711 in revenue and $360,000 went on expenses.

The previous year, $111,363 was recorded as having been distributed from $876,223 in revenue with expenses of $216,000. In 2012, $115,472 was distributed from revenue of $405,212 and expenses amounted to $385,000.

The foundation declined to release figures for 2015 until they had been audited.

The Shane Warne Foundation has close ties with Crown casino — the charity’s founders include James Packer and Lloyd Williams.

Board members include Crown identity Ann Peacock, former Essendon chairman David Evans, footy identity Eddie McGuire and SEEK co-founder Andrew Bassat.

[e-mail]