By Richard Kay
PUBLISHED:00:47 GMT, 2 October 2012
UPDATED: 00:49 GMT, 2 October 2012
http://www.dailymail.co.uk



Almost three decades after Mandy Smith, then a 13-year-old schoolgirl, was swept off her feet by wrinkly Rolling Stone Bill Wyman, she finds herself at the centre of another drama.

For this one involves her charity, Five Stars Appeal, which she set up to great acclaim with her older sister, Nicola.

An investigation carried out by the Charity Commission has discovered that only a fraction of the money raised by Mandy, 42, and Nicola, 43, for a children’s hospital actually reached its destination.

The Commission looked into five years of accounts and said there were a ‘number of regulatory concerns’ about the charity’s fundraising and governance costs’.

It could impose an interim manager if Five Stars Appeal does not fall into line.

The investigation was launched after it emerged that despite raising £250,000 for the Royal Manchester Children’s Hospital, just £8,000 was handed over.

The relationship with the hospital has now ceased and its name and logo removed from charity’s promotional material.

Accounts show that last year £40,000 was paid out in wages — even though Five Stars Appeal has no full-time staff. In the past three years, the charity — whose patrons have included pop stars Take That and Manchester United’s Sir Alex Ferguson — has raised £900,000, but spent £960,000 on fundraising events and running costs.

Although there is no suggestion of wrongdoing on the part of the sisters, the Charity Commissioners say that Five Stars has been given advice  and told to make changes or face intervention.

Mandy, who found solace in religion after the break-up of her marriage to Wyman, is chairman of the charity’s trustees. It is fronted by Nicola, who works for Five Stars as a consultant.

A friend of the sisters tells me: ‘Mandy and Nicola work terribly hard and have put a huge effort into Five Stars, which is the main focus of their lives. They’re back on track and hope to raise £250,000 for a little girl’s operation.’

she's all grown up!!!

Fingers in the pie?