As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
UK GAAP - A Year of Change | Accountex 2015Sageukofficial
2015 sees the biggest change in UK reporting for a generation, with the mandatory adoption of FRS 102 and expected changes to the small companies’ regime and the FRSSE. It will be essential that the accountancy profession understand the extent of these changes and the practical issues surrounding transition, in order to minimise costs and maximise on potential that these new standards offer.
As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
As we approach the end of another financial year, this seminar would be useful to update you on the various changes that have occurred in the last 12 months as well as highlight topical issues which arose from the last audit season.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
Our annual series of Charity Seminars provide an overview of the most important developments in financial reporting and taxation issues affecting the charitable sector. As the charitable sector has been rocked by a series of scandals recently, we will also look at issues surrounding 'good governance', trustee responsibilities and reputational risk. There will also be an analysis of the legal issues around legacies and probate claims, consideration of investment returns and a presentation on cyber fraud and the risks it presents to charities.
UK GAAP - A Year of Change | Accountex 2015Sageukofficial
2015 sees the biggest change in UK reporting for a generation, with the mandatory adoption of FRS 102 and expected changes to the small companies’ regime and the FRSSE. It will be essential that the accountancy profession understand the extent of these changes and the practical issues surrounding transition, in order to minimise costs and maximise on potential that these new standards offer.
Aged care financial report changes summaryPatrick Reid
New reporting framework includes:‐
General Purpose Financial Report (audited)
Aged Care Financial Report (ACFR)
Statement of Income & Expenses (by residential segment)
Statement of Income & Expenses (by home care service)
Statement of Financial Position (residential segment)
Statutory Reports** (Approved Provider)
Prudential Reporting (Approved Provider)
Accounting Standards Updates (ASU) Effective in 2016 or later yearsIrene Valverde
An overview of new FASB standards effective in 2016 for calendar year-end public and nonpublic companies. Created by Pradeep Budhiraja, Audit and Accounting Principal at Gumbiner Savett in Santa Monica, CA. This presentation was delivered to the Los Angeles Westside Chapter CalCPA meeting on July 19, 2016.
2018 Community Health Center Accounting Standards UpdateJones & Roth
In this session, we will discuss several sweeping accounting standards updates that will specifically affect Community Health Centers. Specifically, there are three new upcoming standards updates that will require changes in financial reporting and presentation; recording of leases, revenue recognition from contracts, and changes in financial statement presentation for non-profit organizations.
Countdown to 2015 and new UK GAAP - Sage at Accountex 2014Sageukofficial
From 1 January 2015 there will be a new UK accounting regime in operation – FRS102, the FRSSE and the micro company regulation. There will also soon have to be new company law. This presentation will touch on what needs to be done, the implementation issues that are coming up and latest developments.
12 things for Audit Committees and CFOs to do before announcing quarterly res...Sharath Martin
This presentation looks at key areas Audit Committees and CFOs should pay close attention to as it prepares and announces its quarterly (and annual) results.
It looks at the quality of current announcements and regulatory actions taken in respect of financial statements and presents possible causal factors.
Moving from GAAP to IFRS with Oracle E-Business Suiteeprentise
2009 brought with it a deep financial crisis and a decision by the global accounting boards to standardize accounting functionality for global companies. The decision followed a joint meeting of the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) during which the parties agreed to make their financial reporting standards compatible and a commitment to standardize financial reporting beginning this year - 2011. The financial crisis exacerbated the urgency of making the changes.
View the original Blog post: http://www.eprentise.com/blog/financial-standards/moving-from-gaap-to-ifrs-with-oracle-ebs/
Website: www.eprentise.com
Twitter: @eprentise
Google+: https://plus.google.com/u/0/+Eprentise/posts
Facebook: https://www.facebook.com/eprentise
Ensure your data is Complete, Consistent, and Correct by using eprentise software to transform your Oracle® E-Business Suite.
We continue to see a considerable increase in activity in the property sector in the South West and the property market continues to grow with a 5% increase in prices in the year to June 2015. The construction industry is forecast to expand at an average of 2.2% per year in the South West, substantially higher than the 1.4% growth across the UK as a whole. With the government pledging £7.2 billion to improve the transport links to the region and the continuing strength of our universities and colleges, the South West, and its regional hubs in particular, look to consolidate and build upon the more positive picture that has been emerging over the last 18 months or so.
Bournemouth - Essential 6-monthly Finance Directors' Update - June 2016PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Our seminars aim to provide the essential elements of technical CPD for a finance director.
Aged care financial report changes summaryPatrick Reid
New reporting framework includes:‐
General Purpose Financial Report (audited)
Aged Care Financial Report (ACFR)
Statement of Income & Expenses (by residential segment)
Statement of Income & Expenses (by home care service)
Statement of Financial Position (residential segment)
Statutory Reports** (Approved Provider)
Prudential Reporting (Approved Provider)
Accounting Standards Updates (ASU) Effective in 2016 or later yearsIrene Valverde
An overview of new FASB standards effective in 2016 for calendar year-end public and nonpublic companies. Created by Pradeep Budhiraja, Audit and Accounting Principal at Gumbiner Savett in Santa Monica, CA. This presentation was delivered to the Los Angeles Westside Chapter CalCPA meeting on July 19, 2016.
2018 Community Health Center Accounting Standards UpdateJones & Roth
In this session, we will discuss several sweeping accounting standards updates that will specifically affect Community Health Centers. Specifically, there are three new upcoming standards updates that will require changes in financial reporting and presentation; recording of leases, revenue recognition from contracts, and changes in financial statement presentation for non-profit organizations.
Countdown to 2015 and new UK GAAP - Sage at Accountex 2014Sageukofficial
From 1 January 2015 there will be a new UK accounting regime in operation – FRS102, the FRSSE and the micro company regulation. There will also soon have to be new company law. This presentation will touch on what needs to be done, the implementation issues that are coming up and latest developments.
12 things for Audit Committees and CFOs to do before announcing quarterly res...Sharath Martin
This presentation looks at key areas Audit Committees and CFOs should pay close attention to as it prepares and announces its quarterly (and annual) results.
It looks at the quality of current announcements and regulatory actions taken in respect of financial statements and presents possible causal factors.
Moving from GAAP to IFRS with Oracle E-Business Suiteeprentise
2009 brought with it a deep financial crisis and a decision by the global accounting boards to standardize accounting functionality for global companies. The decision followed a joint meeting of the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) during which the parties agreed to make their financial reporting standards compatible and a commitment to standardize financial reporting beginning this year - 2011. The financial crisis exacerbated the urgency of making the changes.
View the original Blog post: http://www.eprentise.com/blog/financial-standards/moving-from-gaap-to-ifrs-with-oracle-ebs/
Website: www.eprentise.com
Twitter: @eprentise
Google+: https://plus.google.com/u/0/+Eprentise/posts
Facebook: https://www.facebook.com/eprentise
Ensure your data is Complete, Consistent, and Correct by using eprentise software to transform your Oracle® E-Business Suite.
We continue to see a considerable increase in activity in the property sector in the South West and the property market continues to grow with a 5% increase in prices in the year to June 2015. The construction industry is forecast to expand at an average of 2.2% per year in the South West, substantially higher than the 1.4% growth across the UK as a whole. With the government pledging £7.2 billion to improve the transport links to the region and the continuing strength of our universities and colleges, the South West, and its regional hubs in particular, look to consolidate and build upon the more positive picture that has been emerging over the last 18 months or so.
Bournemouth - Essential 6-monthly Finance Directors' Update - June 2016PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Our seminars aim to provide the essential elements of technical CPD for a finance director.
Plymouth - Essential 6-monthly Finance Directors' Update - June 2016PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Our seminars aim to provide the essential elements of technical CPD for a finance director.
Francis Clark are hosting a seminar which brings together people representing the funding and support streams potentially available to SMEs. This year our keynote speaker will be the host of a weekly morning briefing on the World service and business presenter on Breakfast, Ben Thompson.
In association with Devon and Somerset Law Society, PKF Francis Clark has recently completed the LMS DASLS survey for 2015 and we felt it timely to update you on the results of this, alongside a more general regulatory and taxation update.
PKF Francis Clark’s legal sector team is a leader in its field, with adept experience and skill. Acknowledged for its professionalism, integrity and depth of expertise, PKF Francis Clark advise over 100 law firms nationwide – from top 100 firms to sole practitioners.
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Francis Clark – Funding Update Workshop - November 2015PKF Francis Clark
As you may have read in our Grants and other Funding Update Newsletters, the funding landscape, specifically for grants, has been referred to as a revolving door. The latest entrants include various EISF calls, the South West Growth Fund & Innovation 4 Growth. We thought it opportune to run through the latest position on non-bank funding for SMEs, with a particular focus on the grant funding in your LEP area.
Francis Clark's annual round of Charity Conferences provide an overview of the most important developments in financial reporting and taxation affecting the charitable sector.
There is also a analysis of the legal issues surrounding mergers & property for charities and an examination of the new funding opportunities open to charities following the changes to pension legislation.
Mark Picken from MPAD looks at the world of social media and how charities can take advantage of the opportunities available.
Profit extraction and investment for family and OMB businesses - ExeterPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
Profit extraction and investment for family and OMB businesses - Bodmin/RedruthPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
2014 Annual Accounting Update for Private EnterprisesWelch LLP
On Wednesday, Nov. 12, 2014, our experts will be hosted an annual update for Private Enterprises event where they covered a variety of topics important to your business - including accounting standards updates, tax updates, and operational updates.
Welch LLP invites you to join us for this complimentary breakfast presentation to help you better prepare for next year.
Topics Discussed:
- IFRS update
- ASPE update & improvements
- U.S. updates
- Tax updates
- Programs if you are exporting
- SR/ED (new enforcement measures, experiences in dealing with CRA)
- How to Prevent Fraud
Speakers:
- Shawn Kelso, CPA, CA - Director of Professional Standards
- Ken Brownlee, CPA, CA - Senior Manager
- Don Scott, FCPA, CA - Tax Partner, Director of Tax Services
- Terry Lavineway, CA - Senior Manager, Director of Business Incentives
- Andre Auger, CGA, CFE - Government Services Advisor
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
The timing of the Academy Schools' Update has been aimed at coinciding with the publication of the Academies Financial Handbook and the Academies Accounts Direction.
Francis Clark's annual round of Charity Conferences provide an overview of the most important developments in financial reporting and taxation affecting the charitable sector.
There is also a analysis of the legal issues surrounding mergers & property for charities and an examination of the new funding opportunities open to charities following the changes to pension legislation.
Mark Picken from MPAD looks at the world of social media and how charities can take advantage of the opportunities available.
Bournemouth – Finance Directors’ Update - December 2015PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
This presentation was made by Takatsugu Ochi, IASB, at the 18th Annual Meeting of OECD Senior Financial Management and Reporting Officials held at the OECD Conference Centre, Paris, on 1-2 March 2018
How to Win an Investment Approval from your BoardEMEX
Many companies struggle to create compelling business cases for large investment in Energy Reduction projects. The Ignite team has been helping clients for over 20 years to provide proof of concept and financial justification that can be seen directly in client P&Ls which in turn gives Board members faith in the deliverable outcomes of investment in Energy Efficiency.
Webinar creating a_compensation_calendar_everyone_lovesPayScale, Inc.
Compensation is one of the many critical areas of responsibility for most HR teams, and having a well-planned compensation calendar is a key component to your talent strategy.
This webinar will guide you through a typical compensation calendar so you can determine:
The best time to create a comp calendar
How to improve upon your talent planning processes for the coming year
How to integrate your compensation calendar with other responsibilities such as recruitment and benefits
This webinar is approved for 1.0 HRCI re-certification credit.
Accounting policies are the principal and procedures which are adopted by the company for preparation of financial statements.
These are consistently followed by the company so that a true and fair position can be presented by the company.
Francis Clark - Essential 6-monthly Finance Directors' Update - June 2015PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Subscribed 2015: The New Revenue Standard: How SaaS are Approaching the New R...Zuora, Inc.
World wide revenue recognition rules take effect 2016, that will impact every company, including subscription based businesses. Learn how you should be preparing for and applying these new revenue recognition rules to your business.
This webinar provided a 401(k) and pension plan accounting and auditing update for plan sponsors, including management, accountants, and Human Resource professionals. In addition, the presentation provided an update on recent Employee Retirement Income Security Act (ERISA) criminal cases, the outcomes of those cases, and the prosecution.
AP Fiscal Year-End Close: A 10-Step ChecklistTradeshift
It’s that time of year again. For accounts payable professionals, along with CFOs, controllers, and corporate finance analysts, year-end is a whirlwind. Given all the internal and external reporting and audit requirements, you need access to timely, accurate, and consistent AP data. Your organization’s vital decisions depend upon it.
In this instructive 45-minute webinar, internal controls and compliance expert, Chris Doxey, will present strategic and tactical suggestions that you can use to deliver the best data and improve the fiscal closing process for your AP department. You’ll learn 10 steps to preventing duplicate efforts and unnecessary controls during the closing crunch.
This free educational event will leave you with a clearer understanding of the entire financial close process, including:
- Roles and responsibilities during the financial close
- Key metrics, controls, processes, and policies
- Properly accruing expenses, reconciling accounts, and dealing with reporting variances
Similar to Taunton - Academy Update - July 2016 (20)
Exeter - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Plymouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bristol - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
For innovative businesses it is vital to take advantage of support that can enable a business to grow. This includes tax reliefs aimed at the different stages in a business’s life cycle and the various avenues that are available for raising finance to take the business to the next level of its development. In this session we will look at the early stage of R&D claims and funding opportunities, through to share schemes, EIS and international expansion and the correlation with raising finance, both equity and debt, culminating in the final stage of the business being sold, what this can look like and how to be prepared.
Bodmin - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Taunton - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bournemouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Whilst uncertainty is unhelpful to many in the sector, the delay to Brexit has seen a continuing boom in the commercial property market in the South West, with 1.7m square feet of space coming on stream over the last 12 months – concentrated in the industrial and logistic sectors. What is clear is that those in the property sector, whether developer, landlord, investor or landowner need to concentrate on exploiting opportunities and managing costs wherever possible.
Property is still a key asset, giving strong income returns and means of capital preservation for the investor and wider family. Our highly knowledgeable and experienced advisers will offer practical, constructive insights and advice
With over 300 debt finance options currently available to businesses, we thought it timely to have a look at that market.
Presenters include:
. Michael Cass (Capitalise)
. Rachel Taylor (SWIG Finance)
. Andrew James (PKF Francis Clark)
In addition to an overview of the debt market, presentations will include tips on how to access the finance that matches your business’ requirements.
This month’s Breakfast Briefing is based on the hottest topic in company ownership – Employee Ownership Trusts.
South West firm, Paradigm Norton is the latest business to make headlines by becoming employee owned. It follows hot on the heels of Richer Sounds joining the most well-known employee owned company, John Lewis. High street staple Lush has also started the journey.
PKF Francis Clark will be joined by Christian Wilson from Stephens Scown to look at the Employee Ownership Trust model from a legal and tax perspective. We will also hear some of the factors that are stimulating increasing interest in the model, including the results of research showing that the greater staff engagement and lower staff turnover associated with this model helps to employee owned companies to achieve:
- Sales increase of 4.6% per year
- EBITDA increase of 25.5% per year
- Productivity increase of 4.5% per year
We will also consider some of the practical issues to be considered in deciding whether this is an option to pursue and in implementation. There will be a brief mention of some other related (i.e., employee engagement) issues.
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
4. Agenda
• Accounts Direction 2016 – Stephanie Henshaw
• New information request spreadsheet – Kate
Taylor
• Regularity – Martin Lock
• Multi Academy Trusts – Laura Waycott
• VAT Update – Liam Dushynsky
• Tax Update – Martin Lock
• Q&A - All
pkf-francisclark.co.uk
6. Academies Accounts Direction 2016
This session will cover:
• What has changed for 2016
• What this means in practice for the information
you will need to provide
• What other changes you will see in the financial
statements
pkf-francisclark.co.uk
7. pkf-francisclark.co.uk
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Academies Accounts Direction 2016
FRS102
• 2015 accounts were prepared under a framework of
accounting standards which formed UK GAAP
(Generally Accepted Accounting Practice)
• Complete overhaul this year with the introduction of
FRS102
Sounds daunting but in practice the impact on the
numbers in your accounts will be minimal.
8. pkf-francisclark.co.uk
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Academies Accounts Direction 2016
SORP 2015
• The SORP is the Statement of Recommended
Practice which sets out how charities should apply the
accounting standards
• New SORP for 2015 to take account of FRS102, but
includes other changes
• No major impact on the numbers reported, but lots of
changes to presentation and formats
9. pkf-francisclark.co.uk
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What is ‘transition’
There will be reference at times to ‘transition date’ for
FRS102
• This is the date at the start of the comparative period
for the year in which FRS102 is adopted
• For all Academies it will be 1 September 2014
10. pkf-francisclark.co.uk
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Key changes
Which areas may impact Academy Trusts?
• Trustees’ report
• Changes to the SOFA
• Balance sheet and cash flow
• Accounting policies and disclosure requirements
11. pkf-francisclark.co.uk
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Key changes
Trustees’ report
• Explain arrangements and policies for setting pay and
remuneration of the academy trust’s key management
personnel, including an explanation of any benchmark
or parameters / criteria used for setting pay
Action: determine key management
personnel
12. pkf-francisclark.co.uk
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Key changes
Trustees’ report
• Describe the main risks to the academy and
summarise plans and strategies in place to manage
them
Action: ensure that risk registers are
up to date and that strategies are in
place for all key risks
14. pkf-francisclark.co.uk
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Key changes
SoFA
• Presentational changes to headings / descriptions for
various income and expenditure, eg ‘voluntary income’
now ‘donations’
• Governance costs no longer separately disclosed, but
will be included as support costs within charitable
expenditure
Action: Normal analysis of income
and expenditure required – FC will
deal with the changes
16. pkf-francisclark.co.uk
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Key changes
Balance sheet items
• Software licences that are separable should be
capitalised as intangible fixed assets, where previously
would have been under tangible fixed assets
Action: Identify value of separable
software licences in capital and
consider if material.
17. pkf-francisclark.co.uk
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Key changes
Balance sheet items
• If material to the accounts, an accrual is required for
accrued holiday pay not taken at 31 August
• For most trusts this will exclude teaching staff and
those on term time only contracts, so usually a small
number
Action: List staff with holiday year
other than academic year. Establish
holiday entitlement at 31 August and
compare to holiday taken. Consider
if material.
18. pkf-francisclark.co.uk
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Other changes
Balance sheet items
• Option to treat value of property at transition as
‘deemed cost’
• Potential to uplift the property value without getting
caught by the requirements for ongoing (expensive)
valuations
Action: Very unlikely to be of interest, if you think
it may be, discuss in detail with us
20. pkf-francisclark.co.uk
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Key changes
Accounting policies
• Income should be recognised when it becomes
‘probable’ whereas previously it had to be ‘virtually
certain’
• Doesn’t affect GAG and most major sources of income
• May affect academies receiving legacies or gifts
Action: Consider if any income is
subject to performance related terms
or conditions
21. pkf-francisclark.co.uk
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Key changes
Accounting policies
• Policies need to disclose both critical accounting
estimates and judgements
• LGPS assumptions will generally be critical estimates
• Judgements may include going concern if 16/17 or
17/18 budgets are tight
Action: Consider where both
estimates and judgements are
included in the financial statements
22. pkf-francisclark.co.uk
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Key changes
Accounting disclosures
• Need to disclose total remuneration for key
management personnel as a whole
• KMP broader than Governing Body – will likely include
all SLT members
• Requirement to disclose staff governor remuneration
remains
Action: Identify key management
personnel and total remuneration
23. pkf-francisclark.co.uk
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Key changes
Accounting disclosures
• Reinforcement of disclosures around going concern –
either details of any material uncertainties, or positive
confirmation that there are none
• Must state that the Board have considered a period of
at least 12 months from when accounts approved
Action: No change to considerations
required, need to ensure points
above explicitly covered in
disclosures
24. pkf-francisclark.co.uk
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Key changes
Accounting disclosures
• All related party transactions must be disclosed
• Must state whether on an arm’s length basis, and must
have evidence to substantiate where this is stated
Action: Continue to identify all
related party transactions
25. pkf-francisclark.co.uk
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Key changes
Accounting disclosures - LGPS
• Detailed valuation requirements have changed – will be
reflected in the report provided
• A ‘net interest charge’ will replace ‘expected return on
plan assets’ and ‘interest on pension liabilities’
• Net liability unlikely to be affected
Action: Request report under
FRS102 rather than FRS17,
including relevant comparative
disclosures for 2015
26. pkf-francisclark.co.uk
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Key changes
Accounting disclosures
• Commitments under operating leases will now be the
total minimum commitment for the term of the lease,
not the annual commitment
Action: No change in the information
required, but disclosures will be
different in the accounts
27. pkf-francisclark.co.uk
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Key changes
Transition
• Various notes will be included to explain the transition
to FRS102 and SORP2015
• There will be a note reconciling opening reserves. In
most cases this will only include the pension charge
adjustments, and holiday pay if this applies
Action: None, FC will deal with this
28. Academies Accounts Direction 2016
Summary:
• Fundamental changes to the underlying
accounting standards and framework
• Unlikely to be significant impact on numbers
reported
• The changes will mainly come through in
disclosures and formats
• Review the action points
pkf-francisclark.co.uk
30. pkf-francisclark.co.uk
We have developed a template to assist with the audit
process. It is an alternative to the standard audit request
list.
• Why have we put this together?
• Who will this apply to?
Audit Template
Academy Audit Template
32. pkf-francisclark.co.uk
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Introduction
• What is Regularity?
• How is Assurance on Regularity Provided?
• What Should the Academy Trust do?
• What Work do the Auditors do on Regularity?
• Problem Areas Identified by the EFA
• Quick Reminders on Connected Party Transactions,
Leasing Transactions and Staff Severance Payments
• Academies Financial Handbook
33. pkf-francisclark.co.uk
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What is Regularity?
• In simple terms the academy is handling public funds and
should use it for the purposes intended
• What are you spending it on? What should you be
spending it on?
• Are you following established delegated authorities?
• Delegated responsibility to the Academy Trust (as detailed in
the Academies Financial Handbook and funding agreement)
• Academy Trust delegates to the Accounting Officer
• Accounting Officer delegates to academy staff through the
scheme of delegation and financial procedures manual
34. pkf-francisclark.co.uk
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How is Assurance on Regularity Provided?
• National Audit Office require comfort as the academy trust
accounts are consolidated into the EFA’s accounts
• Accounting officer signs off a ‘Statement of Regularity,
Propriety and Compliance’ in the annual report:
“I confirm that I and the academy trust board of trustees are able to identify any
material irregular or improper use of funds by the academy trust, or material non-
compliance with the terms and conditions of funding under the academy trust’s
funding agreement and the Academies Financial Handbook 2015.
I confirm that no instances of material irregularity, impropriety or funding non-
compliance have been discovered to date. If any instances are identified after
the date of this statement, these will be notified to the board of trustees and
EFA.”
35. pkf-francisclark.co.uk
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How is Assurance on Regularity Provided?
• Auditors sign separate Reporting Accountant’s assurance
report on regularity
• ‘Limited’ (negative) opinion required
“In the course of our work, nothing has come to our attention which suggests that
in all material respects the expenditure disbursed and income received during
the period to 31 August 2016 has not been applied to purposes intended by
Parliament and the financial transactions do not confirm to the authorities which
govern them.”
36. pkf-francisclark.co.uk
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What Should the Academy Trust do?
• Maintain and follow a financial procedures manual and
scheme of delegation compliant with the Academies
Financial Handbook
• We recommend a Key Financial Controls checklist to
evidence compliance (example pro-forma available)
• Ensure knowledge on the trustee board of the Academies
Financial Handbook
• The above will help enable the Accounting Officer to sign off
his/her statements on ‘Regularity, Propriety and
Compliance’, and the ‘Governance Statement’ in the
accounts
37. pkf-francisclark.co.uk
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What Work do the Auditors do on Regularity?
• Further guidance in chapter 9 of the Academy Accounts
Direction
• Significant elements are covered by our ‘True and Fair’
audit work, but additional work undertaken including:
• Reviewing how the Accounting Officer provides him/herself with
comfort to sign off their statements
• Sample testing on staff expenses and credit card payments
• Checking the register of governors interests is up to date
• Reviewing expenditure for items not consistent with running a
school
• Reviewing non-contractual payments to staff
38. pkf-francisclark.co.uk
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What Work do the Auditors do on Regularity?
• Reviewing borrowings and leases
• Reviewing purchases or disposals of land and buildings
• Reviewing write offs of debtors / losses
• Reviewing connected party transactions ‘at cost’
• Checking whether the academy receives income from external
consultancy provided by staff
• Checking consultancy payments to the senior leadership team
• Checking MAT central funds are being used appropriately
• Review of internal audit work / RO reports
39. pkf-francisclark.co.uk
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Problem Areas Identified by the EFA
• Themes of irregularity identified by the EFA from the prior
year were:
• Lack of prior approval for finance leases (considered
borrowing)
• No statement of assurance for connected party
transactions
• Connected party transactions not at cost
• Non contractual severance payments made without the
required approvals
• Weak internal controls
40. pkf-francisclark.co.uk
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Quick Reminders – Connected Party Transactions
• Goods / services provided by a ‘connected party’:
• A member or trustee
• A close relative of a member or trustee (i.e. child /
partner)
• A company / business where the connected party holds
more than 20% of share capital or has the equivalent
control
• Any individual or organisation able to appoint a member
or trustee
• Does not apply to employees unless they are one of the
above
41. pkf-francisclark.co.uk
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Quick Reminders – Connected Party Transactions
• Must be ‘at cost’ if cumulative transactions in a financial
year exceed £2,500 with a connected party (element over
£2,500 must be at cost)
• Must be properly procured on an open and fair basis,
supported by a statement of assurance that the charges do
not exceed cost and on the basis of an open book
agreement
• Full cost includes all direct costs (materials/labour) and
indirect costs (a proportionate and reasonable share of
fixed and variable overheads). There must be no profit
element.
42. pkf-francisclark.co.uk
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Quick Reminders - Leases
• Trusts do not need EFA approval for operating leases
(except for land and buildings) as these are not ‘borrowing’
• Trusts must obtain EFA prior approval for:
• Taking up a finance lease on any asset / duration
• Taking up a leasehold or tenancy on land and buildings
with a term of 7 years or more
• Granting a leasehold interest or tenancy of any duration
on land and buildings
• Any lease arrangement, even if EFA approval is not
required, should maintain the principles of value for money,
regularity and propriety
43. pkf-francisclark.co.uk
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Quick Reminders – Staff Severance Payments
• Payments outside of normal statutory or contractual requirements
when leaving employment
• Any payment must be in the best interests of the Trust
• Any payment should be justified based on a legal assessment of
the Trust successfully defending the case
• If a settlement is justified, it must be less than the legal
assessment of the likely award
• A payment should not be a reward for failure, misconduct or poor
performance
• Delegated authority for non-statutory / non-contractual elements
under £50k
44. pkf-francisclark.co.uk
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Quick Reminders
Compensation payments
• Redress for loss or injury
• Any payment must be based on the facts, legal advice and that
value for money will be achieved
• Delegated authority for non-statutory / non-contractual element
under £50k
Ex-gratia payments
• Separate to the above, all ex-gratia payments must be referred to
the EFA for prior approval
45. pkf-francisclark.co.uk
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Academies Financial Handbook
• Updated annually
• The 2015 version applies to accounting periods from 1
September 2015
https://www.gov.uk/government/publications/academies-
financial-handbook-2015
• 2016 version just published (on 1 July - published 22 July
last year), and applies wef 1 September 2016. Only minimal
changes
46. pkf-francisclark.co.uk
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Academies Financial Handbook
• Little change, but note:
• Board of Trustees (at all levels – so LGB’s as well) to review/identify/action the range of skills and
experience it needs. See Governance Handbook for training materials;
• In line with the Governance Handbook, the school must publish on its website its governance
arrangements (including details of the Scheme of Delegation if a MAT);
• All Trusts must have either their Principal or Chief Exec as Accounting Officer, and the role of AO must
not rotate;
• All Trusts must publish the relevant business and pecuniary interests of their AO regardless of them
being a Trustee, and also local governors (so those on LGBs) are now included in identifying relevant
interests from close family relationships;
• Schools must notify the DfE of the appointment/resignation of members, trustees, accounting officers,
chief financial officers, chairs of trustees/local governing bodies and local governors (as before) but now
must be via the Edubase, and must be notified within 14 days of the change
• The AFH2016 expressly states that variances between budget and actual income/expenditure must be
understood and addressed
47. pkf-francisclark.co.uk
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Academies Financial Handbook
• Little change, but note (cont.):
• AFH2016 emphasises that exposure to investment products must be tightly
controlled and the Board has an investment policy in place – security of funds
is more important than maximising revenue!;
• Trusts are now required to have a whistleblowing procedure in place;
• Trusts must implement reasonable risk management audit recommendations
provided by their risk auditors;
• In a MAT, the audit committee’s oversight must extend to the financial
controls and risks at constituent academies;
• Oversight must include the submission of information to the DfE/EFA such as
pupil number returns and funding claims.
• So a more settled scene. But suggest read Annex B: “Schedule of
freedoms and delegations” and Annex C: “The Musts”. Otherwise,
are you demonstrating strong governance and financial
management?
50. pkf-francisclark.co.uk
Background
• As at September 2015, about 15% of primaries and more than 60% of
secondaries were academies
• There were 391 MATs in March 2011 – rose to 846 by July 2015. And
of these, the number of MATs with 2-5 academies rose from 224 to 517.
• Government Agenda is clear! All schools to become Academies by
2022….?
• Local Authorities struggling to provide level of support and challenge
previously offered – so how do schools get this support? And budgets
are being squeezed. Particularly difficult for small Primaries.
• So Multi Academy Trusts (“MATs”) might be an answer?
Multi Academy Trusts
51. pkf-francisclark.co.uk
What is a Multi Academy Trust (“MAT”)?
• A group of schools governed through a single set of members
and directors
• One master funding agreement with the EFA – but a
supplemental funding agreement for each school
• One legal entity, with one Mem & Arts
• One shared ethos and culture???
Multi Academy Trusts
52. pkf-francisclark.co.uk
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Multi Academy Trusts
Potential benefits:
• Improve standards in feeder schools
• Shared resources/expertise
• Economies of scale
• Leadership succession planning
BUT planning and due diligence is key. It is a daunting
process!
53. pkf-francisclark.co.uk
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Multi Academy Trusts
Conversion
• Various grants potentially available, e.g.
• £25k grant available per new Academy conversion
• Sponsor Capacity grant for eligible academy trust to set
up/expand/develop – typically £50k-£100k
• Primary Academy Chain Development grant for primaries looking to
set up a MAT – keeps coming and going….
• Average time to convert over a year! Key considerations:
• Structure/roles?
• Policies?
• Ethos and culture?
54. pkf-francisclark.co.uk
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Multi Academy Trusts
Financial Management considerations on conversion
• What does the Finance function(s) look like? One set of Policies
and Procedures?
• Who keeps what records? Where? Who has what authority?
• Accounting software?
• Intra-school charging
• How many bank accounts?
55. pkf-francisclark.co.uk
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Multi Academy Trusts
Financial Oversight and considerations
• What does financial governance look like? Director of Finance
(and Operations?)?
• Monthly/termly reporting process?
• How is the central function to be financed?
• Top-slicing or not?
• If so, what percentage? Flat-rate or not?
• GAG pooling? So GAG income can be applied across any
academy within the MAT. Rare……
56. pkf-francisclark.co.uk
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Multi Academy Trusts
What do the accounts look like?
• One set of accounts per MAT
• Statement of funds
• Costs split by school
• Central services
• Governor remuneration
• Related party transactions and connected parties
• FRS17
58. pkf-francisclark.co.uk
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Multi Academy Trusts
Conclusions?
• Planning is key!
• Impact on governance at the school level – how much influence will
existing Trustees have? Do their intended roles within the MAT suit
their skill-set?
• Is there a clear ethos and philosophy shared by all?
• Clarify and challenge the proposed governance, structure, roles and
responsibilities under the MAT before joining. Consider especially
the impact on the Finance function. What does this look like under a
MAT?
• Appoint someone to drive and manage the conversion process!
61. pkf-francisclark.co.uk
VAT – Registration Limits
• Changes from 1 April 2016
Registration £82k → £83k
De-registration £80k → £81k
• Applies to all business income
• Includes all schools within a MAT
• Also includes reverse charges
• Agents fees
• Software licences
• Overseas services
63. pkf-francisclark.co.uk
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VAT – Common Supplies and Pitfalls
Supply Liability Pitfall
Catering Non-business or taxable Subcontracted out has
caused issues, vending
machines
School Uniform Standard or Zero Reselling at cost assuming
closely connected
School Plays Exempt or Non-business Requirement to pay
changes liability
Before & After Clubs Non-business or Exempt Is there a profit motive
Construction works Standard or Zero Level of business activity
Consultancy Services Standard or Exempt Depends on service
provided
Staff Exempt, Standard or Non-
business
Depends to who, what is
charged and what they do
64. pkf-francisclark.co.uk
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VAT – Sports Lettings
Academy
School Use – Free – Non-Business
To public – Members / non-members – Exempt (unless OTT)
Trading Subsidiary
To public – Standard rated if one offs, Exempt if considered land
65. pkf-francisclark.co.uk
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VAT – Recovery and Apportionment
VAT 126
Relates to:
Non-Business Activities – Recover in full
Business Activities – No recovery
General (doesn’t fit into above) – Apportion
VAT Registered
Relates to:
Non-Business Activities – Recover in full
Business Activities
Taxable - Recover in full
Exempt - No recovery unless deminimis
General (doesn’t fit into above) – Apportion
Bus Mix NB
NBTax Mix Ex
67. Topical Tax Issues
Employment status of supply teachers and other
staff
• A matter of fact – not a question of choice!
• Teachers supplied via LA and those located through
school’s own contacts likely to be employees – with all that
entails…..
• Agency workers likely to be self-employed
• HMRC Manuals give guidance - see
http://www.hmrc.gov.uk/manuals/esmmanual/esm4502.htm
• Some cases are very obvious – but many are not! Don’t
just look at the contract – look at the substance behind it.
Do actual arrangements mirror the contract?
pkf-francisclark.co.uk
68. pkf-francisclark.co.uk
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Topical Tax Issues
Do I need a trading subsidiary?
• If income from trading activities more than £50k per annum,
school is liable to corporation tax
• Does not apply to “primary purpose” or “ancillary” trading
• If you are caught, then a trading subsidiary might be the answer?
• Also consider commercial risk, VAT, and practicalities of a
subsidiary – don’t let the tax tail wag the dog!
69. pkf-francisclark.co.uk
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Topical Tax Issues
Income from lettings – is it taxable?
• Rental income usually exempt if profits applied for charitable
purposes
• But when does letting of a premises become a trade?
• Let on a regular basis?
• Provide additional services e.g. conference facilities, IT
equipment, support staff, catering, etc?
• Often hard to determine whether trading – each case will depend
on facts
70. pkf-francisclark.co.uk
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Rental income or trade?
Examples of services Rental Neutral Trade factor
Cleaning & preparation of
rooms
P
Arrangement of furniture
P
Services of reception staff
P P
Cloakroom staff
P
Technical staff
P
Basic refreshments
P
Topical Tax Issues
71. pkf-francisclark.co.uk
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Topical Tax Issues
Fundraising exemption – applies for tax and VAT
• Exempt for tax and VAT for one-off events such as Summer
Fairs, ticketed theatre performances and car boot sales
• Applies to income received – including associated sponsorship
• BUT must not be more than 15 of the same type of event in the
same location in a financial year and event must be promoted as
a fund-raiser for the school
72. pkf-francisclark.co.uk
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New model Gift Aid declaration wef 6 April 2016
• Applies for both single and multiple donations
• Now must include ‘tax to cover’ statement:
“I am a UK taxpayer and understand that if I pay less Income Tax
and/or Capital Gains Tax in the current tax year than the amount
of Gift Aid claimed on all my donations it is my responsibility to
pay any difference.”
• Model forms at: https://www.gov.uk/guidance/gift-aid-
declarations-claiming-tax-back-on-donations#declaration-formats
Topical Tax Issues
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Editor's Notes
Focus will be on the practical impact on business managers and finance directors for Academies, rather than a detailed update on all the theoretical implications of the changes for other businesses and charities.
We will need to request certain additional information, but where we prepare the statutory accounts or provide the templates for you to complete, the format and presentational updates will be covered by us.
We’ll run through each area
Per FRS102 key management personnel is ‘those persons having authority and responsibility for planning, directing and controlling the activities of a reporting entity, directly or indirectly, including any director (whether executive or otherwise). In practice this is likely to equate to trustees and members of an academy trust’s senior leadership team. For MATs it may also include principals and senior leadership teams of individual academies. Will depend on the circumstances and levels of delegation in place.
Risk registers should have been in place for some time, and should be standing items on board or audit committee agendas.
? have indicated that reserves of 1 – 3 months expenditure for a MAT would be appropriate. Less and risks increased, more and in the absence of specific purposes, the view could be the reserves are excessive
Other changes are activities for generating funds now income from other trading activities, and costs of generating voluntary income and fundraising trading combined into expenditure on raising funds
Operating systems (e.g. Windows) are not separable. Individual applications such as Civica or PS Financials are.
Likely that a schedule will be required first year to establish that immaterial. If material, we can help with accounting adjustment if required, including transitional adjustment.
Requires valuation now (cost). As academies cannot borrow or use property as security difficult to see a benefit. Does not impact GC considerations.
Note radical change – cash flow statement is now statement of cash flows. But does include some simplifications in the structure
Estimates & judgements are not the same thing. Estimates generally quantitative choices within a range. Judgements generally qualitative choices between discrete options.
See definition of key management personnel on notes to slide 9
See definition of key management personnel on notes to slide 9
Transition document issued by the EFA has further guidance.
For us as advisers, schools merging/taking in additional schools seems to be the hot topic at the moment, so we thought it useful to give some thoughts. The reasons why the consolidation is happening are varied - but clearly the Government agenda is a key driver.
We are likely to have a mixed audience to our seminars – so some stand-alone, and some MATs. So to do something for everyone in 15 mins is optimistic – but we will do our best!
It is also worth noting that in terms of anyone about to think about joining a MAT, their options may vary. If they are joining an existing MAT, they are likely to have less option in to what the structure of the MAT looks like than if they were part of a federation/cluster getting together for the first time. But either way, hopefully we can provide some food for thought.
Perhaps at the end of the session, spend a couple of minutes asking for experiences from those already in MATs? How is it working? What is good? What is bad? What were/are the challenges?
So all sounds very good in theory. But practice can be a bit different……..
Grants to aid/support conversion to a MAT keep coming and going and changing, so difficult to be specific! So research is important to find out what is available. But don’t under-estimate the cost (financial and time) in becoming/joining a MAT.
To be eligible for SCF funding academy trust must be an approved academy sponsor (or in the process of becoming one), or has an open free school (or one in the pre-opening stage), and intends to take on at least 1 school in the coming 12 months.
Can’t use SCF funding to pay for the running costs of schools in or joining the trust.
PACD grant reintroduced in November 2015, but withdrawn in April 2016 - £75k for 3 or more primaries forming a MAT.
Don’t underestimate the conversion process – time consuming and costly. But time spent up front getting the detail right will help avoid conflict at a later stage. Need good Working Party groups and lots of support – DD is key!
Moving on to specific financial aspects that we might get involved in.
Again, no one size fits all. Inevitably there will be massive change.
But again, up-front planning will avoid surprises/complications at a later stage.
How does a MAT decide who is responsible for what – conflict between the best interests of the overall MAT and each local school? Is it possible to have one set of financial policies/procedures which apply to all schools in the MAT? Or in order to ensure overall effectiveness, maybe these have to be tailored to make appropriate to the particular circumstances of each school in the MAT .
Top-slicing is common, but in some smaller MATs schools might operate independently and not contribute directly to a central pot.
Approach to Top-slicing varies enormously. Some pay a Flat-rate contribution (say 3-5%) for all schools in the MAT. Others might flex the percentage based on perceived need (i.e. a good school needs less support than a struggling one?).
But obviously there are disparities in funding and costs across individual schools, often difficult to budget for. This leads to FRICTION! How does a school assess what it is getting in return for its money?
So lots of thought needed before forming/joining a MAT.
A quick overview of what is different in a set of MAT accounts compared to a “normal” stand-alone
Drilling down in to a bit more detail, a brief overview of further practical considerations Business Managers need to think about if preparing MAT accounts
“Failing to prepare is preparing to fail”.
MATs can, and do, work very well. But at the same time, we have seen some “implode” due to different visions etc.
It is always difficult to see in to the future, but the more consistency of vision, ethos, and approach there is at the outset, the better the chances of success. What is the “growth agenda” for the MAT? How is that linked to (for example) risk management?
Any thoughts from around the room – what are your experiences?
A very quick overview of some of the “hot topics” that come across our desks…
We have had queries where supply teachers that the school has directly engaged with wish to work on a self-employed basis. Potentially this might suit both parties – but HMRC have a different view!
Beware Agency Worker Regulations 2010 – agency workers get equal rights after 12 weeks for teachers placed by supply agencies.
FCTC can review contracts and make sure they are robust.
Schools being encouraged to be more commercial and generate additional income – so providing external catering, letting parts of the school, etc.
Such income is potentially taxable. A trading sub would avoid this – profits donated to school after end of financial year.
But beware cost v. benefit.
Another option might be to amend Articles so that income falls within primary purpose exemption?
All rental income from land/buildings received by a school is exempt from tax provided the profits arising are applied for charitable purposes.
However, if services are provided along with the use of the land/buildings (e.g. caretaker, food or laundry) these services in themselves might amount to trading.
Letting activity will itself constitute a trade where the owner remains in occupation of the property and provides services over and above those usually provided by a landlord.
If additional services are provided then the character of the whole activity would be changed from lettings into a trade – it would not simply be that the additional services would become a separate trade.
We are aware of a case (not a school) where HMRC sought to treat the income from the lettings as a trade – and so subject to CT. HMRC make the general point that if additional services are provided, then the character of the whole activity is changed from lettings into a trade — it would not simply be that the additional services became a separate trade. Dealing with specific issues in the particular case, comments were made as follows:
• Cleaning and preparation of rooms does not go substantially beyond the services normally provided by the landlord.
• Arrangement of furniture to suit hirer's requirements is a marginal factor. Whilst this might not be expected of a landlord it is not significant to turn the issue either way.
• If the services of reception staff are no different from that received by all users of the building that should not be a problem. However, HMRC points out that this is more than a landlord simply letting rooms might expect to provide.
• Provision of cloakroom staff would contribute to a conclusion that a trade is being carried on.
• The provision of technical staff goes beyond the normal services of a landlord. In the particular case this was an optional extra and could be regarded as a separate trade rather than changing the letting into a trade.
• Provision of basic refreshments (tea, coffee etc.) could reasonably be viewed as contributing to the overall trade.
Schools which do let rooms need to be aware of these issues and consider the impact they might have on the HMRC view of their activity.
Potentially income from events such as Fairs and theatre performances would be taxable (if over £50k limit). But fundraising exemption is useful.
Schools can recover Gift Aid (worth an additional 25%) on, for example, voluntary donations from parents or income from certain fundraising events. But beware, HMRC will look closely to see that the pupil does not receive a direct benefit as a consequence of the “donation” (e.g school trips, computer equipment)
If you do claim Gift Aid, make sure declarations are up to date. And make sure donors are paying tax!