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.
Hari Krishna Bhogi has over 4.5 years of experience in accounting, financial analysis, reporting, taxation and auditing. He is qualified as an ACMA, CA and CIMA. Currently he works as an Assistant Manager of Finance at Coal India Limited, where he oversees accounting operations, financial reporting, budgeting and more. Previously he worked as an audit assistant/senior at an audit firm in Hyderabad.
This document discusses the accounting cycle and how to prepare a worksheet. It explains that a worksheet is used to record trial balances, adjustments, and financial statement preparation. The document outlines the steps in the accounting cycle and types of accounts. It also describes the sections of a classified balance sheet, including current and long-term assets/liabilities, as well as owner's equity.
K. Chessney Wright has over 15 years of experience in accounting, billing, and collections. She has held various roles such as office administrator, billing clerk, accounts payable clerk, and credit/collections specialist. Her experience spans several industries including directional drilling services, legal services, healthcare staffing, and home lending. She maintains certifications in fair debt collection practices and has experience establishing procedures and training new employees.
iSelect reported strong financial results for FY15 with revenue growth of 15% and net profit after tax growth of 17%. Operational performance was solid across key metrics such as leads, conversion, and sales. The health insurance segment grew sales volume by 10% but revenue declined slightly due to consumers trading down to lower cost policies. The energy segment saw significant growth in revenue and sales following investment in marketing and staffing. For FY16, iSelect expects continued revenue growth but a lower earnings forecast as investment is made in staffing, technology, brand and developing business segments.
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.
Hari Krishna Bhogi has over 4.5 years of experience in accounting, financial analysis, reporting, taxation and auditing. He is qualified as an ACMA, CA and CIMA. Currently he works as an Assistant Manager of Finance at Coal India Limited, where he oversees accounting operations, financial reporting, budgeting and more. Previously he worked as an audit assistant/senior at an audit firm in Hyderabad.
This document discusses the accounting cycle and how to prepare a worksheet. It explains that a worksheet is used to record trial balances, adjustments, and financial statement preparation. The document outlines the steps in the accounting cycle and types of accounts. It also describes the sections of a classified balance sheet, including current and long-term assets/liabilities, as well as owner's equity.
K. Chessney Wright has over 15 years of experience in accounting, billing, and collections. She has held various roles such as office administrator, billing clerk, accounts payable clerk, and credit/collections specialist. Her experience spans several industries including directional drilling services, legal services, healthcare staffing, and home lending. She maintains certifications in fair debt collection practices and has experience establishing procedures and training new employees.
iSelect reported strong financial results for FY15 with revenue growth of 15% and net profit after tax growth of 17%. Operational performance was solid across key metrics such as leads, conversion, and sales. The health insurance segment grew sales volume by 10% but revenue declined slightly due to consumers trading down to lower cost policies. The energy segment saw significant growth in revenue and sales following investment in marketing and staffing. For FY16, iSelect expects continued revenue growth but a lower earnings forecast as investment is made in staffing, technology, brand and developing business segments.
- Operating income for Q2 2015 was up 22% to SEK 1,675m compared to SEK 1,373m in Q2 2014, with the operating margin improving 1.3 percentage points to 13.7%.
- High margin divisions like Husqvarna and Gardena saw growth in net sales.
- Continued benefits from the Accelerated Improvement Program and currency exchange rates led to improved performance.
- Product mix was improved through a focus on higher profit products and reducing material costs.
- Further cost reductions planned for 2016-17 to fund growth investments and mitigate currency impacts going forward.
This includes the proposed changes or revisions in the Philippine CPA Board exam by the Board of Accountancy to the Professional Regulatory Commission. It is expected to take effect by May 2016.
The document provides information on IBS's S&OP solution and its approach, innovations, and benefits. Some key points:
- The solution manages demand, inventory, and supply together to reduce supply side variability.
- It features embedded analytics, exception detection, root cause analysis, and guided recommendations.
- The solution supports demand and supply management, scenario planning, KPI reporting, and process integration.
- Using the solution can help optimize target supply and inventory levels while managing demand fluctuations. This leads to benefits like reduced inventory levels and costs as well as improved margins.
The document summarizes revisions made to the Philippine CPA Licensure Examination, including:
- Reducing the number of exam subjects from seven to six by merging some topics and separating others.
- Distributing topics from Theory of Accounts, Practical Accounting Problems 1 and 2 to two new subjects.
- Separating the previous Business Law and Taxation subject into individual Taxation and Regulatory Framework subjects.
- Adding additional topics to the Taxation and Regulatory Framework subjects.
- Providing tables outlining the topics covered, weights, and number of items for each revised subject.
This document provides a summary of Ms. Eugene V. Santos's experience and qualifications. She has over 20 years of experience in accounting and finance roles, including experience with month-end closing, financial reporting, budgeting and forecasting, auditing, and process automation. Her most recent role is as a Commercial Management Accountant at Cafedirect, where she manages monthly financial reporting and analyses.
JLS Presentation - Overview of JFRC Staff and 2016 Session Prep (to May 2015 ...Jeffrey Spalding
The document summarizes the erosion of fiscal analysis capacity at the Joint Fiscal Review Committee (JFRC) staff over recent years due to decreasing staff and increasing workload. It outlines a 2016 session preparation plan to address issues like lack of confidence in fiscal notes, high staff turnover, and time compression. The plan includes refining procedures, examining staff structure, developing rules, and implementing changes to build expertise and trust in the fiscal analysis provided by JFRC staff. The executive director emphasizes that committee support is essential to making lasting improvements.
This document summarizes Husqvarna Group's Q3 2016 results. Key points include:
- Operating income increased 6% to SEK 431m and operating margin increased 0.4 percentage points to 5.9% due to operational improvements.
- EBIT was higher year-to-date despite unfavorable currency impacts and additional costs for growth initiatives.
- New financial targets were announced reflecting increased focus on profitable growth, including 3-5% average net sales growth and an EBIT margin of at least 10%.
- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved.
- Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions.
- An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.
This seminar was presented for the American Institute of Architects' Potomac Valley Chapter. It covers tax planning strategies, management accountability issues, and succession planning for architectural firms.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
- The document provides preliminary financial results for FY 2015, including a 16% increase in adjusted operating profit to £225 million and a 19% rise in adjusted earnings per share to 120.5p.
- The banking division saw a 15% increase in adjusted operating profit to £208.7 million, with an 8.5% rise in its loan book. Securities delivered a resilient performance with adjusted operating profit of £24.6 million.
- Asset management continued its good progress with adjusted operating profit up 80% to £17.8 million, driven by higher investment management income.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
- Continued improved performance in Q4 2015, with the seasonal operating loss declining to SEK -212m from SEK -265m the previous year.
- Full-year operating income was up 27% to SEK 2,980m and the operating margin rose to 8.2% from 7.2%.
- The board proposes a dividend of SEK 1.65 per share, unchanged from the previous year.
Payroll Alliance Spring Payroll Update 2016 - Linda Pullan, Payroll AllianceCedar Consulting
The Spring Payroll Update is a must for payroll. An essential guide for the new Tax Year on the changes to tax, National Insurance, statutory payments etc and the new Living Wage.
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.
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
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.
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.
IFRS and UK GAAP Update covers recent changes to international and UK reporting standards. Major changes to IFRS include new standards on consolidation, joint arrangements, and fair value measurement effective 2013. Projects underway address revenue recognition and leases. UK is replacing existing GAAP with 3 new standards - FRS 100, 101, and 102 effective 2015. FRS 101 allows reduced disclosure for qualifying entities. FRS 102 is a simplified, principles-based standard aligned with but not identical to IFRS for SMEs. Transition involves reconciling equity and profit under the new standards.
- Operating income for Q2 2015 was up 22% to SEK 1,675m compared to SEK 1,373m in Q2 2014, with the operating margin improving 1.3 percentage points to 13.7%.
- High margin divisions like Husqvarna and Gardena saw growth in net sales.
- Continued benefits from the Accelerated Improvement Program and currency exchange rates led to improved performance.
- Product mix was improved through a focus on higher profit products and reducing material costs.
- Further cost reductions planned for 2016-17 to fund growth investments and mitigate currency impacts going forward.
This includes the proposed changes or revisions in the Philippine CPA Board exam by the Board of Accountancy to the Professional Regulatory Commission. It is expected to take effect by May 2016.
The document provides information on IBS's S&OP solution and its approach, innovations, and benefits. Some key points:
- The solution manages demand, inventory, and supply together to reduce supply side variability.
- It features embedded analytics, exception detection, root cause analysis, and guided recommendations.
- The solution supports demand and supply management, scenario planning, KPI reporting, and process integration.
- Using the solution can help optimize target supply and inventory levels while managing demand fluctuations. This leads to benefits like reduced inventory levels and costs as well as improved margins.
The document summarizes revisions made to the Philippine CPA Licensure Examination, including:
- Reducing the number of exam subjects from seven to six by merging some topics and separating others.
- Distributing topics from Theory of Accounts, Practical Accounting Problems 1 and 2 to two new subjects.
- Separating the previous Business Law and Taxation subject into individual Taxation and Regulatory Framework subjects.
- Adding additional topics to the Taxation and Regulatory Framework subjects.
- Providing tables outlining the topics covered, weights, and number of items for each revised subject.
This document provides a summary of Ms. Eugene V. Santos's experience and qualifications. She has over 20 years of experience in accounting and finance roles, including experience with month-end closing, financial reporting, budgeting and forecasting, auditing, and process automation. Her most recent role is as a Commercial Management Accountant at Cafedirect, where she manages monthly financial reporting and analyses.
JLS Presentation - Overview of JFRC Staff and 2016 Session Prep (to May 2015 ...Jeffrey Spalding
The document summarizes the erosion of fiscal analysis capacity at the Joint Fiscal Review Committee (JFRC) staff over recent years due to decreasing staff and increasing workload. It outlines a 2016 session preparation plan to address issues like lack of confidence in fiscal notes, high staff turnover, and time compression. The plan includes refining procedures, examining staff structure, developing rules, and implementing changes to build expertise and trust in the fiscal analysis provided by JFRC staff. The executive director emphasizes that committee support is essential to making lasting improvements.
This document summarizes Husqvarna Group's Q3 2016 results. Key points include:
- Operating income increased 6% to SEK 431m and operating margin increased 0.4 percentage points to 5.9% due to operational improvements.
- EBIT was higher year-to-date despite unfavorable currency impacts and additional costs for growth initiatives.
- New financial targets were announced reflecting increased focus on profitable growth, including 3-5% average net sales growth and an EBIT margin of at least 10%.
- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved.
- Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions.
- An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.
This seminar was presented for the American Institute of Architects' Potomac Valley Chapter. It covers tax planning strategies, management accountability issues, and succession planning for architectural firms.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
- The document provides preliminary financial results for FY 2015, including a 16% increase in adjusted operating profit to £225 million and a 19% rise in adjusted earnings per share to 120.5p.
- The banking division saw a 15% increase in adjusted operating profit to £208.7 million, with an 8.5% rise in its loan book. Securities delivered a resilient performance with adjusted operating profit of £24.6 million.
- Asset management continued its good progress with adjusted operating profit up 80% to £17.8 million, driven by higher investment management income.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
- Continued improved performance in Q4 2015, with the seasonal operating loss declining to SEK -212m from SEK -265m the previous year.
- Full-year operating income was up 27% to SEK 2,980m and the operating margin rose to 8.2% from 7.2%.
- The board proposes a dividend of SEK 1.65 per share, unchanged from the previous year.
Payroll Alliance Spring Payroll Update 2016 - Linda Pullan, Payroll AllianceCedar Consulting
The Spring Payroll Update is a must for payroll. An essential guide for the new Tax Year on the changes to tax, National Insurance, statutory payments etc and the new Living Wage.
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.
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
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.
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.
IFRS and UK GAAP Update covers recent changes to international and UK reporting standards. Major changes to IFRS include new standards on consolidation, joint arrangements, and fair value measurement effective 2013. Projects underway address revenue recognition and leases. UK is replacing existing GAAP with 3 new standards - FRS 100, 101, and 102 effective 2015. FRS 101 allows reduced disclosure for qualifying entities. FRS 102 is a simplified, principles-based standard aligned with but not identical to IFRS for SMEs. Transition involves reconciling equity and profit under the new standards.
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.
Leeyo and PwC Webinar on IT Impact of ASC 606 Revenue Recognition RulesMatt Ream
PwC outlines a comprehensive framework for how companies should respond to the new revenue recognition standard. The standard will impact many areas of a company's operations, requiring changes to processes, systems, controls, and disclosures. PwC recommends a phased project approach including establishing governance, project management, and change management. Companies need to understand how the standard applies to their contracts and performance obligations to identify potential differences in accounting. Implementation requires understanding impacts across the organization and ensuring alignment.
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.
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.
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.
Andrea Keane has over 30 years of experience in financial controlling and HR management roles. She currently works as the Financial Controller for GPL Group, where her responsibilities include budgeting, forecasting, month-end reporting, and acting as the main point of contact for auditors and bankers. Previously, she held senior financial and HR roles for companies in various industries, consistently delivering cost savings through process improvements and negotiations. She is highly skilled in accounting software, spreadsheet modeling, and developing teams.
We Energies converted from a traditional FERC regulatory reporting solution to a real-time FERC solution using SAP's General Ledger functionality. This allows We Energies to overcome challenges around increasing demands for speed and transparency of reporting. The real-time FERC solution derives regulatory attributes in transactions and provides a single source of truth for financial, regulatory, and management reporting. It also simplifies reporting and accelerates the period close process.
This document discusses challenges with revenue management and regulatory changes under ASC 606. It outlines the key impacts of ASC 606 including increased judgment requirements and pervasive changes to policies, processes, and systems. It then discusses best practices for revenue management such as automating processes across the entire customer lifecycle. Finally, it demonstrates Intacct's capabilities for contract and revenue management including flexible billing, ASC 606 transition support, revenue forecasting, and integration with Salesforce CRM.
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.
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.
Ratios have limitations in analyzing business performance and financial position. Ratios are based on financial statements, so they inherit limitations such as the exclusion of certain assets from statements. Creative accounting can also mislead ratios, as companies may deliberately misrepresent financial health. Inflation distorts reported asset values and profit measurements in financial statements, hindering ratio comparisons over time. Relying only on ratios can overlook useful absolute information in statements. Differences between companies in accounting policies and other factors limit meaningful comparisons using ratios alone.
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.
Similar to Torquay - Academy Update - July 2016 (20)
This document summarizes a breakfast briefing on green business and green Cornwall held on March 5th, 2020. It provides an agenda for the event including introductions to Fourth Element and Cornwall Council's Climate Change team, as well as examples of assistance provided to local businesses to address sustainability. The briefing covered PKF Francis Clark's work in areas like energy reporting and sustainable investment mandates. Upcoming events on topics like the circular economy, construction, and sustainable finance were also announced.
The document summarizes key changes to the Solicitors Regulation Authority (SRA) Accounts Rules, which came into effect in November 2019. It provides examples of setting up and maintaining client ledgers in accordance with the new rules. Key points include: client money must be paid promptly into a client account; costs can only be transferred from the account after issuing a bill; and withdrawals require client authorization or prescribed circumstances.
This document provides an overview of grant funding opportunities and the BIG Productivity program. It summarizes a presentation given by representatives from PKF Francis Clark and the Cornwall Development Company. The presentation covered various types of grants available including the RDPE Growth Program and Innovate UK funding. It also provided details about the BIG Productivity program goals of supporting 175 businesses, creating 175 jobs, and improving business productivity. Tips were given on the grant application process including understanding eligibility, project planning, and responding to scoring criteria.
Truro December Breakfast briefing - Grants - a last hurrah!PKF Francis Clark
This document provides an overview and agenda for an event on EU grants, specifically focusing on the RDPE Growth Programme. The agenda includes presentations on an overview of the RDPE Growth Programme, key legal aspects like state aid, tips for making successful grant applications, and implications of Brexit. Special guests will also speak. The RDPE Growth Programme provides grants to rural businesses and food processors to help them grow and create jobs. Eligibility requirements and maximum grant amounts depend on the type of project and location. Post-Brexit, businesses may face rapid regulatory and market changes, so preparing for uncertainty is important. The event aims to help businesses understand funding opportunities and readiness for potential Brexit impacts.
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 document provides a directors' update for Bournemouth Essential covering the 6-month period of November 2019. It discusses navigating turbulent times amid political and economic uncertainty. The document announces new appointments to the firm and provides an agenda for an upcoming seminar covering various financial and tax topics, including property tax matters, financial reporting, VAT updates, and risks to businesses. It aims to help clients make sense of the current chaotic environment.
Breakfast briefing F&D 'waste not want not' October 2019PKF Francis Clark
The document provides information on waste reduction in the food and drink sector, including practical advice and innovative solutions. It discusses the large amount of food and plastic waste produced globally each year and the environmental impacts. Various initiatives from governments and organizations to tackle waste are outlined, from targets and funding to industry partnerships. Businesses taking action to reduce plastic and food waste through packaging changes and recycling programs are highlighted. Practical examples of innovating companies developing new products from waste are also presented.
The document provides an overview of the draft Cornwall and Isles of Scilly Local Industrial Strategy. It identifies key strengths and challenges in the "place," "people," "infrastructure," and foundations of productivity. The strategy seeks to build on regional strengths like natural assets, renewable energy production, and devolved powers to address challenges like economic productivity lagging the UK average and an aging population. The goal is for the carbon neutral regional economy to create business and quality of life opportunities by 2030.
This document discusses business valuations at different stages of a company's lifecycle, including start-up, growth, and established phases. It addresses valuation methods like net asset value, discounted cash flow, and comparative multiples. Key factors discussed for each phase include shareholder agreements, intellectual property, growth capital, management incentives, and exit strategies. Legal considerations are also outlined regarding shareholders' agreements, leaver provisions, and deferred vs earn out structures.
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
Digital Marketing with a Focus on Sustainabilitysssourabhsharma
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
4 Benefits of Partnering with an OnlyFans Agency for Content Creators.pdfonlyfansmanagedau
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The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
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Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
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Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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
.
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
.
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
.
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 31 August 2014
10. pkf-francisclark.co.uk
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
.
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
29. pkf-francisclark.co.uk
.
From 1 July 2016 Annual Confirmation Statements
replace Annual Returns
• Only have 14 days to file (was 28 days)
• Confirm no changes, or update for changes as required
• First time will need to include statement about PSC register
(Persons with Significant Control)
• £13 fee to file online, £40 paper return
• Any queries please contact us
Annual Confirmation Statement
31. 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
34. 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
36. pkf-francisclark.co.uk
.
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
37. pkf-francisclark.co.uk
.
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
38. pkf-francisclark.co.uk
.
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
41. pkf-francisclark.co.uk
.
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
42. pkf-francisclark.co.uk
.
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
43. pkf-francisclark.co.uk
.
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.”
44. pkf-francisclark.co.uk
.
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.”
45. pkf-francisclark.co.uk
.
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
46. pkf-francisclark.co.uk
.
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
47. pkf-francisclark.co.uk
.
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
48. pkf-francisclark.co.uk
.
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
49. pkf-francisclark.co.uk
.
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
50. pkf-francisclark.co.uk
.
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.
51. pkf-francisclark.co.uk
.
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
52. pkf-francisclark.co.uk
.
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
53. pkf-francisclark.co.uk
.
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
54. pkf-francisclark.co.uk
.
Academies Financial Handbook
• Updated annually – the 2016 version applies to accounting
periods from 1 September 2016
https://www.gov.uk/government/uploads/system/uploads/attachm
ent_data/file/534149/Academies_Financial_Handbook_2016.pdf
• Fairly limited changes from the prior year
55. pkf-francisclark.co.uk
.
Main Changes
• Boards of trustees should identify the skills they need and
address gaps (including LGB’s)
• Must publish governance arrangements in accounts and on
website, including delegation to LGB’s
• Business and pecuniary interests of the accounting officer
must be published on the website (even if not trustee), along
with members, trustees and local governors
• Clarification that changes in positions (member, trustee,
local governor, chairs, accounting officer, finance officer)
must be notified to DoE through Edubase within 14 days
56. pkf-francisclark.co.uk
.
Main Changes
• Variances between budget and actual income/expenditure
must be understood
• Exposure to investment products should be tightly controlled
so security of funds take precedence over revenue
maximisation
• A requirement for trusts to have a whistleblowing procedure
• Trusts should consider opting into risk protection
arrangements (unless better VfM can be achieved
elsewhere). Linked to this Trust’s must implement
reasonable risk management audit recommendations made
by risk auditors
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Main Changes
• Audit committee oversight extends to the controls and risks
at constituent academies in a MAT
• Audit committee oversight must ensure that information
submitted to DfE/EFA that affects funding is accurate and
compliant (i.e. pupil numbers and funding claims)
59. 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?
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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!
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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
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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
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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
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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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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
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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
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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!
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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?
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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?
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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……
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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
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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!
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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
Transition document issued by the EFA has further guidance.
Date will be anniversary of formation, so not a fixed date.
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!
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?