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.
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.
[WEBINAR] Understanding the 2014 Coverage Gap Discount Program (CGDP) Invoice...Paragon Solutions
Register to watch the recorded webinar: http://goo.gl/YZ6tRT
In January 2014, CMS announced 2014 changes to the Coverage Gap Discount Program (CGDP) related to Negative Invoice Reconciliation and resulting changes to the Quarterly Invoice process. The changes will be in effect for 1Q2014 processing quarter with invoice reports hitting Manufacturers by mid to late April 2014. Quickly reacting to change can cause uncertainty, but with the right awareness, focus, and preparation you can position your organization for a successful transition.
This presentation will enable you to better understand these changes, how they will impact your business process, and what you need to consider and evaluate to prepare for these changes. The change overview and impact considerations will offer insights to companies of all stages.
What you can expect to learn:
- Overview of 2014 CGDP Changes; Negative Invoice Reconciliation and Changes to Quarterly Invoice Process.
- How these changes will impact your business process.
- How to prepare for these changes.
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.
Bahamas introduced a VAT system that was supposed to come into force on July, 2014, but was delayed to January 1, 2015. We provided support to the largest Telecom company on the Bahamas for system and process implementation including training.
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.
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.
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.
The recently released SSARS21 Standard creates a bright line between preparing and reporting services, and is potentially the most significant non audit standard change of the past 30 years. This new standard will dramatically change how firms provide Client Accounting and BPO services, and is something many in the profession have been requesting for years.
In this webcast we review how firms can advance their client accounting services based on this new standard. Firms will need to change how they describe and market their client accounting services, engage with clients, as well as deliver these services.
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.
[WEBINAR] Understanding the 2014 Coverage Gap Discount Program (CGDP) Invoice...Paragon Solutions
Register to watch the recorded webinar: http://goo.gl/YZ6tRT
In January 2014, CMS announced 2014 changes to the Coverage Gap Discount Program (CGDP) related to Negative Invoice Reconciliation and resulting changes to the Quarterly Invoice process. The changes will be in effect for 1Q2014 processing quarter with invoice reports hitting Manufacturers by mid to late April 2014. Quickly reacting to change can cause uncertainty, but with the right awareness, focus, and preparation you can position your organization for a successful transition.
This presentation will enable you to better understand these changes, how they will impact your business process, and what you need to consider and evaluate to prepare for these changes. The change overview and impact considerations will offer insights to companies of all stages.
What you can expect to learn:
- Overview of 2014 CGDP Changes; Negative Invoice Reconciliation and Changes to Quarterly Invoice Process.
- How these changes will impact your business process.
- How to prepare for these changes.
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.
Bahamas introduced a VAT system that was supposed to come into force on July, 2014, but was delayed to January 1, 2015. We provided support to the largest Telecom company on the Bahamas for system and process implementation including training.
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.
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.
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.
The recently released SSARS21 Standard creates a bright line between preparing and reporting services, and is potentially the most significant non audit standard change of the past 30 years. This new standard will dramatically change how firms provide Client Accounting and BPO services, and is something many in the profession have been requesting for years.
In this webcast we review how firms can advance their client accounting services based on this new standard. Firms will need to change how they describe and market their client accounting services, engage with clients, as well as deliver these services.
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.
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La misión principal de un francotirador en el combate es para apoyar las operaciones de combate mediante la
entrega precisa de fuego de largo alcance sobre los objetivos seleccionados.
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
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'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.
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.
Financial Reporting Framework for Small and Medium-Sized EntitiesHein & Associates
The Financial Reporting Framework for Small and Medium-Sized Entities or FRF for SMEs™ is an “accounting framework designed for America’s small business community.” Although it is not GAAP, it delivers financial statements that provide useful, relevant information in a simplified, consistent, cost-effective way. The FRF for SMEs™ may be used when GAAP financial statements are not required. This presentation will cover the differences between the Financial Reporting Framework and GAAP, and will discuss the AICPA’s guide for small businesses and financial statement users. The presentation discusses a decision tree to help determine when it might be appropriate to follow the FRF for SMEs™. Finally we will compare the FRF for SMEs™ to the recent FASB Private Company Council pronouncements.
Automating Account Reconciliations to Mitigate Compliance RiskProformative, Inc.
Today’s CFOs are challenged with meeting tight deadlines, operating with limited resources and serving in more strategic roles. In this session you will discover how leveraging technology and automating traditionally manual accounting processes, like account reconciliations, can help optimize the financial close process and free up some of the critical time needed from accounting and finance teams. You will learn how your organizations can virtually eliminate spreadsheets and the errors and headaches that come with them; increase control and visibility; facilitate timely, accurate and documented communications between all stakeholders; gain exceptional ROI in a very short time; improve the accuracy and timeliness of compliance reporting; define responsibility and process ownership; and manage compliance while serving multiple locations.
Speaker: Michael Gilmartin, Solution Consultant Manager, BlackLine Systems
Presentation delivered at ProformaTECH 2014 - http://www.proformatech.com
Track: Change Anticipation & Readiness | Session: 2
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.
Bournemouth - Essential 6-monthly Finance Directors' Update – Nov/Dec 2016 PKF Francis Clark
Our six-monthly Finance Seminars provide a high level 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 New Revenue Standard is Here: Next StepsTensoft, Inc.
This presentation shows the changes the new revenue recognition standard will bring with it and how a company can prepare for the new standard. Posted with permission from Jeffrey Werner of Werner Consulting Group, who presented on this topic in September 2014.
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.
Similar to Truro - 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
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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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.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
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3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
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.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
3. Agenda
• Accounts Direction 2016 – Sam Pascoe
• New information request spreadsheet – Sam
Pascoe
• VAT Update – Julie Towers
• Regularity – Darren Perry
• Multi Academy Trusts – Darren Perry
• Tax Update – Darren Perry
• Q&A
pkf-francisclark.co.uk
5. 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
6. 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.
7. 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
8. 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 31 August 2014
9. 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
10. 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
11. 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
13. 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
15. 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.
16. 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.
17. 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
19. 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
20. 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
21. 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
22. 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
23. 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
24. 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
25. 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
26. 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
27. 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
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
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
34. 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
35. 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
36. 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
39. 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
40. 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
41. 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.”
42. 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.”
43. 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
44. 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
45. 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
46. 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
47. 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
48. 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.
49. 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
50. 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
51. 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
52. 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
53. pkf-francisclark.co.uk
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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
54. 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 achevied
elsewhere). Linked to this Trust’s must implement
reasonable risk management audit recommendations made
by risk auditors
55. pkf-francisclark.co.uk
.
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)
57. 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
58. 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
59. pkf-francisclark.co.uk
.
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!
60. pkf-francisclark.co.uk
.
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?
61. pkf-francisclark.co.uk
.
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?
62. pkf-francisclark.co.uk
.
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……
63. pkf-francisclark.co.uk
.
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
• LGPS Pension Scheme
65. pkf-francisclark.co.uk
.
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!
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 https://www.gov.uk/hmrc-
internal-manuals/employment-status-manual/esm4502
• 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
.
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
.
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
.
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
.
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
.
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!