1. Briefing for Council Members of The British Academy’s Sponsored Institutes and Societies Ian Mathieson – Partner, PKF Julia Poulter – Senior Manager, PKF 23 January 2013
Spend about 30 minutes on this briefing which is a part of the induction process for new Council members.
Time for questions at the end

2. Introductions Ian Mathieson Audit Partner Julia Poulter
Senior Audit Manager

3. Objective To give an overview of:
Duties and responsibilities of a charity trustee
The Hallmarks of an Effective Charity and Principles of Good Governance
Relationship with the British Academy as a funder
Charity reporting and accounting requirements
Good financial management indicators for trustees in the current economic environment
Keep on your radar
Giving a brief overview of aspects of your responsibilities as charity trustees, including reporting and accounting requirements
And saying a little about the current topic of the Public Benefit requirement

4. The Charity Sector – putting the numbers into perspective
Over 162,000 registered charities with total income of just over £58 billion
*Charity Commission website (at December 2012)

5. The Charity Sector – putting the numbers into perspective
Charities by Annual Income
Latest published figures at 31 December 2012
Annual income bracket
Number of charities %
Annual income £bn
£0 to £10,000
69,485
42.6
0.230
0.4
£10,001 to £100,000
53,056
32.6
1.877
3.2
£100,001 to £500,000
20,015
12.3
4.453
7.6
£500,001 to £5,000,000
8,115
5.0
12.217
20.9
£5,000,000 plus
1,831
1.1
39.703
67.9
 SUB-TOTAL
152,502
93.6
58.480
100.0
Not yet known
10,413
6.4
0.000
0.0
 TOTAL
162,915
Of the 162,000 registered charities with the Charity Commission, 1,831 have income over £5m (1.1% numbers) which account for 68% of the sector income.

6. Duties and Responsibilities
of a Charity Trustee

7. A couple of maxims Trustees should: Govern and not manage
Delegate but not abdicate

8. Trustee duties and responsibilities
What is a Charity Trustee?
Charity Trustees are the people who have the general control and management of a charity’s administration

9. Charity trustees’ duties
Responsible for:
Directing affairs of the charity
Ensuring its solvency
Delivering the charity’s objectives for the benefit of the public
Compliance
Charity law and regulation
Charitable objects; governing document
Other applicable law and regulation
Trustees must act with integrity, avoiding personal conflicts of interest or misuse of charitable funds
you should check the charity’s governing document for provisions relating to conflicts of interest
That’s the corporate background – let’s start moving closer to home.
What is being a charity trustee all about?
You must be prepared to direct the affairs of the charity, but at the right level – strategic, not operational. To be effective in this role, you need a good understanding of what the charity does and sufficient (but not excessive) information about the results of operations – agreed key performance indicators for example.
Trustees can, and should, delegate responsibility – to the executive or to committees; but they cannot abdicate their overall responsibilities. Schemes of delegation are best done in writing.
Trustees need to ensure the solvency of the charity and make sure that the charity’s objectives are being delivered through a coherent strategy.

10. Charity trustees’ duties (cont…)
Duty of prudence
Ensure continuing solvency of charity
Apply income to fulfil objects; using funds wisely
Avoid undue risk
Take special care when investing or borrowing funds
Duty of care
Use reasonable care and skill
Take professional advice
(if material risk or breach of duty)
(CC3 - The Essential Trustee: What you need to know)
All organisations these days have a plethora of laws and regulations to deal with, and you have a high-level responsibility to make sure they are complied with.
One of the most common features of Charity Commission investigation reports is trustees not recognising conflicts of interest (or if they have recognised them, not dealing with them properly.

11. Trustees’ duties and responsibilities
Summary:
Charity’s assets are used only for charity’s purposes
Act reasonably and prudently
Act solely in the interests of the charity
Avoid conflicts of interest
Act collectively
Ensure good governance
Safeguard assets
Manage investments in accordance with the Trustee Act
2000
Set the policy and direction
Oversee implementation
Monitor outcomes

12. Trustees’ duties and responsibilities
Trustees must accept ultimate responsibility for everything the charity does:
Trustees are responsible for the vision, mission and overall management of the charity. They are accountable if things go wrong.
However, Trustees are able to and should delegate in certain circumstances.
Trustees must comply with ground rules when delegating power.

13. Trustees have a duty to act collectively
Decisions and responsibilities are shared, so all Trustees should take an active role
However, ALL Trustees are collectively responsible for decisions made by the Trustees
Whilst Trustees may have different roles (e.g. Chair) responsibility for decision-making still lies with the board as a whole

14. Trustee duties and responsibilities
Trustees are responsible for the proper administration of the charity.
They must make sure that:
the charity’s assets and resources are used only for the purposes of the charity
the charity is run in accordance with its constitution, charity law and all other laws and regulations which affect its activities

15. Trustees’ duties and responsibilities
Trustees to act reasonably and prudently in all matters relating to their charity:
Trustees must “exercise such care and skill as is reasonable in the circumstances”
The duty will be greater if a Trustee has (or claims to have) any special knowledge or experience, or if their business or profession means they can reasonably be expected to have special knowledge or experience

16. Safeguard the assets of the charity
Reputation: A charity must recognise that its name and reputation are valuable
Risk management: Trustees are expected to identify risks and decide how they should be managed
Guard against fraud and mismanagement: Trustees should put proper financial procedures in place

17. Trustees and payment - Charities Act 2006
Trustees can recover reasonable out of pocket expenses
Except in certain specified circumstances - Trustees can’t receive any benefit from a charity
Exceptions:-
- Charities Act 2006
- Authorisation from the Charity Commission or the court
CC 11 - Trustee expenses and payments

18. Trustees’ expenses and payments
Recommendations:
Written policy for expenses
Complete expense claims with receipts
Clarify any fixed payments
Set caps for e.g. hotels, travel
Include senior employees and volunteers
Ensure communicated and part of induction
Set authorisation limits and rules
Minimise use of cash
Mileage – use HMRC rates to avoid tax / NI issues

19. - A duty to avoid a conflict of interest situation
Trustees must act in the best interests of the charity
Trustees should not allow their personal interests or views to override this: they must exercise independent judgment
Conflict of interest rules mean that charity Trustees have:
- A duty to avoid a conflict of interest situation
- A duty to disclose a potential conflict of interest
- A duty to manage an actual conflict of interest

20. Managing conflicts Declaration Form on appointment Annual Review
Maintaining a register of potential conflicts of interest
Declaration at meeting
Quorum
Remaining and speaking
Voting

21. Liabilities of Trustees – Breach of Trust
Any liabilities that they incur as trustees can normally be met out of the charity’s resources if trustees act
Prudently
Lawfully
In accordance with the governing document
If trustees act imprudently, or are otherwise in breach of the law or the governing document, trustees may be personally responsible for liabilities of the charity or for making good any loss
The Charity Commission has powers to take proceedings in court for the recovery, from trustees personally, of funds lost to charity as a result of a breach of trust by the trustees

22. Trustee indemnity insurance
Protects Trustees against claims made against them personally
Can cover
breach of trust;
breach of duty; or
negligence committed in capacity as trustee
Policy cannot cover
For criminal fines or penalties;
Trustees costs in defending criminal proceedings if he or she is convicted of fraud, dishonesty or reckless conduct; or
Where the liability results from a deliberate disregard of the interests of the charity
CC49 Charities and insurance

23. Charity Commission guidance
Charity Commission :
CC3 – The Essential Trustee : What you need to know
CC10 – Hallmarks of an effective charity
CC11 – Trustees expenses and payments
CC19 – Charities and reserves
CC26 – Charities and Risk Management: A guide for trustees
CC30 – Finding new Trustees
CC36 – Changing your Charity's Governing Document
Easy Read guidance – Being a Trustee
Protecting charities from harm – an online trustee toolkit
Reporting Serious Incidents – Revised guidance for trustees (December 2012)

24. Useful websites NCVO : www.ncvo-vol.org.uk:
ACEVO :
Charity Finance Group :

25. What are the hallmarks of an effective charity?
What are the principles of good governance?

26. An effective charity Is clear about its purposes and direction
Uses clear purposes, mission & values to direct its work
Has a strong board
right balance of skills & experience; acts in the best interests of the charity and beneficiaries; understands its responsibilities, with systems allowing it to exercise them
Fit for purpose
Structure, policies & procedures enable charity to achieve its purposes & mission and to deliver its services efficiently
Learning and improving
Financially sound and prudent
in a transparent and understandable way
Accountable and transparent
(CC10 - Hallmarks of an effective charity)
The Charity Commission has set out some guidance on its view of what makes a successful charity, which are set out here.
Every charity needs to consider from time to time whether it is doing as well as it should, and whether strategies and structures need review.
One aspect that learned societies sometimes need to consider is whether the source of new trustees, ie the membership, gives access to all of the skills a charity board needs. If it does not, some means might need to be found to supplement the existing skill base – often through co-opting outside help on to committees, for example onto the Audit Committee.

27. Recruitment of Charity Trustees
Consider balance of skills on the Trustee Board
Good practice for new Trustees to confirm that they are legally qualified to be a Trustee (e.g. not convicted of an offence involving dishonesty or deception, undischarged bankrupt)
Proper induction
Sign Trustees Code of Conduct

28. What does a successful Board look like?
Some thoughts:
Provide social forums for board members to get to know each other
Make sure everyone has easy access to organisational documents
Make processes transparent
Coach individuals to voice concerns in a constructive way
Distribute leadership across the board
Provide opportunities to share accomplishments
Provide opportunities to share concerns with the Chief Executive
Have ongoing communications

29. Engage your board members
Mine the rich experience of your board members: utilise strengths and skills
Encourage lively and challenging discussions
Clarify roles and responsibilities of the board collectively and individually
Be clear about expectations associated with board membership
Clarify the level of time commitment required for board membership and take attendance at meetings seriously

30. Governance
“The systems and processes concerned with ensuring the overall direction, effectiveness, supervision and accountability of an organisation.”
(Governance of Voluntary Organisations,)
A word about governance – based on this definition; which is not the only one but which has the virtue of being succinct.

31. Key principles of good governance
Understanding of role
Ensuring delivery of
organisational purpose
Working effectively as
individuals and a team
Exercising effective control
Behaving with integrity
Being open and accountable

32. Charity Commission Guidance
Big Board Talk – Updated December 2012
15 questions trustees need to ask
Checklist is organised into 4 broad areas:
Strategy – opportunities and risks
Financial health
Governance
Making best use of resources
What effect is the economic downturn having on your charity and its activities?
Are you financially strong enough to sustain your operations?
Do you know what impact the economic climate is having on our donors and support for our charity?
Do you have any reserves?
Have you reviewed your banking arrangements and investments?
Have you reviewed your contractual commitments, for example office leases, rental agreements, equipment hire?
Have you reviewed any contracts to deliver public services?
If you have a pension scheme, have you reviewed it recently?
How can you make best use of any permanent endowment investments?
Are you an effective trustee body?
Do you have adequate safeguards in place to prevent fraud?
Are you making the best use of the financial benefits you have as a charity?
Are you making the best use of staff and volunteers?
Have you considered collaborating with other charities?
Are you making the best use of your property?

33. Relationship with The British Academy as a funder

34. The British Academy Is:
established by Royal Charter and
a registered charity
purposes: education/training, arts/culture
The Council Members/Trustees are therefore subject to:
UK charity and trust law
The British Academy is governed by its Charter and Byelaws
It is important to start with the constitutional document, not just because that sets out the objective for the charity, but also because charities can exist under a variety of different legal forms: limited companies, charitable incorporated companies, industrial & provident societies, simple trusts – and each type has particular characteristics and requirements.
The British Academy is established by Royal Charter, which means that changing your constitution means an application to the Privy Council as well as the Charity Commission.
It is also a registered charity, which not all charities are (for example, certain religious and educational entities are not registered).
In your role as trustees, you are subject to UK charity and trust law, which simplifies matters for you. For example, if the Academy were a company, you would also be subject to Company Law.
The British Academy itself is governed by its Statutes and Standing Orders, reproduced on your website

35. What is the British Academy for…?
The objects of the Academy are:
“… the promotion of the study of the
moral and political sciences,
including
history, philosophy, law, politics and economics,
archaeology and philology.”
The place to start as a charity trustee is, what is the charity for?
Not, what has it become over time? But, what was it set up to do?
The reason why this is vital as the starting point is that everything the Academy does must fall within its charitable objects. I will come back later to the consequences of entering into activities which are outside that primary purpose.
So what is the British Academy for?
Simple enough – promoting the study of the moral and political sciences – what the Charter actually says is on the slide.
These are very wide objects, which is good from some points of view, but inevitably means that there has to be strategy adopted that translates the wide objects into achievable aims.
The other aspect of what the British Academy is for, is the public benefit. You are not a private members’ club which studies these sciences, as a charity you are charged with promoting that knowledge for the public good.
I mentioned earlier that BA was admitted as an educational charity. When we come onto Public benefit later on, the significance of that status will be mentioned again.
For the benefit of the public

36. How does it achieve this mission today?
“The fundamental purpose of the Academy is: to inspire, recognise and support excellence and high achievement in the humanities and social sciences, throughout the UK and internationally, and to champion their role and value”
Fellowship
takes a lead in representing humanities and social sciences
Learned society
fosters and promotes the full range of work that makes up the humanities and social sciences
Funder
supports excellent ideas, individuals and intellectual resources in the humanities and social sciences
National forum
supports a range of activities and publications which aim to stimulate curiosity to inspire and develop future scholars, encouraging appreciation of the value of these disciplines.
Here is the translation of your wide objects into achievable strategy, in it’s four roles.
To drill down further, your strategic priorities have four main headings:
Ideas, Individuals and Intellectual Resources
International Engagement
Communications and Advocacy
Fellowship – se page 26 of 2009 Annual Report

37. Your relationship with The Academy
Compliance within the terms and conditions of the grant
Funds spent on the purposes given for
Effective stewardship of those funds

38. Charity reporting and accounting requirements

39. Charity reporting by trustees
Legal framework: SORP 2005, Charities Act 2011, Companies Act 2006, your governing document
Administrative details
Structure, governance and management
recruitment/appointment of trustees
induction/training
how decisions are made
risk statement
Objectives and activities
Activities described linked to Statement of Financial Activities
Policies (for reserves, investment and grants) and linkage to risk statement
Achievements and future plans
Give good news, and bad
Public benefit
The framework for charity reporting is Statement of Recommended Practice 2005.
This and the next slide list the matters which need to be included in the Report of the Council.
As you see, they are simply stating for public consumption, the charities position on many of the areas I have talked about so far.

40. Public benefit Public benefit guidance
Charity trustees public benefit duties
Charity trustees must:
Ensure that they carry out their charity’s aims for the public benefit
Have regard to guidance published by the charity commission on public benefit; and
Report on their charity’s public benefit in their Trustees Annual Report.
Revised guidance expected early 2013
Public benefit guidance
Big issue last year re fee-charging schools
Charity Commission have updated their guidance as a result of the upper-tribunal decision
Key point – it is for the trustees to determine whether/how public benefit requirements are complied with
CC/OSCR to intervene where serious issues exist
Trustees must therefore be able to demonstrate compliance

41. Serious incident reporting – Dec 2012
Updated guidance from the Charity Commission
Trustees have a legal duty to report
Trustees should report on a timely basis (i.e. not wait until annual return)
Updated summary of what is a “serious incident”
Significant financial loss
Serious harm to beneficiaries
Misuse of charity funds
Illegal activity involving the charity
Other “significant” non-compliance
If in doubt, trustees should report
Often CC/OSCR take no additional action where trustees can demonstrate resolution

42. Charity accounting Legal framework: SORP 2005
Statement of Financial Activities (SoFA)
Charitable income and expenditure linked through activities (and linked to trustees’ report)
Balance sheet
Accounting policies
Transactions with trustees (related party transactions)
On this slide, I will just mention the need to report related party transactions with trustees.
Rather than speak more to this slide, I will bring the issues closer to home.

43. Heritage assets –Financial Reporting Standard 30
Applicable for years ending after 31 March 2011
Greatly increased disclosure
Five year summary
Management of assets
Assets should be capitalised where possible
Donated assets
Relaxed valuation requirements
Where assets are excluded:
Must be able to justify it
Obtain justification for audit file
Explain in financial statements
Currently capitalised assets must remain on balance sheet

44. Heritage assets – five year summary
2011
2010
2009
2008
2007
£'000
Additions
Purchases 20
100 15
1,205
340
Donations 40 - 12
Total
120
140
1,217
Carrying value of sold assets 30
605
Sales proceeds 47
1,350
Impairment recognised in period 68
Distinguish between transactions reported in balance sheet and those not included
If earlier information not available, give current and prior year. Build up to five years by 2014.

45. Taxation Charities do pay tax – or do they?? Trading subsidiary
Direct tax
Non primary purpose activities, including trading
VAT
Property transactions
Trading subsidiary
Tax emerging issues
Real time information
Updated Gift Aid forms
Small Charitable Donations Bill
Charities Online
Ask your professional advisors if you have any queries
The Treasurer is the point man on financial matters but his fellow trustees are not off the hook!
Amongst other tasks, an Audit Committee usually recommends the annual financial statements for approval by the full Trustees. This process gives assurance to other trustees but does not take away their responsibility to approve the accounts themselves.
Some charities carry out trading which is considered to be primary purpose and therefore charitable. Other activities which are not considered charitable may need to be routed through a trading company, whose profits would be gift aided back to the charity, thereby avoiding a tax charge. VAT is a horrendously complex tax affecting charities and the only thing to be said on the subject here is that it is constantly changing through case law – charities with issues such as partial exemption for VAT purposes should consider reviewing with their advisors from time to time to see whether a more beneficial arrangement can be negotiated.

46. Future of UK GAAP – common questions
“I’ve heard that charities will be adopting IFRS in the near future. When is this happening?”
Key point: Only entities currently required to adopt IFRS will (continue) to be required to do so in the future.
Other entities will use FRS 100, 101, 102 (new UK accounting standards) or FRSSE (where currently permitted)
FRS 102 broadly based on IFRS for SMEs but is not an international standard
Effective date is periods commencing on or after 1 January 2015

47. Future of UK GAAP – common questions
“Will there still be a charities SORP?”
Yes, the FRC have stated that there will be a continuing need for SORPs in the NFP sectors (charities, RSLs, education)
All SORPs are undergoing or about to undergo a redraft to take account of the new requirements
Expected consultations in 2013

48. Future of UK GAAP – common questions
“What are the changes?”
FRS 102 is based in principals consistent with IFRS but significant accounting options currently allowed under UK GAAP continue to be allowed
Some debates on-going regarding:
donated stock : likely to be permitted to account for donated stock on sale of the stock and not on receipt
restrictions vs performance conditions : some conflicting information/confusion in current draft
merger accounting : permitted for PBEs
accounting for pension scheme arrangements : losses and DB schemes

49. New Annual Return New Annual Return
Updated to reflect the results of a public consultation
additionally will be asked
if the charity is registered for Gift Aid;
whether the charity owns or leases any land or buildings; and
whether any of the charity’s land or buildings are used for the charity’s purposes.
Meanwhile, previously voluntary questions are now mandatory
on overseas activities; and
the number of volunteers.

50. Good financial management indicators for Trustees in the current economic environment

51. Some wise advice
“It is not the strongest of species that survives, nor the most intelligent, but the one that is most responsive to change.” Charles Darwin

52. Good financial management indicators for trustees?
Cashflow
Going concern
Scenario planning
Internal controls – fraud risk factors
Reserves policies
Signs of operational stretch
Changing risks

53. Cashflow
Organisations fail through lack of cash, not lack of operating surplus / reserves
Also need to be aware of the unrestricted / restricted cash split
What information are your trustees receiving on cashflow?
How regularly?
Period covered?
Are the key variables and cashflow risks clear?
Cashflow management processes?
All organisations need a closer control over cash in difficult times; ensure these basic processes are in place and under control in your charity

54. Going concern issues
Auditors looking very carefully at the robustness of going concern assumptions, operational plans and supporting evidence (at audit planning and completion)
Under auditing standards – duty lies first with the trustees to satisfy themselves over the going concern basis
One year from the date of signing the accounts, not the year end
Cashflow is key – minimum of 12 months from signing split across restricted and unrestricted funds
Potential for trustees to be in breach of trust where using restricted funds for unrestricted purposes. Review your net asset funds note
Have you seen all the evidence you need? Letter of Representation – are your senior management team happy for you to sign it?

55. Scenario planning Questions for trustees:
What scenario planning has taken place in your organisation?
Who was involved?
How often is it renewed?
Balance of external / internal information used?
Conservative / wild and whacky scenarios?
Is it clear what action needs to be taken and when in each case?
How will you know which scenario is panning out and therefore when actions need to be triggered?

56. Internal controls – fraud risk factors
Risk of fraud is heightened in times of economic downturn:
Controls over company credit cards
Expenses policy – self certification at the top?
Access to internet banking and controls over payments (including payroll)
Duplicate payments & dummy invoices
Fraudulent changes to supplier details (and collusion)
Controls over access to systems by leavers (watch your security over data)
Many frauds are not complicated; they are perpetrated at a basic transactional level and can be guarded against by good controls and by all staff being alert for the signs of a potential fraud
And the typical fraudster is?

57. Fraud risk Questions for trustees:
Do you have a clear strategy in place to reduce fraud within your organisation?
Do you measure and monitor the risk and the cost of fraud in some way?
Is there a clear counter fraud culture in place within the organisation?
Is there a clear whistle blowing policy in place?
Are firm, rapid actions taken if fraud is discovered?
Is detection and prevention of fraud built into controls, systems and processes?
Do fraud issues get discussed at board level?
Do you periodically assess the effectiveness of your approach to fraud?

58. Reserves policy Why do charities hold reserves?
to fund working capital
to fund unexpected expenditure, for example when projects overrun or unplanned events occur
to fund shortfalls in income, when income does not reach expected levels
Current reserves level – what are your free reserves?
Exclude those that cannot be turned into cash quickly e.g. fixed assets
Exclude restricted funds
What reserves does your charity need i.e. what are your charity’s rainy days?

59. Reserves policy (continued)
Questions for trustees:
When did you last revisit your reserves policy?
Does it remain appropriate to your charity’s changing needs?
Is it clear how you plan to manage any gap between current reserves levels and reserves targets?
How often do reserves levels get discussed at trustee meetings?
Are the links to the risk register and your strategic direction clear and well understood?
Have a good look at your restricted funds – can you use them better whilst complying with their terms and conditions?

60. Signs of operational stretch
Change management + keeping the show on the road = potential operational stretch
Your senior management team are key; they need to be supported and challenged – balance is important
How can you address operational overstretch?
Just do the important stuff
Postpone less important things
Do things differently
Get more resources
Use trustees & volunteer skills and commitment
Watch out for the warning signs
Discussions with auditors

61. Changing Risks Questions for trustees:
When did you last see your risk register?
Does it reflect the key risks the organisation now faces?
Is it clear what the key risks are, how they are being managed and how they are being monitored?
How often do trustees receive a report on organisational risk?
What actions are taken when a heightened risk is identified?
Who is scanning the horizon – is anyone looking across sectors?

62. Risks and the current Economic Environment
PKF/CFG 2012 Annual Risk Survey
Assessments of value for money are changing
Sector improvements are being held back by resource limitations
There is opportunity for better performance management processes
Significant change is planned in premises holdings
Improvements in procurement are being sought
Investment return remain a major concern
Fraud detection is increasing but could be improved
Concerns over funding are still being identified as charities biggest risk

63. Keep on your radar Potential Conflicts of Interest
Regulatory requirements
Cashflow forecasts – split between funds
Robustness of budgets, forward strategic plans
Signs of Management stretch
Use of restricted funds- are you using them effectively?
Bribery Act – Compliance Toolkit updated
Local Laws and Regulations
Foreign Exchange Rates
Stock and property values

64. Keep on your radar
Strength of the internal control environment and risk management procedures. When things change the routine can be overlooked and internal controls weaken
Fraud risk – proven fact that the likelihood of a fraud increases during a recession (internally and externally)
Ensure your tax planning is as effective as possible – new changes all the time – especially on the VAT front. Increase in PAYE Inspections
Charity Commission website, sector umbrella groups and charity specific publications
Remember there are lots of opportunities out there (even if it is not always easy to find)

65. Keep on your radar
Changing operational and regulatory environment – are opportunities as well as challenges (VAT, Real Time Information, auto - enrolment are good examples)
When things change – the routine can be overlooked and internal controls can weaken
Are our gift aid claims up to date? – easy money sitting there for you to reclaim
What are others doing across sector(s) – can this benefit us?
Remember there are a lot of opportunities out there for your organisation (even if not always easy to find)

66. To sum up – some key messages
Ask the right questions – even if they are difficult ones
Trustees may need to challenge the sacred cows and previously accepted wisdoms from management
Take advice if you need it – use someone as a sounding board
Be aware of the risk of management stretch – remember somewhere along the line it will always impact on the finance team
Identify the “must do’s” and get those right
Keep asking – is there a way we can use the assets and resources currently employed in a better way?

67. A final thought…
“If you do what you’ve always done, you’ll always get what you’ve always got.” Anthony Robbins

68. Breakfast seminar It's never too early to get technical
The London office will be holding a breakfast seminar on Tuesday 29th January The seminar will provide a legal and technical update on topics including UK GAAP and speakers will include myself, Sarah Campbell, Rob Frost and guest speaker Anne-Marie Piper, Head of Charities at Farrer & Co.
Further information can be found on the PKF website under events. If you think this seminar will be of benefit to any of your trustees or management or if you would like to come along, please inform Rena Jansari ( ).

69. Questions? ? ? ? ? ? ? ?

70. Contact us Ian Mathieson ian.mathieson@uk.pkf.com 020 7065 0399
Julia Poulter
PKF (UK) LLP
Farringdon Place, 20 Farringdon Road, London EC1M 3AP