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Finance update Jeremy Boadle - Chairman Nexia International Finance Committee.

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Presentation on theme: "Finance update Jeremy Boadle - Chairman Nexia International Finance Committee."— Presentation transcript:

1 Finance update Jeremy Boadle - Chairman Nexia International Finance Committee

2 Finance update Introduction Referral fees Annual contribution Payment of Nexia invoices Quality control reviews Expenses policy Debtors In conclusion The Nexia Finance team

3 Introduction Review of Finance Function New reporting and procedures: -Budget, cash flow management & quarterly reporting -Finance procedures -Quality Control Reviews – cost recovery -Expenses policy

4 Referral fees Independence / conflict of interest perceptions in certain jurisdictions Referral credits terminated effective 1 July 2008 Referral fees now terminated effective 1 July 2009 But commercial need to capture referral activity across the network

5 Annual contribution Based on gross revenues for 12 month period 1 July – 30 June for year preceding the Nexia financial year (1 November - 31 October) Reported in local currency - converted into US$ at 30 June Contribution levied in two six monthly instalments

6 Annual contribution Contribution formula: RevenueFactor < US$45k0.15% US$45k – US$90k0.10% US$90k +0.025% Contribution expressed in GBP Minimum fee £2,000

7 Finance procedures – payment of invoices Pay within 30 days Invoice number/payee to be clearly referenced Bank charges incurred in transfer payments must be borne by remitter Exchange control restrictions – communicate with the Finance Officer

8 Quality control reviews Cost arising from QCR programme: Time spent by reviewer – met from Audit Committee budget at 50% of standard charge rate Travel costs – recovered through a fixed charge to firm under review (based on a scale reflecting firm turnover/size) Accommodation and meals – met by the firm subject to review

9 Expenses policy – see www.nexia.com Covers reimbursement of Nexia incurred expenses for: -Board - Audit, Tax & Communications committees Expense claims must be: -accompanied by supporting documentation -submitted within 3 months

10 Debtors Statements of Account circulated quarterly Reviewed by Board of Directors Appropriate action for consistent non-payment – potential termination of membership

11 In summary Improved reporting to Board & Committees Financial rigour The Secretariat now meeting it’s obligations Members to meet their obligations

12 The Nexia Finance team Finance Committee (Directors): -Jeremy Boadle (Chairman) - Smith & Williamson -Ricardo Rodil - Nexia Villas Rodil -Oussama Tabbara – Usamah Tabbarah & Co. Finance Officer:Sarah Kennedy skennedy@nexia.comskennedy@nexia.com / +44 20 7487 4648


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