1. Key Elements of Good Reporting and an Independent Directors View Jeremy Beard: haysmacintyre Partner 0207 969 5503 email: jbeard@haysmacintyre.com

2. Contents Key elements of good reporting: – Why – When – How – Statutory Accounts An independent directors view: – Recent statement from UK Sport/Sport England – Who currently has independent NED’s with finance background – Why are they different to other Board members? – What should they expect on appointment (finance only)

3. Key Elements of Good Reporting WHY – Indicator of past performance – Indicator of future performance – Current state of affairs – Future state of affairs – Indicates cash availability – Enables decisions (positive and negative) to be made

4. Key Elements of Good Reporting WHEN – Promptly! – Depends on who reporting to: SMT Board

5. Key Elements of Good Reporting HOW – Understandability – Relevance – Reliability – Comparability

6. Key Elements of Good Reporting STATUTORY ACCOUNTS – Purpose of document – Directors’ report – Minimum disclosure? – Voluntary disclosure? – HMRC

7. An Independent Directors View Recent statement from UK Sport/Sport England: “The Board is well balanced, no one individual or group has unfettered powers of decision- making or dominates the Board. At least 25% of the Board – ideally a third – are independent and the Board has an appropriate balance of skills”.

8. An Independent Directors View Who currently has independent NED’s with finance background – UKA – RFU – BTF – BG – BS – BE

9. An Independent Directors View Why are they different to other Board Members? What should they expect on appointment (finance only) – Last statutory accounts – Last audit management letter – Latest management accounts and reports – Budgets and forecasts – Recent reports on tax status, financial systems internal controls – Risk register – Articles of Association – Financial policies – Briefing with Head of Finance – UK Sport/Sport England funding agreements

10. An Independent Directors View What are a (finance) non-executive directors responsibilities? – To provide a higher level of expertise than one who does not have financial background – A corresponding higher degree of responsibility and potential liability – Should ensure that fellow directors are made aware of matters for which they are responsible – But is not engaged as a professional advisor to the Board

11. An Independent Directors View What do I expect to see? – For meetings A good executive summary for the period; Results for period against budget, and position at period end; Expected out-turn [in a form understandable by all the Board] – Between meetings (on request) Update on taxes – VAT, PAYE, CT Cash management Update on finance section of SA General discussion (without CEO) – Annually Discussion with auditors (closed meeting) Specific review of risk register Consider financial policies