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Key Elements of Good Reporting and an Independent Directors View

Key Elements of Good Reporting and an Independent Directors View. Jeremy Beard: haysmacintyre Partner 0207 969 5503 email: jbeard@haysmacintyre.com. Contents. Key elements of good reporting : Why When How Statutory Accounts An independent directors view:

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Key Elements of Good Reporting and an Independent Directors View

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  1. Key Elements of Good Reporting and an Independent Directors View Jeremy Beard: haysmacintyre Partner0207 969 5503email: 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

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