What is the threat?
There’s no doubt that cyber security is a significant threat to all charities. Despite this, a typical charity only spends a quarter of what a similar size business would spend on cyber security. A successful cyber-attack can leave a charity open to blackmail and ransom demands and can result in financial losses and reputational damage.
Calculating holiday pay used to be a fairly simple calculation, based on the hours and rates as set out in the employment contract. However, a recent employment tribunal decision in Dudley Metropolitan Borough Council v Willetts held that voluntary overtime can amount to ‘normal remuneration’ for the purposes of calculating holiday pay.
Running a shoot can be very enjoyable, although it does come with a number of pressures. Making sure that there is enough healthy game and praying for the right weather conditions are just a couple of worries faced, and then there are the financial commitments…
The national living (minimum) wage for casual beaters is the same as for any other standard employee, rising in various intervals from £4.
Solicitors often incur costs on behalf of a client and charge these on in the form of disbursements. Disbursements arise when goods or services are supplied by a third party directly to the client. The solicitor normally acts as agent in respect of these supplies and makes payment on behalf of the client.
Summer seems to go by quicker every year, and it’s hard to believe that the children have already been back at school for a couple of weeks. Now they’re rested they can continue their journey to fulfilling their potential, and it could be the same for your business.
A chance to reflect
If we’re refreshed from a summer break, it’s a good time to reflect on the year that has passed so far.
The Charity Commission has highlighted concerns over the level of fraud and mismanagement in the charity sector.
Trustees have overall responsibility for governance and for safeguarding the charity’s assets. Trustees should therefore be alert to fraud, understand what it is and how it may affect the organisation.
What are internal controls and why are they important?
Trustees have a duty to safeguard charity assets and to make sure resources are used wisely. A good system of internal controls is key to this. Sound internal controls can reduce the risk of loss through theft, fraud, bad decisions or error.
How long has it been since your last review?
In many charities, internal controls are well documented.
At Larking Gowen we have over 300 employees across nine locations and ensuring their mental wellbeing is a very important part of our core values.
We are training managers to support staff and identify any issues that may arise in their day- to-day lives that affect their wellbeing. All of our staff have access to a confidential, free, 24 hour support helpline covering many different services including mental health issues, family issues, gambling, financial pressures, stress, and housing, to mention just a few.
The recent report carried out on Modern Working Practices has seen the Hospitality sector identified as one where a significant proportion of the workforce are on, or close to, the minimum wage.
It is all too easy to inadvertently fall foul of the National Minimum Wage (NMW) and National Living Wage (NLW) rates and with the repercussions for doing so quite severe, including naming and shaming, it is important to review this on a regular basis.
Land, of any sort, is difficult to value. As accountants we are often required to value assets of one sort or another, and various tools have been developed to do so. However, none of these tools is particularly helpful when we look at agricultural land. Rental yield, when you take out some management costs, is miniscule, and there are many uncertainties, of which Brexit is only one.