We have published our financial accounts and have reported strong growth across the firm.
The firm’s accounts for the financial (53 week) year ending 31 May 2018 reports an 11% increase in turnover. Revenue for the financial year was £37.38m up from £33.78m in 2017, with profits at £10.1m up from £8.7m.
The months of August and September showed a dramatic fall in output and activity when compared to July, and with last week’s economic results demonstrating a 0.6% GDP growth for the 3rd quarter of 2018 - there was no surprise the results were greeted with muted responses. And, the most unexpected result to emerge was the 1.2% fall in investment spending which is the largest fall since early 2016.
Our recent Going for Growth survey, a nationwide research project exploring 530 privately owned UK businesses, showed a degree of optimism about Brexit; with many businesses believing it will present opportunities. Nonetheless, we felt it would be beneficial to obtain an alternative view from an EU member state, the Netherlands, during a recent international visit with Kreston.
Aside from the challenge of funding cuts, increased demand on services and ever-increasing regulatory requirements, a number of charities continue to struggle with the recruitment of Trustees. On almost a weekly basis we hear from clients and contacts that are seeking new Trustees, quite often those with financial expertise. So what is it that's making recruitment so difficult?
Charities are generally good at conducting Trustee reviews on a Board basis, ensuring they are functioning well and acting in the best interest of the charity, identifying if there are any skills gaps and if the board is structured in a way which allows effective decision-making. Assessing Trustees on an individual level is when it becomes more difficult for charities though. As the title asks, what makes a good Trustee?
In research published by the Charity Commission in November 2017 it was identified that boards are not reflective of the communities that their charities serve, with men outnumbering women two to one. Following this report, there were a number of articles, perhaps harshly, commenting on the pale, stale and male make-up of Trustees boards. The Charity Commission, rather than enforcing action, has simply continued to encourage charities to ensure their boards reflect the communities that they serve. So a year on from the research has there been any progress towards increased diversity?
So often articles and guidance discuss what Trustees and Boards can do to support their charity and focus on what makes good governance. Our own charity page features numerous articles around this subject. But with so much of what a charity achieves relying on its Trustees and their support, what can the charity do to support its board? After all, it's expected that a charity would look after its staff and volunteers, so shouldn't Trustees be included in this too?