The ICSA ANNUAL
CONFERENCE 2016#ICSAconf16
Study skills workshop for CSQS Sopna Thomas and Martyn Jones, 8 March 2016
Welcome to the study skills workshop
This workshop is tailored to the specific needs of CSQS students with a view to preparing for the upcoming exam sessions.
Areas we will cover today:
• Learning from the November 2015 exam session
• Keeping yourself motivated when studying for a professional qualification
• Managing your time effectively
• Learning from student scripts and a marking exercise
Learning from the November 2015 exam session
Looking at examiners’ comments across all modules can help give you an insight on how to gain high grades.
Examples taken from examiners’ comments applicable across CSQS:
• Use relevant authorities (e.g. legal/statutory) to support your propositions
Example: Corporate Governance November 2015
The Code (A.4.1) states that a Senior Independent Director (SID) should be appointed from the NEDs to provide a sounding board for the Chairman.
Learning from the November 2015 exam session
Looking at examiners’ comments across all modules can help give you an insight on how to gain high grades.
Examples taken from examiners’ comments applicable across CSQS:
• Consider whether the question is ‘problem based’ or ‘essay based’
• Focus specifically on the issues raised and deal with them separately
• Careful reading of the question
Learning from the November 2015 exam session
Using some examples of comments from CSQS modules:
• Financial Reporting and Analysis: present figures in a clear and understandable format with neat workings out. Imperative that questions are answered in full.
• Financial Decision Making: make sure you understand the technical areas which require calculations to be performed.
• Applied Business Law: identify the key issues but also develop them fully. Apply the law fully to the scenario given.
• Corporate Secretarial Practice: use the case study fully and make sure to apply your knowledge from the material to your exam responses.
An example of a concept map
Activity 1: what motivates you to study on CSQS?
In small groups, you are going to prepare a concept map with your reasons & motivations for studying on CSQS.
• On each post- it note, write down a motivating factor in your studies and/or how do you keep motivated while you study?
• Brainstorm around 8 – 15 ideas together
• Group your ideas under 3 separate headings- what are the common threads?
• You have ten minutes. Please nominate a reporter for feedback at the end.
Activity 1: round up
Can you feedback one item from your group that was a motivating factor?
Time management
Different methods of planning out your time:
• Work out a timetable in advance: weekly, monthly and longer term until the exam.
• Plan longer sessions for in-depth study (memorising, revision and understanding a topic).
• Add in ‘single hours’ for reading, catching up.
Allocating tasks to each study period
What will you do in each study period?
• Studying a new chapter/making notes
• Sorting out notes/making connections between topics
• Revising a particular topic and writing a response to an exam question
• Reviewing a topic that you found difficult
• Attempting a full mock exam (3 hours 15 minutes)
Why plan your time?
Planning your time individually and together:
• Gives you social support for your studies
• Helps you make realistic plans you can commit to
• Share good practice amongst students
My objectives
• Complete two chapters worth of reading from the study text.
• Sorting out notes/making connections between topics.
• Be able to complete a past exam question on any topic from chapters 1 – 5 in timed conditions.
• Compare my answer to the mark scheme (content and skills).
An example of a study plan
Monday Tuesday Wednesday Thursday Friday Saturday Sunday
7pm – 9pm
Reading from chapter 4 Corporate Law (pages 60 – 70) (1- 2 hours)
7pm – 9pm
Reading from chapter 4 Corporate Law (pages 70 - 79) (1- 2 hours)
7 am – 8 am
Reading from chapter 5 Corporate Law(pages 80 – 90) (1 hour)
10 am – 12pm
Desk based study and revision.
Reading chapter 5 Corporate Law (pages 90 – 101)(2 hours)
10 am – 1pm
Desk based study and revisionRevising chapters 1- 5One practice question (45 minutes) (3 hours)
Objective(s) for the week:
Activity 2: some examples of things to include• Working with the study text
• Making notes from the text and what kind of notes you intend to make (outline, summary, mind maps, index cards etc.)
• How many pages of the text can you read in a given period of time?
• Any further research/updating knowledge and wider reading
• Time spent at a tuition provider
• Consolidating knowledge after going to class or after studying independently/as a group.
• Revising from notes and the study text.
Activity 2: round up
Can you identify one thing you would do differently having prepared this timetable?
Exam marking and maximising achievement
I’m going to talk about how we mark ICSA exams and will suggest ways you can answer ICSA exam questions which will make it easier for the marker to give you credit.
• Who is the examiner?
• How are the exams marked?
• What do you need to do to get a good mark?
Who is the examiner?
The examiner is always someone who we have met, vetted and spent a lot of time with through induction and training.
In practice Teaching / research
How are the exams marked?
Process for ICSA exam scripts:
• Mark scheme
• Standardisation exercise
• Guidance for markers
• Mark review
• Assessment review
What do you need to do to get a good mark?
Discuss why remuneration is recognised as an important governance issue and the role of shareholders in monitoring it.
[CSQS, Corporate Governance]
What do you need to do to get a good mark?
“Remuneration is a vital aspect of corporate governance and it has become a big issue for the public due to a number of high-profile scandals in the financial sector. In the UK, remuneration became an issue of concern due to the high pay awarded to the heads of utility companies when they were first privatised and there has been continued alarm at the spread of ‘fat-cat’ culture. Remuneration has its own section in the UK Corporate Governance Code (Section D) which includes a set of principles which companies must align with (such as the requirement to establish a Remuneration Committee). There are also provisions for a company to…”
What do you need to do to get a good mark?
Ways you can answer ICSA exam questions which will make it easier for the marker to give you credit.
• Know your stuff
• Organise your answer
• Planning your study
What do you need to do to get a good mark?
The examiner •Is fully trained in the marking process•Is potentially marking hundreds of scripts in a short time period
The procedure •Everyone is working to the same guidance•There are a range of ‘good practice’ checks and balances
To get a good mark •Study and preparation is essential – as is memorisation•Make it easy for the marker by guiding them through
Activity 3: a marking exercise
Activity 3: a marking exercise
An example from Applied Business Law:
• Question 1 from November 2015
• 2 part question: (a) divided further into two sections and (b)
• 25 marks available with a scenario to apply
Activity 3: a marking exercise
Your task is to:
• Read through the student response
• Compare it to the mark scheme/suggested answer
• Highlight/tick the sections that you think are gaining marks. Make a note of any problem areas.
• Either you can grade it (pass, merit or distinction)
• OR give it a grade out of 25 with mark allocations for part (a) and (b)
Recap after marking
Why mark a student response?
• Good practice to mark a response in the way you can mark your own work
• Before the exam you should be writing up responses and comparing how you are doing
• The mark/grade band is not important: you are really checking for 1) content and detail 2) structure, clarity and format
Activity 3: feedback and review
This exam response gained 18/25 marks
• Clear structure according to the legal terms rather than by ‘event’
• Relevant use of legal terms
• The mark/grade band is not important: you are really checking for 1) content and detail 2) structure, clarity and format.
Responding to questions in an exam
4 questions to complete out of 6 options:
• Check the mark allocation: don’t spend too long on a short question. Move onto a question that has more marks if you have spent enough time on that part.
• Check the command words which give you an idea of the kind of answer required.
• Higher mark allocation: more depth and detail needed.
An Applied Business Law question
An example of a multi part question:
You have been approached by Tom, who is contemplating opening a restaurant. He is concerned about any liability he may have to customers using his restaurant.
Required
a) Advise Tom regarding any liability he may have:
i) Under the tort of negligence. (10 marks)
ii) As an occupier of premises (10 marks)
An Applied Business Law question
An example of a multi part question:
Tom has now opened the restaurant and, six weeks after opening, a group of young men visited the restaurant for a meal. One of the group, Steve, after drinking a large quantity of wine, decided to explore the premises and walked through a door marked ‘private.’ There were no lights on in this area, and Steve tripped and fell down some stairs, injuring himself. Steve now wants to sue Tom in respect of his injuries.
Required
b) Advise Tom of any liability he may have. (5 marks)
(Total: 25 marks)
Final points to remember on exam day…• Planning your response with a short outline/bullet points/key terms
• Questions with different parts: check the marks available
• You can come back to a question later if need be.
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ICSA annual conferenceMarch 2016
Whistleblowing How to get it right
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Summary
Background to PCaW and whistleblower protection in UK
Myth busting – evidence of the whistleblower’s experience
Overview of the UK law (Public Interest Disclosure Act) and recent
developments
Whistleblowing Commission Code of Practice
What organisations should be doing to ensure whistleblowing is effective
Top tips on handling (for info)
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A worker raising a concern about wrongdoing, risk or malpractice with someone in authority either internally and/or externally (i.e. regulators, media, MPs)
Source: PCaW
What is whistleblowing?
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Grievances Concerns
risk is to self risk is to others
need to prove case tip off or witness
rigid process pragmatic approach
legal determination accountability
private redress public interest
Grievances and concerns
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PCaW is an independent charity, founded in 1993.
We provide: free confidential advice to people concerned about wrongdoing in the workplace
who are unsure whether or how to raise their concern; training to organisations on policy and law of whistleblowing; campaign on public policy; and promote public interest whistleblowing laws.
Public Concern at Work
©PCaW 2016 - 00 44 20 7404 6609Source: PCaW
Advice lineWe have advised over 20,000 whistleblowers to date.
Top sectors: health, care, education, charities, financial services.
Top concerns: financial malpractice, public safety and patient safety.
Whistleblowing headlines
30 December 2013
BBC News
Mid Staffs:
Helene Donnelly & Julie Bailey honoured
Two women who led the fight against one of
the most shocking failings in NHS history. have
been recognised in the New Year honours list.
Former government contractor could join President Obama, Henry Kissinger and Nelson Mandela in historic list.
29 January 2014 The Independent
NSA whistleblower Edward Snowden is nominated for Nobel Peace Prize
The British chief executive who blew the whistle on a $1.7bn (£1bn) corporate fraud at Japanese electronics giant, Olympus, has brokered an out of court deal with the company over his sacking, believed to be a multi million pound settlement.
29 May 2012 The Telegraph
Whistleblower Michael Woodford settles with Olympus
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Keep quiet?
Go Outside?
Raise internally?
A concern about
malpractice
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1 in 10 workers said they had a concern*
Two thirds of workers raised their concern
Of those that felt unable to raise their concern, fear that nothing would be done, or reprisal, were the most common barriers
Myth 1: Whistleblowing is unusual
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*Survey of working age adults undertaken between 13th - 14th July 2015 by YouGov Plc.
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The majority of whistleblowers, 44% raise a concern only once and a further 39% raise their concern a second time.
Very few are persistent in raising their concern- only 22 individuals from our research went on to raise their concern 4 or more times.
74% said nothing had been done about the concern
Myth 2: Whistleblowers are persistent
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83% of whistleblowers blow the whistle internally
Only 0.5% first raise their concern with the media 81%* of workers would raise the information with their
employers if they had a concern about possible corruption, danger or serious malpractice at work
Myth 3: Whistleblowing is always going outside
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*Survey of working age adults undertaken between 13th - 14th July 2015 by YouGov Plc.
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60% of whistleblowers did not report any response from management (either negative or positive)
Of the 40% who told us of a response, the most common action is formal action short of discipline and 15% were dismissed
An overwhelming majority of British workers 74%* view the term whistleblower as positive or neutral
Myth 4: Whistleblowers are always trashed
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*Survey of working age adults undertaken between 13th - 14th July 2015 by YouGov Plc. ©PCaW 2016 - 00 44 20 7404 6609
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53% are skilled or professional workers
39% had been working for their employer for less than two years
Junior employees who raise concerns are more likely to be ignored
Senior employees are more likely to be dismissed
Myth 5: Whistleblowers are junior employees
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Lord Nolan’s praise for ‘so skilfully achieving the essential but delicate balance between the public interest and the interest of the employers’.
The Public Interest Disclosure Act 1998
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Public interest test replaces good faith test for a disclosure to
be “protected” under PIDA
Good faith only relevant to compensation when a claim is won
(the tribunal may deduct up to 25% of the compensation if
found the claimant made the disclosure in bad faith)
Liability for co-workers who victimise whistleblowers. Employers can be held vicariously liable for these employees.
Reasonable steps defence for employers.
MPs are now prescribed persons under PIDA (i.e. same legal
tests for disclosure to a regulator)
Changes to PIDA
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• Train your managers• Provide options to raise a concern confidentially – and be clear on
how you can protect someone’s identity - and limitations• Provide options for raising concerns including senior managers, an
identified senior executive and/or board member and relevant external organisations
• A commitment that staff will not be victimised for raising a concern. Follow this up in practice. Sanctions?
• Respond in a timely manner• Provide feedback• Protect and support
Code of Practice – the right messages for a speak up culture
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Conduct periodic audits of effectiveness of whistleblowing arrangements:
• The number and types of concerns raised and outcomes of investigations;
• Feedback from individuals who have used the arrangements;
• Complaints of victimisation;
• Complaints of failure to maintain confidentiality;
• Other existing reporting mechanisms;
• Adverse incidents that could have been identified by staff (e.g. consumer complaints, publicity or wrongdoing identified by third parties);
• Any relevant litigation; and
• Staff awareness, trust and confidence in arrangements.
Code of Practice – testing the culture
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©PCaW 2015 - 00 44 20 7404 6609
o Lead by example
o Promote the policy
o Encourage staff to raise concerns
o Visible
o Accessible
o Engage with staff regularly and solicit concerns
o Re-iterate policy messages
Best practice for managers
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Points to cover
o Thank those who do come forward, if they are mistaken, reassure and explain
o Acknowledge concerns they may have about their own position and give reassurances reprisals will not be tolerated
o Manage expectations if necessary and respect confidentiality
o Discuss feedback options and communication timetables
o Investigate- serious? Who else should be notified?
o Be mindful of the confidentiality of others i.e. the accused
o Consider a report to the board/regulator where serious risk/malpractice identified
o Keep records of serious concerns raised - anonymising where necessary
Best practice for managers
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All managers and designated contacts should be briefed on:
• The value and importance of an open and accountable workplace;
• How to handle concerns fairly and professionally;
• How to protect staff who raise a genuine concern and where staff can get help or refer a concern;
• How to manage expectations of confidentiality;
• The importance of an alternative to line management if the usual channels of communication are blocked; and
• How to brief their staff on arrangements.
• Senior managers and designated contacts who are given a specific role in the whistleblowing arrangements should be trained on how to handle a concern at a senior level.
Training for managers
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Remember:
o Dealing with concerns effectively sends the message that is safe and acceptable to speak up
o Whistleblowing helps you to do your job better- being alerted to and addressing risks earlier
o Assist individuals in contacting designated officers under the policy if they feel unable to raise concerns with you
o You may be asked to explain how you handled a concern
o You and your staff can always seek advice from Public Concern at Work (where subscribers)
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Cathy [email protected]
Telephone + 44 207 404 6609Further information at www.pcaw.org.uk
Contact us
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The ICSA ANNUAL CONFERENCE 2016
Investor relations and the company secretary
There were no slides for this session
Board meeting masterclass
8 MARCH 2016
I remember it well!
Definition of a board meeting‘A formal meeting of the board of directors of an organisation, held usually at definite intervals to consider policy issues and administrative matters reserved for the board. It is presided over by a chairperson. It must meet quorum requirements and its deliberations must be recorded in minutes. Under the doctrine of collective responsibility, all directors, even if absent, are bound by its resolutions’.
The components of a successful meeting• Convening and preparing
for the meeting
• Managing the proceedings
• Managing the people
• Minute taking
• Post meeting matters
Preparing for the meeting
Preparation is everything. The old adage “Fail to prepare, prepare to fail’ applies.
Do
• Prepare a concise and logical agenda in conjunction with the chair. • Make sure the meeting room is suitable and prepared. • Know what is expected of you.• Ensure that arrangements are made to receive guests to the meeting.• Thoroughly discuss any contentious items of business or other formalities with
the chair prior to the meeting. • Remember you are entitled to be there and essential to the meeting.• Is there a new board member?• Are standing declarations of interest up to date? • Know the constitution and byelaws!
Preparing for the meeting continued
• Gain a working knowledge of the subjects to be discussed and of abbreviations and acronyms.
• Make sure that there are the appropriate number of board papers for each agenda item. Bring spares.
• Sit next to the chair.
• Arrange telephone/televisual conference facilities. Is PowerPoint needed?
• Attendance sheet.
• Bring a watch. Turn off your mobile!
• Anticipate any problems.
Preparing for the meeting continued
Don’t
• Be late!
• Run out of paper or pens.
• Forget to check that only those entitled to attend are at the meeting.
• Forget to record the tabling of important documents.
• Neglect to ask for clarification.
• Don’t Panic!
Example
Turning notes into minutes.
What are minutes for? -
• a record of decisions taken;
• a prompt to action;
• a record of proceedings for those unable to attend the meeting;
• an aide memoire for the following meeting;
• a history of attendance;
• a formal record of declarations of interest and other formal matters
Minutes have power!!
Notes into minutes
Be prepared! You will need stamina. Listening is much more tiring than talking.
• Write quickly and clearly
• Exercise judgment
• What is the sense of the meeting?
• Use of technology
• Type of meeting dictates the type of minutes
What do good minutes look like?
They should be – *Concise*Accurate*Consistent*Compliant*Impartial*Written to give each decision context*Reflective of board diligence and behaviour*Tailored to the audience. The audience may not include just the board!
Emotional intelligence – know the meeting participants!
The waffler
The bully
The politician
The critic
The mouse
The expert
The follower
Approval and retention of minutes
• The initial draft of the set of minutes should go to the chair for comments.
• Circulate the draft minutes to the board prior to the next meeting date.
• Dealing with comments and suggested amendments.
• Circulate revised draft with the agenda of the next meeting.
Approval and retention of minutes continued
How do you deal with this?
You disagree with the chair as to a decision.
A participant wants words inserted which you cannot recall
A participant wants words omitted which you do recall!
You are concerned about defamation, illegality or non-compliance.
Practice Matters
Additional things for Company Secretariesto consider –
• Quorum• “Pro-forma” minutes? • Eliminate bad habits. Give yourself a refresher every now and then. If it wasn’t
said or done in a meeting then it didn’t happen.• AOB or not AOB?• Handling conflicts of interests• Always respect confidentiality outside the meeting but ask yourself – who needs to know? • Attachments?• Amendments and corrections • Inspection
Minutes – good or badWhat do they really mean?
“The T-BURD analysis was considered by the meeting. It had previously been presented to the WGC but not to the board. It was generally agreed that the subject of PLEX required further consideration and that a further paper should be drafted for the next board meeting, having first been reviewed by the NDA and NII”.
“AD said that he was unhappy with the late delivery of the board papers. RE and TS agreed although TS said he understood the reason for the delay on this occasion. The chairman said the delay was due to the late preparation of the finance pack. AK said that while this was true there were extenuating circumstances and in any event she was not made aware of the cut-off date for board papers. RE asked that it be minuted that he was particularly unhappy with the late arrival of the board pack. It was agreed that in future board papers be circulated not less than five working days prior to the meeting”.
Minutes - good or bad continued“The meeting discussed the lease of a new warehouse at Ebbet’s Yard for an annual rental of £10m. The main terms of the lease were noted. The lease was approved”.
“IT WAS RESOLVED THAT the lease of property at Ebbet’s Yard upon the terms outlined to the meeting be and is hereby approved and that the director and the secretary be and are hereby authorised to execute the lease under the common seal for and upon behalf of the Company.”
“There was a healthy debate about the unreliability of the new bottling machine. The chairman adjourned the meeting”.
“After a long and far–reaching debate discussion to which all board members contributed, it was agreed to accept the proposal which had been tabled”.
Charities and Key Performance Indicators
Nick Brooks Head of Not for Profit, Kingston Smith LLP
The Golden Rule
If you can measure it -you can manage it
KPI’s – the background
Let’s start with some basic theory of Key Performance Indicators
A concept used in the business world
Used to track progress/change
A ‘shorthand’ to inform/motivate teams
What does a KPI look like?
A good KPI will:
– Be crucial to the organisation's success/strategy
– Can be measured
– Meaningful to/influenced by the team
4 reasons to use KPI’s?When your organisation needs to:
1. Make decisions based on objective data
2. Demonstrate achievement by setting, monitoring
and measuring against a target
3. Present operational information to those not
involved directly in the detailed processes
4. Focus on the important and factual information
Why charities should use KPI’s
Charities are under pressure:
Funding streams are pressured/reducing
Demand for services increasing
Governance under scrutiny
Help report performance
Charities need to do more with less and
demonstrate value and efficiency
Reporting performance
Inputs
The resour
ces used
in carrying out
an activit
y
Activities
How inputs
are used
to genera
te results
Outputs
What is
delivered by the
activity
Outcomes
How activiti
es change
the lives of beneficiaries(mediu
m term)
Impact
The long term
change at
both individ
ual and
societal level
What areas can KPI’s cover? They go beyond simple financial measures
Non-financial measures include:
Internal – e.g. speed of response, quality of product/service
External – e.g. user satisfaction, brand/name awareness
Strategic – e.g. employee/volunteer satisfaction & retention
Getting started
Might well be used in fundraising already
For example:
Total donations
Donations by donor
Donors gained, Donors lost in period
Etc, etc.
Other key areas too
For example:
Expenditure
How much, on what, when, planned/unplanned?
Efficiency
Measuring value – how service is provided
Interaction
With donors, with service users
Getting started
Go back to basics and collate the facts:
– What do you do at the moment?
– What is your strategy/aim?
– What do you want/need to change/improve/develop?
– Who will be needed/involved in making then changes?
Use this information to identify your target areas
Remember: This is about truly critical area(s)
Identifying the KPI’s Selecting target area(s) and a team to review/consider
Use Mind-mapping:
– Rapidly produces and records an ‘infinite’ number of ideas
– Organises ideas by grouping them in similar areas
– Enables and encourages the group into creative thinking
You will be likely to find a lot of ideasfor your target area(s)
Collecting data
Before starting, decide:– How detailed will you need the data to be?– How will you check the data’s validity?– How much time will you allow for collation?– How much can you afford to spend?
Ways to collect data– Surveys and questionnaires– Interviews– Maintaining notes/observing
Setting the KPI’s
Less is definitely better – so reduce ideas by:
– Making sure you can actually measure
– Measurement will be cost effective
– Select just those that are clear and meaningful to the
team
– Ensure they are areas that the team can really influence
Don’t select too many parameters
Considering the practicalitiesLet’s consider a fictional charity and the some of the issues that the Board may need to consider and why. ‘A Good Charity’ is an organisation that provides
support and guidance to young people with addiction problems.
It is known nationally and has seen increasing demand for its services in the last few years.
Funding continues to be difficult although they have a small dedicated fundraising team.
They have reserves that the Board are prepared to invest in new initiatives.
Practical example -Interaction with service users The Board is looking at using the internet and social
media to increase interaction with end users. Although traditional arrangements (local meetings,
various events, printed documents) work well they can be expensive.
The Board is considering a major investment in the website and social media (twitter).
What, how, why should it monitor results, and where to use them?
Practical example – Interaction with service users What: Website hits, Emails generated, Twitter followers,
Retweets, Likes and comments How: Analytics embedded in the design will simplify and
reduce the cost of reporting Why: Significant expenditure (time and money) means
the Board need to demonstrate governance over the project.
Where: Annual report will highlight the project and can report the results from the initiative year on year.
What may/may not work A survey of clients asking whether support has
been helpful Ask commissioners (local authorities) whether less
addiction problems Number of clients attending sessions and
receiving support Payment by results (PBR) information required by
the commissioners
Summary Charities need help to make the most of their funds
Business techniques provide tools to help
Promotes efficiency
Informing decisions
Motivating the team to achieve targets
Demonstrating control
Use in reporting
Contact details
Nick [email protected]
Kingston Smith LLPDevonshire House60 Goswell RoadLondon EC1M 7AD
T: 020 7566 4000www.kingstonsmith.co.uk kingstonsmith