Gaining the competitive edge. Sports & Leisure PRECISE. PROVEN. PERFORMANCE.

Transcription

1 Gaining the competitive edge Sports & Leisure PRECISE. PROVEN. PERFORMANCE.

2 2 Sports & Leisure Gaining the competitive edge

3 Gaining the competitive edge The sports and leisure sector is a competitive and challenging environment whether you are looking for funding or sponsors, attracting members to local sports centres, charitable clubs or private gyms, or aiming to grow your professional sports club. To succeed, you need a sound business plan, reliable accounting records and strong controls to minimise fraud and other risks. We know this because we are there, helping our clients meet and profit from the challenges they face. Moore Stephens offers a full range of accounting solutions to help organisations and professionals across the sector maximise their income and investments, increase their efficiency, manage their risks and secure a sustainable future. We also help successful sports professionals maximise their investments and plan for the future. Drawing on our knowledge and experience from working with sporting bodies and commercial organisations across the UK, we can help you create a robust and sustainable business helping to provide the arena in which your sporting activities can thrive. Moore Stephens adds value through the assurance they provide and the quality of audit findings. They continuously support our objective to improve governance across our sport funded partners. The access we have to discuss issues at partner level has proved invaluable. Rona Chester, COO, Sport England Drawing on our knowledge and experience from working with sporting bodies and commercial organisations across the UK, we can help you create a robust and sustainable business. Sports & Leisure Gaining the competitive edge 3

4 Our track record Belfast Governance A governance and internal control review for a national sport governing body identified significant failures in the corporate structure impacting the ability of directors to discharge fully their legal and governance responsibilities. There were also weaknesses in the financial system and instances of non-compliance in key regulatory areas. We worked with the board and helped them develop an action plan with clear milestones for improvement. Sheffield Governance Review examining the management of board conflicts of interest in relation to a significant commercial opportunity for a national sport governing body. The review raised concerns regarding access to key organisational data where conflicts existed which potentially impacted on board decisions made and the commercial arrangements. UK Governance review Reviews undertaken for sports bodies across the UK to examine key components of their governance frameworks, including board composition, skills, conflicts of interest, board evaluation. This has contributed to raising standards in governance in sports bodies and associations across the UK in line with recognised governance codes. Manchester Financial assurance Review to ensure sufficient capacity and depth of resource to support delivery and ensure sufficient oversight of projects delivered by third parties for a sports charity due to receive substantial additional grant awards. Various issues raised around the organisational structure and control framework which had not sufficiently matured in line with the increased revenue and activity, unrecognised conflicts of interest in the operating model and insufficient assurance over third party activities. Leeds Fraud investigation Investigation to ensure public funds had been spent appropriately, reviewed a number of related party transactions and legitimacy of spend. The review supported successful action being taken to investigate losses further and to improve the governance and control framework in the organisation. London Company secretarial Acting as the company registrar, dealing with all aspects of corporate secretarial activities including share transfers, valuations and filing of statutory forms at Companies House London Financial healthcheck Data analysis project examining 70 organisations to assess their financial position and identify risks against defined key financial indicators to inform decisions by principal funders. London Enterprise Investment Scheme (EIS) Advised on EIS rules so the investors could claim EIS relief on a 5 million investment. London Community trusts As part of an increasing presence in the local community, assisted this club with the formation of a Community trust with charitable status through our dedicated and experience charities group. Cardiff & London Capital allowances An important tax relief for all football clubs building new stadia. Two of our clubs have relocated recently and we were actively engaged in maximising their capital allowance claims using our in-house property tax experts. Birmingham Operational delivery Commissioned to examine the delivery model in a sport governing body. The review highlighted risks with the current model, including those of accountability and scrutiny, and suggested options for change. This facilitated top-level discussions across key stakeholders and ultimately a revision to the delivery model. Midlands Financial review Examined risks in relation to the financial position of a national sport governing body particularly in relation to cash flow management and assumptions underpinning financial forecasts. Value was added in supporting successful discussions between the Board and funders thus securing the short term future of the organisation. Cardiff & London Interim statements Acting for a number of professional football clubs, we are engaged in assisting with the preparation of interim financial statements to meet FA regulations and the preparation of interim accounts under both UK GAAP and IFRS. 4 Sports & Leisure Gaining the competitive edge Sports & Leisure Gaining the competitive edge 5

5 Our services We understand what makes sporting entities successful. By working with you to understand your goals we can help you maximise opportunities to ensure you reach your full potential. Our size and flexibility allows us to offer a one-stop-shop, offering a range of traditional and bespoke solutions. We provide all of the traditional compliance services to individuals and organisations involved in the sports and leisure sector, including: audit and accounting; business, personal & VAT taxation; wealth management; employers support & payroll; forensic accounting. We also advise clients on current themes and areas of emerging risk, such as governance structures, risk management arrangements, data security and privacy, information governance, efficient organisation of back office functions, business planning and financial sustainability. We provide our sports sector clients with assistance and advice, acting as a soundingboard for their ideas and concerns. Our bespoke solutions include: raising finance; managing risk effectively; achieving financial stability; governance advisory; business and continuity planning; internal controls assurance; targets risk management; financial and IT health checks; training. We pride ourselves on giving insightful, practical and integrated advice to this dynamic, competitive and people-driven sector. We also have the reach to provide a global perspective on the issues critical to you. Moore Stephens International, located in over 100 countries, is regarded as one of the world s major accounting and consulting networks. You can be confident that we can provide the right solution to your local, national and international needs. 6 Sports & Leisure Gaining the competitive edge

6 We pride ourselves on giving insightful, practical and integrated advice to this dynamic, competitive and people-driven sector. Sports & Leisure Gaining the competitive edge 7

7 Moore Stephens in the UK Moore Stephens is the UK s 9th largest independent accounting and consulting network, comprising over 1,700 partners and staff in 39 locations. Contact information For more information, contact your usual Moore Stephens partner, or visit: Our objective is simple: to be viewed by clients as the first point-of-contact for all their financial, advisory and compliance needs. We achieve this by providing sensible advice and tailored solutions to help clients achieve their commercial and personal goals. Clients have access to a range of core and specialist services including audit and tax compliance, business and personal tax, trust and estate planning, wealth management, IT consultancy, governance and risk, business support and outsourcing, corporate finance, restructuring & insolvency and forensic accounting. Our success stems from our industry focus, which enables us to provide an innovative and personal service to our clients in our niche markets. Specialist sectors include charities & education; culture, entertainment & media; energy, mining & renewables; family offices; financial services; hotels & hospitality; insurance; manufacturing & engineering; member organisations & trade unions; owner managed businesses; professional practices; public sector; real estate & construction; shipping & transport; sports & leisure; and technology. Moore Stephens globally Moore Stephens International Limited is a global accountancy and consulting network, headquartered in London. With fees of US$2.7 billion and offices in 103 countries, you can be confident that we have access to the resources and capabilities to meet your needs. Moore Stephens International independent member firms share common values: integrity, personal service, quality, knowledge and a global view. By combining local expertise and experience with the breadth of our UK and worldwide networks, clients can be confident that, whatever their requirement, Moore Stephens will provide the right solution to their local, national and international needs. London Moore Stephens LLP 150 Aldersgate Street London EC1A 4AB T +44 (0) Midlands Moore Stephens LLP 35 Calthorpe Road Birmingham B15 1TS T +44 (0) Thames Valley Moore Stephens LLP 58 Queens Road Reading RG1 4RP T +44 (0) We believe the information contained herein to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein. Printed and published by Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Conduct Authority for investment business. DPS30359 December 2015