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Welcome to the RSM spring end of term report

31 March 2016

In this edition we look at data protection changes, how governors can ensure their meetings are effective, latest health and safety legislation and much more.

Governance - are your meetings effective?

31 March 2016

For a governor, time is a scarce resource and a significant proportion of it will be spent in board meetings. Therefore, it is critical that they are well-timed, effective and focus on the critical issues.

Are you ready for the new data protection legislation?

31 March 2016

UK data protection obligations are primarily governed by the data protection act 1998. However, there’s a new law coming into force that could impact your school if you don’t act now and prepare for it.

New health and safety sentencing guidelines - a warning from Stone King

31 March 2016

On 1 February, new standardised sentencing guidelines came into force for offences related to health and safety, food and hygiene and corporate manslaughter. The general view amongst lawyers is that the result of standardisation will be a significant rise in the level of fines imposed, and so schools would be well advised to review their health and safety processes.

Means tested bursaries - is your policy up to scratch?

31 March 2016

In the case of bursaries it is not only for those who are most deserving but also for those where they will have the most impact. It is therefore important that the school has a formal policy in place with full input from the governors.

Tax and VAT - a refresher

31 March 2016

Remember you only pay tax on the profits after deducting direct and relevant indirect costs. If you want to avoid paying any corporation tax, a trading subsidiary will be needed and all of its taxable profits will need to be gifted back to the school.

Independent schools

From advising on forthcoming financial reporting changes in the new SORP and providing pragmatic tax solutions to advice on mergers and governance effectiveness reviews, our experienced education team will deliver practical solutions to support the development of your independent school.

What assurance do you need?

Within an independent school the responsibility for managing risk rests with the Board of Governors. Should a risk materialise such as breakdown in safeguarding or financial mismanagement, there is no doubt that questions will be raised regarding the
governance and risk management processes. The responsibility of the Governors is to seek assurance that all principal risks are managed effectively.

Are you looking at the right risks?

Whether you are driven by the desire to obtain more value from your Governors meetings or improve your existing risk management then you should make sure you undertake a review of your strategic risks.

Do you have the right skills?

In order for your school to operate effectively you need to start with the right skills on your Board. When did you last undertake a skills audit of the Board? Do you have the right people to meet the school’s current and future challenges? How effective is the Board in meeting its objectives?