Over the past few months, Impact has been organising seminars to introduce people to Xero accounting software.
The seminars have been a great success and clients' feedback has been very positive. This is one of the tools that we can adopt to improve efficiency and competitiveness across a range of businesses.
If you've found that you're not available on the times and dates that we are organising the seminar, please contact us as well so we can find a solution to suit.
Kind regards, Lindsay & Team.
|1. Earthquake-proofing buildings - is it going to be worth it?
Earthquake prone buildings are being identified almost weekly in Dunedin.
City Councils now are required to identify every building that does not meet the new guidelines, and notify the owners who will be forced to decide whether or not to upgrade their building.
The DCC has it’s own building register and you can check with the council about the status of a building – especially if you are looking to purchase or lease.
For Clubs & Societies, and even commercial companies, there is a need to evaluate the costs and benefits associated with bringing buildings up to code, over the expected life of the building.
Impact has substantial experience that can be useful in this situation, having been involved in the Edgar Centre establishment, right through to projects such as the feasibility for the Cross Recreation Centre at Balclutha, and smaller not-for-profits.
We are already involved with organisations who are remodelling work spaces to suit strategic objectives for the next ten years and longer, and who are choosing to utilise that opportunity to bring their buildings up to the current code.
We can assist with the entire go-to-whoa process; feasibilities; engineering evaluations; planning; project management of the upgrade and fund raising assistance for the not-for-profits.
|2. Your cashflow- worth protecting?
Even in this tough environment, we have businesses that are expanding and as a result, are taking a closer look at who they extend credit to. The last thing you want is for your good cash flow to fund someone’s poor cash flow (whom you may not have any history of doing business with) and then see that firm go under.
A business’s terms of trade are a central document to controlling your business cash and prevention rather than cure, of crises. Getting timely advice and a fresh pair of eyes may tweak some changes that assist you to maintain a positive position.
If you are expanding and finding that you are taking on bigger jobs for customers then your cash management needs to step up a gear, every time you add a zero on to the value of the transaction.
For SME’s, the difference between $2,000 and $20,000 may be business survival, someone’s home or maybe they will have the where-with-all that such a loss will not be crippling.
You may just not be charging enough. It could be a change in your methods that will improve your cash flow. It may be there is information we can give to improve your cash flow situation. If you answered no to more than one of the questions above (especially the last) then give us a call.
We have one free Terms of Trade Review for May. You can go in the draw by registering here on or before May 20th.
|3. Your Trust - a checklist
1. Do you have a written plan or strategy for the Trustees to achieve the Trust's objectives?
2. Does the Trust have an ongoing gifting programme?
3. Have the Settlors finalised a Memorandum of Wishes to guide Trustees?
4. Do the Settlors Will/s take into account the Trust?
5. Does the Trust have a separate bank account?
6. Have theTrustees had a meeting within the past year?
7. Are the minutes and paperwork up-to-date?
8. Have Trustees read the Trust Deed in the last year to ensure they are familiar with the detail of their obligations?
9. Is there an up-to-date record of the details of all the beneficiaries and their current life stage / circumstances?
10. Has a professional specifically reviewed the trust deed to assess the relevance of any changes to beneficiaries circumstances or the operating environment within the last 2 years?
A recent legal decision that you may not be aware of ...
Over recent years here have been substantial changes in how the activities of Trusts are viewed by the Courts.
The noted writer on Trusts, Anthony Grant, in his article on a significant case in October 2011, indicated that 'clauses that exonerate Trustees from fault may be worthless'.
Most if not all, Trust deeds have a standard clause that limits Trustees from all liability except for fraud, dishonesty or other deliberate fault. This may for example include the words, "any loss not attributable to [a trustee's] dishonesty...".
In reference to the Judges decision in the case Spencer v Spencer and Another, Mr Grant points out that Judge gave an 'unusually expansive interpretation to the concept of "dishonesty"' ...as in the Judge's view the Trustees "simply did not act as an honest person would [have done]" . There were several breaches of trust in the context of the case relating to payments of fees and advances to one of the settlor's companies. (This case ignited from a relationship settlement that was not carried out as intended).
Mr Grant writes that "Trustees are now on notice that breaches of trust may be categorised as "dishonest" even though the Trustees themselves believe that their conduct was at all times morally justified".
He notes that "this case may become a springboard for a new approach to the interpretation of clauses that purport to exclude or limit the liability of trustees"... and concludes that "if its reasoning is to be followed, the question of significance for the future is where the line of responsibility is to be drawn".
We will await to see if the Law Commission makes recommendations along these lines but this case sends a clear message on the running of Trusts.
For all the reasons above, the message is, Trustees can not "sleepwalk" through - they have a job to do.
If you have any concerns we can provide a fresh pair of eyes to review your Trust's administration, just give us a call on 477-8777 or email us
Olympic qualification - We wish Nicky Samuels success in the ITU Race in San Diego, USA. Nicky needs to continue to perform well to clinch the place for London, and we wish her all the best.
Phone: (03) 477 8777
|www.impactconsulting.co.nz - Visit our website