Here at Insight we’re always harping on about the importance of strong financial controls in your business which is why an article in this weeks’ Accounting Web made us raise our eyebrows in alarm!
It seems that during 2012-2013 even the Royal Household has struggled to balance the books under the control of former KPMG partner, Sir Alan Reid, Keeper of the Private Purse and treasurer to the Queen.
Grants and income gave Her Majesty a Gross Income of £42.6m but was exceeded by expenditure of £44.9m. Lucky for them they could draw down the £2.3m deficit from a reserve fund (which now stands at an all-time low).
The over-spend is partly down to the Diamond Jubilee Celebrations – but surely they should have been planning and budgeting for that a long time ago!
Perhaps she should start charging a small fee for the use of her image – which would literally get her cash working harder for her!
Any other useful suggestions anyone?
Register for Free with Accouting Web to view the full article by Rachael Power of Sift Media.
