Tag Archives: Finance

FInance, Finance and Banking, News from Wales

Swansea Building Society delivers record results

Swansea Building Society has achieved the highest growth in total assets and saving balances in its history, supported by record profits.

The Society achieved double digit growth in its total assets, mortgages, savings and capital for the fourth year running, despite the difficult economic environment.

For the year to December 31, 2024, total assets and savings both grew by 14%, while mortgages grew by 11%. Total assets increased by £86.7m to £693.7 million and savings balances increased by £81.8 million to £647.3 million, while mortgage balances grew by £52.3million to £530.1 million, driven by gross mortgage completions of £111.0 million.

The Society’s growth was supported by record profits before tax of £6.3 million, beating the previous record of £6.2 million achieved in 2023. This increased the Society’s capital reserves by 12% to £44.5 million. This is vitally important, as it provides greater reserves to support members achieve their financial goals.

The Society remains one of the few financial institutions in the UK that receives no wholesale funding or support from the Bank of England in the form of cheap funding. Its balance sheet is funded entirely by customer savings balances and its own capital reserves built up from retained profits over many years.

Alun Williams, Chief Executive of Swansea Building Society, said:

“The Society has continued to meet the needs of both savers and borrowers, while delivering another record set of results. Our record asset growth supported by record profitability has further strengthened our foundations for future sustainable growth in order that we can help more members to buy their own home or reach their financial savings goals. This has been achieved while investing in the Society to ensure it remains sustainable, scalable and relevant in the future.

“I am delighted with the dedication and care shown by my colleagues to deliver the level of service our existing and new members deserve, while through our charity and volunteering work, we have supported those people in our communities who need help the most.

“The Bank base interest rate remained at a 16-year high, at 5.25% for the majority of the year, before reducing to 4.75% as at the end of December. We are mindful that many of our customers have never experienced such a high interest rate environment and were considerate of the impact that these rates could have on both new and existing borrowers.

“The economic conditions have meant that the Society’s flexible lending policy has been in high demand, and the Society exceeded its gross lending targets for the year. At the same time, our mortgage book has shown great resilience to the high interest rate environment and other cost of living pressures with our arrears statistics remaining excellent during the year. As we head into a forecast downward interest rate curve, I hope to see these pressures subside further for our mortgage borrowers.

“One of the Society’s key aims is to help savers to reach their financial goals and to deliver sustainable returns over their long relationship with us. In December 2023, we increased our savings interest rates by 0.25% without any corresponding increase in mortgage interest rates. While this decreased our net interest margin ratio for 2024, we felt it was the right thing to do for our members and has helped to deliver record growth in savings in the year.

“The Society has a very strong internal culture that reflects our purpose of serving our customers. Our people play a vital role in the continued success of the Society and our members and professional contacts benefit from dealing with loyal, motivated, and well trained staff. Our staff have once again shown the right skills, behaviours and values that have been key to the Society’s success. Every single colleague at the Society has worked hard to provide members with our usual high standard of service, and the Society’s customer satisfaction score of 98% suggests that we have continued to be successful in doing so.

“A key element of the Society’s purpose is to be socially responsible and to make a positive difference to the local community. As a member-owned business, community is close to our hearts and we offer support not only through the products and services we provide, but also by donating our time, skills, and resources. After a three-year successful and highly rewarding partnership with Maggie’s Cancer charity, we have chosen Prostate Cymru as our Charity of the year in 2025 as we look to support the vital care the charity provides in our communities.

“In 2024 we enhanced our Environmental, Social and Governance Strategy to see how we can contribute to the Wales We Want report which was a culmination of a year-long conversation with Welsh people. The Wales we Want Report asked people to discuss the Wales that they want to leave behind for their children and grandchildren, considering the challenges, aspirations and ways to solve long-term problems to create a Wales that they want by 2050. As a Mutual that has existed for 101 years and wants to continue for another 100 years, this resonated significantly with the Society.

“The Society’s future has never been brighter. In 2024 we signed a multi-proposition contract with our IT service provider as we continue our digital transformation and embrace change by investing in our people and technology. Our members will therefore continue to see improvements in the way the Society delivers its products and services in the coming years.

“We remain fully committed to our branch network, and our objective of ‘opening and not closing branches’. We will continue to support mortgage niches which the wider mortgage market lacks the resources or knowledge to do so.

“I would like to thank all my colleagues for their contribution to a record performance in 2024, and I look forward to delivering on our plans in 2025 as we continue to look after the needs of our members and communities.”

The Society will hold its annual general meeting at the Swansea.Com stadium on Thursday 24th April 2025. Members can vote ahead of that meeting or attend the meeting in person and the Society will donate a pound to Prostate Cymru for every vote received.

Accountancy & Accounts, Business, Business Finance, FInance

Governments should grasp gender-responsive budgeting as an opportunity to address systemic gender disparities

 

  • Accountants are uniquely placed to play a central role in contributing to an inclusive society
  • New research from leading global accountancy body ACCA highlights progress on gender-responsive budgeting

 

Gender-responsive budgeting (GRB) should be seen by policymakers and governments as a key tool for driving inclusive growth and systemic change.

 

In new research, Gender-responsive budgeting: unlocking the potential, global accountancy body ACCA draws on the experience of professional accountants and leaders across Eastern Europe, Eurasia and the Middle East.

 

Co-author of the report, Joe Fitzsimons, senior manager, Policy and insights, ACCA, said: “This report offers critical insights into the strategies and tools that facilitate the effective adoption of GRB across government agencies and state-owned organisations.

 

“Accountants have a vital role in the application of GRB using their skills and knowledge of data analysis, budgetary techniques and policy advocacy. They can also monitor and evaluate the effectiveness of GRB implementation. Governments are increasingly turning to GRB as they pursue more equitable and just societies.”

 

The report recommends policy makers adopt the following to move towards implementing GRB:

 

  • Build institutional capacity and awareness
  • Strengthen data collection and analysis
  • Learn from best practice and benchmark against peers
  • Establish inter-ministerial collaboration and partnerships
  • Champion gender-balanced leadership and decision-making.

 

Speaking ahead of International Women’s Day (IWD) on 8th March, Jessica Bingham, Global Sustainability Lead – Strategy, ACCA, co-author of the report said: “Incorporating gender considerations into budgetary processes enables governments to ensure that resources are allocated in a way that meets the diverse needs of all.

 

“This in turn promotes fairness but also lays the foundations required for sustainable economic growth and social inclusion. Policymakers have an opportunity to embrace GRB and ensure it is a fundamental component of their strategies creating a more equitable future for all.”

 

Read the report here and visit ACCA’s website for more information.

Awards, Business, FInance, News from Wales

Knowledge Bank names Swansea Building Society as Criteria Champion 2024

Swansea Building Society has been recognised as Criteria Champion 2024 by Knowledge Bank. This award underscores the Society’s dedication to supporting mortgage brokers and its expertise in overcoming the toughest client challenges.

The award, which is voted for by brokers across the UK, highlights lenders that consistently deliver an extensive and flexible range of criteria to meet the diverse needs of clients. Swansea Building Society stood out for its dedication to providing tailored solutions and its proactive efforts to share these with brokers nationwide.

The Society’s participation in eight Criteria Clinics annually for the past three years has been a key factor in its recognition. These clinics, hosted by Knowledge Bank, are designed to ensure brokers are fully informed of the innovative and bespoke options available to their clients. Swansea Building Society’s consistent presence in these events demonstrates its dedication to empowering brokers with the knowledge and tools they need to succeed.

In addition, the Society was also a finalist in the Legendary Lender category. Winning one category and being named as a finalist in another is a significant achievement, recognising the impact Swansea Building Society has had on Knowledge Bank’s brokers and the wider market.

Alun Williams, Chief Executive of Swansea Building Society, said:

“We are honoured to receive the Criteria Champion 2024 award. At Swansea Building Society, we pride ourselves on providing exceptional service to brokers and their clients, ensuring we offer solutions that cater to even the most complex scenarios. Being recognised by Knowledge Bank and the broker community for this commitment is a fantastic achievement for our entire team.”

Nicola Firth, Founder and CEO of Knowledge Bank, added:

“Swansea Building Society exemplifies what it means to go above and beyond for brokers. Their active engagement in Criteria Clinics and their innovative approach to solving client challenges make them a deserving winner of this award.”

This achievement underscores Swansea Building Society’s reputation as a trusted partner for brokers, combining its commitment to service excellence with a deep understanding of the ever-evolving mortgage market.

Business, Swansea

Swansea Building Society marks three transformative years supporting Maggie’s Swansea

Swansea Building Society is celebrating the conclusion of its remarkable three-year partnership with cancer charity Maggie’s, during which it served as the Society’s official staff charity. During this time, the collaboration has seen over £90,000 raised and donated, helping to sustain Maggie’s vital work in providing support to people affected by cancer across South West Wales.

Since 2022, Swansea Building Society has been unwavering in its commitment to Maggie’s Swansea, undertaking a wide range of fundraising activities that have engaged staff, customers, and the wider community. These efforts have included everything from fire walks and sponsored dog walks (‘mutt struts’) to the challenging Welsh Three Peaks climb, a month-long ‘dip a day’ open water swimming challenge, and participation in events such as the Swansea 10k and Half Marathon. Additionally, the Society’s centenary year in 2023 saw all funds raised during this milestone anniversary donated to Maggie’s.

The Society’s commitment extended beyond traditional fundraising events, with sponsorship of Maggie’s Annual Ball as headline sponsor for three consecutive years, as well as support for the charity’s inaugural and subsequent Christmas Extravaganza events. These high-profile occasions not only raised significant funds but also heightened awareness of the invaluable services provided by Maggie’s Swansea.

Located within Singleton Hospital, Maggie’s Swansea is a haven for individuals and families affected by cancer, offering a welcoming space with free access to practical advice, emotional support, and group workshops. The funds raised by Swansea Building Society have been instrumental in ensuring these services remain accessible to all who need them.

Alun Williams, Chief Executive Officer of Swansea Building Society, said:

“Our partnership with Maggie’s Swansea over the past three years has been a deeply rewarding experience for everyone at Swansea Building Society. The incredible amount raised is a testament to the enthusiasm and generosity of our staff, members, and the local community. Maggie’s provides essential support to people at one of the most challenging times in their lives, and it has been a privilege to contribute to their work. While our time as Maggie’s official charity partner concludes, our commitment to supporting our community remains as strong as ever, and we will undoubtedly work with them again in the future.”

Lucia Osmond, Centre Fundraising Manager at Maggie’s Swansea, added:

“Swansea Building Society’s support has been nothing short of extraordinary. The dedication and creativity shown in their fundraising efforts have had a tangible impact on our ability to deliver free practical, emotional, and psychological support to those navigating the challenges of cancer. We are immensely grateful for their partnership over the last three years.”

While Swansea Building Society will announce a new charity partner in January 2025, the Society leaves behind a legacy of profound impact and heartfelt collaboration with Maggie’s Swansea—one that will resonate for years to come.

Accountancy & Accounts, FInance, Finance and Banking, Wales

ACCA Cymru/Wales on the draft Welsh budget

Lloyd Powell, head of ACCA Cymru/Wales, in response to the draft Welsh budget said:

“Following on from the extra spending on public services announced in the UK Budget in October, the draft Welsh Budget saw additional £1.5 billion of spending announced on public services, including the NHS and local authorities. Spending announcements in the draft Budget were firmly in line with the four priorities outlined by the First Minister earlier this year.

 

NHS

 

“Recognising the significant challenges the NHS in Wales faces, with an ageing population, increasing demand, persistent health inequalities and skills shortages, the 2025/26 draft Welsh Government budget saw a further £600 million allocated to Health and Social Care in Wales – amounting to over 50% of the total Government Budget. This needs to be accompanied by service reform and productivity gains. WG needs to redouble its efforts to address the fundamental challenges as outlined in ‘A Healthier Wales’ in 2022, including reducing waiting times, increased use of technology and investing in the workforce for the future.

 

Business support/skills

 

“Businesses in Wales continue to face challenges in 2025 and into 2026 which have adversely affected business confidence. These include higher employer National Insurance contributions and other rising costs such as the National Minimum Wage.

 

“The commitment to continue to support skills provision is welcome. The importance of supporting people into high-quality jobs, which are designed to drive economic growth and tackle poverty cannot be overstated. The additional investment of £6.5m resource funding to support the Flexible Skills programme, particularly in those sectors associated with decarbonisation, is a positive announcement.

 

“The announcement to extend non-domestic rates relief for businesses in the retail, leisure and hospitality sectors at the current 40% will help Welsh businesses in these sectors, although there will be concern at what support will be available beyond 2025/26.

 

“The announcement on accelerating planning decisions to grow the Welsh economy will be welcomed by many Welsh businesses looking to expand, as will announcements to improve the transport system in Wales. Businesses will hope that improvements in these areas will be delivered at pace to support the growth of the economy across all of Wales. .

 

Climate Change

 

“The additional funding to support climate change is welcomed as Wales continues to transition to low carbon industries and developing renewable sources of energy which also provide high skill jobs for Wales.

 

General

 

“The draft Budget only outlines spending plans for one year. Multi-year settlements for resource and capital at the conclusion of the UK Spending Review in 2025 will provide much needed certainty for the Welsh Government and its partners.

 

“The draft Budget needs the support of at least one opposition party, and it will be interesting to see how the discussion and debate on the draft budget develops in the new year prior to the Budget’s final approval in February 2025.

 

“Welsh Government needs to work with all partners, including businesses and the UK Government, to ensure the successful delivery of programmes of work that benefit the Welsh economy and society.”

Business, FInance, Finance News, News, South Wales, Wales

Swansea Building Society grows workforce amid industry downsizing

Swansea Building Society has added 13 new employees to its growing team so far in 2024, strengthening its commitment to providing customer-focused services across South Wales and England. This expansion not only underscores the Society’s continued growth but also highlights its steadfast approach to “opening and not closing branches” at a time when many financial institutions are reducing staff numbers and consolidating operations.

With a mix of industry veterans and new talent joining from major high-street banks and other financial Institutions, Swansea Building Society continues to build a strong team focused on quality and personal service. This year’s hires include roles across key areas, such as customer service, mortgage sales & administration, compliance, IT, and HR, enhancing the Society’s capacity to serve a growing member base.

These include: Lynn Pamment (Non-Executive Director); Carlos Cruz (Risk & Compliance); Curtis Morris (Mortgage Manager); Ben Russ (IT); Luke Jones and Rhys Morris (Manager Assistant Support Officers); Cathryn Evans, Nicola McCarthy, Sarah Duck, Natasha Batchelor (Cashiers); Leanne Staniforth (Manager Assistant); Katie Jones (Mortgage Administration) and Swagata Biswas (HR Manager).

Swagata Biswas joined the Society in July as HR Manager. With eight years of HR experience and an MBA from Cardiff Metropolitan University, Swagata is currently pursuing a CIPD Level 5 qualification to further develop her strategic capabilities.

Carlos Cruz joined the Society’s Risk & Compliance team in April, bringing valuable experience from the compliance field. After graduating with a degree in Law with Spanish from Swansea University, Carlos began his career in financial crime compliance, before moving into his current role upon returning to Swansea. Ben Russ, who has joined in IT, brings a strong analytical background with a degree in Mathematics from Cardiff University and previous IT service desk experience.

The Society has also welcomed several new Manager Assistants, Mortgage Administrators, and Cashiers, including Cathryn Evans, who brings 36 years of financial services experience, most recently from Barclays, and Katie Jones, who joined the Mortgage Administration team after two years with Lloyds Banking Group.

The 2024 expansion highlights Swansea Building Society’s ongoing growth and resilience. By attracting experienced professionals from institutions that have faced staff cuts, the Society has strengthened its position as a unique player in the financial sector, maintaining its commitment to branch-based, hands-on customer service, whilst also allowing expansion of its digital services, at a time when online-only banking is becoming more prevalent.

Alun Williams, Chief Executive Officer of Swansea Building Society, said:

“Our new team members bring with them a wealth of experience as well as fresh insight from a variety of backgrounds, strengthening our ability to provide exceptional service to our customers. At Swansea Building Society, we remain committed to branch expansion and building strong relationships with our members, offering a personal, tailored approach that stands out in today’s banking landscape.

“With these appointments, Swansea Building Society reaffirms its dedication to expanding its footprint while staying true to its community-centric values.”

Founded in 1923, Swansea Building Society is dedicated to offering quality, personalised financial services across South Wales and England. Committed to local presence and traditional values, the Society emphasises a manual underwriting process and individualised attention for each member’s financial needs.

Accountancy & Accounts, Finance and Banking

ACCA urges businesses to weigh up sustainability implications for AI investment

 

  • Accountants need to ensure long term sustainability objectives are not sacrificed for short term AI gains.
  • Leading global accountancy body ACCA says to embrace AI effectively requires education and a cultural mind shift.

 

Accountants have a key role in driving organisations towards using AI (artificial intelligence) to hit sustainability goals, especially in the area of data quality and data governance.

 

At the same time, they must make organisations aware of the environmental impact of AI investment in terms of greater emissions and water usage.

 

Leading global accountancy body ACCA has released the latest in its AI Monitor series, Unravelling AI’s role in sustainability, which says that to embrace AI effectively requires education and a cultural mind shift.

 

Embracing this sophisticated, emerging set of technologies could help in the fight to meet present needs without compromising future generations’ ability to meet their needs. AI solutions are increasingly seen as critical in helping organisations measure and report their environmental impact.

 

Alistair Brisbourne, head of technology research at ACCA, warns AI is a double-edged sword. He said: “It is clear AI holds tremendous potential, but without due consideration AI technologies can also threaten progress towards achieving sustainability goals.”

 

This is where accountants can add vital strategic value. As ACCA’s research Chief Value Officer – the important evolution of the CFO pointed out, as organisations increasingly integrate analysis and AI into their processes, it is the human analysis and validation of the outputs that create the insights which stimulate value generation.

 

Brisbourne said: “Organisations need to focus on getting people to think about AI as something that is learning from them, encouraging people to input and maintain data that will provide more value. At the heart of these challenges lies the fundamental issue of data quality and standardisation. Accountants need to lead in the establishment of good data practices to ensure benefits are realised.”

 

AI could be used to accelerate progress on achieving UN Sustainable Development Goals (SDGs). Innovative solutions are needed with only 17% of SDG targets on track for 2030 and another 35% showing signs of stagnation or regression.

 

In particular, technology could play a supporting role in sustainability reporting with AI overcoming one key challenge – converting financial data into meaningful environmental metrics. However, the challenge of data quality is not solved purely using AI.

 

Brisbourne added: “In terms of sustainability reporting, accountants have a critical role in making sense of transaction data to underpin and improve reporting.

 

“They need to ensure high-quality data input that AI systems can effectively interpret and learn over time, dealing with exceptions and verifying data. From an assurance angle, they can also support improved validation of estimates and monitoring of models running such exercises.”

 

The report also examines how AI brings its own sustainability challenges.

 

A single ChatGPT request has been estimated by the Electric Power Research Institute to require approximately ten times the amount of energy as a Google query. Goldman Sachs estimates that currently relatively stable data centre power usage is set to surge 160% by 2030 fuelled by AI. As a result, modern data centres are also increasing water usage – extensive cooling systems are required as more powerful chips generate more heat.

 

Brisbourne notes that organisations should focus on assessing the environmental impact of AI; ensure ethical deployment; and work on initiatives most relevant to stakeholders and business objectives.

 

Visit ACCA’s website for more information.

Accountancy & Accounts, FInance, Finance and Banking

Half of businesses fail to explain sustainability in daily operations

  • Businesses and other organisations need to improve reporting of the interconnections between business activities with sustainability
  • New research from leading global accountancy body ACCA reveals a disjointed picture of sustainability matters and business activity.

All professionals, and especially accountants, need to gather and use insights to better understand the relationship between sustainability-related matters and business activities if businesses are to survive, according to Making information connections for sustainable value creation, the latest release in ACCA’s sustainability reporting research series.

Those that fail to do so are at risk of not being alert to challenges impacting their resilience and future survival, and could also miss good opportunities, says ACCA.

Unfortunately, connectivity for sustainability-related matters is not common practice among organisations in their corporate reporting activities, including the publication of annual reports. Frequently the connections are not communicated – risking poor quality decision-making by all stakeholders.

A survey of over 1,000 finance professionals from around the world revealed that only half (49%) of their organisations explain how sustainability is reflected in their operations and only 38% explain how they manage sustainability risks.

ACCA is recommending corporate disclosures build on the rules already laid down by the International Sustainability Standards Board (ISSB). This research has identified an opportunity for sustainable value creation by expanding the ISSB definition of connectivity and connected information in order to provide better information that will create more resilient business models.

Report author Sharon Machado, head of sustainable business at ACCA, said: “Successful organisations have always worked to make connections but if we’re to make the progress on sustainability that the world needs then we’re calling on businesses to supercharge those connections. Currently there is a real risk that progress will not be swift enough. Professional accountants are uniquely placed to connect sustainability-related information to financial information.”

The ISSB and some of ACCA’s network of business experts shared their valuable insights to help connect information for quality decision-making and sustainable value creation. Many of their recommendations call for professionals to leverage core ‘business as usual’ activities – but incorporate sustainability-related insights central to the organisation’s survival.

The research launches in the same month that ACCA was recognised with a special nomination in the international category of the UN Trade and Development (UNCTAD) International Standards of Accounting and Reporting (ISAR) Honours 2024. The award recognised ACCA’s 360-degree approach to building capacity for sustainable business through high quality, connected sustainability and financial information.

ACCA has shared the research and guidance it has produced on a range of sustainability issues at the COP29 climate summit in Azerbaijan.

The research includes real-life examples and suggested activities to help professional accountant to be the connectors that organisations need to create sustainable value. Read the research at the ACCA website.

Accountancy & Accounts, FInance, Finance and Banking

Labour’s industrial strategy needs the accountancy profession at its heart

ACCA says the government’s growth agenda will only succeed if it forms meaningful partnership with the accountancy sector.

 

The government needs to work closely with the accountancy sector if it is to make a success of its number one mission – a growing economy.

 

Accountancy is an undoubted success story for the UK economy. The sector contributed £98bn to the UK and Irish economies in 2022, exported £4bn of services in the same year and has a trade surplus of £4.9bn.

 

Responding to Invest 2035: the UK’s modern industrial strategy – the strategy which Chancellor Rachel Reeves says is central to its growth mission – leading global accountancy body ACCA (the Association of Chartered Certified Accountants) says that the work of the accountancy profession underpins the success of all the eight growth-driven sectors identified by the new Labour administration.

 

Glenn Collins, Head of Policy, Technical and Strategic Engagement ACCA, said: “The UK government’s ambitious strategy for growth needs to be supported by detailed plans to ensure that the aspiration has a chance to be realised. ACCA has a track record of working with Government to support detailed policy implementation which will enhance growth. We look forward to working in partnership with government to make it happen.”

 

In its response ACCA says that the government refreshing its understanding of the accountancy sector would help directly to deliver the government’s desired target of net zero, regional growth, and economic security and resilience.

 

ACCA points out how accountants are crucial in offering UK businesses – including the vital SME and entrepreneurial sectors – strategic business advice and unlocking investment opportunities.

 

Jessica Bingham, Regional Policy Lead for ACCA, said: “ACCA UK is pleased to see that professional and business services – of which accountancy is a significant part – is one of the eight growth-driving sectors identified by the government’s industrial strategy.

 

“ACCA has members working in and helping businesses every day across every region of the UK, grappling with the problems that this industrial strategy identifies – skills and jobs, investment and technology adoption. Our members are keen to share their knowledge and insights to make growth a reality.”

 

Read the ACCA’s response here.

Accountancy & Accounts, FInance, Finance and Banking

Corporate reporting complexity challenges grow as new priorities emerge

ACCA sets out guiding principles to help build trust, relevance and consistency.

With corporate reporting undergoing a significant transformation in a rapidly evolving business environment, ACCA (the Association of Chartered Certified Accountants) has published a new report, Principles of good corporate reporting. Designed to address the increasing complexities posed by new accounting and sustainability frameworks, rising stakeholder expectations, and technological advancements, it provides businesses, policymakers and other organisations with essential guidance.

 

“The corporate reporting landscape is becoming increasingly complex, with a multitude of frameworks, buzzwords, and regulations emerging to keep pace with dynamic business needs, technological advancements, and new priorities such as sustainability and the social impacts of business.” says Hsiao Mei Chow, author of the report and head of corporate reporting insights – sustainability at ACCA.

 

ACCA has set out eight principles in the report:

  1. Embed connectivity and coherence
    Encourage better linking of financial and non-financial information to create a cohesive organisational narrative that clarifies strategy, risks, and value creation.
  2. Apply a ‘building blocks’ approach, building on a global baseline
    Support consistency by adopting a global baseline for reporting standards, while balancing the need for regional adaptations.

 

  1. Be principles-based and apply proportionality

Adopt an inclusive, principles-based approach to reporting that scales with an organisation’s size and resources.

 

  1. Maximise comparability, with interoperability as a catalyst

Enable meaningful comparisons across sectors through collaboration and harmonised approaches to reporting.

 

  1. Understand and meet stakeholders’ information needs

Focus on delivering decision-useful insights tailored to the needs of varied stakeholders.

 

  1. Take a holistic approach to corporate reporting

Present a balanced view of financial and sustainability-related information, showing the full scope of organisational impact.

 

  1. Enable and support good governance practices

Establish and disclose ethical, sound governance structures to build credibility.

 

  1. Ease access and avoid disclosure overload
    Strive for clear, concise reporting that avoids overwhelming stakeholders.

 

Lloyd Powell, Head of Wales/Cymru, ACCA, said: “Getting corporate reporting right is important for larger Welsh businesses. It improves transparency and it helps with decision making, stakeholder engagement and decision making. At a time when companies are being asked to report on challenges such as sustainability action – as well as getting the finances right – we hope this report will help accountants produce meaningful information.”

ACCA’s Principles of Good Corporate Reporting serves as a comprehensive guide to navigating the complexities of modern reporting, empowering businesses and other organisations, as well as policymakers and regulators, to work together in fostering responsible, sustainable business practices. Read the full report here.