• Quick Governance Questions for UK Directors

• 1. Have your company's sales been trending downward compared to projections and expectations?*
  YesNoI'm not sure
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• 2. Did your company's sales decrease in the last quarter compared to the previous one?*
  YesNoI'm not sure
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• 3. Are there consistent explanations for not meeting revenue projections, or do they often sound like excuses?*
  Yes, and the explanations make senseNo, it sounds like excuses for poor performance
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• 4. How frequently does the board review revenue projections and actual performance?*
  Weekly or dailyMonthlyQuarterlyLess than quarterly
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• 5. Is your company's cash flow in line with the 13-week cash flow forecast? *
  YesNoI'm not sureWe don't run a 13 week forecast
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• 6. Have you identified any systemic problems with cash flow accuracy, and if so, what steps have been taken to address them?*
  Cash flow projections are accurateWe had some problems with accuracy but have addressed themWe have problems with accuracy and have not yet addressed themWe don't run a cash flow forecast
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• 7. Is your company's overdraft continuously fully drawn, and how would you describe your relationship with the bank?*
  Yes we are fully overdrawn but the relationship is goodNo we are not fully overdrawn and the relationship is goodYes we are fully overdrawn and the relationship is not goodNo we are not fully overdrawn but the relationship is not good
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• 8. Have your company's cash balances been decreasing, and what are the primary reasons for this trend?*
  Yes they've been decreasing and we have have made changes to address thisNo, the cash balances have not been decreasingYes they've been decreasing but we are not sure why
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• 9. Have creditor balances increased, and are payments to them being delayed?*
  No, this is all fineYes, but we are meeting all payments on timeYes, and we are delaying some payments
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• 10. Are disputes with creditors becoming more frequent, and have credit terms with suppliers tightened?*
  Yes, and yesYes, and noNo, and no
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• 11. When was the last time supplier pricing was reviewed, and are there any outstanding bills or demands for payment?*
  Recently and nothing is outstandingA while ago and nothing is outstandingRecently and we have bills outstandingA while ago, and we have bills outstandingI don't know
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• 12. Is the company up to date with HMRC payments for PAYE and VAT, and if there is a Debt Management agreement, is it being adhered to? *
  Yes, everything is fineNo we are late but adhering to a debt management agreementNo, we are late and are missing our repayments
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• 13. Are monthly management accounts delivered on time, and is there a clear understanding of any divergences from expected financial outcomes?*
  Yes, they are always on time and everything is clear and makes senseYes they are on time but explanations for deviations are unclearNo, they are usually delivered late
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• 14. Have the company's accounts been filed on time, and were there any qualifications to the Going Concern assumption in the last audit? *
  Yes, all on time with no qualificationsYes on time but with some qualificationsNo, they were late but without any qualificationsNo, they were late and included qualificationsThey are late and haven't been prepared
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• 15. Does the board regularly discuss the company's financial condition, and are important decisions made thoughtfully rather than being rubber-stamped?*
  Yes, regularly and decisions are carefully consideredYes, regularly but we often rubber stamp decisionsNo, we meet irregularly but always carefully consider all decisionsNo, we meet irregularly and then often rubber stamp decisions
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