Samantha Rutter is the CEO of Open Study College , a business that she co-founded with her father. Paul Andrews caught up with Samantha to find out more about the family business and their plans for the future. When was the business founded and what does it do? I was 19 when I founded Open Study College (OSC) with my dad Mark Rutter more than 14 years ago. We identified a gap in the market for fully-supported distance learning, with the sole aim of helping people to improve their career prospects and making education accessible to everyone. Today, our business offers more than 700 different courses, across a broad spectrum of disciplines, from accounting and bookkeeping to animal care and counselling. Students can study at their own pace, with a printed course pack or via e-learning courses. Tell me a little about the history of the business? As a father-daughter duo, we founded OSC in the West Midlands, where our head office remains today. At the time, my dad decided to sacrifice a senior career, sell our family home and put everything into setting up OSC. At the beginning, we ran the business from the garage of our family home. We offered courses from other providers to students, and with the support of other family members, packed course materials to send out daily. Alongside this, we were also juggling other jobs to keep the business going. My dad had decades of experience within the education industry, in particular distance learning. His passion for helping people to better themselves meant that he felt there was so much more that could be done in the distance learning industry to support learners, including higher quality courses and improved tutor support. A pivotal point for us was 2009 when we started to write and develop our own courses. Now, as one of the UK’s leading distance learning providers, we’re passionate about inclusivity; we believe that everyone should have access to education. The business has gone from strength to strength and offers the largest selection of distance learning courses in the market. Since 2007, over 100,000 learners have enrolled with us and improved their lives. We’ve recently been awarded a number of accolades for our positive impact on the industry, including Further Education College of the Year, and shortlisted for Training Provider of the Year at the TES FE Awards. I’ve also personally been acknowledged as one of the UK’s Top 50 Most Ambitious Business Leaders and Most Influential Female CEO. What generation of business are you, and what are your first memories of the family business? We’re a first-generation business – both I and my father have been involved since the start, and still are today. Some of my first memories of this business are of us both, and other family members, packing courses in my parent’s garage and taking them down to the post office to be sent to our new learners! I had an amazing childhood filled with love and care, for which I’m really thankful for. I have lots of wonderful memories from when I was a child and of our first steps together in setting up the family business. I was fortunate to be able to join my family travelling the world, spending a lot of time in the USA, which really opened my eyes as to how big the world is and how many opportunities there are. When I was younger, my parents didn’t have a lot, but they worked hard and showed me that anything is possible – you just have to put your mind to it! I’m incredibly proud of both my parents for what they have achieved in life. Are there any other family members working in the business? Right from the get-go it was a family effort to get OSC off the ground and many of our family still play a significant part in the business today. It’s a real family affair with my mum, sister, brother-in-law, and my fiancé all playing a part in the business’ growth. How important was the business in your life as you grew up? I was 18 years old when the business came to fruition, but I think I always knew I wanted to own a business as I got older, particularly in my teen years, watching my mum and dad work in the distance learning sector. What was your journey into the family business and what do you do now? Today I’m the CEO of OSC, but it all started when I was a lot younger. I knew I wanted to own a successful business one day, and together with my dad, who mentored me from a young age, we made that happen. Growing up watching him work hard and progress up the career ladder showed me what was possible. He’s taught me so much both on a personal level, but in regard to business too; his expertise and experience has helped shape OSC into what it is today. Some will say I’m a chip off the old block, and I couldn’t agree more! What has helped your business survive and thrive to date? As a family business with family values at our core, our team is really tight knit. I’m a great believer in a business being the sum of its parts. This has helped, and will continue to help, us stand the test of time. We wouldn’t be where we are today without my leadership team, our members and our learners. Many students come to us because they aren’t fulfilled in their current job or they have personal reasons which impact how they can study. We feel fortunate to have helped a lot of people through some really dark times in their lives by giving them something else to focus on – that’s what gets me out of bed in the morning. I’m still relatively young with plenty of ambition, and OSC still has lots more opportunities for growth. We have some very exciting plans for 2022 and there is plenty more that we can achieve to truly help people become empowered to move forward with their goals. We love seeing our learners progress into new roles, achieve the promotion they’ve had their eyes on for a while, or learn new skills because they wanted to do something for themselves. Being part of that keeps us striving for more. What values are important to the family and the business? Our values are excitement, ambition and togetherness. The business was built on family values, so they’ll always be at the core of what we do. Do you build the family ownership into the marketing and brand narrative and if so, how? We consider ourselves a family business with over 100,000 members. Education is more than textbooks and classrooms, thus the backdrop of ‘family’ permeates through our business and how we work with students. It’s these family values that are built into our brand, narrative, and all of our marketing activity. Everything we do is centred around our family of colleagues and students, and through our diverse and flexible offering, we empower every member of our family to flourish and achieve their goals. I believe this is why we have continued to thrive into the second decade of operation. What do you think makes working in a family business special? You always know that whatever happens, family has your back and supports you through the tough times as well as the good. For our team members outside of the family, I think they also feel differently working within a family-run business. I’d say this is because we’re more compassionate as a team, we understand that family does come before business or work. Whilst we’re all here to do a job, we understand there are other things going on in people’s lives that may demand more attention. Are there any disadvantages associated with working in a family business? I love working with my closest family members, but the one thing that can sometimes be difficult is that you can never truly leave work at the door. Many times, we have ended up discussing business matters over a Sunday roast, or when we’re away on a family holiday. We’ve definitely got better at not doing this as much, but it’s taken many years to finesse! Have you taken any particular steps in terms of governance to help protect the business for the future? Funded personally by our family, OSC has come a long way since starting out. What remains firmly intact is the family ethos that underpins the business. Courses and materials are under constant revision based on feedback as enhancing every element of our offering to provide a high-quality student experience is essential to the future of our business. It’s taking product and service innovation steps like this that has allowed OSC to continue to dominate the sector. We also always try to follow a strategy, or a business plan. We look two to five years into the future in terms of where we want to be, but also take opportunities as they come, meaning sometimes big initiatives can get pushed back. We look at budgeting, team structure, and strategies through different departments to bring together a full business strategy. We also always monitor current trends, sector changes and our competitors, trying to be one step ahead. Board meetings are also standard practice which we’ve done for years, and these help to shape our short, medium and long term plans. The global pandemic has had a severe impact on education around the world but we’re proud to be in a privileged position to be able to adapt to the unexpected challenges and embrace innovation to support not only our learners, but go above and beyond to support those less fortunate. Adapting to suit the needs of our audience are steps we’ve taken to ensure the business is protected for the future. As a family business, consistent growth to us means ensuring that high-quality education remains accessible, no matter what. Is there a next generation in the wings? Not as yet… unless you count my three-year-old nephew! What advice would you give to anyone in the next generation considering joining their family firm? If the business or sector is one that you’re interested in and something you think you could become passionate about, definitely go for it. It’s hard work, but worth it. You’ll have a lot to prove to people outside of the family that you’re in the role for your experience, skills, and ambition, but if the job is right for you, those qualities will shine through. It’s also sometimes hard within a family business not to take things personally, so if you have a sensitive nature you may find it tough at first, but you will understand in time that it’s just business, and nothing against the family itself. If you could talk to your younger self before you joined the business, what would you say? I’ve been faced with some adversity when building the business, and I still think to this day it’s because I’m a woman. That and the fact that I was 18 when I started the business with my dad. I think because of this I’d tell myself that some people will wonder if you can do the job effectively but one day, you’ll prove that no matter what your gender or age, you can do anything you put your mind to. As long as you have the passion and excitement for what you’re doing you’ll succeed. You’re in this for the long haul and be prepared for the tough times as well as the easier times! You will get through them both, especially with a good team around you, so choose wisely. If you could sum up the family business in three words, what would they be? Ambitious. Exciting. Together. Find out more by visiting their website here

This feature formed part of the KPMG series, “ Philanthropists in Action ,” a case study series which looks at emerging trends in the philanthropy landscape, as the ESG agenda and creating social impact climb the priority list of Family Offices and ultra-high net worth individuals (UHNWIs) around the world. “Philanthropy and family businesses have been at the heart of African culture for generations,” says Tsitsi Mutendi, Co-founder of the not-for-profit African Family Firms (AFF). “They sustain families, friends and neighbours, often growing into multi-billion-dollar enterprises.” “As Africans, we practice ubuntu. It is not about me, it’s about us. I am part of an ecosystem of other people that sacrificed their time, their resources for me. And we do the same.” She explains, the practice of giving reflects the spirit of Ubuntu, recognizing that the wellbeing of one is deeply connected to the wellbeing of others. Tsitsi is a third-generation entrepreneur, and in addition to her leadership of AFF, manages a successful publishing company and a Montessori school. She follows in the footsteps of her parents, grandparents, and her in-laws, the Mutendi family, who built a successful church, as well as a number of successful family-managed businesses. Philanthropy has been at the heart of the Mutendi family for over 100 years. “Ours was a home that was always full of children that needed a place to stay, someone to talk to, or to help with schooling,” says Tsitsi. Family business in Africa has not always received its fair share of attention. Despite sitting at the economic heart of the African continent, creating wealth for communities, and driving philanthropic activity, African family businesses are sometimes overlooked, under-documented, and unsupported. That is changing, driven by the passion, enthusiasm, and unending efforts of community leaders like Tsitsi. AFF was established a little over 2 years ago as a not-for-profit organization to support and facilitate the continuity of African family businesses across multiple generations. “The world is now looking at the continent because it is the last frontier,” explains Tsitsi. “We have so many resources and the youngest population on earth. We have so much, yet other people are identifying what we have.” Tsitsi explains that creating the AFF, was about recognizing that the conversation in Africa has to shift from political to economic. “We have to identify what we have, start learning from the mistakes of others, and create our own narrative, identifying the things we’ve done well,” says Tsitsi. Tsitsi’s approach to philanthropy demonstrates an upbringing where philanthropy was an everyday part of family life. “My mom was a philanthropist. If someone lost their parents, they came to stay with us. If they needed help, they stayed. It takes action to change the narrative; one dollar to change the story. That’s true philanthropy,” says Tsitsi. African Family Firms – how AFF is making a difference The AFF seeks to facilitate the continuity of African family businesses across generations, promoting the positive impact they have on the economy and, importantly, society. It is built around four pillars – community, research, academic education, and advocacy – providing an open and safe space for business owners to network and discuss the challenges and opportunities they face, creating, in effect, a peer board. “AFF is leading the discussion on issues that affect family businesses now, that we are part of a global audience. We recognize our history and our struggles; and in acknowledging that, we can face and step into our future,” explains Tsitsi. The African continent is home to almost two billion people yet has little formal education available for family businesses. Generations of future business leaders are leaving the continent to learn, bringing back knowledge and insights from other places that creates significant gaps in the African perspective. The AFF will shortly take over the Galliard Institute, renaming it as Galliard International and creating a world-leading family business adviser centre of learning. The final pillar is advocacy, with the AFF lobbying government seeking change in the legal system to encourage family businesses to thrive and grow. “As a solid group of family businesses, speaking with one voice across industries, creating a family business desk on government ministries, we can start creating change,” says Tsitsi. Put simply, successful family businesses mean healthy thriving communities. More money in Africa is spent by Africans on Africans through philanthropy, or Ubuntu, than through foreign aid. A spirit of Ubuntu A spirit of Ubuntu underpins the AFF, just as it underpins family life. “It is not about me, it’s about us,” Tsitsi explains. “I am part of an ecosystem of other people that sacrificed their time, and their resources for me. And we do the same.” “More money in Africa is spent by Africans on Africans through philanthropy, or Ubuntu, than through foreign aid. When we see neighbours not having food and share a meal or buying a neighbour’s child a stationary pack for school, that is real philanthropy, yet it is not documented. You may not see the benefit, but that is not the point. You give because you want to make a real difference.” Impact and collaboration Tsitsi emphasizes the need for collaboration as fundamental in achieving scale in Africa, whether that is through education, healthcare, environmental projects or supporting businesses. “When you work with other people, there are more ideas and more ways of creating synergy and opportunities. There are always ways to collaborate if you speak to people, government and organizations and find out what really matters to them.” Tsitsi points out that by identifying opportunities to help and― uncovering the areas where others may be lacking before finding people who are passionate about those areas with whom you can connect them, can make a greater impact. The importance of measuring that impact is not underestimated by Tsitsi. She says the AFF works to measure impact when change is seen. “The AFF is empowering family businesses,” says Tsitsi. “All of these things we do are coming together to be used by family businesses. They may not be used immediately, but we are documenting activity and mapping individual journeys. At some point, when the tide changes, when people need this information, it will be there. When you look at philanthropy, the measured impact isn’t immediate. It is never going to be.” Learnings for other philanthropists It is here that Tsitsi offers advice to philanthropists starting their own philanthropic journeys. “Make conscious giving decisions because it can be tiring if you feel like you are giving and giving, yet not seeing results. Ask whether they need that gift and will they know what to do with it? Understand the people you are supporting so you understand what they need and what they do not.” In other words, setting objectives that align to the values of both the individual philanthropist and the organization is key for all. “Don’t be the person that gives and then just walks away. Identify what you want to achieve and help see it through.” Find out more about Tsitsi and her work here This article was first published by KPMG and has been republished with their permission.

This feature is a part of the KPMG “ Philanthropists in Action ” case study series, which looks at emerging trends in the philanthropy landscape, as the ESG agenda, and creating social impact climb the priority list of Family Offices and ultra-high net worth individuals (UHNWIs) around the world. C. Hoare & Co. is the UK’s oldest private bank, founded in 1672 and still family owned, with a long history of philanthropic practices across its 11 generations. This culminated in the formal appointment of a Head of Philanthropy in 2018, an appointment bestowed upon Rennie Hoare one of the bank’s youngest partners. Rennie had enthusiastically advocated for the need for such a role, to provide greater structure and focus to the philanthropic activity of the family and the bank in order to increase the impact it could have on the communities it served, and strengthen the involvement of its customers on this mission. The Hoare family and the bank already had a strong foundation in giving, directing 10% of the bank’s profits on an annual basis to the Golden Bottle Trust, a foundation established in 1985 to further the family’s philanthropic work The Golden Bottle Trust operates quite differently from other family foundations, reflecting perhaps the size of the family behind it and its unique relationship with the bank. Family members with a deeper involvement in the Golden Bottle Trust have a discretionary pot that they can allocate to charities they know well, without first having to go through the committee process. For example, when the COVID-19 crisis hit, this allowed family members to react and support charities responding to the situation in a timely way. Creating new ways to engage the extended Hoare family in giving programs has also been a successful approach to maximizing the impact of the Trust. “There are 2,400 direct living descendants of the bank’s founders,” explains Rennie, “and they too can apply for a grant of up to £5,000 to give to a charity in which they are closely involved. In addition, a Family Forum has been established through which decisions are made on how to allocate funds to a selection of trusted partner charities. These partnerships and networks facilitate the possibility of unrestricted grant making, allowing for the most impactful work to be achieved. “We make some 300 grants each year in this way,” says Rennie, “and while they may not always be large, they do embed us in the charity sector. “At a more strategic level, we carve out a third of each year’s grant-giving to go to just 10 charities via our large donations panel. We look to find charity partners we can trust, we get to know them, and then provide unrestricted grants. We do not want to tie them in knots with lots of reporting and gating; we want them to get on and do things.” That is not to say, however, that reporting isn’t important. It is something, says Rennie, that is approached in a slightly different way. The Trust also employs some creative strategies to help engage bank employees in philanthropic programs and opportunities to give, including through employee-matching programs. “We operate a give-as-you-earn scheme for our bank staff, where the Golden Bottle Trust contributes two pounds for every pound given by staff. It’s an amazing maximizer, with over £280,000 given by staff last year.” Uniting A Community As part of his efforts, Rennie established a community of giving amongst C. Hoare and Co. extending beyond customers to wider stakeholders, creating a forum for like-minded customers to meet, showcase charities and their work, while learning from each other’s successful, and sometimes less successful, philanthropic endeavours. This was also a source of ideas and inspiration for Rennie as he continued to expand on the organization’s direct philanthropic efforts. “There has always been a passion for philanthropy and the charity ecosystem,” explains Rennie, “and particularly on improving the way charities operate, and I approach my role from that perspective. I am passionate about improving the way things flow.” In 2011, C. Hoare and Co. would become the first UK bank to create a donor-advised fund, now with over £220m in assets, representing 10% of the UK donor-advised fund market. Snowball In 2016, the Golden Bottle Trust launched its first social impact investment fund, Snowball, with the aim to change the way the charity investment market operates. “We are trying to establish a strong sense of accountability in where funds go; there is a risk with charitable trusts, that if you are grant-making and holding a sizeable investment portfolio invested in companies that are causing damage to society at a greater rate than the good you are doing, well, that is untenable. Snowball is much more about harmonizing grantmaking and investments. We espouse the view of what we call total portfolio impact, where both grants and investments are set out to do intentional good.” To support this, the Trust made a decision in recent years to ensure that 100% of activity invested goes towards social impact investments. “For us, it’s crucial that we understand the impact of all the things we are doing through the charitable trust.” Snowball’s mission is not insubstantial, with the bank looking to make the fund available to a wide range of individual investors. “We want to see Snowball replicated by other fund management firms and think about what the next wave of capitalism should look like, where financial, environmental and social returns are considered,” says Rennie. Advice For Other Philanthropists Rennie recognizes that it can be daunting for those starting on a philanthropic journey, often looking impenetrable to the outsider. That can disengage individuals from taking the first step. “Philanthropists are, naturally, very generous with their time, so if this is something you wish to explore, talk to friends, your advisers and your network. People will want to share, support and encourage best practice.” He emphasizes the importance of focusing on areas of passion, rather than on trying to support every support-worthy organization. “Focus on what you really care about. That may sound trite, but there are over 168,000 charities in the UK and if you spread yourself too thin it can become quite disengaging. Your impact will be minimized.” About The Golden Bottle Trust The Golden Bottle Trust was established by the partners of Hoare & Co in 1985. Since then, it has supported the philanthropic commitments and principles of the Hoare family. Each year, the partners donate up to 10% of the bank’s profits to the Golden Bottle Trust: the money is used both to support charities in that annual cycle, and to create a reserve to support future giving. 100% of this reserve is invested into social impact investments. The Golden Bottle Trust also supports staff participating in the bank’s Give As You Earn (GAYE) scheme by double-matching their charitable donations. At present, more than 40% of our staff participate in the GAYE scheme. This is one of many ways in which Hoare & Co look to fulfil the bank’s purpose as ‘good bankers and good citizens’. This feature was first published by KPMG and has been reproduced with their permission.

Games to Get is a family business that was co-founded back in 2011 by Mark Evans and his eldest son Luke. Mark has a long history of involvement in the family business sector through an assortment of roles and positions which has been invaluable when it comes to building his own family firm. The business is based around the creation of games with a strong underlying purpose of supporting people’s social health. Paul Andrews spoke to Mark, CEO, to find out more. When was the business founded? Games to Get was set up on 11th January 2011. What does it do? We publish games and provide team building services under the trade mark ‘Sussed’. We chose that name because players have to use their powers of intuition and social deduction to suss each other out. Our mission is to support people’s social health – a person’s ability to form strong healthy relationships with other people. Not many people know social health is a thing, even though we’re all social detectives at heart. So we conducted some research with the University of Hertfordshire. It shows that social health is just as important for wellbeing as physical and mental health, something that has really come to the fore in the past couple of year with with Covid. As if to back this up, I received an email from the CEO of a 140-year old family business in December 2020. He said he was putting together a goodie bag to give his employees something to smile about after a difficult year. He asked for 70 of our games to add to it. A few months later a mental health charity told us how they’d sent 60,000 of our cards to over 6,000 workplaces, schools and individuals across the country to help get people talking about mental health. Before that, a school for special needs education wrote to me to say that they had made our card games part of their programme. Christmas 2021, another company asked for 200 games for their staff hamper, because they couldn’t have a staff party. Tell me a little about the history of the business? I got the game inventing bug from my dad who used to pitch ideas to toy companies in his spare time. We often used to work until the early hours of the morning. Needless to say, it’s incredibly difficult to create something new that people want. Although I went into banking, I never let go of inventing games as a hobby. What generation are you and what are your first memories of the family business? I’m first generation and all I can remember is spending evenings and weekends playtesting and building prototypes and more playtesting. My full-time job kept me working long hours, so it was a case of fitting everything else around that. Are there any other family members working in the business? Yes. Luke, my eldest son, is our Chief Product Officer. One of his favourite things to do as a kid was create games for himself and his brother to play. Rose, my wife, is our Chief Operations Officer. She’s always loved playing games, but didn’t ever expect to be involved in creating one. Josh, my youngest son, is our Digital Officer. He’s a massive board game fan as well being the proud owner of our lucky mascot – his dog Chip. How important was the business in your life as you grew up? The idea of starting a business was very important. I’m sure it had a lot to do with the fact that my parents both tried to get different businesses off the ground. My mum, who was French, set up a business importing pastries from France. The rum babas were very tasty! In addition, as the founder of the JPMorgan Family Business Honours, Coutts Prize for Family Business and Coutts Institute, I was constantly inspired by the family businesses I met. What was your journey into the family business and what do you do now? I exhibited my first prototype game at a London Toy Trade Fair in the early 80’s. It was a strategy game called Mindz that started where chess left off. Sadly my dad had passed away, but my mum came along to cover the stand while I talked to potential buyers. Although nothing much came of it, I learnt tons. Over the next ten years, I worked on a number of different game projects. It led to my taking a break from banking to start a mobile games company at the end of the 90’s. Like a lot of other fledgling businesses, it didn’t survive the dot.com bubble, but it was an amazing experience. Ten years later, Games to Get was born with Luke focussing on product development. With over 6,000 reviews on Amazon, we seem to have struck a chord. Today I’m the Chief Susser, which means I do a bit of everything! What do you think will help your firm stand the test of time? Planning for the business and the family are going to be key. Although there are massive uncertainties, we all know it’s essential to be able to describe where the business is going and how we’re going to get there. We were very dependent on Amazon sales for the first ten years, but we’re pivoting to other channels now. We realise it’s just as important to be able to share our personal aspirations to be sure the long-term vision for the business and the family are aligned. It’s also essential to have a sense of purpose. When we get so many varied comments like this ‘We’re a pretty quiet and reserved group of people and rarely talk about anything personal – so this is a great way to get into meaningful conversations in a fun way”, we know we’re on the right track. What values are important to the family and the business? Innovation has always been a strong value of ours. In the beginning it was about creating new products to expand our existing range of games. Last year we started a series of online focus groups with 100 people from different walks of life that we didn’t know. Some of them were families, some were friends, but a lot were work teams. We’d host, they’d play test and eat pizza in their lunch break, or crack open a bottle of something at the end of the day. The feedback was so positive, it gave us the idea of launching a virtual and in-person team building service. Studies show that the better teams know each other, the better they work together. Entrepreneurialism is another key value. With that in mind, we’re launching our first Kickstarter (crowdfunder) in June. Luke is leading the Project. It’s a new Adventure Personality Game set in a fantasy world. Players tell the story of who they are by the choices they make. We’re very excited about bringing more families, friends and colleagues together to have the best conversations they’ve never had. Do you build the family ownership into the marketing and brand narrative and if so, how? We’re big believers in promoting the virtues of being a family business. We talk about it in discussion with suppliers and customers. We feature it on our website and marketing materials. We think being part of the family business community can be a major competitive advantage. It’s also a great conversation starter. We’ll certainly be bigging it up for the Kickstarter! What do you think makes working in a family business special? Working towards a common goal with people you trust and care about is hard to beat. We don’t think twice about putting in the hours to make the business a success, because we’re all involved in the decision making. Although it’s not easy, it’s very rewarding when we’re able to make things happen together. Are there any disadvantages associated with working in a family business? Lots. Deciding what is best for the family and what is best for the business can mean different things, so it’s important to discuss whether it’s family first or business first. In addition to that, there are all sorts of risks associated with a lack of rules relating to the ownership and management of the business. Generational transfer is probably the biggest challenge. I was a big believer in equal shares for the next generation, but that’s changing because no one else agreed. Ultimately, family risks are much easier to anticipate than business risks, so it’s important to talk about them. Have you taken any particular steps in terms of governance to help protect the business for the future? As a former family business adviser, and previous chair of the Family Firm Institute, governance is never far from my mind. It takes on a different slant, of course, now that I’m a small business owner. Suffice to say, some of what we do is formal and some informal. For example, we don’t have it written down anywhere that I’m Mark to my sons when we’re in the office and dad when we’re at home. (It’s made all the more confusing by the fact that we work from home!) But it does help to know which hat we’re wearing when we speak to each other. Similarly we don’t have a family council in place (there’s only four of us), but we do meet regularly in person and online to make decisions and keep everyone in touch with what’s going on. At the other end of the spectrum, we’ve adopted certain structures like the Games to Get Charities Trust. That’s because we decided to donate 10% of our profits to charitable causes from the start. Today our giving is very much aligned with our mission to boost social health. This year we’re supporting Age UK (Herts) and the Fiorentini Foundation that helps disadvantaged children via the performing arts. Is there a next generation in the wings? Yes, Luke and Joshua are both involved in the business. They started on a consultancy basis before taking on defined roles. In addition to their passion for games they each bring unique skills and a different focus. We talk a lot about what they want out of the business and how we should plan for succession. Ultimately, we all believe in the ‘principle of excellence’ at the top. That’s another value of ours. And it means my position is under review just as much as anyone else’s! What advice would you give to anyone in the next generation considering joining their family firm? I’m a big believer in giving the next generation the opportunity to flourish outside the family business. I think having the chance to experience different industries, corporate cultures and management styles can be invaluable. Luke and Joshua have both done a few things outside Games to Get. I’ve no doubt they will want to do a few more. If you could talk to your younger self before you joined the business, what would you say? Focus on what you’re good at. Although I learnt a lot from setting up the mobile games company, I didn’t understand software well enough to make it a success. Today I can find my way around the basics of Adobe Creative Suite, but I’m happy to let my sons take the lead in everything from mobile app to website development. That said, I’ve still got a bit to teach them on financial management! If you could sum up the family business in three words, what would they be? Social Health Matters Find out more about the business by visiting their website here

Entrepreneurs are more likely to consider property investment rather than a pension to build their wealth, according to research from Brown Shipley, a Quintet private bank. The survey among entrepreneurs and wealthy individuals in the UK found that entrepreneurs are more likely than wealthy individuals overall to have amassed wealth through investment in property, and less likely to have done so through a pension. Almost a third of entrepreneurs (30%) state that property investment is a main reason for their wealth, compared to 21% for wealthy Brits overall. While 44% of wealthy individuals in the UK highlight their pension as a main reason for their wealth, this falls to 28% for entrepreneurs. Property investment (30%) and inheritance (31%) are the second most cited reasons for wealth among entrepreneurs, preceded only by salary, for which around half of entrepreneurs (51%) say is a main reason for their wealth compared to 64% for wealthy Brits overall. Over a quarter (27%) of entrepreneurs say that entrepreneurialism and proceeds from a business are a key reason for wealth. More than one in six entrepreneurs (15%) say that a lottery win or gambling has had a material positive impact their levels of wealth, almost double the amount for wealthy individuals in the UK overall (8%), suggesting they may take a different approach to risks with their finances. Just over half of entrepreneurs (51%) plan to use their wealth to provide an income in retirement, versus 61% for wealthy individuals on the whole. Gordon Scott, Head of Client Solutions at Brown Shipley, said: “There is an obvious additional financial risk that comes with working for yourself, with capital tied up in the business and director salaries dependent on business performance, which may explain why many entrepreneurs look to bricks and mortar for broader wealth generation. For the same reason, some entrepreneurs might be less willing to put their money into other companies through a pension, which will tend to be primarily invested in stocks and bonds.” “Working for yourself can mean that some of the more traditional ways of saving for the future and amassing wealth – such as a pension – can be forgotten. Entrepreneurs, by their nature, will have a lot of their potential wealth tied up in their business endeavours. Business planning can often overtake personal wealth planning, but it is important to ensure the two align." "We encourage our entrepreneur clients to look at their wealth and plans holistically, and ensure they are managing risks and making the most of tax allowances, such as those offered through pensions.”

Managing your finances takes time and energy, something we mostly learn as a life skill as we progress through our careers. Unfortunately, financial wellbeing is still a subject most people in the workplace were never taught or received guidance on; we simply learnt from our parents or developed it from experience and our mistakes. In our early working years, we move from one payday to the next, occasionally wondering why we have run out of money a week before we get paid, Adrian Firth, Employee Benefits Consultant from Mattioli Woods shares his thoughts on how to plan for financial wellbeing. That is why managing money and finances takes effort and yet we all suffer from a little laziness from time to time. Having a financial plan requires just as much effort as keeping fit or mentally looking after ourselves. In fact, money issues and worries can have a detrimental effect on our mental wellbeing and vice versa, which is why it is important to continually learn and develop our financial skills. So back to my original point, that financial wellbeing takes effort. If you wanted to get fit, would you not take the time to join a club and start to build up your training? Finances are no different – there are many online resources that could be your ‘club’. Being financially sound is not about how much money you have; it is about making the best use of what you have and the continual learning you undertake and put into practice. In the exceptional times in which we live, I can see why people might worry about pensions and investments, market conditions and global commerce. There are endless news articles with real or potential worries and threats; however, I believe there are three simple, basic steps we can all take that will help us improve our financial fitness and financial wellbeing: Budget It does not matter how much money you have or how much you earn, if you do not have any plan in place then you are unable to plan ahead. All it takes is a spreadsheet or a budgeting app and you can start to take control. A budget is becoming essential for our financial lives, as many financial decisions are based on our ability to repay and our disposable income. It is not just about covering the bills and whatever is left is spending money; we need to allocate a budget for everything from rent or mortgages through to food, clothing and socialising. Having control over money is an essential step to creating financial security. Emergency Funds Many UK workers do not have anything to fall back on should the worst happen. Most are still moving from payday to payday without putting anything aside. There are many opinions on how much you need, ranging from two months’ to six months’ worth of salary, but it starts with having an element of savings in your monthly budget. An emergency fund needs to be there when you need it but not readily spendable. So, invest this fund in a bank or building society savings account that can be accessed through a branch or an online transfer, but NOT in your regular bank account (where you will spend it!). Try Not To Worry This one is always counterintuitive as we naturally worry when things start to get out of control or if we experience any financial difficulties. Rest assured, there are ALWAYS solutions to every financial problem you might have. The financial services industry and the Government really do wish to treat people fairly and with compassion, to find a solution to any issue a person has. If it is debt, there are charities and Citizens Advice with multiple solutions; if it is income, then your employer and your local council can help; if it is savings and investments, then speak to advisers and/or your bank. If you just put your hand up, you will find help is very forthcoming. So, having good financial wellbeing is not hard; it just means we need to spend time and effort to make things better for ourselves. Taking time to manage the money in and the money out is essential and starting the savings journey will help greatly with our financial security. Seeking help is essential – we all need a helping hand from time to time.

After a tumultuous past two years for businesses, even the smallest increase in supplier or software cost or change in strategy can impact a company’s profitability; every penny counts. Although business owners are familiar with ‘being online’ and tend to dabble with a mix of marketing tactics, experts say businesses should be using digital marketing strategically in order to save costs and raise revenue. Following a 1400% increase in interest for the search term ‘business cost savings’ between March to June 2022, digital marketing and website development specialist, Fishtank Agency, highlights five ways you can save costs as a business online: 1. Create a 12-month strategic marketing plan with a set budget/limited expenses Developing a marketing strategy that aligns with your overall business plan and objectives is essential to building resilience. Understanding your target audience, their wants and needs, and your own goals and key performance indicators (KPIs) as a business will not only give you clarity and results but also save you money. Planning 12 months ahead helps avoid future uncertainties and reduces the risk of failure. It allows time to coordinate tasks and distribute responsibilities, such as thorough research and visual graphic creation. You can utilise a number of organic marketing tactics to build brand awareness, an audience and ultimately new customers. An essential organic component of this strategy is content marketing. Creating and posting valuable, relevant and meaningful content is a great free way to increase your brand awareness, trust and authority, leading to increased lead/sales generation. Using a mix of the below techniques is recommended to achieve the best results: A consistent flow of social media content (organic) Monthly email newsletters Advice-led blog posting Search Engine Optimisation (SEO) Building backlinks from high authority websites 2. Choose a hosting and maintenance partner that offers flexibility Choosing a provider that regularly monitors and suggests suitable plans based on usage not only protects you from inflation but gives you the flexibility to adjust your package depending on your needs. You want a contractual agreement with a price promise for 12 months minimum to protect you and your business as the cost of living rises and other expenses increase. For example, in manufacturing, you will often find at least one period of the year where traffic is expected to ramp up significantly. This can be driven by classic product-related seasonality (e.g. sun cream in Summer) or marketing offers to inflate demand, and your website will need to be able to handle any spikes in traffic. By partnering with an agency that regularly reviews your package and suggests ways to improve the service provided, you could look to save or reallocate funds elsewhere. This relates to hosting and any monthly or annual agreement your business may be contributing to, such as website maintenance, CRM software, etc. 3. Take advantage of organic social media and email marketing Despite social media platforms bringing in 29.37 billion pounds in revenue – the marketing tools themselves are free, unlike many traditional marketing methods (print marketing, tv and radio advertisements etc.). Using organic social media content that can be packed with clickable links is also a cost-effective alternative to increasing website traffic and goal conversions, which can save on any extensive pay-per-click (PPC) budgets. Social media marketing is quick, easy and time-efficient. You can build a community of followers and gain consumer trust by providing bucket loads of resources all in one place within minutes. The platforms also allow you to humanise your brand and partner with influencers and key stakeholders. Key things to remember when managing social media for a business: Create a social media strategy based on your target audience Put together a content plan looking at key awareness days, products and services, User Generated Content (UGC), testimonials, FAQs, behind the scenes and more Schedule your posts to save time using tools like Hootsuite, Tweetdeck or Buffer Measure results using Google Analytics as well as internal social media analytics Keep an eye out for industry trends using social listening tools and Google Trends Create engaging social graphics using Canva or if your budget allows, reach out to a graphic designer for some creative direction 4. Strengthen relationships with suppliers and customers with case studies and connecting on social media By building a bank of case studies and sharing this insight across social media (tagging relevant stakeholders), you can reduce the cost of marketing efforts as it is a free and organic way to build trust and brand awareness with your audience. It not only makes your customers feel appreciated and special, but it also allows your brand to reach businesses it may not otherwise have. By engaging with your customers and suppliers on social media, you are building credibility with potential new customers that are not following your content yet; essentially, you can reach a wider audience at no expense. When writing case studies, link back to customer and supplier websites and focus on target search terms. This will support the improvement of website authority and visibility online, and Google keyword positioning will improve, increasing website traffic. To do this, use tools such as Google Search Console, Google Analytics, Moz and Google Trends to carry out your keyword research and ensure you are targeting the most relevant keywords or phrases. 5. Increase digital reach and rank higher in organic search results with traditional SEO Traditional SEO practices are one of the top ways to increase keyword rankings and reach while simultaneously trying to maximise the marketing budget. Spending money on PPC advertising and Google Ads can quickly become expensive, especially in competitive industries. Building a solid organic search presence with relevant content and strong website optimisation can be a great way to still appear at the top of the first page of Google. Users often ask Google very specific questions – and if your website gives them direct answers to those questions, the search algorithm will reward that. Support that with in-depth on-page optimisation, perfecting your meta descriptions and alt tags, and you could find yourself with a featured snippet (highlighted excerpts of text that appear at the top of a Google search results page in what is known as ‘Position 0’) or top position. Whether you use an agency to help with your SEO or invest in an internal resource to manage search presence, this strategy, in the long run, works out much cheaper than a search ads campaign that you have to fuel with money every single month. Jacy Yates, Account Manager at Fishtank Agency, summarised: “Digital marketing helps businesses of all sizes become more visible online. Whether it’s through social media, a website, or other means, digital marketing tactics can make a significant difference to a business’s marketability and profitability.” “The above tips on how you can save costs as a business online show the cost benefits of digital marketing; the key to using them is to have the right talent in-house or to find a compatible business partner in a digital agency you can trust.”

The UK’s largest family-owned furniture retailer, has scooped three major awards at a prestigious awards ceremony, celebrating the very best of British family-run firms, organised by Family Business United. Furniture Village was named Supreme Champion Family Business of the Year, Retail Family Business of the Year and London & South East Family Business of the Year at the 2022 Family Business of the Year Awards, that took place virtually this week. The retailer was recognised for its consistently innovative approach to retail, rich and meaningful family-first culture and strong growth performance, delivering sustained competitive advantage. Charlie Harrison, commercial director at Furniture Village, pictured with his father Peter, comments: “We are humbled to have won not one, but three awards at the Family Business of the Year Awards.” “Our philosophy of ‘doing it right’ spans across our entire business, and it’s a real testament to our staff and stores to have won all three awards.” “Family is the lifeblood of our business, not just the Harrison family, but many other families that put their heart and soul into making our business what it is today.” Businesses were judged on a host of criteria including philanthropic activities and post-pandemic challenges, as well as how much involvement family members play in the day-to-day operations. Family Business United’s managing director Paul Andrews comments: “It is an absolute honour to champion Furniture Village, celebrating the immense contribution they make to the local, regional, and national economy. Furniture Village’s contribution deserved to be recognised and the Family Business of the Year Awards celebrate the very best of British, family firms that have a narrative, clearly defined values, and a real sense of purpose.” Each win was warmly welcomed after overcoming a number of challenges set upon the retail industry throughout the past two years. Paul Andrews adds: “Family firms are the backbone of the UK economy and across the UK they will be vital as the economy recovers from the events of the past few years. Congratulations to Furniture Village for each truly deserved award.” Charlie Harrison concludes: “It’s fair to say we’ve been challenged on a number of occasions over the past few years, yet through all of this, we’ve achieved a remarkable milestone of our biggest turnover ever." “From post-pandemic recovery that has seen supply chain pressures, to world-wide shipping issues for the entire consumer industry, this fantastic milestone brings us back to our philosophy of ‘doing it right’, showing we can pull through and take a magnificent win along the way.” The awards ceremony, which takes place annually, was sponsored by Mattioli Woods amongst others. In light of the success of previous years and the benefits associated with virtual events, Family Business United took the decision to conduct the awards online again, allowing those involved to share the event with family members and colleagues to watch and celebrate across the nation.

The latest figures from HM Revenue and Customs (HMRC) show that inheritance tax receipts received by HMRC increased by £300 million to £1.8 billion in the three months period of April 2022 to June 2022. This is an increase from the same period in the previous year, and continues the upwards trend over the last ten years. One in every 25 estates pay inheritance tax, but the freeze on inheritance tax thresholds, inflation at its highest level for 40 years and decades of house price increases are bringing more and more estates above the threshold. For those that are paying this death tax, Wealth Club calculations suggest the average bill could increase to just over £266,000 this tax year. This is a 27% increase from the £209,000 average paid just three years ago. Inheritance tax is typically paid at a rate of 40% over certain thresholds (noting you can pass on money IHT free to your spouse or civil partner, whose enlarged estate could then be subject to IHT when they die). The main threshold is the nil-rate band and applies to the vast majority of people in the UK, enabling up to £325,000 of an estate to be passed on without having to pay any IHT. There is also a Residence Nil Rate band worth £175,000 which allows most people to pass on a family home more tax efficiently to direct descendants, although this tapers for estates over £2 million and is not available at all for estates over £2.35 million However, the nil-rate band has stayed at the £325,000 level since April 2009. Inflation has risen 45% over this time and average house prices have increased 67%. Alex Davies, CEO and Founder of Wealth Club said: “The Treasury raked in an extra £300 million from inheritance tax from May to June 2022 compared to the same three months a year earlier, this increase is being fuelled by soaring house prices and years of frozen allowances which are now being decimated further by rampant inflation. Currently just 4% of estates pay inheritance tax, but given the nil-rate and main residence nil-rate bands are frozen until at least April 2026, it is likely the estates of many individuals with more regular incomes and average value homes, will end up getting caught out by this most hated of taxes.” “Moreover, with the government purse under pressure from all angles there is unlikely to be any respite from this soon. The good news however is that there are still lots of perfectly legitimate and sensible ways to pass on money free on inheritance tax to your heirs and it is for this reason that inheritance tax in some circles is referred to as a ‘voluntary tax’.” 1. Make A Will Making a will is the first step you should take. Without it, your estate will be shared according to a set of pre-determined rules. That means the taxman might end up with more than its fair share. 2. Use Your Gift Allowances Every year you can give up to £3,000 away tax free. This is known as the annual exemption. If you didn’t use it last year, you can combine it and pass on £6,000. You can also give up to £250 each year to however many people you wish (but only one gift per recipient per year) or make a wedding gift of up to £5,000 to your child; up to £2,500 to your grandchild; up to £2,500 to your spouse or civil partner to be and £1,000 to anyone else. 3. Make Larger Gifts Pass on as much as you like IHT free. So long as you live for at least seven years after giving money away, there will be no IHT to pay. 4. Leave A Legacy – Give To Charity If you leave at least 10% of your net estate to a charity or a few other organisations, you may be able to get a discount on the IHT rate – 36% instead of 40% – on the rest of your estate. 5. Use Your Pension Allowance Pensions are not usually subject to IHT – they can be passed on tax efficiently and, in some cases, even tax free. If you have any pension allowance left, make use of it. 6. Set Up A Trust Trusts have traditionally been a staple of IHT planning. They can mean money falls outside an estate if you live for at least seven years after establishing the trust. The related taxes and laws are complicated – you should seek specialist advice if you’re considering this. 7. Invest In Companies Qualifying For Business Property Relief (BPR) If you own or invest in a business that qualifies for Business Property Relief – the majority of private companies and some AIM-quoted companies do – you can benefit from full IHT relief. You must be a shareholder for at least two years and still be on death though. 8. Invest In An AIM IHT ISA ISAs are tax free during your lifetime but when you die, or when your spouse dies if later, they could be subject to 40% IHT. An increasingly popular way of getting around this is by investing your ISA in certain AIM quoted companies which qualify for BPR. You must hold the shares for at least two years and if you still hold them on death you could potentially pass them on without a penny due in inheritance tax. 9. Back Smaller British Businesses The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) offer a generous set of tax reliefs. For instance, SEIS offers up to 50% income tax and capital gains tax reliefs, plus loss relief if the investment doesn’t work out. But EIS and SEIS investments also qualify for BPR, so could be passed on free of IHT. 10. Invest In Commercial Forestry This is an underused option for experienced investors. Pension funds and institutions have long ploughed money into forestry. The Church Commissioners has a forestry portfolio worth £400 million. Commercial forest investments should be free of IHT if held for at least two years and on death. You should also benefit from capital appreciation in the value of the trees (and the land they are on) and from any income produced by harvesting the trees and selling the timber (this income may also be tax free). 11. Spend It One sure-fire way to keep your wealth away from the taxman’s hands is to spend it!

With a recent family wealth report by Julius Baer stating that only 1 in 10 ultra-high-net-worth families have a formalised governing body, it’s no surprise that family governance continues to be a significant source of interest for the very wealthy. The continued growth of global wealth and allied growth in the number of family offices around the world means an increasing number of wealthy families will be grappling with the issue of governance and family offices. The latest report (below) from Russell Prior of HSBC Global Private Banking highlights some of the areas for consideration. Russell leads the Family Office Advisory and Family Governance practice for HSBC Private Banking across EMEA. He is also the author of Family Governance and Surplus Wealth: Sustaining Family Fortunes which was published in June 2021. Read the full report here:

The population is young and the economy has been growing for years. Vietnam exported goods worth 319 billion euros in 2021. Ten years earlier, the figure was 84 billion euros. That’s how long ago it was that Gebrüder Weiss opened two of its own locations in the South-East Asian country: one in the economic centre of Ho Chi Minh City (Saigon) and the second 1,600 kilometres further north in the capital Hanoi. “Today we know that was the right decision,” says Cristian Predan, Area Manager South-East Asia at Gebrüder Weiss. “The economic environment in Vietnam has improved steadily since we opened our first location there. The country’s road and port infrastructure has been expanded, while demand for consumer and industrial goods is rising among the exceptionally young population.” Exports include products from the electronics, mechanical engineering, aviation, chemical and food industries. Gebrüder Weiss mainly transports these goods for its customers to Singapore, South Korea, Europe, and the USA. Last year, the company increased the number of air and sea freight shipments by around 30 percent compared with the previous year. In Vietnam, Gebrüder Weiss manages several activities, including the spare parts logistics of European mechanical engineering companies, and operates a logistics warehouse for an international furniture manufacturer – including picking, packing, labelling and customs clearance. Vietnam is already the tenth country in which the logistics company has its own branches in East Asia and Oceania. The network now includes locations in China, Hong Kong, Taiwan, South Korea, Japan, Singapore, Malaysia, Australia, and New Zealand. Currently, the potential benefits of extending the network to neighbouring countries of Vietnam are being evaluated. Gebrüder Weiss already organizes cross-border land transports to Cambodia as well as domestic sea transports from the south to the north of the country.

Growth is the lifeblood of family business, essential to ensuring the business will continue to prosper for future generations. For the next generation of family business leaders, growth and sustainability go hand-in-hand. In new research from PwC, 65% of next generation (NextGen) family business members say achieving business growth is a top priority. At the same time, nearly the same number, 64%, say their family business has the opportunity to lead the way in sustainable business practices. More than half, 55%, believe their family business puts sustainability at the heart of everything they do, while 71% recognize their business has a responsibility to fight climate change and its related consequences. PwC’s Global NextGen Survey 2022, surveyed more than one thousand NextGen members in family businesses across 68 countries globally to understand their key priorities and challenges. Peter Englisch, Global Family Business Leader, PwC Germany said: “It is difficult for a family business to survive multiple generations. The NextGen members we spoke with, like the current generation, understand the fundamental need for growth to create value for future generations. The NextGens also recognize that it will take new approaches and skills to drive growth and keep the business thriving. It makes sense that addressing sustainability and climate change are high on their agenda.” While NextGens clearly see sustainable business practices as integral to long-term success, the Survey shows they may need to step up their engagement in the near term. Areas where NextGens say they are actively engaged at present include achieving business growth (59%), ensuring the business is offering the right products and services (50%) and adopting new technologies (44%). Only 28% say they are currently engaged in increasing the focus on sustainability and impact, though 72% say they expect to be involved in it in the future. Similarly, just a quarter of NextGens say they are presently engaged in reducing their business’ environmental impact, where 65% expect to be in the future. Pandemic Impacts NextGen Family Business Participation The COVID-19 pandemic was a double-edged sword for NexGen involvement in the family business. Close to half of respondents, 43%, say they feel more committed to the business than they did prior to the pandemic and that they are now more involved in the business. More than half, 56%, believe that communication between family members about the business increased during the pandemic. But the uncertainty created by the pandemic also appears to have made the current generation less likely to relinquish control and more difficult for NextGens to establish themselves. Only 28% of NextGens say they are given significant internal operations to run, compared to 48% in our 2019 survey; 32% say they are used as a sounding board, down from 36% in 2019; and 45% find it difficult to prove themselves as a new leader or board member. Reluctance of the current generation to retire poses a particular challenge for NextGens, according to 57% of those surveyed. Further, 39% of the NextGens say there is resistance within the business to embrace change. A very positive development for NextGens and family business in general is that 61% say the family has a succession plan and 39% of NextGens say they were involved in its development. Peter Englisch said: “Robust succession planning is essential for the family business. NextGen leaders have become more engaged and committed to the business – the challenge is to build confidence between the current and next generation. Our survey shows communication has increased and this is a good basis for a new generational contract. This is the time to flesh out succession plans and to define the leadership skills required to deliver growth in the future, the key benchmarks on the route to succession, and what NextGens must do to demonstrate they are ready to take the reins. That way the current generation can transition to a supporting role with greater confidence.” NextGens Bring Fresh Perspective PwC also recently surveyed the current generation of family business owners, and while they see eye to eye with NextGens in a lot of areas, there are some notable differences. Both generations are focused on growth, but only half of the current generation believe their business has a responsibility to fight climate change and its consequences, compared to the nearly three-quarters of NextGens. A similarly high percentage of NextGens (76%) believes their business is actively contributing to the community, again compared to just over half (54%) of the current generation. There is also a bit of a digital divide between the generations. Similar percentages, 42% of NextGens and 38% of the current generation believe their business has strong digital capabilities, but a third of NextGens say the current generation does not fully understand the opportunities and risks for digital within their business. Family Business Can Better Empower Women NextGens The survey shows that many family businesses could gain from bringing greater attention to the relative roles of their male and female NextGen members. Far fewer of the women NextGens surveyed, 43%, are in leadership roles than are the male respondents, 59%. Not surprisingly perhaps, fewer women, 66%, have a clear idea about their personal ambitions for a future role in the family business compared to men NextGens, 79%. Moreover, for the top-ranked priority area of achieving business growth, just half of women, 53%, say they are actively engaged, compared to 69% of men. Women play a relatively active role compared to men in areas including improving working conditions (44% to 46%), increasing the focus on investments for sustainability and impact (33% to 29%) and reducing the organizations environmental impact (27% to 26%) but there is the opportunity for women to play a larger role in many of the key priority areas. Peter Englisch added: “Family business is a good barometer for the global economy and we are encouraged by the findings of our survey." "The NextGen of family business sees the vital link between ESG and growth. They are ready to learn, adapt and play a larger role in shaping the future for the business and the family. The commitment we see from the NextGen gives us optimism for a future built on sustainable growth.” Download and read the full report here: