The Board of Trustees of the Edinburgh Festival Fringe Society are seeking to appoint a trustee with significant financial and accounting experience and sound financial governance of the charity and its service provision.
Context
The Fringe Society is a charity (SC002995) and is governed by a board, with the majority elected from the membership of the organisation. There are five appointed positions for specialist skills and experience, including this one.
Pre-covid the Fringe Society was a financially robust organisation, with ambitious plans to drive new revenue to support the development and delivery of world class services to artists and audiences participating in the Edinburgh Fringe. Funds were generated through festival activities, with some subsidy of these costs through sponsorship, donations, and project funding.
During and since covid, the Fringe Society has transformed economically. With all reserves used in survival during 2020, and a £1Mn loan from the Scottish Government repayable from 2026, the Fringe Society has been as prudent and cost efficient as possible, and sought investment from new funders, supporters, and sponsors to close the gap in revenue. With 2022 at approx. 80% of the scale of 2019 and 2023 unlikely to grow much beyond that, there remains need for ongoing prudence in our budgeting, cash flow, investment, and funding portfolio, coupled with an appropriate risk appetite to ensure investment in core strategic objectives is maintained. We must also, always, balance the needs of the Fringe Society with the cost and quality of the services we provide to artists, audiences and industry.
You can find our more information on the Fringe Society here and our 2021 annual accounts here.
Roles and Responsibilities of the Board of Trustees
The Edinburgh Festival Fringe Society (EFFS) is a registered charity and is governed by its Constitution and the Board of Trustees. Becoming a board member of any charity is an important commitment, and this guide offers insight into what you can expect if you are elected to the Board of Trustees. It is designed to help you make an informed choice when considering your nomination to the Board of Trustees.
Legal Requirements
All potential Trustees should read the Office of the Scottish Charity Regulator (OSCR) guidance on being a trustee – this sets out the legal duties of a charity Trustee in Scotland.
The guidance from OSCR gives detailed insight into the liabilities, responsibilities and best practice for all charity Trustees and is a clear and useful guide in helping you understand the legal duties of the role of Trustee.
The most important elements are:
- Being a charity Trustee means you are fully responsible for how your charity is run and what it does.
- All charity Trustees share the responsibility for the charity equally.
- You must act in the interests of the charity and ensure it fulfils its charitable purpose.
- You must comply with the 2005 Charities Act and understand the legal requirements of being a charity.
Roles and Responsibilities
The primary role of any Trustee on any charity board is to act in the best interests of the charity. This means you ‘must put the needs of the charity before the needs of any other organisation that you are involved with, either in a personal or professional capacity’1.
In line with its constitution the Edinburgh Festival Fringe Society exists to:
- To promote and advance for the public benefit the arts and the appreciation of the arts, including, but not restricted to, the arts of drama, mime, dance, singing, music and theatre (all together, “the Arts”).
- To educate, support, advise, and encourage those who participate in the Arts.
- To promote the Arts at all levels of cultural and educational life in Scotland and elsewhere.
- To promote such similar charitable purposes, objects or institutions and in such proportions and manner as the Directors shall think fit.
It is the responsibility of the Trustees to:
- Ensure the mission statement of the Fringe Society is upheld.
- Establish the strategic vision of the Fringe Society.
- Set overall policy and oversee the medium and long term strategy and of the Fringe Society.
- Appoint the Chief Executive of the Fringe Society.
- Effectively Delegate operation of the Fringe Society to the executive.
- Exercise financial accountability to stakeholders and constituents.
- Exercise accountability for the actions of the Fringe Society to the public.
- Uphold the core values of the Fringe Society and reflect the Fringe in a positive way.
- Advocate for the Fringe Society and the Fringe in an impartial manner, on a local, national and international platform.
Role and Person Specification – Finance, Audit and Risk Committee Chair
In this role you will:
- Help ensure the overall financial viability of the Fringe Society.
- Oversee the risk and assurance for the Fringe Society.
- Ensure all financial and statutory regulatory requirements are met.
- Chair the Finance, Audit and Risk Committee, and present on its behalf to the full board.
We require a skilled and experienced chair for the Finance, Audit and Risk Committee. To that end we require an individual:
- With an accountancy qualification and a strong commercial or charitable background.
- With significant executive experience managing the finances of a large organisation.
- With a sound working knowledge of charity accounting.
- With a strong assurance and risk management profile.
- With a keen understanding of the challenges and opportunities that governing a charity comprises, including support for the executive team.
- Preferably with knowledge of investment, sponsorship and corporate social responsibility.
- With an interest in and knowledge of the Edinburgh Festival Fringe and a desire to champion the organisation publicly.
Trustees attend five board meetings and an Annual General Meeting per year, all held in Edinburgh. In addition, it is expected that this role would chair the Finance, Audit and Risk Committee which meets typically four times a year. This role also includes joining the Appointments Committee and Remuneration Committee, and the board of the wholly owned subsidiary, Festival Fringe Trading Ltd, as per the Society’s Standing Orders.
Becoming a Trustee of the Fringe Society
The Code of Conduct for Trustees of the Fringe Society outlines what is expected of Trustees in terms of managing conflicts of interest, putting the charity and its purpose first, duty of care to staff, and legal and fiduciary duties.
The Board of Trustees meet five times a year, in Edinburgh. They also host a public AGM in August of each year. There are a number of subcommittees of the Board who each meet up to four times per year. It is not typical for a new Trustee to sit on any subcommittees in their first year.
The calendar below sets out the commitment required from Trustees of the Fringe Society throughout the year. Each meeting last approx. 2-3 hours. Standing items at each meeting include papers from up to five committees, a report from the Chief Executive and the latest management accounts. These papers are distributed at least two weeks in advance and may take considerable time to read and understand in advance of the meeting; for example, the three papers that make up the Audited Accounts are over 100 pages in total.