Performing Arts: Bridging the gap as client’s FC exits stage right

Fairfield Halls in Croydon is south London’s premier arts, entertainment and conference centre. Virtually every day of the year you can see top-class acts – from Joe Pasquale to Shakespeare. Music, dance, theatre, comedy, and kids… you name it. There are art exhibitions, a massive catering operation, and not forgetting a 42-bed hotel under Fairfield’s ownership.

Following an introduction from one of the trustees to Simon Walters, we got involved in June 2004, with Ian Parlane advising the client, mainly via a close working relationship with Derek Barr, Fairfield’s chief executive, who commented,

"FD Solutions certainly provided some solutions for us, albeit their tenure was short term. Ian Parlane and those from FDS quickly gained the confidence of all the staff and brought about much improved financial management and tighter controls to our company."

The financial controller departed several months after our work commenced, and Ian was asked to oversee the operation of the finance department pending the recruitment of a new Chief Financial Officer.

In particular, work was undertaken to:

• formulate a detailed "zero-based" budget for each department
• set up a new format of management accounts, which gave much more detail to management, were more understandable and allowed detailed comparisons against budget
• undertake detailed costing work to establish marginal and fully-costed operating costs, and to set daily income targets
• identify key performance indicators (“KPIs”), and introduce specific monitoring and targeting of their performance

Finally, Ian assisted with the recruiting of the new CFO, getting involved in the interview process and the decision-making process, and carried out an ordered handover to the new full-time incumbent. As with all our clients, Ian remains available for continued involvement if and when the client wishes.