mandatory competence (account, ADR, client care, diversity, and inclusion, business planning, inclusive of environments and negotiation)

What is a balance sheet?

A statement of financial position of a company showing its assets and liabilities at a given date usually the end of a financial year

What are current assets?

Cash and debtors

What are non current assets?

Property and cars

What are liabilities?

Borrowings overdrafts loans and creditors

What is a profit and loss statement?

A summary of a business income and expenditure transactions usually prepared annually

What is a cash flow statement?

A report showing actual receipts and expenditure including VAT

What are audited accounts?

Accounts independently reviewed by a chartered accountant to ensure proper financial records have been maintained

Why are audited accounts produced?

For statutory compliance and financial verification

What are management accounts?

Financial reports produced internally for managers usually monthly or quarterly

What do management accounts usually include?

Profit and loss report and balance sheet

What is GAAP?

Generally Accepted Accounting Principles

What is IFRS?

International Financial Reporting Standards

What is IAS?

International Accounting Standards

What does EBITA stand for?

Earnings Before Interest Taxes and Amortisation

What does ROCE stand for?

Return on Capital Employed

What is the profits test used in covenant checks?

Net profit should be three times the annual rent payable

What documents may be used when undertaking a covenant check?

Management accounts and Creditsafe checks

What does IFRS 13 define?

Fair Value

What does IFRS 16 relate to?

Lease accounting

What does IFRS 16 require regarding leases longer than one year?

They must be recorded as a liability on the balance sheet

What is one key principle of Network Rail client care?

Everyone Home Safe Every Day

What sustainability principle is referenced by Network Rail?

Simpler Better Greener

What RICS Rule relates to service and client care?

Rule 5 Service

What behaviours underpin good service under Rule 5?

Integrity honesty openness transparency accountability

What communication behaviours improve client care?

Communication empathy and listening

How can conflicts affect client care?

Conflicts of interest should be avoided

How should complaints be managed to improve client care?

A quick complaints handling procedure should be followed

What documentation helps improve client care?

Comprehensive terms of engagement

What feedback practice improves client relationships?

Seeking and acting on feedback

What record keeping practice supports good service?

Maintaining good records

What behaviours must be avoided when delivering services?

Illegal activity bribery and unethical conduct

What is dispute resolution?

A process used to resolve conflicts between parties

What RICS professional standard relates to conflict avoidance and dispute resolution?

RICS Professional Standard Conflict Avoidance and Dispute Resolution 2012

What RICS professional standard governs conflicts of interest?

RICS Professional Standard Conflicts of Interest 2017

What is Alternative Dispute Resolution?

Dispute resolution methods used outside court litigation

What is a key benefit of ADR regarding speed?

ADR is typically faster than court proceedings

What benefit of ADR relates to formality?

ADR is less formal than court processes

What negotiation benefit exists with ADR?

Greater opportunity for negotiation

What cost benefit exists with ADR?

Lower professional and legal fees

What quality advantage exists with ADR decisions?

Often determined by experts such as surveyors

What confidentiality advantage exists with ADR?

Disputes remain confidential

What is mediation?

A neutral mediator facilitating discussions between parties

Does a mediator impose decisions?

No mediation outcomes are non binding

What does without prejudice mean in mediation?

Statements cannot be used in court later

What is an Independent Expert?

A specialist appointed by both parties to resolve disputes

What knowledge requirement exists for Independent Experts?

They must have subject matter expertise

Can Independent Experts use their own knowledge in decisions?

Yes

Are Independent Expert decisions binding?

Yes

What legislation governs arbitration?

Arbitration Act 1996

What role does an arbitrator perform?

A quasi judicial role deciding disputes

What expertise do arbitrators usually have?

Specialist knowledge in the relevant field

Can arbitration involve hearings?

Yes or written submissions

What confidentiality advantage does arbitration offer?

Private confidential dispute resolution

What evidence limitation applies to arbitrators?

They cannot introduce their own evidence

What is PACT?

Professional Arbitration on Court Terms

What disputes commonly use PACT?

Lease renewal disputes

What type of discrimination involves treating someone unfairly because they complained?

Victimisation

What is harassment?

Unwanted conduct violating a person's dignity

What is direct discrimination?

Treating someone differently because of a protected characteristic

What is indirect discrimination?

Policies or practices that disadvantage certain groups unintentionally

What is diversity?

Understanding that everyone is unique and recognising individual differences

What legislation protects individuals from discrimination?

Equality Act 2010

How many protected characteristics exist under the Equality Act?

Nine

Name the protected characteristics under the Equality Act.

Age disability gender reassignment marriage and civil partnership pregnancy and maternity race religion or belief sex sexual orientation

What are benefits of diversity?

New perspectives wider talent pool improved performance increased profits

What challenges can arise from diversity initiatives?

Aligning practices with organisational goals cultural change and cost

What diversity initiatives exist at Network Rail?

Diversity and inclusion policy

What recruitment initiative helps improve diversity?

Reducing unconscious bias

What talent initiative promotes diversity?

Apprenticeship programmes

What employee networks exist at Network Rail?

Women’s Network PROUD Network REACH Network

What example diversity event is promoted?

Black History Month

What is unconscious bias?

Unintentional influence on decisions without awareness

What factors shape unconscious bias?

Background experiences and cultural environment

What workplace areas can unconscious bias affect?

Hiring promotion and interpersonal interactions

What test can measure unconscious bias?

Implicit Association Test

What legislation addresses forced labour and human trafficking?

Modern Slavery Act 2015

What issues does the Modern Slavery Act address?

Human trafficking forced labour and exploitation

How is modern slavery addressed in procurement?

Modern slavery questionnaires in tender submissions

What is whistleblowing?

Reporting illegal immoral or unsafe activities within an organisation

What is the RICS Inclusive Employer Quality Mark?

A voluntary self assessment for improving diversity and inclusion

How often is the IEQM assessment conducted?

Every two years

What principle relates to leadership within IEQM?

Leadership and vision

What recruitment principle exists in IEQM?

Fair recruitment practices

What workforce principle exists in IEQM?

Staff retention

What professional development principle exists in IEQM?

Staff development

What is business planning?

Setting organisational goals and strategies to achieve them

What are KPIs?

Key performance indicators used to measure business success

What analysis method identifies strengths weaknesses opportunities and threats?

SWOT analysis

What financial planning tool helps identify cost savings?

Cash flow analysis

What internal governance tool monitors finances?

Financial audit controls

How would a sole practitioner identify opportunities?

Review existing client relationships

What hiring consideration might a sole practitioner assess?

Future workload opportunities

What are the types of company structures?

Public limited company

What other company structure exists?

Limited liability partnership

What other company structure exists?

Limited company

What other business structure exists?

Sole practitioner

How can business performance be monitored?

Revenue

What workload indicator measures performance?

Number of instructions

What networking metric may indicate success?

New connections and opportunities

What was one short term corporate objective mentioned?

Adapting to post COVID passenger number changes