The latest, 11th EU sanctions package was implemented on 23 June 2023. Click here and here for the press releases from the EU Council. The package introduces further trade, transport and energy restrictions. It also lists  over 100 additional individuals and entities subject to asset freezes and other restrictions  such as extension of the media ban to 5 additional channels. Click here for a summary of the key elements. Click here to go to the European Commission website where readers can find further information on the eleventh package including Q&A on the package. The European Union External Action webpage has a booklet on their website summarising the provisions of the eleventh package which you can access here. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Representatives from the Institute, under the auspices of the CCAB-I, met with the Minister for Finance, Michael McGrath T.D and his team earlier this week to discuss CCAB-I’s pre-Budget 2024 submission. The need to simplify the tax system and reduce the administrative burden on businesses was discussed, as were the complexities experienced by small businesses, in particular, when availing of several of the business tax reliefs. The importance of long-term investment in critical infrastructure, not least housing, in order to maintain Ireland’s position as a competitive place to do businesses and also to retain and attract talent was also highlighted.  

Following its recent consultation on the proposed amendments to FRS 101 and FRS 102 relating to the OECD's Pillar Two model rules, the FRC has now issued amendments to FRS 101 and FRS 102. The amendments introduce a temporary exception to accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements. The temporary exception is effective immediately and the disclosure requirements are effective for accounting periods beginning on or after 1 January 2023, with early application permitted. A small number of FRS 102 preparers are likely to be impacted by the Pillar Two model rules and the changes are based on a similar amendment to IAS 12 issued in May by the International Accounting Standards Board.

9 July 2023 – The success of future generations must be prioritised over short-term measures in Budget 2024, to ensure economic and societal progress in the decades to come. This is according to the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I), the umbrella group which represents over 50,000 professional accountants, as it published its Pre-Budget Submission today.   The submission, entitled ‘Supporting Ireland’s Transition to a Sustainable future’, prioritises the long-term, highlighting that while the Irish economy has doubled in size in the past decade, we still have significant shortfalls in healthcare, housing, transport infrastructure and education. Demographics are exacerbating these shortfalls.  The submission identifies two key areas for budgetary focus;  The introduction of an intermediate 30% rate of income tax to reduce the tax burden on younger workers; and Investment in housing capacity to accommodate our young workforce and our significant FDI community. Commenting, Tax and Public Policy Lead at Chartered Accountants Ireland, Cróna Clohisey said:  “In the absence of a long-term focus, we risk an intergenerational divide becoming a chasm. The half-year Exchequer returns of €41bn published this week highlight more than ever the difficult decisions government faces in Budget 2024. This sum represents an 11% increase on the same period last year, but it is now, when the Exchequer is relatively robust, that government should limit itself to modest budgetary tax adjustments and put real spending power behind sustained investment in infrastructure, particularly housing.  “Our economic position is strong, but it is not future-proofed. There is a real divide between generations in terms of access to housing, pensions security and many other indicators. We need Ireland to be a country our young people choose to stay in and that others choose to bring their skills to, but we cannot do that without long term, strategic interventions in transport, health, and housing.”  Reforming the income tax system  Ireland’s 40% tax rate is high in comparison to other competitor countries and the CCAB-I believes that introducing a third rate of income tax of 30% would make the system more equitable. It would also enhance Ireland’s attractiveness as a place to work, particularly among younger workers.   Ms Clohisey continues: “Workers in Ireland pay income tax at a rate of 40% once they earn €40,000. This entry point is below the average wage and is significantly lower than most countries across the UK and Europe where incidentally having more than two tax rates is extremely common.” “Speaking on behalf of a mobile profession where most are in the early stages of their careers and are planning their futures, introducing an intermediate 30% rate would make the system more attractive and more equitable, lessening the tax burden on workers and putting more money in their pockets. An intermediate rate would also support Ireland’s FDI offering. The government needs to take immediate action to address the inequities that clearly exist within the system.” The submission also proposes: Income tax credits and rate bands should be index-linked to earnings to account for inflation Employers’ PRSI should not be increased The rate of CGT and CAT should be reduced from 33% to 20% The CGT annual exempt amount should be increased from €1,270 to €5,000  The Category A threshold for CAT should be increased from €335,000 to €350,000  The CAT small gift exemption should be increased from €3,000 to €5,000. Housing measures The CCAB-I believes that small private landlords are critical in boosting Ireland’s housing supply, particularly in provincial towns where demand is not sufficient to justify large-scale investment in the private rental sector.  Ms Clohisey continues: “Our members tell us that one of the biggest barriers to expansion is the lack of adequate, affordable housing that is reasonably located for their staff. We do our young people an enormous disservice by limiting their opportunities to live and work where they want to.” “The tax burden of small private landlords should be the same as that for companies at the 25% rate, rather than at the marginal rate of 52%. On the supply side, to enable property developers to manage their cash-flow, a tax debt warehousing system, like that created during the pandemic, could be developed whereby the collection of taxes such as PAYE is delayed until all housing units have been sold.” The submission also proposes: Local property tax should be allowed as a deduction against rental income Wear and tear rates for fixture and fittings should be increased from 12.5% to 25% per annum to facilitate landlords investing in the maintenance of properties Where landlords retrofit a property to improve its energy rating, 100% capital allowances should be offered in the year of work ‘Rent-A-Room’ relief should be increased to match the standardised average rent and the ‘cliff-edge’ for qualifying for relief should be removed. The Rent Tax Credit should be permanently included in legislation. ENDS Issued by Chartered Accountants Ireland on behalf of the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I). Read the submission in full here.  About the Consultative Committee of Accountancy Bodies-Ireland (CCAB-I) The Consultative Committee of Accountancy Bodies-Ireland is the representative committee for the main accountancy bodies in Ireland. It comprises Chartered Accountants Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in Ireland, and the Chartered Institute of Management Accountants which combine to represent over 50,000 professional regulated accountants in Ireland.              

The Young Professionals Committee elected Brendan Brophy as the chairperson at the AGM on Thursday 6 July. Brendan was elected alongside Niamh McCarthy as Vice chair for the 2023 / 2024 term. We sat down with Brendan to learn more about him and his plans for the 2023 / 2024 term. While I am often referred to as the ‘Australian’ among my Irish friends, I personally identify as blend of Australian and Irish, and I am a proud dual citizen. My parents emigrated to Australia from Belfast during the height of the Troubles, meaning I have Irish and Australian citizenship, and I was raised with a deep appreciation and love for both cultures. I qualified as an Australian Chartered Accountant in 2016 through Chartered Accountants Australia & New Zealand (CAANZ). After gaining valuable experience as an accountant and tax professional in Australia, I decided to embark on a new journey and relocate to Dublin in mid-2017. I was able to obtain membership with Chartered Accountants Ireland through the reciprocal agreement between the two bodies. I had four years of valuable tax experience in Australia, but when I landed in Ireland, I quickly realised that Australian tax regulations and expertise was not as highly sought after in the local market. I subsequently transitioned into diverse financial management and reporting roles and currently work as a Cost Accountant at Square. Not long after my move to Dublin, I recall receiving an email from Chartered Accountants Ireland promoting an event organised by the Young Professionals Committee. Intrigued by the prospect of networking and connecting with fellow young professionals, I rallied a few of my co-workers to attend the event and the rest is history! Little did I know at the time that this would mark the beginning of my involvement with the committee. I am honoured to be elected as Chairperson of the Committee and look forward to a great year ahead. This year my primary goal is to prioritise the establishment and nurturing of meaningful connections. While attending exceptional events with notable speakers and engaging entertainment can be valuable, I believe the true significance lies in sharing those experiences with others. As young professionals, we play a pivotal role in bridging the gap between senior management and junior staff, fostering connections and collaboration within the organisation. Furthermore, it is essential to maintain a strong connection with the Institute and the great resources such as CA Support and Thrive that our available to all members. I would like to take this opportunity to congratulate Peter Gillen on a fantastic year as chairperson of the Young Professionals Committee. Special thanks to my fellow committee members, as well as Institute staff Karin Lanigan and Linda McGee who work tirelessly behind the scenes to support all our initiatives.  I look forward to the year ahead and hope that many young professionals will join us virtually and in person at our upcoming events. Keep an eye on our LinkedIn and Instagram accounts to hear the latest developments. Brendan Brophy  Brendan Brophy on LinkedIn Visit the Young Professionals homepage  

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: what are your thoughts on Irish neutrality? Karen Chandrakanth PwC Ireland’s policy of military neutrality has long been an important strand of Ireland’s independent foreign policy.  'Change' does not necessarily mean drastic; it can also mean to evolve – joining NATO is not the only option that confronts us.  We must also consider strengthening what we have and evolving our stance to further develop cyber, airspace and naval defences.  For every decision made regarding our neutrality and defences, there will be two sides to the argument. Whichever way we fall, our decisions must have an  impact for the better.  Change can happen in phases, but drastic or lack of change should not be an option. Sarah Byrne Browne RBK Chartered Accountants Ireland's neutrality has been questioned many times over the years, especially in recent times. I think we also need to question: has Ireland's neutrality been slowly eroded? For example, our governments have been encouraged to let America and other European countries use Shannon Airport as a stopover on their way to the Middle East. Our army also has peacekeepers in Africa. If this is a permanent arrangement, could our island be seen as a threat, and are we opening ourselves up to possible attacks from other countries with a grievance against the US or NATO?  Going forward, should Ireland have more safeguards in place? More and more nowadays countries are victims of cyber-attacks; how ready are we for these?  We remain neutral, so there wouldn’t be too much of a threat regarding the above but it begs the question of how we keep our neutrality whilst also trying to help others. Clodagh Murphy PwC Irish neutrality is a phrase which has been frequenting headlines in recent times.  Due to international events, most prominently the war in Ukraine, many have questioned  if Ireland’s neutral stance is still the best way forward.  This past June we watched with interest as a group of experts discussed this topic at the Consultative Forum on International Security.  A potential change to the current ‘triple lock’ process is an interesting development which has the potential to alter Ireland’s current peacekeeping abilities.  While discussions are still in the early stages, any policy change in this area has the potential to alter Ireland’s relationship with foreign powers. I will be following this story closely over the upcoming weeks and months!

Revenue has issued a warning of a scam SMS (text message) purporting to come from Revenue seeking personal information from taxpayers in connection with a tax refund or seeking debit/credit card details. The Revenue Commissioners never send emails or text messages requiring customers to send personal information via email, text or pop-up windows. Further information is available here.

Last week, we posted an update on the new R&D tax credit filing requirements, including the specified return. To the extent it was not clear how the new forms will apply, it was confirmed at the recent R&D Discussion Group that the new Specified Return will need to be completed and returned via MyEnquiries along with the Form CT1 2022 where: An acceleration of the second and third instalment is claimed in accordance with section 766(4D) or 766A(4C) TCA 1997 A R&D tax credit is claimed in accordance with section 766C TCA 1997 A R&D tax credit is claimed in accordance with 766D TCA 1997. As mentioned last week, the Form CT1 2023 is expected by 10 July and will include sections reflecting the updates to the R&D tax credit.

Paul A. Slattery outlines the keys to successful impromptu public speaking. Ad hoc speaking situations are a common occurrence in professional settings, and the mere prospect of delivering a speech at short notice can be nerve-racking for many of us. However, there is no need to dread this. By employing specific techniques, you can deliver a successful presentation at any time. Be prepared to sound spontaneous Your goal is to sound spontaneous while articulating your ideas in an organised manner, making an impact on your audience. Although being fresh and spontaneous is desirable, simply ‘winging it’ should never be your approach. Achieving a balance of ‘organised improvisation’ and appearing natural without following a script requires preparation. The rule of three The ‘Rule of Three’ is an excellent starting point. It can be adapted to suit any topic and is based on the concept that we are more likely to remember a list of three items or ideas. You can use the Rule of Three to structure your presentation and deliver a solid argument, even with barely any time to prepare. Select the three most important aspects to concentrate on, such as “Three necessary measures to undertake….” The Rule of Three is exemplified in another recommended communication model: ‘Be Brief. Be Bright. Be Gone.’ This philosophy was introduced by Jay Frost and David Currier in their book of the same name. The idea was originally intended for aspiring pharmaceutical sales representatives, but it can be universally applied. To succeed in sales, it is essential to comprehend and implement these three principles: Be brief — Keep your sales pitches short and to the point. Be bright — Understand your product and its context. Be gone — Respect your customer’s time. Be brief Keep in mind that simplicity is key to effective communication. Start by defining the reason for the presentation and providing the relevant facts. Tell your audience only what they need to know – not everything you know. Be ready to answer their questions and maintain a positive attitude in your communication. Consider using the BLUF methodology. BLUF stands for Bottom Line Up Front and is a concise communication practice in which critical information is presented first. It is commonly used in the US military to ensure precision and impact. Think of BLUF as an inverted pyramid providing a simplified version of the message. It is applicable not only in military writing and journalism but also in business presentations. Be bright As a starting point, understand your situation and its context. You should also aim to create a bright impression by engaging in eye contact and, when feasible, firmly shake hands. Try maintaining a confident posture by standing tall. Make sure to convey openness and receptiveness by uncrossing your arms and legs. A sincere smile can go a long way in creating a connection. When speaking, project your voice into the room to ensure everyone can hear you clearly. Speak with confidence to convey your expertise and captivate your listeners. In other words, project your executive presence. Be gone Once you have conveyed your message, it is important to conclude promptly, respecting people’s time and avoiding unnecessary follow-up. Showing consideration for others’ schedules and minimising complexity are vital in any professional communication. There is no need to dread presenting at short notice. Being ready will assist you in delivering concise and compelling presentations. By practising the approaches mentioned here, you can deliver successful impromptu speeches, sound spontaneous and leave a lasting impression on your audience. Paul A. Slattery is the founder and Managing Director of NxtGEN Executive Presence

In developments this week, the Financial Reporting Council (FRC) has published a research report about Audit Committee Chairs’ views on, and approach to, Environmental, Social and Corporate Governance (ESG) activities and reporting; the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Annual Report for 2022. Read more on these and other developments that may be of interest to members below. Assurance and Audit Technical Release 01/2023 Safeguarding reporting for payment and electronic money firms has been issued. The purpose of this Technical Release (TR) is to provide assistance to auditors who are engaged by Payment and Electronic Money (E-Money) institutions (the Firms) following a request from the Central Bank of Ireland to carry out an engagement pursuant to a letter to the Firms dated 20 January 2023 and a further communication on 25 May 2023. The Financial Reporting Council (FRC) has published a research report about Audit Committee Chairs’ views on, and approach to, Environmental, Social and Corporate Governance (ESG) activities and reporting.  The report, commissioned by the FRC and conducted by independent research agency YouGov, involved qualitative interviews with 40 ACCs of Public Interest Entities (PIEs), representing a diverse range of organisations, including FTSE 100 and FTSE 250 companies, other listed equities, building societies, and unlisted banks.  The FRC has published a response to the consultation on proposed amendments to the Audit Enforcement Procedure (AEP) and related guidance launched on 3 April 2023. The main purpose of the proposals was to effect changes to the decision-making remit of the Board and the Case Examiner under Part 2 of the AEP (Initial Stages). Financial Reporting The Financial Reporting Council (FRC) has updated its guidance to Actuarial Standard Technical Memorandum 1 (AS TM1) version 5, which provides clarity on the application of some paragraphs within the standard. The International Accounting Standards Board (IASB) has issued the June 2023 IFRS for SMEs Accounting Standard update. This covers news, events and other developments in the standard during the month. This update includes an overview of the proposed amendments to the standard relating to the Pillar Two model rules. Insolvency For the first time in Ireland, the Court has appointed an Examiner to a foreign registered, non-EU company on the basis that its centre of main interests is in Ireland. McCann FitzGerald solicitors are acting for the Company in examinership and has summarised this precedent appointment. We have recently been engaging with the Examiner of the High Court who has noted that Judge Quinn, who manages the Examiner’s Court List, is keen to finalise a number of old liquidations in the coming months. The Examiner is seeking the engagement of Liquidators in helping to finalise these matters. In that regard, the Examiner will shortly be in contact directly with the Solicitors who act for Liquidators in these matters asking for papers to be submitted for a Final Application to the Court and your co-operation in preparing up to date Liquidator’s Reports would be greatly appreciated. Sustainability The International Sustainability Standards Board (ISSB) has announced that it will issue its sustainability standards IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures on 26 June 2023. Accountancy Europe have made available some working documents which compare the first set of European Sustainability Reporting Standards (ESRS) proposed in the recent Delegated Act to the European Financial Reporting Advisory Group’s original drafts. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a Call for Evidence (CfE) on integrating sustainability preferences into suitability assessment and product governance arrangements under the Markets in Financial Instruments Directive (MiFID) II. The objective of this Call for Evidence (CfE) is to gather industry feedback that will help better understand the evolution of the market and provide answers as to how firms apply the new MiFID rules on sustainability. The FRC has issued its response to the ISSB consultation on the methodology for enhancing the international applicability of the SASB Standards and SASB Standards Taxonomy updates. Other News Accountancy Europe has published its June 2023 SME update. The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) has this week launched a public consultation on the first batch of policy products under the Digital Operational Resilience Act (DORA). This includes four draft regulatory technical standards (RTS) and one set of draft implementing technical standards (ITS). These technical standards aim to ensure a consistent and harmonised legal framework in the areas of ICT risk management, major ICT-related incident reporting and ICT third-party risk management. The consultation runs until 11 September 2023. The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Annual Report for 2022. It sets out the key achievements of the authority in fulfilling its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union (EU) during a transformative year.   The European Banking Authority (EBA) has published its Report on money laundering and terrorist financing (ML/TF) risks associated with EU payment institutions. Its findings suggest that ML/TF risks in the sector may not be assessed and managed effectively by institutions and their supervisors. The Central Bank has published its second Quarterly Bulletin of 2023. For further technical information and updates please visit the Technical Hub on the Institute website.

Demand for early career accountants has increased by 20% in the last 12 months, according to new data released by specialist accounting talent advisory and recruitment firm Barden. Defined as accountants with 3-5 years post-qualification experience (PQE), the demand for early career accountants is being driven by finance teams restructuring and reshaping themselves for the future. At present, finance managers, finance business partners and senior financial accountants are amongst the most sought-after talent in organisations big and small. Practical accounting skills remain important but increasingly CFOs are prioritising candidates with people skills; such as the ability to influence others, to lead others, to lead change programmes, and the ability to communicate financial information to non-financial people. Elaine Brady, Managing Partner, Barden Leinster said “It has been widely reported in recent months that greater attention needs to be devoted to the development of softer skills, the sorts of skills that early career professionals have not had the opportunity to develop as effectively during COVID. We are seeing this on the ground, and increasingly it is these core skills that differentiate who is promoted/hired and who is not.” This increased demand contrasts with a similar decline in available talent driven by two key factors. The first of these is a significant uptick in the number of early career professionals relocating overseas/travelling post-pandemic, with the duration of their stays extending well beyond the traditional 12–18-month mark. The second factor is a divergence in the opportunities available for accountants at this early career level as firms diversify their service lines and finance project and transformation opportunities increase in frequency. These findings come as Barden announces a new three-year agreement to support the Chartered Accountants Ireland Young Professionals group. The partnership will ensure those a few years into their careers as chartered accountants have access to the most up to date marketplace intelligence and expertise they need, awareness of future trends and opportunities as they come down the tracks, and what these mean for their career. Commenting, Sinead Donovan, President of Chartered Accountants Ireland said “Today’s announcement represents a significant enhancement of the supports available to early career accountants. Supporting the next generation as they enter the profession and build their careers was my priority when I became President. When we see a 20% increase in demand for talent coupled with a decline in available talent, it’s clear that there is something amiss. “Part of this is better communicating exactly what we do in our profession. It is not just the traditional accounting skills anymore, it is the people skills, the non-financial reporting expertise and so much more. Our annual student recruitment campaign, underway at the moment, very much reflects this focus. We are delighted to partner with Barden to help the next generation access these opportunities.” Elaine Brady, Managing Partner, Barden Leinster concluded “Our partnership with Young Professionals cements our commitment to Chartered Accountants Ireland members and signals our confidence in the future of the profession.  Over the coming years we hope that our insights, data and collective experience will help enable early career members to make better, more tactical decisions about their professional future.  That’s what makes this partnership so important.”  Today’s announcement marks the expansion of an already existing partnership between Barden and Chartered Accountants Ireland to support trainees and young members as they move through the early stages of their careers. This partnership commenced in 2018 with Barden’s sponsorship of the Leinster Society annual salary survey and was further expanded in 2020 via sponsorship of the Chartered Accountants Student Society.

Tim Bicknell explores how to unlock the potential of innovation as a positive force for business growth Innovation, that elusive force propelling organisations forward, has become the ultimate strategic imperative in our fast-moving and sometimes chaotic business landscape. But what does it take to forge a culture of innovation? The answer lies, not just in visionary leadership and cutting-edge technology, but also in the delicate and skilled work of transforming teams and businesses into hotbeds of creative brilliance. 1. Leadership as catalyst Leadership commitment is the bedrock upon which a culture of innovation is built. Those at the top of the organisation must prioritise and actively support innovation initiatives, signalling to all the value placed on creativity and smart risk-taking. They must build an environment in which experimentation is encouraged, providing resources and dedicated time for visionary pursuits. Through personal example and unwavering support, leaders can pave the way for a culture that embraces, nourishes and rewards innovative thinking. 2. Rewarding the brave: A culture of risk-taking At the heart of innovation lies the spirit of audacious risk-taking. Organisations must, not only encourage, but also reward those who dare to dream big and venture into uncharted territory. Empowering employees to propose daring ideas, while embracing failure as a stepping-stone to success, creates an environment in which considered risk-taking can thrive. By recognising and incentivising risk-takers, regardless of the outcome, organisations send a clear message that innovative thinking is both cherished and actively encouraged. 3. Fostering cross-functional collaboration Innovation flourishes where cross-functional collaboration is supported. Organisations must shatter the silos that breed stagnation and nurture an environment in which diverse perspectives converge, birthing a breeding ground for creativity and ground-breaking solutions. By creating platforms that encourage individuals from various backgrounds to collaborate, exchange ideas and harness collective expertise, organisations can tap into a wellspring of knowledge and insight, fuelling the innovation process. 4. A learning mindset for continuous growth A culture of innovation thrives on the relentless pursuit of knowledge and growth. Organisations must provide pathways for employees to enhance skills, acquire new knowledge and stay attuned to emerging trends and technologies. Through immersive training programmes, workshops and mentorship, organisations not only arm individuals with the tools for innovation, but also showcase their commitment to personal and professional development. By nurturing a culture of lifelong learning, organisations unleash the creative spirit of their teams, enabling them to adapt and thrive in the face of an ever-changing market landscape. 5. Nurturing a culture of open communication Effective communication and a continuing, open exchange of ideas can support a culture of innovation. Organisations need to construct channels and platforms that foster a seamless flow of ideas across all levels. Regular brainstorming sessions, idea-sharing platforms and innovation forums become the lifeblood of a culture that thrives on open dialogue. Leaders must be seen to be receptive – actively listening to employee suggestions and providing constructive feedback. It is through this culture of open communication and inclusivity that organisations can unlock the creative potential within their teams. 6. Unleashing the power of diversity and inclusion Diversity and inclusion form the bedrock upon which innovation stands tall. Teams comprised of individuals with different skill sets and expertise challenge conventional thinking, leading to fresh ideas and ground-breaking solutions. Organisations must actively seek diversity and foster an inclusive environment in which all voices can be heard and valued. By embracing diverse perspectives, experiences and backgrounds, organisations can effectively foster a culture of innovative brilliance. Cultivating a culture of innovation within a team and business requires a multifaceted approach. Organisations unlock the potential for creative breakthroughs by: prioritising visionary leadership; embracing risk-taking; fostering collaboration and open communication; promoting continuous learning; and nurturing diversity. When these critical success factors are woven into the DNA of an organisation, innovation becomes a driving force, propelling their teams and business towards sustainable growth and success. Tim Bicknell is Managing Director of Deep Cove