Chartered One magazine Summer 2013 by Brian McCann

Inside this issue... Paul Cochrane - our new President Interest rate issues with Seneca Andy Bounds update Members Conference report

Plus much more...

Issue Five

Summer | 2013

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CharteredOne | Issue 5 | Summer 2013

INSIDE THIS ISSUE

GET IN TOUCH WITH THE MAGAZINE TEAM... Advertising/Features: Roger Swift - 0845 643 5551 roger.swift@crosbyassociates.co.uk

12 LSCA Members Conference

24 Best meets

Editorial: Martyn Best martyn.best@documentdirect.co.uk Chartered ONE is designed and published on behalf of the Liverpool Society of Chartered Accountants by Crosby Associates Ltd.

Bounds

30 New

president elected

The Liverpool Society of Chartered Accountants was founded in 1870 and is the oldest district society in the Institute of Chartered Accountants in England & Wales, and was one of the four founding societies of the ICAEW. The Society has an illustrious history and has provided in Harmood Banner, Arthur Green and Ian Morris, three National ICAEW Presidents. Awarded the Freedom of the City of Liverpool in 2012, the Society continues to play an active role in local and ICAEW issues. As a world leading professional accountancy body, the ICAEW provides leadership and practical support to over 138,000 members in more than 160 countries, working with Government, regulators and industry in order to ensure the highest standards are maintained.

The Presidents Words

Insight 7 Members conference

Student Society

Andy Bounds

ICAEW Business

Southport branch

New leader

Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued. Because of us, people can do business with confidence. The ICAEW is a founding member of the Global Accounting Alliance with over 775,000 members worldwide.

CharteredOne | Issue 5 | Summer 2013

FOREWORD

The President’s Words Welcome to the latest issue of your Chartered ONE. I am delighted to be writing my first piece for Chartered ONE. As the newly elected President of the Liverpool Society of Chartered Accountants, one of a number of privileges that go with this time-honoured post, is the opportunity to say a few words to all of our members. This provides the ideal forum for me to set out my plans for the forthcoming 12 months. First of all though I want to give enormous thanks to the outgoing President, Paul Christian and welcome my Deputy John Nolan and Vice President Phil Silver. I am only now beginning to realise how much work the President’s role involves and I appreciate even more Paul’s tireless commitment in the past year. The issues on the horizon at the moment are: 1. Agreement of a Strategic Plan for the Society. 2. Completion of a Members Survey. 3. Working closely with the ICAEW for the betterment of our members. The Strategic Plan is in draft form and I would hope to publish this on the Society’s website when finalised. Thanks are due once again to Paul Christian for his work on this Plan.

The Members Survey is being conducted by the ICAEW, and Liverpool is one of the pilot survey areas. Working with the ICAEW deserves an article in itself and I do know that supporting District Societies is very high on the Institute’s list of priorities, and I hope to share some progress of this survey with you in the next issue. I believe we have an exciting 12 months ahead of us, and I am looking forward to acting on your behalf. If you would like to get involved simply send me an e-mail Kind regards, Paul Cochrane President

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CharteredOne | Issue 5 | Summer 2013

INSIGHT FROM THE EDITOR

Welcome to the fifth edition of your quarterly bulletin, Chartered ONE. Martyn Best Editor Chartered ONE Past President

hope your summer has been a good one, and by the time you read this we shall surely be basking in the glory of Britain’s first Wimbledon champion since the ‘30’s; our stunning triumph on the Lions tour, and be on our way to thumping the Aussies in the Ashes. OR – and such is the nature of writing something for a deadline before the result is known – we may be back in our traditional sporting gloom, supported by yet another British summer which we all know and love. Anyway, to return to matters which I can report upon with accuracy, and that concerns the contents of this edition. There’s a good report of the recent members Conference which was held at the stunning, and still fairly new Museum of Liverpool. The Conference was really well supported this year, and do keep an eye open for next year’s. We also have a very interesting insight into the latest growing scandal in the banking sector, and that’s the (alleged) mis-selling of interest rate instruments. Daniel Fallows of Seneca Banking Consultants describes this concern in detail, and this may be of great interest to those members whose clients have fallen foul of this issue. We don’t have many members who are also bestselling authors, so I thought it would be of interest to see how Andy Bounds’ latest book, the Snowball Effect has fared.

There’s also details and pictures of our new Office Holders, now ably led by our new President Paul Cochrane, and I’m sure we all wish Paul a very happy and successful year in this role. Finally, please don’t forget that this is your newsletter, and as Lord Kitchener may have well said “Your Newsletter needs you”. Don’t hesitate to send me any articles or comments on our content, and feel free to become as involved as you can. See you after the Summer, and my best wishes to you all for a glorious one. Martyn Best

Thoughts for coming issues include: • Members professional and personel news • Firm’s News • A spotlight on... • Social Activity • Comments/Feedback • Letters page • Special Features

You can also join our Society’s LinkedIn group it’s very easy to find within groups on LinkedIn

Jonathan Quinn, founder and chief executive of Ultromex The North West Fund for Energy & Environmental invested £550,000 in Ultromex, a Birkenhead-based company that develops processes for the recovery of high-value metals from electronic and industrial waste products. Ultromex used the funding to develop its processes for recycling. Jonathan Quinn, founder and chief executive of Ultromex, said: “Working with The North West Fund for Energy & Environmental will enable us to develop our technologies even further.” Bryan Adams, managing director at Ph.Creative Liverpool-based marketing agency Ph.Creative is planning to double in size after securing a £500,000 investment from The North West Fund for Venture Capital, in February 2013. The investment is being used to support Ph.Creative’s growth strategy to expand staff numbers from 24 to over 40 by the end of 2013. Ph.Creative managing director Bryan Adams said: “Following substantial growth in 2012, we felt the time was right to seek this significant investment and securing it is a vital step forward for us.” Introducing more flexible Finance from The North West Fund The good news for businesses in the North West or those looking to relocate to the region is that we now have a greater range of funding options to help their businesses grow. In March we launched two new products aimed at established businesses looking to grow and expand. The Mezzanine Fund, offers loan and equity investments of between £750,000 and £2million and we extended the mandate of The North West Fund for Business Loans so that they can now make loans up to £750k. The loan fund has been renamed The North West Fund for Loans Plus and along with The Mezzanine Fund is now open to new applications. These changes have been made in recognition of the needs and demands of businesses for different financial products. If we have learnt anything from the recession, it is that successful businesses and entrepreneurs have to adapt to survive and thrive. As funders we must do the same. The North West Fund is financed jointly by the European Regional Development Fund and the European Investment Bank and is designed to help promote economic growth and prosperity for the region through investments in growing businesses.

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We have already supported over 180 businesses with more than £55m of funding. Do you need finance? We are looking for more businesses to invest in, so whether your clients are just starting up or seeking funding to help take their company to the next level, investment of between £50,000 and £2m from The North West Fund could be what they need to help their business flourish. Contact any of our specialist Fund Managers or find more information on our website:

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As the largest fund of its type in the UK, The North West Fund has been set up to create a lasting legacy for businesses in the region. The £155m investment fund is now just over two years old and has already built up a strong portfolio of growing businesses. Cliff Maylor is Chief Executive at North West Business Finance, the company which manages The North West Fund… The prosperity of the North West is to a large extent reflected in the success of its small and medium sized businesses (SMEs), which provide much needed employment and generate the tax revenues that help pay for the regions’ essential services. It is now widely recognised that the major banks in the UK have neither the appetite nor the resources to provide capital to businesses that fall outside of stricter credit appraisal guidelines. This has created a very substantial funding gap and made it much more difficult for businesses to raise growth capital. Against this background I am delighted that The North West Fund has been able to step in and invest £55million, over the last two years, in more than 180 businesses and in doing so we have been able to create and safeguard a significant number of jobs in the region as well as providing finance and support to create over thirty new businesses. Inspiring Entrepreneurs in the North West The Fund supports SMEs across the North West with investments of between £50,000 and £2million. This finance is already helping businesses in Merseyside and the rest of the region, to meet their growth aspirations, whilst creating jobs and prosperity for the future. The North West Fund comprises of six sub-funds, each managed by a specialist fund manager who supports businesses at each stage of development: • The North West Fund for Venture Capital, managed by Enterprise Ventures, for new and early-stage businesses; • The North West Fund for Loans Plus, managed by FW Capital, which provides a debt finance option for businesses; • The North West Fund for Mezzanine, managed by Enterprise Ventures, for established businesses looking to grow; • Our three sector funds covering; o Biomedical, managed by SPARK Impact o Energy & Environmental, managed by CT Investment Partners o Digital & Creative, managed by AXM Venture Capital We have already invested in a broad range of Merseyside businesses, each with an inspiring story to tell about their plans for growth. You can read more about these businesses in the case studies section on our website, in the meantime, here are just a few of our Inspiring Entrepreneurs… Chris Meehan, Managing Director at Sentric Music In May 2012, The North West Fund for Digital & Creative made an equity investment into Sentric Music Limited, which operates an online music royalty management and licensing service. The funding was used to finance Sentric’s ongoing investment in its online platform and the expansion of its Liverpool-based client management team to support the Company’s growth in overseas markets. Managing director Chris Meehan said: “The North West Fund for Digital & Creative fully understood our international growth plans, and have made an investment that will allow us to establish ourselves as a leading international music publisher for artists and businesses alike.”

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The GAAR – what’s your understanding?

o much has already been written about the GAAR that it is difficult to add anything to the debate - if indeed there is still a debate to be had. Graham Aaronson QC’s original report was issued on 11 November 2011, but I’m sure any connection with Armistice Day was purely coincidental. The Government announced at Budget 2012 that it accepted the recommen dations contained therein and, after consultation, published its response on 11 December 2012. In my opinion, Aaronson’s proposals have been suffi ciently diluted to become palatable to HMRC, not least the Association of Revenue & Customs (ARC), who declared that the proposed GAAR would actually widen the scope for tax avoidance.

to demonstrate to the GAAR Panel that the arrangements “cannot reasonably be regarded as a reasonable course of action”. Make of this what you will, but it essentially means that there are arrangements that some people would regard as a reasonable course of action, while others would not. This is intended to set a high threshold by “asking whether it would be reasonable to hold the view that the arrangement was a reasonable course of action. The arrangement falls to be treated as abusive only if it would not be reasonable to hold such a view.” No, I am not repeating myself; this is taken directly from HMRC’s GAAR GUIDANCE (Approved by the Advisory Panel with effect from 15 April 2013).

It is worth remembering that Aaronson was asked to report on whether a general antiavoidance rule would be good for the UK’s tax system and his unequivocal conclusion was that it would not. Rather, it was abusive or egregious “arrangements” that should be curtailed, resulting in the General AntiAbuse Rule (my emphases) that will be effective from the date the Finance Bill 2012 receives Royal Assent, probably around mid-July 2013. Importantly, it will not be retrospective.

Another significant safeguard is that planning which at the time was considered acceptable by all parties, including HMRC, will not be considered to be abusive. This reflects the changes in attitude to tax planning and perhaps, the outcome of more recent decisions by the Tribunals and Courts.

Fundamental to Aaronson’s original proposals (and now included in the legislation) is the recognition that, given the complexity of the UK tax code, there are different courses of action that may be followed by a taxpayer, one of which will result in a lower tax burden – and quite properly, this is the course of action that the tax payer may choose to adopt. Also, the burden of proof that an “arrangement is abusive” lies with HMRC. Consequently, to ensure that the taxpayer is “given the benefit of any reasonable doubt when determining whether an arrangement is abusive”, a number of safeguards are built into the GAAR rules. There is not enough space here to address all of these safeguards, but I would mention that the taxpayer does not have to show that the arrangements are not abusive. In addition there is the “double reasonableness” test. This requires HMRC

So, where does this leave taxpayers and more importantly, practitioners who are charged with guiding clients through this legislative minefi eld? Certainly, we haven’t yet achieved the clarity that Aaronson was hoping for. I suggest that it will take many years before the GAAR panel has a body of decisions that may be used as precedent. Meanwhile, we must rely on Tax Law Simplification, upon which Graham Aaronson pins so much hope. So, what tax planning advice may practitioners provide against this background of uncertainty and hysteria that seems to lump together as morally reprehensible all taxpayers who only seek to pay no more tax than they are legally obliged to? Of course, the current fashion for suggesting that tax avoidance is tantamount to tax evasion and therefore illegal, may be the result of current economic difficulties. Social mores change and yesterday’s vilification of those perceived to be “not paying their fair share”, by employing “clever accountants”, may become tomorrow’s celebration of the

successful, who are adding to the general economic wellbeing of UK PLC. Or perhaps not… The majority of accountants and tax practitioners do not act for multinational companies. Rather, they are engaged by owner-managed businesses and individuals, some of whom may be regarded as “wealthy”. If your letter of engagement includes the provision of tax advice or tax planning, then arguably you have a duty of care to advise your client of any legitimate means to reduce their respective tax liabilities. You must remain professional, objective and always act in the best interest of your client. Of course you are going to be confronted with the dilemma of deciding when tax planning becomes tax avoidance – and who knows where to draw this line? Also, it is not your own attitude to tax avoidance which is paramount here, it remains the client’s decision, with your guidance of course, of what course of action they are prepared to undertake to reduce their own liability. Throughout Graham Aaronson’s original report and the eventual draft legislation, the words “fair” and “reasonable” are frequently quoted. However, in my experience, tax law has never been about fairness and you only have to refer to the recent case of poor Joost Lobler, who fell foul of the partial surrender rules under ITTOIA 2005 s.461. The law is the law and in this case it gave the advantage to the taxing authorities. Conversely, if it gives the advantage to the tax payer, then so be it. It is up to Parliament to make law and we, the taxpayers, to make sense of it – if indeed, there is any sense to be made…

Steve is presenting at a series of seminars in the autumn, aimed at helping accountants become more proactive in the area of tax. Chartered One readers can claim up to five FREE tickets, worth £175 each, by visiting: www.VIPtaxevents.co.uk/C1

Steven Bowerman is a tax practitioner with almost 40 years’ experience. Working as part of the AVN Tax team, Steve helps accountants to identify the areas of tax planning that can be most benefi cial to their clients, as well as being on hand to discuss the latest developments in all things taxation-related. The views expressed in this article are personal and not necessarily those of AVN Tax LLP – www.avn.co.uk – 0844 414 3194.

LSCA Members Conference LSCA Members Conference On a rainy day in June members of the Liverpool Society gathered together for their annual members’ conference at the New Museum of Liverpool. The museum opened on 19 July 2011| in a purpose-built landmark building on Liverpool’s famous waterfront. Since then it has won a number of awards, most recently the Council of Europe Museum Prize for 2013|. It is a truly stunning building with amazing views of the river. The keynote speaker for the day was Dr Steve Wooding an expert in personal change and professional development, Steve is also an expert in NLP and a hypnotist so kept the audience mesmerized with his presentation on the art of communication. Whilst this is a regular hot topic at training courses, Steve’s presentation gave new insight into this fascinating subject. Disappointingly Steve didn’t take the opportunity to hypnotise anyone but maybe that is something for another day. David Houghton

Marion Hodgkiss

After a refreshing coffee break guests were back in the room for some hard work on UK GAAP and FRS 102. Speaker James Nayler from BDO London joined us to share his technical knowledge and talk delegates through the transition process. Over lunch guests had the opportunity to view the museum’s collections, the Museum of Liverpool reflects the city’s global significance

through its unique geography, history and culture. Visitors can explore how the port, its people, their creative and sporting history have shaped the city. In the afternoon everyone was kept awake, even those at the back with their sleeping bags - we know who you are(!) – with sessions on shareholder valuations from David Houghton of Bridge Houghton, and a compelling review of how mobile apps can transform your business from John Porter of Crosby Associates, who help us produce Chartered ONE. A briefing on auto-enrolment from our sponsors Mattioli Woods followed, and the day concluded with the ever popular update on topical tax tips from our very own tax expert Marion Hodgkiss of Kaplan Hawksmere.

So many people are now coming to Liverpool to attend conferences and seminars, and I thought it highly appropriate that we should hold our own Annual Members Conference in the city. The choice of Liverpool Museum as a venue was an inspired one. Thank you to all members who participated and also many thanks to the Courses Committee. Paul Cochrane, LSCA President Members share their views

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“Critically, we understand the R&D Tax Credit system.” randd uk know what the HMRC inspectors are looking for and seek to answer all relevant questions before they are asked. We have worked hard to build our reputation in the market and with HMRC. As a result, have achieved a 100% success rate to date. “When we work with a new client, we don’t leave a stone unturned.” We make sure they claim for every bit of money they are entitled to. Know exactly which activities qualify and which don’t. Everyone wins. The company gets money off their corporation tax or cash into the business - for very little effort on their part. “We visit the operations and do in-depth interviews to get what HMRC need.” We do all the work required to achieve a successful outcome: pull the information together, prepare the technical and reports, submit the documentation to HMRC, and liaise with HMRC directly. There isn’t a query from HMRC we haven’t been able to answer. The difference is that we know how to construct the information and reports in a way that makes the job easier for HMRC, clearly communicating any ‘technical uncertainty’ to HMRC. As a result, clients get their money quickly. Millions going unclaimed There are 1000s of SMEs operating in manufacturing and software development that don’t realise they do some R&D. Less than 1% of companies, who the government think are eligible, take up the scheme.

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Enable GO3 Partners can help you find your next role. Enable GO3 Partners have provided recruitment, search and selection services to professional services clients for over 25 years. We act for many of your future employers and we have an experienced research team who will help find you the right position. Enable G03 consultants will advise on all aspects of an individual’s move, including: ¨ Review and advise on CV presentation and format ¨ Analyse possible positions within the market ¨ Agree target list of possible employers ¨ Present CV to high-‐level contacts If you’re looking for a new challenge at manager, director or partner level call David and Sarah Hall.

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for your firms needs Enable GO3 Partners have provided recruitment, search and selection services to professional services clients for over 25 years. We understand the importance of attracting the most talented professionals to work within your firm. Our dedicated consultants have a wealth of experience in recruitment across all levels. We also provide high quality professional research and understand the need to tailor a bespoke approach to your individual recruitment needs. If you’re looking for help with the recruitment of a senior position at manager, director or partner level, please call David or Sarah Hall.

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THE PLAZA, 100, OLD HALL STREET, LIVERPOOL L3 9QJ 1, Fetter Lane, London EC4 1BR

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NTI U O C E DIS . C I O D INV SINESSES N A BU ING R E O D I T S FAC SEY R G E N I M D I R PROV TIONS FO SOLU

ALDERMORE PROVIDES FINANCIAL SOLUTIONS TO SMEs ACROSS THE UK. We specialise in invoice finance, asset finance and commercial mortgages and we can give your clients a bespoke funding solution to help their businesses succeed and help you give the service you want. Call Ian Adams on 0794 016 9603 to find out how we can assist you and your client. Find out more:

t 0800 021 7040 w aldermore.co.uk Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority for deposit taking and regulated mortgage contracts. Registered Office: 1st Floor, Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ. Registered in England No. 947662. AIF209-0413-100224

MIXED MESSAGES IN THE INSOLVENCY MARKET How strong is our underlying economy? There are mixed messages coming from various measures of the economy’s performance. This is against a background of a reduced number of insolvencies since 2009 and this month I have read that the UK insolvency industry has saved over 750,000 jobs and 6,000 businesses in 2012. Shortly after this apparent good news we are told that retail sales have dropped and the number of home repossessions has remained static. More recently we are told that the construction industry output has reduced and the risk of failure has therefore increased. We are all working under the threat of a triple dip recession which it seems that we have avoided by the narrowest of margins. So why do we not support the best insolvency tool available – pre-pack administration sales. As an Insolvency Practitioner, I have worked in a reducing market in the past two years both in the number of insolvencies and also the value of assets. This surely must be a good sign and there does seem to be an increased level of confidence within the Liverpool city region with major developments having enhanced our infrastructure and the Liverpool One area seems to have prospered without adversely affecting the rest of the retail sector within the City. Pre-packs – good or bad? Since 2003, there have been attempts to simplify the insolvency legislation and also to promote a rescue culture. There has been much debate as to the pre-pack insolvency regime which whilst a new concept in 2003, almost 10 years on there is still uncertainty as to its effectiveness. The Government recently announced that there is to be an independent review of the whole process which is regulated by very strict reporting requirements (SIP 16) requiring Insolvency Practitioners to justify to all creditors the thought processes involved. If the legislation as drafted permits companies to fail and pick themselves up to attempt once again to prosper, then, why are we so frightened of such a procedure. As with all legislation, there can be abuses, but, these surely must be in the minority. R3 (Association of Business Recovery Professionals) has spent many years justifying the use of prepack sales both to Parliament and to the Press and have strengthened the SIP 16 Guidance Notes that all Insolvency Practitioners have to comply with. A few years ago they commissioned Dr S Frisby to write an independent report on pre-pack administrations. This report concluded that the return to creditors with pre-pack administrations was better than other insolvency procedures and was considerably better in the retention of jobs. This whole debate has probably stemmed from the reduction in bank appointed receivers which traditionally dealt with attempting to rescue businesses. Now, the focus is on administrations which are normally commenced by the company’s directors who ultimately may also be the purchasers and in many cases will have future supplier and trading relationships in mind. There are obvious difficulties in attempting to market a business which is in a distressed state as you are announcing to the world that it is in financial difficulties and this is normally followed by a loss of confidence with the staff, customers and suppliers. It is very easy for an entire business to evaporate and be destroyed by customers delaying orders due to lack of confidence, staff leaving because they feel their jobs are under threat and suppliers demanding payment as they are concerned as to the liquidity of the company. There is therefore a requirement for a quick solution without a public marketing process. This however can lead to suspicions of the process. Normally, the directors of a business have already explored marketing opportunities and by involving an Insolvency Practitioner, they are recognising that they cannot achieve a solvent sale. This then gives an Insolvency Practitioner a good feel for the market and also the number of potential purchasers who have been approached and who have expressed an interest in the business but were deterred by its financial position. Pre-pack sales are achieved in a relatively short space of time and are agreed in principle before an Insolvency Practitioner is appointed. Pre-pack benefits Major creditors may be consulted, but, usually are indifferent to the process. Upon the Insolvency Practitioner’s appointment, the deal is concluded and it is only at this stage that all the creditors are advised of the sale. This may be too late for their input or comment and his obviously can be a contentious matter as the communication advising the creditors of the sale is usually also advising them that there is going to be a write off of the company debt without their prior consultation. The perception of the process is worsened if the sale has been to the previous management team. However, those future trading relationships combined with a greater degree of certainty can be some compensation. Research has also shown that in pre-pack sales 92% of all employers were transferred to the new company which compares to 65% in a business sale. It is clear that a pre-pack sale does have a beneficial impact on employment numbers and also on longer term business survival. Unless we stop concentrating on concerns as to potential abuses we will not use the best insolvency tool available to us, and far fewer business and jobs will be saved Then there really will be a clear message in the insolvency market – the economy is in a worse state than we hoped.

www.aticus.co.uk DHR House, Unit B1 Kingfisher Business Park, Hawthorne Road, Litherland, Merseyside L20 6PF. Tel 0844 887 1480. Fax 0872 111 6507. Regus House, Herons Way, Chester Business Park, Chester CH4 9QR. Tel 0844 887 1480. Fax 0872 111 6507.

R&D Tax Credits Value of the market R&D tax relief market is estimated at £1.2bn for 2013.

Value unclaimed Approximately £10bn unclaimed since the introduction of the programme.

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R&D inquiries and defences for other companies Inquiry rate for claims is 5%. The majority of these involve defences Jumpstart have accepted to take on, on behalf of a client.

What would make your clients really happy? Let’s guess... money? R&D tax credits could be the answer to your clients’ much needed injection of capital. We are the UK’s leading technical specialists in claiming for R&D tax credits. We work with accountancy practices all over the country in assisting them and their clients in making successful claims for HMRC’s R&D tax credit programme. We help with all stages of the claim process, ensuring that only maximised, properly researched, well-written claims go before HMRC. Why not take a few minutes to talk to us? You could have a very happy client on your hands. 6 Atholl Crescent, Edinburgh EH3 8HA T 0131 240 2900

The Chancery & Commercial Group of Barristers at Atlantic Chambers is dedicated to providing an outstanding and first-rate service to clients from the very outset and throughout the life of all cases that are entrusted to us – we are proud to be intensely client-focused with a flexible but dynamic and acutely progressive approach to matters. We aim to identify early as possible the most cost-effective solution or strategy. We provide advice, drafting and advocacy services in all aspects of Chancery & Commercial work at all levels both in the NorthWest and nationally. Our key aim is to provide clear, authoritative and pragmatic advice in a timely fashion which clients can easily understand and implement. Early instruction of Chancery & Commercial Counsel can save on much unnecessary expense and lead to swift

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resolution of seemingly intractable disputes. Our 15 Barristers are well-known for covering the whole spectrum of Chancery & Commercial work and if any of your matters fall under this broad umbrella, then we have the expertise, experience and capability of assisting in an efficient and cost- effective manner. We understand the financial strains under which many businesses operate in the current climate and we will always go that ‘extra mile’ to achieve the most advantageous outcome for the client. We adopt a flexible, modern and highly pro-active approach to our work. Above all, we are passionately committed to all-round excellence in all that we do. Please contact us to discuss how we can help your practice and your clients.

Call us on 0151 236 4421

Fax us on 0151 236 1559

Best & Bounds Martyn Best catches up with Andy Bounds and the success of the Snowball Effect.

Andy Bounds

We don’t have many members who are best-selling authors, so I thought you might like an update on one who is. Last issue we highlighted the release of the Snowball Effect by Andy Bounds, his second book, following the Jelly Effect. Some of you may know Andy from his days at Grant Thornton, or perhaps as a tutor at ATC, and some of you may have benefited from his current role as an exceptional sales trainer. Hopefully you have all read one of his books, and if not, I’d highly recommend them, and they are easily obtainable from Amazon, WH Smith, and even, as the summer beckons, at Manchester Airport for that vital beach reading. Andy Bounds at work The Snowball Effect after only three months is already a best-seller, and was at number one in the business section of Amazon on launch day. I spoke to Andy, and he was quite naturally very excited about how well the book had been received, saying “The book has gone down really well with such a brilliant range of people, and some of the ways in which people have been using my tips have been great to hear. I really hope it’s been useful to the members of the Liverpool Society.” We offered one copy to our members last issue, and Leon Herwig, one of our business members at Energy Projects Plus was the lucky winner. We have one other copy which Andy has kindly given us, and if you would like a chance of receiving it, just drop me an email, and one lucky reader will be sent the copy.

Your practice will no doubt be staffed with people holding specialised professional and technical qualifications in Accounting and Taxation. However, you may want to develop the internal management and administration of your business further. Joint Learning can help you to improve the skill base of your existing staff, by working with them to to achieve an Apprenticeship qualification in a range of subjects, including: Management – Help to develop and embed the managerial skills of your staff. Whether they are starting out on the road to management in a junior managerial role or they are already in a senior management position, we have management development programmes at levels 3 to 5, to underpin their development. Team Leading – Support those who are now undertaking a supervisory role, working with small groups within the practice. Business Administration – Develop the administrative systems in your practice with staff who have been assessed and developed against nationally accredited standards. All training is undertaken within the workplace, at flexible times that are convenient to yourselves to minimise disruption to your business. To benefit from expert information, advice and guidance, why not let Joint Learning undertake a free training needs analysis for your practice to identify how you may improve the skills of your staff and maximise their potential. For a free consultation Call Bryan Marshall on 01704 562696 E: bryan.marshall@jointlearning.co.uk Joint Learning Partnership Ltd The Old Bank 82 Waterloo Road Southport Merseyside PR8 4QW

Merseyside needs Mentors! Do you remember when the business world seemed impossible to conquer? The Chambers of Commerce in Merseyside are working together, to find people with a strong business background who can lend a helping hand to local people who are on the path to starting their own company. They are looking for experienced people who can support an aspiring entrepreneur to reach their potential. You will be asked to volunteer a small amount of your time which will decrease as your client becomes more confident and experienced. Mentoring is a rewarding way to share your experiences and contribute to the success of others and is a great way for your company to give back to your local community and support the regional economy. Your local Chamber will be on hand to provide any materials you need and support you along the way. Mentors are being sought across Liverpool, Knowsley, Sefton, St Helens and Wirral. To find out more contact Ann Holcroft at St Helens Chamber on 01744 742003 or visit www. sthelenschamber.com/mentoring

aat advert2.pdf

20/05/2013

16:15

AAT COURSES AT ACCRINGTON & ROSSENDALE COLLEGE C

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Accrington & Rossendale College is an AAT approved training provider which offers a full range of AAT courses. Our team of tutors posses both national and international experience and are all skilled practitioners. A friendly College with many AAT students - where every student is treated as an individual. If you would like to know more about AAT courses, call or email Kevin Lloyd: t_

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Getting the most out of Apprenticeships at Accrington & Rossendale College Apprenticeships, at their best, are collaboration, and finding a training provider who will give you the support, expertise and information you need is paramount to getting the most out of the apprenticeship process. From the very first moment, we play an active part with the businesses we deal with. In the beginning we’ll advise you on the funding that’s available and help you with the recruitment process to ensure that you get a confident, competent apprentice who is eager to learn and has a great attitude to work. We want our apprentices to contribute to your business as soon and ah as possible and this is why many businesses come back to us time and time again. Once you have your apprentice, we’ll be involved in monitoring their progress and make sure that you’re happy with their attitude and productivity. We want our apprentices to contribute to your business as soon and as much as possible and this is why many businesses come back to us time and time again. If an apprentice is an investment, it’s a pretty smart one, with 77% of employers believing that apprenticeships make them more competitive, 80% feeling that apprenticeships reduce staff turnover and 76% saying that apprenticeships provide higher overall productivity. Taking on an apprentice and getting it right can provide one of the highest returns on investments you can make. Taking on an apprentice and getting it right can provide one of the highest returns on investments you can make. Part of the reason for our success with apprenticeships is that we treat every employer differently, but always start by listening. Each business has different needs and to get the best from an apprentice we have to mould our provision to your requirements to ensure that you get the maximum contribution from us your apprentice at all times. If you’re interested in a friendly chat with one of our apprenticeship advisors then contact Martin Kelly on:

t_ 01254 354231 t_ 01254 354354

e_kelly.m@accross.ac.uk e_info@accross.ac.uk

w_www.accross.ac.uk

Student Interview Name: Josh Reynolds Age: 18 Town of residence? Skipton College: Accrington & Rossendale College What are you studying? AAT Level 2 Apprenticeship What’s special about your course? It will help me get into a job in a sector I’ve always wanted to work in. My qualification is really well respected, I get real life skills and experience and I know that companies value the qualification. What Have You Been learning this week? We’ve been learning how to use the Sage accountancy package. What’s the most memorable thing to have happened? In my job, I’ve redone how we do the monthly statements and reduced the amount of time it takes by half. What are your career plans/What’s next for you? I’d like to go into chartered accountancy and, eventually, I’d like to own my own accountancy business. Why did you choose Accrington & Rossendale College: Someone I knew recommended them to me as an employer. I applied for my apprenticeship there with them as my employer and got the job. Why did you choose this course? I’ve always been good with numbers and I’ve wanted to study accountancy since high school How has it lived up to your expectations? It’s more than I expected. It’s quite involved and it gets me doing a variety of things. The job role side of things is what I expected, with the practical duties, but the course is more involved. What do you think of the facilities? They’re good. There’s everything you need. It’s easy to navigate your way around and it’s a friendly, helpful atmosphere around College. How do you rate the quality of teaching? The class sizes are quite small, so everyone gets attention and support you need. It’s involved and teachers always ask you questions and help you improve. Why has this course been good for you? It’s got me into a job and started my career. The practical experience is really valuable. It gives employers a reason to hire you. Any extra comments/things you’d like to say? Apprenticeships are a good way to start a career and build your skills so that you become more employable in the future.

Interest-rate swaps how to help your clients Banks are being put under pressure to speed up compensating the businesses thought to be suffering financially as a result of taking out interest rate protection products to guard against interest rates going up. UK regulators in January ordered banks to review the sale of the products, known as interest rate swaps, caps and collars. The banks are required to compensate customers who are deemed to have been missold the products. Some 40,000 SME’s around the UK have been affected by the issue. Accountancy firms – and administrators of failed businesses – are often in the front line of professionals asked to help untangle problems associated with these complex interest rate hedging products. The Financial Conduct Authority (FCA) has given some banks, including Royal Bank of Scotland and Lloyds the authority to begin contacting customers to initiate the compensation process. But other lenders are still engaged in internal reviews to discover the extent of any mis-selling. Daniel Fallows, a director Seneca Banking Consultants, which is advising over 160 businesses on complex claims, said: “There’s been a trickle of progress in terms of dealing with redress but what’s required is a tidal change. Those businesses which were persuaded – and often required - to take out interest rate swaps by their banks found these products to be damaging and expensive to exit. There are also fundamental question marks about the review process set down by the regulators. The banks appear to have entered into a system of self-adjudication, with no appeal process currently available to the businesses who do not receive a satisfactory response.” Seneca provides expert advice to businesses direct as well as accountancy and legal firms. Its team reviews the paperwork around loans and has a detailed grasp of breaches of acceptance practice . It also provides reports which, in effect, recreates the transaction and calculate the damages subsequently incurred. Banks targeted SMEs between 2001 and 2008 with interest rate swap cap and collar policies. They were sold on the basis that the products allowed borrowers to fix their rates and control their costs, but when interest rates fell the ‘swap’ became very costly. Crucially, a gearing also kicked-in, making the exit fees astronomical. In most cases, the lower rates fell, the higher the exit fees became – which the regulator said the banks often hid from customers. The compensation scheme only applies to “non-sophisticated” borrowers, defined by the banks on the basis of a highly restrictive test (relative to turnover, balance sheet and number of employees). This approach is prohibitive and denies thousands of businesses the right to redress. Businesses not covered by the review process have been resorting to litigation but, given that the vast majority of these products were sold between 2005 and 2008, there is a danger that many such claims will (if they are not already) soon be “time barred” (i.e. not brought within the 6-year limitation period).

“The limitation issue means that every day businesses are losing the right to bring a case on the basis of breach of contract. That leaves them with less scope for a legal response – but cases may still be taken forward on the basis of negligence. “In many cases the products were sold over the phone or made conditional on loans. The terms and conditions would only turn up weeks later, by which time the contract had, in effect, already been enacted,” said Daniel Fallows. The effects of interest rate swap policies have included outright company failures. In some cases the existence of a swap has proved a deal-breaker where a principal wants to sell a business,” added Daniel Fallows. “In others, it’s forced people to sell up completely or to dispose of assets at below market rates to fund the vast fees associated with exiting these hedges.” Daniel Fallows believes banks will fight claims all the way. “In general, avoidance of liability is a huge problem and even now, we see communications from banks to customers which are misleading. To suggest, for instance, that people don’t need specialist advice is disingenuous in the extreme. These products are in reality complex, financial derivatives, with hedging arrangements often tucked away inside the detail of ‘structured’ products. A couple of the banks have some really nasty structured products. What’s required is an experienced and specialist eye to unravel what has been sold and the breaches of acceptable practice. It’s not a job for a lay person or even an inexperienced lawyer. A high number of the cases we are dealing with are referred to us by accountants and general practice law firms.” Analysts’ estimates start at £2 billion for how much this is going to cost UK banks – and go as high as £20 billion. Sky News has estimated that the average size of claim is £500,000. The compensation process is likely to roll on well into 2014 and will doubtless be accompanied by litigation as businesses not satisfied with the response start to take legal action. HM Revenue & Customs is understood to be increasingly sympathetic to businesses which are in financial distress as a result of having been sold an interest-rate swap – some getting leeway on tax payments.

Daniel Fallows Director Seneca Banking Consultants

ICAEW

Calling all school & sixth form governors/volunteers & parents! The ICAEW Business Accounting & Skills Education game (BASE), offers a unique opportunity for sixth form students. The event combines employer exhibitions, an interactive business case study and skills session where students can learn what it is like to take on the role of a chartered accountant and find out more about careers in business and finance. We are now looking for schools/colleges to

participate in the 2014 heats which will take place next Spring. If you would like to know how you can get your school involved please contact Mauro Lucrino at Mauro.Lucrino@ icaew.com Further information on BASE in available at http://careers.icaew.com/events/BASE

ICAEW Business Confidence Monitor Q2 - confidence remains in positive territor y Business confidence continues to improve according to the latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM). Building on the GDP growth accurately forecast by the monitor in Q1 2013, the latest findings suggest the economy will grow again in Q2 2013. Key findings for the UK as a whole for Q2 2013 show: · The BCM Confidence Index stands at +16.7, up from +12.8 in Q1 2013, suggesting GDP will grow by 0.6% in Q2 2013 · The headline confidence figure is backed up by key financial indicators which show solid profit and turnover growth · Downside risks remain, however, with businesses expecting weak growth in head counts and pay over the coming year The Q2 BCM results for the North West however have recorded a Confidence Index score of +9.1. Confidence in the region remains in positive territory for the fifth consecutive quarter, but stands slightly below the overall UK reading of +16.7. Businesses in the region continue to report weakening growth this quarter across a range of performance indicators. Turnover grew by just 0.5% over the past 12 months, which is the slowest rate since Q2 1010 and down from 3.9% in the same quarter a year ago. Annual growth in gross profit was weak this quarter at just 0.8%, and the 30

slowdown is also seen in both exports and domestic sales, which saw very modest year-on-year growth of 1.9% and 0.4% respectively. However, in line with continued positive levels of business confidence, businesses in the North West expect performance to strengthen over the coming year. Turnover is projected to rise by 3.8%, while sales volumes are expected to grow by 4.0%. However, even these faster expected growth rates are slower than those seen before the financial crisis, highlighting the ‘new normal’ climate of weaker economic growth. Capital investment growth in the region also remained low this quarter, at 1.2% over the past 12 months. This is broadly in line with growth seen over recent quarters, although remains down on the 2.1% seen in the same period in 2011. Over the year ahead, businesses expect fairly stable investment growth of 1.2%, suggesting that a sustained trend of positive business confidence may be needed to boost investment intentions. That said there are still good examples of investment in the North West, particularly in Liverpool. The construction of a retail, hotel and leisure project worth £160m is underway above Liverpool Central station, as part of the £200m total investment in the city’s Central Village development. Other aspects of the project include a £25m investment on a Forever 21 clothing store and £3m on creating the largest McDonald’s in the UK, which will open in July 2013. For further information go to www.icaew.com/bcm

Professor Joe Howe, Director, UCLan Centre for Sustainable Development

Leading on strategic partnerships with industry as well advising Government bodies including the DTI and the Treasury. First-class professional development designed to equip you with the skills needed to progress in business Whether you are an employer looking to develop your workforce, or a career-minded individual seeking to realise your potential, we have a programme for you, ensuring any cost or time involved will be an investment in your future. Areas of expertise: business and management, accountancy, law, IT, project management, human resource management

Find out more: web: call: email: tweet:

www.uclan.ac.uk/pg 01772 892400 cenquiries@uclan.ac.uk @UCLanBusiness

103717_PM_195x137_LSA_PRINT.indd 1

21/06/2013 11:25

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OCNWMR - supporting staff training Staff development through training and the achievement of qualifications can contribute to the success of a business. It can provide a cost effective way of improving an organisationâ&#x20AC;&#x2122;s skill base and can help recruit and retain high quality staff. National qualifications OCNWMR, an Oqual regulated awarding organisation, specialises in developing qualifications within the Qualifications and Credit Framework (the QCF). OCNWMR works with companies and other organisations to develop qualifications tailored to meet the needs of their staff and their business. Units and qualifications available include office administration, ICT, customer service, time management, teamwork and communication skills. Further information For a full list of QCF qualifications and units and to obtain details of the other services OCNWMR provides, visit the OCNWMR website, email wolverhampton@ocnwmr.org.uk or telephone 01902 624 230 and ask to speak to a Business Development Adviser. www.ocnwmr.org.uk

CharteredOne | Issue 5 | Summer 2013

Southport Branch Annual Dinner

Ian Wright of our Southport Branch reports that Annual Dinner of the Southport Branch was held at the Hesketh Golf Club on Friday 8 March. The Top Table attendees, shown in the photograph, were Andrew Gerrard, Chair Elect of the Isle of Man Society of Chartered Accountants, Robin Dillamore, Chair of the Chester and North Wales Society of Chartered Accountants, Ronnie Fell, Chair of the Institute of Taxation Merseyside

Branch, Ian Wright, Chair of the Liverpool Society of Chartered Accountants Southport Branch, Wendy Tyson, President of the Southport and Ormskirk Law Society, Jamie Sutherland, guest speaker, and Paul Cochrane, Deputy President of the Liverpool Society of Chartered Accountants. Attendance was higher than in 2012 and the guests were entertained by comedian Jamie Sutherland after the meal.

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Liverpool Hope University International Tennis Tournament 2013 Liverpool Hope is delighted to be the title sponsor of the annual Liverpool International Tennis Tournament. The tournament, which takes place in Calderstones Park, Liverpool from Thursday 20th – Sunday 23rd June, is the biggest tennis exhibition in Europe and has welcomed legends including John McEnroe, Martina Hingis and Richard Krajicek over the last 11 years. Ian McKenna, Director of Development at Liverpool Hope University, said: "We are excited to be sponsoring the Liverpool Hope University International Tennis Tournament. This is a fantastic opportunity for us to support a world-class event in our local community, so close to our Hope Park Campus.” The event has always been popular with the city’s business community and the new Corporate Doubles draw taking place during the Festival of Tennis at Chavesse Park, which precedes the tournament, will bring an exciting new friendly yet competitive rivalry. The University is hosting a celebratory gala dinner for those taking part in the draw, along with guests from other sponsors and partner organisations. There is still time to take advantage of Conferencing and Events at Liverpool Hope’s promotional discounted delegate rates for all new weekday meeting or conference bookings made before the end of June 2013 (terms and conditions apply). Visit www.hope.ac.uk/conferences for more information.

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Bangor, an exceptional location for business, events or pleasure… Location: We’re closer than you think! Nestled between the mountains and the sea, we guarantee that Bangor will seduce you. We might be biased but we think our location is something special and probably unlike any other destination you may have used in the past. Great transport links by road and rail make a quick escape a reality, so you can be enjoying your experience at Bangor sooner than you think. Meeting Facilities: We’re confident we have some of the most delightful and unusual Working in partnership venues the UK can offer and we’re pleased to say that most of it comes with outstanding views as standard. Our venues can be hired for residential conferences, day meetings, For you... training days, lectures, product launches, drinks receptions, exhibitions, alumni gatherings or • We protect your reputation weddings. The University’s meeting rooms are available to all, including community groups add to your services offering and businesses, the public and private sector - to name but •aWe few. In total there are over 40 • We control costs through Direct Access meeting rooms with capacities from 6 to 600. For your clients... Technical Services: Our AV Services team offers the full range of assistance for conferences, • We understand the pressures they face meetings and events. This includes – free WiFi, video and audio equipment, PA systems, • We deliver a speedy resolution screens and monitors. • We can control costs with transparent charging Catering To You: Proud of serving local, home made produce and achieving the highest customer service levels, you won’t be disappointed with yourWe stay. We offerin... a wide selection specialise of menus from simple refreshments, to a working lunch, a more formal two or three course • Commercial & company law buffet, or an evening gala dinner. • Dispute resolution & mediation • Estate planning & inheritance 388088 or visit our website at: www. • Insolvency, partnerships & LLPs • Property, landlord & tenant • Specialist & general tribunals • Trusts & taxation

Working in team partnership Contact the Conference & Events on 01248 bangor.ac.uk/conferences For you... Working in partnership For you...

• We protect your reputation • We add to your services offering • We control costs through Direct Access

• We protect your reputation • We add to your services offering • We control costs through Direct Access For

your clients...

tlantic Chambers has been at 4–6 Cook • We understand the pressures they face Street, Liverpool, since relocation in 2003, • We deliver a speedy resolution • We understand the pressures they face but can trace its history to the beginnings • We deliver a speedy resolution • We can control costs with transparent charging of the Liverpool Bar. Today, fifteen members • We can control costs with transparent charging make up the Chancery and Commercial Group, We specialise in... providing advice, drafting and advocacy We specialise in... • Commercial & company law before all Courts and before a variety of • Commercial & company law specialist tribunals – for instance the First and • Dispute resolution & mediation • Dispute resolution & mediation Upper Tier Tax Tribunals. • Estate planning & inheritance • Estate planning & inheritance For you... • Insolvency, partnerships & LLPs • Insolvency, partnerships & LLPs Almost any legal dispute can raise accounting issues. We protect your reputation ••Property, landlord & tenant There may be a concern that assets held in trust • Property, landlord & tenant ••Specialist & general have been mismanaged or mixed with other assets, We add to yourtribunals services offering • Specialist & general tribunals • Trusts & taxation though to what financial effect may be difficult for a • We control costs through Direct Access • Trusts & taxation lawyer to say without an accountant’s input.

For your clients...

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Equally, for every individual or business retaining the Chambers the has been at 4–6 Cook • Wetlantic understand pressures they face you services of an accountant, legal issues will at some Street, Liverpool, since relocation in 2003, Equally, for every individual or business retaining the • Webut deliver a speedy resolution pointChambers arise. Advice has may be required in restructuring tlantic been at 4–6 Cook can trace its history to the beginnings the shareholding of a company, in challenging VAT services of an accountant, legal issues will at some Street, Liverpool, since relocation in 2003, • the WeLiverpool can control costs with transparent charging of Bar. Today, fifteen members assessments, in negotiating new lease terms or in 4–6 Cook Street, Liver

make up the Chancery and Commercial Group,butdrafting can trace history to the beginnings share its purchase agreements. And when those running a business fall out,members their accountant providing advice, drafting and advocacy of the Liverpool Bar. Today, fifteen sides! will often be the first port of call – for both before all Courts and before a variety of make up the Chancery and Commercial Group, Instructions can be accepted through Direct specialist tribunals – for instance the First and • Commercial & company law providing advice, and advocacy Access; it isdrafting often unnecessary to involve solicitors. Upper Tier Tax Tribunals.

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• Dispute resolution & mediation Above alland the Group appreciates theof client’s need before all Courts before a variety Almost any legal dispute can raise accounting issues. for advisors to work together toward clear goals, specialist tribunals – for instance the First and • Estate planning & inheritance There may be a concern that assets held in trust and its members can provide the legal experience have been mismanaged or mixed with otherUpper assets, Tier required, whether in trusts and taxation, estate Tax Tribunals. • Insolvency, partnerships & LLPs though to what financial effect may be difficult for a planning and inheritance, insolvency, or any aspect legal dispute cancompanies, raise accounting issues. lawyer to say without an accountant’s input.Almost any of the law governing partnerships landlord & tenant • Property, andaLLPs. There may be concern that assets held in trust The client may allege the existence of a partnership, • Specialist & general tribunalshave been mismanaged or mixed with other assets, but his lawyer may have little idea what a share in Please contact us to discuss how we can help • Trusts & taxation this partnership would be worth. though to what financialand effect be difficult for a your practice yourmay clients. lawyer to say without an accountant’s input.

The clientLiverpool may allege the existence of a partnership, 4–6 Cook Street, L2 9QU but236 his 1559 lawyer little idea share in Tel: 0151 236 4421/8240 Fax: 0151 ormay 0151have 227 3005 DX: what 14176aLiverpool this partnership be worth. Email: clerks@atlanticchambers.co.uk Web:would www.atlanticchambers.co.uk

point arise. Advice may be required in restructuring the shareholding of a4421/8240 company, in challenging VAT 1559 o Tel: 0151 236 Fax: 0151 236 assessments, in negotiating new lease terms or in Email: clerks@atlanticchambers.co.uk We drafting share purchase agreements. And when those running a business fall out, their accountant will often be the first port of call – for both sides! Instructions can be accepted through Direct Access; it is often unnecessary to involve solicitors. Above all the Group appreciates the client’s need for advisors to work together toward clear goals, and its members can provide the legal experience required, whether in trusts and taxation, estate planning and inheritance, insolvency, or any aspect of the law governing companies, partnerships and LLPs.

Please contact us to discuss how we can help your practice and your clients. Equally, for every individual or business retaining the tlantic Chambers has been at 4–6 Cook services of an accountant, legal issues will at some Street, Liverpool, since relocation in 2003, point arise. may beLiverpool required inL2restructuring 4–6Advice Cook Street, 9QU but can trace its history to the beginnings the shareholding of 236 a company, in challenging Tel: 0151 236 4421/8240 Fax: 0151 1559 or 0151 227 3005VAT DX: 14176 Liverpool

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Businesses working with Ascend Business Consulting can expect to see:  Sales boosted.  Increased profit margins.  Improved performance of sales & marketing campaigns.  Improved cost effectiveness.  Improved efficiencies giving more productive use of time.  Business Optimised.  A business strategy roadmap.  The potential benefits of joint venture opportunities.  An Exit Strategy Importantly… We bring a straight talking, no-nonsense approach and a money back guarantee. All we ask is full commitment. All levels of Business Consulting, Coaching and Mentoring undertaken. Contact us about our Referral and Joint Venture schemes.

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T: 0845 413 3692 E: info@abconsulting.co.uk W: www.abconsulting.co.uk

CharteredOne | Issue 5 | Summer 2013

Liverpool Society of Chartered Accountants welcome new leader The Liverpool Society of Chartered Accountants has a new president Paul Cochrane, Partner at McEwan Wallace Chartered Accountants & Business Advisors in Birkenhead, has been appointed president of the Liverpool Society of Chartered Accountants. role by Deputy President, John Nolan from RSA Insurance Group, and Vice President, Philip Silver from Pennington Silver Chartered Accountants.

He takes the reins from past president Paul Christian, Director of Assurance at PwC, who led the society during 2012 / 2013. Paul will support the Society’s 3,580 members from across Merseyside, Chester & N Wales, which forms part of the Institute of Chartered Accountants in England and Wales (ICAEW). His primary role will be to oversee the delivery of a range of services for members including a series of CPD courses, an annual dinner, a variety of technical and networking events and discussion groups as well as

Paul Cochrane

representing the interests of Chartered Accountants to the wider business community. He will be supported in this

Paul Cochrane, President of the Liverpool Society of Chartered Accountants, said: “It is a real honour to able to represent the Liverpool Society of Chartered Accountants. As President I hope to encourage more local members to engage with the society to ensure that the views of Chartered Accountants are promoted effectively both locally and nationally.”

AGM prize winners Other winners who were not able to attend to collect their prizes were: Matthew Dickenson of United Utilities, the winner of the Liverpool Society’s 125 Prize, November 2012 Angharad Davies of Griffith Williams & Co Who was the winner of the Liverpool Society Prize 2012, this is awarded to the highest placed candidate in the Order of Merit

Sebastian Rule of Deloitte Who was the winner of the Liverpool Society’s 125 Prize, July 2012, this is awarded to the highest placed candidate in the Advanced Stage Case Study

Michael Balmforth of Baker Tilly, the winner of the Tom Cunningham Tax Prize 2012.

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changing from annoyance to one of victory. ‘How in the name of Davy Jones’ Locker did you find it?’

Long John Silver was anxiously pacing the Captain’s quarters. His hostile takeover bid – some might say mutiny – had gone according to plan, but in all the consequent chaos, the treasure map had disappeared. He proceeded to frantically search for it amongst the carnage.

Dropping the scroll into his hands, the bird flapped over to a cord hanging from the ceiling and tugged vigorously. To Silver’s amazement, a panel in the wall opened to reveal an immaculate Railex filing system. ‘Railex, Railex!’ squawked the parrot.

What was the point in commandeering a ship if he had no means of finding the beloved booty? He rifled through the ship’s files for the umpteenth time, before pulling them out randomly and throwing them on the creaking cabin floor.

Two weeks had passed, and the ship dropped anchor at the island. Silver clambered eagerly into his landing craft, greedy for the precious plunder. He rowed ashore and limped his way across the sand, excitedly unfolding the map as he went.

Silver’s natural resolve was waning; he could not find the document he wanted. The slapdash selection of files hung in tatters, a sorry looking mess with no discernible order to it at all.

To his horror, the opened document revealed itself to be a HM Customs cash declaration form! He spun around to discover the ship sailing in the opposite direction. He was left stranded with a ‘C9011’ and no way of finding the lost loot.

It was then that his faithful parrot, Cap’n Flint, flew in with the missing manuscript in his beak; it was the map! ‘Cap’n Flint, you little beauty!’ cried Silver, his demeanour

It was then that he heard the faint, taunting sound of Cap’n Flint – still aboard the departing ship – ‘pieces of eight, pieces of eight, pieces of eight …’

CPD Programme 2012/2013 Continuing professional development (CPD) enables you to develop your expertise within your individual role and help you maintain that edge throughout your career. Our CPD programme is designed to provide you with a selection of highly topical and specialist courses which are both relevant and accessible to you. Our presenters are highly experienced and knowledgeable professionals and their delivery is always from a practical perspective. The autumn programme contains the core update courses that have become regular fixtures on the Liverpool Societyâ&#x20AC;&#x2122;s calendar, together with some new topics to whet your appetite. We hope you find this programme of benefit.

BUSINESS WITH CONFIDENCE

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CharteredOne | Issue 5 | Summer 2013

BUSINESS WITH CONFIDENCE

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