Anderson Anderson and Brown, Wood Group and Maersk Oil have led the field in a fundraising initiative which has raised over £40,000 for local charities over the last 10 months. The three companies came top of the ActivityMix Charity Challenge which runs as an integral part of the ActivityMix Corporate Decathlon.

For the duration of the 10 event, active employee engagement programme, companies are encouraged to fund raise for selected local charities. This year Friends of ANCHOR, Befriend a Child and CLAN were selected by ActivityMix to be the ActivityMix Corporate Decathlon partner charities.

Anderson Anderson and Brown were awarded the Charity Challenge Champion title after raising over £20,000 for Friends of Anchor this year (pictured below).

Suzanne Brownie, Taxation Superviser at Anderson Anderson and Brown and Corporate Decathlon Team Captain said; “The employees of Anderson Anderson & Brown have had a lot of fun this year raising money for Friends of Anchor. As well as the usual cake sales and dress in a particular colour events, the Fundraising Committee organised a “100 Day Challenge” with the office being split in to six groups competing to raise as much as possible from a £15 float. The winning team undertook a sky dive and raised a huge sum from their parachute jumps. We have also consumed a lot of food through our soup kitchen, our fish shop and our weekly strawberry fayre. Added to a hamper raffle, sponsored walk, bingo and supermarket bag packing, we are amazed at how much money has been raised for this worthwhile charity while having fun with colleagues.”

Sarah-Jane Hogg, PR & Fundraising Manager at Friends of ANCHOR comments; “It has been a great honor to be one of the three chosen charities for ActivityMix Corporate Decathlon. With only two paid staff within the charity, an opportunity like this has been fantastic at helping to spread awareness of the cause among so many big corporates in the city.

“We’ve been astounded by Anderson Anderson and Brown’s fundraising efforts across the year and it was fantastic to see their hard work recognised on stage at the Sports Ball.”

Amanda Inglis, Business Development Manager, ActivityMix added:

“We are firm believers in conducting your business activity in a manner that your granny would be proud of. As a result we take a win:win:win approach in our business model and use our fortunate position of working with a wide range of energy sector companies across Aberdeen by making our ability to link business with the local community and charities a key aspect of the Corporate Decathlon.

“We’re always delighted and impressed with the effort companies put into this challenge. Not only do teams raise money but many people become volunteers and enthusiastically give their time. We are confident the profile of all three charities has been raised within workplaces across Aberdeen and hope many of the Corporate Decathlon participants will continue to support these charities long after the Corporate Decathlon 2013 draws to an end.”

As well as this fantastic achievement, AAB were delighted to come third overall in the Corporate Decathlon League 2 for 2013, taking two podium finishes within the ten different events throughout the calendar year. To add to the success of the 2013 Corporate Decathlon AAB’s Alyson Sutcliffe, a Senior Manager in the firm’s Tax Department, was also awarded a trophy for being the most improved at the Personal Health challenge event.

New Division for AAB – ‘Expertise to Entrepreneurs’ (E2)

Anderson Anderson & Brown LLP has launched a new division E2, ‘Expertise to Entrepreneurs’, which combines the firm’s considerable experience and expertise in advising Entrepreneurs. Throughout the life of an investment E2’s involvement assists its entrepreneurial clients gain the right commercial and tax advice to maximise their return. E2 was successfully launched to the North East at a joint breakfast seminar with Kelvin Capital on 8 October.

At the breakfast, E2’s Graeme Allan explained the commercial and tax efficiencies that can be accessed where an investor takes the time to gain effective entry to exit advice. Establishing an optimal trading structure with a strategic plan will enhance the probability of success and minimise taxes on a future exit.

The opportunity for E2 to partner with Kelvin Capital, to establish a platform in Aberdeen for co-investment, was born out of the recent economic crisis. It has been increasingly difficult for high growth companies to access funding between £250k and £2.5m, with the result that such companies are obliged to invite equity investment. At the same time, wealthy individuals are experiencing a reduction in investment returns from bank deposits and alternative risk based investments are being considered.

As a result of these difficulties wealthy individuals in the North East are increasingly contemplating a return to business through investing in high growth opportunities which offer the possibility of returns which reflect the risks of investment in unquoted companies. Given the North East’s exposure to the Oil and Gas industry many of the investments being contemplated see the investors returning to the industry which was the source of their original wealth.

Therefore, it is on the back of this that Kelvin Capital will establish an Aberdeen based platform through which opportunities for investment in unquoted companies will be showcased. Although the platform will have a focus on opportunities in the Oil and Gas industry, Kelvin will use their network in the central belt and London to bring opportunities in other industries to the table. Kelvin’s John McNicol used the breakfast to introduce the co-investment idea, explaining the reduced risk and other benefits delivered from investing in a portfolio of companies rather than in a single business. John highlighted that the showcase events provide a platform for like-minded Entrepreneurs with the means, and appetite, for investment to regularly meet and:

· Receive presentations from high growth businesses with a need for an injection of funding and commercial advice, with a view to co-investment;

· Discuss other co-investment opportunities and business issues with fellow Entrepreneurs;

· Discuss tax reliefs and opportunities.

The first event will be held in the evening of 28 November at the offices of Anderson Anderson & Brown LLP.

AAB are delighted to announce that the firm has moved up in the latest Accountancy Age Top 50 +50 Survey of the UK’s biggest firms.

The tables show that AAB has moved up from 42 to =38th making them now in the Top 40 accounting firms in the UK.

The Top 50 +50 table can be found on the Accountancy Age website: http://www.accountancyage.com/static/top50-this-year

The Partners of Anderson Anderson & Brown LLP, one of Aberdeen’s largest independent firms of Chartered Accountants, are delighted to announce the promotion of Derek Mitchell to Tax Director.

Derek trained originally as an accountant and qualified as a Chartered Certified Accountant before specialising in tax, qualifying as a Chartered Tax Adviser in 2004. Prior to joining AAB Derek gained significant general practice experience working for a diverse range of clients on both accountancy and tax matters. Derek joined the firm in 2006 and has since then provided specialist tax advice to the firm’s clients.

With a breadth of knowledge and experience, Derek advises on corporate and personal tax planning for owner-managed businesses, business owners and families, identifying tax efficient solutions for the firm’s many entrepreneurial clients and managing their tax compliance obligations. Derek leads the firm’s Private Client division in providing tax reporting and management services, income and capital gains tax planning, business ownership and exit strategies, and succession planning.

Gill Pryde, Head of Taxation, commented “By enhancing the leadership of the tax team, we are confident that this director appointment will further strengthen our client service delivery. Derek has a broad range of skills and he is committed to helping clients with advice and solutions. We wish Derek well in this challenging role.”

Anderson Anderson & Brown was formed in 1990 and now has 12 Partners, 7 Directors and over 180 staff. The firm has 6 key service areas namely; audit & accounting, taxation (personal, corporate, international and VAT), accounting and payroll outsourcing, corporate finance, management information solutions and wealth management.

The Charities SORP is Changing – Have your say

The Statement of Recommended Practice: Accounting and Reporting by Charities (“SORP”) is being revised and everyone has the opportunity to contribute to the consultation which is running until 4 November 2013.

Why is the SORP being updated?

The Financial Reporting Council (“FRC”) has issued three new financial reporting standards which form the new Generally Accepted Accounting Practice in the UK and the Republic of Ireland (“GAAP”). GAAP establishes the principles upon which accruals accounts are prepared to give a “true and fair view” and new GAAP is mandatory for financial years beginning on or after 1 January 2015.
The Charities SORP provides guidance on how charities apply GAAP. Therefore the current SORP needs to be updated to reflect new GAAP. As GAAP applies to accruals accounts the new SORP is not relevant to any charities which prepare accounts on a Receipts and Payments basis.
New GAAP is made up of 4 standards, of which FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland – is of particular interest to charities. In addition the FRC is retaining the current Financial Reporting Standard for Smaller Entities (“the FRSSE”) to ease the transition for smaller entities. This means that the majority of charities will have a choice of new GAAP or FRSSE and the proposed SORP takes this into account – although one of the consultation questions asks if the respondent agrees that this should be the case.

Overview of the draft SORP – a selection of the changes

The draft SORP has been produced in a modular form which is intended to ease use by enabling the reader to tailor the SORP to exclude modules which are not relevant to the user’s charity.

A new format Statement of Financial Activities (“SOFA”), with reduced categories, is proposed as is a new format cash-flow statement.

Changes are proposed to the format of the Trustees’ Annual Report together with the inclusion of information on going concern and the principal risks facing the charity

There are separate modules on financial instruments, social investments and defined benefit pension schemes with proposed changes which reflect the increasing complexity of accounting issues affecting charities.

Changes are proposed to the disclosure of staff salaries – with a suggestion that the SORP might require larger charities to disclose the job title and remuneration of the highest paid employee.

These are just some of proposed changes and Helpsheet 2 sets out the major changes between the current and draft SORPs.

Access to the consultation process

A micro website has been produced containing all of the SORP consultation documents at www.charitysorp.org

This contains the draft SORP, invitation to comment document and two help sheets (one mapping the existing SORP to the draft SORP and the other which sets out the major changes between the existing and proposed SORPs).

The invitation to comment sets out a number of questions which the SORP committee would like responses to – you can answer as many or as few as you like, some may not be relevant to your organisation but many are applicable to all organisations, for example question 1 asks if you agree that the modular format improves accessibility to issues and better meets the needs of the preparers of charity accounts? Question 8 asks if the simplification of the format and headings of the Statement of Financial Activities will assist preparers whilst still providing users of the accounts with the relevant information about the income and activities of the charity.

Invitation to comment

The invitation to comment document sets out the background to the consultation and specific matters on which views are sought – in the form of 25 questions. This is your opportunity to contribute to the shape of the SORP which will apply to charity accounts from 2015 onwards and to ensure your views are considered. Responses can be submitted by email, using a web form or in writing.

Further information

If you would like to discuss this topic further please contact:

Elaine Parr, Charity Services Senior Manager

elaine.parr@aab.co.uk

01224 625111

National Recognition for Local Accountancy Firm

Anderson Anderson & Brown LLP, one of Aberdeen’s largest independent firms of Chartered Accountants, has been shortlisted for the British Accountancy Awards in the ‘Mid-Tier Firm of the Year’ category. The winners will be announced at a ceremony in London on 20^th November.

Now in their third year, these awards are looking to recognise the practices that have demonstrated their excellence in the profession during the last twelve months. They seek to reward firms that have provided the highest quality of service to their clients, adding significant competitive advantage.

A panel of experts has contributed to the design of rigorous criteria and a clear entry process to help the judges focus on the key issues underpinning practice and professional development.

Commenting on this latest recognition of the firm, Mike Brown, Managing Partner, said “We are delighted to be shortlisted for these prestigious awards. Once again, our firm’s achievements are being viewed positively by independent bodies, recognising that the efforts and successes of our experienced and committed team of individuals is contributing positively to our clients’ business operations.”

“It is particularly gratifying that in this national review we are up against some of the strongest competitors in the country as ‘Firm of the Year’. Each year offers up different challenges and through application of exceptional talent, experience and expertise our team continues to rise to the occasion and deliver positive results time and again.”

We are delighted to announce that the firm has been shortlisted as finalists, for the forthcoming Payroll World Awards, in all 3 categories that we decided to enter (out of a total of 15 possible categories). The three categories are:

• Payroll Team Award – Bureau / Service Provider (which we won last year)
• Specialist Payroll Provider Award
• Payroll Provider Award

Whilst the Payroll team category involves solely our Payroll department, our submissions made for the latter two categories include descriptions of significant projects undertaken by our ‘Employer Solutions’ team, which provides integrated solutions bringing together our Management Information Solutions (MIS), Employer & Expatriate Tax Solutions (EETS), UK & International tax, Wealth Management and Accounting Services departments as well as Payroll.

The winners will be announced at an awards ceremony in London on Thursday 24 October.

AAB Wealth Launches Corporate Benefits Service

AAB is delighted to announce the launch of AAB Wealth‘s Corporate Benefits Service.

The new range of services will be offered and delivered by the expansion and augmentation of our established financial planning arm, AAB Wealth Chartered Financial Planners.

AAB Wealth’s Corporate Benefits service will provide to employers advice, recommendations and whole of-market solutions implementation in the areas of group benefits (eg pensions, medical insurance, death benefits). Corporate Benefits will also be able to advise employers on and implement solutions for the employer-sponsored arrangements for business owners and senior executives, such as Key Person Assurance, Shareholder protection, and Executive Incentive Schemes.

AAB’s Managing partner, Mike Brown said “AAB Wealth’s new Corporate Benefits Service is a natural compliment, not only to AAB Wealth’s existing service offerings, but also to the wider range of services and advice areas currently provided by AAB. This new service has been launched in response to our clients’ needs and the evidence we found that too many employers are poorly served in this important area by their current service provider.”

The service will be headed up by Alister Link, who has 20 years experience as a financial adviser and who has more recently developed a specialism in the area of Pensions Auto-Enrolment.

AAB Wealth Director, Paul Lothian added “Alister brings a wealth of knowledge and experience to this new role and will be ably supported by a seven-strong team. We are very excited by the clear and extant opportunities to assist employers by providing a highly professional, expert service in this area.”

For further details about this new service, or to find out how we may be of assistance to you in the above areas, please contact Alister Link on 01224 625111 (email: alister.link@aabwealth.co.uk)

Read more: Launch of Corporate Benefits Service

Accountancy Firm of the Year

Anderson Anderson & Brown LLP, one of Aberdeen’s leading independent firms of Chartered Accountants, has been awarded ‘Accountancy Firm of the Year’ in the 2013 Scottish Accountancy Awards (in conjunction with Scottish Business Insider).

The judges were impressed by the fact that fee income and client numbers rose across the business during the last year, in particular the growth gained by the payroll team which saw fee income almost double. The judges were also impressed that the firm retained its title of top dealmakers in Scotland for the eight year running with 40 transactions concluded.

Mike Brown, Managing Partner said, “We are delighted with this national recognition of our firm’s achievements. It is rewarding that the efforts and successes of our experienced and committed team of individuals is being highlighted in this manner.”

“It is particularly gratifying that we won against some of the strongest competitors in the country. Each year offers up different challenges and through their exceptional talent experience and expertise our people continue to rise to the occasion and deliver results time and time again”.

The firm has been successful in these awards in the past having been awarded ‘Best Small Firm’ and ‘Fastest Growing Firm’ at the 2009 Awards and ‘Best Team of the Year’ (corporate finance) in 2010. This is also the eight consecutive year that the firm’s corporate finance team have topped the Insider league tables for both ‘most deals initiated’ and ‘most deals completed’ in Scotland.

Charlotte Stewart, a trainee within AAB’s Employer & Expatriate Tax Solutions (EETS) team not only obtained a pass with distinction but also merited the award of the Chartered Institute of Tax Scotland Branch prize for the ‘Best Overall Candidate’ for her performance within the ATT (Association of Taxation Technicians) examinations.