A Diamond Jubilee to Remember - The Worshipful Company of

Members’ News and Livery Events
www.wccaew.org.uk
Issue number 30
A Diamond Jubilee
to Remember
The Master
August 2012
Contents
Diamond Jubilee
1-4
Livery Events
4-7
Charity Matters
8-9
Membership10
Clubs and Military
11-12
Forthcoming Events 2012/13
Social
The Royal Barge in the Thames River Pageant
An extravaganza; something glorious; a
spectacle thoroughly enjoyed, despite the
British rain; an extraordinary celebration of the
unique public service of a very special person:
Queen Elizabeth II – all these descriptions
have been given to events in three days in
June 2012, the like of which none of us will see
again in our lifetimes.
As an Alderman, as a former Lord Mayor
and as Past Master of the Worshipful Company
of Glaziers and Painters of Glass and, not
least, as Master of our Livery Company, I was
privileged, together with my wife, to watch
and participate in some of these events and to
witness and celebrate the sheer dedication of
our Monarch and her family.
Months of planning had absorbed the
Lord Chamberlain (the senior member of the
Royal Household, responsible for ceremonial
events) and his office, the Armed Services,
many Police Forces, the City of London
Corporation, St Paul’s Cathedral, the Port of
London Authority, concert organisers and
many voluntary organisations such as St
John Ambulance. Together, they ensured that
London revelled safely in the achievement of a
promise made 60 years ago by a young woman
who has dedicated her whole life to public
service in the interests of our country.
For some, the celebrations began on the
Saturday at the Epsom Derby where the
sport of kings entertained at least one Head
of State. But for most of us, it was the sight
of over 1,000 vessels of varying descriptions
and ages travelling downstream on the
River Thames that most of us will remember.
Breaking the Guinness Book of Records for
the most ships and boats in a procession,
Royal Charter Banquet
Guildhall
10 Sept
Admission of Sheriffs
Guildhall
28 Sept
Election of Lord Mayor
Guildhall
1 Oct
Church Service and Blessing
St Martin-within-Ludgate
9 Oct
Installation Dinner
Stationers’ Hall
9 Oct
Lord Mayor’s Show
City of London
10 Nov
Ladies’ Court Dinner
Brewers’ Hall
20 Nov
St Cecilia Service
St Paul’s Cathedral
21 Nov
Carol Service
St Martin-within-Ludgate
11 Dec
Winter Dinner
Haberdashers’ Hall
12 Feb
Past Masters’ Lunch
Butchers’ Hall
14 Mar
United Guilds Service
St Paul’s Cathedral
15 Mar
Spring Lunch
Plaisterers’ Hall
15 Mar
Concert
Guildhall School of Music
21 Mar
AGM & Spring Dinner
Carpenters’ Hall
16 April
comparisons were made with the famous
Canaletto painting of Lord Mayor’s Show
Day in 1746. It was spotting this painting
on a Glaziers’ visit to the Czech Republic a
few years ago that inspired us to use it as a
cover for the menus at Mansion House in my
year as Lord Mayor in 2006. And, this week,
we have seen it reproduced several times in
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Members’Jubilee
Diamond
News and Livery Events
the daily newspapers. On Sunday, we had
a privileged position on the covered high
level walkway of Tower Bridge, together with
other elected representatives of the City of
London Corporation, and the occasional glass
of champagne and canapés, as we watched
the flotilla float towards us, framed by each
of London’s bridges. The leading barge was
sturdy enough to carry a complete set of
church bells, which made an amazing sound at
the head of this extraordinary procession. We
saw Her Majesty and the Duke of Edinburgh
while they watched as over 20,000 people
manoeuvred their vessels against the tide,
watched in turn by a staggering 1.2 million
others. And we watched as the Royal Family
disembarked at HMS President, the shore
establishment of the Royal Naval Reserve,
relieved to be out of the cold and the rain.
A quick dash in the rain through Southwark
to the Cathedral meant that we were in time
for a special Diamond Jubilee Evensong at
which a newly commissioned stained glass
window was dedicated by the Bishop of
Southwark, the Rt Revd Christopher Chessun.
At the request of the late Dean, Colin Slee,
to me when I was Master Glazier, the work
was funded by the Glaziers Trust and the
stunning window was designed by Icelandic
artist, Leifur Breidfjord. It is a great addition
to the Cathedral and well worth calling in to
see when you are next shopping in Borough
Market.
Although we were not invited to the
Concert outside Buckingham Palace, we joined
millions, if not tens of millions, watching and
listening to the spectacle on the television
with its music stars from the last 60 years. The
presence on stage of the Queen and Prince
Charles’s most appropriate and amusing
speech heralded a new era in the relationship
between monarch and people. The Prince
of Wales’ reference to “Mummy” and then
exhorting the crowd to give a loud cheer for
the Duke of Edinburgh, sadly temporarily
confined to the King Edward VIIth Hospital,
will be remembered with affection.
A special privilege for those of us who have
been elected to the Court of Aldermen is the
opportunity, twice each year, to process in St
Paul’s Cathedral to the quire and sit next to the
choir, among the clergy and below the organ.
The National Service of Thanksgiving on
Sunday presented another even more special
occasion. Arriving one hour before the Service
began, we were brought in coaches from
Mansion House after a nourishing breakfast
and after donning our scarlet gowns over Old
Bailey dress (an 18th century cloth coat, with
stiff clerical collar and lace jabot). The Prime
Minister, members of the Cabinet and HM
Opposition, together with other dignitaries,
sat beneath the dome, joined much later
by members of the Royal Family. Then at
10.30, Her Majesty processed up the aisle
accompanied by the Lord Mayor carrying the
Pearl Sword (*), with clergy in attendance,
including the Archbishop of Canterbury, the
Bishop of London and our new Dean, the Very
Revd Dr David Ison. With the addition of the
choir from Her Majesty’s Chapel Royal and
the Diamond Choir, the singing was magical.
Some rousing hymns helped the mood.
Lessons were read by our former Chaplain,
The Right Revd Michael Colclough, and by
the Prime Minister. The retiring Archbishop
of Canterbury gave a
memorable sermon about
dedication, referring warmly
to our Monarch.
The sad omission was
the Duke of Edinburgh,
although the Queen
informed us when I asked
after His Royal Highness
at the Mansion House
Reception following the
Service that, while she had
not had the opportunity
to visit Prince Philip in
hospital, he had telephoned
her and “he seemed much
The Master on duty in Aldermanic dress
perkier”. We were thankful
to learn of this good news.
Her Majesty was then escorted to
Westminster Hall, where lunch was provided
for 700 people from the world of education and
charitable and community service, funded by
the livery companies of the City of London.
Our Livery Company was represented by our
Immediate Past Master, James Macnamara,
and our Senior Warden, Clifford Bygrave.
To illustrate the enormous contribution of
the Livery to our country, each table was
a showcase of charitable giving. Ours
covered much of CALC’s work, including
representatives of the HAC, Sea Cadets and
SBS, two primary schools and King Edward’s,
Witley, MANGO and the Farleigh Hospice.
This was followed by a majestic procession
back to Buckingham Palace, for an appearance
on the Balcony and a fly past of two banks
of World War II planes, including a Dakota,
a Wellington Bomber, four Spitfires and
a Hurricane, followed by the Red Arrows
formation flight, watched by over 250,000
people. This sort of spectacle is something
which only the United Kingdom seems able to
mount. It is an ability of which we should be
enormously proud.
Meanwhile, I was whisked, with Lady
Stuttard, and the other Aldermen and wives
from Mansion House to Guildhall where I
was given the pleasurable duty of escorting
Princess Anne and Admiral Laurence from
the Art Gallery, where the Lord Mayor made
a most appropriate speech, to the Crypts for
another reception, after the National Anthem
had been played. For one hour, Guildhall
was the venue for celebration by the City
Establishment, joined by the Prime Minister
and his colleagues, senior representatives of
the church and the judiciary, as well as many
members of the Royal Family.
The City of London, its elected officials and
the livery companies, all played their part in
these special Diamond Jubilee celebrations,
demonstrating the unique role which the
City has in the affairs of our nation. The
Archbishop of Canterbury reflected that the
lasting memorial of the celebrations would be
the “rebirth of an energetic, generous spirit of
dedication to the common good and the public
service”.
This is something that we, in our humble
way as a Livery Company representing a noble
profession, might also reflect on, as we recall
those three days in June 2012.
* The Pearl Sword was presented to the City by Queen Elizabeth I when she opened the Royal Exchange. It is used by the Lord Mayor when the
Queen visits the City in State. While I hosted a visit to the City by Her Majesty twice in my year (the Centenary of the Opening of the Old Bailey
by her great-grandfather, Edward VII, and the 25th anniversary of the Opening of the Barbican) neither was a formal State occasion, so I was
never privileged to carry and present the Pearl Sword. Thankfully, I also never carried the Sword of Mourning, last used on the occasion of the
Funeral Service of Sir Winston Churchill at St Paul’s Cathedral in 1965.
2
Members’ News and
Diamond
Livery Events
Jubilee
Your very best
wishes to the
Queen
In this Year of Jubilee a succession of Members
“buttonholed” the Master and asked him to write
on behalf of the whole Company to congratulate her
Majesty on all she has achieved, and to wish her well
for the future. Needless to say Sir John needed little or
no encouragement, being entirely of the same mind, as
indeed was the whole Court, and set out below is the
exchange of letters which then ensued.
“The Queen much appreciates
your thoughfulness and sends
her best wishes for an enjoyable
Diamond Jubilee year.”
3
Diamond
and Livery
Livery Events
Events
Members’Jubilee
News and
The Lord Great Chamberlain
requests the pleasure . . .
The Chartered Accountants’ table was under the steps of Westminster
Hall where the National Children’s Orchestra broke off playing, as the
State Trumpeters lined the great armorial Southern Window to sound a
fanfare for Her Majesty. Down those steps she processed, led by Black
Rod, accompanied by the Lord Great Chamberlain and followed by
the Prince of Wales and Duchess of Cornwall, the Duke and Duchess
of Cambridge and Prince Harry. They passed right by our group and
on to the centre of a huge gathering (I heard there were 700 of us) of
representatives of the Livery’s charity, brought together to celebrate her
Diamond Jubilee.
Deputising for the Master, who was at the heart of the City’s
welcome to the Royal Family, the Senior Warden and I hosted some of
our beneficiaries from the forces – SBS, HAC and Sea Cadets, education
– two Primary Schools, this year’s Master’s project, King Edward’s,
health – my project, Farleigh Hospice, and accounting – MANGO. The
rest of the Livery had done likewise to surround the Queen with the
public spirit of her realm.
The Master Mercer welcomed, Speaker Bercow said Grace, then food
and conversation followed, as strangers with a single common thread
introduced themselves. After brisk service (the Red Arrows won’t wait!),
the Lord Speaker proposed the Loyal Toast and the Royal party prepared
for the carriage procession. In filed the Yeoman of the Guard and the
State Trumpeters and a final fanfare sounded the farewell and an end to
a historic occasion.
I was proud to represent your Company; and your Company did Her
Majesty proud!
James Macnamara
Our Royal Charter
Guildhall Banquet:
Now Fully Booked
Our Learned Clerk has been delighted to report to the Master that having
already had to move the Banquet at Guildhall on 10th September 2012
into the Great Hall, to accommodate the demand for places, that larger
space too is now fully booked. The evening promises to be a splendid
occasion, with a drinks reception in the Old Library beforehand and then
dinner in what is the City’s most historic and prestigious location.
Our Royal Charter will be presented to us by The Lord Mayor and
we will also hear from Alex Galloway CVO, former Clerk to the Privy
Council, on its significance.
There is already a tangible air of excitement within the Company as
the date approaches, but for those who did not apply for places before
they ran out, all is not lost. The Clerk is now running a waiting list
and the vagaries of life and the pressure on Members to meet clients’
sudden calls for help on odd occasions and at unusual times, mean that
it is well worth contacting him to add your name to the list.
4
“Oh My God; it’s another late application!”
Members’ News and Livery
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“Assume a lazy posture!”
(or “How to hold a really stylish Summer Dinner!”)
With this wonderful command, which is sadly no longer used by the
British Army, Alistair Bassett Cross, Captain of the Company of Pikemen
and Musketeers of the Honourable Artillery Company, rested his troops
and invited the watching Liverymen, their ladies and guests to inspect
them. After presenting arms in salute to the Master and a display of
17th century drill, culminating in a deafening volley of musketry, they
deserved some respite from the weight of their equipment – pikes,
armour, helmets, swords – and were fascinating about the practicalities
of their service as the Lord Mayor’s bodyguard.
For many, this was the third stage of a charmed evening for our
Summer Livery Dinner, which started with the rain clearing just in time
for a tour of Bunhill Fields, the resting place of some of London’s literary
giants and other extraordinary characters. Appetites whetted, we
climbed the historic Armoury House stairs past the HAC’s museum for a
welcoming glass before emerging into the evening sunshine to find the
pikemen drawn up to await us.
The Queen presenting Colours to the HAC
Alistair Bassett Cross leading his Musketeers
Dinner followed in the richly panelled Long Room, surrounded by
portraits of the HAC’s illustrious members (Prime Minister and Lt Col
Edward Heath) and Sovereigns, with the Master and Wardens given
a military escort to their places to the beat of drums. After proving
that modern Army rations aren’t as bad as all that (and the wine
was pretty decent, too, though the more patriotic suggested that the
Argentinian shiraz must have been ordered before the outbreak of
the current hostilities!) the usual toasts were eloquently proposed by
the Master and responded to by Alistair Bassett Cross, informatively
and entertainingly. Now without his armour and helmet, he evidently
expected our friendly reception.
And with a stirrup cup, our charmed evening was clearly at an end
for, having held off all evening, the skies finally opened and poured
down on the departing Livery.
James Macnamara
Visit to Cambridge
A small but select group of the livery and
their wives visited Cambridge in mid-March,
staying at the Møller centre at Churchill
College, a business centre and hotel financed
by the Møller/Maersk Danish family as a thank
you to Churchill for all he did for Denmark and
for their shipping interests during the war. The
building design and its rooms are very much in
a delightful Scandinavian style.
Shortly after arrival we had the privilege of
a private guided tour of the Churchill Archives
Centre which is located in the college grounds
and saw how documents were very carefully
preserved and stored in controlled conditions.
Currently there are some six hundred sets of
papers that belonged to politicians, diplomats,
civil servants, military leaders, scientists and,
of course Winston Churchill himself. They even
have a collection from our current Master! A
first class dinner at the Møller centre followed
that evening.
The next day, despite the weather (which
seems to be a regular comment these days),
we all enjoyed an interesting tour of King’s
College of which the final highlight was a
special opportunity to go into the Chapel
where the orchestra were rehearsing for an
evening concert. What a wonderful sound and
no wonder the Christmas concert is broadcast
from there every year.
After finding our lunch hostelries
and enjoying an afternoon exploration of
Cambridge, a formal dinner was held at Corpus
Christi College (with very much its own
distinctive character) with a welcome speech
by the Master of the College, Stuart Laing.
Sunday saw some members depart, while
others visited Anglesey Abbey, a National
Trust property, and the Queen’s Head for
lunch, courtesy of David (a former Master
Farrier) and Juliet Short. All in all, it was a
splendid weekend, very well organised by our
learned Clerk, Peter Dickinson.
Colin Brown
5
Livery Events
Members’
News and Livery Events
Spring Livery dinner – Cutlers Hall
In April, the Cutlers kindly entertained the Company in their Hall in Warwick Lane. The meal was excellent and our speaker, Richard Fleck CBE, the
Chairman of the Auditing Practices Board, spoke extremely well on the development of the modern audit, the ways in which it has been changed
(not always for the better) and the challenges it now faces. As this issue is currently one of considerable significance to the profession, parts of his
speech are reproduced below.
“In the 40 odd years that I have worked in the City,
the accounting profession has travelled a very
long way. In 1971, accounting firms were small –
but there were many of them. Audit formed the
largest part of their practices. Non-audit services
were provided without limit. Liability exposure
was small. But most importantly, the accountant
was the most valued and respected adviser.
Whatever the challenge they faced, companies
turned to their accountants first – then to the
merchant bank – and finally to the lawyer to
implement any transaction decided upon. That
this was the case can be seen from the standing
of men like Henry Benson and Rupert Nicholson
– who else did the Government of the day turn to
when faced with the Rolls-Royce debacle?
Buoyed by this standing, the accountancy profession grew and
international mergers and diversification followed. But then three things
happened:
1. The OFT attacked the restrictive trade practices that it believed
inhibited a competitive market place. Changes, such as the
removal of prohibitions on approaching the audit clients of other
firms, increased the level of competition and slowly changed
the relationship between client and accountant. In many ways
that was desirable – but by introducing such competition,
the professional nature of the relationship was undermined.
Commercialisation, and a perceived reduction in objectivity,
led some to question whether the trusted adviser status
was warranted. And we have spent many years developing
accounting, auditing and ethical standards to try to reinforce that
professional relationship.
2. The pro-forma audit opinion became enshrined in standards. I
argued against it in 1982 and I argue against it now. It is liked by
companies because, by standardising the message, the potential
for differential is removed. However, the pro forma opinion has
contributed to the commoditisation of the audit, increased the
expectation gap (as there is no means of assessing audit quality)
and, worse still, it obscures all the good work that auditors do
(which is invisible even in the most extreme circumstances).
3. Litigation, and the fear of litigation, grew. This was exacerbated
by consequential loss claims and the possibility of catastrophe
claims succeeding. As a result, risk management assumed ever
greater significance within practices.
Competition, otherwise known as ‘market forces’, led to
concentration in the audit market and ever larger and more diversified
firms emerged. Audit became a smaller part of the practice. To combat
litigation, standards became ever more detailed and prescriptive –
in my view, a misconceived approach, as it simply gave claimants
even more points to criticise, irrespective of whether anything of
consequence flowed from that breach.
And the last decade has seen one further, very important
development. Financial reporting and audit have become relevant – no –
important issues for both politicians and the media.
6
After Enron and WorldCom, members
of Congress competed to become part of
history as the promoters of new legislation –
Sarbanes-Oxley.
A French President, Chirac, interceded to
try to influence the debate over the accounting
for financial instruments and would actually
pick up the phone to make representations
about accounting standard-setting.
And now Commissioner Barnier is pursuing
radical reforms. Asserting that auditors failed
to predict and prevent the financial crisis in
2007/8 (ignoring the roles of Governments,
Central Bankers, Regulators, banks, and
credit rating agencies), Commissioner Barnier
targets the structure of the audit market and the relationship between
auditor and company.
I know some believe that the accounting profession is being
victimised – a soft target for those who want to deflect attention
away from their own role in the financial crisis. But, rather than feel
victimised, the profession needs to understand why this debate is
happening and then set about reversing the trend that I have described.
We have to begin by asking a fundamental question – what do users
of corporate and financial reports want ? Because those users will never
be satisfied until their needs are met. I cannot prove this, but I would
lay any money on there being a correlation between the increasing
dissatisfaction with corporate and financial reporting and the standing
of the auditing profession.
Only when we have addressed that question, can we turn to the role
of audit.
So what do users of corporate and financial reports want? First, they
want financial reports that give them the information they want. That
sounds obvious – but it lies at the heart of the debate. Users’ needs
are no longer met by providing financial statements that are overtly
focussed on the historic performance of the company.
For all sorts of reasons, interest in the historic performance of the
company has declined to the extent that it is almost irrelevant. The
traditional purpose of audited accounts, as envisaged over 150 years
ago, has been overtaken - technology has changed the landscape –
shareholders are less worried that errors will be made in the basic bookkeeping.
And historic financial reports are no longer central to the integrity
of stock markets. Listing obligations mean that companies manage
market expectations through profit warnings and the like. Companies
go to great lengths to ‘manage’ analyst expectations. The full financial
accounts, with all the bells and whistles, are published long after the
markets have reacted to a company’s preliminary announcement.
The world in which companies now operate has changed beyond all
recognition. Businesses operate in global markets and have become
ever more complicated.
Against this background, whilst recognising the value of historic
financial reports as a starting point, users are interested in what the
corporate and financial report can tell them about the confidence they
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can properly place in the future of the company.
They gain that confidence from such things as:
• A proper understanding of the company’s business model and
its strategy for achieving it (which is why narrative reporting is
under the legislative microscope);
• Being assured that management understands the risks involved
in that strategy;
• Confirmation that the company is well run – for example, by being
assured that the company has effective controls; and
• Independent confirmation that the judgements made in preparing
the financial statements are fair and balanced – such as the
accounting policies chosen, and the estimates and valuations
made.
Whilst there will be many others, these are all factors that contribute
to the tapestry of information that enables users to make judgements
about companies.
Now let me emphasise – I have been talking about financial reporting
– not audit, because it is important that the process begins with
companies being responsible for providing the relevant information.
Otherwise we will undermine a fundamental element of corporate
governance – namely that directors and management are responsible for
the stewardship of the company’s affairs. This is why the Government is
about to consult on legislation to reform narrative reporting and why the
Financial Reporting Council is consulting on changes to the Corporate
Governance Code to require companies to address these issues.
But that isn’t enough – users need financial reports that they can
trust, and that is where audit has a vital role to play.
In 1995, a US political scientist, Francis Fukuyama, wrote Trust, the
social virtues and the creation of prosperity, in which he argued that
trust is not only one of the core fabrics of society, but is also essential for
a proper functioning economy.
We must be able to trust that the food we buy is safe, that the brakes
on a new car won’t fail after just two months, that the pharmaceutical
products we use do not have adverse side-effects. The list could go on
and on.
In the same vein, we must be able to trust what companies tell us
about themselves, their past performance and their future plans. Trust
in that information is central to the operation of the capital markets if
users want companies to provide the information I have described, they
want auditors to tell them whether they can trust that information.
As much of that information is not capable of absolute assurance,
users do not want that information audited. They want auditors to
give their opinion, as the outsiders with the greatest insight into the
company and its management, on whether the company’s report is
fair and balanced. Some might say that that doesn’t involve a very
imaginative or far-reaching agenda for the profession, but I don’t think
that that is right.
First, to provide the assurance that users want and, secondly, to gain
their trust, the profession needs to look afresh at the way it operates.
In doing so, the profession needs to re-examine, to challenge, many of
its working methods and fundamental assumptions about what it does
and why. For example the profession needs to reconsider the skills that
will be needed to provide assurance in the areas I mentioned. They will
need:
• Business expertise – so as to be able to understand and challenge
business models to ensure they are sound and the risks are
properly understood
• Economics and statistics – have become ever more important
to analyse financial instruments and understand their potential
effect.
• Expertise in the businesses being audited – I was struck by
one audit partner’s experience – he discovered that he had a
petroleum engineer on his audit team (auditing an oil company)
who gave him a completely different perspective of the risks oil
exploration companies faced and how they should be evaluated.
The structure of audit teams needs to be re-examined. These issues
are not for newly qualified accountants. This is no longer tick and bash
territory. It requires experience and judgement. So the team structure
will need to change. Teams should become smaller and focus on the
issues requiring the exercise of judgement.
I can hear the cries already !! This would involve a complete change
in our business model. This is the way we train the UK’s accountants.
But if the fundamental challenge is to be met, changes will have to be
made and other ways found to train business accountants.
There will be concern that this approach, because it is looking to
the future, opens up even greater liability risks than exist at present.
That’s correct – but that could be addressed by safe harbour provisions
where forward looking assurance is given – and it’s noteworthy that
even Barnier hasn’t challenged that concept. Auditors will need to
develop a new, overtly independent relationship with the companies
they audit. Like it or not, the current relationship between auditor and
management does not command confidence. If users want auditors
to provide assurance on a company’s business model strategy and
management, the auditor’s relationship will need to be arm’s length in
appearance as well as fact.
Auditors will need to communicate more. The audit report will have
to evolve from the current black/white, pass/fail defensive model that
presently exists – so that it is truly informative and provides colour.
Auditors will be expected to answer questions at AGMs; and, possibly,
even attend meetings with investors.
There is also a vital role for the professional bodies. They need to
establish a forum in which the profession can lead this debate. It cannot
be led by Government or by regulators, and to do that credibly, they
have to embrace the need for change – to recognise the challenges that
are being debated by the IAASB, by regulators in the US, in Europe,
in the UK and elsewhere. They need to take the steps open to them to
build confidence in the profession. That is just one of the reasons why
the Government and the FRC are committed to resisting Commissioner
Barnier’s proposals to disenfranchise the professional bodies.
My comments would not be complete if I did not briefly recognise
three other issues:
First, the difficulties caused by ever more prescriptive laws and
regulations and by modern accounting standards. Their complexity,
the unexpected outcomes they periodically produce and, above all, the
length and complexity of annual reports, do nothing to enhance the
usability of financial reports and so add to the sense of dissatisfaction.
Secondly, for the most part, these comments apply to listed
companies or public interest entities. We must never forget the vital
role played in every economy by owner-managed companies and small
businesses. We must not burden them and stifle their entrepreneurial
endeavours, and if that means that we have to have different regimes
for different types of companies – so be it.
Finally, there is a need to educate users so that they really
understand what they can properly take away from financial statements
and the degree of reliance that they can place on audit. Changes
to the accounting framework have led to less precision in financial
reporting and more judgement. This has not yet been reflected in the
auditor reporting model. Given the scale of today’s global companies
and the lack of precision inherent within their financial statements, I
am driven to ask whether shareholders and other users have any real
understanding of what reasonable assurance really means and that too
needs to change.”
Richard Fleck
7
Charity
Members’
Matters
News and Livery Events
Visit to City of London Academy
Members of our Company give very generously to CALC and it is important that where appropriate, recipients of those funds are
visited to ensure that the grants made on Members’ behalf are well applied. Past Master Rachel Adams recently undertook one
such visit (of many that are discretely carried out each year), and here is a synopsis of her report. Clearly, once again, the Company’s
support has made a difference.
On July 11th I attended the Prize Giving at City of London Academy on
behalf of the Trustees of CALC.
The Academy is truly amazing and the building was supported
by several Livery Companies. The pupils, of all ages, were absolutely
charming and it was a delightful experience.
There were many prizes – for contributions to Form Groups, Heads
of Year prizes for contributions throughout the year, achievement
prizes to those who had “achieved their very best”, awarded by Head
of Facilities. Some of these were donated by Livery Companies and
included our Company’s Harold Edey Sixth Form Scholarship. As well
as these, there were Academy prizes and an award made by St. John’s
Ambulance to individual cadets for direct provision of first aid to the
public. There were perfomances by the choir and the Jazz Band, an
address by the Head Girl and Boy and the winner of the written prize, a
year seven boy, read his peom beautifully to a packed hall.
Altogether a very impressive list, a splendid occasion and a school
well-worth supporting. I spoke afterwards to the receiver of our prize.
He is a very ambitious and hard-working young man who I am sure will
go a long way in life.
Rachel Adams
Past Master Peter Wyman’s
charitable legacy
In the same way that Past Master Rachel Adams went to a recipient of a
CALC grant, to see how it was being used (See her report immediately
above), so Mike Richardson, a distinguished former Member of your
Court, went to check how the grant made during Past Master Peter
Wyman’s tenure was being applied. It was good to hear from him that
the funds were used to buy into the Rigby & Starr Reading Scheme for
8
the school’s Key Stage 1 pupils, who are apparently hugely benefitting
from this extra resource.
(That said, it was a little concerning to see from one of the photos Mike
sent back, that Members of our Company sometimes apparently still
need a bit of extra help with their “Three Rs”!)
Editor
Members’ News andCharity
Livery Matters
Events
Past Master Graham Ward’s
Master’s Project
Members of the Company were especially supportive of this particular Master from a charitable point of view, and he now writes with a report on
progress to date on the excellent school which was the end result.
Dear Fellow Liverymen
When I was Master, in 200
9/10, my Master’s Projec
t was
to build a school for poo
r children in the villag
e of
Dakha in Punjab State in
India. This was done thr
ough
The Prince’s British Asi
an Trust and in conjuncti
on
with
The Bharti Foundation, a
major indian charity: to
ens
ure
vital local knowledge and
continuity. The Trustees
of CALC
kindly and generously pro
vided the capital cost of
the
buildings etc and the gre
at generosity of Liverymen
and their friends provid
ed enough funding to cov
er the
first two years of runnin
g costs for the school.
Tha
nk
you very much indeed, onc
e again, for your suppor
t!
Since then, the school has
gone from strength to
strength. There are now
61 pupils, of whom more
than
a third are girls (a sig
nificant achievement in Ind
ia)
and more than 90% are fro
m particularly disadvant
aged
parts of the community.
The curriculum includes
both
oral and written English
and there is a wide variet
y of
sporting activity and soc
ial and cultural learning.
The
pupils receive strong mor
al and material support
from
the local community, inc
luding donations of clothi
ng
and educational items.
Social learning is direct
ed towards equipping pup
ils to
be the forerunners of the
positive change which is
so
sorely needed in the vil
lage and more widely to
ach
ieve
sustainable development
and self-sufficiency at a
decent
standard of living. The
school also provides vol
unteers
to help those even less
fortunate than themselve
s in
nearby areas.
We are still collecting
donations towards the run
ning
costs of the school. If
you would like to contri
but
e,
please speak to Peter Lus
ty, whose contact detail
s can be
found on Page 12. He wil
l send you the appropria
te Gift
Aid form and arrange for
your donation to go direct
to
Dakha to continue this vit
al work.
Very best wishes and man
y thanks for your suppor
t
Graham Ward
9
Members’
Membership
News and Livery Events
Obituary: Sir Brandon Gough, 1937-2012
Our company’s distinguished Member, Sir
Brandon Gough, passed away on 25 April 2012.
Born in Merseyside in 1937 and educated
at Douai School, after military service and
Cambridge, he joined Coopers & Lybrand in
1964. Sir Brandon became a partner four years
later and served as chairman from 1983 to 1994,
overseeing its complex merger with Deloitte,
Haskins & Sells in 1990.
Following his retirement, he served on the
boards of several public companies, notably as
deputy chairman of the S.G. Warburg Group
(1995), chairman of Yorkshire Water (1996-2000)
and chairman of De La Rue (1997-2004).
Sir Brandon was appointed by John Major to
chair the Review Body on Doctors’ and Dentists’
Remuneration, a role he filled from 1993 to 2001,
and for which he received a knighthood.
His educational interests also led him to
become a member of the Council for Industry
and Higher Education (1985-93), and Chairman
of the Higher Education Funding Council for
England (1993-97), during which brought the
traditional universities and former polytechnics
under one umbrella. A Council Member of
City University, London from 1991 to 1993, Sir
Brandon was awarded an honorary DSc there
in 1994, to go with honorary degrees from the
University of Kent and UEA. He was appointed
Chancellor of the latter in 2003 and remained in
the post and very active until his death.
Always a keen Liveryman, Sir Brandon was a
regular attender at dinners and other events, and
liked to sit with Members he didn’t know, who
invariably found him excellent company.
Sir Brandon is survived by his wife Sarah and
three children.
Scope for some new Members
As Members may appreciate, ever since the Company was formed in
1977, the number of Liverymen that the Company is allowed has been
restricted to 350. However, there is no limit on the number of Freemen,
which is the precursor to becoming a Liveryman.
At present, we have 289 Liverymen and 37 Freemen, and while these
numbers are very heathly when compared to many other Companies,
still the Court is keen to increase our membership and from these
statistics, you will see that there is a limited degree of headroom.
Rather than publicise the issue broadly, the Court would prefer
existing members to identify and introduce more potential members to
the Company. Happily this has been happening recently, albeit informally
and on a modest scale. A new updated leaflet about the Company is in
the course of production and will be available very shortly. Members can
give a copy to potential applicants, in addition to directing them to the
website and providing their own advice and information. You will also
notice that in future application forms for our main dinners will ask you to
indicate whether any of your guests are potential members.
Please do take a minute to consider whether you know anyone who
might make a good and congenial Member of our Company and if you
do, then please either bring them along to one of our events or get in
touch with the Clerk (whose contact details are on the back page) to
discuss their case.
The Master
New Members since October 2011
The Master and Court have been delighted to welcome the following new Members into our Company recently, and feel confident they will both
contribute to it, and be made very welcome by their fellow Liverymen.
Tony Harper – Retired Grant Thornton partner
Charles Bowman – Partner in PricewaterhouseCoopers LLP
Stuart Hancock – Non Executive Chairman of Cwm Environmental Ltd
Robert Sheffrin – Lecturer and venture capital development in Balkans
Michael Lowe – Senior Partner in Tranter Lowe, Chartered Accountants
Nathan Steinberg – Partner in a small firm of Chartered Accountants
Michael Ranson – Head of Financial Control, Dept. for Works & Pensions
Richard Sexton – Partner in PricewaterhouseCoopers LLP
Brian Straughan – Partner in own accountancy practice
Peter Flood – Retired stockbroker with Smith Barney
Peter Townsend – Managing Partner in Duncan & Toplis,
Chartered Accountants
Tarun Mistry – Partner and Sector Team Leader in Grant Thornton
UK LLP
Lee Aston – Finance Director of Thrings LLP, Solicitors
Ralph Baber – COO of Slater Investments
Johan Auren – MD of own firm helping inbound Scandinavian companies
Kieran Johnson – Director of GSK plc
Peter Estlin – CFO, Barclays Retail & Business Banking
Alan Kingsley – Retired KPMG partner
10
Peter Dickenson
A Retrospective View,
Military,
and and
Sporting
Members’
News
LiveryActivities
Events
The Good, The Bad, and The Ugly
Rachel Adams reflects on some highs and lows of her recent year as our Master.
It is clearly not all plain sailing!
Well, The Good is very easy, or is it? There were so many wonderful
experiences. I remember with special pleasure our trip to Lille,
organised so wonderfully by Michael Sharp; dinner on HMS Victory and
a fantastic reception at Buckingham Palace, hosted by Prince Philip,
both due to our link with the SBSA and as regards dinners, our one at
Carpenters Hall with the Archbishop of York as speaker.
As for “The Bad”, I guess that the worst thing I did – or didn’t do –
was not make it to a dinner at Glaziers’ Hall to which the Master had
invited me. I was ready, dressed up in my best but, on getting into the
car to drive to Gatwick, found it would not start. No – it was not lack
of petrol, but some complicated glitch to do with the ignition, which I
do not begin to understand. Eventually the AA turned up but could do
nothing but tow me to a garage and leave the car there.
There was no hope and no dinner. A lift to the local station would
have left me with no train home. It had to be Gatwick and I could hardly
expect a neighbour to turn out at midnight to meet me on the return
leg – an hour’s drive away. The current Lord Mayor teased me about
it several times but, I think, the then Master has forgiven me – he is
always very friendly when we meet.
The “Ugly” is easy. As you know, there is an annual Pancake Race
organised by the Poulterers, on Shrove Tuesday, into which, with some
trepidation, I was entered. Well, at least I came fourth in my heat,
tossing the pancake with enthusiasm; but please do not enquire how
many were in the heat. It would be tactless.
The result was noted, however, by the detective employed by
the Red Cross to lock me up in The Tower. It was all great fun and
thoroughly enjoyable, even if I was proved to be quite incapable of
winning a pancake race.
Clay Pigeon Shooting
The Annual Inter-Livery Competition was held on 16th May at Holland
and Holland Shooting Ground in Northwood. In its current format
it has been held every year since 1993. The Chartered Accountants
were again represented by a team of four Liverymen: Richard Somers,
Howard Hyman, Max Kendall and Clive Kendall. How lucky we were
again, as the day was thankfully without rain. With the cold wind
coming from the NE and the hot sun between the fluffy clouds it made
for some difficult shooting, especially the high birds.
The day was again organised by Chris Parr from the Environmental
Cleaners and was typically successful, with 50+ Companies
represented. The guns battle it out over a ten-stand, 80-bird Sporting
layout, plus a four-man, 80-bird, flush from the high tower.
Top Livery Team was the Gunmakers B, scoring 328 points out of
a maximum of 400. The Chartered Accountants came 41st out of 95
teams (compared to 44th last year), with a total score of 233, including
64 on the flush. All the guns achieved more than half the birds and had
individual score placings in the range from 23rd to 40th out of a total of
some 450 guns. Everyone had a most enjoyable day and were rewarded
for their efforts with an excellent buffet lunch.
Eighteen different charities will benefit from the £8,000 raised at this
year’s event.
Clive Rendall
SBS update
As Members know, we are the Livery Company for the Special Boat Service, the UK’s maritime special forces regiment. For
obvious reasons, this relationship, which began under Past Master Henry Gold and was built on by his successors, is run on
fairly discrete lines. However, the Company was delighted to have the Regiment represented as our guest at the Jubilee lunch
in Westminster Hall (See article on page 4). More recently the Senior Warden, who is himself somewhat water-logged, as a
former Royal Navy man, has been in discussion with the SBS, to see what more we can do to support them and how they can
engage further with the Livery, So “watch this space”, as they say in Fleet Street.
Livery Golf
We have had three outings this year and still have three to go. We have
had a slightly poorer result than last year so far with a draw against the
Chartered Accountants GS at the beautiful course of Tandridge in April.
We were seventh in the Pewterers Challenge at Ashridge, which was
won by the Founders for the second time.
Last, but certainly not least, we played in the prestigious Prince
Arthur Cup at Walton Heath, where we came 36th, with minus 20, out
of a field 52. It is a very hard format in which to score highly, as we play
against the course and one can only score a plus, zero or a minus on
each hole (and it is surprising difficult to score plusses). The winning
team scored plus 7 with two teams and over two rounds, so over 72
holes in all.
The outings still to come include The Gardener Challenge Bowls on
Sept 24 at Worplesdon and a three-way match against the Solicitors and
Surveyors Livery Companies at Walton Heath on Sept 27.
We would welcome new members joining us and if you are
interested please contact me. My details are on the back page.
Michael Hardman
11
Members’
News and Livery Events
Sporting
Activities
Swimathon at Epsom
The Inter Livery Swimathon was
held on Monday 12 March at the RAC
Club in Epsom. The facilities were
much improved from 2 years ago. The
men’s changing room has now been
renovated and re-opened, which saved
the male participants from having to
walk the length and breadth of the
grounds of the club to get changed on a
cold March evening. Some of the Livery
Companies had some rather young
participants, with one team consisting
entirely of under 16 swimmers, who unsurprisingly were the first to complete
their 5,000 metres. Our team consisted of Graeme Gordon, who had flown in from
Vancouver that morning and still managed to swim with ease, Richard Simms,
who drove down from Warwickshire to take part and our ‘old’ stalwarts, David
Isherwood and Michael Richardson. Our swimmers did the company proud and
swam with speed. We were also able to raise almost £800 in support of the Lord
Mayors’ Charities.
Heather Bygrave
The Worshipful Company of
CharteredAccountants in England
and Wales (www.wccaew.org.uk)
The Master
Alderman Sir John Stuttard
PricewaterhouseCoopers, 1 Embankment Place,
London WC2N 6RH
Tel: 0207 213 4590
email: john.stuttard@uk.pwc.com
The Clerk
Peter Dickinson
Larksfield, Kent Hatch Road
Crockham Hill, Edenbridge, Kent TN8 6SX
Tel: 01732 866423
email: clerk@wccaew.org.uk
The Almoner
Peter Wyman
Plainsfield Court, Plainsfield,
Over Stowey, Somerset TA5 1HH
Tel: 01278 671292
email: peterwyman@btinternet.com
The Clerk to the Trustees of CALC
Peter Lusty
Hampton House, High Street, East Grinstead
West Sussex RH19 3AW
Tel: 01342 319038
email: peterlusty@btconnect.com
The Editor
One Way Bridge
For the first time for some twenty years I
cannot hold my partner, John Baker, wholly to
blame for the fact that we were no better than
33rd out of 60 pairs. Credit where credit is due,
I am happy to report that he was wearing the
livery tie that I gave him for Christmas, his
deaf aid was switched on and he appeared to
be comparatively sober. John was not too late.
Creeping in some ten minutes before the start,
he did unsettle me a little as it meant that we
had scant opportunity to discuss our systems
(perhaps no bad thing!). But I think that it was
12
this that did it, or maybe the fact that, early
on, he had hastily to correct his own revoke. I
am a chartered accountant (thus deemed to be
able to add) and so fortunately no faults can be
attributed to me!
John had come down all the way from
Walsall, stayed the night, and taken his
granddaughter, Victoria, out to lunch. All
in all it was an expensive trip, particularly
considering that he did not play a single hand
all evening. I console myself with the thought
that had I so indulged him, our result might
well have been worse!
This year, for the first time, we used
computerized bridge scoring machines. They
are about the size of a pocket calculator and
one just keys in the result and the Director,
with his computer, is instantly updated.
There is now no need to wait for any results
anywhere in the room. I went home early!
Trevor Harrison and Sir Jeffery Bowman
arrived in good time and were able to have a
full and frank discussion about their systems,
and finished a very creditable 16th, but I am
sorry to report that we now have a renegade
amongst the members of our livery. Adam
Broke, who played for us last year, preferred
to play for the Tax Advisers, together with
his wife. It was unclear whether this was for
reasons fiscal or uxorious!
Paul Fox
Jonathan Grosvenor
92b Banbury Road, Oxford OX2 6JT
Tel: (M) 07799 417850 (W) 01865 582350
Fax: 01865 842676
email: jg@theregister.net
The Editor would welcome your comments and
suggestions, and offers of articles and/or pictures.
The Editor wishes to record his thanks to John
Coley, our Typesetter, and to Jonathan McCulloch,
our long-serving Designer and Production Manager.
Sporting and other Convenors
Clay Pigeon Shooting
Giles Murphy
67 Grove Way, Esher, Surrey, KT10 8HQ
Tel: 0208 7866461
email: giles.murphy@btinternet.com
Golf
Michael Hardman
Oak House, Botley Road, Chesham, Bucks HP5 1XG
Tel: 01494 783402
E-mail: michael@hardmans.me.uk
Bridge
Paul Fox
The Battery, The Bayle, Folkestone, Kent CT20 1SQ
Tel: 01303 251914
Swimming
Heather Bygrave
Station House, 31 Ridgmont Road, St Albans,
Herts AL1 3AG
Tel: 01727 862470
Livery Car Group
Gerald Russell
The White House, 17 Castle Road, Weybridge
Surrey KT13 9QN
Tel: 01932 844498
The above Convenors would be glad to hear from
anyone wishing to take part in these activities.