Interview with Eric Healey p8-9 Budget highlights ... - Grant Thornton

Welcome to the fifth issueof Alumination magazineContentsPAGE 3PAGE 4 & 5PAGE 6PAGE 7PAGE 8 & 9PAGE 10PAGE 11PAGE 12 & 13PAGE 14PAGE 15WelcomeSince you’ve been goneIn the hands of the manyTen minutes with … Ed WarnerInterview with Eric HealeyRepresenting the professionInternational is not a separate sectorBudget highlightsThe essentials unravelled – two new guidesfor non-executive directorsAn update from the Partner Support UnitIn this edition Scott provides an update on the firm’s strategy in action,including a report on a strategic investment LECG. You will be pleased tosee that the firm continues to win major awards. In the ever competitivegraduate market we have won ‘Best placement and internship employer’and ‘Best Graduate Induction’ awards.Ed Warner, one of our independent non-executives and Chairman ofUK Athletics takes time out of his busy schedule leading up to the 2012Olympics to divulge some personal details.We also have an interview with Eric Healey, whom many of youwill remember.We also include a summary of some of the key provisions from thechancellor’s latest Budget. Hopefully you will have seen many of thefirm’s experts commentating on the day. More information on the Budgetis available on the firm’s website.If you are organising a get-together among your partner Alumni, pleaselet us know. We will gladly promote these events via the Alumni website,plus any reports/news you might like to submit afterwards.I hope you enjoy this latest edition of your magazine. Please let meknow your thoughts, any questions you have for Scott and ideas forfuture editions.Jenny BalmeNational Director, Partner Support Unit2 Alumination THE NEWSLETTER FOR FORMER PARTNERS OF GRANT THORNTONAlumination SPRING/SUMMER 2011 3

Since you’vebeen goneA CELEBRATION OF ADMIRATIONLatest partner appointmentsJames Hurst - VAT - BirminghamDavid Hillan -Corporate Tax - BirminghamMartin Lambert - Tax - LondonChris Tattersall - Advisory - LondonAlex Woodhouse - Advisory - LondonOne of the top accountancy firmsfor charitiesFor three years running, our firm hasranked third in the CaritasData Top3,000 Charities book, ahead of Deloitteand KPMG, reflecting the total amountof charities’ income that is audited byeach UK accountancy firm.Our firm has been selected as one of the ‘most admired’companies providing services to private clients.The accolade is awarded annually by leading industrypublication Private Client Practitioner (PCP) to 25companies which have already made one of PCPsfour individual category ‘Top 25’ lists.Triple success at the DealmakersAwards 2011Corporate Finance Director RupertRawcliffe has been named ‘Dealmakerof the Year’ for the third year runningat the South East Insider DealmakersAwards 2011. The Gatwick LeadAdvisory team was also voted‘Corporate Finance Advisory Team ofthe Year’, and our firm advised on theDeal of the Year, the MBO of MatthewsDaniel Ltd, led by Mo Merali.FINANCIAL SERVICESBOOSTED WITH THEACQUISITION OFLECG CONSULTINGLECG Business Consulting UK* is amanagement consulting and advisorybusiness that focuses on businessand operational strategy and themanagement of change in the financialservices sector, with expertise incorporate and investment bankingoperations, real estate investmentmanagement and insurance.Our London Managing PartnerIan Smart said: “It is great newsthat LECG Business Consulting isjoining us. Building our expertise ina sector where we are already strongis a key part of our strategy, andadding LECG Business Consulting’sspecialist knowledge and reach in thefinancial services sector strengthensour existing capability.“The team gives us a sharpercutting edge overall as we continueto grow our presence in the sector.”* LECG Business Consulting is therebranded management consultingarm of SMART Business Advisoryand Consulting UK Ltd. SMART wasrebranded after merging with LECGin early 2010.We are Auditor of the Yearfor the second year running!Grant Thornton was announced as thewinner of the Auditor of the Year (LargeSix) category at The FDs’ ExcellenceAwards for the second year running.The result was based on responsesfrom over 900 finance directors (FDs)who took part in an online vote.The FDs’ Excellence Awards, inassociation with the ICAEW andsupported by the CBI, recognise thenation’s exemplary FDs and the principalsuppliers of services to the nation’s FDcommunity. The annual FD survey is thelargest independent poll of UK financedirectors into the services providedby auditors, banks, law firms andtechnology firms.FDs who took the survey describedour firm as “very supportive”, and oneGovernment assuranceexecutive is the firstrecipient of the TremeerAwardChris Roach, a government assuranceexecutive from our Bristol office, hasbeen awarded the first Tremeer Award,which honours the memory of the lateRichard Tremeer, a former partner.Since Richard led the firm’sgovernment audit work for many years,the Tremeer Award will be presentedannually to an associate or executivewithin the firm’s government auditpractice for exceptional achievement ina number of fields. Chris received theaward in recognition of the high-profilework he has undertaken forThe Chartered Institute of PublicFinance and Accountancy (CIPFA), asChair of its National Student Forum.particular respondentwas quoted on thenight, saying: “Theydemonstrate a clearunderstanding ofour business andour direction. The audit was testing,extremely thorough — but balanced.”Head of UK Assurance Phil Crookssaid: “We are delighted and extremelyproud to be recognised as Auditor ofthe Year for the second year running.This is a great achievement to havebeen declared the top auditor amongthe six largest firms for the secondyear running. The support andcommitment of our people has beena crucial part of our achievement forwhich we are very proud.”Our firm comes topof the class for studentplacements and internshipsWe have been named ‘Best placementand internship employer’ at the RateMy Placement National Placement andInternship Awards, beating companiessuch as Microsoft, Bloomberg andPwC to the top spot.In addition we have also beenawarded the Best Graduate Inductionaward at the Association of GraduateRecruiters (AGR) Awards 2011.Accountancy Age Awards updateOur Not for Profit team was awardedAudit Team of the Year 20104 Alumination THE NEWSLETTER FOR FORMER PARTNERS OF GRANT THORNTON Alumination SPRING/SUMMER 2011 5

A few words from our CEOIn the handsof the manyTENminutes withED WARNERWith the end of our 2011financial year now in sight,we are hoping to achieveour budget for the year,despite the very challengingeconomic climate.The significant improvement inour profits in 2009/10 was driven byimproving our margin and keeping atight control on overheads. However,we must now focus on growth forlong-term sustainability andprofitability. This will not be easilywon, and we are currently working withthe partner team on detailed businessplans to identify how and where we canachieve profitable growth. One aspect ofthis is identifying strategic acquisitionsto strengthen our offering. The pastfew months have seen two such deals:the first is the buy-out of an element ofLECG, a management consulting andadvisory business, which strengthensour existing capability in the financialservices sector. The second is theacquisition of a significant IVA book,making us the largest IVA providerin the UK.Top line growth is one aspect of beinga dynamic business. Engagement ofand challenge for our people is another.The partner team is in good shape, andcontinues to evolve.Change is taking different forms,such as David Campbell going to SouthAfrica to run the Grant Thornton firmin Johannesburg, and others who areplanning to retire, having given greatservice to the firm, including Mike Bevis,Andrew Conquest, Malcolm Shierson,Trevor Baldry and Janet Crookes. Wethank them and wish them well. Onthe other hand, we have appointed 13new partners in the past 12 monthsand look forward to their developingcontribution.To keep our staff involved,we are working hard on internalcommunication to give them a realunderstanding of the direction of thebusiness, how we are performing againstour goals, and what each individual cando to help our success. One element ismy weekly blog on our intranet, where Igive people an insight into the activitiesthe Leadership Board undertakes todrive the strategy. Another is ouremployee representatives, who meetquarterly with the National LeadershipBoard, and monthly with their OfficeManaging Partner. These are aninvaluable sounding board to help usunderstand a different perspective onpolicy decisions we are planning.We start the engagement processon day one with our trainees (schoolleavers and graduates) with an industryleadingprocess that has recently wonthe Association of Graduate Recruiters’award for the best induction programme.The centrepiece of this programme isa two-day event where the newcomersare joined by 30 partners and an arrayof executives and managers to givethem a deep dive into our strategyand approach. Taking our youngestrecruits very seriously is also payingdividends with our interns as theyhave voted us the best organisation inthe country for a placement under the‘Rate My Placement’ scheme (againstMicrosoft and many others).For the benefit of our clients andstaff, we are actively reviewing ouroffices. This means making sure we arelocated in the right towns and cities toserve our existing and target clients,sited in the right business locationsand with the right facilities for a firmof our stature. We have relocated tosmart new premises in Liverpool,Oxford and Reading in the past year;are reviewing our property options inNottingham, Cambridge and Slough;and have decided to close our offices inBrighton, Farnham, Poole and HemelHempstead. In Bury St Edmunds,we are very pleased to have recentlyagreed a buy-out that enables the officeto survive – and I hope thrive – as anindependent firm in a location that didnot support our national plans.The unifying theme underlying allthese activities and the decisions we aremaking is our strategy – and the aimto keep it the priority not only for theboard, and not only for the partners,but for everyone in the firm.My first job was as a UK fund managerat GT Management back in 1985. It waslove of the stock market at first sight.The best bit of career advice I’ve beengiven is to remember that most careeradvice is given by people viewing yourchoices through the filter of their owncircumstances, and should be treatedwith care.The person who’s most inspired me isa tie between Freddie Mercury and IanWright during his Crystal Palace years.My proudest moment was finishing theLondon Marathon for the first time in2002 (in a time of 3 hrs 26 mins sinceyou’re asking – and I’ve got a littlequicker since).My new role with Grant Thornton isan opportunity to view the world offinance through a different prism.At school, I wanted to be a heavy metaldrummer, but only a little bit.When I get home from work, I go fora run, open a bottle of wine and watchCorrie (in that order).I couldn’t live without the FittleworthFlyers running club and my GPSrunning watch.Ed Warner is one of three new non-executive directors we haveappointed. We are the first UK firm to respond to new codes byhaving NEDs on our governance body. Ed is Chairman of UKAthletics through to 2013 and of derivatives exchange LMAX.He holds several non-executive directorships and was previouslyCEO of IFX Group and Old Mutual Financial Services (UK).My dream dinner date would be apre-theatre sitting at the Ivy withmy wife and friends.The last book I read was OperationMincemeat by Ben Macintyre.My perfect day off would be spenton the South Downs with a publunch thrown in.Not a lot of people know this, butI’m good at very little – I’m a jackof all trades.My friends would say I’m . . . I can thinkof a few things I might like them to say,but I haven’t the temerity to think whatthey might really have in mind.The best decision I’ve ever made wasto ‘go plural’ after selling IFX Groupin 2006. I’d recommend it to anyonewith the confidence to adopt a rootlessworking life.My personal motto is probably Just DoIt, but adidas are our partners at UKAthletics so I’d better choose a variantsuch as Don’t Faff About.6 Alumination THE NEWSLETTER FOR FORMER PARTNERS OF GRANT THORNTON Alumination SPRING/SUMMER 2011 7

Representingthe professionInternational is not a separate sector— it is who we are and what we doIt is now two years sinceGrant Thornton tookthe chair of the Policyand Regulatory Group(PRG), the body whichrepresents the six largestaudit firms on publicpolicy discussions withgovernment, regulators andother stakeholders.Steve MaslinChair, Policy and Regulatory GroupMartin DrewSecretary, Policy and Regulatory GroupWith so much spotlight now fallingon audit post the financial crisis, thishas provided a great opportunity toshowcase Grant Thornton as a leaderof the profession.The firm’s proposals on how annualreports can give a clearer picture toshareholders of the risks faced bythe company and the key financialjudgements made by its management,and to increase the audit scope tocover these disclosures, were takenup in the FRC’s Discussion PaperEnhancing Reporting and the Role ofAudit and now form the cornerstoneof UK government policy as the EUconsiders new legislation on the shapeof public company reporting and therole of the audit.Grant Thornton has led theprofession’s contribution to a workinggroup established by the Bank ofEngland that is looking to build bettercommunications between auditors andthe Bank as it resumes responsibilityfor banking supervision from the FSA.Our submissions to the House ofLords and the European Commissionon how to foster greater choice ofauditors for listed companies createdheadlines in the FT and leading pressacross Europe. As a result, we havebeen consulted by legislators andpolicy makers in the EU and UK asthey seek to create more opportunitiesfor firms such as Grant Thornton toprovide audit and advisory servicesto Europe’s larger companies.Other projects where Grant Thorntonhas represented the profession include:• being invited by the new coalitionto advise on deregulation measuresfor business• discussing ways of maintainingLondon’s competitiveness with aTreasury working group• joint projects with the CBI aimedat enhancing UK competitiveness• being invited to make proposals toParliament on public sector auditonce the Audit Commission isabolished.This activity should not be takento suggest the firm has changed itsstrategy; that is not the case. However,being seen to be providing thoughtleadership in these key businessissues, and being held out by the fiveother largest firms as the leader oftheir collective policy ideas, providesa wonderful platform for GrantThornton to implement its strategy.In the words of perhaps the mostprolific audit committee chair earlierthis month: “I pretty much know whatposition the big firms will take onanything, but I want to get a betterfeel for Grant Thornton’s opinions.It will be good for [business as awhole] to see Grant Thornton as aneven stronger challenger to the fourlargest firms.”As the global economy emerges fromthe economic downturn, research fromGrant Thornton’s International BusinessReport 2011 shows signs of confidencereturning, with some 34% of respondentsplanning to grow through acquisition(2010: 26%).For the past 24 months, mostbusinesses focused their deal making onsynergies to improve cost structures — itappears now that strategic growth hascome to the fore again, with the majorkey driver being access to new geographicmarkets.This dovetails neatly with GrantThornton’s own global 2015 ambition —to more than double in size. New officeshave been opened in over 16 locationsover the past 12 months, from Albania toZimbabwe and Azerbaijan to Uzbekistan,alongside significant mergers in Austriaand Canada. Member firms in Australia,Canada and China delivered double digitrevenue growth in 2010. A lot of workhas been undertaken behind the scenesto ensure member firms are strategicallyaligned, and there has been a focusingof efforts to identify and strengthen thestrategic drivers and priorities that willaccelerate progress and determineour success.What does this mean in practice?The increased collaboration betweenmember firms, sharing of best practiceand common ambition has led to anumber of protocols and policies toensure we deliver distinctive client serviceseamlessly across borders. As an example,Grant Thornton International recentlyissued a new pricing policy which grantsgreater authority and responsibilityto the lead partner on global tenderopportunities.We have had a number of great winsrecently where we were able to clearlydemonstrate our international reach andexpertise, for example a FTSE 100 entity,and a fast growth substantial privategroup leading in its field, operating andexpanding internationally. How didwe do this? Put simply, the lead teamsworked hard to dispel the myth thatGrant Thornton does not have therequisite global infrastructure, byshowcasing our existing credentials andmore importantly remaining focused onthe clients’ requirements. Internationalis not a separate sector — it is who weare and what we do. It is critical that weare able to quickly overcome this initialhurdle to allow us to concentrate ondelivering the most appropriate service toour clients.In the Sunday Times InternationalTrack 100, sponsored by Grant Thorntonand HSBC, the survey indicated thatthe number one barrier to overseasexpansion is regulation, followed closelyby language and cultural differences.“We don’t measure ourselves in terms of size. Whatdefines us is our ambition and our momentum. Wehaven’t yet arrived at our goal — and that’s exciting.We’re going somewhere — like the clients we aretargeting.” Ed Nusbaum, CEO, Grant Thornton InternationalThis is not a surprise, and we shouldalso be mindful that numerous overseascompanies express similar frustrationswhen setting up inthe UK.As a result of our evolving talentmobility programme, we have hundredsof people who have hands-on experiencein advising clients to navigate the oftencomplex technical and cultural differencesin doing business abroad. Our investmentin emerging markets has also been verypositive, with great strides being madeby our China Britain Services Group,and our South Asia Group continuingto cement its reputation as market leaderin delivering real experience, pragmaticadvice and a sharp business focus oncompanies operating between India andthe UK. UK-led teams are also workingclosely with member firms to deliveradvisory services around the world, mostrecently in Qatar and Ireland.Jatin Radia — Assurance Senior Managerand Director of the UK InternationalBusiness Centre10 Alumination THE NEWSLETTER FOR FORMER PARTNERS OF GRANT THORNTON Alumination SPRING/SUMMER 2011 11

Budget highlightsby: Mike WarburtonWe’ve reproduced some of the highlights from the Budgetfor individuals as a reference point. To find out moreabout how the Budget could affect you, visit our dedicatedwebsite which can be found from our main homepage.In summary – the latest tax changes to come into effectThe personal allowance has increased by£1,000 to £7,475 for those aged under65 and has increased from £9,640 to£10,090 for those aged 75 and over.Higher earnings threshold has fallen from£43,875 to £42,475 from April 2011,which is bad news for middle incomeearners and will mean there will be morehigher rate taxpayers.Both employee and employer nationalinsurance contributions have increased by 1%.ISAs are now linked to the Retail PriceIndex — the cash ISA limit for 2011/2012has risen to £5,340 and the overall ISAallowance has increased to £10,680.Childcare vouchers: The weekly amountthat you can receive tax free is restrictedfor higher rate and additional ratetaxpayers to £28 and £22 respectively ifyou enter the scheme after 5 April 2011.The annual allowance for tax-privilegedpension savings is coming downsubstantially from £255,000 to £50,000.Capital gains tax annual exemption forindividuals has increased from £10,100to £10,600.Income tax relief for investors in EnterpriseInvestment Schemes (EIS) will rise from20% to 30% This change is subject to stateaid approval.The lifetime limit on capital gains qualifyingfor entrepreneurs’ relief has doubled to£10 million.Compulsory pensions annuitisation by theage of 75 has been scrapped.Tax healthcheck— could you bepaying less tax?Take our quick taxhealthcheck online to seewhether there are anysavings you could maketo your tax bill.www.grant-thornton.co.uk/taxhealthcheckIn July 2010, the chancellor announced the establishmentof an Office of Tax Simplification (OTS). It was set upto work with tax professionals, and Grant Thornton hasgiven full support.After the OTS produced an interimreport last November and a finalreport in time for the March Budget,the chancellor duly announcedhis acceptance of some of therecommendations. Mike Warburtonreviews the UK’s high volume of taxlegislation and the new body’s role.The volume of tax legislation doubledunder LabourWhen I started advising on tax 30 yearsago, the legislation was in two volumes.Today we have seven volumes, the paperis thinner and the writing is smaller.Successive governments have beenresponsible for this growth, but under theprevious government alone the volumeof tax legislation doubled. Our tax codehas now overtaken even that of India. TheTreasury, of course, argues that it is thefault of tax advisers and that it has had tointroduce legislation to counter various taxavoidance schemes.Rather intriguingly, it was GordonBrown in opposition in 1994 who said,in the Labour Party paper ‘Tackling TaxAbuses’, that: “We shall also examine waysin which the tax system can be simplified.As the Institute for Fiscal Studies pointedout in announcing the establishment ofits tax law review committee, in just oneyear, Parliament has enacted more than750 papers of tax legislation. It is thecomplexity of the present system that hasencouraged the growth of a flourishing taxavoidance industry.”Any reasonably intelligent personshould be able to understand ourtax lawsWhoever is at fault, the fact remainsthat tax legislation now is far toocomplicated and needs to be simplified.In my view, tax legislation should becapable of being understood by anyreasonably intelligent person who takesthe trouble to study the guidance notesissued by HM Revenue and Customs(HMRC). They should not be forcedinto the hands of professional adviserson a routine basis to identify the way inwhich they are affected by the tax rulesof the country.Advisers should be there to assisttheir clients with the more unusualfeatures of the system. I am not arguingfor the abolition of the tax servicesindustry, simply that the services weshould be providing are those that theclient values most, not the servicesthat they are forced to buy because thegovernment has made it impossible forthem to do otherwise.A national disgraceThere is nothing new in this. When Ijoined Grant Thornton, the tax practicewas headed by a charismatic leader,Philip Hardman. He sadly died 20 yearsago, but still has his name on the bookof tax tables that we use to this day.Even then, he complained that using upthe talents of highly trained people in,respectively, the Inland Revenue and thetax professions in an effort to deciphercomplex tax rules, was a nationaldisgrace. If he could see the positiontoday, he would be turning in his grave.Some of the press coverage on thenew committee has been cynical. “TaxSimplification, I’ll believe it when I seeit,” said the Daily Telegraph, but thistime it could really work. Not only isJohn Whiting the ideal person to leadthe Office of Tax Simplification, but ithas the strong backing of David Gauke,the Treasury minister responsiblefor HMRC.We need a tax system suitable for the21st centuryI had the pleasure of a private meetingwith David Gauke last July, togetherwith Francesca Lagerberg, GrantThornton’s Head of Tax (who haswritten about the OTS’s recent reportsand influence on our Elevate blog), andI was impressed with his commitmentto the task at hand. It won’t be easy andthere will be vested interests arguingagainst change. There may be resentmentat some tax reliefs disappearing. In myview, however, we will only make realprogress if we are able to eliminate largechunks of legislation, which may havebeen introduced for good reason at thetime, but are now largely irrelevant.We must have a tax system suitablefor the 21st century, where we have taxrates and tax rules that are competitivein an international context and wherebusinessmen and women know how therules will affect them.Grant Thornton is fully behind thisnew initiative on behalf of both ourclients and the country.12 Alumination THE NEWSLETTER FOR FORMER PARTNERS OF GRANT THORNTON Alumination SPRING/SUMMER 2011 13

The corporate governancelandscape is changingPARTNERSUPPORTUNITOur ninth annual review of governance practices within FTSE 350 companies— ‘A changing landscape: are you ready? Evolving with the Code’ — is a keythought leadership piece for the firm.In the firm’s constant drive to improve efficiency it has,over the past few years, migrated its key internal servicesto a purpose-built centre in Northampton.Health assessmentsfor you and your familywith Nuffield HealthThe financial crisis, which came to ahead in 2008, triggered a widespreadreappraisal of the governance systems,which many believed existed primarilyto prevent such an event. Our reviewhighlights the latest trends aroundthe disclosure of compliance practiceswithin FTSE 350 companies.The review has been used by theFinancial Reporting Council (FRC) inits revision of the Combined Code (nowthe UK Corporate Governance Code),and also by Sir David Walker and histeam in their review of governance inbanks and other financial institutions(BOFIs), released in November 2009.Key issues highlighted this year include:Board processes — two of themore controversial provisions in thenew Code were annual re-electionof directors and triennial externallyfacilitated board reviews. Only 17companies held annual elections forall directors, and only 17% undertooka board effectiveness review, with thequality of information provided varyingconsiderably. In the same vein, only 5%of companies provided more than thebare minimum information about thechairman’s evaluation.Boilerplating — of the 49% who choseto explain their practices, rather thanfully comply, only a third changed theirexplanations substantially on last year.Risk and control — risk disclosure wasstrong, but often disconnected fromstrategy. Only 25% of respondents gaveany real insight into the process forassessing their control environment.Women and diversity — womenoccupied 9% of FTSE 350 directorpositions, but there remained 139companies with exclusively male boards.THE ESSENTIALS UNRAVELLED– TWO NEW GUIDES FORNON-EXECUTIVE DIRECTORSA guide on the issues impactingupon private and non-listedcompaniesGrant Thornton’s guide for nonexecutivedirectors addresses issuesfor private and non-listed companieswhich will be topical during thecurrent reporting cycle as well aswider business concerns.A guide on potential problemareas for IFRS preparersGrant Thornton’s guide for nonexecutivedirectors covers aspects ofannual reporting which have beenidentified as potential problem areasfor IFRS preparers.These publications can be foundat: www.grant-thornton.co.uk/thinking_blogs/publications.aspxThis centre now houses the firm’s Finance team, HR, payroll, benefits andadministration teams who deal with all administrative matters including training andrecruitment services. As far as partners are concerned, many of the Partner SupportUnit and those dealing with Partner Alumni are also based here.The TeamAlisa Moore and Akikur Rahman are responsiblefor managing partner finances and overseeing thepartners’ accounts.Sandra Dawson manages the partners’ car schemeand car insurance policy.Jill Kemp is your contact for the retired partners’benefits, eg Shopping Gateway, health assessmentsand private medical insurance.Anne Austin manages the C910 Annuity and thefirm’s reward administration team.They may all be contacted at the Northampton office on the above numbers.If you are in the area and would like to call in to see them, please contact Anne— they would love to see you.Keith Risdale (1927-2011)Keith trained with Baker & Co in Northampton but onqualification left, as he was poached by a firm in Luton thatwas to give him an annual salary £50 greater than that onoffer. Baker & Co soon realised their error and having justacquired an office in Rushden, with a branch in St Neots,tracked Keith down and persuaded him to come back andrun it. It had two staff plus one at the branch office. WhenKeith retired in 1985 the Rushden office was a two partnerand 20 staff office. What is left of the Rushden office is nowpart of the office operating out of Kettering.Keith was one of the partners that saw Baker & Comerge with Thornton & Thornton (Thornton Baker & Co),and then with more mergers, grow into a firm with many UKContactAlisa 01604 826719Akikur 01604 826704Sandra 01604 826685Jill 01604 826694Anne 01604 826695offices before finally changing its name to Grant Thorntonand becoming International. There were no specialistpartners in those early days and Keith had to wear manycaps and deal with all aspects of accountancy, taxation,liquidations, take-overs, etc. What a great experience he hadgained, but must have felt relieved when the Leicester officesent firstly Peter Smith and then Philip Hardman to solve themore tricky taxation cases.As a person Keith was very sincere, had strongChristian beliefs and never used bad language. At one time,however, having been to a client meeting, he came back tothe office and said: “You’ll never guess what the silly clothas been and done now!” That was probably the most politeWe are delighted to announce that wehave negotiated with Nuffield Healthto offer health assessments to ourretired partners and their families.We are able at present to offeryou the same prices as available toemployees and the firm — pricesquoted are correct as at April 2011.The minimum age for an assessment is18 years. However there is no upperage limit. Payment is made directlywith Nuffield Health either by debitor credit card.The bookings team can becontacted on: 08452 302 040,8am - 6pm Mon - Fri.When calling please remember toquote reference number 2581.Further details of the assessmentsavailable can be found on the Alumniwebsite.description of that local company director that we everheard. On another occasion he had to explain to a client thathis profits were good, but his drawings for the whole yearwere only about £1 per week. After a period of silence, asthe client clearly understood his error, Keith’s dry sense ofhumour was illustrated when he suggested that the clientcome home with him to illustrate to Mrs Risdale how thiscould be achieved.Outside of the firm Keith was very active in RoundTable, Rotary, Church and Masonic circles. He alwaysbehaved impeccably in all walks of life and it was indeed asad day when we had to say goodbye to one of the world’sreal gentlemen. Sent to us by John Spavins14 Alumination THE NEWSLETTER FOR FORMER PARTNERS OF GRANT THORNTONAlumination SPRING/SUMMER 2011 15

©2011 Grant Thornton UK LLP. All rights reserved.‘Grant Thornton’ means Grant Thornton UK LLP,a limited liability partnership.Grant Thornton UK LLP is a member firm withinGrant Thornton International Ltd (‘Grant Thornton International’).Grant Thornton International and the member firms are nota worldwide partnership. Services are delivered by the memberfirms independently.This publication has been prepared only as a guide.No responsibility can be accepted by us for loss occasionedto any person acting or refraining from acting as a result ofmaterial in this publication.www.grant-thornton.co.uk20210