Annual Report and Accounts For Year Ended 31 December 2013

REPORT OF THE DIRECTORS
AND FINANCIAL STATEMENTS

For the year ended December 31, 2013
Registered in Scotland as a company limited by Guarantee.

Registration number SC000791
Report of the Directors and

Financial Statements
for the Year Ended 31 December 2013
for
Aberdeen & Grampian Chamber of Commerce

Contents of the Financial Statements
Page
Company Information
Presidents Report
Report of the Directors
Report of the Independent Auditors
12
Profit and Loss Account
14
Balance Sheet
15
Notes to the Financial Statements
17

Company Information
DIRECTORS:
A M Carstairs
Ms E B Harris
A MacCuish
G K Yule
R N Collier
Mrs C M Benzie
J A Brebner
J D Craig
P J Sharp
R I Wallen
J G Bream
A J Green
G M Keenan
D J Mair
J G Bream
W P Smyth
SECRETARY:
A G S Prentice
REGISTERED OFFICE:
The Hub
Exploration Drive
Aberdeen Energy Park
Bridge of Don
Aberdeenshire
AB23 8GX
REGISTERED NUMBER:
SC000791 (Scotland)

Company Information
AUDITORS:
Campbell Dallas LLP

Chartered Accountants &
Statutory Auditors
10 Carden Place
Aberdeen
AB10 1UR

Presidents Report
Members are at the heart of the Chamber and the Chamber is at the heart of a thriving
economy in the North-east of Scotland. After a year as your President, it is time to
reflect on what has been achieved and look forward to the challenges ahead.
Main activities and themes for 2013/14
In my first year as President my key focus has been to ensure the Chamber is relevant to
each member and to seek to have an improved service for each member. I am pleased
to report that we continue to make progress to make the Chambers offering more
relevant and valuable to members. Feedback from the recent Members Survey has
indicated that we are providing good value to our members and while each member
will see the value in different ways, we have taken comfort that good progress is being
made. In 2014, we will be focussing on improving the communications with members
and seeking increased engagement.
In 2012/13, the Chamber restructured its business and relocated to the Hub in the
Aberdeen Energy Park. These changes provided a platform for the Chamber to progress.
As part of the restructure, we recruited William Smyth as Membership Director and
James Bream as Research & Policy Director during 2013. Both have strong teams in
post. Combined with Bob Collier as Chief Executive and Gordon Prentice as Finance
& Administration Director, we have a strengthened senior team and the Chamber team
has achieved a pre-tax surplus of 83,840 which will allow further opportunities for
investment in member services.
In addition to our successful training operation, the growing events calendar and the
highly respected export documentation and international operations support services,
we started a commercial research service as an additional leg to our commercial
operations. This new service for our members has exceeded our expectations in its first
year of operation and has a solid pipeline of opportunities for the future. Whether it is
internal staff surveys, customer surveys or strategic analysis of sectors, it has proven
to be a growth area for the Chamber. In particular, we have also secured research
commissions from the public sector throughout Scotland as these organisations seek to
utilise our experience and knowledge about doing business at home and abroad.
Key Achievements
Alongside a healthy financial surplus noted above, we secured an additional 103
members in 2013 which took our total membership at the year end to 1254. The key
achievement to note is the upward trend in the last 4 months of the year which we
anticipate continuing into 2014 as the Membership Network Managers meet with both
existing and prospective new members. As President I have also enjoyed meeting many
of you. I am pleased to report that the overriding feedback is that many of our members
are now using more Chamber services due to an increased awareness of the Chambers
activities. We know there is still more we can do, but I am convinced that the Chamber
team will continue to develop new services and offerings to ensure you continue to get
value for money.
We are fortunate to live and work in a strong economic environment and our Northern
Star Business Awards ceremony in September reflected that strength with over 800
people attending to celebrate the success of many businesses in the North East. This
event is now a well-established highlight of the local business calendar and I am sure
will go from strength to strength in the coming years.

Presidents Report
Our economy is dominated by the oil and gas sector which has been strong throughout
2013 but there are many other sectors which also continue to grow and innovate and
require support from the Chamber. In recognition of the different needs of our members
we have set up sector membership groups which meet on different occasions throughout
the year. Each sector group, ranging from tourism, transport, third sector, property, food
and drink, as well as oil and gas, has put in place an agenda to meet the needs of the
members in that sector. We will not overlap with other UK industry groups and bodies
but we will try to add value and ensure that the strength of the Chamber is used to lobby
where appropriate for the benefit of each sector. I would encourage all members to take
part in the sector groups and become engaged in the issues that affect your business.
We continue to engage with the Scottish and British Chambers of Commerce. Both
organisations recognise the strength of your Chamber and value our involvement in the
issues which matter to business. Our involvement with the national Chambers also helps
to strengthen our lobbying activity on issues of national importance. Over the coming
year, your Chamber will look to further improve relationships with the teams in Glasgow
and London to ensure your are well represented at all levels of the Chamber network.
Political activity and campaigns
There are a number of issues in the area that cut across all sector groups and we have been
addressing these issues through a series of Vanguard Dinners with key influencers and
business leaders. Such issues have included skills, Aberdeen City centre, independence
referendum, infrastructure and connectivity; a wide ranging list of issues, but each are
at the heart of our economy and its future.
With the full policy team now in post for a year, it is working hard to ensure your views
and priorities are highlighted with politicians. During 2013 the additional lobbying
capacity in this area resulted in a number of wins for our members on issues such as
business rates, transport, investment and skills. The Chamber also secured a nomination
for Campaign of the Year at the BCC awards held in November in relation to our lobbying
on oil and gas issues.
We also ran our first series of Meet the Leader events, where our members were able
to ask direct questions to the leaders of the Scottish Conservatives, Labour and Liberal
Democrats. Each of these events led to our political leaders becoming more aware of
the key issues in the North-east of Scotland, which are often very different from the
central belt. Unsurprisingly, transport and infrastructure dominated these events and I
am pleased that our national politicians are more informed about the investment which
is needed to facilitate a stronger economy in our area. It is clear that much of our needs
remain misunderstood by Westminster and Holyrood and it will be a major focus of the
Chamber to ensure this region gets the support it needs.
It is not just at a national level that your Chamber is looking to influence those in power.
We are pleased that Aberdeen City Council agreed to set up a City Centre Regeneration
Board to develop proposals which will reinvigorate Aberdeen City Centre. Members of
the Board include the leaders of all the political parties within the council, the universities,
ACSEF, Aberdeen Inspired and of course your Chamber. I am delighted that our CEO,
Bob Collier has spent considerable time to ensure that the board is effective and can
move with pace. There is still a long way to go but I am convinced that there is a strong
consensus for a long term plan to be implemented with appropriate funding in place.
The next 12 months are critical but I am confident that with the Chambers input we can

Presidents Report
create a city centre which can be positively compared with the many business centres
of excellence around the world.
Inevitably, politics in 2014 will be dominated by the independence referendum in
September. As residents in Scotland we will take the most important political decision
of our lives, which will set the direction of our country for our children and beyond.
However, it is clear that neither full independence nor the status quo is on offer. Over
the coming months we will continue to challenge the politicians for answers to the
key questions and issues that you are raising with us and keep you updated on the
proposition you are voting for via our one-page briefing papers, research, events and
Chamber analysis. As the referendum draws ever closer, I would urge all employees
of our members to engage with the Chamber and to also use their vote. Whatever
the result, our country needs business to be at the heart of policy making, as wealth
creation is essential for funding the public services we all rely on.
Conclusion
This region is unique in terms of its continued economic success, especially throughout
the past few years. However, this can only continue if we receive the investment we
need to maintain and strengthen it. Your Chamber will continue to bang the drum on
your behalf with all levels of Government so that investment is delivered and you can
continue to grow your business.
Thank you for your support over the past year and I look forward to being your President
for another year. My thanks go to the Executive team led by Bob Collier, the Board and
the Chamber Council for their support and encouragement.
Alec M Carstairs - President

The directors present their report with the financial statements of the company for the
year ended 31 December 2013.
PRINCIPAL ACTIVITY
Aberdeen & Grampian Chamber of Commerce is a company registered in Scotland and
limited by guarantee. Incorporated in 1877, the company began life 160 years ago as
the Aberdeen and North of Scotland Trade Protection Society and is now North-East
Scotlands leading private sector member-based organisation, with 1254 corporate
members employing an estimated aggregate 128,000 staff, mostly in the private sector.
The Chamber not only consults with members to represent the views of business across
a wide spectrum of issues, but it also provides a competitive range of business services,
and support for its members. Through its associations at national and international level
it provides advocacy on key business and economic issues to a range of governments,
agencies and other stakeholders. The Chamber works in partnership with a wide range
of organisations to achieve common goals.
AIMS, OBJECTIVES AND VALUES
Our aim is expressed as:
Our members at the heart of the Chamber: our Chamber at the heart of a strong and
sustainable economy in the City and Shire: our region at the heart of a prosperous
country: we are one team.
Our Objectives:
Our members at the heart of the Chamber:
Objective One: To deliver the ultimate business network benefits to members
Objective Two: To provide added value to members through the provision of first class
paid-for services
Our Chamber at the heart of a strong and sustainable economy in the City and Shire:
Objective Three: To work with regional partners to secure effective economic
development
Our region at the heart of a prosperous country:
Objective Four: To be the voice of business - lobbying for a better operating environment
We are one team.
Objective Five: To continuously improve the performance of AGCC to give exceptional
value for money to members and partners
Our Values:
In 2013, the Chamber Board initiated a review of the Chamber Values which guide our
activity and approach, and the following value statements emerged from the process
and have since been adopted:
The Aberdeen & Grampian Chamber of Commerce is an independent not-for-profit
membership organisation, with a focus on enabling the prosperity of all member
enterprises and the NE region in general. AGCC operates on an open and transparent
basis, conforming to values which guide our activity and approach.
We have a commercial focus at our H.E.A.R.T.

------
We are here to HELP members

ENTERPRISE is at the heart of our prosperity
We are driven to ACHIEVE success
We are determined to do the RIGHT thing
TEAMWORK delivers our best results
REVIEW OF BUSINESS
Highlights for the year were:
--------
Net growth of 103 in membership to 1254

Operating surplus of 62,191[2012: surplus of 114,382]
Net Profit after tax 69,645 [2012: 112,220]
Turnover up 7.2% from 2.23m to 2.39m
Training income up 11%
Advertising income up 36%
Successful launch of commercial research business
During 2013 your Chamber recruited a settled team after the re-structure and relocation in 2012. The team has performed above expectations and continues to deliver
improving services and benefits to members. This was confirmed in the membership
satisfaction survey conducted at the end of the year which revealed a satisfaction level
of 90%.
The Board approved a new 5-year Corporate Plan for the period 2014 to 2018 during
the year, which identified further performance improvements, and took the general
theme of Continuous Improvement.
External confirmation of quality of service came from further improvement against the
53 other accredited chambers in the UK, with AGCC top for both training and events
across the whole country, and second only to London for sponsorship support. Your
Chamber was confirmed as the number one accredited chamber in Scotland coming
top in more than half of the benchmarking measures used compared to other Scottish
accredited chambers.
Corporate Governance
In addition to the AGM, there were seven meetings of the full Board, plus two meetings
of the Audit Panel and one of the Remuneration Panel. The Policy Council met on five
occasions in addition to there being a number of meetings with politicians and decision
makers during the year.
A revised approach to risk management was introduced during 2013.
The Chamber would like to thank all members who volunteer to serve on the Board,
Policy Council, Sector Groups and other ad hoc panels, for their time as well as their
wise counsel.
Future Outlook
Your Chamber will focus on Continuous Improvement for the period of the revised

Corporate Plan from 2014 to 2018.

We expect the economy in the rest of the UK and overseas to improve during 2014 and
2015, though little impact will be seen in the region, which has weathered the downturn
robustly.
There are uncertainties in the medium term regarding the outcome of the Independence
referendum; the balance of UK and export activity focus for the oil & gas sector; and the
costs of doing business in the North east.
The team at AGCC are dedicated to providing value, service and excellence to members
and partners, and the Board would like to thank them all for their exceptional hard work,
focus and performance during 2013.

DIRECTORS
The Directors shown below have held office during the whole of the period from 1
January 2013 to the date of this report.
A M Carstairs President Cela Consulting
Ms E B Harris
Vice President
Cornerstone
A MacCuish
Vice President
F G Burnett Ltd
G K Yule
Immediate Past President
Aberdeen Football Club
R N Collier
Chief Executive
Ms C M Benzie
Aberdeen Airport Ltd
J A Brebner Clydesdale Bank PLC
J D Craig Craig Group
P J Sharp Pinsent Masons
R I Wallen North East Scotland College
Other changes in directors holding office are as follows:
J G Bream
Appointed 24 January 2013
AGCC (Research & Policy
Director)
A J Green
Appointed 26 June 2013
Wood Group PSN
G M Keenan
Keenan Recycling
D J Mair
Subsea 7
W P Smyth
Appointed 16 August 2013
AGCC (Membership
Director)
S R Taylor
Resigned 26 June 2013
Hall Morrice LLP
B S Pack
Farmdata
C A B Crosby
Corporate Governance
Audit Panel Remuneration Panel
A MacCuish (Chair)
E B Harris (Chair)
J A Brebner
P J Sharp
C M Benzie
G K Yule
R N Collier (CEO)
R N Collier (CEO)
A M Carstairs (Ex Officio)
A M Carstairs (Ex Officio)
COUNCIL MEMBERS
Ex Officio Members
Alec Carstairs
Edel Harris
Angus MacCuish
George Yule
Robert Collier
of Council
President
Vice President
Vice President
Immediate Past President
Chief Executive

Holding office until 2014

Shona Anderson
Simpson Buglass
Alex Drummond
John Low
Belinda Miller
Tim Smith
Visit Scotland
Graham & Sibbald
Lloyds Banking Group
Stewart Milne Group Ltd
Aberdeenshire Council
BP

David Briggs
Duncan Cameron
Stephen Gow
Deirdre Michie
John Michie
Rachel Milne
Derick Murray
Jane Spiers
Craig Stevenson
George Thom
Valerie Watts
Robert Gordon University (Re-elected)

First Aberdeen Ltd
Thistle Hotels
Shell International
Michies Chemists (Re-elected)
Buchan Dial-a-bus / DAB Plus
Nestrans
Aberdeen Performing Arts
Land Securities (Bon Accord & St Nicholas)
Royal Bank of Scotland
Aberdeen City Council

Trisha OReilly
Oil & Gas UK
Kevin McCormick
Archie Foundation
Richard Tinto
Tinto Architecture
Beverley Tricker
Tricker PR
Graeme Watt
F G Burnett
Jennifer Young
Ledingham Chalmers LLP
Ian Yuill
Aberdeen City Council
Steve Callaghan
The National Trust for Scotland
Eileen McBay
Eastern Airways
William Beattie
Bancon Group
Colin Campbell
Langstane Press Ltd
Barry Fraser EY
Co-opted Members of Council
Fred Dalgarno
Dean of Guild
Euan Gillies
President, JCI Aberdeen
Alan Rowe
University of Aberdeen
10

STATEMENT OF DIRECTORS RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial
statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial
year. Under that law the directors have elected to prepare the financial statements
in accordance with United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). Under company law the directors
must not approve the financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the company and of the profit or loss of the
company for that period. In preparing these financial statements, the directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient
to show and explain the companys transactions and disclose with reasonable accuracy
at any time the financial position of the company and enable them to ensure that the
financial statements comply with the Companies Act 2006. They are also responsible
for safeguarding the assets of the company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by
Section 418 of the Companies Act 2006) of which the companys auditors are unaware,
and each director has taken all the steps that he or she ought to have taken as a director
in order to make himself or herself aware of any relevant audit information and to
establish that the companys auditors are aware of that information.
AUDITORS
The auditors, Campbell Dallas LLP, will be proposed for re-appointment at the
forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of
the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
R N Collier - Director
22 May 2014
11
11

Report of the Independent Auditors to the Members of Aberdeen and Grampian Chamber of
Commerce for the Year Ended 31 December 2013
We have audited the financial statements of Aberdeen and Grampian Chamber of

Commerce for the year ended 31 December 2013 on pages fourteen to twenty three. The
financial reporting framework that has been applied in their preparation is applicable law
and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United
Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the companys members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken
so that we might state to the companys members those matters we are required to
state to them in a Report of the Auditors and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the
company and the companys members as a body, for our audit work, for this report, or
for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors Responsibilities set out on page
eleven, the directors are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view. Our responsibility is to audit and
express an opinion on the financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those standards require us to
comply with the Auditing Practices Boards Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial
statements sufficient to give reasonable assurance that the financial statements are free
from material misstatement, whether caused by fraud or error. This includes an assessment
of: whether the accounting policies are appropriate to the companys circumstances
and have been consistently applied and adequately disclosed; the reasonableness of
significant accounting estimates made by the directors; and the overall presentation
of the financial statements. In addition, we read all the financial and non-financial
information in the Presidents Report and the Report of the Directors to identify material
inconsistencies with the audited financial statements and to identify any information
that is apparently materially incorrect based on, or materially inconsistent with, the
knowledge acquired by us in the course of performing the audit. If we become aware of
any apparent material misstatements or inconsistencies we consider the implications for
our report.
Opinion on financial statements
In our opinion the financial statements:
-- give a true and fair view of the state of the companys affairs as at 31 December 2013
and of its profit for the year then ended;
-- have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice applicable to Smaller Entities; and
-- have been prepared in accordance with the requirements of the Companies Act
2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Report of the Directors for the financial
year for which the financial statements are prepared is consistent with the financial
statements.
12

Report of the Independent Auditors to the Members of Aberdeen and Grampian Chamber of
Commerce for the Year Ended 31 December 2013
Matters on which we are required to report by exception

-- We have nothing to report in respect of the following matters where the Companies
Act 2006 requires us to report to you if, in our opinion:
-- adequate accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us; or
-- the financial statements are not in agreement with the accounting records and
returns; or
-- certain disclosures of directors remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit;
or
-- the directors were not entitled to prepare the financial statements in accordance
with the small companies regime and take advantage of the small companies
exemption from the requirement to prepare a Strategic Report or in preparing the
Report of the Directors.
Alan Taylor FCCA (Senior Statutory Auditor)

for and on behalf of Campbell Dallas LLP
Chartered Accountants &
Statutory Auditors
10 Carden Place
Aberdeen
AB10 1UR
22 May 2014
13
13

Profit and Loss Account
2013
Notes
TURNOVER
2012
2,395,031
2,233,479
922,201
852,464
GROSS PROFIT
1,472,830
1,381,015
Administrative expenses
1,410,639
1,266,633
62,191
114,382
Cost of sales
OPERATING PROFIT
Income from fixed asset

investments
Interest receivable and similar
income
Interest payable and similar

charges
PROFIT ON ORDINARY
ACTIVITIES BEFORE
TAXATION
Tax on profit on ordinary
activities
PROFIT FOR THE FINANCIAL
YEAR
30,854
11,645
932
950
31,786
12,595
93,977
126,977
10,137
7,204
83,840
119,773
14,195
7,553
69,645
112,220
The notes form part of these financial statements
14

Balance Sheet
2013
Notes
2012
FIXED ASSETS
Tangible assets
99,000
121,706
Investments
524,081
409,535
623,081
531,241
CURRENT ASSETS
Debtors
Cash at bank and in hand
331,730
373,217
234,003
210,373
565,733
583,590
588,330
582,930
CREDITORS
Amounts falling due within one year
10
NET CURRENT (LIABILITIES)/

ASSETS
(22,597)
660
TOTAL ASSETS LESS CURRENT

LIABILITIES
600,484
531,901
5,558
6,620
594,926
525,281
594,926
525,281
594,926
525,281
PROVISIONS FOR LIABILITIES
12
NET ASSETS
RESERVES
Profit and loss account
13

continued...
15
15

Balance Sheet Continued
The financial statements have been prepared in accordance with the special provisions
of Part 15 of the Companies Act 2006 relating to small companies and with the Financial
Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Board of Directors on 22 May 2014 and
were signed on its behalf by:
A M Carstairs - President
A MacCuish Vice President
16

Notes to the Financial Statements
1.
NATURE OF THE COMPANY

The company was incorporated under the Companies Act 1867 on 3 November
1877 with no share capital and a guarantee by each member not exceeding 1.
The number of members at 31 December 2013 was 1,254 (2012: 1,151).
2.
ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention
and in accordance with the Financial Reporting Standard for Smaller Entities
(effective April 2008).
Preparation of consolidated financial statements

The financial statements contain information about Aberdeen and Grampian
Chamber of Commerce as an individual company and do not contain
consolidated financial information as the parent of a group. The company has
taken the option under Section 398 of the Companies Act 2006 not to prepare
consolidated financial statements.
Turnover
Turnover represents amounts receivable for services provided in the year.
Where services performed span the year end turnover is recognised based on
managements best estimate of work performed to date and work required to
complete the service. Where this is different to amounts invoiced in the year,
turnover is deferred or accrued accordingly.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each
asset over its estimated useful life or, if held under a finance lease, over the lease
term, whichever is the shorter.
Tenants improvements Plant and machinery etc -
10% on cost
33% on cost and 20% - 33% on cost
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated
but not reversed at the balance sheet date. Deferred tax is provided at the
average rates that are expected to apply when the timing differences reverse,
based on current tax rates and laws.
Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised
in the balance sheet. Those held under hire purchase contracts are depreciated
over their estimated useful lives. Those held under finance leases are depreciated
over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss
account over the relevant period. The capital element of the future payments is
treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account
as incurred.
17
17

Notes to the Financial Statements - continued
2.
ACCOUNTING POLICIES - continued
Pension costs
The company operates a defined contribution pension scheme. Contributions
payable to the companys pension scheme are charged to the profit and loss
account in the period to which they relate.
The assets of the scheme are held separately from the company.
Fixed asset investments

Fixed asset investments are stated at cost unless, in the opinion of the directors,
there has been a permanent diminution in value, in which case an appropriate
adjustment is made.
3.
TURNOVER
The turnover and profit before taxation are attributable to the one principal
activity of the company.
An analysis of turnover by class of business is given below:
2012
Subscriptions
633,439
598,443
Services
1,761,592
1,635,036
2,395,031
2,233,479
4.
2013
STAFF COSTS
Wages and salaries
2013
2012
885,809
766,512
Social security costs
92,948
70,469
Other pension costs

52,398
44,849
1,031,155
881,830
The average monthly number of employees during the year was as follows:

2013
2012
Membership services
Administration
25
20
28
23
continued...
18

5.
OPERATING PROFIT
The operating profit is stated after charging/(crediting):
Depreciation - owned assets
2013
2012
18,493
12,733
1,181
2,641
Loss on disposal of fixed assets
2,063
801
Auditors remuneration
4,400
4,600
(6)
231,613
123,346
Depreciation - assets on hire purchase contracts
Foreign exchange differences
Directors remuneration and other benefits etc
The number of directors to whom retirement benefits were accruing was as

follows:
Money purchase schemes
6.
TAXATION
Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:
Current tax:
UK corporation tax
Prior year tax
Total current tax
Deferred tax
Tax on profit on ordinary activities
2013
2012
15,257
416
517
15,257
933
(1,062)
6,620
14,195
7,553
continued...
19
19

7.
TANGIBLE FIXED ASSETS

Tenants
improvements
Plant and
machinery
etc
Totals
At 1 January 2013
105,248
70,784
176,032
Additions
(7,000)
6,030
(970)
Disposals
(11,401)
(11,401)
98,248
65,413
163,661
At 1 January 2013
4,867
49,459
54,326
Charge for year
9,475
10,199
19,674
(9,339)
(9,339)
14,342
50,319
64,661
At 31 December 2013
83,906
15,094
99,000
At 31 December 2012
100,381
21,325
121,706
COST
At 31 December 2013
DEPRECIATION
Eliminated on disposal
At 31 December 2013
NET BOOK VALUE
Fixed assets, included in the above, which are held under hire purchase contracts
are as follows:
Plant and
machinery
etc
COST
At 1 January 2013
Transfer to ownership
At 31 December 2013
8,005
(8,005)
-
DEPRECIATION
At 1 January 2013
Charge for year
Eliminated on disposal
At 31 December 2013
6,824
1,181
(8,005)
-
NET BOOK VALUE

At 31 December 2013
At 31 December 2012
1,181
continued...
20

8.
FIXED ASSET INVESTMENTS

Shares
in group
undertakings
Listed
investments
Totals
COST
At 1 January 2013
409,534
409,535
Additions
251,086
251,086
Disposals
(136,540)
(136,540)
At 31 December 2013
524,080
524,081
At 31 December 2013
524,080
524,081
At 31 December 2012
409,534
409,535
NET BOOK VALUE
Market value of listed investments at 31 December 2013 - 594,504 (2012 440,508).

The companys investments at the balance sheet date in the share capital of
companies include the following:
West African Action UK Limited
Nature of business: Dormant
%
Class of shares:
holding
Ordinary 100.00
31.8.13
31.8.12
Aggregate capital and reserves
9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013
2012
Trade debtors
282,473
325,134
Other debtors
49,257
48,083
331,730
373,217
continued...
21
21

10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013
2012
6,863
2,244
667
Trade creditors
64,861
44,128
Taxation and social security
94,801
81,272
421,805
454,619
588,330
582,930
Bank loans and overdrafts

Hire purchase contracts
Other creditors
11.
OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one
year:
2013
2012
Expiring:
12.
Within one year
2,484
750
Between one and five years
4,870
25,684
In more than five years
77,216
77,216
84,570
103,650
2013
2012
5,558
6,620
PROVISIONS FOR LIABILITIES
Deferred tax
Deferred
tax
Balance at 1 January 2013

Capital allowances
Balance at 31 December 2013
6,620
(1,062)
5,558
continued...
22

13. RESERVES
Profit
and loss
account
At 1 January 2013
525,281
Profit for the year
69,645
At 31 December 2013
14.
594,926
PENSION COMMITMENTS
The company operates a defined contribution scheme on behalf of its directors
and employees. The annual commitment under this scheme is for contributions
of 54,581 (2012 - 38,130).
15.
CAPITAL COMMITMENTS
Contracted but not provided for in the financial statements

16.

17.

23
2013
2012
12,131
RELATED PARTY DISCLOSURES

The company provides services to entities in which directors have an interest.
The board of directors consider that disclosure of such transactions, which are
undertaken on normal commercial terms, would not influence decisions made
by users of the accounts.
ULTIMATE CONTROLLING PARTY
The company is under control of its members.
23
The Hub
Exploration Drive
Aberdeen Energy Park
Bridge of Don
Aberdeen
AB23 8GX
T: 01224 343900
E: info@agcc.co.uk
www.agcc.co.uk

Annual Report and Accounts For Year Ended 31 December 2013

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REPORT OF THE DIRECTORS

AND FINANCIAL STATEMENTS

Registered in Scotland as a company limited by Guarantee.

Report of the Directors and

Aberdeen & Grampian Chamber of Commerce

Report of the Directors

Report of the Independent Auditors

Profit and Loss Account

Notes to the Financial Statements

Aberdeen & Grampian Chamber of Commerce

Aberdeen & Grampian Chamber of Commerce

Campbell Dallas LLP

Aberdeen & Grampian Chamber of Commerce

Aberdeen & Grampian Chamber of Commerce

Aberdeen & Grampian Chamber of Commerce

Alec M Carstairs - President

Aberdeen & Grampian Chamber of Commerce

Aberdeen & Grampian Chamber of Commerce

We are here to HELP members

Net growth of 103 in membership to 1254

Aberdeen & Grampian Chamber of Commerce

Corporate Plan from 2014 to 2018.

Aberdeen & Grampian Chamber of Commerce

Aberdeen & Grampian Chamber of Commerce

Holding office until 2014

Holding office until 2015

Robert Gordon University (Re-elected)

Holding office until 2016

Aberdeen & Grampian Chamber of Commerce

STATEMENT OF DIRECTORS RESPONSIBILITIES

Aberdeen & Grampian Chamber of Commerce

We have audited the financial statements of Aberdeen and Grampian Chamber of

Aberdeen & Grampian Chamber of Commerce

Matters on which we are required to report by exception

Alan Taylor FCCA (Senior Statutory Auditor)

Aberdeen & Grampian Chamber of Commerce

Income from fixed asset

Interest payable and similar

The notes form part of these financial statements

Aberdeen & Grampian Chamber of Commerce

Cash at bank and in hand

NET CURRENT (LIABILITIES)/

TOTAL ASSETS LESS CURRENT

PROVISIONS FOR LIABILITIES

The notes form part of these financial statements

Aberdeen & Grampian Chamber of Commerce

A MacCuish Vice President

The notes form part of these financial statements

Aberdeen & Grampian Chamber of Commerce

NATURE OF THE COMPANY

Preparation of consolidated financial statements

Tangible fixed assets

Hire purchase and leasing commitments

Aberdeen & Grampian Chamber of Commerce

ACCOUNTING POLICIES - continued

Fixed asset investments

Wages and salaries

Social security costs

Other pension costs

Aberdeen & Grampian Chamber of Commerce

Depreciation - owned assets

Loss on disposal of fixed assets

Depreciation - assets on hire purchase contracts