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Annual Reports and Accounts 2011 AnnuA l RepoR ts A nd Accounts 2011 • Elgin • Inverness Aberdeen • Aberdeen Dorchester Hereford Marlborough Stoke-on-Trent Blenheim House Hamilton House 35 Bridge Street Woodstock Court Highpoint Fountainhall Road 6 Nantillo Street Hereford Blenheim Road Festival Park Aberdeen, AB15 4DT Poundbury, Dorchester HR4 9DG Marlborough Stoke-on-Trent Dundee • T 01224 267900 Dorset, DT1 3WN T 01432 364 300 Wiltshire, SN8 4AN ST1 5BG T 01305 215770 T 01672 519600 T 01782 210250 Belfast Inverness Waterfront Plaza Dublin Lyle House Newcastle Swansea 8 Laganbank Road Tilman Brewin Dolphin Fairways Business Park Time Central Axis 6 • Edinburgh Belfast 3 Richview Office Park Inverness 30-34 Gallowgate Axis Court Glasgow • BT1 3LY Clonskeagh IV2 6AA Newcastle upon Tyne Mallard Way T 028 9044 6000 Dublin 14 T 01463 225 888 NE1 4SR Swansea Vale T +353 (0) 1 260 0080 T 0191 279 7300 Swansea SA7 0AJ Birmingham W www.tam.ie Jersey T 01792 763960 9 Colmore Row Kingsgate House Norwich Birmingham Dumfries 55 The Esplanade Jacquard House Taunton B3 2BJ 43 Buccleuch Street St Helier Old Bank of England Court Ashford Court Dumfries • T 0121 710 3500 Dumfries, DG1 2AB Jersey, JE2 3QB Queen Street Blackbrook Business Park • Newcastle T 01387 252361 T 01534 703 000 Norwich, NR2 4SX Blackbrook Park Avenue Bradford T 01603 767776 Taunton • Penrith Auburn House Dundee Leeds Somerset Belfast • 8 Upper Piccadilly 31-32 City Quay 34 Lisbon Street Nottingham TA1 2PX • Teesside Bradford Camperdown Street Leeds Waterfront House T 01823 445750 BD1 3NU Dundee, DD1 3JA LS1 4LX Waterfront Plaza T 01274 728 866 T 01382 317200 T 0113 245 9341 Nottingham, NG2 3DQ Teesside T 0115 852 5580 Progress House • York Brighton Edinburgh Leicester Fudan Way • Leeds Invicta House PO Box No. 8 Two Colton Square Oxford Teesdale Bradford • Trafalgar Place 7 Drumsheugh Gardens Leicester, LE1 1QF 4 King Edward Street Stockton-on-Tees Brighton Edinburgh T 0116 242 0700 Oxford, OX1 4HS TS17 6EN • Manchester T 01273 667 220 EH3 7QJ T 01865 255750 T 01642 608855 T 0131 225 2566 Lincoln Dublin • • Lincoln Bristol Olympic House Penrith Truro • Chester The Paragon Elgin Doddington Road 1 Mason Court CMA House Counterslip 26 Hay Street Lincoln Gillan Way Newham Road Stoke-on-Trent • Bristol Elgin LN6 3SE Penrith 40 Business Park Truro • Nottingham BS1 6BX IV30 1NQ T 01522 503000 Penrith, Cumbria Cornwall, TR1 2SU Norwich • T 01179 689 500 T 01343 548344 CA11 9GR T 0187 226 5610 Leicester • London T 01768 861710 Shrewsbury • Cardiff Exeter 12 Smithfield Street York • Birmingham Sutherland House Vantage Point London Plymouth Apollo House Castlebridge Woodwater Park, EC1A 9BD Ashleigh Court Eboracum Way Cowbridge Road East Pynes Hill, Exeter T 0207 246 1000 Ashleigh Way Heworth Green • Hereford Cardiff, CF11 9BB EX2 5FD Langage Business Park York, YO31 7RE T 029 2034 0100 T 01392 440 450 Lymington Plymouth, PL7 5JX T 01904 435600 • Oxford West Barn T 01752 334650 Cheltenham • Cheltenham Glasgow Efford Park Execution Only Swansea • The Lypiatts 48 St. Vincent Street Milford Road Reigate On-Line Broker • London Cardiff • Lansdown Road Glasgow Lymington, SO41 0JD 45 London Road Stocktrade • Bristol • Marlborough Cheltenham G2 5TS T 01590 687920 Reigate 81 George Street GL50 2JA T 0141 221 7733 Surrey, RH2 9PY Edinburgh • Reigate T 01242 577677 Manchester T 01737 223722 EH2 3ES Guernsey PO Box 512 T 0131 240 0400 Taunton • Brighton • Chester 10 Lefebvre Street, National House Shrewsbury W www.stocktrade.co.uk Lymington • Liverpool House St Peter Port 36 St Ann Street Mutual House Exeter • 47 Lower Bridge Street Guernsey, GY1 2PE Manchester, M2 7LE Anchorage Avenue • Dorchester Chester T 01481 736 682 T 0161 839 4222 Shrewsbury Business Park CH1 1RS Shrewsbury, SY2 6LG Plymouth • T 01244 353900 T 01743 399000 • Truro Guernsey • • Jersey BD_Annual Report 2011_front cover+spine.indd 2 07/12/2011 11:32:30 CONTENTS Directors, Secretary and Officers 02 Highlights 03 Business Review: Executive Chairman’s Statement 04 Business Review: Investment Management 06 Business Review: Aims, Strategy and Objectives 08 Business Review: Key Performance Indicators (“KPIs”) 09 Business Review: Finance 11 Business Review: Risks and Uncertainties 14 Directors and Their Biographies 16 Directors’ Report 18 Corporate Governance 25 Audit Committee Report 31 Directors’ Remuneration Report 34 Directors’ Responsibilities 43 Independent Auditors’ Report 44 Consolidated Income Statement 45 Consolidated Statement of Comprehensive Income 45 Consolidated Balance Sheet 46 Consolidated Statement of Changes in Equity 47 Company Balance Sheet 48 Company Statement of Changes in Equity 49 Consolidated Cash Flow Statement 50 Company Cash Flow Statement 51 Notes to the Financial Statements 52 Five Year Record 90 Funds 91 Shareholders at 10 November 2011 92 Branch Address List 93 ANNUAL REPORT AND ACCOUNTS 2011 | 1 DIRECTORS, SECRETARY AND OFFICERS Directors (including Committee Membership) Executive Directors Committees Jamie Graham Matheson, Chartered FCSI Executive Chairman (n) Henry Arthur Algeo, FCSI Chief Operating Officer Robin Alec Bayford, FCA Finance Director Barry Mark Howard, MCSI Head of Regulation & Risk David William McCorkell, FCSI Head of Investment Management Sarah Jane Spencer Soar, MCSI Ian Benjamin Speke, MCSI Michael John Ross Williams, FCSI Non-Executive Directors Committees William Nicholas Hood, CBE Senior Independent Director and Deputy Chairman (n) (r) Angela Ann Knight, CBE (a) (n) (r) Sir Stephen Mark Jeffrey Lamport, KCVO, DL (a) (n) (r) Simon Edward Callum Miller (a) (n) (r) Francis Edward (Jock) Worsley, OBE, FCA (a) (n) (r) (a) Member of the Audit Committee; (n) Member of the Nomination Committee; (r) Member of the Remuneration Committee. Secretary Angela Wright, FCCA Company Registration Number 2685806 (England and Wales) Registered Office 12 Smithfield Street, London EC1A 9BD T: 020 7248 4400 (UK Only) / + 44 20 7248 4400 (International) Websites: www.brewin.co.uk www.stocktrade.co.uk Officers and Advisors Registrars Principal Bankers Corporate Finance Advisors Equiniti Limited Bank of Scotland West Hill Corporate Finance Ltd PO Box 4630, Aspect House Pentland House (2nd Floor) 60 Lombard Street Spencer Road, Lancing 8 Lochside Avenue London West Sussex, BN99 6DA Edinburgh, EH12 9DJ EC3V 9EA Solicitors Auditor Lawrence Graham LLP Deloitte LLP 4 More London Riverside Hill House London SE1 2AU 1 Little New Street London, EC4A 3TR Joint Stockbrokers: Joint Stockbrokers: Canaccord Genuity Limited Royal Bank of Canada Europe Ltd Cardinal Place Thames Court, One Queenhithe, 7th Floor, 80 Victoria Street London, EC4V 4DE London, SW1E 5JL 2 | BreWin DolpHin HoldinGS PLC HIGHLIGHTS (from continuing operations) £24.0bnTotal managed funds £24.0 billion £15.6bnDiscretionary funds £15.6 billion at 30 September 2011 at 30 September 2011 (26 September 2010: £23.2 billion). (26 September 2010: £14.0 billion). £264.0mTotal income £264.0 million £21.9mProfit before tax £21.9 million (26 September 2010: £240.0 million) (26 September 2010: £30.0 million) an increase of 10%. a 27% decrease. Adjusted*£39.6m profit before tax £39.6 million Basic6.6p earnings per share 6.6p (26 September 2010: £39.2 million) (26 September 2010: 9.2p) a decrease of 28%. a 1% increase. Diluted earnings per share 6.3p (26 September 2010: 9.1p) a decrease of 31%. Basic12.4p adjusted* earnings per share: The total7.1p dividend for the period 12.4p (26 September 2010: 12.2p) is 7.1p per ordinary share (2010: 7.1p). an increase of 1.6%. Proposed final dividend Diluted adjusted* earnings per share 11.7p 3.55p per share (2010: 3.55p). (26 September 2010: 12.0p) a decrease of 2.5%. * these figures have been adjusted to exclude redundancy costs, additional FSCS levy, contract renewal payments, acquisition of subsidiary costs and amortisation of client relationships. ANNUAL REPORT AND ACCOUNTS 2011 | 3 BUSINESS REVIEW: EXECUTIVE CHAIRMAN’S STATEMENT I am pleased to report that your Company has delivered a Another development is the imminent opening of an important new resilient performance, despite turbulence across the financial office in Bristol. Bristol is a significant city where we were not markets worldwide and the effect on the UK of the continuing represented. This closes a noticeable gap in our national coverage. difficulties in many countries. Combined with our clear focus on the individual requirements of our clients the scale of our operation We now have a network that is of sufficient size to give us good underpins Brewin Dolphin’s ability to retain and attract clients. coverage throughout the UK and we continue to attract new teams in a number of locations, including Glasgow, Leeds and London With 41 offices throughout the UK, the Channel Islands and Ireland, this year. our business has made good progress. The total income for the year from continuing operations is up by 10% from £240.0 million We have also doubled our Charity team in London and have risen to £264.0 million and pre tax profit from continuing operations to 9th place in the top 50 Charity Managers survey 2011 by the (excluding redundancy costs, additional FSCS levy, contract Charity Finance Magazine. renewal payments, acquisition of subsidiary costs and amortisation of client relationships) was £39.6 million, a 1% increase on the Dividend previous year. The Board is proposing a final dividend of 3.55p per share to be approved at the AGM in February 2012 and paid on 10 April 2012. Funds under Management at the year end were £24 billion, This will bring the total dividend for the period to 7.1p in line with 3.4% higher than last year. This increase is wholly attributable to the dividend paid last year. the increase in funds under discretionary management. During the same period the FTSE 100 fell by 8.4% and the APCIMS Private Regulation Investor Series Balanced Portfolio fell by 3.8%. This year we were required to pay a dramatically higher Financial Services Compensation Scheme levy in excess of £6 million (2010: Investment Management £0.6 million).
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