b"Strategic report Governance Financial statementsWhats in this reportContents Responding toStrategic report02Highlights market conditions04 At a glance06 The regional investor As we emerge from one of theSee more on 08Non-executive Chairs statement most challenging marketpage 1112Our business model conditions on record, Mercia is 14Our strategy well placed with preserved 16Chief Executive Officers review capability and liquidity to manage 20Strategy in action the immediate priorities and 22Key performance indicatorssustain its three-year strategic 24Chief Investment Officer's review priorities.30Our portfolio38Stakeholder engagement40People, culture and values44Responsible business Strategic 46Chief Financial Officers review52Principal risks and uncertainties prioritiesGovernance56Board of Directors We have strengthened our balanceSee more on 58Directors report sheet, grown our assets underpage 1559Statement of Directors responsibilities management (AuM), taken the 60Corporate governance report Group to net revenues and readied 65Remuneration report the business to take full advantage of the opportunities that will Financial statements emerge.69Independent auditor's report74Financial statements and notesOther information Managing108 Directors, secretary and advisers109 Notice of Annual General Meeting our risksPeople have been our key priority. See more on We have safeguarded their healthpage 52and wellbeing and ensured that a rigorous response has been put in place to preserve our assets and minimise our risk exposure.Mercia Asset Management PLC01Annual Report and Accounts 2020"