b'60 Mercia asset Management PLc Annual Report and Accounts 2021Directors reportThe Directors present their Annual Report and the auditedThe Groups use of financial instruments is discussed further in financial statements of Mercia Asset Management PLC for thenote 30 to the consolidated financial statements.year ended 31 March 2021. Substantial shareholdingsResults and dividends As at 31 March 2021, the Group had been notified, in accordance The profit for the year was 34,458,000 (2020: 17,454,000 loss).with Chapter 5 of the Disclosure and Transparency Rules, of the An interim dividend of 0.1 pence per share was paid onfollowing voting rights of shareholders of the Group:30 December 2020 at a cost of 0.4 million. In accordance with the progressive dividend policy adopted by the Board, thenumber of PercentageDirectors recommend the payment of a final dividend of 0.3ordinary shares %pence per share for the year ended 31 March 2021 (2020: nil). Invesco Limited 63,113,333 14.3If approved by shareholders at the Annual General Meeting, theForward Innovation Fund 1 39,272,336 8.9final dividend will be paid on 12 October 2021 to shareholders onRuffer LLP 30,690,000 7.0the register on 24 September 2021. Librae Holdings Limited 1 28,208,528 6.4Forward Nominees Limited 21,801,208 5.0NVM Private Equity LLP UK 16,800,000 3.8Future developments and events after the balanceNinety One 16,363,845 3.7sheet date Chelverton Asset Management15,000,000 3.4Details of future developments and events that have occurredThe Hargreaves No 11 Settlement 14,000,000 3.2after the balance sheet date can be found in the Strategic ReportNFU Mutual Insurance Society 13,341,465 3.0on page 57 which forms part of this report by cross reference. 1Shareholdings connected to Ray Chamberlain.Directors Political donationsThe Directors who were in office during the year and up to theDuring the year ended 31 March 2021, the Group made no date of signing the financial statements were: political donations (2020: nil).Ian Roland MetcalfeEmployeesDr Mark Andrew Payton The Group employed an average of 99 (2020: 91) staff throughout Martin James Glanfield the year and is therefore of a size where it is not necessary to Julian George Viggars have introduced a formal employee consultation process. Diane Seymour-Williams (appointed on 3 November 2020) However, and as more fully set out in the People, Culture and Raymond Kenneth Chamberlain Values review beginning on page 24, employees are encouraged Dr Jonathan David Pell to be involved in decision-making processes and are provided Caroline Bayantai Plumb OBE with information on the financial and economic factors affecting Directors shareholdings and other interests the Groups performance through regular team meetings, updates from the Chief Executive Officer and via an open and A table showing the interests of Directors in the share capital ofinclusive culture. Given the Groups continuing expansion during Mercia Asset Management PLC is shown in the Remunerationthe past year, talent management, encompassing recruitment, Report on page 72. retention, communication, training and performance Directors indemnities management, remains an important area of focus.Mercia Asset Management PLC has made qualifying third-partyThe Group operates a discretionary annual bonus scheme for all indemnity provisions for the benefit of all Directors of theits employees with bonuses being awarded based on both their Company and its subsidiaries. These were in force during theand the Groups overall performance, against defined objectives financial year and remained in force at the date of approval of thewhich encompass the Groups four core values. Applications for financial statements. employment by disabled persons are always fully considered, Financial instruments bearing in mind the aptitudes of the applicant concerned. In the event of a member of staff becoming disabled, every effort is The Groups financial instruments comprise cash and othermade to ensure that their employment within the Group items, such as trade debtors and trade creditors, which arisecontinues and that workspace and other modifications are made directly from its operations. The main purpose of these financialas appropriate. It is the policy of the Group that the training, instruments is to fund the Groups operations as well as tocareer development and promotion of a disabled person should, efficiently manage working capital and liquidity. as far as possible, be identical to that of a person who does not suffer from a disability.It is the Groups policy not to enter into derivative transactions and no trading in financial instruments has been undertaken during the year under review. The Group therefore faces few risks associated with financial instruments.'