b"Annual Report & Accounts 2022 Mercia Asset Management PLC 1Strategic reportMercia by numbers200.6m 45.6 penceNet assetsNet assets per share 2021: 176.0m 2021: 40.0 pence20.6m 8.4mRevenue*Adjusted operating profit* 2021: 19.2m 2021: 3.3m27.4m 0.5 pence/shareProfit before taxation Proposed final dividend 2021: 34.0m 2021: 0.3 pence/share61.3m c.959mCash**Assets under Management (AuM) 2021: 54.7m 2021: c.940m*Excluding performance fees** Including short-term liquidity investments2022 highlights Contents Sale of Faradion Ltd with totalStrategic report Governanceproceeds of 19.4million 01Mercia by numbers 52Board of Directors 11.4million fair value02Non-executive Chairs statement 54Directors reportmovements (FvM) in the direct04Section 172Engaging with our56Statement of Directors responsibilitiesinvestment portfolio, followingstakeholders 57Corporate governance reportcontinued commercial progress,06Strategyinvestors 63Remuneration report08Chief Executive Officers reviewincluding significant third-party12Strategyinvestees Financial statementsinvestment into nDreams 14Chief Investment Officers review 68Independent auditor's report22Our portfolioNational Venture 75Financial statements and notes23Our portfolioRegional VentureOperational highlights 24Our portfolioPrivate Equity Other information25Our portfolioDebt 113Directors, secretary and advisers 31.4million awarded by the26Our portfolioProprietary Capital 114Notice of Annual General MeetingBritish Business Bank (BBB) 28Responsible business - employeesto Mercias equity and debt funds 36Chief Financial Officers reviewc.87million of cash returned to42Principal risks and uncertaintiesfund investors from successful realisations (2021: c.27million)Office opened in Bristol to strengthen our presence in the South West of EnglandLaunch of Mercia Nucleus"