b'54 Mercia Asset Management PLC Annual Report & Accounts 2022Directors reportThe Directors present their Annual Report and the auditedFinancial instrumentsfinancial statements of Mercia Asset Management PLCThe Groups financial instruments comprise cash and other (Mercia, the Company or the Group) for the year endeditems, such as trade debtors and trade creditors, which 31 March 2022.arise directly from its operations. The main purpose of these financial instruments is to fund the Groups operations as well Results and dividends as to efficiently manage working capital and liquidity.The profit for the year was 26,100,000 (2021: 34,458,000). An interim dividend of 0.3 pence per share was paid onIt is the Groups policy not to enter into derivative transactions 31 December 2021 at a cost of 1,320,000 (2021: 0.1 penceand no trading in financial instruments has been undertaken per share at a cost of 440,000). In accordance with theduring the year under review. The Group therefore faces few progressive dividend policy adopted by the Board, therisks associated with financial instruments.Directors recommend the payment of a final dividend of 0.5 pence per share for the year ended 31 March 2022 (2021:The Groups use of financial instruments is discussed further, 0.3 pence per share). If approved by shareholders at thein note 28 to the consolidated financial statements.Annual General Meeting (AGM), the final dividend will be paid on 11 October 2022 to shareholders on the register on Substantial shareholdings23 September 2022. As at 31 March 2022, the Group had been notified, in accordance with Chapter 5 of the Disclosure and Transparency Future developments and events after the balanceRules, of the following voting rights of shareholders ofsheet date the Group:Details of future developments and events that have occurred after the balance sheet date can be found in the StrategicNumber of Report on page 51, which forms part of this report by OrdinaryPercentagecross reference.shares %Invesco Limited 63,113,333 14.3Directors Forward Innovation Fund 1 39,272,336 8.9The Directors who were in office during the year and up to theRuffer LLP 30,665,000 7.0date of signing the financial statements were: Librae Holdings Limited 1 22,118,528 5.0Forward Nominees Limited 21,801,208 5.0Ian Roland MetcalfeChelverton Asset Management18,200,000 4.1Dr Mark Andrew Payton BMO Global Asset Management 18,176,160 4.1Martin James Glanfield Blackrock15,100,000 3.4Julian George Viggars The Hargreaves No 11 Settlement 14,000,000 3.2Diane Seymour-WilliamsNFU Mutual Insurance Society 13,331,465 3.0Raymond Kenneth ChamberlainDr Jonathan David Pell 1Shareholdings connected to Ray ChamberlainCaroline Bayantai Plumb OBEPolitical donationsDirectors shareholdings and other interests During the year ended 31 March 2022, the Group made no A table showing the interests of Directors in the share capitalpolitical donations (2021: nil).of Mercia is shown in the Remuneration Report on page 67.EmployeesDirectors indemnities The Group employed an average of 108 (2021: 99) staff Mercia has made qualifying third-party indemnity provisionsthroughout the year and is therefore of a size where it is not for the benefit of all Directors of the Company and itsnecessary to have introduced a formal employee consultation subsidiaries. These were in force during the financial year process. However, and as more fully set out in Responsible and remained in force at the date of approval of the business beginning on page 28, employees are encouraged financial statements. to be involved in decision-making processes and are provided with information on the financial and economic factors affecting the Groups performance through regular team meetings, updates from the CEO and via an open and inclusive culture. Talent management, encompassing recruitment, retention, communication, training and performance management and employee wellbeing, remains an important area of focus.'