Strategic Report
Governance Report
Financial Statements
Other Information
Retirement and reappointment of Directors All of the Directors of the Group Board will retire at the AGM and are eligible to nominate themselves for election or re-election. Employees Details of the Group’s employment practices, and its policies on diversity and inclusion, are set out in the Responsible business report on pages 44 to 52.
Business Reporting. Details on how the Board monitors the Group’s risk management and internal controls are contained in the Risk management and principal risks section of the Strategic report, starting on page 39.
Substantial shareholdings
As at 30 June 2024, the Company’s largest shareholders were as follows: Number of shares
% of total voting rights
Financial risk management and policies
Liontrust Asset Management Octopus Investments Limited
3,038,197 2,468,605 2,092,226 1,105,946 1,021,288
18.44 14.99 12.70
Details of the Group’s financial risk management objectives and policies are set out in Note 31 to the Consolidated financial statements. Events since the end of the year Details of events after the reporting date are set out in Note 36 to the Consolidated financial statements. Independent Auditors The Audit Committee has recommended to the Board that the incumbent auditors, PricewaterhouseCoopers LLP (“PwC”), are reappointed for a further term. PwC have expressed their willingness to continue in office as the Group’s appointed auditors and a resolution to reappoint them will be proposed at the forthcoming AGM. Each of the Directors in office at the date of the signing of this report confirms that, so far as they are aware, there is no relevant audit information of which the Group’s auditors are unaware. Each Director has taken all reasonable steps that they ought to have taken as a Director in order to make themself aware of any relevant audit information and to establish that the Group’s auditors are aware of that information. Going concern The Group’s business activities, performance and position, together with the risks it faces and the factors likely to affect its future development are set out in the Strategic report.
Gresham House plc
Brooks Macdonald Asset Management Limited
6.71 6.20 4.96 4.00 3.48 3.46 3.14
Canaccord Genuity Group Inc.
Invesco
817,151 659,277 572,459 569,750 517,122
Political donations The Group did not make any political donations during the year (FY23: £nil). Insurance and Directors’ indemnities The Company maintains appropriate
Charles Stanley Group Amati Global Partners
Chelverton Asset Management
Directors, Employees and Related Parties
Annual General Meeting
insurance cover in respect of litigation against Directors and Officers. The Company has granted indemnities to all of its Directors on terms consistent with the applicable statutory provisions. Accordingly, qualifying third-party indemnity provisions, as defined by Section 234 of the Companies Act 2006, were in place during the financial year and remain in force at the date of this Report.
In view of the market volatility and economic uncertainty experienced during the financial year, the Directors reviewed the Group financial forecasts prepared by management. These covered the Group’s expected future profitability, dividend policy and capital and liquidity projections, including stressed scenarios, such as a prolonged market downturn. Management’s mitigating actions, should these scenarios unveil, were also assessed by the Directors. As noted in the Viability statement on page 43, the Directors have considered the Group’s prospects for a period exceeding 12 months from the date the Financial statements are approved, and have concluded that the Group has adequate financial resources over that period and, accordingly, are satisfied that the going concern basis for the preparation of these Financial statements is appropriate. Management’s going concern assessment also covered the net current liability position of the parent company.
The 2024 AGM will be held on 24 October 2024 at 21 Lombard Street, London EC3V 9AH. The notice of the meeting, together with details of the resolutions proposed and explanatory notes, are enclosed with this Report and can also be found on the Group’s website. Full details of the meeting arrangements are given in the AGM Notice of Meeting.
Internal controls and risk management
By order of the Board of Directors
The Directors confirm that they have carried out a robust assessment of the emerging and principal risks facing Brooks Macdonald, including those that could threaten the Group’s business model, future performance, solvency or liquidity. The Board considers that the information it receives enables it to review the effectiveness of the Group’s internal controls in accordance with the FRC’s Guidance on Risk Management, Internal Control and Related Financial and
Phil Naylor Company Secretary
11 September 2024
Brooks Macdonald Group plc Annual Report and Accounts 2024
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