Directors' Report

The directors present their report and financial statements for the year ended 31 October 2017.

Principal activities
The principal activity of the Group continued to be that of independent financial advisers and investment managers.

Results and dividends
The consolidated statement of comprehensive income for the year is set out on page 27.
The amount that the directors recommend should be paid out by way of dividends has been disclosed in the Strategic Report on page 6.

Future developments
The Group continues to seek high quality IFA and related financial sector businesses of all sizes that will embrace the AFH culture of providing exceptional value to our growing client base while providing attractive returns to our shareholders.

The Group continues to invest in its digital footprint to improve the service to both clients and AFH advisers while enabling greater efficiency in its administration. This digitalisation of both the advice and investment service is also expected to open new market channels to future clients who embrace digital and mobile technology.

Directors
The following directors have held office since 1 November 2015:

Mr A Hudson
Mr J Wheatley
Mr P Wright
Mrs S Lewis
Mr M Chambers
Mr A Broad
Mrs A Larvin

Directors’ indemnities
The company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Matters covered in the Strategic Report and Financial Statements
As permitted by paragraph 1A of schedule 7 to the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report on pages 2-15 and in notes 22 and 24 of the Financial Statements. These matters relate to principal risks and uncertainties which have been disclosed in the Strategic Report, Financial Risk Management which has been disclosed in note 22, and Events subsequent to the Statement of Financial Position which has been disclosed in note 24.

Disabled employees
The group gives full consideration to applications for employment from disabled persons where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the Company’s policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Employee consultation
The group involves employees in the running of the business through a senior management team that works closely with management and staff members. Employees are involved in an employee forum where they can contribute ideas to improve the business, staff benefits and the working environment. In line with legislation the groups offers a group-wide pension scheme. Staff have the option to opt out if they wish.

Statement of directors’ responsibilities
The directors are responsible for preparing the Strategic Report and the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union and applicable law. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

  • select suitable accounting policies and then apply them consistently;
  • make judgements and accounting estimates that are reasonable and prudent;
  • state whether applicable International Financial Reporting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the group’s auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the group’s auditors are aware of that information.

On behalf of the board

Anne-Marie Brown
29 January 2018

Annual Report

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