Business
Record : Annual Report and Accounts 2023
Record : Annual Report and Accounts
About this update from Record Plc
recordfg.com Modernisation, diversification and succession gather pace... Record plc Annual Report 2023 Our purpose Our mission To continue to harness trends Independent, candid advice derived and innovate by collaborating from our 40-year legacy - as we with our clients evolve into a global asset Our vision management network Our value proposition Diverse partnerships of financial specialists - creating unique, Transparency and trust, above all. opportunistic, sustainable solutions We listen to clients, truly understand their needs then collaborate with like-minded specialist partners from a wide range of asset classes to deliver solutions Annual Report 2023 Contents Strategic report 1 to 54 Governance Financial statements Additional information Financial highlights 1 Chairman's introduction 57 Independent auditor's Five year summary 146 About us 2 Board of Directors 58 report 97 Information for Chairman's 6 Corporate governance Financial statements 106 shareholders 147 Notes to the financial Definitions 148 statement report 60 113 Chief Executive Nomination Committee statements Ocer's statement 8 report 67 Business model 10 Audit Committee report 70 Products 12 Remuneration report 76 and distribution Directors' report 92 Products 14 Directors' Strategy 18 responsibilities Key performance statement 95 indicators 22 Sustainability 26 Task Force on Climate Related Financial Disclosures ("TCFD") 33 Section 172 Companies Act 2006 - Our stakeholders 37 Operating review 40 Financial review 44 Risk management 49 Viability statement 54 Record plc Annual Report 2023 Financial highlights 1 STRATEGIC REPORT Our year in numbers Assets Under Management Equivalents 1 ("AUME") $87.7bn +5.5% 2022: $83.1bn Earnings per share 5.95p +31.6% 2022: 4.52p Revenue £44.7m +27.4% 2022: £35.1m Ordinary dividend per share 4.50p +25% 2022: 3.60p Profit before tax £14.6m +33.9% 2022: £10.9m Total dividend per share 5.18p (including special of 0.68p) +14.6% 2022: 4.52p (including special: 0.92p) GOVERNANCE FINANCIAL STATEMENTS ADDITIONAL INFORMATION 1. For the majority of its Currency Management and Derivative Overlay products, Record manages only the impact of foreign exchange and not the underlying assets, therefore its "assets under management" are notional rather than real. Conversely, for its Asset Management products, Record's role as Investment Manager includes managing the underlying assets in the more conventional sense of managing AUM. Consequently, when combined, to distinguish this from the AUM of conventional asset managers, Record uses the concept of Assets Under Management Equivalents ("AUME") and by convention this is quoted in US dollars. AUME is an alternative performance measure and further detail on how it is defined is provided on page 24. 2 Record plc Annual Report 2023 About us Record began with a spark. An idea, Currency Overlay, which led to the signing of the world's first Currency Overlay mandate in 1985. We've been harnessing trends ever since, with curiosity, innovation and integrity. We were one step ahead then when we began and we aren't standing still today - as we invite greater diversity of thought, to deliver specialist partnerships and new solutions for our clients. Our approach Listen A client-focused approach Deliver Unique, innovative and sustainable solutions Understand Using strengths and experience developed over 40 years in business Our values People first Integrity Our clients value our understanding of how achieving We've always had a legacy of honesty and upfront long-term, sustainable investment objectives is a client advice during 40 years in existence - and that mindful journey, as much as an economic one. Then will never change. This ethos echoes throughout our there's our team - championed for its intellectual people, our relationships, our products and our fees. diversity, passion and dynamism. It's our people that And, as an impartial, independent, premium listed makes us great. business, we are guided by the highest levels of best practice and ethical codes of conduct. Collaboration We firmly believe in the power of many. Our Curiosity expanding network of like-minded specialists We are restless minds driven by curiosity, ideas and globally means we can call on various strengths and innovation. We always question, so we can give our expertise. This flexibility allows us to customise clients excellence and value. We are not afraid to say unique solutions for our clients. no if it's not the right investment fit. Or to dig a bit deeper - to unearth other opportunities or create Kindness new solutions that don't yet exist. In many ways, we can be described as empathetic investment advisers and champions of varied thought. Listeners first, we get to know our clients and learn what their needs are - then we create customised solutions that fit their specific needs. Record plc Annual Report 2023 3 About us Where we operate The Group's main geographical markets, as determined by the location of clients to whom services are provided, are the UK, North America and Continental Europe, in particular Switzerland. The Group also has clients elsewhere, including Australia. The Group's Head Office is in Windsor, UK from where the In addition to these main markets, we continue to explore majority of its operations are performed and controlled. new geographical markets which we believe may offer The Group also has offices in London, New York, Zürich, attractive opportunities. Frankfurt, Düsseldorf and Amsterdam. STRATEGIC REPORT GOVERNANCE Rest of the world $3.6bn 4% United Kingdom $7.4bn 9% Continental Europe $57.9bn 66% FINANCIAL STATEMENTS ADDITIONAL INFORMATION North Global AUME and operating locations America Head Office (Windsor) $18.8bn Other offices Client locations 21% This is an excerpt of the original content. 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