Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2019
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REDBOURNE WEALTH MANAGEMENT LTD
COMPANY INFORMATION
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REDBOURNE WEALTH MANAGEMENT LTD
CONTENTS
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REDBOURNE WEALTH MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements of Redbourne Wealth Management Limited for the year ended 31 December 2019.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements of Redbourne Wealth Management Limited in accordance with applicable law and regulations.
Company law requires the directors to prepare the financial statements of Redbourne Wealth Management Limited for each financial year
. Under that law the directors have elected to prepare the financial statements of Redbourne Wealth Management Limited in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements of Redbourne Wealth Management Limited unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements of Redbourne Wealth Management Limited, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements of Redbourne Wealth Management Limited on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements of Redbourne Wealth Management Limited comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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REDBOURNE WEALTH MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The profit for the year, after taxation, amounted to £
253,945
(2018 -
£
226,902
)
.
Interim ordinary dividends were paid by the Company during the year amounting to £79,172
(2018: £352,150)
.
Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006. The board of directors of Redbourne Wealth Management Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholder and matters set out in s172(1)(a)-(f) of the act) in the decisions taken during the year ended 31 December 2019. • Our plan was designed to have a long-term beneficial impact on the Company and to contribute to its success in delivering a high-quality service. • Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to pay and benefits our team members receive. The health and well-being of our team members is one of our primary considerations in the way we do business. • Engagement with suppliers and customers is key to our success, and meet regularly with them, taking appropriate action, when necessary, to prevent involvement in corruption, bribery, money laundering and breaches of laws. • Our plan took into account the impact of our operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste- saving opportunities, using electronic communication where possible. • As the board of directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through the delivery of our plan, that reflects our responsible behaviour. • As the Board of Directors, our intention is to behave responsibly towards our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan. Going Concern The Company’s business activities, together with the factors likely to affect its future development, financial position and financial performance as well as details of its exposures to risk are described in the Strategic Report. The Company continues to grow revenues and EBITDA through increased assets under management for existing clients and acquisition of new clients that adhere to the Company' client profile, The Company has a stable and diversified client base and a differentiated solution that provides the directors with assurance that the Company will continue to be profitable for the foreseeable future. After making enquiries, and performing stress testing, the directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future and meet liabilities as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts (refer to note 2.4 for further information around the impact of COVID-19). |
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REDBOURNE WEALTH MANAGEMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors who served during the year were:
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
The auditor, Ernst & Young LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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REDBOURNE WEALTH MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors are pleased with the financial performance of the business during the year. The Company provides investment advisory services.
FINANCIAL KEY PERFORMANCE INDICATORS The Company measures its performance against the following KPI's: 2019 2018 £ £ Turnover 1,380,500 1,317,589 Cash and cash equivalent 501,021 338,470 The Company's turnover has increased during the period due to the continued expansion of the Company's client base. The Company continues to maintain a level of liquid capital that the directors consider to be adequate to manage working capital requirements. PRINCIPAL RISKS AND UNCERTAINTIES The board of directors have determined that the Company’s three main areas of risk are regulatory risk, the risk arising from competition and financial & economic risk. Regulatory Compliance Risk The Company contracts with Best Practice IFA Group Limited whereby that Company is responsible for implementing a controls framework that enables the Company to demonstrate its compliance with various regulatory requirements. In this capacity Best Practice IFA Group Limited bears the regulatory risk associated with failing to demonstrate adequate processes and controls that are dear to the standards imposed by the regulator, the Financial Conduct Authority ('FCA'). The board recognises and mitigates these risks through its contractual arrangements with Benchmark Capital Limited, which has appropriate processes and controls to address the regulatory compliance risk. Competition Risk The Company operates in a market whereby there are many other independent financial advisors working in competition. The directors are of the opinion that the Company’s support from the Best Practice IFA Group Limited’s platform and client service solution is differentiated from the competition. This results in both a lower cost to the Company and a seamless level of client service. As a result, the directors considered that the Company is well positioned to mitigate this risk arising from such competition. |
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REDBOURNE WEALTH MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
FINANCIAL AND ECONOMIC RISK
A high proportion of the Company’s revenues are based on a percentage of the value of the assets that Redbourne Wealth Management Limited manage on behalf of underlying investors. The value of these assets, and therefore the Company’s revenue entitlements, are exposed to a wide range of macro-economic and market risks that are largely beyond the Company’s control. These risks are primarily derived from the performance of the stock market, changing legislation in respect of taxation and broader economic and political factors that influence private wealth and investor sentiment and capacity The impact of Brexit will be limited to economic and political risks due to a low number of clients based outside the UK. COVID-19 will bring economic risk to the company due to volatility in the financial markets and the unknown impact of the virus (please refer to note 2.4). The Company mitigates this risk through utilising the support from Best Practice IFA Group Limited and its regular management analysis of the relevant markets, reviewing the financial services landscape, periodic forecasting and the diversification of its client base and product offering. The UK left the European Union on 31 January 2020 under the terms of the European Union (Withdrawal Agreement) Act 2020, beginning a transition period to 31 December 2020 during which EU law and the rulings of the European Court of Justice will still apply within and to the UK. Negotiations on the future relationship between the UK and the EU will continue but uncertainty remains as to what will be agreed before the end of the year. The impact of Brexit will be limited to economic and political risks due to a low number of clients based outside the UK.
The report was approved by the board and signed on its behalf.
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REDBOURNE WEALTH MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDBOURNE WEALTH MANAGEMENT LTD
We have audited the financial statements of Redbourne Wealth Management Limited for the year ended 31 December 2019, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity
and the related notes 1 to 17, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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REDBOURNE WEALTH MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDBOURNE WEALTH MANAGEMENT LTD (CONTINUED)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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REDBOURNE WEALTH MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REDBOURNE WEALTH MANAGEMENT LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's report.
This report is made solely to the Company's members
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
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REDBOURNE WEALTH MANAGEMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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REDBOURNE WEALTH MANAGEMENT LTD
REGISTERED NUMBER:
6430777
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 12 to 19 form part of these financial statements.
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REDBOURNE WEALTH MANAGEMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Redbourne Wealth Management Limited, (Company number: 6430777), is a private limited company limited by shares, incorporated in England and Wales, with its registered office at Belmont House, Shrewsbury Business Park, Shrewsbury, SY2 6LG and principal place of business at Basepoint, Isidore Road, Bromsgrove Technology Park, Bromsgrove, B60 3ET.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
. The Company has applied the Companies Act 2006 small Company provisions.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Due to adopting FRS 102 the Company is exempt from disclosing the following:
• Exemption from the requirement to present disclosures relating to financial instruments, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures of the Company’s parent undertaking. • Exemption from the requirement to disclose key management personnel compensation at a company level as required by FRS 102 paragraph 33.7. • Exemption from presenting a statement of cash flows for the reporting period. • Exemption from disclosing share based payment arrangements, required by FRS 102 paragraphs 26.18(c), 26.19 to 26.21 and 26.23, concerning its own equity instruments. Redbourne Wealth Management Ltd is a subsidiary of Benchmark Capital Limited (the Parent). Benchmark Capital Limited prepares publicly available consolidated financial statements and Redbourne Wealth Management Ltd is included in the consolidation.
Turnover is recognised on a received basis and represents the gross fee receivable from the provision of investment advisory services provided to investors.
Under the contract held between the Company and Best Practice IFA Group Limited, a significant proportion of the revenue earned is attributable to the investment advisory services provided to investors. The amount payable by the Company to Best Practice IFA Group Ltd is presented as cost of sales and is recognised on a paid basis. Best Practice IFA Group Ltd is entitled to retain a margin from the revenue/turnover earned from investors. |
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
On January 30, 2020, the World Health Organization declared the outbreak of coronavirus (“COVID-19”) to be a public health emergency of international concern. This coronavirus outbreak has severely restricted the level of economic activity around the world. In response to this coronavirus outbreak, the governments of many countries, states, cities and other geographic regions have taken preventative or protective actions, such as imposing restrictions on travel and business operations and advising or requiring individuals to limit or forego their time outside of their homes.
The full extent to which the COVID-19 pandemic may impact the Company’s results, operations or liquidity is uncertain. Management continues to monitor the impact that the COVID-19 pandemic has on the Company, the financial services sector and the economies in which the Company operates. Management has performed a COVID-19 impact analysis as part of their going concern assessment using information available to the date of issue of these financial statements. The analysis has modelled a number of adverse scenarios to assess the potential impact that COVID-19 may have on the Company’s operations, liquidity, solvency and regulatory capital position as well as a reverse stress test to assess the stresses the balance sheet has to endure including an assessment of any relevant mitigations management have within their control to implement. The most likely expected financial impact is in respect of the Company’s future fee income as this is calculated based on a percentage of assets under management and this has fallen since the year end due to the impact of COVID-19 on listed global equity and debt markets. It is not possible to quantify the overall impact of COVID-19 as financial markets continue to react to developments and management have a number of actions that there are able to take to protect profitability and solvency. Having performed this analysis management believes regulatory capital requirements continue to be met and have sufficient liquidity to meet its liabilities for the for the next 12 months and that the preparation of the financial statements on a going concern basis remains appropriate as the Company expects to be able to meet its obligations as and when they fall due for the foreseeable future. |
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The whole of the turnover represents gross fees receivable from the provision of investment advisory services provided to investors.
A significant proportion of the revenue earned is attributable to the members for the financial advisory services provided to the underlying investors. The amount payable by the Company to its financial advisers is presented as Cost of Sales and is recognised on an accruals basis.
The Company has not paid any auditor's remuneration as the fees for the 2018 and 2019 audits have been paid by Benchmark Capital Limited.
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
9.
TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Ordinary shares, Ordinary A shares or the Ordinary B shares are entitled to any dividend declared by the directors.
On a return of capital on liquidation or capital reduction the surplus assets of the Company will be applied firstly to capital paid up on all shares. Any remaining balance is distributed to the holders of Ordinary shares only. Any payments will be made equally between the Ordinary shares, Ordinary A shares and the Ordinary B shares. Holders of ordinary shares have one vote each. The ordinary A shares and ordinary B shares do not carry a vote. |
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REDBOURNE WEALTH MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
67.45% of the equity of the Company is owned by Benchmark Capital Limited, a company registered in the United Kingdom whose financial statements are available from Companies House.
The ultimate controlling party of the Group is Schroders Plc by virtue of their shareholding in Benchmark Capital Limited. Schroders Administration Limited, a subsidiary of Schroders Plc, holds a 86.2% equity stake in Benchmark Capital Limited. |