b'Directors reportThe Directors present their Annual Report and the audited financialNumber of Percentagestatements of Mercia Asset Management PLC for the year endedOrdinary shares %31 March 2020.Invesco Limited 63,113,333 14.3Forward Innovation Fund 1 38,072,336 8.7Results and dividends Librae Holdings Limited 28,208,528 6.4The loss for the year was 17,454,000 (2019: 2,620,000 profit). TheRuffer LLP 24,413,000 5.6Directors do not recommend the payment of a dividend (2019: nil). Forward Nominees Limited 1 22,631,208 5.1The Hargreaves No 11 Settlement 14,000,000 3.2Future developments and events after the balanceNFU Mutual Insurance Society 13,341,465 3.0sheet dateDetails of future developments and events that have occurred after the1Shareholdings connected to Ray Chamberlain.balance sheet date can be found in the Strategic Report on page 55Political donationswhich forms part of this report by cross-reference. On 1 July 2020 theDuring the year ended 31 March 2020 the Group made no political Board was pleased to promote Mercias in-house Head of Legal,donations (2019: nil).Sarah-Louise Thawley LLB (Hons), as Group General Counsel and Company Secretary.EmployeesDirectors The Group employed an average of 91 (2019: 85) staff throughoutThe Directors who were in office during the year and up to the date ofthe year and is therefore of a size where it is not necessary to have signing the financial statements were: introduced a formal employee consultation process. However, and as more fully set out in the People, Culture and Values review beginning on Ian Roland Metcalfe (appointed Non-executive Chair on 2 July 2019) page 40, employees are encouraged to be involved in decision-making Dr Mark Andrew Payton processes and are provided with information on the financial and Martin James Glanfield economic factors affecting the Groups performance through regular Julian George Viggars team meetings, updates from the Chief Executive Officer and via an Raymond Kenneth Chamberlain open and inclusive culture. Given the Groups continuing expansion Dr Jonathan David Pell during the past year, talent management encompassing recruitment, Caroline Bayantai Plumb OBE retention, communication, training and performance management Susan Jane Searle (resigned on 2 July 2019) remains an important area of focus.Directors shareholdings and other interests The Group operates a discretionary annual bonus scheme for all of its A table showing the interests of Directors in the share capital ofemployees with bonuses being awarded based on both their and the MerciaAsset Management PLC is shown in the Remuneration ReportGroups overall performance, against defined objectives which onpage 68. encompass the Groups four core values.Applications for employment by disabled persons are always fully Directors indemnities considered, bearing in mind the aptitudes of the applicant concerned. Mercia Asset Management PLC has made qualifying third-partyIn the event of a member of staff becoming disabled, every effort is indemnity provisions for the benefit of all Directors of the Company andmade to ensure that their employment within the Group continuesits subsidiaries. These were in force during the financial year andand that workspace and other modifications are made as appropriate.remained in force at the date of approval of the financial statements. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible, be identical Financial instruments to that of a person who does not suffer from a disability.The Groups financial instruments comprise cash and other items, such as trade debtors and trade creditors, which arise directly from itsDisclosure of information to the auditoroperations. The main purpose of these financial instruments is to fundSo far as each of the persons who are Directors at the date of signing the Groups operations as well as to efficiently manage working capitalthe financial statements are aware, there is no relevant audit and liquidity. information of which the Groups auditor is unaware, and each Director has taken all the steps that he or she ought to have taken as a Director It is the Groups policy not to enter into derivative transactions and noin order to make himself or herself aware of any relevant audit trading in financial instruments has been undertaken during the yearinformation and to establish that the Groups auditor is aware of under review. The Group therefore faces few risks associated withthatinformation.financial instruments.AuditorThe Groups use of financial instruments is discussed further in note 29The auditor, Deloitte LLP, has indicated their willingness to continueto the consolidated financial statements. in office and a resolution concerning their reappointment willSubstantial shareholdings be proposed at the forthcoming Annual General Meeting.As at 31 March 2020, the Group had been notified, in accordance withApproved by the Board and signed on its behalf by:Chapter 5 of the Disclosure and Transparency Rules, of the following voting rights of shareholders of the Group:Sarah-Louise ThawleyCompany Secretary13 July 2020Forward House, 17 High Street, Henley-in-ArdenWarwickshire B95 5AA58 Mercia Asset Management PLCAnnual Report and Accounts 2020'