REG - Record PLC - Final Results <Origin Href="QuoteRef">RECL.L</Origin> - Part 3
17/06/2016 07:06
- Part 3: For the preceding part double click ID:nRSQ4764Bb
or losses on disposal are
included in profit or loss.
The Group's property, plant and equipment comprise leasehold improvements,
computer equipment, and fixtures and fittings. The carrying amount can be
analysed as follows:
Leasehold Computer Fixtures
improvements equipment and fittings Total
2016 £'000 £'000 £'000 £'000
Cost
At 1 April 2015 534 624 304 1,462
Additions - 24 5 29
Disposals - (106) (65) (171)
At 31 March 2016 534 542 244 1,320
Depreciation
At 1 April 2015 534 522 277 1,333
Charge for the year - 67 10 77
Disposals - (106) (65) (171)
At 31 March 2016 534 483 222 1,239
Net book amounts
At 31 March 2016 - 59 22 81
At 1 April 2015 - 102 27 129
Leasehold Computer Fixtures
improvements equipment and fittings Total
2015 £'000 £'000 £'000 £'000
Cost
At 1 April 2014 534 721 272 1,527
Additions - 96 32 128
Disposals - (193) - (193)
At 31 March 2015 534 624 304 1,462
Depreciation
At 1 April 2014 534 637 270 1,441
Charge for the year - 78 7 85
Disposals - (193) - (193)
At 31 March 2015 534 522 277 1,333
Net book amounts
At 31 March 2015 - 102 27 129
At 1 April 2014 - 84 2 86
11. Intangible assets
Intangible assets are shown at historical cost less accumulated amortisation
and impairment losses. Amortisation is charged to profit or loss on a
straight-line basis over the estimated useful lives of the intangible assets
unless such lives are indefinite. Amortisation is included within operating
expenses in the statement of comprehensive income. Intangible assets are
amortised from the date they are available for use. Useful lives are as
follows:
· Software - 2-5 years
Amortisation periods and methods are reviewed annually and adjusted if
appropriate.
The Group's intangible assets comprises both purchased software and the
capitalised cost of software development. The carrying amounts can be analysed
as follows:
Software Total
2016 £'000 £'000
Cost
At 1 April 2015 1,150 1,150
Additions 39 39
Disposals - -
At 31 March 2016 1,189 1,189
Amortisation
At 1 April 2015 646 646
Charge for the year 244 244
Disposals - -
At 31 March 2016 890 890
Net book amounts
At 31 March 2016 299 299
At 1 April 2015 504 504
Software Total
2015 £'000 £'000
Cost
At 1 April 2014 1,150 1,150
Additions - -
Disposals - -
At 31 March 2015 1,150 1,150
Amortisation
At 1 April 2014 416 416
Charge for the year 230 230
Disposals - -
At 31 March 2015 646 646
Net book amounts
At 31 March 2015 504 504
At 1 April 2014 734 734
Intangible assets includes the capitalised development costs of the Group's
middle and back office system which was completed in June 2012 and has an
estimated useful economic life of five years. The annual contractual
commitment for the maintenance and support of software is £138,112 (2015:
£138,112). All amortisation charges are included within administrative
expenses.
12. Investments
Group
Investments in funds which are not consolidated on a line-by-line basis are
designated as fair value through profit or loss. The Group will only
consolidate funds on a line-by-line basis when the Group is able to control
the fund by virtue of having a majority holding in the fund either directly,
or in aggregate with the holdings of the Group's related parties.
The Group may hold certain securities through its seeded fund vehicles. The
Group has held US government treasury inflation protected securities ("TIPS"),
which are designated as fair value through profit or loss, and the fair value
is determined by reference to quoted market price. These securities are
classified as a Level 1 investment.
2016 2015
Investments £'000 £'000
Record Currency - FTSE FRB10 Index Fund - 1,105
US government TIPS - 1,462
- 2,567
The Group gained control of the Record Currency FTSE FRB10 Index Fund on 1
September 2015 as a result of a disinvestment from the fund by an external
investor. The fund was consolidated on a line-by-line basis from 1 September
2015 until the end of the period, but prior to this, the Group's investment in
the fund was designated as fair value through profit or loss. At the
acquisition date, the fair value of the investment held in the fund equalled
the Group's share of the fair value of the assets acquired. There were no
other identifiable assets or liabilities recognised as a result of this
acquisition and there was no gain or loss arising on the transaction.
The funds disposed of their TIPS holding during the period, there was no gain
or loss arising on the transaction.
Company
Investments in subsidiaries are shown at cost less impairment losses. The
capitalised investment in respect of share-based payments offered by
subsidiaries is equal to the cumulative fair value of the amounts payable to
employees recognised as an expense by the subsidiary. Investments in funds are
measured at fair value through profit or loss.
2016 2015
£'000 £'000
Investment in subsidiaries (at cost)
Record Currency Management Limited 10 10
Record Group Services Limited 10 10
Record Portfolio Management Limited 10 10
Record Currency Management (US) Inc. - -
Record Fund Management Limited - -
N P Record Trustees Limited - -
Total investment in subsidiaries (at cost) 30 30
Capitalised investment in respect of share-based payments
Record Currency Management (US) Inc. 79 76
Record Group Services Limited 578 341
Total capitalised investment in respect of share-based payments 657 417
Total investment in subsidiaries 687 447
Particulars of subsidiary undertakings
Name Nature of business
Record Currency Management Limited Currency management services (FCA registered)
Record Group Services Limited Management services to other Group undertakings
Record Portfolio Management Limited Dormant
Record Currency Management (US) Inc. US advisory and service company (SEC and CFTC registered)
Record Fund Management Limited Dormant
N P Record Trustees Limited Dormant trust company
The Group's interest in the equity capital of subsidiary undertakings is 100%
of the ordinary share capital in all cases. Record Currency Management (US)
Inc. is incorporated in Delaware, and all other subsidiaries are registered in
England and Wales.
Investment in funds
In addition to the subsidiaries listed above, funds are consolidated where the
Group has determined that a controlling interest exists through an investment
holding in the fund, in accordance with IFRS 10 Consolidated Financial
Statements. These funds are seed investments, which have various investment
objectives and policies and are subject to the terms and conditions of their
offering documentation. The principal activity of each is to invest capital
from investors in a portfolio of assets in order to provide a return for those
investors.
In December 2010, the Company invested in the Record Currency - FTSE FRB10
Index Fund and the Record Currency - Emerging Market Currency Fund. Initially,
these were both accounted for as a disposal group held for sale. In both
cases, the Group still retained control over each of the funds twelve months
after making the original investment. Consequently both funds ceased to be
classified as held for sale and were consolidated in full, on a line-by-line
basis.
The Group has retained control of the Record Currency - Emerging Market
Currency Fund throughout the period, and it remains consolidated in full, on a
line-by-line basis in the Group's financial statements. The Group ceased to
control the Record Currency - FTSE FRB10 Index Fund from 1 March 2015 until 31
August 2015 during which period the Group did not consolidate the fund on a
line-by-line basis. It regained control of the fund on 1 September 2015 and
has consolidated it in full on a line-by-line basis since that date.
In May 2013, the Company invested in the Record Currency - Global Alpha Fund
which changed its name to Record Currency - Strategy Development Fund in
November 2015. The Group has controlled this fund since inception, which is
consolidated in full on a line-by-line basis.
All three fund investments are presented in investments in the Company
statement of financial position.
2016 2015
Investment in funds £'000 £'000
Record Currency - FTSE FRB10 Index Fund 1,060 1,105
Record Currency - Emerging Market Currency Fund 1,000 1,028
Record Currency - Strategy Development Fund (formerly Global Alpha Fund) 919 959
Total 2,979 3,092
All three fund entities are sub-funds of the Record Umbrella Fund, an
open-ended umbrella unit trust authorised in Ireland.
13. Deferred taxation - Group
Deferred tax is the future tax consequences of temporary differences between
the carrying amounts and tax bases of assets and liabilities shown on the
statement of financial position. The amount of deferred tax provided is based
on the expected manner of recovery or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively enacted at
the statement of financial position date.
A deferred tax asset is recognised only to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilised. The carrying amount of the deferred tax assets are reviewed at each
statement of financial position date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all
or part of the asset to be recovered.
A deferred tax liability is generally recognised for all taxable temporary
differences.
Deferred tax assets or liabilities arising on goodwill are not recognised but
are however recognised on separately identifiable intangible assets. Deferred
tax arising on the initial recognition of an asset or liability, other than a
business combination, that at the time of the transaction affects neither the
accounting nor taxable profit or loss, is not recognised.
2016 2015
£'000 £'000
Profit and loss account movement arising during the year (30) (85)
Asset brought forward 73 158
Asset carried forward 43 73
The provision for deferred taxation consists of the tax effect of temporary
differences in respect of:
2016 2015
£'000 £'000
Deferred tax allowance on unvested share options 10 66
Shortfall of taxation allowances over depreciation on fixed assets 33 7
43 73
At the year end the Group had deferred tax assets of £42,850 (2015: £72,518).
At the year end there were share options not exercised with an intrinsic value
for tax purposes of £47,742 (2015: £327,987). On exercise the Group will be
entitled to a corporation tax deduction in respect of the difference between
the exercise price and the strike price. There is no unprovided deferred
taxation.
14. Trade and other receivables
Trade and other receivables are stated at their original invoice value, as the
interest that would be recognised from discounting future cash receipts over
the short credit period is not considered to be material. Individual
receivables are considered for impairment when they are past due or when other
objective evidence is received that a specific counterparty will default.
Impairment of trade receivables is presented within administrative expenses.
An analysis of the Group's receivables is provided below:
2016 2015
£'000 £'000
Trade receivables 4,027 4,648
Accrued income 1,055 1,078
Other receivables 25 74
Prepayments 588 524
Total 5,695 6,324
All amounts are short term. The Directors consider that the carrying amount of
trade and other receivables approximates to their fair value. All of the
Group's trade and other receivables have been reviewed for indicators of
impairment; no such indicators were noted. The Group has not renegotiated the
terms of any receivables in the year ended 31 March 2016. The carrying amount
of receivables whose terms have been renegotiated, that would otherwise be
past due or impaired is £nil (2015: £nil).
15. Derivative financial assets and liabilities
Derivative financial instruments are initially recognised at cost on the date
on which the contract is first entered into unless the fair value at
acquisition is different to cost, in which case fair value is recognised.
Subsequently they are measured at fair value with gains and losses recognised
in profit or loss. Transaction costs are immediately recognised in profit or
loss. The fair values of derivative financial instruments are determined by
reference to active market transactions.
The Group holds derivative financial instruments for two purposes. The Group
uses forward foreign exchange contracts to reduce the risk associated with
sales denominated in foreign currencies, and additionally uses both foreign
exchange options and forward foreign exchange contracts in order to achieve a
return within the seed funds. The instruments are recognised at fair value.
The fair value of the contracts is calculated using the market rates
prevailing at the period end date. The net gain or loss on instruments is
included within revenue.
2016 2015
Derivative financial assets £'000 £'000
Forward foreign exchange contracts held to hedge cash flow - 8
Forward foreign exchange contracts held for trading 106 35
Foreign exchange options held for trading - 576
Total 106 619
2016 2015
Derivative financial liabilities £'000 £'000
Forward foreign exchange contracts held to hedge cash flow (108) -
Foreign exchange options held for trading - (680)
Total (108) (680)
Derivative financial instruments held to hedge cash flow
At 31 March 2016 there were outstanding contracts with a principal value of
£5,996,550 (31 March 2015: £4,260,992) for the sale of foreign currencies in
the normal course of business. The fair value of the contracts is calculated
using the market forward contract rates prevailing at 31 March 2016. The Group
does not apply hedge accounting.
The net gain or loss on forward foreign exchange contracts held to hedge cash
flow is as follows:
2016 2015
Derivative financial instruments held to hedge cash flow £'000 £'000
Net loss on forward foreign exchange contracts at fair value through profit or loss (315) (92)
Derivative financial instruments held for trading
The Record Currency - FTSE FRB10 Index Fund and the Record Currency - Emerging
Market Currency Fund, use forward foreign exchange contracts in order to
achieve a return. The Record Currency - Strategy Development Fund may use a
variety of instruments including forward foreign exchange contracts, options
and futures in order to achieve a return.
All derivative financial instruments held by the Record Currency - Strategy
Development Fund (formerly the Global Alpha Fund) and the Record Currency -
Emerging Market Currency Fund were classified as held for trading throughout
the period. The derivative financial instruments held by the Record Currency -
FTSE FRB10 Index Fund were classified as held for trading until the fund was
deconsolidated from the Group on 1 March 2015, and then again from 1 September
2015 when the fund was re-consolidated into the Group financial statements.
At 31 March 2016 there were outstanding contracts with a principal value of
£14,621,185 (31 March 2015: £36,120,350).
The net gain or loss on derivative financial instruments held for trading for
the year was as follows:
2016 2015
Derivative financial instruments held for trading £'000 £'000
Net loss on forward foreign exchange contracts and foreign exchange options at fair value through profit or loss (178) (232)
16. Cash management
The Group's cash management strategy employs a variety of treasury management
instruments including cash, money market deposits and treasury bills. Whilst
the Group manages and considers all of these instruments as cash, which are
subject to its own internal cash management process, not all of these
instruments are classified as cash or cash equivalents under IFRS.
IFRS defines cash and cash equivalents as cash in hand, on demand and
collateral deposits held with banks, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are
subject to an insignificant risk of changes in value. Moreover, instruments
can only generally be classified as cash and cash equivalents where they are
held for the purpose of meeting short-term cash commitments rather than for
investment or other purposes.
In the Group's judgement, bank deposits and treasury bills with maturities in
excess of 3 months do not meet the definition of short-term or highly liquid
and are held for purposes other than meeting short-term commitments. In
accordance with IFRS, these instruments are not categorised as cash or cash
equivalents and are disclosed as money market instruments with maturities >3
months.
Assets managed as cash Group Company
2016 2015 2016 2015
£'000 £'000 £'000 £'000
Bank deposits with maturities > 3 months 11,518 17,500 - -
Treasury bills with maturity > 3 months 1,502 600 - -
Money market instruments with maturities > 3 months 13,020 18,100 - -
Cash 5,439 2,730 2 17
Bank deposits with maturities <= 3 months 16,281 9,280 - -
Cash and cash equivalents 21,720 12,010 2 17
Total assets managed as cash 34,740 30,110 2 17
Cash and cash equivalents Group Company
2016 2015 2016 2015
£'000 £'000 £'000 £'000
Cash and cash equivalents - sterling 16,641 10,525 2 17
Cash and cash equivalents - USD 1,941 818 - -
Cash and cash equivalents - CHF 3,067 637 - -
Cash and cash equivalents - other currencies 71 30 - -
Total cash and cash equivalents 21,720 12,010 2 17
The Group cash and cash equivalents balance incorporates the cash held by any
fund deemed to be under control of Record plc (refer to note 12 for
explanation of accounting treatment). As at 31 March 2016, the cash and cash
equivalents held by the seed funds over which the Group had control totalled
£5,380,007 (31 March 2015: £3,920,614) and the money market instruments with
maturities > 3 months held by these funds were £1,502,326 (31 March 2015:
£599,758).
17. Current liabilities
Trade and other payables are stated at their original invoice value, as the
interest that would be recognised from discounting future cash payments over
the short payment period is not considered to be material.
Trade and other payables
Group Company
2016 2015 2016 2015
£'000 £'000 £'000 £'000
Trade payables 171 181 - -
Amounts owed to Group undertaking - - 11 480
Other payables 2 1 - 1
Other tax and social security 248 312 - -
Accruals 1,951 2,455 - -
Total 2,372 2,949 11 481
The Directors consider that the carrying amount of trade and other payables
approximates to their fair value.
Current tax liabilities
Group Company
2016 2015 2016 2015
£'000 £'000 £'000 £'000
Corporation tax 776 893 - -
18. Called up share capital
The share capital of Record plc consists only of fully paid ordinary shares
with a par value of 0.025p each. All shares are equally eligible to receive
dividends and the repayment of capital and represent one vote at the
shareholders' meeting.
2016 2015
£'000 Number £'000 Number
Authorised
Ordinary shares of 0.025p each 100 400,000,000 100 400,000,000
Called up, allotted and fully paid
Ordinary shares of 0.025p each 55 221,380,800 55 221,380,800
Movement in Record plc shares held by the Record plc Employee Benefit Trust
("EBT")
The EBT was formed to hold shares acquired under the Record plc share-based
compensation plans. Under IFRS the EBT is considered to be under de facto
control of the Group, and has therefore been consolidated into the Group
financial statements.
Neither the purchase nor sale of own shares leads to a gain or loss being
recognised in the Group statement of comprehensive income.
Number
Record plc shares held by EBT as at 31 March 2014 3,873,983
Adjustment for net sales by EBT (25,921)
Record plc shares held by EBT as at 31 March 2015 3,848,062
Adjustment for net purchases by EBT 1,094,186
Record plc shares held by EBT as at 31 March 2016 4,942,248
The holding of the EBT comprises own shares that have not vested
unconditionally to employees of the Group. Own shares are recorded at cost and
are deducted from retained earnings.
Further information regarding the Record plc share-based compensation plans
and relevant transactions made during the year is included in note 19.
19. Share-based payments
During the year ended 31 March 2016 the Group has managed the following
share-based compensation plans:
a) The Group Profit Share Scheme: share awards issued under the Group Profit
Share Scheme are classified as share-based payments with cash alternatives
under IFRS 2.
b) The Record plc Share Scheme: share options issued under the Record plc
Share Scheme are classified as equity-settled share-based payments under IFRS
2.
c) The Record plc Share Incentive Plan: the Group operates the Record plc
Share Incentive Plan ("SIP"), to encourage more widespread ownership of Record
plc shares by employees. The SIP is a tax-approved scheme offering attractive
tax savings for employees retaining their shares in the scheme over the medium
to long term.
All obligations arising from the three schemes are fulfilled through
purchasing shares in the market.
a. Group Profit Share Scheme
Share-based payments with cash alternatives
These transactions are compound financial instruments, which include a debt
element and a cash element. The fair value of the debt component of the
amounts payable to the employee is calculated as the cash amount alternative
offered to the employee at grant date and the fair value of the equity
component of the amounts payable to the employee is calculated as the market
value of the share award at grant date less the cash forfeited in order to
receive the share award. The debt component is charged to profit or loss over
the period in which the award is earned and remeasured at fair value at each
reporting date. The equity component is charged to profit or loss over the
period in which the award is earned.
The Group Profit Share Scheme allocates a proportion of operating profits to a
profit share pool to be distributed between all employees of the Group. The
Remuneration Committee has the discretion to vary the proportion awarded to
the profit share pool between 25% and 35% of operating profits, with the
intention of maintaining an average level of 30% of operating profits over the
medium term. Directors and senior employees receive one third of their profit
share in cash, one third in shares ("Earned Shares") and may elect to receive
the final third as cash only or to allocate some, or all, of the amount for
the purchase of Additional Shares. The charge to profit or loss in respect of
Earned Shares in the period was £631,252 (2015: £683,978). Other employees
receive two thirds of their profit share in cash and may elect to receive the
final third as cash only or to allocate some, or all, of the amount for the
purchase of Additional Shares.
If an individual elects to receive Additional Shares, the Group simultaneously
awards a Matching Share value amount using a multiple decided by the
Remuneration Committee. The multiple is dependent on the level of seniority of
the employee. The number of shares is determined by the post-tax cash
attributed to Earned Shares plus Additional Shares plus Matching Shares
divided by the aggregate market value achieved on the purchase of all such
shares in the market. The charge to profit or loss in respect of Matching
Shares in the period was £262,426 (2015: £273,155). Shares awarded under the
Profit Share Scheme do not include any vesting restrictions but rather
restrictions over subsequent sale and transfer. All shares the subject of
share awards vest immediately and are transferred to a nominee allowing the
individual to retain full rights in respect of the shares purchased. These
shares cannot be sold, transferred or otherwise disposed of without the
consent of the Remuneration Committee except as follows:
· Earned Shares - one third on each anniversary of the Profit Share
Payment date; and
· Additional or Matching Shares - the third anniversary of the Profit
Share Payment date for Directors and senior employees and the second
anniversary of the Profit Share Payment date for all other employees.
The Group Profit Share Scheme rules contain clawback provisions allowing for
the repayment of profit share payments under certain circumstances including a
material breach of contract, an error in performance of duties or a
restatement of accounts which leads to a change in any prior award under the
scheme.
Shares awarded under this scheme are purchased in the market.
b. The Record plc Share Scheme
Equity-settled share-based payments
The fair value of the amounts payable to employees under these awards is
recognised as an expense over the vesting period of the award, with a
corresponding increase in equity. All such awards made by the Group involve
the parent company granting rights to its equity instruments to employees of
its subsidiary. Consequently the subsidiary measures the services received
from its employees in accordance with the above classification under IFRS 2
and recognises a corresponding increase in equity as a contribution from the
parent. The parent has the obligation to settle the transaction with the
subsidiary's employees and therefore recognises an increase in its investment
in the subsidiary and a corresponding increase in equity.
The fair value of options granted is measured at grant date using an
appropriate valuation model, taking into account the terms and conditions upon
which the instruments were granted. The fair value amounts for the options
issued since flotation were determined using quoted share prices.
The Record plc Share Scheme (the "Share Scheme") was adopted by the Company on
1 August 2008 and was initially created to allow deferred share awards to be
granted to new senior employees.
During 2011, the Share Scheme was amended to include the ability to grant HMRC
approved options ("Approved Options") under Part 2 of the Share Scheme
alongside Part 1 which allows for the grant of unapproved options ("Unapproved
Options"). In 2013, the Share Scheme was amended to allow Board Directors to
participate in the grant of Unapproved Options and in 2016 was further amended
to allow Board Directors to be granted Approved Options. The exercise price
per share of Approved Options must be no lower than the market value of a
share on the dealing day immediately preceding the date of grant. Each
participant may be granted Approved Options over shares with a total market
value of up to £30,000 on the date of grant. There is no such limit on the
value of grant for Unapproved Options, which may be granted with any exercise
price (including £nil), but have recently been granted with a market value
exercise price in the same way as for the Approved Options.
Options over an aggregate of 4,402,249 shares were granted under the Share
Scheme during the year (2015: 4,327,000), of which 3,197,500 were made subject
to Unapproved Options and 1,204,749 to Approved Options (2015: 4,007,000 made
subject to Unapproved Options and 320,000 to Approved Options). All options
were granted with an exercise price per share equal to the share price
prevailing at the time of grant.
The 1,800,000 Unapproved Options issued on 1 December 2015 each become
exercisable in three equal tranches on the third, fourth and fifth anniversary
of the date of grant, subject to the employee being in employment with the
Group at the relevant vesting date and to the extent personal performance
conditions have been satisfied.
The 1,325,000 Unapproved Options issued on 27 January 2016 each become
exercisable in four equal tranches on the first, second, third and fourth
anniversary of the date of grant, subject to the employee being in employment
with the Group at the relevant vesting date and to the extent performance
conditions have been satisfied.
The 877,249 Approved Options issued on 27 January 2016 each become exercisable
on the fourth anniversary of the date of grant, subject to the employee being
in employment with the Group at the relevant vesting date and to the extent
performance conditions have been satisfied.
The 327,500 Approved Options issued on 27 January 2016 each become exercisable
in three equal tranches on the third, fourth and fifth anniversary of the date
of grant, subject to the employee being in employment with the Group at the
relevant vesting date and to the extent performance conditions have been
satisfied.
The 72,500 Unapproved Options issued on 27 January 2016 each become
exercisable in three equal tranches on the third, fourth and fifth anniversary
of the date of grant, subject to the employee being in employment with the
Group at the relevant vesting date and to the extent performance conditions
have been satisfied.
Options without market performance conditions are valued using the
Black-Scholes method, options with market performance conditions are valued
using a risk-neutral Monte Carlo valuation. Expected volatilities used are
based on historic volatilities.
The Group share-based payment expense in respect of the Share Scheme was
£240,067 in the year ended 31 March 2016 (2015: £166,587).
Outstanding share options
At 31 March 2016, the total number of ordinary shares of 0.025p outstanding
under Record plc share compensation schemes was 13,369,249 (2015: 9,910,750).
These deferred share awards and options are over issued shares, a proportion
of which are hedged by shares held in an Employee Benefit Trust. Details of
outstanding share options and deferred shares awarded to employees are set out
below:
Date of grant At 1 April 2015 Granted Exercised Lapsed / forfeited At 31 March 2016 Earliest vesting date Latest vesting date1* Exercise price
08/08/11 150,000 - (75,000) - 75,000 08/08/13 08/08/15 £0.3225
02/12/11 600,000 - (400,000) - 200,000 02/12/15 02/12/15 £0.1440
18/12/12 1,490,000 - - (50,000) 1,440,000 18/12/16 18/12/16 £0.3098
18/12/12 153,750 - (51,250) - 102,500 18/12/13 18/12/16 £0.3098
27/09/13 480,000 - - - 480,000 27/09/17 27/09/17 £0.3085
27/09/13 1,310,000 - (327,500) - 982,500 27/09/14 27/09/17 £0.3085
18/11/13 1,400,000 - - - 1,400,000 18/11/16 18/11/18 £0.3000
26/11/14 2,160,000 - - - 2,160,000 26/11/17 26/11/19 £0.3586
24/03/15 320,000 - - - 320,000 24/03/19 24/03/19 £0.3450
24/03/15 1,847,000 - - - 1,847,000 24/03/16 24/03/19 £0.3450
01/12/15 - 1,800,000 - - 1,800,000 01/12/18 01/12/20 £0.2888
27/01/16 - 1,325,000 - - 1,325,000 27/01/17 27/01/20 £0.2450
27/01/16 - 877,249 - (40,000) 837,249 27/01/20 27/01/20 £0.2450
27/01/16 - 327,500 - - 327,500 27/01/19 27/01/21 £0.2450
27/01/16 - 72,500 - - 72,500 27/01/19 27/01/21 £0.2450
Total options 9,910,750 4,402,249 (853,750) (90,000) 13,369,249
Weighted average exercise price of options £0.32 £0.26 £0.23 £0.28 £0.30
1 Under the terms of the deeds of grants, options are exercisable for a year
following the vesting date
During the year 853,750 options were exercised. The weighted average share
price at date of exercise was £0.32. At 31 March 2016 a total of 1,115,500
options had vested and were exercisable.
The Directors' interests in the combined share schemes are as follows:
Ordinary shares held as at
31 March 31 March
2016 2015
Record plc Group Profit Share Scheme (interest in restricted share awards)
James Wood-Collins 783,651 753,377
Leslie Hill 542,301 294,528
Bob Noyen 343,548 303,378
Steve Cullen 270,824 146,220
Record plc Share Scheme (interest in unvested share options)
James Wood-Collins 2,580,000 2,030,000
Leslie Hill 1,180,000 630,000
Bob Noyen 1,180,000 630,000
Steve Cullen 895,000 345,000
Performance measures
Performance conditions attached to all options granted to Board Directors
differ to those granted for all other staff. All Executive Director option
awards are subject to a performance condition and vest on each of the third,
fourth and fifth anniversaries of the date of grant subject to the earnings
per share ("EPS") hurdle linked to the annualised EPS growth for the
respective three, four and five year periods from grant. Vesting is on a
stepped basis, with 25% of each tranche vesting if EPS growth over the
relevant period is at least RPI plus 4% per annum, increasing through 50%, 75%
and with 100% vesting if EPS growth exceeds RPI plus 13%, as shown in the
table below. Options awarded subject to EPS performance conditions are valued
using a Black - Scholes model.
Record's average EPS growth Percentage of shares subject to the award which vest
>RPI growth + 13% 100%
>RPI growth + 10%, = RPI growth + 7%, = RPI growth + 4%, = 3 months 13,020 18,100
Cash and cash equivalents 21,720 12,010
39,953 39,096
The debtors' age analysis is also evaluated on a regular basis for potential
doubtful debts. It is management's opinion that no provision for doubtful
debts is required. The table below is an analysis of trade receivables and
accrued income by due date:
Carrying amount Neither impaired nor past due 0-3 months past due More than 3 months past due
At 31 March 2016 £'000 £'000 £'000 £'000
Trade receivables 4,027 3,912 115 -
Accrued income 1,055 1,055 - -
5,082 4,967 115 -
98% 2% 0%
Carrying amount Neither impaired nor past due 0-3 months past due More than 3 months past due
At 31 March 2015 £'000 £'000 £'000 £'000
Trade receivables 4,648 4,648 - -
Accrued income 1,078 1,078 - -
5,726 5,726 - -
100% 0% 0%
The Group offers standard credit terms of 30 days from invoice date. It is
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