Annual Report and
Consolidated Financial Statements
for the year ended 31 December 2016
Curtis Bank A4 Cover  13/04/2017  13:12  Page 2 Contents
Company Information
Strategic Report
2 Financial and operational highlights
3 Our services and history
4 Chairman’s statement
6 Chief Executive’s review
8 Financial review
10 Principal risks and uncertainties
12 Corporate and social responsibility
Governance
13 Board of Directors
15 Directors’ report
16 Statement of Directors’ responsibilities
17 Corporate governance 
19 Directors’ remuneration report
Financial Statements
21 Independent auditors’ report
23 Consolidated statement of comprehensive income
24 Consolidated statement of changes in equity
25 Company statement of changes in equity
26 Consolidated statement of financial position
27 Company statement of financial position
28 Consolidated statement of cash flows
29 Company statement of cash flows
30 Notes to the financial statements
Curtis Bank A4 Cover  13/04/2017  13:12  Page 3 1
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Company Information
Directors Christopher Banks – Executive Chairman
Rupert Curtis – Chief Executive Oﬃcer
Paul Tarran – Chief Financial Oﬃcer
Will Self – Deputy Chief Executive Oﬃcer (appointed 30 August 2016)
Chris Macdonald – Non Executive Director
Bill Rattray – Non Executive Director
Jules Hydleman – Non Executive Director
Company Secretary Paul Tarran
Registered Oﬃce 3 Temple Quay
Temple Back East
Bristol
BS1 6DZ
Registered Number 07934492
Nominated Advisor and Broker Peel Hunt LLP
Moor House
120 London Wall
London
EC2Y 5ET
Auditor PricewaterhouseCoopers
2 Glass Wharf
Bristol
BS2 0FR
Solicitors Roxburgh Milkins
Merchants House North
Wapping Road
Bristol
BS1 4RW
Registrars Computershare
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
Curtis Bank pp01-12  12/04/2017  19:27  Page 1 2
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The directors present their strategic report for the year ended 31 December 2016.
Operational, Financial Highlights and Key Performance Indicators
Operational Highlights
Year ended Year ended 
31 December 31 December
2016 2015
Number of SIPPs Administered 72,983 39,236
Number of SSASs Administered 334 326
Assets under Administration £18.8bn £9.0bn
Total new organic growth Full SIPPs 3,398 2,386
l Overall growth in SIPP numbers by 86%, 16% from gross organic growth.
Financial Highlights
Over the twelve month period relative to the corresponding period last year:
l Increase in operating revenue of 75%.
l Increase in net profit before tax, amortisation and non-recurring costs of 18%.
l Increase in Basic EPS of 2%.
Year ended Year ended 
31 December 31 December
2016 2015
Operating Revenue £29.7m £17.0m
Profit before tax, amortisation and non-recurring costs £7.1m £6.0m
Profit before tax £4.5m £4.1m
Profit Margin on profit before tax, amortisation and non-recurring costs 24% 35%
Basic EPS (pence) 7.23 7.12
Basic EPS on Net Profit before tax, amortisation and non-recurring costs, 
less an eﬀective tax rate (pence) 11.38 11.24
Strategic report
Curtis Bank pp01-12  12/04/2017  19:27  Page 2 3
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
OUR SERVICES AND HISTORY
Curtis Banks Group PLC (“Curtis Banks” or “the Group”) is
one of the United Kingdom’s leading administrators of
self-invested pension products, principally SIPPs and SSASs.
The Group commenced trading in 2009 and has
successfully developed, through a combination of organic
growth and acquisitions, into one of the largest UK
providers of these products. At 31 December 2016 the
Group administered circa £18.8 billion (2015: £9.0 billion) of
pension assets on behalf of over 72,000 (2015: 39,000) active
clients.
In May 2015 the shares of Curtis Banks (LON: CBP) were
admitted and listed on the London Alternative Investment
Market (“AIM”). 
On 25 May 2016 the Group completed its largest
acquisition to date, the purchase of Suﬀolk Life Group
Limited, a long established provider of SIPPs operating
through Suﬀolk Life Pensions Limited and Suﬀolk Life
Annuities Limited. The Group now trades under the names
Curtis Banks, Suﬀolk Life and Pointon York SIPP Solutions.
Approximately 600 staﬀ are employed across its head oﬃce
in Bristol and regional oﬃces in Ipswich, Dundee and
Market Harborough.
Curtis Banks Limited and Suﬀolk Life Pensions Limited, the
Group’s principal trading subsidiaries, are authorised by the
Financial Conduct Authority to provide trust based SIPP
products. Suﬀolk Life Annuities Limited is regulated by the
Prudential Regulatory Authority and the Financial Conduct
Authority to provide insurance based SIPP Products. The
latter company provides SIPPs through non-participating
individual insurance contracts. As such, it is regarded as an
insurance company for the purposes of regulatory and
statutory reporting. Due to Suﬀolk Life Annuities Limited’s
status as an insurance company, the consolidated results for
the whole Group include insurance policyholder assets,
liabilities and returns, and hence the results for the year
ended 31 December 2016 include certain changes in
presentation compared to those for previous periods.
The Executive Directors have proven experience in the
pensions market and have established a business that
focuses on a service-driven proposition for the
administration of flexible SIPPs. The Group’s products are
primarily distributed by authorised and regulated financial
advisers, targeted towards pension savers who wish to take
full advantage of the features and flexibility oﬀered in the
UK’s modern and changing pension regime. Long standing
relationships with key distributors result in high levels of
repeat business and demonstrate satisfaction with products
and services provided.
The Group is focussed on continuing to deliver value to
both customers and shareholders in the years ahead.
Strategic report continued
Curtis Bank pp01-12  12/04/2017  19:27  Page 3 4
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Overview
I am pleased to present the second
set of annual results for Curtis Banks
as a listed company, for the year
ended 31 December 2016.
We report continued growth
combined with progress towards
aligning our businesses and
developing our infrastructure.
Growth
The acquisition of Suﬀolk Life Group in May 2016 delivered
a positive contribution during the second half year, coming
on top of continued strong organic growth through the
reporting period. The full financial benefits of the
acquisition of Suﬀolk Life will be delivered in the current
reporting year and beyond, however other benefits are
already being realised. We are delighted to welcome the
strong Suﬀolk Life management team to the Group and are
working with them to strengthen our position as the largest
dedicated SIPP provider in the UK. 
In July 2016 we completed a further acquisition, of a book
of circa 5,000 SIPPs from European Pensions Management
Ltd, increasing the Group’s administered plans to over
72,000.
Growth was also driven by full year contributions from the
pension books acquired from Friends Life and the Zurich
administration contract that completed in 2015.
We continue to grow and develop our introducer network
without reliance on any one introducer for a significant
portion of our business. New well-established introducers
continue to be attracted to our service level proposition.
Infrastructure
Our focus during the year has been the consolidation of the
growth over the past two years and development of our
business proposition. This growth has required higher staﬀ
numbers, principally in middle management and support,
as new books of business are aligned with the Group’s
existing robust processes and procedures contributing
toward reduced yet still healthy operating margins in the
reporting period. Development work to align books of
business and deliver operational eﬃciencies has also begun.
Continued investment and resource will be required before
the benefits are fully realised. 
In the second half of the year we delivered a key alignment
of Suﬀolk Life’s SIPP banking systems, to those already
operated within the Group. The financial benefit will be
delivered in full during the current reporting period.
Stability of interest rates in recent months provides hope of
retaining margins close to those currently being achieved
by the Group’s newly co-ordinated central treasury function
The development of our business proposition is focussed
on aligning our business, combining the best of the existing
operations of Curtis Banks and Suﬀolk Life. A strategy has
been put in place that focusses on opportunities which are
expected to be revenue enhancing and identify where
eﬃciencies and cost savings can be made.
A key decision for early in 2017 is the direction of our
IT strategy; the Chief Executive’s Report provides more
detail on this. The solution chosen will ultimately be the
best for the Group over the longer term.
People
I am pleased to welcome Will Self to the Board as deputy
CEO. Will joined the Board in August 2016, maintaining his
role as Chief Executive Oﬃcer of Suﬀolk Life, and has a
wealth of experience on both the SIPP industry and the
operations of Suﬀolk Life. 
During the year we introduced a Share Save Option Scheme
to enable staﬀ to participate in the success of the Group.
This was well received and more than half of our
600 employees participated in the Scheme. Shortly after
the year end we also introduced an Employee Benefit Trust.
Dividends
Your Board paid interim dividends of 3.5p per share on
26 February 2016 and 1.0p per share on 15 November 2016
in respect of the years ended 31 December 2015 and
31 December 2016. A further interim dividend of 3p per
share will be paid to shareholders on the register at the
close of business on 28 April 2017. The shares will be
marked ex-dividend on 27 April 2017 and the dividend paid
on 12 May 2017. 
Summary and outlook
The year reflects positive progress for the Group with
continued organic growth and successful acquisitions.
The decisions and investments made to enhance our
infrastructure will secure important capability to support
future development and growth of the business.
Strategic report continued
CHAIRMAN’S STATEMENT
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The outlook for 2017 is strong. We continue to be
approached by SIPP operators looking for an exit for a
variety of reasons and we evaluate opportunities as they
come to us. We will only consider acquisitions of high
quality books of SIPPs where we have confidence that they
can provide at least the required level of operating margins.
Admission to AIM has provided us with the resources and
ability to consider and fund all levels of acquisition.
The implementation of the BREXIT vote should have
minimal eﬀect on the operations of the Group. All our
business is UK based and we have no exposure to Europe.
Our fees are fixed sterling monetary amounts and as such
insulated from any adverse market or currency movements.
We are not reliant on free movement of labour across
Europe.
Our strategy for the future is set out in detail in the Chief
Executive’s review. The focus of our business will be to
deliver on this strategy, aligning and developing the two
businesses of Curtis Banks and Suﬀolk Life for the benefit of
shareholders.
The continued development of Curtis Banks is the result of
the hard work of our staﬀ Group-wide. I would like to take
this opportunity to thank them all.
We continue to be inspired by the opportunity for Curtis
Banks and believe the current strategy and economic
environment to be complementary. We look forward to
updating the market on further achievements in 2017.
Christopher Banks
Chairman
23 March 2017
Strategic report continued
Curtis Bank pp01-12  12/04/2017  19:27  Page 5 6
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Operational review
The beginning of the year under
review marked the full integration
of the two transactions that
completed in 2015: the acquisition
of the Friends Life book of
schemes and the Zurich third
party administration
arrangements. We recruited more staﬀ, principally during
the first half of the year, to service the enlarged Group with
support and management functions, to deliver change and
ensure that thorough and eﬃcient procedures are being
followed throughout the Group.
In January 2016 we exchanged contracts for the significant
acquisition of the Suﬀolk Life Group of companies.
Considerable due diligence was carried out on this
operation prior to that date, using both internal and
external resources. During the period from exchange of
contracts to completion we worked closely with the
management of Suﬀolk Life to understand their operations
and began to plan the optimum way forward for the
combined Group. Unlike previous acquisitions, where the
Group had acquired a book of SIPPs, in this case we
acquired the entire corporate structure and, when the
acquisition completed in May, we gained the benefit of all
the existing management, staﬀ and systems. 
The Suﬀolk Life operation has a strong and experienced
management team that ran this business as a stand-alone
operation under the Legal & General umbrella. This
continued in the year under review as part of the Group,
however the current focus is on merging the two
operations as much as possible to identify operational
synergies and eﬃciencies. Delivering these, as well as
developing revenue enhancing opportunities for both
businesses, will ensure the margins achievable are
enhanced across the whole Group. 
The operating structures, culture and quality of work at
Suﬀolk Life are similar to those of Curtis Banks, and we are
confident that we can apply best practice in each company,
with the combined operations being significantly stronger
than the component parts. The Suﬀolk Life acquisition
brought circa 28,000 SIPPs to the Group with circa
£10 billion of assets under administration. As at
31 December 2016, 300 staﬀ work for Suﬀolk Life, all based
in Ipswich. Combined staﬀ meetings already take place on a
regular basis to exchange ideas and take action where there
is synergy and duplication of resources across the Group.
Your Board has spent considerable time formulating the
strategy of the Company going forward and has identified
five primary statements of our strategic objectives: 
1. Meet changing customer needs – adapting to the
changing needs of the UK population and regulatory
environment to be the SIPP provider of choice both
pre and post- retirement. 
2. Capitalise on the right opportunities for growth –
Focus on profitable areas of organic market growth
and selective acquisitions of well-aligned books or
businesses, with a clear business identity 
3. Enhance revenue generation – extend proven
revenue generation activities across the wider group
and continually review fee income relative to the
services provided 
4. Drive eﬃciency through technology – continue
technology advances appropriate to the business to
deliver improved margins through eﬃciency and
improved service to customers 
5. Maintain a robust and sustainable business model –
market leading governance, capitalisation and robust
systems to ensure a sustainable long term business
and confidence for our business partners, customers
and shareholders. 
Beneath these strategic objectives an action plan has been
defined that sets out the internal initiatives in order to
deliver the strategy above. The business will focus on
delivering this strategy.
SIPP Numbers and Revenues
New SIPP numbers for both Full and mid SIPPs (Full SIPPs
with one integrated investment relationship) from organic
growth in the year for Curtis Banks were 2,750. Compared to
the previous year (2015: 2,386) this shows an impressive
growth of 15%. For Suﬀolk Life, since acquisition in May
2016, new Full and mid SIPPs totalled 648. The number of
SIPPs administered by the Group as at 31 December 2016
totalled 21,060 Full SIPPs, 23,277 mid SIPPs, 18,143 eSIPPs
and 10,503 SIPPs administered under third party
administration contracts. The increased staﬀ numbers have
been used to support this strong organic growth in Full
SIPPs during the year, as well as working on books of SIPPs
acquired.
The attrition rate for the year has remained comparable to
the previous year at 5%.
Strategic report continued
CHIEF EXECUTIVE’S REVIEW
Curtis Bank pp01-12  12/04/2017  19:27  Page 6 7
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The average revenue per SIPP has fallen to £574 (excluding
SIPPs administered under outsourcing contracts) in the year
31 December 2016 from £620 for the year ended
31 December 2015. This is attributable to the eﬀect of the
lower interest rates received on client deposits during the
year and interest margins only being received of the Suﬀolk
Life books of SIPPs from late in the year. On average 88% of
the revenue per Full SIPP is derived from fees and the
balance from interest. Average total revenues from Full
SIPPs were £1,207, £379 from mid SIPPs and £124 from
eSIPPs.
Our market and products
The changes to pension legislation over the past three
Budgets have, to date, had little impact on the business of
Curtis Banks other than implicitly driving the growth levels
in new SIPPs by increasing the flexibilities available. The
Group has experienced no significant increase in
withdrawals as a result of the new pension freedom abilities.
All products, systems and literature of Curtis Banks and the
Group companies have however been updated to reflect
the changes and allow clients to take full advantage of the
new rules where allowed.
Through acquisitions the Group has taken on a number of
diﬀerent products. Work has begun on aligning these
products to bring consistency of features, terms and
conditions, thus enhancing product management and
strengthening governance.
The Group acquired additional marketing and brand
capability through the purchase of Suﬀolk Life. A review of
the Group brand strategy began in the reporting year, with
implementation and delivery anticipated during the current
year.
IT strategy
As reported in previous years, we are reviewing the back
oﬃce operating systems in place throughout the Group.
Prior to the acquisition of Suﬀolk Life in May 2016, all
acquisitions of SIPP business made by the Group were
integrated onto the current operating systems used by
Curtis Banks. A specific new operating system has been
under review for the past two years and considerable time
and expense incurred on evaluating and developing this
potentially more eﬃcient back oﬃce system as a
replacement. 
The decision as to which new operating system to adopt
will be based on the most commercially appropriate and
operationally eﬀective system over the longer term. It will
deliver a pathway to the most eﬃcient processing for the
Group’s products and services, and will allow for automation
of many of the manual processes currently incurred. This
will lead to improved margins and profitability for the
Group. 
As well as the core operating system, work is being done to
align and develop ancillary systems and processes, to
deliver increased functionality and eﬃciencies. We see
significant opportunities to deliver a more eﬀective
operating model across the whole group.
People
As a result of the exceptional growth of the business over
the past few years additional staﬀ have been recruited to
strengthen the provision of general support services. Staﬀ
numbers were increased across the Group, principally in
Bristol. Staﬀ resource is now considered to be at the level
necessary to support current business levels and provide
the service levels expected using current systems and
processes. 
Rupert Curtis
Chief Executive Oﬃcer
23 March 2017
Strategic report continued
Curtis Bank pp01-12  12/04/2017  19:27  Page 7 8
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Operational revenues of
£29.7 million in 2016 have increased
by 75% over the comparable period.
This is through a combination of
strong organic growth, the
acquisition of the Suﬀolk Life Group
of Companies and the full year
eﬀect of two transactions that
completed in the year ended 31 December 2015. These
transactions were:
l Third Party administration arrangements for a book of
over 10,000 Zurich SIPPs commencing in October
2015; and
l A book of self-invested pension products acquired
from Friends Life PLC on 13 March 2015.
The contribution from these two transactions accounted for
£3.2 million of the operational revenue for the year ended
31 December 2016 (2015: £2.8 million). 
The acquisition of the Suﬀolk Life Group of Companies
completed on 25 May 2016 and accordingly the results for
the year to 31 December 2016 include only seven months
of results for Suﬀolk Life with operating revenues of
£10.4 million in that period. The full contribution of this
acquisition will be felt in the current and future financial
periods. Additional year on year revenues of £1.9 million
were generated through organic growth.
During the latter part of the year the client banking systems
at Suﬀolk Life were aligned with the virtual banking system
operated at Curtis Banks. This allowed for a central treasury
function, placing these funds on deposit with more
attractive interest rates as well as enabling these accounts
to be operated more eﬃciently. The full benefit of this will
be recognised in the current year. In the year ended
31 December 2016 £4.5m of the Group operating revenues
were from interest margin.
Administrative expenses of £14 million at Curtis Banks only
(excluding Suﬀolk Life) increased by 29% compared to the
previous year. This was largely a result of recruiting
additional staﬀ resources needed to service the two new
transactions noted above and also to strengthen central
support functions. Suﬀolk Life administration costs for the
seven month period to 31 December 2016 amounted to
£8.4 million. 
Excluding the Suﬀolk Life acquisition, staﬀ numbers in Curtis
Banks have increased from 235 as at 31 December 2015 to
291 as at 31 December 2016, resulting in an increase in staﬀ
costs of 27%. Due to higher staﬀ numbers and the
transactions that completed part way through 2015,
computer and licensing costs have also increased
significantly. 
As a result of these increased costs and lower interest
margins in 2016 , the operating margins at Curtis Banks
have fallen to 26% from 35% in the previous years. Lower
margins at Suﬀolk Life, due to virtual banking not being
introduced until later in the reporting year, as noted above,
resulted in the overall operating margins for the Group
falling to 24% for the year. 
The successful implementation of a new core infrastructure,
along with other changes being made to our business
model, will deliver improved capability to sustain organic
and acquisitive growth as well as drive margin enhancing
internal eﬃciencies.
Suﬀolk Life acquisition
The acquisition of Suﬀolk Life Group completed on 25 May
2016. The total acquisition cost was £45 million; however
net assets acquired were £16 million, held principally for
regulatory purposes. The £45 million consideration was
satisfied by part equity and part debt. In January 2016 the
Group raised new equity funds of £27 million (gross)
through a placing at £3.20 a share. The remaining balance
of the consideration was provided by bank debt. Existing
outstanding bank debt was repaid and refinanced at
reduced interest rates through the provision of a £15 million
five year term loan facility and an £8.3 million revolving
credit facility. 
As a result of the acquisition of Suﬀolk Life, Suﬀolk Life
Annuities Limited became a wholly owned subsidiary of the
Group. It is an insurance company that writes SIPP Products
as insurance contracts. These are all non-participating
insurance policy contracts and so the Group does not bear
any insurance risk. As the policyholder assets and liabilities
are shown on the balance sheet of Suﬀolk Life Annuities
Limited, these will also show on the Group balance sheet
on consolidation. As the policies are non-participating
contracts, the Client related assets and liabilities in Suﬀolk
Life Annuities match. In addition the revenues, expenses
and investment returns of the non-participating insurance
policy contracts are shown in the consolidated statement of
comprehensive income. Again, these income, expense
items and investment returns due to the policy holders
equal each other. The acquisition has been accounted for in
accordance with IFRS 3 Business Combinations.
Consequently, the results of Suﬀolk Life are included from
25 May 2016 through to 31 December 2016, and there is no
impact on the prior year figures. An illustrative balance
sheet as at 31 December 2016 showing the financial
position of the Group excluding the policy holder assets
and liabilities is included in the Notes to the Accounts.
Strategic report continued
FINANCIAL REVIEW
Curtis Bank pp01-12  12/04/2017  19:27  Page 8 Non recurring costs
Non recurring costs for the year ended 31 December 2016
principally comprise:
l Acquisition costs of £0.7 million relating to the Suﬀolk
Life transaction that were required to be expensed in
accordance with IFRS 3 Business Combinations;
l Costs of £0.5 million relating to our defence and
settlement of a legal action by another business ; 
l Restructuring costs of £0.5 million following
acquisitions of businesses.
New capital requirements
New capital adequacy requirements for SIPP operators
became eﬀective from September 2016. As a result of the
Suﬀolk Life acquisition, the Group also came under new
Solvency II requirements for Insurance Companies. Based
on calculations as at 31 December 2016, Curtis Banks Group
has a healthy level of headroom above the requirements
and its internal policy. Group internal policy is for regulated
companies within the Group to hold at least 130% of their
required regulatory capital.
The Group’s regulated subsidiary companies submit regular
returns to the FCA and the PRA relating to their capital
resources. At 31 December 2016 the total regulatory capital
requirement across the Group was £10.3 million (2015:
£2.4 million) and the Group had an aggregate surplus of
£15.98 million (2015: £1 million) across all regulated entities.
All the regulated firms within the Group maintained surplus
regulated capital throughout the year. 
Paul Tarran
Chief Financial Oﬃcer
23 March 2017
9
Strategic report continued
FINANCIAL REVIEW continued
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Curtis Bank pp01-12  12/04/2017  19:27  Page 9 10
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The risks to the Group have been fully assessed and
mitigated to every extent possible and a full risk register is
maintained. The principal risks are set out below that
would adversely aﬀect the activities of the Group.
1. Dependence on key executives and
personnel
The Group’s future success may be substantially
dependent on the continued services and performance of
its Executive Directors and senior management and its
ability to continue to attract and retain highly skilled and
qualified personnel.
Mitigation
To minimise this risk the Group seeks to recruit and
maintain high quality experienced staﬀ by oﬀering market
competitive packages. These packages are enhanced by
the addition of share based incentive and reward schemes
for all staﬀ. In addition the Group oﬀers structured training
for staﬀ and works with staﬀ to ensure that there is a
favourable work environment that attracts and retains
staﬀ.
2. Risks related to acquisitions
The material risks in relation to past and potential future
acquisitions include:
l Unanticipated litigation or claims against the Group.
l Unexpected integration costs and unanticipated
diversion of management time and focus and other
resources leading to an inability to integrate on a
cost-eﬀective and timely basis.
No assurance can be given that any businesses acquired
will achieve levels of profitability or earnings that will
justify the investment made by the Group.
Mitigation
To minimise this risk the Group carries out thorough due
diligence on all potential acquisitions using internal
expertise and external resources where considered
necessary. In the case of all acquisitions appropriate
warranties and indemnities are required from the vendors
and where possible consideration is partly deferred to
cover any potential issues arising from the acquisition.
Where possible insurance cover is arranged to cover past
events in businesses being acquired.
3. Regulatory risks
The Group’s operations are subject to authorisation from
the FCA, and supervision from bodies such as HMRC and
The Pensions Regulator. In particular, Curtis Banks is
subject to the FCA’s regulatory capital requirements. It is
possible that the FCA may increase the regulatory capital
requirements applicable to SIPP providers and change
other regulatory requirements from time to time that may
increase the Group’s compliance costs. HMRC changes to
Pension Scheme legislation could also adversely impact
the Group’s business.
Mitigation
To minimise this risk Group compliance personnel closely
monitor all current and proposed regulations to ensure
full compliance and assess the eﬀect of any future
changes on the Group. The Group is well funded and
holds regulatory capital in excess of current needs. Any
changes in Pension Scheme legislation are fully analysed
and the Group’s product oﬀerings adapted to the new
legislative requirements.
4. Interest on client money
The Group makes a margin on client cash by generating
interest income in excess of a pre-determined percentage
paid to clients. There is a risk that a change in prevailing
interest rates may materially reduce the margins earned in
respect of client monies held.
From time to time, the Group may lock into fixed rates of
interest on client money that appear attractive. To the
extent that prevailing interest rates increase following the
making of such fixes, the margin to be paid by Curtis
Banks to its client’s increases and the interest turn
received by the Group reduces.
Mitigation
To minimise this risk the Group has a dedicated Treasury
function that continually monitors all client deposits and
the terms of those deposits to ensure any risks from
changing interest rates are minimised. This is partly
achieved by varying the maturity dates of term deposits.
Strategic report continued
PRINCIPAL RISKS AND UNCERTAINTIES
Curtis Bank pp01-12  12/04/2017  19:27  Page 10 11
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Strategic report continued
PRINCIPAL RISKS AND UNCERTAINTIES  continued
5. Reliance on Information Technology systems
The Group requires complex and extensive IT systems to run
its business. Delays in any modifications to its systems or a
failure of existing systems could lead to business disruption
with a resultant material adverse impact on the Group.
Significant system enhancements are currently taking place.
Mitigation
To minimise this risk the Group has project teams that
continually evaluate and update current systems, and
implement new or enhanced systems where considered
necessary. A full risk assessment is carried out before
significant changes to systems. Business continuity is assured
by thorough full back up of data and comprehensive data
recovery procedures being in place.
6. Operational Risk and Internal control systems
The Board believe that the Group has in place appropriate
regulatory, financial, management and internal controls
which are adequate to ensure that the Group meets its
regulatory obligations and its contractual commitments to
clients and other third parties, as well as appropriate
protections against detrimental activities such as fraud, theft,
misuse of funds, money laundering or other unauthorised or
criminal activities. Nevertheless, such systems may prove
inadequate. In the event that such controls fail this may lead
to a material adverse eﬀect and lead to claims against the
Group.
Mitigation
All staﬀ are fully trained and all processes fully documented to
ensure operational risk is at a minimum. The processes are
regularly tested by compliance personnel. There is full
segregation of duties wherever needed to prevent any
detrimental activities.
7. Online security
The Group’s software and systems are at risk from computer
viruses, and other breaches of cyber security. While the Group
takes the security of its computer systems very seriously
computer viruses or breaches of cyber security may cause the
Group’s systems to suﬀer delays or other service interruptions
and result in claims against the Group.
Mitigation
To minimise this risk the Group carries out extensive testing of
all computer systems on a regular basis to ensure security is
maintained and also makes use of the latest technology and
software to ensure there is appropriate cyber security in
place.
Curtis Bank pp01-12  12/04/2017  19:27  Page 11 Sponsorships and partnerships with charities
and community organisations.
The Group actively encourages support of charities and
community organisations and activities. With three regional
oﬃces there is adequate scope to carry this out this
support. In Bristol, Curtis Banks are corporate sponsors of
Bristol Museum. All oﬃces regularly hold fund raising events
for local charities or those charities where staﬀ that have
connections or have had need of those charities. As well as
organising and funding the events, Curtis Banks also gives
further support through a contribution to the relevant
charity. 
Staﬀ initiatives and interaction
Management engage closely with staﬀ to determine their
needs, and initiatives are implemented where these benefit
the majority of employees. Procedures are in place to
ascertain the views of staﬀ on day to day operational
aspects of the business. These procedures are designed to
ensure the workforce are motivated and happy in their work
environment. Internal surveys are carried out on a regular
basis to assess staﬀ satisfaction levels, and these are now
aligned across the Group. Newsletters containing
information about both group developments and social
events are provided to employees monthly. Abridged
minutes from senior management meetings are also
circulated. The Group provides a save as you earn share
option scheme for the benefit of all employees to
encourage active participation in the future of the Group.
It is the aim of the group to employ a workforce which
reflects the diverse community within which it operates.
In addition, employees are expected to conduct business so
as to enhance the Group’s reputation and to safeguard
against unfair business practices. The Group strives to
provide a clean and safe working environment to all.
Employees are given regular opportunities to sit down with
senior management to discuss any concerns they have
together with regular team meetings, employee feedback
surveys and social events and this is key to delivering
heightened employee engagement.
Staﬀ Training
Staﬀ are actively encouraged to train and develop through
both structured and ‘on the job’ training above the core
requirements. Staﬀ are supported in these, both financially
and through a dedicated training department. The Group
has an approved list of professional qualifications that staﬀ
are sponsored to study towards, to help and motivate them
to progress up though the organisation. All vacancies are
filled internally whenever possible.
Employment of staﬀ with disabilities
The Group’s approach to recruitment, promotion, training or
any other benefit will be on the basis of aptitude and ability
with all employees helped and encouraged to develop their
full potential in order to maximise the eﬃciency of the
group.
The development of all our employees is integral to our
corporate goals and we look to maximise individual
contribution at all levels by providing appropriate
opportunities for personal and professional development.
The Group aims to establish and maintain a culture that
values lifelong learning and development amongst our
employees. Training functions are equipped to meet any
special needs of individuals with disabilities and
consideration is given to the modification and adaptation of
facilities and provision of special aids or equipment.
The Group actively monitors recruitment, development and
promotion to ensure that the Group provides career
development opportunities to employees with disabilities
and the company remains satisfied that policy and practice
meets and in some cases exceeds statutory requirements. 
For those employees who develop a disability during the
course of their employment, every eﬀort is made to ensure
they remain with the Group by finding them suitable
alternative employment, whether through making
appropriate adjustments, retaining or redeployment, or,
where this is not possible, financial provision is made for
such employees through the operation of long-term
sickness cover.
On the behalf of the board
Paul Tarran
Chief Financial Oﬃcer
23 March 2017
Strategic report continued
CORPORATE AND SOCIAL RESPONSIBILITY
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
12
Curtis Bank pp01-12  12/04/2017  19:27  Page 12 13
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Governance
BOARD OF DIRECTORS
Christopher Banks, Executive Chairman
Chris is a founding director of Curtis Banks and has built an extensive network of contacts in the
pensions industry and Financial Services sector over the past 30 years. He has a track record of
founding and successfully growing several high profile companies including IPS Pensions, which is
now part of James Hay. In partnership with the Nationwide Building Society, Chris designed and
established the IPS Pension Builder, one of the first and most successful SIPP products in the UK.
Rupert Curtis, Chief Executive Oﬃcer
Rupert has over 38 years’ experience at a senior level in the SIPP and SSAS industry, making him one
of the most experienced executives in the sector. Previously the Managing Director of IPS Pensions
and a director at James Hay, Rupert has overseen the successful development of Curtis Banks from
a standing start to one of the major SIPP operators in the UK. Rupert was one of the founders of
Curtis Banks and is a Fellow of the Institute of Actuaries.
Paul Tarran, Chief Financial Oﬃcer
Paul has over 30 years’ experience in the financial services industry having previously held the
position of Finance Director with Savoy Asset Management plc, a publicly listed stockbroker, and
being a founding director and finance director of IPS Pensions. Paul is responsible for the finance
function for the Group and brings a wealth of experience in corporate matters, to benefit the
strategic development of the Group. Paul was one of the founders of Curtis Banks and is a Fellow of
the Institute of Chartered Accountants in England & Wales.
Will Self, Deputy Chief Executive Oﬃcer
Will joined the board in August 2016. Will has over 15 years of experience in the SIPP and SSAS
industry and is CEO of Suﬀolk Life Group. Previously Will was COO of the Digital Savings division of
Legal & General Group.
Curtis Bank pp13-29  12/04/2017  19:28  Page 13 14
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Governance continued
BOARD OF DIRECTORS continued
Chris Macdonald, Non-executive Director and Chairman of the Risk and
Compliance Committee
Chris is the founder and Chief Executive Oﬃcer of Brooks Macdonald Group plc. He is a qualified
investment manager, has worked in investment management and financial services since the start
of his career in 1982 and has won several investment management awards. Chris is also the
non-executive director of the Invesco AiM VCT and an associate of the Institute of Continuing
Professional Development.
Bill Rattray, Non-executive Director and Chairman of the Audit Committee
Bill is the Finance Director of Aberdeen Asset Management plc, one of the world’s leading asset
managers. Bill joined Aberdeen Asset Management in 1985 as Company Secretary and
subsequently became group financial controller. He was appointed finance director of the group
on 31 January 1991. Before joining Aberdeen, he trained as a chartered accountant with
Ernst& Whinney and qualified in 1982. 
Jules Hydleman Non-executive Director and Chairman of the Remuneration
Committee
Jules has over 15 years’ experience as a Non-executive Director and Chairman. Currently he holds
Chairmanships of Equip Holdings Limited, Gro-group International Limited and Cornwall Farmers
Co-operative. Previously Jules was Chairman of Innocent Drinks for 10 years from start up until
eventual exit. During that time Innocent won numerous awards for Human Resource Management
as well as running the Innocent Foundation that worked directly with farmer/growers in third world
countries to improve working conditions.
Curtis Bank pp13-29  12/04/2017  19:28  Page 14 15
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The directors present their report and financial statements
for the year ended 31 December 2016.
Business review
The principal activity of the Group continued to be that of
the provision of pension administration services principally
for Self Invested Personal Pension schemes ("SIPPs") and
Small Self-Administered Pension Schemes ("SSASs"). The
Group is staﬀed by experienced professionals who all have
proven track records in this sector.
The Company was incorporated in England & Wales
(registered no. 07934492).
Details of significant events since the statement of financial
position date are contained in note 37. An indication of
likely future developments in the business of the Group is
included in the Strategic Report.
Results and dividends
The consolidated statement of comprehensive income for
the year is set out on page 23.
An interim dividend of 3.5p per share totalling £1,869,000
was proposed and paid on 26 February 2016. A further
interim dividend of 1p per share totalling £534,000 was
proposed and paid on 15 November 2016. A further interim
dividend of 3p per share will be paid to shareholders on the
register at the close of business on 28 April 2017. The shares
will be marked ex-dividend on 27 April 2017 and the
dividend paid on 12 May 2017.
Substantial Shareholders
At 1st March 2017 the Company had been notified of the
following interests (excluding directors) representing 3% or
more of its issued share capital:
Number of Percentage
Ordinary shares Holding
Liontrust Asset Management 3,786,349 7.06%
Hargreave Hale 3,049,984 5.69%
Kames Capital 1,881,414 3.51%
River & Mercantile 1,875,000 3.50%
Directors
The following directors have held oﬃce since 1 January
2016:
Christopher Banks
Rupert Curtis
Paul Tarran
Will Self (Appointed 30.08.2016)
Chris Macdonald 
Bill Rattray
Jules Hydleman
Directors’ indemnity
The directors had qualifying indemnity cover totalling
£10,000,000 during the year ended 31 December 2016. 
Related party transactions
Details of related party transactions are given in note 35.
Annual General Meeting
The Annual General Meeting of the Company will be held
on 26 June 2017. The Notice of the Meeting is included with
this document and contains further information on the
business to be proposed at the meeting.
Auditors
The auditors, PricewaterhouseCoopers LLP , have indicated
their willingness to continue in oﬃce, and a resolution that
they be re-appointed will be proposed at the annual
general meeting.
Going concern
The directors have prepared the financial statements on
a going concern basis, as in their opinion the Group is able
to meet its obligations as they fall due. This opinion is based
on detailed forecasting for the following 12 months based
on current and expected market conditions together with
current performance levels. 
Events after the statement of financial position
date 
On 10 February 2017 the Company established an oﬀshore
Employee Benefit Trust (“EBT”) to benefit, encourage and
motivate all employees by facilitating the long term interests
in, and ownership of, shares in the Company. Shares held by
the EBT will be used to satisfy awards under the Company’s
Long Term Incentive Schemes and other share-based
payment schemes. As at the date of this report the EBT had
acquired 83,725 ordinary shares in the Company. 
Governance continued
DIRECTORS’ REPORT
Curtis Bank pp13-29  12/04/2017  19:28  Page 15 16
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The directors are responsible for preparing the Annual
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 prepared the Company and Group financial
statements in accordance with International Financial
Reporting Standards (IFRSs) 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 the Group and the profit or loss
of the Company and the Group for that period.
In preparing the financial statements the directors are
required to:
l select suitable accounting policies and then apply
them consistently;
l make judgements and accounting estimates that are
reasonable and prudent;
l state whether IFRSs as adopted by the European
Union have been followed, subject to any material
departures disclosed and explained in the financial
statements; and
l 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 and Group’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 the behalf of the board
Rupert Curtis
Chief Executive Oﬃcer
23 March 2017
Governance continued
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Curtis Bank pp13-29  12/04/2017  19:28  Page 16 17
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The Board is committed to achieving high standards of
corporate governance, integrity and business ethics. Under
the AIM Rules the Group is not required to comply with the
provisions of the UK Corporate Governance Code issued by
the Financial Reporting Council in September 2012 (“the
Code”). The Board has taken into consideration the
Guidance for Smaller Quoted Companies in the Code
produced by the Quoted Companies Alliance. The Board
will in due course be taking steps to apply the principles of
the Code in so far as they can be applied practically, given
the size of the Group and the nature of its operations.
The Board meets formally every three months and on other
occasions where specific transactions or events dictate the
need. In addition the Board has committees in order to
provide corporate governance and these also meet formally
on a quarterly basis. These committees comprise of only the
three Non-Executive directors with Executive directors in
attendance as required. Each of the committees are
governed by terms of reference that have been approved
by the Board.
Audit Committee
The audit committee is chaired by Bill Rattray with Chris
MacDonald and Jules Hydleman as the other members. 
The key duties of the Committee are:
(a) to monitor the integrity of the financial statements of
the Group, including its annual and half yearly reports,
preliminary results’ announcements and any other
formal announcement relating to its financial
performance, reviewing significant financial reporting
issues and judgements which they contain.
(b) to keep under review the adequacy and eﬀectiveness
of the Group’s internal financial controls and internal
control and risk management systems.
(c) to review the adequacy and security of the Group’s
arrangements for its employees and contractors to
raise concerns, in confidence, about possible
wrongdoing in financial reporting or other matters.
(d) meet regularly with the external auditor, including
once at the planning stage before the audit and once
after the audit at the reporting stage to discuss their
remit and any issues arising from the audit. In addition
the Committee will review and approve the annual
audit plan and ensure that it is consistent with the
scope of the audit engagement, having regard to the
seniority, expertise and experience of the audit team.
The Committee will also agree the level of audit fee.
The Audit Committee has met four times during the year
under review with the auditors being in attendance at
two of those meetings. During the year the Committee
oversaw the tender process for a change of auditor for the
Group. This change arose from the need for more
specialised audit services as a result of the acquisition of an
insurance company, Suﬀolk Life Annuities Limited, as part of
the overall acquisition of the Suﬀolk Life Group. The audit
plan for the year ended 31 December 2016 was reviewed
and approved by the Audit Committee. 
Risk and Compliance Committee
The Risk and Compliance committee is chaired by Chris
MacDonald with Bill Rattray and Jules Hydleman as the
other members. 
The key duties of the Committee are:
(a) to consider the Group's appetite for risk, in particular
review and monitor the process undertaken by the
Group to set and adhere to the Group’s current risk
profile.
(b) to ensure that Group has in place procedures and
mechanisms for the identification and control of all
fundamental risks including financial, legal, regulatory
and operational risks.
(c) In relation to proposed strategic transactions
including acquisitions, disposals or joint ventures and
significant new business streams, products or
business partners, ensure that due diligence of the
proposition has been carried out, in particular on the
risk aspects and implications for the Group’s risk
appetite alongside the commercial and legal aspects.
The Risk and Compliance Committee has met four times
during the year under review and received presentations
from the Compliance Oﬃcer of the Group. 
Internal control and risk management is monitored by the
Committee by the review of key risk and control
documentation, review of internal compliance reports and
discussions with Executive directors and Compliance staﬀ. 
Remuneration Committee
The Remuneration Committee is chaired by Jules Hydleman
with Bill Rattray and Chris MacDonald as the other
members. 
The key duties of the Committee are:
(a) To determine and agree with the board the
framework or broad policy for the remuneration of the
Group’s Chairman and the executive directors
including pension rights and compensation
payments.
Governance continued
CORPORATE GOVERNANCE
Curtis Bank pp13-29  12/04/2017  19:28  Page 17 18
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
(b) In determining such policy, to take into account all
factors which it deems necessary including relevant
legal and regulatory requirements and the provisions
and recommendations of the Corporate Governance
Guidelines for Small and Mid-Size Quoted Companies
published by the Quoted Companies Alliance
(QCA Code) and other relevant guidance.
(c) To review the on-going appropriateness and
relevance of the overall remuneration policies in the
Group.
(d) To approve the design of, and determine targets for,
any performance related pay schemes operated by
the Group and approve the total annual payments
made under such schemes.
(e) To review the design of all share incentive plans for
approval by the board and shareholders. For any such
plans, determine each year whether awards will be
made, and if so, the overall amount of such awards,
the individual awards to executive directors, company
secretary and other senior executives and the
performance targets to be used.
(f ) Within the terms of the agreed policy and in
consultation with the Chairman and/or Chief
Executive as appropriate, to determine the total
individual remuneration package of the Chairman,
each executive director, the company secretary and
other senior executives including bonuses, incentive
payments and share options or other share awards.
(g) To obtain reliable, up-to-date information about
remuneration in other companies of comparable
scale.
It is the policy of the Committee that all appointments in
the Group with a remuneration package of in excess of
£100,000 be reviewed and approved by the Committee.
Any changes to existing employees with such packages are
also reviewed and approved by the Committee.
The Remuneration Committee has met four times during
the year under review. At those meetings the Committee
has considered various types of share option schemes
which might be introduced by the Group to incentivise
employees. The Committee has recommended to the Board
the introduction of a Save As You Earn Share option Scheme
for all employees of the Group. This recommendation was
approved by the Board and was oﬀered to staﬀ in June
2016. It is expected that the Scheme will be oﬀered to staﬀ
again in the current year. The committee is also evaluating
other incentive based share option schemes for all
employees and directors and intends to make
recommendations on this to the Board in the current year.
Governance continued
CORPORATE GOVERNANCE continued
Curtis Bank pp13-29  12/04/2017  19:28  Page 18 19
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Remuneration Policy
It is the policy of the remuneration committee to reward executive directors with packages that will retain, incentivise and
motivate. The packages are designed to be market competitive and are reviewed annually.
Current remuneration packages for Executive directors comprise:
(a) Basic Annual salary.
(b) Pension contributions equivalent to 3% of basic salary.
(c) Benefits in kind comprising principally life assurance and car allowance.
(d) Discretionary Annual bonus.
The Remuneration Committee is in the process of reviewing these elements of the Executive Remuneration packages to
ensure that appropriate annual and long term incentives are in place and that management’s interests are aligned with
those of shareholders. 
Notice periods for Executive Directors
Service Agreements for Executive Directors are terminable by either party on twelve months written notice, with the Group
having the option to place the Executive on garden leave or to make a payment in lieu of notice.
The Service Agreements include restrictive covenants following the termination of employment for the period of six months
as regards non-competition and solicitation of staﬀ and clients.
Non-Executive Directors
The Executive Directors are responsible for determining the fees of the non-executive directors who do not receive pension
or other benefits from the Group. Service Agreements for Non-Executive Directors are terminable by either party on three
months written notice.
Directors’ remuneration
Total emoluments
Basic salary Pension 2016 2015
Director and fees contributions Benefits ££
Christopher Banks 130,000 – 8,000 138,000 138,000
Rupert Curtis 252,000 7,580 6,000 265,580 201,700
Paul Tarran 191,670 5,750 7,500 204,920 162,000
Will Self* 61,167 7,175 6,173 74,515 –
Chris Macdonald 50,000 –– 50,000 35,835
Bill Rattray 37,500 –– 37,500 16,857
Jules Hydleman 37,500 –– 37,500 17,705
Total 759,837 20,505 27,673 808,015 572,097
* from date of appointment 30 August 2016.
Governance continued
DIRECTORS’ REMUNERATION REPORT
Curtis Bank pp13-29  12/04/2017  19:28  Page 19 20
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Governance continued
DIRECTORS’ REMUNERATION REPORT continued
Directors’ shareholdings
As at 31 December 2016, the interest of the Directors in the issued shares of the Company, as shown in its register
maintained under section 809 (2) and (3) of the Companies Act 2006 were:
2016 2015
Director Number % Number %
Christopher Banks 20,516,743 38.27 20,436,843 45.46
Rupert Curtis 7,347,684 13.71 7,321,053 16.29
Paul Tarran 3,803,758 7.10 3,777,127 8.40
Will Self –– ––
Chris Macdonald 7,894 0.01 7,894 0.02
Bill Rattray 7,894 0.01 7,894 0.02
Jules Hydleman 51,973 0.10 39,473 0.09
In addition, the following share options are currently held by Will Self under the Company Share Option Plan (“CSOP”):
Number of Number of 
shares under shares under 
option at Granted option at 
31 December during the 31 December Exercise 
Date of grant 2015 year 2016 price Expiry date
14 September 2016 – 11,235 11,235 267p 14 September
2026
15 December 2016 – 535,996 535,996 201p 15 December
2026
- 547,231 547,231
Further information about the CSOP share option scheme is contained within note 26.
Jules Hydleman
Chairman of the Remuneration Committee
23 March 2017
Curtis Bank pp13-29  12/04/2017  19:28  Page 20 21
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Our opinion
In our opinion:
l Curtis Banks Group PLC’s group financial statements
and company financial statements (the “financial
statements”) give a true and fair view of the state of the
group’s and of the company’s aﬀairs as at 31 December
2016 and of the group’s profit and the group’s and the
company’s cash flows for the year then ended;
l the group financial statements have been properly
prepared in accordance with International Financial
Reporting Standards (“IFRSs”) as adopted by the
European Union;
l the company financial statements have been properly
prepared in accordance with IFRSs as adopted by the
European Union and as applied in accordance with
the provisions of the Companies Act 2006; and
l the financial statements have been prepared in
accordance with the requirements of the Companies
Act 2006.
What we have audited
The financial statements, included within the Annual Report
and Consolidated Financial Statements (the “Annual
Report”), comprise:
l the Consolidated Statement of Financial Position as at
31 December 2016;
l the Company Statement of Financial Position as at
31 December 2016;
l the Consolidated Statement of Comprehensive
Income for the year then ended;
l the Consolidated Statement of Cash Flows for the year
then ended;
l the Company Statement of Cash Flows for the year
then ended;
l the Consolidated Statement of Changes in Equity for
the year then ended;
l the Company Statement of Changes in Equity for the
year then ended; and
l the notes to the financial statements, which include
a summary of significant accounting policies and
other explanatory information.
The financial reporting framework that has been applied in
the preparation of the financial statements is IFRSs as
adopted by the European Union and, as regards the
company financial statements, as applied in accordance
with the provisions of the Companies Act 2006, and
applicable law.
In applying the financial reporting framework, the directors
have made a number of subjective judgements, for
example in respect of significant accounting estimates.
In making such estimates, they have made assumptions and
considered future events.
Opinions on other matters prescribed by the
Companies Act 2006
In our opinion, based on the work undertaken in the course
of the audit:
l 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
l the Strategic Report and the Directors’ Report have
been prepared in accordance with applicable legal
requirements.
In addition, in light of the knowledge and understanding of
the group, the company and their environment obtained in
the course of the audit, we are required to report if we have
identified any material misstatements in the Strategic
Report and the Directors’ Report. We have nothing to report
in this respect.
Other matters on which we are required to
report by exception
Adequacy of accounting records and information and
explanations received
Under the Companies Act 2006 we are required to report to
you if, in our opinion:
l we have not received all the information and
explanations we require for our audit; or
l adequate accounting records have not been kept by
the company, or returns adequate for our audit have
not been received from branches not visited by us; or
l the company financial statements are not in
agreement with the accounting records and returns.
We have no exceptions to report arising from this
responsibility.
Directors’ remuneration
Under the Companies Act 2006 we are required to report to
you if, in our opinion, certain disclosures of directors’
remuneration specified by law are not made. We have no
exceptions to report arising from this responsibility. 
Auditors Report
REPORT ON THE FINANCIAL STATEMENTS
Curtis Bank pp13-29  12/04/2017  19:28  Page 21 22
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Responsibilities for the financial statements and
the audit
Our responsibilities and those of the directors
As explained more fully in the Statement of Directors’
Responsibilities set out on page 16, the directors are
responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the
financial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland) (“ISAs
(UK & Ireland)”). Those standards require us to comply with
the Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for
and only for the company’s members as a body in
accordance with Chapter 3 of Part 16 of the Companies Act
2006 and for no other purpose. We do not, in giving these
opinions, accept or assume responsibility for any other
purpose or to any other person to whom this report is
shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
What an audit of the financial statements
involves
We conducted our audit in accordance with ISAs (UK &
Ireland). An audit involves obtaining evidence about the
amounts and disclosures in the financial statements
suﬃcient to give reasonable assurance that the financial
statements are free from material misstatement, whether
caused by fraud or error. This includes an assessment of: 
l whether the accounting policies are appropriate to the
group’s and the company’s circumstances and have
been consistently applied and adequately disclosed; 
l the reasonableness of significant accounting
estimates made by the directors; and
l the overall presentation of the financial statements. 
We primarily focus our work in these areas by assessing the
directors’ judgements against available evidence, forming
our own judgements, and evaluating the disclosures in the
financial statements.
We test and examine information, using sampling and other
auditing techniques, to the extent we consider necessary to
provide a reasonable basis for us to draw conclusions. We
obtain audit evidence through testing the eﬀectiveness of
controls, substantive procedures or a combination of both. 
In addition, we read all the financial and non-financial
information in the Annual Report to identify material
inconsistencies with the audited financial statements and to
identify any information that is apparently materially incorrect
based on, or materially inconsistent with, the knowledge
acquired by us in the course of performing the audit. If we
become aware of any apparent material misstatements or
inconsistencies we consider the implications for our report.
With respect to the Strategic Report and Directors’ Report, we
consider whether those reports include the disclosures
required by applicable legal requirements.
Sue Morling 
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants
Statutory Auditors
Bristol
23 March 2017
l The maintenance and integrity of the Curtis Banks
Group PLC website is the responsibility of the
directors; the work carried out by the auditors does
not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for
any changes that may have occurred to the financial
statements since they were initially presented on the
website.
l Legislation in the United Kingdom governing the
preparation and dissemination of financial statements
may diﬀer from legislation in other jurisdictions.
Auditors Report continued
REPORT ON THE FINANCIAL STATEMENTScontinued
Curtis Bank pp13-29  12/04/2017  19:28  Page 22 Year ended 31 December 2016 Year ended 31 December 2015
Before Before
amortisation Amortisation amortisation Amortisation
and non- and non- and non- and non-
recurring recurring recurring recurring
costs costs Total costs costs Total
Group Notes £’000 £’000 £’000 £’000 £’000 £’000
Operating revenue 29,731 – 29,731 16,999 – 16,999
Policyholder investment returns 22 261,639 – 261,639 –– –
Revenue 291,370 – 291,370 16,999 – 16,999
Administrative expenses (22,403) – (22,403) (10,874) – (10,874)
Non-participating investment
contract expenses 22 (18,268) – (18,268) –– –
Changes in provisions:
Non-participating investment
contract liabilities (243,371) – (243,371) –– –
Policyholder total expenses (261,639) – (261,639) –– –
Operating profit before
amortisation and
non-recurring costs 7,328 – 7,328 6,125 – 6,125
Non-recurring costs 6– (1,690) (1,690) – (1,194) (1,194)
Amortisation 5– (884) (884) – (733) (733)
Operating profit 7,328 (2,574) 4,754 6,125 (1,927) 4,198
Finance income 9 117 – 117 40 – 40
Finance costs 8 (381) – (381) (158) – (158)
Profit before tax 7,064 (2,574) 4,490 6,007 (1,927) 4,080
Tax 10 (1,126) 470 (656) (1,368) 385 (983)
Total comprehensive income
for the year 5,938 (2,104) 3,834 4,639 (1,542) 3,097
Attributable to:
Equity holders of the company 3,829 3,072
Non-controlling interests 5 25
3,834 3,097
Earnings per ordinary share on
net profit
Basic (pence) 11 7.23 7.12
Diluted (pence) 11 7.02 6.96
The consolidated statement of comprehensive income has been prepared on the basis that all operations are continuing
operations.
23
Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 23 Equity share Non-
Issued Share based Retained controlling Total
capital premium payments earnings Total interest equity
Group £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2015 200 – 32 3,591 3,823 1,405 5,228
Total comprehensive income 
for the year –– – 3,072 3,072 25 3,097
Share based payments –– 65 – 65 – 65
Ordinary shares issued 25 7,146 –– 7,171 – 7,171
Ordinary dividends declared
and paid –– – (500) (500) – (500)
Preference dividends declared
and paid –– ––– (21) (21)
Preference shares redeemed –– ––– (1,400) (1,400)
At 31 December 2015 225 7,146 97 6,163 13,631 9 13,640
Total comprehensive income
for the year –– – 3,829 3,829 5 3,834
Share based payments –– 142 – 142 – 142
Ordinary shares issued 43 26,279 –– 26,322 – 26,322
Ordinary dividends declared
and paid –– – (2,403) (2,403) (5) (2,408)
At 31 December 2016 268 33,425 239 7,589 41,521 9 41,530
24
Financial Statements continued
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 24 Equity share 
Issued Share based Retained
capital premium payments earnings Total
Company £’000 £’000 £’000 £’000 £’000
At 1 January 2015 200 – 32 15 247
Total comprehensive income for the year –– – 2,513 2,513
Share based payments –– 65 – 65
Ordinary shares issued 25 7,146 –– 7,171
Ordinary dividends declared and paid –– – (500) (500)
At 31 December 2015 225 7,146 97 2,028 9,496
Total comprehensive income for the year –– – 2,650 2,650
Share based payments –– 142 – 142
Ordinary shares issued 43 26,279 –– 26,322
Ordinary dividends declared and paid –– – (2,403) (2,403)
At 31 December 2016 268 33,425 239 2,275 36,207
25
Financial Statements continued
COMPANY STATEMENT OF CHANGES IN EQUITY
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 25 As at 31 December
2016 2015
Group Notes £’000 £’000
ASSETS
Non-current asset
Intangible assets 12 47,442 14,226
Investment property 13 1,149,135 –
Property, plant and equipment 14 1,073 672
Investments 15 1,924,913 1
3,122,563 14,899
Current assets
Trade and other receivables 18 17,523 4,049
Cash and cash equivalents 19 447,510 7,630
465,033 11,679
Total assets 3,587,596 26,578
LIABILITIES
Current liabilities
Trade and other payables 20 12,138 1,951
Deferred income 21,993 4,649
Borrowings 21 38,329 1,195
Deferred consideration 641 1,242
Current tax liability 504 434
73,605 9,471
Non-current liabilities
Borrowings 21 77,194 2,036
Deferred consideration 821 1,219
Non-participating investment contract liabilities 22 3,394,404 –
Deferred tax liability 23 42 212
3,472,461 3,467
Total liabilities 3,546,066 12,938
Net assets 41,530 13,640
Equity attributable to owners of the parent
Issued capital 24 268 225
Share premium 25 33,425 7,146
Equity share based payments 25 239 97
Retained earnings 25 7,589 6,163
41,521 13,631
Non-controlling interest 27 99
Total equity 41,530 13,640
26
Financial Statements continued
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 26 As at 31 December
2016 2015
Company Notes £’000 £’000
ASSETS
Non-current assets
Investments 15 56,524 7,382
56,524 7,382
Current assets
Trade and other receivables 18 41 560
Cash and cash equivalents 19 458 4,832
499 5,392
Total assets 57,023 12,774
LIABILITIES
Current liabilities
Trade and other payables 20 41 47
Borrowings 21 3,108 1,195
3,149 1,242
Non-current liabilities
Borrowings 21 17,667 2,036
17,667 2,036
Total liabilities 20,816 3,278
Net assets 36,207 9,496
Equity attributable to owners of the parent
Issued capital 24 268 225
Share premium 25 33,425 7,146
Equity share based payments 25 239 97
Retained earnings 25 2,275 2,028
Total equity 36,207 9,496
Approved by the Board and authorised for issue on 23 March 2017.
Paul Tarran
Chief Financial Oﬃcer 
Company Registration No. 07934492
27
Financial Statements continued
COMPANY STATEMENT OF FINANCIAL POSITION
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 27 Group
Year ended
31 December
2016 2015
Notes £’000 £’000
Cash flows from operating activities
Profit before tax 4,490 4,080
Adjustments for:
Depreciation 519 267
Amortisation 884 733
Dividend income ––
Interest expense 387 158
Share based payment expense 142 19
Fair value gains on financial investments (199,681) –
Additions of financial investments (328,511) –
Disposals of financial investments 390,603 –
Fair value gains on investment properties 25,038 –
Increase in liability for investment contracts 156,175 –
Changes in working capital:
Increase in trade and other receivables (6,447) (2,055)
Increase in trade and other payables 11,024 1,113
Taxes paid (667) (794)
Net cash flows from operating activities 53,956 3,521
Cash flows from investing activities
Purchase of intangible assets (1,533) (843)
Purchase of property, plant and equipment (101,473) (469)
Receipts from sale of property, plant and equipment 85,758 –
Net cash flows from acquisitions 17 357,821 (1,128)
Net cash flow from investing activities 340,573 (2,440)
Cash flows from financing activities
Capital element of finance lease contracts – (20)
Equity dividends paid (2,408) (535)
Net proceeds from issue of ordinary shares 26,322 7,171
Redemption of  preference shares – (1,400)
Net increase/(decrease) in borrowings 21,848 (1,195)
Interest element of finance lease rentals – (4)
Interest paid (411) (167)
Net cash received from financing activities 45,351 3,850
Net increase/(decrease) in cash and cash equivalents 439,880 4,931
Cash and cash equivalents at the beginning of the year 7,630 2,699
Cash and cash equivalents at the end of the year 447,510 7,630
The Group’s Consolidated Statement of Cash Flows includes all cash and cash equivalent flows, including £426,054,538
(2015: £nil) relating to policyholder non-participating investment contracts.
28
Financial Statements continued
CONSOLIDATED STATEMENT OF CASH FLOWS
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 28 Company
Year ended
31 December
2016 2015
Company Notes £’000 £’000
Cash flows from operating activities
Profit before tax 2,650 2,513
Adjustments for:
Interest expense 498 151
Changes in working capital:
(Increase)/decrease in trade and other receivables 475 (515)
Decrease in trade and other payables (12) (1,230)
Net cash flows from operating activities 3,611 919
Cash flows from investing activities
Net cash flows from acquisitions 17 (45,000) –
Additional investment in subsidiaries (4,000) –
Net cash flow from investing activities (49,000) –
Cash flows from financing activities
Equity dividends paid (2,403) (500)
Net proceeds from issue of ordinary shares 26,322 7,171
Redemption of  preference shares – (1,400)
Net increase/(decrease) in borrowings 17,510 (1,195)
Interest paid (414) (163)
Net cash received from financing activities 41,015 3,913
Net increase/(decrease) in cash and cash equivalents (4,374) 4,832
Cash and cash equivalents at the beginning of the year 4,832 –
Cash and cash equivalents at the end of the year 458 4,832
29
Financial Statements continued
COMPANY STATEMENT OF CASH FLOWS
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
The notes on pages 30 to 68 form part of these financial statements.
Curtis Bank pp13-29  12/04/2017  19:28  Page 29 30
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements
1. Corporate information
Curtis Banks Group PLC (“the Company”) is a public limited company incorporated and domiciled in England and Wales,
whose shares are publicly traded on the AIM market of the London Stock Exchange PLC. The financial statements have been
prepared on a historical cost basis and are presented in pounds sterling, with all values rounded to the nearest thousand
pounds except when otherwise indicated. The financial statements were authorised for issue in accordance with a resolution
of the Directors on 23 March 2017.
2. Significant accounting policies
Basis of preparation
The financial statements comprise the financial statements of the Company and its subsidiaries (“the Group”) as at
31 December each year. The nature of the Group’s operations and its principal activities are set out in the Chief Executive’s
review.
The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as
adopted by the European Union and in accordance with the IFRS Interpretations Committee (“IFRIC”) interpretations.
Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings up to
31 December 2016.
The profits and losses of the Company and its subsidiaries are consolidated from the date of acquisition using the acquisition
method of accounting.
The trading subsidiaries of Curtis Banks Group PLC as at 31 December 2016 were Curtis Banks Limited, Suﬀolk Life Pensions
Limited, Suﬀolk Life Annuities Limited and Curtis Banks Investment Management Limited.
Suﬀolk Life Annuities Limited provides SIPPs through non-participating individual insurance contracts. As such, it is regarded
as an insurance company for the purposes of regulatory and statutory reporting. Due to Suﬀolk Life Annuities Limited’s
status as an insurance company, the consolidated results for the whole Group include insurance policyholder assets,
liabilities and returns, and hence the results for the year ended 31 December 2016 include certain changes in presentation
compared to those for previous periods.
The trading subsidiaries of Curtis Banks Group PLC as at 31 December 2015 were Curtis Banks Limited and Curtis Banks
Investment Management Limited.
Certain trading subsidiaries of Curtis Banks Group PLC hold the entire issued share capital of a large number of non-trading
trustee companies. The accounts of these companies have not been consolidated into the Group accounts as they would be
immaterial to the Group’s position. All of these companies are nominee companies for the pension products administered
by the trading subsidiaries of Curtis Banks Group PLC and have been dormant throughout the period and are expected to
remain dormant.
Going concern
The Group is required to assess whether it has suﬃcient resources to continue its operations and to meet its commitments
for the foreseeable future. The directors have prepared the financial statements on a going concern basis, as in their opinion
the Group is able to meet its obligations as they fall due. This opinion is based on detailed forecasting for the following
12 months based on current and expected market conditions together with current performance levels. 
Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns
from its involvement with the entity and has the ability to aﬀect those returns through its power over the entity. In assessing
control, potential voting rights currently exercisable are taken into account. The financial statements of trading subsidiaries
are included in the consolidated financial statements from the date that control commences until the date that control
ceases. The accounting policies of the subsidiaries have been changed when necessary to align them with the policies
adopted by the Group.
Curtis Bank pp30-68  12/04/2017  19:30  Page 30 31
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
2. Significant accounting policies continued
Business combinations
Acquisition of subsidiaries and businesses are accounted for using the acquisition method. The cost of the business
combination is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or
assumed, and equity instruments issued by the Group in exchange of control of the acquiree, plus any costs directly
attributable to the business combination. Any deferred consideration is included as part of the initial fair value, with a
corresponding liability being recognised. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet
conditions for recognition under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date. 
Segment reporting
IFRS 8 Operating Segments requires segments to be identified on the basis of internal reports that are regularly reviewed by
the Chief Operating Decision Maker (“CODM”).
All results are viewed as one by the CODM for the purposes of management decisions. This is because all operations are
conducted within the UK and all material operations are of the same nature and share the same economic characteristics
including a similar customer base and nature of product and services (i.e. pensions administration). As a result, the Group
only has one reportable segment being pensions administration, the results of which are included within the financial
statements.
Foreign currencies
The consolidated financial statements are presented in Pound Sterling which is the Group’s functional and presentational
currency. All foreign currency transactions and foreign currency balances relate to policyholder assets and liabilities.
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the Statement of
financial position date and the gains or losses on translation are included in the statement of comprehensive income.
All foreign exchange gains or losses arising on policyholder transactions and balances have a net impact of £nil on the
consolidated statement of comprehensive income due to the legal structure of policyholder assets and liabilities as further
described in the accounting policy for non-participating investment contracts.
Pensions
The Group contributes to defined contribution schemes for the benefit of its employees. Contributions payable are charged
to the statement of comprehensive income in the year they are payable.
Research and development
Research expenditure is written oﬀ to the consolidated statement of comprehensive income in the year in which it is
incurred. Development expenditure is written oﬀ in the same way unless the directors are satisfied as to the technical,
commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over
a four year period during which the Group is expected to benefit.
Non-participating investment contracts
The Group’s long term business includes unit linked Self-Invested Personal Pension policies, also referred to as the
‘Policyholder Business’ , wholly administered by Suﬀolk Life Annuities Limited, a subsidiary company. The liability of the Group
towards its policyholders is exactly equal to the value of policyholder assets held at all times. 
Non-participating investment contract liabilities are measured at fair value by reference to the value of the underlying net
asset values of the assets held to cover investment contracts at the Statement of Financial Position date. 
For non-participating investment contracts, premiums are not included in the consolidated statement of comprehensive
income but are reported as contributions to non-participating investment contract liabilities in the consolidated statement
of financial position. Investment income in respect of non-participating investment contracts are accounted for in
‘Investment return’ . Investment income and investment return includes dividends, rental and interest income. 
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 31 32
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
2. Significant accounting policies continued
Expenses and charges in respect of non-participating investment contracts are accounted for in ‘non-participating
investment contract expenses’ . These expenses include investment management fees and interest payable.
Claims are not included in the consolidated statement of comprehensive income but are deducted from non-participating
investment contract liabilities. 
Transfers out, annuity purchases and drawdowns are accounted for when the associated assets have been transferred out of
the Company. Acquisition costs comprising direct and indirect costs arising from the conclusion of non-participating
investment contracts are expensed on receipt of the inwards premium. There are no deferred acquisition costs.
Purchases and sales of investments are recognised on the trade date, which is the date that the Group commits to purchase
or sell the assets, at their fair value less transaction costs. Investments carried at fair value are measured using a fair value
hierarchy, with values based on quoted bid prices where available.
Investment property held within non-participating investment contracts comprises land and buildings which are held for
long term rental yields and capital growth. It is carried at fair value with movements recognised in the consolidated
statement of comprehensive income.
Unquoted investments in property vehicles and direct holdings in investment property are valued by independent valuers
on the basis of open market value as defined in the appraisal and valuation manual of the Royal Institute of Chartered
Surveyors or by reference to the movement in a property index from the last purchase or valuation date. Valuation
techniques may include discounted cash flow calculations using net current rent, and estimated and terminal values; they
may also include yield methodology calculations using market rental values capitalised with a market capitalisation rate.
Both of these are then further validated against market transactions to produce a final valuation.
Revenue recognition
Operating revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary
course of the Group’s activity. Revenue is shown net of value added tax (“VAT”), returns, rebates and discounts and after
eliminating sales within the Group. The Group recognises revenue when the amount of the revenue can be reliably
measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for
the Group’s activity as described below. 
l Set up, and initial transaction fees, as well as ad hoc transaction fees charged in relation to pension schemes are
recognised as incurred, net of VAT. 
l Annual renewal fees are spread, net of VAT, evenly over the year to which they relate, and held as deferred income at the
year end where the annual fee period spans multiple accounting periods. 
l Recurring fees which are received in arrears, including property annual fees and property acquisition fees, are accrued
over the period in which services are provided.
l Any interest received in excess of that payable to clients is retained by the Group and is included within revenue. Interest
income receivable by the Group is recognised as it accrues.
Policyholder revenue comprises investment income and investment gains and losses on non-participating investment
contracts. Investment income includes dividends, rental and interest income. Dividends and distributions from collective
investment schemes are recognised on the date on which shares are quoted ex-dividend. Interest and rental income is
recognised on an accruals basis. 
Investment gains and losses in the consolidated statement of comprehensive income comprise realised and unrealised
gains and losses. Realised gains and losses are calculated as the diﬀerence between the net sale proceeds and the original
cost or, if previously re-valued, the valuation at the last statement of financial position date. Unrealised gains and losses on
investments are calculated as the diﬀerence between the current valuation and the original cost or, if previously re-valued,
the valuation at the last statement of financial position date. 
Curtis Bank pp30-68  12/04/2017  19:30  Page 32 33
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
2. Significant accounting policies continued
Intangible assets – Client Portfolios
Client portfolios are included in the statement of financial position at cost to the Group less accumulated amortisation and
provisions for impairment.
The carrying value of client portfolios is reviewed for impairment if events or circumstances change and indicate that the
carrying values may not be recoverable. In this event the values are written down to the recoverable amount. The carrying
value of client portfolios is also reviewed for impairment annually at each reporting date.
Client portfolios are amortised on a straight line basis over their estimated useful life of 20 years. 
Intangible assets – Computer Software
Computer software is included in the statement of financial position at cost to the Group less accumulated amortisation and
provisions for impairment. The carrying value of computer software is reviewed for impairment if events or circumstances
change and indicate that the carrying values may not be recoverable. In this event the values are written down to the
recoverable amount. The carrying value of computer software is also reviewed for impairment annually at each reporting
date. Computer software is amortised on a straight line basis over its estimated useful life of four years.
Property, plant and equipment
Property, plant and equipment are included in the statement of financial position at cost to the Group less accumulated
depreciation and provisions for impairment.
The carrying value of property, plant and equipment is reviewed for impairment if events or circumstances change and
indicate that the carrying values may not be recoverable. In this event the values are written down to the recoverable
amount.
Property, plant and equipment is depreciated on a straight line basis at rates suﬃcient to write oﬀ the cost less estimated
residual values of individual assets over their estimated useful lives. The depreciation rates for the principal categories of
assets are as follows:
Leasehold improvements 25% straight line
Computer equipment 25% straight line
Plant and equipment 25% straight line
Motor vehicles 25% straight line
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment and intangible assets
to determine whether there is any indication that those assets have suﬀered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the
asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of
the cash generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment
annually and whenever there is an indication that the asset may be impaired.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been
adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is
reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is
carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment
loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income
immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is
treated as a revaluation increase.
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 33 34
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
2. Significant accounting policies continued
Investments
Non-current asset investments excluding those held under non-participating investment contracts are stated at cost less
provision for diminution in value. 
Financial assets
Financial assets held under non-participating investment contracts are categorised either as fair value through profit and
loss, or as loans and receivables. All other financial assets are classified in the category of loans and receivables. The
classification depends on the purposes for which these assets were acquired. Management takes decisions concerning the
classification of its financial assets at initial recognition and reviews such classification for reliability at each reporting date.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market. They are included in current assets, except for maturities greater than 12 months after the statement of
financial position date. These are classified as non-current assets. The Group’s financial assets comprise “non-current asset
investments” , “investment property” , “trade and other receivables” and “cash and cash equivalents” in the statement of
financial position.
Trade receivables 
Trade receivables, defined as loans and receivables in accordance with IAS 39 Financial Instruments: Recognition and
Measurement, are recorded initially at fair value and are subsequently measured at amortised cost. 
Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is
expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets.
If not, they are presented as non-current assets.
A provision for impairment of trade receivables is established when there is evidence that the Group will not be able to
collect all amounts due according to the original terms of the receivables. The amount of the provision is the diﬀerence
between the assets’ carrying amount and the present value of future cash flows discounted at the eﬀective interest rate.
The movement in the provision is recognised in the consolidated statement of comprehensive income.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments
with original maturities of three months or less, and bank overdrafts.
Financial liabilities – Trade and other payables
Trade and other payables are recognised and initially measured at cost, due to their short term nature. All of the Group’s
trade payables are non-interest bearing. 
Financial liabilities - Borrowings
All loans and borrowings are initially recognised at the fair value of the consideration received less attributable transaction
costs. After initial recognition interest bearing loans and borrowings are subsequently measured at amortised cost using the
eﬀective interest method.
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
Current and deferred income tax
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit diﬀers from net profit as reported in the
statements of comprehensive income, because it excludes items of income or expense that are taxable or tax deductible in
other years and it further excludes items that are never taxable or tax deductible. The Group’s liability for current tax is
calculated using tax rates that have been enacted or substantively enacted by the reporting date.
Curtis Bank pp30-68  12/04/2017  19:30  Page 34 35
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
2. Significant accounting policies continued
Deferred tax is the tax expected to be payable or recoverable on diﬀerences between the carrying amount of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the statement of financial position liability method. Deferred tax liabilities are recognised for all taxable
temporary diﬀerences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary diﬀerences can be utilised. Such assets and liabilities are not recognised if the
temporary diﬀerence arises from the initial recognition of goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction which aﬀects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary diﬀerences arising on investments in subsidiaries and associates,
and interests in joint ventures, except where the Group is able to control the reversal of the temporary diﬀerence and it is
probable that the temporary diﬀerence will not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the year when the asset is realised or the liability is
settled. Deferred tax is charged or credited in the profit or loss, except when it relates to items credited or charged in other
comprehensive income directly to equity, in which case the deferred tax is also dealt with in other comprehensive income.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be
made. If the eﬀect is material, provisions are determined by discounting the expected future cash flows at an appropriate
pre-tax discount rate.
Non-recurring costs
Non-recurring costs are classified as such when the nature of the expense is significant and expected to be a ‘one oﬀ’
business event or activity that does not form part of usual day to day operations. Examples of such costs include acquisitions,
oﬃce relocations and restructuring. Where costs are classified as non-recurring due to their nature, these are described in full
within a note to the financial statements.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of
any non-controlling interest in the acquiree and the acquisition and the acquisition date fair value of any previous equity
interest in the acquire over the fair value of the identifiable net assets acquired. Goodwill impairment reviews are undertaken
annually or more frequently if events or changes in circumstances indicate a potential impairment. Any impairment is
recognised immediately as an expense and is not subsequently reversed.
Leases
Leases of property, plant and equipment which transfer substantially all the risks and rewards of ownership to the Group are
classified as finance leases. Finance leases are classified as a financial liability and measured at amortised cost. Finance leases
are capitalised at the inception of the lease at the lower of the fair value of the leased property, plant and equipment and the
present value of the minimum lease payments and depreciated over the term of the lease. The resulting lease obligations are
included in liabilities. Lease payments are apportioned between finance charges and reduction of the lease obligation so as
to achieve a constant rate of interest on the remaining balance of the liability.
All other leases are classified as operating leases. Rentals payable under operating leases, net of lease incentives, are charged
to the consolidated statement of comprehensive income on a straight-line basis over the year of the lease. Where property
lease contracts contain guaranteed minimum incremental rental payments, the total committed cost is determined and is
amortised on a straight-line basis over the life of the lease.
Share based payments
Curtis Banks Group PLC operates several share schemes under which certain employees of Curtis Banks Limited and Suﬀolk
Life Pensions Limited, subsidiary companies, receive part of their remuneration for the financial year in the form of options to
purchase shares in Curtis Banks Group PLC, the ultimate parent Company. 
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 35 36
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
2. Significant accounting policies continued
These schemes are accounted for as equity-settled share-based payment transactions in accordance with IFRS 2.
The share options granted become exercisable at varying future dates. If certain conditions are met, following the vesting
period, employees and third parties will be eligible to exercise their option at an exercise price determined on the date the
share options are granted.
The fair value of Curtis Banks Group PLC’s share options is determined at the date of grant. This fair value is calculated by
applying the Black Scholes model. The model utilises inputs for the risk free rate, expected volatility in share price, dividend
yield and the current share price at fair value, which are factors determined on the date the share options are granted. 
The share based payment charge to the consolidated statement of comprehensive income is calculated based on the
Group’s estimate of the number of options that will eventually vest.
The resulting staﬀ costs under the share schemes are recognised pro rata in the consolidated statement of comprehensive
income to reflect the services rendered as consideration during the vesting period.
Standards, amendments and interpretations to existing standards that are not yet eﬀective and have not been early
adopted by the Group
The following standards, interpretations and amendments to existing standards have been published by the IASB but are yet
to be endorsed by the EU or are not eﬀective for the period presented in the financial statements and the Group has
decided not to early adopt them.
Eﬀective date, annual period
Standard beginning on or after
IAS 7 Statement of Cash Flows – Amendments as a result of the Disclosure Initiative 1 January 2017
IAS 12 Income Taxes – Amendments regarding the recognition of deferred tax assets for
unrealised losses 1 January 2017
IFRS 9 Financial instruments: Classification and Measurement 1 January 2018
IFRS 15 Revenue from contracts with Customers 1 January 2018
IFRS 16 Leases 1 January 2019
IFRS 4 Insurance Contracts and IFRS 9 Financial Instruments – Amendments regarding the
interaction of these standards 1 January 2018
IFRS 2 Share based payments – Amendments to clarify the classification and measurement
of share-based payment transactions 1 January 2018
Annual Improvements to IFRSs 2014-2016 Cycle 1 January 2018
IFRS 17 Insurance Contracts 1 January 2021
Except for IFRS 15 Revenue from Contracts with Customers, the directors anticipate that the adoption of these Standards and
Interpretations and Amendments in future periods will have no material impact on the financial statements of the Group.
The potential impact of IFRS 15 is currently being evaluated.
Curtis Bank pp30-68  12/04/2017  19:30  Page 36 37
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
3. Critical accounting judgements and key sources of estimation uncertainty
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.
In preparing the financial statements the Group has selected and applied various accounting policies which are described in
the notes to the financial statements. In order to apply these accounting policies the Group has made estimates and
judgements concerning the future. Key areas of judgement and estimation uncertainty are disclosed below: 
Client portfolios 
Client portfolios acquired are amortised over their estimated useful economic life (UEL) of 20 years. This UEL is based upon
Management’s historical experience of similar portfolios.
Additionally, the Group reviews and judges whether acquired client portfolios are impaired at least on an annual basis. This
comprises an estimation of future cash flows expected to arise from each client portfolio, discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
that asset, together with an estimated rate of attrition for each portfolio.
The carrying value of client portfolios at 31 December 2016 was £15,897,000 (31 December 2015: £13,164,000) as disclosed
in note 12 to the financial statements.
Computer software
In capitalising the costs of computer software as intangible assets management judge these costs to have an economic
value that will extend into the future and meet the recognition criteria under IAS 38. Computer software costs are then
amortised over an estimated UEL on a project by project basis. 
Additionally, the Group determines whether computer software is impaired at least on an annual basis. This requires an
estimation of the value in use. In assessing value in use the estimated future cash flows expected to arise from the software
are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to that asset.
The carrying value of computer software capitalised as intangible fixed assets at 31 December 2016 was £2,490,000
(31 December 2015: £911,000) as disclosed in note 12 to the financial statements.
Computer software capitalised as intangible fixed assets at 31 December 2016 includes £1,991,553 (2015: £847,218) relating
to the development of a software package for SIPP administration. We conducted an appropriate assessment on this balance
of whether or not there was any indication that the asset, an item for which IAS36 does not mandate an annual impairment
test, may be impaired. Our assessment did not reveal any impairment indicators. The assumptions appropriately reflect our
intent and ability to carry out specific courses of action on behalf of the Group, where relevant to the accounting estimates
and disclosures.
4. Revenue
Revenue is wholly derived from activities undertaken within the United Kingdom.
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 37 38
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
5. Profit for the year
Profit for the year is arrived at after:
Year ended 31 December
2016 2015
£’000 £’000
Charging:
Amortisation of intangible assets 884 733
Depreciation of property, plant and equipment 519 267
Operating lease rentals for land and buildings 320 321
Other operating lease rentals – 326
Auditors remuneration:
– audit of the annual accounts of the Group 186 55
– regulatory and tax audits 83 18
– corporation tax services –8
– professional fees in respect of listing – 130
6. Non-recurring costs
Non-recurring costs include the following significant items:
Year ended 31 December
2016 2015
£’000 £’000
IPO of the Company and listing on AIM – 750
Set up costs associated with the take on of SIPPs 50 243
Bristol head oﬃce move – 103
Exceptional legal fees 537 68
Redundancy & restructuring costs following acquisitions 310 30
Suﬀolk Life acquisition costs 735 –
European Pension Management acquisition costs 58 –
1,690 1,194
IPO of the Company and listing on AIM
The Company listed on the Alternative Investment Market (“AIM”) on 7 May 2015. The initial public oﬀering (“IPO”) consisted
of 3,947,369 new ordinary shares issued, and 7,273,681 existing shares oﬀered. All costs directly attributable to the issue of
the new ordinary shares have been oﬀset against share premium created in the year in accordance with IAS 32 Financial
Instruments: Presentation. All remaining costs attributable to the listing itself, and existing shares oﬀered, have been
recognised above as non-recurring costs.
Exceptional legal fees
During the year ended 31 December 2016 the Group entered into an agreement to settle a potential legal claim by another
business. The terms of settlement are confidential however no further costs are expected after 31 December 2016 and the
total cost included above includes all associated legal fees incurred. 
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
6. Non-recurring costs continued
Suﬀolk Life acquisition costs
The Group incurred a significant level of legal and professional fees in connection with the acquisition of Suﬀolk Life Group
Limited and its subsidiaries. In accordance with IFRS 3 Business Combinations, these have been expensed and treated as
non-recurring costs. Note 17 to the financial statements contains further information about the Suﬀolk Life acquisition.
European Pension Management acquisition costs
The Group incurred considerable legal and professional fees in connection with the acquisition of the trade and assets of
European Pension Management Limited. In accordance with IFRS 3 Business Combinations, these have been expensed and
treated as non-recurring costs. Note 17 to the financial statements contains further information about the European Pension
Management acquisition.
7. Directors and employees
Year ended 31 December
2016 2015
£’000 £’000
Wages and salaries 12,930 6,714
Social security costs 1,275 731
Other pension costs 900 230
15,105 7,675
The charge to the consolidated statement of comprehensive income for wages and salaries for the year ended 31 December
2016 includes £142,053 (2015: £18,913) relating to share option schemes. See note 26 for further details.
The average number of employees during the year was:
2016 2015
Directors 65
Administration 452 230
458 235
Details of emoluments paid to the Directors and key management personnel are as follows:
Year ended 31 December
2016 2015
£’000 £’000
Total emoluments paid to:
Directors
salaries and fees 787 562
pension costs 21 10
Key management personnel
salaries and fees 1,021 906
pension costs 49 30
1,878 1,508
Emoluments of highest paid director 266 202
Notes to the Financial Statements continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
7. Directors and employees continued
The charge to the consolidated statement of comprehensive income for wages and salaries for directors and key
management personnel for the year ended 31 December 2016 includes £20,992 (2015: £3,752) relating to share option
schemes. See note 26 for further details.
8. Finance costs
Year ended 31 December
2016 2015
£’000 £’000
Interest payable on bank loans 381 154
Lease finance charges –4
381 158
9. Finance income
Year ended 31 December
2016 2015
£’000 £’000
Interest income 117 40
10. Taxation
Year ended 31 December
2016 2015
£’000 £’000
Domestic current period tax
UK Corporation tax 601 851
Deferred tax
Origination and reversal of temporary diﬀerences 55 132
656 983
Factors aﬀecting the tax charge for the period
Profit before tax 4,490 4,080
Profit before tax multiplied by standard rate of UK Corporation tax of 20.00% (2015: 20.25%) 898 826
Eﬀects of:
Adjustment to prior period (234) –
Non-deductible expenses 58 165
Other tax adjustments (66) (8)
(242) 157
Current tax charge 656 983
Curtis Bank pp30-68  12/04/2017  19:30  Page 40 41
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
11. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number
of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
Changes in income or expense that would result from the conversion of the dilutive potential ordinary shares are deemed to
be trivial, and therefore no separate diluted net profit is presented. 
The following reflects the income and share data used in the basic and diluted earnings per share computations:
2016 2015
£’000 £’000
Net profit and diluted net profit available to equity holders of the Group 3,829 3,072
Net profit and diluted net profit before non-recurring costs (note 6) and amortisation (note 5)
available to equity holders of the Group. 7,064 6,007
2016 2015
Number Number
Issued ordinary shares at start of period 44,954,769 200,000
Subdivision of shares by factor of 200 – 39,800,000
Eﬀect of shares issued in current period 8,031,907 3,147,923
Basic weighted average number of shares 52,986,676 43,147,923
Eﬀect of options exercisable at the reporting date 533,333 195,604
Eﬀect of options not yet exercisable at the reporting date 991,959 806,009
Diluted weighted average number of shares 54,511,968 44,149,536
2016 2015
Pence Pence
Earnings per share:
Basic 7.23 7.12
Diluted 7.02 6.96
Earnings per share on net profit before non-recurring costs and amortisation, less an
eﬀective tax rate:
Basic 11.38 11.24
Diluted 11.07 10.99
Notes to the Financial Statements continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
12. Intangible assets
Development Client Computer
Goodwill Costs Portfolios Software Total
Group £’000 £’000 £’000 £’000 £’000
Cost
At 1 January 2016 – 151 14,641 1,039 15,831
Arising on acquisition 28,903 – 3,789 472 33,164
Additions –1 – 1,548 1,549
Disposals –– – (95) (95)
At 31 December 2016 28,903 152 18,430 2,964 50,449
Amortisation
At 1 January 2016 –– 1,477 128 1,605
Arising on acquisition –– 229 384 613
Charge for the year –– 827 57 884
Disposals –– – (95) (95)
At 31 December 2016 –– 2,533 474 3,007
Net book value
At 31 December 2015 – 151 13,164 911 14,226
At 31 December 2016 28,903 152 15,897 2,490 47,442
Intangible assets include a re-presentation of computer software costs relating to a software package for SIPP administration
with a carrying value of £1,991,553 (2015: £847,218). As at 31 December 2015, these costs were presented as property, plant
and equipment.
Goodwill
Goodwill arose on the acquisition of Suﬀolk Life Group Limited and its subsidiaries on 25 May 2016 as disclosed in note 17 to
the financial statements. The Group tests goodwill for impairment annually or more frequently if there are indications that
goodwill might be impaired. The recoverable amount of goodwill has been determined based on value-in-use calculations
using a discount rate appropriate to the risk profile of the asset. These calculations use operating cash flow projections based
on financial budgets approved by management covering a three year period, assuming business then continues onwards
after this period at a steady rate for the purpose of the analysis.
Development Costs
Development costs represent costs incurred for the development of new SIPP products, with a carrying value as at
31 December 2016 of £151,922 (2015: £151,402). No amortisation has been provided in the year to 31 December 2016 as
products have yet to be released to the market and are consequently not yet available for sale.
Computer Software
Computer software includes costs for a software package for SIPP administration, with a carrying value of £1,991,553 (2015:
£847,218). As at 31 December 2016 this was still under construction and therefore is not yet being amortised.
Computer software also includes a virtual banking system to improve the eﬃciency of treasurer facilities within the Group
and generate higher levels of interest, with a carrying value as at 31 December 2015 and 2016 of £63,978 and £435,477
respectively. This is being amortised over its useful economic life of four years on a straight line basis.
Curtis Bank pp30-68  12/04/2017  19:30  Page 42 43
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
12. Intangible assets continued
Client Portfolios
Client portfolios represent individual client portfolios acquired through business combinations. 
The brought forward balance relates to the purchase of the trade and assets of Montpelier Pension Administration Services
Limited on 13 May 2011, the full SIPP business of Alliance Trust Savings Limited on 18 January 2013, the full SIPP business
and certain assets of Pointon York SIPP Solutions Limited on 31 October 2014, the full SIPP business of Rathbones Pension &
Advisory Services Limited on 31 December 2014, and a book of full SIPPs from Friends Life plc (now Aviva plc) on 13 March
2015.
Client portfolios arising on acquisition represent the two business combinations undertaken during the year; that of Suﬀolk
Life and EPM as disclosed in note 17. The Suﬀolk Life business combination included existing intangible assets for historical
books of SIPPs purchased from Pointon York SIPP Solutions Limited on 9 November 2012, Pearson Jones PLC on 30 April
2013, and Origen Investment Services Limited on 22 May 2013.
All acquisitions have been accounted for under the acquisition method of accounting. 
The directors have considered the carrying value of the client portfolios and have concluded that no impairment is required.
The client portfolios are being amortised over a period of 20 years and have an average remaining expected useful
economic life as at 31 December 2016 of 17 years and four months.
13. Investment Property
Assets held at fair value
Investment
Properties Total
Group £’000 £’000
Fair value
At 1 January 2016 ––
Arising on acquisitions 1,158,965 1,158,965
Additions 100,967 100,967
Disposals (85,758) (85,758)
Fair value gains/(losses) (25,039) (25,039)
At 31 December 2016 1,149,135 1,149,135
All investment properties have been valued by the directors at the year end with reference to previous professional
valuations and this is further adjusted by applying the corresponding property index available. Investment properties held to
cover the linked policyholder business are included in non-participating investment contract liabilities.
Notes to the Financial Statements continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
14. Property, plant and equipment
Assets held at cost
Leasehold Computer Plant &
Improvements equipment equipment Total
Group £’000 £’000 £’000 £’000
Cost
At 1 January 2016 54 1,149 138 1,341
Arising on acquisition – 2,051 859 2,910
Additions – 406 99 505
Disposals –– (3) (3)
At 31 December 2016 54 3,606 1,093 4,753
Depreciation
At 1 January 2016 15 576 78 669
Arising on acquisition – 1,664 831 2,495
Charge for the year 13 457 49 519
Disposals –– (3) (3)
At 31 December 2016 28 2,697 955 3,680
Carrying value
At 31 December 2015 39 573 60 672
At 31 December 2016 26 909 138 1,073
As disclosed in note 12 to the financial statements, intangible assets include a re-presentation of computer software costs
relating to a software package for SIPP administration with a carrying value of £1,991,553 (2015: £847,218). As at
31 December 2015, these costs were presented as property, plant and equipment.
15. Investments 
Assets held at fair value
Group
2016 2015
Total fair value as at 31 December 2016 £’000 £’000
Fair value
Equity securities 1,831,941 –
Debt securities 92,972 –
Total shares and securities 1,924,913 –
At market value 1,911,817 –
At cost 1,557,549 –
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
15. Investments continued
Movement in the year on equity securities, debt securities and cash equivalents
Group
2016 2015
£’000 £’000
At beginning of the year ––
Arising on acquisition 1,787,323 –
Additions 328,511 –
Disposals (390,603) –
Surplus on revaluation 199,681 –
At end of the year 1,924,913 –
The above investments include £687 million of listed securities which are dealt on a recognised stock exchange.
The group values all investments in line with an internal pricing policy. This policy states the valuation method to be applied
when valuing a security, based on the categorisation of the security in question.
Assets held at cost
Company
£’000
Cost
At 1 January 2016 7,382
Additions 49,142
At 31 December 2016 56,524
Net book value
At 31 December 2015 7,382
At 31 December 2016 56,524
Notes to the Financial Statements continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
15. Investments continued
The Directors are satisfied that no impairment has occurred in the carrying value of the non-current asset investments at
31 December 2016. Details of the investments are as follows:
% of 
Registered Ordinary % of
Oﬃce Shares held Ordinary
Address Principal Country of by parent Shares held
Name of entity Indicator activity Incorporation Company by Group
Curtis Banks Limited (A) Provision of pension England and Wales 100.00 100.00
administration services
Suﬀolk Life Group Limited (B) Holding company England and Wales 100.00 100.00
Suﬀolk Life Pensions Limited (B) Provision of pension England and Wales – 100.00
administration services
Suﬀolk Life Annuities Limited (B) Provision of pension England and Wales – 100.00
administration services
Curtis Banks Investment (A) Provision of financial England and Wales – 90.00
Management Limited advice
Colston Trustees Limited (A) Dormant England and Wales – 100.00
Montpelier Pension Trustees (A) Dormant England and Wales – 100.00
Limited
Tower Pension Trustees Limited (A) Dormant England and Wales – 100.00
SPS Trustees Limited (A) Dormant England and Wales – 100.00
Crescent Trustees Limited (A) Dormant England and Wales – 100.00
Final Pursuit Limited (A) Dormant England and Wales – 100.00
Tower Pension (S–B) Trustees (C) Dormant Scotland – 100.00
Limited
Bridgewater Pension Trustees (A) Non-trading England and Wales – 100.00
Limited
Temple Quay Pension Trustees (A) Dormant England and Wales – 100.00
Limited
Suﬀolk Life Trustees Limited (B) Non-trading England and Wales – 100.00
Suﬀolk Life (Spartan Estate) (B) Dormant England and Wales – 100.00
Limited
SLA Property Company Limited (B) Dormant England and Wales – 100.00
EPPL P1039 Limited (B) Dormant England and Wales – 100.00
EPPL P1047 Limited (B) Dormant England and Wales – 100.00
EPPL P1051 Limited (B) Dormant England and Wales – 100.00
EPPL P1056 Limited (B) Dormant England and Wales – 100.00
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
15. Investments continued
% of 
Registered Ordinary % of
Oﬃce Shares held Ordinary
Address Principal Country of by parent Shares held
Name of entity Indicator activity Incorporation Company by Group
EPPL P1060 Limited (B) Dormant England and Wales – 100.00
EPPL P1062 Limited (B) Dormant England and Wales – 100.00
EPPL P1064 Limited (B) Dormant England and Wales – 100.00
EPPL P1066 Limited (B) Dormant England and Wales – 100.00
EPPL P1088 Limited (B) Dormant England and Wales – 100.00
European Pensions Properties (B) Dormant England and Wales – 100.00
Limited
Waymade Healthcare Pension (A) Dormant England and Wales – 100.00
Plan Nominee Co (No.2)
Limited
Waymade Healthcare Scheme
Nominees Limited (A) Dormant England and Wales – 100.00
The registered oﬃce address indicator included in the table above reflects the following current registered oﬃces for each
company:
(A) 3 Temple Quay, Temple Back East, Bristol, BS1 6DZ
(B) 153 Princes Street, Ipswich, Suﬀolk, IP1 1QJ
(C) Floor 10 City House, Overgate Centre, Dundee, DD1 1UQ
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were
as follows:
Capital and Profit for
reserves the year
2016 2016
Name of entity Principal activity ££
Curtis Banks Limited Provision of pension administration services 18,374,677 3,866,195
Suﬀolk Life Group Limited Holding company 6,507,078 2,851,712
Suﬀolk Life Pensions Limited Provision of pension administration services 7,817,169 112,749
Suﬀolk Life Annuities Limited Provision of pension administration services 6,503,948 1,165,731
Curtis Banks Investment Management Limited Provision of financial advice 92,286 52,389
Colston Trustees Limited Dormant 100 –
Montpelier Pension Trustees Limited Dormant 1–
Tower Pension Trustees Limited Dormant 400 –
SPS Trustees Limited Dormant 2–
Crescent Trustees Limited Dormant 1–
Notes to the Financial Statements continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
15. Investments continued
Capital and Profit for
reserves the year
2016 2016
Name of entity Principal activity ££
Final Pursuit Limited Dormant 1–
Tower Pension (S-B) Trustees Limited Dormant 1–
Bridgewater Pension Trustees Limited Non-trading 108,628 –
Temple Quay Pension Trustees Limited Dormant 1–
Suﬀolk Life Trustees Limited Non-trading 80 –
Suﬀolk Life (Spartan Estate) Limited Dormant 2–
SLA Property Company Limited Dormant 100 –
EPPL P1039 Limited Dormant 1–
EPPL P1047 Limited Dormant 1–
EPPL P1051 Limited Dormant 1–
EPPL P1056 Limited Dormant 1–
EPPL P1060 Limited Dormant 1–
EPPL P1062 Limited Dormant 1–
EPPL P1064 Limited Dormant 1–
EPPL P1066 Limited Dormant 1–
EPPL P1088 Limited Dormant 1–
European Pensions Properties Limited Dormant 1–
Waymade Healthcare Pension Plan Nominee Dormant 2–
Co (No.2) Limited
Waymade Healthcare Scheme Nominees Limited Dormant 2–
In the opinion of the directors, the aggregate value of the Group’s investment in subsidiary undertakings is not less than the
amount included in the statement of financial position.
All subsidiaries, other than Curtis Banks Limited, Suﬀolk Life Pensions Limited and Suﬀolk Life Annuities Limited are exempt
from audit under the requirements of s479 of the Companies Act 2006.
16. Fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained
from independent sources, while unobservable inputs reflects the Group’s view of market assumptions in the absence of
observable market information. The Group utilises techniques that maximise the use of observable inputs and minimise the
use of unobservable inputs.
The levels of fair value measurement bases are defined as follows:
Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
16. Fair value hierarchy continued
Level 2: fair values measured using valuation techniques for all inputs significant to the measurement other than quoted
prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: fair values measured using valuation techniques for any input for the asset or liability significant to the
measurement that is not based on observable market data (unobservable inputs).
The following table presents the Group’s assets by IFRS 13 hierarchy levels:
Total Level 1 Level 2 Level 3
£’000 £’000 £’000 £’000
As at 31 December 2016
Financial investments - Equity securities 1,831,941 1,791,182 27,587 13,172
Financial investments - Cash equivalents 1,634 927 707 –
Financial investments - Debt securities 92,972 51,681 41,111 180
Investment property 1,149,135 –– 1,149,135
Total financial investments and investment property 3,075,682 1,843,790 69,405 1,162,487
There have been no significant transfers between level 1 and level 2 in 2016.
All non-participating investment contract liabilities included within note 22 are classified as level 2.
Level 3 assets where internal models are used comprise property and unquoted, the latter including investments in private
equity, property vehicles and suspended securities.
In many situations, inputs used to measure the fair value of an asset or liability may fall into diﬀerent levels of the fair value
hierarchy. In these situations, the Group determines the level in which the fair value falls based upon the lowest level input
that is significant to the determination of the fair value. As a result, both observable and unobservable inputs may be used in
the determination of fair values that the Group has classified within level 3.
The Group determines the fair values of certain financial assets and liabilities based on quoted market prices, where
available. The Group also determines fair value based on estimated future cash flows discounted at the appropriate current
market rate. As appropriate, fair values reflect adjustments for counterparty credit quality, the Group’s credit standing,
liquidity and risk margins on unobservable inputs.
Where quoted market prices are not available, fair value estimates are made at a point in time, based on relevant market
data, as well as the best information about the individual financial instrument. Illiquid market conditions have resulted in
inactive markets for certain of the Group’s financial instruments. As a result, there is generally no or limited observable
market data for these assets and liabilities. Fair value estimates for financial instruments deemed to be in an illiquid market
are based on judgements regarding current economic conditions, liquidity discounts, currency, credit and interest rate risks,
loss experience and other factors. These fair values are estimates and involve considerable uncertainty and variability as a
result of the inputs selected and may diﬀer significantly from the values that would have been used had a ready market
existed, and the diﬀerences could be material. As a result, such calculated fair value estimates may not be realisable in an
immediate sale or settlement of the instrument. In addition, changes in the underlying assumptions used in the fair value
measurement technique could significantly aﬀect these fair value estimates.
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 49 50
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
16. Fair value hierarchy continued
Equity Debt Investment
Securities Securities Property
Level 3 Investments £’000 £’000 £’000
Fair value
At 1 January 2016 –– –
Arising on acquisitions 18,330 848 1,158,964
Net losses for the year recognised in profit and loss (3,847) (8) (110,796)
Purchases/Additions –– 100,967
Transfers into level 3 (1,264) (657) –
Transfers out of level 3 (47) (3) –
At 31 December 2016 13,172 180 1,149,135
Transfers out of level 3 relate to assets held for which observable inputs subsequently became available. Transfers into level 3
relate to assets formerly categorised as level 1 or level 2 assets. This is principally due to assets becoming illiquid meaning
that observable inputs are no longer available.
Fair values of financial instruments are, in certain circumstances, measured using valuation techniques that incorporate
assumptions that are not evidenced by prices from observable current market transactions in the same instrument and are
not based on observable market data. The following table shows the level 3 financial instruments carried at fair value as at
the balance sheet date, the valuation basis, main assumptions used in the valuation of these instruments and reasonably
possible increases or decreases in fair value based on reasonably possible alternative assumptions.
As at 31 December 2016 Reasonably possible
alternative assumptions
Valuation Current Increase in Decrease in
Basis/ Main fair value fair value fair value
Technique assumptions 2016 2016 2016
Assets £’000 £’000 £’000
Unquoted investments in property Note 1 Third party 278 14 (14)
vehicles property index
Suspended securities Note 2 Estimated 3,591 180 (180)
recoverable
amount
Unquoted securities Note 2 Price earning 9,483 474 (474)
multiple
Investment property Note 3 Third party 1,149,135 57,457 (57,457)
property index
1,162,487 58,125 (58,125)
1. Valued using net asset value per unit.
2. Values are based on estimate of market price.
3. Valued using professional specialist property third party indexation data.
Curtis Bank pp30-68  12/04/2017  19:30  Page 50 51
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
17. Business combinations 
Acquisition of Suﬀolk Life Group Limited
On 25 May 2016, following regulatory approval from the Financial Conduct Authority (“FCA”) and Prudential Regulation
Authority (“PRA”), Curtis Banks Group PLC completed the acquisition of the entire share capital of Suﬀolk Life Group Limited
and its subsidiaries from Legal & General Retail Investments (Holdings) Limited. Suﬀolk Life Group Limited holds two trading
subsidiaries, Suﬀolk Life Pensions Limited and Suﬀolk Life Annuities Limited, and three non-trading trustee companies, all of
which now form part of the enlarged Group.
Suﬀolk Life Group Limited is a holding company. Suﬀolk Life Pensions Limited is an FCA regulated wholly owned subsidiary
of Suﬀolk Life Group Limited and provides and administers SIPPs and similar self-invested pension products. Suﬀolk Life
Annuities Limited is a PRA and FCA authorised wholly owned subsidiary of Suﬀolk Life Group Limited and issues and
maintains SIPPs and similar self-invested pension products. SIPPs issued by Suﬀolk Life Annuities Limited are written as
insurance policies and accordingly this company is a long term insurance company.
Consideration was agreed in cash of £45 million, and was settled in full on the completion date of 25 May 2016. The
acquisition has been accounted for using the acquisition method.
£m
Fair value of consideration payable 45
Less: Provisional fair value of net assets acquired (16)
Goodwill arising on acquisition (note 12) 29
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 51 52
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
17. Business combinations continued
The fair value of the identifiable assets and liabilities acquired are set out below. 
Carrying value Fair value adjustments
Shareholder Policyholder Shareholder Policyholder
Assets Business Assets Business Total
£’000 £’000 £’000 £’000 £’000
Non-current assets
Intangible assets 1,585 – 88 – 1,673
Property, plant and equipment 537 1,158,930 (88) – 1,159,379
Investments – 1,787,323 –– 1,787,323
Deferred tax asset 225 –– – 225
Current assets
Trade and other receivables 2,382 4,139 (98) – 6,423
Bank and cash 18,636 386,755 –– 405,391
Current liabilities
Trade and other payables (2,513) (8,681) 195 – (10,999)
Deferred income (4,618) – (86) – (4,704)
Borrowings (12) (90,237) –– (90,249)
Deferred consideration (86) – 86 ––
Current tax liability (170) – 34 – (136)
Non-current liabilities
Non-participating investment contract liabilities – (3,238,229) –– (3,238,229)
Net assets acquired 15,966 – 51 – 16,097
The ‘Policyholder Business’ acquired as disclosed above consists of Suﬀolk Life Annuities Limited insurance policyholder
assets and liabilities. The liability of Suﬀolk Life Annuities Limited towards its policyholders is exactly equal to the value of
policyholder assets held at all times. The net assets acquired by the Group in respect of the Policyholder Business therefore
equates to £nil and will continue to be £nil for so long as the terms of the underlying investment contracts remain
unchanged. 
As a result of the acquisition, the Group now reflects significantly enlarged gross assets and gross liabilities as is reflected on
the Consolidated Statement of Financial Position as at 31 December 2016 and shows the movement of those assets and
liabilities through the Consolidated Statement of Comprehensive Income.
Acquisition costs totalled £735,000 and comprised legal and professional fees, and due diligence work. In accordance
with IFRS 3 Business Combinations, this cost has been expensed as reflected in note 6 to the financial statements as a
non-recurring cost.
The post-acquisition operating results of Suﬀolk Life Group Limited and its subsidiaries for the period from acquisition to the
end of 31 December 2016 resulted in net profits generated of £1,200,000. 
Operating revenues of £10,433,000 and revenue from policyholder investment returns of £261,639,000 have been
recognised in relation to the acquisition of Suﬀolk Life Group Limited and its subsidiaries for the period from acquisition to
31 December 2016. The operating revenue as though the acquired business had been held for the full year ended
31 December 2016 is estimated to be £17,480,000. 
Curtis Bank pp30-68  12/04/2017  19:30  Page 52 53
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
17. Business combinations continued
The net cash outflow arising from this acquisition was as follows:
£’000
Consideration paid to Legal & General Retail Investments (Holdings) Limited 45,000
Cash acquired on acquisition, excluding policyholder cash (18,636)
Net cash outflow in the year ended 31 December 2016 26,364
On acquisition of Suﬀolk Life Group Limited and its subsidiaries, policyholder cash totalling £386,754,670 was taken on by
the Group. The policyholder cash forms part of total policyholder assets which is wholly due to the policyholders.
Acquisition of European Pensions Management Limited
On 14 July 2016 Suﬀolk Life Pensions Limited (“SLP”), a wholly owned subsidiary company, entered into an agreement to
acquire part of the trade and assets of European Pensions Management Limited (“EPM”) from the Special Administrators to
that company for consideration of £1.6 million. At the time of acquisition, EPM administered circa 5,000 SIPPs with assets
under administration of circa £630 million. The acquisition has been funded through existing cash held by the Group and
was paid in full on 14 July 2016.
The part of EPM acquired by the Group operated and administered two SIPP schemes. Based on the sale and purchase
agreement and a Deed of Novation entered into for each scheme, SLP has taken over the administration of the SIPPs under
the Trust Deed and has acquired these books of SIPPs and also the ten related trustee companies. As a result of the
acquisition, the Group has increased its presence in the UK SIPP marketplace.
The acquisition has been accounted for using the acquisition method. The fair value of the identifiable assets and liabilities
acquired are set out below.
Carrying Fair value
value adjustments Total
£’000 £’000 £’000
Non-current assets
Intangible assets 1,991 – 1,991
Current liabilities
Deferred income (421) – (421)
Net assets acquired 1,570 – 1,570
Acquisition costs totalled £58,000 and comprised legal and professional fees, and due diligence work. In accordance
with IFRS 3 Business Combinations, this cost has been expensed as reflected in note 6 to the financial statements as a
non-recurring cost.
The directors have not determined the post-acquisition operating results of the acquisition for the period ended
31 December 2016, as many of the support and general overhead costs for the book of SIPPs are carried out by existing staﬀ
of the Group.
The net cash outflow arising from this acquisition was as follows:
£’000
Consideration paid to EPM 1,570
Net cash outflow in the year ended 31 December 2016 1,570
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 53 54
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
18. Trade and other receivables
Group Company
As at 31 December As at 31 December
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Trade receivables 12,140 2,350 ––
Prepayments and accrued income 3,645 737 2 49
Amounts owed by group undertakings –– 39 511
Other receivables 1,738 962 ––
17,523 4,049 41 560
All of the trade receivables were non-interest bearing and receivable under normal commercial terms. The directors consider
that the carrying value of trade and other receivables approximates to their fair value. All trade receivables are fees due from
SIPPs and SSASs or due to policyholders in relation to their investments. Fees are taken from the assets of the respective
schemes of which the Group has control. If there are no assets in the scheme, payment of the fees is the responsibility of the
member who set the scheme up. As such, all debts should be recoverable over time. Certain trade and other receivables are
past due but have not been impaired. These relate to customers where there is no concern over their financial situation.
The nominal value of provisions relating to trade receivables was as follows: 
As at 31 December
2016 2015
£’000 £’000
Brought forward 75 35
Charged in year – 40
Released in year (12) –
Carried forward 63 75
In addition to the above, policyholder trade receivables now included through the acquisition of Suﬀolk Life are presented
net of provisions totalling £2,429,000 (2015: £nil). Changes in this provision aﬀect policyholder assets and liabilities only and
do not have any eﬀect on the net profit or loss of the Group.
The ageing profile of the trade receivables that were not impaired were as follows:
Total < 30 days 30 – 60 days 60 – 90 days > 90 days
£’000 £’000 £’000 £’000 £’000
As at 31 December 2015 2,350 1,063 246 147 894
As at 31 December 2016 12,140 7,383 1,113 470 3,174
19. Cash and cash equivalents
As at 31 December 2016 and 2015 cash and cash equivalents were as follows:
Group Company
As at 31 December As at 31 December
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Cash at bank and in hand 447,510 7,630 458 4,832
All cash at bank is held on overnight deposit. Cash at bank and in hand includes £1,634,000 (2015: £nil) of cash equivalents
held at fair value.
Curtis Bank pp30-68  12/04/2017  19:30  Page 54 55
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
20. Trade and other payables 
Group Company
As at 31 December As at 31 December
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Trade payables 4,536 347 5–
Taxes and social security costs 2,404 659 ––
Other payables 647 429 ––
Accruals 4,551 516 36 47
12,138 1,951 41 47
The fair value of trade and other payables approximates to book value at 31 December 2016.
Trade payables are non-interest bearing and are normally settled on 30 day terms.
21. Borrowings 
Group Company
As at 31 December As at 31 December
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Current
Bank loans 38,329 1,195 3,108 1,195
38,329 1,195 3,108 1,195
Non-current
Bank loans 77,194 2,036 17,667 2,036
77,194 2,036 17,667 2,036
Total borrowings 115,523 3,231 20,775 3,231
Bank borrowings
The bank borrowings are repayable as follows:
Group Company
As at 31 December As at 31 December
2016 2015 2016 2015
£’000 £’000 £’000 £’000
Within 1 year 38,329 1,195 3,108 1,195
Between 1 year and 5 years 51,922 1,195 17,667 1,195
After more than 5 years 25,272 841 – 841
115,523 3,231 20,775 3,231
Bank borrowings of the Company mature between December 2017 and December 2021 and bear average coupons of
2.25% plus LIBOR per annum. 
Total borrowings include liabilities of £94,580,000 (2015: £nil) secured by legal charge over certain properties held within
non-participating investment contracts, and liabilities of £20,775,000 (2015: £3,231,000) secured on the shares of Curtis Banks
Limited, Suﬀolk Life Pensions Limited and Suﬀolk Life Annuities Limited. 
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 55 56
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
22. Non-participating investment contract liabilities 
(a) Analysis of investment contract liabilities
Investment contract liability provisions for linked liabilities arising in connection with the above policies are detailed
below. There is no reinsurance amount (2015: £nil).
For each linked SIPP the Group provides, there is a separate internal fund. Where the Group provides a Trustee
Investment Plan or Group Managed Fund, there are a number of separate internal funds.
Group
Movement in non-participating investment contract liabilities £’000
As at 1 January 2016 –
Arising on acquisition of Suﬀolk Life 3,238,229
Reserves in respect of new business 92,920
Amounts paid on surrenders and maturities during the year (180,116)
Investment income 261,639
Expenses (18,268)
As at 31 December 2016 3,394,404
These relate to:
Group
£’000
Self Invested Personal Pensions 2,513,989
Group Managed Funds – Trustee Investment Plans 71,693
Group Managed Funds 85,474
Trustee Investment Plans 723,248
As at 31 December 2016 3,394,404
Assets held to cover non-participating investment contracts are detailed under separate notes to the financial
statements.
(b) Investment contract liabilities – investment income
2016
£’000
Rents receivable 36,791
Interest receivable 3,037
Investment and other income 23,651
Realised gains on investments 21,837
Unrealised gains on investments 176,323
261,639
Curtis Bank pp30-68  12/04/2017  19:30  Page 56 57
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
22. Non-participating investment contract liabilities continued
(c) Investment contract liabilities – expenses
2016
£’000
Investment management fees 5,698
Adviser fees 224
Management charges – administration 3,807
Bank fees and charges 85
Professional fees and sundries 6,747
Bad debts 34
Interest payable on bank loans and overdrafts 1,673
18,268
(d) Reserves in respect of new business
2016
£’000
Gross premiums
Periodic premiums relating to Self Invested Personal Pensions 1,989
Single premiums relating to Self Invested Personal Pensions 22,570
Single premiums relating to Group Managed Funds – Trustee Investment Plans (690)
Single premiums relating to Group Managed Funds 11,449
Single premiums relating to Trustee Investment Plans 57,602
92,920
(e) Amounts paid on surrenders and maturities during the year
2016
£’000
Gross claims paid
Lump sums on death 4,308
Lump sums on pensions vesting 12,981
Income withdrawals 29,450
Annuities purchased 98
Transfers out 135,317
Surrenders of managed funds – Trustee Investment Plans (2,038)
180,116
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 57 23. Provisions for liabilities 
Deferred taxation 
As a result of the taxation position set out in note 10, a deferred tax provision has arisen as follows:
Group
As at 31 December
2016 2015
£’000 £’000
Brought forward 212 80
Arising on acquisition (225) –
Net increase in temporary diﬀerences on plant and equipment 55 132
Carried forward 42 212
The deferred tax provision with respect to temporary diﬀerences is analysed as follows:
Group
As at 31 December
2016 2015
£’000 £’000
Temporary diﬀerences on plant and equipment 42 212
42 212
The deferred tax provision assumes a future corporation tax rate of 19% will be applicable to the Group.
24. Share capital
Group & Company
As at 31 December
2016 2015
£’000 £’000
Allotted, called up and fully paid
Ordinary shares of 0.5p each 268 225
268 225
Number Number
Number of Ordinary shares
Brought forward 44,954,769 200,000
Subdivision of shares by a factor of 200 – 39,800,000
Issued during the year 8,644,900 4,954,769
Carried forward 53,599,669 44,954,769
Ordinary shares are classified as equity. Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.
The ordinary shares rank equally for voting purposes. On a show of hands each member shall have one vote and on a poll
each member shall have one vote per share held. Each ordinary share ranks equally for any dividend declared and rank
equally for any distribution made on a winding up. 
58
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 58 24. Share capital continued
On 28 April 2015, each ordinary share of £1.00 in the capital of the Company was sub-divided into 200 Ordinary shares,
worth 0.5p each. 
On 30 April 2015, 800,000 Ordinary shares were issued at par for cash upon exercise of options over such shares which were
granted by the Company to third parties. 
On admission to trading on the Alternative Investment Market (“AIM”), 3,947,369 Ordinary shares were issued at par and
placed at £1.90 per share. 
On 11 November 2015 and 2 November 2016, 207,400 Ordinary shares were issued at par for cash upon exercise of options
over such shares which were granted by the Company to employees in connection with an EMI scheme.
On 20 January 2016, 8,437,500 Ordinary shares were issued at par and placed at £3.20 per share to assist in financing the
Suﬀolk Life acquisition.
There were no ordinary shares reserved for issue under options at 31 December 2016 (2015: nil). 
25. Reserves
Equity share
Share based Retained
premium payments earnings Total
Group £’000 £’000 £’000 £’000
At 1 January 2015 – 32 3,591 3,623
Profit for the year –– 3,072 3,072
Share based payments – 65 – 65
Share premium created 7,146 –– 7,146
Ordinary dividends declared and paid –– (500) (500)
At 1 January 2016 7,146 97 6,163 13,406
Profit for the year –– 3,829 3,829
Share based payments – 142 – 142
Share premium created 26,279 –– 26,279
Ordinary dividends declared and paid –– (2,403) (2,403)
At 31 December 2016 33,425 239 7,589 41,253
59
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 59 25. Reserves continued
Equity share
Share based Retained
premium payments earnings Total
Company £’000 £’000 £’000 £’000
At 1 January 2015 – 32 15 47
Profit for the year –– 2,513 2,513
Share based payments – 65 – 65
Share premium created 7,146 –– 7,146
Ordinary dividends declared and paid –– (500) (500)
At 1 January 2016 7,146 97 2,028 9,271
Profit for the year –– 2,650 2,650
Share based payments – 142 – 142
Share premium created 26,279 –– 26,279
Ordinary dividends declared and paid –– (2,403) (2,403)
At 31 December 2016 33,425 239 2,275 35,939
As permitted by section 408 Companies Act 2006, the holding company’s profit and loss account has not been included in
these financial statements.
Share premium
This reserve was created on admission to trading on the Alternative Investment Market (“AIM”) and arises on the diﬀerence
between the placing price and the par value of Ordinary shares issued. Additions to the reserve in the year arise from
Ordinary share issues on 20 January 2016 and 11 November 2016 as described in note 24. Expenses directly relating to the
issue of new shares in the Company onto the AIM market have been deducted from the share premium account.
Equity share based payments
This reserve arises from share options granted by the Group to certain employees of Curtis Banks Limited and Suﬀolk Life
Pensions Limited, subsidiary companies. Further details are disclosed in note 26.
Retained earnings
Retained earnings comprise the cumulative realised gains and losses of the Group from each of the individual combined
entities.
26. Share based payments
The weighted average exercise price for all options outstanding at 31 December 2016 was 181.00p (2015: 44.64p).
The weighted average remaining contractual life of all unexercised share options as at 31 December 2016 was nine years
and two months (2015: nine years and three months).
The total charge to the Consolidated statement of comprehensive income arising from equity-settled share-based payment
transactions for the year ended 31 December 2016 was £142,053 (31 December 2015: £18,913). The total increase in equity
arising from equity-settled share-based payment transactions for the year ended 31 December 2016 was £142,053
(31 December 2015: £65,065). 
60
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 60 26. Share based payments continued
SAYE share option scheme
During the year ended 31 December 2016, the Group set up a new SAYE (“Save As You Earn”) share option scheme under
which all eligible employees of the Group as of 2 June 2016 are able to subscribe to ordinary shares in the Company
following a three year contribution and vesting period.
Number of Net Number of
shares under Granted/ shares under
option at (Lapsed) option at
31 December during the 31 December Exercise
Date of grant 2015 year 2016 price Expiry date
28 June 2016 – 601,408 601,408 288.88p 28 June 2026
– 601,408 601,408
The 601,408 additional options in the year disclosed above comprises 696,435 options granted, less 95,027 options lapsed.
All of the 601,408 options will vest on 1 August 2019 at an exercise price of 288.88p.
Share based payment expenses – SAYE share option scheme
The fair values of the options at the date of grant were determined by using the Black Scholes model. The model inputs were
a risk free rate of 0.5%, expected volatility of 29%, 1% dividend yield, and a fixed share price for the purposes of the grant of
360p per share as at 2 June 2016. Expected volatility was based upon historical information about the Group’s share price,
and comparisons against similar entities. The model includes separate vesting periods for each proportion of options based
on their exercise dates.
Number of
shares under
option at Estimated fair
Latest exercise 31 December value per
Date of grant Exercise price date 2015 option
Employee options
28 June 2016 288.88p 28 June 2026 601,408 61p
601,408
CSOP share option scheme
During the year ended 31 December 2016, the Group set up a new CSOP (“Company Share Option Plan”) share option
scheme under which certain key management of the Group are able to subscribe to ordinary shares in the Company. As at
the year-end, seven key management personnel of Suﬀolk Life Pensions Limited and one key management personnel of
Curtis Banks Limited held options as follows:
Number of Number of
shares under shares under
option at Granted option at
31 December during the 31 December Exercise
Date of grant 2015 year 2016 price Expiry date
14 September 2016 – 635,119 635,119 267p 14 September 2026
15 December 2016 – 535,996 535,996 201p 15 December 2026
– 1,171,115 1,171,115
Of the 1,171,115 options, 635,119 will vest on 14 March 2018 at an exercise price of 267p, and 535,996 will vest on
15 December 2019 at an exercise price of 201p.
61
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 61 26. Share based payments continued
Share based payment expenses – CSOP share option scheme – 14 September 2016 grant
The fair values of the options at the date of grant were determined by using the Black Scholes model. The model inputs were
a risk free rate of 0.25%, expected volatility of 39%, 1% dividend yield, and a share price on the grant date of 267p per share
as at 14 September 2016. Expected volatility was based upon historical information about the Group’s share price, and
comparisons against similar entities. The model includes separate vesting periods for each proportion of options based on
their exercise dates.
Share based payment expenses – CSOP share option scheme – 15 December 2016 grant
The fair values of the options at the date of grant were determined by using the Black Scholes model. The model inputs were
a risk free rate of 0.25%, expected volatility of 43%, 1% dividend yield, and a share price on the grant date of 201p per share
as at 15 December 2016. Expected volatility was based upon historical information about the Group’s share price, and
comparisons against similar entities. The model includes separate vesting periods for each proportion of options based on
their exercise dates.
EMI share option scheme
The Group set up an EMI scheme during the year ended 31 December 2014 by which certain employees and key
management personnel of Curtis Banks Limited are able to subscribe to ordinary shares in the Company. As at the year-end,
26 employees (including key management personnel) of Curtis Banks Limited held options as follows:
Number of Number of
shares under shares under
option at Exercised option at
31 December during the 31 December Exercise
Date of grant 2015 year 2016 price Expiry date
24 October 2014 414,800 (207,400) 207,400 10.11p 24 October 2024
8 April 2015 800,000 – 800,000 62.54p 8 April 2025
1,214,800 (207,400) 1,007,400
Of the remaining 1,007,400 shares under option, 207,400 will vest on 24 October 2017 at an exercise price of 10.11p,
two thirds of the 800,000 options already became exercisable by 31 December 2016, and the remaining one third will
become exercisable on 1 July 2017 at an exercise price of 62.54p.
Share based payment expenses – EMI share option scheme
The fair values of the options at the date of grant were determined by using the Black Scholes model. The model inputs were
a risk free rate of 0.5%, expected volatilities of 35% (24 October 2014 grant) and 24% (8 April 2015 grant), and a share price at
24 October 2014 and 31 October 2014 of 10.11p, and at 8 April 2015 of 62.54p. Expected volatility was based upon historical
information from similar entities. The model includes separate vesting periods for each proportion of options based on their
exercise dates.
Number of
shares under
option at Estimated fair
31 December value per
Date of grant Exercise price Expiry date 2016 option
24 October 2014 10.11p 24 October 2024 207,400 2.13p
8 April 2015 62.54p 8 April 2025 800,000 5.64p
1,007,400
62
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 62 27. Non-controlling interests
The non-controlling interests reflect the relevant amounts of the trading results and net assets or liabilities attributable to the
non-controlling shareholders in Curtis Banks Investment Management Limited (see note 15).
As at 31 December
2016 2015
£’000 £’000
Share of net assets brought forward 9 1,405
Movement in the year – share of profits 5 25
Ordinary dividends declared (5) –
Preference shares redeemed – (1,400)
Preference dividends declared – (21)
Share of net assets 9 9
Non-controlling interests in the year ended 31 December 2014 included £1,400,000 of non-redeemable preference shares in
Curtis Banks Limited held by certain individual shareholders of Curtis Banks Group PLC. The preference shares did not hold
any voting rights in the Group and were fully redeemed during the year ended 31 December 2015. 
28. Financial commitments
The operating lease expenditure charged to the statement of comprehensive income during the year is disclosed in note 5.
The amount of other operating lease payments is subject to renegotiation on an annual basis.
At the end of each of the lease terms, the lessee has the option to renew the lease agreements. To exercise the renewal
option, the lessee is required to give notice to the lessor of such renewal not later than 30 days before the end of the lease
term.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
As at 31 December
2016 2015
£’000 £’000
Land and buildings
Within 1 year 891 123
Within 2 - 5 years 2,358 1,447
In more than 5 years – 89
3,249 1,659
29. Pension costs – defined contribution
Year to 31 December
2016 2015
£’000 £’000
Contributions payable by the Group for the year 900 228
63
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 63 30. Dividends
Year to 31 December
2016 2015
£’000 £’000
Ordinary interim declared and paid 2,403 500
2,403 500
An ordinary interim share dividend was declared and paid on 26 February 2016 equating to 3.5p per ordinary share in
respect of the year ended 31 December 2015.
An interim share dividend was declared and paid on 15 November 2016 equating to 1p per ordinary share in respect of the
year ended 31 December 2016.
64
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 64 31. Illustrative Consolidated Statement of Financial Position as at 31 December 2016 split between
insurance policy holders and the Group’s shareholders
£’000 £’000 £’000
ASSETS Group Total Policyholder Shareholder
Non-current assets
Intangible assets 47,442 – 47,442
Property, plant and equipment 1,150,208 1,149,099 1,109
Investments 1,924,913 1,924,912 1
3,122,563 3,074,011 48,552
Current assets
Trade and other receivables 17,523 8,763 8,760
Cash and cash equivalents 447,510 426,055 21,455
465,033 434,818 30,215
Total assets 3,587,596 3,508,829 78,767
LIABILITIES
Current liabilities
Trade and other payables 12,138 7,724 4,414
Deferred income 21,993 12,120 9,873
Borrowings 38,329 35,169 3,160
Deferred consideration 641 – 641
Current tax liability 504 – 504
73,605 55,013 18,592
Non-current liabilities
Borrowings 77,194 59,412 17,782
Deferred consideration 821 – 821
Non-participating investment contract liabilities 3,394,404 3,394,404 –
Deferred tax liability 42 – 42
3,472,461 3,453,816 18,645
Total liabilities 3,546,066 3,508,829 37,237
Net assets 41,530 – 41,530
Equity attributable to owners of the parent
Issued capital 268 – 268
Share premium 33,425 – 33,425
Equity share based payments 239 – 239
Retained earnings 7,589 – 7,589
41,521 – 41,521
Non-controlling interest 9– 9
Total equity 41,530 – 41,530
65
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 65 32. Financial risk management
Financial assets principally comprise trade and other receivables, cash and short-term deposits, which arise directly from its
operations. Financial liabilities principally comprise trade and other payables, deferred consideration and borrowings.
The main risks arising from financial instruments are interest rate risk, credit risk, and liquidity risk. Each of these risks is
discussed in detail below.
The Group monitors financial risks on a consolidated basis, with its financial risk management based upon sound economic
objectives and good corporate practice. No hedging transactions have taken place during the years presented.
Interest rate risk
Interest rate risk is the risk that the Group will sustain losses from adverse movements in interest bearing assets. There is
an exposure to interest rates on shareholder owned banking deposits held in the ordinary course of business. The value
of financial instruments on the Group’s consolidated statement of financial position exposed to interest rate risk was
£21.46 million (2015: £7.63 million) comprising cash and short-term deposits. This exposure is monitored to ensure that the
Group is maximising its interest earning potential within accepted liquidity and credit constraints. Cash at bank earns interest
at floating rates based on daily bank deposit rates. Short term deposits are also made for varying periods of between one
day and 12 months depending on the immediate cash requirements of the Group and earn interest at the respective term
deposit rates.
The Group had external borrowings attributable to shareholders at the year end of £20.78 million (2015: £3.23 million). The
interest rates attached to borrowings held include a floating rate based on the London Interbank Oﬀered Rate (“LIBOR”).
There is an exposure on external borrowings therefore to interest rate risk.
The following table demonstrates the sensitivity to a 100bps (1%) change in interest rates on actual borrowings, with all
other variables held constant, on the Group’s profit before tax.
Eﬀect on profit
Increase/decrease before tax
in basis points £’000
2016
£ Sterling +100 (143)
£ Sterling –100 143
2015
£ Sterling +100 (38)
£ Sterling –100 38
In addition, a source of revenue is based on the value of client cash under administration. The Group has an indirect
exposure to interest rate risk on these cash balances held for clients. 
Credit risk
The Group trades only with third parties it recognises as being creditworthy. In addition, receivable balances are monitored
continually.
Credit risk from other financial assets of the Group, which comprise cash and cash equivalents, arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments.
Given the nature of the Group’s operations, it does not have significant concentration of credit risk in respect of trade
receivables, with exposure spread over a large number of customers. An allowance for impairment of trade receivables is
made where there is an identified loss event, which based on previous experience, is evidence of a reduction in the
recoverability of the cash flows. Detailed of trade receivables and the associated provision for impairment are disclosed in
note 18.
66
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 66 32. Financial risk management continued
The directors continue to monitor the strength of the banks used by the Group. 
All of the banks currently used by the Group have long-term credit ratings of at least A (Fitch). This results in the Group
retaining the ability to further mitigate the counterparty risk on its own behalf and that of its customers.
Liquidity risk
This is the risk that the Group may be unable to meet its liabilities as and when they fall due. The Group monitors its risk to
a shortage of funds by considering the maturity of its financial assets (e.g. trade receivables, other financial assets) and
projected cash flows from operations. As part of these projections, the Group also monitors anticipated capital expenditure
and the expected timing of settlement of financial liabilities. The Group is a highly cash generative business and maintains
suﬃcient cash to fund its foreseeable trading requirements.
33. Capital management
Certain subsidiaries of the Group are supervised in the UK by the Financial Conduct Authority (“FCA”) and, following the
acquisition of Suﬀolk Life Annuities Limited during the year ended 31 December 2016, the Prudential Regulation Authority
(“PRA”). The Group manages its capital through continuous review of the capital requirements of its regulated subsidiaries,
which are monitored by the Group’s management and reported monthly to the Board. The Group’s objectives when
managing capital are:
– To comply with the regulatory capital requirements set by the FCA and the PRA
– To safeguard the Group’s ability to continue as a going concern so that it can continue to provide returns for
shareholders and benefits for other stakeholders; and
– To maintain a strong capital base to support the development of its business.
Capital is defined as the total of share capital, share premium, retained earnings and other reserves. Total capital of the Group
as at 31 December 2016 was £41.60 million (2015: £13.63 million). The Group manages the capital structure and makes
adjustments to it in light of changes in economic conditions. The Group’s regulated subsidiary companies submit regular
returns to the FCA and the PRA relating to their capital resources. The regulated subsidiaries are limited in the distributions
that can be paid up to the Group by each of their individual capital resource requirements. Group internal policy is for
regulated companies within the Group to hold at least 130% of their required regulatory capital.
34. Financial instrument fair values
The Directors consider that the carrying value of financial instruments in the Group’s and Company’s financial statements is
equivalent to fair value. 
The fair value of cash equivalents, trade receivables and trade payables approximate to their carrying values due to their
short-term nature.
The fair value of deferred consideration payable is split between creditors due within one year and creditors due in more
than one year. The total deferred consideration payable relates to a book of SIPPs acquired and is linked to a share of the fees
received over a five year period from the date of acquisition. 
35. Related parties
At the year end, Curtis Banks Investment Management Limited owed £1,710 to Curtis Banks Limited (2015: due £29,547 from
Curtis Banks Limited) arising as a result of expenses recharged. The total amount of expenses recharged by Curtis Banks
Limited in the year amounted to £104,928 (2015: £91,053). During the year ended 31 December 2016 Curtis Banks Limited
received an ordinary dividend of £45,000 from Curtis Banks Investment Management Limited (2015 £nil).
At the year end, Curtis Banks Group PLC was owed £38,888 (2015: £511,015) by Curtis Banks Limited. This relates to interest
and loan repayments and other expenses paid by Curtis Banks on behalf of Curtis Banks Group PLC less ordinary dividends
declared and paid from Curtis Banks Limited to Curtis Banks Group PLC. The total amount of expenses recharged by Curtis
Banks Limited in the year amounted to £97,336 (2015: £1,517,255). 
67
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
Curtis Bank pp30-68  12/04/2017  19:30  Page 67 35. Related parties continued
At the year end, Suﬀolk Life Pensions Limited owed £48,324 (2015: £nil) to Curtis Banks Limited arising as a result of expenses
recharged. The total amount of expenses recharged by Curtis Banks Limited in the year amounted to £96,876 (2015: £nil).
At the year end, Curtis Banks Limited owed Berkeley Charterhouse Limited, a company controlled by Christopher Banks,
£1,045 (2015: £nil) arising as a result of expenses paid for by Curtis Banks Limited. During the year ended 31 December 2016,
Curtis Banks Limited paid expenses on behalf of Berkeley Charterhouse Limited totalling £4,179 (2015: £nil). All of these
expenses have been reimbursed to Curtis Banks Limited by Berkeley Charterhouse Limited.
Ordinary share dividends totalling £919,658 (2015: £321,250) were paid to Christopher Banks during the year ended
31 December 2016. Christopher Banks is a director of Curtis Banks Group PLC.
Ordinary share dividends totalling £329,447 (2015: £98,750) were paid to Rupert Curtis during the year ended 31 December
2016. Rupert Curtis is a director of Curtis Banks Group PLC.
Ordinary share dividends totalling £169,971 (2015: £50,833) were paid to Paul Tarran during the year ended 31 December
2016. Paul Tarran is a director of Curtis Banks Group PLC.
36. Contingent liabilities
The Group has been in recent correspondence with HMRC regarding processes and documentation in respect of tax reliefs
granted on pension contributions. HMRC have alleged that incorrect procedures were followed and as a result there may be
assessments in respect of tax reliefs granted and interest thereon. This correspondence includes the processing of in specie
contributions, which is an industry wide issue aﬀecting other SIPP operators and is being challenged by the industry as a
whole. Any tax reliefs incorrectly granted would in the normal course of events, where possible, be recovered from the SIPP
that has received that relief. This issue is at an early stage and it is not possible at this time to determine the likely quantum of
any settlement if HMRC were successful in their claims, or when this matter will be resolved.
37. Post balance sheet events
On 10 February 2017 the Company established an oﬀshore Employee Benefit Trust (“EBT”) to benefit, encourage and
motivate all employees by facilitating the long term interests in, and ownership of, shares in the Company. Shares held by
the EBT will be used to satisfy awards under the Company’s Long Term Incentive Schemes and other share-based payment
schemes. As at the date of this report the EBT had acquired 83,725 ordinary shares in the Company.
38. Control
There is no one ultimate controlling party.
68
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2016
Notes to the Financial Statements continued
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