Annual Report and
Consolidated Financial Statements
for the year ended 31 December 2015 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
9 Principal risks and uncertainties
11 Corporate and social responsibility
Governance
12 Board of Directors
14 Directors’ report
15 Statement of Directors’ responsibilities
16 Corporate governance 
18 Directors’ remuneration report
Financial Statements
20 Independent auditors’ report
22 Consolidated statement of comprehensive income
23 Consolidated statement of changes in equity
24 Company statement of changes in equity
25 Consolidated statement of financial position
26 Company statement of financial position
27 Statement of cash flows
28 Notes to the financial statements
Curtis Bank A4 Cover  19/04/2016  16:44  Page 3 1
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Company Information
Directors Christopher Banks – Executive Chairman
Rupert Curtis – Chief Executive Oﬃcer
Paul Tarran – Chief Financial Oﬃcer
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 Saﬀery Champness
71 Queen Victoria Street
London
EC4V 4BE
Solicitors Roxburgh Milkins
Merchants House North
Wapping Road
Bristol
BS1 4RW
Registrars Computershare
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
The Directors present their strategic report for the year ended 31 December 2015.
Financial Highlights
Over the twelve month period relative to the corresponding period last year:
l Increase in revenue by  69%
l Increase in operating profit before amortisation and non-recurring costs by 64%
l Increase in Basic EPS on tax adjusted Operating Profit before amortisation and non-recurring costs by 56%
Year ended Year ended Year ended 
31 December 31 December 31 December
2015 2014 2013
Revenue (£’000) 16,999 10,081 8,912
Operating Profit (£’000) 4,198 3,231 3,154
Operating Profit before amortisation and non-recurring costs (£’000) 6,125 3,746 3,551
Profit Margin on Operating Profit before amortisation and
non-recurring costs 36% 37% 40%
Basic EPS (pence) 7.12 5.95 5.80
Basic EPS on tax adjusted Operating Profit before amortisation and
non-recurring costs (pence) 11.46 7.35 7.47
Operational Highlights
Year ended Year ended Year ended 
31 December 31 December 31 December
2015 2014 2013
Number of SIPPs Administered 39,236 22,379 11,743
Number of SSASs Administered 326 280 250
Assets under Administration (£ billion) 9.0 7.1 4.3
Total New Full SIPPs 2,386 2,046 1,785
Strategic report
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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 (“Self
Invested Personal Pensions”) and SSASs (“Small
Self-Administered Schemes”). 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 SIPPs. 
The Group employs approximately 273 staﬀ in its head
oﬃce in Bristol and regional oﬃces in Dundee and Market
Harborough. Curtis Banks Limited, the Group’s principal
trading subsidiary, is authorised by the Financial Conduct
Authority to provide SIPP products. It currently administers
over 39,000 SIPPs and over 325 SSASs. 
The Group trades under the names Curtis Banks and
Pointon York SIPP Solutions. The Executive Directors have a
long involvement in the pensions market and have
established a business that focuses on a service-driven
proposition for the administration of flexible SIPPs which
allow savers to invest in a wide range of investments.
In the seven years since the business was established it has
grown to become the third largest dedicated Full SIPP
provider in the UK. The majority of Curtis Banks’ clients are
introduced by regulated advisory firms with whom long
standing relationships have been established. High levels of
repeat business are experienced from these firms, which
Curtis Banks takes as an indicator of good levels of
satisfaction with the service that it provides.
On 7 May 2015, the shares of Curtis Banks were admitted
and listed on the London Alternative Investment Market
(“AIM”) and additional funds of £7.5 million (gross) raised to
fund the future development of the Group.
A further issue of new shares raising £27 million (gross) took
place in January 2016 for an acquisition. The fund raising
was well supported by existing and new institutional
shareholders to whom the Board express their gratitude for
the support for the Group.
Strategic report continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Overview
I am pleased to present the first set
of annual results for Curtis Banks as
a listed company for the year ended
31 December 2015. 
The 12 months have been an active
period of growth for the Group and
one in which we have completed two significant
transactions, continued to deliver increasing rates of
organic growth and listed the shares of Curtis Banks on the
AIM market of the London Stock Exchange. 
Revenues for the period increased by 69% from
£10.1 million to £17.0 million, compared to the previous
year, and operating profit increased from £3.2 million to
£4.2 million. These results are all the more impressive
given that we have absorbed costs associated with the
two transactions, their integration and the flotation.
Operating profits before these costs, and amortisation,
increased from £3.7 million to £6.1 million when compared
to the previous year.
The results for the year do not fully reflect the contribution
of our two transactions in the year. The first was the
acquisition of a client book from Friends Life PLC (now
Aviva PLC). The acquisition completed on 13 March 2015
and hence the operating revenues for the year only include
nine months of contribution from this source. The second
was our appointment to replace Capita as SIPP
administrators to a significant book of Zurich SIPPs in
November 2015. This is a 10 year contract with guaranteed
revenues of £1.25 million p.a. in the first two years. The full
benefit of both of these transactions will be seen in the year
ending 31 December 2016 and beyond. 
We continue to grow organically and develop our
introducer network to extend our reach and to further
diversify our introducer relationships. New well established
introducers continue to be attracted to our service level
proposition reflecting the on-going success of our strategy.
Board
As part of our recent admission to AIM, your Board was
enhanced by three key Non-Executive Directors, Chris
Macdonald (Chief Executive of Brooks Macdonald), Bill
Rattray (Finance Director of Aberdeen Asset Management
plc) and Jules Hydleman (former Chairman of Innocent
Drinks). All three bring a wealth of relevant experience and
expertise to the Board and their agreement to accept
positions as Non-Executive Directors expresses their
confidence in the future of the Group.
Dividends
Your Board has declared an interim dividend of 3.5p per
share that was paid on 26 February 2016. No final dividend
will be paid in respect of the year ended 31 December 2015
but it is the expectation that an interim dividend and final
dividend will be declared for the current financial year and
going forward.
Summary and outlook
The results reflect significant progress over the period under
review and this was an important year in the evolution of
Curtis Banks. We expect 2016 to likewise be an equally
important year. On 15 January 2016 we exchanged
contracts with Legal & General Retail Investments
(Holdings) Limited to acquire Suﬀolk Life Group Limited.
This is subject to regulatory approval. 
Suﬀolk Life is one of the oldest and most respected brands
in the SIPP industry, with an excellent reputation for service
and professionalism. We are delighted that Legal & General
has chosen us to take ownership of this business and
believe this reflects our strong standing and market
reputation. Suﬀolk Life is based in Ipswich with
239 employees. Suﬀolk Life manages approximately
26,500 SIPPs, with £8.7 billion of assets under administration.
Suﬀolk Life has a strong reputation for SIPP property
expertise. The acquisition of Suﬀolk Life, once completed,
will also enhance the earnings for the current year and
elevate Curtis Banks to the second largest independent SIPP
provider in the UK.
With the increased regulatory environment for SIPP
operators and forthcoming changes to capital adequacy
rules we are seeing a continuing consolidation in the
industry. We are being regularly approached by SIPP
operators looking for an exit for a variety of reasons and we
are evaluating opportunities as they come to us. Whilst it is
one of our objectives to grow the business by acquisition as
well as organically we will only consider acquisitions of high
quality books of SIPPs that we know can provide at least the
level of operating margins we are currently achieving. The
recent admission to AIM has provided us with the resources
and ability to consider and fund all levels of acquisition as
can be demonstrated by the recent exchange of contracts
to acquire Suﬀolk Life Group Limited.
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 2015
It is against this backdrop that we consider the environment
to be favourable for our current growth strategy. Your Board
looks forward with optimism to further growing Curtis
Banks both organically and acquisitively for the benefit of its
shareholders.
Finally, I would like to thank all the staﬀ in the Group,
including my fellow Executive Directors, for their hard work
and dedication over a period that has seen so much
transition in our business. It is an exciting time for Curtis
Banks and we look forward to delivering on the Group’s
potential.
Christopher Banks
Executive Chairman
14 March 2016
Strategic report continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Operational review
The operational priority for the
first part of the year ended
31 December 2015 was to absorb
the two acquisitions completed at
the end of 2014 and to complete
the acquisition of the Friends Life
book of schemes, ultimately
acquired in March 2015. This resulted in considerable
investment in terms of time and staﬃng in Bristol to
integrate these books of SIPPs into Curtis Banks. 
In the latter part of the year, the 10 year administration
contract of Zurich SIPPs was awarded to Curtis Banks and
recruitment of staﬀ at our Market Harborough oﬃce took
place in order to service this new contract. As with all the
acquisitions carried out to date there is an initially high
investment of time, both leading up to the acquisition and
then integrating the new books acquired with Curtis Banks’
systems and processes, before the full benefit of the
acquisitions can be realised.
The most recent and substantial development for Curtis
Banks has been the exchange of contracts in January 2016
with Legal & General Retail Investments (Holdings) Limited
for the acquisition of Suﬀolk Life Group Limited. We believe
that Suﬀolk Life has a strong heritage, culture and client
focus which we share at Curtis Banks. We will retain Suﬀolk
Life’s headquarters in Ipswich and believe there will be
continuity for clients and exciting opportunities for Suﬀolk
Life’s management and employees as part of the enlarged
group.
The acquisition of Suﬀolk Life is conditional on regulatory
approval that is expected in the second quarter of 2016
which, once completed, will double the size of Curtis Banks
in terms of number of SIPP schemes administered and
turnover.
SIPP numbers
New Full SIPP numbers from organic growth in the year
were 2,386. Compared to the previous year (2014: 2,046)
this shows an impressive growth of 17% and growth of 19%
over the forecast for the year. The number of SIPPs
administered as at 31 December 2015 totalled 21,423 Full
SIPPs, 6,529 eSIPPs and 11,284 SIPPs administered under
third party administration contracts. The increased staﬀ
numbers, as well as working on books of SIPPs acquired,
have been used to support this strong organic growth in
Full SIPPs during the year.
The attrition rate for the year has increased from 3.2% to
4.9% as a result of high rates of attrition on books acquired
during the year. These rates, that existed at the date of
acquisition, have been significantly reduced since that date.
The average revenue per SIPP has fallen to £620 (excluding
SIPPs administered under outsourcing contracts) in the
year 31 December 2015 from £789 for the year ended
31 December 2014. This is attributable to the eﬀect of the
lower revenues from the eSIPP book acquired as part of the
Pointon York acquisition in October 2014. eSIPPs have a
lower fee structure but are less expensive to administer,
hence maintaining margins, as they are on-line products.
The full impact of this has been felt in 2015 whilst the
results for the year ended 31 December 2014 only included
two months of these revenues. In addition, other sources of
revenue for the newly acquired books of business have yet
to be fully developed.
Our market and products
The changes in pension legislation over the past two
budgets have to date had little impact on the business of
Curtis Banks other than implicitly driving the growth levels
in new SIPPs. The Group has seen no significant increase in
withdrawals as a result of the new pension freedom abilities.
All products, systems and literature of Curtis Banks have
however been updated to reflect the changes and allow
clients to fully take advantage of the new rules where
allowed.
In addition, a new product has been designed specifically to
address Pension Freedom. This is a short term pension
drawdown product that allows clients simple on-line access
to their funds, held in cash, with no transactional costs each
time a withdrawal takes place. The product has been
targeted initially to the financial intermediary market.
Systems and personnel
Development continues of the new operating system for
the Group that will replace the current number of systems
in place. The new system will allow more eﬃcient and
robust processing of data and enhance on-line ability for
clients and introducers of business as well as delivering a
standard system across the whole of Curtis Banks. It is
expected that the first stage of the implementation of the
new system will take place in the second half of the current
year.
Strategic report continued
CHIEF EXECUTIVE’S REVIEW
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
I am pleased to welcome Richard Valentine to the Group.
Richard joined mid last year as COO and brings a depth of
experience gained with other SIPP Providers to strengthen
our management team. 
As a result of the exceptional growth of the business over the
past year additional staﬀ have been recruited to strengthen
the provision of general support services. Staﬀ numbers in
Curtis Banks have increased from 181 staﬀ as at 31 December
2014 to 273 as at 31 December 2015, principally in Bristol
where all the main support functions are located. This
additional staﬃng will continue as considered necessary to
be at a level expected to be adequate to support future
projected organic growth and provide the service levels
expected.
Rupert Curtis
Chief Executive Oﬃcer
14 March 2016
Strategic report continued
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Revenues of £17.0 million for the
year have increased by 69% over
the comparable period (2014:
£10.1 million). This is through a
combination of strong organic
growth and the impact of the last
four transactions completed. These
were:
l The acquisition of the SIPP business of Pointon York
SIPP Solutions Limited on 31 October 2014.
l The acquisition of the SIPP business of Rathbones
Pensions and Advisory Services Limited on
31 December 2014.
l The acquisition of a book of self-invested pension
products from Friends Life PLC on 13 March 2015.
l The awarding of the Administration contract for
Zurich SIPPs on 20 October 2015.
The revenue contribution from the last two of these
transactions accounted for £2.8 million of the revenue for
the year to 31 December 2015. The full benefit of these
transactions will be felt in the current and future financial
periods.
Interest income remains under pressure from the low
interest rate environment currently being experienced for
instant access funds. 
Administrative expenses of £10.9 million have increased
for the year by 72% compared to the previous year (2014:
£6.3 million). This is a reflection of the above transactions
and the additional staﬀ resources needed to service these
SIPPs. In the case of Pointon York SIPP Solutions, the costs
included the costs associated with an additional oﬃce at
Market Harborough to maintain a high service level for this
client bank. The retaining of this oﬃce ensured the
retention of the highly experienced staﬀ that transferred
across to Curtis Banks as part of that acquisition and
provided the oﬃce space and experienced staﬀ to support
the Zurich administration contract taken on in November
2015. 
Non-recurring costs for the year included costs of £750,000
relating to the listing of the Company on AIM in May 2015.
In addition included in non-recurring costs are the one oﬀ
costs of establishing the Third Party Administration
environment to allow the Group to take on the Zurich
contract and potentially future third party administration
arrangements. Also the Group incurred reorganisation costs
of £103,000 as a consequence of moving the Head Oﬃce to
new premises in Bristol in February 2015, a necessity given
the growth over the past year. Non-recurring costs were
also incurred relating to matters arising on books of SIPPs
acquired that could not be recovered from the Vendors.
The successful IPO of the Company in May 2015 raised new
funds of £6.4 million (net) and helped strengthen the Group
balance sheet to net assets of £13.6 million at 31 December
2015 compared to £5.2 million at 31 December 2014. Of the
£6.4 million raised, £1.4 million was utilised to repay the
preference shares outstanding as at the date of Admission.
The remaining funds raised are currently on deposit and will
be utilised for future acquisitions and development of the
business. 
Capital expenditure on property, plant and equipment
during the year has been significant at £1.1 million, partly
arising from the investment and development in a new
operating system and routine upgrades in computer
hardware to provide storage and data recovery facilities to
ensure adequate operational and data security
requirements for the enlarged group.
Costs incurred during the year that relate to the proposed
new operating systems and development of new products
have been capitalised and will be written oﬀ over their
useful economic lives when the respective systems are
operational and the products launched.
The new capital adequacy requirements for SIPP operators
become eﬀective from September 2016. Preliminary
calculations have been made by Curtis Banks of the higher
levels of capital needed under the new rules and based on
these Curtis Banks has calculated that it will have more than
suﬃcient capital in place to satisfy the requirements.
On 14 January 2016 Curtis Banks exchanged contracts with
Legal & General Retail Investments (Holdings) Limited to
acquire the entire share capital of Suﬀolk Life Group Limited
for a total consideration of £45 million. The net current
assets of Suﬀolk Life Group Limited at completion are
expected to be circa £18 million. Completion is conditional
on regulatory approval of the Change of Controller of
Suﬀolk Life Group Limited to Curtis Banks.
The Acquisition of Suﬀolk Life Group Limited is to be funded
by the combination of a placing of 8,437,500 new ordinary
shares of 0.5p each in Curtis Banks at a placing price of
320 pence per Share to raise £27 million (the “Placing”),
and a new debt and revolving credit facility. The Placing was
successfully concluded on 20 January 2016 with the
new shares issued being admitted to AIM on that date. The
debt facilities have been fully approved by the lender and
will be drawn down on completion of the transaction.
Paul Tarran
Chief Financial Oﬃcer
14 March 2016
Strategic report continued
FINANCIAL REVIEW
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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 soon to be
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
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Strategic report continued
PRINCIPAL RISKS AND UNCERTAINTIEScontinued
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Sponsorships and partnerships with charities
and community organisations.
Curtis Banks actively encourage supporting of charities and
community organisations. 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 charities where staﬀ that have connections or have had
need of those charities. As well as organising and funding
the events Curtis Banks also makes a contribution to the
relevant charity. 
Staﬀ initiatives and interaction
Management work closely with staﬀ to determine staﬀ
needs. Staﬀ initiatives are implemented where these benefit
the majority of employees. A recent project has been set up,
the ‘Buzz’ project, to ascertain the views of staﬀ on day to
day operational aspects of the business. These initiatives are
designed to ensure the workforce are motivated and happy
in their work environment.
Staﬀ Training
Staﬀ are actively encouraged to train and develop through
both structured and ‘on the job’ training. Staﬀ are supported
in this both financially and through a dedicated training
department. As part of this the Group has an approved list
of professional qualifications that staﬀ are sponsored to
study and qualify for. Staﬀ are encouraged to move up
though the organisation and all vacancies are filled
internally whenever possible.
On the behalf of the board
Paul Tarran
Chief Financial Oﬃcer
14 March 2016
Strategic report continued
CORPORATE AND SOCIAL RESPONSIBILITY
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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 37 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.
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.
Curtis Bank pp12-27  19/04/2016  16:50  Page 12 13
Governance continued
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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 pp12-27  19/04/2016  16:50  Page 13 The Directors present their report and financial statements
for the year ended 31 December 2015.
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 33. An indication of
likely future developments in the business of the Group and
details of research and development activities are included
in the Strategic Report.
Results and dividends
The consolidated statement of comprehensive income for
the year is set out on page 22.
An Interim dividend of 1.25p per share totalling £500,000
was proposed and paid on 30 January 2015. A further
interim dividend of 3.5p per share totalling £1.8 million
was proposed and paid on 26 February 2016.
Substantial Shareholders
At 1st March 2016 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
Hargreave Hale 3,665,360 6.86%
Liontrust Asset Management 2,907,600 5.45%
Kames Capital 1,727,115 3.24%
Directors
The following Directors have held oﬃce since 1 January
2015:
Christopher Banks
Rupert Curtis
Paul Tarran
Chris Macdonald (Appointed 14.04.2015)
Bill Rattray (Appointed 29.04.2015)
Jules Hydleman (Appointed 17.04.2015)
Directors’ indemnity
The Directors had indemnity cover totalling £5,000,000
during the year ended 31 December 2015. 
Related party transactions
Details of related party transactions are given in note 32.
Annual General Meeting
The Annual General Meeting of the Company will be held
on 27 June 2016. The Notice of the Meeting is included with
this document and contains further information on the
business to be proposed at the meeting.
Auditors
Saﬀery Champness have confirmed their willingness to
continue in oﬃce as auditor in accordance with section 489
of the Companies Act 2006. The Group is satisfied that
Saﬀery Champness are independent and there are
adequate safeguards in place to ensure their objectivity. 
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 
Subsequent to the 31 December 2015 Curtis Banks Group
PLC exchanged conditional contracts to acquire Suﬀolk life
Group Limited. As part of this event £27 million of new
share capital was raised though a placing of new ordinary
shares in the Company. These events are further described
in note 33.
14
Governance continued
DIRECTORS’ REPORT
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 14 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
14 March 2016
15
Governance continued
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 15 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 2014 (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 three times since the
flotation of the Company on AIM on 7 May 2015 with the
auditors being in attendance at two of those meetings. The
audit plan for the year ended 31 December 2015 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 three times
since the flotation of the Company on AIM 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.
16
Governance continued
CORPORATE GOVERNANCE
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 16 (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 three times since
the flotation of the Company on AIM. 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 has been approved by the
Board and it is expected that this Scheme will be oﬀered
to staﬀ in Q2 2016. 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.
17
Governance continued
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 17 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 six 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 twelve months for the solicitation of 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 2015 2014
Director and fees contributions Benefits ££
Christopher Banks 130,000 – 8,000 138,000 103,500
Rupert Curtis 190,000 5,700 6,000 201,700 154,500
Paul Tarran 150,000 4,500 7,500 162,000 101,505
Chris Macdonald 35,835 –– 35,835 –
Bill Rattray 16,857 –– 16,857 –
Jules Hydleman 17,705 –– 17,705 –
Total 540,397 10,200 21,500 572,097 359,505
18
Governance continued
DIRECTORS’ REMUNERATION REPORT
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 18 Directors’ shareholdings
As at 31 December 2015, 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:
2015 2014
Director Number % Number %
Christopher Banks 20,436,843 45.46 25,700,000 64.25
Rupert Curtis 7,321,053 16.29 7,900,000 19.75
Paul Tarran 3,777,127 8.40 4,066,600 10.16
Chris Macdonald 7,894 0.02 ––
Bill Rattray 7,894 0.02 ––
Jules Hydleman 39,473 0.09 ––
Jules Hydleman
Chairman of the Remuneration Committee
14 March 2016
19
Governance continued
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 19 We have audited the financial statements of Curtis Banks
Group PLC for the year ended 31 December 2015 consisting
of the consolidated statement of comprehensive income,
consolidated and company statements of changes in
equity, the consolidated and company statements of
financial position, the consolidated and company statement
of cash flows, and the related notes. The financial reporting
framework that has been applied in their preparation is
applicable law and International Financial Reporting
Standards (IFRS) as adopted by the European Union, as
applied in accordance with the provisions of the Companies
Act 2006.
This report is made solely to the Company’s members, as a
body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken
so that we might state to the Company’s members those
matters we are required to state to them in an auditors’
report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the
Company’s members as a body, for our audit work, for this
report, or for the opinions we have formed.
Respective responsibilities of Directors and
auditors
As explained more fully in the Directors’ Responsibilities
Statement, 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). Those standards require us to
comply with the Auditing Practices Board’s Ethical
Standards for Auditors.
Scope of the audit of the financial statements
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: whether the
accounting policies are appropriate to the Group’s and the
parent Company’s circumstances and have been
consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made
by the Directors; and the overall presentation of the
financial statements. In addition, we read all the financial
and non-financial information in the annual report and
consolidated financial statements 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.
Opinion on financial statements
In our opinion:
l the financial statements give a true and fair view of
the state of aﬀairs of the Group and the parent
Company as at 31 December 2015 and of the Group’s
profit for the year then ended; and 
l the Group financial statements have been properly
prepared in accordance with IFRS as adopted by the
European Union; and
l the parent Company financial statements have been
properly prepared in accordance with IFRS 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.
Opinion on other matter prescribed by the
Companies Act 2006
In our opinion 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.
Matters on which we are required to report by
exception
We have nothing to report in respect of the following
matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
l adequate accounting records have not been kept by
the parent Company, or returns adequate for our audit
have not been received from branches not visited by
us; or
20
Auditors Report
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 20 l the parent Company financial statements are not in
agreement with the accounting records and returns;
or
l certain disclosures of Directors’ remuneration
specified by law are not made; or
l we have not received all the information and
explanations we require for our audit.
Donna Caira
(Senior Statutory Auditor)
for and on behalf of Saﬀery Champness 
Chartered Accountants Saﬀery Champness
Statutory Auditors 71 Queen Victoria Street
London
14 March 2016 EC4V 4BE
21
Auditors Report continued
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
Curtis Bank pp12-27  19/04/2016  16:50  Page 21 Year ended 31 December
2015 2014
Notes £’000 £’000
Revenue
Continuing operations 15,364 9,545
Acquisitions 1,635 536
16,999 10,081
Administrative expenses (10,874) (6,335)
Operating profit before  amortisation and non-recurring costs 6,125 3,746
Non-recurring costs 7 (1,194) (106)
Amortisation (733) (409)
Operating profit 4,198 3,231
Finance income 10 40 14
Finance costs 9 (158) (141)
Profit before tax 4,080 3,104
Tax 11 (983) (665)
Profit for the year 6 3,097 2,439
Other comprehensive income for the year ––
Total comprehensive income for the year 3,097 2,439
Attributable to:
Equity holders of the Company 3,072 2,380
Non-controlling interests 25 59
3,097 2,439
Earnings per ordinary share:
Basic (pence) 12 7.12p 5.95p
Diluted (pence) 12 6.96p 5.91p
Earnings per ordinary share on tax adjusted operating profit before 
amortisation and non-recurring costs:
Basic (pence) 11.46p 7.35p
Diluted (pence) 11.20p 7.31p
The consolidated statement of comprehensive income has been prepared on the basis that all operations are continuing
operations.
22
Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
The notes on pages 28 to 55 form part of these financial statements.
Curtis Bank pp12-27  19/04/2016  16:50  Page 22 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 2014 200 –– 1,211 1,411 1,402 2,813
Total comprehensive income 
for the year –– – 2,380 2,380 59 2,439
Share based payments –– 32 – 32 – 32
Preference dividends declared –– ––– (56) (56)
At 31 December 2014 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 –– – (500) (500) – (500)
Preference dividends declared –– ––– (21) (21)
Preference shares redeemed –– ––– (1,400) (1,400)
At 31 December 2015 225 7,146 97 6,163 13,631 9 13,640
23
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 2015
The notes on pages 28 to 55 form part of these financial statements.
Curtis Bank pp12-27  19/04/2016  16:50  Page 23 Equity share 
Issued Share based Retained
capital premium payments earnings Total
Company £’000 £’000 £’000 £’000 £’000
At 1 January 2014 200 –– 3 203
Total comprehensive income for the year –– – 12 12
Share based payments –– 32 – 32
At 31 December 2014 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 –– – (500) (500)
At 31 December 2015 225 7,146 97 2,028 9,496
24
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 2015
The notes on pages 28 to 55 form part of these financial statements.
Curtis Bank pp12-27  19/04/2016  16:50  Page 24 As at 31 December
2015 2014
Group Notes £’000 £’000
ASSETS
Non-current assets
Intangible assets 13 13,379 11,235
Property, plant and equipment 14 1,519 694
Investments 15 11
14,899 11,930
Current assets
Trade and other receivables 17 4,049 1,868
Cash and cash equivalents 18 7,630 2,699
11,679 4,567
Total assets 26,578 16,497
LIABILITIES
Current liabilities
Trade and other payables 19 1,951 1,081
Deferred income 4,649 3,587
Borrowings 20 1,195 1,218
Deferred consideration 1,242 1,760
Current tax liability 434 375
9,471 8,021
Non-current liabilities
Borrowings 20 2,036 3,168
Deferred consideration 1,219 –
Deferred tax liability 21 212 80
3,467 3,248
Total liabilities 12,938 11,269
Net assets 13,640 5,228
Equity attributable to owners of the parent
Issued capital 22 225 200
Share premium 23 7,146 –
Equity share based payments 23 97 32
Retained earnings 23 6,163 3,591
13,631 3,823
Non-controlling interest 9 1,405
Total equity 13,640 5,228
25
Financial Statements continued
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
The notes on pages 28 to 55 form part of these financial statements.
Curtis Bank pp12-27  19/04/2016  16:50  Page 25 As at 31 December
2015 2014
Company Notes £’000 £’000
ASSETS
Non-current assets
Investments 15 7,382 5,917
Current assets
Trade and other receivables 17 560 –
Cash and cash equivalents 18 4,832 –
5,392 –
Total assets 12,774 5,917
LIABILITIES
Current liabilities
Trade and other payables 19 47 1,307
Borrowings 20 1,195 1,195
1,242 2,502
Non-current liabilities
Borrowings 20 2,036 3,168
Total liabilities 3,278 5,670
Net assets 9,496 247
Equity attributable to owners of the parent
Issued capital 22 225 200
Share premium 23 7,146 –
Equity share based payments 23 97 32
Retained earnings 23 2,028 15
Total equity 9,496 247
Approved by the Board and authorised for issue on 14 March 2016
Rupert Curtis
Chief Executive Oﬃcer 
Company Registration No. 07934492
26
Financial Statements continued
COMPANY STATEMENT OF FINANCIAL POSITION
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
The notes on pages 28 to 55 form part of these financial statements.
Curtis Bank pp12-27  19/04/2016  16:50  Page 26 Group Company
Y ear ended 31 December Y ear ended 31 December
2015 2014 2015 2014
Notes £’000 £’000 £’000 £’000
Cash flows from operating activities
Profit before tax 4,080 3,104 2,513 12
Adjustments for:
Depreciation 267 178 ––
Amortisation 733 409 ––
Loss on disposal of property, plant and equipment –1 – –
Interest expense 158 142 151 135
Share based payment expense 19 –– –
Changes in working capital:
Increase in trade and other receivables (2,055) (750) (515) –
Increase/(decrease) in trade and other payables 1,113 671 (1,230) 812
Taxes paid (794) (918) ––
Net cash flows from operating activities 3,521 2,837 919 959
Cash flows from investing activities
Purchase of intangible assets 13 (220) –– –
Purchase of property, plant and equipment 14 (1,092) (384) ––
Receipts from sale of property, plant and equipment –4 – –
Consideration paid on business acquisitions 
(including deferred) 16 (1,128) (3,424) – (2,450)
Net cash flow from investing activities (2,440) (3,804) – (2,450)
Cash flows from financing activities
Capital element of finance lease contracts (20) (38) ––
Equity dividends paid (535) (179) (500) –
Net proceeds from issue of ordinary shares 7,171 – 7,171 –
Redemption of preference shares (1,400) – (1,400) –
Proceeds from borrowings – 2,450 – 1,620
Repayment of borrowings (1,195) (940) (1,195) –
Interest element of finance lease rentals (4) (4) ––
Interest paid (167) (167) (163) (129)
Net cash received from financing activities 3,850 1,122 3,913 1,491
Net increase in cash and cash equivalents 4,931 155 4,832 –
Cash and cash equivalents at the beginning of the year 2,699 2,544 ––
Cash and cash equivalents at the end of the year 18 7,630 2,699 4,832 –
27
Financial Statements continued
STATEMENT OF CASH FLOWS
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
The notes on pages 28 to 55 form part of these financial statements.
Curtis Bank pp12-27  19/04/2016  16:50  Page 27 28
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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 14 March 2016.
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. 
2. Significant accounting policies
The following principal accounting policies have been used consistently in the preparation of consolidated financial
statements.
Basis of preparation
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 2015.
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 2015 were Curtis Banks Limited and Curtis Banks
Investment Management Limited.
The trading subsidiaries of Curtis Banks Group PLC as at 31 December 2014 were Curtis Banks Limited, Curtis Banks
Investment Management Limited and Bridgewater Pension Trustees Limited. On 1 January 2015, the trade of Bridgewater
Pension Trustees Limited was transferred up to Curtis Banks Limited, and consequently Bridgewater Pension Trustees Limited
became non-trading.
Curtis Banks Limited holds the entire issued share capital of Colston Trustees Limited, Montpelier Pension Trustees Limited,
Tower Pension Trustees Limited, Tower Pension Trustees (S-B) Limited, SPS Trustees Limited, Crescent Trustees Limited, Final
Pursuit Limited, and Temple Quay Pension Trustees Limited. 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 have been dormant
since incorporation 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.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
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 (ie 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. No foreign currency transactions occurred during the year.
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.
Revenue recognition
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 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.
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 2015
Notes to the Financial Statements continued
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.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
2. Significant accounting policies continued
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.
Investments
Non-current asset investments are stated at cost less provision for diminution in value. 
Financial assets
The Group classifies its financial assets 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 “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. 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 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.
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 2015
Notes to the Financial Statements continued
2. Significant accounting policies continued
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.
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.
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 an EMI scheme, under which certain employees of Curtis Banks Limited, a subsidiary
company, 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. 
Curtis Banks Group PLC has also provided share based payments to third parties, in the form of options to purchase its own
shares, in connection with the acquisition of Client Portfolios by Curtis Banks Limited, a subsidiary company. 
These schemes are accounted for as equity-settled share-based payment transactions in accordance with IFRS 2.
Curtis Bank pp28-56  19/04/2016  16:47  Page 32 33
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
2. Significant accounting policies continued
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 of share options is
calculated by applying the Black Scholes model. This 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 options that will eventually vest.
The resulting staﬀ costs under the EMI scheme 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
IFRS 5 Non-current assets Held for Sale and Discontinued Operations 1 January 2016
IFRS 7 Financial Instruments: Disclosures – Annual Improvements 2012-2014 cycle 1 January 2016
IFRS 9 Financial instruments: Classification and Measurement 1 January 2018
IAS 27 Consolidated and Separate Financial Statements 1 January 2016
IFRS 11 Accounting for acquisitions of interests in joint operations (amendments) 1 January 2016
IAS 34 Interim Financial Reporting – Annual Improvements 2012-2014 cycle 1 January 2016
IFRS 14 Regulatory Deferral accounts 1 January 2016
IFRS 15 Revenue from contracts with Customers 1 January 2018
IFRS 16 Leases 1 January 2019
IAS 1 Presentation of Financial Statements – Disclosure initiative 1 January 2016
IAS 16 Property, Plant & Equipment and IAS 38 – Intangible assets (amendments) 1 January 2016
IAS 16 Property, Plant & Equipment and IAS 41 – Bearer Plants (amendments) 1 January 2016
IAS 19 Employee Benefits – Annual Improvements 2012-2014 cycle 1 January 2016
Annual Improvements to IFRSs 2011-2013 Cycle 1 January 2015
Annual Improvements to IFRSs 2010-2012 Cycle 1 February 2015
IAS 19 Employee Benefits – Defined Benefit Plans: Employee Contributions (amendments) 1 February 2015
Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities: Applying the consolidation exception 1 January 2016
Except for IFRS 15 and IFRS 16, 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 both IFRS 15 and IFRS 16 is still being evaluated.
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 2015
Notes to the Financial Statements continued
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. The resulting accounting estimates will, by definition, seldom equal the related actual results. 
Key areas of judgement and estimation uncertainty are disclosed below: 
Client portfolios 
Client portfolios 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 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 2015 was £13,163,302 (31 December 2014: £11,210,518) as disclosed
in note 13 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 2015 was £63,978
(31 December 2014: £24,050) as disclosed in note 13 to the financial statements. 
In capitalising the operating software as computer equipment under Property, plant and equipment management judge
these costs to be necessary for the computer hardware to operate in the manner intended and consequently these costs
have been recognised in accordance with the criteria in IAS 16. The amount included in computer equipment at
31 December 2015 is £847,218 (31 December 2014: £224,387) as disclosed in note 14 to the financial statements.
4. Financial risk management
Financial risk factors
The Group’s activities are only exposed to one significant type of financial risk: interest rate risk i.e. the eﬀect on interest rates
on the amount of interest (“interest turn”) the Group receives on client funds. The amount of interest received by clients on
their funds is set out in the terms and conditions relevant to the SIPP product they hold. In most cases these rates are linked
to base rate and will move in line with base rate. The rate of interest received by the Group should also move in line with
base rates protecting the level on interest turn received by the Group, however, there is the risk such equivalent movement
of rates will not occur and there is a reduced interest rate turn.
This risk is managed by active treasury management to ensure maximum rates are being received for client deposits though
use of more than one bank, where client funds are held on a pooled basis, and close relationship with the underlying banks
where client funds are held in individual Trustee accounts. 
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
4. Financial risk management continued
Capital management
Capital requirements of the Group are governed by internal requirements and regulatory requirements. 
Calculations are carried out at the end of each month to ensure there is suﬃcient regulatory capital within the Group. Current
requirements for the Group are based on a percentage of the level of overheads of the regulated operating company and are
approximately £2.5 million. The regulatory rules on capital requirements for SIPP operators are to change from September
2016 from which date requirements will be based on the value of assets under administration within the SIPPs administered
by the Group.
Internal working capital requirements are low and the only need to retain capital is for known IT projects and prospective
acquisitions.
5. Revenue
Revenue is wholly derived from activities undertaken within the United Kingdom.
6. Profit for the year
Profit for the year is arrived at after:
Year ended 31 December
2015 2014
£’000 £’000
Charging:
Amortisation of intangible assets 733 409
Depreciation of property, plant and equipment 267 178
Operating lease rentals for land and buildings 321 124
Other operating lease rentals 326 257
Auditors remuneration:
– audit of the annual accounts of the Group 55 28
– regulatory and tax audits 18 18
– corporation tax services 86
– professional fees in respect of listing 130 –
7. Non-recurring costs
Non-recurring costs include the following significant items:
Year ended 31 December
2015 2014
£’000 £’000
IPO of the Company and listing on AIM 750 –
Set up costs associated with the take on of SIPPs under third party administration agreements 243 –
Bristol head oﬃce move 103 –
Exceptional legal fees 68 –
Redundancy & restructuring costs following acquisitions 30 106
1,194 106
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 2015
Notes to the Financial Statements continued
7. Non-recurring costs continued
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.
8. Directors and employees
Year ended 31 December
2015 2014
£’000 £’000
Wages and salaries 6,720 3,884
Social security costs 731 397
Other pension costs 230 143
7,681 4,424
The charge to the consolidated statement of comprehensive income for wages and salaries for the year ended 31 December
2015 includes £18,913 (2014: £1,211) relating to an EMI share option scheme. See note 24 for further details.
The average number of employees during the year was:
2015 2014
Directors 55
Administration 230 128
235 133
Details of emoluments paid to the Directors and key management personnel are as follows:
Year ended 31 December
2015 2014
£’000 £’000
Total emoluments paid to:
Directors
salaries and fees 562 518
pension costs 10 12
Key management personnel (excluding Directors)
wages and salaries 906 466
pension costs 30 3
1,508 999
Emoluments of highest paid director 202 155
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 2015 includes £3,752 (2014: £390) relating to an EMI share option
scheme. See note 24 for further details.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
9. Finance costs
Year ended 31 December
2015 2014
£’000 £’000
Interest payable on bank loans 154 135
Interest payable on shareholder loans –3
Lease finance charges 44
158 142
10. Finance income
Year ended 31 December
2015 2014
£’000 £’000
Interest income 40 14
11. Taxation
Year ended 31 December
2015 2014
£’000 £’000
Domestic current period tax
UK Corporation tax 851 638
Deferred tax
Origination and reversal of temporary diﬀerences 132 27
983 665
Factors aﬀecting the tax charge for the period
Profit before tax 4,080 3,104
Profit before tax multiplied by standard rate of UK Corporation tax of 20.25% (2014: 21.50%) 826 667
Eﬀects of:
Non-deductible expenses 165 14
Depreciation 201 38
Capital allowances (311) (89)
Other tax adjustments (30) 8
25 (29)
Current tax charge 851 638
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 2015
Notes to the Financial Statements continued
12. Earnings per share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of
the Group 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
Group 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:
2015 2014
£’000 £’000
Net profit and diluted net profit available to equity holders of the Group 3,072 2,380
Operating profit and diluted operating profit before amortisation (note 13) and
non-recurring costs (note 7) available to equity holders of the Group 6,125 3,746
2015 2014
Number Number
Weighted average number of ordinary shares:
Issued ordinary shares at start of period 200,000 200,000
Subdivision of shares by factor of 200 39,800,000 39,800,000
Eﬀect of shares issued in current period 3,147,923 –
Basic weighted average number of shares 43,147,923 40,000,000
Eﬀect of options exercisable at the reporting date 195,604 –
Eﬀect of options not yet exercisable at the reporting date 806,009 249,616
Diluted weighted average number of shares 44,149,536 40,249,616
2015 2014
Pence Pence
Earnings per share:
Basic 7.12 5.95
Diluted 6.96 5.91
Earnings per share on tax adjusted operating profit before amortisation and non-recurring costs:
Basic 11.46 7.35
Diluted 11.20 7.31
The ordinary share capital of the Company was subdivided by a factor of 200 on 28 April 2015. The weighted average
number of ordinary shares in issue has been restated for the year ended 31 December 2014 as if the subdivision of shares
had existed at that date.
Curtis Bank pp28-56  19/04/2016  16:47  Page 38 39
Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
13. Intangible assets
Development Client Computer
Costs Portfolios Software Total
Group £’000 £’000 £’000 £’000
Cost
At 1 January 2015 – 11,984 123 12,107
Arising on acquisitions – 2,609 – 2,609
Additions 151 48 69 268
At 31 December 2015 151 14,641 192 14,984
Amortisation 
At 1 January 2015 – 773 99 872
Charge for the year – 704 29 733
At 31 December 2015 – 1,477 128 1,605
Net book value
At 31 December 2014 – 11,211 24 11,235
At 31 December 2015 151 13,164 64 13,379
Development Costs
Development costs represent costs incurred for the development of new SIPP products, with a carrying value as at
31 December 2015 of £151,402. No amortisation has been provided in the year to 31 December 2015 as products have yet
to be released to the market and are consequently not yet available for sale.
Computer Software
Computer software represents a 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 2014 and 2015 of £24,050 and £63,978
respectively. This is being amortised over its useful economic life of four years on a straight line basis.
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, and the full SIPP business of Rathbones
Pension & Advisory Services Limited on 31 December 2014. On 13 March 2015 a book of full SIPPs was acquired from Friends
Life plc (now Aviva plc).
These 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 2015 of 18 years.
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 2015
Notes to the Financial Statements continued
14. Property, plant and equipment
Leasehold Computer Plant &
Improvements equipment equipment Total
Group £’000 £’000 £’000 £’000
Cost
At 1 January 2015 54 948 94 1,096
Additions – 1,048 44 1,092
At 31 December 2015 54 1,996 138 2,188
Depreciation
At 1 January 2015 1 349 52 402
Charge for the year 14 227 26 267
At 31 December 2015 15 576 78 669
Carrying value
At 31 December 2014 53 599 42 694
At 31 December 2015 39 1,420 60 1,519
Included in the carrying values above are assets held under finance leases and hire purchase contracts for £29,645 (2014:
£58,139). Depreciation has been charged in relation to these assets of £28,494 (2014: £28,494). 
Computer equipment includes costs for a software package for SIPP administration, with a carrying value of £847,218 (2014:
£224,387). As at 31 December 2015 this was still under construction and therefore is not yet being depreciated.
15. Non-current asset investments 
Group Company
£’000 £’000
Cost
At 1 January 2015 1 5,917
Additions – 1,465
At 31 December 2015 1 7,382
Net book value
At 31 December 2014 1 5,917
At 31 December 2015 1 7,382
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
15. Non-current asset investments continued
The Directors are satisfied that no impairment has occurred in the carrying value of the non-current asset investments at
31 December 2015. Details of the investments are as follows:
% of 
Ordinary % of
Shares held Ordinary
Principal Country of by parent Shares held
Name of entity activity Incorporation Company by Group
Curtis Banks Limited Provision of pension England and Wales 100.00 100.00
administration services
Curtis Banks Investment Provision of financial England and Wales – 90.00
Management Limited advice
Colston Trustees Limited Dormant England and Wales – 100.00
Montpelier Pension Trustees Limited Dormant England and Wales – 100.00
Tower Pension Trustees Limited Dormant England and Wales – 100.00
SPS Trustees Limited Dormant England and Wales – 100.00
Crescent Trustees Limited Dormant England and Wales – 100.00
Final Pursuit Limited Dormant England and Wales – 100.00
Tower Pension (S-B) Trustees Limited Dormant Scotland – 100.00
Bridgewater Pension Trustees Limited Non-trading England and Wales – 100.00
Temple Quay Pension Trustees Limited Dormant England and Wales – 100.00
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 2015
Notes to the Financial Statements continued
15. Non-current asset investments continued
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
2015 2015
Principal activity ££
Curtis Banks Limited Provision of pension administration services 11,415,992 4,128,014
Curtis Banks Investment Management Limited Provision of financial advice 89,897 38,361
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–
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–
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, are exempt from audit under the requirements of s479 of the Companies
Act 2006.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
16. Business combinations 
Acquisition of SIPPs from Friends Life Limited
On 13 March 2015, Curtis Banks Limited acquired a book of circa 2,300 SIPPs from Friends Life Limited, and certain associated
assets and liabilities, as part of the Group’s overall strategy to grow both organically and acquisitively. Consideration was
agreed in the form of payment to Friends Life Limited of a share of the fees received from the book of SIPPs for a five year
period from 13 March 2015. The acquisition has been accounted for using the acquisition method.
The fair value of the book of SIPPs, and identifiable assets and liabilities of the business acquired as at the date of acquisition
were as follows:
Fair value recognised
on acquisition
£’000
Fair value of consideration 2,345
Debtors (81)
Deferred income 863
Cash receivable in respect of deferred income (518)
Fair value of net assets acquired 2,609
Goodwill arising on acquisition –
Total acquisition costs 2,609
Acquisition costs are analysed as follows:
Fair value of deferred consideration payable 1,978
Deferred income liability acquired 863
Cash received in respect of deferred income (518)
Debtors acquired (81)
Client asset re-registration costs 367
Total acquisition costs 2,609
The deferred consideration has been accounted for at fair value, and is split between creditors due within one year and
creditors due in more than one year. The amount of deferred consideration payable is linked to a share of the fees received
on the book of SIPPs over a five year period from the date of acquisition. As the deferred consideration is intrinsically linked
to revenue receivable, the deferred consideration has not been discounted to present value as any discount factor
recognised would oﬀset against future revenue receivable.
The Directors have not determined the post-acquisition operating results of the acquisition for the period ended
31 December 2015, as many of the support and general overhead costs for the book of SIPPs are carried out by existing staﬀ
of the Group.
Revenue of £1,634,749 has been recognised in relation to the book of SIPPs acquired during the year ended 31 December
2015. The revenue as though the acquired business had been held for the full year ended 31 December 2015 is estimated to
be £2,065,000.
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 2015
Notes to the Financial Statements continued
16. Business combinations continued
The net cash outflow arising from this acquisition was as follows:
£’000
Deferred consideration paid during the year 278
Cash received to oﬀset two thirds of deferred income liability acquired (518)
Client asset re-registration costs 367
Net cash outflow in the year ended 31 December 2015 127
Expected undiscounted deferred consideration payable:
Year ended 31 December 2016 482
Year ended 31 December 2017 419
Year ended 31 December 2018 357
Year ended 31 December 2019 303
Year ended 31 December 2020 139
Total expected undiscounted deferred consideration payable 1,700
Total net cash outflow 1,827
17. Trade and other receivables
Group Company
As at 31 December As at 31 December
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Trade receivables 2,350 1,018 ––
Other receivables 962 481 49 –
Amounts owed by group undertakings –– 511 –
Prepayments and accrued income 737 369 ––
4,049 1,868 560 –
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. 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. There are instances of Schemes not proceeded with and fees are credited when this is
identified.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
17. Trade and other receivables continued
The nominal value of provisions relating to trade receivables were as follows: 
Year ended 31 December
2015 2014
£’000 £’000
Brought forward 35 35
Charged in year 40 –
Released in year ––
Carried forward 75 35
The ageing profile of the non-related party 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 2014 1,018 436 141 101 340
As at 31 December 2015 2,350 1,063 246 147 894
18. Cash and cash equivalents
As at 31 December 2015 and 2014 cash and cash equivalents were as follows:
Group Company
As at 31 December As at 31 December
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Cash at bank and in hand 7,630 2,699 4,832 –
All cash at bank is held on overnight deposit.
19. Trade and other payables (current)
Group Company
As at 31 December As at 31 December
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Trade payables 347 270 ––
Amounts owed to group undertakings –– – 1,279
Taxes and social security costs 659 518 ––
Other payables 429 66 ––
Accruals 516 213 47 28
Declared dividends – 14 ––
1,951 1,081 47 1,307
The fair value of trade and other payables approximates to book value at 31 December 2015.
Trade payables are non-interest bearing and are normally settled on 30 day terms.
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 2015
Notes to the Financial Statements continued
20. Borrowings 
Group Company
As at 31 December As at 31 December
2015 2014 2015 2014
£’000 £’000 £’000 £’000
Current
Bank loans 1,195 1,195 1,195 1,195
Finance lease liabilities – 23 ––
1,195 1,218 1,195 1,195
Non-current
Bank loans 2,036 3,168 2,036 3,168
Finance lease liabilities –– ––
2,036 3,168 2,036 3,168
Total borrowings 3,231 4,386 3,231 4,363
Bank borrowings
The bank loan is secured on the shares of Curtis Banks Limited. Finance leases and hire purchase agreements are secured on
the assets funded by the specific funding agreements.
The net obligations under finance leases and hire purchase agreements are fully repayable within five years.
The Group and Company bank borrowings are repayable as follows:
As at 31 December
2015 2014
£’000 £’000
Within 1 year 1,195 1,195
Between 1 year and 2 years 1,195 1,195
Between 2 years and 5 years 841 1,973
3,231 4,363
Bank borrowings mature between December 2017 and December 2019 and bear average coupons of 3.5% plus LIBOR per
annum. Total borrowings include secured liabilities of £3,231,250 (2014: £4,363,292). The Directors consider that the carrying
amounts and fair value of the non-current borrowings closely equate to each other at the levels shown above.
Finance leases
The finance lease liabilities are for computer equipment and were fully repaid in 2015. As per note 14, these assets had a
total net book value as at 31 December 2015 of £29,645 (2014: £58,139). The Directors consider that the total minimum lease
payments approximate to the present value at the balance sheet dates.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
21. Provisions for liabilities 
Deferred taxation 
As a result of the taxation position set out in note 11, a deferred tax provision has arisen as follows:
Group
As at 31 December
2015 2014
£’000 £’000
Brought forward 80 52
Tax losses utilised –7
Net increase in temporary diﬀerences on plant and equipment 132 21
Carried forward 212 80
The deferred tax provision with respect to temporary diﬀerences is analysed as follows:
Group
As at 31 December
2015 2014
£’000 £’000
Temporary diﬀerences on plant and equipment 212 80
The deferred tax provision assumes a future corporation tax rate of 20% will be applicable to the Group.
22. Share capital 
Group & Company
As at 31 December
2015 2014
£’000 £’000
Allotted, called up and fully paid
Ordinary shares of 0.5p each 225 200
225 200
Group & Company
As at 31 December
2015 2014
Number Number
Number of Ordinary shares
Brought forward 200,000 200,000
Subdivision of shares by a factor of 200 39,800,000 –
Issued during the year 4,954,769 –
Carried forward 44,954,769 200,000
Ordinary shares are classified as equity. Equity instruments issued by the Company are recorded at the proceeds received,
net of direct issue costs.
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 2015
Notes to the Financial Statements continued
22. Share capital continued
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. 
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, 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.
There are no ordinary shares reserved for issue under options. 
23. Reserves
Equity share
Share based Retained
premium payments earnings Total 
Group £’000 £’000 £’000 £’000
At 1 January 2014 –– 1,211 1,211
Profit for the year –– 2,380 2,380
Share based payments – 32 – 32
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 –– (500) (500)
At 31 December 2015 7,146 97 6,163 13,406
Equity share
Share based Retained
premium payments earnings Total 
Company £’000 £’000 £’000 £’000
At 1 January 2014 –– 3 3
Profit for the year –– 12 12
Share based payments – 32 – 32
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 –– (500) (500)
At 31 December 2015 7,146 97 2,028 9,271
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
23. Reserves continued
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”), where 3,947,369 Ordinary
shares were issued at par and placed at £1.90 share. The reserve arises on the diﬀerence between the placing price and the
par value of the share. 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, a subsidiary
company. Further details are disclosed in note 24.
Retained earnings
Retained earnings comprise the cumulative realised gains and losses of the Group from each of the individual combined
entities.
24. Share options
The ordinary share capital of Curtis Banks Group PLC was subdivided by a factor of 200 on 28 April 2015. Consequently, all
shares under option and associated exercise prices were also subdivided by a factor of 200. The opening numbers of shares
under option as at 31 December 2014 have been restated as if the subdivision of share capital had always been in place.
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 Granted/ shares under
option at (Exercised) option at
31 December during the 31 December Exercise
Date of grant 2014 year 2015 price Expiry date
24 October 2014 622,200 (207,400) 414,800 10.11p 24 October 2024
8 April 2015 – 800,000 800,000 62.54p 8 July 2025
622,200 592,600 1,214,800
No share options were exercisable during the year ended 31 December 2014. Of the remaining 1,214,800 shares under
option, 414,800 will vest in halves on both 24 October 2016 and 24 October 2017 at an exercise price of 10.11p, and 800,000
options will vest in thirds with 266,667 already becoming exercisable during the year, and the remaining two thirds
becoming exercisable on 1 July 2016, and 1 July 2017 at an exercise price of 62.54p.
The weighted average share price on EMI share options at the date of exercise was £3.20.
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 2015
Notes to the Financial Statements continued
24. Share optionscontinued
Third party share options
In addition, options were granted during 2014 to third parties as follows:
Number of Number of
shares under Granted/ shares under
option at (Exercised) option at
31 December during the 31 December Exercise
Date of grant 2014 year 2015 price Expiry date
31 October 2014 80,000 (80,000) – 0.5p 30 September 2024
31 October 2014 720,000 (720,000) – 0.5p 30 September 2024
800,000 (800,000) –
All third party share options were exercised on 30 April 2015.
It was not possible to reliably measure the fair value of the goods received from third parties for these options, they have
been measured indirectly at the fair value of the instruments granted.
The Directors have not determined the weighted average share price on third party share options exercised during the year
as the Company was unlisted on the date of exercise.
The weighted average exercise price for all outstanding options at 31 December 2015 was 44.64p.
Share based payments expenses
The ordinary share capital of the Company was subdivided by a factor of 200 on 28 April 2015, and the exercise price and
numbers of shares under all existing options granted were also subdivided by a factor of 200.
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 24%, zero dividend yield, 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
Latest exercise 31 December value per
Date of grant Exercise price date 2015 option
Employee options
24 October 2014 10.11p 24 October 2024 414,800 2.13p
8 April 2015 62.54p 8 April 2025 800,000 5.64p
1,214,800
The total charge to the consolidated statement of comprehensive income arising from equity-settled share-based payment
transactions for the year ended 31 December 2015 was £18,913 (2014: £1,211). The total increase in equity arising from
equity-settled share-based payment transactions for the year ended 31 December 2014 was £65,065 (2014: £31,979) as
reflected in note 23. The diﬀerence of £46,152 (2014: £30,768) is included within intangible assets as an addition to Client
Portfolios.
The weighted average remaining contractual life of all unexercised share options as at 31 December 2015 was nine years
and three months.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
25. 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) and Curtis Banks Limited (see
note 15).
As at 31 December
2015 2014
£’000 £’000
Share of net assets/(liabilities) brought forward 1,405 1,402
Movement in the year – share of profits 25 59
Preference shares redeemed (1,400) –
Preference dividends declared (21) (56)
Share of net assets 9 1,405
Curtis Banks Limited has allotted, called up and fully paid £nil (2014: £7,085,000) 4% non-cumulative, non-redeemable
preference shares of £1 each. Curtis Banks Group PLC held £nil (2014: £5,685,000) of this preference share capital at the year
end. Non-controlling interests in the year ended 31 December 2014 included £1,400,000 of non-redeemable preference
shares held by certain individual shareholders of Curtis Banks Group PLC. The preference shares do not hold any voting rights
in the Group and were fully redeemed during the year ended 31 December 2015. The large majority of the Group’s assets
relate to the assets and liabilities of Curtis Banks Limited. All of the preference share capital also related to Curtis Banks Limited.
26. Financial commitments
The operating lease expenditure charged to the statement of comprehensive income during the year is disclosed in note 6.
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
2015 2014
£’000 £’000
Land and buildings
Within 1 year 123 128
Within 2 – 5 years 1,447 1,198
In more than 5 years 89 –
1,659 1,326
Other
Within 1 year – 326
1,659 1,652
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 2015
Notes to the Financial Statements continued
27. Pension costs – defined contribution
Year to 31 December
2015 2014
£’000 £’000
Contributions payable by the Group for the year 228 143
28. Dividends
Year to 31 December
2015 2014
£’000 £’000
Ordinary interim declared and paid 500 –
The ordinary share dividend declared and paid in the year equated to 1.25p per ordinary share held after taking into account
the sub division of the nominal value of the ordinary shares in the Group by a factor of 200 on 28 April 2015.
During the year ended 31 December 2015, £20,905 worth of preference share dividends were paid in relation to
non-controlling interests. 
During the year ended 31 December 2014, £42,000 worth of preference share dividends were paid in relation to
non-controlling interests. A further £14,000 worth of preference share dividends were proposed and remain unpaid at
that date.
29. 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 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 £7.63 million (2014: £2.70 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 at the year end of £3.23 million (2014: £4.36 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.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
29. Financial risk management continued
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
2015
£ Sterling +100 (38)
£ Sterling –100 38
2014
£ Sterling +100 (34)
£ Sterling –100 34
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. These balances are not included on the Group or
Company statements of financial position.
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 17.
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.
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 2015
Notes to the Financial Statements continued
30. Capital management
Certain subsidiaries of the Group are supervised in the UK by the Financial Conduct Authority (“FCA”). 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;
– 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 2015 was £13.63 million (2014: £3.82 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 quarterly returns to the FCA relating to their capital resources.
At 31 December 2015 the total regulatory capital requirement across the Group was £2.5 million (2014: £1.5 million) and the
Group had an aggregate surplus of £1 million (2014: £0.4 million) across all regulated entities. All the regulated firms within
the Group maintained surplus regulated capital throughout the year. The regulated subsidiaries are limited in the
distributions that can be paid up to the Group by each of their individual capital resource requirements.
31. 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. £1.7 million of 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 as disclosed in note 16. As the deferred
consideration is intrinsically linked to revenue receivable, the deferred consideration has not been discounted to present
value as any discount factor recognised would oﬀset against future revenue receivable.
32. Related parties
At the year end, Curtis Banks Investment Management Limited was due £29,547 from the Group (2014: owed £6,834 to the
Group) arising as a result of expenses recharged by either party. Of this, £nil (2014: £11,000) relates to a long term
subordinated loan liability which was repaid during the year. The total amount of expenses recharged by Curtis Banks
Limited in the year amounted to £91,053 (2014: £76,061). During the year Curtis Banks Investment Management Limited was
charged £69 (2014: £275) interest in relation to the subordinated loan provided by Curtis Banks Limited.
At the year end, Curtis Banks Group plc. was owed £511,015 (2014: owed to £1,278,598) 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 £1,517,255 (2014: £980,788). Preference share dividends totalling £83,484
(2014: £168,750) were paid from Curtis Banks Limited to Curtis Banks Group PLC in the year ended 31 December 2015.
During the year, all preference shares held by Curtis Banks Group PLC were redeemed via conversion to ordinary share
capital.
Preference share dividends totalling £6,589 (2014: £16,480) were paid to Christopher Banks during the year ended
31 December 2015. Preference share dividends owed to Christopher Banks at the year-end totalled £nil (2014: £3,827).
During the year the amount owed at 31 December 2014 was paid to Christopher Banks, and all preference shares held were
redeemed. Ordinary share dividends totalling £321,250 (2014: £ nil) were paid to Christopher Banks during the year ended
31 December 2015.
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Curtis Banks Group PLC Annual Report and Consolidated Financial Statements for the year ended 31 December 2015
32. Related parties continued
Preference share dividends totalling £7,552 (2014: £20,230) were paid to Berkeley Charterhouse Limited, a Company
controlled by Christopher Banks during the year ended 31 December 2015. Preference share dividends owed to Berkeley
Charterhouse Limited at the year-end totalled £nil (2014: £5,058). During the year, the amount owed at 31 December 2014
was paid to Berkeley Charterhouse Limited, and all preference shares held were redeemed.
Preference share dividends totalling £4,013 (2014: £11,920) were paid to Colston Trustees Limited – R Curtis SIPP and Rupert
Curtis during the year ended 31 December 2015. Rupert Curtis is a director of Curtis Banks Group PLC. Preference share
dividends owed to Colston Trustees Limited – R Curtis SIPP account and Rupert Curtis at the year-end totalled £nil
(2014: £3,273). During the year the amount owed at 31 December 2014 was paid to Colston Trustees Limited – R Curtis SIPP
and Rupert Curtis, and all preference shares held were redeemed. Ordinary share dividends totalling £98,750 (2014: £nil)
were paid to Rupert Curtis during the year ended 31 December 2015.
Preference share dividends totalling £1,750 (2014: £4,687) were paid to Colston Trustees Limited – P Tarran SIPP during the
year ended 31 December 2015. Paul Tarran is a director of Curtis Banks Group PLC. Preference share dividends owed to
Colston Trustees Limited – P Tarran SIPP account at the year-end totalled £nil (2014: £1,172). During the year the amount
owed at 31 December 2014 was paid to Colston Trustees Limited – P Tarran SIPP account, and all preference shares held
were redeemed. Ordinary share dividends totalling £50,833 (2014: £nil) were paid to Paul Tarran during the year ended
31 December 2015.
33. Post balance sheet events
On 14 January 2016 the Group announced that it had entered into an agreement to acquire Suﬀolk Life Group Limited
(“SLG”), and its subsidiaries from Legal & General Retail Investments (Holdings) Limited for consideration of £45 million (the
"Acquisition"). 
The Acquisition is to be funded by the combination of a placing of new ordinary shares of 0.5p each in Curtis Banks and a
new debt and revolving credit facility.
The placing of the new shares completed on 20 January 2016 and £27 million gross of new equity was raised at a price of
£3.20 a share. The Group has entered into debt and revolving credit facilities with its existing lenders for £20 million. These
facilities have full credit approval of the lender. 
The Acquisition is subject to regulatory approval by the Financial Conduct Authority and the Prudential Regulation Authority.
34. Control
There is no one ultimate controlling party.
Notes to the Financial Statements continued
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3 Temple Quay, Bristol BS1 6DZ  •  Tel: 0117 910 7910  •  www.curtisbanks.co.uk
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