Annual Report and Accounts for the year ending September 2006
Brewin Dolphin Holdings PLC                                                                                                                                                                                                                                                             Annual Report and Accounts 2006
MAC_RF62742_A  2/1/07  13:35  Page 2 Annual Report and Accounts for the year ending September 2006
Elgin
Aberdeen
Dundee
Glasgow
Edinburgh
Newcastle
Teesside
Scarborough
Dumfries
Keswick
Bradford
Leeds
Manchester
Llandudno
Stoke
Lincoln
Leicester Norwich
Oxford
London
Reigate
Birmingham
Cheltenham
Marlborough
Cardiff
Taunton
Dorchester
Exeter
Guernsey
Jersey
Lymington
Eastbourne
Belfast
Inverness
MAC_RF62742_IFBC_Spine  2/1/07  13:39  Page 1 Brewin Dolphin Holdings PLC Page 1
Annual Report and Accounts  for the year ending September 2006
Contents
Directors, Secretary and Officers 2
Highlights 3
Chairman’s Statement 4
Chief Executive’s Report 6
Financial Review 9
Directors and their Biographies 12
Directors’ Report 14
Corporate Governance 18
Directors’ Remuneration Report 21
Statement of Directors’ Responsibilities 27
Independent Auditors’ Report 28
Consolidated Income Statement 30
Consolidated Statement of Recognised
Income and Expense 31
Consolidated Balance Sheet 32
Company Balance Sheet 33
Company Statement of Recognised
Income and Expense 34
Consolidated Cash Flow Statement 35
Company Cash Flow Statement 36
Notes to the Financial Statements 37
Five Year Record 70
Funds 71
Shareholders at 11 November 2006 72
Notice of Meeting 73
Branch Address List IBC
MAC_RF62742_B  2/1/07  13:35  Page 1 Page 2 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Directors (including Committee Membership)
Jamie Graham Matheson, FSI Executive Chairman
William Nicholas Hood, CBE (i) (n) (r) (a) Senior Independent Director 
and Deputy Chairman
John Peirs Hall Chief Executive
Robin Alec Bayford, FCA Finance Director
Vikram Lall, CBE, CA (ii) (n)
Christopher David Legge (n)
David William McCorkell Appointed 23 May 2006
Simon Edward Callum Miller (i) (n) (r) (a) Appointed 27 October 2005
Ian Benjamin Speke
Simon Jonathan Henry Still, FInstD Chief Operating Officer
Michael John Ross Williams
Francis Edward (Jock) Worsley, OBE, FCA (i) (n) (r) (a) 
(i) Independent, Non-Executive Director
(ii) Non-Executive Director 
(n) Member of the Nomination Committee
(r) Member of the Remuneration Committee
(a) Member of the Audit Committee
Secretary Angela Wright, ACCA
Company Registration
Number 2685806 (England and Wales)
Registered Office 12 Smithfield Street
London EC1A 9BD
Telephone: 0845 213 1000 (UK only)
020 7248 4400 (International)
Websites www.brewindolphin.co.uk
www.stocktrade.co.uk
Officers and Advisers Registrars Principal Bankers Stockbrokers
Lloyds TSB Registrars Bank of Scotland Bridgewell Group plc
The Causeway Corporate Specialist & Old Change House
Worthing Deposit Services 128 Queen Victoria Street
West Sussex BN99 6DA Pentland House (2nd Floor) London EC4V 4BJ
8 Lochside Avenue
Edinburgh EH12 9DJ
Solicitors Auditors Corporate Finance Advisers
SJ Berwin LLP Deloitte & Touche LLP West Hill Corporate Finance
10 Queen Street Place Stonecutter Court Limited
London 1 Stonecutter Street 60 Lombard Street
EC4R 1BE London EC4A 4TR London EC3V 9EA
Directors, Secretary and Officers
MAC_RF62742_B  2/1/07  13:35  Page 2 Brewin Dolphin Holdings PLC Page 3
Annual Report and Accounts  for the year ending September 2006
Highlights
2006 2005 2004
5.6
6.9
8.8
Discretionary funds
2006 2005 2004*
17.8
▲
24.6
16.1
32
Profit before tax
(excluding goodwill
         amortisation & exceptional
         item where applicable)
2006 2005 2004*
121
145
174
Total income
2006 2005 2004
3.5
4.5
5.25
Total dividend
2006 2005
pence
per
share
pence
per
share
£m
£m £bn
pence
per
share
2004*
8.3
5.6
10.6
Diluted earnings
     (excluding goodwill
         amortisation & exceptional
         item where applicable)
2006 2005 2004*
8.7
5.7
11.1
Basic earnings 
         (excluding goodwill
         amortisation & exceptional
         item where applicable)
3.4
✝
6.0
▲
3.5
✝
6.2
▲
* 
UK GAAP
✝ including goodwill amortisation
▲ including exceptional item
MAC_RF62742_B  2/1/07  13:35  Page 3 Page 4 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Chairman’s Statement
MAC_RF62742_B  2/1/07  13:35  Page 4 Brewin Dolphin Holdings PLC Page 5
Annual Report and Accounts  for the year ending September 2006
Chairman’s Statement
It gives me great pleasure to present to Shareholders
another set of robust figures. While market conditions
have been favourable there are a number of other factors
which have been significant in achieving the progress that
we have made. We have enjoyed the benefit of new teams
joining us both in London and elsewhere in our branch
network. We have also seen further migration from
advisory to discretionary management as well as enjoying
a steady inflow of new clients.
Our Corporate Broking operations produced a very strong
performance across the board. Not only has there been an
increased level of activity but also a marked increase in
the size of mandates won.
All this strengthens our conviction and belief in our
branch network and our emphasis on our clients having
both the freedom of choice and the ability to communicate
directly with the individual manager who looks after their
interests. During the year we opened an office in Keswick
and since the year end we have opened in Oxford and will
shortly be opening in Hereford. 
We continue to invest in infrastructure in order to ensure
that we provide an ever improving service to clients. The
year under review has seen a material investment in our
systems and in particular in the eXimius Data
Management service. 
After some twenty five years we had to accept that we had
finally outgrown our old London premises at 5 Giltspur
Street and we have been able to move to new premises at
12 Smithfield Street. While we remain in the same locale
the new premises offer a much improved working
environment both in which to meet and to look after
clients. It is a great credit to our personnel that this major
move was achieved with minimal disruption to the firm’s
efficient operations.
Your Group remains committed to the attainment of the
highest standards of business practice and is very
conscious of the need to meet the requirements of the
Financial Services Authority. At the same time we share
the widely held view that regulation must be constructed
and administered in a manner that is sensible, practical
and relevant. To this end we are committed to working
closely with the Regulator and Government at various
levels. 
We welcome the FSA’s decision to adopt a more principle
based regime for regulation.
At the time of the Interim Results I was able to report to
you the appointment of David McCorkell to the Board and
he is already making a significant contribution to the
affairs of your Company. As a new appointment he will be
standing for election at the Annual General Meeting on
23 February 2007. Standing for re-election will be Michael
Williams, our director responsible for the Group’s legal
matters who orchestrated the superb deal which enabled
us to move into 12 Smithfield Street. 
Two of our Non-Executive Directors are also standing for
re-election: Nick Hood, Senior Independent Director and
Deputy Chairman; and Jock Worsley, Chairman of the
Audit Committee; I commend them to you.
I am very pleased to be able to tell you that our Chief
Executive, John Hall, has recently been appointed
Chairman of our Trade Association APCIMS, where we are
confident he will make a significant contribution in the
leadership of our industry. APCIMS has recently been at
the forefront of negotiations in Brussels and with the FSA,
in seeking to reduce the impact of the introduction of
MiFID and increase the relevance of the proposals.
As ever it would be foolhardy to become overly involved in
short term predictions about our markets but we remain
committed to pursuing the Company’s objective of
achieving steady growth and returns for Shareholders
through the provision of a quality service to our clients.
As is always the case, the results achieved in the year
under review have been done so thanks to the hard work
of our people and the continued support of our clients.
Once again your Company is firmly committed to pursuing
the achievement of a satisfactory outcome for the year
ahead.
Jamie Matheson
28 November 2006
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Annual Report and Accounts for the year ending September 2006
Chief Executive’s Report
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Annual Report and Accounts for the year ending September 2006
Chief Executive’s Report
Some years it is much easier to write the report to
shareholders than others and the past 12 months
certainly comes into this category. The investment climate
throughout the period has remained relatively benign.
The market’s performance as measured by the FTSE 100
Index has risen by less than 10% but if one ignores a blip
in May and June, it has in fact presented a relatively stable
background against which to advise our clients. We have
however strengthened your Group in a number of ways
and broadened the offering to our clients and this has
shown through in our results. The Group’s profits before
tax for the year ending 30 September 2006 amounted to
£32m against £24.6m (before exceptional item) a year ago,
an increase of 30%. However, within operating expenses
there is an item of £1.2m relating to the one-off cost of
moving to our new Head Office, to which our Chairman
alludes in his statement and if one were to add that back
the increase would be 35%. These profits were earned on
total income of £174m against £145m last year, an
increase of 20%.
We have, as in previous years, made two interim dividend
payments rather than an interim and a final, in order to
distribute the dividends in April and October. A first
interim dividend of 2.5p per share (2p per share in 2005)
was paid on 6 April 2006. A second interim dividend was
paid on 25 October 2006 of 2.75p per share against 2.5p
per share the previous year, making a total for the year of
5.25p per share against 4.5p per share in the previous
year, an increase of 17%. 
Fully diluted earnings per share were 10.6p which
compares with 8.3p if last year’s exceptional item is
excluded, an increase of 28%; 33% if one adjusts for
moving costs. Basic earnings per share were 11.1p
which compares with 6.2p per share previously, an
increase of 79%.
During the past year we have made further good progress
in building the discretionary funds that we manage. In my
report a year ago, I outlined the case for discretionary
management and there is no doubt that it enables us to
give a better service to our clients and at the same time,
by switching the emphasis to a fee based charge, we are
underpinning our earnings for shareholders. The value of
discretionary funds under our management rose to
£8.8 billion at the year end from £6.9 billion a year
previously, an increase of 28%.
This highly satisfactory performance reflects in part a rise
in the underlying values, although the FTSE 100 Index only
rose 8.8% over the same period, and in part switching
from advisory to discretionary management. However, by
far the largest reason for this excellent performance was
the winning of new mandates and clients following those
who have joined us from other houses.
Private Client Investment Management
Value of Funds
2006 2005
£bn £bn
Discretionary portfolio
management 8.8 6.9
Advisory portfolio
management 10.1 10.0
18.9 16.9
Responding to our clients’ requirements we are now
providing a broader wealth management package for
those that require it. Our financial planners offer
particular expertise on personal pensions and inheritance
tax planning and they have held a number of highly
successful seminars around the country. We have now
established a SIPP administration service through which
we provide personalised portfolios for our clients. Last
year the financial planning team’s turnover rose 76%.
Their figures are contained within the income earned on
portfolio management set out below.
Total Operating Total Operating
Income Profit Income Profit*
2006 2006 2005 2005
£m £m £m £m
Discretionary portfolio
management 84.9 12.4 69.2 9.6
Advisory portfolio
management 66.6 9.2 61.2 7.8
151.5 21.6 130.4 17.4
* before exceptional item
We have been particularly glad to welcome an additional
38 senior client executives and their clients who have
joined us over the past year. It always takes a few months
for these transfers to be completed and accordingly the
full benefit of these additions will not be felt until the
current year. London has benefited the most, where we
MAC_RF62742_B  2/1/07  13:35  Page 7 Page 8 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Chief Executive’s Report
have welcomed an additional 23 senior client executives
and 10 assistants. In total, we now have 137 client
advisers in our London office and 574 groupwide.
The Belfast office, which we opened last year, continues to
be strengthened. Since the year end we were delighted to
announce the purchase of the Bank of Ireland’s Northern
Ireland private client investment management business
which will be run by our Belfast office.
In August we agreed the purchase of Aberdeen Private
Investors from Aberdeen Asset Management and the
successful transfer of £200 million client funds followed.
This further strengthens our Aberdeen branch and also
represents a valuable addition to our Glasgow branch.
During the year we opened a new branch in Keswick.
Since the year end we have established an office in Oxford
and will be opening an office in Hereford in January 2007.
Our policy of establishing branch offices around the
country, staffed by dedicated and enthusiastic
professionals who we can support with all the same
technology and investment advice as if they were in
London, continues to work well for us in building the
client base and attracting new mandates. We were
pleased to win the Investors Chronicle Award for
“Financial Security and Administration”, being described
as being a clear success story. We were equally delighted
that Stocktrade, our execution only arm, came first in the
same category as “Best On-line Stockbroker”.
We are always updating our technology, but the new
eXimius software which is currently being installed
represents a step change to what has been available to
date. It greatly enhances the portfolio management tools
for our client executives, as well as providing the
information that will be required under MiFID.
Corporate Broking
In addition to private client investment management we
are now acknowledged as one of the leading corporate
brokers for smaller companies. We act as advisers to 133
quoted corporate clients as well as a number of private
companies. Our corporate advisers are based in
Edinburgh, Glasgow, Birmingham, Leeds, Manchester
and Newcastle branches.  Last year was an excellent one
for the Division as will be seen from their figures:-
Total Operating Total Operating
Income Profit Income Profit*
2006 2006 2005 2005
£m £m £m £m
Corporate broking 22.1 5.3 14.3 2.9
* before exceptional item
Revenues rose by 55% and operating profit increased by
83% and the markets for new and secondary issues were
strong for virtually all of the year . Our existing clients were
active on the acquisition and fund-raising fronts and we
gained our full share of new clients both from initial public
offerings, flotations and from companies already quoted.
Whilst still offering a full service to smaller and micro cap
companies, we have also been increasingly active with
larger clients, a trend that has continued in the new
financial year.
Conclusion
From the foregoing it will be seen that we have made good
progress on many fronts during the past year, particularly
in terms of the increase in the number of clients and
amount of funds using discretionary management. At the
same time we are building the number of experienced
client executives to give clients the personalised attention
that is our trademark. We expect this trend to continue
and it is a key element of our strategy.
I would like to thank all our staff for their hard work and
their commitment to our clients. It is thanks to them that
we can look to the future with considerable confidence.
Additionally, we will have a full year’s contribution from
the teams that have joined us during 2006, further
strengthened by others who will be joining us shortly.
John Hall
28 November 2006
MAC_RF62742_B  3/1/07  09:44  Page 8 Brewin Dolphin Holdings PLC Page 9
Annual Report and Accounts for the year ending September 2006
Financial Review
Business Overview
The Brewin Dolphin Group has one principal operating
Company, Brewin Dolphin Securities Limited, which is
regulated by the Financial Services Authority. Its main
business is that of a private client investment manager
with a strong corporate broking arm.
Competition and Markets
The Group is the largest UK independent, private client
investment manager and one of the largest small cap
corporate brokers. The private client market is a growing
sector, competition is relatively fragmented and price
competition is low.
Trading 
2006 saw the continuation of the strong recovery started in
2004. (All figures for 2004 have been adjusted on to an
IFRS basis).
Group
%
increase
2006
from
2004 2006 2005 2004
FTSE 100 –
average for year 30% 5,719 5,069 4,414
%
increase
2006
from 2006 2005 2004
2004 £’000 £’000 £’000
Total income 43% 173,638 144,660 121,404
Pre tax profit
before exceptional item 99% 32,050 24,600 16,113
Pre tax profit
after exceptional item 99% 32,050 17,769 16,113
The Group’s income is, in the short term, influenced by
market movement. Our 13% total income out-
performance of the market reflects real growth over the
last three years. Due to our substantial operational
gearing the growth in income has led to profit before tax
nearly doubling. In a market downturn the real growth
helps protects profits, but the operational gearing would
still lead to substantial profit reduction. This is partially
protected by the incidence of profit share. It is estimated
that the Group would break even, other things being
equal, at an index level of 3,500, a 39% fall from last year’s
average level.
Private Client Investment Management
%
increase
2006
from 2006 2005 2004
2004 £’000 £’000 £’000
Total income 40% 151,491 130,408 108,489
Operating profit
before exceptional item 99% 21,597 17,434 10,853
Corporate Broking
%
increase
2006
from 2006 2005 2004
2004 £’000 £’000 £’000
Total income 71% 22,147 14,252 12,915
Operating profit
before exceptional item 159% 5,254 2,865 2,026
Discretionary funds have substantially increased:
%
increase
2006
from 2006 2005 2004
2004 £ billion £ billion £ billion
Discretionary funds 57% 8.8 6.9 5.6
Return on
discretionary funds 1.08% 1.11% 1.00%
while advisory funds have been maintained. The return on
advisory funds was exceptionally high in 2006; this return
is likely to drop back in 2007:
%
increase
2006
from 2006 2005 2004
2004 £ billion £ billion £ billion
Advisory funds 9% 10.1 10.0 9.3
Return on
advisory funds 0.66% 0.63% 0.53%
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Annual Report and Accounts for the year ending September 2006
Financial Review
Front office salary costs have risen, mainly due to new
teams joining us. General front office fixed salaries have
only risen by inflation and the effect of promotions. The
important control ratio of the number of times fixed
salaries are covered by income has risen from 4.2 to
4.6 times. 
%
increase
2006
from 2006 2005 2004
2004 £’000 £’000 £’000
Front office
fixed salary cost 30% 37,684 34,958 29,056
Total income/salary
cost ratio 4.6 4.1 4.2
Total fixed business support costs and fixed overheads
have been restrained as income has increased:
2006 2005 2004
Total business support
costs as a % income 16.1% 18.2% 18.1%
Total fixed overheads
costs as a % income 9.6% 10.3% 9.8%
Profit share as a %
income 19.7% 17.2% 14.6%
Profit share has kept pace with diluted earnings per
share; both have increased by 90% over three years.
Teams
The Group is broken down into small profit centres for
profit share purposes. Normally the senior members of
each team have a material shareholding, so that, for
them, the long-term interest of the Group is more
important than any one year’s profit share. Individual
teams’ figures, both as to profit and return on funds, are
published in the Group Management Accounts and peer
pressure helps drive profits. It is an absolute rule that a
loss in one profit centre does not impinge on other
centres; though such losses would reduce Group
Management’s profit share.
Key Performance Indicators (KPIs)
The main KPIs used by management are, profit per team,
team return on funds under management and front office
income to salary ratios. Management also seeks to gain
economies of scale and reduce overheads and business
support costs as a percentage of total income.
Targets
On the private client investment management side of the
business the target is to grow discretionary funds by 5%
p.a. above market movement, which has been exceeded
over the last two years. On the corporate broking side the
main aim is to increase the size of the mandate, a reason
for the growth in 2006.
Risks
Risks to the business are reviewed and monitored day to
day by the Risk and Controls Committee; they are formally
reviewed by the Board half yearly.
At the Board meeting in October 2006 the following major
risks were identified:
Risk Type Risk Key Controls
Strategic Business continuity Large number of 
branches.
Back up computer site.
Two networks.
Reputational risk Good in house 
research.
Peer review.
Compliance
monitoring. 
Treating customers
fairly embedded into
the ethos of the firm.
Operational Project control Staged reviews of 
major projects.
Electronic dealing Close management
errors supervision. 
Electronic solution
being researched.
Financial Liquidity Capital adequacy 
surplus maintained
above 50% of 
regulatory
requirement.
Regulatory Breaches of rules Strong compliance and 
internal audit
functions.
Employees Loss of front office Wide staff 
staff shareholdings.
Contracts of
employment with
six months’ 
garden leave.
Good profit share.
Poor investment As for reputational 
performance risk plus strong 
training programme.
Expansion Strong vetting system
for new recruits.
MAC_RF62742_B  2/1/07  13:35  Page 10 Brewin Dolphin Holdings PLC Page 11
Annual Report and Accounts for the year ending September 2006
Financial Review
Dividend
The improvement in profitability enabled the Board to
increase the total dividend paid in the year to 5.25p (2005:
4.5p) a 17% increase.
Cash Flow and Capital Expenditure
2006 saw a substantial increase in capital expenditure;
£6m was paid for new businesses, £4m on new
premises and £8m on new software and computers.
Despite this, firm’s net cash has increased by £7m to
£45m (2005: £38m).
Capital Structure, Treasury Policy and Capital
Requirement
At 30 September 2006 the Group had net assets, excluding
goodwill and shares to be issued, of £43m (2005: £39m),
representing the Group’s capital for regulatory purposes.
These net assets were largely represented by net cash
and cash equivalents of £58m (2005: £50m), including
£13m (2005: £12m) of client settlement money. For
regulatory purposes the Group needs to maintain a net
asset surplus so that it can always meet its liabilities. 
The Group’s treasury policy remains straightforward. It
has no borrowings and maintains the majority of its cash
with the Bank of Scotland, part of HBOS, where
substantially all client cash is also deposited. HBOS has
one of the highest credit ratings of the major UK clearers.
This policy means we take no material credit risk.
Currency risk is normally insignificant with all transactions
matched on a bargain by bargain basis. At the year end net
currency exposure was £328,000 (2005: £163,000).
Going Concern
After making appropriate enquiries, the Directors have
formed a judgement that there is a reasonable
expectation that the Company and the Group have
adequate resources to continue in operational existence
for the foreseeable future. For this reason, they continue
to adopt the going concern basis in preparing the financial
statements.
Robin Bayford
Finance Director
28 November 2006
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Annual Report and Accounts for the year ending September 2006
Directors and their Biographies
Brief biographies of the Directors are set out below:
Jamie Graham Matheson, FSI (aged 52) - Executive Chairman
Jamie Matheson is the Executive Chairman of Brewin Dolphin Holdings PLC. Prior to becoming Executive Chairman Jamie was a Glasgow
director of the Bell Lawrie division of the Group and was responsible at Board level for the Group’s Corporate Broking activities. He started
his career in 1972 at Parsons & Co and remained with that firm through its various evolutionary stages until January 1996 when he joined
the Group. He was a Non-Executive Director of Scottish Radio Holdings plc from 2000 until its takeover by EMAP and is currently a
Non-Executive Director of AIM VCT2 plc. He is a past Deacon of the Bonnetmakers and Dyers of Glasgow and a past Precis of the Grand
Antiquity Society of Glasgow.
William Nicholas Hood, CBE (aged 70) – Deputy Chairman and Senior Independent Director
Nick Hood was appointed to the Board in April 2000. He was Chairman of Wessex Water 1987 to 1999 and led the privatisation. He is
Chairman of Winterthur Life (UK) Ltd and a member of The Prince of Wales Council for the Duchy of Cornwall, Deputy Chairman of
Business in the Community, Chairman or a Director of four other companies and Chairman of the Bristol Cancer Help Centre.
John Peirs Hall (aged 66) – Chief Executive
John Hall began his career on the Stock Exchange in 1960 and became a partner in the firm of Wontner Renwick & Francis in 1967. In 1974,
on the amalgamation of Wontner, Dolphin & Francis with Brewin & Co., he became a member of the management committee (at that time,
the body responsible for managing the business) and then Chairman of the committee in 1980. In 1987, on the incorporation of the business
and its sale to a subsidiary of The Scandinavian Bank, he became Managing Director, and subsequently led the Buy-out in 1992. He is
Chairman of APCIMS (The Association of Private Client Investment Managers and Stockbrokers), a Non Executive Director of Mountview
Estates PLC and a Director of Fund Distribution Limited. He is also Immediate Past Master of the Merchant Taylors’ Company, one of The
Great Twelve Livery Companies. 
Michael Williams Benjamin Speke Robin Bayford Jock Worsley Simon Miller
Nicholas Hood
Finance Director
Christopher Legge Deputy Chairman
Jamie Matheson John Hall David McCorkell
Simon Still
Executive Chairman Chief Executive
Vikram Lall
Chief Operating Officer
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Annual Report and Accounts  for the year ending September 2006
Directors and their Biographies
Robin Alec Bayford, FCA (aged 57) - Finance Director
Robin Bayford graduated from Cambridge University. He was a manager at Ernst & Young and was Group Financial Controller at AGB
Research PLC, prior to joining a subsidiary of The Scandinavian Bank in 1989. He joined the board of Brewin Dolphin & Co. in 1990. In 1991
he took up full time employment with Brewin Dolphin & Co. as Finance Director and helped to organise the Buy-out.
Vikram Lall, CBE, CA (aged 59)
Vikram Lall joined Bell Lawrie in 1987. He is a chartered accountant and, prior to joining Bell Lawrie, was a director of Noble Grossart
before forming his own corporate finance advisory company, which he subsequently sold to Bell Lawrie. He became an Executive Director
in June 1993 and a Non-Executive Director in December 2003. He is Chairman of the Scottish Industrial Development Advisory Board and
Ryden LLP; a Non-Executive Director of, inter alia, ISIS Property Trust, Crown Place VCT, Ramco Holdings Limited, Corsie Group, and a
member of the governing body of Queen Margaret University College.
Christopher David Legge (aged 63)
Christopher Legge joined Brewin Dolphin & Co. in 1962 and became a partner in 1968, continuing a family involvement going back to 1929.
He joined the Board upon incorporation in 1987 and has consistently been involved in portfolio management for over 30 years. He heads
private client investment management and is Chairman of the Group Regional Managing Directors Committee. 
David William McCorkell (aged 51)
David McCorkell joined Bell Lawrie in 1986, prior to this he worked for the family grain business in Northern Ireland. He became a Director
of Bell Lawrie in 1989, Director of Brewin Dolphin Securities in 2003 and joined the Holdings Board in 2006. David is the Regional Managing
Director for Northern Ireland and Scotland.
Simon Edward Callum Miller (aged 54)
Simon Miller read law at Cambridge and was called to the bar in 1975. Since 1994 he has been Chairman of Dunedin Capital Partners.
He is Non-Executive Chairman of Artemis Alpha Trust and First State AIM VCT, and Deputy Chairman of JPMorgan Elect and a Director of
Dunedin Enterprise Investment Trust. 
Ian Benjamin Speke (aged 56)
Ben Speke joined Wise Speke in 1973 continuing a long family involvement. In 1974 he joined the London jobbers Pinchin Denny and
subsequently moved to Hoare Govett. In 1980 he rejoined Wise Speke and became a director in 1987. In 1999 after Wise Speke became part
of the Group he became Managing Director of the Newcastle office, in 2000 he joined the Brewin Dolphin Securities Board and is a member
of the Group’s Regional Managing Directors’ Committee. 
Simon Still, FInstD (aged 57) - Chief Operating Officer
Simon Still graduated from Durham University. After 14 years executive experience in the electronics and engineering industry, which
included starting a software company, he entered a City based consultancy practice in 1987. In 1991 he became a consultant to Wise Speke
while building up interests in a range of unquoted companies. In 2001 he became Chief Operating Officer of the Group. He is a
Non-Executive Director of the Association of Private Client Investment Managers, Fund Distribution Limited and Chairman of Affinity Food
Holdings Ltd. 
Michael John Ross Williams (aged 59)
Michael Williams joined Brewin Dolphin & Co. in 1968 and became a partner in 1978. He has consistently been involved in portfolio
management. He joined the Board on incorporation in 1987 and is responsible for the Group's legal matters and for the Associates of
Brewin Dolphin Securities Limited.
Francis Edward (Jock) Worsley, OBE, FCA (aged 65) 
Jock Worsley was a founder of the Financial Training Company and its Executive Chairman from 1972 until 1993. He has been President of
the Institute of Chartered Accountants of England and Wales, a Deputy Chairman of Lautro, a member of the Building Societies
Commission and Independent Complaints Commissioner for SIB and the Financial Services Authority. He was Chairman of the Cancer
Research Campaign from 1998 until its merger in 2002 with the Imperial Cancer Research Fund as Cancer Research UK. He is the
Non-Executive Chairman of Lloyds Members Agency Services Ltd.
MAC_RF62742_B  2/1/07  13:35  Page 13 Page 14 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Directors’ Report
The Directors present their report and the audited
accounts for the 52 week period ended 30 September
2006. The comparative figures are for the 53 week period
to 30 September 2005.
Principal Activity
The principal activity of the Group is that of a private client
investment manager; it also acts as a small cap corporate
broker. The principal activity of the Company is that of a
holding company.
Review of The Business and its Future Development
Accompanying this Directors’ Report are the Chairman’s
Statement, Chief Executive’s Report, Financial Review,
Corporate Governance Report and Directors’
Remuneration Report. 
A review of the business and its future development
including the principal risks and uncertainties facing the
Group are set out in the Chief Executive’s Report on page 6
and the Financial Review on page 9.
Results and Dividends
The results of the Group are set out in detail on page 30.
The Company paid two interim dividends during the year,
as detailed in note 11 to the financial statements.
Share Capital
Movements in the Company’s share capital are set out in
note 25 to the financial statements.
Financial Instruments
Disclosures regarding financial instruments are provided
with the Financial Review and note 23 to the financial
statements. 
Directors
The Directors are listed on page 2. Biographies of the
Directors are given on page 12. 
Directors’ Interests in Shares and Substantial
Shareholdings
The interests of the Directors in the shares of the
Company are set out on page 72 and in the Directors’
Remuneration Report on page 23. The interests of
substantial shareholders are set out on page 72.
Annual General Meeting
Notice of the Annual General Meeting is set out on pages
73 to 76. Information relating to certain of the resolutions
is given or referred to in the notes forming part of the
notice.
Purchase of Own Shares
At the Annual General Meeting on 28 February 2006
shareholders approved a resolution for the Company to
make purchases of its own shares to a maximum number
of 19,851,134 ordinary shares. This resolution remains
valid until the conclusion of the next Annual General
Meeting on 23 February 2007. As at 30 September 2006
the Directors had not used this authority.
Employees
The average number of persons, including Directors,
employed by the Group and their remuneration, is set out
in note 5 to the financial statements.
Employment Policies
Brewin Dolphin recognises that our staff are vital to the
continued success of the Group.
Staff are encouraged to identify with, and to become
involved with, the financial performance of the Group and
service to clients by extensive profit sharing and bonus
arrangements. In addition, the employees own 30% of the
Group.
Communication
Communication with our staff is essential. Staff are kept
informed of and consulted regularly on key issues
affecting them, and the Group, by: the intranet; Group
meetings around the country – which include question
and answer sessions; and email where appropriate. In
addition, management accounts are widely distributed.
Training and Development
Our Training department has expanded significantly and is
adopting a proactive approach to the training and
development of our staff. Areas where we have made
significant progress include an enhanced induction
programme and a management development programme
for all our Heads of Offices and all senior management.
MAC_RF62742_B  2/1/07  13:35  Page 14 Brewin Dolphin Holdings PLC Page 15
Annual Report and Accounts  for the year ending September 2006
Directors’ Report
We monitor all Continuing Professional Development
being undertaken and an annual Development Review is
conducted with all members of staff to identify any
training requirements and to assist with career
progression. Appropriate training is then made available
to all who require it. Training is both actively encouraged
and supported by the Board.
Equal Opportunities
It is the policy of the Group to provide equal opportunities
in employment irrespective of colour, race, age,
nationality, ethnic or national origin, sex, mental or
physical disabilities, marital status or sexual preference.
For staff who may have a disability, the Group ensures that
procedures and equipment are in place to aid them. 
For the purposes of training, career development and
promotion, all staff are treated in the same way.
Disabled employees
Applications for employment by disabled persons are
always fully considered, bearing in mind, the aptitude of
the applicant concerned. In the event of members of staff
becoming disabled every effort is made to ensure that
their employment within the Group continues and that
appropriate training is arranged and suitable equipment
is supplied in order that they can continue in their role. It
is the policy of the Group that the training, career
development and promotion of disabled persons should,
as far as possible, be identical to that of other employees.
Benefits
The Group is proud of the attractive benefits available to
staff. All staff are allowed to participate in our interest free
loan facility in respect of an annual season ticket for
travelling to and from work. In addition, all staff have the
option of joining our private medical insurance scheme. 
The Group offers a flexible benefits package for senior
staff which includes permanent health insurance and a
company car facility. 
The Group recognises the need for an equal work/life
balance for staff which not only improves morale within
the Group, but helps to retain staff.
We are proud to report that staff turnover is very low.
Employee Assistance Programme
The Group provides a confidential 24 hour helpline
available to all staff as we are aware that from time to
time staff may need advice on issues such as
employment, personal, financial or legal matters.
Pensions
The Group has a normal retirement age of 65. All
permanent staff are invited to join the senior staff pension
scheme after successful completion of their probation
period. Other than those staff participating in our flexible
benefits package, members of the senior staff pension
scheme receive a generous employer contribution of 6%
into the scheme.
Mrs Linda Cartwright is the Personnel Director and
reports to Robin Bayford, the Board Director with
responsibility for Human Resources. 
Charitable And Political Donations
The Group made charitable donations of £52,000 during
the period (2005: £46,000). No political donations were
made (2005: £nil). 
Charitable Fundraising
During the last year our Branches have organised a great
number of fundraising events for local and national
charities raising over £160,000 between them. The Group
has contributed in cash and in kind to all these events,
which have ranged from marathon running in cities from
Newcastle to New York, to rowing the Atlantic single-
handedly. The Group operates a Give As You Earn Scheme
and actively encourages staff to participate. Many of our
Divisional Directors provide pro bono director and trustee
services to local charities and hospices. 
Sponsorship
In addition to these fundraising activities the Group also
sponsors a number of sporting and charitable events
around the country. The Bell Lawrie division completed its
5th year of sponsorship of the Scottish Schools Cup which
encourages rugby for children in all schools throughout
Scotland. In 2006 a record number of schools participated
in both the under 15s and under 18 categories. 
MAC_RF62742_B  2/1/07  13:35  Page 15 Page 16 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Directors’ Report
Community Policy
The Wise Speke division is involved in the Young
Professionals Forum in the North East and this year the
Teesside office initiated the founding of the Tees Valley
Young Professionals Network, recruiting 170
professionals in the area in its first year. Throughout the
Group we have a policy of providing work experience
placements for students in many branches, for a number
of weeks each, per annum.
Creditor Payment Policy
It is the Group's policy to settle all of its trading
transactions on the agreed settlement date; this policy
extends to other trade creditors, which are normally paid
within 30 days. On average, creditors were paid within ten
days in 2006 and 2005.
Environmental and Ethical Matters
The Group makes every effort to reduce its environmental
footprint. It has reduced the use of paper by encouraging
electronic communication both to and from its clients by
the use of the internet and internally by the widespread
use of the intranet and the majority of waste paper is
recycled. You will note that as part of our continued
support for the environment the material used for this
report is made up of 30% recycled, 50% pre-consumer
fibre and 20% fibre produced in accordance with the
Forest Stewardship Council. Both printer and
manufacturing mill are environmentally accredited
ISO 14001.
Simon Still is the Director responsible for environmental
matters. The Group’s environmental policy is on our
website. The Board have considered areas where there
may be environmental risk from direct actions by the
Group. This risk is considered to be minimal, as in all
cases the Group’s offices are located in large towns and
its activities are desk based. The Group’s major suppliers
are UK based and mainly provide market data and
computer hardware and software. Simon Still ensures
that appropriate environmental considerations are
considered when a new supplier is chosen. Overseas call
centres are not used.
While the Group’s overall investment policy is solely
concerned with obtaining the best return for clients, it is
our policy to construct portfolios, which take into account
the personal preferences of our clients in relation to
ethical and environmental matters.
We have a specialist Ethical Investment Service. In
providing this service we have enlisted the help of EIRIS,
who since 1983 have been helping investors, choose
shares on ethical grounds.
There are three levels of service provided:
• Ethical Collection – a fund-based approach for
investors wishing to spread their risk. In this service
the principal investments are unit or investment
trusts investing in ethical companies. The emphasis
of each may be different and the service is designed
to provide an indication of the thrust of the principal
investments available and their respective historical
performance. This is a discretionary service option.
• Ethical Emphasis – a facility for investors wishing to
avoid the negative criteria, or even encourage the
positive ethical contribution, of a particular sector or
invest within their broader investment portfolio,
without necessarily impacting on all of their
investments – an ethical “pick and mix”. In this
service we have established a number of
benchmark criteria for measuring the positive or
negative ethical impact of specific sectors, thereby
creating a “black” or “white” list for the purposes of
investment selection. This service can either be run
on a discretionary or advisory basis.
• Ethical Concentration – a customised, in-depth
service for clients with detailed ethical
requirements and whose portfolios need to be
constructed or screened with reference to specific
and detailed ethical criteria. In this instance an
in-depth questionnaire is completed by the client at
the outset. As implied, this service allows individual
clients to effectively set their own ethical criteria, to
which the investment manager will always refer
when selecting the individual investments in the
clients’ portfolio. This option is only available as a
discretionary service. 
MAC_RF62742_B  2/1/07  13:35  Page 16 Brewin Dolphin Holdings PLC Page 17
Annual Report and Accounts for the year ending September 2006
Directors’ Report
Health and Safety
The Group has a Health and Safety at Work Policy which is
reviewed annually by the Board. The Group Board
Executive Director responsible for health and safety
throughout the financial year was Ben Speke. 
The Group is committed to the health and safety of its
employees, clients, sub-contractors and others who may
be affected by our work activities. The Group is committed
to a duty of care for its employees, by providing a safe
place and safe systems of work.
The Group evaluates the risks to health and safety in the
business and manages this through the implementation
of an effective Health and Safety Management System.
The Group provides necessary information, instruction,
training and supervision to ensure that employees are
able to discharge their duties effectively. The Health and
Safety Management System used by the Group ensures
compliance with all applicable legal and regulatory
requirements and internal standards and seeks, by
continuous improvement, to develop health and safety
performance beyond legal minimum requirements.
Auditors
In the case of each of the persons who are Directors of the
Company at the date when this report was approved:
• so far as each of the Directors is aware, there is no
relevant audit information (as defined in the
Companies Act 1985) of which the Company's
auditors are unaware; and
• each of the Directors has taken all the steps that he
ought to have taken as a director to make himself
aware of any relevant audit information (as defined)
and to establish that the Company’s auditors are
aware of that information.
Deloitte & Touche LLP have expressed their willingness to
continue in office as auditors and a resolution to
re-appoint them will be proposed at the forthcoming
Annual General Meeting.
By order of the Board
Angela Wright
Secretary
28 November 2006
MAC_RF62742_B  2/1/07  13:35  Page 17 Page 18 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Corporate Governance
The Directors are committed to a high standard of
corporate governance and to compliance with the best
practice provisions of the Combined Code on corporate
governance published in July 2003 by the Financial
Reporting Council (“the Combined Code”). This statement
explains how the Group has applied the principles of good
governance contained therein. 
The Board
At the end of the year the Board had twelve members,
comprising eight Executive Directors and four Non-
Executive Directors. All the Non-Executive Directors are
regarded as independent, save for Vikram Lall who was an
Executive Director until December 2003. Biographies of
all the Directors are presented on page 12. One third of
the Board is re-elected each year. Simon Miller joined the
Board as a Non-Executive Director on 27 October 2005
and David McCorkell joined the Board as an Executive
Director on 23 May 2006; all other directors served
throughout the year.
The Board maintains a schedule of matters reserved for
the Board which was reviewed in September 2006. The
specific responsibilities retained by the Board include:
establishing Group strategy and approving the annual
budget; reviewing the Group’s operational and financial
performance; approving major acquisitions, divestments
and capital expenditure; reviewing the Group’s systems of
control and risk management; approving appointments to
the Board and the Company Secretary; approving policies
relating to Directors’ remuneration and the severance of
Directors’ contracts; and ensuring that a reasonable
discourse occurs with shareholders.
The Board met ten times during the course of the year. All
meetings were attended by all Directors save that Messrs
Hall, Hood and Worsley missed one board meeting each. 
The Non-Executive Directors meet with the Chairman and
Chief Executive prior to most Board meetings. On three
occasions during the year the Non-Executives met on
their own.
New Directors receive an appropriate induction when they
first join the Board; this includes receiving details of
Board and Group policies and procedures and meetings
with senior management. At least once a year the whole
board attends a training seminar; in 2006 there were two
training sessions covering regulation and new software.
Executive members of the Board have to date been
appointed from within the Group and have served on the
Brewin Dolphin Securities Limited Board prior to
appointment.
There is a clear division of duties between the Executive
Chairman and the Non-Executive Deputy Chairman, with
written terms of reference. This ensures that there is a
clear balance of power and authority.
Retirement and Re-appointment of Executive and
Non-Executive Directors
Michael Williams and Jock Worsley retire by rotation at
the next Annual General Meeting and, being eligible, offer
themselves for re-election. In accordance with section 293
of the Companies Act 1985, Nick Hood is also required to
stand for re-election at the AGM, having reached the age
of 70 during the year. Additionally, David McCorkell having
been appointed to the Board since the last AGM requires
election by the members. 
The Chairman has confirmed that the performances of
the Non-Executive Directors seeking re-election have
been reviewed and that they continue to make a valuable
contribution to the Board and demonstrate commitment
to their role. 
It is the view of the Board that all the directors continue to
perform effectively and that it is appropriate for the above-
mentioned individuals to continue to serve as directors of
the Company.
Committees of the Board
The Board has three standing committees: the
Nominations Committee; the Audit Committee and the
Remuneration Committee. These committees have
written terms of reference, which were last reviewed in
September 2006 and approved by the Board. Membership
of the committees is set out on page 2. The terms of
reference of the Committees can be viewed on the
Company’s website. Sight of all Directors’ contracts, or,
in the case of Non-Executive Directors, letters of
appointment, can be obtained via the Company Secretary.
MAC_RF62742_C  2/1/07  13:36  Page 18 Brewin Dolphin Holdings PLC Page 19
Annual Report and Accounts for the year ending September 2006
Corporate Governance
Remuneration Committee
The Remuneration Committee is chaired by Nick Hood.
There was one meeting of the Remuneration Committee
during the year attended by Messrs Hood and Worsley.
The Directors’ Remuneration Report is presented on
page 21 which gives further information.
Audit Committee
The members of the Audit Committee are Jock Worsley
(Chairman), Nick Hood and Simon Miller. The Finance
Director, Chief Operating Officer, Compliance Director,
the Head of Internal Audit and the Company Secretary
normally attend all Audit Committee meetings at the
Committee’s request; as does Vikram Lall for those
meetings which consider the Group’s results. The Board
is satisfied that at least one member of the Audit
Committee has recent and relevant financial experience. 
The Committee meets on average four times during the
year. During the period under review the Committee met
five times and was fully attended by all its members, save
that Simon Miller was not present at the Audit Committee
meeting held on the day of his appointment. 
The Committee is responsible for the monitoring of the
work of the Internal Audit department and the planning
and the setting of the internal auditors’ work programme
for the year; considering the reports received from the
Compliance Department; reviewing the scope and
findings of the reports from the external auditors and
reviewing the Group’s interim and annual financial
statements prior to their submission to the Board. The
external auditors meet privately with the Audit Committee
at least twice a year without senior management being
present.
The Committee is able to call on independent professional
advisors if it considers this necessary.
Nominations Committee
Nick Hood is the Chairman of the Nominations
Committee which is responsible for the Board’s
succession planning. The Nominations Committee met
twice during the period; all meetings were fully attended
save for that Jock Worsley did not attend one meeting. The
Committee is able to seek advice from independent
professional advisors if it considers this necessary. 
Company Secretary
The Company Secretary is responsible for advising the
Board on all Corporate Governance matters as well as
ensuring good information flows within the Board and its
Committees. All Directors have access to the services of
the Company Secretary and may take, if necessary,
independent, professional advice at the Company’s
expense.
Insurance
The Company has arranged appropriate insurance cover
in respect of litigation against the Directors. 
Board Evaluation
On an annual basis the Board conducts a formal
evaluation of its performance, with each Director
expressing his views to the Chairman and the Chairman
reporting these results to the Board. The Senior
Independent Director performs a formal evaluation of the
Chairman. 
Relationship with Shareholders
The Company places a great deal of importance on
communication with shareholders and aims to keep
shareholders informed by regular communication. The
Group’s Chairman, Chief Executive and Finance Director
meet at least twice during the year with the Group’s
institutional investors. The Group’s website is kept
up-to-date covering all corporate activity. Half-yearly
reports, written on the Group by Equity Development
Limited, are available to all shareholders on the Web at
www.equity-development.co.uk. The Company welcomes
all shareholders to its AGM, with the opportunity to ask
questions formally at the meeting or more informally
afterwards. The Company’s policy is to announce the
number of proxy votes cast on resolutions at the AGM. For
shareholders who are clients of Brewin Dolphin Securities
and who hold their shares in one of our nominee
accounts, we provide an on-line voting service on the
Group website for shareholders to vote before our AGM. 
Auditors’ Independence
The Board uses the auditors for audit and related
activities. An analysis of auditors’ remuneration is
provided in note 6 to the financial statements.
MAC_RF62742_C  2/1/07  13:36  Page 19 Page 20 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Corporate Governance
The majority of tax advisory and similar work is carried
out by another major accountancy firm. The auditors 
were changed in 2001. It is the Board’s policy to formally
review the appointment of auditors every six years and
therefore such a review will be carried out during the
forthcoming year. 
Internal Control
The Board undertakes a full review of all aspects of the
Group’s business, identifies the main risks to the
business, and identifies the key controls to counter these
risks. Day-to-day review and monitoring has been
delegated to the Risk and Controls Committee of Brewin
Dolphin Securities Limited which includes the Group’s
Chief Executive, the Finance Director, the Chief
Operations Officer, the Compliance Director and the Head
of Internal Audit. This committee meets weekly.
The Compliance department and Internal Audit carry out
continuous reviews. The Board considers reputational
risk, portfolio performance and the added risk of taking on
new teams and business streams. The level of complaints
is carefully monitored.
The Directors are responsible for the system of internal
control established by the Group, reviewing its
effectiveness and reporting to the shareholders that they
have done so. They report as follows: 
i) There is an ongoing process for identifying,
evaluating and managing the significant risks faced
by the Group as outlined above. This has been in
place for the period under review and up to the date
of approval of the annual report and accounts. It is
regularly reviewed by the Board and accords with
the Turnbull guidance in the Combined Code. Any
system of internal control is designed to manage
rather than to eliminate the risk of failure to achieve
business objectives, and can provide only
reasonable, and not absolute, assurance against
material misstatement or loss.
ii) Financial results, key operating statistics and
controls are reported to the Board monthly, and
variances are followed up vigorously. Monthly
reports are received from the compliance and
internal audit functions.
iii) The Directors have reviewed the Group’s system of
internal controls and compliance monitoring and
believe that these provide assurance that problems
have been identified on a timely basis and dealt with
appropriately throughout the period under review
and up to the date of approval of the annual report
and accounts.
Compliance with the Combined Code
The Directors consider that they have complied with the
provisions of section 1 of the Combined Code throughout
the period ended 30 September 2006, with the exception
that the Chairman did not, on appointment, meet the
independence criteria set out in the Code since he had
previously been an employee and an Executive Director of
the Company. The Chairman has an executive role; to
ensure that there is a clear balance of power and authority
there is a Non-Executive Deputy Chairman and a clear
division of duties between the Executive Chairman and 
the Non-Executive Deputy Chairman with written terms 
of reference. 
Angela Wright 
Secretary
28 November 2006
MAC_RF62742_C  2/1/07  13:36  Page 20 Brewin Dolphin Holdings PLC Page 21
Annual Report and Accounts for the year ending September 2006
Directors’ Remuneration Report
The members of the Remuneration Committee are: 
William Nicholas Hood, CBE (Chairman)
Francis Edward (Jock) Worsley, OBE, FCA
Simon Edward Callum Miller
The Remuneration Committee consists solely of
Independent Non-Executive Directors. None of the
Committee members has any personal financial interests
(other than as shareholders), conflicts of interest arising
from cross Directorships or day-to-day involvement in
running the business. The Chief Executive and Executive
Chairman attend part of the meetings of the Committee
but not when their own remuneration is discussed. The
Finance Director provides factual and statistical
information to the Committee, which in turn can call for
external reports and assistance.
Policy on remuneration of Executive Directors 
The remuneration of Jamie Matheson, the Executive
Chairman; John Hall, the Chief Executive; Robin Bayford,
Finance Director; and Simon Still, Chief Operating Officer,
is awarded by reference to the performance of the Group
and their contribution to enhancing future growth. The
Remuneration Committee reviews the basic salaries of
these Directors together with their profit participation,
based on a number of factors including work undertaken
and comparable salaries. In assessing all aspects of pay
and benefits, the Remuneration Committee compares
packages offered by similar investment management
companies. These companies are chosen having regard
to: 
i. the size of the company – its turnover and numbers
of employees; and
ii. its growth pattern.
The Remuneration Committee also compares these
salaries to the remuneration of other senior employees
within the Group including the other Executive Directors.
The working of this policy can be seen in the table below
so that all Directors are remunerated within the same
framework.
The Committee determines the other Executive Directors’
basic salaries but their profit participation is determined
solely by reference to their own team’s performance on
strict formulae in line with other investment managers or
corporate financiers within the Group. Teams normally
share 30% to 40% of profit after paying a full contribution
to Group overheads. The members of the team, depending
on individual performance, determine the split of profit
share within the team. The profit share percentage can
rise to 45% on the margin or be as little as 20% depending
on predetermined formulae based on total team salary.
MAC_RF62742_C  2/1/07  13:36  Page 21 Page 22 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Directors’ Remuneration Report
The movement in executive Directors’ remuneration in 2006 reflects the incidence of Group and team performance and is
set out below: 
Profit Basic
(Audited) Salary share pension  
and Benefits Profit taken as contri- Total Total
fees in kind share pension Total butions 2006 2005
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 
Executives
remunerated on the results of the Group
J G Matheson 175 1 300 113 589 43 632 463 
J P Hall 209 3 380 – 592 7 599 546 
R A Bayford 151 – 163 183 497 24 521 435 
S J H Still 159 3 124 210 496 4 500 363 
remunerated on their own profit centres results
C D Legge 132 – 138 – 270 24 294 294 
D W McCorkell ** 37 – 102 – 139 7 146 -
I B Speke 98 3 139 38 278 25 303 262 
M J R Williams 112 – 381 – 493 20 513 324 
Non-Executives
Sir F Holliday –––––– – *107 
W N Hood 45 – – – 45 – 45 29 
V Lall 30 – – – 30 – 30 27 
S E C Miller*** 27 – – – 27 – 27 –
F E Worsley 33 – – – 33 – 33 27
Total  1,208 10 1,727 544 3,489 154 3,643 2,877
Total 2005 1,051 14 855 766 2,686 191 2,877 
* Includes £50,000 as compensation for loss of office.
** D W McCorkell was appointed on 23 May 2006.
*** S E C Miller was appointed on 27 October 2005.
Executive Directors’ main pension entitlement is via a defined contribution scheme. The following Executive Directors were
also in the Brewin Dolphin Securities Limited Staff Scheme, their entitlement under the scheme being as follows:
(Audited) Transfer value 
of increase in
Transfer value Change in accrued pension
Accrued Transfer value of accrued transfer value entitlement at
pension Increase of accrued pension over year 30 September
entitlement at in accrued pension at entitlement at less members’ 2006
30 September pension 30 September 30 September contributions less members’
2006* in period* 2006 2005 made contributions**
£’000 £’000 £’000 £’000 £’000 £’000
J G Matheson 4 – 43 37 7 –
J P Hall 11 1 167 159 9 12
R A Bayford 3 – 32 28 4 –
C D Legge 11 1 153 133 18 8
D W McCorkell 7 – 59 54 4^ –
S J H Still 2 – 20 17 3 –
I B Speke 12 – 141 126 15 –
M J R Williams 11 1 127 108 16 6
* including and excluding inflation
** excluding inflation
^ change in transfer value since appointment on 23 May 2006 and 30 September 2006
MAC_RF62742_C  2/1/07  13:36  Page 22 Brewin Dolphin Holdings PLC Page 23
Annual Report and Accounts for the year ending September 2006
Directors’ Remuneration Report
Shareholder information (Unaudited)
Directors shareholdings are as follows as at 30 September 2006 and 30 September 2005:
(see also page 72)
2006 2005
Directors Fully paid Fully paid
J G Matheson 460,029 460,029
J P Hall 3,358,932 3,358,932
R A Bayford 783,095 779,441
Sir F Holliday – 4,200
W N Hood 25,000 25,000
V Lall 552,347 552,347
C D Legge 2,567,948 2,567,948
D W McCorkell 635,447 685,447
S E C Miller 7,500 –
I B Speke 352,622 352,622
S J H Still 25,912 4,330
M J R Williams 1,452,153 1,452,153
F E Worsley 10,000 10,000
10,230,985 10,252,449
In addition Simon Still has the following shares at 30 September 2006 and 2005, nil paid, issued under the senior employee
matching share purchase scheme (see below for details of scheme):
Last date
they could
No. Price be called
60,753 82.3p December 2010
24,752 101p May 2012 
Share options (Audited)
The directors’ options under the Group approved share save scheme are set out below: 
December 2004 December 2003 December 2002 June 2000 
@ 81.6p @ 66.4p @ 30p @ 134p
exercisable up to exercisable up to exercisable up to
exercisable up to September 2009 September 2008 September
2007 December 2007
J G Matheson 2,229 2,611 1,752 –
J P Hall 2,229 2,611 – –
R A Bayford – 2,611 – –
C D Legge – – – 1,755
D W McCorkell 2,229 2,611 1,752 –
S J H Still 2,229 2,611 – –
I B Speke – – 7,665 –
M J R Williams 2,229 – – –
MAC_RF62742_C  2/1/07  13:36  Page 23 Page 24 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
The value of exercise value price for the above Group approved share save scheme options are as follows:
Value over Value over
exercise exercise
price price
at end at start
Exercise No. of period of period
Price of Options £ £
March 2004 exercisable up to September 2009 81.6p 2,229 1,853 1,122
March 2003 exercisable up to September 2008 66.4p 2,611 2,567 1,670
March 2002 exercisable up to September 2007 30.0p 1,752 2,361 1,778
March 2002 exercisable up to September 2007 30.0p 7,665 10,328 7,780
June 2000 exercisable up to December 2007 134.0p 1,755 540 –
Mr Still also has the following options:
[Audited] Value over Value over
exercise exercise
price price
at end at start
Exercise No. of period of period
Exercise period Price of Options £ £
The senior employee matching December 2007 to
share purchase scheme December 2010 82.3p 60,753 50,091 29,890
May 2009 to
May 2012 101p 24,752 15,779 7,549
The unapproved share option scheme March 2008 to
March 2013 33.5p 100,000 131,250 98,000
The approved share option scheme June 2006 to
Exercised in
June 2011 139p 21,582 the year –
All the above options were held throughout the year save for those exercised in June 2006. 
Mr I B Speke has 17,500 options exercisable under the Group’s approved option scheme at 167.5p (nil value at year end).
These options may be exercised at any time up to June 2010. Mr J Matheson has 4,000 options exercisable under the
Group’s approved option scheme at 81.3p (2006: £3,338 value at year end and £2,008 at the start of the period).
Mr I B Speke and Mr J Matheson have interest free loans under the Company’s share purchase schemes, amounting to
£29,000 and £10,000 respectively. These loans were granted prior to their becoming Directors of the Company and are
secured on the Company’s shares.
Directors’ Remuneration Report
MAC_RF62742_C  2/1/07  13:36  Page 24 Brewin Dolphin Holdings PLC Page 25
Annual Report and Accounts for the year ending September 2006
Directors’ Remuneration Report
Terms of the option schemes (Audited)
The Group's two approved employee option schemes were
adopted in 1994 and 2004 respectively and the Share-save
Scheme in April 1998. An unapproved option scheme was
adopted in 2000 though to date only 100,000 options have
been granted under this scheme. The approved and
unapproved option schemes have the same performance
criteria, namely that the year on year growth in annual fee
income charged on portfolios shall not be less than 10%
per annum compound or a 33% increase in annual fees
over a three year period. Under the above schemes the
number of options over ordinary shares may not exceed
10% of the Company's ordinary share capital over a ten
year period. The approved and unapproved options are
exercisable from five to ten years from grant. The Share-
save Scheme options are exercisable from three to five
years of grant. It is the current intention of the Directors
not to issue more shares under the Share-save scheme
thus reducing the limit to 5% over ten years over time.
The senior employee matching share purchase scheme is
additional to the above schemes and allows a further 5%
issue of options over a ten year period, provided that a
similar number of shares are subscribed for by senior
executives at the price the options are issued at. These
shares are issued nil paid but have to be subscribed for at
the earlier of the exercise of the matching option, the sale
of the shares, the employee leaving the Group, or after
seven years. The options can be exercised within four to
seven years.
There are two strict performance criteria for the options
to be exercised involving both the executive team's
profitability and Group earnings per share exceeding the
growth in the retail price index by 4% compound and 2%
compound respectively. This is a criteria thought to be
realistic but not easy to achieve. The Group operates in a
cyclical business, and over a seven year period there will
be downturns, but the compound rate of return means
that the hurdle increases over time. The incentive is
designed to be long term and is matched by an equal
commitment with considerable risk by the employee.
Policy on external appointments
The Group encourages external appointments at a senior
level. Directors’ fees arising from external appointments
are either paid to the Group or taken into account in
assessing the overall executives’ remuneration package. 
J Matheson is a non executive director of AIM VCT2 plc and
during 2005 received remuneration of £11,000 for the
financial period ended 30 November 2005 (2004: £11,000).
J Hall is a non executive director of Mountview Estates
PLC and received remuneration of £24,000 for the
financial period ended 31 March 2006 (2005: £18,000).
Simon Still is a non executive director of Affinity Food
Holdings Ltd and received remuneration of £15,000 for the
financial period ended 30 April 2006 (2005: £15,000). The
remuneration for those above was paid directly to the
individual directors. 
Group policy on contracts of service
All senior executives including Executive Directors have
substantially identical six-month rolling contracts. There
are no exceptional termination provisions for either senior
executives or Executive Directors. All contracts include
six-month garden leave clauses, which are vigorously
enforced. If Directors were allowed to leave without going
on garden leave within the six-month notice period the
normal policy would be to only pay them for the period
worked. Profit share is never paid to any member of staff
who has indicated that they will be leaving except in the
case of ill health or retirement when exceptions can be
made.
The commencement dates of the executive contracts are
as follows:
J P Hall January 2000
R A Bayford January 2000
C D Legge January 2000
J G Matheson May 2005
D W McCorkell January 2000
I B Speke August 1998
S J H Still January 2001
M J R Williams March 2000
MAC_RF62742_C  2/1/07  13:36  Page 25 Page 26 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Directors’ Remuneration Report
Non-Executive Directors’ remuneration
The Board determines the level of non-executive fees.
Non–executive Directors have three year letters of
engagement.
Material contracts with Directors
Other than the loans set out above, there were no material
contracts between the Group and the Directors. The
Directors undertake transactions in stocks and shares in
the ordinary course of the Group’s business for their own
account. The transactions are not material to the Group in
the context of its operations, £nil was outstanding in
respect of these transactions at 30 September 2006 and
30 September 2005. 
Policy on remuneration of other senior executives 
The Remuneration Committee has to approve any change
to profit share schemes throughout the Group. These
schemes are progressively geared on set formulae
depending on the nature of the business undertaken.
Performance Graph
The Graph below shows the Company’s total shareholder
return (TSR) against that of the FTSE 350 Speciality and
Other Finance Index; the sector in which the Company is
included. TSR is calculated assuming dividends are
reinvested on receipt.
Share price
At 30 September 2006 the Company’s share price was
164.75p (2005 131.5p). The highest price in the year was
202p and the lowest 125p.
Information subject to audit
The information on pages 21 to 26 has been subject to
audit as indicated, and as required by The Directors’
Remuneration Report Regulations 2002.
Annual General Meeting (AGM)
The Board will move at the AGM an ordinary resolution
seeking approval of the Directors’ Remuneration Report
for 2006. Notice of the AGM is on pages 73 to 76.
Nick Hood
Chairman of the Remuneration Committee
28 November 2006
2001 2002 2003 2004 2005 2006
0
50
100
150
200
250
300
350
26/10/06
BREWIN DOLPHIN - TOT RETURN IND
FTSE 350 GENERAL FIN £ - TOT RETURN IND
MAC_RF62742_C  2/1/07  13:36  Page 26 Brewin Dolphin Holdings PLC Page 27
Annual Report and Accounts for the year ending September 2006
Statement of Directors’ Responsibilities
The directors are responsible for preparing the Annual
Report and the financial statements. The directors are
required to prepare financial statements for the group in
accordance with International Financial Reporting
Standards (IFRS) and have also elected to prepare
financial statements for the company in accordance with
IFRS. Company law requires the directors to prepare such
financial statements in accordance with IFRS, the
Companies Act 1985 and Article 4 of the lAS Regulation. 
International Accounting Standard 1 requires that
financial statements present fairly for each financial year
the company’s financial position, financial performance
and cash flows. This requires the faithful representation of
the effects of transactions, other events and conditions, in
accordance with the definitions and recognition criteria
for assets, liabilities, income and expenses set out in the
International Accounting Standards Board’s ‘Framework
for the preparation and Presentation of Financial
Statements’. In virtually all circumstances, a fair
presentation will be achieved by compliance with all
applicable International Financial Reporting Standards.
Directors are also required to: 
• properly select and apply accounting policies;
• present information, including accounting policies,
in a manner that provides relevant, reliable,
comparable and understandable information; and 
• provide additional disclosures when compliance
with the specific requirements in IFRS is insufficient
to enable users to understand the impact of
particular transactions, other events and conditions
on the entity’s financial position and financial
performance. 
The directors are responsible for keeping proper
accounting records which disclose with reasonable
accuracy at any time the financial position of the
company, for safeguarding the assets, for taking
reasonable steps for the prevention and detection of fraud
and other irregularities and for the preparation of a
directors’ report and directors’ remuneration report which
comply with the requirements of the Companies Act 1985. 
The directors are responsible for the maintenance and
integrity of the company website. Legislation in the United
Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other
jurisdictions.
MAC_RF62742_C  2/1/07  13:36  Page 27 Page 28 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Independent Auditors’ Report
Independent Auditors’ Report to the members of
Brewin Dolphin Holdings PLC
We have audited the group and parent company financial
statements (the “financial statements”) of Brewin Dolphin
Holdings plc for the 52 week period ended 30 September
2006 which comprise the Consolidated Income Statement,
the Consolidated and Parent Company Statements of
Recognised Income and Expense, the Consolidated and
Parent Company Balance Sheets, the Consolidated and
Parent Company Cash Flow Statements and the related
notes 1 to 34. These financial statements have been
prepared under the accounting policies set out therein.
We have also audited the information in the Directors'
Remuneration Report that is described as having been
audited.
This report is made solely to the company’s members, as
a body, in accordance with section 235 of the Companies
Act 1985. 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
The directors' responsibilities for preparing the Annual
Report, the Directors’ Remuneration Report and the
financial statements in accordance with applicable law
and International Financial Reporting Standards (IFRSs)
as adopted by the European Union are set out in the
Statement of Directors' Responsibilities.
Our responsibility is to audit the financial statements and
the part of the Directors' Remuneration Report to be
audited in accordance with relevant legal and regulatory
requirements and International Standards on Auditing
(UK and Ireland).
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the
financial statements and the part of the Directors'
Remuneration Report to be audited have been properly
prepared in accordance with the Companies Act 1985 and,
as regards the group financial statements, Article 4 of the
IAS Regulation. We also report to you whether in our
opinion the information given in the Directors' Report is
consistent with the financial statements. The information
given in the Directors’ Report includes the specific
information presented in the Financial Review and Chief
Executive’s Report that is cross referenced from the
Review of the Business and its Future Development
section of the Directors’ Report.
In addition we report to you if, in our opinion, the company
has not kept proper accounting records, if we have not
received all the information and explanations we require
for our audit, or if information specified by law regarding
directors' remuneration and other transactions is not
disclosed.
We review whether the Corporate Governance Statement
reflects the company's compliance with the nine
provisions of the 2003 Combined Code specified for our
review by the Listing Rules of the Financial Services
Authority, and we report if it does not. We are not required
to consider whether the board's statements on internal
control cover all risks and controls, or form an opinion on
the effectiveness of the group's corporate governance
procedures or its risk and control procedures.
We read the other information contained in the Annual
Report as described in the contents section and consider
whether it is consistent with the audited financial
statements. We consider the implications for our report if
we become aware of any apparent misstatements or
material inconsistencies with the financial statements.
Our responsibilities do not extend to any further
information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements and the part of the
Directors' Remuneration Report to be audited. It also
includes an assessment of the significant estimates and
judgments made by the directors in the preparation of the
financial statements, and of whether the accounting
policies are appropriate to the group's and company's
circumstances, consistently applied and adequately
disclosed.
MAC_RF62742_D  2/1/07  13:36  Page 28 Brewin Dolphin Holdings PLC Page 29
Annual Report and Accounts for the year ending September 2006
Independent Auditors’ Report
We planned and performed our audit so as to obtain all
the information and explanations which we considered
necessary in order to provide us with sufficient evidence to
give reasonable assurance that the financial statements
and the part of the Directors’ Remuneration Report to be
audited are free from material misstatement, whether
caused by fraud or other irregularity or error. In forming
our opinion we also evaluated the overall adequacy of the
presentation of information in the financial statements
and the part of the Directors’ Remuneration Report to be
audited. 
Opinion
In our opinion:
• the group financial statements give a true and fair
view, in accordance with IFRSs as adopted by the
European Union, of the state of the group’s affairs as
at 30 September 2006 and of its profit for the
52 week period then ended;
• the parent company financial statements give a true
and fair view, in accordance with IFRSs as adopted
by the European Union as applied in accordance
with the provisions of the Companies Act 1985, of
the state of the parent company’s affairs as at
30 September 2006; 
• the financial statements and the part of the
Directors’ Remuneration Report to be audited have
been properly prepared in accordance with the
Companies Act 1985 and, as regards the group
financial statements, Article 4 of the IAS Regulation;
and
• the information given in the Directors’ Report is
consistent with the financial statements.
Separate opinion in relation to IFRSs
As explained in Note 1 to the group financial statements,
the group in addition to complying with its legal obligation
to comply with IFRSs as adopted by the European Union,
has also complied with the IFRSs as issued by the
International Accounting Standards Board.
In our opinion the group financial statements give a true
and fair view, in accordance with IFRSs, of the state of the
group’s affairs as at 30 September 2006 and of its profit
for the 52 week period then ended.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
London
28 November 2006
Notes:
An audit does not provide assurance on the maintenance and integrity of
the Group’s website, including controls used to achieve this, and in
particular on whether any changes may have occurred to the financial
statements since first published. These matters are the responsibility of
the directors but no control procedures can provide absolute assurance in
this area.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements differs from legislation in other
jurisdictions.
MAC_RF62742_D  2/1/07  13:36  Page 29 Page 30 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
52 weeks to 53 weeks to
30 September 30 September
2006 2005 
Note £’000 £’000 
Continuing operations
Revenue 164,594 136,563 
Other operating income 9,044 8,097 
Total income 4 173,638 144,660 
Staff costs 5 (91,621) (78,293) 
Other operating costs (55,166) (52,899)
(146,787) (131,192)
Operating profit 26,851 13,468 
Finance income 7 5,235 4,555 
Finance costs 7 (36) (254)
Profit on ordinary activities before exceptional 
item 4 32,050 24,600 
Exceptional item 8 – (6,831) 
Profit before tax 32,050 17,769 
Tax 9 (10,045) (5,555)
Profit attributable to equity shareholders of the
parent from continuing operations 6 22,005 12,214 
Earnings per share
From continuing operations 
Basic 12 11.1p 6.2p 
Diluted 12 10.6p 6.0p 
The notes on pages 37 to 69 form an integral part of these financial statements.
Consolidated Income Statement
52 week period ended 30 September 2006
MAC_RF62742_D  2/1/07  13:36  Page 30 Brewin Dolphin Holdings PLC Page 31
Annual Report and Accounts for the year ending September 2006
Consolidated Statement of Recognised 
Income and Expense
52 week period ended 30 September 2006
52 weeks to 53 weeks to
30 September 30 September
2006 2005 
£’000 £’000 
Gain on revaluation of available-for-sale investments 1,509 1,144 
Tax on revaluation of available-for-sale investments (453) (343) 
Actuarial loss on defined benefit pension scheme (3,251) (666) 
Tax on actuarial loss on defined benefit pension scheme 975 200 
Deferred tax on share based payments 720 599 
Net (expense)/income recognised directly in equity (500) 934 
Profit for period  22,005 12,214
Total recognised income and expense for the period
attributable to equity shareholders of the parent 21,505 13,148
The notes on pages 37 to 69 form an integral part of these financial statements.
MAC_RF62742_D  2/1/07  13:36  Page 31 Page 32 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
As at As at
30 September 30 September 
2006 2005
Note £’000 £’000 
ASSETS 
Non-current assets 
Goodwill 13 66,846 43,624 
Property, plant and equipment 14 16,920 9,168 
Available-for-sale investments 16 10,463 8,954 
Other receivables 18 1,988 1,938 
Deferred tax asset 17 2,473 2,908 
98,690 66,592
Current assets 
Trading investments 16 2,470 1,227 
Trade and other receivables 18 251,437 231,717 
Cash and cash equivalents 19 61,576 50,392
315,483 283,336
Total assets 414,173 349,928
LIABILITIES 
Current liabilities 
Bank overdrafts 20 3,197 164 
Trade and other payables 21 279,148 250,982 
Current tax liabilities 3,256 2,259 
Shares to be issued including premium 22 1,000 2,928
286,601 256,333
Net current assets 28,882 27,003
Non-current liabilities 
Retirement benefit obligation 24 15,422 12,937 
Deferred purchase consideration 22 3,444 538 
Shares to be issued including premium 22 16,500 3,072
35,366 16,547
Total liabilities 321,967 272,880
Net assets 92,206 77,048
EQUITY 
Called up share capital 25 1,995 1,965 
Share premium account 27 82,755 79,287 
Revaluation reserve 27 6,805 5,749 
Merger reserve 27 4,562 4,562 
Profit and loss account 27 (3,911) (14,515)
Equity attributable to equity holders of the parent 27 92,206 77,048
Approved by the Board of Directors on 28 November 2006 and signed on its behalf by:
J P Hall Directors
R A Bayford
The notes on pages 37 to 69 form an integral part of these financial statements.
Consolidated Balance Sheet
As at 30 September 2006
MAC_RF62742_D  2/1/07  13:36  Page 32 Brewin Dolphin Holdings PLC Page 33
Annual Report and Accounts for the year ending September 2006
Company Balance Sheet
As at 30 September 2006
As at As at
30 September 30 September 
2006 2005
Note £’000 £’000 
ASSETS
Non-current assets
Investment in subsidiaries 15 123,958 109,547 
Available-for-sale investments 16 9,500 –
Other receivables 18 430 476
133,888 110,023
Current assets
Trade and other receivables 18 6,603 6,000 
Cash and cash equivalents 19 21 19
6,624 6,019
Total assets 140,512 116,042
LIABILITIES
Current liabilities
Trade and other payables 21 12,841 12,365 
Shares to be issued including premium 22 1,000 2,928
13,841 15,293
Net current liabilities (7,217) (9,274)
Non-current liabilities 
Shares to be issued including premium 22 16,500 3,072 
Deferred tax liability 17 2,720 –
19,220 3,072
Total liabilities 33,061 18,365
Net assets 107,451 97,677
EQUITY 
Called up share capital 25 1,995 1,965 
Share premium account 27 82,755 79,287 
Revaluation reserve 27 700 –
Merger reserve 27 4,847 4,847 
Profit and loss account 27 17,154 11,578
Equity attributable to equity holders 27 107,451 97,677
Approved by the Board of Directors on 28 November 2006 and signed on its behalf by:
J P Hall Directors 
R A Bayford
The notes on pages 37 to 69 form an integral part of these financial statements.
MAC_RF62742_D  2/1/07  13:36  Page 33 Page 34 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
52 weeks to 53  weeks to
30 September 30 September
2006 2005
£’000 £’000  
Gain on revaluation of available-for-sale investments 1,000 –
Tax on revaluation of available-for-sale investments (300) –
Net income recognised directly in equity 700 –
Profit for period 15,421 10,149
Total recognised income and expense for the
period attributable to equity shareholders 16,121 10,149
The notes on pages 37 to 69 form an integral part of these financial statements.
Company Statement of Recognised Income and Expense
52 week period ended 30 September 2006
MAC_RF62742_D  2/1/07  13:36  Page 34 Brewin Dolphin Holdings PLC Page 35
Annual Report and Accounts for the year ending September 2006
Consolidated Cash Flow Statement
52 week period ended 30 September 2006
52 weeks to 53  weeks to
30 September 30 September
2006 2005
Note £’000 £’000 
Net cash flow from operating activities 31 34,442 16,075
Cash flows from investing activities
Purchase of goodwill 13 (6,289) (1,483)
Purchases of property, plant and equipment 14 (11,523) (6,291)
Purchases of available-for-sale investments – (310)
Dividend received from available-for-sale investments 7 249 221
Net cash used in investing activities (17,563) (7,863)
Cash flows from financing activities
Dividends paid to equity shareholders (9,884) (7,837)
Proceeds on issue of shares 1,156 210
Net cash used in financing activities (8,728) (7,627)
Net increase in cash and cash equivalents 8,151 585
Cash and cash equivalents at the start of period 50,228 49,643
Cash and cash equivalents at the end of period 58,379 50,228 
Firm's cash 47,832 38,168 
Firm's overdraft (3,197) (164) 
Firm's net cash 44,635 38,004 
Client settlement cash 13,744 12,224 
Net cash and cash equivalents 58,379 50,228
Cash and cash equivalents shown in current assets 61,576 50,392
Bank overdrafts (3,197) (164)
Net cash and cash equivalents 58,379 50,228
The notes on pages 37 to 69 form an integral part of these financial statements.
MAC_RF62742_D  2/1/07  13:36  Page 35 Page 36 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
52 weeks to 53  weeks to
30 September 30 September
2006 2005
Note £’000 £’000 
Net cash flow from operating activities 31 14,810 7,650
Cash flows from investing activities 
Purchases of available-for-sale investments (6,080) –
Net cash used in investing activities (6,080) –
Cash flows from financing activities
Dividends paid to equity shareholders (9,884) (7,837)
Proceeds on issue of shares 1,156 210
Net cash used in financing activities (8,728) (7,627)
Net increase in cash and cash equivalents 2 23
Cash and cash equivalents at the start of period 19 (4)
Cash and cash equivalents at the end of period 21 19 
The notes on pages 37 to 69 form an integral part of these financial statements.
Company Cash Flow Statement
52 week period ended 30 September 2006
MAC_RF62742_D  2/1/07  13:36  Page 36 Brewin Dolphin Holdings PLC Page 37
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
1. General information
Brewin Dolphin Holdings PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The
address of the registered office is given on page 2. The nature of the Group’s operations and its principal activities are set
out in the Directors’ Report. The company is registered in England and Wales.
The consolidated financial statements of Brewin Dolphin Holdings PLC have, for the first time, been prepared in
accordance with International Financial Reporting Standards adopted by the International Accounting Standards Board
(“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB
(together “IFRS”) as endorsed by the European Union. The EU has not endorsed the complete text of IAS 39 “Financial
Instruments: recognition and measurement”. However, the effect of this departure relating to hedging requirements has
no impact for the Group’s financial statements and thus the financial statements have been prepared in accordance with
IFRS as issued by the IASB.
At the date of authorisation of these financial statements, the following Standards and Interpretations (relevant to the
Group’s activities) which have not been applied in these financial statements were in issue but not yet effective:
IFRS 7 Financial instruments: Disclosures; and the related amendment to IAS 1 on capital disclosures.
IFRIC 4 Determining whether an arrangement contains a lease.
IFRIC 8 Scope of IFRS 2.
IFRIC 11 Group and Treasury Share Transactions.
The Directors anticipate that the adoption of IFRS 7, IFRIC 4 and IFRIC 8 in the future will have no material impact on the
financial statements of the Group except for additional disclosures on capital and financial instruments when the IFRS 7
comes into effect for periods commencing on or after 1 January 2007. The implementation of IFRIC 11 affects the
accounting treatment of arrangements where a parent company grants rights to its equity instruments to employees in a
subsidiary company. It is effective for accounting periods commencing on or after 1 March 2007.
2. Significant accounting policies
a. Basis of accounting
The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards
(IFRSs) for the first time. The transition disclosures required by IFRS 1 concerning the transition from UK Generally
Accepted Accounting Principles (“UK GAAP”) to IFRSs are set out in note 34.
The financial statements of Brewin Dolphin Holdings PLC (the “Company”) have also been prepared for the first time in
accordance with International Financial Reporting Standards (IFRSs). The transition disclosures for the Company required
by IFRS 1 are set out in note 33. 
The date of transition to IFRS for the Group and the Company was 25 September 2004.
The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial
instruments. The principal accounting policies adopted are set out below.
MAC_RF62742_D  2/1/07  13:36  Page 37 Page 38 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
b. Basis of consolidation
The Group accounts consolidate the accounts of Brewin Dolphin Holdings PLC and all its subsidiary undertakings. 
The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings
acquired during the period are included in the consolidated income statement from the date of acquisition to the date of
disposal. 
Where necessary, adjustments are made on to the financial statements of subsidiaries to bring the accounting policies
used into line with those used by the Group. 
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
In the Company’s accounts investments in subsidiary undertakings are stated at cost less any provision for impairment.
Dividends received and receivable are credited to the income statement to the extent that they represent a realised profit
and loss for the Company.
In accordance with Section 230 of the Companies Act 1985 Brewin Dolphin Holdings PLC has taken advantage of the legal
dispensation not to present its own income statement. The amount of the profit for the financial period dealt with in the
financial statements of the Company is disclosed in note 10 to the accounts.
c. Transaction date accounting
All securities transactions entered into on behalf of clients are recorded in the accounts on the date of the transaction. 
d. Foreign currencies
The Group’s functional currency is Sterling. Foreign currency monetary assets and liabilities have been translated into
Sterling at the exchange rates ruling at the balance sheet date. Non-monetary assets and liabilities carried at fair value
that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
determined.
Transactions during the period have been translated into Sterling at the rates ruling at the time the transactions were
executed.
All exchange differences are reflected in the income statement, except for any exchange differences arising on any non-
monetary assets and liabilities where the changes in fair value are recognised directly in equity.
e. Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents gross commission,
management fees and other income, excluding VAT, receivable in respect of the period. 
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to that asset’s net carrying amount.
Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.
Other fees are taken to the income statement when payment is contractually due.
Notes to the Financial Statements
MAC_RF62742_D  2/1/07  13:36  Page 38 Brewin Dolphin Holdings PLC Page 39
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
f. Operating profit
Operating profit is stated as being profit before finance income, finance costs and tax.
g. Other operating income
Interest receivable and payable on client free money balances is netted to calculate the Group’s share of interest receivable
and included under the heading other operating income.
h. Leases
Annual rentals on operating leases are charged to the income statement on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis
over the lease term.
i. Share based payments
The Group has applied the requirements of IFRS 2 Share based payments. In accordance with the transitional provisions,
IFRS 2 has been applied to all grants of equity instruments made after 7 November 2002 that were unvested as of
1 January 2005.
The Group issues equity-settled share based payments to certain employees. Equity-settled share based payments are
measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share based
payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will
eventually vest.
Fair value is measured by use of a Black-Scholes option pricing model. The expected life used in the model has been
adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and
behavioural considerations.
j. Taxation
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
income statement because it excludes items of income or expenses that are taxable or deductible in other years and it
further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts 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 balance sheet liability method. Deferred tax liabilities are generally 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 goodwill or from the initial recognition (other than in a business combination) of
other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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Annual Report and Accounts for the year ending September 2006
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset
is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also dealt with in equity.
k. Goodwill 
Goodwill represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets
and liabilities at the date of acquisition.
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised
immediately in the income statement and is not subsequently reversed.
On disposal the attributable amount of goodwill is included in the determination of the profit or loss.
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts
subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP prior to 1998 has not
been reinstated and is not included in determining any subsequent profit or loss on disposal.
l. Property, plant and equipment 
Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment.
Depreciation has been provided on the basis of equal annual instalments to write off the cost less estimated residual
values of tangible fixed assets over their estimated useful lives as follows:
Computer equipment 3 to 4 years
Office equipment 4 to 10 years
Leasehold improvements over 5 years
m. Investments
Investments are recognised and derecognised on trade date, where a purchase or sale of an investment is under a
contract whose terms require delivery of the investment within the timeframe established by the market concerned, and
are initially measured at cost.
Investments are classified as either held-for-trading or available-for-sale and are measured at subsequent dates at fair
value. Where investments are held for trading, gains or losses arising from changes in fair value are recognised through
profit and loss.
For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity
via the revaluation reserve until the security is disposed of or is determined to be impaired, at which time the cumulative
gain or loss is recognised and is included in the income statement for the period, the revaluation reserve having first been
reversed. Any loss is limited to amounts written off below original cost, the revaluation reserve having first been reversed.
n. Netting of balances
Amounts due to and from counterparties due to settle on balance are shown net where there is a currently enforceable
legal right to set off the recognised amounts. Amounts due to and from counterparties due to settle against delivery of
stock are shown gross. 
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
o. Trade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable
amounts are recognised in the profit or loss when there is objective evidence that the asset is impaired.
p. Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made to
state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the Group’s
obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.
For defined benefit retirement benefit schemes, the cost of providing benefits is determined using the Projected Unit
Credit Method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are
recognised in full in the period in which they occur. They are recognised outside the profit or loss and presented in the
statement of recognised income and expense (“SORIE”).
Past service cost is recognised immediately to the extent that the benefits are already vested, and otherwise is amortised
on a straight-line basis over the average period until the benefits become vested.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit
obligation, as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets. Any asset
resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in
future contributions to the scheme.
q. Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible 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. 
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 not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (cash-generating unit) 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.
r. Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
s. Shares to be issued including premium
Shares to be issued represent the Group’s best estimate of the amount of ordinary shares in Brewin Dolphin Holdings PLC
which are likely to be issued on the successful completion of acquisitions which involve deferred payments in the
Company’s shares. The sum is revised annually. Where shares are due to be issued within a year then the sum is included
in current liabilities.
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Annual Report and Accounts for the year ending September 2006
3. Critical accounting judgements and key sources of estimation uncertainty
The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities and profits and
losses. Evaluation takes into account historical experience as well as future expectations.
Retirement benefit obligation
In conjunction with the Group Actuary, the Group makes estimates about a range of long term trends, including life
expectancy. These estimates are governed by the rules set out in IAS 19 which inevitably lead to significant swings in the
pension deficit from year to year, as long term interest rates change and short term market movements impact. The
detailed assumptions are set out in note 24.
Shares to be issued including premium and deferred purchase consideration
The Group includes within these headings its best estimate of the ultimate sum which will be paid for goodwill under
deferred purchase agreements. This is inevitably judgemental and depends on events which transpire over periods up to
five years. Market conditions are an important factor.
Impairment of goodwill 
The Group values goodwill based on the valuation of individual units making up the total goodwill. For the investment
management business this is normally based on the value of funds under management at the period end, the percentages
of funds being used depending on values attributed in recent public transactions for the purchase of advisory and
discretionary funds. A price earnings basis is used where appropriate. For corporate broking and other units a similar
basis is used normally based on turnover but again a price earnings ratio is used where appropriate.
Insurance reimbursements
Insurance debtors are only recognised if the claim has been accepted by insurers and the amount to be received can be
reliably estimated. If the related liability is carried as a creditor or provision, an insurance debtor is only recognised if
recovery is virtually certain and the amount can be reliably estimated. Insurance reimbursements which are either less
than virtually certain or for which no reliable estimate can be made are classified as contingent assets and disclosed in a
note to the financial statements as appropriate. 
Valuation of investment in Euroclear plc
The fair valuation of the Group’s investment in Euroclear plc is based upon the Group’s share of net assets, dividend yield
and the prices of similar quoted companies discounted for marketability. This calculation inevitably includes a number of
areas of judgement.
Provisions
Details of the judgements and estimates made by the directors are set out in note 30 to the financial statements.
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
4. Revenue and segmental information
For management purposes, the Group is divided into two business streams: private client investment management and
corporate broking. These form the basis for the primary segment information reported below. All operations are carried
out in the United Kingdom and the Channel Islands.
2006 2005
52 weeks 53 weeks
£’000 £’000 
Total income
Private client investment management
Discretionary portfolio management 84,878 69,165
Advisory portfolio management 66,613 61,243
151,491 130,408
Corporate broking 22,147 14,252
173,638 144,660
Profit on ordinary activities before exceptional item and tax
Private client investment management
Discretionary portfolio management 12,381 9,625
Advisory portfolio management 9,216 7,809
21,597 17,434
Corporate broking 5,254 2,865
26,851 20,299
Finance income (net) 5,199 4,301
32,050 24,600
Segment assets 
Private client investment management 319,654 290,270
Corporate broking 94,519 59,658
414,173 349,928
Segment liabilities 
Private client investment management 227,448 213,222
Corporate broking 94,519 59,658
321,967 272,880
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Annual Report and Accounts for the year ending September 2006
5. Staff costs and related party transactions
2006 2005 
52 weeks 53 weeks 
No. No. 
The average monthly number of employees (including Directors) was: 1,425 1,319
£’000 £’000  
The aggregate payroll costs were as follows:
Wages and salaries 72,729 62,122
Social security costs 8,872 8,128
Share based payments (note 26) 613 494
Other pension costs (note 6) 9,407 7,549 
91,621 78,293
Remuneration of key management personnel 
The remuneration of the Directors, who are the key management personnel of the Group, is set out in the Directors’
Remuneration Report on pages 21 to 26.
Directors’ transactions
Material contracts with Directors and loans to Directors are shown in the Directors’ Remuneration Report on pages 21 to
26; there are no other related party transactions with Directors. 
6. Profit for the period
Profit for the period has been arrived at after charging/(crediting):
2006 2005
52 weeks 53 weeks
£’000 £’000
Net foreign exchange gains (423) (401)
Depreciation of property, plant and equipment (note 14) 3,771 4,312
Staff costs (see note 5) 91,621 78,293
Other pension costs (note 5)
Defined benefit scheme – including death in service contributions 1,019 1,051
Defined contribution scheme 8,388 6,498
Auditors' remuneration (see analysis below) 448 562
Analysis of auditors’ remuneration
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 50 45 
Fees payable to the Company's auditors and their associates for other services to the 
Group: the audit of the Company’s subsidiaries pursuant to legislation 165 157 
Other services pursuant to legislation 60 55 
Tax services – advisory (VAT and EU Savings Directive) 58 –
Corporate finance services 15 –
Other services
Assurance services for external parties 28 190
FRAG 21 40 38
FRAG 21 (2004) – 25
IFRS assurance services 32 42
Other – 10 
100 305
448 562 
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
7. Finance income and finance costs
2006 2005 
52 weeks 53 weeks 
£’000 £’000
Finance income
Interest income on pension plan assets 77 –
Dividends from equity investments 249 221
Interest on bank deposits 4,909 4,334
5,235 4,555
Finance costs
Interest cost on pension plan liabilities – 239 
Interest on bank overdrafts 36 15
36 254
8. Exceptional item
In December 2004 the Group made a £5m contribution to a fund (Fund Distribution Limited) for those who had lost money
in Zero Dividend Shares. The 2005 exceptional charge, included within other operating costs and staff costs, represents
this payment, less insurance recovery, plus other directly attributable costs. These charges are considered to be
exceptional due to their size and the unusual nature of their incidence.
9. Taxation
2006 2005 
52 weeks 53 weeks 
£’000 £’000
United Kingdom
Current tax 7,723 5,374
Prior year 415 17 
Overseas tax
Current tax 230 127 
8,368 5,518 
United Kingdom deferred tax
Current year 2,040 163
Prior year (363) (126)
10,045 5,555 
United Kingdom corporation tax is calculated at 30% (2005: 30%) of the estimated assessable taxable profit for the period.
Taxation for other jurisdictions is calculated at the rates prevailling in the respective jurisdictions.
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Annual Report and Accounts for the year ending September 2006
9. Taxation (continued)
The charge for the year can be reconciled to the profit per the income statement as follows:
2006 2005 
52 weeks 53 weeks 
£’000 £’000
Profit before tax 32,050 17,769
Tax at the UK corporation tax rate of 30% (2005: 30%) 9,615 5,331 
Tax effect of expenses that are not deductible in determining taxable profit 285 297 
Tax effect of prior year tax 415 17 
Tax effect of prior year deferred tax (363) (126) 
Tax effect of options pre November 2002 (88) –
Tax effect of deferred tax timing differences (1) (105) 
Tax effect of leasehold property depreciation 182 141
Tax expense 10,045 5,555
Effective tax rate for the year 31% 31% 
In addition to the amount charged to the income statement, deferred tax relating to the revaluation of the Group's available
for sale investments amounting to £453,000 (2005: £343,000) has been charged directly to equity and deferred tax relating
to the actuarial loss in the defined benefit pension scheme amounting to £975,000 (2005: £200,000) has been credited
directly to equity.
10. Profit Attributable to Equity Shareholders of the Parent
2006 2005 
52 weeks 53 weeks 
£’000 £’000
Profits after taxation dealt within the accounts of the Company 15,421 10,149
11. Dividends
2006 2005 
52 weeks 53 weeks 
£’000 £’000
Amounts recognised as distributions to equity holders in the period: 
First interim dividend paid 6 April 2006, 2.5p per share (2005: 2.0p) 4,970 3,927 
Second interim dividend paid 25 October 2006, 2.75p per share (2005: 2.5p) 5,488 4,914 
10,458 8,841 
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
12. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
2006 2005 
Number of shares '000 '000 
Basic
Weighted average number of shares in issue in the period 198,025 196,227 
Diluted
Weighted average number of options outstanding for the period 4,985 3,070 
Estimated weighted average number of shares earned under deferred 
consideration arrangements 4,106 5,421
Diluted weighted average number of options and shares for the period 207,116 204,718 
Earnings attributable to ordinary shareholders 
£’000 £’000  
Basic profit for the period and attributable earnings 22,005 12,214 
Exceptional item – 6,831
less tax on exceptional item – (2,049) 
Adjusted basic profit for the period and attributable earnings 22,005 16,996 
Earnings per share
From continuing operations 
Basic 11.1p 6.2p
Diluted 10.6p 6.0p
From continuing operations excluding exceptional item 
Basic 11.1p 8.7p
Diluted 10.6p 8.3p
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Annual Report and Accounts for the year ending September 2006
13. Goodwill
Group £’000  
At 1 October 2005 43,624 
Additions 23,222 
At 30 September 2006 66,846
There are no accumulated impairment losses. 
Additions relate to: 
Acquisitions in the period
Cash 6,107
Deferred purchase liability 1,560
Value of shares to be issued 10,000
Shares issued in period 443 
18,110
Acquisitions in prior periods 
Cash 182
Deferred purchase liability 1,531
Reassessment of value of shares to be issued 1,500
Shares issued in period  1,899 
5,112
Additions in period 23,222 
Issue of shares and change in shares to be issued (13,842) 
Deferred purchase liability (3,091)
Net cash movement shown in cash flow 6,289 
Acquisitions in the period consist entirely of goodwill.
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
14. Property, plant and equipment
Group
Leasehold Office Computer 
Improvements Equipment Equipment Total 
£’000 £’000 £’000 £’000
Cost
At 1 October 2005 3,900 4,574 37,905 46,379 
Additions 1,102 2,662 7,759 11,523 
Disposals  (1,949)  (1,645) (220) (3,814)
At 30 September 2006 3,053 5,591 45,444 54,088
Depreciation
At 1 October 2005 2,934 4,028 30,249 37,211
Charge for the period 608 488 2,675 3,771 
Eliminated on disposal (1,949)  (1,645) (220) (3,814)
At 30 September 2006 1,593 2,871 32,704 37,168 
Net book value
At 30 September 2006 1,460 2,720 12,740 16,920
At 1 October 2005 966 546 7,656 9,168 
15. Subsidiaries
The following are the principal subsidiary undertakings:
Country of Percentage of 
Name registration Trade voting rights held
Brewin Dolphin Securities Limited England & Wales Private client investment
manager and stockbroker 100%
Brewin Nominees Limited England & Wales Nominee company 100%
North Castle Street (Nominees) Limited Scotland Nominee company 100%
Company
2006 2005
£’000 £’000 
At start of period 109,547 106,765
Liquidation (102) –
Additional investment in Brewin Dolphin Securities Limited (BDSL) 13,900 2,600
Capital contribution to BDSL re share based payment 613 494
Dividends and other payment received from subsidiary undertakings – (312)
At end of period 123,958 109,547
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Annual Report and Accounts for the year ending September 2006
16. Investments
Available-for-sale investments
Listed Unlisted 
investments investments Total 
£’000  £’000  £’000  
Group 
Fair value 
1 October 2005 454 8,500 8,954
30 September 2006 963  9,500 10,463 
Listed Unlisted 
investments investments Total 
£’000  £’000  £’000  
Company
Fair value 
1 October 2005  – – –
30 September 2006 – 9,500 9,500 
Unlisted available-for-sale investments represent the Group’s holding of 19,899 ordinary shares in Euroclear plc. This
holding represents 0.52% of Euroclear plc’s shares. As at 30 September 2005 the Directors, having taken professional
advice in the prior year, updated their valuation of the Group’s holding in Euroclear plc at £8.5m. This valuation took into
account the Group’s share of net assets, dividend yield and the prices of similar quoted companies discounted for
marketability. At 30 September 2006 this valuation was updated on the same basis to £9.5 million.
Trading investments 
Listed Unlisted 
investments investments Total 
£’000  £’000  £’000  
Group 
Fair value 
1 October 2005 1,122 105 1,227 
30 September 2006 1,693 777 2,470 
Investments are measured at fair value which is determined directly by reference to published prices in an active market
where available.
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
17. Deferred tax asset / liability
Other short Retirement
Capital term timing Benefit Share based Goodwill 
Allowances Revaluation differences Obligation payments Amortisation Total 
£’000  £’000  £’000  £’000  £’000  £’000  £’000  
Group
1 October 2005 1,207 (2,464) 1,284 3,881 1,035 (2,035) 2,908 
Credit/(charge) in the period to the income statement (903) – 655 (230) (151) (1,048) (1,677) 
Credit/(charge) in the period to the statement of recognised
income and expenses  – (453) – 975 720 – 1,242
30 September 2006 304 (2,917) 1,939 4,626 1,604 (3,083) 2,473 
Company 
1 October 2005 –––––––
Credit/(charge) in the period to the income statement –––––––
Credit/(charge) in the period to the statement of recognised
income and expenses – (2,720) –––– (2,720)
30 September 2006 – (2,720) – – – – (2,720)
18. Trade and other receivables
2006 2005 
£’000  £’000  
Group
Non-current: other receivables
Loans – see (i) below 1,988 1,938 
1,988 1,938
Current: trade and other receivables
Trade debtors 228,362 216,451 
Other debtors 6,593 2,093 
Prepayments and accrued income 16,482 13,173
251,437 231,717
(i) £1,988,000 (2005: £1,938,000) represents loans to staff under the Group share schemes which are repayable in more than
one year. The loans are secured on the Company's shares. The Directors believe that these balances are fully recoverable.
2006 2005 
£’000 £’000  
Company
Non-current: other receivables 
Loans 430 476 
430 476 
Current: trade and other receivables
Prepayments and accrued income 4 –
Amounts due from subsidiary undertakings (note 32) 6,599 6,000
6,603 6,000
Credit risk
The Group’s principal financial assets are bank balances and cash, trade and other receivables.
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and
customers, with collateral held, in the main, in Group nominee companies.
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Annual Report and Accounts for the year ending September 2006
19. Cash and cash equivalents
2006 2005 
£’000 £’000  
Group
Firm's cash 47,832 38,168 
Client settlement cash  13,744 12,224
61,576 50,392
Company
Firm's cash 21 19
21 19
Client settlement cash is held in segregated client accounts and is not available for use in the business. Cash and cash
equivalents comprises cash at banks and bank overdrafts.
At the balance sheet date there were also deposits for clients, not included in the consolidated balance sheet, which were
held in segregated client bank accounts amounting to £1,107,393,000 (2005: £872,282,000).
20. Bank overdrafts
2006 2005 
£’000 £’000  
Group
Bank overdrafts 3,197 164
3,197 164
Bank overdrafts are unsecured and repayable on demand.
21. Trade and other payables
2006 2005 
£’000 £’000  
Current
Group
Trade creditors 211,644 198,463
Other creditors 7,459 3,901
Other taxes and social security 3,738 4,396
Accruals and deferred income 50,634 39,308
Deferred purchase liability (note 22) 185 –
Dividend payable 5,488 4,914
279,148 250,982
Company
Other creditors 17 14 
Dividend 5,488 4,914 
Amounts payable to subsidiary undertakings (note 32) 7,336 7,437
12,841 12,365
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
22. Shares to be issued including premium and other deferred purchase liabilities
Under a number of agreements related to the purchase of businesses, ordinary shares may be issued, based on profit
related, or similar formulae. The expected value represents the Directors’ best current estimate; if revised corresponding
adjustments are made to goodwill.
As at 30 September 2006 Shares to be Deferred 
Maximum issued Purchase 
value inc. premium Consideration Total
(Group & (Group
Company) only)
£’000 £’000  £’000  £’000 
Current liability 
Hill Osborne 2,000 1,000 – 1,000
Other 1,200 – 185 185
3,200 1,000 185 1,185 
Non-current liability
Various 2007/8 2,700 500 – 500 
Various 2008/9 8,500 1,000 728 1,728
Various 2009/10 20,500 13,000 2,460 15,460
Various 2010/11 5,000 2,000 256 2,256
36,700 16,500 3,444 19,944
As at 30 September 2005 Shares to be Deferred 
issued Purchase 
inc. premium Consideration Total 
(Group & (Group 
Company) only) 
£’000  £’000  £’000  
Current liability 
Hill Osborne 1,000 – 1,000 
Other December 2005  1,928 – 1,928
2,928 – 2,928 
Non-current liability
Various 2007/8 720 269 989 
Various 2008/9 295 269 564 
Various 2009/10 2,057 – 2,057
3,072 538 3,610
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Annual Report and Accounts for the year ending September 2006
23. Derivatives and other financial instruments
The Group acts as a private client investment manager and agency stockbroker and undertakes only minimal trading on
its own behalf. Therefore the Group does not hold derivatives or other financial instruments other than cash and securities.
All cash is repayable on demand and is held mainly at the Bank of Scotland in the UK. This in turn means that the Group
takes no interest rate risk and the credit risk is deemed to be minimal. The Group carries out at least an annual review of
all its banks’ and custodians’ credit ratings.
The Group deals in foreign currencies on a matched basis on behalf of clients, limiting foreign exchange exposure. The
total net foreign exchange exposure at the period end was £328,000 (2005: £163,000).
Loans to clients are repayable on demand and are secured against marketable securities. Loans to staff are repayable
over 5 to 10 years and are secured against the Company’s shares (see note 18).
The Group faces minimal liquidity risk with nearly all trades matched in the market.
24. Retirement benefit obligation
The Group operates a registered Defined Contribution Scheme (the Brewin Dolphin Senior Staff Pension Fund) and a
registered Defined Benefit Scheme (the “Brewin Dolphin Securities Limited RBS”) in the UK which both offer pensions in
retirement and death benefits to members. The disclosures provided are in respect of the Defined Benefit Scheme (the
“Brewin Dolphin Securities Limited RBS”) only.
Pension benefits are related to the members’ final salary at retirement and their length of service. Since 1 April 2003 the
scheme has been closed to new members. Members under age 55 at 1 April 2004 ceased to accrue further service in the
Brewin Dolphin Securities Limited RBS from that date.
Contributions to Brewin Dolphin Securities Limited RBS for the year beginning 1 October 2006 are expected to be £1.5m
plus the member contributions for those members still accruing service. 
The current service cost shown in the disclosure is calculated using the projected unit method, and the cost as a
percentage of pensionable salaries will, all other things being equal, increase over time as the active membership of the
Brewin Dolphin Securities Limited RBS Scheme ages. (However since the members still accruing are already over age 55,
this will be limited to some extent.)
The Group has opted to recognise all actuarial gains and losses immediately via the Statement of Recognised Income and
Expense (“SORIE”).
A full actuarial valuation was carried out as at 30 June 2003 and a further valuation is being carried out as at 31 December
2005. The latter has been updated to 30 September 2006 by a qualified independent actuary. The major assumptions used
by the actuary were (in nominal terms) as follows:
Notes to the Financial Statements
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Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
24. Retirement benefit obligation (continued)
As at As at 
30 September 30 September
2006 2005
Discount rate 5.10% 5.00% 
Rate of salary increase 2.90% 2.80%
Rate of increase to pensions in payment 2.90% 2.80%
Rate of inflation 2.90% 2.80%
Average assumed life expectancies for members on retirement at age 65.
Males Females 
Existing pensioner 84.6 years 87.7 years
Future pensioners 85.9 years 88.9 years 
The assumptions used in determining the overall expected return of the scheme have been set with reference to yields
available on government bonds and appropriate risk margins.
The assets in the Brewin Dolphin Securities Limited RBS scheme and the expected rates of return were:
Long-term rate Long-term rate 
of return of return 
expected at Value at expected at Value at 
30 September 30 September 30 September 30 September 
2006 2006 2005 2005 
£’000 £’000 
Equities 7.6% 30,351 7.7% 26,950 
Bonds 4.6% 10,366 4.7% 8,915 
Other 4.8% 176 4.5% 356
40,893 36,221
The actual return on assets over the period was: 3,845 5,758 
Present value of defined obligation: 
Funded plans 56,315 49,158 
Unfunded plans – –
Total 56,315 49,158 
Present value of unfunded obligations 15,422 12,937
Net liability in balance sheet 15,422 12,937
MAC_RF62742_E  2/1/07  13:36  Page 55 Page 56 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
24. Retirement benefit obligation (continued)
Reconciliation of opening and closing balances of the present value of the defined benefit obligation
2006 2005 
£’000 £’000  
Benefit obligation at beginning of period 49,158 42,259 
Service cost 570 604 
Interest cost 2,461 2,331 
Contributions by scheme participants 207 212 
Actuarial loss 4,558 4,332 
Benefits paid (639) (580)
Benefit obligation at end of period 56,315 49,158
Reconciliation of opening and closing balances of the fair value of scheme assets 
Fair value of scheme assets at beginning of period 36,221 29,556 
Expected return on scheme assets 2,538 2,092 
Actuarial gain 1,307 3,666 
Contributions by employers 1,259 1,275 
Contributions by scheme participants 207 212 
Benefits paid (639) (580)
Fair value of scheme assets at end of period 40,893 36,221
The amounts recognised in the income statement are: 
Current service cost 570 604 
Interest on obligation 2,461 2,331 
Expected return on scheme assets (2,538) (2,092)
Total expense 493 843
Actuarial losses to be shown in SORIE
Actuarial losses (3,251) (666)
(3,251) (666)
History of scheme assets, obligations and experience adjustments 
As at As at 
30 September 30 September 
2006 2005 
£’000 £’000  
Present value of defined benefit obligation 56,315 49,158 
Fair value of scheme assets 40,893 36,221 
Deficit in the scheme (15,422) (12,937) 
Experience adjustments arising on scheme liabilities 4,558 4,332 
Experience item as a percentage of scheme liabilities 8% 9% 
Experience adjustments arising on scheme assets 1,307 3,666 
Experience item as a percentage of scheme assets 3% 10% 
Notes to the Financial Statements
MAC_RF62742_E  2/1/07  13:36  Page 56 Brewin Dolphin Holdings PLC Page 57
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
25. Called up share capital
Group and Company
2006 2005 2006 2005 
No. No. £’000 £’000  
Authorised: 
Ordinary shares of 1p each 225,928,700 225,928,700 2,259 2,259
Ordinary shares of 1p each 
Allotted, issued and fully paid: 199,546,838 196,540,378 1,995 1,965
Allotted, issued Dec 2003 at 82.3p,
nil paid last subscription date Dec 2010 899,128 972,030 – –
Allotted, issued Dec 2004 at 103.3p,
nil paid last subscription date Dec 2011 871,218 914,779 – –
Allotted, issued May 2005 at 101p,
nil paid last subscription date Dec 2012 84,156 84,156 – –
Allotted, issued Dec 2005 at 157p, 
nil paid last subscription date Dec 2013 611,431 – – –
202,012,771 198,511,343 1,995 1,965
During the period the following shares were issued:
No of 
shares Nominal Share
Date Price £ Reason issued value premium Total 
£’000  £’000  £’000  £’000  
December 2005 1.37 to 1.57 Deferred purchase consideration 1,264,929 13 1,886 1,899 
September 20061.6275 Aberdeen acquisition 271,620 3 440 443 
Various 0.30 to 1.675 Options 1,353,448 13 1,039 1,052 
116, 463 previously nil paid shares now paid up – 1 103 104 
December 2005 1.57 Nil paid under matching 
share purchase scheme 611,431 – – – 
3,501,428 30 3,468 3,498
MAC_RF62742_E  2/1/07  13:36  Page 57 Page 58 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
25. Called up share capital (continued)
The following options have been granted and remain outstanding at 30 September 2006:
2006 2005 Exercise 
Grant date No. No. price 
Approved share option April 1997 140,000 180,000 37.3p 
Approved share option April 1998 345,000 395,000 71.5p 
Approved share option January 2000 – 17,000 174.5p 
Approved share option June 2000 1,060,500 1,124,500 167.5p 
Share save scheme June 2000 44,865 299,224 134p 
Approved share option June 2001 976,500 1,373,082 139p 
Approved share option December 2002 824,062 878,062 37.5p 
Share save scheme January 2003 934,722 1,638,642 30p 
Unapproved share option March 2003 100,000 100,000 33.5p 
Approved share option December 2003 906,590 978,590 81.3p 
Share save scheme December 2003 858,257 906,089 66.4p 
Unapproved share option – Under the employee 
matching share purchase scheme December 2003 953,806 978,106 82.3p 
Approved share option December 2004 836,708 918,633 98p 
Share save scheme December 2004 922,842 966,674 81.6p 
Unapproved share option – Under the employee 
matching share purchase scheme December 2004 905,099 914,779 103.3p 
Unapproved share option – Under the employee 
matching share purchase scheme May 2005 84,156 84,156 101p 
Approved share option December 2005 911,405 – 145p 
Unapproved share option – Under the employee 
matching share purchase scheme December 2005 611,431 – 157p 
Approved share option May 2006 16,689 – 179.8p
Total options outstanding 11,432,632 11,752,537 
Certain options lapsed during the year on personnel leaving the Group.
Further details of the terms of the options and the senior employee matching share purchase scheme are given in the
Directors' Remuneration Report.
Notes to the Financial Statements
MAC_RF62742_E  2/1/07  13:36  Page 58 Brewin Dolphin Holdings PLC Page 59
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
26. Share-based payments
The Group has a number of share incentive plans for the granting of non-transferable options to employees. 
The details of the plans are as follows:
Exercise Price Vesting Period Exercisable Expiry Date
2004 Approved Share Option Plan
The mid market average on After the third anniversary of the date of grant 5 to 10 years from date The tenth anniversary of the
the 3 dealing days immediately provided the performance condition has been met with of grant date of grant
preceding date of grant an opportunity for retesting after one further year
1994 Approved Executive Share Option Scheme
The mid market average on From the fifth anniversary of the date of grant subject 5 to 10 years from date The tenth anniversary of the
the 3 dealing days immediately to the performance conditions being met of grant date of grant
preceding date of grant
1998 Approved Savings Related Share Option Scheme
80% of market value of share Usually on third anniversary of the date of grant, 3, 5 or 7 years from date The expiry of 6 months after
on day invitation was issued except where option holder ceases to be an employee of grant option becomes exercisable
or on day employees notified by reason of disability, retirement or redundancy
2002 Senior Employee Matching Share Purchase Scheme 
The average closing mid market Matching Option: From the fourth anniversary of 4 to 7 years from date of The seventh anniversary of
price on the 3 dealing days the date of grant, upon the payment in full for the grant the date of grant
immediately preceding date of grant Purchased Shares to which the Matching Option relates
and subject to satisfaction of a performance
condition determined prior to the date of grant
2000 Unapproved Executive Share Option Scheme
The average closing mid market From the fifth anniversary of the date of grant 5 to 10 years from date of The tenth anniversary of the
price on the 3 dealing days subject to the performance conditions being met grant date of grant
immediately preceding date of grant
Details of the share options outstanding during the 52 week period ended 30 September 2006 are as follows:
2002 Senior
Weighted Weighted Weighted Weighted Employee Weighted 
1994   Average 2004 Average Average 2000 Average Matching Average
Approved Exercise Approved Exercise 1998 Exercise Unapproved Exercise Share Exercise
Option Price Option Price SAYE Price Option Price Purchase Price
Scheme (pence) Scheme (pence) Scheme (pence) Scheme (pence) Scheme (pence) 
Outstanding at the 
beginning of the period 1,856,652 60.59 918,633 98.00 3,511,405 53.60 100,000 33.50 1,977,041 92.81
Granted during the period – – 954,094 145.61 –––– 611,431 157.00 
Forfeited during the period (121,500) 62.73 (102,925) 109.87 (112,396) 60.69 – – (33,980) 88.28 
Exercised during the period (4,500) 56.97 (5,000) 98.00 (683,188) 30.81 – – – –
Expired during the period – –––––––– –
Outstanding at the end of 
the period 1,730,652 60.44 1,764,802 123.05 2,715,821 59.04 100,000 33.50 2,554,492 108.24 
Exercisable at the end of 
the period – –––––––– –
The table above and the one following exclude all options issued prior to November 2002.
MAC_RF62742_E  2/1/07  13:36  Page 59 Page 60 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
26. Share-based payments (continued)
Details of the share options outstanding during the 53 week period ended 30 September 2005 were as follows:
2002 Senior
Weighted Weighted Weighted Weighted Employee Weighted 
1994   Average 2004 Average Average 2000 Average Matching Average
Approved Exercise Approved Exercise 1998 Exercise Unapproved Exercise Share Exercise
Option Price Option Price SAYE Price Option Price Purchase Price
Scheme (pence) Scheme (pence) Scheme (pence) Scheme (pence) Scheme (pence) 
Outstanding at the 
beginning of the period 1,880,152 60.53 - - 2,697,167 42.94 100,000 33.50 978,106 82.30 
Granted during the period – – 918,633 98.00 992,725 81.60 – – 998,935 103.11 
Forfeited during the period (15,500) 54.45 – – (153,994) 49.77 – – – –
Exercised during the period (8,000) 59.40 – – (24,493) 38.66 – – – –
Expired during the period – –––––––– –
Outstanding at the end of 
the period 1,856,652 60.59 918,633 98.00 3,511,405 53.60 100,000 33.50 1,977,041 92.81 
Exercisable at the end of 
the period – –––––––– –
The weighted average share price at the date of exercise for share options exercised during the 52 week period ended
30 September 2006 was 182p. The options outstanding at 30 September 2006 had a weighted average exercise price of 91p,
and a weighted average remaining contractual life of 2.2 years. During the 52 week period ended 30 September 2006 options
were granted on 5 and 19 December 2005 and 25 May 2006. The aggregate of the estimated fair value of the options granted
on these dates was £570,461. During the 53 week period ended 30 September 2005 options were granted on 6 and
20 December 2004, 24 January 2005 and 26 May 2005. The aggregate of the estimated fair value of the options granted on
those dates was £814,507. 
The inputs into the Black-Scholes model used for the purposes of determining fair value of options were as follows:
2002 
2000 Senior Employee 
1994 Approved 2004 Approved 1998 SAYE Unapproved Matching Share 
Option Scheme Option Scheme Scheme Option Scheme  Purchase Scheme 
Weighted average share price 59.40 140.92 74.17 33.50 110.90 
Weighted average exercise price 59.40 140.92 59.33 33.50 110.90 
Expected volatility 52% 31% 46% 58% 37% 
Expected life (yrs) 5.00 5.00 3.67 5.00 4.00 
Risk free rate 4.5% 4.5% 4.5% 4.5% 4.4% 
Expected dividend yield 1.2% 3.2% 5.1% 5.2% 3.1% 
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous year. 
The Group recognised total expenses of £613,000 (2005: £494,000) related to equity-settled share-based payment
transactions.
Notes to the Financial Statements
MAC_RF62742_E  2/1/07  13:36  Page 60 Brewin Dolphin Holdings PLC Page 61
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
27. Reserves and reconciliation of changes in equity
Called up Share Profit and 
share premium Revaluation Merger loss 
capital account reserve reserve account Total 
£’000  £’000  £’000  £’000  £’000  £’000  
Group
24 September 2004 1,955 79,081 4,948 3,929 (18,827) 71,086 
Profit for the period –––– 12,214 12,214 
Goodwill previously written off –––– 312 312 
Dividends paid –––– (8,841) (8,841) 
Issue of shares 10 206 – 633 – 849 
Revaluation ––1,144 ––1,144 
Deferred tax on items taken directly 
to equity – – (343) – 799 456 
Share based payments –––– 494 494 
Actuarial loss on defined benefit 
pension scheme –––– (666) (666) 
30 September 2005 1,965 79,287 5,749 4,562 (14,515) 77,048 
Profit for the period –––– 22,005 22,005 
Dividends paid –––– (10,458) (10,458) 
Issue of shares 30 3,468 – – – 3,498 
Revaluation ––1,509 ––1,509 
Deferred tax on items taken directly 
to equity – – (453) – 1,695 1,242 
Share based payments –––– 613 613 
Actuarial loss on defined benefit 
pension scheme –––– (3,251) (3,251) 
30 September 2006 1,995 82,755 6,805 4,562 (3,911) 92,206 
Called up Share Profit and 
share premium Revaluation Merger loss 
capital account reserve reserve account Total 
£’000  £’000  £’000  £’000  £’000  £’000  
Company
24 September 2004* 1,955 79,081 – 4,214 9,776 95,026 
Profit for the period –––– 10,149 10,149 
Dividends paid –––– (8,841) (8,841) 
Share based payments –––– 494 494 
Issue of shares 10 206 – 633 – 849 
30 September 2005 1,965 79,287 – 4,847 11,578 97,677 
Profit for the period –––– 15,421 15,421 
Dividends paid –––– (10,458) (10,458) 
Share based payments –––– 613 613 
Issue of shares 30 3,468 – – – 3,498 
Revaluation ––1,000 ––1,000 
Deferred tax on items taken directly 
to equity – – (300) – – (300) 
30 September 2006 1,995 82,755 700 4,847 17,154 107,451 
* see note 33 for futher information on the effect of the transition to IFRS.
MAC_RF62742_E  2/1/07  13:36  Page 61 Page 62 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
28. Financial commitments
At 30 September 2006 the Group had annual commitments under non cancellable operating leases as follows: 
2006 2005 
Land and Hire of Land and Hire of 
buildings equipment buildings equipment 
£’000  £’000 £’000  £’000  
Operating leases which expire: 
Within one year 107 – 127 151 
Between one and five years 1,825 569 1,584 391 
After five years 1,490 – 1,182 –
3,422 569 2,893 542 
29. Capital commitments
2006 2005 
£’000 £’000  
Expenditure contracted for but not provided in these accounts 2,000 480 
Expenditure authorised by the directors but not contracted for – –
30. Insurance reimbursements and provisions
The Directors remain in discussion with the Group’s insurers in respect of claims for costs already incurred and expensed
in relation to legal actions, mainly relating to split capital trusts. Insurance debtors, based upon a prudent estimate of
amounts which are regarded as virtually certain to be received, are included in other debtors. An estimate of the potential
favourable financial effect of the receipt of additional reimbursements is not disclosed as the Directors consider that any
such disclosure would seriously prejudice their ongoing negotiations with insurers. 
Various legal actions and complaints have been made against the Group for which legal proceedings are in progress.
Provision for any estimated payments arising from these claims have been made and are included within trade and other
payables.  These items are not disclosed separately as provisions, as the Directors consider that disclosure of any further
information would seriously prejudice the position of the Group. The Directors believe that should any of these claims
result in a more significant loss than that provided, that any further claims will be covered by insurance.
Notes to the Financial Statements
MAC_RF62742_F  2/1/07  13:37  Page 62 Brewin Dolphin Holdings PLC Page 63
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
31. Notes to the cash flow statement
2006 2005
52 weeks 53 weeks
£’000 £’000 
Group
Operating profit 26,851 13,468
Adjustments for:
Depreciation of property, plant and equipment 3,771 4,312
Retirement benefit obligation (766) (671)
Share based payment cost 613 494
Interest income 4,987 4,334
Interest expense (36) (15)
Operating cash flows before movements in working capital 35,420 21,922
Increase in receivables and trading investments (21,014) (34,757)
Increase in payables 27,407 35,020 
Cash generated by operating activities 41,813 22,185
Tax paid (7,371) (6,110) 
Net cash flow from operating activities 34,442 16,075 
Company
Operating profit 15,421 10,149 
Operating cash flows before movements in working capital 15,421 10,149
Increase in receivables and trading investments (514) (2,503)
(Decrease)/increase in payables (97) 4 
Cash generated by operating activities 14,810 7,650
Tax paid – –
Net cash flow from operating activities 14,810 7,650 
Cash and cash equivalents comprise cash at bank and bank overdrafts. 
MAC_RF62742_F  2/1/07  13:37  Page 63 Page 64 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
32. Related party transactions
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation
and are accordingly not disclosed.
The captions in the primary financial statements of the parent company include amounts attributable to subsidiaries.
These amounts have been disclosed in aggregate in the relevant notes to the financial statements and in detail in the
following table: 
Amounts owed by related parties Amounts owed to related parties
2006 2005 2006 2005
£’000 £’000 £’000 £’000 
Bell Lawrie White & Co. Limited – – 2,436 2,436
Brewin Dolphin Securities Limited 6,599 6,000 – –
Clausemexico Limited – – – 100
Russell Newth Limited – – – 1
Stocktrade Broking Limited – – 4,900 4,900
6,599 6,000 7,336 7,437
The only effect of related party transactions on the income statement was in respect of dividends. The parent company
received dividends of £15,500,000 (2005: £9,969,000) from Brewin Dolphin Securities Limited; £7,666 (2005: £nil) from
Clausemexico Limited and £nil (2005: £222,697) from Wise Speke Financial Services Limited.  
The group companies did not enter into any transactions with related parties who are not members of the Group during
the year, save as disclosed elsewhere in these financial statements.
On 22 August 2006, the Company purchased Brewin Dolphin Securities Limited’s holding in Euroclear plc shares, at the
then book cost of £8.5 million less notional taxation, a net payment of £6,080,000.
33. Explanation of transition to IFRSs for the Company
In preparing the 2005 comparative information, the Company has adjusted amounts previously reported under UK
Generally Accepted Accounting Principles (‘UK GAAP’). 
The significant IFRS accounting policies are the same as for the Group which are set out in note 2. 
Effect of IFRS on the UK GAAP company balance sheet and reconciliation of equity as at 30 September 2005. 
The effect for the Company results from, firstly, the change in the treatment of shares to be issued which are recognised
as a liability under IFRS where the impact is to reduce equity shareholders’ funds by £6 million (24 September 2004:
£3.4 million) and increase liabilities by £6 million (24 September 2004: £3.4 million). Secondly, a capital contribution to
Brewin Dolphin Securities Limited has been recorded which increases profit and loss reserves by £0.9 million 
(24 September 2004: £0.4 million) and increases  investment in subsidiaries by  £0.9 million (24 September 2004: £0.4 million).
There are no differences between the profit recorded by the Company under IFRS and that previously recorded under UK
GAAP for the 53 week period ended 30 September 2005.
Notes to the Financial Statements
MAC_RF62742_F  2/1/07  13:37  Page 64 Brewin Dolphin Holdings PLC Page 65
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
34. Explanation of transition to IFRSs for the Group 
The 52 week period ended 30 September 2006 is the first period for which the Group is required to present its financial
statements under International Financial Reporting Standards (IFRS). The date of transition to IFRS was 25 September 2004.
IFRS 1 contains a number of exemptions which companies are permitted to apply. The Group has elected:
• to present comparative information in accordance with IAS 32 Financial Instruments: Disclosure and Presentation
and IAS 39 Financial Instruments: Recognition and Measurement;
• not to restate its financial information for acquisitions occurring before 25 September 2004;
• to recognise all actuarial gains and losses on pensions and other post-retirement benefits directly in equity
attributable to equity holders of the parent at 25 September 2004; and
• to apply IFRS 2 to all grants of equity instruments after 7 November 2002 that had not vested as of 1 January  2005.
In accordance with IFRS 1 “First time adoption of International Financial Reporting Standards” the following statements
for the Group are presented:
• Reconciliation of the income statement and SORIE under UK GAAP to that reported under IFRS for the period ended
30 September 2005.
• Reconciliation of the balance sheet reported under UK GAAP to that reported under IFRS at 24 September 2004 and
30 September 2005.
• Reconciliation of equity reported under UK GAAP to that reported under IFRS at 25 September 2004 and 30 September
2005.
There have been no material adjustments to the cash flow statement for the period ended 30 September 2005 resulting
from the transition to IFRS. However, the presentation of the consolidated cash flow statement has changed, whereby 
cash flows are classified as operating, investing or financing.
The key differences between UK GAAP and IFRS are: 
(a) Shares to be issued are reclassified from equity under UK GAAP to liabilities under IFRS.
(b) Accounting for deferred tax is different under IFRS resulting in the recognition of a greater number of deferred tax
assets and liabilities.
(c) Certain assets are reclassified to non-current assets under IFRS.
(d) Goodwill is not amortised but maintained at its historic value subject to annual impairment reviews. 
(e) Recognition of an expense in respect of share based payments.
(f) Recognition of a liability in respect of the future obligation in relation to defined benefit pension obligations. 
MAC_RF62742_F  2/1/07  13:37  Page 65 Page 66 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
34. Explanation of transition to IFRSs for the Group (continued)
Consolidated Income Statement
Effect of IFRS
53 week period ended 30 September 2005
UK GAAP Adjustments IFRS
Ref. £’000 £’000 £’000
Continuing operations
Revenue 136,563 – 136,563
Other operating income 8,097 – 8,097
Total income 144,660 – 144,660
Staff costs                                                                                        (e)(f)  (78,470) 177 (78,293)
Other operating costs                                                                              (d) (57,741) 4,842 (52,899)
(136,211) 5,019 (131,192)
Operating profit 8,449 5,019 13,468
Dividend receivable 221 (221) –
Other interest receivable and similar income/Finance income 4,334 221 4,555
Finance costs                                                                                           (f) (15) (239) (254)
Profit on ordinary activities before
goodwill amortisation and exceptional item 24,662 (62) 24,600
Exceptional item (6,831) – (6,831)
Goodwill amortisation                                                                            (d)  (4,842) 4,842 –
Profit before tax 12,989 4,780 17,769
Tax on profit (4,938) (617) (5,555)
Profit attributable to equity shareholders of the parent 8,051 4,163 12,214
Equity dividends (8,841) – (8,841)
(790) 4,163 3,373
Consolidated Statement of Recognised Income and Expense
53 week period ended 30 September 2005
UK GAAP Adjustments IFRS
£’000 £’000 £’000
Gain on revaluation of investments 1,144 – 1,144
Tax on revaluation (b) – (343) (343)
Actuarial loss on defined benefit pension scheme (f) – (666) (666)
Tax on actuarial loss on defined benefit pension scheme (b) – 200 200
Deferred tax on share based payments (b) – 599 599
Net income recognised directly in equity 1,144 (210) 934
Profit for period 8,051 4,163 12,214
Total recognised income and expense for the period 9,195 3,953 13,148
Notes to the Financial Statements
MAC_RF62742_F  2/1/07  13:37  Page 66 Brewin Dolphin Holdings PLC Page 67
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
34. Explanation of transition to IFRSs for the Group (continued)
Consolidated Balance Sheet
As at 24 September 2004
UK GAAP Adjustments IFRS
Ref. £’000 £’000 £’000 
ASSETS
Non-current assets
Goodwill 38,589 – 38,589
Property, plant and equipment 7,208 – 7,208
Available-for-sale investments 7,500 – 7,500
Other receivables (c) – 2,438 2,438
Deferred tax asset (b),(c) – 2,489 2,489
53,297 4,927 58,224
Current assets
Trading investments 298 – 298
Trade and other receivables (c) 200,374 (2,984) 197,390
Cash and cash equivalents 50,701 – 50,701
251,373 (2,984) 248,389
Total assets 304,670 1,943 306,613
LIABILITIES
Current liabilities
Bank overdraft 1,058 – 1,058
Trade and other payables 215,515 – 215,515
Current tax liabilities 2,851 – 2,851
Shares to be issued including premium (a) – 1,700 1,700
219,424 1,700 221,124
Net current assets 31,949 (4,684) 27,265
Non-current liabilities
Retirement benefit obligation (f) – 12,703 12,703
Shares to be issued including premium (a) – 1,700 1,700
– 14,403 14,403
Total liabilities 219,424 16,103 235,527
Net assets 85,246 (14,160) 71,086
EQUITY
Called up share capital 1,955 – 1,955
Shares to be issued including premium (a) 3,400 (3,400) –
Share premium account 79,081 – 79,081
Revaluation reserve (b) 7,069 (2,121) 4,948
Merger reserve 3,929 – 3,929
Profit and loss account (10,188) (8,639) (18,827)
Equity attributable to equity holders of the parent 85,246 (14,160) 71,086
MAC_RF62742_F  2/1/07  13:37  Page 67 Page 68 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
34. Explanation of transition to IFRSs for the Group (continued)
Consolidated Balance Sheet
As at 30 September 2005
UK GAAP Adjustments IFRS
Ref. £’000 £’000 £’000 
ASSETS
Non-current assets
Goodwill (d) 38,782 4,842 43,624
Property, plant and equipment 9,168 – 9,168
Available-for-sale investments 8,954 – 8,954
Other receivables (c) – 1,938 1,938
Deferred tax asset (b),(c) – 2,908 2,908
56,904 9,688 66,592
Current assets
Trading investments 1,227 – 1,227
Trade and other receivables (c) 234,781 (3,064) 231,717
Cash and cash equivalents 50,392 – 50,392
286,400 (3,064) 283,336
Total assets 343,304 6,624 349,928
LIABILITIES
Current liabilities
Bank overdraft 164 – 164
Trade and other payables 252,464 (1,482) 250,982
Current tax liabilities 1,315 944 2,259
Shares to be issued including premium (a) – 2,928 2,928
253,943 2,390 256,333
Net current assets 32,457 (5,454) 27,003
Non-current liabilities
Retirement benefit obligation (f) – 12,937 12,937
Deferred purchase consideration – 538 538
Shares to be issued including premium (a) – 3,072 3,072
– 16,547 16,547
Total liabilities 253,943 18,937 272,880
Net assets 89,361 (12,313) 77,048
EQUITY
Called up share capital 1,965 – 1,965
Shares to be issued including premium (a) 6,000 (6,000) –
Share premium account 79,287 – 79,287
Revaluation reserve (b) 8,213 (2,464) 5,749
Merger reserve 4,562 – 4,562
Profit and loss account (10,666) (3,849) (14,515)
Equity attributable to equity holders of the parent 89,361 (12,313) 77,048
Notes to the Financial Statements
MAC_RF62742_F  2/1/07  13:37  Page 68 Brewin Dolphin Holdings PLC Page 69
Annual Report and Accounts for the year ending September 2006
Notes to the Financial Statements
34. Explanation of transition to IFRSs for the Group (continued)
Reconciliation of Equity
at at
30 September 24 September
2005 2004
Ref. £’000 £’000
TOTAL EQUITY – UK GAAP 89,361 85,246
Shares to be issued transferred  to liabilities (a) (6,000) (3,400)
Deferred tax on revaluations (b) (2,464) (2,121)
Goodwill amortisation reversed (d) 4,842 –
Deferred tax on above (b) (670) –
Defined pension benefit liability (f) (12,937) (12,703)
Deferred tax on pension liability (b) 3,881 3,811
Deferred tax on share based payments (b) 1,035 253
(3,849) (8,639)
Total value of IFRS adjustments (12,313) (14,160)
TOTAL EQUITY – IFRS 77,048 71,086
MAC_RF62742_F  2/1/07  13:37  Page 69 Page 70 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
IFRS UK GAAP
Note (i) Note (ii) 
2006 2005 2004 2003 2002 
£’000 £’000  £’000  £’000  £’000  
Continuing operations
Revenue 164,594 136,563 113,007 93,533 99,056 
Other operating income 9,044 8,097 8,397 7,512 6,439 
Total income 173,638 144,660 121,404 101,045 105,495 
Costs (146,787) (131,192) (113,364) (102,594) (103,185) 
Operating profit/(loss) 26,851 13,468 8,040 (1,549) 2,310
Profit on fixed assets – – – – 2,206 
Net finance income 5,199 4,301 3,234 1,624 1,875 
Profit on ordinary activities before
goodwill amortisation and exceptional items 32,050 24,600 16,113 4,354 10,549 
Goodwill amortisation – – (4,839) (4,279) (3,864) 
Exceptional items net – (6,831) – – (294) 
Profit before tax 32,050 17,769 11,274 75 6,391 
Tax (10,045) (5,555) (4,510) (1,034) (2,626) 
Profit/(loss) attributable to equity shareholders 
of the parent from continuing operations 22,005 12,214 6,764 (959) 3,765 
Dividends per share 5.25p 4.5p 3.5p 2p 3.5p 
Earnings per share
UK GAAP 
Diluted earnings per share excluding goodwill 
amortisation and exceptional items 5.6p 1.4p 3.8p 
IFRS 
From continuing operations excluding exceptional item
Basic 11.1p 8.7p
Diluted 10.6p 8.3p 
Note (i) : Restated for effect of IFRS which was adopted from 25 September 2004; the principal differences between UK GAAP and IFRSs
are explained in note 34 to the financial statements which provides an explanation of the transition to IFRSs.
Note (ii) : The amounts disclosed for 2004 and earlier periods are stated on the basis of UK GAAP because it is not practicable to restate
amounts for periods prior to the date of transition to IFRSs.
Five Year Record
MAC_RF62742_F  2/1/07  13:37  Page 70 Brewin Dolphin Holdings PLC Page 71
Annual Report and Accounts for the year ending September 2006
Funds
At At
30 September 30 September 
2006 2005 
£ billion £ billion 
In Group's nominee or sponsored member 8.6 6.5 
Stock not held in Group's nominee 0.2 0.4
Discretionary funds under management 8.8 6.9
In Group's nominee or sponsored member 7.2 6.7 
Other funds where valuations are carried out but where 
the stock is not under the Group's control 2.9 3.3 
Advisory funds under management 10.1 10.0 
Managed funds 18.9 16.9 
In Group's nominee or sponsored member 2.4 2.0 
Stock not held in Group's nominee 0.3 0.3 
Execution only stock 2.7 2.3
Total funds 21.6 19.2 
Stock
In Group's nominee or sponsored member 18.2 15.2 
Stock not held in Group's nominee 3.4 4.0 
21.6 19.2 
MAC_RF62742_F  2/1/07  13:37  Page 71 Page 72 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
% Voting % Voting
Number of equity equity 
ordinary  after Number of prior to 
shares exercise of ordinary exercise of 
Directors and options options shares options 
J G Matheson 470,621 460,029 
J P Hall 3,363,772 3,358,932 
R A Bayford * 785,706 783,095 
W N Hood 25,000 25,000 
V Lall 552,347 552,347 
C D Legge 2,569,703 2,567,948 
D W McCorkell 642,039 635,447 
S E C Miller 7,500 7,500 
I B Speke 377,787 352,622 
S J H Still 301,762 111,417 
M J R Williams ** 1,454,382 1,452,153 
F E Worsley 10,000  10,000 
10,560,619 4.9% 10,316,490 5.1% 
Other employees of the Group 60,985,760 28.6%  49,797,257 24.7%  
Employee Ownership 71,546,379 33.5% 60,113,747 29.8%
Institutions 
Aberforth Partners 14,158,500 6.6% 14,158,500 7.0% 
Schroder Investment Management 12,998,614 6.1% 12,998,614 6.4% 
JP Morgan Asset Management 10,255,152 4.8% 10,255,152 5.1% 
Blackrock (MLIM) 9,219,529 4.3% 9,219,529 4.6% 
Aegon Asset Management 7,876,750 3.7% 7,876,750 3.9% 
Legal & General Investment Management 7,519,635 3.5% 7,519,635 3.7% 
Other  79,870,844 37.5% 79,870,844 39.5% 
Total 213,445,403 100.0% 202,012,771 100.0% 
* Includes 12,198 non beneficial
** Includes 132,000 non beneficial
At 30 September 2006 the Company's share price was 164.75p (30 September 2005: 131.5p). The highest price in the period
was 202p and the lowest 125p.
Shareholders at 11 November 2006
There were no changes in Directors’ shareholdings between 30 September 2006 and 11 November 2006
MAC_RF62742_F  2/1/07  13:37  Page 72 Brewin Dolphin Holdings PLC Page 73
Annual Report and Accounts for the year ending September 2006
Notice of Meeting
Notice is hereby given that the Annual General Meeting of Brewin Dolphin Holdings PLC will be held at Merchant Taylors’
Hall, 30 Threadneedle Street, London EC2R 8JB on Friday 23 February 2007 at 12 noon for the following purposes: 
As ordinary business
1. To receive the Accounts and the Reports of the Directors and Auditors for the period ended 30 September 2006.
2. To re-elect as a Director Mr Michael John Ross Williams who retires by rotation.
3. To re-elect as a Director Mr Francis Edward Worsley who retires by rotation.
4. To re-elect as a Director Mr William Nicholas Hood, aged 71. 
5. To elect as a Director Mr David William McCorkell.
6. To reappoint Deloitte & Touche LLP as auditors of the Company at a remuneration to be fixed by the Directors.
7. To approve the Company’s 2006 dividend policy. 
8. To consider and, if thought fit, pass the following resolution as an ordinary resolution:
That the Directors be authorised generally and unconditionally to exercise all the powers of the Company to allot
shares or any right to subscribe for, or to convert any security into, shares in the Company (in accordance with Section
80 of the Companies Act 1985) up to an aggregate nominal amount of £673,375.90 (representing 33.3% of the issued
share capital of the Company as at 11 November 2006), for the period expiring on 22 February 2012 but so that the
Company may, before such expiry, make an offer or an agreement which would or might require relevant securities
to be allotted after such expiry and the Directors may allot shares or grant rights to subscribe for, or to convert any
security into, shares in the Company pursuant to such an offer or agreement as if the authority conferred hereby had
not expired; this authority shall replace any previous authority granted pursuant to Section 80 of the Companies Act
1985, save that such previous authority shall continue in respect of shares issued, rights to subscribe or convert
issued, or shares or rights contracted to be issued prior to the date of the passing of this resolution.
As special business, to consider and, if thought fit, pass the following resolutions, in the case of resolutions 9, 12, 13 and 14
as ordinary resolutions and in the case of resolutions 10 and 11 as special resolutions.
9. To approve the Directors’ Remuneration Report for the financial year ended 30 September 2006.
10. That the Directors be empowered to allot or make offers or agreements to allot for cash shares or any right to
subscribe for, or to convert any security into, shares in the Company pursuant to the authority granted under Section
80 of the Companies Act 1985 at the 2007 Annual General Meeting of the Company and to sell or make offers or
agreements to sell equity securities which immediately before the sale are held by the Company as treasury shares
(as defined in section 162A of the Companies Act 1985) (and to make any such offer or agreement which would or
might require equity securities to be allotted after the expiry of that authority) in each case as if Section 89(1) of the
Companies Act 1985 did not apply to the allotment of any such securities, such power being limited to:
(a) the allotment or sale of equity securities up to the aggregate nominal amount of £673,375.90 in connection with
an issue of shares to holders of relevant shares or relevant employee shares, or in connection with any other
form of issue of such securities in which such holders are offered the right to participate, in proportion (as
nearly as may be) to their respective holdings, but subject to such exclusions or other arrangements as the
Directors consider necessary or expedient to deal with any fractional entitlements or any legal or practical
problems under the laws of any territory or the requirements of any stock exchange or regulatory authority; and
(b) the allotment or sale (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an
aggregate nominal amount of £101,006.39 (being 5% of the issued share capital of the Company as at 11
November 2006). 
MAC_RF62742_F  2/1/07  13:37  Page 73 Page 74 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
11. That the Articles of Association of the Company be amended as follows:
(a) by inserting in Article 2(A) immediately after the definition of “Auditors” the following term: 
“electronic means the meaning set out in the Companies Act 2006”
(b) in Article 164 by substituting for the first sentence the following new sentences: “Any notice or document to be
sent or supplied by the Company under these Articles may be sent or supplied in any way in which documents
or information may be sent or supplied by or to the Company for the purposes of the Companies Act 2006,
notwithstanding that the notice or document must be in writing or that a particular manner of delivery is
specified. Members shall notify the Company of their contact details, but unless they take action to provide
different contact details members' contact details shall be presumed to be their addresses as recorded in the
register of members.”  
(c) in Article 169 by adding at the end the following new sentences: “Where a document or information is sent or
supplied by electronic means, and the Company is able to show that it was properly addressed, it shall be
deemed to have been received by the intended recipient at the time it was sent. Where a document or
information is sent or supplied by means of a website, it shall be deemed to have been received by the intended
recipient at the time when the material was first made available on the website or if later when the recipient
received (or is deemed to have received) notice of the fact that the material was available on the website.”
12. That the Company may use electronic means to convey information to shareholders and in particular may send or
supply documents or information authorised or required by any provision of the Companies Acts or the Articles of
Association of the Company to be sent or supplied by the Company:
(a) in electronic form (having the meaning given in section 1168 of the Companies Act 2006) in accordance with Part
3 of Schedule 5 to the Companies Act 2006; and
(b) to members (and the other persons mentioned in paragraph 10(1) of Schedule 5 to the Companies Act 2006) by
making them available on a website in accordance with Part 4 of Schedule 5 to the Companies Act 2006. 
13. That:
(a) the Company be authorised to:
(i) make donations to EU political organisations not exceeding £10,000; and
(ii) incur EU political expenditure not exceeding £10,000; and
(b) Brewin Dolphin Securities Limited, a wholly owned subsidiary of the Company, be authorised to:
(i) make donations to EU political organisations not exceeding £20,000; and
(ii) incur EU political expenditure not exceeding £160,000; and
during the period beginning on the date of the passing of this resolution and ending on 22 May 2008 or, if earlier, the
date of the Annual General Meeting of the Company to be held in 2008. For the purposes of this resolution, the
expressions “donations”, “EU political organisations” and “EU political expenditure” have the meanings set out in
Part XA of the Companies Act 1985 (as amended by the Political Parties, Elections and Referendums Act 2000).
14. That the Company be generally and unconditionally authorised to make market purchases (within the meaning of
Section 163 of the Companies Act 1985) of ordinary shares of 1p each in the capital of the Company ("ordinary
shares") provided that:
(a) the maximum number of ordinary shares hereby authorised to be purchased shall be 20,201,277;
(b) the minimum price which may be paid for an ordinary share shall be 1p;
(c) the maximum price which may be paid for an ordinary share shall be the higher of (1) 5% above the average
market value of the Company’s shares for the 5 business days prior to the day the purchase is made and (2) the
higher of the last independent trade and the highest current independent bid on the Company’s shares on the
trading venues where the purchase is carried out;
Notice of Meeting
MAC_RF62742_F  2/1/07  13:37  Page 74 Brewin Dolphin Holdings PLC Page 75
Annual Report and Accounts for the year ending September 2006
Notice of Meeting
(d) the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to
be held in 2008 or, if earlier, on 22 May 2008, unless such authority is renewed prior to such time; and
(e) the Company may enter into contracts to purchase ordinary shares under the authority hereby conferred prior
to the expiry of such authority, which contracts will or may be executed wholly or partly after the expiry of such
authority, and may make purchases of ordinary shares pursuant to any such contracts.
By order of the Board
Angela Wright
14 December 2006
Notes.
1. A member entitled to attend and vote at the meeting convened by this notice is entitled to appoint one or more proxies to attend and, on a poll, to vote
in his/her/its stead. A proxy need not be a member of the Company.
2. A form of proxy is enclosed and, to be valid, must be lodged with the Company's registrars, Lloyds TSB Registrars Department, The Causeway,
Worthing, West Sussex BN99 6ZL, not less than 48 hours before the time appointed for the holding of the meeting. CREST members can appoint a
proxy by utilising the CREST electronic proxy appointment service in accordance with the procedures set out on page 76. Submitting a proxy does not
prevent a member from attending the meeting and voting in person.
3. Under Regulation 41 of the Uncertificated Securities Regulations 2001, only those members who are registered on the Company’s share register at
6 pm on Wednesday 21 February 2007 are entitled to attend the meeting and to vote in respect of the number of shares registered in their names at
that time. Changes to entries on the share register after 6 pm on Wednesday 21 February 2007 shall be disregarded in determining the rights of any
person to attend and/or vote at the meeting.
4. Brief biographies of the Directors are set out on page 12. Further information on the proposed re-election of Mr Michael John Ross Williams,
Mr Francis Edward Worsley and Mr William Nicholas Hood and the proposed election of Mr David William McCorkell, can be found on page 18.
5. In resolution 4, the Company seeks authority from members to re-elect Mr William Nicholas Hood, aged 71, as a Director in accordance with the
provisions of sections 293(5) and 379 of the Companies Act 1985. Special notice of the resolution has been given to the Company.
6. The Company’s existing dividend policy of paying two interim dividends per year is referred to at page 14 and this policy will be reviewed by the Directors
in 2007.
7. The Directors have no present intention of exercising the authority to allot relevant securities pursuant to resolution 8. As at 11 November 2006 and
at the date of this notice, the Company does not hold any shares in treasury.  
8. Resolution 11 contains changes to the notice provisions in the Company’s existing Articles of Association to enable the Company to communicate with
members by electronic means or by way of a website.
9. In resolution 12, the Company seeks authority from members to allow the Company to use electronic means to convey information to members and
in particular to send or supply documents or information authorised or required by any provision of the Companies Acts or the Articles of Association
of the Company to be sent or supplied by the Company in electronic form or by making them available on a website as will be permitted by the new
company communications provisions in the Companies Act 2006 (contained in sections 1144 to 1148 of and Schedule 5 to the Act). The relevant
provisions, which will allow documents and information to be sent or supplied to members in hard copy form, in electronic form (initially by email, fax
or text), or by means of a website, are expected to become effective in January 2007. Relevant documents and information to be made available on a
website would include the Company's annual report and accounts, interim accounts, circulars and notices of meeting. If Resolution 12 is passed, each
member will be asked individually to agree that the Company may send or supply documents and information by means of a website (members who
do not reply within the 28 days specified by the Act will be taken to have agreed). Members will also be asked individually to agree that the Company
may send or supply documents and information in electronic form and if the member so agrees to supply an email address. Documents and
information made available on a website will be sent to those members who require hard copy and notice that the document or information is available
and how to access it will be given in electronic form to those other members who have agreed to receive electronic communications and by hard copy
letter to those other members who have not agreed to electronic communications or who have not provided a suitable address. All members will be
entitled to require the Company to send a document or information in hard copy form even if previously supplied in some other form. The Company
expects to make significant savings by making documents and information available to members on a website using the new company
communications provisions.
10. The Directors have no present intention of exercising the authority pursuant to resolution 13 as it is the Company’s policy not to make political
donations to political parties and it is not intended to change that policy. The Companies Act 1985 (as amended by the Political Parties, Elections and
Referendums Act 2000) includes very broad definitions of political donations and political expenditure which may have the effect of covering a number
of normal business activities that would not be thought to be donations to political parties. These could include support for bodies engaged in law
reform or governmental policy review, involvement in seminars and functions that may be attended by politicians and job exchanges between industry
and government. Accordingly, the Directors consider that it would be prudent to obtain approval from the members to incur total expenditure of
£200,000 to cover all these activities. The authority, which applies for the Company and its wholly owned subsidiary Brewin Dolphin Securities Limited,
will lapse on 22 May 2008 or, if earlier, the date of the Annual General Meeting of the Company to be held in 2008.
11. The Directors have no present intention of exercising the authority to make purchases of the Company’s shares pursuant to resolution 14. If exercised
the shares would be held in treasury. If granted, the authority would only be exercised if it was expected that an improvement in earnings per share
would result and that the purchase would be in the best interests of members generally. As at 11 November 2006 (the latest practicable date prior to
publication of this notice), there were outstanding options to subscribe for a total of 11,415,263 ordinary shares of 1p each in the Company. These
options represent 5.7% of the Company’s issued share capital as at 11 November 2006. If the authority under resolution 14 to make market purchases
is granted and then exercised in full, the options would represent 6.3% of the Company’s issued share capital as at 11 November 2006.
MAC_RF62742_F  2/1/07  13:37  Page 75 Page 76 Brewin Dolphin Holdings PLC
Annual Report and Accounts for the year ending September 2006
Electronic proxy appointment through CREST
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do
so for the annual general meeting to be held on 23 February 2007 and any adjournment(s) thereof by using the procedures
described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST
members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s),
who will be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message
(a “CREST Proxy Instruction”) must be properly authenticated in accordance with CRESTCo’s specifications and must
contain the information required for such instructions, as described in the CREST Manual. The message, regardless of
whether it constitutes the appointment of a proxy or to an amendment to the instruction given to a previously appointed
proxy must, in order to be valid, be transmitted so as to be received by the issuer's agent (ID 7RA01) by the latest time(s)
for receipt of proxy appointments specified in the notice of meeting. For this purpose, the time of receipt will be taken to be
the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the issuer's
agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change
of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that CRESTCo does
not make available special procedures in CREST for any particular messages. Normal system timings and limitations will
therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned
to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a voting service
provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to
ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST
members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those
sections of the CREST Manual concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the
Uncertificated Securities Regulations 2001. 
Notice of Meeting
MAC_RF62742_F  2/1/07  13:37  Page 76 Branch Address List
Aberdeen
2nd Floor
Blenheim House
Fountainhall Road
Aberdeen, AB15 4DT
Telephone: 01224 267900
Belfast
6th floor, Waterfront Plaza
8 Laganbank Road
Belfast
BT1 3LY
Telephone: 028 9044 6000
Birmingham
Edmund House
12-22 Newhall Street
Birmingham
B3 3DB
Telephone 0121 236 7000
Bradford
Auburn House
8 Upper Piccadilly
Bradford
BD1 3NU
Telephone 01274 728866
Cardiff
Sutherland House
Castlebridge
Cowbridge Road East
Cardiff
CF11 9BB
Telephone 029 2034 0100
Cheltenham
The Lypiatts
Lansdown Road
Cheltenham
GL50 2JA
Telephone 01242 577677
Dorchester
50 South Street
Dorchester
Dorset
DT1 1DQ
Telephone 01305 259333
Dumfries
43 Buccleuch Street
Dumfries
DG1 2AB
Telephone 01387 252361
Dundee
1 Courthouse Square
Dundee
DD1 1NH
Telephone 01382 317200
Eastbourne
Compton Place Road
Eastbourne
BN21 1EB
Telephone 01323 437 570
Edinburgh
PO Box No. 8
7 Drumsheugh Gardens
Edinburgh
EH3 7QH
Telephone 0131 225 2566
Elgin
26 Hay Street
Elgin
IV30 1NQ
Telephone 01343 548344
Exeter
11-15 Dix’s Field
Exeter
EX1 1QA
Telephone: 01392 848 788
Glasgow
48 St. Vincent Street
Glasgow
G2 5TS
Telephone 0141 221 7733
Guernsey
Suite B, St Peter Port House
Saumarez Street
St Peter Port
Guernsey
GY1 2PT
Telephone 01481 736682
Inverness
Kintail House
Beechwood Business Park
Inverness
IV2 3BW
Telephone 01463 225888
Jersey
27 Charing Cross
St Helier
Jersey
JE2 3RP
Telephone 01534 703000
Keswick
42 St John Street
Keswick
Cumbria
CA12 5AF
Telephone 0176 878 1960
Leeds
34 Lisbon Street
Leeds
LS1 4LX
Telephone 01132 459 341
Leicester
Permanent House
Horsefair Street
Leicester
LE1 5BU
Telephone 01162 420 700
Lincoln
Olympic House
Doddington Road
Lincoln
LN6 3SE  
Telephone 01522 503 000
Llandudno
59 Madoc Street
Llandudno
North Wales
LL30 2TW
Telephone 01492 874391
London
12 Smithfield Street
London
EC1A 9BD
Telephone 0207 248 4400
Lymington
98 High Street
Lymington
Hampshire
SO41 9AP
Telephone 01590 674288
Manchester
PO Box 512
National House
36 St Ann Street
Manchester
M60 2EP
Telephone 0161 839 4222
Marlborough
Cross Keys House
The Parade
Marlborough
Wiltshire
SN8 1NE
Telephone 01672 519600
Newcastle
Commercial Union House
39 Pilgrim Street
Newcastle upon Tyne
NE1 6RQ
Telephone 0191 279 7300
Norwich
Jacquard House
Old Bank of England Court
Queen Street
Norwich
NR2 4SX
Telephone 01603 767 776
Oxford
4 King Edward Street
Oxford
OX1 4HS
Telephone 01865 225 750
Reigate
Park House
77 Bell Street
Reigate
Surrey
RH2 7AN
Telephone 01737 223722
Scarborough
5 Alma Square
Scarborough
YO11 1JR
Telephone 01723 372248
Stoke-on-Trent
1st Floor
10 Town Road, Hanley
Stoke-on-Trent
Staffordshire
ST1 2QG
Telephone 01782 764000
Taunton
2 Mendip House
High Street
Taunton 
Somerset
TA1 3SX
Telephone 01823 332042
Teesside
Progress House
Fudan Way
Teesdale
Stockton-on-Tees
TS17 6EN
Telephone 01642 608855
Execution Only – On-Line Broker 
Stocktrade
81 George Street
Edinburgh
EH2 3ES
Telephone 0131 240 0400
Web: www.stocktrade.co.uk
The paper used in this report is made up of 30% recycled, 50% pre-consumer fibre and 20% fibre produced in accordance with FSC.
Both Printer and Paper mill are ISO 14001.
MAC_RF62742_IFBC_Spine  2/1/07  13:39  Page 2 Aberdeen Belfast Birmingham Bradford Cardiff Cheltenham Dorchester Dumfries Dundee Eastbourne Edinburgh Elgin 
Exeter Glasgow Guernsey Inverness Jersey Keswick Leeds Leicester Lincoln Llandudno London Lymington Manchester 
Marlborough Newcastle Norwich Oxford Reigate Scarborough Stocktrade Stoke-on-Trent Taunton Teesside
Brewin Dolphin Holdings PLC
12 Smithfield Street
London, 
EC1A 9BD. 
T: 0845 2131000
F: 0845 2131001
E: info@brewin.co.uk
W: www.brewindolphin.co.uk
Brewin Dolphin Holdings PLC                                                                                                                                                                                                                                                             Annual Report and Accounts 2006
MAC_RF62742_A  2/1/07  13:35  Page 1