Delivering
value in any 
market...
Annual Report 201 2 These include surveying, valuation, agency, consultancy, finance,
insurance, stock control and business software solutions. 
Our focus on a limited number of sectors gives us an unrivalled
market awareness in each of these areas.
The results: a greater understanding of our clients’  operations
and a heightened ability to help them improve efficiency,
enhance trading profits and increase the value of their
businesses. In these ways, and through our innovative use of
technology, we have built a reputation for making a significant
contribution to our clients’ commercial success.
Stock & Inventory Systems & Services
Orridge and Venners are the leading specialists in stock control
and inventory management services. Orridge specialises in 
all fields of retail, Venners focuses on the hospitality sector 
and Vennersys provides software and systems to the leisure 
and hospitality sectors.
Professional Business Services
The expertise offered by Christie+ Co, Christie Finance and 
Christie Insurance covers all aspects of valuing, buying, selling,
developing, financing and insuring a wide variety of businesses. 
Its scope is complemented by the comprehensive appraisal and
project management services available from Pinders.
Christie Group provides a
portfolio of over 40 professional
business services for the
leisure, retail and care sectors.
...by being the 
best at what we do
1 Highlights of the year
2 Chairman’s statement
6 Chief Executive’s review
10 Delivering value in any market
14 Divisional review
26 Financial review
29 KPIs
30 Board of directors
30 Company information
31 Directors’ report
33 Corporate governance
36 Remuneration report
38 Statement of directors’ 
responsibilities
39 Independent auditor’s report
40 Consolidated statement of
comprehensive income
41 Consolidated statement of changes
in shareholders’ equity
42 Consolidated statement 
of financial position
43 Consolidated statement 
of cash flows
44 Company statement of changes 
in shareholders’ equity
45 Company statement of 
financial position
46 Company statement of cash flows
47 Notes to the consolidated 
financial statements
80 Five-year record
81 Shareholder information
83 Directory
Contents Our brands
Professional Business Services
Christie + Co
Christie + Co is a leading specialist firm providing business intelligence 
in the hospitality, leisure, care and retail sectors. A market leader in its
sectors, it employs the largest teams of sector specialists in the UK
providing professional agency and advisory services.
www.christie.com     www.christiecorporate.com
Christie Finance
Christie Finance has over 30 years’ experience in financing businesses in 
the hospitality, leisure, care and retail sectors. Christie Finance prides itself 
on its speed of response to client opportunities and its strong relationships 
with finance providers.
www.christiefinance.com
Christie Insurance
With over 30 years’ experience arranging business insurance in the hospitality,
leisure, care and retail sectors, Christie Insurance is a leading company in its
markets. It delivers and exceeds clients’ expectations in terms of the cost of
their insurance and the breath of its cover .
www.christieinsurance.com
Pinders
Pinders is the UK's leading specialist business appraisal, valuation and
consultancy company, providing professional services to the licensed, leisure,
retail and care sectors, and also the commercial and corporate business
sectors. Pinders staff use business analysis and surveying skills to look at the
detail of businesses to arrive at accurate assessments of their trading
potential and value.
www.pinders.co.uk    www.pinderpack.com
Stock & Inventory Systems & Services
Orridge
Orridge is Europe’s longest established stocktaking business and specialises
in all fields of retail stocktaking including high street, warehousing and
factory operations. Orridge prides itself on the speed with which it supplies
high-quality management information to its clients.
www.orridge.co.uk www.orridge.eu
Venners
The leading supplier of stocktaking, inventory, consultancy services and 
related stock management systems to the hospitality industry. Venners is the
largest and longest established stock audit company in the sector in the UK
and is growing in mainland Europe.
www.venners.co.uk
Vennersys
Vennersys operates in the UK and North America and delivers turnkey EPoS 
and ticketing systems to visitor attractions such as historic houses and estates,
museums, zoos, safari parks, aquaria and cinemas. It has over 20 years’
experience delivering purpose-designed solutions for clients’ ticketing,
admissions, EPoS and food and beverage sales requirements.
www.vennersys.co.uk www.vennersys.ca VIENNA
UNITED
KINGDOM
GERMANY
BARCELONA
RENNES
LYON
PARIS
DUBLIN
BERLIN
WARSAW
MUNICH
FRANKFURT
HELSINKI
BRUSSELS
MARSEILLE
CENTRAL & 
EASTERN EUROPE
BENELUX
IRELAND
THE NORDIC REGION, 
RUSSIA & THE 
BALTIC STATES
FRANCE
IBERIA
TORONTO
CANADA
Where we are
Offices
39 offices across the UK and
Continental Europe, and in Canada.
Employees
Employing up to 1,350 professional 
and specialist staff.
WINCHESTER
LLANTRISANT
EXETER
HARLOW
MILTON KEYNES
MAIDSTONE
LONDON
BRISTOL
NOTTINGHAM
IPSWICH
BIRMINGHAM
ALDRIDGE
MANCHESTER
NEWCASTLE
UPON TYNE
LEEDS
EDINBURGH
GLASGOW Christie Group Annual Report 2012 1
Highlights of the year
• Revenue increased by 5.4% to £56.1m (2011: £53.3m)
• Operating profit before exceptional items of £1.4m (2011: £0.7m)
• Profit before tax before exceptional items of £1.3m (2011: £0.6m)
• Dubai office now closed
• Final dividend proposed of 0.5p (2011: 0.5p per share)
• Increases in funding sources for UK purchasers
• New international operations opened in Ireland and Poland
• Christie + Co won ‘UK’s most active agent’ in the Leisure and Hotels
category in the EGi Deals Awards for the third year in a row
• Retail stocktaking operation signed its first franchise
• The stocktaking division has enjoyed a good start to 2013 with
further new demand for our services 2 Christie Group Annual Report 2012
“UK purchasers were funded by
a total of 21 different sources
compar ed with just four in 2008. ”
I am pleased to report that the Group revenue was £56.1m for
2012, an increase of 5.4% on the prior year (2011: £53.3m).
Operating profits achieved before exceptional items amounted
to £1.4m, a significant increase from the prior year (2011:
£0.7m). Operating profit after exceptional items amounted to
£0.6m (2011: £0.3m). The disruption to normal trading patterns
which I referred to at the time of my interim statement in
September resulted in a particularly slow third quarter .
Operating losses of £0.8m (2011: £0.4m) were incurred by our Dubai operation,
which we took the decision to close shortly before the year-end and have
classified as an exceptional item accordingly.
Professional Business Services
Professional Business Services revenues were £30.4m, some £3m higher than
in 2011 (£27.4m). Operating profit before exceptional items amounted to £0.6m,
a material improvement from the previous year’s operating loss before
exceptional items of £0.1m.
During the year, our UK purchasers were funded by a total of 21 different
sources. This compares markedly with 2008 when the finance arrangements
that we brokered principally came from just four sources of finance, giving
some appreciation of the increasing availability of funds.
The Spring Uprising and problems in Libya and Syria were unforeseen at the
time of our opening in Dubai. These events had a profound impact on early
prospects for us in the region and hence our decision to withdraw. We will
continue to service consultancy projects in the Middle East from our other
international offices.
Elsewhere, our international operations made excellent progress. During the
year we commenced new operations in Ireland and in Poland. Both these
markets are showing an early appreciation of the services we offer .
I’m delighted to advise that our transactional and consulting practice,
Christie + Co, has for the third year running, won the EGi Deals Award as the
‘UK’s most active agent’ in the Leisure and Hotels category throughout the
provincial mainland of the UK.
Chairman’ s statement “ After stocktaking for the
summer’ s Olympics, the scale of
our capability is unquestioned. ” 4 Christie Group Annual Report 2012
Stock & Inventory Systems & Services
Given the headline collapses in the UK high street retail
sector, holding revenue at £25.7m against the prior year of
£25.9m was a credible achievement. Operating profit was
increased to £0.8m (2011: £0.6m). Our licensed stocktaking
business continues to recruit and train new stocktakers.
After stocktaking for the summer’s Olympics, the scale of
our capability is unquestioned. We have continued to win new
clients including Charles Wells, Punch Taverns, River Island
and Space NK.
Our retail stocktaking operation signed its first franchise,
which has proved a catalyst for us developing a stand-alone
IT and support system. This new capability provides a method
of more rapid expansion for us which we are currently
focusing on Continental Europe.
Outlook
Whilst our expectation that the number of distressed sales
would slow has proven accurate, we similarly anticipate that
the continued demand for businesses will lead to the advent
of willing vendor instructions. Inevitably there is some dip in
market volumes during this crossover period.
Our leisure agency and advisory business activity has been
hit by the recent and unexpected liquidation by the Irish
government of the Irish Bank Resolution Corporation (“IBRC”)
by whom we were engaged. These factors resulted in a quiet
period for completed transactions in the first quarter within
our PBS division. We are seeing larger company and debt
sales in the market which should benefit both our advisory
and transactional asset businesses this year .
Chairman’ s statement continued
REVENUE BY DIVISION
2012 2011
Professional
Business Services 54%
54%
51%
Stock & Inventory
Systems & Services
 
46%
46%
49%
201 2
51% 49%
2011
REVENUE BY SECTOR
2012 2011
Leisure
16%
48% 46%
36%
48%
13%
41%
46%
Retail 36% 41%
Care
 
16% 13%
201 2 2011 Christie Group Annual Report 2012 5
The stocktaking division has enjoyed a good start to 2013
with further new demand for our services, particularly in
mainland Europe.
Christie Group relies on the support of its clients and the
continuing commitment and professionalism of its quality
personnel. It is thanks to them both that we continue to hold
our strong market position.
Your Board proposes a maintained final dividend of 0.5p per
share, in addition to the 0.5p interim dividend declared in my
September statement. If approved, the dividend will be paid
on 5 July 2013 to those shareholders on the register on
7 June 2013.
Philip Gwyn
Chairman
5 April 2013
“We are seeing larger company
and debt sales in the market
which should benefit both our
advisory and transactional asset
businesses this year .”
Christie Group Board of Directors 6 Christie Group Annual Report 2012
Group performance was solid in a UK economy struggling
for growth, but from a strategic perspective 2012 was an
eventful year .
We are developing our business models and we entered 2013 as a more flexible,
productive business.
A strong start to 2012 set the tone for the first part of the year . We ended the
first half with Group profits ahead of expectations. However, as the summer
unfolded, three major national events captured the nation’s attention.
The Diamond Jubilee, the Olympics and the Paralympics were billed as boosting
economic activity. For many businesses, ours included, the reality, at least in the
short term, turned out to be rather different.
The focus on these events caused some disruption to our third quarter
performance. However, we swiftly regained momentum and the Group ended
the year strongly with a good pipeline of future business.
During the summer we conducted a strategic review of all our companies.
Looking in detail at our business models identified scope for reducing costs in
both Pinders and Orridge.
We have worked hard to introduce more scalability into our business model and
adapt our operations to changing conditions, and both contraction or expansion
in our markets.
A diversified organisation
Christie Group is a balanced, broadly-based organisation. Our revenue splits
evenly between our two divisions.
The profitability of our Professional Business Services (PBS) is reliant on market
conditions, whereas our Stock & Inventory Systems & Services (SISS) division
generates relatively stable cashflows in any economic environment.
These two parts of the Group offer services that relate to the entire lifecycle of a
business, from its initial acquisition and associated financial implications, through
managing costs and day-to-day operations, all the way to an eventual sale.
“W e ar e developing our business
models and we enter ed 2013 as a
mor efl exibl e ,pr oductiv ebusiness. ”
Chief Executive’ s review We have capability across
the full business cycle. 8 Christie Group Annual Report 2012
We offer specialist, in-depth, business intelligence. We add
value by understanding our chosen sectors – retail, care and
leisure – in great detail.
Christie Group companies have always prospered by
stressing specialist expertise. This won’t change. But how we
harness that expertise and how we deploy it to add value for
each customer continue to evolve.
Pinders project managers completed the fit-out of our new
Christie Group headquarters in London’s Carmelite Street in
2012. This concentration of head office resources will de-
duplicate our cost base in 2013.
New business models
Recessions are often periods of rapid market development,
and they bring opportunities for businesses prepared to
engage with their markets. Companies can gain a competitive
advantage by developing and refining their business models.
We look critically at all parts of the Group and we are continually
asking ourselves what more we can do to strengthen our
business, improve our efficiency and enhance quality.
Agility is a key priority. We focus on adding flexibility to our
operations and improving the scalability of our business
models, whilst all the while offering a consistency of service.
During 2012, we found numerous ways to adapt and
strengthen our businesses.
Different strategies suit specific businesses. We restructured
operations at Pinders and Orridge, created a new franchising
model for Orridge in international markets, added a
complementary business to Christie + Co and relocated Christie
Insurance’s support functions to bolster its competitiveness.
Restructuring operations
Both Pinders and Orridge rely increasingly on mobile technology.
In an always-online environment employees can be more
productive in the field and require less centralised support.
There was therefore scope for cost reduction at these two
companies. We scaled down spending on administration
while continuing to invest in profit-generating activities.
They are now able to operate at lower fixed costs with no
damage to their revenue earning potential. These measures
will yield significant annual savings.
Franchising
Orridge is active in eighteen countries and offers a pan-
European service. Its strength in Europe is a major plus for
international retailers.
But building on this international footprint has always been
complex. The stocktaking market is very diffuse. There are
numerous local operators. Developing scale in new territories
can be a painstaking and challenging process.
We identified franchising as a way to internationalise our
stocktaking business more rapidly. Potentially, this can be
a low-cost, low-risk alternative to opening new branches
overseas.
Orridge prepared the ground by codifying its key practices
and localising software, as required. In 2012, we established
our first franchising operation by signing a 20-year
agreement with a corporate franchisee in Germany.
Under the terms of the agreement the franchisee pays
rental and royalties to trade under the Orridge brand
and use its sophisticated proprietary software. As such,
it gains the capacity and the credibility to service large-
scale, international clients on our common platform.
It is currently in talks with potential franchisees in
other territories.
A bolt-on acquisition
When Christie Group originally acquired Orridge in 2002,
the vendor retained its business sales division, Orridge
Business Sales, which has a strong presence in the ‘white
coat’ sector . In 2012, we took advantage of an opportunity
to acquire this business.
Chief Executive’ s review continued
“In an always-online environment
employees can be more productive
in the field. ”
“We identified franchising as a way
to internationalise our stocktaking
business more rapidly .” Christie Group Annual Report 2012 9
The acquisition has quadrupled our share of transactional
and valuation services in the pharmacy sector . We have
combined our existing white coat agency with Orridge Business
Sales to create a Medical division within Christie + Co. The new
division is now the clear market leader in the UK pharmacy
and medical care sector .
Relocating support services
Dedicated personal attention and industry expertise have won
Christie Insurance a very loyal client base. It provides a highly
specialist service in our chosen sectors. The brokerage has
to tread a fine line. Its clients value its close understanding of
their specific requirements, but in a largely commoditised
market they also expect very competitive rates.
It therefore needs to keep a very close eye on costs.
In 2012, we took the decision to relocate the service and
administration elements of the business to South Wales.
It will gain valuable economies by taking advantage of the
lower cost base and skilled workforce based there. Its new
operations centre will allow the company to continue to
deliver high-value service at a competitive price.
International operations
We continue to gradually extend our international network.
We recognise that it can take time to establish new
operations. We build our success on strong networks and
in-depth local understanding.
2012 was an important year in the development of our
international capabilities. Orridge’s excursion into franchising
augurs well for the internationalisation of the business.
Christie + Co is strengthening its position in existing
territories. Two new international offices, in Dublin and
Warsaw, are extending its Europe-wide reach.
Professional Business Services
Property prices have been on a downward trajectory more or
less consistently since 2008, but in 2012 we saw signs that we
had passed the point of inflexion, and that markets were
moving back into equilibrium. As we emerge from a difficult
winter we believe we are now at the start of a gradual recovery.
Several indicators give grounds for optimism. There are
significantly fewer distressed sales and more consensual
sales. Private buyers are returning to the market as they start
to see value in well-priced opportunities. The lack of access
to funding, which has constrained markets for so long, is less
of an issue. Finally, the proportion of aborted transactions
has fallen back to long-term levels.
Stock & Inventory Systems & Services
Our stocktaking businesses gained important new clients during
the year . Both businesses have strong client retention rates,
but incur high initial costs as new customers come on board.
Additional costs during this initial period are inevitable as we
adapt to each customer and harmonise systems. Ultimately,
increased volumes will translate into higher profitability. We
are investing in systems and training to ensure we continue
to offer high-quality services as these businesses grow.
Looking ahead
Today, Christie Group is more focused on its markets and we
are more diversified in our service offering, thereby making
us more resilient. We are making headway and are focused
on our strategic goal of rebuilding profits towards the levels
seen before the credit crunch.
Looking ahead, current indications point to an improving
economic picture in 2013. Whatever the prospects for the
economy, with our strong track record, extensive client list
and more flexible business model, we approach the future
with confidence.
David Rugg
Chief Executive
5 April 2013 10 Christie Group Annual Report 2012
Delivering value 
in any market... 
2.
Diversification in skills 
and markets
Our two divisions provide over 40 professional business services. 
Our Professional Business Services division provides a broad portfolio of
transaction-related services. The Stock & Inventory Systems & Services
division focuses on improving operational efficiency . We value businesses,
manage acquisitions, ensure businesses are well-run and help owners
control costs effectively .
STOCK & INVENTORY 
SYSTEMS & SERVICES
PROFESSIONAL 
BUSINESS SERVICES
SURVEYING, VALUATION, AGENCY, CONSULTANCY, FINANCE, 
INSURANCE, STOCK CONTROL AND BUSINESS SOFTWARE SOLUTIONS
RETAIL CARE LEISURE
We continually raise the bar on service, both
nationally and internationally. 
Many clients stay with us because of the high
level of service they come to expect from Christie
Group companies. We offer informed, meaningful
advice based on extensive experience. We are
flexible in the way we meet our clients’ needs and
respond with tailored solutions.
1. First class service
Brand 
strength and
endurance 
International
development
Financial
stability
Flexible
approach
Operational
efficiency
Focused
and clear
direction 4. Integrated services
We provide solutions throughout our
clients’ business lifecycles.
Whether a client is looking to improve, develop,
invest in, acquire or dispose of a business, our
companies combine to provide support
throughout the cycle. Leveraging the synergies
that arise from this collaboration within and
across our companies enhances both revenue
generation and profit conversion.
Site      
sourcing    
and development 
deals 
Market, feasibility
and impact studies
Operator search 
and selection/letting
Management contract 
and lease advice   
Forward
sale   
Valuation
INVESTMENT
& 
OWNERSHIP 
Deal origination and buy-side advice
Investment advice
Commercial due diligence
Valuation
Finance and insurance
Strategic and business advice
Buildings services
Health & Safety
Operational review, capex appraisal 
Expert witness and 
  litigation support 
Disposal advice 
and brokerage 
  Sales
memoranda
Valuation
Finance and insurance
Property advice 
and rent reviews 
Stock
  valuation
Stocktaking
D E V E L O P M E N T
A C Q U I S I T I O N
O P E R A T I O N S
D I S P O S A L S
3.
We bring strength in depth to the
retail, leisure and care sectors. 
As sector specialists, we are able 
to contribute relevant skills and
knowledge. Our people really
understand their markets in detail
and are respected for their sector
understanding. Our companies are
not just external suppliers; they are
seen as core sector participants.
In-depth
market
knowledge
5. A proven long-term player
Experience counts. We’ve been through every kind of market scenario and
have operated in all economic environments.
Venners has been operating in the hospitality sector for well over a century .
The Orridge stocktaking business began more than 160 years ago.
Christie + Co has been selling business property for over 75 years. 
Benjamin Orridge,
founder of Orridge & Co in 1846.
Leisure
• Hotels
• Public Houses
• Bars
• Restaurants
• T akeaways
• Sports Centres
• Fitness Centres
• Cinemas
• Entertainment Venues
• Nightclubs
• Gaming and Betting
Businesses
• Visitor Attractions
• Destination Resorts
• Serviced Accommodation
• Caravan Parks
• Holiday Parks
• Guesthouses
• Railways
• Currency Bureaux
• Event Caterers
• Bowling Alleys
and Greens
• Sports Stadia
Retail
• Supermarkets
• Convenience Stores
• Newsagents
• Booksellers
• Off-licences
• Post Offices
• Warehouses
• Supply Chain Premises
• Professional Practices
• Forecourt Businesses
• Specialist Shops
Care
• Residential Care Homes
• Nursing Homes
• Hospitals
• Daycare Centres
• Childcare Centres
• Close Care/Assisted
Living Centres
• Secure Units
• Domiciliary Car e Businesses
• Children’s Day Nurseries
• Children’ s Play Centres
Medical
• Dental Practices
• Doctors’ Surgeries
• Animal Businesses
• Clinics
• Pharmacies
Education
• Schools
• Colleges
• Special Education Needs
Schools and Colleges ...by being the best 
at what we do
Fisher’s 
CASE STUDY: Christie + Co
Fisher’s is a long-established family of butcher’s 
in Gerrards Cross, Buckinghamshire, which became
independent convenience retailers. T esco, Marks 
& Spencer, Waitrose and Sainsbury’s had targeted
the town. Rather than compete with them, Fisher’s
let, through Christie + Co, two-thirds of their store 
to J Sainsbury’s, retained the rest and returned to
their roots of butchery. They now trade side by side
and Fisher’s has the added benefit of secure rental
income from a blue chip covenant.
Alliance portfolio 
CASE STUDY: Christie + Co
Acting on behalf of the Alliance Group,
Christie + Co successfully sold a portfolio
of five branded hotels, within a few
months, having received interest in the
assets from a number of potential buyers
on both a group and individual basis.
The hotels were in Le Cannet, Lille, Lyon,
Montpellier and Marseille, and deals
were completed individually.
Poundland
CASE STUDY: Orridge
Poundland first opened in 1990 and now operates a UK store base
of over 430 attracting over 4.5 million customers every week.
It offers more than 3,000 items and over 1,000 top brands at the single
price of just £1. Outsourcing its stocktaking was always the obvious
route and, after a series of very successful trials, Orridge delivers a
professional, independent and accurate service to a high standard.
The Orridge service allows Poundland to analyse how much stock is
being lost in each store and whether further investigation is needed.
LEON restaurants 
CASE STUDY: Venners
LEON restaurants needed a great, value-for-money food 
and beverage stock audit solution. Venners listened to the
LEON team, understood the requirements and produced 
a stock solution that helps the company minimise losses,
increase margins, improve management information and
enhance security. 
Venners bought a high level of professionalism to the
process and the two companies now collaborate on
agreeing and implementing action plans to continually
improve the results.
12 Christie Group Annual Report 2012 Building on 
success with Aspro
CASE STUDY: Vennersys
The Aspro Group, one of Europe’s
largest operators of leisure parks,
expanded its use of VENPoS to the
Blue Reef sites in Portsmouth,
Hastings, Tynemouth and Newquay .
Aspro had already seen the benefits 
of the VENPoS solution at its Blue
Planet Aquarium and Deep Sea 
World. Blue Reef now uses VENPoS to
manage bookings, admissions, retail
and stock. Aspro also took advantage
of the enhanced Vennersys CRM suite
utilising its new modules, Customers +
and Memberships.
Gordonstoun School
CASE STUDY: Pinders
Pinders was asked to provide valuation
advice in relation to Gordonstoun School
in Elgin, Moray . Gordonstoun School
has a world famous reputation and
includes three generations of British
royalty among its notable alumni, the
most recent being Prince Charles.
The property comprises an eclectic mix
of buildings of varying age, construction
and style, and includes a number of listed
buildings plus nine staff houses/buildings
on a site extending to 243 acres.
Seamill Hydro Hotel & Resort
CASE STUDY: Christie Finance
Christie Finance arranged funding for the owners of Seamill Hydro Hotel 
& Resort, one of Scotland’s most well-renowned and popular family-owned
resort hotels. The owners planned extensive improvements to the spa
swimming pool and the bedrooms, as well as the establishment of a new 
150-seater restaurant and bar . Christie Finance provided expert advice and
guidance on how to realise the plans, and put in place a very competitive 
facility which fully met the needs of the business.
Live assurance in double-quick time
CASE STUDY: Christie Insurance
Christie Insurance was asked to provide life assurance in order to satisfy 
a bank loan condition for the purchase of a learning disability care home. 
The bank providing the finance was insisting that cover was in place by
completion. In a matter of hours, Christie Insurance provided a quote, went
through it with the client in detail, arranged a medical application and
organised the set-up of the policy. The client was extremely happy and very
satisfied with Christie Insurance’s flexible approach and knowledgeable staff.
Baskind Pharmacy 
CASE STUDY: Christie + Co 
Christie + Co was instructed by Zolfo
Cooper and Santander Bank UK to
dispose of Baskind Pharmacies, a group
of three pharmacies in Administration.
The business consisted of three
leasehold units in West Y orkshire, and
included two standard-hour contracts
and one 100-hour contract. After a short
marketing campaign ‘best and final’
offers were invited from all interested
parties and over 20 offers were received.
Completion is subject to the transfer of
the pharmacy contracts and formal
assignment of the leasehold interests.
Christie Group Annual Report 2012 13 14 Christie Group Annual Report 2012
Divisional review
Stock & Inventory Systems & Services
Orridge We aim to grow the business organically in the United Kingdom where
we will build on our leading market position in the retail and pharmacy sectors
and develop our reputation for consistent, high-quality service. We will invest in
our franchising model alongside our existing European business to accelerate
our growth in international territories.
Orridge is a leading stocktaking company in the UK with
strong international coverage. We serve Continental Europe
from our office in Brussels. In the UK, we target two
main sectors, retail and pharmacy, and also perform
stocktaking services for supermarkets, the warehouse
and distribution sector, while offering flexible and bespoke
supply chain solutions.
We provide a broad range of service options, including core
line and pick quality audits, on-shelf availability, full wall-to-
wall counts and perpetual inventory. We have the resources
to deliver service excellence in high volumes. In 2012,
we counted 100 million items of clothing, 120 million items
of books and stationery and 400 million of health and
beauty and dispensary stock items. 
We controlled an average of 140 stocktakes every working
day of the year, a four percent improvement on our 2011
performance in a tough year for retailers. We serve a broad
spread of clients, from smaller to blue-chip companies.
We have long-term relationships with household names in
the retail and pharmacy sectors, including WH Smith, Boots,
Arcadia Group, Lloyds Pharmacy, Co-op and Calvin Klein.
Among new clients gained during the year were leading names
such as Jack Wills, River Island, Space NK and VF Europe.
The tough trading conditions in the high street over the past
few years are well documented. Few retailers have escaped
the effects of the recessionary conditions in the UK and the
slowdown across Europe. 
In some ways this has helped our business. Low sales
volumes and wafer-thin margins force retailers to keep a
tight rein on stock. Ultimately though, market pressure
also translates into pressure on our own margins. 
It is therefore essential to maintain price competitiveness.
In 2012, we introduced worker league tables as part of a
broad-based initiative to boost individual productivity. 
Retailers want rapid, intuitive reporting to help them manage
inventory and identify stock shortfalls early on. Online
analytics and graphical reporting allow clients to drill down
into results and identify patterns and trends in real time. 
We have continued to invest in technology to improve both
the quality of our reporting and the efficiency with which we
deliver our counts. We introduced system enhancements
such as tablet-based reporting to deliver swifter, more
accurate counts. Our proprietary Genesis ERM system allows
us to optimise even the most demanding client schedule.
Larger clients in particular value our capacity to deploy
sufficient resources to meet their needs. During the year,
for instance, we successfully undertook a count of 40 million
contact lenses within a 24-hour period for Johnson & Johnson. 
As technology has improved, our workforce has become more
mobile and self-reliant. This has allowed us to scale back on
fixed costs. In 2012, we restructured the business to reduce
below-the-line costs. This had no impact on our revenue-
earning capability.
We expanded our European operation during the year with
the launch of our first franchise arrangement in Germany.
The corporate franchisee pays royalties and rental fees in
exchange for our sophisticated proprietary software and 
the right to trade under the Orridge brand. Having codified
our practices, we are already in active negotiations with
potential franchisees elsewhere in Europe. Christie Group Annual Report 2012 15
Arcadia Group  
Orridge has provided
stocktaking services to Arcadia
Group since 2003. Since then,
the service has developed to
meet the needs of this dynamic
retailer and is continually
adapting to keep pace with
Arcadia’s strategy.
The service now ranges from
fully-managed stocktake
invigilation counts to wall-to-
wall stocktakes. It is delivered 
to all Arcadia brands in the UK,
including Burton, Miss Selfridge,
T op Shop and British Home
Stores, and Orridge has also
provided support in the United
States and Europe.
“We controlled an average of 140 stocktakes
every working day of the year, a four percent
improvement on our 2011 performance in
a tough year for retailers.”
Paul Harding Managing Director, Orridge and a Christie Group Director
Left to right: Darren Flack, Client Relationship Director; Peter Davies, Sales Director; Maxine Johnson,
General Manager; Orridge Europe; Allen Edwards, Services Director; Phil Kendall, Finance Director . 16 Christie Group Annual Report 2012
Divisional review
Stock & Inventory Systems & Services
Venners With almost120 years of history in the hospitality industry, we have a
powerful brand and are seen by our clients, not as an external supplier, but as an
integral partner . We aim to develop the business as a one-stop shop for improving
hospitality businesses’ profits and controls. 
Venners is the UK’s largest and longest established stock
audit company in the hospitality sector, and our brand has
gained widespread recognition in the industry. We are
frequently recommended by leading industry figures and
widely appreciated for the excellence of our service.
This level of brand acceptance confers significant advantages.
A new Venners product or service can quickly gain industry
acceptance. We saw this in 2012, when we successfully
trialled a health and safety alert service.
Venners is seen not just as a supplier, but as integral to
our sector . We reinforce this perception by sponsoring and
attending industry and trade body events.
We had another strong year in 2012, and we achieved an
18 percent increase in annual turnover . Also, stock audit
numbers rose by 25 percent. 
We planned over 29,000 man-day assignments and controlled
almost £1 billion in food and liquor-related sales at events
attended by over five million people. For the first time in 2012,
food overtook alcohol as the biggest product category by sales.
Highlights included assignments to provide stocktaking and
stock control support at the main Olympic Park for the
duration of the Olympics and Paralympics, as well as at other
venues including Eton Dorney and Greenwich Park.
We listen closely to customer feedback and are evolving our
service in line with their changing priorities. We recognise
that many of our clients are time-poor . They want cogent
reporting that highlights key issues and concerns.
Our Next Generation IT project is developing advanced
reporting to give clients much greater control over critical
information. In 2014, we will be replacing our existing systems
with a highly intuitive and innovative new platform. We made
significant development progress on this during the year, and
core reporting modules are scheduled for introduction in 2013. 
Our clients want more than just stock checks. We have
broadened our offer to encompass multiple services. Once
on site, our specialist staff can check quality, safety and
compliance issues as well as count stock, thereby providing
a cost-effective option for some clients. 
We are progressively extending our list of clients subscribing
to multiple services. During 2012, for the first time, we had
clients requesting all three of our major audit products: stock,
compliance and health and safety reports.
Our clients also want consistency. Many return to Venners
because they know they will get the same high-quality service
wherever they are in the UK and Ireland, no matter how large
the assignment and even where the request is made at very
short notice.
An important factor in that consistency is our policy of only
using qualified auditors. We never outsource our services.
All our auditors are Venners employees. We only allow fully
qualified auditors to conduct assignments without direct
supervision.
We are the only UK stocktaking organisation with BII-
accredited internal training. Each of our 151 auditors has 
sat exacting examinations. In 2012, we introduced an online
training service in conjunction with CPL Training (see case
study right). We now offer a wide array of additional training
courses for our staff, complete with tracking tools to monitor
progress and certify passes.
In 2013 and beyond, we will continue to support our brand and
grow our market organically. We will target live events with
the aim of growing our list of clients who take multiple
services from us. Christie Group Annual Report 2012 17
Anytime,
anywhere stock
management
training
Venners has always supported 
its clients’ training needs and
introduced an affordable, flexible
24/7 option that is interactive,
instructive and engaging, while
also saving its clients money . 
In conjunction with CPL 
e-learning, Venners developed
an online training course aimed
at improving the stock control,
margins and profits of all
hospitality retail outlets. 
It covers the key aspects of liquor
and food stock management and
is suitable for anyone involved 
in managing a hospitality retail
outlet or those looking for a
position in this area. 
www.elearning.venners.co.uk
“We planned over 29,000 man-day assignments
and controlled almost £1 billion in food and
liquor-related sales at events attended by over
five million people.”
Trevor Heyburn Managing Director, Venners
Left to right: Malcolm Muir, Director of Consultancy; David Fitzgerald, Business Development Director;
Kevin Green, Regional Manager: London and the South East; Scott Hulme, Operations Director: North;
Chris Gibson, Finance Director . 18 Christie Group Annual Report 2012
Divisional review
Stock & Inventory Systems & Services
Vennersys In the UK, we are developing new business opportunities and defending
our strong positioning in the visitor attractions sector . We are strengthening our
online offering and extending out-of-hours support. In Canada, we supply the
market-leading cinema ticketing system. We support existing sites and continue
to install the product at new cinema complexes. 
Vennersys has been supplying purpose-built EPoS ticketing
and admissions systems for more than two decades.
We supply visitor attractions with specialist transaction,
online ticketing and e-commerce systems. Our support
services generate stable repeat revenue from our
substantial user base. 
In the UK, we are seen as a leading competitor in the
attractions sector . Many of our clients are household names;
they include historic houses, museums and heritage sites,
theme parks, family entertainment centres, farm attractions,
zoos and aquariums. We maintain a high profile at leisure
industry and trade events. 
Vennersys services are increasingly important revenue
generation mechanisms for visitor attractions. Many
attractions geared up their software operations during the
year to capitalise on the projected secondary tourist spend
during the Olympics and Paralympics. 
We have recently introduced software to manage online
sales, membership sales and annual pass accreditation.
Our tracked ticket functionality is enhancing flexibility,
allowing visitors to buy tickets at any PoS (fixed or mobile)
and enter the site from any entry point. 
VENPoS Online continued its strong performance. An already
extensive feature set was strengthened further . Enhancements
included a new GiftAid facility, more advance pricing options
and better support for group booking and membership sales.
We also launched a demonstration site so that potential
customers can find out for themselves about this intuitive
and powerful product.
The VENPoS Online demonstration site is just one of many
innovations we are publicising through social media. We have
built an active presence and are growing our professional
networks by hosting and generating discussions in visitor
attraction groups. We use targeted e-shots, our own company
page and individual Linkedin profiles to keep others in touch
with the latest developments.
We continually develop VENPoS to meet the changing
requirements in our markets. Recent customer-side
innovations include kiosk systems and an improved online
booking experience. We are also delivering increased
functionality for attraction managers with more powerful
CRM features and additional layers of reporting.
During the year, we completed the roll-outs at additional UK
sites for Aspro Group, one of Europe’s largest water theme
park operators. VENPoS went live at Blue Reef aquariums in
Portsmouth, Hastings, Tynemouth and Newquay and its
Smugglers Adventure site in Hastings.
In Canada, we are the market leader for cinema admission
systems. Vista’s ticketing and reporting system supports
management information at leading chain, Landmark
Theatres, which installed Vista at an additional 11 sites
during 2012. We also installed Vista at a number of Empire
cinemas during the year .
In May 2012, we launched Veezi in Canada. This cloud-based
cinema ticketing system is aimed at independent cinemas.
It provides much of the functionality available in Vista,
is hosted online and is available through subscription. 
We continue to grow our online capability and are extending
mobile functionality. In 2013, we will build on our strong
user base and sector experience to strengthen our
market position. Christie Group Annual Report 2012 19
Burghley 
House goes
remote 
Burghley, one of the grandest
houses of the first Elizabethan
Age, attracts over 100,000
visitors a year . 
The London Olympics impacted
on visitor numbers so Burghley
ran special events, including
film nights. For the first time,
VENPoS Bookings and Online
was used to manage them. 
Vennersys also created a
‘disconnected redeemer’ facility,
which meant staff could validate
tickets in areas that didn’t have 
a Wi-Fi connection, thereby
improving the management of
outdoor events in isolated areas.
“During the year, we completed the roll-outs
at additional UK sites for Aspro Group, one of
Europe’s largest water theme park operators.”
Paul Harding Managing Director, Vennersys and a Christie Group Director
Left to right: Andrew Mellor, Operations and Development Manager; Phil Kendall, Finance Director;
Simon Kniverton, Director of Development Strategy. 20 Christie Group Annual Report 2012
Divisional review
Professional Business Services
Christie + Co Christie + Co is a leading specialist property adviser with offices
across Europe and the UK. We are market leaders in the leisure (hotels, pubs
and restaurants), convenience retail, medical, care and education sectors,
and offer a full range of agency and advisory services to our clients. Market
intelligence is integrated with our unique technology platform to enable us 
to maximise cross selling.  
Christie + Co performed well in 2012, closing 9.3 percent
more sales than in the previous year . Distressed sales fell
markedly. There were more consensual sales and potential
new owners made a tentative return to the market. 
In these tough conditions, high-quality advice is at a premium.
The demand for specialist market advice grew significantly in
2012 – with our advisory team enjoying significant profit growth. 
In the leisure sector, we impressed with our ability to complete
transactions in challenging circumstances. We won the
Leisure and Hotels category in the EGi Deals Awards for the
third successive year and were named top agency in ten of the
12 UK regions. We sold various major hotels including most
of the remaining 26 properties and an island fort on behalf of
the Von Essen Hotels administrator .
In the pub sector, we sold over 80 premises from the
former Robert Tchenguiz estate for the administrators and
undertook major instructions for Punch, Spirit, Young’s and
JD Wetherspoon. In restaurants we managed the disposal of
a series of Little Chef sites, and negotiated the sale of six of
these to a well-known, international high street coffee chain.
In childcare, we were involved in most of the major deals in
this sector with market leader, Busy Bees, acquiring multiple
day nurseries. 
Our healthcare team closed 20 percent more sales despite
a distinct lack of corporate transactions, and advised Terra
Firma on debt refinancing for Four Seasons Health Care.
The acquisition of Orridge Business Sales has extended
our specialist pharmacy coverage. We combined the new
business with our existing pharmacy interests to create a
new Medical division. As a result, Christie + Co is now the
market leader in the ‘white coat’ sector .
Our international business was profitable and continued 
to grow. We opened two new overseas offices; Dublin and
Warsaw (serving both Poland and the Ukraine). Demand 
for hotel valuations and specialist market advice grew,
mirroring that in the UK.
In France, we valued the portfolio of 19 Timhotel assets and
acted for the Alliance Group in the sale of five major city
hotels. A number of important trophy assets changed hands –
including the Lancaster and Burgundy hotels in Paris.
In Germany, Christie + Co had a dominant share of the
transactional market – including the sale of the Holiday Inn
and Hotel Indigo at Alexanderplatz, Berlin – despite a
sluggish market. In contrast, the Austrian hotel investment
market was strong. Our sales included that of the 3-Star
Hotel Berger .
Christie + Co continued to act as a primary gateway for
Christie Insurance’s business. Following the sale of De Vere
Group’s famed University Arms Hotel in Cambridge, Christie
Insurance was introduced to the buyers and was appointed
ahead of the new owners’ established broker .
There is cause for optimism - recent indicators suggest 
that stability is returning to commercial property markets.
Christie + Co has proven its worth as a trusted partner 
for owners, operators, investors and financiers wanting to
bring businesses to the market, whether in a consensual 
or distressed state. As transaction volumes increase, our
higher market share will convert into increased activity and,
in turn, investors and financiers alike will be seeking the
expertise that only a specialist adviser can provide. Christie Group Annual Report 2012 21
Marston’s
revaluation 
Christie + Co carried out the
five-yearly valuation of the
whole of the Marston’s portfolio
of 2,139 public houses and clubs
together with 223 unlicensed
properties owned by Marston’s
PLC as at 1st July 2012. 
The valuation was required for
financial accounting purposes.
In the case of the public houses,
they are operated by Marston’ s
either directly as managed
houses, or as tenanted or
franchised properties.
The overall valuation was
around £1.9 billion.
Management Team Photo
Guide only
“The demand for specialist market advice 
grew significantly in 2012 – with our advisory 
team enjoying significant profit growth.”
Chris Day Managing Director, Christie + Co and a Christie Group Director
“We won the Leisure and Hotels category in the
EGi Deals Awards for the third successive year and
were named top agency in ten of the 12 UK regions.”
Simon Hughes Managing Director, Christie + Co UK
Left to right: Jeremy Hill, Director and Head of Hotels; Simon Hawkins, Finance Director; Darren Bond,
Director and Head of Valuation Services; Andreas Scriven, Director and Head of Consultancy;
Richard Lunn, Director and Head of Care (below right). 22 Christie Group Annual Report 2012
Divisional review
Professional Business Services
Christie Finance Using its detailed understanding of its specialist sectors, Christie Finance achieves
market-leading finance deals which are tailor-made to clients’ specific requirements. We work
closely with other Christie Group companies to identify finance opportunities, assess clients’ needs
and, where we can, add value. We charge client fees for a premium service and minimise our reliance
on bank commissions. 
Christie Insurance Christie Insurance is the Group’s in-house, sector-specific insurance broking
and advisory service, focusing on the care, hospitality, leisure and retail sectors. Working closely with
Christie + Co and Christie Finance provides us with unrivalled lead sources and a close connection to
our clients’ insurance needs. We add value through our specialist industry knowledge, strong
relationships with underwriters and a dedicated, problem-solving approach.
Christie Finance: There were indications in 2012 that the
funding environment was beginning to normalise. At least 
90 percent of commercial mortgage offers were completed
during the year, compared with less than 70 percent the
previous year . This provided a clear sign that the facilities
being offered by our lending sources were pitched much more
pragmatically. Borrower and lender business valuations have
also become more closely aligned, which has helped
considerably in driving deals to a successful completion.
Funding restrictions have blighted the commercial property
sector for several years whilst banks have focused on de-
leveraging their asset portfolios. During this period, offers 
of finance have often been on low loan-to-value ratios and
have compelled borrowers to accept fixed interest rate 
deals. Whilst there are now signs that banks are becoming
more pragmatic in their approach, downward pressure on
broker commissions continues.
Consequently, many brokers have found it hard to trade
profitably in this environment. It has certainly made the Christie
Finance role as an intermediary more complex but, fortunately,
bank commissions are not our only source of revenue.
Client fees now account for the majority of our earnings.
We continue to earn fees directly from clients by virtue of
our market-leading sector knowledge and expertise in
arranging intelligent financial solutions. 
The market has contracted, but we have grown market share
as banks reined in approved broker panels and our competitors
withdrew in the face of eroding bank commissions.
Positively, in 2012, we acted for an increasing number of
quasi-corporate clients and also placed loan applications
with a broader range of funding sources.  
We continue to work in step with other companies in Christie
Group. With technology integrated into our operations, we are
getting earlier sight of Christie + Co instructions and are able
to support both our own clients and our Group colleagues
more effectively.
Tight control over costs has allowed the business to operate
profitably in challenging market conditions. However, a
significant improvement in our performance will depend 
on the continued improvement in the availability of funding in
the market and, of course, a consequent recovery in
transaction volumes. 
Christie Insurance: Against the background of insurers coping
with claims inflation, which is running at up to eight percent
for third-party motor injury claims, and the ongoing problems
with both claims farming and weather-related losses, we
managed to renew most of our clients’ insurances at similar
terms to the previous year . Market dynamics changed as the
year wore on. We found that some of our clients, particularly
in the care sector, were incurring higher renewal terms as a
number of insurers had chosen to walk away from business
they deemed unprofitable. 
Christie Insurance has a strong position in care. The sector 
is currently going through a period of rapid structural change,
with new players emerging and some high-profile casualties.
We remain confident that we can both retain existing clients
and attract new ones with the right price and insurance
coverage. During the year we retained the vast majority of
our clients continuing in business. We also gained others,
including Adiemus Care Ltd – a group with 44 care homes
across Essex, Hampshire and Cambridgeshire.
Our continued high client retention rate reflects the quality
of our service but, in a very price-competitive environment, 
it is also vital to keep costs low. In 2013, we will relocate 
our support services to a new base in South Wales, taking
advantage of the lower costs and skilled workforce 
available there. Christie Group Annual Report 2012 23
Barrington
Lodge 
Care Home 
Christie Finance arranged
funding for the purchase of
Barrington Lodge Care Home.
The purchaser initially required
a loan of £600,000 but, after
analysing the client’s overall
position, Christie Finance
recommended a complete
financial restructuring of 
his business. A new facility of
£2.65m was arranged via
Barclays Bank, supported by
The Government’s Funding for
Lending Scheme.
This transaction included
various Group companies with
Christie + Co selling the home,
Christie Finance arranging the
finance, Pinders providing
valuation expertise and Christie
Insurance arranging life and
general insurance cover .
“In 2012, we acted for an increasing number of quasi-
corporate clients and also placed loan applications
with a broader range of funding sources.”
David Grant Director and Head of Business Mortgages, Christie Finance
“We can both retain existing clients and
attract new ones with the right price and
insurance coverage.”
Walter Murray Managing Director, Christie Insurance
Left to right: Simon Hawkins, Finance Director; Walter Murray, Managing Director, Christie Insurance;
David Grant, Director and Head of Business Mortgages, Christie Finance. 24 Christie Group Annual Report 2012
In a relatively quiet year, we made solid progress on a number
of fronts. There was a 6 percent increase in the volume of
appraisal and valuation reports, and income increased by
7 percent versus 2011.
Both the leisure and hospitality and the retail and catering
divisions grew revenue by over 15 percent. Income from
consultancy services alone passed the £1 million mark while
the value of assets valued exceeded £1 billion for the first time.
In a generally good year for the education sector, valuation
work for Gordonstoun School, which counts several
members of the royal family as alumni, stood out.
Pinders maintains a high profile and has strong links in the
healthcare sector . Once again, we hosted the Healthcare
Design Awards. Backed by leading industry sponsors,
the awards have become a calendar highlight. Over 500
people gathered at Lord’s Cricket Ground in March for
the 2012 event. 
Although the broking community remains an important
source of business, the number of referrals from brokers
continues to decline. Christie Finance bucked the trend, 
but overall there were far fewer referrals from the broking
community. This is not unexpected, given the difficult 
market conditions brokers face.
Bank lenders, by contrast, increasingly favour national
networks and we have benefited from their preference for
consistent, reliable service. We earned 20 percent more fee
income from lenders in 2012. Some banks, like Santander,
were less active, but others increased their involvement. 
For example, fee income from Lloyds TSB was up 
35 percent on 2011.
We are well represented on banking panels. We gained 
a new appointment to the panel of Cambridge & Counties
Bank in 2012. Also during the year, HSBC extended our
existing panel agreement to include pharmacies. 
We always work closely with other members of the Group.
Christie Finance is our biggest single broker client. During
2012, a Christie + Co referral led to the biggest single
instruction for our Building Services division, which involved
supporting the disposal by the De Vere Group of non-core
hotel assets.
With an increasing proportion of referrals coming from
lenders, there is limited scope for premium pricing. Instead,
we are focusing on volumes and operational efficiency to
strengthen our profitability. 
We have introduced additional automation to speed up the
turnaround of report production, and we are refining our
valuation model to reduce costs while maintaining quality.
In addition, a new, integrated, fixed and mobile telephone
system will further reduce ongoing costs and improve
responsiveness.
During the summer we identified productivity improvements
that would allow the business to operate as effectively with
fewer personnel. This difficult decision was taken to protect
the long-term health of the company. Although one-off
redundancy costs reduced profitability in 2012, we will benefit
from the resulting cost savings in future years.
Divisional review
Professional Business Services
Pinders  Pinders’ RICS-qualified valuers provide reporting for businesses in 
five broad sectors – healthcare and education; licensed trade; retail and catering;
leisure and hospitality; services and manufacturing. Our reporting services 
fall into six main categories – appraisal and valuation, consultancy, dispute
resolution, building surveying, project management and business recovery. Christie Group Annual Report 2012 25
Management Team Photo
Guide only
De Vere hotels 
In late 2012, Pinders undertook
building surveys on the
instructions of De Vere in
respect of 23 properties in its
portfolio. The hotels were
located throughout England,
including central London.
Many of the properties were
period or listed and included
multiple buildings on the same
site, providing conference and
leisure facilities, including
golf courses, alongside the
substantial bedroom
accommodation. The building
surveys, together with
mechanical and electrical
surveys, were required within
a very tight timescale.
“Income from consultancy services alone passed
the £1 million mark while the value of assets
valued exceeded £1 billion for the first time.”
Justin Cain Managing Director, Pinders
Left to right: Chris Gibson, Finance Director; Simon Coats, Director of Building Services. 26 Christie Group Annual Report 2012
Financial review
Profitable growth by our continuing operations
We achieved a significant increase in revenue in 2012 as total revenue before
exceptional items increased from £53.2 in 2011 to £56.1m in 2012. Operating profit
before exceptional items increased to £1.4m (2011: £0.7m), in effect translating to
£0.6m of operating profit generated from £2.9m of incremental revenues.
Exceptional items
We have classified revenue and operating costs incurred by our now-closed
Dubai operation as exceptional. Total losses for the year of £0.8m (2011: £0.4m)
will not be repeated in 2013 after the business ceased trading on 31 January
2013. By virtue of this non-recurrence, the Board felt it appropriate to separately
classify Dubai as exceptional in accordance with IAS 1.
Cash management
Finance costs of £0.1m (2011: £0.1m) reflect the manageable cost of financing
our working capital requirements.
Net debt increased by £0.1m during the year to £2.1m (2011: £2.0m). A full
analysis is set out in note 29. Cash generated from operations of £1.4m was offset
by capital expenditure of £1.2m (2011: £0.4m). Much of this capital expenditure
was non-recurring, having been incurred in the move to a new head office.
Trade receivables
Within the Consolidated Statement of Comprehensive Income we have, as we
did for the first time last year, reported as a separate item the effect on
operating profit of the provision for the impairment of trade receivables. As a
result of successfully collecting many of those items which had been considered
a credit risk at 31 December 2011 and had been impaired accordingly, we are
able to report a credit to the income statement of £19,000 (2011: £92,000).
The Board views credit risk extremely seriously and where objective evidence
exists which might reasonably be considered to indicate that a receivable may
not be realised in full, a provision for impairment may be recognised. The
evidence that the Board considers relevant in making such assessments
includes the non-payment by customers within a period significantly greater
than their contractual payment terms, the financial distress of customers and
unresolved disputes relating to amounts owed by customers. Notwithstanding
this approach, all of our businesses adopt a robust stance to debt collection
where they believe they are owed money for services provided and their success
in pursuing such amounts is demonstrated by the credits to the income
statement reported in 2012 and 2011.
“Cash generated from operations
of £1.4m was offset by capital
expenditure of £1.2m.” The tax charge shown is
entirely a non-cash item. 28 Christie Group Annual Report 2012
Financial review continued
“Pensions in payment will continue to
be funded from contributions rather
than the scheme’ s assets until 2027.”
Full details of the provision for impairment of trade receivables
are set out in note 21 of the accounts.
Taxation
The tax charge for the year of £0.4m (2011: £0.4) appears
significantly higher than the standard rate of 24.5% would
otherwise give rise to. The continuing effect of the reduction
in the UK corporation tax rate requires us to revalue
opening deferred tax assets at 23% rather than 25% and
this in itself accounts for £0.2m (2011: £0.2m) of the charge.
A further £0.1m (2011: £0.2m) arises from the effects of
disallowable expenditure.
Retirement benefit obligations
Impending changes to the accounting standards governing
defined benefit pension arrangements will impact the
Consolidated Statement of Financial Position from next year
onwards. The valuation of liabilities of the Group’s two final
salary pension schemes have, like the majority of UK defined
benefit pension schemes, been significantly and adversely
impacted by macro economic conditions, notably the
extremely low interest rates and corporate bond rates and
more specifically the effect that low rates have had on the
discount rates used in the actuarial calculation of scheme
liabilities. The table below highlights how this deficit position
has deteriorated in 2012 due primarily to a 1.05% reduction
in the discount rate assumption which themselves are set
by reference to gilt yields:
2012 2011 2010 2009
£’000 £’000 £’000 £’000
Deficit 10,000 4,292 2,464 4,277
Discount rate 4.75% 5.80% 5.80% 5.80%
As shown above, the total deficit on the two defined benefit
pension schemes at 31 December 2012 had increased by
£5.7m to £10m (2011: £4.3m). Of this total, the Group is
currently required to recognise only £1.6m (2011: £2.4m) in
the Consolidated Statement of Financial Position.
IAS 19, ‘Employee Benefits’ currently permits the
amortisation of unrecognised losses of £8.4m (2011: £1.9m)
over a longer period to reflect the long-term nature of the
pension scheme liability and the susceptibility of pension
scheme valuations to short-term variations in macro-
economic conditions. However, the use of the corridor
method of accounting which facilitates this is no longer
permitted from 1 January 2013. Were these changes to
have been effective in 2012, an additional £8.4m of liabilities
would have been recognised at 31 December 2012.
While this change of methodology is unwelcome, the Board
recognises that this is a long-term liability that can be funded
accordingly. Our estimations - based on current actuarial
projections of scheme cash flows - indicate that pensions in
payment will continue to be funded from contributions rather
than from the schemes’ assets until 2027. The Board also
recognises that the current deficit position of the schemes
would be significantly improved or even eliminated by an
improvement in discount rates.
These additional liabilities are expected to primarily impact
the equity of subsidiary entities, and are not anticipated to
negate the ability of Christie Group plc to return dividends to
shareholders where the Board considers that it is appropriate
to do so based upon underlying trading performance.
Key performance indicators
In accordance with the enhanced Directors’ report we have
included our main KPIs for the Group and the individual
operating divisions in the table below. As a group, we have a
number of key areas that these indicators measure:
• Revenue growth – an important part of our strategy
is growing our businesses and this is best measured by
revenue growth
• Productivity – being in the service sector, employee costs
are our largest single cost. It is important to remain
competitive and continue to improve our productivity .
This KPI looks at the total cost of employees (including Christie Group Annual Report 2012 29
benefits, the cost of company cars, company pension
contributions and local employer taxes) required to
produce £1,000 of revenue. For this KPI a reducing figure
reflects an improvement.
• Operating profit % - this is measured as operating profit
(before exceptional items) as a percentage of revenue
Improved productivity, represented by a fall in staff costs
per £1,000 of revenue to £687 (2011: £704) highlight the
driver behind the improvement in operating profit before
exceptional items.
Our Professional Business Services division delivered an
operating profit before exceptional items, which represents
significant progress from the small loss recorded a year earlier .
This return to profit was driven by an 11% growth in revenues.
Cost control and resilience of profit margins enabled our
Stock & Inventory Systems & Services division to generate
improved profitability despite a very small contraction in
revenue attributable to the difficulties experienced on the
high street within the retail sector .
Dan Prickett
Chief Financial Officer
5 April 2013
KPIs
Stock & 
Professional Inventory
Business Systems &
Group Services Services
Revenue growth
2012 on 2011 5.4% 11.2% (0.8%)
2011 on 2010 9.0% 3.3% 15.7%
2010 on 2009 3.9% 13.9% (5.9%)
Productivity – staff costs
(before exceptionals) 
per £1,000 of revenue
201 2 687 618 701
2011 704644701
2010 695615712
Operating profit/(loss)
before exceptional 
items as % of revenue
2012 2.4% 1.9% 3.0%
2011 1.4% (0.2%) 2.5%
2010 2.1%5.7%1.3%
All figures apply to continuing operations only 30 Christie Group Annual Report 2012
Board of directors
Philip Gwyn
Chairman
Philip is a barrister and
merchant banker by training.
He is responsible for Group
strategy and planning. Philip 
is a Non-executive Director of
Alumasc plc and a Director of
a number of private companies,
including Chairman of Hybrid
Air Vehicles.
David Rugg
Chief Executive
David is responsible for the
day-to-day operation and
development of the Group, 
in which capacity he has 
been responsible for the
identification and integration
of its principal subsidiary
business acquisitions. David
either chairs or sits on the
boards of Christie Group
trading companies.
Dan Prickett
Chief Financial Officer
Dan joined Christie Group in
December 2007, prior to
becoming Chief Financial
Officer in 2010. He has
responsibility for all financial
and company accounting
matters, as well as financial
public relations. Dan, a
Chartered Accountant, has
previously worked for Grant
Thornton, MacIntyre Hudson
and Inchcape Retail.
Chris Day
Executive Director
Chris joined Christie + Co in
1985 and, having worked in the
Manchester, Birmingham and
London offices, was appointed
Managing Director in 1993. 
He has overall responsibility
for all Christie + Co’s specialist
transactional and advisory
activities. Chris has overseen
the successful expansion of
Christie + Co into an
international firm, which
currently has offices
throughout Europe.
Paul Harding
Executive Director
Paul has worked for Orridge for
over 25 years. When Christie
Group acquired Orridge in
December 2002 Paul was Sales
Director . He was appointed as
Managing Director in 2004 and,
since then, has been responsible
for developing the company
into a profitable pan-European
retail stocktaking business.
Paul has also been Managing
Director of Vennersys
since 2008.
Tony Chambers
Senior Non-executive Director
Tony was previously Head 
of Banking and Director 
of Robert Fleming, a Director
of Save and Prosper Group and
Chairman of Gartmore High
Income. Tony chairs the
Remuneration Committee and
is also a member of both the
Audit and Nomination
Committees.
Pommy Sarwal
Non-executive Director
Pommy, a former corporate
finance partner at Deloitte, 
is currently Deputy Chairman
of Hybrid Air Vehicles and
Chairman of Master
Ropemakers. He is also a
Non-executive Director of
Chatham Historic Dockyard
and Hyde Housing Association,
and, until recently, was a
member of the board of both
the Port of London Authority
and British Waterways. Pommy
chairs the Audit Committee and
is a member of the Nomination
and Remuneration Committees.
He is also Chairman of Venners
Company information
Secretary
Dan Prickett ACA
Registered office
65 Carter Lane
London EC4V 5HF
Registered number
1471939 
VAT number
358 526526
Nominated adviser 
and broker
Charles Stanley Securities
Principal solicitors
Royds
SNR Denton
Auditors
Nexia Smith & Williamson
Audit
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham 
Kent BR3 4TU Christie Group Annual Report 2012 31
The Directors present their report and the audited financial
statements for the year ended 31 December 2012.
Principal activities and business review
Christie Group plc is the parent undertaking of a group of
companies covering a range of related activities. These fall into
two divisions – Professional Business Services and Stock &
Inventory Systems & Services. Professional Business Services
principally covers business valuation, consultancy and agency,
mortgage and insurance services, and business appraisal.
Stock & Inventory Systems & Services covers stock audit and
counting, compliance and food safety audits, inventory
preparation and valuation, hospitality and cinema software.
A description of the Group’s activities and a detailed business
review of the year and future developments are given in the
Chairman’s Statement and the Review of Operations. In
addition the Group’s main Key Performance Indicators are
explained in the Financial Review on page 29 and the risks and
uncertainties in the Corporate Governance report on page 35.
Results and dividends
The results for the year are set out in the consolidated
statement of comprehensive income on page 40. The
Directors recommend the payment of a final dividend of
0.5p (2011: 0.5p) per share which together with the interim
dividend of 0.5p (2011: nil) per share, makes a total of 1.0p
(2011: 0.5p) per share totalling £251,000 (2011: £124,000) for
the year . The profit for the year before tax and before other
comprehensive income was £460,000 (2011: £237,000) and
the profit attributable to equity holders of the Company for
the financial year, after taxation and including other
comprehensive income, was £110,000 (2011: £114,000 loss).
Directors
The Directors of the Company in office at the date of this
report, together with their biographical details, are shown
on page 30. All these Directors served throughout the year .
Philip Gwyn and Chris Day retire in accordance with the
Company’s Articles of Association. Philip Gwyn and
Chris Day being eligible, offer themselves for re-election at
the forthcoming Annual General Meeting. Directors’ interests
are shown in the Remuneration Report. During the year
under review and as at the date of the Directors’ report,
appropriate directors’ and officers’ insurance was in place.
Employees
The Directors recognise the benefits which accrue from
keeping employees informed on the progress of the business
and involving them in the Group’s performance. Each
individual operating company adopts employee consultation
as appropriate. The Company is committed to providing
equality of opportunity to all employees regardless of
nationality, ethnic origin, age, sex or sexual orientation and
continues to be supportive of the employment and
advancement of disabled persons.
Donations
The Group contributed £7,000 (2011: £9,000) to charities during
the year . It made no political contributions. The Group also
operates a Give As You Earn (GAYE) scheme for employees.
Policy on payments to suppliers
It is a policy of the Group in respect of all its suppliers, where
reasonably practicable, to settle the terms of payment with
those suppliers when agreeing the terms of each transaction,
to ensure that those suppliers are made aware of the terms of
payment, and to abide by the terms of payment. The Group’s
average trade payable days during the year was 31 (2011: 42).
Acquisition of own shares
During the year the Company funded the purchase of 131,000
(2011: 150,000) of its own ordinary shares, through an Employee
Share Ownership Trust, for a consideration of £86,000 (2011:
£82,000), to enable it to meet awards under its SAYE and other
share schemes. During the year the Company also sold 461,000
(2011: 250,000) of its own ordinary shares, through an Employee
Share Ownership Trust, for a consideration of £1,021,000 (2011:
£120,000). The total holding of the Employee Share Ownership
Trust as at 31 December 2012 was 153,000 shares (2011:
483,000 shares), which represents 0.60% (2011: 1.91%) of the
current issued share capital.
Health, safety and the environment
The Directors consider the health, safety and environmental
protection aspects of the business to be of great importance,
as the prevention of personal injury, the avoidance of damage
to health and the protection of the environment are important
business and social responsibilities. Management practices
within the Group are designed to ensure so far as is
reasonably practicable, the health, safety and welfare at work
of employees, contractors and visitors and the implementation
of environmentally aware and friendly policies.
Going concern
After making enquiries, the Directors consider that the Group
has 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, which appear on pages 40 to 80.
Directors’ report Events after the reporting period
• On 31 January 2013, Christie + Co FZ LLC, a 95% owned
subsidiary of Christie Group plc, ceased trading following
the Board’s decision to voluntarily liquidate the operation.
• On 1 February 2013, RCC Insurance Brokers plc, a wholly
owned subsidiary of Christie Group plc, entered into a
5 year outsourcing agreement for the management and
administration of its insurance intermediary services. RCC
Insurance Brokers plc retains ownership of the Christie
Insurance brand and under the agreement all customers
shall remain customers of RCC Insurance Brokers plc
acknowledging that regulatory requirements may require
the name of the counterparty to the agreement to be
disclosed as principal.
It is not possible at this time to quantify the precise financial
effect of this agreement, as it dependent on the number of
insurance policies retained or incepted during the life of the
outsource agreement upon which commissions are payable
to RCC Insurance Brokers plc. However, it is projected that
the benefit of the royalty received will exceed the operating
costs of RCC Insurance Brokers plc and thus improve its
financial performance going forward.
Auditors
In accordance with Section 489 of the Companies Act 2006,
a resolution proposing that Nexia Smith & Williamson be
re-appointed as auditors of the Company will be put to the
Annual General Meeting.
Disclosure of Information to Auditors
Directors of the Group have confirmed that in fulfilling their
duties as a director:
• so far as they are each aware, there was no relevant audit
information of which the auditors were unaware; and
• they have taken all reasonable steps that a director ought
to have taken to make himself or herself aware of any
relevant audit information and to establish that the Group’s
auditors were aware of that information.
This information is given and should be interpreted in
accordance with the provision of s.418 of the Companies
Act 2006.
This report was approved by the board on 5 April 2013.
D R Prickett
Company Secretary
65 Carter Lane
London EC4V 5HF
Registered No. 1471939
Directors’ report continued
32 Christie Group Annual Report 2012 Christie Group Annual Report 2012 33
The Directors are committed to delivering high standards of
corporate governance to the Company’s shareholders and
other stakeholders including employees, suppliers and the
wider community. The Board of Directors operates within the
framework described below.
The Board
The Board sets the Company’s strategic aims and ensures that
necessary resources are in place in order for the Company to
meet its objectives. All members of the Board take collective
responsibility for the performance of the Company and all
decisions are taken in the interests of the Company.
Whilst the Board has delegated the normal operational
management of the Company to the Executive Directors and
other senior management there are detailed specific matters
subject to decision by the Board of Directors. These include
acquisitions and disposals, joint ventures and investments
and projects of a capital nature. The Non-executive Directors
have a particular responsibility to challenge constructively the
strategy proposed by the Chairman and Executive Directors;
to scrutinise and challenge performance; to ensure
appropriate remuneration and to ensure that succession
planning arrangements are in place in relation to Executive
Directors and other senior members of the management
team. The Chairman holds informal meetings with individual
Non-executive Directors without the executives present. The
senior Non-executive Director also discusses matters with
other Non-executive Directors without the Chairman being
present. The senior executives enjoy open access to the Non-
executive Directors with or without the Chairman being
present. In short the Directors talk to each other .
The Board is responsible for ensuring that a sound system of
internal control exists to safeguard shareholders’ interests
and the Group’s assets. It is responsible for the regular review
of the effectiveness of the systems of internal control. Internal
controls are designed to manage rather than eliminate risk
and therefore even the most effective system cannot provide
assurance that each and every risk, present and future, has
been addressed. The key features of the system that operated
during the year are described below.
Organisational structure and control environment
The Board of Directors meets at least five times a year to
review the performance of the Group. It seeks to foster a
strong ethical climate across the Group. There are clearly
defined lines of responsibility and delegation of authority from
the Board to the operating subsidiaries. The Directors of each
trading subsidiary meet on a monthly basis with normally at
least two members of the Group Board in attendance.
Internal control
The key procedures which the Directors have established with
a view to providing effective internal control are as follows:
• Regular Board meetings to consider the schedule of
matters reserved for Directors’ consideration;
• A risk management process (see below);
• An established organisational structure with clearly defined
lines of responsibility and delegation of authority;
• Appointment of staff of the necessary calibre to fulfil their
allotted responsibilities;
• Comprehensive budgets, forecasts and business plans
approved by the Board, reviewed on a regular basis, with
performance monitored against them and explanations
obtained for material variances (see page 34);
• An Audit Committee of the Board, comprising Non-
executive Directors, which considers significant financial
control matters as appropriate; and
• Documented whistle-blowing policies and procedures.
During the year the Board agreed to implement a formal
Internal Audit function and in doing so appointed an Internal
Auditor . The Internal Auditor is mandated to perform their
duties under direct authority from the Group Chief Executive
to examine all areas of compliance across the Group as may
be considered appropriate or necessary including regulatory,
financial and operational requirements. They are required to
report to the Audit Committee at each meeting of the
Committee, setting out the findings of any investigations
undertaken and to agree their work programme for the
subsequent period up to the next scheduled meeting of the
Audit Committee.
Risk management
The Board has the primary responsibility for identifying the
major risks facing the Group. The Board has adopted a
schedule of matters which are required to be brought to it for
decision, thus ensuring that it maintains full and effective
control over appropriate strategic, financial, organisational
and compliance issues. The Board has identified a number
of key areas which are subject to regular reporting to the
Board. The policies include defined procedures for seeking
and obtaining approval for major transactions and
organisational changes.
Risk reviews carried out by each subsidiary are updated
annually as part of an ongoing risk assessment process.
The focus of the reviews is to identify the circumstances,
both internally and externally, where risks might affect the
Group’s ability to achieve its business objectives. An overall
risk assessment for the Group is prepared. The management
of each subsidiary periodically reports to the Board any new
risks. In addition to risk assessment, the Board believes
that the management structure within the Group facilitates
free and rapid communication across the subsidiaries and
between the Group Board and those subsidiaries and
consequently allows a consistent approach to managing risks.
Certain key functions are centralised, enabling the Group to
address risks to the business present in those functions
quickly and efficiently.
Corporate governance Financial planning, budgeting and monitoring
The Group operates a planning and budgeting system with an
annual Budget approved by the Board. There is a financial
reporting system which compares results with the budget and
the previous year on a monthly basis to identify any variances
from approved plans. Rolling cash flow forecasts form part of
the reporting system. The Group remains alert to react to
other business opportunities as they arise.
Non-executive Directors
The Non-executive Directors do not have service agreements
and have no automatic right of re-appointment. They are
regarded by the Board as bringing experience to the Board
from their fields of business and finance, and ensure that all
matters of strategy, performance, progress and standards
are debated thoroughly. The senior Non-executive Director is
Tony Chambers.
The table below shows the extent to which each of the
Non-executive Directors complies with objective tests on
independence:
Tony Pommy
Question Chambers Sarwal
Has been an employee of the Company
or Group within the last five years? No No
Has, or had within the last three years,
a material business relationship with
the Company either directly, or as a
partner, shareholder, Director or senior
employee of a body that has such a
relationship with the Company? No No
Has received or receives additional
remuneration from the Company apart
from directors’ fees, participates in the
Company’s share option or performance-
related pay scheme, or is a member of
the Company’s pension scheme? No No
Has close family ties with any of the
Company’s Directors, senior employees
or advisers? No No
Holds cross-directorships or has significant
links with other Directors through
involvement in other companies or bodies? No Yes
Represents or is a significant shareholder? No No
Has served on the Board for more than
nine years from the date of their first election? Yes No
The Non-executive Directors are considered by the Board to
be independent in character and judgement and have no
relationships or any circumstances that are likely to affect
their judgement as Directors of the Company.
Tony Chambers was appointed to the Board on 24 February
2004 and, with effect from 24 February 2013 has therefore
served for more than nine years from the date of his initial
election. Taking into consideration all other tests of
independence, the Board do not consider this to impair
Mr Chamber’s independence or his ability to fulfil his role
with impartiality.
Pommy Sarwal sits on the board of Hybrid Air Vehicles
Limited, a UK incorporated company, as Deputy Chairman with
Philip Gwyn. Mr Sarwal also sits on the Board of Venners as
non-executive Chairman, but the day-to-day management of
that company is conducted by its executive directors. Neither
of these roles are considered to impair his judgement or
character in relation to his directorship of Christie Group plc.
Audit Committee
The Audit Committee meets no less than twice a year with the
auditors in attendance. It also assists the Board in observing
its responsibility for ensuring that the Group’s accounting
systems provide accurate and timely information and that the
Group’s published financial statements represent a true and
fair reflection of the Group’s financial position and its
performance in the period under review. The committee also
ensures that internal controls and appropriate accounting
policies are in place, reviews the scope and results of the
audits, the independence and objectivity of the auditors and
establishes that an effective system of internal financial
control is maintained.
The Committee has primary responsibility for making a
recommendation on the appointment or re-appointment of
the external auditors. In order to maintain the independence of
the external auditors, the Board has determined guidelines as
to what non-audit services can be provided by the Company’s
external auditors and the approval processes related to them.
Under those policies work of a consultancy nature will not be
offered to the external auditors unless there are clear
efficiencies and value added benefits to the Company.
Additionally the auditors confirm their independence in writing
each year . The committee also monitors the level of non-audit
fees paid to the external auditors. The Audit Committee
consists of Tony Chambers and Pommy Sarwal as Chairman.
Remuneration Committee
The Remuneration Committee meets no less than twice a
year and is responsible for determining main Board Directors
and subsidiary company managing directors’ remuneration
together with the terms and conditions of their service
contracts. It has access to relevant comparable information
in respect of similar businesses. The committee is also
responsible for the allocation of options under the Company’s
executive share option scheme. The committee also maintains
a watching brief over the general employment terms and pay
structures, existing or proposed, for the subsidiary trading
companies. The Remuneration Committee consists of the
Non-executive Directors with Tony Chambers as Chairman.
Corporate governance continued
34 Christie Group Annual Report 2012 Christie Group Annual Report 2012 35
Nomination Committee
The Nomination Committee meets as required to select and
propose suitable candidates for the approval of the Board to
fill vacancies or new positions and to make recommendations
to the Board on its composition. The Nomination
Committee consists of the Non-executive Directors and
Philip Gwyn as Chairman.
Risks and uncertainties
We operate in a world with a heightened awareness of risk.
In growing and developing our businesses we have made a
conscious decision to try and minimise unrewarded risk.
We have done this in the following ways:
1. We are growing a European business in order that we
are less dependent on the success or otherwise of one
country’s economy.
2. We service three sectors; leisure, care and retail, so that
we are not dependent solely on the fortunes of one sector .
3. We offer a spread of services across our two divisions,
for example, transactional, advisory and support.
4. We have a spread of work which deliberately covers both
corporate and private clients.
That stated, whilst we have endeavoured to reduce risks,
we are not immune to movements in the global economy or
changes in the economic or legislative environments in the
countries in which we do business. In addition, such things as
the psychological effect of natural disasters, terrorist attacks,
banking crises, currency crises and changes in behaviour
pattern due to environmental based legislation can all impact
our businesses in unexpected ways. All of our activities rely
on the recruitment and retention of skilled individuals. Each
of our divisions, though, face certain risks that are unique to
the services they provide and they are categorised under the
divisional headings below.
The following can adversely affect our markets and businesses:
Professional Business Services (PBS)
• changes in interest rates;
• lack of bank liquidity and more conservative lending
criteria;
• a slow down in the residential housing market;
• collapse or fragmentation of the Euro Currency
(also applicable to SISS); and
• dismemberment of the European Union (also applicable
to SISS).
Stock & Inventory Systems & Services (SISS)
• changes in employee legislation, in particular the
Working Time Directive;
• increase in transport costs;
• trends towards a cashless society; and
• economic slowdown and technology changes affecting the
retail and hospitality sectors.
The above list of risks is meant to highlight, in addition to any
noted elsewhere in this report, those we consider relevant
today and is not intended to be an exhaustive list of risks
facing the businesses.
Dialogue with institutional shareholders
The Directors seek to build on a mutual understanding of
objectives between the Company and its institutional
shareholders. This is done through meetings following the
publication of the year-end and interim results.
Shares and shareholdings
The interests of Directors are set out on page 37. Part 1 of this report sets out the Company’s remuneration
policies for the Directors for the year ended 31 December
2012. These policies are likely to continue to apply in future
years, unless there are specific reasons for change, in which
case shareholders will be informed in future reports. Part 2
sets out details of the remuneration received by Directors
during the year ended 31 December 2012.
Part 1. Remuneration Committee (not subject to audit)
The Remuneration Committee, which consists solely of
Non-executive Directors, makes recommendations to the
Board on the framework of executive remuneration and
determines specific remuneration packages on their behalf.
The Chairman and Chief Executive attend the Remuneration
Committee meetings. The Chairman and Chief Executive
are not present when their own remuneration is being
considered by the Committee.
The Committee’s policy is to provide a remuneration package
which will attract and retain Directors with the ability and
experience required to manage the Company and to provide
superior long term performance. It is the aim of the
Committee to reward Directors competitively and on the
broad principle that their remuneration should be in line with
the remuneration paid to senior management of comparable
companies. There are four main elements of the
remuneration package for Executive Directors: base salary,
annual bonus, benefits and share options.
• Base salary is reviewed annually and in setting salary levels
the Remuneration Committee considers the experience and
responsibilities of the Executive Directors and their personal
performance during the previous year . The committee also
takes account of external market data, as well as the rates
of increases for other employees within the Company. Base
salary going forward is the only element of the package to
determine future pensionable earnings.
• Annual bonuses are calculated as a percentage of pre-tax
profits in excess of a threshold. Bonuses are designed to
contribute approximately 25% of total earnings, but they
are normally uncapped.
• Benefits are primarily the provision of cars and health
insurance.
• Share options are granted having regard to an individual’s
seniority within the business and, together with the Group’s
Save As You Earn scheme (SAYE), are designed to give
Executive Directors an interest in the increase in the value
of the Group.
Service contracts and/or letters of appointment
Executive Directors
It is the Group’s policy to appoint Executive Directors under
service agreements terminable by either party giving a
minimum of 6 months’ notice. David Rugg has a two year
notice period that was agreed on flotation of the Company
and this is still considered appropriate.
There are no predetermined provisions for compensation on
termination within Executive Directors’ service agreements.
However the Group believes that severance arrangements
should be restricted to base pay and consequential payments
such as bonus and pension accrual. Nevertheless, the
circumstances of the termination and the individual’s duty
and opportunity to mitigate loss would be taken into account.
Non-executive Directors
The Non-executive Directors have a letter of appointment,
which specifies an initial appointment of three years.
Their appointment is subject to Board approval and election
by shareholders at the annual general meeting following
appointment and, thereafter, re-election by rotation.
There are no provisions for compensation payments on early
termination in the Non-executives’ letters of appointment.
The fees of the Non-executive Directors are determined by
the Chairman and the Chief Executive and are designed to
reflect the time and experience which these Directors
bring to the Company.
Outside directorships
Other than the Chairman, none of the Executive Directors
hold external Non-executive directorship positions.
The Chairman has no commitments that impact adversely
on his role as Chairman.
Remuneration report
36 Christie Group Annual Report 2012 Christie Group Annual Report 2012 37
PART 2. Directors’ Emoluments
Salary, Long Term 
Commissions Share 
& Fees Schemes Bonus Benefits Pensions 2012 2011
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Philip Gwyn 150 – – 21 21 192 191
David Rugg* 350 – 6 41 – 397 376
Chris Day** 300 – 5 19 29 353 330
Dan Prickett 130 – 1 10 4 145 134
Paul Harding*** 177 73 5 15 17 287 106
Tony Chambers 25 – – – – 25 25
Pommy Sarwal 50 – – – – 50 50
Michael Likierman**** – – – – – – 11
1,182 73 17 106 71 1,449 1,223
* David Rugg voluntarily reduced his annual salary by 10% with effect from 1 June 2009 which was restored with effect from 1 July 2011
** Chris Day accepted a 10% reduction in basic salary with effect from 1 June 2009 which was restored with effect from 1 July 2011
*** Paul Harding was appointed to the Board on 1 July 2011
**** Michael Likierman retired from the Board on 15 June 2011
At the year end the highest paid Director had accrued benefits
under company pension schemes as set out below:
2012 2011
£’000 £’000
Defined benefit scheme:
Accrued pension at end of year 209 196
The highest paid director did not exercise any share options
during the year .
Directors’ pension entitlements
The Company contributed £21,000 (2011: £21,000) for Philip Gwyn
to a self-administered pension fund. David Rugg and Chris Day
are members of the Christie Group Pension & Assurance
Scheme managed by Hanover Pensions Limited. Paul Harding
and Dan Prickett both receive employer contributions as
members of the Company defined contribution scheme.
Directors’ interests
Details of the Directors’ interests in the ordinary shares of
the Company are set out below:
31 Mar 2013 31 Dec 2012 31 Dec 2011
Philip Gwyn 10,967,582 10,967,582 10,967,582
David Rugg 2,596,860 2,596,860 2,596,860
Chris Day 606,068 606,068 606,068
Paul Harding 202,733 202,733 202,733
Tony Chambers 125,690 125,690 125,690
Pommy Sarwal – ––
Dan Prickett – ––
In addition to interests shown above the following directors
hold share options under company share option schemes:
Dan Prickett holds 50,000 share options, granted in May 2009
and September 2009 exercisable between May 2012 and
September 2019
Paul Harding holds 25,000 share options, granted in May 2009
exercisable between May 2012 and May 2019
Chris Day holds 50,000 share options, granted in May 2009
exercisable between May 2012 and May 2019
Share options
During the year none of the Executive Directors were awarded
share options under long term incentive schemes (2011: nil).
The market price of the shares at 31 December 2012 was 60.0p
(31 December 2011: 62.5p) and the range during the year was
45.5p to 77.5p (year to 31 December 2011: 41.5p to 72.5p). The directors are responsible for preparing the Directors’
Report and the financial statements in accordance with
applicable laws and regulations.
Company law requires the directors to prepare financial
statements for each financial year . Under that law the directors
have elected to prepare the financial statements in accordance
with applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union and, as
regards the parent company financial statements, as applied
in accordance with the provisions of the Companies Act 2006.
Under company law the directors must not approve the
financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the company and of
the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are
required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state that the financial statements comply with IFRSs as
adopted by the European Union;
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the group
will continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any
time the financial position of the company and enable them
to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for
safeguarding the assets of the company and hence for
taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Statement of directors’ responsibilities
38 Christie Group Annual Report 2012 Christie Group Annual Report 2012 39
We have audited the financial statements of Christie Group PLC
for the year ended 31 December 2012 which comprise the
Consolidated Statement of Comprehensive Income, the
Consolidated and Parent Company Statements of Financial
Position, the Consolidated and Parent Company Statement of
Cash Flows, the Consolidated and Parent Company Statements
of Changes in Shareholders’ Equity and the related notes 1 to
35. The financial reporting framework that has been applied in
their preparation is applicable law and International Financial
Reporting Standards (IFRSs) as adopted by the European Union
and, as regards the parent company financial statements, as
applied in accordance with the provisions of
the Companies Act 2006.
This report is made solely to the company’s members, as a
body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we
might state to the company’s members those matters we are
required to state to them in an auditor’s 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 auditor
As explained more fully in the Directors’ Responsibilities
Statement set out on page 38, the directors are responsible
for the preparation of the financial statements and for being
satisfied that they give a true and fair view. Our responsibility
is to audit and express an opinion on the financial statements
in accordance with applicable law and International Standards
on Auditing (UK and Ireland). Those standards require us to
comply with the Auditing Practices Board’s (APB’s) Ethical
Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial
statements is provided on the APB’s website at
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion:
• the financial statements give a true and fair view of the
state of the group’s and of the parent company’s affairs as
at 31 December 2012 and of the group’s profit for the year
then ended;
• the group financial statements have been properly prepared
in accordance with IFRSs as adopted by the European Union;
• the parent company financial statements have been
properly prepared in accordance with IFRSs as adopted by
the European Union and as applied in accordance with the
provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report
for the financial year for which the financial statements are
prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you if,
in our opinion:
• adequate accounting records have not been kept by the
parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the parent company financial statements are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified
by law are not made; or
• we have not received all the information and explanations
we require for our audit.
Sancho Simmonds
Senior Statutory Auditor, for and on behalf of
Nexia Smith & Williamson
Statutory Auditor
Chartered Accountants
25 Moorgate
London
EC2R 6AY
5 April 2013
Independent auditor’ s report
To the members of Christie Group plc 2012 2011
Before Before
exceptionalExceptional exceptionalExceptional 
items items Total items items Total
Note £’000 £’000 £’000 £’000 £’000 £’000
Revenue 6 56,087 57 56,144 53,230 60 53,290
Employee benefit expenses 7 (38,511) (584) (39,095) (37,466) (310) (37,776)
17,576 (527) 17,049 15,764 (250) 15,514
Depreciation and amortisation 6 (548) – (548) (434) (3) (437)
Impairment credit 21 14 5 19 92 – 92
Other operating expenses (15,678) (267) (15,945) (14,677) (152) (14,829)
Operating profit/(loss) 1,364 (789) 575 745 (405) 340
Finance costs 8 (97) (19) (116) (104) – (104)
Finance income 8 1– 1 1–1
Total finance costs 8 (96) (19) (115) (103) – (103)
Profit/(loss) before tax 9 1,268 (808) 460 642 (405) 237
Taxation 10 (390) – (390) (386) – (386)
Profit/(loss) for the year after tax 878 (808) 70 256 (405) (149)
Other comprehensive income/(losses):
Exchange differences on translating
foreign operations 3 (57)
Other comprehensive income/(losses)
for the period, net of tax 3 (57)
Total comprehensive
income/(losses) for the year 73 (206)
Profit/(loss) for the period after
tax attributable to:
Equity shareholders of the parent 110 (114)
Non-Controlling interest (40) (35)
70 (149)
Earnings per share attributable
to equity holders – pence
– Basic 12 0.44 (0.46)
– Fully diluted 12 0.43 (0.46)
All the amounts derive from continuing activities, with the exception of those amounts disclosed as exceptional items.
Exceptional items in both periods relate to Christie + Co FZ LLC, which commenced operations in 2011 and ceased trading on
31 January 2013. (See notes 2.5, 33 and 35). All revenue and costs relating to Christie + Co FZ LLC are reported as exceptional by
virtue of their nature, relating to an operation where the decision was taken to liquidate Christie + Co FZ LLC in December 2012.
Consolidated statement of comprehensive income
For the year ended 31 December 2012
40 Christie Group Annual Report 2012 Christie Group Annual Report 2012 41
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 23) reserve earnings interest equity 
For the year ended 31 December 2011 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2011 505 3,575 511 (2,135) – 2,456
Loss for the year after tax – – – (114) (35) (149)
Exchange differences on translating foreign operations – – (57) – – (57)
Total comprehensive losses for the period – – (57) (114) (35) (206)
Movement in respect of employee share scheme – 38 – – 38
Employee share option scheme:
– value of services provided – 72 – – – 72
Dividends paid – – (244) – (244)
Balance at 31 December 2011 505 3,685 454 (2,493) (35) 2,116
Attributable to the Equity Holders of the Company
Fair value 
and other Cumulative Non-
Share reserves translation Retained controlling Total 
capital (Note 23) reserve earnings interest equity 
For the year ended 31 December 2012 £’000 £’000 £’000 £’000 £’000 £’000
Balance at 1 January 2012 505 3,685 454 (2,493) (35) 2,116
Profit/(loss) for the year after tax – – 110 (40) 70
Exchange differences on translating foreign operations ––3––3
Total comprehensive income/(losses) for the period – – 3 110 (40) 73
Movement in respect of employee share scheme – 935 – (1,021) – (86)
Employee share option scheme:
– value of services provided – 68––– 68
Dividends paid – – – (251) – (251)
Balance at 31 December 2012 505 4,688 457 (3,655) (75) 1,920
Consolidated statement of changes in shareholders’ equity
As at 31 December 2012 42 Christie Group Annual Report 2012
2012 2011
Note £’000 £’000
Assets
Non-current assets
Intangible assets – Goodwill 13 1,011 1,011
Intangible assets – Other 14 403 145
Property, plant and equipment 15 1,232 606
Deferred tax assets 16 2,472 3,039
Available-for-sale financial assets 17a 300 300
Other receivables 18 316 904
5,734 6,005
Current assets
Inventories 19 1 1
Trade and other receivables 21 10,670 11,225
Current tax assets 177 72
Cash and cash equivalents 20 1,314 1,059
12,162 12,357
Total assets 17,896 18,362
Equity
Capital and reserves attributable to the Company’s equity holders
Share capital 22 505 505
Fair value and other reserves 23 4,688 3,685
Cumulative translation reserve 457 454
Retained earnings 23 (3,655) (2,493)
1,995 2,151
Non-controlling interest 33 (75) (35)
Total equity 1,920 2,116
Liabilities
Non-current liabilities
Retirement benefit obligations 24 1,613 2,376
Provisions 27 734 554
2,347 2,930
Current liabilities
Trade and other payables 25 8,047 8,265
Borrowings 26 3,440 3,091
Provisions 27 2,142 1,960
13,629 13,316
Total liabilities 15,976 16,246
Total equity and liabilities 17,896 18,362
These consolidated financial statements have been approved for issue by the Board of Directors on 5 April 2013.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Consolidated statement of financial position
At 31 December 2012 Christie Group Annual Report 2012 43
2012 2011
Note £’000 £’000
Cash flow from operating activities
Cash generated from/(used in) operations 28 1,422 (1,907)
Interest paid (116) (104)
Tax received 72 –
Net cash generated from/(used in) operating activities 1,378 (2,011)
Cash flow from investing activities
Acquisition of subsidiary (4) –
Purchase of property, plant and equipment (PPE) (1,072) (420)
Proceeds from sale of PPE 13 –
Intangible asset expenditure – software (146) (7)
Interest received 1 1
Net cash used in investing activities (1,208) (426)
Cash flow from financing activities
Net proceeds from the purchase & sale of shares held by ESOP – 38
(Repayments of)/proceeds from invoice finance (435) 397
Dividends paid (251) (244)
Net cash (used in)/generated from financing activities (686) 191
Net decrease in cash (516) (2,246)
Cash and cash equivalents at beginning of year (1,009) 1,232
Exchange (losses)/gains on euro bank accounts (13) 5
Cash and cash equivalents at end of year 20 (1,538) (1,009)
Consolidated statement of cash flows
For the year ended 31 December 2012 44 Christie Group Annual Report 2012
Attributable to the Equity Holders of the Company
Fair value and 
other reserves Retained Total 
Share capital (Note 23) earnings equity
For the year ended 31 December 2011 £’000 £’000 £’000 £’000
Balance at 1 January 2011 505 3,061 3,950 7,516
Total comprehensive losses for the period – – (270) (270)
Movement in respect of employee share scheme – 39 – 39
Dividends paid – – (244) (244)
Balance at 31 December 2011 505 3,100 3,436 7,041
Attributable to the Equity Holders of the Company
Fair value and 
other reserves Retained Total 
Share capital (Note 23) earnings equity
For the year ended 31 December 2012 £’000 £’000 £’000 £’000
Balance at 1 January 2012 505 3,100 3,436 7,041
Total comprehensive losses for the period – – (313) (313)
Movement in respect of employee share scheme – 935 (1,021) (86)
Dividends paid – – (251) (251)
Balance at 31 December 2012 505 4,035 1,851 6,391
Company statement of changes in shareholders’ equity
As at 31 December 2012 2012 2011
Note £’000 £’000
Assets
Non-current assets
Investments in subsidiaries 17 2,563 2,563
Deferred tax assets 16 277 626
Available-for-sale financial assets 17a 300 300
Other receivables 18 7,960 7,175
11,100 10,664
Current assets
Trade and other receivables 21 2,699 2,958
Current tax assets 177 72
Cash and cash equivalents 20 2 1
2,878 3,031
Total assets 13,978 13,695
Equity
Share capital 22 505 505
Fair value and other reserves 23 4,035 3,100
Retained earnings 23 1,851 3,436
Total equity 6,391 7,041
Liabilities
Non-current liabilities
Retirement benefit obligations 24 57 286
57 286
Current liabilities
Trade and other payables 25 4,715 4,451
Borrowings 26 2,815 1,917
7,530 6,368
Total liabilities 7,587 6,654
Total equity and liabilities 13,978 13,695
These Company financial statements have been approved for issue by the Board of Directors on 5 April 2012.
D B Rugg D R Prickett
Chief Executive Chief Financial Officer
Company statement of financial position
As at 31 December 2012
Christie Group Annual Report 2012 45 2012 2011
Note £’000 £’000
Cash flow from operating activities
Cash used in operations 28 (782) (834)
Interest paid (162) (122)
Tax received 72 –
Net cash used in operating activities (872) (956)
Cash flow from investing activities
Interest received 226 192
Net cash generated from investing activities 226 192
Cash flow from financing activities
Dividends paid (251) (244)
Net proceeds from the purchase & sale of shares held by ESOP – 39
Net cash used in financing activities (251) (205)
Net decrease in cash (897) (969)
Cash and cash equivalents at beginning of year (1,916) (942)
Exchange loss on euro bank account – (5)
Cash and cash equivalents at end of year (2,813) (1,916)
Company statement of cash flows
For the year ended 31 December 2012
46 Christie Group Annual Report 2012 Christie Group Annual Report 2012 47
1. General information
Christie Group plc is the parent undertaking of a group of
companies covering a range of related activities. These fall
into two divisions – Professional Business Services and Stock
& Inventory Systems & Services. Professional Business
Services principally covers business valuation, consultancy
and agency, mortgage and insurance services, and business
appraisal. Stock & Inventory Systems & Services covers
stock audit and counting, compliance and food safety audits
and inventory preparation and valuation, hospitality and
cinema software.
2. Summary of significant accounting policies
Accounting policies for the year ended 31 December 2012
The principal accounting policies adopted in the preparation
of these financial statements are set out below. These
policies have been consistently applied to all years presented,
unless otherwise stated.
2.1 Basis of preparation
The consolidated and Company financial statements of Christie
Group plc have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European
Union (IFRSs as adopted by the EU), IFRS Interpretations
Committee interpretations and the Companies Act 2006
applicable to Companies reporting under IFRS. The consolidated
and Company financial statements have been prepared under
the historical cost convention with the exception of the defined
benefit pension scheme, and on a going concern basis.
The financial statements have been prepared in accordance
with IFRS and IFRS Interpretations Committee interpretations
issued and effective or issued and early adopted as at the
time of preparing these statements (April 2013).
The preparation of financial statements in accordance with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process
of applying the group’s accounting policies. The areas involving
a higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated
and Company financial statements are disclosed in Note 4.
New and amended standards adopted by the group
None of the new standards, interpretations and amendments,
effective for the first time from 1 January 2012, have had a
material effect on the financial statements of the Group or
the Company.
Standards, interpretations and amendments to
published standards that are not yet effective
Certain new standards, amendments and interpretations to
existing standards have been published that are mandatory
for the Group or Company’s accounting periods beginning
after 1 January 2013 or later periods and have not been early
adopted. It is anticipated that none of these new standards,
interpretations and amendments currently in issue at the
time of preparing the financial statements (April 2013) will
have a material effect on the consolidated financial
statements of the Group, except the following set out below:
IAS 19, ‘Employee benefits’ was amended in June 2011 and
becomes mandatory for the Group’s 2013 consolidated
financial statements. The impact on the group will be as
follows: to immediately recognise all past service costs; and
to replace interest cost and expected return on plan assets
with a net interest amount that is calculated by applying the
discount rate to the net defined benefit liability (asset). Within
the Consolidated Statement of Financial Position, the
unrecognised actuarial losses which will be recognised on the
removal of the corridor amount to £8,387,000 at 31 December
2012. In future periods, actuarial gains and losses will be
recognised immediately in other comprehensive income or
losses. The total impact on the consolidated statement of
financial position as at 31 December 2012 is to reduce total
equity to total negative equity of £6,467,000
Within the Company Statement of Financial Position, the
unrecognised actuarial losses which will be recognised
on the removal of the corridor amount to £722,000 at
31 December 2012. The total impact on the Company’s
results for the year ended 31 December 2012 is that the
total equity would be £5,669,000.
IFRS 12, ‘Disclosures of interests in other entities’, becomes
mandatory for the Group’s 2014 consolidated financial
statements. The impact on the group includes additional
disclosure requirements for all forms of interests in other
entities, including subsidiaries, joint arrangements, associates,
special purpose vehicles and other off balance sheet vehicles.
The group is yet to assess the full impact of the amendments.
2.2 Consolidation
The Consolidated financial statements include the results of
Christie Group plc and all its subsidiary undertakings on the
basis of their financial statements to 31 December 2012.
The results of businesses acquired or disposed of are
included from or to the date of acquisition or disposal.
A subsidiary is an entity controlled, directly or indirectly, by
Christie Group plc. Control is regarded as the power to govern
the financial and operating policies of the entity so as to
obtain the benefits from its activities.
Notes to the consolidated financial statements Non controlling interests
Total comprehensive income within a subsidiary is
attributed to the non-controlling interest even if that results
in a deficit balance.
2.3 Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the
Group’s entities are measured using the currency of the
primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial
statements are presented in sterling, which is the Group’s
and Company’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from
the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are
recognised in the statement of comprehensive income.
Group companies
The results and financial position of all the group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
a) assets and liabilities for each statement of financial
position presented are translated at the closing rate at
the date of that statement of financial position;
b) income and expenses for each statement of comprehensive
income are translated at average exchange rates; and
c) all resulting exchange differences are recognised as
a separate component of equity, the cumulative
translation reserve.
On consolidation, exchange differences arising from the
translation of the net investment in foreign entities, are taken
to shareholders’ equity. When a foreign operation is sold, such
exchange differences are recognised in the statement of
comprehensive income as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
2.4 Revenue recognition
Revenue comprises the fair value of the consideration
received or receivable for the sale of goods and services
provided in the ordinary course of the Group’s activities.
Revenue derived from the Group’s principal activities (which
is shown exclusive of applicable sales taxes or equivalents)
is recognised as follows:
Agency, consultancy and valuations
Net agency fees are recognised as income on exchange of
contracts at which point the Group becomes contractually
entitled to its agency fee. Consultancy income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services provided. In respect of
valuations, turnover is recognised once the property or
business has been inspected. Appraisal income is recognised
in the accounting period in which the service is rendered,
assessed on the basis of actual service provided as a
proportion of the total services to be provided.
Business mortgage broking
Fee income is taken either when a loan offer is secured or
when the loan is drawn down.
Insurance broking
Insurance brokerage is accounted for when the insurance
policy commences.
Software
Hardware revenues are recognised on installation or as
otherwise specified in the terms of the contract. Software
revenues are recognised on delivery or as otherwise specified
in the terms of the contract. Revenues on maintenance
contracts are recognised over the period of the contracts.
Revenue in respect of services, such as implementation,
training and consultancy, are recognised when the services
are performed.
Stock & inventory services
Fees are recognised on completion of the visit to client’s
premises.
Other income is recognised as follows:
Interest income
Interest income is recognised on a time-proportion basis
using the effective interest method.
Dividend income
Dividend income is recognised when the right to receive
payment is established.
2.5 Exceptional items
Exceptional items are disclosed separately in the financial
statements where it is necessary to do so to provide further
understanding of the financial performance of the group. They
are material items of income or expense that have been shown
separately due to the significance of their nature or amount.
Notes to the consolidated financial statements continued
48 Christie Group Annual Report 2012
2. Summary of significant accounting policies continued 2.6 Segmental reporting
Operating segments are reported in a manner consistent with
the internal reporting provided to the chief operating decision-
maker as required by IFRS 8 “Operating Segments”. The chief
operating decision-maker, who is responsible for allocating
resources and assessing performance of the operating
segments, has been identified as the Board of Directors.
The Group operating segments are defined as Professional
Business Services, Stock & Inventory Systems & Services,
and Other . Within these segments, the Board of Directors
distinguish between European-based operations and those
operations based overseas on the basis that the risks and
returns may vary depending on the economic environment.
Segment assets and liabilities include items that are directly
attributable to a segment plus an allocation on a reasonable
basis of shared items. Any current and deferred tax assets
and liabilities are not included in business segments and
are thus unallocated.
All transactions between reportable segments are at
arm’s length.
2.7 Intangible assets
Goodwill
On the acquisition of a business, fair values are attributed to
the net assets acquired. Goodwill arises on the acquisition of
subsidiary undertakings, representing any excess of the fair
value of the consideration given over the fair value of the
identifiable assets and liabilities acquired. Goodwill arising on
acquisitions is capitalised and subject to impairment review,
both annually and when there are indications that the carrying
value may not be recoverable. Goodwill arising on acquisitions
prior to the date of transition to IFRS has been retained at
previous UK GAAP amounts as permitted by IFRS 1 ‘First time
adoption of International Accounting Standards’.
Client instructions
Client instructions (instructions to act as agents for clients
wishing to purchase or dispose of business assets),
recognised on the acquisition of a subsidiary, are stated at fair
value as at the date of acquisition, net of amortisation and any
provision for impairment. Amortisation is calculated to write
down the costs of instructions on a consistent basis to the
recognition of the associated revenues, up to a maximum
expected life of two years.
Other
Intangible fixed assets such as software are stated at cost, net
of amortisation and any provision for impairment. Amortisation
is calculated to write down the cost of all intangible fixed assets
to their estimated residual value by equal annual instalments
over their expected useful economic lives. The expected useful
lives are between one and five years.
2.8 Property, plant and equipment
Tangible fixed assets are stated at cost, net of depreciation
and provision for any impairment. Depreciation is calculated
to write down the cost of all tangible fixed assets to estimated
residual value by equal annual instalments over their
expected useful lives as follows:
Leasehold property Lease term
Fixtures, fittings and equipment 5 – 10 years
Computer equipment 2 – 3 years
Motor vehicles 4 years
The assets’ residual values and useful lives are reviewed, and
adjusted if appropriate, at each statement of financial position
date. An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing
the disposal proceeds with the carrying amount and are
included in the statement of comprehensive income.
2.9 Leases
Leases where the lessor retains a significant portion of the
risks and rewards of ownership are classified as operating
leases. Rentals under operating leases (net of any incentives
received) are charged to the statement of comprehensive
income on a straight-line basis over the period of the lease.
Assets, held under finance leases, which confer rights and
obligations similar to those attached to owned assets, are
capitalised as tangible fixed assets and are depreciated over
the shorter of the lease terms and their useful lives. The
capital elements of future lease obligations are recorded as
liabilities, whilst the interest elements are charged to the
statement of comprehensive income over the period of the
leases at a constant rate.
2.10 Impairment of assets
Non-current assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying value
exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to sell and value in
use. Value in use is based on the present value of the future
cash flows relating to the asset, and is determined over
periods which are deemed to appropriately reflect the
minimum expected period that the cash generating unit will
operate for . For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units), and their
carrying value assessed against management’s projection of
the present value of cashflows arising over a projected period
of 5 years from the Statement of Financial Position date, using
growth rates determined by management.
Christie Group Annual Report 2012 49
2. Summary of significant accounting policies continued Any assessment of impairment based on value in use takes
account of the time value of money and the uncertainty or risk
inherent in the future cash flows. The discount rates applied
reflect current market assessments of the time value of
money and the risks specific to the asset for which the future
cash flow estimates have not been adjusted.
2.11 Investments
The Group classifies its investments depending on the
purpose for which the investments were acquired.
Management determines the classification of its investments
on purchase and re-evaluates this designation at every
reporting date. Fixed asset investments in subsidiaries
are shown at cost less any provision for impairment.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that
are either designated in this category or not classified in any
of the other categories. They are included in non-current
assets unless management intends to dispose of the
investment within 12 months of the Statement of Financial
Position date.
Purchases and sales of investments held as available for sale
financial assets are recognised on trade date, the date on
which the Group commits to purchase or sell the asset.
Investments are initially recognised at fair value plus
transaction costs for all financial assets not carried at fair
value through profit or loss.
The fair values of quoted investments are based on current
bid prices. If the market for a financial asset is not active
(and for unlisted securities), the Group establishes fair value
by using valuation techniques. For investments in equity
instruments and unlisted securities that do not have a quoted
market price in an active market and whose fair value can
not be reliably measured these are valued at cost.
The Group assesses at each statement of financial position
date whether there is objective evidence that a financial
asset or a group of financial assets is impaired. In the case
of equity securities classified as available-for-sale, a
significant or prolonged decline in the fair value of the
security below its cost is considered in determining whether
the securities are impaired.
2.12 Inventories
Inventories held for resale are valued at the lower of cost and
net realisable value.
2.13 Trade receivables
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method, less provision for impairment. A provision for
impairment of trade receivables is established when there is
objective evidence that the Group will not be able to collect all
amounts due according to the original terms of receivables.
The amount of the provision is the difference between the
asset’s carrying amount and the present value of estimated
future cash flows. The amount of the provision is recognised
in the statement of comprehensive income.
2.14 Cash and cash equivalents
Cash and cash equivalents are recognised initially at fair value
and subsequently measured at amortised cost. Cash and
cash equivalents comprise cash in hand, deposits held on call
with banks, other short-term, highly liquid investments with
original maturities of three months or less, and bank
overdrafts. Bank overdrafts are included within borrowings in
current liabilities on the statement of financial position.
2.15 Borrowings
Borrowings are recognised initially at fair value. Borrowings
are subsequently stated at amortised cost; any difference
between proceeds and the redemption value is recognised in
the statement of comprehensive income over the period of the
borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for
at least 12 months after the statement of financial position date.
2.16 Taxation including deferred tax
Tax on company profits is provided for at the current rate
applicable in each of the relevant territories.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, if the deferred tax arises from
initial recognition of an asset or liability in a transaction other
than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or
loss, it is not accounted for . Deferred tax is determined using
tax rates (and laws) that have been enacted or substantially
enacted by the statement of financial position date and are
expected to apply when the related deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilised. This is
reviewed annually.
2.17 Share capital and share premium
Ordinary shares are classified as equity.
Where any Group company or the Employee Share Ownership
Plan (ESOP) trust purchases the Company’s equity share
capital (own shares), the consideration paid, including any
Notes to the consolidated financial statements continued
50 Christie Group Annual Report 2012
2. Summary of significant accounting policies continued directly attributable incremental costs (net of taxes), is
deducted from equity attributable to the Company’s equity
holders until the shares are cancelled, reissued or disposed of.
Where such shares are subsequently sold or reissued, any
consideration received, net of any directly attributable
incremental transaction costs and the related tax effects, is
included in equity attributable to the Company’s equity holders.
2.18 Dividend distribution
Dividend distribution to the Company’s shareholders is
recognised as a liability in the Group’s financial statements in
the period in which the dividends are approved by the
Company’s shareholders. In respect of interim dividends,
which are paid prior to approval by the Company’s
shareholders they are recognised on payment.
2.19 Invoice finance
Trade receivables are subject to an invoice finance facility
whereby an advance is received based upon and secured upon
trade receivables. The carrying value is stated at the fair value
of the amount repayable at the date of the statement of
financial position.
2.20 Employee benefits
Pension obligations
The Group has both defined benefit and defined contribution
schemes. A defined benefit scheme is a pension scheme that
defines the amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more
factors such as age, years of service and remuneration. A
defined contribution scheme is a pension scheme under
which the Group pays fixed contributions into a separate
entity. The schemes are generally funded through payments
to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations.
Pension obligations – Defined benefit schemes
The liability recognised in the statement of financial position
in respect of defined benefit pension schemes is the present
value of the defined benefit obligation at the statement of
financial position date less the fair value of scheme assets,
together with adjustments for unrecognised actuarial gains
or losses and past service costs. The defined benefit obligation
is calculated annually by independent actuaries using the
projected unit credit method. The present value of the defined
benefit obligation is determined by discounting the estimated
future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which
the benefits will be paid, and that have terms to maturity
approximating to the terms of the related pension liability.
Cumulative actuarial gains and losses arising from
experience adjustments and changes in actuarial
assumptions in excess of the greater of 10% of the value
of scheme assets or 10% of the defined benefit obligation are
charged or credited to the statement of comprehensive
income over the employees’ expected average remaining
period till the scheme retirement date. This method of
accounting will no longer be permitted with effect from
1 January 2013 due to an amendment to IAS 19, ‘Employee
Benefits’. Details of how this will impact the Group’s 2013
consolidated financial statements are set out in note 2.1.
Past-service costs are recognised immediately in the
statement of comprehensive income, unless the changes to
the pension scheme are conditional on the employees
remaining in service for a specified period of time (the vesting
period). In this case, the past-service costs are amortised on
a straight-line basis over the vesting period.
Pension obligations – Defined contribution scheme
Group companies contribute towards a personal pension
scheme for their participating employees. These employees
are currently entitled to such contributions after a qualifying
period has elapsed. Payments to the scheme are charged as
an employee benefit expense as they fall due. The Group has
no further payment obligations once the contributions have
been paid.
Share based compensation
The fair value of employee share option schemes, including
Save As You Earn (SAYE) schemes, is measured by a Black-
Scholes pricing model. Further details are set out in Note
22a. In accordance with IFRS 2 ‘Share-based Payments’ the
resulting cost is charged to the statement of comprehensive
income over the vesting period of the options. The value of the
charge is adjusted to reflect expected and actual levels of
options vesting.
No expense was recognised in respect of share options
granted before 7 November 2002 and those which had vested
before 1 January 2005.
For share options granted after 7 November 2002 and vested
after 1 January 2005 the Group operates an equity-settled, long
term incentive plan designed to align management interests
with those of shareholders. The fair value of the employee’s
services received in exchange for the grant of the options is
recognised as an expense. The total amount to be expensed
over the vesting period is determined by reference to the fair
value of the options granted, excluding the impact of any non-
market vesting conditions (for example, profitability and sales
growth targets). Non-market vesting conditions are included in
assumptions about the number of options that are expected to
become exercisable. At each statement of financial position
date, the entity revises its estimates of the number of options
that are expected to become exercisable. It recognises the
impact of the revision of original estimates, if any, in the
statement of comprehensive income, and a corresponding
adjustment to equity.
Christie Group Annual Report 2012 51
2. Summary of significant accounting policies continued Commissions and bonus plans
The Group recognises a liability and an expense for
commissions and bonuses, based on formula driven
calculations. The Group recognises a provision where
contractually obliged or where there is a past practice
that has created a constructive obligation.
2.21 Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the
obligation. Where the Group expects some or all of a provision
to be reimbursed, for example, under an insurance contract,
the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The expense
relating to any provision is presented in the income statement
net of any reimbursement. If the effect of the time value of
money is material, provisions are discounted using a current
pre-tax rate that reflects, where appropriate, the risks specific
to the liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as a
finance cost.
Notes to the consolidated financial statements continued
52 Christie Group Annual Report 2012
2. Summary of significant accounting policies continued
The Group uses a limited number of financial instruments,
comprising cash, short-term deposits, bank loans and
overdrafts and various items such as trade receivables and
payables, which arise directly from operations. The Group
does not trade in financial instruments.
3.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks:
market risk (including currency risk, and interest rate risk),
credit risk, liquidity risk and cash flow interest rate risk.
The Group’s overall risk management programme focuses
on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group’s financial
performance.
a) Market risk
Foreign exchange risk
The Group operates internationally and is exposed to foreign
exchange risk arising from various currency exposures,
primarily with respect to the Euro. Foreign exchange risk
arises from future commercial transactions, recognised
assets and liabilities and net investments in foreign
operations.
The Group has certain investments in foreign operations,
whose net assets are exposed to foreign currency
translation risk.
At 31 December 2012, if sterling had strengthened by 10%
against the Euro, with all other variables held constant, the
post tax profit for the year would have been £42,000 higher
(2011: £20,000 higher) mainly as a result of foreign exchange
gains/losses on translation of Euro denominated trade
receivables, cash and cash equivalents, and trade payables.
Applying the same variables to foreign exchange differences
recognised directly in equity the effect would be a reduction
in equity of £42,000 (2011: £20,000).
b) Credit risk
The Group has no significant concentrations of credit risk
and has policies in place to ensure that sales are made to
customers with an appropriate credit history.
c) Liquidity risk
Prudent liquidity risk management implies maintaining
sufficient cash and available funding through an adequate
amount of committed credit facilities. The Group uses an invoice
financing arrangement in a group undertaking to mitigate
liquidity risk. The Group ensures it has adequate cover through
the availability of bank overdraft and loan facilities.
At 31 December 2012 total borrowings by the Group
amounted to £3,440,000 (2011: £3,091,000), with additional
available unutilised credit facilities at 31 December 2012 of
£1,150,000 (2011: £2,078,000).
Cash and cash equivalents comprise cash in hand, deposits
held at call with banks and other short-term highly liquid
investments with original maturities of three months or less.
Total cash and cash equivalents held by the group at
31 December 2012 were £1,314,000 (2011: £1,059,000).
d) Cash flow and interest rate risk
The Group finances its operations through a mix of cash flow
from current operations together with cash on deposit and
bank and other borrowings. Borrowings are generally at
floating rates of interest and no use of interest rate swaps
has been made.
The Group’s interest rate risk arises from cash balances and
borrowings subject to variable interest rates. For the year
ended 31 December 2012, assuming all other variables
remained equal but interest rates were 1% higher or lower
throughout the year, the impact on post tax losses would be
a maximum increase or decrease of £4,000 (2011: £1,000).
3. Financial risk management Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the circumstances.
4.1 Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the
future. The resulting accounting estimates will by definition,
seldom equal the related actual results. The estimates and
assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below.
a) Estimated impairment of goodwill
Goodwill is subject to an impairment review both annually and
when there are indications that the carrying value may not be
recoverable, in accordance with the accounting policy stated
in Note 2.7. The recoverable amounts of cash-generating
units have been determined based on value-in-use
calculations. These calculations require the use of estimates
as set out in Note 13.
b) Retirement benefit obligations
The assumptions used to measure the expense and liabilities
related to the Group’s two defined benefit pension plans are
reviewed annually by professionally qualified, independent
actuaries, trustees and management as appropriate.
Management base their assumptions on their understanding
and interpretation of applicable scheme rules which prevail at
the statement of financial position date. The measurement of
the expense for a period requires judgement with respect to
the following matters, among others:
– the probable long-term rate of increase in pensionable pay;
– the discount rate;
– the expected return on plan assets; and
– the estimated life expectancy of participating members.
The assumptions used by the Group, as stated in Note 24,
may differ materially from actual results, and these
differences may result in a significant impact on the amount
of pension expense recorded in future periods. In accordance
with IAS 19, the Group amortises actuarial gains and losses
outside the 10% corridor, over the average future service lives
of employees. Under this method, major changes in
assumptions, and variances between assumptions and actual
results, may affect retained earnings over several future
periods rather than one period, while more minor variances
and assumption changes may be offset by other changes and
have no direct effect on retained earnings. Following revisions
to IAS 19, which are effective from 1 January 2013, the
corridor method will be eliminated and all actuarial gains or
losses will be recognised immediately.
c) Deferred taxation
Deferred tax assets are recognised to the extent that the
Group believes it is probable that future taxable profit will be
available against which temporary timing differences and
losses from previous periods can be utilised. Management
judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely
timing and the level of future taxable profits together with
future tax planning strategies.
3.2 Capital risk management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going concern
in order to provide returns for shareholders and benefits for
other stakeholders and to maintain a capital structure
appropriate for its growth plans.
In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders or
alter debt levels.
Christie Group Annual Report 2012 53
3. Financial risk management continued
As permitted by section 408 of the Companies Act 2006 the
Income Statement of the Parent Company is not presented as
part of these financial statements. The Parent Company
made a loss after tax of £313,000 (2011: £270,000). It had
dividends paid of £251,000 making total comprehensive losses
for the year of £564,000.
5. Loss of the parent company
4. Critical accounting estimates and judgements 6. Segment information
The Group is organised into two main operating segments: Professional Business Services and Stock & Inventory Systems & Services.
The segment results for the year ended 31 December 2012 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 30,547 25,701 2,340 58,588
Inter-segment sales (104) – (2,340) (2,444)
Revenue 30,443 25,701 – 56,144
Operating profit/(loss) before exceptional items 564 763 37 1,364
Exceptional items (789) – – (789)
Operating (loss)/profit after exceptional items (225) 763 37 575
Net finance (costs)/credit (143) (15) 43 (115)
Profit before tax (368) 460
Taxation (390)
Profit for the year after tax 70
The segment results for the year ended 31 December 2011 are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Total gross segment sales 27,474 25,920 2,338 55,732
Inter-segment sales (104) – (2,338) (2,442)
Revenue 27,370 25,920 – 53,290
Operating (loss)/profit before exceptional items (57) 647 155 745
Exceptional items (405) – – (405)
Operating (loss)/profit after exceptional items (462) 647 155 340
Net finance (costs)/credit (121) (34) 52 (103)
Profit before tax 237
Taxation (386)
Loss for the year after tax (149)
Notes to the consolidated financial statements continued
54 Christie Group Annual Report 2012 6. Segment information continued
Other segment items included in the statements of comprehensive income for the years ended 31 December 2012 and 2011
are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
31 December 2012
Depreciation and amortisation 265 280 3 548
Impairment of trade receivables (3) (16) – (19)
31 December 2011
Depreciation and amortisation 190 242 5 437
Impairment of trade receivables (143) 51 – (92)
The segment assets and liabilities at 31 December 2012 and capital expenditure for the year then ended are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 7,970 4,851 2,426 15,247
Deferred tax assets 2,472
Current tax assets 177
17,896
Liabilities 7,480 4,013 1,043 12,536
Borrowings 3,440
15,976
Capital expenditure 1,060 413 1 1,474
The segment assets and liabilities at 31 December 2011 and capital expenditure for the year are as follows:
Stock & 
Professional Inventory Systems 
Business Services & Services Other Group
£’000 £’000 £’000 £’000
Assets 6,832 5,519 2,900 15,251
Deferred tax assets 3,039
Current tax assets 72
18,362
Liabilities 7,070 4,688 1,397 13,155
Borrowings 3,091
16,246
Capital expenditure 147 277 3 427
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating
cash. They exclude taxation.
Segment liabilities comprise operating liabilities. They exclude items such as taxation and corporate borrowings.
Capital expenditure comprises additions to property, plant and equipment and intangible assets.
Christie Group Annual Report 2012 55 6. Segment information continued
The Group manages its operating segments on a global basis. The UK is the home country of the parent. The Group’s revenue
is mainly generated in Europe.
Revenue is allocated below based on the entity’s country of domicile.
2012 2011
£’000 £’000
Revenue
Europe 55,393 52,400
Rest of the World 751 890
56,144 53,290
Total segment assets are allocated based on where the assets are located.
2012 2011
£’000 £’000
Total segment assets
Europe 15,115 14,998
Rest of the World 132 253
15,247 15,251
Capital expenditure is allocated based on where the assets are located.
2012 2011
£’000 £’000
Capital expenditure
Europe 1,469 392
Rest of World 5 35
1,474 427
2012 2011
£’000 £’000
Analysis of revenue by category
Sale of goods 278 405
Revenue from services 55,866 52,885
56,144 53,290
Notes to the consolidated financial statements continued
56 Christie Group Annual Report 2012 7. Employee benefit expenses
2012 2011
Staff costs for the Group during the year £’000 £’000
Salaries and short term employee benefits* 36,413 35,101
Other benefits 1,260 1,198
Post employment benefits 985 986
Other long-term benefits 369 419
Cost of employee share scheme 68 72
39,095 37,776
*Includes exceptional items of £584,000 (2011: £310,000)
Average number of people (including executive directors) employed 
2012 2011
by the Group during the year was number number
Operational 876 840
Administration and support staff 250 240
1,126 1,080
8. Finance costs
2012 2011
£’000 £’000
Interest payable on bank loans and overdrafts 99 75
Other interest payable 17 29
Total finance costs 116 104
Bank interest receivable (1) (1)
Total finance credit (1) (1)
Net finance costs 115 103
9. Profit/(loss) before tax
Group
2012 2011
£’000 £’000
Profit/(loss) before tax is stated after charging/(crediting):
Depreciation of property, plant and equipment
– owned assets 432 398
Amortisation of intangible fixed assets 116 39
Profit on sale of property, plant and equipment (11) –
Operating lease charges
– buildings 1,436 1,448
– other 704 675
Impairment of trade receivables (see note 21) (19) (92)
Vacant leasehold provisions 36 52
Repairs and maintenance expenditure on property, plant and equipment 314 291
Loss/(gain) on foreign exchange (including Company gain £nil (2011: gain £5,000)) 8 (16)
Christie Group Annual Report 2012 57 9. Profit/(loss) before tax continued
Services provided by the Group’s auditor
During the year the Group obtained the following services from the Group’s auditor as detailed below:
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Audit services
– audit of the parent company and
consolidated financial statements 17 14 17 14
– audit of the subsidiary company
financial statements 93 88 – –
Total audit fees 110 102 17 14
Pension scheme fees 11 11 – –
Other services pursuant to legislation 4 4 – –
Tax services – 1 – 1
Other services 
– other services 8 7 8 7
10. Taxation
2012 2011
£’000 £’000
Current tax
UK Corporation tax at 24.5% (2011: 26.5%) 177 –
Total current tax credit 177 –
Deferred tax
Origination and reversal of timing differences (356) (146)
Impact of change in the UK corporation tax rate (211) (240)
Total deferred tax charge (567) (386)
Tax charge on profit/(loss) on ordinary activities (390) (386)
The tax on the Group’s profit/(loss) before tax differs from the theoretical amount that would arise using the standard rate
of corporation tax in the UK of 24.5% as follows:
Tax on profit/(loss) on ordinary activities
2012 2011
£’000 £’000
Profit on ordinary activities before tax 460 237
Profit on ordinary activities at standard rate of UK corporation tax of 24.5% (2011: 26.5%) (113) (63)
Effects of:
– income not subject to tax 42 5
– expenses not deductible for tax purposes (108) (205)
– tax losses for which no deferred tax asset has previously been recognised – 117
Re-measurement of deferred tax asset due to changes in the UK corporation tax rate (211) (240)
Total tax charge (390) (386)
During the year, as a result of the change in the UK corporation tax rate, the opening deferred tax balances have been
re-measured. Deferred tax assets recognised at 1 January 2012 which had been measured at 25% at 31 December 2011
have been re-measured using the enacted rate that will apply at 31 December 2012 (23%).
Notes to the consolidated financial statements continued
58 Christie Group Annual Report 2012 11. Dividends
A dividend in respect of the year ended 31 December 2012 of 0.5p per share, amounting to a total dividend of £125,000, is to be
proposed at the Annual General Meeting on 21 June 2013. These financial statements do not reflect this proposed dividend.
12. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year, which excludes the shares held in the Employee Share Ownership
Plan (ESOP) trust.
31 December 2012 31 December 2011
£’000 £’000
Profit/(loss) from continuing operations attributable to equity holders of the Company 110 (114)
31 December 2012 31 December 2011
Thousands Thousands
Weighted average number of ordinary shares in issue 25,091 24,677
Adjustment for share options 245 189
Weighted average number of ordinary shares for diluted earnings per share 25,336 24,866
31 December 2012 31 December 2011
Pence Pence
Basic earnings per share
Continuing operations 0.44 (0.46)
Fully diluted earnings per share
Continuing operations 0.43 (0.46)
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The Company has only one category of dilutive potential ordinary shares:
share options.
The calculation is performed for the share options to determine the number of shares that could have been acquired at fair
value (determined as the average annual market share price of the Company’s shares) based on the monetary value of the
subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the
number of shares that would have been issued assuming the exercise of the share options.
13. Intangible assets – goodwill
Total
Group £’000
Cost
At 1 January 2012 and 31 December 2012 1,011
Total
Group £’000
Cost
At 1 January 2011 and 31 December 2011 1,011
Christie Group Annual Report 2012 59 13. Intangible assets – goodwill continued 
Goodwill is allocated to the Group’s cash-generating units (CGUs) identified according to business segment. The carrying
amounts of goodwill by segment as at 31 December 2012 are as follows:
Professional Stock & Inventory 
Business Services Systems & Services
£’000 £’000
Goodwill 178 833
During the year, the acquired goodwill was tested for impairment in accordance with IAS 36 on the basis of the relevant CGUs.
Following the impairment tests there has been no change to the carrying values. The recoverable amount of a CGU is
determined based on value-in-use calculations. These calculations use cash flow projections based on current business plans.
The key assumptions for the value-in-use calculations are those regarding revenue growth rates, discount rates and long-term
growth rates over a period of 10 years from the statement of financial position date. Management determined budgeted revenue
growth based on past performance and its expectations for the market development. Discount rates were determined using
post-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. Cash
flows beyond the five-year period are extrapolated using estimated long term growth rates obtained from HM Treasury for both
the UK and Continental Europe.
The revenue growth rate does not exceed the long-term average growth rate for the businesses in which the CGUs operate.
Professional Stock & Inventory 
Business Services Systems & Services
%%
Discount rates 5.0 5.0
Long-term growth rates 2.5 2.5
14. Intangible assets – other
Client instructions Software Total
Group £’000 £’000 £’000
Cost
At 1 January 2012 – 338 338
On acquisition (note 33) 256 – 256
Additions – 146 146
Disposals – (10) (10)
At 31 December 2012 256 474 730
Accumulated amortisation and impairment
At 1 January 2012 – 193 193
Charge for the year 86 30 116
Revaluation 29 – 29
Disposals – (10) (10)
Foreign currency translation effects –(1) (1)
At 31 December 2012 115 212 327
Net book amount at 31 December 2012 141 262 403
Notes to the consolidated financial statements continued
60 Christie Group Annual Report 2012 14. Intangible assets – other continued 
Software
Group £’000
Cost
At 1 January 2011 360
Additions 7
Disposals (30)
Foreign currency translation effects 1
At 31 December 2011 338
Accumulated amortisation and impairment
At 1 January 2011 176
Charge for the year 39
Disposals (30)
Foreign currency translation effects 8
At 31 December 2011 193
Net book amount at 31 December 2011 145
15. Property, plant and equipment
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
Cost 
At 1 January 2012 303 2,798 3,101
Additions – 1,072 1,072
Disposals – (146) (146)
Foreign currency translation effects – (14) (14)
At 31 December 2012 303 3,710 4,013
Accumulated depreciation
At 1 January 2012 303 2,192 2,495
Charge for the year – 432 432
Disposals – (135) (135)
Foreign currency translation effects – (11) (11)
At 31 December 2012 303 2,478 2,781
Net book amount at 31 December 2012 – 1,232 1,232
Christie Group Annual Report 2012 61 15. Property, plant and equipment continued 
Fixtures, fittings, 
Short leasehold computer equipment 
property and motor vehicles Total
Group £’000 £’000 £’000
At 1 January 2011 303 2,918 3,221
Additions –420 420
Disposals –(522) (522)
Foreign currency translation effects – (18) (18)
At 31 December 2011 303 2,798 3,101
Accumulated depreciation
At 1 January 2011 303 2,327 2,630
Charge for the year – 398 398
Disposals – (522) (522)
Foreign currency translation effects – (11) (11)
At 31 December 2011 303 2,192 2,495
Net book amount at 31 December 2011 –606 606
16. Deferred tax
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax
assets where it is probable that these assets will be recovered.
The movements in deferred tax assets (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12)
during the year are shown below. Deferred tax assets and liabilities are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net.
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Deferred tax assets comprises:
Decelerated capital allowances 744 802 – 1
Losses not yet utilised 726 822 251 363
Short-term timing differences 631 821 13 191
Deferred tax asset 2,101 2,445 264 555
Deferred tax asset on pension 371 594 13 71
At 31 December 2,472 3,039 277 626
Movements in the deferred tax asset:
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
At 1 January 3,039 3,425 626 569
(Charged)/ credited to statement of
comprehensive income (567) (386) (349) 57
At 31 December 2,472 3,039 277 626
Notes to the consolidated financial statements continued
62 Christie Group Annual Report 2012 16. Deferred tax continued 
Deferred tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit
through future taxable profits is considered probable. The deferred tax asset of £726,000 (2011: £822,000) relating to losses not
yet utilised is derived from unutilised tax losses of £3,156,000 (2011: £3,288,000). In considering the future probability that these
losses will be fully utilised, the directors make reference to i) the past performance of individual subsidiary entities and the
sectors and markets within which they operate as an indicator of future trading potential, particularly for those entities which
are more subject to cyclical economic factors, ii) the budgeted performance of each entity and its ability to trade profitably and
so utilise losses, iii) the medium and long term strategy for profit generation applicable to each entity and iv) the circumstances
which have given rise to the losses in the first instance. Where the directors are satisfied that these loss-making circumstances
no longer prevail and, having considered both previous actual and future anticipated performance, that the future profitability of
the operations from which the losses are derived will be sufficient to allow for the full utilisation of these losses, the directors
are satisfied that a deferred tax asset should be recognised accordingly.
The Group did not recognise deferred tax assets of £117,000 (2011: £131,000) in respect of losses amounting to £489,000
(2011: £524,000) that can be carried forward against future taxable income as the realisation of the benefit cannot be assessed
as probable as at 31 December 2012.
UK deferred tax assets have been recognised at the UK corporation tax rate of 23% effective from 1 April 2012.
The UK government has announced future changes to the Corporation tax rate. These changes will result in a decrease in the
standard rate of corporation tax to 23% in April 2013. If enacted, these changes will result in a further 2% reduction in April 2014
and a further 1% to a standard rate of 20% in April 2015. As at 31 December 2012 the substantively enacted rate remains at 23%
and in accordance with applicable accounting standards the deferred tax asset has been calculated using this rate. In the event
that the proposed rate change is substantively enacted the effect on the deferred tax asset of the Group would be a reduction of
up to £214,000 (Company: £23,000).
17. Investments in subsidiaries
Total
Company £’000
Cost
At 1 January 2012 and 31 December 2012 6,149
Provision for impairment
At 1 January 2012 and 31 December 2012 3,586
Net book amount at 31 December 2012 2,563
Total
Company £’000
Cost
At 1 January 2011 and 31 December 2011 6,149
Provision for impairment
At 1 January 2011 and 31 December 2011 3,586
Net book amount at 31 December 2011 2,563
Christie Group Annual Report 2012 63 17. Investments in subsidiaries continued 
Subsidiary undertakings
At 31 December 2012 the principal subsidiaries were as follows:
Company Country of incorporation Ownership Nature of business
Christie, Owen & Davies Ltd
(trading as Christie + Co)* UK 100% Business valuers, surveyors and agents
Orridge Business Sales Ltd UK 100% Business valuers and agents
Christie + Co SARL* France 100% Business valuers, surveyors and agents
Christie + Co GmbH* Germany 100% Business valuers, surveyors and agents
Christie, Owen & Davies SL* Spain 100% Business valuers, surveyors and agents
Christie + Co Oy* Finland 100% Business valuers, surveyors and agents
Christie + Co FZ LLC* Dubai 95% Business valuers, surveyors and agents
Christie + Co Austria* Austria 100% Business valuers, surveyors and agents
Pinders Professional &
Consultancy Services Ltd UK 100% Business appraisers
RCC Business Mortgage Brokers Ltd
(trading as Christie Finance) UK 100% Business mortgage brokers
RCC Insurance Brokers Ltd*
(trading as Christie Insurance) UK 100% Insurance brokers
Orridge & Co Ltd UK 100% Stocktaking and inventory management services
Ridgecop Limited* UK 100% Stocktaking and inventory management services
Venners Ltd UK 100% Licensed stock and inventory auditors and valuers
Venners Systems & Services Ltd
(trading as Vennersys) UK 100% EPoS, head office systems and merchandise control
Venners Systems & Services
Corporation* (trading as Vennersys) Canada 100% EPoS, head office systems and merchandise control
*The Company directly or indirectly owns ordinary share capital of each of the above companies. Those designated with an asterisk represent indirect ownership.
17a. Available-for-sale financial assets
Group Company
2012 2011 2012 2011
Non-current assets £’000 £’000 £’000 £’000
Cost
At 1 January 2012 and 31 December 2012 300 300 300 300
The available-for-sale financial assets are all denominated in sterling.
The available-for-sale financial asset represents an unquoted investment held at cost. The fair value of the asset cannot be
measured reliably as it is an unquoted equity investment. The asset is classified as a non-current available-for-sale asset by
virtue of its non-classification in any other asset category. There are no current plans to dispose of the asset and as such the
directors believe it appropriate to carry the asset at the lower of cost and fair value.
Notes to the consolidated financial statements continued
64 Christie Group Annual Report 2012 18. Other receivables
Group Company
2012 2011 2012 2011
Non-current assets £’000 £’000 £’000 £’000
Amounts due from group undertakings – – 8,199 6,842
Less: Provision for impairment of amounts due
from group undertakings – – (555) (571)
Other debtors 316 904 316 904
Other receivables 316 904 7,960 7,175
The Company’s non-current other receivables are denominated in sterling.
Amounts due from group undertakings represent loans due from subsidiaries which are repayable after more than one year .
Other debtors represent loans in respect of the Group’s share schemes repayable after more than one year, none of which are impaired.
19. Inventories
Group
2012 2011
£’000 £’000
Finished goods and goods for resale 1 1
20. Cash and cash equivalents
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Cash at bank and in hand 1,314 1,059 2 1
Cash, cash equivalents and bank overdrafts include the following for the purposes of the cashflow statement:
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Cash and cash equivalents 1,314 1,059 2 1
Bank overdrafts (note 26) (2,852) (2,068) (2,815) (1,917)
(1,538) (1,009) (2,813) (1,916)
The Group operates a centrally-controlled treasury function where the use of overdraft facilities is concentrated with the ultimate
parent company. As a result at 31 December 2012 the ultimate parent undertaking had utilised bank overdrafts to the value of
£2,815,000 (2011: £1,917,000).
Christie Group Annual Report 2012 65 21. Trade and other receivables
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Trade receivables 7,168 7,559 2 –
Less: provision for impairment of receivables (788) (929) – –
Amounts owed by group undertakings – – 2,207 1,979
Other debtors 1,385 1,754 261 869
Prepayments and accrued income 2,905 2,841 229 110
10,670 11,225 2,699 2,958
The fair values of trade and other receivables approximates to the carrying value as detailed above.
Movements on the Group’s provision for impairment of trade receivables are as follows:
Group
2012 2011
£’000 £’000
Provision at 1 January 929 1,101
Amounts provided in previous period not utilised (535) (793)
Provided in the period 516 701
Impairment of receivables recognised in the consolidated statement of comprehensive income (19) (92)
Amounts written off in the year (122) (75)
Foreign currency translation effects – (5)
Provision at 31 December 788 929
Amounts are written off when there is no expectation of recovering additional cash.
The following summary details trade receivables that are not overdue (where payment terms have not been exceeded) as well
as an analysis of overdue amounts and related provisions.
Group
2012 2011
£’000 £’000
Not overdue 3,428 3,127
Amounts past due:
< 1 month 1,838 2,004
1 – 3 months 861 914
3 – 6 months 482 621
6 – 12 months 177 455
> 1 year 382 438
Provision for impairment of trade receivables (788) (929)
Amounts past due but not impaired 2,952 3,503
Notes to the consolidated financial statements continued
66 Christie Group Annual Report 2012 21. Trade and other receivables continued 
The carrying value of trade receivables is reviewed and amounts not provided for are considered recoverable. Concentrations of
credit risk with respect to trade receivables are limited due to the Group’s customer base being large and diverse. Due to this,
management believe there is no further credit risk provision required in excess of the normal provision for doubtful receivables.
The carrying amounts of trade and other receivables are denominated in the following currencies:
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Sterling 9,528 9,902 2,699 2,958
Euros 1,066 1,182 – –
Canadian Dollars 49 112 – –
United Arab Emirates Dirhams 27 29 – –
10,670 11,225 2,699 2,958
22. Share capital
2012 2011
Ordinary shares of 2p each Number £’000 Number £’000
Allotted and fully paid:
At 1 January and 31 December 25,263,551 505 25,263,551 505
The Company has one class of ordinary shares which carry no right to fixed income.
Investment in own shares
The Group has established an Employee Share Ownership Plan (ESOP) trust in order to meet its future contingent obligations
under the Group’s share option schemes. The ESOP purchases shares in the market for distribution at a later date in
accordance with the terms of the Group’s share option schemes. The rights to dividends on the shares held have been waived.
At 31 December 2012 the total payments by the Company to the ESOP to finance the purchase of ordinary shares was
£2,421,000 (2011: £1,868,000). This figure is inclusive of shares purchased and subsequently issued to satisfy employee share
awards. The market value at 31 December 2012 of the ordinary shares held in the ESOP was £92,000 (2011: £302,000).
The investment in own shares represents 153,000 shares (2011: 483,000) with a nominal value of 2p each.
Christie Group Annual Report 2012 67 22. Share capital continued 
22a. Share based payments
Certain employees hold options to subscribe for shares in the Company at prices ranging from 39.5p to 251.5p under share
option schemes for the period from April 2003 – September 2012.
The remaining options outstanding under approved schemes (unapproved options marked *) at 31 December are shown below:
Number of shares
2012 2011 Option exercise price Date granted Option exercise period
35,000 35,000 47.5p Apr 2003 Apr 2006 – Apr 2013
12,000 12,000 46.5p Jun 2003 Jun 2006 – Jun 2013
3,000 3,000 100.0p Apr 2005 Apr 2008 – Apr 2015
6,000 9,000 130.5p Apr 2006 Apr 2009 – Apr 2016
3,000 3,000 251.5p Mar 2007 Mar 2010 – Mar 2017
20,000 20,000 39.5p May 2009 May 2012 – May 2019
685,634 715,634 45.0p May 2009 May 2012 – May 2019
16,000 16,000 45.0p Jun 2009 Jun 2012 – Jun 2019
140,000 140,000 57.5p Sep 2009 Sep 2012 – Sep 2019
85,000 94,000 46.5p May 2010 May 2013 – May 2020
81,000 84,000 58.5p Sep 2011 Sep 2014 – Sep 2021
61,000 – 67.0p May 2012 May 2015 – May 2022
162,000 – 67.5p Sep 2012 Sep 2015 – Sep 2022
1,309,634 1,131,634
Under the Share Option Scheme the Remuneration Committee can grant options over shares to employees of the Group. Options
are granted with a fixed exercise price equal to the market price of the shares under option at the date of grant. The contractual
life of an option is 10 years. Awards under the Share Option Scheme are generally reserved for employees at senior management
level and 143 employees are currently participating. The Company has made grants at least annually. Options granted under the
Share Option Scheme will become exercisable on the third anniversary of the date of grant. Exercise of an option is subject to
continued employment and achievement of a performance target, linked directly to Christie Group plc earnings per share (eps).
The Group also operates a Save As You Earn (SAYE) scheme which was introduced in 2002. Under the SAYE scheme eligible
employees can save up to £250 per month over a three or five year period and use the savings to exercise options granted between
59.5p to 202.0p. There were 561,000 (2011: 834,000) remaining options outstanding under the SAYE scheme at 31 December 2012.
Share options (including SAYE schemes) were valued using the Quoted Companies Alliance (QCA) share option valuer, which is
based on Black-Scholes. No performance conditions were included in the fair value calculations. The key assumptions used in
the calculations are as follows:
2012 2011
Share price at grant date 39.5p – 251.5p 39.5p – 251.5p
Exercise price 39.5p – 251.5p 39.5p – 251.5p
Expected volatility 33.7% – 78.3% 28.5% – 78.3%
Expected life (years) 3 – 5 years 3 – 5 years
Risk free rate 0.8% – 5.1% 1.4% – 5.1%
Dividend yield 0.0% – 3.7% 0.0% – 3.7%
Fair value per option 14.77p – 84.80p 10.35p – 84.80p
The expected volatility is based on historical volatility over the last 5 years. The expected life is the average expected period
to exercise. The risk free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the
assumed option life.
Notes to the consolidated financial statements continued
68 Christie Group Annual Report 2012 22. Share capital continued 
A reconciliation of share option movements (excluding SAYE schemes) over the year to 31 December is shown below:
2012 2011
Weighted average Weighted average
Number exercise price Number exercise price
Outstanding at 1 January 1,131,634 49.04p 1,122,967 49.83p
Granted 223,000 67.36p 84,000 58.50p
Forfeited or lapsed (45,000) 51.90p (59,000) 76.90p
Exercised –– ––
Surrendered –– ––
Expired –– (16,333) 51.02p
Outstanding at 31 December 1,309,634 52.06p 1,131,634 49.04p
Exercisable at 31 December 920,634 48.21p 62,000 71.77p
No share options were exercised during the year or prior year . The total charge for the year relating to employee share based
payment plans was £68,000 (2011: £72,000), all of which related to equity-settled share based payment transactions. The weighted
average remaining contractual life of share options outstanding at 31 December 2012 was 6.9 years (2011: 7.4 years).
23. Reserves
Capital Fair value  
Share Share based redemption and other Retained 
premium payments Own shares reserve reserves earnings
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2012 4,073 679 (1,077) 10 3,685 (2,493)
Movement in respect of employee share scheme – 68 935 – 1,003 (1,021)
Comprehensive income for the period ––––– 110
Dividends paid – – – – – (251)
At 31 December 2012 4,073 747 (142) 10 4,688 (3,655)
Capital Fair value  
Share Share based redemption and other Retained 
premium payments Own shares reserve reserves earnings
Group £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2011 4,073 607 (1,115) 10 3,575 (2,135)
Movement in respect of employee share scheme – 72 38 – 110 –
Comprehensive loss for the period – – – – – (114)
Dividends paid – – – – – (244)
At 31 December 2011 4,073 679 (1,077) 10 3,685 (2,493)
Christie Group Annual Report 2012 69 23. Reserves continued 
Capital Fair value 
Share Share based redemption Other and other Retained 
premium payments Own shares reserve reserves reserves earnings
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2012 4,073 5 (1,077) 10 89 3,100 3,436
Movement in respect of employee
share scheme – – 935 – – 935 (1,021)
Comprehensive losses for the period – – – – – – (313)
Dividends paid – – – – – – (251)
At 31 December 2012 4,073 5 (142) 10 89 4,035 1,851
Capital Fair value 
Share Share based redemption Other and other Retained 
premium payments Own shares reserve reserves reserves earnings
Company £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2011 4,073 4 (1,115) 10 89 3,061 3,950
Movement in respect of employee
share scheme – 1 38 – – 39 –
Comprehensive losses for the period – – – – – – (270)
Dividends paid – – – – – – (244)
At 31 December 2011 4,073 5 (1,077) 10 89 3,100 3,436
Share premium – The balance on the share premium reserve represents the amounts received in excess of the nominal value
of the ordinary shares.
Share based payments – The balance on the share based payments reserve represents the value of services provided in relation
to employee share ownership schemes.
Own shares – Own shares represents Company shares held in the Employee Share Ownership Plan (ESOP) to meet the future
requirements of employee share-based payment arrangements.
Capital redemption reserve – The balance on the capital redemption reserve represents the aggregate nominal value of all the
ordinary shares repurchased and cancelled.
24. Group retirement benefit obligations
The amounts recognised in the statement of financial position are determined as follows:
2012 2011
£’000 £’000
United Kingdom 1,613 2,376
United Kingdom
The Group operates two defined benefit schemes (closed to new members) providing pensions based on final pensionable pay.
The contributions are determined by qualified actuaries on the basis of triennial valuations using the projected unit method.
When a member retires, the pension and any spouse’s pension is either secured by an annuity contract or paid from the
managed fund. Assets of the schemes are reduced by the purchase price of any annuity purchase and the benefits no longer
regarded as liabilities of the scheme.
Notes to the consolidated financial statements continued
70 Christie Group Annual Report 2012 24. Group retirement benefit obligations continued 
The amounts recognised in the statement of financial position are determined as follows:
2012 2011
£’000 £’000
Present value of funded obligations 37,797 33,612
Fair value of plan assets (37,797) (33,277)
– 335
Present value of unfunded obligations 10,000 3,957
Unrecognised actuarial losses (8,387) (1,916)
Liability in the statement of financial position 1,613 2,376
The principal actuarial assumptions used were as follows:
2012 2011
% %
Discount rate 4.75 5.80
Inflation rate 2.80 3.50
Expected return on plan assets 6.20 – 6.50 6.20 – 7.60
Future salary increases 2.80 3.50
Future pension increases 2.50 – 3.50 2.50 – 3.50
Assumptions regarding future mortality experience are set based on advice from published statistics and experience.
The average life expectancy in years of a pensioner retiring at age 65 is as follows:
2012 2011
Years Years
Male 21.1 – 22.5 19.8 – 22.1
Female 22.6 – 24.8 22.7 – 23.9
The movement in the defined benefit obligation is as follows:
2012 2011
£’000 £’000
At 1 January 37,569 35,788
Interest cost 2,188 2,078
Current service cost 528 599
Benefits paid (605) (657)
Actuarial losses/(gains) on experience 750 (239)
Actuarial losses on assumption changes 7,367 –
At 31 December 47,797 37,569
Attributable to:
Present value of funded obligations 37,797 33,612
Present value of unfunded obligations 10,000 3,957
47,797 37,569
Christie Group Annual Report 2012 71 24. Group retirement benefit obligations continued 
The movement in the fair value of plan assets is as follows:
2012 2011
£’000 £’000
At 1 January 33,277 33,324
Expected return on plan assets 2,152 2,153
Employee Contributions 182 174
Employer Contributions 1,149 1,150
Benefits paid (605) (657)
Actuarial gains/(losses) 1,642 (2,867)
At 31 December 37,797 33,277
The amounts recognised in the statement of comprehensive income are as follows:
2012 2011
£’000 £’000
Current service cost 528 599
Interest cost 2,188 2,078
Expected return on plan assets (2,152) (2,153)
Net actuarial losses/(gains) recognised in the year 4 (46)
Total included in employee benefit expenses 568 478
The actual return on plan assets was a gain of £3,794,000 (2011: £714,000 loss).
Plan assets are comprised as follows:
2012 2011
Expected return Expected return
£’000 % £’000 %
Equity 26,490 6.50 – 7.00 22,500 6.90 – 7.60
Debt 4,837 6.50 – 7.00 5,412 7.50 – 7.60
Property 1,743 6.50 – 7.00 1,410 6.90 – 7.60
Other 4,727 2.50 – 6.50 3,955 4.40 – 7.60
37,797 6.50 33,277 6.20 – 7.60
The expected return on plan assets was determined by considering the expected returns available on the assets underlying the
current investment policy. Expected yields on fixed interest investments are based on gross redemption yields as at the
statement of financial position date. Expected returns on equity and property investments reflect long-term real rates of return
experienced in the respective markets.
Expected contributions to UK post retirement benefit schemes for the year ending 31 December 2013 are £1,355,000.
Notes to the consolidated financial statements continued
72 Christie Group Annual Report 2012 24. Group retirement benefit obligations continued 
History of experience adjustments:
2012 2011 2010 2009 2008
As at 31 December £’000 £’000 £’000 £’000 £’000
Present value of defined obligations 47,797 37,569 35,788 33,625 33,547
Fair value of plan assets (37,797) (33,277) (33,324) (29,348) (25,463)
Deficit 10,000 4,292 2,464 4,277 8,084
Experience adjustments on plan liabilities (750) 239 (202) 2,021 (1,182)
Experience adjustments on plan assets 1,642 (2,867) 1,643 2,009 (6,508)
Company
The statement of comprehensive income credit of £146,000 (2011: £33,000 charge) and statement of financial position liability of
£57,000 (2011: £286,000) recognised by the Company in relation to the Christie Group defined benefit scheme has been allocated
on the basis of actuary data. For the year ended 31 December 2012 contributions paid by the Company amounted to £80,000
(2011: £79,000).
25. Trade and other payables
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Trade payables 1,271 1,442 161 137
Amounts owed to group undertakings – – 3,787 3,514
Other taxes and social security 1,830 2,103 241 333
Other creditors 935 859 297 319
Accruals 3,407 2,534 229 148
Deferred income 604 1,327 – –
8,047 8,265 4,715 4,451
The carrying value of all amounts shown above corresponds to their fair value.
The carrying amounts of trade and other payables are denominated in the following currencies:
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Sterling 6,721 8,001 4,715 4,451
Euros 846 212 – –
Canadian Dollars 102 51 – –
United Arab Emirates Dirhams 378 1 – –
8,047 8,265 4,715 4,451
Christie Group Annual Report 2012 73 26. Borrowings
Group Company
2012 2011 2012 2011
Current £’000 £’000 £’000 £’000
Bank overdrafts 2,852 2,068 2,815 1,917
Invoice finance (secured against debtors) 588 1,023 – –
3,440 3,091 2,815 1,917
The Group is not subject to any contractual repricing.
The carrying amounts of current borrowings approximate to their fair value.
27. Provisions
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2012 138 1,952 424 2,514
Charged/(credited) to the statement of
comprehensive income
– Additional provision 36 361 77 474
Utilised during the year (58) – (54) (112)
At 31 December 2012 116 2,313 447 2,876
Vacant leasehold Long-term benefits 
provisions due to employees Dilapidations Total
£’000 £’000 £’000 £’000
At 1 January 2011 149 1,684 401 2,234
Charged/(credited) to the statement of
comprehensive income
– Additional provision 52 887 143 1,082
Utilised during the year (63) (619) (120) (802)
At 31 December 2011 138 1,952 424 2,514
2012 2011
Analysis of total provisions: £’000 £’000
Non-current 734 554
Current 2,142 1,960
2,876 2,514
a. Long-term benefits due to employees
Provisions for long-term benefits to employees comprise £258,000 for incentives in excess of one year’s duration. These are
determined in line with the projected unit credit method.
b. Dilapidations
Provision is held in respect of dilapidations arising on leasehold premises over the length of the lease in accordance with the
lease terms.
The non-current liabilities are estimated to be payable over periods from one to seven years.
Notes to the consolidated financial statements continued
74 Christie Group Annual Report 2012 27. Provisions continued 
c. Vacant leasehold provisions
Provisions are held for rental costs and related premises charges on leasehold commitments for excess or unutilised space, net
of expected income from anticipated sub-lease arrangements. All provisions are carried at present value after applying an
appropriate discount rate, and all non–current liabilities are estimated to be payable over periods from one to seven years.
28. Notes to the cash flow statement
Cash generated from/(used in) operations
Group Company
2012 2011 2012 2011
£’000 £’000 £’000 £’000
Profit/(loss) for the year after tax 70 (149) (313) (270)
Adjustments for:
– Taxation 390 386 70 (57)
– Finance costs/(credit) 115 103 (64) (70)
– Depreciation 432 398 – –
– Amortisation of intangible assets 116 39 – –
– Profit on sale of property, plant and equipment (11) – – –
– Foreign currency translation (29) (37) – 5
– Increase in provisions 362 280 – –
– Movement in share option charge 68 72 – –
– Movement in retirement benefit obligation (763) (846) (229) (49)
– Decrease in non-current other receivables 588 – – –
Changes in working capital (excluding the effects of 
exchange differences on consolidation):
– Decrease/(increase) in trade and other receivables 555 (1,691) (611) (1,585)
– (Decrease)/increase in trade and other payables (471) (462) 365 1,192
Cash generated from/(used in) operations 1,422 (1,907) (782) (834)
29. Reconciliation of movement in net debt
As at As at 
1 January 2012 Cash flow 31 December 2012
£’000 £’000 £’000
Cash and cash equivalents 1,059 255 1,314
Bank overdrafts (2,068) (784) (2,852)
(1,009) (529) (1,538)
Invoice finance (1,023) 435 (588)
Net debt (2,032) (94) (2,126)
Christie Group Annual Report 2012 75 30. Financial assets and liabilities
The carrying value of financial assets and liabilities, which are principally denominated in Sterling, Euros, Canadian dollars or
United Arab Emirate dirhams, were as follows:
Group Company
2012 2011 2012 2011
Assets £’000 £’000 £’000 £’000
Available-for-sale financial assets 300 300 300 300
Trade and other receivables 10,986 12,129 10,659 10,133
Cash and cash equivalents 1,314 1,059 2 1
12,600 13,488 10,961 10,434
Group Company
2012 2011 2012 2011
Liabilities £’000 £’000 £’000 £’000
Retirement benefit obligations 1,613 2,376 57 286
Provisions 2,876 2,514 – –
Trade and other payables 8,047 8,265 4,715 4,451
Borrowings 3,440 3,091 2,815 1,917
15,976 16,246 7,587 6,654
31. Commitments
Operating lease commitments
At 31 December 2012 the Group has lease agreements in respect of properties, vehicles, plant and equipment, for which the
payments extend over a number of years.
2012 2011
Vehicles and Vehicles and 
Property equipment Property equipment
£’000 £’000 £’000 £’000
Commitments under non-cancellable
operating leases due:
Within one year 1,201 628 867 589
Within two to five years 3,363 977 2,008 1,047
After five years 6,301 – 127 –
10,865 1,605 3,002 1,636
Operating lease payments represent:
• rentals payable by the Group for certain of its office properties. The leases have varying terms, break clauses and
renewal rights.
• rentals for vehicles and equipment under non-cancellable operating lease agreements.
The Group also sub-lets an element of office space in respect of certain property lease agreements. The future minimum
sublease payments expected to be received under non-cancellable subleases at the statement of financial position date was
£40,000 (2011: £111,000).
Notes to the consolidated financial statements continued
76 Christie Group Annual Report 2012 32. Contingent liabilities
In the ordinary course of business, claims arise in Group companies. In the opinion of the Directors, appropriate amounts have
been set aside in the individual companies within the Group in respect of liabilities which they may suffer as a result of the
resolution of these claims. As at 31 December 2012 no material unprovided contingent liabilities existed (2011: £nil).
33. Business combinations
Acquisitions in 2012
On 3 July 2012, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a further 5%
shareholding in the ordinary shares of Christie & Co FZ-LLC, taking the shareholding to 95%, for a consideration of 17,000 AED.
On 30 April 2012, Christie Owen and Davies Limited, a wholly owned subsidiary of Christie Group plc, completed the acquisition of
the entire issued share capital of Orridge Business Sales Limited, a company incorporated in England and Wales and trading in
the United Kingdom and whose principal activities are agents in the sale of pharmaceutical businesses. As at 31 December 2012
cash consideration had been paid for the net assets acquired following finalisation of the completion accounts. The following table
sets out details of the consideration to be paid in accordance with the share purchase agreement and the fair value of the assets
and liabilities acquired.
£’000
Tangible fixed assets 20
Trade and other receivables 21
Cash and cash equivalents 53
Trade and other payables (90)
Net assets 4
Intangible assets – client instructions 256
Goodwill –
Total consideration 260
To be satisfied by:
Cash consideration 4
Contingent consideration 256
260
The contingent consideration represents consideration payable which is equivalent to fifty per cent of all commissions received
from business sales and fifty per cent of all income received from valuations in relation to client instructions by Orridge
Business Sales Limited on or before 30 April 2012. The contingent consideration is to be satisfied in ordinary 2p shares of
Christie Group plc, to be purchased for this purpose at arms length terms from the available issued share capital of the
company, on the basis of the mid-market share price at the date of exchange (3 April 2012).
Revenue of £178,000 and operating profit of £37,000 were generated in the period since acquisition.
On a pro-rata basis this would have equated to full annual revenue of £267,000 and operating profit of £55,000. Were the
acquisition to have taken place on 1 January 2012 the consolidated revenue would have been £53,319,000 and operating profit
before exceptional items would be £1,382,000.
On 24 January 2012, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a 100%
shareholding in the ordinary shares of Christie & Co Austria GMBH, a newly incorporated company registered in Austria for
a consideration of €35,000.
Acquisition in 2011
On 7 March 2011, Christie & Co (Holdings) Limited, a wholly owned subsidiary of Christie Group plc, acquired a 90%
shareholding in the ordinary shares of Christie & Co FZ-LLC, a newly incorporated company registered with The Dubai
Technology and Media Free Zone Authority, for a consideration of 54,000 AED.
Christie Group Annual Report 2012 77 34. Related-party transactions
Group
There is no controlling interest in the Group’s shares.
The Group Executive Directors are considered to be the persons who have the authority and responsibility for planning, directing
and controlling the Group. Details of the remuneration of the Group Executive Directors is included in the Directors’
remuneration report on page 37, along with details on remuneration for Non-Executive directors.
Key management are those persons having authority and responsibility for planning, directing and controlling the activities of
the Group. In the opinion of the board, the company’s key management comprises the directors and information regarding their
emoluments stated in accordance with IFRS is set out below:
2012 2011
£’000 £’000
Directors’ remuneration per Directors’ report 1,449 1,223
Employers’ NI 183 155
Total Remuneration 1,632 1,378
2012 2011
£’000 £’000
Dividends paid to Directors 144 145
The Income Statement charge in respect of share options held by directors is £6,000 (2011: £9,000).
Company
Transactions with Group undertakings:
2012 2011
£’000 £’000
Provision of services 4,232 3,524
Purchase of services 761 878
Sales and purchases to group undertakings were carried out on commercial terms and conditions.
Year end balances arising from sales and provision of services to group undertakings are disclosed in Notes 18, 21 and 25.
See Note 18 for provisions against amounts due from group undertakings.
During the year the company was repaid a non-interest bearing short-term loan of £660,000 from Carmelite Property Limited,
a company incorporated in England and Wales, and jointly owned by The Christie Group Pension and Assurance Scheme,
The Venners Retirement Benefit Fund and The Fitzroy Square Pension Fund.
During the period rentals of £300,000 (2011:£nil) were paid to Carmelite Property Limited by Christie Group plc in accordance
with the terms of a long-term lease agreement.
Notes to the consolidated financial statements continued
78 Christie Group Annual Report 2012 35. Events after the reporting period
On 31 January 2013, Christie + Co FZ LLC, a 95% owned subsidiary of Christie Group plc, ceased trading following the Board’s
decision to voluntarily liquidate the operation.
On 1 February 2013, RCC Insurance Brokers plc, a wholly owned subsidiary of Christie Group plc, entered into a 5 year
outsourcing agreement for the management and administration of its insurance intermediary services. RCC Insurance Brokers
plc retains ownership of the Christie Insurance brand and under the agreement all customers shall remain customers of
RCC Insurance Brokers plc acknowledging that regulatory requirements may require the name of the counterparty to the
agreement to be disclosed as principal.
It is not possible at this time to quantify the precise financial effect of this agreement, as it dependent on the number of
insurance policies retained or incepted during the life of the outsource agreement upon which commissions are payable to
RCC Insurance Brokers plc. However, it is projected that the benefit of the royalty received will exceed the operating costs
of RCC Insurance Brokers plc and thus improve its financial performance going forward.
Christie Group Annual Report 2012 79 Consolidated statements of comprehensive income
2012 2011 2010 2009 2008
£’000 £’000 £’000 £’000 £’000
Revenue 56,144 53,290 48,905 47,067 63,422
Operating profit/(loss) before exceptional items 1,364 745 1,042 (3,654) (2,674)
Exceptional items (789) (405) – – (1,964)
Finance (costs)/ credit (115) (103) (103) (47) 65
Profit/(loss) on ordinary activities before tax 460 237 939 (3,701) (4,573)
Taxation (390) (386) 455 1,752 1,173
Profit/(loss) on ordinary activities after tax 70 (149) 1,394 (1,949) (3,400)
Non-Controlling interest 40 35 – – –
Profit/(loss) attributable to equity holders of the parent 110 (114) 1,394 (1,949) (3,400)
Earnings per share 
– basic 0.44p (0.46p) 5.64p (8.30p) (13.88p)
– basic before exceptional finance credit (net of tax) 0.43p (0.46p) 5.62p (8.30p) (13.88p)
Dividends per ordinary share (payable in respect of the year) 1.00p 0.50p 1.00p 0.00p 0.50p
The 2009 and 2008 results shown above are for continuing operations only.
Consolidated statement of financial position
2012 2011 2010 2009 2008
£’000 £’000 £’000 £’000 £’000
Non-current assets 5,734 6,005 6,415 6,457 5,951
Current assets 12,162 12,357 11,794 12,061 12,430
Non-current liabilities (734) (554) (2,093) (1,720) (1,751)
Current liabilities (13,629) (13,316) (10,438) (12,236) (10,554)
3,533 4,492 5,678 4,562 6,076
Retirement benefit obligations (1,613) (2,376) (3,222) (3,594) (3,225)
Net assets 1,920 2,116 2,456 968 2,851
Five-year record
80 Christie Group Annual Report 2012 Shareholder information
Company information
Investor and shareholder-related information can 
be found on our website at: www.christiegroup.com
Online copy
An electronic version of this annual report is available
on our website in the Investors/Reports section at:
www.christiegroup.com/cgroup/en/investors/reports
Financial calendar 
Annual General Meeting
Whitefriars House Friday 21 June 2013
6 Carmelite Street at 10.30am
London EC4Y 0BS
Announcements
Half-year results for 2013 September 2013
Preliminary full-year results for 2013 April 2014
Final dividend 2012
Ex-dividend 5 June 2013
Record date 7 June 2013
Payment date 5 July 2013
Dates are correct at the time of printing, but are subject
to change.
Registrars 
All administrative enquiries relating to shareholdings and
requests to receive corporate documents by e-mail should,
in the first instance, be directed to:
Capita Registrars
The Registry
34 Beckenham Road
Beckenham 
Kent
BR3 4TU
0871 664 0300 (calls cost 10 pence per minute plus network
extras. Lines are open from 8:30am to 5:30pm Mon – Fri)
from the UK and +44 (0) 20 8639 3399 from overseas.
shareholder .services@capitaregistrars.com
Shareholders who receive duplicate sets of company mailings
because they have multiple accounts should write to Capita
Registrars to have their accounts amalgamated.
Voting online and the shareholder portal –
www.capitashareportal.com
You will need your investor code, which can be found on your
share certificate(s) to register for the shareholder portal. 
Once you have registered, you can immediately:
•Cast your proxy vote online.
•Elect to receive shareholder communications electronically.
And, after you have activated your account, you can benefit
from a number of other online services:
•View your holding balance and indicative share price
and valuation.
•View transactions on your holding and dividend payments
you have received.
•Update your address or register a bank mandate instruction
to have dividends paid directly to your bank account.
• Access a wide range of shareholder information including
downloadable forms.
If you need any help with voting online, please contact the
Capita Registrars Shareholders Helpline, either:
• by phone on 0871 664 0391 from the UK (calls cost 10p per
minute plus network extras. Lines are open between
9am and 5:30pm, Monday – Friday) or from overseas on
+44 (0) 20 8639 3367; or
• by e-mail at shareholder .services@capitaregistrars.com
ShareGift
ShareGift is a charity share donation scheme for shareholders
who may wish to dispose of a small number of shares
where the market value makes it uneconomic to sell them
on a commission basis. The scheme is administered by
the Orr Mackintosh Foundation. For further information,
please contact the foundation: 020 7930 3737.
www.sharegift.org/donorinformation
Christie Group Annual Report 2012 81 Shareholder information continued
Unauthorised brokers (‘boiler room’ scams)
Shareholders are advised to be wary of any unsolicited advice,
offers to buy shares at a discount or offers of free company
reports. These are typically from overseas based ‘brokers’
who target UK shareholders offering to sell them what often
turns out to be worthless or high risk shares in US or UK
investments. These are commonly known as ‘boiler rooms’. 
If you receive any unsolicited investment advice:
•Make sure you get the correct name of the person 
and organisation.
•Check that they are properly authorised by the FSA before
getting involved. You can check at:
www.fsa.gov.uk/fsaregister
•Report the matter to the FSA by calling 0845 606 1234.
•If the calls persist, hang up.
Details of any share dealing facilities that Christie Group
endorses will only be included in company mailings.
Identity theft
Tips for protecting your shares in the company:
•Ensure all your certificates are kept in a safe place or hold
your shares electronically in CREST via a nominee.
•Keep correspondence from us and Capita in a safe place
and destroy any unwanted correspondence by shredding.
• If you change address, inform Capita in writing or update
your address online via the shareholder portal. If you receive
a letter from Capita regarding a change of address but have
not moved, please contact them immediately.
•Consider having your dividend paid directly into your bank.
This will reduce the risk of the cheque being intercepted or
lost in the post. If you change your bank account, inform
Capita of the details of your new account. You can do this by
post or online via the shareholder portal. 
•If you are buying or selling shares, only deal with brokers
registered and authorised to carry out that type of business.
•Be wary of phone calls or e-mails purporting to come from
us or Capita asking you to confirm personal details or
details of your investment in our shares. Neither we nor
Capita will ever ask you to provide information in this way.
82 Christie Group Annual Report 2012 Directory
Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7227 0707
E: executive@christiegroup.com
W: www.christiegroup.com
Christie + Co
Head Office &
London International
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7227 0700
E: enquiries@christie.com
W: www.christie.com and
www.christiecorporate.com
Austria – Vienna
Stallburggasse 2/3a
1010 Vienna
T: +43 (0) 1 / 8 90 53 57-0
E: vienna@christie.com
Finland – Helsinki
Tammasaarenlaituri 3
00180 Helsinki
T: +358 (0) 9 4137 8500
E: helsinki@christie.com
France – Paris
5 rue Meyerbeer
75009 Paris
T: +33 (0) 1 53 96 72 72
E: paris@christie.com
France – Lyon
Immeuble Danica B
21 avenue Georges Pompidou
69486 Lyon cedex 03
T: +33 (0) 4 72 91 30 50
E: lyon@christie.com
France – Marseille
35 cours Pierre Puget
13286 Marseille cedex 06
T: +33 (0) 4 91 29 12 40
E: marseille@christie.com
France – Rennes
Immeuble “Artemis”
Parc Monier
167 route de Lorient
35000 Rennes
T: +33 (0) 2 99 59 83 30
E: rennes@christie.com
Germany – Berlin
Kurfürstendamm 182
10707 Berlin
T: +49 (0) 30 / 20 00 96-0
E: berlin@christie.com
Germany – Frankfurt
Bockenheimer Landstraße 93
60325 Frankfurt am Main
T: +49 (0) 69 / 90 74 57-0
E: frankfurt@christie.com
Germany – Munich
Pfisterstraße 6
80331 Munich
T: +49 (0) 89 / 2 00 00 07-0
E: munich@christie.com
Ireland – Dublin
51a/51b Dawson Street
Dublin 2
T: +353 (0) 1 618 2000
E: dublin@christie.com
Poland – Warsaw
Plocka 10/23
01-231 Warsaw
T: +48 (0) 22 305 53 46
E: warsaw@christie.com
Spain – Barcelona
Paseo de Gracia 11
Escalera B, 4° 3ª
08007 Barcelona
T: +34 93 34 361 61
E: barcelona@christie.com
Birmingham
Edgbaston House
3 Duchess Place
Hagley Road
Birmingham B16 8NH
T: +44 (0) 121 456 1222
E: birmingham@christie.com
Bristol
Embassy House
Queens Avenue
Clifton
Bristol BS8 1SB
T: +44 (0) 117 946 8500
E: bristol@christie.com
Edinburgh
5 Logie Mill
Beaverbank Office Park
Logie Green Road
Edinburgh EH7 4HG
T: +44 (0) 131 557 6666
E: edinburgh@christie.com
Exeter
Kings Wharf
The Quay
Exeter EX2 4AN
T: +44 (0) 1392 285600
E: exeter@christie.com
Glasgow
120 Bath Street
Glasgow G2 2EN
T: +44 (0) 141 352 7300
E: glasgow@christie.com
Ipswich
Wolsey House
16-18 Princes Street
Ipswich IP1 1QT
T: +44 (0) 1473 256588
E: ipswich@christie.com
Leeds
Aquis House
Greek Street
Leeds LS1 5RU
T: +44 (0) 113 389 2700
E: leeds@christie.com
London
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 8370 3100
E: london@christie.com
Maidstone
Vaughan Chambers
4 Tonbridge Road
Maidstone ME16 8RP
T: +44 (0) 1622 656000
E: maidstone@christie.com
Christie Group Annual Report 2012 83 Directory continued
Manchester
Acresfield
St Ann's Square
Manchester M2 7HA
T: +44 (0) 161 833 3311
E: manchester@christie.com
Newcastle
Shakespeare House
18 Shakespeare Street
Newcastle upon Tyne NE1 6AQ
T: +44 (0) 191 222 1740
E: newcastle@christie.com
Nottingham
Suite 402, Bridlesmith House
38 Bridlesmith Gate
Nottingham NG1 2GQ
T: +44 (0) 115 948 3100
E: nottingham@christie.com
Winchester
Star Lane House
Staple Gardens
Winchester SO23 8SR
T: +44 (0) 1962 844455
E: winchester@christie.com
Christie Finance
The addresses are the same as
Christie + Co in each case:
Head Office
T: 020 7227 0774
E: enquiries@christiefinance.com
W: www.christiefinance.com
Birmingham
T: +44 (0) 121 452 3717
E: birmingham@christiefinance.com
Bristol
T: +44 (0) 117 946 8502
E: bristol@christiefinance.com
Edinburgh
T: +44 (0) 131 524 3417
E: edinburgh@christiefinance.com
Exeter
T: +44 (0) 1392 285612
E: exeter@christiefinance.com
Glasgow
T: +44 (0) 141 352 7305
E: glasgow@christiefinance.com
Ipswich
T: +44 (0) 1473 234905
E: ipswich@christiefinance.com
Leeds
T: +44 (0) 113 389 2714
E: leeds@christiefinance.com
London
T: +44 (0) 20 8370 3100
E: london@christiefinance.com
Maidstone
T: +44 (0) 1622 656006
E: maidstone@christiefinance.com
Manchester
T: +44 (0) 161 833 6901
E: manchester@christiefinance.com
Newcastle
T: +44 (0) 191 222 1740
E: newcastle@christiefinance.com
Nottingham
T: +44 (0) 115 945 4712
E: nottingham@christiefinance.com
Winchester
T: +44 (0) 1962 833818
E: winchester@christiefinance.com
Christie Insurance
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
T: +44 (0) 20 7448 8820
E: enquiries@christieinsurance.com
W: www.christieinsurance.com
Llantrisant
1st Floor, Unit 3
Magden Park
Green Meadow
Llantrisant CF72 8XL
T: +44 (0) 20 7448 8820
E: enquiries@christieinsurance.com
Orridge
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 775600
E: contact@orridge.co.uk
W: www.orridge.co.uk
Aldridge
Centre House
Court Parade
Aldridge WS9 8LT
T: +44 (0) 1922 472000
E: contact@orridge.co.uk
Europe
100 Avenue du Port
1000 Brussels
T: +32 (0) 26 46 25 47
E: contact@orridge.eu
W: www.orridge.eu
Germany Franchisee 
Inventory Service GmbH&Co. KG
Godesberger Allee 189
53175 Bonn
T: +49 (0) 228 / 88 60 65-40
E: sales@orridge.de
W: www.orridge.de
Pinders
Pinder House
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350500
E: info@pinders.co.uk
W: www.pinders.co.uk and
www.pinderpack.com
Venners
Essex House
Astra Centre
Edinburgh Way
Harlow CM20 2BN
T: +44 (0) 1279 620820
E: enquiries@venners.co.uk
W: www.venners.co.uk
Vennersys
249 Upper Third Street
Milton Keynes MK9 1DS
T: +44 (0) 1908 350650
E: contact@vennersys.com
W: www.vennersys.co.uk
North America
200 – 1920 Yonge Street
Toronto, Ontario
Canada M4S 3E2
T: +1 416 572 7784
E: contact@vennersys.ca
W: www.vennersys.ca
84 Christie Group Annual Report 2012 Designed and produced by fourthquarter
The paper used in this document contains
materials sourced from responsibly
managed and sustainable commercial
forests, certified in accordance with the
FSC
®
(Forest Stewardship Council). Christie Group plc
Whitefriars House
6 Carmelite Street
London EC4Y 0BS
United Kingdom
T: +44 (0) 20 7227 0707
F: +44 (0) 20 7227 0708
E: executive@christiegroup.com
www.christiegroup.com