Annual Report and Accounts For the Year Ending September 2005
Brewin Dolphin Holdings PLC                                                                                                                                                                                                                                                             Annual Report and Accounts 2005
apages fc.bc.ifc.ibc.spine:apages fc.bc.ifc.ibc  30/12/05  11:15 am  Page 2 apages fc.bc.ifc.ibc.spine:apages fc.bc.ifc.ibc  30/12/05  11:15 am  Page 3 Brewin Dolphin Holdings PLC Page 1
Annual Report and Accounts For the year ending September 2005
Contents
Highlights 2
Directors, Secretary and Officers 4
Chairman’s Statement 5
Chief Executive’s Report 6
Financial Review 8
Directors’ Report 9
Corporate Governance 12
Directors’ Remuneration Report 16
Statement of Directors’ Responsibilities 21
Independent Auditors’ Report
to the Members of Brewin Dolphin Holdings PLC 22
Consolidated Profit and Loss Account 23
Consolidated Statement of Total Recognised 
Gains and Losses 24
Consolidated Balance Sheet as at 30 September 2005 25
Company Balance Sheet as at 30 September 2005 26
Consolidated Cash Flow Statement 27
Notes to the Accounts 28
Five Year Record 45
Funds at 30 September 2005 46
Shareholders as at 10 November 2005 47
Preliminary IFRS Financial Information 48
Independent Auditors’ Report to the Board of
Directors of Brewin Dolphin Holdings PLC 
on the Preliminary IFRS Financial Information 57
Directors’ Biographies 58
Notice of Meeting 60
Electronic Proxy Appointment through CREST 61
Branch Address List 62
pp 01-07:pp 01-07  30/12/05  11:15 am  Page 1 • Total income £145 million (2004 : £121 million)
• Discretionary funds were £6.9 billion at 30 September 2005 
(2004 : £5.6 billion)
• Profit before tax, exceptional item and goodwill amortisation
£24.7 million (2004 : £16.1 million)
2005
2004
2005
2004
2005
2004
Page 2 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Highlights
pp 01-07:pp 01-07  30/12/05  11:15 am  Page 2 • Profit before tax £13.0 milllion (2004 : £11.3 million)
• Total dividend 4.5p (2004 : 3.5p) per share
• Diluted earnings per share before exceptional item and goodwill
amortisation 8.3p (2004 : 5.6p). Basic earnings per share before
exceptional item and goodwill amortisation 8.7p (2004 : 5.7p). Diluted
earnings per share after exceptional item and goodwill amortisation 3.9p
(2004 : 3.4p). Basic earnings per share 4.1p (2004 : 3.5p)
2005
2004
2005
2004
Brewin Dolphin Holdings PLC Page 3
Annual Report and Accounts For the year ending September 2005
Highlights
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Annual Report and Accounts For the year ending September 2005
Directors, Secretary And Officers
Directors (including Committee Membership)
Jamie Graham Matheson Executive Chairman from 24 May 2005
William Nicholas Hood, CBE (i) (n) (r) (a) Senior Independent Director and Deputy
Chairman from 24 May 2005
Professor Sir Frederick Holliday, CBE, DSc, FRSE (i) Chairman until 24 May 2005, retired as a
Director 30 September 2005
John Peirs Hall Chief Executive
Robin Alec Bayford, FCA Finance Director
Vikram Lall, CBE, CA (ii) (n)
Christopher David Legge (n)
Simon Edward Callum Miller (i) (n) (r) (a) Appointed 27 October 2005
Ian Benjamin Speke 
Simon Jonathan Henry Still Chief Operating Officer 
Michael John Ross Williams
Francis Edward (Jock) Worsley, OBE, FCA (i) (n) (r) (a) 
(i) Independent, Non-Executive Director
(ii) Non-Executive Director 
(n) Member of the Nomination Committee
(r) Member of the Remuneration Committee
(a) Member of the Audit Committee 
Secretary Angela Wright, ACCA
Registered Office 5 Giltspur Street
London EC1A 9BD
Telephone 020 7248 4400
Registered in England and Wales number 2685806
Web Sites www.brewindolphin.co.uk
www.stocktrade.co.uk
Officers and Advisors
Stockbrokers
Bridgewell
Old Change House 
128 Queen Victoria Street 
London EC4V 4BJ
Principal Bankers
Bank of Scotland
New Uberior House
11 Earl Grey Street
Edinburgh EH3 9BN
Auditors
Deloitte & Touche LLP
Stonecutter Court
1 Stonecutter Street
London EC4A 4TR
Registrars
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex BN99 6DA
Solicitors
S J Berwin & Co
222 Grays Inn Road
London WC1X 8HB
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Annual Report and Accounts For the year ending September 2005
It is my great privilege and pleasure to be writing my first
annual statement as your Chairman. I became Chairman
at the end of May, two-thirds of the way through our year
and succeeded Sir Fred Holliday to whom I would like to
pay particular thanks for his sterling work. He held office
during an important period in our Company’s history and
his reasoned and thoughtful execution of his duties was
invaluable. I wish Sir Fred a happy and well deserved
retirement. 
The year under review has seen our Group return 
a robust performance in terms of both revenue and profits
growth. This has been achieved across our two main
income streams of Private Client Investment
Management and Corporate Broking. There have been 
a number of significant developments during the year
including the opening of our office in Belfast in February
2005. This marks our first venture in Ireland and the
progress made to date is most satisfactory. We were also
very pleased to have added Corporate Broking services to
our office in Birmingham. In addition we have recruited
five new teams to other locations throughout the Group.
A major part of our strength is our extensive branch
network and our emphasis that clients have both freedom
of choice and the ability to communicate directly with the
individual manager who looks after them.
Since becoming your Chairman I have visited each one of
our 34 branches and three operational centres and
without exception I have seen the dedication and team
spirit that prevails throughout. This is, of course, of
enormous importance as our people are our most
valuable asset without whom we would not be able to look
after our clients and the interests of our Shareholders. 
We operate in an environment where the impact of
regulation is significant both in terms of costs and
management time. Your Group remains committed to the
attainment of the highest standards of business practice
and is very conscious of the need to meet, if not exceed,
the requirements of the Financial Services Authority. At
the same time we share the widely held view that
regulation must be constructed and executed in a manner
that is sensible, practical and relevant. To this end we are
committed to working closely with the Regulator and
Government at various levels.
We operate in a market place that is sensitive to events
that may take place across the globe. Against that
background it is not easy or appropriate to make
short-term predictions about our markets but it remains
very much your Company’s objective to achieve steady
growth and returns for Shareholders.
What has been achieved in the year under review is due to
the exceptional hard work of my colleagues all around the
Group and the continued loyalty of our clients to whom I
must express sincere thanks. Since the year end we have
welcomed Simon Miller as a Non-Executive Director of
the Company, his considerable City experience will be
invaluable to the Board. He, John Hall, our Chief
Executive, with whom I am working very closely in the
transitionary period prior to his retirement, Robin Bayford,
our Finance Director and Vikram Lall who has given many
successful years to our corporate finance side, will be
standing for election or re-election at the 28 February
2006 Annual General Meeting. I commend their many and
varied talents to you.
Your Company is firmly committed to pursuing the
achievement of another good performance for the 
year ahead.
Jamie Matheson
30 November 2005
Chairman’s Statement
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Annual Report and Accounts For the year ending September 2005
It is always a pleasure to report on a good set of figures
and that is certainly the case for the Group for the year
ended 30 September 2005. The market background
against which we have been operating during those twelve
months has been relatively benign although it did not
always appear that this would be the case.
For the year ended 30 September 2005 your Group’s
profits before tax, before an exceptional item covered later
in this report, and before goodwill amortisation,
amounted to £24.7m against £16.1m in 2004 an increase
of 53%. Fully diluted earnings per share calculated on the
same basis were 8.3p against 5.6p in 2004, an increase of
48%, whilst basic earnings per share, again before an
exceptional item and goodwill amortisation, were 8.7p
against 5.7p, an increase of 53%. Basic earnings were
4.1p per share against 3.5p per share after taking into
account the exceptional item and goodwill amortisation,
still an increase of 17%.
We have continued our past practice of paying dividends in
April and October. On 27 September 2005 we announced a
second interim dividend of 2.5p (2004: 2p) making a total
of 4.5p against 3.5p in 2004, an increase of 29%. We
propose announcing the first interim payment for 2006 at
our AGM on Tuesday 28 February 2006.
When the full Statutory Accounts are published it will be
seen we have anticipated the requirement to prepare
consolidated financial statements under the new
International Financial Reporting Standards and prepared
a report showing the effect of these on our 2005 Results
and Balance Sheet. These Standards may change;
however, applying these in their current state, there would
be no change to earnings per share before goodwill
amortisation and an increase in unadjusted earnings per
share due to the removal of goodwill amortisation. The
restated Balance Sheet will show a reduction in net
assets, from £89 million to £77 million, this is primarily
due to the recognition of pension liabilities. For regulatory
purposes, the effect on our capital will not be significant.
The exceptional item referred to above includes the £5m
contribution made to Fund Distribution Limited for the
benefit of those who lost money in Zero Dividend
Investment Trust shares. The exceptional charge has been
taken to the profit and loss account, plus other directly
attributable costs, less recoveries to date. We do not
believe that any further provision for Split Capital
liabilities is required.
Investment Management
2005 2005 2004 2004
Total Operating Total Operating
Income Profit Income Profit
£000’s £000’s £000’s £000’s
Discretionary portfolio 
management 69,165 9,541 52,593 5,477
Advisory portfolio 
management 61,243 7,741 55,896 5,376
130,408 108,489
Operating profit before
taxation, goodwill
amortisation and
exceptional item 17,282 10,853
The value of discretionary funds under management on
30 September 2005 had risen to £6.9bn compared with a
figure of £5.6bn a year earlier, an increase of 23%. We are
particularly pleased with this increase, as can be seen
from the figures above; discretionary fund management is
the most profitable part of our business. Putting a single
aggregate transaction through the market and the office
is far more efficient, and there is no doubt that being able
to react to market situations quickly enables us to obtain
a better overall return for our discretionary clients and we
continue to recommend this service to our clients.
Advisory fund management, however, continues to be a
very important area for us and the value of funds under
advisory management in our nominee or sponsored
member account has risen to £6.7bn compared to £5.8bn
a year ago. Many trusts and other long established clients
make use of this service. In addition a number of our new
clients take it as a starting point and clients pay a basic
annual fee.
Chief Executive’s Report
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Annual Report and Accounts For the year ending September 2005
Stocktrade has enjoyed another successful year. The
strategy to concentrate on alliances and corporate clients
has again proved its worth with the number of companies,
to which we provide dealing services, rising above 120
with 37 of those currently in the FTSE 100. We are also
well positioned to take advantage of the increase in
activity within SIPPs, providing execution only dealing
services to the leading SIPP Administrators.
We had anticipated that the PEP/ISA business could come
under pressure as a result of the reduction in the tax
advantages which it enjoys, but we are pleased to report
that withdrawals have been more than offset by new
business transferred in. The fee income has risen to
reflect the increase in the general level of the market.
Over the past twelve months we have strengthened our
Financial Planning Division to enable us to provide the
broadest range of financial advice covering not just
investment but also financial planning, inheritance tax
planning, school fee schemes and pensions advice. Last
year we recruited a further eight financial consultants and
we now have thirty-eight fully qualified consultants who
are based in twelve offices around the country. From there
they can easily visit our other branches and arrange
meetings with clients wherever they are based. We plan to
develop this aspect of our coverage in the coming year.
We opened a branch in Belfast at the end of February
2005. It is trading under the name of Bell Lawrie reflecting
the close links between Northern Ireland and our Scottish
offices. I am pleased to report that it has made a very good
start building a significant client base, we have seven
investment advisers in the branch and we expect it to be a
significant contributor to Group profits in future years.
In London we have welcomed a number of new
investment advisers and also a direct marketing team
which specialises in pensions advice, particularly
important with the approach of ‘A’ day next April. The
latter manage portfolios in conjunction with our well
established and successful model portfolio, or
alternatively with one of our investment managers on our
usual bespoke lines.
Corporate Broking
2005 2005 2004 2004
Total Operating Total Operating
Income Profit Income Profit
£000’s £000’s £000’s £000’s
14,252 12,915
Operating profit before
taxation, goodwill
amortisation and
exceptional item 2,840 2,026
Revenues in our Corporate Broking Divisions overall rose
by 10% and there was a gratifying improvement in
margins. The year made a quiet start but momentum
gathered pace significantly in the second half and is
continuing.
During the year we opened a new Corporate Finance
branch in Birmingham which has made an encouraging
start. Additional investment has been made in improving
systems and in recruiting new staff. We have continued to
gain market share through the acquisition of new
corporate clients.
Conclusion
I cannot conclude without thanking all our staff for their
immense effort in achieving this excellent set of figures as
well as our clients for their continued loyal support. The
year has started well and providing markets remain at
current levels or continue to advance steadily, as we are
presently forecasting, then we can expect good progress
from your Group over the coming year.
John Hall
30 November 2005
Chief Executive’s Report
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Annual Report and Accounts For the year ending September 2005
Business Overview
The Brewin Dolphin Group has one principal operating
Company, Brewin Dolphin Securities Limited, which is
regulated by the Financial Services Authority. 
Trading 
2005 saw the continuation of the strong recovery started
in 2004. 
Dividend
The improvement in profitability enabled the Board to
increase the total dividend paid in the year to 4.5p 
(2004: 3.5p).
Cash Flow and Capital Expenditure
2005 saw a small cash inflow after a substantial increase
in capital expenditure in relation to computer systems. In
total, capital expenditure, including expenditure on long
term investment, was £6.6m up from £2.6m in 2004.
Capital Structure, Treasury Policy and 
Capital Requirement
At 30 September 2005 the Group had net assets excluding
goodwill of £51m (2004: £47m), representing the Group’s
capital for regulatory purposes. These net assets were
largely represented by net cash of £50m (2004: £50m) at
the year end, including £12m (2004: £12m) of client
settlement money. For regulatory purposes the Group
needs to maintain a net asset surplus so that it can always
meet its liabilities. The new International Financial
Reporting Standards (“IFRS”), and new capital adequacy
requirements will mean a number of changes to the
calculations required. These have been worked through in
detail and it is anticipated that the Group’s capital will on
today’s figures not be less than 175% of the requirement. 
The Group’s treasury policy remains straightforward. It
has no borrowings, and maintains substantially all its
cash with the Bank of Scotland, part of HBOS, where
substantially all client cash is also deposited. HBOS has
one of the highest credit ratings of the major UK clearers.
This policy means we take no material liquidity risk.
Currency risk is normally insignificant with all
transactions matched on a bargain by bargain basis, see
note 22 to the accounts for further details.
International Financial Reporting Standards (IFRS)
The Directors have looked into the necessary adjustments
to bring the Group’s accounts onto an IFRS basis as is
required for the year to 30 September 2006. These
adjustments, and the required new accounting policies,
are set out on pages 48 to 56.
The preliminary IFRS financial information set out on
pages 49 to 56 has been audited by our auditors, who have
reported to the Directors. A copy of the auditors report to
the Directors is provided on page 57.
Going Concern
After making appropriate enquiries, the Directors have
formed a judgement that there is a reasonable
expectation that the Company and the Group have
adequate resources to continue in operational existence
for the foreseeable future. For this reason, they continue
to adopt the going concern basis in preparing the financial
statements.
Robin Bayford
Finance Director
30 November 2005
Financial Review
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Annual Report and Accounts For the year ending September 2005
The Directors present their report and the audited
accounts for the 53 week period ended 30 September
2005. The comparative figures are for the 52 week period
to 24 September 2004.
Principal Activity
The principal activity of the Group is that of a private client
fund manager. The principal activity of the Company is
that of a holding company.
Review of the Business and its 
Future Development
The business and its future development are reviewed in
the Chief Executive’s Report on page 6. 
Results and Dividend
The results of the Group are set out in detail on page 23.
The Group paid two interim dividends during the year, as
detailed in note 9 to the accounts. It is the Directors’
current intention to maintain a similar dividend pattern in
the year 2005/2006. No final dividend will be declared.
This policy will be put forward for approval at the Annual
General Meeting.
Share Capital
Movements in the Company’s share capital are set out in
note 18 to the accounts.
Directors
The Directors are listed on page 4. Biographies of the
Directors are given on page 58. 
Directors’ Interests in Shares 
and Substantial Shareholdings
The interests of the Directors in the shares of the
Company are set out on page 47 and in the Directors’
Remuneration Report on page 18. The interests of
substantial shareholders are set out on page 47.
Political and Charitable Donations
The Group made no political donations during the 
period (2004: £nil). Charitable donations of £46,000 
(2004: £28,000) were made.
Annual General Meeting
Notice of the Annual General Meeting is set out on
pages 60 to 61. Information relating to certain of the
resolutions is given or referred to in the notes forming
part of the notice.
Employees
The average number of persons, including Directors,
employed by the Group and their remuneration, is set out
in note 3 to the accounts.
Employment Policies
Brewin Dolphin recognise that our staff are vital to the
continued success of the Company.
Staff are encouraged to identify with, and to become
involved with, the financial performance of the Group and
service to clients by extensive profit sharing and bonus
arrangements. In addition, the employees own over 28%
of the Group.
Communication
Communication to our staff is essential. Staff are kept
informed of key issues affecting them, and the Group, by:
intranet; quarterly Group meetings around the country,
which include question and answer sessions; and email
where appropriate. In addition, management accounts are
widely distributed.
Training & Development
The Group has a substantial training department to
ensure continued learning, growth and development for
all. Each member of staff completes an assessment of
Continued Professional Development twice a year, which
is monitored to ensure continued development and
growth. Each member of staff must participate in an
annual development review. This review will highlight any
training requirements of the individual to assist their
career progression. From this review our training
department will structure tailored training programmes
to meet the individual’s needs. Training is both actively
encouraged and supported by the Board.
Directors’ Report
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Annual Report and Accounts For the year ending September 2005
Equal Opportunities
It is the policy of the Group to provide equal opportunities
in employment irrespective of colour, race, nationality,
ethnic or national origin, sex, mental or physical
disabilities, marital status or sexual preference. For staff
who may have a disability, the Company ensures that
procedures and equipment are in place to aid them. 
For the purposes of training, career development and
promotion, all staff are treated in the same way.
Benefits
The Company is proud of the attractive benefits available
to staff. All staff are allowed to participate in our interest
free loan facility in respect of an annual season ticket for
travelling to and from work. In addition, all staff have the
option of joining our private medical insurance scheme. 
The Company offers a flexible benefits package for senior
staff which includes permanent health insurance and a
company car facility. 
The Company recognises the need for an equal work/life
balance for staff which not only improves morale within
the Group, but helps to retain staff.
We are proud to report that staff turnover is very low.
Employee Assistance Programme
The Company provides a confidential 24 hour helpline
available to all staff as we are aware that from time to
time staff may need advice on issues on matters such as
employment, personal, financial or legal.
Pension
The Group has a normal retirement age of 65. In
recognition of retirement, all permanent staff are invited
to join the senior staff pension scheme after successful
completion of their probation period. Other than those
staff participating in our flexible benefits package,
members of the senior staff pension scheme receive a
generous employer contribution of 6% into the scheme.
Mrs Linda Cartwright is the Group’s Personnel Director. 
Charitable Fundraising
During the last year our Branches have organised a great
number of fundraising events for local and national
charities raising over £110,000 between them. The
Company has contributed in cash and in kind to all these
events, which have ranged from marathon running to
parachute jumping. Branches have been involved in
coastal cleaning projects and saving dolphins and many of
our Divisional Directors provide pro bono director and
trustee services to local charities and hospices. Towards
the end of the year a Stocktrade colleague set off to row
the Atlantic single handedly, aiming to raise £100,000 for
charity.
Sponsorship
In addition to these fundraising activities the Company
also sponsors a number of sporting and charitable events
around the country, including the Bell Lawrie Scottish
Series sailing competition, an event organised by Clyde
Cruising Club whose aim is to promote sailing, including
sailing for the disabled. The Bell Lawrie division also
sponsors the Scottish Schools Cup which encourages
rugby for children in all schools throughout Scotland.
Brewin Dolphin received an Arts & Business Award for
sponsoring the Arts in the South West of England.
Community Policy
Two of your Directors are presently High Sheriffs. Ben
Speke and Simon Still are High Sheriffs of
Northumberland and Durham, respectively. The office is
voluntary, independent and non-political and they are
both particularly active in promoting the reduction of
crime and the development of an anti-crime culture
among young people in these areas. The Wise Speke
division was involved in the start up of the Newcastle
Young Professionals Forum which now has over 1,000
members in the North East and this year raised £16,000
for charity. Throughout the Company we have a policy of
providing work experience placements for students in
many branches, for a number of weeks each, per annum. 
Directors’ Report
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Annual Report and Accounts For the year ending September 2005
Creditor Payment Policy
It is the Group’s policy to settle all of its trading
transactions on the agreed settlement date; this policy
extends to other trade creditors, which are normally paid
within 30 days. On average, creditors were paid within ten
days in 2005 and 2004.
Environmental and Ethical Matters
In the Ethical sector, the Company acts as nominated
stockbroker to Cafedirect, Traidcraft and The Ethical
Property Company and is helping to promote share
ownership of fair trade businesses around the UK.
The Group makes every effort to reduce its environmental
footprint. It has reduced the use of paper by encouraging
electronic communication both to and from its clients by
the use of the internet and internally by the widespread
use of the intranet. 
Simon Still is the Director responsible for environmental
matters. The Board have considered areas where there
may be environmental risk from direct actions by the
Group. This risk is considered to be minimal, as in all
cases the Group’s offices are located in large towns and
its activities are desk based. The Group’s major suppliers
are UK based and mainly provide market data and
computer hardware and software. Simon Still ensures
that appropriate environmental considerations are
considered when a new supplier is chosen. Overseas
labour or call centres are not used.
While the Group’s overall investment policy is solely
concerned with obtaining the best return for clients, it is
our policy to construct portfolios, which take into account
the personal preferences of our clients in relation to
ethical and environmental matters.
We have a specialist Ethical Investment Service. In
providing this service we have enlisted the help of EIRIS,
who since 1983 have been helping investors, choose
shares on ethical grounds.
There are three levels of service provided:
• Ethical Collection – a fund-based approach for
investors wishing to spread their risk. In this service
the principal investments are unit or investment
trusts investing in ethical companies. The emphasis
of each may be different and the service is designed
to provide an indication of the thrust of the principal
investments available and their respective historical
performance. This is a discretionary service option.
• Ethical Emphasis – a facility for investors wishing to
avoid the negative criteria, or even encourage the
positive ethical contribution, of a particular sector
or invest within their broader investment portfolio,
without necessarily impacting on all of their
investments – an ethical “pick and mix”. In this
service we have established a number of
benchmark criteria for measuring the positive or
negative ethical impact of specific sectors, thereby
creating a “black” or “white” list for the purposes of
investment selection. This service can either be run
on a discretionary or advisory basis.
• Ethical Concentration – a customised, in-depth
service for clients with detailed ethical
requirements and whose portfolios need to be
constructed or screened with reference to specific
and detailed ethical criteria. In this instance an
in-depth questionnaire is completed by the client at
the outset. As implied, this service allows individual
clients to effectively set their own ethical criteria, to
which the fund manager will always refer when
selecting the individual investments in the 
clients’ portfolio. This option is only available as a
discretionary service.
Auditors
A resolution to re-appoint Deloitte & Touche LLP as the
Company’s auditors will be proposed at the forthcoming
Annual General Meeting.
By order of the Board
Angela Wright
Secretary
30 November 2005
Directors’ Report
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Annual Report and Accounts For the year ending September 2005
The Directors are committed to a high standard of
corporate governance and to compliance with the best
practice provisions of the Combined Code on corporate
governance published in July 2003 by the Financial
Reporting Council (“the Combined Code”). This statement
explains how the Group has applied the principles of good
governance contained therein. 
The Board
Throughout the year the Board had eleven members,
comprising seven Executive Directors and four Non-
Executive Directors. All the Non-Executive Directors are
regarded as independent save for Vikram Lall who was an
Executive Director until December 2003. Biographies of
all the Directors are presented on page 58. One third of
the Board is re-elected each year . Sir Fred Holliday retired
from the Board on 30 September 2005. Simon Miller
joined the Board as a Non-Executive Director on
27 October 2005.
The Board maintains a schedule of matters reserved for
the Board which was updated and approved in October
2005. The specific responsibilities retained by the Board
include: establishing Group strategy and approving the
annual budget; reviewing the Group’s operational and
financial performance; approving major acquisitions,
divestments and capital expenditure; reviewing the
Group’s systems of control and risk management;
approving appointments to the Board and the Company
Secretary; approving policies relating to Directors’
remuneration and the severance of Directors’ contracts;
and ensuring that a reasonable discourse occurs with
shareholders.
The Board met ten times during the course of the year. All
meetings were attended by all Directors save that Messrs
Williams, Hood and Holliday missed one board meeting
each. 
The Non-Executive Directors meet with the
Chairman/Chief Executive prior to most Board meetings.
On four occasions during the year the Non-Executives met
on their own.
New Directors receive an appropriate briefing when they
first join the Board. And at least once a year the whole
board attends a training seminar; in 2005 there were two
training sessions covering systems and regulation.
Executive members of the Board have to date been
appointed from within the Group and have served on the
Brewin Dolphin Securities Limited Board prior to
appointment.
Appointment of an Executive Chairman
The Board and the Nomination Committee have for some
time been considering Board succession. The Board felt
that it was very important that there should be a smooth
seamless transfer of responsibility from the Chief
Executive on his retirement, and especially that 45 years
of experience built up by John Hall should not be wasted
but passed on. 
The model of having a Non-Executive Chairman and a
Chief Executive was first adopted by the Group when 85%
of the shares were owned by members of staff and there
were venture capital loans to the Group, with the
Chairman being appointed by the venture capitalists. 
The Board considered whether this model was still
appropriate at a time when 29% of the Group was owned
by staff and the next largest holder owned 7% of the
Company. The Board considered that its main asset was
its employees and that it was essential that they should
feel that they had direct access to the Chairman who
should have detailed knowledge of the industry. 
The Group has always prided itself on its flat management
style and low overheads. Until the appointment of the
Executive Chairman only the Chief Executive, Finance
Director and Chief Operations Officer were involved in
day-to-day management of the Group. The other
Executive Directors main role remained that of looking
after clients.
This structure and the strong representation of fund
managers on the Board is attractive to new teams joining
the Group.
Corporate Governance
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 12 Brewin Dolphin Holdings PLC Page 13
Annual Report and Accounts For the year ending September 2005
It is noteworthy that a number of other similar Financial
Services companies, where there is a substantial staff
holding in the company, have executive chairmen.
It was therefore determined to appoint an Executive
Chairman, and a Non-Executive Deputy Chairman. In
November 2004 Sir Fred Holliday stood down from the
Nomination Committee and Christopher Legge and
Vikram Lall were appointed to the Committee.
The Nomination Committee met and interviewed four
internal candidates for the post of Executive Chairman.
Jamie Matheson was appointed Executive Chairman on
24 May 2005 and Sir Fred Holliday stood down as
Non-Executive Chairman. To facilitate a smooth handover
he did not retire from the Board until 30 September 2005.
Jamie Matheson is not considered to be an Independent
Director. Extensive consultation was carried out with
shareholders on his appointment.
Jamie Matheson is working closely with John Hall over
the transition period until John’s retirement and has
already visited all the Group’s branches.
Until 24 May 2005 there was a clear division of
responsibility between the Non-Executive Chairman and
the Chief Executive, which ensured that there was a
balance of power and authority. Following the
appointment of Jamie Matheson the Chief Executive and
Executive Chairman are working closely together over the
transition period.
There is a clear division of duties between the Executive
Chairman and the Non-Executive Deputy Chairman, with
written terms of reference. This ensures that there is a
clear balance of power and authority.
Jamie Matheson is a Non-Executive Director of AIM
VCT2 plc.
Committees of the Board
The Board has three standing committees: the
Nomination Committee; the Audit Committee and the
Remuneration Committee. These committees have
written terms of reference, which were last reviewed in
October 2005 and approved by the Board. Membership of
the committees is set out on page 4. The terms of
reference of the Committees can be obtained from the
Company Secretary. Sight of all Directors’ contracts, 
or, in the case of Non-Executive Directors, letters of
appointment, can be obtained via the Company Secretary.
Remuneration Committee
The Remuneration Committee is chaired by Nick Hood.
The Chief Executive, by invitation, attended the
Remuneration Committee meetings held in the year for
part of its deliberations. There were two meetings of the
Remuneration Committee during the year attended by all
the Independent Non-Executive Directors.
Audit Committee
Jock Worsley took over as Chairman of the Audit
Committee from Sir Fred Holliday in January 2005 and
increased the number of meetings from two per annum to
four. Two meetings are primarily focused on reports from
the external auditors and two with reports from the
internal auditors and setting and monitoring the internal
auditors’ work programme for the year. 
Reports are received from the Compliance Officer and
Head of Internal Audit four times a year. Reports are
received from external auditors twice a year. The Group’s
results are reviewed twice a year.
The Finance Director, Chief Operating Officer, Compliance
Officer, Head of Internal Audit and the Company Secretary
normally attend all Audit Committees at the Committee’s
request; as does Vikram Lall for those meetings which
consider the Group’s results.
The Committee is able to call on other professional
advisers, when necessary, to carry out special projects.
The external auditors meet privately with the Audit
Committee at least twice a year without senior
management being present. One member of the Audit
Committee has recent relevant financial experience. 
Corporate Governance
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 13 Page 14 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
During the period under review the Committee met four
times and was fully attended by all its members save that
Nick Hood missed one meeting. 
Nomination Committee
Nick Hood took over the Chair of the Nomination
Committee from Sir Fred Holliday in November 2004. The
Nomination Committee met formally once to appoint the
Executive Chairman but during the lengthy process
outlined above there were a number of informal meetings.
Company Secretary
The Company Secretary is appointed by the Board as a
whole and is responsible for good information flows within
the Board and its Committees. The Company Secretary is
responsible for advising the Board on all governance
matters.
Insurance
The Company has arranged appropriate insurance cover
in respect of litigation against the Directors.
Board Evaluation
The Board has conducted a formal evaluation of its
performance in 2004/5 with each Director expressing his
views to the Chairman and the Chairman reporting these
results to the Board. Formal development reviews were
carried out on all Executive Directors by the Chief
Executive during 2005 in accordance with the Group’s
normal internal procedures.
The Group’s internal procedures for development reviews
were updated in September 2005 and will be applied to all
Directors for the year to 31 December 2005 with the
Chairman carrying out the reviews and the Independent
Directors reviewing the Chairman.
Relationship with Shareholders
The Company places a great deal of importance on
communication with shareholders and aims to keep
shareholders informed by regular communication. The
Group’s website is kept up-to-date covering all corporate
activity. Half-yearly reports, written on the Group by Equity
Development Limited, are available to all shareholders on
the Web at www.equity-development.co.uk. The Company
welcomes all shareholders to its AGM with the opportunity
to ask questions formally at the meeting, or more
informally afterwards. The Company’s policy is to announce
the number of proxy votes cast on resolutions at the AGM.
Auditors’ Independence
The Board uses the auditors solely for audit and related
activities. The sum paid to the auditors for non audit work
in 2005 relates mainly to the costs of an income tax and
dividend audit carried out at the request of the United
States Tax Authorities.
Another major accountancy firm carries out tax advisory
and similar work. The auditors were changed in 2001. It is
the Board’s policy to review formally the appointment of
auditors every six years.
Internal Control
The Board undertakes a full review of all aspects of the
Group’s business, identifies the main risks to the
business, and identifies the key controls to counter these
risks. Day-to-day review and monitoring has been
delegated to the Risk and Controls Committee of Brewin
Dolphin Securities Limited (BDS), which includes the
Group’s Chief Executive, the Finance Director, the Chief
Operating Officer, the Group Compliance Officer, Head of
Internal Audit and two further compliance personnel. This
Committee meets weekly.
The Compliance Department and Internal Audit carry out
continuous reviews. The Board considers reputational
risk, portfolio performance and the added risk of taking on
new teams and business streams. The level of complaints
is carefully monitored.
The Directors are responsible for the system of internal
control established by the Group, reviewing its
effectiveness and reporting to the shareholders that they
have done so. They report as follows:-
i) There is an ongoing process for identifying,
evaluating and managing the significant risks faced
by the Group as outlined above. This has been in
Corporate Governance
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 14 Brewin Dolphin Holdings PLC Page 15
Annual Report and Accounts For the year ending September 2005
place for the period under review and up to the date
of approval of the annual report and accounts. It is
regularly reviewed by the Board and accords with
the guidance in the Combined Code. Any system of
internal control is designed to manage rather than
to eliminate the risk of failure to achieve business
objectives, and can provide only reasonable, and not
absolute, assurance against material misstatement
or loss.
ii) Financial results, key operating statistics and
controls are reported to the Board monthly, and
variances are followed up vigorously. Monthly
reports are received from the compliance and
internal audit functions.
iii) The Directors have reviewed the Group’s system of
internal controls and compliance monitoring and
believe that these provide assurance that problems
have been identified on a timely basis and dealt with
appropriately throughout the period under review
and up to the date of approval of the annual report
and accounts.
Compliance with the Combined Code
The Directors consider that they have complied with the
provisions of section 1 of the Combined Code throughout
the period ended 30 September 2005. 
Angela Wright 
Secretary
30 November 2005
Corporate Governance
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 15 Page 16 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
The members of the Remuneration Committee are: 
William Nicholas Hood CBE (Chairman)
Francis Edward (Jock) Worsley OBE, FCA 
Simon Edward Callum Miller (appointed 27 October 2005)
The Remuneration Committee consists solely of
Independent Non-Executive Directors. None of the
Committee members has any personal financial interests
(other than as shareholders), conflicts of interest arising
from cross Directorships or day-to-day involvement in
running the business. The Chief Executive and Executive
Chairman attend part of the meetings of the Committee
but not when their own remuneration is discussed. The
Finance Director provides factual and statistical
information to the Committee, which in turn can call for
external reports and assistance.
Policy on Remuneration of Executive Directors 
The remuneration of Jamie Matheson, the Executive
Chairman from 24 May 2005, John Hall, the Chief
Executive, Robin Bayford, Finance Director, and Simon
Still, Chief Operating Officer, is awarded by reference to
the performance of the Group and their contribution to
enhancing future growth. The Remuneration Committee
reviews the basic salaries of these Directors together with
their profit participation, based on a number of factors
including work undertaken and comparable salaries. 
In assessing all aspects of pay and benefits, the
Remuneration Committee compares packages offered by
similar fund management companies. These companies
are chosen having regard to: 
i. the size of the Company – its turnover and numbers
of employees; and
ii. its growth pattern.
The Remuneration Committee also compares these
salaries to the remuneration of other senior employees
within the Group including the other Executive Directors.
The working of this policy can be seen in the table below
so that all Directors are remunerated within the same
framework.
The Committee determines the other Executive Directors’
basic salaries but their profit participation is determined
solely by reference to their own team’s performance on
strict formulae in line with other fund managers or
corporate financiers within the Group. Teams normally
share at 30% to 40% of profit after paying a full
contribution to Group overheads. The members of the
team, depending on individual performance, determine
the split of profit share within the team. The profit share
percentage can rise to 45% on the margin or be as little as
20% depending on pre determined formulae based on
total team salary.
Directors’ Remuneration Report
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 16 Directors’ Remuneration Report
Executive Directors’ main pension entitlement is via a defined contribution scheme. The following Directors were also in the
Brewin Dolphin Securities Limited Staff Scheme, their entitlement under the Scheme being as follows:-
(Audited) Transfer value
of increase in
Transfer value Change in accrued pension
Accrued Transfer value of accrued transfer value entitlement at
pension Increase of accrued pension over year 30 September
entitlement at in accrued pension at entitlement at less members’ 2005
30 September pension 30 September 24 September contributions less members’
2005* in period* 2005 2004 made contributions**
£000’s £000’s £000’s £000’s £000’s £000’s
J.P. Hall 10 1 159 131 26 5
R.A. Bayford 3 1 27 23 4 –
C.D. Legge 10 1 133 109 21 4
V. Lall 7 1877015 4
J.G. Matheson 4 1 37 31 6 –
S.J.H. Still 2 1 17 15 3 –
I.B. Speke 3 1 29 24 4 –
M.J.R. Williams 10 1 108 88 18 3
* including and excluding inflation
** excluding inflation
The movement in Executive Directors’ remuneration in 2005 reflects the incidence of Group and team performance and is
set out below:-
(Audited) Profit Basic
Salary share Pension
and Benefits Profit taken as contri- Total Total
fees in kind share Pension Total butions 2005 2004
£000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s
Executives
remunerated on the results of the Group
J.P. Hall 174 2 – 338 514 32 546 357
R.A. Bayford 143 2 125 141 411 24 435 268
S.J.H. Still 133 2 100 113 348 15 363 224
remunerated on their own profit centres results
C.D. Legge 98 2 146 – 246 48 294 241
J.G. Matheson 122 2 225 85 434 29 463 214
I.B. Speke 88 2 116 33 239 23 262 242
M.J.R. Williams 103 2 143 56 304 20 324 288
Non-Executives
Sir Fred Holliday 107* – – – 107 – 107 50
Nick Hood 29 – – – 29 – 29 26
Vikram Lall 27 – – – 27 – 27 45
Jock Worsley 27 – – – 27 – 27 25
Total 1,051 14 855 766 2,686 191 2,877 1,980
Total 2004 933 15 668 166 1,782 198 1,980
* Includes £50,000 paid on leaving.
Brewin Dolphin Holdings PLC Page 17
Annual Report and Accounts For the year ending September 2005
Directors’ Remuneration Report
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 17 Page 18 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Shareholder Information
Directors’ shareholdings are as follows as at 30 September 2005 and 24 September 2004:
(see also page 47)
2005 2004
Directors Fully paid Fully paid
J.P.  Hall 3,358,932 3,358,932
R.A. Bayford 779,441 779,441
Sir Fred Holliday 4,200 4,200
W.N. Hood 25,000 15,000
V. Lall 552,347 552,347
C.D. Legge 2,567,948 2,567,948
J.G. Matheson 460,029 460,029
I.B. Speke 352,622 432,622
S.J.H. Still 4,330 4,330
M.J.R. Williams 1,452,153 1,452,153
Jock Worsley 10,000 10,000
9,567,002 9,637,002
In addition Simon Still has the following shares, nil paid, issued under the Senior Employee Matching Share Purchase
Scheme (see below for details of Scheme):
Last date
they could 
No. Price be called
60,753 82.3p December 2010
24,752 101p May 2012 
Share Options (Audited)
The Directors’ options under the Group Approved Share Save Scheme are set out below: 
December 2004 December 2003 December 2002 June 2000
@ 81.6p @ 66.4p @ 30p @ 134p
exercisable up to exercisable up to exercisable up to exercisable up to
June 2009 June 2008 June 2007 December 2007
J.P.Hall 2,229 2,611 – 1,611
R.A.Bayford – 2,611 3,654 –
C.D.Legge – – – 1,755
J.G.Matheson 2,229 2,611 1,752 –
S.J.H.Still 2,229 2,611 – –
I.B.Speke – – 7,665 –
M.J.R.Williams 2,229 – – –
All the options were held throughout the year save for the options issued in December 2004.
Directors’ Remuneration Report
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 18 Mr Still also has the following options:-
(Audited) Value over Value over 
exercise price exercise price
at end at start
Exercise of period of period
Exercise period price No. £ £
The Senior Employee Matching 
Share Purchase Scheme December 2007 to
December 2010 82.3p 60,753 29,880 –
May 2009 to 
May 2012 101p 24,752 7,549 –
The Unapproved Share Option Scheme March 2008 to 
March 2013 33.5p 100,000 98,000 43,500
The Approved Share Option Scheme June 2006 to 
June 2011 139p 21,582 – –
All the above options were held throughout the year save for those exercisable in May 2009 to May 2012 which were granted
in May 2005. 
Mr I.B. Speke has 17,500 options exercisable under the Group’s Approved Option Scheme at 167.5p (nil value at year end).
These options may be exercised at any time up to June 2010.
Mr I.B. Speke and Mr J. Matheson have interest free loans under the Company’s share purchase schemes, amounting to
£69,000 and £10,000 respectively. These loans were granted prior to their becoming Directors of the Company and are
secured on the Company’s shares.
Brewin Dolphin Holdings PLC Page 19
Annual Report and Accounts For the year ending September 2005
Terms of the Option Schemes (Audited)
The Group’s two approved employee option schemes were
adopted in 1994 and 2004 respectively and the Share-Save
Scheme in April 1998. An unapproved option scheme 
was adopted in 1999 though to date only 100,000 options
have been granted under this scheme. The approved and
unapproved option schemes have the same performance
criteria, namely that the year on year growth in annual fee
income charged on portfolios shall not be less than 10%
per annum compound or a 33% increase in annual fees
over a three year period. Under the above schemes the
number of options over ordinary shares may not exceed
10% of the Company’s ordinary share capital over a ten
year period. The approved and unapproved options are
exercisable from five to ten years from grant. The
Share-Save Scheme options are exercisable from three to
five years of grant. It is the current intention of the
Directors not to issue more shares under the Share-Save
Scheme thus reducing the limit to 5% over ten years 
over time.
The Senior Employee Matching Share Purchase Scheme is
additional to the above schemes and allows a further 5%
issue of options over a ten year period, provided that a
similar number of shares are subscribed for by senior
executives at the price the options are issued at. These
shares are issued nil paid but have to be subscribed for at
the earlier of the exercise of the matching option, the sale
of the shares, the employee leaving the Group, or after
seven years. The options can be exercised within four to
seven years. There are two strict performance criteria for
the options to be exercised involving both the executive
team’s profitability and Group earnings per share exceeding
the growth in the retail price index by 4% compound and 2%
compound respectively. This is a criteria thought to be
realistic but not easy to achieve. This formulae recognises
that the Group operates in a cyclical business but the
compound rate of return means that the hurdle increases
over time if the decision to exercise is not taken at the first
opportunity which would not be encouraged as the
incentive is seen to be long term and matched by an equal
commitment with considerable risk by the employee. 
Directors’ Remuneration Report
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 19 Policy on Remuneration of Other Senior Executives 
The Remuneration Committee has to approve any change
to profit share schemes throughout the Group. These
schemes are progressively geared on set formulae
depending on the nature of the business undertaken.
Performance Graph
The graph below shows the Company’s total shareholder
return (TSR) against that of the FTSE 350 Speciality and
Other Finance Index, which is the sector in which the
Company is included. TSR is calculated assuming
dividends are reinvested on receipt.
Share Price
At 30 September 2005 the Company’s share price was
131.5p (2004 : 77p). The highest price in the year was 148p
and the lowest 77p.
Information Subject to Audit
The information on pages 17 to 19 has been subject to
audit as indicated, and as required by The Directors’
Remuneration Report Regulations 2002.
Annual General Meeting (AGM)
The Board will move at the AGM an ordinary resolution
seeking approval of the Directors’ Remuneration Report
for 2005. Notice of the AGM is on pages 60 to 61.
Nick Hood
30 November 2005
BREWIN DOLPHIN – TOT RETURN IND
FTSE 350 SPECIALITY & OTHER FINC. – TOT RETURN IND
2000 2001 2002 2003 2004 2005
Source: DATASTREAM
120
100
80
60
40
0
5 / 1 0 / 0 5
Page 20 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Policy on External Appointments
The Group encourages external appointments at senior
level. Directors’ fees arising from external appointments
are either paid to the Group or taken into account in
assessing the overall executives’ remuneration package.
Group Policy on Contracts of Service
All senior executives including Executive Directors have
substantially identical six-month rolling contracts. There
are no exceptional termination provisions for Directors.
All contracts include six-month garden leave clauses,
which are vigorously enforced. If Directors were allowed to
leave without going on garden leave within the six-month
notice period the normal policy would be to only pay them
for the period worked. Profit share is never paid to any
member of staff who has indicated that they will be
leaving except in the case of ill health or retirement when
exceptions can be made.
The commencement date of the executive contracts are
as follows: -
J.P. Hall January 2000
R.A.Bayford January 2000
C.D. Legge January 2000
J.G. Matheson November 2003
I.B. Speke August 1998
S.J.H. Still January 2001
M.J.R. Williams March 2000
Non-Executive Directors’ Remuneration
The Board determines the level of Non-Executive fees.
Non-Executive Directors have three year letters of
engagement.
Material Contracts with Directors
Other than the loans set out above, there were no material
contracts between the Group and the Directors. The
Directors undertake transactions in stocks and shares in
the ordinary course of the Group’s business for their own
account. The transactions are not material to the Group in
the context of its operations. £Nil was outstanding in
respect of these transactions at 30 September 2005 and
24 September 2004. 
Directors’ Remuneration Report
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 20 Statement of Directors’ Responsibilities
Brewin Dolphin Holdings PLC Page 21
Annual Report and Accounts For the year ending September 2005
United Kingdom company law requires the Directors to
prepare financial statements for each financial year,
which give a true and fair view of the state of affairs of the
Company and the Group as at the end of the financial
period and of the profit or loss of the Group for that period.
In preparing those financial statements, the Directors are
required to:
• select suitable accounting policies and then apply
them consistently; 
• make judgements and estimates that are
reasonable and prudent;
• state whether applicable accounting standards have
been followed; and
• prepare the financial statements on the going
concern basis unless it is inappropriate to presume
that the Company and the Group will continue in
business.
The Directors are responsible for keeping proper
accounting records which disclose with reasonable
accuracy at any time the financial position of the Company
and the Group and to enable them to ensure that the
financial statements comply with the Companies Act
1985. They are also responsible for the system of internal
control, for safeguarding the assets of the Company and
the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities. 
Statement of Directors’ Responsibilities
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 21 Page 22 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
To the Members of Brewin Dolphin Holdings PLC
We have audited the financial statements of Brewin Dolphin
Holdings PLC for the 53 week period ended 30 September 2005,
which comprise the consolidated profit and loss account, the
consolidated statement of total recognised gains and losses, the
consolidated and company balance sheets, the consolidated cash
flow statement, and the related notes 1 to 24. These financial
statements have been prepared under the accounting policies set
out therein. We have also audited the information in the parts of
the Directors’ remuneration report that are described as having
been audited.
This report is made solely to the company’s members, as a body,
in accordance with section 235 of the Companies Act 1985. Our
audit work has been undertaken so that we might state to the
company’s members those matters we are required to state to
them in an auditors’ report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the
company’s members as a body, for our audit work, for this report,
or for the opinions we have formed.  
Respective responsibilities of Directors and auditors
As described in the statement of Directors’ responsibilities, the
company’s Directors are responsible for the preparation of the
financial statements in accordance with applicable United Kingdom
law and accounting standards. They are also responsible for the
preparation of the other information contained in the annual report
including the Directors’ remuneration report. Our responsibility is to
audit the financial statements and the parts of the Directors’
remuneration report described as having been audited in
accordance with relevant United Kingdom legal and regulatory
requirements and auditing standards.
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements and parts of the Directors’ remuneration report
described as being audited have been properly prepared in
accordance with the Companies Act 1985. We also report if, in our
opinion, the Directors’ report is not consistent with the financial
statements, if the Company has not kept proper accounting
records, if we have not received all the information and
explanations we require for our audit, or if information specified
by law regarding Directors’ remuneration and transactions with
the company and other members of the group is not disclosed.
We also report to you, if in our opinion, the company has not
complied with any of the four directors’ remuneration disclosure
requirements specified for our review by the Listing Rules of the
Financial Services Authority. These comprise the amount of each
element in the remuneration package and information on share
options, details of long term incentive schemes, and money
purchase and defined benefit schemes. We give a statement, to
the extent possible, of details of any non-compliance.
We review whether the corporate governance statement reflects
the company’s compliance with the nine provisions of the July
2003 FRC Combined Code specified for our review by the listing
rules of the Financial Services Authority, and we report if it does
not. We are not required to consider whether the board’s
statements on internal control cover all risks and controls, or
form an opinion on the effectiveness of the Group’s corporate
governance procedures or its risk and control procedures.
We read the Directors’ report and the other information contained
in the annual report for the above year as described in the
contents section including the un-audited parts of the Directors’
remuneration report and consider the implications for our report
if we become aware of any apparent misstatements or material
inconsistencies with the financial statements.
Basis of audit opinion 
We conducted our audit in accordance with United Kingdom
auditing standards issued by the Auditing Practices Board. 
An audit includes examination, on a test basis, of evidence
relevant to the amounts and disclosures in the financial
statements and the parts of the Directors’ remuneration report
described as having been audited. It also includes an assessment
of the significant estimates and judgements made by the
Directors in the preparation of the financial statements and of
whether the accounting policies are appropriate to the
circumstances of the company and the group, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable
assurance that the financial statements and the parts of the
Directors’ remuneration report described as having been audited
are free from material misstatement, whether caused by fraud or
other irregularity or error. In forming our opinion, we also
evaluated the overall adequacy of the presentation of information
in the financial statements and the parts of the Directors’
remuneration report described as having been audited. 
Opinion
In our opinion the financial statements give a true and fair view of
the state of affairs of the company and the group as at
30 September 2005 and of the profit of the group for the 53 week
period then ended, and the financial statements and those parts
of the Directors’ remuneration report described as having been
audited have been properly prepared in accordance with the
Companies Act 1985.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
London
30 November 2005
Independent Auditors’ Report
pp 08-22:pp 08-22  30/12/05  11:16 am  Page 22 Brewin Dolphin Holdings PLC Page 23
Annual Report and Accounts For the year ending September 2005
2005 2004
53 Weeks 52 Weeks
Continuing Continuing
operations operations
Total Total
Note £000’s £000’s
Turnover 1 136,563 113,007
Other operating income 1 8,097 8,397
Total Income 2 144,660 121,404
Staff costs 3 (78,470) (62,252)
Other operating costs (57,741) (51,112)
(136,211) (113,364)
Operating Profit 8,449 8,040
Dividend receivable 221 128
Other interest receivable and similar income 4,334 3,148
Interest payable and similar charges 4 (15) (42)
Profit on ordinary activities before 
goodwill amortisation and exceptional item 24,662 16,113
Exceptional item 5 (6,831) –
Goodwill amortisation 6 (4,842) (4,839)
Profit on ordinary activities before taxation 2&6 12,989 11,274
Tax on profit on ordinary activities 7 (4,938) (4,510)
Profit on ordinary activities after taxation 8 8,051 6,764
Equity dividends 9 (8,841) (6,843)
(790) (79)
Earnings per share
Basic 10 4.1p 3.5p
Diluted 10 3.9p 3.4p
Excluding goodwill amortisation and exceptional item
Basic 10 8.7p 5.7p
Diluted 10 8.3p 5.6p
The notes on pages 28 to 44 form an integral part of these accounts.
Consolidated Profit and Loss Account
for the 53 weeks to 30 September 2005 (52 weeks to 24 September 2004)
pp 23-27:pp 23-26  30/12/05  11:16 am  Page 23 Page 24 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
2005 2004
53 Weeks 52 Weeks
Note £000’s £000’s
Profit on ordinary activities after taxation 8,051 6,764
Revaluation of investments 13 1,144 7,069
Total recognised gains and losses for the period 9,195 13,833
The notes on pages 28 to 44 form an integral part of these accounts.
Consolidated Statement of Total Recognised 
Gains and Losses
For the 53 weeks to 30 September 2005 (52 weeks to 24 September 2004)
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Annual Report and Accounts For the year ending September 2005
2005 2004
Note £000’s £000’s
Fixed assets
Intangible assets 11 38,782 38,589
Tangible assets 12 9,168 7,208
Investments 13 8,954 7,500
56,904 53,297
Current assets
Investments 14 1,227 298
Debtors 15 234,781 200,374
Cash 16 50,392 50,701
286,400 251,373
Creditors: amounts falling due within one year 17 (253,943) (219,424)
Net current assets 32,457 31,949
Total assets less current liabilities 89,361 85,246
Capital and reserves
Called up share capital 18&20 1,965 1,955
Shares to be issued including premium 19&20 6,000 3,400
Share premium account 20 79,287 79,081
Revaluation reserve 20 8,213 7,069
Merger reserve 20 4,562 3,929
Profit and loss account 20 (10,666) (10,188)
Equity shareholders’ funds 20 89,361 85,246
Approved by the Board of Directors on 30 November 2005 and signed on its behalf by:-
J.P. Hall
Directors
R.A. Bayford
The notes on pages 28 to 44 form an integral part of these accounts.
Consolidated Balance Sheet
as at 30 September 2005 (24 September 2004)
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Annual Report and Accounts For the year ending September 2005
2005 2004
Note £000’s £000’s
Fixed assets
Investments 13 108,622 106,334
108,622 106,334
Current assets
Debtors 15 6,476 3,023
Cash 16 19 –
6,495 3,023
Creditors: amounts falling due within one year 17 (12,365) (11,362)
Net current liabilities (5,870) (8,339)
Total assets less current liabilities 102,752 97,995
Capital and reserves
Called up share capital 18&20 1,965 1,955
Shares to be issued including premium 19&20 6,000 3,400
Share premium account 20 79,287 79,081
Merger reserve 20 4,847 4,214
Profit and loss account 20 10,653 9,345
Equity shareholders’ funds 20 102,752 97,995
Approved by the Board of Directors on 30 November 2005 and signed on its behalf by:-
J.P. Hall
Directors
R.A. Bayford
The notes on pages 28 to 44 form an integral part of these accounts.
Company Balance Sheet
as at 30 September 2005 (24 September 2004)
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Annual Report and Accounts For the year ending September 2005
2005 2004
53 weeks 52 weeks
Note £000’s £000’s
Net cash inflow from operating activities (see below) 17,866 32,079
Return on investments and servicing of finance 4,540 3,234
Taxation (6,110) (4,402)
Capital expenditure 12 (6,291) (2,600)
Acquisitions 11 (1,483) (445)
Purchase of fixed asset investments 13 (310) –
Equity dividends paid 9 (7,837) (4,846)
Inflow before financing 375 23,020
Financing (see below) 210 949
Increase in cash in the period 585 23,969
Notes to the cash flow statement
Reconciliation of operating profit to operating cash flow
Operating profit 8,449 8,040
Depreciation and amortisation 9,154 9,281
(Increase)/decrease in current asset investments (929) 76
Increase in debtors (33,827) (47,451)
Increase in creditors 35,019 63,952
Decrease in provisions – (1,819)
Net cash inflow from operating activities 17,866 32,079
Financing
Issue of shares for cash 210 949
210 949
Reconciliation of net cash flow to movement in net funds
Increase in cash in the period 585 23,969
Net funds at start of period 49,643 25,674
Net funds at end of period 50,228 49,643
Analysis of net funds 2005 Cash flow 2004
£000’s £000’s £000’s
Firm’s cash 16 38,168 (814) 38,982
Firm’s overdraft 17 (164) 894 (1,058)
Firm’s net cash 38,004 80 37,924
Client settlement cash 16 12,224 505 11,719
Net funds 50,228 585 49,643
The notes on pages 28 to 44 form an integral part of these accounts.
Consolidated Cash Flow Statement
for the 53 weeks to 30 September 2005 (52 weeks to 24 September 2004)
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Annual Report and Accounts For the year ending September 2005
1. Accounting Policies
The following accounting policies have been applied consistently in dealing with items which are considered material in
relation to the Group’s financial statements.
(a) Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom law and accounting standards
and under historical cost accounting rules, modified to include the revaluation of certain fixed assets.
(b) Basis of consolidation
The Group accounts consolidate the accounts of Brewin Dolphin Holdings PLC and all its subsidiary undertakings.
The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings
acquired during the period are included in the consolidated profit and loss account from the date of acquisition to the date
of disposal.
In the Company’s accounts, investments in subsidiary undertakings are stated at cost. Dividends received and receivable
are credited to the profit and loss account to the extent that they represent a realised profit for the Company.
In accordance with Section 230 of the Companies Act 1985 Brewin Dolphin Holdings PLC has taken advantage of the legal
dispensation not to present its own profit and loss account. The amount of the profit for the financial period dealt with in
the financial statements of the Company is disclosed in note 8 to the accounts.
(c) Transaction date accounting
All securities transactions entered into on behalf of clients are recorded in the accounts on the date of the transaction.
(d) Turnover
Turnover comprises gross commission, management fees and other income, excluding VAT, receivable in respect of the
period. Other fees are taken to the profit and loss account when payment is contractually due.
(e) Foreign currencies
Foreign currency monetary assets and liabilities have been translated into sterling at the exchange rates ruling at the
balance sheet date. Transactions during the period have been translated into sterling at the rates ruling at the time the
transactions were executed. All exchange differences are reflected in the profit and loss account.
(f) Depreciation of tangible fixed assets
Depreciation has been provided on the basis of equal annual instalments to write off the cost less estimated residual values
of tangible fixed assets over their estimated useful lives as follows:
Computer equipment 3 to 4 years
Office equipment 4 to 10 years
Leasehold improvements Over 5 years
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
1. Accounting Policies (continued)
(g) Investments
Investments in Group companies held as fixed assets are stated at cost less provision for impairment. Holdings in external
fixed asset investments are held at Directors’ valuation, or where quoted, market value.
Current asset listed investments are stated at the lower of cost and market value and unlisted investments at the lower of
cost and Directors’ valuation; in establishing market value account is taken of size of the holding and its marketability.
(h) Goodwill 
Purchased goodwill arising on business combinations in respect of acquisitions before 30 September 1998 was written off
to reserves in the year of acquisition.
Purchased goodwill (representing the excess of the fair value of the consideration over the fair value of the separable net
assets acquired) since then has been capitalised. Payments made to individuals as part of an acquisition who remain in the
employment of the Group are included within goodwill.
Goodwill is amortised to nil by equal annual instalments over its estimated useful life not exceeding 20 years, subject to annual
impairment testing. The useful life of goodwill is normally 20 years in respect of payments made to owners of a stockbroking
firm; payments made to individuals as part of an acquisition who continue to remain in the employment of the Group are
amortised over periods up to 7 years and the charge is included within the charge for goodwill amortisation within other
operating costs.
(i) Leases
Annual rentals on operating leases are charged to the profit and loss account on a straight line basis over the lease term. 
(j) Pensions
The Group operates two types of pension scheme. The majority of senior employees are in a defined contribution pension
scheme; the majority of other employees are in a pension scheme providing benefits based on final pensionable pay. The
amount charged against profits represents premiums payable to the scheme in respect of the year. In the case of the
defined benefit scheme, payments are calculated so as to spread the cost over employees’ working lives within the Group.
The transitional arrangements of FRS 17 “Retirement Benefits” require certain additional disclosures to be given which are
shown in note 23. There is no effect on the results or financial position of the Group, as the transitional provisions only
require disclosures to be made.
(k) Deferred taxation
Deferred tax is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax
or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and
law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods
different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that
it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
(l) Netting of balances
Amounts due to and from counterparties due to settle on balance are shown net. Amounts due to and from counterparties
due to settle against delivery of stock are shown gross.
(m) Other operating income
Interest receivable and payable on client free money balances is netted to calculate the Group’s share of interest receivable
and included under the heading other operating income.
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Annual Report and Accounts For the year ending September 2005
2. Total Income and Profit before Tax 2005 2004
53 weeks 52 weeks
Profit Profit
Total before Total before
income taxation income taxation
£000’s £000’s £000’s £000’s
Private client investment management
Discretionary portfolio management 69,165 9,541 52,593 5,477
Advisory portfolio management 61,243 7,741 55,896 5,376
130,408 17,282 108,489 10,853
Corporate broking 14,252 2,840 12,915 2,026
Operating profit before goodwill amortisation 
and exceptional item 20,122 12,879
Interest and investment income (net) 4,540 3,234
Profit before tax, goodwill amortisation and exceptional item 24,662 16,113
Exceptional item (note 5) (6,831) –
Goodwill amortisation (4,842) (4,839)
144,660 12,989 121,404 11,274
The directors believe that it is not meaningful to analyse the balance sheet by the above classes of business. All operations
are carried out in the United Kingdom and Channel Islands.
3. Directors, Employees and Related Party Transactions 2005 2004
53 weeks 52 weeks
No. No.
The average number of persons, including Directors, employed by the Group 1,319 1,238
£000’s £000’s
The aggregate payroll costs were as follows:
Wages and salaries 62,122 50,546
Social security costs 8,128 5,333
Other pension costs (note 23) 8,220 6,373
78,470 62,252
Details of Directors’ emoluments and pensions are shown in the Directors’ Remuneration Report, as are material contracts
with Directors and loans to Directors. There are no other related party transactions.
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
4. Interest Payable and Similar Charges 2005 2004
53 weeks 52 weeks
£000’s £000’s
Bank overdrafts 15 42
15 42
5. Exceptional Item – Split Capital Trusts
In December 2004 the Group made a £5m contribution to a fund (Fund Distribution Limited) set up under the auspices of
the Financial Services Authority for those who have lost money in Zero Dividend Shares. The charge for the period, included
within other operating costs and staff costs, represents this payment, less recoveries to date, plus other directly attributable
costs.
The Directors believe that, having carefully examined all claims received to date, no further provision for split capital
liabilities is required; they also consider that further liabilities, if any, are fully covered by insurance.
The Directors remain in discussion with the Group’s insurers in respect of claims for costs already incurred and expensed
regarding split capital trusts. An estimate of the further potential favourable financial effect is not given as the Directors
consider that any such disclosure would seriously prejudice their ongoing negotiations with insurers.
6. Profit on Ordinary Activities before Taxation 2005 2004
53 weeks 52 weeks
£000’s £000’s
Profit on ordinary activities before taxation is stated after charging:
Auditors’ remuneration
Audit fees 257 185
Amounts paid in respect of non audit services 261 244
Company audit fee 5 5
Charges under operating leases:
Land and buildings 2,856 3,186
Hire of equipment 593 304
Amortisation of intangible fixed assets 4,842 4,397
Amortisation of goodwill previously written off to reserves – 442
4,842 4,839
Depreciation on tangible fixed assets 4,312 4,442
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
7. Tax on Profit on Ordinary Activities 
2005 2004
53 weeks 52 weeks
£000’s £000’s
United Kingdom corporation tax based on the taxable profit for the period at 30% (2004: 30%)
Current 5,374 5,161
Prior year 17 563
Overseas tax
Current 127 119
5,518 5,843
Deferred – UK only (454) (603)
Prior year deferred – UK only (126) (730)
4,938 4,510
The current tax charge for the period exceeds 30% (2004: 30%) for the following reasons:-
Tax on ordinary activities at the standard rate 30% (2004: 30%) 3,897 3,382
Goodwill amortisation – disallowed proportion 783 943
Leasehold property depreciation 141 116
Deferred tax timing differences 454 603
Prior year tax 17 563
Disallowable expenses and other timing differences 226 236
5,518 5,843
8. Profit on Ordinary Activities After Taxation
Profit after taxation dealt with in the accounts of the Company 10,149 3,559
9. Dividends
First interim dividend paid on 6 April 2005 of 2.0p per share (2004: 1.5p per share) 3,927 2,933
Second interim dividend paid on 25 October 2005 of 2.5p per share (2004: 2.0p per share) 4,914 3,910
8,841 6,843
In accordance with the Group’s stated dividend policy there are two interim dividends paid and no final dividend.
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
10. Earnings per Share 2005 2004
53 weeks 52 weeks
No. No.
000’s 000’s
Basic
Weighted average number of shares in issue in the period 196,227 194,418
Diluted
Weighted average number of options outstanding for the period 3,070 1,580
Estimated weighted average number of shares earned under
deferred consideration arrangements 5,421 3,960
Diluted weighted average number of shares in issue in the period 204,718 199,958
£000’s £000’s
Basic profit for the period and attributable earnings 8,051 6,764
Exceptional item 6,831 –
less tax on exceptional item (2,049) –
Goodwill amortisation 4,842 4,839
less tax on goodwill amortisation (670) (498)
Adjusted basic profit for the period and attributable earnings 17,005 11,105
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
11. Intangible Fixed Assets
Group
Goodwill £000’s
Cost
At 25 September 2004 54,840
Additions 5,035
At 30 September 2005 59,875
Amortisation
At 25 September 2004 16,251
Charge for the period 4,842
At 30 September 2005 21,093
Net book value
At 30 September 2005 38,782
Net book value
At 25 September 2004 38,589
Additions relate to:
Acquisitions in year 4,203
Reassessment of value of shares to be issued in relation to prior period acquisitions 634
Further payments re businesses acquired in previous years 198
Additions in period 5,035
Issue of shares and change in shares to be issued (3,240)
Prior period receipt (312)
Net cash movement shown in cash flow 1,483
Acquisitions in the year consist entirely of goodwill.
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
12. Tangible Fixed Assets
Leasehold Office Computer
Improvements Equipment Equipment Total
Group £000’s £000’s £000’s £000’s
Cost
At 25 September 2004 3,399 4,268 32,447 40,114
Additions 5013325,4586,291
Disposals –(26)–(26)
At 30 September 2005 3,900 4,574 37,905 46,379
Depreciation
At 25 September 2004 2,462 3,726 26,718 32,906
Charge for the period 472 309 3,531 4,312
Disposals – (7) – (7)
At 30 September 2005 2,934 4,028 30,249 37,211
Net book value
At 30 September 2005 966 546 7,656 9,168
Net book value
At 25 September 2004 937 542 5,729 7,208
13. Fixed Asset Investments Unlisted Listed Total
Group £000’s £000’s £000’s
Other investments
Shares at cost
At 25 September 2004 431 – 431
Additions – 310 310
At 30 September 2005 431 310 741
Shares at valuation
At 25 September 2004 7,500 – 7,500
Additions – 310 310
Revaluation 1,000 144 1,144
At 30 September 2005 8,500 454 8,954
Unlisted investments represent the Group’s holding of 19,899 ordinary shares in Euroclear plc. This holding represents
0.521% of Euroclear plc’s shares. As at 24 September 2004 the Directors, having taken professional advice, valued the
Group’s holding in Euroclear plc at £7.5m. This valuation took into account the Group’s share of net assets, dividend yield
and the prices of similar quoted Companies discounted for marketability. At 30 September 2005 this valuation was updated
and increased to £8.5m.
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
13. Fixed Asset Investments (continued)
Company
Cost of investments in subsidiary undertakings:
2005 2004
£000’s £000’s
At start of period 106,334 110,761
Liquidation – (4,427)
Additional investment in Brewin Dolphin Securities Limited 2,600 –
Dividends and other payment received from subsidiary undertakings (312) –
At end of period 108,622 106,334
Principal subsidiary undertakings
Country of Percentage of
registration Trade voting rights held
Brewin Dolphin Securities Limited England & Wales Fund manager and stockbroker 100%
Brewin Nominees Limited England & Wales Nominee company 100%
North Castle Street (Nominees) Limited Scotland Nominee company 100%
All the above are indirectly owned, save for Brewin Dolphin Securities Limited which is directly owned. All the shares owned
are ordinary shares.
14. Current Asset Investments 2005 2004
£000’s £000’s
Group
Book value
Quoted on the London Stock Exchange or AIM 1,122 193
Unquoted 105 105
1,227 298
Valuation
Quoted at market value 1,122 193
Unquoted at directors’ valuation 105 105
1,227 298
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
15. Debtors 2005 2004
£000’s £000’s
Group
Trade debtors 216,451 183,459
Loans 1,938 3,885
Deferred taxation (see note below) 1,126 546
Other debtors 2,093 2,004
Prepayments and accrued income 13,173 10,480
234,781 200,374
£1,938,000 (2004: £3,876,000) represents loans to staff under the Group share schemes and are repayable in more than one
year. The loans are secured on the Company’s shares. The Directors believe that these balances are fully recoverable.
Deferred tax asset
Balance at 24 September 2004 546
Increase in period 580
Balance at 30 September 2005 1,126
Deferred taxation (asset)/provision
Goodwill amortisation 1,365 1,622
Capital allowances (1,207) (1,143)
Other short term timing differences (1,284) (1,025)
(1,126) (546)
No deferred tax has been provided on the revaluation of fixed asset investments. A tax charge of approximately £2.5m
(2004: £2.1m) would arise if these assets were sold.
2005 2004
£000’s £000’s
Company
Other debtors – 6
Loans 476 617
Due from subsidiary undertaking 6,000 2,400
6,476 3,023
Notes to the Accounts
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Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
16. Cash 2005 2004
£000’s £000’s
Group
Firm’s cash 38,168 38,982
Client settlement cash 12,224 11,719
50,392 50,701
Company
Firm’s cash 19 –
Client settlement cash is held in segregated client accounts and is not available for use in the business.
At the balance sheet date there were also deposits for clients, not included in the consolidated balance sheet, which were
held in segregated client bank accounts amounting to £872,282,000 (2004: £746,095,000).
17. Creditors: amounts falling due within one year 2005 2004
£000’s £000’s
Group
Trade creditors 198,463 174,484
Bank overdrafts 164 1,058
Other creditors 4,439 4,112
Corporation tax 2,259 2,851
Other taxation 1,891 1,062
Social security 2,505 1,234
Accruals and deferred income 39,308 30,713
Dividend payable 4,914 3,910
253,943 219,424
Company
Amounts owed to Group undertakings 7,437 7,437
Other creditors 14 11
Bank overdrafts – 4
Dividend 4,914 3,910
12,365 11,362
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Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
2005 2004 2005 2004
18. Called up Share Capital No No £000’s £000’s
Group and Company
Authorised:
Ordinary shares of 1p each 225,928,700 225,928,700 2,259 2,259
Ordinary shares of 1p each
Allotted, issued and fully paid: 196,540,378 195,515,610 1,965 1,955
Allotted, issued December 2003 at 82.3p,
nil paid, last subscription date December 2010 972,030 978,106 – –
Allotted, issued December 2004 at 103.3p,
nil paid, last subscription date December 2011 914,779 – – –
Allotted, issued May 2005 at 101p,
nil paid, last subscription date May 2012 84,156 – – –
198,511,343 196,493,716 1,965 1,955
During the period the following shares were issued:-
No of
shares Nominal Merger Share
Date Price Reason issued value reserve premium Total
£000’s £000’s £000’s £000’s
January 2005 96.5p Deferred purchase consideration 663,163 7 633 – 640
Various 30p to 71p Options 355,529 3 – 204 207
6,076 previously nil paid shares now paid up – – – 5 5
Cost of issue – – – (3) (3)
December 2004 103.3p nil paid under matching share purchase scheme 914,779 – – – –
May 2005 101p nil paid under matching share purchase scheme 84,156 – – – –
2,017,627 10 633 206 849
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Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
18. Called up Share Capital (continued)
The following options have been granted and remain outstanding at 30 September 2005:-
2005 2004 Exercise
Grant date No. No. price
Approved share option April 1997 180,000 238,000 37.3p
Approved share option April 1998 395,000 615,000 71.5p
Approved share option January 2000 17,000 17,000 174.5p
Approved share option June 2000 1,124,500 1,142,000 167.5p
Sharesave scheme June 2000 299,224 323,918 134p
Approved share option June 2001 1,373,082 1,386,082 139p
Approved share option December 2002 878,062 891,562 37.5p
Sharesave scheme January 2003 1,638,642 1,738,524 30p
Unapproved share option March 2003 100,000 100,000 33.5p
Approved share option December 2003 978,590 988,590 81.3p
Sharesave scheme December 2003 906,089 958,643 66.4p
Unapproved share option – under the employee matching 
share purchase scheme December 2003 978,106 978,106 82.3p
Approved share option December 2004 918,633 – 98p
Sharesave scheme December 2004 966,674 – 81.6p
Unapproved share option – under the employee matching 
share purchase scheme December 2004 914,779 – 103.3p
Unapproved share option – under the employee matching 
share purchase scheme May 2005 84,156 – 101p
Total options outstanding 11,752,537 9,377,425
Certain options lapsed during the year on personnel leaving the Group.
Further details of the options and the senior employee matching share purchase scheme are given in the Directors’
Remuneration Report.
19. Shares to be Issued including Premium
Under a number of agreements related to the purchase of businesses, ordinary shares may be issued, based on a profit
related, or similar formula.
The expected value represents the Directors’ best current estimate, if revised corresponding adjustments are made to
goodwill.
Maximum
value Expected value
Acquisitions Expected date of issue 2005 2005 2004
£000’s £000’s £000’s
Hill Osborne Dependent on valuation 1,646 1,000 1,000
Kinneaton Limited January 2005 – – 700
Other December 2005 December 2005 1,928 1,928 1,700
Other 2006-2010 10,700 3,072 –
14,274 6,000 3,400
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Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
20. Reserves and Reconciliation of Movements in Shareholders’ Funds
2005 2004
53 weeks Shares 52 weeks
to be
Profit and loss account issued Share- Share-
Goodwill Realised Revaluation Merger Share including Share holders’ holders’
written off profit Total reserve reserve premium premium capital funds funds
Group £000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s £000’s
At start of period (41,967) 31,779 (10,188) 7,069 3,929 79,081 3,400 1,955 85,246 74,380
Issue of shares in period –––– 633 206 (700) 10 149 888
Estimated movement in 
value of shares to be issued –––––– 3,300 – 3,300 2,400
Goodwill previously written off 312 – 312 ––––– 312 588
Revaluation of fixed asset 
investments – – – 1,144–––– 1,144 7,069
Profit for the period – 8,051 8,051 ––––– 8,051 6,764
Dividends – (8,841) (8,841) ––––– (8,841) (6,843)
At end of period (41,655) 30,989 (10,666) 8,213 4,562 79,287 6,000 1,965 89,361 85,246
2005 2004
53 weeks 52 weeks
Profit Shares
and loss to be
account issued Share- Share-
realised Merger Share including Share holders’ holders’
profit reserve premium premium capital funds funds
Company £000’s £000’s £000’s £000’s £000’s £000’s £000’s
At start of period 9,345 4,214 79,081 3,400 1,955 97,995 97,991
Issue of shares in period – 633 206 (700) 10 149 888
Estimated movement in
value of shares to be issued – – – 3,300 – 3,300 2,400
Profit for the period 10,149–––– 10,149 3,559
Dividends (8,841) –––– (8,841) (6,843)
At end of period 10,653 4,847 79,287 6,000 1,965 102,752 97,995
21. Financial Commitments
At 30 September 2005 the Group had annual commitments under non-cancellable operating leases as follows:
2005 2004
Land and Hire of Land and Hire of
buildings equipment buildings equipment
£000’s £000’s £000’s £000’s
Operating leases which expire:
Within one year 127 151 69 –
Between one and five years 1,584 391 2,875 304
After five years 1,182 – 241 –
2,893 542 3,185 304
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 41 Page 42 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
22. Derivatives and Other Financial Instruments
The Group acts as a fund manager and agency stockbroker and very rarely undertakes trading on its own behalf. Therefore
the Group does not hold derivatives or other financial instruments other than cash and securities.
All cash is repayable on demand (see note 16) and is held mainly at the Bank of Scotland in the UK. This in turn means that
the Group takes no interest rate risk and the credit risk is deemed to be minimal. The Group carries out at least annual
reviews of all its banks’ and custodians’ credit ratings.
The Group deals in foreign currencies on a matched basis on behalf of clients, limiting foreign exchange exposure. The total
net foreign exchange exposure at the year end was £163,000 (2004: £456,000).
The Group’s trade debtors and creditors are held on a matched basis and are largely settled between 1 and 25 days.
Consequently we have taken advantage of the exemptions provided in FRS13 in respect of short term debtors and creditors.
Loans to clients are repayable on demand, and are secured against marketable securities. Loans to staff are repayable over
5 to 10 years and are secured against the Company’s shares (see note 15). The market value of current asset investments
is shown in note 14.
23. Pensions
The Group operates two pension schemes for its employees comprising a defined benefit scheme and a defined
contribution scheme. The pension charge was as follows:
2005 2004 
53 weeks 52 weeks
£000’s £000’s
Defined benefit scheme – including death in service contributions 1,722 2,234
Defined contribution scheme 6,498 4,139
8,220 6,373
The assets of the schemes are held by trustees in funds separated from the Group’s finances.
The following disclosure is made in accordance with the provisions of FRS 17 “Retirement Benefits”.
The Group operates one active defined benefit scheme in the UK, the Brewin Dolphin Securities Limited Retirement Benefit
Scheme (Brewin Dolphin Scheme). This Scheme is closed to new members, and no employee contributions for those under
55 have been paid into the scheme from April 2004 as these members ceased to accrue further service from that date.
A full actuarial valuation was carried out as at 30 June 2003 and has been updated to 30 September 2005 by a qualified
independent actuary.
The main assumptions used by the actuary were (in nominal terms):
30 September 24 September 26 September
2005 2004 2003
% per annum % per annum % per annum
Rate of increase of salaries 2.8 2.9 2.6
Rate of increase of pensions in payment and deferred pensions* 2.8 2.9 2.3
Discount rate 5.0 5.5 5.3
Inflation assumption 2.8 2.9 2.6
*Some pensions receive fixed rate increases.
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 42 23. Pensions (continued)
Actual and expected rates of return on assets
Long term rate of return
expected at 30 24 26
30 24 26 September September September
September September September 2005 2004 2003
Net Pension asset 2005 2004 2003 £000’s £000’s £000’s
Equities 7.7% pa 7.7% pa 7.7% pa 26,950 21,517 20,469
Bonds 4.7% pa 5.3% pa 5.3% pa 8,915 3,665 3,573
Other 4.5% pa 4.8% pa 5.3% pa 356 4,374 1,118
Total market value of assets 36,221 29,556 25,160
Present value of scheme liabilities (49,158) (42,259) (37,935)
Deficit in the schemes (12,937) (12,703) (12,775)
Deferred taxation 3,881 3,811 3,832
Net pension liability (9,056) (8,892) (8,943)
Profit and loss account at end of period before deducting notional
pension deficit (10,666) (10,188) (10,697)
Profit and loss account at end of period after deducting notional pension 
deficit in accordance with FRS 17 (19,722) (19,080) (19,640)
The following amounts would be recognised in the Consolidated Profit and Loss Account and the Consolidated Statement
of Total Recognised Gains and Losses on the full implementation of FRS 17.
Analysis of the amount charged to operating profit
2005 2004
53 weeks 52 weeks
£000’s £000’s
Current service cost (604) (1,746)
Past service cost – –
Gain/(loss) on settlements and curtailments – –
(604) (1,746)
Analysis of amount credited to net finance charges
Expected return on pension scheme assets 2,092 1,894
Interest on pension scheme liabilities (2,331) (2,046)
(239) (152)
Brewin Dolphin Holdings PLC Page 43
Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 43 Page 44 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Notes to the Accounts
23. Pensions (continued) 2005 2004
53 weeks 52 weeks
£000’s £000’s
Analysis of the actuarial gain in the statement of total recognised gains and losses
Actual return less expected return on pension scheme assets 3,666 613
Experience gains and losses arising on the scheme liabilities 89 3
Changes in assumptions underlying the present value of the scheme liabilities (4,421) (917)
(666) (301)
Movement of deficit during the period
2005 2004 2003 2002
£000’s £000’s £000’s £000’s
Balance at start of period (12,703) (12,775) (14,494) (1,709)
Movement in year
Current service cost (604) (1,747) (2,527) (1,783)
Contributions 1,275 2,272 2,296 2,459
Other finance income (239) (152) (473) 86
Actuarial (loss)/gain (666) (301) 2,423 (13,547)
Balance at end of period (12,937) (12,703) (12,775) (14,494)
The actuarial (loss)/gain can be analysed as follows:–
Actual return less expected return on pension scheme assets 3,666 613 1,935 (5,175)
Percentage difference between the expected and actual return 10% 2% 6% –26%
Experience gains and losses arising on the scheme liabilities 89 3 2,363 (3,382)
Percentage of the present value of the scheme liabilities – – 6% –10%
Change in assumptions underlying the present value of
the liabilities (4,421) (917) (1,875) (4,990)
(666) (301) 2,423 (13,547)
Percentage of the present value of the schemes’ liabilities –1% –1% 6% –40%
The scheme is no longer admitting new entrants. The current service cost shown in the disclosure is calculated using the
projected unit method, as required by the FRS 17, and the percentage contribution rate required will, all other things being
equal, increase over time as the active membership of the scheme ages.
24. Capital Commitments 2005 2004
Group £000’s £000’s
Expenditure contracted for but not provided in these accounts 480 700
Expenditure authorised by the directors but not contracted for – 3,700
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 44 2005 2004 2003 2002 2001
£000’s £000’s £000’s £000’s £000’s
Turnover 136,563 113,007 93,533 99,056 111,591
Other operating income 8,097 8,397 7,512 6,439 5,576
Total Income 144,660 121,404 101,045 105,495 117,167
Costs (136,211) (113,364) (102,594) (103,185) (105,412)
Operating Profit/(loss) 8,449 8,040 (1,549) 2,310 11,755
Profit on fixed assets – – – 2,206 –
Net interest and similar income 4,540 3,234 1,624 1,875 2,971
Profit on ordinary activities before goodwill
amortisation and exceptional items 24,662 16,113 4,354 10,549 17,501
Goodwill amortisation (4,842) (4,839) (4,279) (3,864) (2,775)
Exceptional items net (6,831) – – (294) –
Profit on ordinary activities before taxation 12,989 11,274 75 6,391 14,726
Tax charge on profit on ordinary activities (4,938) (4,510) (1,034) (2,626) (5,599)
Profit/(loss) on ordinary activities 
after taxation 8,051 6,764 (959) 3,765 9,127
Dividends (8,841) (6,843) (3,825) (6,544) (6,354)
Retained (loss)/profit (790) (79) (4,784) (2,779) 2,773
Diluted earnings per share excluding
goodwill amortisation and
exceptional items 8.3p 5.6p 1.4p 3.8p 6.1p
Brewin Dolphin Holdings PLC Page 45
Annual Report and Accounts For the year ending September 2005
Five Year Record
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 45 Page 46 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Funds at 30 September 2005 (24 September 2004)
2005 2004
£ Billion £ Billion £ Billion £ Billion
In Group’s nominee or sponsored member 6.5 5.2
Stock not held in Group’s nominee 0.4 0.4
Discretionary funds under management 6.9 5.6
Advisory funds under management
In Group’s nominee or sponsored member 6.7 5.8
Other funds where valuations are carried out but where
the stock is not under the Group’s control 3.3 10.0 3.5 9.3
Managed funds 16.9 14.9
Execution only stock
In Group’s nominee or sponsored member 2.0 1.3
Stock not held in Group’s nominee 0.3 0.7
19.2 16.9
Stock
In Group’s nominee or sponsored member 15.2 12.3
Stock not held in Group’s nominee 4.0 4.6
19.2 16.9
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 46 Number of
ordinary % Voting % Voting
shares equity Number of equity
(nil paid and after fully paid prior to
fully paid) exercise of ordinary exercise of
and options options shares options
Directors
J.P. Hall 3,365,383 3,358,932
R.A. Bayford* 785,706 779,441
Sir Fred Holliday 4,200 4,200
W.N. Hood 25,000 25,000
V. Lall 552,347 552,347
C.D. Legge 2,569,703 2,567,948
J.G. Matheson 466,621 460,029
I.B. Speke 360,287 352,622
S.J.H. Still 301,742 4,330
M.J.R. Williams** 1,454,382 1,452,153
Jock Worsley 10,000 10,000
9,895,371 4.7% 9,567,002 4.9%
Other members of the Group 60,424,805 28.7% 47,029,672 23.9%
Employee ownership 70,320,176 33.4% 56,596,674 28.8%
Institutions
Schroder Investment Management Limited 13,816,023 6.6% 13,816,023 7.0%
J.P. Morgan Fleming Asset Management 11,845,840 5.6% 11,845,840 6.0%
Aberforth Partners 11,622,877 5.5% 11,622,877 5.9%
Invesco Fund Managers Limited 8,733,559 4.2% 8,733,559 4.4%
Aegon Asset Management Limited 7,466,757 3.6% 7,466,757 3.8%
Legal & General Investment Management Limited 7,035,094 3.3% 7,035,094 3.6%
Other 54,653,498 26.0% 54,653,498 27.8%
Private individuals 24,770,056 11.8% 24,770,056 12.7%
Total 210,263,880 100.0% 196,540,378 100.0%
* Includes 12,198 non beneficial
** Includes 132,000 non beneficial
At 30 September 2005 the Company’s share price was 131.5p (24 September 2004: 77p). The highest price in the period was
148p and the lowest 77p.
Brewin Dolphin Holdings PLC Page 47
Annual Report and Accounts For the year ending September 2005
Shareholders at 10 November 2005
There were no changes in Directors’ share holdings between 30 September 2005 and 10 November 2005.
pp 38-47:pp 37-46  30/12/05  11:17 am  Page 47 Page 48 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Chairman’s Statement
RECONCILIATION OF RESULTS AND EQUITY UNDER
UK GAAP TO IFRS
The year ending 30 September 2006 is the first period that
the Group has to present its financial statements under
International Financial Reporting Standards (IFRS). This
year’s financial statements for the period ended 30
September 2005 have been prepared under UK GAAP.
To enable the readers of our accounts to understand the
impact of IFRS we have restated our balance sheet as at
30 September 2005 and our profit and loss account for the
53 week period then ended. We also show below the new
IFRS accounting policies, which we have adopted from 1
October 2005.
Basis of preparation
For the year ending 30 September 2006 the Group will be
required to prepare consolidated financial statements
under ‘International Accounting Standards’ as adopted by
the European Commission. These will be those
International Accounting Standards, International
Financial Reporting Standards and related Interpretations
(SIC-IFRIC interpretations), subsequent amendments to
those standards and related interpretations and future
standards and related interpretations issued or adopted
by the International Accounting Standards Board (IASB)
that have been endorsed by the European Commission.
This process is ongoing and the Commission has yet to
endorse certain standards issued by the IASB.
This preliminary IFRS financial information has been
prepared by management using its best knowledge of the
expected standards and interpretations of the IASB, the
facts and circumstances, and accounting policies that are
expected to be applied when the Group prepares its first
complete set of IFRS financial statements for the year
ending 30 September 2006. These accounting policies are
set out on pages 52 to 56. Therefore, until the Group
prepares its first complete set of IFRS financial
statements, the possibility cannot be excluded that the
accompanying preliminary IFRS financial information may
require adjustment. Moreover, under IFRS, only a
complete set of financial statements comprising a
balance sheet, income statement, statement of changes
in equity and cash flow statement, together with
comparative financial information and explanatory notes,
can provide a fair presentation of the Group’s financial
position, results of operations and cash flow.
The Group’s auditors have audited the preliminary IFRS
financial information set out below and have reported to
the Directors. A copy of the Group’s auditors’ report to the
Directors is provided on page 57.
The Group will apply the transitional provisions of IFRS 1:
First time adoption of International Financial Reporting
Standards. The Group’s date of transition to International
Financial Reporting and Accounting Standards was 25
September 2004. 
IFRS 1 contains a number of exemptions which companies
are permitted to apply. The Group has elected:
• to present comparative information in accordance
with IAS 32 Financial Instruments: Disclosure and
Presentation and IAS 39 Financial Instruments:
Recognition and Measurement;
• not to restate its financial information for
acquisitions occurring before 25 September 2004;
• to recognise all actuarial gains and losses on
pensions and other post-retirement benefits directly
in equity attributable to equity holders of the parent
at 25 September 2004; and
• to apply IFRS 2 to all grants of equity instruments
after 7 November 2002 that had not vested as of 1
January 2005.
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 48 Brewin Dolphin Holdings PLC Page 49
Annual Report and Accounts For the year ending September 2005
Consolidated Income Statement
53 week period ended 30 September 2005
Restated
UK GAAP IFRS
Continuing Continuing
operations operations
Total Adjustments Total
Note £000’s £000’s £000’s
Revenue d 136,563 – 136,563
Other operating income m 8,097 – 8,097
TOTAL INCOME 144,660 – 144,660
Staff costs j & o (78,470) 177 (78,293)
Other operating costs h (57,741) 4,842 (52,899)
(136,211) 5,019 (131,192)
OPERATING PROFIT 8,449 5,019 13,468
Dividend receivable 221 – 221
Other interest receivable and similar income 4,334 – 4,334
Finance costs j (15) (239) (254)
Profit on ordinary activities before 
Goodwill amortisation and exceptional item 24,662 (62) 24,600
Exceptional item (6,831) – (6,831)
Goodwill amortisation h (4,842) 4,842 –
PROFIT BEFORE TAXATION 12,989 4,780 17,769
Tax on profit k (4,938) (617) (5,555)
PROFIT ATTRIBUTABLE TO EQUITY 
SHAREHOLDERS OF THE PARENT 8,051 4,163 12,214
Equity dividends (8,841) – (8,841)
(790) 4,163 3,373
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 49 Page 50 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Consolidated Statement of Recognised Income and Expense
53 week period ended 30 September 2005
Restated
UK GAAP Adjustments IFRS
Note £000’s £000’s £000’s
Gain on revaluation of investments 1,144 – 1,144
Tax on revaluation k – (343) (343)
Actuarial loss on defined benefit pension scheme j – (666) (666)
Tax on actuarial loss on defined benefit pension scheme – 200 200
Deferred tax on share based payments k – 599 599
Net income recognised directly to equity 1,144 (210) 934
Profit for period 8,051 4,163 12,214
Total recognised income and expense for the period 9,195 3,953 13,148
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 50 Consolidated Balance Sheet
as at 30 September 2005
Restated
UK GAAP Adjustments IFRS
Note £000’s £000’s £000’s
NON-CURRENT ASSETS
Goodwill h 38,782 4,842 43,624
Property plant and equipment f, n 9,168 – 9,168
Available for sale investments g 8,954 – 8,954
Other receivables – 1,938 1,938
Deferred tax asset k – 2,908 2,908
56,904 9,688 66,592
CURRENT ASSETS
Trading investments 1,227 – 1,227
Trade debtors and other receivables 234,781 (3,064) 231,717
Cash and cash equivalents 50,392 – 50,392
286,400 (3,064) 283,336
TOTAL ASSETS 343,304 6,624 349,928
CURRENT LIABILITIES
Bank overdraft 164 – 164
Trade and other payables 251,520 – 251,520
Tax liabilities 2,259 – 2,259
Shares to be issued including premium q – 2,928 2,928
253,943 2,928 256,871
NON-CURRENT LIABILITIES
Retirement benefit obligation j – 12,937 12,937
Shares to be issued including premium q – 3,072 3,072
– 16,009 16,009
TOTAL LIABILITIES 253,943 18,937 272,880
89,361 (12,313) 77,048
EQUITY
Called up share capital 1,965 – 1,965
Shares to be issued including premium q 6,000 (6,000) –
Share premium account 79,287 – 79,287
Revaluation reserve 8,213 (2,464) 5,749
Merger reserve 4,562 – 4,562
Profit and loss account (10,666) (3,849) (14,515)
EQUITY SHAREHOLDERS’ FUNDS 89,361 (12,313) 77,048
Consolidated Balance Sheet
as at 30 September 2005
Brewin Dolphin Holdings PLC Page 51
Annual Report and Accounts For the year ending September 2005
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 51 Page 52 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Reconciliation of Equity
as at 30 September 2005
£000’s
TOTAL EQUITY – UK GAAP at 30 September 2005 89,361
Shares to be issued transferred to liabilities (6,000)
Deferred tax on revaluations (2,464)
Goodwill amortisation reversed 4,842
Deferred tax on above (670)
Defined pension benefit liability (12,937)
Deferred tax on pension liability 3,881
Deferred tax on share based payments 1,035
(3,849)
Total value of IFRS adjustments (12,313)
TOTAL EQUITY – IFRS at 30 September 2005 77,048
Accounting Policies
(a) Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) for the
first time.
The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial
instruments. The principal accounting policies adopted are set out below.
(b) Basis of consolidation
The Group accounts consolidate the accounts of Brewin Dolphin Holdings PLC and all its subsidiary undertakings. 
The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired
during the period are included in the consolidated income statement from the date of acquisition to the date of disposal. 
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into
line with those used by the Group. 
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
(c) Transaction date accounting
All securities transactions entered into on behalf of clients are recorded in the accounts on the date of the transaction.
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 52 Accounting Policies (continued)
(d) Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents gross commission,
management fees and other income, excluding VAT, receivable in respect of the period. 
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to that asset’s net carrying amount.
Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.
Other fees are taken to the income statement when payment is contractually due.
(e) Foreign currencies
Foreign currency monetary assets and liabilities are translated into sterling at the exchange rates ruling at the balance sheet
date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at
the rates prevailing at the date when the fair value was determined.
Transactions during the period have been translated into sterling at the rates ruling at the time the transactions were
executed.
All exchange differences are reflected in the income statement, except for any exchange differences arising on any non-
monetary assets and liabilities where the changes in fair value are recognised directly in equity.
(f) Depreciation of tangible fixed assets
Depreciation has been provided on the basis of equal annual instalments to write off the cost less estimated residual values
of tangible fixed assets over their estimated useful lives as follows:
Computer equipment 3 to 4 years
Office equipment 4 to 10 years
Leasehold improvements over 5 years
(g) Investments
Investments are recognised and derecognised on trade date, where a purchase or sale of an investment is under a contract
whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially
measured at cost.
Investments are classified as either held-for-trading or available-for-sale and are measured at subsequent dates at fair
value. Where investments are held for trading, gains or losses arising from changes in fair value are recognised through
profit and loss.
For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity via
the revaluation reserve until the security is disposed of or is determined to be impaired, at which time the cumulative gain
or loss is recognised and is included in the net profit or loss for the period, the revaluation reserve having first been reversed.
Any loss is limited to amounts written off below original cost, the revaluation reserve having first been reversed.
Reconciliation of Equity
at 30 September 2005
Brewin Dolphin Holdings PLC Page 53
Annual Report and Accounts For the year ending September 2005
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 53 Page 54 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Accounting Policies (continued)
(h) Goodwill 
Goodwill represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets
and liabilities at the date of acquisition.
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised
immediately in profit or loss and is not subsequently reversed.
On disposal the attributable amount of goodwill is included in the determination of the profit or loss.
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts
subject to being tested for impairment at that date. Goodwill written off to reserves under UK GAAP prior to 1998 has not
been reinstated and is not included in determining any subsequent profit or loss on disposal.
(i) Leases
Annual rentals on operating leases are charged to the income statement on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis
over the lease term.
(j) Pensions
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made
to state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the
Group’s obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.
For defined benefit retirement benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised
in full in the period in which they occur. They are recognised outside the profit or loss and presented in the statement of
recognised income and expense (“SORIE”).
Past service cost is recognised immediately to the extent that the benefits are already vested, and otherwise is amortised
on a straight-line basis over the average period until the benefits become vested.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit
obligation, as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets. Any asset 
resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in
future contributions to the plan.
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 54 Accounting Policies (continued)
(k) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year . Taxable profit differs from net profit as reported in the income
statement because it excludes items of income or expenses that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with in equity.
(l) Netting of balances
Amounts due to and from counterparties due to settle on balance are shown net where there is a currently enforceable legal
right to set off the recognised amounts. Amounts due to and from counterparties due to settle against delivery of stock are
shown gross. 
(m) Other operating income
Interest receivable and payable on client free money balances is netted to calculate the Group’s share of interest receivable
and included under the heading other operating income.
(n) Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset
does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Reconciliation of Equity
at 30 September 2005
Brewin Dolphin Holdings PLC Page 55
Annual Report and Accounts For the year ending September 2005
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 55 Page 56 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Accounting Policies (continued)
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an
expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated
as a revaluation decrease.
(o) Share based payments
The Group has applied the requirements of IFRS 2 Share based payments. In accordance with the transitional provisions, IFRS
2 has been applied to all grants of equity instruments granted after 7 November 2002 that were unvested as of 1 January 2005.
The Group issues equity-settled share based payments to certain employees. Equity-settled share based payments are measured
at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share based payments is
expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest.
Fair value is measured by use of a Black-Scholes option pricing model. The expected life used in the model has been
adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and
behavioural considerations.
(p) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
(q) Shares to be issued including premium
Shares to be issued represent the Group’s best estimate of the amount of ordinary shares in Brewin Dolphin Holdings PLC, which
are likely to be issued on the successful completion of acquisitions which involve deferred payments in the Company’s shares.
The sum is revised annually. Where shares are due to be issued within a year then the sum is included in current liabilities.
Notes to the Statements
Restated
UK GAAP IFRS
EARNINGS PER SHARE
Basic 4.1p 6.2p
Diluted 3.9p 6.0p
Excluding goodwill amortisation and exceptional item 
Basic 8.7p 8.7p
Diluted 8.3p 8.3p
Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 56 Basis of audit opinion
We conducted our audit in accordance with United Kingdom
auditing standards issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the
amounts and disclosures in the preliminary IFRS financial
information. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation
of the preliminary IFRS financial information and of whether the
accounting policies are appropriate to the circumstances of the
Group, consistently applied and adequately disclosed. 
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable
assurance that the preliminary IFRS financial information is free
from material misstatement, whether caused by fraud or other
irregularity or error . In forming our opinion, we also evaluated the
overall adequacy of the presentation of information in the
preliminary IFRS financial information.
Emphasis of matter
Without qualifying our opinion, we draw attention to the fact that
page 48 explains why there is a possibility that the accompanying
preliminary IFRS financial information may require adjustment
before constituting the final IFRS financial information. Moreover,
we draw attention to the fact that, under IFRS, only a complete set of
financial statements comprising a balance sheet, income statement,
statement of changes in equity, cash flow statement, together with
comparative financial information and explanatory notes, can
provide a fair presentation of the Group’s financial position, results
of operations and cash flows in accordance with IFRS.
Opinion
In our opinion the preliminary IFRS financial information is
prepared, in all material respects, on the basis set out on page 48
and pages 52 to 56, which describes how IFRS will be applied
under IFRS 1, including the assumptions the directors have made
about the standards and interpretations expected to be effective,
and the policies expected to be adopted, when the Group
prepares its first complete set of IFRS financial statements as at
30 September 2006.
Deloitte & Touche LLP
Chartered Accountants
London
30 November 2005
We have audited the preliminary comparative consolidated IFRS
financial information of Brewin Dolphin Holdings PLC (“the
Company”) and its subsidiaries (together “the Group”), set out on
pages 49 to 56, which comprises a consolidated income
statement and a consolidated statement of recognised income
and expense for the 53 week period ended 30 September 
2005, a consolidated balance sheet as at 30 September 2005, a
reconciliation of equity as at 30 September 2005 and the related
notes setting out details of earnings per share and the principal
accounting policies (together “the preliminary IFRS financial
information”).
This report is made solely to the board of directors, in accordance
with our engagement letter dated 3 November 2005 and the
addendum dated 23 November 2005 and solely for the purpose of
assisting with the transition to IFRS. Our audit work has been
undertaken so that we might state to the board of directors those
matters we are required to state to them in an auditors’ report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than
the Company for our audit work, for our report, or for the
opinions we have formed.
Respective responsibilities of directors and auditors
The Company’s directors are responsible for ensuring that the
Company and the Group maintains proper accounting records
and for the preparation of the preliminary IFRS financial
information on the basis set out on page 48 and pages 52 to 56,
which describes how IFRS will be applied under IFRS 1, including
the assumptions the directors have made about the standards
and interpretations expected to be effective, and the policies
expected to be adopted, when the Group prepares its first
complete set of IFRS financial statements as at 30 September
2006. Our responsibility is to audit the preliminary IFRS financial
information in accordance with relevant United Kingdom legal
and regulatory requirements and auditing standards and report
to you our opinion as to whether the preliminary IFRS financial
information is prepared, in all material respects, on the basis set
out on page 48 and pages 52 to 56. 
We read the other information contained in the annual report for
the 53 week period ended 30 September 2005 as described in the
contents section and consider the implications for our report if
we become aware of any apparent misstatements or material
inconsistencies with the preliminary IFRS financial information.
Independent Auditors’ Report
Brewin Dolphin Holdings PLC Page 57
Annual Report and Accounts For the year ending September 2005
Independent Auditors’ Report to the 
Board of Directors of Brewin Dolphin Holdings PLC 
on the Preliminary IFRS Financial Information
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 57 Page 58 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Brief biographies of the Directors are set out below:
Jamie Graham Matheson, FSI (aged 51) – Executive Chairman
Jamie Matheson is the Executive Chairman of Brewin Dolphin Holdings PLC. Prior to becoming Executive Chairman Jamie
was a Glasgow director of the Bell Lawrie division of the Group and was responsible at Board level for the Group’s Corporate
Broking activities. He started his career in 1972 at Parsons & Co and remained with that firm through its various
evolutionary stages until January 1996 when he joined the Group. He was a non-executive director of Scottish Radio
Holdings plc from 2000 until its recent takeover by EMAP and is currently a non-executive director of AIM VCT2 plc. He is a
past Deacon of the Bonnetmakers and Dyers of Glasgow and a past Precis of the Grand Antiquity Society of Glasgow.
W Nick Hood, CBE (aged 69) – Deputy Chairman
Nick Hood was appointed to the Board in April 2000. He was Chairman of Wessex Water 1987 to 1999 and led the
privatisation. He is Chairman of Winterthur Life (UK) Ltd and a member of The Prince of Wales Council for the Duchy of
Cornwall, deputy Chairman of Business in the Community, Chairman or a Director of four other companies and Chairman
of the Bristol Cancer Help Centre.
John Peirs Hall (aged 65) – Chief Executive
John Hall began his career on the Stock Exchange in 1960 and became a partner in the firm of Wontner Renwick & Francis
in 1967. In 1974, on the amalgamation of Wontner, Dolphin & Francis with Brewin & Co., he became a member of the
management committee (at that time, the body responsible for managing the business) and then Chairman of the
committee in 1980. In 1987, on the incorporation of the business and its sale to a subsidiary of The Scandinavian Bank, he
became managing director, and subsequently led the Buy-out in 1992. He is a non-executive director of the Association of
Private Client Investment Managers and Stockbrokers, Mountview PLC and Fund Distribution Limited. Master at the
Merchant Taylors’ Company one of The Great Twelve Livery Companies.
Robin Alec Bayford, FCA (aged 56) – Finance Director
Robin Bayford graduated from Cambridge University. He was a manager at Ernst & Young and was Group Financial
Controller at AGB Research PLC, prior to joining a subsidiary of The Scandinavian Bank in 1989. He joined the board of
Brewin Dolphin & Co. in 1990. In 1991, he took up full time employment with Brewin Dolphin & Co. as Finance Director and
helped to organise the Buy-out.
Vikram Lall, CBE, CA (aged 58)
Vikram Lall joined Bell Lawrie in 1987. He is a chartered accountant and, prior to joining Bell Lawrie, was a director of Noble
Grossart before forming his own corporate finance advisory company, which he subsequently sold to Bell Lawrie. He
became an Executive Director in June 1993 and a Non-Executive Director in December 2003. He is currently a non-executive
director of, inter alia, Murray VCT PLC, Murray VCT2 PLC and ISIS Property Trust Ltd. He is Chairman of the Scottish
Industrial Development Advisory Board, a member of the governing body of Queen Margaret University College, and non-
executive chairman of Ryden LLP.
Christopher David Legge (aged 62)
Christopher Legge joined Brewin Dolphin & Co. in 1962 and became a partner in 1968, continuing a family involvement
going back to 1929. He joined the Board upon incorporation in 1987 and has consistently been involved in portfolio
management for over 30 years. He heads private client investment management and is Chairman of the Group Regional
Managing Directors Committee. 
Directors’ Biographies
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 58 Brewin Dolphin Holdings PLC Page 59
Annual Report and Accounts For the year ending September 2005
Simon Edward Callum Miller (aged 53)
Simon Miller read law at Cambridge and was called to the bar in 1975. He worked at Lazard Brothers from 1976 to 1982
and from 1982 to 1986 at County Bank. He then became chief executive of Ferrum Holdings, a quoted engineering company.
Since 1994 he has been chairman of Dunedin Capital Partners.
He is non-executive chairman of Artemis Alpha Trust and First State AIM VCT, deputy chairman of JPMorgan Fleming Elect
and a director of Dunedin Enterprise Investment Trust.
Ian Benjamin Speke (aged 55)
Ben Speke joined Wise Speke in 1973 continuing a long family involvement. In 1974 he joined the London jobbers Pinchin
Denny and subsequently moved to Hoare Govett. In 1980 he rejoined Wise Speke and became a director in 1987. In 1999
after Wise Speke became part of the Group he became Managing Director of the Newcastle office, in 2000 he joined the
Brewin Dolphin Securities Board and is a member of the Group’s Regional Managing Directors Committee.
Simon Still, FInstD (aged 56)
Simon Still graduated from Durham University. After 14 years executive experience in the electronics and engineering
industry, which included starting a software company, he entered a City based consultancy practice in 1987. In 1991 he
became a consultant to Wise Speke while building up interests in a range of unquoted companies. In 2001 he became Chief
Operating Officer of the Group. He is non-executive director of the Association of Private Client Investment Managers, Fund
Distribution Limited and Chairman of Affinity Food Holdings Ltd.
Michael John Ross Williams (aged 58)
Michael Williams joined Brewin Dolphin & Co. in 1968 and became a partner in 1978. He has consistently been involved in
portfolio management. He joined the Board on incorporation in 1987 and is responsible for the Group’s legal matters and
for the Associates of Brewin Dolphin Securities Ltd.
Francis Edward (Jock) Worsley, OBE, FCA (aged 64) 
Jock Worsley was a founder of the Financial Training Company and its executive Chairman from 1972 until 1993. He has
been President of the Institute of Chartered Accountants of England and Wales, a Deputy Chairman of Lautro, a member of
the Building Societies Commission and Independent Complaints Commissioner for SIB and the Financial Services
Authority. He was Chairman of the Cancer Research Campaign from 1998 until its merger in 2002 with the Imperial Cancer
Research Fund as Cancer Research UK. He is the non-executive Chairman of Lloyds Members Agency Services Ltd.
Directors’ Biographies
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 59 Page 60 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Notice is hereby given that the Annual General Meeting of Brewin Dolphin Holdings PLC will be held at Merchant Taylors’
Hall, 30 Threadneedle Street, London EC2R 8JB on Tuesday 28 February 2006 at 12 noon for the following purposes:-
As ordinary business
1. To receive the Accounts and the Reports of the Directors and Auditors for the period ended 30 September 2005.
2. To re-elect as a Director Mr Robin Alec Bayford who retires by rotation.
3. To re-elect as a Director Mr John Peirs Hall who retires by rotation.
4. To re-elect as a Director Mr Vikram Lall who retires by rotation.
5. To elect as a Director Mr Simon Edward Callum Miller.
6. To reappoint Deloitte & Touche LLP as auditors of the Company at a remuneration to be fixed by the Directors.
7. To approve the Company’s current dividend policy of paying two interim dividends per year, taking regard of
anticipated profits for the year, and authorising the Directors to continue this policy for the year 2006.
8. To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
That the Directors be authorised generally and unconditionally to exercise all the powers of the Company to allot
relevant securities (in accordance with Section 80 of the Companies Act 1985) up to an aggregate nominal amount of
£661,704.48 (representing 33.3% of the issued share capital of the Company as at 10 November 2005), for the period
expiring on 27 February 2011 but so that the Company may, before such expiry, make an offer or an agreement which
would or might require relevant securities to be allotted after such expiry and the Directors may allot relevant
securities pursuant to such an offer or agreement as if the authority conferred hereby had not expired; this authority
shall replace any previous authority granted pursuant to Section 80 of the Companies Act 1985, save that such
previous authority shall continue in respect of shares issued, rights to subscribe or convert issued, or shares or rights
contracted to be issued prior to the date of the passing of this resolution.
As special business, to consider and, if thought fit, pass the following resolutions, in the case of resolution 9 as an ordinary
resolution and in the case of resolutions 10 and 11 as special resolutions.
9. To approve the Directors’ Remuneration Report for the financial year ended 30 September 2005.
10. That the Directors be empowered to allot or make offers or agreements to allot for cash equity securities pursuant to the
authority granted under Section 80 of the Companies Act 1985 at the 2006 Annual General Meeting of the Company and
to sell or make offers or agreements to sell equity securities which immediately before the sale are held by the Company
as treasury shares (as defined in Section 162A of the Companies Act 1985) (and to make any such offer or agreement
which would or might require equity securities to be allotted after the expiry of that authority) in each case as if Section
89(1) of the Companies Act 1985 did not apply to the allotment of any such securities, such power being limited to:
(a) the allotment or sale of equity securities up to the aggregate nominal amount of £661,704.48 in connection with
an issue of shares to holders of relevant shares or relevant employee shares, or in connection with any other form
of issue of such securities in which such holders are offered the right to participate, in proportion (as nearly as
may be) to their respective holdings, but subject to such exclusions or other arrangements as the Directors
consider necessary or expedient to deal with any fractional entitlements or any legal or practical problems under
the laws of any territory or the requirements of any stock exchange or regulatory authority; and
(b) the allotment or sale (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an aggregate
nominal amount of £99,255.67 (being 5% of the issued share capital of the Company as at 10 November 2005).
11. That the Company be generally and unconditionally authorised to make market purchases (within the meaning of
Section 163 of the Companies Act 1985) of ordinary shares of 1p each in the capital of the Company (“ordinary shares”)
provided that:
(a) the maximum number of ordinary shares hereby authorised to be purchased shall be 19,851,134.
Notice of Meeting
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 60 Brewin Dolphin Holdings PLC Page 61
Annual Report and Accounts For the year ending September 2005
(b) the minimum price which may be paid for an ordinary share shall be 1p;
(c) the maximum price which may be paid for an ordinary share shall be the higher of (1) 5% above the average
market value of the Company’s shares for the 5 business days prior to the day the purchase is made and (2) the
higher of the last independent trade and the highest current independent bid on the Company’s shares on the
trading venues where the purchase is carried out;
(d) the authority hereby conferred shall expire at the conclusion of the Annual General Meeting of the Company to
be held in 2007 or, if earlier, on 27 May 2007, unless such authority is renewed prior to such time; and
(e) the Company may enter into contracts to purchase ordinary shares under the authority hereby conferred prior to
the expiry of such authority, which contracts will or may be executed wholly or partly after the expiry of such
authority, and may make purchases of ordinary shares pursuant to any such contracts.
By order of the Board
Angela Wright
30 November 2005
Notes.
1. A member entitled to attend and vote at the meeting convened by this notice is entitled to appoint one or more proxies to attend and, on a poll, to vote
in his/her/its stead. A proxy need not be a member of the Company.
2. A form of proxy is enclosed and, to be valid, must be lodged with the Company’s registrars, Lloyds Bank Plc, Registrars Department, The Causeway,
Worthing, West Sussex BN99 6DA, not less than 48 hours before the time appointed for the holding of the meeting. Submitting a proxy does not prevent
a member from attending the meeting and voting in person.
3. Under Regulation 41 of the Uncertificated Securities Regulations 2001, only those members who are registered on the Company’s share register at
9 am on Monday 27 February 2006 are entitled to attend the meeting and to vote in respect of the number of shares registered in their names at that
time. Changes to entries on the share register after 9 am on Monday 27 February 2006 shall be disregarded in determining the rights of any person to
attend and/or vote at the meeting.
4. Brief biographies of the Directors are set out on page 58.
5. The Directors have no present intention of exercising the authority to allot relevant securities pursuant to resolution 8. As at 10 November 2005 and at
the date of this notice, the Company does not hold any shares in treasury.
6. The directors have no present intention of exercising the authority to make purchases of the Company’s shares pursuant to resolution 11. If exercised
the shares would be held in treasury. If granted, the authority would only be exercised if it was expected that an improvement in earnings per share
would result and that the purchase would be in the best interests of shareholders generally. As at 10 November 2005 the latest practicable date prior
to publication of this notice there were outstanding options to subscribe for a total of 11,752,537 ordinary shares of 1p each in the Company. These
options represent 5.9% of the Company’s issued share capital as at 10 November 2005. if the authority under resolution 11 to make market purchases
is granted and then exercised in full, the options would represent 6.6% of the Company’s issued share capital as at 10 November 2005.
Electronic proxy appointment through CREST 
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Annual General Meeting
to be held on 28 February 2006 and any adjournment(s) thereof by using the procedures described in the CREST Manual. CREST Personal Members or other
CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service
provider(s), who will be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must
be properly authenticated in accordance with CRESTCo’s specifications and must contain the information required for such instructions, as described in the
CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or to an amendment to the instruction given to a previously
appointed proxy must, in order to be valid, be transmitted so as to be received by the issuer’s agent (ID 7RA01) by the latest time(s) for receipt of proxy
appointments specified in the notice of meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to
the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by
CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that CRESTCo does not make available special
procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy
Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member
or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to
ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their
CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST
system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001.
Notice of Meeting
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 61 Page 62 Brewin Dolphin Holdings PLC
Annual Report and Accounts For the year ending September 2005
Branch Address List
London
5 Giltspur Street
London
EC1A 9BD
Telephone 020 7248 4400
Aberdeen
25 Albyn Place
Aberdeen
AB10 1YL
Telephone 01224 589345
Belfast
6th floor, Waterfront Plaza
8 Laganbank Road
Belfast
BT1 3LY
Telephone: 028 9044 6000
Birmingham
Edmund House
12-22 Newhall Street
Birmingham
B3 3DB
Telephone 0121 236 7000
Bradford
Auburn House
8 Upper Piccadilly
Bradford
BD1 3NU
Telephone 01274 728866
Cardiff
Sutherland House
Castlebridge
Cowbridge Road East
Cardiff
CF11 9BB
Telephone 029 2034 0100
Cheltenham
The Lypiatts
Lansdown Road
Cheltenham
GL50 2JA
Telephone 01242 577677
Dorchester
50 South Street
Dorchester
Dorset
DT1 1DQ
Telephone 01305 259333
Dumfries
43 Buccleuch Street
Dumfries
DG1 2AB
Telephone 01387 252361
Dundee
1 Courthouse Square
Dundee
DD1 1NH
Telephone 01382 317200
Eastbourne
2 Hyde Gardens
Eastbourne
East Sussex
BN21 4PN
Telephone 01323 411585
Edinburgh
PO Box No. 8
7 Drumsheugh Gardens
Edinburgh
EH3 7QH
Telephone 0131 225 2566
Elgin
26 Hay Street
Elgin
IV30 1NQ
Telephone 01343 548344
Exeter
11-15 Dix’s Field
Exeter
EX1 1QA
Telephone: 01392 848 788
Glasgow
48 St. Vincent Street
Glasgow
G2 5TS
Telephone 0141 221 7733
Guernsey
Suite B
St Peter Port House
Saumarez Street
St Peter Port
Guernsey
GY1 2PT
Telephone 01481 736682
Hull
Ground Floor Front Suite
Lowgate House, Lowgate
Hull
HU1 1EL
Telephone 01482 599759
Inverness
Kintail House
Beechwood Business Park
Inverness
IV2 3BW
Telephone 01463 225888
Jersey
27 Charing Cross
St Helier
Jersey
JE2 3RP
Telephone 01534 703000
Leeds
34 Lisbon Street
Leeds
LS1 4LX
Telephone 01132 459341
Leicester
Permanent House
Horsefair Street
Leicester
LE1 5BU
Telephone 01162 420700
Lincoln
Olympic House
Doddington Road
Lincoln
LN6 3SE
Telephone 01522 503 000
Llandudno
59 Madoc Street
Llandudno
North Wales
LL30 2TW
Telephone 01492 874391
Lymington
98 High Street
Lymington
Hampshire
SO41 9AP
Telephone 01590 674288
Manchester
PO Box 512
National House
36 St Ann Street
Manchester
M60 2EP
Telephone 0161 839 4222
Marlborough
Cross Keys House
The Parade
Marlborough
Wiltshire
SN8 1NE
Telephone 01672 519600
Newcastle
Commercial Union House
39 Pilgrim Street
Newcastle upon Tyne
NE1 6RQ
Telephone 0191 279 7300
Norwich
Jacquard House
Old Bank of England Court
Queen Street
Norwich
NR2 4SX
Telephone 01603 767776
Reigate
Park House
77 Bell Street
Reigate
Surrey
RH2 7AN
Telephone 01737 223722
Scarborough
5 Alma Square
Scarborough
YO11 1JR
Telephone 01723 372478
Stoke
1st Floor
10 Town Road, Hanley
Stoke-on-Trent
Staffordshire
ST1 2QG
Telephone 01782 764000
Taunton
2 Mendip House
High Street
Taunton
Somerset
TA1 3SX
Telephone 01823 332042
Teesside
Progress House
Fudan Way
Teesdale
Stockton-on-Tees
TS17 6EN
Telephone 01642 608855
Brewin Dolphin Website
www.brewin.co.uk
e-mail
info@brewin.co.uk
Execution Only – On-Line Broker
Stocktrade
81 George Street
Edinburgh
EH2 3ES
Telephone 0131 240 0400
Web: www.stocktrade.co.uk
pp 48-63:pp 47-62  30/12/05  11:18 am  Page 62 apages fc.bc.ifc.ibc.spine:apages fc.bc.ifc.ibc  30/12/05  11:15 am  Page 3 Aberdeen Belfast Birmingham Bradford Cardiff Cheltenham Dorchester Dumfries Dundee Eastbourne Edinburgh Elgin 
Exeter Glasgow Guernsey Hull Inverness Jersey Leeds Leicester Lincoln Llandudno London Lymington Manchester 
Marlborough Newcastle Norwich Reigate Scarborough Stocktrade Stoke-on-Trent Taunton Teesside
Brewin Dolphin Holdings PLC
5 Giltspur Street, 
London, 
EC1A 9BD. 
T: 020 7248 4400
F: 020 7236 2034
DX: 46602 Barbican
E: info@brewin.co.uk
W: www.brewindolphin.co.uk
Brewin Dolphin Holdings PLC                                                                                                                                                                                                                                                             Annual Report and Accounts 2005
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