Annual Report for the year ended 31 December 2008

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22. tRade and otHeR ReCeiVaBles notes to tHe FinanCial statements CONTINuED FOR THE YEAR ENDED 31 DECEMBER 2008 66 The evoluTion Group plc AnnuAl reporT & AccounTs 2008 2008 2007 £'000 £'000 CuRRENT Trade receivables 5,587 7,938 less: provision for impairment of trade receivables (384) (666) Trade receivables – net 5,203 7,272 counterparty receivables 40,460 74,940 less: provision for impairment of counterparty receivables (1,454) (1,394) counterparty receivables – net 39,006 73,546 other receivables 10,708 7,888 prepayments and accrued income 3,796 3,593 58,713 92,299 NON CuRRENT Deposits – 35 58,713 92,334 The opening provision for impairment of trade receivables was £666,000 (2007: £631,000), with a credit to the income statement in 2008 of £282,000 for the release of provisions (2007: £142,000). no amounts were utilised in the year (2007: £107,000). This has resulted in a closing provision for impairment of receivables of £384,000 (2007: £666,000). The provision for impairment of counterparty receivables is £1,454,000 (2007: £1,394,000). During the year there has been a charge to the income statement of £60,000 (2007: nil) and no amounts utilised (2007: nil). 23. aVailaBle-FoR-sale FinanCial assets 2008 2007 £'000 £'000 At 1 January 680 1,926 Additions 1,000 – Fair value additions of shares received in lieu of corporate finance income 27 – 1,707 1,926 Disposals of available-for-sale financial assets at fair value – (1,385) revaluation (deficit)/surplus transfer to equity (note 31) (651) 139 At 31 December AVAILABLE-FOR-SALE FINANCIAL ASSETS INCLuDE THE FOLLOwING: listed securities: 1,056 680 equity securities – uK unlisted securities: 167 606 equity securities – uK 889 74 1,056 680
24. tRadinG PoRtFolio assets notes to tHe FinanCial statements CONTINuED FOR THE YEAR ENDED 31 DECEMBER 2008 2008 2007 £'000 £'000 long positions in market making and dealing operations 4,821 17,752 options and warrants received in lieu of corporate finance income 8 1,404 other derivatives 205 15 5,034 19,171 The long trading portfolio assets represent shares listed on both the lse official list and AiM markets. The nominal value (based on exercise price) of options and warrants held at 31 December 2008 was £1,171,000 (2007: £5,362,000). 25. CasH and CasH eQUiValents cash at bank includes £769,000 (2007: £1,478,000) received in the course of settlement of client transactions which is held in trust on behalf of clients, but may be utilised to settle outstanding transactions. it also includes cash of £248,932 (2007: £478,000) held by The evolution Group plc employees’ share Trust and the W Deb Mvl trust which cannot be used by the Group. 2008 2007 £'000 £'000 CASH AND CASH EQuIVALENTS cash at bank and at hand 2,000 12,628 short term bank deposits 101,639 110,115 103,639 122,743 26. tRade and otHeR PaYaBles 2008 2007 £'000 £'000 Trade payables 1,984 3,061 counterparty creditors 35,167 70,642 other taxation and social security 1,390 1,242 other payables 371 906 Accruals and deferred income 21,339 20,231 60,251 96,082 27. tRadinG PoRtFolio liaBilities 2008 2007 £'000 £'000 short positions in market making and dealing operations 3,985 6,731 other derivatives 275 13 4,260 6,744 The short trading positions represent shares listed on both the lse official list and AiM markets. 67
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Yesterday Today Tomorrow... ANNUAL
Page 3 and 4:
FINANCIAL ANd OPERATIONAL HIGHLIGHT
Page 5 and 6:
Balance Sheet strength and cash bal
Page 7 and 8:
evolution securities Evolution secu
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Corporate Finance Evolution securit
Page 11 and 12:
Wdb capital The Group’s investmen
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EARNINGS PER SHARE ON TOTAL OPERATI
Page 15 and 16:
evolution securities’ income anal
Page 17 and 18: other activities The Group’s othe
Page 19 and 20: Lord macLaurin of Knebworth, dL (72
Page 21 and 22: principal risks and uncertainties T
Page 23 and 24: share capital Details of the change
Page 25 and 26: The Directors consider that in prep
Page 27 and 28: The Chief Executive, Alex snow, is
Page 29 and 30: The Committee observed that during
Page 31 and 32: appropriate and comprehensive proce
Page 33 and 34: The Board has delegated to the Remu
Page 35 and 36: The concept of a bonus ceiling does
Page 37 and 38: non-executive directors Non-executi
Page 39 and 40: On 8 April 2009, Alex snow was awar
Page 41 and 42: We have audited the Consolidated Fi
Page 43 and 44: ASSETS 2008 2007 Note £’000 £
Page 45 and 46: 2008 2007 £’000 £’000 (loss)/
Page 47 and 48: shareholding of more than one half
Page 49 and 50: ) Distribution channels and custome
Page 51 and 52: (b) Share-based plans The Group’s
Page 53 and 54: Risk Reporting The Group Board rece
Page 55 and 56: Neither past Past due but not impai
Page 57 and 58: By business segment (continued) The
Page 59 and 60: 6. otHeR inCome Restated 2008 2007
Page 61 and 62: 11. aUditoRs’ RemUneRation During
Page 63 and 64: 14. inCome taX eXPense (CONTINuED)
Page 65 and 66: 18. intanGiBle assets notes to tHe
Page 67: 20. deFeRRed inCome taX (CONTINuED)
Page 71 and 72: 31. Consolidated moVement in sHaReH
Page 73 and 74: 33. CasH FloW FRom oPeRatinG aCtiVi
Page 75 and 76: 38. emPloYee sHaRe sCHemes Movement
Page 77 and 78: 38. emPloYee sHaRe sCHemes (CONTINu
Page 79 and 80: THE EVOLuTION GROuP PLC PARENT COMP
Page 81 and 82: ASSETS ComPanY BalanCe sHeet AS AT
Page 83 and 84: statement oF ReCoGnised inCome and
Page 85 and 86: 1. aCCoUntinG PoliCies (CONTINuED)
Page 87 and 88: 2. FinanCial instRUments and RisK m
Page 89 and 90: 2. FinanCial instRUments and RisK m
Page 91 and 92: 5. inVestment in sUBsidiaRies notes
Page 93 and 94: 10. CasH and CasH eQUiValents 2008
Page 95 and 96: 17. Post BalanCe sHeet eVents There
Page 101 and 102: FoR YoUR notes 99
Page 103 and 104: DesiGneD AnD proDuceD BY BesT&co. l
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Annual Report for the year ended 31 December 2008

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