The Directors present their Annual Report on the affairs of the company, together with the Financial statements and auditor’s report, for the period ended 31 March 2020.
The following information required by the Companies Act 2006 can be found in the following sections of the Annual Report, which are incorporated by reference into this report:
- a description of the principal activities of the company during the course of the period, an indication of likely future developments in the business and the key operational and financial risks the company is exposed to are all included in the Strategic Report
- details of significant events since the balance sheet date are contained in note 16 to the Financial statements
- information about the use of Financial Instruments by the Company is given in note 13 to the Financial statements
- BPC, due to its size, is not required to publish a Section 172 statement about how its directors have fulfilled their duties
- however, in their normal course of action the Directors of BPC act in the way they consider is in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
(a) the likely consequences of any decision in the long term
(b) the interests of the Company’s employees
(c) the need to foster the Company’s business relationships with suppliers, customers and others
(d) the impact of the Company’s operations on the community and the environment
(e) the desirability of the Company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the Company.
Furthermore, the parent company of British Business Bank plc has included in its Annual Report and Accounts a full S 172 statement, and the types of considerations and evidence contained in here apply to governance standards across the Group.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to
adopt the going concern basis in preparing the Financial statements. Further details can be found in the significant accounting policies notes in the Financial statements.
The Directors who held office during the period were as follows:
- Keith Morgan (appointed 22 March 2018) – Chair
- Catherine Lewis La Torre (appointed 22 March 2018)
- Russ Cummings (appointed 13 June 2018)
- Hazel Moore (appointed 1 June 2019).
With effect from 1 September 2020, Keith Morgan resigned from his position within the British Business Bank plc Group, including from BPC. Catherine Lewis La Torre was appointed CEO of the group with effect from 1 September 2020. She remains on the Board of BPC but stepped down as CEO. Judith Hartley was appointed to the Board and assumed the role of CEO on 1 September 2020. In addition, Russell Cummings was appointed Chair, with effect from 1 September 2020.
British Patient Capital has not made any political donations or incurred any political expenditure during the financial year.
Appointment and removal of Directors
The Articles of Association provide that any appointment of a Director to the Board of British Patient Capital requires the prior consent of the shareholder. Additionally, where the appointee is not already an employee of the group, the prior written consent of the Secretary of State for Business, Energy & Industrial Strategy is required. No person may be removed as a Director without the prior written consent of the Secretary of State for Business, Energy & Industrial Strategy.
The Company has granted indemnities to each of its Directors in respect of all losses arising out of, or in connection with, the execution of their powers, duties and responsibilities as Directors to the extent permitted by law and the Company’s Articles of Association.
Directors’ confirmations in relation to the audit
Each of the persons who is a Director at the date of approval of this Annual Report confirms that:
- so far as the Director is aware, there is no relevant audit information of which the Company’s auditors are unaware
- the Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of S 418 of the Companies Act 2006.
Approved by the Board of Directors.