Page 50 - DWF Annual Report 2017

Members’ Report

We expect the pace of growth to A conservative level of monthly
continue, but for the profit trajectory drawings is established at the start
to increase materially as merger of the financial year which enables
synergies are realised through our each Member to draw a proportion
dedicated Business Change team. of their post-tax profit during the
accounting year with further
We continue to be confident that these distributions being made once the
substantial investments in our financial results for the year and
infrastructure, in our people, and our allocation of profit have been finalised;
technology platforms will put us in an the timing of which is dependent upon
increasingly strong position for the future. the working capital requirements of
the Firm. With the consent of
Principal activity Members , the LLP retains a provision
The principal activity of DWF LLP is the for tax from their profit shares which
provision of Legal Services globally. is paid to HM Revenue & Customs on
their behalf. The capital requirements
Charitable donations of the LLP are kept under review by
During the year, DWF made charitable the Board with any proposed changes
donations totalling £10,000 to a variety being approved by the Members.
of charities (2016: £5,000). In The level of Equity Members’ capital
December 2015 DWF created a contribution is linked to his or her
charitable Foundation to provide share of profit. The capital contribution
funds, resources and support to local of Fixed Share Members is fixed at a
charities and projects. In FY 16/17, standard rate, in line with HM Revenue
the DWF Foundation donated £91,000 & Customs legislation guidelines.
(2016: £7,000).
Auditor
Designated Members Deloitte LLP has expressed their
The following Members served as willingness to continue in office as
Designated Members throughout the auditor of the LLP, and accordingly
year and at the date of this report: AR Deloitte LLP will be proposed for
Leaitherland, PA Berry, IJ Slater reappointment as auditor.
(resigned 24 November 2016), AG
Peacock (resigned 18 January 2017)
and JDL Edwards (resigned 24 Approved by the Board of Members
November 2016), Claire Bowler on the 2nd February 2018 and signed
(appointed 24 November 2016), Hilary on behalf of the Board.
Ross (appointed 24 November 2016),
Paul Rimmer (appointed 24 November
2016) and Stephen Miles (appointed
18 January 2017).

The Board
The Board compromises the
Designated Members together
with a Non-Executive Chairman,
Alan Benzie, a further Non-Executive
Director, David Gray, and Chief
People Officer, Catherine Williams
(resigned 31 July 2017). A.R. Leaitherland
Members’ drawings and capital
policy
The Members’ policy on drawings
is determined by the Board.