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International Schools & Humanities Division
This, formerly our International Schools Division was re-launched in the middle of 2012 with the appointment
of Janet Jenkinson as Divisional Director responsible for both our international schools market and our
developing retirement plan market with international charities and NGOs. Given that the Inside NGO endorsed
TCN International Retirement Plan is virtually identical in structure and costing to the International Schools
Plan and with many of the geographical market places overlapping, it was a natural decision to bring this
business into the existing International Schools Division under Janet’s responsibility. Again turnover in this
division for the year in question is distorted in comparison because of the introduction of the charities and
NGO business but the underlying schools business rose very slightly by 1% to just over £200,000 compared
with £196,000 in the previous year with the new TCN plan contributing a further £90,000+ in gross revenue.
International Employee Benefits Division
Turnover in this division was down by 29% with a resultant reduction in profitability but this can be directly
correlated to the ending of commission on group personal pension plans. In terms of new corporate clients
and individual employee members covered by our services, the group has grown its business but had to
replace initial commission earnings with annual administration fees which will be to the benefit of the group
and its recurring income in the future. However, this Division is still the most profitable single business in the
Group contributing around £85,000 to operating profit.
Sports Media & Entertainment Division
Turnover here was down by 1% and profits, before management charges, of £12,814 for the year compared
with £13,246 in the previous year.
Other revenue
The Group’s wholly owned recurring income from prior acquisitions came in at £231,253 (£224,689) and total
recurring income for the group was again steady at approximately 50% of gross revenue.
Other developments
Since the end of the year under review, our long serving Group Compliance Officer, Paul Rowland announced
his intention to retire at the end of April and his replacement is already in place. We wish Paul and his wife a
long and happy retirement and this report gives me an opportunity to thank him publicly for over 11 years of
dedicated service to the group.
In preparation for any possible negative effects of the switch from initial commission on investment products to
fees, the Directors and senior management of the group all agreed to reduce their remuneration for the first
six months of the forthcoming trading year but after the first quarter all signs are that revenue is holding up.
We have recently signed agreements with one of the country’s largest international removal firms to be their
exclusive partner for pension referrals for people emigrating to Australia, New Zealand, Canada and the
United States and this promises to give a big boost to our Expat & Emigration Divisions QROPS transfer
We have also been appointed by the Charity and NGO umbrella organisation in the U.K., People in Aid, to
provide an exclusively endorsed International Retirement Plan to their 1100 strong corporate membership and
we look forward to developing this opportunity in the 2012/13 trading year.
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