for the Period Ended 31 December 2020
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2020
Principal activities of the company
Political and charitable donations
Additional information
Business reviewDetails on the Company ' s performance and activities during 2020, are included in the Strategic Report on pages 2 through5. There are no planned changes in the Company ' s business plans .DirectorsThe directors who held office during the period and up to the date of approving these financial statements were as follows: Lord CarringtonDaniel Chung Hal LiebesGoing ConcernWe have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, including the next twelve months from the date of the approval of the audited financials, and thus we continue to adopt the going concern basis of accounting in preparing the annual financial statement . This expectation is supported by:1. Financial projections that project sustained profitability . For the year ended 31 December 2020 the Company earned £921K with the pro ject ion of a profit of £2M for year ending 2021. At year end 31 December 2020, the Company had $1.928 billion in AUM and most of the growth predicted in the Company's revenues for 2021 is the result of AUM growth that already occurred during 2020. The actual AUM growth predicted during 2021 is modest at 14% to $2.193 billion at year end.2. The growth in AUM and the performance of the funds. Management is confident that subscriptions are likely to be robust due to performance of the funds. The Company saw increased subscriptions during 2020 which followed improvements in their relative performance; our experience is that a period of sustained superior performance typically results in increased sales.3. The continuation of positive cash flows that will enable the Company to meet liabilities as they fall due. At 31 December 2020, the Company had £2.2M in Cash versus £767K at 31 December 2019. During 2020, the Company generated £1.4M versus a cash decrease of £SSSK in 2019 . Based upon the cash flow projections for the next 18 months including consideration of severe but plausible downsides, the Company continues to generate positive cash flows sufficient to enable it to meet it liabilities as they fall due.4. More than adequate regulatory capital . At 31 December 2020, the Company had approximately £1M in Total Equity which was significantly in excess of the regulatory requirement, which is based upon their Fixed Overhead Requirement (FOR). AUM more than doubled during 2020 but fixed costs remained the same, resulting in increased regulatory capital. As AUM and related revenue is projected to grow in 2021 but fixed costs are projected to remain the same, regulatory capital is expected to increase further due to expected profitability . Therefore, the directors are comfortable that the Company will continue to have adequate regulatory capital for the next twelve months and will not breach its regulatory requirement.5. Management' s commitment to AML. The Ultimate Parent, Alger Associates , Inc ., considers the Company as a strategic piece of the Alger business model and will utilize the substantial resources within Alger Associates, Inc. to ensure and enhance the Company's viability, growth, and success as a going concern for the foreseeable future.DividendsThe Company' s board did not approve any dividends during the year nor are there any plan s to propose any dividends . No dividends were paid in 2019 .Disclosure of information to AuditorThe directors who held office at the date of approval of this Directors' Report confirm that , so far as each is aware, there is no relevant audit information of which the Company's Auditor is unaware and each director has taken all the steps that ought to have been taken as a director, including making appropriate enquiries of fellow directors and of the Company' s Auditor for that purpose, in order to be aware of any information needed by the Company' s Auditor in connection with preparing its report and to establish that Company 's Auditor is aware of that information.AuditorKPMG LLP have been appointed as Auditor and pursuant to Section 487 of the Companies Act 2006 will be deemed reappointed.By order of the boardHal Liebes
Directors
The directors shown below have held office during the whole of the period from
1 January 2020 to 31 December 2020
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Secretary
for the Period Ended
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| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Distribution costs: | ( | ( |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | | ( |
Profit(or loss) before tax: | | ( |
Tax: | | |
Profit(or loss) for the financial year: | | ( |
As at
Notes | 2020 | 2019 | |
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| £ | £ | |
Current assets | |||
Debtors: | 3 | | |
Cash at bank and in hand: | | | |
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Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 4 | ( | ( |
Total net assets (liabilities): | | | |
Capital and reserves | |||
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Share premium account: | | | |
Profit and loss account: | | ( | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2020
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 31 December 2020
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for the Period Ended 31 December 2020
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