Alltus Capital (UK) LLP - LLP accounts 20.1

REGISTERED NUMBER: OC384842 (England and Wales)

Report of the Members and

Financial Statements

for the Year Ended 31 May 2022

for

ALLTUS CAPITAL (UK) LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Reconciliation of Members' Interests

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

Designated members:

Alexander Griffin

Richard Whittall

Registered office:

The Florence

50 Florence Street

London

N1 2DU

Registered number:

OC384842 (England and Wales)

Auditors:

Haines Watts (City) LLP

Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

The members present the report together with the audited financial statements of Alltus Capital (UK) LLP for the year ended 31 May 2022.

Principal activity

The principal activity of the LLP is the provision of investment management services. The LLP is regulated and authorised by the Financial Conduct Authority (the "FCA").

Review of business

The results for the year are shown on the Income Statement on page 7. The LLP's balance sheet as detailed on page 8 shows a satisfactory position with total members' interests amounting to £83,019 (2021: £85,018).

Designated members

The designated members during the year under review were:

Alltus Griffin Limited (to 21/9/2021)

Alltus Whittall Limited (to 21/9/2021)

Alexander Griffin

Richard Whittall

Results for the year and allocation to members

The profit for the year before members' remuneration and profit shares was £11,738 (2021 - £13,151 profit).

Members' interests

A members' capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at ''par'', so the retiring members are repaid their capital at ''par''.

Members' drawings and the subscription and repayment of members' capital

The policies of Alltus Capital (UK) LLP regarding the allocation of profits to members, interim drawings, on account distributions and the subscription and repayment of members' capital are disclosed in the accounting policies on page 12 are governed by the LLP Agreement dated 22 November 2012 (revised date - 2 May 2013).

Members' capital and drawings are determined by the regulatory requirements of the FCA and any trading needs of the LLP. Members' capital is not repayable except where allowed under FCA rules.

Members' profit shares

Any profits are shared amongst the members as decided by the Executive Committee and governed by the LLP Agreement dated 22 November 2012 (revised date - 2 May 2013).

Section 172(1) statement

The members of the LLP consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the LLP for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172 (1)(a-f) of the Act) in the decisions taken during the year ended 31 May 2022. In particular, by performance of the following:

- Our business aims are designed to have a long-term beneficial impact on the LLP and to contribute to its success.

- Our business requires strong relationships with suppliers, customers and others and we continually strive to maintain and improve these relationships.

- The impact of the LLP's operations on the community and environment are considered by the members and reviewed regularly.

- As the members, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance.

- As the members, our intention is to behave responsibly toward our stakeholders and treat them fairly and equally, so they too may benefit from the success of our LLP.

Statement of members' responsibilities

The members are responsible for preparing the LLP's financial statements in accordance with applicable law and regulations and have elected to prepare a Members' report.

The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 require the Members to prepare LLP financial statements for each financial year. Under that law the members have elected to prepare the LLP's financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under Regulation 8 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently

- make judgements and estimated that are reasonable and prudent

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is appropriate to presume that the LLP will continue in business.

Under Regulation 6 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that its financial statements comply with those regulations. They have general responsibility for taking such steps as are reasonable open to them to safeguard the assets of the LLP and to prevent and detect fraud and other irregularities.

In so far as the members are aware:

- there is no relevant audit information of which the LLP's auditor in unaware; and

- the members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Statement as to disclosure of information to auditors

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

Auditors

The auditors, Haines Watts (City) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the members:

Alexander Griffin - Designated member

16 August 2022

Opinion

We have audited the financial statements of Alltus Capital (UK) LLP (the 'LLP') for the year ended 31 May 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 May 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on pages two and three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detected irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capability and skills to identify or recognise non-compliance with applicable laws and regulations; and

- we identified the laws and regulations applicable to the LLP through discussions with members and other management and from our commercial knowledge; and

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP including the Companies Act 2006, taxation legislation, employment, data protection and capital requirements; and

- we assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspected legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the LLP to material misstatement, including obtaining an understanding of how fraud might occur by:

- making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of control, we:

- performed analytical procedures to identify and unusual or unexpected relationships; and

- tested journal entries to identify unusual transactions; and

- assessed whether judgement and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosure to underlying supporting documentation; and

- reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual potential litigation and claims; and

- reviewing correspondence.

We reviewed the Financial Conduct Authority's (FCA) register for any disciplinary proceedings or instances of non-compliance with the rules and regulations and none were identified.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Chris Evans BSc FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts (City) LLP

Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

24 August 2022

Revenue

129,120

144,545

Administrative expenses

(117,382

)

(131,394

)

Operating profit and

Profit for the financial year before
members' remuneration and profit shares
available for discretionary division among
members

11,738

13,151

Other comprehensive income

-

Total comprehensive income for the year

11,738

13,151

Fixed assets

Property, plant and equipment

6

1,560

1,864

Current assets

Debtors

7

36,945

6,464

Cash at bank

295,730

237,366

332,675

243,830

Creditors

Amounts falling due within one year

8

251,216

160,676

Net current assets

81,459

83,154

Total assets less current liabilities

and

Net assets attributable to members

83,019

85,018

Loans and other debts due to members

10

21,281

21,867

Members' other interests

Capital accounts

50,000

Other reserves

11,738

13,151

83,019

85,018

Total members' interests

Loans and other debts due to members

10

21,281

21,867

Members' other interests

61,738

63,151

83,019

85,018

The financial statements were approved by the members of the LLP and authorised for issue on 16 August 2022 and were signed by:

Alexander Griffin - Designated member

Members' capital
(classified as
equity

)

Other
Reserves

Total members'
other interests

£

Members' interests at 1 June 2020

50,000

20,671

70,671

Profit for the year available for
discretionary division among members

-

13,151

Members' interests after profit for the
year

50,000

33,822

83,822

Allocation of prior year profits

-

(20,671

)

(20,671

)

Other payments to members

-

50,000

13,151

63,151

Loans and
other debts
due from
members

Total members'
interests 2021

£

Members' interests at 1 June 2020

22,263

92,934

Profit for the year available for discretionary division among
members

-

13,151

Members' interests after profit for the year

22,263

106,085

Allocation of prior year profits

20,671

-

Other payments to members

(21,067

)

(21,067

)

21,867

85,018

Members'
capital
(classified as
equity

)

Other
Reserves

Total members'
other interests

£

Members' interests at 1 June 2021

50,000

13,151

63,151

Profit for the year available for
discretionary division among members

-

11,738

Members' interests after profit for the
year

50,000

24,889

74,889

Allocation of prior year profits

-

(13,151

)

(13,151

)

50,000

11,738

61,738

Loans and
other debts
due from
members

Total members'
interests 2022

£

Members' interests at 1 June 2021

21,867

85,018

Profit for the year available for discretionary division among
members

-

11,738

Members' interests after profit for the year

21,867

96,756

Allocation of prior year profits

13,151

-

Other payments to members

(13,737

)

(13,737

)

21,281

83,019

Cash flows from operating activities

Cash generated from operations

1

73,158

133,087

Net cash from operating activities

73,158

133,087

Cash flows from investing activities

Purchase of tangible fixed assets

(1,057

)

(2,565

)

Net cash from investing activities

(1,057

)

(2,565

)

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(13,737

)

(21,067

)

Net cash from financing activities

(13,737

)

(21,067

)

Increase in cash and cash equivalents

58,364

109,455

Cash and cash equivalents at beginning
of year

2

237,366

127,911

Cash and cash equivalents at end of year

2

295,730

237,366

1.	Reconciliation of profit for the financial year before members' remuneration and profit shares available for discretionary division among members to cash generated from operations

2022

2021

£

Profit for the financial year before members' remuneration and profit
shares available for discretionary division among members

11,738

13,151

Depreciation charges

1,361

1,395

13,099

14,546

(Increase)/decrease in trade and other debtors

(30,481

)

10,416

Increase in trade and other creditors

90,540

108,125

Cash generated from operations

73,158

133,087

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2022

31/5/22

1/6/21

£

Cash and cash equivalents

295,730

237,366

Year ended 31 May 2021

31/5/21

1/6/20

£

Cash and cash equivalents

237,366

127,911

3.	Analysis of changes in net funds

At 1/6/21

Cash flow

At 31/5/22

£

Net cash

Cash at bank

237,366

58,364

295,730

237,366

58,364

295,730

Net funds (before members' debt)

237,366

58,364

295,730

Loans and other debts

due to members

Other amounts due to members

(21,281

)

-

(21,281

)

Net funds

216,085

58,364

274,449

1.	Statutory information

Alltus Capital (UK) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements were prepared in accordance with applicable United Kingdom accounting standards including the Statement of Recommended Practice, 'Accounting for Limited Liability Partnerships', and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").

The presentation currency of these financial statements is Pound Sterling (£).

All amounts in the financial statements have been rounded to the nearest £1.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Turnover

Turnover, which is stated net of value added tax, is attributable to the supply of investment advisory and management services provided during the year to a range of globally based clients, and arising from continuing activities in the UK. Fees are recognised once receivable, on the accruals basis.

Taxation

As an LLP, Alltus Capital (UK) LLP has made no provision for taxation in the accounts. Each partner is exclusively liable for any tax liabilities arising out of their interest in the Partnership, which will be assessed on the individual partners and not on the Partnership.

Foreign currencies

Transactions in foreign currencies are translated to the LLP's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement.

Members' remuneration and interest

Members' rights to participate in the profits or losses, or assets of an LLP are analysed between those that give rise to, from the LLP's perspective, either a financial liability or equity in accordance with Section 11 of FRS 102. Members' different participation rights are analysed separately into liability and equity elements.

Non-discretionary amounts becoming due to members in respect of equity participation rights in the profits of the LLP for an accounting period that give rise to liabilities are presented as an expense within the income statement (within the heading 'Members' remuneration charged as an expense').

Amounts becoming due to members in respect of equity participation rights, following a discretionary division of profits, are debited directly to equity in the accounting period in which the division occurs. Such amounts are not presented as an expense within the income statement. A discretionary division of profits that takes place after the balance sheet date is a non-adjusting event under FRS 102 Section 32, 'Events after the balance sheet date'.

In the event of a winding up, members' other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests.

Basic financial instruments

Financial assets and liabilities are recognised when the LLP becomes party to the contractual provisions of the financial instrument. The LLP holds basic financial instruments which comprise cash at bank, trade and other receivables, and trade and other payables. The LLP has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management are included as a component of cash and cash equivalents for the purpose only of the cashflow statement.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The partnership assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. The estimated useful lives are as follows:

Computer equipment

-

over 3 years on a straight line basis

Fixtures, fittings and equipment

-

over 3 years on a straight line basis

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the LLP expects to consume an asset's future economic benefits.

Impairment

Financial assets (including trade and other debtors)

Financial assets not carried at fair value through profit or loss are assessed at each reporting date to determine whether there is objective evidence that they are impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Partnership would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the members have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the members consider that the LLP maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the LLP's assets are assessed for recoverability on a regular basis, and the members consider that the LLP is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. The revenue generated by the LLP is on a cost plus mark up basis and therefore the members consider that there is not a threat to the going concern status of the entity.

The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the LLP's ability to continue as a going concern. Thus the members have continued to adopt the going concern basis of accounting in preparing these financial statements.

3.	Operating profit

The operating profit is stated after charging/(crediting):

2022

2021

£

Depreciation - owned assets

1,361

1,395

Foreign exchange differences

(19,030

)

9,580

4.	Auditors' remuneration

2022

2021

£

Fees payable to the LLP's auditors and their assessment for the audit of the LLP's
financial statements

2,800

Non-audit services

2,950

5.	Information in relation to members

2022

2021

The average number of members during the year was

3

4

The profit for the year ended 31 May 2022 has yet to be allocated to the members.

6.	Property, plant and equipment

Fixtures

and

Computer

fittings

equipment

Totals

£

Cost

At 1 June 2021

1,595

6,091

7,686

Additions

-

1,057

At 31 May 2022

1,595

7,148

8,743

Depreciation

At 1 June 2021

1,595

4,227

5,822

Charge for year

-

1,361

At 31 May 2022

1,595

5,588

7,183

Net book value

At 31 May 2022

-

1,560

At 31 May 2021

-

1,864

7.

Debtors: amounts falling due within one year

2022

2021

£

Trade debtors

20,543

-

VAT

10,429

5,596

Prepayments and accrued income

5,973

868

36,945

6,464

8.

Creditors: amounts falling due within one year

2022

2021

£

Trade creditors

6,480

-

Other creditors

231,955

152,079

Accruals and deferred income

12,781

8,597

251,216

160,676

9.	Financial instruments

2022

2021

£

Assets measured at amortised cost:

Trade debtors

20,543

-

Cash at bank and in hand

295,730

237,366

316,273

237,366

Liabilities measured at amortised cost:

Loans and other debts due to members

-

21,867

Other creditors

231,955

152,079

Accruals

12,783

8,597

244,738

182,543

10.

Loans and other debts due to members

2022

2021

£

Loans from members

9,543

8,716

Amounts owed to members in respect of profits

11,738

13,151

21,281

21,867

11.	Related party disclosures

During the year, the LLP received income of £129,120 (2021: £144,545) from Alltus Asset Limited, a company incorporated in the Cayman Islands and controlled equally by Alexander Griffin and Richard Whittall. At the year end, the LLP owed £Nil (2021: £25,002) and was owed £20,543 (2021: £Nil).

During the year the LLP paid for research on behalf of Alltus Global Japan Fund. At the year end, the LLP owed £231,955 (2021: £127,077).

12.	Ultimate controlling party

The controlling party is Alexander Griffin.