ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

INFLECTION POINT INVESTMENTS LLP - Company Information

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Registered number: OC326268

INFLECTION POINT INVESTMENTS LLP

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

INFLECTION POINT INVESTMENTS LLP

INFORMATION

Designated Members	Charles Elliott
	Sasha Karim
	Pajani Singah
	Karen Hooi

LLP registered number

OC326268

Registered office

267 Temple Chambers

3-7 Temple Avenue

London

EC4Y 0HP

Independent auditor

Adler Shine LLP

Chartered accountants

Statutory auditor

Aston House

Cornwall Avenue

London

N3 1LF

Bankers

HSBC Bank Plc

6th Floor, 165 Fleet Street

London

EC4A 2DY

Solicitors

Slaughter and May

Bunhill Row

London

EC1Y 8YY

INFLECTION POINT INVESTMENTS LLP

CONTENTS

	Page
Members' Report	1 - 2
Independent Auditor's Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9 - 10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 18

INFLECTION POINT INVESTMENTS LLP

MEMBERS' REPORT

FOR THE YEAR ENDED 31 MAY 2021

The members present their annual report together with the audited financial statements of Inflection Point Investments LLP (the "LLP") for the ended 31 May 2021.

Principal activities

The principal object of the LLP is to provide investment management services.

Designated Members

Charles Elliott, Sasha Karim, Karen Hooi and Pajani Singah were designated members of the LLP throughout the period.

Members' capital and interests

Each member's subscription to the capital of the LLP is determined by the capital requirements of the business and is repayable following retirement from the LLP.

Details of changes in members' capital in the ended 31 May 2021 are set out in the financial statements.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. A proportion of profits are allocated during the year with the balance allocated between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly, with the balance being drawn after the year end, subject to the cash requirements of the business.

Members' responsibilities statement

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by 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 judgments and accounting estimates 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;

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

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 to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008).

Page 1

INFLECTION POINT INVESTMENTS LLP

MEMBERS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2021

They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are members at the time when this Members' Report is approved has confirmed that:

∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.

This report was approved by the members and signed on their behalf by:

S Karim Designated member
Date: 14 September 2021

Page 2

INFLECTION POINT INVESTMENTS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP

Opinion

We have audited the financial statements of Inflection Point Investments LLP (the 'LLP') for the year ended 31 May 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 2021 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 limited liability partnerships 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.

Page 3

INFLECTION POINT INVESTMENTS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 in relation to which the Companies Act 2006, as applied to limited liability partnerships, 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 Members' Responsibilities Statement set out on page 1, 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 is 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.

Page 4

INFLECTION POINT INVESTMENTS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP (CONTINUED)

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 an Auditor's Report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquiries of management about their own identification and assessment of the risk of irregularities;
• performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

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 Auditor's Report.

Page 5

INFLECTION POINT INVESTMENTS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFLECTION POINT INVESTMENTS LLP (CONTINUED)

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 by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications 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 an Auditor's Report 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.

Christopher Taylor (Senior Statutory Auditor)

for and on behalf of

Adler Shine LLP

Chartered accountants

Statutory auditor

Aston House

Cornwall Avenue

London

N3 1LF

15 September 2021

Page 6

INFLECTION POINT INVESTMENTS LLP

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MAY 2021

	2021	2020
Note	£	£


Turnover	4	7,367,107	1,207,181
Gross profit		7,367,107	1,207,181
Administrative expenses		(195,630)	(167,272)
Operating profit	5	7,171,477	1,039,909
Interest receivable and similar income	9	231	85
Profit before tax		7,171,708	1,039,994
Profit for the year before members' remuneration and profit shares		7,171,708	1,039,994

Profit for the year before members' remuneration and profit shares	7,171,708	1,039,994
Members' remuneration charged as an expense	(400,000)	(400,000)
Profit for the financial year available for discretionary division among members	6,771,708	639,994

Other comprehensive income for the year

Total comprehensive income for the year	6,771,708	639,994

The notes on pages 12 to 18 form part of these financial statements.

Page 7

INFLECTION POINT INVESTMENTS LLP

REGISTERED NUMBER: OC326268

BALANCE SHEET

AS AT 31 MAY 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	10	5,000,809		150,289
Cash at bank and in hand	11	1,965,520		662,037
		6,966,329		812,326
Creditors: Amounts Falling Due Within One Year	12	(59,232)		(36,943)
Net current assets			6,907,097		775,383
Total assets less current liabilities			6,907,097		775,383

Net assets			6,907,097		775,383

Represented by:
Loans and other debts due to members within one year
Members' other interests
Members' capital classified as equity	135,389		135,389
Other reserves classified as equity	6,771,708		639,994
		6,907,097		775,383
		6,907,097		775,383

Total members' interests
Amounts due from members (included in debtors)	10	(4,702,499)	-
Members' other interests		6,907,097	775,383
		2,204,598	775,383

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 14 September 2021.

S Karim

Designated member

The notes on pages 12 to 18 form part of these financial statements.

Page 8

INFLECTION POINT INVESTMENTS LLP

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2021

	Members capital (classified as equity)	Other reserves	Total equity
	£	£	£
At 1 June 2020	135,389	639,994	775,383
Comprehensive income for the year
Profit for year for discretionary division among members	-	6,771,708	6,771,708
Allocated profit	-	(639,994)	(639,994)
Other comprehensive income for the year	-	(639,994)	(639,994)
Total comprehensive income for the year	-	6,131,714	6,131,714
Total transactions with members	-	-	-
At 31 May 2021	135,389	6,771,708	6,907,097

The notes on pages 12 to 18 form part of these financial statements.

Page 9

INFLECTION POINT INVESTMENTS LLP

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2020

	Members capital (classified as equity)	Other reserves	Total equity
	£	£	£
At 1 June 2019	135,389	2,296,698	2,432,087
Comprehensive income for the year
Profit for year for discretionary division among members	-	639,994	639,994
Allocated profit	-	(2,296,698)	(2,296,698)
Other comprehensive income for the year	-	(2,296,698)	(2,296,698)
Total comprehensive income for the year	-	(1,656,704)	(1,656,704)
Total transactions with members	-	-	-
At 31 May 2020	135,389	639,994	775,383

The notes on pages 12 to 18 form part of these financial statements.

Page 10

INFLECTION POINT INVESTMENTS LLP

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MAY 2021

			2021	2020
			£	£

Cash flows from operating activities
Profit for the financial year	6,771,708	639,994
Adjustments for:
Members' remuneration charged as an expense	400,000	400,000
Interest received	(231)	(85)
(Increase) in debtors	(148,021)	(56,720)
Increase in creditors	22,289	17,546
Net cash generated from operating activities before transactions with members	7,045,745	1,000,735

Members' remuneration charged as an expense	(400,000)	(400,000)
Net cash generated from operating activities	6,645,745	600,735
Cash flows from investing activities
Interest received	231	86
Net cash from investing activities	231	86
Cash flows from financing activities
Distribution paid to members	(5,742,493)	(921,584)
Other transactions with members	400,000	400,000
Net cash used in financing activities	(5,342,493)	(521,584)
Net increase in cash and cash equivalents	1,303,483	79,237
Cash and cash equivalents at beginning of year	662,037	582,800
Cash and cash equivalents at the end of year	1,965,520	662,037

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,965,520	662,037
	1,965,520	662,037

The notes on pages 12 to 18 form part of these financial statements.

Page 11

INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

1.	General information

Inflection Point Investments LLP is a limited liability partnership incorporated in the United Kingdom. The address of the registered office is given in the LLP information on page 1 of these financial statements. The nature of the LLP's operations and principal activities are that of provision of investment management services.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice; Accounting by Limited Liability Partnerships and published on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the LLP.
The significant accounting policies applied in the preparation of these financial statements are set of below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the LLP will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.3

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the LLP's cash management.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 13

INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.Accounting policies (continued)

2.8

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key judgement relates to the recoverability of accrued income. The members have concluded that no provision is required against accrued income.

4.	Turnover
		2021	2020
		£	£

Management fees	2,073,442	1,091,970
Performance fees	5,293,665	115,211
	7,367,107	1,207,181

Page 14

INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

Operating lease rentals

16,103

21,453

6.	Auditor's remuneration
		2021	2020
		£	£

	Fees payable to the LLP's auditor and its associates for the audit of the LLP's annual accounts	14,640	12,140
		14,640	12,140

Employees

The entity has no employees.


The average number of members during the year was	4	4

9.	Interest receivable
		2021	2020
		£	£

	Other interest receivable	231	85
		231	85

Page 15

INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

10.

Debtors

					2021	2020
					£	£


Trade debtors	199,706	-
Other debtors	9,735	8,589
Prepayments and accrued income	88,869	141,700
Amounts due from members	4,702,499	-
	5,000,809	150,289

11.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	1,965,520	662,037
	1,965,520	662,037

12.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	48,307	24,971
Other taxation and social security	-	1,872
Accruals and deferred income	10,925	10,100
	59,232	36,943

13.	Financial instruments
		2021	2020
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	1,965,520	662,037

Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.

Page 16

INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

14.

Reconciliation of members' interests


	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors		Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total	Total
	£	£	£	£	£	£
Amounts due from members				(1,775,114)	(1,775,114)
Balance at 1 June 2019	135,389	2,296,698	2,432,087	(1,775,114)	(1,775,114)	656,973
Members' remuneration charged as an expense	-	-	-	400,000	400,000	400,000
Profit for the year available for discretionary division among members	-	639,994	639,994	-	-	639,994
Members' interests after profit for the year	135,389	2,936,692	3,072,081	(1,375,114)	(1,375,114)	1,696,967
Other division of profits	-	(2,296,698)	(2,296,698)	2,296,698	2,296,698	-
Drawings	-	-	-	(921,584)	(921,584)	(921,584)
Balance at 31 May 2020	135,389	639,994	775,383	-	-	775,383
Members' remuneration charged as an expense	-	-	-	400,000	400,000	400,000
Profit for the year available for discretionary division among members	-	6,771,708	6,771,708	-	-	6,771,708
Members' interests after profit for the year	135,389	7,411,702	7,547,091	400,000	400,000	7,947,091
Other division of profits	-	(639,994)	(639,994)	639,994	639,994	-
Drawings	-	-	-	(5,742,493)	(5,742,493)	(5,742,493)
Amounts due from members				(4,702,499)	(4,702,499)
Balance at 31 May 2021	135,389	6,771,708	6,907,097	(4,702,499)	(4,702,499)	2,204,598

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

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INFLECTION POINT INVESTMENTS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

Not later than 1 year	21,470	21,470
Later than 1 year and not later than 5 years	21,470	42,940
	42,940	64,410

16.	Related party transactions
	During the year the company charged management fees of £2,049,910 (2020: £1,091,970) and performance fees of £5,293,665 (2020: £115,211) to Inflection Point Investments Company Limited, a company registered in the Cayman Islands in which Mr C Elliot (resigned 30 September 2020) and Mr P Singah are directors.

17.	Controlling party

The ultimate controlling party is C Elliot.

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