Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

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
18 April 2023

And signed on behalf of the board by:
Name: Hal Liebes
Status: Secretary

Profit And Loss Account

for the Period Ended 31 December 2022

Balance sheet

As at 31 December 2022

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2022

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  TurnoverManagement and sub-advisory fees are paid to the Company for advisory and sub-advisory services provided primarily to the Alger SICAV. Such fees are accrued monthly and are recognized as earned based on the terms of the SICAV agreements.

  Other accounting policies

  Going concernFor the year ended 31 December 2022, the Company generated a pre-tax loss of £330,200. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.The Company had £3,388,660 in cash as at 31 December 2022. The directors have prepared profit forecasts and cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements, which indicate that, taking account of reasonably possible downsides the Company will have sufficient funds to meet its liabilities as they fall due for that periodExpensesExpenses are recorded on an accrual basis and expensed in the period incurred.Cost of Goods SoldThe Cost of Goods sold include Distribution fees which are compensation paid to third party sellers of the Alger SICAV. The fees are contractual, AUM based, and vary by share class. The Company incurs these fees as long the underlying investor holds the position in the Alger SICAV. The fees are accrued for on a monthly basis. Also included are fees paid to certain affiliates for sub-advisory services, administrative and marketing support. Sub-advisory fees are AUM based and are paid to Weatherbie Capital, LLC (WBC) for sub-advising on certain Alger SICAV sub-funds. The Company also pays AUM based fees to Fred Alger Management, LLC (FAM) for Administrative and Compliance support and Fred Alger & Company, LLC (FAC) for marketing support. These fees are discussed in greater detail in the Related Party disclosure.TaxationTax on the profit or loss for the year is comprised of current taxes.Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Cash and Cash EquivalentsCash and cash equivalents in the years ended 31 December 2022 and 31 December 2021 comprises cash held in banks only. Trade and other debtors and creditorsTrade and other debtors and creditors are initially recognised at transaction price. Trade and other debtors are subsequently recognised at amortised cost less impairment. Trade and other creditors are subsequently recognized at amortized cost.Foreign CurrencyTransactions in foreign currencies are translated to the Company’s functional currency of pound streling GBP 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 functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical costs in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on transactions are recognized in the profit and loss account.

Notes to the Financial Statements

for the Period Ended 31 December 2022

• 2. Employees

  	2022	2021
  Average number of employees during the period	1	1