Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
COMPANY INFORMATION
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METHOD INVESTMENTS & ADVISORY LIMITED
CONTENTS
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
Method Investments & Advisory Limited ("Method"), incorporated on 2nd November 2001, is authorised and regulated by the Financial Conduct Authority (FCA) for the following activities:
• Advising on investments (except on Pension Transfers and Pension Opt Outs); • Agreeing to carry on a regulated activity; • Arranging (bringing about) deals in investments; • Arranging safeguarding and administration of assets; • Dealing in investments as agent; • Dealing in investments as principal; • Making arrangements with a view to transactions in investments; • Managing investments; • Safeguarding and administration of assets (without arranging). Method can provide its services only to "Professional Clients" and "Qualified Counterparties" and since 2011 can hold Client's money. Company efforts are still focused on increasing numbers of trading strategies and to develop the asset management business in order to stabilize revenues.
The year 2021 was a profitable year for Method and a good year for many different reasons.
The potential disruption created by Brexit has been solved with the acquisition of an entity in The Netherlands named MMX. An agreement had been reached in mid 2021 with MMX and the Central Dutch Bank has given approval to the transaction in February 2022. By the end of April 2022, the transaction will be completed. MMX will be owned by a sister company of Method. Method's main focus to increase the trading but also to diversify from trading developing asset management and special opportunity situations is on track and delivering good results in 2021. The trading activities have not delivered as good results in 2021 vs 2020 even if the pipeline for 2022 look very promising. The company has increased its capital from 12.6 million euro to 21.6 million euro. We will keep on pursuing market strategies based on consistent income, risk diversification, dynamic risk deleveraging and strong infrastructure. The market conditions during 2021 have led Method to keep on investing into research and development for new strategies in order to be diversified in uncertain markets. As mentioned above, the financial results of Method show a gross profit of €4,043,042 (2020: €10,352,626) and a net profit for the year of €8,530,773 (2020: €101,301). Method, as many other financial firms has been affected by COVID-19 but it has worked out solutions to keep all business lines operative and in compliance with the regulator.
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
As clarified below (refer to Note 28), the company performs periodic risk assessments in order to identify the risks relating to its activities, processes and systems. The foregoing risk assessment exercise is always documented within the firm’s Risk Management Procedures Manual (RMP) and internal minutes for record keeping purposes. Based on the above and as highlighted within the RMP, the following risk categories are deemed to be material to the firm’s business:
Business risks: Business risk arises when a firm is unable to realise its business plan and achieve its strategy targets due to insufficient planning or changes in the external environment. The company has demonstrated control over its planning process also considering the prevailing economic conditions. As a result it has always been in a position to adopt its proposed business strategy, capitalising the firm, establishing new business lines and maintaining resources in excess of its regulatory capital requirement. The firm has continued to engage professional advisors in respect of all business developments both in the UK and overseas: in the medium term, the company will thus be able to implement its proposed business strategy, even within very dynamic internal and external environments. Operational risks: Considered to be the risk of loss resulting from inadequate or failed internal processes, people and systems or external events, including legal risk. This is regularly assessed by the Board of Directors (BoD) with the help of the Accounting and Risk Management Departments. The company has always paid special attention to the implementation of effective measures deemed to mitigate (if not eliminate at all) the implications of said risk drivers, including: • regular management meetings – minutes are always available for consultation • conflicts of interest internal policy • periodical (usually quarterly) compliance monitoring – updated in the light of MiFid 2 requirements and approved by the BoD • business continuity planning – the BCP is kept up to date by the IT • adequate backup systems • annual financial accounting audit Furthermore, all new business opportunities are considered in relation to the additional risks that they may bring, and new activities will only be pursued where the appropriate infrastructure is in place to address those risks. Once new lines of business are taken on, the company works to integrate those businesses into its current infrastructure, taking best practices across where necessary. Stress testing is also performed within the scope of ICAAP process to determine whether there could be significant issues likely to arise in the foreseeable future that could have a potential material impact on the company's going concern. COVID-19 risk: Covid 19 Pandemic has caused some delays on daily activity and some reporting (eg. Financial Reports to FCA according to communication issues from FCA). Due to Covid 19, from February the offices were closed and staff working from home. No extensions with creditors/delayed payments were executed; No decrease in net income because of the impact of Covid-19; No impact on business model; No furloughed permanent employees; No support under a government backed loan scheme. Brexit risk: In relation to Brexit we herein provide evidence showing that the impact was very limited. In fact we where still able to access relevant markets as UK third country firm (only some reports needed to be prepared: eg MIFIR report to be provided to relevant markets for relevant transactions there executed other than to FCA). The branch was not providing financial services to clients and also in this case the impact of not being able (due to Brexit) to provide financial service had no impact. Extract of Compliance Report period 2020: • Milan Branch on the 31/12/2020 dropped its Consob Authorisation. The reason is connected to Brexit and the fact that MIFID passporting is not possible for a UK Firm like Method.
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
• Milan Branch has not been providing distribution of service in the past year, therefore Executive Management decided not to establish a Consob regulated Company.
• In the course of 2020 Compliance has dedicated time to Brexit, by following relevant politics decision and by preparing hard brexit solutions with Markets where Method is Member (refer to some sample emails attached). • Compliance Manual and Procedures were reviewed during Q1 2020 and due to Brexit and new requirements under definition it will be reviewed an updated again in Q4 2021, with the help of external Consultant. • Compliance Manual 2020 will be used until the new Manual will be created. Extract of Compliance Report period 2021: • Milan Branch on the 31/12/2020 dropped its Consob Authorisation. The reason is connected to Brexit and the fact that MIFID passporting is not possible for a UK Firm like Method. • Milan Branch has not been providing distribution of service in the past year, therefore Executive Management decided not to establish a Consob regulated Company. The branch now only provides service to its headquarters and it is not subject to Mifid because exempted as for MiFID II Directive (2014/65/UE) art.2,1,b) of MiFID II Directive (2014/65/UE): “This Directive shall not apply to: (b) persons providing investment services exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings “. The Compliance Department has been working in close cooperation with EU markets and authorities for several months. Based on the currently available information, even assuming a no Deal Brexit, Method should still be able to operate on some EEA Markets and UK markets where it is currently active on, relying on ad hoc national legislations (and hopefully on equivalence recognitions not yet identified by Esma). The approved Brexit transition period will allow us to continue operating in “Business as usual mode” until 31/12/2020. Method as all regulated firms in UK is keeping informed in relation to Brexit plans. Unfortunately, though, due also to Covid Pandemic, there is still a lack of information in terms of agreements between EEA Countries and UK. Method is counting on the fact that a hard Brexit will be avoided and that equivalence settings will be recognised. Meanwhile a specific assessment has been completed in order to verify with all relevant Markets where Method is Member the possibility to continue to trade without interruptions after 31/12/2020, as a UK third country firm. Compliance is in fact receiving indications from relevant markets, most of which are recognized by FCA as ROIE. In relation to passporting activity, after the transition period Method will no longer be able to continue offering financial Services from its Italian branch nor the freedom to provide service in Europe. Executive management is currently evaluating a number of possibilities: from continuing our activity only in UK, to partnerships or acquisition or establishment of a Financial Firm in an EEA Country. At time of writing this document the acquisition from Method’s controllers of a company already regulated in Amsterdam is the most valid option. In the light of the above and considering that the Firm’s risk appetite remains substantially low, the Firm has decided to increase its overall capital requirement for Operational Risk by an amount equal to the Wind Down costs estimated on a yearly basis (additional Pillar 2 Requirement). Extract from ICAAP period 2020 Brexit: due to termination of transition period Method is required to notify to Consob its Contingency plans in reference to Brexit. Method has anticipated (email dated 18/09/2020) that it will cease to operate the branch and no action will be taken in terms of staring new regulatory projects in Italy. In fact, the branch is currently not providing any financial client service. On the other side being Method a Member (and Market Maker and Specialist) of Borsa Italiana, recognized by FCA as a ROIE, is waiting to receive feedback from the Italian regulator in relation to the possibility to continue Prop trading activity on this market without interruption. This was confirmed in December 2020. The Board is also considering to keep its Italian branch in order to continue to offer services only to Headquarters. It is confirmed that no regulatory business will be executed from the Italian Branch. IFPR Capital Adequacy Requirements: The internally-developed risk management dashboard has been updated to make sure that all IFPR provisions are duly taken into account. In particular, all the trading desks are monitored in real time in terms of PnL, VaR, Net Position Held and Regulatory Capital Requirements (K-NPR). Online computations are logged for record keeping purposes and available for consultation on demand. In addition to that, the risk management team receives a wrap-up email with a screenshot of the aforementioned risk thresholds (on a single trading desk basis) every 15 mins. Daily (at 1 pm Ita time) the risk mngt department receives the daily output for K-CON requirements (with a detailed overview in terms of issuer, exposure and assigned risk weight). Clearly enough, the said output can be
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
produced automatically even more often (or at a different time) on demand, based on the management’s needs.
K-DTF is computed relying on our internal BO systems: computations are clearly detailed both for cash and for derivatives instruments and are updated every month end. Even in this case, automatic computations can be carried out even more often, depending on the company’s needs. K-AUM is also updated at the end of the month, even though computations can be potentially carried out any time, if need be, based on internally available data (gathered by an “ad-hoc” team and shared with the relevant departments via the AUMreport mailing list). Please be aware that: K-CMG is not applicable, being conceived as an alternative to K-NPR K-TCD, K-CMH, K-ASA and K-COH are not applicable to Method’s business model Once the various K-factor requirements have been computed as indicated above, corporate regulatory capital is determined in line with IFPR provisions as max (PMR, FOR, KFR), with PMR=permanent min requirement (750k GBP, in the case of Method) and FOR=fixed overhead requirement (so far computed based on Dec20 audited financials). Provided that PMR is expressed in GBP terms, while both FOR and KFR are EUR-denominated, the daily ECB EUR/GBP rate is used for conversion (an internally developed automatic procedure retrieves it directly from ECB website every morning). As previously referred to, all the foregoing computations are recorded/automatically logged and available for consultation anytime on demand. Although not strictly required from a regulatory standpoint, during 2021 Method has decided to complete a preliminary ICARA exercise, “to practice” with the new regulatory framework duly in advance. The said exercise has been documented and finally approved by the Board. Market risks: Given the company's core business, market risk certainly represents one of the main sources of uncertainty to be managed effectively. Market wide and specific risk factors are closely monitored by the Risk Management Department on a real time basis on all the company's accounts (both individually and at the aggregate level), to make sure that the risk limits (VaR, Stop Loss, Maximum Position Held, Regulatory Capital requirements) are not breached. Daily checks (t+1) are further carried out based on End of Day (t) positions/trades/orders, with a special focus on Stress Testing and Market Abuse. The internally adopted Stress Testing Programme and Market Abuse Process are kept up to date by the Risk Management Department and are always available for consultation upon demand. Even assuming that adverse market conditions materialise on worldwide financial markets, causing severe instability and uncertainty, the company has an internal risk management framework in place to face the resulting turmoil effectively, without seriously undermining its going concern. Liquidity risks: Stress tests carried out through 2021 have revealed that the Firm is robust enough to face extreme business conditions (both at an idiosyncratic and at a market wide level) over the medium term, thus corroborating the view that the maintained liquidity levels are adequate to survive even a severe turmoil. Financial crime and fraud risks: The company conducts a yearly (at least) review of the risk that it may be used for financial crime: the whole process is overseen by the internal MLRO who reports directly to the senior management team. In general, the company is thought to be at a low risk profile for being used by external parties for money laundering or by internal parties for fraud. This is due to: • the tripartite arrangement for the funds it manages where there is an administrator and electronic trade records • trading activity carried out predominantly with other EEA or equivalent regulated institutions on regulated markets • senior management responsibility for the review of systems and controls over time • the oversight by senior management of third parties • staff periodic (at least yearly) training on market abuse, money laundering and bribery Given the internal risk management framework detailed above and considering the final outcomes resulting
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
from internal periodic stress testing, the company is very likely to be able to face potential future uncertainties promptly and effectively, without undermining its going concern to any material extent.
Further details relating to risks are referred to in note 28 of the financial statements.
The company measures turnover, gross profit and net profit as its financial key performance indicators, with an additional focus on ROE and CET1 Regulatory Capital ratio.
KPIs 2021 2020 Turnover 8,016,959 13,940,364 Gross profit 4,043,042 10,352,626 Net profit 8,530,773 101,301 ROE 0.39% 0.008% CET1 Capital ratio (Q4) 23.6% 36.97% Stress Testing is further carried out within the scope of the yearly ILAAP and ICAAP. In the light of the above indicators, the directors are satisfied with the turnover and results achieved during the year.
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This statement, explains how the Directors have engaged with employees, suppliers, customers and other stakeholders; and have had regard to employee interests, the need to foster the company's business relationships with suppliers, customers and others, and the impact of the company's operations on the community and the environment.
General confirmation of Directors' duties Method's focus is on activities that enable it to promote the interests of its shareholders. This includes the development of strategy and the assessment of material factors impacting the sector in which the company operates, the monitoring of executive action and the continuing assessment of the operational activity of the company. The likely consequences of any decision in the long term The Directors understand the regulated market in which is operates and is mindful of the differing scenarios that Brexit may have on the business. Method is focused on the need to maintain access to the relevant traded regulated markets as part of its strategic planning. The interests of the company's employees The Directors recognise that Method's employees are fundamental and core to the business and delivery of the company's goals and ambitions. The success of the business is dependent upon the attraction and retention of well trained and motivated employees. The company ensures that employees are trained to the standards required for the company's trading activities in regulated markets. The Directors consider the implications of the decisions that it makes on the company's employees whenever relevant and feasible. The need to foster the company's business relationships with suppliers, customers and others Method has limited third party customers as the majority of its revenue is generated from proprietary trading in regulated markets. Where the company has third party customers the Directors of the company are in regular contact with those customers to discuss investment strategy, risk and opportunity relevant to the investment of funds. The relationships with third party customers have been built up over time. Method's suppliers provide the business with both goods and services. The Directors review the supply's consumed in the company's business but as a trading brokerage consider the impact of the company's activities to a wider audience not to be material. The impact of the company's operations on the community and the environment As discussed above the Directors are mindful of the supply's that it consumes and the impact these may have on the environment and wider stakeholders in society. The Directors are also mindful of the fact that its operations involve trading in regulated markets and that through its on going adherence with its FCA compliance obligations and internal control environment that it contributes to act as a responsible trader in the markets and thus meets its legal and moral duty to the wider community of stakeholders in society whom are benefited from stable conditions in regulated markets.
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METHOD INVESTMENTS & ADVISORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The need to act fairly between members of the company Method only has one shareholder and so will always act fairly regarding the interests of its member. The Directors consider which course of action enables delivery of the company's strategy both operationally and in the longer term.
This report was approved by the board on 27 April 2022 and signed on its behalf.
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METHOD INVESTMENTS & ADVISORY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to €8,530,773 (2020 - €101,301).
The group's return on assets for the year was 18.68% (2020: 0.59%).
The directors paid a dividend of €nil during the year (2020: €nil). DIRECTORS The directors who served during the year were: G Dessi T De Ris (appointed 19 February 2021)
Brexit and Covid 19 are significant events impacting the UK and carry significant economic implications. Method is monitoring developments closely with a focus on strategy and mitigation of the risks to the company's trade and its employees.
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METHOD INVESTMENTS & ADVISORY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Method has continued to communicate with its stakeholders as appropriate. The company has limited third party customers with whom the directors communicate with on a continuing basis. As a trading brokerage most of the company's activities are direct with the relevant regulated market. Method's suppliers provide services and goods to the company on normal commercial terms and Method communicates with its suppliers as necessary.
During the year the company had a branch in Italy.
The information relating to risks impacting the company and research activities are disclosed in the strategic report as allowed under section 414C (11) of the Companies Act 2006.
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METHOD INVESTMENTS & ADVISORY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Under section 487(2) of the Companies Act 2006, MHA MacIntyre Hudson will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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METHOD INVESTMENTS & ADVISORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METHOD INVESTMENTS & ADVISORY LIMITED
We have audited the financial statements of Method Investments & Advisory Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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).
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 Company 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.
In auditing the financial statements, we have concluded that the directors' 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 Company'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 directors with respect to going concern are described in the relevant sections of this report.
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METHOD INVESTMENTS & ADVISORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METHOD INVESTMENTS & ADVISORY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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METHOD INVESTMENTS & ADVISORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF METHOD INVESTMENTS & ADVISORY LIMITED (CONTINUED)
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 Auditors' 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:
• Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of entity staff in and compliance functions to identify any instances of non-compliance with laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; • Reviewing minutes of meetings of those charged with governance and; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors & Chartered Accountants
London, United Kingdom
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METHOD INVESTMENTS & ADVISORY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
REGISTERED NUMBER: 04316140
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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METHOD INVESTMENTS & ADVISORY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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METHOD INVESTMENTS & ADVISORY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Method Investments & Advisory Limited is a private company limited by shares, incorporated in England & Wales. The company's registered number is 04316140.
The registered office of Method Investments & Advisory Limited is Third Floor, 40 New Bond Street, London, W1S 2RX.
2.ACCOUNTING POLICIES
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.
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 Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
Functional and presentation currency
Transactions and balances
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
Trading revenue comprises of all realised and unrealised gains and losses from changes in fair value of financial assets and financial liabilities held for trading, together with related income, expenses and dividends.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
Balances with clients and counterparties in respect of unsettled transactions are included in trading book debtors and trading book creditors at their gross trade value. They reflect the company's legal right and obligation at the balance sheet date.
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
The estimated useful lives range as follows:
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
If a financial asset is held for trading, it is classified as held at fair value through profit and loss (FVPL). Attributable transaction costs and changes in fair value are recognised in the Statement of Comprehensive Income in the period in which they arise.
Financial liabilities are classified at fair value through profit or loss (FVPL) if they are held for trading. Gains and losses on such financial liabilities are recognised within the Statement of Comprehensive Income in the period in which they arise. Included in this category are securities held for trading (long and short positions) which are valued at the last transaction price at the close of business on the Balance Sheet date with gains or losses recognised in the Statement of Comprehensive Income. Financial assets and liabilities are recognised on trade date. Interest arising on financial assets or liabilities that are held for trading is reported within interest income and expense respectively using the effective interest method.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
(a) fair value gains and losses on financial instruments. (b) fair value gains and losses on investments in subsidiaries held as an investment portfolio. (c) impairment assessment of investment in associate. The carrying value of investments is disclosed in note 16. The carrying value of investments in financial instruments is disclosed in notes 20 and 29.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The whole of the turnover is attributable to the provision of investment management services, advisory services and proprietary trading income. Included in turnover is income of €758,444 (2020: €825,946) in relation to items not at fair value through profit and loss relating to investment management and advisory services.
Analysis of turnover by country of destination:
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
13.TAXATION (CONTINUED)
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
During the year €9,000,000 shares were issued at par for cash.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
At the end of 2021 there was a balance due from G Dessi of €nil (2020: €52,000) incurring interest of 5.0% per annum.
There is also a short term advance to G Dessi of €64,330 payable on demand (2020: €109,621) where interest is not charged.
The immediate and ultimate parent company is Gordon Investments Limited (a company registered in Cyprus).
G Dessi is the ultimate controlling party.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The internally adopted Risk Management Program mainly focuses on 4 risk areas
1. Market Risk (including Specific Risk, General Market Risk, Foreign Exchange Rate Risk, Interest Rate Risk, and Price Risk) 2. Liquidity Risk 3. Credit Risk and Large Exposures (Concentration Risk) 4. Operational Risk (including Legal Risk, Reputational Risk and IT Risk) These are deemed to be of material importance to the Firm, given the current business profile of the company and considering the macroeconomic environment where it operates. Clearly enough, the foregoing risk categories are monitored both individually and jointly, so as to highlight potential interdependences that could give rise to further adverse exposures. Risk assessment is carried out daily (online and end of day) by the Risk Management Departments and periodically (usually monthly) by the Board of Directors (BoD) and by the Risk Committee (RC). In particular, daily risk assessment mainly focuses on Market Risk and aims at checking whether all the Firm’s accounts operate within the defined risk limits (defined by the BoD and ratified by the RC), while the periodical risk assessment takes into account internal/external business contingencies and develops a detailed guidance outlining the level and type of risks deemed to be acceptable. Market Risk Specific and General Market Risk: Based on CRR/CRDIV provisions, the Risk Management Department monitors all the trading book positions in real time (both at the individual and aggregate/company level), to make sure that existing exposures do not exceed the risk thresholds established by the Board and further checks that the related regulatory capital requirements (CET1 ratio, Tier1 Ratio and Total Capital Ratio) are reasonably above regulatory minima. Online computations are logged on company’s servers and are always available for consultation upon demand. Interest Rate Risk: The company's exposure to interest rate fluctuations both on its cash positions and on its borrowings is limited. In particular, special attention is paid to trading book positions that are substantially hedged in order to minimise the potential adverse impact of a sudden interest rate swing. At December 2021, the company's overall position on Government Bonds, Bonds, Shares, ETFs, Options, Futures and Certificates amounted to EUR 6,964,724. Foreign Exchange Rate Risk: The company has bank accounts/revenues denominated in foreign currencies and is thus exposed to some FX risk. FX exposures hence arise from normal business activities being denominated in different currencies, with primary non EURO exposures being versus the GBP (19%) and the USD (9%). As established by the Senior Management, hedging against Foreign Exchange Rate Risk falls under the full responsibility of the various traders, whose daily (non EURO denominated) activity is further monitored on a continuous basis by the Back Office, the Accounting and the Risk Management Departments. Price Risk: The company is minimally exposed to price risk, as its primary business is trading and any positions held are most often liquidated within a few days. The company's investment policy further requires trading positions to be fully hedged against market fluctuations (with the sole exception of some Algo strategies, that are either required to close out all positions at market close, or to hold only a few K EUR at most) and preferably placed in highly liquid, low risk securities (such as highly rated government bonds).
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Liquidity Risk The internally adopted Liquidity Management policy requires maintaining sufficient liquid resources to eliminate the risk that liabilities cannot be met as they fall due or that financial resources can only be secured at excessive cost: daily cash management is thus implemented through a close and continuous focus on liquid funds, carried out, in particular, by the Accounting Department in cooperation with the Back Office team. Based on FCA provisions, the firm's liquidity buffer is calculated on a monthly basis. Any issues arising in respect of the financial or liquidity situation in the intervening periods are reported to senior management for action to be taken as required. Liquidity management under normal business conditions: The company keeps an amount in its bank accounts at all times, with any cash required to be held for working capital purposes being held over and above this amount. This policy ensures that, under normal business conditions, the firm will always expect to have sufficient liquidity in order to be able to meet its liabilities as they fall due. Furthermore, the assets currently held are denominated in currencies which are readily convertible into other currencies in which liabilities may be denominated (typically UK Sterling, US Dollar), so that no liquidity risk is presented by this either. Liquidity management under stressed conditions: In addition to the daily and monthly checks described above, the company periodically considers the liquidity risk it may be exposed to under extreme market scenarios (stress testing). These are documented within its ICARA, which are prepared with the support of all departments and finally approved by the BoD. Credit risk and Large Exposures Credit Risk refers to all potential losses the company may suffer in case a given counterparty fails to meet its contractual obligations. Stated in alternative terms, Credit Risk can be conceived as the risk of loss associated with an obligor's inability to fulfil its payment obligations. In practice, the foregoing definition includes both: (i) Counterparty exposure risk concentration risk: Defined as the risk of loss arising from large individual exposures and significant exposures to groups of counterparties whose likelihood of default is driven by common underlying factors, e.g. business sector, economy, geographical location, instrument type. (ii) Counterparty default risk: Defined as the potential loss arising from a counterparty's failure to meet the terms of any contract or otherwise fail to perform as agreed. The foregoing categories of credit risk refer both to the trading and to the non trading books and can potentially pose material issues to the company. In order to grant effective risk monitoring, the aforementioned risks are managed through a pervasive internal policy, structured as follows: • Before dealing with any new counterparty, the Compliance Department verifies whether it is either authorised and regulated by the FCA (or an equivalent overseas regulator) or listed on a recognised investment exchange and submits the new counterparty to the RC for the official approval; • Once the counterparty is officially accepted (the Compliance Department distributes a full list of approved counterparties to the staff on a monthly basis), the Risk Management Department checks that the corresponding trading book position does not exceed the officially established risk threshold, especially in all those cases where the said position has been kept open for more than 10 days; • Senior Management is always kept informed of all large exposures, deemed to give rise to potential credit issues, so to allow for immediate remedial action whenever this is thought to be necessary.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Based on the current business environment, credit risk is considered to be low, as the vast majority of the company's counterparties are large financial institutions. However, continuous attention is paid to settlement statistics and exposures to all counterparties with outstanding unsettled transactions. Regulatory Capital Requirement for unsettled transactions is computed by the Risk Management team, based on CRR/CRD IV provisions. At December 2021, the company's largest exposures were predominantly held towards large financial institutions. This is fully consistent with the firm’s main business. At December 2021, the company's largest exposure to a single counterparty was equal to EUR 4,771,713. The said position was held towards a large European financial institution. Operational Risk Please refer to "Principal Risks and Uncertainties" section in the Strategic report. Clearly enough, in addition to the above risk categories, the company also pays particular attention to its capital (defined as equity + reserves) to make sure it is able to operate as a going concern. Following a strict prudential approach, the internal Capital Management policy also requires the company to hold surplus capital over FCA requirement on a continuous basis: the available capital has thus met the minimum capital requirements set out by the regulator all through 2021.
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METHOD INVESTMENTS & ADVISORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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