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REGISTERED NUMBER: 05981946 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2021

for

Axioma (UK) Limited

Axioma (UK) Limited (Registered number: 05981946)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Financial Statements 11


Axioma (UK) Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: S Ceria
J Panzarella
R J Wyeth





REGISTERED OFFICE: 8 Old Jewry
London
EC2R 8DN





REGISTERED NUMBER: 05981946 (England and Wales)





AUDITORS: Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

Axioma (UK) Limited (Registered number: 05981946)

Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

REVIEW OF BUSINESS
During the year the company continued to provide investment management solutions under an intercompany service agreement with its parent company Axioma Inc., which has been in force since January 2016.

The company’s key financial and other performance indicators for the year were as follows:


31 December
2021
31 December
2020
Notes £'000 £'000

Other income 17,308 14,478
Operating profit 824 689
Shareholder's equity 2,800 2,156

Number of staff 3 72 69

PRINCIPAL RISKS AND UNCERTAINTIES
All of the company's income is generated by the inter-company service agreement with its parent company Axioma Inc. The directors of the company as confident that this agreement will remain in place for the foreseeable future.

FUTURE DEVELOPMENTS
The directors expect the company will continue to operate under the terms of its inter-company service agreement which guarantees income on a cost plus basis. The directors are therefore confident that in the coming period the company will continue to deliver a profit in line with the terms of that agreement.

RESULTS AND DIVIDENDS
The profit after tax for the year amounted to £654,754 (2020 - £550,633) which will be retained within the business. The directors do not recommend payment of a dividend (2020 - Nil).

ON BEHALF OF THE BOARD:





J Panzarella - Director


13 September 2022

Axioma (UK) Limited (Registered number: 05981946)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY
During the year the company continued to provide investment management solutions under an intercompany service agreement with its parent company Axioma Inc.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2021 (period ended 31 December 2020 Nil).

DIRECTORS
S Ceria has held office during the whole of the period from 1 January 2021 to the date of this report.

Other changes in directors holding office are as follows:

I J Webster - resigned 22 April 2021
J Panzarella - appointed 29 June 2021
R J Wyeth - appointed 29 June 2021

POLITICAL DONATIONS AND EXPENDITURE
The Company made no political donations or incurred any political expenditure during the period (2020: Nil).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 they have elected to prepare the financial statements in accordance with applicable law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice).

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 and then apply them consistently;
-make judgements and estimates that are reasonable and prudent ; and
-assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and
-use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations,
or have no realistic alternative but to do so.

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

Axioma (UK) Limited (Registered number: 05981946)

Report of the Directors
for the Year Ended 31 December 2021


DISCLOSURE OF INFORMATION TO AUDITORS
The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

ON BEHALF OF THE BOARD:





J Panzarella - Director


13 September 2022

Report of the Independent Auditors to the Members of
Axioma (UK) Limited

Opinion
We have audited the financial statements of Axioma (UK) Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and 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 company's affairs as at 31 December 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.

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 company 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Axioma (UK) Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 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
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Axioma (UK) Limited


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 detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.

- We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where it considered there was a susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage the results. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that
the financial statements were free from fraud and error.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.

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 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Arber (Senior Statutory Auditor)
for and on behalf of Mark Arber Limited
Chartered Certified Accountants
& Statutory Auditors
71-75 Shelton Street
London
WC2H 9JQ

13 September 2022

Axioma (UK) Limited (Registered number: 05981946)

Statement of Income and
Retained Earnings
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

TURNOVER - -

Administrative expenses (16,484,858 ) (13,789,130 )
(16,484,858 ) (13,789,130 )

Other operating income 17,308,929 14,478,587
OPERATING PROFIT 5 824,071 689,457

Interest receivable and similar income 375 -
824,446 689,457

Interest payable and similar expenses 6 (211 ) -
PROFIT BEFORE TAXATION 824,235 689,457

Tax on profit 7 (176,252 ) (138,824 )
PROFIT FOR THE FINANCIAL YEAR 647,983 550,633

Retained earnings at beginning of year 2,145,561 1,594,928

RETAINED EARNINGS AT END OF
YEAR

2,793,544

2,145,561

Axioma (UK) Limited (Registered number: 05981946)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £   
FIXED ASSETS
Tangible assets 8 216,619 61,443

CURRENT ASSETS
Debtors 9 7,420,107 4,871,366
Cash at bank 143,337 248,258
7,563,444 5,119,624
CREDITORS
Amounts falling due within one year 10 (4,866,544 ) (3,007,549 )
NET CURRENT ASSETS 2,696,900 2,112,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,913,519

2,173,518

CREDITORS
Amounts falling due after more than one year 11 (100,238 ) (5,769 )

DEFERRED TAXATION 13 (9,223 ) (11,674 )
NET ASSETS 2,804,058 2,156,075

CAPITAL AND RESERVES
Called up share capital 14 10,514 10,514
Retained earnings 2,793,544 2,145,561
SHAREHOLDERS' FUNDS 2,804,058 2,156,075

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:





J Panzarella - Director


Axioma (UK) Limited (Registered number: 05981946)

Cash Flow Statement
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   
Cash flows from operating activities
Cash generated from operations 18 111,619 274,581
Interest element of finance lease payments
paid

(211

)

-
Tax paid (142,756 ) (219,496 )
Net cash from operating activities (31,348 ) 55,085

Cash flows from investing activities
Purchase of tangible fixed assets (47,061 ) -
Interest received 375 -
Net cash from investing activities (46,686 ) -

Cash flows from financing activities
Capital repayments in year (26,887 ) (8,736 )
Net cash from financing activities (26,887 ) (8,736 )

(Decrease)/increase in cash and cash equivalents (104,921 ) 46,349
Cash and cash equivalents at beginning of
year

19

248,258

201,909

Cash and cash equivalents at end of year 19 143,337 248,258

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Axioma (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company is dependant on income from its parent company under the terms of an inter-company service agreement in order to finance its activities. The directors are confident that in the coming period the company will continue to deliver a profit in line with the terms of that agreement.

Other operating income
The Company has no turnover but instead has other operating income which comprises management fees recharged to the parent company on a cost-plus basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

-Fixtures and fittings - 25% on reducing balance
-Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits
Defined contribution plans and other long-term employee benefits
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans arc recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

3. EMPLOYEES AND DIRECTORS
31.12.21 31.12.20
£    £   
Wages and salaries 12,355,219 10,003,643
Social security costs 1,642,360 1,460,398
Other pension costs 370,200 327,611
14,367,779 11,791,652

The average number of employees during the year was as follows:
31.12.21 31.12.20

Directors 4 2
Customer experience 17 23
Engineering 14 12
Operations 7 8
Product solutions 15 11
Sales 15 13
72 69

4. DIRECTORS' EMOLUMENTS
31.12.21 31.12.20
£    £   
Directors' remuneration 1,079,729 358,956
Directors' pension contributions to money purchase schemes 12,633 10,589

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 1

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. DIRECTORS' EMOLUMENTS - continued

Information regarding the highest paid director is as follows:
31.12.21 31.12.20
£    £   
Emoluments etc 618,613 358,956
Pension contributions to money purchase schemes 6,391 10,589

5. OPERATING PROFIT

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

31.12.21 31.12.20
£    £   
Other operating leases 216,444 803,535
Depreciation - owned assets 71,504 21,646
Auditors' remuneration 12,575 17,498
Foreign exchange differences (1,150 ) 1,776

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.21 31.12.20
£    £   
Leasing 211 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.21 31.12.20
£    £   
Current tax:
UK corporation tax 178,703 137,851

Deferred tax (2,451 ) 973
Tax on profit 176,252 138,824

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.21 31.12.20
£    £   
Profit before tax 824,235 689,457
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

156,605

130,997

Effects of:
Expenses not deductible for tax purposes 1,044 7,827
Capital allowances in excess of depreciation - (973 )
Depreciation in excess of capital allowances 7,926 -
Deferred tax (2,451 ) 973
Other timing differences 6,356 -
Tax paid under foreign jurisdictions 6,470 -
Underprovision in prior year 302 -
Total tax charge 176,252 138,824

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021 - 15,496 160,527 176,023
Additions 43,921 - 182,759 226,680
At 31 December 2021 43,921 15,496 343,286 402,703
DEPRECIATION
At 1 January 2021 - 10,343 104,237 114,580
Charge for year - 1,335 70,169 71,504
At 31 December 2021 - 11,678 174,406 186,084
NET BOOK VALUE
At 31 December 2021 43,921 3,818 168,880 216,619
At 31 December 2020 - 5,153 56,290 61,443

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Amounts owed by group undertakings 6,808,145 4,629,726
Other debtors 226,147 127,926
VAT 86,956 78,050
Prepayments 298,859 35,664
7,420,107 4,871,366

The amounts owed by group undertakings are not interest bearing. The loan is repayable on demand.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Finance leases (see note 12) 66,328 8,065
Trade creditors 92,597 17,176
Tax 101,931 65,984
Social security and other taxes 468,815 331,989
Accrued expenses 4,136,873 2,584,335
4,866,544 3,007,549

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Finance leases (see note 12) 100,238 5,769

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.12.21 31.12.20
£    £   
Gross obligations repayable:
Within one year 66,419 8,065
Between one and five years 100,257 5,769
166,676 13,834

Finance charges repayable:
Within one year 91 -
Between one and five years 19 -
110 -

Net obligations repayable:
Within one year 66,328 8,065
Between one and five years 100,238 5,769
166,566 13,834

Non-cancellable operating leases
31.12.21 31.12.20
£    £   
Within one year 273,200 244,050
Between one and five years 1,620,987 -
1,894,187 244,050

13. DEFERRED TAXATION

31.12.2131.12.20
£   £   
Deferred tax (liability)/asset(9,223)(11,674)

Deferred tax
At 1 January 2021(11,674)
Accelerated capital allowances2,451
Other temporary timing differences-
At 31 December 2021(9,223)

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

14. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
20,000 Ordinary $1 10,514 10,514

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

15. RELATED PARTY DISCLOSURES

All of the income received by the company £17,308,929 (2020: £14,478,587) is from its parent company Axioma Inc , USA. Administrative expenses of £36,642 (2020: £285,788) were charged to the company by Axioma Inc, USA.

As at 31 December 2021 £6,808,145 (2020 - £4,629,726) was owed to the company by various group entities as follows:

31.12.21 31.12.20
£ £

Axioma Inc, USA 6,757,232 4,578,813
Axioma (HK) Ltd, Hong Kong 29,424 29,424
Axioma (AU) Ltd, Australia 20,673 20,673
Axioma Deutschland GmbH, Germany 816 816
6,808,145 4,629,726

16. CONTROLLING PARTY

The company is a wholly owned subsidiary of Axioma Inc, a company incorporated in the United States of America.
The ultimate parent company is Deutsche Börse AG., a company incorporated in Germany.

The largest group in which the results of the Company are consolidated is that headed by Deutsche Börse AG, 60485 Frankfurt, Main, Germany . The smallest group in which they are consolidated is that headed by Axioma, Inc, 17 State Street - Suite 2700, New York, NY 10004 . The consolidated financial statements of these groups are available
to the public and may be obtained from https://www.deutsche-boerse.com/dbg-en/investor-relations/financial-reports.

17. SHARE-BASED PAYMENT TRANSACTIONS

Group Share Plan
Employees of the company are able to participate in the Group Share Plan of the ultimate parent company, Deutsche Börse Group AG. Under this scheme, in the year ended 31 December 2021 and 31 December 2020, the participating employees had the opportunity to subscribe for up to 50 shares of the Deutsche Börse Group AG at a discount of 40 per cent and another 50 shares at a discount of 10 per cent. The acquired shares are subject to a lock-up period of two years. The expense of this benefit is recognised as a staff expense during the period.

Axioma (UK) Limited (Registered number: 05981946)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

18. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.21 31.12.20
£    £   
Profit before taxation 824,235 689,457
Depreciation charges 71,504 21,646
Finance costs 211 -
Finance income (375 ) -
895,575 711,103
Increase in trade and other debtors (2,548,741 ) (1,635,114 )
Increase in trade and other creditors 1,764,785 1,198,592
Cash generated from operations 111,619 274,581

19. 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 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 143,337 248,258
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 248,258 201,909


20. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.1.21 Cash flow changes At 31.12.21
£    £    £    £   
Net cash
Cash at bank 248,258 (104,921 ) 143,337
248,258 (104,921 ) 143,337
Debt
Finance leases (13,834 ) 26,887 - (166,566 )
(13,834 ) 26,887 - (166,566 )
Total 234,424 (78,034 ) - (23,229 )

21. MAJOR NON-CASH TRANSACTIONS

During the year, fixed assets additions totalling £179,619 were purchased under finance lease agreements.