Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
COMPANY INFORMATION
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MONUMENT GROUP (UK) LTD
CONTENTS
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MONUMENT GROUP (UK) LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors are pleased to present the Group Strategic report for Monument Group (UK) Ltd ("the Company") and its subsidiary undertakings as detailed in Note 11, together ("the Group"). The Group is owned by Monument Group, LP (“MG LP”) a Delaware partnership. The Group operates primarily in order to provide regulated and non-regulated services in the UK and Europe to the clients of Monument Group, Inc. (“MG Inc”), a SEC-registered and FINRA-member firm in the United States. These services include advising and assisting clients in primary and secondary placements of fund interests - typically in Private Equity, Real Assets and Infrastructure as well as making introductions to appropriate professional clients and eligible counterparties.
Regulated services in the UK and certain European and non-European jurisdictions are provided by Monument Group Europe LLP ("the LLP"), which is authorised and regulated by the UK Financial Conduct Authority. Regulated services in the EEA are provided by Monument Group Netherlands BV which is authorised and regulated by Netherlands Authority for the Financial Markets.
The success in generating income is dependent on cultivating a healthy pipeline of business opportunities, strong mandate selection and negotiation and high-quality service and execution. The ability to achieve these may be impacted by market conditions, investor sentiment and competitive pressures. This is mitigated in part by a significant majority of revenues coming from repeat client business and a diverse set of product offerings.
The Group primarily receives its income through an intercompany agreement with MG LP. MG LP maintains a services agreement with MG Inc and substantially all of the underlying client contracts and income is received by MG Inc. This customer concentration risk is mitigated by the longstanding co-operation and success of the arrangement between the Group and MG LP, which is expected to continue indefinitely. Group income is agreed with MG LP annually and includes an element of expense coverage together with an element of performance fee based on the contribution of the Group to the income of the ultimate parent entity. A strong transparent and open relationship with the parent gives good visibility of likely income. The Group conducts regulated business and has an obligation to operate in accordance with relevant regulations. The risk of regulatory breaches is mitigated by the relatively simple business model and by the fact that the firm does not offer investment advice or handle client money and is solely focused on professional clients and eligible counterparties. The Group ensures that it operates professionally and ethically and handles conflicts of interest appropriately, transparently and fairly.
The income for the Group in 2023 was lower than 2022 by £2,427,809 as a result of challenging market conditions across the fundraising market. However, 2024 to date appears to be on track to be a stronger year and the Group is expected to remain profitable.
The recent establishment of Monument Group Netherlands BV together with its regulatory authorisation is expected to provide more opportunities for the Group in the EEA going forward. In addition an increased focus on advisory mandates with respect to secondary transactions across the Group and its affiliated entities is expected to provide additional revenues and diversification of revenue sources during 2024 and beyond.
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MONUMENT GROUP (UK) LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Directors' statement of compliance with duty to promote the success of the Group Under section 172 of the Companies Act, a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Group and the Company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to:
- the likely consequences of any decision in the long term; - the interests of the Group and the Company's employees; - the need to foster the Group and the Company's business relationships with suppliers, customers and others; - the desirability of the Group and the Company maintaining a reputation for high standards of business conduct; and - the need to act fairly as between members of the Group and the Company. Employees Engagement starts from the Board and is driven throughout the Group by the structure. Suppliers Through long term relationships with suppliers and regular communication the Group ensures both parties are appropriately supported. Customers Transparent information sharing and clarify on fees provides customers with the comfort that any concerns they may have will be dealt with in a timely and professional manner.
This report was approved by the board on 23 September 2024 and signed on its behalf.
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MONUMENT GROUP (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The profit for the year, after taxation and minority interests, amounted to £67,854 (2022: £19,478).
There were no dividends paid during the year (2022: £nil). The Directors do not recommend payment of a final dividend (2022: £nil).
The Directors who served during the year were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MONUMENT GROUP (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The final winding up of Monument Group Malta Limited occurred in April 2024, However it should be noted that it did not provide any services during the year, having been replaced by Monument Group Netherlands BV as the provider of regulated services in the EEA.
This report was approved by the board on
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MONUMENT GROUP (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD
We have audited the financial statements of Monument Group (UK) Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company 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 Group 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 Group's or the parent 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.
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
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MONUMENT GROUP (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD (CONTINUED)
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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
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MONUMENT GROUP (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD (CONTINUED)
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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Group and the parent Company and the industry they operate in, we identified that the principal risks of non-compliance with laws and the regulations of the Financial Conduct Authority ("the FCA") for the investment advisory business, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • Inspecting correspondence with the FCA and HMRC; • Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; • Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and • Challenging assumptions and judgements made by management in their critical accounting estimates
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.
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MONUMENT GROUP (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MONUMENT GROUP (UK) LTD (CONTINUED)
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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MONUMENT GROUP (UK) LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
REGISTERED NUMBER: 05490971
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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MONUMENT GROUP (UK) LTD
REGISTERED NUMBER: 05490971
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 27 form part of these financial statements.
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MONUMENT GROUP (UK) LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Monument Group (UK) Limited is a private company, limited by shares and incorporated in England and Wales.
The registered office and trading address is 7 Savile Row, London, W1S 3PE. The financial statements are presented in Sterling (£).
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 Group management to exercise judgement in applying the Group's accounting policies (see Note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
In assessing the going concern status of the Group, the Directors have prepared a cost budget which extends for 12 months from the month of approval of these financial statements.
Management have considered the impact of this budget on the cash resources of the Group, which at 31 December 2023 were £567,305. Management have liaised with the Directors of the parent undertaking with regard to the top line performance of the wider Group and obtained a letter confirming their willingness to continue to honour the Inter-Company Agreement in place between the MG LP and the Group for a period of at least 12 months from the date of the approval of these financial statements. Based on this, the Directors are confident that the Group has the ability to discharge its liabilities as they fall due for a period of at least 12 months from the approval of these financial statements. The Directors do not consider there to be any material uncertainties relating to going concern and therefore have continued to adopt this basis in the preparation of these financial statements. Turnover is therefore recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.
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.
Depreciation is provided on the following basis:
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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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans to and from related parties.
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 Income Statement.
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Foreign exchange reserve
Profit and loss account
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's subsidiary operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £114,649 (2022: £80,400). Contributions totalling £nil (2021: £nil) were payable to the fund at the reporting date.
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MONUMENT GROUP (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's immediate and ultimate parent undertaking and controlling party at the year end was Monument Group U.S. GP LP ("the LP"), regulated under the state laws of Delaware, in the United States of America.
No consolidated financial statements are prepared by the LP. This is the largest and smallest group for which consolidated financial statements are prepared.
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