FOR THE PERIOD FROM 1 OCTOBER 2022 TO 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
COMPANY INFORMATION
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
CONTENTS
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the period ended 31 December 2023.
Asset Management Vehicles.
The directors who served during the period were:
PRINCIPAL RISKS AND UNCERTAINTIES
The Company markets and promotes the funds of Europe’s first thematic ETF specialist.
The Company is principally exposed to market risk that can result in liquidity risk where the Company does not have sufficient funding to pay its operational costs and fees to third parties. The primary source of revenue is linked to the assets under management of the ETFs being promoted. There are a number of factors to mitigate this risk. Since the previous financial year, 3 new ETFs have launched and 4 have been closed. As a result, we have seen increased diversification of AUM amongst the current range of 7 ETFs, with further ETFs expected to launch in 2024. Further increase in diversification is expected where a range of 3 active innovation strategies are expected to launch in the first half of 2024, thereby further diversifying the exposures being provided to investors. In terms of working capital, the acquisition on 19 September 2023 by ARK Invest Holding secured long term funding for the Companty to accelerate growth and reach profitability. The environment over the past few years has caused challenges, with inflation increasing and record increases in interest rates. However, it is now commonly believed that this has peaked and this in turn is expected to provide more favourable market conditions for growth in assets under management. The company is still loss making and therefore until profitability there will be periodic funding requirements depending on the growth in assets under management of the ETFs and therefore the revenue.
Following the acquisition in September 2023, the company is in the process of facilitating the build out of three new ETFs based on innovation themes that will be actively managed by the parent company. These are still subject to regulatory approval. The equivalent ETFs that are domiciled in the US have in excess of USD 10 billion in assets. The new ETFs will be largely the same exposures but with a European domicile to cater to European investors. This will enhance the current offering adding diversification in the wider offering with both sustainability focused passive ETFs and innovation focused active ETFs.
We continue to see thematics and sustainability as key areas of growth for assets in Europe.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors are not aware of any events that have occurred subsequent to the 31 December 2023 which might
have a material impact on the interpretation of these financial statements.
The auditors, Ernst & Young Chartered Accountants, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Directors' report and the audited 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 prepared 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.
Under company law, 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 the financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 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.
DIRECTORS' CONFIRMATIONS
In the case of each director in office at the date the directors’ report is approved:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and
∙they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
We have audited the financial statements of Ark Invest International Limited for the period from 1 October 2022 to 31 December 2023 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity the Statement of cash flows and the related notes 1 to 24, 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 FRS 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has 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 Directors' report.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF 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.
EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations.
∙We understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supportinf documentation. We also reviewed correspondence with relevant authorities.
∙We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue to be a fraud risk. We performed testing of manual journals, including segregation of duties, and into our testing of revenue recognition. We tested specific transactions backing to source documentation or independent confirmation, ensuring appropriate authorisation of the transactions.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved testing journals identified by specific risk criteria.
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.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED) (CONTINUED)
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
Chartered Accountants
Statutory Auditors
EY Building
Harcourt Centre
Harcourt Street
Ireland
D02 YA40
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 1 OCTOBER 2022 TO 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
REGISTERED NUMBER:11770079
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 by:
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Ark Invest International Limited (formerly Rize ETF Limited) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered number is 11770079. The address of the Company's registered office is 3 Glass Wharf, Bristol, BS2 0EL, United Kingdom. The Company's place of business is 30 Coleman Street, London, EC2R 5AL.
The prior year runs from 1 October 2021 to 30 September 2022. The current year runs from 1 October 2022 to 31 December 2023. The financial year end was changed to bring the Company's year end in line with its parent Company. The prior year figures are therefore not entirely comparable with current year figures.
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 principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have reviewed the forecasts and projections for the business going forward for a period of at least 12 months and can confirm that the business remains a going concern. In doing so, the Directors have taken note of the commitment to funding by the parent company as detailed in the shareholder’s agreement for a period of at least three years from the date of the acquisition on 19 September 2023.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Analysis of turnover by country of destination:
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
From 1 April 2023, the corporation tax rate increased from 19% to 25%.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
17.CALLED UP SHARE CAPITAL (CONTINUED)
On 19 September 2023, the company allotted 975,000 Preference £1 shares, and issued them at par value.
On 19 September 2023, the company also redesignated the following shares: 48,860 A Ordinary £0.001 shares were redesignated to B Ordinary £0.001 shares 5,264 C Ordinary £0.001 shares were redesignated to A Ordinary £0.001 shares 5,260 C Ordinary £0.001 shares were redesignated to B Ordinary £0.001 shares 970 D Ordinary £0.001 shares were redesignated to A Ordinary £0.001 shares 6,549 D Ordinary £0.001 shares were redesignated to B Ordinary £0.001 shares On 17 November 2023, the company allotted 298,754 Preference £1 shares, and issued them at par value. On 3 December 2023, the company allotted 200,000 Preference £1 shares, and issued them at par value. The share transactions and redesignations that occurred on 19 September 2023 were part of a takeover during the year. At the period end, the A shares were held by four Directors and one employee. The B shares were held by Ark Invest Holding LLC and the preference shares were held by Ark Funding Delaware Corp and Ark Invest Holding LLC.
Share premium account
Profit and loss account
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
A prior year adjustment has been made in respect of intangible assets that had previously been capitalised. The previously capitalised intangibles, in respect of website assets, did not meet the definition of an intangible asset under FRS102. Therefore, retrospective adjustments have been made to expense these costs to the Statement of Comprehensive Income.
The net book value of the intangible assets at 30 September 2021 was £86,024, and this amount has been transferred to retained earnings. Retained earnings at 1 October 2021 were (£3,727,308) prior to the adjustment, and have been restated at (£3,813,332). The following lines in the financial statements for the prior year comparative (2022) have been affected as a result of this: Net book value of intangibles at 30 September 2022 - £87,476 Net book value of intangibles at 30 September 2022 (as reatated) - £Nil Advertising and marketing costs (Cost of Sales) for the year to 30 September 2022 - £700,562 Advertising and marketing costs (Cost of Sales) for the year to 30 September 2022 (as restated) - £712,562 Amortisation expense (Administration expenses) for the year to 30 September 2022 - £10,548 Amortisation expense (Administration expenses) for the year to 30 September 2022 (as restated) - £Nil The net effect on retained earnings in respect of adjustments made relating to the year ended 30 September 2022 was is £1,452. In summary, intangible assets have been retrospectively adjusted to be £Nil. Retained earnings at 30 September 2022 previously reported as (£6,267,583) have been restated at (£6,355,059). The difference of £87,476 was the previously reported net book value of intangible assets at 30 September 2022.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £59,244 (2022: £42,505). Contributions totalling £7,990 (2022: £Nil) were payable to the fund at the reporting date and are included in Other creditors.
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ARK INVEST INTERNATIONAL LTD (FORMERLY RIZE ETF LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
The parent Company was AssetCo plc, who held the majority shareholding up to 19 September 2023. The registered address of AssetCo plc is 30 Coleman Street, London, England, EC2R 5AL.
AssetCo plc held 68% of the equity of Ark Invest International Limited. Whilst the founders of the business had a material stake (which could have been increased by 5% points in the event of a sales “trigger” being met) there was in place a comprehensive shareholder agreement which confers considerable control to AssetCo plc via the appointment of Board representation and the way in which key matters have to be agreed including the ability to block resolutions as well as voting patterns. As at the period end, the parent Company and controlling party is Ark Invest Holding LLC, a company incorporated in the United States of America. Ark Invest Holding LLC is considered the controlling party by way of their majority stake in the voting shares.
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