ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Company Registration Number:
SC393133 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

Principal Activities Of The Company Informations. Principal activities of the companyFinancial assets and nancial liabilities measured at amortized costFinancial assets are measured at amortized cost if they are held under a business model with the objective to collect contractual cash ows (“Hold to Collect”) and they have contractual terms under which cash ows are solely payments of principal and interest (“SPPI”). In making the SPPI assessment, the Company considers whether the contractual cash ows are consistent with a basic lending arrangement (i. e., interest includes only consideration for the time value of money, credit risk, other basic lending risks and a pro t margin that is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related nancial asset is classi ed and measured at fair value through profit or loss. Financial assets measured at fair value through other comprehensive income (“FVOCI”) Financial assets are measured at FVOCI if they are held under a business model with the objec- tive of both collecting contractual cash ows and selling the nancial assets (“Hold to Collect and Sell”), and they have contractual terms under which cash ows are SPPI. Financial assets measured at FVOCI include loans and advances that are held within the Company’s Retained Lending business.Economic capital risk measurement methodologiesAll material risks are considered in the total economic capital demand and are quanti ed over a 1-year holding period at a 99.9% con dence level.– Credit Risk: Credit Risk is quanti ed using the wholesale Economic Credit Capital model (ECC), with add-ons for risks not yet covered by the model. ECC seeks to capture the dis- tribution of portfolio losses arising from credit risk through either defaults or changes in value. The model produces loss distributions that are then used to assess the entity’s capital adequacy in the ICAAP. The principal drivers of portfolio capital are the risk characteristics of individual exposures and the correlations among different borrowers.Corporate private equityIncluding Five Arrows Principal Investments (FAPI) and Five Arrows Capital Partners (FACP) Secondaries, multi-manager funds and co-investments, including Five Arrows Secondary Opportunities (FASO), Five Arrows Private Equity Programme (FAPEP, formerly Arolla) and Five Arrows Minority Investments (FAMI, formerly Corporation Number (sc393133) Proprietary Investments)Corporate Responsibility Our unique and outstanding record of achievement is drivenby a strong values-driven culture. This has earned us the trust of our partners, clients and shareholders and drives our commitment to Corporate Responsibility today and in the future. Where the employers as a company of which regulations 3.2. of the regulations applies the certificate shall state and a prominent place. Either that the policy covers the holding company and all its subsidiaries except any specifically excluded by name or that policy covers the Holdings company and only the named subsidiaries.JurisdictionThese terms and conditions are governed by United Kingdom law and agree to submit to the exclusive jurisdiction in relation to all matters connected with or arising with corporate activities. Principal tax policyThe Group tax strategy applies to all entities ultimately owned by (Z U A A H L) Registered company number (SC393133) and applies to the management of the group corporate tax affairs. Employee and client related taxes are managed by Human resources and Legal & Compliance and are not covered under the group tax strategy.Affairs to manage taxation efficiently are organized by the group, registered company number (sc393133) consistent with commercial needs and with the group’s conservative approach to tax risk. We do not enter into, facilitate or promote arrangements which lack business purpose or commercial rationale or which run contrary to the intention of legislation.The Group tax team proactively identifies and monitors key tax risks throughout the year, taking into account changes in the business and applicable tax legislation, ensuring that the control framework governing tax risk is updated appropriately.The team also assists and works with the group Finance department to ensure full and timely compliance with the tax reporting and other obligations as required by legislation. It maintains close working relationships with different parts of the business to ensure thatthe tax implications of transactions and any business changes are fully understood.The Group tax team consults with external advisers on specific matters, where required, and engages with industry bodies to assess future legislative developments.CorporationA corporation is an Abstraction. It has no mind of its own anymore then it has a body of it on its active and directing will must consequence be sought in the person of somebody who for some purpose may be called an agent. But who is really the directing mind and will of the corporation the very ego and centre of the personality of the corporation it must be upon the true construction of that section in such a case as the present one that the fault or property is the fault of property of somebody who is not merely a servant or an agent for him the company is liable upon the footing responsibility superior but somebody for him the company is liable because his action is the very action of the company itself. It is not enough that the fault should be the fault of a servant in order to exonerate The owner, The fault must also be one which is not the fault of the owner, or a fault to which the owner and I take the view that when anybody sets up the section to excuse himself from the normal consequences of the maximum responsibility superior the burden lies upon him to do so. Nature true scope of workWe obtained an understanding of all the consolidated entities’ activities, and the description of the principal risks associated;We assessed the suitability of the criteria of the Guidelines with respect to their relevance, completeness, reliability, neutrality and understandability, with due consideration of industry best practices, where appropriate;We verified that the Statement presents the business model and a description of principal risks associated with the all the consolidated entities’ activities, including where relevant and proportionate, the risks associated with their business relationships, their productsor services, as well as their policies, measures and the outcomes thereof, including key performance indicators associated to the principal risks We obtained an understanding of internal control and risk management procedures the entity has put in place and assessed the data collection process to ensure the completeness and fairness of the Information; in order to verify theproper application of the definitions and procedures and reconcile the data with the supporting documents. This work was carried out on a selection of contributing entities and covers between 25% and 100% of the consolidated data selected for these tests; We assessed the overall consistency of the Statement based on our knowledge of all the consolidated entities.Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial StatementsWe submit a report to the Audit Committee which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report,if any, significant deficiencies in internal control regarding the accounting and financial reporting procedures that we have identified.Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgement, were of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters, that we are required to describe in this audit report. The statutory auditors original signed byKPMG. Principal activities of the company Financial assets and nancial liabilities measured at amortized costFinancial assets are measured at amortized cost if they are held under a business model with the objective to collect contractual cash ows (“Hold to Collect”) and they have contractual terms under which cash ows are solely payments of principal and interest (“SPPI”). In making the SPPI assessment, the Company considers whether the contractual cash ows are consistent with a basic lending arrangement (i. e., interest includes only consideration for the time value of money, credit risk, other basic lending risks and a pro t margin that is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related nancial asset is classi ed and measured at fair value through profit or loss. Financial assets measured at fair value through other comprehensive income (“FVOCI”) Financial assets are measured at FVOCI if they are held under a business model with the objec- tive of both collecting contractual cash ows and selling the nancial assets (“Hold to Collect and Sell”), and they have contractual terms under which cash ows are SPPI. Financial assets measured at FVOCI include loans and advances that are held within the Company’s Retained Lending business.Economic capital risk measurement methodologiesAll material risks are considered in the total economic capital demand and are quanti ed over a 1-year holding period at a 99.9% con dence level.– Credit Risk: Credit Risk is quanti ed using the wholesale Economic Credit Capital model (ECC), with add-ons for risks not yet covered by the model. ECC seeks to capture the dis- tribution of portfolio losses arising from credit risk through either defaults or changes in value. The model produces loss distributions that are then used to assess the entity’s capital adequacy in the ICAAP. The principal drivers of portfolio capital are the risk characteristics of individual exposures and the correlations among different borrowers. BUSINESS MODEL ASSESSMENT The Group makes an assessment of the business model in which an asset is held at portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: The stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, the Group considers whether management’s strategy focuses on earning interest revenue, maintaining a particular interest profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets; or realising cash flows through the sale of the assets; How the performance of the portfolio is evaluated and reported to the Group’s management; The risks that affect the performance of the business model and how those risks are managed; How managers of the business are compensated, e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and The frequency, volume and timing of sales in prior periods, the reason for such sales and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group’s stated objective for managing the financial assets is achieved and how cash flows are realised. Financial assets that are held for trading or managed on a fair value basis are measured at ASSESSMENT WHETHER CONTRACTUAL CASH FLOWS ARE SOLELY PAYMENTS OF PRINCIPAL AND INTEREST (SPPI) For the purposes of this assessment. principal is defined as the fair value of the financial asset on initial recognition. “Interest” is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs, as well as profit margin. In assessing whether the contractual cash flows are SPPI, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers. The net asset value of these investments in Group, Other companies and portfolio holdings is determined by Management, depending on the availability of the data and by using quotation prices, net or revalued share in equity or references to recent transactions. When the inventory value thus determined is lower than the acquisition cost of these investments, an impairment is recognised. The methodology and assumptions used to determine the inventory value of investments in Group, other companies and portfolio holdings requiring the exercise of judgement, and considering the relative importance of the amount of these financial assets in the balance sheet of the Company, we considered that the determination of impairment of investments in Group, other companies and portfolio holdings is a key audit matter for the annual accounts of the Company. Paragraph III “Accounting principles, rules and methods” of the appendix sets out the methods for recording an impairment to cover the risk of a decline in the value of investments in Group, other companies and portfolio holdings. Our response Our procedures consisted of: Understanding the internal control and governance put in place by Management to measure the inventory value of investments in Group, other companies and portfolio holdings; Considering the validity of the methodologies applied and the relevance of the parameters and assumptions used by the Company to determine the inventory values of these financial assets; Testing, on a sample basis, the inventory values used by the Company for these financial assets and the correct application of the methods. Lastly, we made sure that the information presented in the financial statements are appropriate. General principles The notes to the accounts have been prepared having taken into account the understanding, relevance, reliability, comparability and materiality of the information provided. The Audit Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risks management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures. The financial statements were approved by the Management.

Political and charitable donations

Political and charitable donations The Company’s Managing Partner has full power to act in all circumstances in Acrobat Group name and on its behalf, in order to, amongother things: ensure the effective determination of the direction of the business of Acrobatgrouplimited and the entities within the Group on a consolidated basis; supervise the accounting and financial information and direct the internal control of Acrobatgrouplimited and the entities within the Group on a consolidated basis; determine the regulatory capital of Acrobatgrouplimited and the entities within the Group on a consolidated basis; approve the annual, consolidated and half-yearly accounts of Acrobatgrouplimited determine the agenda and prepare the draft resolutions of the shareholders’ General Meetings of Acrobatgrouplimited ; convene the shareholders’ General Meetings of Acrobatgrouplimited; and prepare those reports and decisions established in its capacity asthe Managing Partner Charitable works & vaccinations donations. Company policy on disabled employees Risk policy General provisions Risk management forms a cornerstone of the Acrobat Group’s corporate strategy and governance. The Acrobat Group’s Management defines the Group’s general risk policy, which is applied to all companies in the Acrobat Group and is intended to cover all types of major risk to which the Group is exposed. Specific factors related to the various categories of risk are covered in specific risk policies or in-house directives or guidelines. The risk policy is implemented at several dif-ferent levels: – The Acrobat Group’s Management ratifies and oversees implementation of general risk policy; – The Executive Committees of Acrobat Group companies supervise the proper implementation of the policy and put operational measures into practice to apply it; – Specific committees are responsible for managing risks in their respective fields; – The individual business units are responsible for managing risks specific to them. In addition, the Acrobat Group strives to foster a corporate culture in which risk management is given a high priority and made an integral part of all management activities. As such, risk management (for all risk caregories) must be perceived by every member of staff as being one of their re-sponsibilities as well. Operational risk Operational or business risk can be defined as the risk of losses or damage resulting from inadequacies or short-comings in in-house processes, staff or systems, or stemming from external events. Operational risk also co-vers legal and compliance risks. The Acrobat Group Operational Risk Policy sets out the or-ganisational framework and the fundamental principles of operational risk management. The policy requires that the responsibilities are clearly defined for each significant risk. These responsibilities are broken down into three categories: owning the risk, controlling the risk and mon-itoring the risk. Management teams for each business line are responsible for identifying, assessing, managing, monitoring and con-trolling those operational risks specific to their area of business. They are assisted in this by risk managers work-ing directly with the various business lines. These risk managers also act as liaisons between Management and the Group Risk Department. A process of identifying and assessing operational risks throughout the Acrobat Group is performed on a regular ba-sis. If deemed necessary, action plans are instigated to lessen risks that are assessed to exceed limits set according to the appetite for risk. Key risk indicators (KRIs) are defined and regularly ana-lysed. These KRIs measure the level of risk resulting from business activities, systems, processes, etc. All operating incidents and potentially resultant financial losses are logged so as to have an overall quantifiable view of incidents that have occurred and to ensure that plans to mitigate risk levels or extra checks and controls can be put in place in the event of a major incident. The Acrobat Group has instituted robust corporate govern-ance geared towards anticipating risk. This involves active exchanges of information with business lines and regular efforts to emphasise to staff their responsibilities and heighten their awareness about the direct and indirect im-pact that the Acrobat Group’s activities (for example, changes in the political or regulatory climate) might have on its reputation as well as on that of its clients and its staff. Effective management of communications, both in-house and to the outside world, is crucial in safeguarding the Acrobat Group’s good name and reputation. Group Cor-porate Communications is responsible for effective image management of the Group. It monitors articles published about the Group and will contact the media as soon as the Group’s reputation might be at stake. Measures aimed at limiting risk to the Group’s image and reputation include notably analysing and pinpointing any areas of vulnera-bility, internal analysis and escalation procedures as well as rules of conduct applicable to staff. Group Corporate Communications works closely together with the Risks, Compliance and Legal Departments. Reputational risk, coupled with the monitoring and appropriateness of measures, are included in the consolidated report on over-all risk submitted to Acrobat Group’s Management. The Acrobat Group has formulated a crisis-management process to enable it to take effective and swift action to cope with a variety of crisis events. A crisis-management plan has been drawn up. Members of staff appointed as ‘Crisis Coordinators’ have been trained. Operating proce-dures and communications plans have been compiled. Business Continuity Management is geared towards safe-guarding the sustainability of the Acrobat Group and pro-tecting its assets. Contingency solutions have been devised, deployed and kept operational for each Group company in keeping with the risks incurred, statu-tory and regulatory requirements, and need in terms of safeguarding the continuity of operations. To this end, emergency off-site workplaces and IT/technical infra-structures are available and regularly tested. Change in risk policy There were no changes in the risk policy. Providing financial support to charities and social enterprises, as well as to individuals Offering our professional expertise to social purpose organisations, helping them to drive change for young people Encouraging our people to volunteer, using their skills to help young people to succeed in life. Through our Corporate Giving programme we make targeted donations to some of the most innovative and effective charities and social enterprises operating in this field. We also give directly to individual young people in need through a number of scholarship and bursary programmes supporting higher educational pathways. Through our Giving Together programme we encourage our people to give to the causes they particularly care about as well as to those we support as a company. Giving Together represents our joint efforts as a company and as colleagues to donate money and goods to the causes that we care about. Championing giving Through our Corporate Giving programme we make targeted donations to some of the most innovative and effective charities and social enterprises operating in this field. We also give directly to individual young people in need through a number of scholarship and bursary programmes supporting higher educational pathways. Through our Giving Together programme we encourage our people to give to the causes they particularly care about as well as to those we support as a company. Giving Together represents our joint efforts as a company and as colleagues to donate money and goods to the causes that we care about.

Company policy on disabled employees

Company policy on disabled employees Risk policy General provisions Risk management forms a cornerstone of the Holdings Company corporate strategy and governance. The Acrobat Group’s Management defines the Group’s general risk policy, which is applied to all companies in the Groups and is intended to cover all types of major risk to which the Group is exposed. Specific factors related to the various categories of risk are covered in specific risk policies or in-house directives or guidelines. The risk policy is implemented at several dif-ferent levels: – The Z U A A H L (SC393133) Management ratifies and oversees implementation of general risk policy; – The Executive Committees of Z U A A H L companies supervise the proper implementation of the policy and put operational measures into practice to apply it; – Specific committees are responsible for managing risks in their respective fields; – The individual business units are responsible for managing risks specific to them. In addition, the Acrobat Group strives to foster a corporate culture in which risk management is given a high priority and made an integral part of all management activities. As such, risk management (for all risk caregories) must be perceived by every member of staff as being one of their re-sponsibilities as well. Operational risk Operational or business risk can be defined as the risk of losses or damage resulting from inadequacies or short-comings in in-house processes, staff or systems, or stemming from external events. Operational risk also co-vers legal and compliance risks. The Company (SC393133) Operational Risk Policy sets out the or-ganisational framework and the fundamental principles of operational risk management. The policy requires that the responsibilities are clearly defined for each significant risk. These responsibilities are broken down into three categories: owning the risk, controlling the risk and mon-itoring the risk. Management teams for each business line are responsible for identifying, assessing, managing, monitoring and con-trolling those operational risks specific to their area of business. They are assisted in this by risk managers work-ing directly with the various business lines. These risk managers also act as liaisons between Management and the Group Risk Department. A process of identifying and assessing operational risks throughout the Acrobat Group is performed on a regular ba-sis. If deemed necessary, action plans are instigated to lessen risks that are assessed to exceed limits set according to the appetite for risk. Key risk indicators (KRIs) are defined and regularly ana-lysed. These KRIs measure the level of risk resulting from business activities, systems, processes, etc. All operating incidents and potentially resultant financial losses are logged so as to have an overall quantifiable view of incidents that have occurred and to ensure that plans to mitigate risk levels or extra checks and controls can be put in place in the event of a major incident. The (SC393133) has instituted robust corporate govern-ance geared towards anticipating risk. This involves active exchanges of information with business lines and regular efforts to emphasise to staff their responsibilities and heighten their awareness about the direct and indirect im-pact that the Corporations activities (for example, changes in the political or regulatory climate) might have on its reputation as well as on that of its clients and its staff. Effective management of communications, both in-house and to the outside world, is crucial in safeguarding the Company (SC393133) good name and reputation. Group Cor-porate Communications is responsible for effective image management of the Group. It monitors articles published about the Group and will contact the media as soon as the Group’s reputation might be at stake. Measures aimed at limiting risk to the Group’s image and reputation include notably analysing and pinpointing any areas of vulnera-bility, internal analysis and escalation procedures as well as rules of conduct applicable to staff. Group Corporate Communications works closely together with the Risks, Compliance and Legal Departments. Reputational risk, coupled with the monitoring and appropriateness of measures, are included in the consolidated report on over-all risk submitted to Acrobat Group’s Management. The Corporation has formulated a crisis-management process to enable it to take effective and swift action to cope with a variety of crisis events. A crisis-management plan has been drawn up. Members of staff appointed as ‘Crisis Coordinators’ have been trained. Operating proce-dures and communications plans have been compiled. Business Continuity Management is geared towards safe-guarding the sustainability of the Z U A A H L and pro-tecting its assets. Contingency solutions have been devised, deployed and kept operational for each Group company in keeping with the risks incurred, statu-tory and regulatory requirements, and need in terms of safeguarding the continuity of operations. To this end, emergency off-site workplaces and IT/technical infra-structures are available and regularly tested. the group contribution to the employment of disabled persons is conducted by the payment of a contribution for disabled people employed, by recruitment activities, by adaptations of jobs, and by investing in educational projects for disabled people.

Additional information

In line with HMRC-approved limits. Maximum opportunity performance metrics. The Company Sc393133 is based on independent external valuation carried out in accordance with RICS valuation performance standards Tax Paid Fully of Sort 0.628 Current Financial Years. Relative TSR helps align the interest of Executive Directors with shareholders by incentivise share growth and provides an objective measure of the Companies long-term success. The current long-term incentive performances conditions are summarised within the Annual Reports on Remuneration performance is measured related to bespoke comparator group of properties, agricultural lands, venture capital companies and Capco. TAX POLICY DOCUMENT (i) The Holdings Group tax function works closely with the business to ensure that the tax policy supports the group business strategy and is adapted and followed constantly across the group ensuring that all obligations are fully complied with and tax affairs managed appropriately. GROUP TAX POLICY (ii) Our Corporations recognises and seeks to meet the legitimate expectations of many stakeholders. We are committed to: act with integrity and transparency of all our tax compliance and reporting duties. Ensure our tax policy is consistent with our group strategy and core value. Maintain collaborative and open relationships with HM Revenue & Customs (HMRC). Obtain pre-clearance from HMRC in area of complexity and uncertainty. Given due consideration to Group's Corporate and responsibilities, reputation and the intention of the relevant tax legislation when considering tax reliefs. GROUP CODE OF CONDUCT (iii) The Holding Unlimited business code of conduct sets out the principle under which group staff are expected to operate. In addition the financial crime policy set out specific requirements with respect to tax matters in support of the group tax policy group staff receive training on these matters. The group is committed to observing all applicable laws, rules, regulations. and reporting disclosure requirements. A dedicated tax function collaborate with the business to provide advice and guidance necessary to ensure the tax group remains fully complied. TAX RISK (iiii) Tax risk is managed through strong compliances procedures which are continuously monitored and improved. This insures transparent financial reporting, accurate complete tax returns and creates a strong working relationship with HMRC. The group tax function works closely with the business to identify and track all tax risks that may impact the Group. CONSISTENCY WITH GROUP STRATEGY (iiiii) The final course of action will be approved by the Chief Financial Officer with Chief Executive and the Board approval being sought where appropriate in addition, regular updates to the Audit Committee ensure openness and transparency in areas of tax uncertainty and complexity. The parent company principles subsidiaries are intermediate holding company the (IHC). The (IHC) holds stocks and its subsidiaries. The IHC also owns other assets and owns Inter-company indebtedness to the holding company. The parent company is obligated to contribute all the net proceeds received from security issuances (including issuances assurance of senior and subordinated debt securities and of preferred and common stock). The principal sources of income and funding for the Parent Company are dividends and extensions of credit from the IHC. The IHC is prohibited from paying dividends or extending credit to the Parent Company if certain capital or liquidity “thresholds” are breached or if limits are otherwise imposed by the Parent Company’s management or Board of Directors.Comprehensive Capital Analysis and Review (“CCAR”) and other stress testing processes to ensure that large bank holding companies (“BHC”) have sufficient capital during periods of economic and financial stress, and have robust, (“ICAAP”), as well as its plans to make capital distributions, such as dividend payments or stock repurchases.



Directors

The director shown below has held office during the period of
2 October 2023 to 31 December 2023

Zain-Ul-Arefin Amir


Secretary (SC393133) PRIVATE UNLIMITED CORPORATIONS COMPANY

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
3 October 2024

And signed on behalf of the board by:
Name: Zain-Ul-Arefin Amir
Status: Director

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 1 1
Gross profit(or loss): 1 1
Operating profit(or loss): 1 1
Profit(or loss) before tax: 1 1
Profit(or loss) for the financial year: 1 1

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 1 1
Net current assets (liabilities):  
Total assets less current liabilities: 1 1
Total net assets (liabilities): 1 1
Capital and reserves
Called up share capital: 1 1
Total Shareholders' funds: 1 1

The notes form part of these financial statements

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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

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

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

This report was approved by the board of directors on 3 October 2024
and signed on behalf of the board by:

Name: Zain-Ul-Arefin Amir
Status: Director

The notes form part of these financial statements

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Specialised committees of the Supervisory Board. In accordance with legal and regulatory provisions, the Supervisory Board set up an Audit Committee, a Remuneration and Nomination Committee and a Risk Committee, and defined the composition of those committees as well as their tasks and practices. In addition, according to the Articles of Association which provide the creation of any additional committee to assist the Supervisory Board, the Supervisory Board decided to set up a Strategy Committee. Only members of the Supervisory Board may sit on these committees and only for their term of office on the Supervisory Board. The composition of each committee is determined by the Supervisory Board. Responsibilities The role of the Remuneration and Nomination Committee is to assist the Supervisory Board with its remuneration related duties and in particular with the preparation of its decisions in correction with the Group’s remuneration policy principles. It also makes recommendations to the Supervisory Board on all matters relating to the composition of the Supervisory Board, such as appointments or renewals of terms of office, or the compliance with AFEP-MEDEF recommendations. Specifically the Remuneration and Nomination Committee is responsible for policy for the Group as a whole and periodically reviewing the policy’s adequacy and effectiveness taking into account all factors which it deems necessary including the Group’s strategy from time to time; supervising and reviewing the broad policy framework for the remuneration of the Group Management Committee and the principles of the remuneration policy applicable to Regulated Persons; supervising the remuneration paid/awarded to members of the Compliance and Risk divisions and, where appropriate, the employment and remuneration arrangements of the Group Management Committee; SHARE-BASED Share-based payment awards may be made to employees of the Company under the corporate Incentive awards schemes. The fair value of such shares, Rights to shares or stock options is measured during the conditional allocation. This value is recorded as compensation expense for the company over the period of time that the performance criteria are related to along with employer’s social security expenses or other payroll taxes. All of the granted awards are equity-settled. The Company estimates the level of forfeitures and applies this forfeiture rate at the granting date. Additionally, the Corporation takes into account the conditions that must be met before an employee is eligible for equity instruments under the Company incentive programs. Amortisation is accelerated for employees who retire so that the premium is recognised in full as an expense when the pension entitlement takes effect. BUSINESS COMBINATIONS Predecessor accounting is applied to transfers of businesses between entities under common control, where all combining entities are controlled by the same entity before and after the business acquisition. Assets and liabilities are recognised at their predecessor carrying amounts {i.e. the carrying amounts of assets and liabilities in the books and records of the transferor prior to the transfer} with no fair value adjustments. Any difference between the cost of acquisition and the aggregate book value of the assets and liabilities on the date of transfer of the business is recognise as an adjustment to equity. As a result, no goodwill is recognised from the business combination. CURRENT AND DEFERRED INCOME TAX ASSETS Current income tax payable is recognised as an expense in the period in which the profits arise. Income tax recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offset against taxable profits arising in the current or prior period. Current tax is measured using tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recorded, using the liability method, on temporary differences arising from the differences between the tax bases of assets and liabilities and their carrying amounts in the statements when recognition requirements are met. Deferred tax is determined using tax rates and legislation enacted or substantively enacted by the balance sheet date, which are expected to apply when the deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right and an intention to settle on a net basis. Current tax and deferred tax are recognised directly in equity if the tax relates to items that are recognised in the same or a different period in equity. Deferred taxes on unused carried forward losses are not recognised since there are tax losses carried forward. PROVISIONS AND CONTINGENT LIABILITIES Provisions are recognised when the Company has a present legal or objective obligation as a result of past events, it is proposed that an out own of economic will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. A contingent liability is a possible obligation that arises from past events and whose existence will be only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events but is not recognised because either an out ow of economic is not probable or the amount of the obligation cannot be reliably measured. Contingent liabilities are not recognises in the all statements; however, disclosure is made unless the probability of settlement is remotely made.

    Tangible fixed assets depreciation policy

    Definition, objectives and scope of internal control The internal control system refers to Z U A A H L own internal control system and the Group’s internal control system on a consolidated basis. The internal control system seeks to provide members of the Supervisory Board, officers and shareholders with reasonable assurance that the following objectives are achieved: the effectiveness and efficiency of the entity’s operations; the prevention and detection of financial crime (e.g. money laundering, corruption, fraud) compliance with laws and regulations, internal standards and rules; the reliability of accounting and financial information; and protection of the entity’s assets. It also fulfils the internal control objectives specific to financial holding companies supervised by the ACPR on a consolidated basis. 3 Organisation of internal control The Group’s internal control framework is based on the “three lines of defence” model. The first line comprises front line management from the business itself. The second line includes independent risk, compliance (including financial crime compliance) and legal functions and, to a lesser extent, finance and human resources to monitor on a continuous basis the activity of the front line management, and the third line comprises internal audit which exercises periodic surveillance of the Group’s activities and support functions. Organisation of internal control The Group’s internal control framework is based on the “three lines of defence” model. The first line comprises front line management from the business itself. The second line includes independent risk, compliance (including financial crime compliance) and legal functions and, to a lesser extent, finance and human resources to monitor on a continuous basis the activity of the front line management, and the third line comprises internal audit which exercises periodic surveillance of the Group’s activities and support functions. It is the responsibility of senior management in each of the Group’s business lines to establish and maintain effective risk management systems and to support risk management best practice. Group Legal & Compliance (including Financial Crime Compliance) The responsibilities of the Group Legal & Compliance function include, among other things: development and maintenance of compliance policies and procedures (including those dealing with financial crime such as anti-money laundering and combating the financing of terrorism), execution or supervision of monitoring programmes, conduct of any required investigation and advice on compliance aspects of any transactional or business processes, facilitation of certain aspects of risk governance (e.g. the Global Advisory Risk Committee or the Group Financial Crime Compliance Committee, etc.), monitoring and review of legislation and regulatory developments which might affect the Group’s business, reporting results of monitoring programmes to senior management, agreeing any remedial action or changes to all of the above with senior management. This independent internal control function. Group Internal Audit Periodic control is independently exercised by Group Internal Audit. The Head of Internal Audit meets formally every three to four months with the relevant Managing Partners of the Managing Partner and, whenever necessary, to present the activity of the Internal Audit function and discuss any material findings raised during the period. The Head of Internal Audit presents the activity of Internal Audit to the Audit Committee which meets four times a year. At the beginning of the financial year, the Audit Committee approves the audit plan for the coming year and during its meetings in May and September it reviews in detail the activity of the Internal Audit function as described below. The Head of Internal Audit meets regularly, usually every quarter, with the heads of the main lines of business to discuss progress on activity and the evolution of risks for their respective area of responsibility. This forms part of the regular information of the Internal Audit function on the evolution of the Group’s risk profile. Compliance risk Regular and targeted compliance training ensures that Group employees are clear on their regulatory responsibilities and understand the regulatory environment in which they conduct business. Group Compliance identifies employee training needs based upon a number of factors, including regular monitoring of permanent controls, compliance reviews, regulatory developments, annual compliance risk assessments, breaches of compliance policy, practice or procedure and other factors. In addition, bespoke training is organised at the business line and legal entity level. Ad hoc training is given to ensure prompt dissemination to staff of business-related market and best practice, legal, compliance and regulatory developments. Report to the Audit Committee We submit a report to the Audit Committee which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report, if any, significant deficiencies in internal control regarding the accounting and financial reporting procedures that we have identified. Our report to the Audit Committee includes the risks of material misstatement that, in our professional judgment, were of most significance in the audit of the financial statements of the current period and which are therefore the key audit matters that we are required to describe in this report. Information given in the management report and in the other documents with respect to the financial position and the financial statements provided to the Shareholders We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the management report of the Management and in the other documents with respect to the financial position and the financial statements provided to the Shareholders. Statement by the persons responsible for the annual financial report We hereby certify that, to the best of our knowledge, the accounts are prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and all the undertakings included in the consolidation, and that the management report includes a fair review of the development and performance of the business, profit or loss and financial position of the Company and all the undertakings included in the consolidation, together with a description of the principal risks Policy.

    Intangible fixed assets amortisation policy

    Financial year end of the consolidated companies For this reporting period, the financial statements of the Group are drawn up to 31 December 2023 and consolidate the financial statements of the Company and its subsidiary undertakings. At each closing date, the Group draws conclusions from past experience and all relevant factors relating to its business. Subsidiaries Subsidiaries are all entities which are controlled by the Group. The Group controls an entity if it is exposed to, or has rights to, variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. Subsidiaries are fully consolidated from the date on which the Group acquires control and cease to be consolidated from the date that control ceases. Associates and joint arrangements Joint arrangements are where two or more parties, through a contractual arrangement, have joint control over the assets and liabilities of an arrangement. Depending on what those rights and obligations are, the joint arrangement will either be a joint operation (where the parties subject to the arrangement have rights to the assets and obligations for the liabilities of the arrangement) or a joint venture (where the parties subject to the arrangement have rights to the net assets of the arrangement). The Group’s investments in associated undertakings are initially recorded at cost. Subsequently, they are increased or decreased by the Group’s share of the post-acquisition profit or loss, or by other movements reflected directly in the equity of the associated undertaking. Positive goodwill arising on the acquisition of an associated undertaking is included in the cost of the investment. Business combinations and goodwill Business combinations are accounted for using the acquisition method stipulated by IFRS 3 Business Combinations. Thus, upon initial consolidation of a newly acquired company, the identifiable assets acquired, liabilities assumed and any contingent liabilities of the acquired entity are measured at fair value in accordance with the provisions of IFRS. The costs directly attributable to business combinations are recognised in the income statement for the period. Contingent cash consideration is normally included in the acquisition cost at its fair value on the acquisition date, even if its payment is not certain. It is recognised as a liability in the balance sheet; any subsequent adjustments to its value are booked in the income statement in accordance with IFRS 9. However, sometimes arrangements are made in which contingent payments for acquiring a company are made to a vendor who is an employee, and these can be forfeited if the employee leaves voluntarily. In this case, these contingent payments are not considered as part of the acquisition cost. Instead, these payments are accounted for as a post-purchase staff expense. Goodwill in an associate or subsidiary represents the excess, at the date of acquisition, of an acquisition’s cost over the fair value of the Group’s share of net identifiable assets acquired. Identifiable intangible assets are those which can be sold separately or which arise from legal rights, regardless of whether those rights are separate. If the fair value exceeds the cost, the difference (“negative goodwill”) is immediately recognised in the income statement. All necessary valuations of assets and liabilities must be carried out within twelve months of the date of acquisition, as must any corrections to the value based on new information. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised, but is tested annually for impairment, or more frequently when circumstances indicate that its carrying amount is too high. Goodwill is allocated to cash-generating units for the purposes of impairment testing. If the value of each of the cash-generating units is insufficient to support its carrying value, then the goodwill is impaired. Impairment losses on goodwill are recognised in the income statement and are not reversed. Results from subsidiaries acquired during the financial year are included from their acquisition dates and income from subsidiaries sold is included up to their disposal dates. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Accounting judgements and estimates The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity, or areas where assumptions are significant to the accounts, include: VALUATION OF FINANCIAL ASSETS AND LIABILITIES Fair value is the price that would be received from the sale of an asset or paid. IMPAIRMENT OF FINANCIAL ASSETS AT AMORTISED COST The Group used judgements when recognising the Expected Credit Losses (ECL) for financial assets at amortised cost. This applies in particular to the assessment of significant increases in credit risk (SICR), and to the models and assumptions used to measure ECL. Management determines the size of the impairment allowance required using a range of factors such as the realisable value of any collateral, the likely recovery on liquidation or bankruptcy, the viability of the customer’s business model and their capacity to trade successfully out of financial difficulties and generate sufficient cash flow to service debt obligations. GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE LIVES Goodwill and intangible assets with indefinite lives are assessed at each balance sheet date to determine whether they are impaired. The assessment includes management assumptions on future income flows and judgements on appropriate discount rates. Management performs a sensitivity analysis of these assumptions as part of this assessment. PROVISIONS From time to time, the Group is involved in legal proceedings or receives claims arising from the conduct of its business. Based upon available information and, where appropriate, legal advice, provisions are made where it is probable that an outflow of resources will be required and the amount can be reliably estimated.

    Valuation information and policy

    Valuation Information ACTIVITY The Audit Committee meets at least four times a year or more frequently if so required. Before each meeting, every member receives a file containing all the documentation, notes and reports relating to each item on the agenda. The Group Chief Financial Officer, the Group External Reporting Director, the Group Head of Internal Audit, the Group Head of Legal & Compliance, the Group Head of Risk, the Group Company Secretary (and General Counsel of the Company) and the Statutory Auditors are permanent attendees at the meetings of the Audit Committee. The March and September meetings are mainly focused, respectively, on the review of the solo parent company and consolidated accounts and the half year accounts and the presentation by the Statutory Auditors of its report after its review of such accounts. In addition, at the March meeting, the Audit Committee reviews the report on risk management and accounting procedures implemented by the Company that are displayed in the report on internal control, risk management and accounting procedures. In advance of each meeting, the Audit Committee members receive the Internal Audit activity report and the status of Statutory Auditors recommendations. The activities of the Group subsidiary audit committees are also presented to the Audit Committee during those two meetings. This year, the Audit Committee also reviewed the list of non-audit fees and took note of the new auditor partner’s rotations and audit governance requirements under the revised Statutory Audit Directive. At the end of each meeting, the Audit Committee usually meets with the Group Head of Internal Audit and the Statutory Auditors without the presence of any representative of senior management. After each meeting of the Audit Committee, the Chairman of the Audit Committee submits a report on the work of the Audit Committee to the Supervisory Board members. In addition, the Audit Committee receives, in advance of each meeting, the Group Risk and Compliance quarterly report addressed also to the Group Risk Committee. Furthermore, every year, at the request of the Chairman of the Audit Committee, the Company Secretary coordinates a review of the annual work programme of the Audit Committee with the committee members to ensure that the Audit Committee discharges its responsibilities in accordance with its Terms of Reference. During the financial year ended 31 December 2023, the Audit Committee met three times. RESPONSIBILITIES The Remuneration and Nomination Committee is mainly responsible for: Setting the principles and parameters of remuneration policy for the Group as a whole and periodically reviewing the policy’s adequacy and effectiveness taking into account all factors which it deems necessary including the Group strategy from time to time; Supervising and reviewing the total spend on remuneration paid across the Group; Supervising and reviewing the broad policy framework for the remuneration of the Group Executive Committee and the principles of the remuneration policy applicable to Material Risk Takers (MRTs); Supervising the remuneration paid awarded to members of the Compliance and Risk divisions and, where appropriate, the employment and remuneration arrangements of the Group Executive Committee; Reviewing and agreeing the list of MRTs as we define them (in line with appropriate criteria) in the Group and each of its CRR regulated entities for the purposes of the ACPR and other local regulators as appropriate; Participating in the selection and nomination process of members of the Board as detailed. Reviewing and making recommendations to the Board on appropriate levels of board and committee fees and the overall envelope of fees for each financial year; Reviewing the nature and scale of the Group’s short and long term incentive performance arrangements to ensure that they encourage enhanced performance and reward individuals in a fair and responsible manner for their contribution to the success of the Group in light of an assessment of the Group’s financial situation and future prospects; Reviewing the adequacy, timing and content of any significant disclosures on remuneration; discussing and reviewing with Z U A A H L (sc393133) officers the determination and quantum of the total bonus pool; and Undertaking any other remuneration related obligation placed upon the Remuneration Committee by either the head regulator or a local regulator.

    Other accounting policies

    Financial assets at fair value through other comprehensive income The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and The contractual terms of the financial asset give rise on a specified date to cash flows that are solely payments of principal and interest on the principal amount outstanding. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the instrument’s amortised cost, which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in net banking income. Interest income from these financial assets is included in “interest income” using the effective interest method. On initial recognition of an equity instrument that is not held for trading, the Group may irrevocably elect to present subsequent changes in OCI. This election is made on an investment-by-investment basis. Any cumulative gain/loss recognised in OCI in respect of equity investment securities designated as at FVOCI is not recognised in profit or loss on derecognition of such securities. Financial assets at fair value through profits or losses Financial assets that meet the criteria for the classification of amortised cost of accounting, but which are managed, and whose performance is evaluated, on a fair value basis, are measured on a designated basis. Financial assets that do not meet the criteria for the classification of amortised cost are measured at mandatory basis. These financial assets are recognised at fair value, with transaction costs recorded immediately in the income statement, and they are subsequently measured at fair value. Gains and losses arising from changes in fair value, or on derecognition, as well as interests and dividends from financial assets at are recognised in the income statement as net gains or losses on financial assets. Business model assessment When considering classification, the Group’s assessment of the business model in which an asset is held is made at the portfolio level, because this best reflects the way the business is managed and information is provided to management. The information considered includes in stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, the Group considers whether management’s strategy focuses on earning interest revenue; maintaining a particular interest profile; matching the duration of the financial assets to the duration of the liabilities that are funding those assets; or realising cash flows through the sale of the assets. How the performance of the portfolio is evaluated and reported to the Group’s management; the risks that affect the performance of the business model and how those risks are managed; how managers of the business are compensated, e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and the frequency, volume and timing of sales in prior periods; the reason for such sales; and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group’s stated objective for managing the financial assets is achieved and how cash flows are realised. Financial assets that are held for trading or managed on a fair value basis are measured purposes of this assessment, “principal” In assessing whether the contractual cash flows are SPPI, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers. A prepayment compensation is considered as reasonable, and therefore compliant, when the amount is calculated as a percentage of the outstanding amount of the loan and is capped by regulations. For example, compensation for the prepayment of a accounts loans by individuals is legally capped at an amount equal to six months of interest of the principal outstanding, and this is treated Reclassifications Financial assets are not reclassified subsequent to their initial recognition, except when the Group changes its business model for managing financial assets. Financial liabilities Financial liabilities are carried at amortised cost using the effective interest rate method, except for derivatives that are classified as fair value through profit or loss on initial recognition (unless designated as cash flow hedges). Corporate Responsibility Assist the Managing Partner in overseeing the implementation of the strategy across the Group and the operational management of the Group. One member of the Group Executive Committee is responsible for Corporate Responsibility topics. Corporate Responsibility matters are discussed in the regular meetings of the Group Executive Committee anytime as required. The Corporate Responsibility strategy is presented to the Supervisory Board at least once a year. The Group Corporate Responsibility function assists senior management in the development of the strategy, the coordination of Group-wide initiatives and provision of an ongoing and consolidated picture of performance against the Group’s strategic objectives. The Group Head of Corporate Responsibility reports directly to the Co-Chairman of the Group Executive Committee, who is one of the Managing Partners. Supported by a team of experts in defined priority areas, the Group Head of Corporate Responsibility is a member of and works closely with the respective dedicated senior Group committees. The Group operational holding company. As Managing Partner is responsible for the overall management of the Company. Supervisory Board and specialised committees The Supervisory Board carries out the ongoing supervision of the Company’s management by the Managing Partner, including notably the Company’s financial and accounting reporting system and its internal control mechanisms applicable to risk, compliance and internal audit. The Supervisory Board is assisted by four specialised committees: the Audit Committee, the Remuneration and Nomination Committee, the Risk Committee and the Corporate Responsibility Committee. Compliance risk Regular and targeted compliance training ensures that Group employees are clear on their regulatory responsibilities and understand the regulatory environment in which they conduct business. Group Compliance identifies employee training needs based upon a number of factors, including regular monitoring of permanent controls, compliance reviews, regulatory developments, annual compliance risk assessments, breaches of compliance policy, practice or procedure and other factors. In addition, bespoke training is organised at the business line and legal entity level. Training is given to ensure prompt dissemination to staff of business-related market and best practice, legal, compliance and regulatory developments. Other non-financial risks As highlighted above, the maintenance of the Group’s reputation is a fundamental driver of risk management and the Group considers that failure to manage any of its material risk areas effectively could result in damage to its reputation. Protection of reputation is one of the key factors that guides the type of clients and businesses with which the Group will engage. In addition to the financial and operational risk categories identified in this section, a description of the most material non-financial risks related to the Group’s business, or any such risks created by its business relationships, products or services is presented in Sections. Corporate Responsibility Of this report. This provides notably (i) information on the policies, procedures, and initiatives with which the Group takes into account the social and environmental consequences of its activity (including amongst others the effects of the Group activity with regard to respect for human rights, the fight against corruption and tax evasion) and (ii) information on risk relating to climate-change and the low carbon strategy implemented by the Group.

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 23 17

    the agreement relates to ordinary transactions, i.e. transactions that the Company usually carries out in the normal course of its business. The following criteria may be considered in assessing whether the agreement related to ordinary transaction or no: its repetition over time, the circumstances surrounding its conclusion, its legal significance, its economic consequences, and its duration; and the agreement is entered into normal terms and conditions, i.e. under the same conditions as usually practiced by the Company with third parties or by other companies operating in the same business line. The following criteria may be considered in assessing whether the agreement is entered into normal terms and conditions: the market price/practices and the general balance of the terms and conditions under which the agreement is concluded. An agreement is also deemed as relating to ordinary transactions and entered into normal terms and conditions when it is entered into by the Company and a company wholly hold, either directly or indirectly, by the Company. Provided the above-mentioned criteria are met, the Legal department verifies whether the examined agreement falls into one of the pre-defined categories of agreements which are deemed as relating to ordinary transactions and entered into normal terms and conditions. For instance, the following agreements have been deemed as relating to ordinary transactions and entered normal terms and conditions: agreements with low financial stakes, provided that the agreement is not of significant importance to contracting parties involved; and intra-Group agreements relating to the following transactions: provision of services (in particular human resources, IT, management, communication, finance, legal and accounting services), assistance with financing and re-invoicing of financial instruments, cash management or loan operations, tax integration known as “neutral” (insofar as it explicitly provides the modalities leading to neutrality, not only during the lifetime of the integration but also at the time of leaving the regime), acquisitions or sales of insignificant assets or securities, acquisitions or sales of receivables, transfer or loan of Company shares to a corporate officer in the performance of its duties, and facilities granted by an entity, once expenses have been invoiced at cost plus a margin to cover unallocated indirect costs, if any. This list is non exhaustive, and the presumption may be rebutted if the examined agreement was concluded under exceptional terms and conditions. All the agreements which have been qualified as relating to ordinary transactions and entered into under normal terms and conditions are reviewed by the department of (Z U A A H L) sc393133 on a regular basis, in particular when there are indications that the above-mentioned qualification criteria and/or categories of unregulated agreements may need to be revised.

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Financial Commitments

Corporate Responsibility we encourage a culture of responsible business and proactively take responsibility for the impact we have as a business on our people, our industry, our communities and our planet. Corporate Responsibility strategy In an ever-changing market environment, we monitor business model inherent risks and opportunities with regard to Corporate Responsibility on an ongoing basis.

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
Group Of Corporation Loan Repaid. To Our Own Holdings Company.
£
Balance at 31 December 2022 389,458
Advances or credits made:
Advances or credits repaid: 389,458
Balance at 31 December 2023 0

ZAIN-UL-AREFIN AMIR HOLDINGS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Off balance sheet arrangements

Foreign currency transactions The consolidated financial statements are presented in euro, which is the Company’s functional currency and the Group’s reporting currency. Items included in the financial statements of each of the Group’s subsidiaries and associates are measured using their functional currency. The functional currency is the currency of the primary economic environment in which the entity operates. Income statements and cash flows of foreign entities are translated into the Group’s reporting currency at closing exchange rates for each month, where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Their balance sheets are translated at the exchange rate at the end of the period. Exchange differences arising from the translation of the net investment in foreign entities are taken to shareholders’ equity. On disposal of a foreign entity, these translation differences are recognised in the income statement as part of the gain or loss on sale.