ACROBAT GROUP LIMITED

Company Registration Number:
SC466567 (Scotland)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

ACROBAT GROUP LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes

ACROBAT GROUP LIMITED

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Principal activities of the company

Group Legal and Compliance Ensures that the Group conforms to legal and regulatory provisions, professional standards and codes of conduct, as well as the overall strategy of the Supervisory Board and Executive Management directives. The responsibilities of Group Legal & Compliance mainly include: development and maintenance of compliance policies and procedures together with legal policies and procedures, operation of monitoring programmes, or the supervision of monitoring programmes, identification of any failure to follow compliance policies and procedures, monitoring and review of legislation and regulatory developments which might affect the Group’s business and reporting results of monitoring programmes to Senior Management and agreeing any remedial action or changes to relevant procedures with Senior Management. This independent internal control function reports to the Group Head of Legal, Compliance and Risk, who is a member of the Group Management Committee. The Group Head of Legal, Compliance and Risk reports to Executive Management and boards around the Group. Group Risk Is responsible for ensuring that suitable risk management processes are in place across the Group and for reporting a consolidated view of risk exposures across the Group. As part of its role, Group Risk assesses the risks run in each business and how they are managed, aims to establish a forward-looking view over emerging risks within the businesses or the external environment and delivers an independent and objective perspective on the risks in the business and whether they are consistent with approved strategy and risk appetite. The Group Chief Risk Officer reports. In his capacity as Chief Executive Officer, and to the Risk Committee. Group Risk reports to Executive Management on significant incidents in accordance with the provisions of the Group Operational Risk Policy. This policy sets out the criteria and thresholds for identifying significant operational risk incidents and the process for escalating them and ensuring that any remedial actions are appropriately monitored. Group Finance is responsible For the preparation of statutory financial reports, in accordance with legal requirements and accounting standards. Preparation of Group management accounts reports maintenance and development of the Group reporting system. Preparation and submission of regulatory reports and monitoring of compliance with regulatory capital requirements, coordination of business planning and budget process; and planning and implementation of tax planning and Group structuring arrangements. Through the Regulatory Capital Monitoring Division, Group Finance is also responsible for the Group’s capital monitoring and the follow-up of large exposures monitoring. Its head, The Group Finance Director, who is a member of the Group Management Committee, reports directly to Executive Management. Other functions are important and participate in the internal control system in their specific are of responsibilities such as Group Human Resources. Periodic control is independently exercised by Group Internal Audit. The Group Head of Internal Audit meets formally every three to four months with the Group’s two Co-Chief Executive Officers, and whenever necessary, to present the activity of the Internal Audit function and discuss any material findings raised during the period. The Group Head of Internal Audit presents the activity of Internal Audit to the Audit Committee which meets four times a year. In March, the Audit Committee approves the audit plan for the coming year and during its meetings in March and September it reviews in detail the activity of the internal audit function as described below. The Group Head of Internal Audit meets regularly, usually every quarter, with the heads of the main lines of business to discuss the evolution of the 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. Each of the Internal Audit Officers is responsible for the audit coverage of some specific lines of business: Global Financial Advisory in parallel to their local geographical coverage. The other members of the Audit function are not specialised by business and are assigned to the different audits according to the scheduling of the annual audit plan.

Political and charitable donations

Employee wellbeing & Charity Supporting our people to ensure their wellbeing in life and at work is a critical focus for the group in todays demanding world. We are committed to safeguarding and enhancing the health and wellbeing of all our employees. To support this, we provide employees with a range of enhanced healthcare services and benefits tailored to each persons performance. Ensuring that our employees across the group have access to information and services which promote their health and wellbeing is a critical role the firm plays in assisting our people to focus on balancing their work and home lives. The group has identified a number of strategic opportunities to improve digital working practices to ensure we serve our clients most effectively, whilst providing our teams with a more modern and effective work environment and online training have ensured that remote working is accessible seamlessly from anywhere without compromising security or productivity. We continuously strengthen and improve health and safety compliance and conformance requirements by following the improvement programme required by our Groups Health & Safety Policy.

Company policy on disabled employees

Health and safety Health and Safety overview Acrobat Group & Companies continues to strengthen and improve health and safety compliance and conformance requirements by following the continuous improvement programme required by the Group Health & Safety Policy. This includes the minimum conformance standards across all group’s offices. Health and safety matters are governed by the Group Environment, Health and Safety Committee (EH&S Committee), formed of senior representatives. This committee, which reports to the Group Executive Committee, is required to review and provide direction on health and safety strategy promote alignment of Health & Safety Policy across all group entities; and review and endorse health and safety content for the Acrobat Group Annual Report as well The Group Health and Safety Manager is responsible for coordinating health and safety activities with employees and senior managers at each office. The implementation of health and safety management activities at each office rests with the location’s Health and Safety Champions, with health & safety being the responsibility of every employee. Health and Safety policy The Group Health and Safety Policy has been reviewed and approved by the Group Committee. It is published on Acrobat Group and provides guidance to the group’s direction and approach to responsible health and safety management. It enables a consistent approach to maintain the health, safety and wellbeing of all persons who might be affected by the activities within an office. All reporting locations commit to implementing the compliance standards by setting procedures listed within the group health and safety requirements (HSRs) prescribed in the policy. Health and Safety Requirements (HSRs) Operational guidance is provided to individual locations to ensure suitable procedures are created to the needs of their size and activity. In accordance with the Group Health and Safety procedures, the HSRs separate health and safety matters into manageable sectors. risk assessments – including general office safety fire management – including fire risk assessment and fire evacuation procedures; contractor management and access procedures; accident reporting and first aid provision; training and information tools; health and wellbeing services; and inspection and audit. Risk Assessment focus Throughout 2023 & 2024 the Group Health and Safety manager continued to lead reporting through the Groups risk assessment process. Fire Management In United Kingdom we have initiated the fire management programme and have completed the fire risk assessment process. These offices successfully trialled the new internal fire risk assessment process which will be shared with further office going forward.

Additional information

Inspection and audit In April 2024 a health and safety management audit was completed by an external consultancy in the UK with the purpose to ensure the business is maintaining and/or improving all procedures above the line of minimum compliance. Subject areas audited covered management awareness, operational procedures, risk assessments, training, internal audit and review processes. The results showed that improvements continue to be made and all legislation is complied with, as well as good leadership, clear communication and reporting to ensure that the Board both understand the issues and can act as needed. Service partners are made to feel part of the team which was perceived particularly positive as it reassures that contractor staff are working safely to Acrobat Group aims. In summary, the audit showed that the group is meeting and exceeding our legal responsibilities and is continually improving all health & safety and wellbeing procedures for the business. The result provides assurance that all offices in the scope receive the highest level of health & safety conformance to the Acrobat Group Health & Safety standard that is required by its policy. Collective agreements In Collective agreements put in place also cover health and safety matters. A Health & Safety Committee pays great attention to health, hygiene, safety and the working conditions of employees. Acrobat Group And It’s Holdings Corporation evaluates and anticipates risks, offers information and implements training on these subjects and we regularly review our procedures and systems at least once a year through the report identifying the risk on health & safety and working conditions and the report identifying the action plan implemented to control risk. These two documents are regularly reviewed with the social representatives. Employee wellbeing & Charity Supporting our people to ensure their wellbeing in life and at work is a critical focus for the group in todays demanding world. We are committed to safeguarding and enhancing the health and wellbeing of all our employees. To support this, we provide employees with a range of enhanced healthcare services and benefits tailored to each persons performance. Ensuring that our employees across the group have access to information and services which promote their health and wellbeing is a critical role the firm plays in assisting our people to focus on balancing their work and home lives. The group has identified a number of strategic opportunities to improve digital working practices to ensure we serve our clients most effectively, whilst providing our teams with a more modern and effective work environment and online training have ensured that remote working is accessible seamlessly from anywhere without compromising security or productivity. We continuously strengthen and improve health and safety compliance and conformance requirements by following the improvement programme required by our Groups Health & Safety Policy. Responsible investment solutions We acknowledge that our business activities and investment decisions have a direct impact on the economy. As engaged investors we want to play an active role in influencing business practices and drive flows towards the most sustainable players. As responsible investors we are committed to protect our portfolios from risk and seize Through our broad range of investment expertise we benefit from a key positioning to encourage large corporates small to mid size players as well as investment firms to embrace sustainable and innovative practices which we consider vital in a world that faces challenges from climate change and social injustice. Through our investment business lines & activities we proactively engage, raise awareness, and increase transparency regarding issues amongst a wide array of institutional and private investors these including enterprise foundations and charities. Human rights Respect for the individual is at the heart of our culture and family values that have run through our organisation for generations. The importance we place upon human rights is inextricably linked to these values. We foster a culture of openness, thereby enabling employees to raise any legal, compliance with ethical concerns, including those related to any breach of human rights within our business or within our suppliers & Group. We are committed to countering modern slavery in all its forms and we are taking proportionate measures to ensure that slavery and human trafficking are not taking place in our business or in our supply chains. This includes the formation of a Modern Slavery Working Group in the United Kingdom. to consider any modern slavery risks and the ways in which we can seek to mitigate them on a pragmatic, risk assessed basis. Equal representation and compensation As an equal opportunity employer, we seek to recruit and reward based on experience and talent, ensuring that the best candidate for the position is found and appropriately supported in their personal development by the business. We strive to provide equal opportunities for everyone. We are committed to ensuring equal representation transparency and transparency in pay and promotions when rewarding performance. There is an annual review process to ensure there are no pay discrepancies within the group for people performing similar roles on our transparency for all employees globally and locally. These policies are implemented by divisional committees who oversee promotions on a global basis. We ensure that there is a gender balanced participation at these committees as well as at the benchmarking committees during our performance evaluation process. The decisions made at these benchmarking committees are a critical input into promotion decisions, and diversity is a critical component as we evaluate our people. The Supervisory Board The Supervisory Board, through the workings of the Risk Committee and the Audit Committee, ensures the implementation by Executive Management of reliable procedures and processes for monitoring the internal control systems of the Group in order to identify, assess and manage risk.



Directors

The director shown below has held office during the period of
1 November 2023 to 31 January 2024

Z Amir


The directors shown below have held office during the period of
1 November 2023 to 1 November 2023

Louise Brown
Susanna Jennifer Kylie


Secretary ZAIN-UL-AREFIN AMIR HOLDINGS 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
1 November 2024

And signed on behalf of the board by:
Name: ZAIN-UL-AREFIN AMIR HOLDINGS UNLIMITED Corporations Company
Status: Secretary

ACROBAT GROUP LIMITED

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Called up share capital not paid: 2 2
Fixed assets
Investments: 3 1,115,075 766,103
Total fixed assets: 1,115,075 766,103
Prepayments and accrued income: 487,290 348,972
Net current assets (liabilities): 487,290 348,972
Total assets less current liabilities: 1,602,367 1,115,077
Total net assets (liabilities): 1,602,367 1,115,077
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 1,602,365 1,115,075
Total Shareholders' funds: 1,602,367 1,115,077

The notes form part of these financial statements

ACROBAT GROUP LIMITED

Balance sheet statements

For the year ending 31 January 2024 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 4 November 2024
and signed on behalf of the board by:

Name: Z Amir
Status: Director

The notes form part of these financial statements

ACROBAT GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Principal tax policy The Group tax strategy applies to all entities ultimately owned Z U A A H L SC393133 and applies to the management of the group corporate tax affairs. Employee and client related taxes are managed by Human resources and Chubb Insurance and are not covered under the group tax strategy. Affairs to manage taxation efficiently are organised by the group holdings company consistent with commercial needs and with the groups approach to tax risk. We do not enter into facilitate or promote arrangements which lack business purpose. 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 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 that the 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. Our reputation is of paramount importance to us. This is why we take great care to make sure that we work with clients and counterparts that meet our standards. Acrobat Group detailed and comprehensive policies and procedures the way in which we take businesses. These cover matters from initial due diligence and research into the source of reputation of clients to the ownership and structure of corporate bodies and other legal structures. Acrobat Group has specific client acceptance processes, including committees which look at all matters relevant to the acceptance of higher risk Investments. Information relating to all existing clients is regularly re-examined, with high risk clients reviewed on an annual basis. These committees form part of a disciplined and embedded process to reduce the reputation risk that the group faces. The group also maintains appropriate processes procedures. The Audit Committee is empowered to obtain any information it considers necessary to fulfil its task from the Company’s executive body, its staff and the Company’s or its subsidiaries’ Statutory Auditors. Audit Committee members have the opportunity, if necessary, to seek the opinion of the senior executives of the Group as well as that of the Statutory Auditors. 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. The report must be forwarded to the Supervisory Board to be signed and stamped. Supervisory Board In accordance with the articles of association, the Supervisory Board can be composed of a maximum of 18 members. The Supervisory Board members represent limited partners, they are appointed and revoked by the ordinary General Meeting of shareholders, which in accordance with the articles of association, sets the duration of their term of office. The number of members of the Supervisory Board over the age of 75 years may not exceed one-third of the members in office; if this proportion is exceeded, the members who are required to leave the Supervisory Board in order to restore compliance with this proportion will be considered to have resigned, starting with the oldest. Group accounting arrangements Group Finance has the necessary people to produce the financial, accounting and regulatory information of the Group on a consolidated and regulatory basis. The Finance department consists of four sections: management accounting; financial accounting (including consolidations); systems; and regulatory reporting. Process for establishing consolidated accounts The Group financial accounting department of Acrobat Group performs the Group consolidation, controls the consistency and completeness of data and draws up the consolidated accounts and related notes. subsidiaries report their holdings company accounting information using a chart of accounts and a format that are common to thewhole Group. Accounting data is reported directly under IFRS. The Group defines in its data dictionary how to record specific transactions and defines how the notes to the accounts should be prepared. The data dictionary, as well as other accounting guidance, is available for all in one basis. There are also monthly reporting instructions and a quarterly Group Finances. Once data has been input into controls defined by the Group are applied in order to validate the consistency of the accounting data, the correctness of the flows and the completeness of the analyses. In addition to these controls, the procedure for preparing the consolidated accounts includes: the reconciliation of inter company transactions and the distribution of shareholdings in the Group’s companies checks on the application of consolidation adjustments; analysis and justification of consolidated shareholders equity analysis of changes in balances and ratios on a quarterly and year to date basis; consideration of whether the data has been prepared on a materially consistent basis, followed by the data review. Accounting control process The accounting control process at Group level complements the control systems implemented at each level of the Group’s organisation. Accounting control mechanisms at entity level Group Finance relies on a decentralised system where the primary control functions are assigned to the persons responsible locally for producing the financial statements. Local accounting data is largely collected via the general ledger, and then mapped using consistent centrally- maintained software into consolidation tool. The local finance departments are responsible for validating the accounting example, involving controls on securities positions and consistency controls designed to ensure the reliability and completeness of the accounting and financial information; and level which involves the statutory auditors who certify the accounts, carried out on an annual and half yearly basis. Note that not all entities are audited but most are and that only the large entities and the significant balances are reviewed for the half-year accounts. The Group Internal Audit department may also be involved in the control process as a third level control, depending on their annual work plan schedule. in accordance with the provisions of the Group Operational Risk Policy.This policy sets out the criteria and thresholds for identifying significant operational risk incidents and the process for escalating them and ensuring that any remedial actions are appropriately monitored.In addition to the activities highlighted above.

    Tangible fixed assets depreciation policy

    Group Internal Audit Periodic control is independently exercised by Group Internal Audit.and to the Audit Committee. The latter receives a summary of every audit report drawn up by the Internal Audit function. 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 Powers of the General Partners The General Partners have the power to appoint or revoke the Company’s Managing Partner at any time, except for Managing Partners appointed under the Company’s articles of association for which an approval from the Extraordinary General Meeting of shareholders is also required. In the event of a cessation of duties of the Company’s Managing Partner, the General Partners shall manage the Company pending the appointment of one or more new Managing Partners under the terms and conditions of the articles of association of the Company. Under the provisions of the law, no decision is valid unless approved by both General Partners, except for the following decisions for which legal provisions expressly exclude General Partners votes vote on all resolutions proposed to the General Meeting of shareholders, except the appointment of members of the Supervisory Board, the appointment and dismissal of the Statutory Auditors, the distribution of dividends for the year and approval of regulated agreements and commitments. Also, pursuant to article 11.3 of the Company’s articles of association, any transaction whose purpose or effect could fundamentally call into question the Groups independence. Decision-making process The General Partners take decisions at the Managing Partner’s discretion at a General Meeting or by written consultation. Whenever a decision requires the approval of the General Partners and the General Meeting of shareholders, pursuant to the law or the memorandum and articles of association of the Company, the Managing Partner collects the General Partners’ votes, in principle, before the General Meeting of shareholders and, in any event, no later than the close thereof. Decisions or proposals that fall within the remit of the General Partners shall be adopted unanimously, except if the Company is converted. The Group has implemented its business continuity plans for all of its activities which are functioning well. The Group benefits from a strong balance sheet with a capital heavy ratio and a high level equity. We are confident that we will see a strong improvement in performance once times return to a more normal situation.

    Intangible fixed assets amortisation policy

    Ratio Ratio of an adjusted profit before tax divided by an internal measure of risk adjusted capital deployed in the business on a rolling 3-year basis. The estimated amount of capital and debt which management believes would be reasonable to fund the Group’s investments in products is consistent with its cautious approach to risk management. Based on the mix of its investment portfolio as of the reporting dates, management believes that this “risk-adjusted capital” (RAC) amounts to c.70% of the Group’s investments net asset value and that the remainder could be funded by debt. This percentage broadly represents the weighted average of 80% for equity exposures, 50% for junior credit exposures, 40% for CLO exposures in vertical strips and 33% for senior credit exposures. To calculate p profit before tax is adjusted by a notional 2.5% cost of debt, computed as per the above (i.e. 30% of the Group’s investments NAV), divided. Disclosed. Is calculated on a 3-year rolling period average to account for the inevitable volatility in the financial results of the business, primarily relating to investment income and carried interest recognition. To measure Net result Group share of excluding exceptional items of a significant amount. To measure Earnings per share excluding exceptional items of a significant amount. To measure the proportion of Net Income granted to all employees. Key indicator for competitor listed investment banks. calculates this ratio with adjustments to give the fairest and closest calculation to the one used by other comparable listed companies. To measure the overall profitability of Acrobat Group excluding exceptional items on the equity capital in the business. To measure the business’ profitability. To measure the performance. Organisation of the Group accounting arrangements Group Finance has the necessary people to produce the financial, accounting and regulatory information of the Group on a consolidated and regulatory basis. The Finance Department consists of three sections: management accounting, financial accounting (including consolidations) and regulatory. It is the Chairman’s responsibility to prepare, and submit to the Supervisory Board for approval, a report on the internal control and risk management procedures implemented by the company and containing the other disclosures required by Article L. 226-10-1 particularly in terms of the corporate governance measures. It is our responsibility: toreport to you on the information contained in the Chairman’s report in respect of the internal control and risk management procedures relating to the preparation and processing of the accounting and financial information, and To attest that this report contains the other disclosures required

    Valuation information and policy

    The evaluation should measure “the actual contribution of each director to the Board’s work through his or her competence and involvement in discussions.The self-assessment questionnaire of the Supervisory Board does not expressly measure the actual contribution of each. All members of the Supervisory Board expressed a positive assessment on the collective functioning of the Supervisory Board which implies that the individual contribution is also positive. Measuring the actual contribution of each director creates a risk to the general climate of confidence within the Supervisory Board. However, the current evaluation process allows the directors to express their personal opinion on the individual contribution as general remark. Accounting principles and valuation methods To prepare the financial statements in accordance with the Group’s accounting methods, management have made assumptions and estimates that could have an impact on the book value of certain assets and liabilities and items of income and expense. By their nature, such valuations carry risks and uncertainties as to their realisation in the future. Management have taken care to take into consideration the counterparty’s financial situation and outlook as well as multiple-criteria valuations that take observable parameters into account to determine whether there are objective signs of impairment. Estimates and assumptions are used mainly with regard to goodwill, available-for-sale financial assets, loans and receivables, and impairment and provisions. At each closing, 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 the entity and has the ability to affect those returns through its power over the 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. The Group uses the acquisition method of accounting for the acquisition of subsidiary undertakings. The cost of an acquisition is measured as the fair value of the assets given as consideration, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net identifiable assets of the subsidiary undertaking acquired is recorded as goodwill. All inter company transactions, balances and unrealised surpluses and deficits on transactions between Group companies are eliminated on consolidation. The accounting policies used by subsidiary undertakings in their consolidation returns are consistent with the policies adopted by the Group. Some subsidiaries are limited partnerships Acrobat group related to adobe . The percentage interest recorded in the consolidated accounts is calculated in accordance with the statutory regulations applicable to limited partnerships based on the individual results of each partnership, taking into consideration the share attributable to workers’ remuneration. Associates and joint arrangements Associates are companies over whose financial and operational decisions the Group exercises significant influence but not control (this is generally demonstrated when the percentage of voting rights is equal to or greater than 20% but less than or equal to 50%). 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. When the Group’s share of losses in an associated undertaking equals or exceeds its interest in the associated undertakings, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associated undertaking. Positive goodwill arising on the acquisition of an associated undertaking is included in the cost of the investment (net of any accumulated impairment loss). 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, assumed liabilities 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. Any contingent consideration is included in the acquisition cost at its fair value on the acquisition date, even if its occurrence is not certain. It is recognised as equity or debt in the balance sheet depending on the settlement alternatives; any subsequent adjustments to debt are booked in the income statement in accordance with IAS 39 for financial liabilities and within the scope of the appropriate standards for other liabilities. Any excess of the price paid over the assessed fair value of the share of net assets acquired is booked in the consolidated balance sheet under goodwill. Any deficit is immediately recognised in the income statement. All necessary valuations of assets and liabilities must be carried out within twelve months from the date of acquisition, as must any corrections to the value based on new information. Goodwill is not amortised and is tested for impairment at least once per year in accordance with IAS 36, as described in the paragraph on impairment of financial. Commitment to buy out the minority shareholders of fully consolidated companies The Group may give the minority shareholders of a subsidiary undertaking a commitment to buy their shareholding. For the Group this corresponds to an option commitment (sale of put options).

    Other accounting policies

    Exchange rate transactions The consolidated financial statements are presented in euros, 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 entities 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 average exchange rates for each quarter 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 subsidiaries, associates and joint ventures 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. Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transaction. Gains and losses resulting from the settlement of such transactions, and from the translation at period end exchange rates of monetary items that are denominated in foreign currencies, are recognised in the income statement, except when deferred in equity as qualifying cash flow hedges. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Translation differences on equities classified as at fair value through profit or loss are reported as part of the fair value gain or loss in the income statement. In the absence of hedge accounting, translation differences on equities classified as available for sale are included in the available-for-sale reserve in equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing rate. Financial guarantee contracts Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Financial guarantee liabilities are initially recognised at fair value, and the initial fair value is amortised over the life of the guarantee. The guarantee liabilities are subsequently carried at the higher of the amortised amount and the expected present value of any expected payment (when a payment under the guarantee has become probable). Securitisation transactions The Group may enter into funding arrangements with lenders in order to finance specific financial assets. In general, the assets from these transactions are held on the Group’s balance sheet on origination. However, to the extent that substantially all the risks and returns associated with the assets have been transferred to a third party, the assets and liabilities are derecognised in whole or in part.Interests in securitised financial assets may be taken in the form of senior or subordinated tranches of debt securities, or other residual interests. Such interests are primarily recorded as available-for-sale assets. Long-term profit share schemes The Group operates long-term profit share schemes for the benefit of employees. The costs of such schemes are recognised in the income statement over the period in which the services are rendered that give rise to the obligation. Where the payment of profit share is deferred until the end of a specified vesting period, the deferred amount is recognised in the income statement over the period up to the date of vesting. Share-based payments The Group has issued share options which are treated as equity- settled share-based payments. These are valued at the date they are granted to employees and that value is recognised in staff costs over the vesting period, with a corresponding adjustment to shareholders’ equity. The fair value is calculated on the basis of the overall plan value at the date of grant. In the absence of any market for stock options, models are used to value the share-based payments. The only assumptions revised after the initial measurement, and hence resulting in a revaluation of the expense, are those relating to the probability that employees will leave the Group. Pensions The Group operates a number of pension and other post-retirement benefit schemes, both funded and unfunded, and of the defined benefit and defined contribution types. For defined contribution schemes, the contribution payable in respect of the accounting period is recognised in the income statement. Remeasurement gains and losses for defined benefit schemes are recognised outside the income statement and are presented in the statement of comprehensive income. The amount recognised in the balance sheet in respect of defined benefit schemes is the difference between the present value of the defined benefit obligation at the balance sheet date, and the fair value of the plan’s assets, if any. Independent actuaries calculate the defined benefit obligation annually using the projected unit credit method. The obligations’ present values are determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currencies in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension liability.

ACROBAT GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 18 11

    Collective agreements In Collective agreements put in place also cover health and safety matters. A Health & Safety Committee pays great attention to health, hygiene, safety and the working conditions of employees. Acrobat Group And It’s Holdings Corporation evaluates and anticipates risks, offers information and implements training on these subjects and we regularly review our procedures and systems at least once a year through the report identifying the risk on health & safety and working conditions and the report identifying the action plan implemented to control risk. These two documents are regularly reviewed with the social representatives.

ACROBAT GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Fixed assets investments note

Independent control functions Internal control at (Z U A A H L) consists of permanent and periodic controls. While they are complementary, they are distinct and independent of one another: permanent control is the overall process for monitoring the risks to which the Group is exposed as a result of its ongoing activities and operations. It is carried out by operational staff, and their line managers, and by independent permanent control functions either within, or independent of, these operational entities; and periodic control is the overall process for ex-post verification of the operations of the Group, based on investigations that are conducted by the Group Internal Audit function, which performs periodic checks on an independent basis on the design and the effectiveness of the first two lines of defence. Group Legal & Compliance (including Financial 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 such as anti-money laundering), 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 Advisory Risk Committee or the Group Financial 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 reports to the Group Head of Legal & Compliance, who is a member of the Executive Committee. The Group Head of Legal & Compliance reports to the Executive Committee, (Z U A A H L) the Supervisory Board’s Audit and Risk Committees and to various boards (or their equivalent) around the Group. Group Risk Group Risk is responsible for ensuring that suitable risk management processes are in place across the Group and for reporting on a consolidated view of risk exposures across the Group. As part of its role, Risk assesses the risks in each business and how they are managed, aims to establish a forward-looking view over emerging risks within the businesses or the external environment and delivers an independent and objective perspective on the risks in the business and whether they are consistent with approved strategy and risk appetite. 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. Organisation of the Group accounting arrangements Group Finance has the necessary people to produce the financial, accounting and regulatory information of the Group on a consolidated and regulatory basis. The Finance department consists of four sections: management accounting; financial accounting (including consolidations); systems; and regulatory reporting. Process for establishing consolidated accounts The Group financial accounting department of (Z U A A H L) performs the Group consolidation, controls the consistency and completeness of data and draws up the consolidated accounts and related notes. In all subsidiaries report their individual accounting information using a chart of accounts and a format that are common to the whole Group. Accounting data is reported directly under IFRS. The Group defines in its data dictionary how to record specific transactions and defines how the notes to the accounts should be prepared. The data dictionary, as well as other accounting guidance. Accounting control process The accounting control process at Group level complements the control systems implemented at each level of the Group’s organisation. Control framework for regulatory reports The Group Regulatory Reporting Division draws up the relevant Group procedures and ensures the quality and reliability of calculations of the solvency ratio, credit risk, market risk, operational risk and regulatory capital. THE EXECUTIVE CHAIRMAN OF THE MANAGER The Executive Chairman of (Z U A A H L) is the only executive corporate officer and therefore the only legal representative (Z U A A H L) sc393133. He does not benefit from any employment contract with the Company. This fixed remuneration, which reflects the requirements of the role and the executive’s skills and experience, may only be reviewed at relatively long intervals in accordance with the recommendations. For the record, for nov 2023, the amount of such fixed salary remuneration was set £178,000.00 p.a., The Supervisory Board members’ remuneration policy establishes, within the overall amount approved by the shareholders, a competitive remuneration adapted to the Company’s strategy and in line with its corporate interest. This policy promotes the attendance of Supervisory Board members at Board committees’ meetings in order to encourage them to play an active role in the work of the Supervisory Board and its committees, thereby contributing to the Company's sustainability. Indeed, the fees available for allocation to the Supervisory Board members are allocated to all the Supervisory Board members according to their respective positions within the Supervisory Board and, if applicable, within its specialised committees; and their attendance to the meetings of the Supervisory Board. The granting of such variable remuneration to the Supervisory Board members depends on their actual attendance at the meetings: a pre-determined fee is granted to a Supervisory Board member each time he/she attends a meeting of the Supervisory Board or a meeting of its specialised committees where he/she is convened, as recorded by the corresponding minutes. The intervention of the Remuneration and Nomination Committee, the composition of which is predominantly independent, and the determination of an objective key of allocation of the overall amount approved by the shareholders beyond the members of the Supervisory Board guarantee the absence of conflict of interests during the approval process. That maximum amount of £200,00.00 was not in line with the remuneration policy revised and approved by the Supervisory Board during its meeting on 12 March 2023. As a result, the annual general meeting of the Company taking place on 18 Nov 2023 will be asked to approve an increased envelope of £127,000.00 Under the revised policy conditions, as from the 2019 financial year the global amount is allocated to the Supervisory Board Members under the following rules. The Legal department of (Z U A A H L) uses the following cumulative criteria to assess if an agreement as relating to ordinary transactions and entered into under normal terms and conditions do meet these conditions: 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.

ACROBAT GROUP LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Financial Commitments

Cooperation with the Audit Committee The Chairmen of the Audit Committee and the Risk Committee consult each other, whenever they deem it necessary and at least once a year, on various subjects, including but not limited to,subjects of common interest and/or cross-cutting topics falling within the missions assigned to them, related to the internal control and risk management system. The Strategy Committee Group Legal and Compliance ensures that the Group conforms to legal and regulatory provisions, professional standards and codes of conduct, as well as the overall strategy of the Supervisory Board and Executive Management directives. The responsibilities of Group Legal & Compliance mainly include: development and maintenance of compliance policies and procedures (together with legal policies and procedures), operation of monitoring programmes, or the supervision of monitoring programmes, identification of any failure to follow compliance policies and procedures, monitoring and review of legislation and regulatory developments which might affect the Group’s business and reporting results of monitoring programmes to Senior Management and agreeing any remedial action or changes to relevant procedures with Senior Management. This independent internal control function reports to the Group Head of Legal, Compliance and Risk, who is a member of the Group Management Committee. The Group Head of Legal, Compliance and Risk reports to Executive Management and boards around the Group. Group Risk is responsible for ensuring that suitable risk management processes are in place across the Group and for reporting a consolidated view of risk exposures across the Group. As part of its role, Group Risk assesses the risks run in each business and how they are managed, aims to establish a forward-looking view over emerging risks within the businesses or the external environment and delivers an independent and objective perspective on the risks in the business and whether they are consistent with approved strategy and risk appetite.