IRIS Accounts Production v24.3.0.553 10796319 Board of Directors 1.1.24 31.12.24 31.12.24 false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh107963192023-12-31107963192024-12-31107963192024-01-012024-12-31107963192022-12-31107963192023-01-012023-12-31107963192023-12-3110796319ns15:EnglandWales2024-01-012024-12-3110796319ns14:PoundSterling2024-01-012024-12-3110796319ns10:Director12024-01-012024-12-3110796319ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3110796319ns10:MediumEntities2024-01-012024-12-3110796319ns10:Audited2024-01-012024-12-3110796319ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3110796319ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3110796319ns10:FullAccounts2024-01-012024-12-3110796319ns10:OrdinaryShareClass12024-01-012024-12-3110796319ns10:Director22024-01-012024-12-3110796319ns10:RegisteredOffice2024-01-012024-12-3110796319ns5:CurrentFinancialInstruments2024-12-3110796319ns5:CurrentFinancialInstruments2023-12-3110796319ns5:Non-currentFinancialInstruments2024-12-3110796319ns5:Non-currentFinancialInstruments2023-12-3110796319ns5:ShareCapital2024-12-3110796319ns5:ShareCapital2023-12-3110796319ns5:CapitalRedemptionReserve2024-12-3110796319ns5:CapitalRedemptionReserve2023-12-3110796319ns5:RetainedEarningsAccumulatedLosses2024-12-3110796319ns5:RetainedEarningsAccumulatedLosses2023-12-3110796319ns5:ShareCapital2022-12-3110796319ns5:RetainedEarningsAccumulatedLosses2022-12-3110796319ns5:CapitalRedemptionReserve2022-12-3110796319ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3110796319ns5:CapitalRedemptionReserve2023-01-012023-12-3110796319ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-3110796319ns5:CapitalRedemptionReserve2024-01-012024-12-3110796319ns5:OwnedAssets2024-01-012024-12-3110796319ns5:OwnedAssets2023-01-012023-12-3110796319ns10:OrdinaryShareClass12023-01-012023-12-3110796319ns5:PlantMachinery2023-12-3110796319ns5:PlantMachinery2024-01-012024-12-3110796319ns5:PlantMachinery2024-12-3110796319ns5:PlantMachinery2023-12-3110796319ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3110796319ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3110796319ns5:WithinOneYear2024-12-3110796319ns5:WithinOneYear2023-12-3110796319ns5:DeferredTaxation2023-12-3110796319ns5:DeferredTaxation2024-12-3110796319ns10:OrdinaryShareClass12024-12-3110796319ns5:RetainedEarningsAccumulatedLosses2023-12-3110796319ns5:CapitalRedemptionReserve2023-12-31
REGISTERED NUMBER: 10796319 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

for

The New Amsterdam Group (UK) Limited

The New Amsterdam Group (UK) Limited (Registered number: 10796319)






Contents of the Financial Statements
for the Year Ended 31st December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


The New Amsterdam Group (UK) Limited

Company Information
for the Year Ended 31st December 2024







DIRECTORS: J E M de van der Schueren
R J Barnett





REGISTERED OFFICE: 29a Crown Street
Brentwood
Essex
CM14 4BA





REGISTERED NUMBER: 10796319 (England and Wales)





AUDITORS: Moulton Johnson Limited
Chartered Accountants & Statutory Auditors
29a Crown Street
Brentwood
Essex
CM14 4BA

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Report of the Directors
for the Year Ended 31st December 2024

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a placement agent.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J E M de van der Schueren
R J Barnett

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





R J Barnett - Director


24th March 2025

Report of the Independent Auditors to the Members of
The New Amsterdam Group (UK) Limited

Opinion
We have audited the financial statements of The New Amsterdam Group (UK) Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

Report of the Independent Auditors to the Members of
The New Amsterdam Group (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
The New Amsterdam Group (UK) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the following:

- the nature of the industry and sector, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities,
and whether they were aware of any instances of non-compliance with laws and regulations, in particular in
respect of compliance with the FCA requirements, and whether they have knowledge of any actual, suspected or
alleged fraud;
- enquiring of management concerning actual and potential litigation and claims;
- discussed the matters among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud;
- performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- considered the risk of management override;
- considered the accounting estimates to establish the basis of recognition and identify if they are indicative of any
management bias;
- tested the appropriateness of journal entries and other adjustments; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of
business.

The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation.

We have reviewed the financial statement disclosures, carried out substantive testing procedures and considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to transferring goods through the UK.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
The New Amsterdam Group (UK) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Sutton ACA FCCA (Senior Statutory Auditor)
for and on behalf of Moulton Johnson Limited
Chartered Accountants & Statutory Auditors
29a Crown Street
Brentwood
Essex
CM14 4BA

24th March 2025

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Income Statement
for the Year Ended 31st December 2024

31.12.24 31.12.23
Notes £ £

TURNOVER 1,301,256 1,442,962

Administrative expenses 1,290,359 1,090,111
OPERATING PROFIT and
PROFIT BEFORE TAXATION 10,897 352,851

Tax on profit 5 7,725 48,461
PROFIT FOR THE FINANCIAL YEAR 3,172 304,390

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Other Comprehensive Income
for the Year Ended 31st December 2024

31.12.24 31.12.23
Notes £ £

PROFIT FOR THE YEAR 3,172 304,390


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,172

304,390

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Balance Sheet
31st December 2024

31.12.24 31.12.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 7 7,257 7,820

CURRENT ASSETS
Debtors 8 760,892 885,224
Cash at bank 77,599 48,789
838,491 934,013
CREDITORS
Amounts falling due within one year 9 336,433 258,254
NET CURRENT ASSETS 502,058 675,759
TOTAL ASSETS LESS CURRENT
LIABILITIES

509,315

683,579

CREDITORS
Amounts falling due after more than one
year

10

(112,061

)

(151,091

)

PROVISIONS FOR LIABILITIES 12 (1,594 ) -
NET ASSETS 395,660 532,488

CAPITAL AND RESERVES
Called up share capital 13 1 1
Capital contribution reserve 14 389,957 389,957
Retained earnings 14 5,702 142,530
SHAREHOLDERS' FUNDS 395,660 532,488

The financial statements were approved by the Board of Directors and authorised for issue on 24th March 2025 and were signed on its behalf by:





R J Barnett - Director


The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Statement of Changes in Equity
for the Year Ended 31st December 2024

Called up Capital
share Retained contribution Total
capital earnings reserve equity
£ £ £ £
Balance at 1st January 2023 1 (161,860 ) 389,957 228,098

Changes in equity
Total comprehensive income - 304,390 - 304,390
Balance at 31st December 2023 1 142,530 389,957 532,488

Changes in equity
Dividends - (140,000 ) - (140,000 )
Total comprehensive income - 3,172 - 3,172
Balance at 31st December 2024 1 5,702 389,957 395,660

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Cash Flow Statement
for the Year Ended 31st December 2024

31.12.24 31.12.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 236,716 13,059
Tax paid (65,064 ) -
Net cash from operating activities 171,652 13,059

Cash flows from investing activities
Purchase of tangible fixed assets (2,842 ) (2,700 )
Net cash from investing activities (2,842 ) (2,700 )

Cash flows from financing activities
Equity dividends paid (140,000 ) -
Net cash from financing activities (140,000 ) -

Increase in cash and cash equivalents 28,810 10,359
Cash and cash equivalents at beginning of
year

2

48,789

38,430

Cash and cash equivalents at end of year 2 77,599 48,789

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Notes to the Cash Flow Statement
for the Year Ended 31st December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£ £
Profit before taxation 10,897 352,851
Depreciation charges 3,405 2,836
Amounts received from group undertakings 126,694 (668,192 )
140,996 (312,505 )
Increase in trade and other debtors (8,459 ) (1,653 )
Increase in trade and other creditors 104,179 327,217
Cash generated from operations 236,716 13,059

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024
31.12.24 1.1.24
£ £
Cash and cash equivalents 77,599 48,789
Year ended 31st December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 48,789 38,430


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank 48,789 28,810 77,599
48,789 28,810 77,599
Total 48,789 28,810 77,599

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Notes to the Financial Statements
for the Year Ended 31st December 2024

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

The financial statements have been prepared using the going concern concept. In the opinion of the directors, preparing the financial statements on this basis is appropriate as the parent company intends to continue to provide financial support to the company.

Revenue recognition
Revenue is recognised based on the share of fees receivable on the proportion of services delivered up to balance sheet date, excluding discounts, rebates, value added tax and other sales taxes.

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

Plant and machinery etc - 20% on cost

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

3. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£ £
Wages and salaries 865,843 739,306
Social security costs 108,572 70,071
Other pension costs 8,257 4,580
982,672 813,957

The average number of employees during the year was as follows:
31.12.24 31.12.23

Client advisory 7 7

31.12.24 31.12.23
£ £
Directors' remuneration 167,684 291,666
Directors' pension contributions to money purchase schemes 1,321 1,321

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£ £
Depreciation - owned assets 3,405 2,836
Auditors' remuneration 5,650 5,400
Foreign exchange differences 28,554 11,351

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£ £
Current tax:
UK corporation tax (10,438 ) 65,030

Deferred tax 18,163 (16,569 )
Tax on profit 7,725 48,461

6. DIVIDENDS
31.12.24 31.12.23
£ £
Ordinary share of £1
Ordinary shares 140,000 -

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

7. TANGIBLE FIXED ASSETS
Office
equipment
£
COST
At 1st January 2024 14,187
Additions 2,842
At 31st December 2024 17,029
DEPRECIATION
At 1st January 2024 6,367
Charge for year 3,405
At 31st December 2024 9,772
NET BOOK VALUE
At 31st December 2024 7,257
At 31st December 2023 7,820

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Amounts owed by group undertakings 719,119 845,813
Other debtors 29,780 21,828
Tax 10,472 -
Deferred tax asset - 16,569
Prepayments 1,521 1,014
760,892 885,224

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£ £
Tax - 65,030
Social security and other taxes 50,980 23,049
Other creditors 2,055 1,180
Accrued expenses 283,398 168,995
336,433 258,254

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£ £
Accruals and deferred income 112,061 151,091

The New Amsterdam Group (UK) Limited (Registered number: 10796319)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2024

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£ £
Within one year 49,769 40,691

12. PROVISIONS FOR LIABILITIES
31.12.24
£
Deferred tax 1,594

Deferred tax
£
Balance at 1st January 2024 (16,569 )
Reverse temporary disallowable 18,163
Balance at 31st December 2024 1,594

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £ £
1 Ordinary £1 1 1

14. RESERVES
Capital
Retained contribution
earnings reserve Totals
£ £ £

At 1st January 2024 142,530 389,957 532,487
Profit for the year 3,172 3,172
Dividends (140,000 ) (140,000 )
At 31st December 2024 5,702 389,957 395,659

15. RELATED PARTY DISCLOSURES

The New Amsterdam Group BV
During the year, the company provided The New Amsterdam Group BV, the parent company based in the Netherlands, with an interest free loan amounting to £719,119 (2023: £845,813).

The company acts as a placement agent together with The New Amsterdam Group BV on client contracts. The parent company contracts with the clients and profit is subsequently reallocated on a fair and equitable basis to reflect the input and associated costs of both parties. The profit split allocation during the year from The New Amsterdam Group BV amounted to £1,301,256 (2023: £1,442,962).

16. ULTIMATE PARENT COMPANY

The ultimate parent company is The New Amsterdam Group BV incorporated in the Netherlands. Its registered address is Gustav Mahlerplein 2, 1082 MA Amsterdam.