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Registered number: 13740316










Global X Management Company (UK) Limited










Annual report and financial statements

For the year ended 31 December 2024

 
Global X Management Company (UK) Limited
 

Company Information


Directors
R Oliver 
G M Taylor 




Registered number
13740316



Registered office
77 Coleman Street

London

EC2R 5BJ




Independent auditor
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

Springfield House

Springfield Road

Horsham

West Sussex

RH12 2RG





 
Global X Management Company (UK) Limited
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22


 
Global X Management Company (UK) Limited
 

Strategic report
For the year ended 31 December 2024

Introduction
 
The directors have pleasure in presenting the report and financial statements of Global X Management Company (UK) Limited for the year ended 31 December 2024.

Business review
 
Global X Management Company (UK) Limited is authorized and regulated by the Financial Conduct Authority. The Company monitors performance of the business primarily through monitoring of expenses. The Company generates its revenue via a sub-service agreement with its parent, Global X Management Company, Inc. 

Principal risks and uncertainties
 
The Company’s activities expose it to financial risks. To protect the Company against the adverse effects of
financial risks, the Company follows a risk management framework approved by the Board. This risk is also mitigated since the parent, Global X Management Company, Inc. provides continuous support to the Company and is adequately funded to provide this support on an ongoing basis.
With full recognition that Market risk is shared with an affiliate (and client)- instances where product returns fall or severely impaired may affect the size / integrity and of the UK operation.
From an operational perspective, the key risk relates to the potential for non-compliance with the regulation issued by the Financial Conduct Authority that could lead to the Company being subject to a fine or a restriction on authorised activities. This is managed through regular review of the Group’s compliance framework by Senior Management.

Financial key performance indicators
 
The profit for the year, after taxation, amounted to $1,218,402 (2023 - loss $1,304.732). 

Page 1

 
Global X Management Company (UK) Limited
 

Strategic report (continued)
For the year ended 31 December 2024

Other key performance indicators
 
The Company is a sub-delegate of a Group affiliate Global X Management Company LLC and performs portfolio management activities through this delegation for the Global X ETFs ICAV which is domiciled in Ireland and managed by a further affiliate Global X Management Company (Europe) Limited. The AUM of the Global X ETFs ICAV is growing on a year to year basis due to new product launches and increasing market penetration in key locations.

Directors' statement of compliance with duty to promote the success of the Company
This statement is intended by the Board of Directors of Global X Management Company (UK) Limited to set out how they have approached and met their responsibilities under s172(1)(a-f) of the Companies Act 2006 in the financial period ending 31 December 2024.

The directors, both individually and collectively, consider they have acted in good faith to promote the success of the Company for the benefit of its stakeholders as a whole (having regard to the matters set out in s172 of the Act) in the decisions taken in the period. In particular:

To ensure the directors take account of the likely consequences of their decision in the long term, they receive regular and timely information on all the key areas of the business including financial performance, operational matters, and review of distribution activities.
The Company’s employees are fundamental to the success of the business. The directors understand that it is critical to engage with and understand their views and to ensure that all employee’s interests are considered. To strengthen employee engagement, the directors promote and encourage all employees to raise any concerns to senior management without hesitations.
The Company performs various advisory and portfolio management activities for affiliates within the Global X Group. The Company strives to continually improve and strengthen its services for the mutual benefit for all its stakeholders and to maintain its reputation for high quality services and high standard of business conduct.
The directors’ intentions are to behave responsibly toward all stakeholders and treat them fairly, so that they all benefit from the long-term success of the company.
 
The directors have overall responsibility for determining the Company’s purpose, values and strategy and for ensuring high standards of governance. Throughout 2025, the directors will continue to review and challenge how the Company can improve engagement with its employees and other stakeholders.


This report was approved by the board and signed on its behalf.



................................................
R Oliver
Director

Date: 24 April 2025

Page 2

 
Global X Management Company (UK) Limited
 

 
Directors' report
For the year ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The Company is a wholly owned subsidiary of Global X Management Company, Inc. ("the Parent Company"), a company incorporated in the United States, and was established to allow the Company to: advise on investments (except on Pension Transfer and Pension Opt Outs); arrange (bringing about) deals on investment; deal in investments as agent; making arrangements with a view to transactions on investments and; managing investments. The Company was authorized by the FCA on 28 September 2022 to operate in the above manner. 

Results and dividends

The profit for the year, after taxation, amounted to $1,218,402 (2023 - loss $1,304,732).

The Directors do not recommend payment of any dividends (2023 - $Nil).

Directors

The directors who served during the year were:

R Oliver 
G M Taylor 

Future developments

The directors expect the main source of income of the Company to continue to be its provision of services to Global X Management Company, Inc. and its subsidiaries.

Engagement with suppliers, customers and others

The Board consider that they have adhered to the requirements of section 172 of the Companies Act 2006 (the “Companies Act”) and have, in good faith, acted in a way that they consider would be most likely to promote the success of the Company for the benefit of its shareholder as a whole and, in doing so, have had regard to and recognised the importance of considering all stakeholder and other matters (as set out in s.172(1)(a-f) of the Companies Act) in its decision making. 
The Directors are entitled to request from the Company all such information they may reasonably require in order to be able to perform their duties as directors, including professional advice from an independent advisor at the Company’s expense.
It is standard Company practice to demonstrate stakeholders have been considered. The relevance of each stakeholder group may vary by reference to the issue in question, so the Board seeks to understand the needs of each stakeholder group and any potential conflicts as part of its decision making.

Page 3

 
Global X Management Company (UK) Limited
 

 
Directors' report (continued)
For the year ended 31 December 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Kreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R Oliver
Director

Date: 24 April 2025

Page 4

 
Global X Management Company (UK) Limited
 

 
Independent auditor's report to the members of Global X Management Company (UK) Limited
 

Opinion


We have audited the financial statements of Global X Management Company (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
Global X Management Company (UK) Limited
 

 
Independent auditor's report to the members of Global X Management Company (UK) Limited (continued)


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 is 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.


Page 6

 
Global X Management Company (UK) Limited
 

 
Independent auditor's report to the members of Global X Management Company (UK) Limited (continued)


Auditor's 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 an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and the industry in which it operates, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the finance statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indicators of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue or expenditure and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and 
Assessment of identified fraud risk factors; and
Identifying and assessing the design effectiveness of controls that management have in place to prevent and detect fraud; and
Challenging assumptions and judgments made by management in its significant accounting estimates; and
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Review of significant and unusual transactions and evaluation of underlying financial rationale supporting the transactions; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.


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 Auditor's report.




 
Page 7

 
Global X Management Company (UK) Limited
 

 
Independent auditor's report to the members of Global X Management Company (UK) Limited (continued)


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional
skepticism throughout the audit. We also: 

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions in the financial statements the audit evidence obtained up to date of or Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and weather the financial statements represent the underlying transactions and vents in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Peach FCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Horsham

24 April 2025
Page 8

 
Global X Management Company (UK) Limited
 

Statement of comprehensive income
For the year ended 31 December 2024

2024
2023
Note
$
$

  

Turnover
 3 
10,553,332
6,898,380

Gross profit
  
10,553,332
6,898,380

Administrative expenses
  
(10,869,543)
(7,555,469)

Other operating charges
  
(27,622)
(23,366)

Operating loss
 4 
(343,833)
(680,455)

Income from fixed assets investments
 8 
930,021
(1,910,339)

Interest receivable and similar income
  
1,044,240
1,261,324

Interest payable and similar expenses
  
(13,527)
-

Profit/(loss) before tax
  
1,616,901
(1,329,470)

Tax on profit/(loss)
 11 
(398,499)
24,738

Profit/(loss) for the financial year
  
1,218,402
(1,304,732)

There was no other comprehensive income for 2024 (2023 - $NIL).

The notes on pages 13 to 22 form part of these financial statements.

Page 9

 
Global X Management Company (UK) Limited
Registered number: 13740316

Balance sheet
As at 31 December 2024

2024
2023
Note
$
$

Fixed assets
  

Tangible assets
 12 
80,165
50,636

Investments
 13 
458,313
27,690,074

  
538,478
27,740,710

Current assets
  

Debtors: amounts falling due within one year
 14 
671,722
847,239

Cash at bank and in hand
 15 
17,307,255
39,525,195

  
17,978,977
40,372,434

Creditors: amounts falling due within one year
 16 
(12,560,740)
(68,420,431)

Net current assets/(liabilities)
  
 
 
5,418,237
 
 
(28,047,997)

Total assets less current liabilities
  
5,956,715
(307,287)

  

Net assets/(liabilities)
  
5,956,715
(307,287)


Capital and reserves
  

Called up share capital 
 17 
5,993,669
948,069

Profit and loss account
  
(36,954)
(1,255,356)

  
5,956,715
(307,287)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Oliver
Director
Date: 24 April 2025

The notes on pages 13 to 22 form part of these financial statements.

Page 10

 
Global X Management Company (UK) Limited
 

Statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

$
$
$


At 12 January 2023
948,069
49,376
997,445



Loss for the year
-
(1,304,732)
(1,304,732)



At 1 January 2024
948,069
(1,255,356)
(307,287)



Profit for the year
-
1,218,402
1,218,402


Contributions by and distributions to owners

Shares issued during the year
5,045,600
-
5,045,600


At 31 December 2024
5,993,669
(36,954)
5,956,715


The notes on pages 13 to 22 form part of these financial statements.

Page 11

 
Global X Management Company (UK) Limited
 

Statement of cash flows
For the year ended 31 December 2024

2024
2023
$
$

Cash flows from operating activities

Profit/(loss) for the financial year
1,218,402
(1,304,732)

Adjustments for:

Depreciation of tangible assets
20,951
6,325

Interest paid
13,527
-

Interest received
(1,044,240)
(1,261,324)

Taxation charge
398,499
(24,738)

Decrease/(increase) in debtors
175,517
(395,120)

(Decrease)/increase in creditors
(20,358,816)
1,080,877

(Decrease)/increase in amounts owed to groups
(35,409,767)
19,580,963

Corporation tax (paid)
(489,607)
(48,429)

Loss/(Gain) on investments
5,016
1,288,542

Net cash generated from operating activities

(55,470,518)
18,922,364


Cash flows from investing activities

Purchase of tangible fixed assets
(50,480)
(12,826)

Purchase of investments
(20,227,290)
(21,939,344)

Sale of investments
47,454,035
19,359,431

(Payments)/receipts from settlements of derivative contracts
-
(2,103,824)

Interest received
1,044,240
1,261,324

Net cash from investing activities

28,220,505
(3,435,239)

Cash flows from financing activities

Issue of ordinary shares
5,045,600
-

Interest paid
(13,527)
-

Net cash used in financing activities
5,032,073
-

Net (decrease)/increase in cash and cash equivalents
(22,217,940)
15,487,125

Cash and cash equivalents at beginning of year
39,525,195
24,038,070

Cash and cash equivalents at the end of year
17,307,255
39,525,195


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
17,307,255
39,525,195

17,307,255
39,525,195


Page 12

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Global X Management Company (UK) Limited is a private company limited by share capital, incorporated in England and Wales (Registered number: 13740316)
The address of the registered office is 77 Coleman Street, London, EC2R 5BJ.
The financial statements are presented in dollars and rounded to the nearest $1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company has net assets of $5,956,715 (2023 - net liabilities $307,287) and amounts due to group undertakings of $10,285,842 (2023 - $45,695,609). The directors have obtained written confirmation from Global X Management Company, Inc, (the parent company) that they, and the group of companies headed by them, will continue to support the company for a period of at least 12 months from the date of approval of the financial statements. The directors, therefore, consider it reasonable for the financial statements to be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:

Rendering of service

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 14

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 15

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
$
$

Rendering of services
10,553,332
6,898,380

10,553,332
6,898,380


Analysis of turnover by country of destination:

2024
2023
$
$

Rest of the world
10,553,332
6,898,380

10,553,332
6,898,380



4.


Operating loss

The operating loss is stated after charging:

2024
2023
$
$

Depreciation expense
20,951
6,325

Exchange differences
133,840
120,305


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
$
$

Fees payable to the Company's auditor for the audit of the Company's financial statements
24,125
18,300

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
4,400
4,000

All non-audit services not included above
5,970
7,400

Page 16

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
$
$

Wages and salaries
5,783,121
4,106,927

Social security costs
685,643
562,459

Cost of defined contribution scheme
364,352
284,540

6,833,116
4,953,926


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Capital Markets
4
3



Marketing
6
4



Portfolio Management
2
2



Product Management
2
2



Research
4
4



Sales
10
10



Compliance
1
-

29
25


7.


Directors' remuneration

2024
2023
$
$

Directors' emoluments
1,167,157
948,860

Company contributions to defined contribution pension schemes
52,394
43,661

1,219,551
992,521


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of $516,603 (2023 - $566,010).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to $26,443 (2023 - $21,830).

Page 17

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

8.


Income from fixed assets investments

2024
2023
$
$

(Gain)/Loss on investments
(969,169)
1,288,542

Short selling - dividends paid in lieu
39,148
621,797

(930,021)
1,910,339





9.


Interest receivable

2024
2023
$
$


Other interest receivable
1,044,240
1,261,324

1,044,240
1,261,324


10.


Interest payable and similar expenses

2024
2023
$
$


Other interest payable
13,527
-

13,527
-


11.


Taxation


2024
2023
$
$

Corporation tax


Current tax on profits for the year
251,364
-

Adjustments in respect of previous periods
147,135
(23,029)


398,499
(23,029)


Total current tax
398,499
(23,029)

Deferred tax


Origination and reversal of timing differences
-
(1,709)

Total deferred tax
-
(1,709)


Tax on profit/(loss)
398,499
(24,738)
Page 18

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
$
$


Profit/(loss) on ordinary activities before tax
1,616,901
(1,329,470)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
404,225
(312,425)

Effects of:


Expenses not deductible for tax purposes
94,138
10,910

Capital allowances for year in excess of depreciation
(9,255)
(3,106)

Adjustments to tax charge in respect of prior periods
147,134
(23,029)

Other timing differences leading to a (decrease)/increase in taxation
(237,743)
(247,909)

Unrelieved tax losses carried forward
-
559,084

Other differences leading to a (decrease)/increase in the tax charge
-
(8,263)

Total tax charge for the year
398,499
(24,738)


12.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

$
$
$



Cost or valuation


At 1 January 2024
4,723
61,672
66,395


Additions
11,444
39,036
50,480



At 31 December 2024

16,167
100,708
116,875



Depreciation


At 1 January 2024
1,340
14,419
15,759


Charge for the year on owned assets
2,624
18,327
20,951



At 31 December 2024

3,964
32,746
36,710



Net book value



At 31 December 2024
12,203
67,962
80,165



At 31 December 2023
3,383
47,253
50,636

Page 19

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

13.


Fixed asset investments





Listed investments
Trade investments
Total

$
$
$



Cost or valuation


At 1 January 2024
27,663,931
26,143
27,690,074


Additions
20,227,290
-
20,227,290


Disposals
(47,427,892)
(26,143)
(47,454,035)


Revaluations
(5,016)
-
(5,016)



At 31 December 2024
458,313
-
458,313






14.


Debtors

2024
2023
$
$


Other debtors
335,623
548,151

Prepayments and accrued income
336,099
299,088

671,722
847,239



15.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
17,307,255
39,525,195



16.


Creditors: Amounts falling due within one year

2024
2023
$
$

Trade creditors
161,708
297,028

Amounts owed to group undertakings
10,285,842
45,695,609

Corporation tax
113,460
82,757

Other creditors
519,632
21,226,160

Accruals and deferred income
1,480,098
1,118,877

12,560,740
68,420,431


Page 20

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

17.


Share capital

2024
2023
$
$
Allotted, called up and fully paid



480,000,100 (2023 - 80,000,100) Ordinary shares of £0.01 each
5,993,669
948,069


On 5 March 2024 the company issued 400,000,000 new ordinary shares with the nominal value of $5,045,600.


18.


Reserves

Profit and loss account

Includes the current and prior period retained profits and losses. The reserves are distributable.


19.


Analysis of net debt







At 1 January 2024
Cash flows
At 31 December 2024
$

$

$

Cash at bank and in hand

39,525,195

(22,217,940)

17,307,255


39,525,195
(22,217,940)
17,307,255


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperatley from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $364,352 (2023: $284,540). Contributions totalling $Nil (2023: $Nil) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
$
$


Not later than 1 year
-
411,666

-
411,666

Page 21

 
Global X Management Company (UK) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2024

22.


Related party transactions

The company has taken advantage of the exemption in Section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other wholly owned members of the group.


23.


Controlling party

The company's immediate parent is Global X Management Company Inc, incorporated in the United States of America.
 
The most senior parent entity producing publicly available financial statements is Mirae Asset Global Investments Co. Ltd, a company incorporated in the Republic of South Korea. These group financial statements are available from its registered office at 13F, Tower 1, 33, Jong-ro, Jongno-gu, Seoul, 03159, Republic of South Korea. This is the smallest and largest group of which this company is a member and in which this company has been included within the group financial statements.
 
The ultimate controlling party is Hyeon-Joo Park, the controlling shareholder of Mirae Asset Global Investments Co. Limited.


Page 22