Limited Liability Partnership registration number OC364593 (England and Wales)
EUROPEAN AND GLOBAL ADVISERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
EUROPEAN AND GLOBAL ADVISERS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
European and Global Holdings Ltd
Tetragono SA
Mr G Giovannetti
LLP registration number
OC364593
Registered office
17 Hanover Square
London
United Kingdom
W1S 1BN
Auditor
Fisher, Sassoon & Marks
43 - 45 Dorset Street
London
W1U 7NA
EUROPEAN AND GLOBAL ADVISERS LLP
CONTENTS
Page
Members' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 18
EUROPEAN AND GLOBAL ADVISERS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the limited liability partnership continued to be that of fund management and related services to Investment Funds.

Fair review of the business

The LLP continues to manage a number of different sub-funds of several UCITS and to provide ancillary services. These appointments together with the efforts of the Managing Partner in keeping costs low, enabled the LLP to increase revenues and profits in spite of the issues with some sub-advisors referenced in the prior-year report. As these issues are resolved the members are hopeful of being able to expand the LLP's activities and to continue to expand.

The profit for the year is £222,780 (£1,102 in 2023) has been automatically allocated to the members in accordance with the members' agreement or a deed of accession.

Principal risks and uncertainties

Risk management

 

The Members determine the company's business strategy and risk appetite along with designing and implementing a risk management framework that recognizes the risks that the business faces. They also determine how those risks may be mitigated and assess on an ongoing basis the arrangements to manage those risks. The Members meet on a regular basis and discuss current projections for profitability and regulatory capital management, business planning and risk management. The Memberss manage the firm’s risks though a framework of policy and procedures having regard to relevant laws, standards, principles and rules (including FCA principles and rules) with the aim to operate a defined and transparent risk management framework. These policies and procedures are updated as required. The firm is small with an operational infrastructure appropriate to its size. It carries no market risk, other than foreign exchange risk on its accounts receivable in foreign currency, and credit risk from management and performance fees receivable. The firm follows the standardised approach to market risk and the and credit risk. The firm is subject to the Fixed Overhead Requirement and is not required to calculate an operational risk capital charge.

Key performance indicators

The company's key performance indicator is turnover and operating profit and are disclosed in the statutory profit and loss statement.

Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

European and Global Holdings Ltd
Tetragono SA
Mr G Giovannetti
Auditor

In accordance with the limited liability partnership's membership agreement, a notice proposing that Fisher, Sassoon & Marks be reappointed as auditor of the limited liability partnership will be put at a general meeting.

EUROPEAN AND GLOBAL ADVISERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Energy and carbon report

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of members' responsibilities

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the members on 8 April 2025 and signed on behalf by:
08 April 2025
European and Global Holdings Ltd
Designated Member
EUROPEAN AND GLOBAL ADVISERS LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROPEAN AND GLOBAL ADVISERS LLP
- 3 -
Opinion

We have audited the financial statements of European and Global Advisers LLP (the 'limited liability partnership') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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:

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

 

We have nothing to report in this regard.

EUROPEAN AND GLOBAL ADVISERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROPEAN AND GLOBAL ADVISERS LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members 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 members 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 members are responsible for assessing the limited liability partnership'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 members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

EUROPEAN AND GLOBAL ADVISERS LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EUROPEAN AND GLOBAL ADVISERS LLP
- 5 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Marks
Senior Statutory Auditor
For and on behalf of Fisher, Sassoon & Marks
8 April 2025
Chartered Accountants
Statutory Auditor
43 - 45 Dorset Street
London
W1U 7NA
EUROPEAN AND GLOBAL ADVISERS LLP
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
503,166
236,645
Cost of sales
(194,791)
(132,516)
Gross profit
308,375
104,129
Administrative expenses
(85,595)
(103,027)
Profit for the financial year before members' remuneration and profit shares
222,780
1,102
Members' remuneration charged as an expense
6
(222,780)
(1,102)
Result for the financial year available for discretionary division among members
-
-

The profit and loss account has been prepared on the basis that all operations are continuing operations.

EUROPEAN AND GLOBAL ADVISERS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£
£
Profit for the financial year available for discretionary division among members
-
-
Other comprehensive income
-
-
Total comprehensive income for the year
-
-
EUROPEAN AND GLOBAL ADVISERS LLP
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
7
331,528
48,499
Cash at bank and in hand
74,790
99,586
406,318
148,085
Creditors: amounts falling due within one year
8
(87,906)
(52,453)
Net current assets and net assets attributable to members
318,412
95,632
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
218,882
1,102
Members' other interests
Members' capital classified as equity
80,000
75,000
Other reserves classified as equity
19,530
19,530
318,412
95,632
The financial statements were approved by the members and authorised for issue on 8 April 2025 and are signed on their behalf by:
08 April 2025
European and Global Holdings Ltd
Designated member
Limited Liability Partnership registration number OC364593 (England and Wales)
EUROPEAN AND GLOBAL ADVISERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 January 2024
75,000
19,530
94,530
1,102
1,102
95,632
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
222,780
222,780
222,780
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
75,000
19,530
94,530
223,882
223,882
318,412
Introduced by members
5,000
-
5,000
-
-
5,000
Other movement
-
-
-
(5,000)
(5,000)
(5,000)
Members' interests at 31 December 2024
80,000
19,530
99,530
218,882
218,882
318,412
EUROPEAN AND GLOBAL ADVISERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 January 2023
70,000
47,478
117,478
-
-
117,478
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
1,102
1,102
1,102
Result for the financial year available for discretionary division among members
-
-
-
-
-
-
Members' interests after loss and remuneration for the year
70,000
47,478
117,478
1,102
1,102
118,580
Other divisions of profits
-
(27,948)
(27,948)
-
-
(27,948)
Introduced by members
5,000
-
5,000
-
-
5,000
Members' interests at 31 December 2023
75,000
19,530
94,530
1,102
1,102
95,632
EUROPEAN AND GLOBAL ADVISERS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
13
(24,796)
38,637
Net cash (outflow)/inflow from operating activities
(24,796)
38,637
Financing activities
Capital introduced by members (classified as debt or equity)
-
5,000
Drawings
(27,948)
Net cash used in financing activities
-
(22,948)
Net (decrease)/increase in cash and cash equivalents
(24,796)
15,689
Cash and cash equivalents at beginning of year
99,586
83,897
Cash and cash equivalents at end of year
74,790
99,586
EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Limited liability partnership information

European and Global Advisers LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17 Hanover Square, London, United Kingdom, W1S 1BN.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applied to LLPs.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents revenue earned from providing investment management services during the year, and is split between Management fees and Performance fees.

Represent fees receivable for investment management services, exclusive of Value Added Tax, which are recognised on an accrual basis.

 

Management fees are recognised when the LLP obtains the right for consideration in exchange for its investment management services.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment. [Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to “members remuneration charged as an expense” in the relevant year.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The members do not consider there to be any critical judgements or key sources of estimation uncertainty involved in the preparation of the company's financial statements.

3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Investment Management
503,166
236,645
2024
2023
£
£
Turnover analysed by geographical market
European Union
503,166
230,319
UK
-
6,326
503,166
236,645
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
1,795
(1,396)
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
8,500
6,500
EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Members' remuneration
2024
2023
Number
Number
Average number of members during the year
4
4
2024
2023
£
£
Profit attributable to the member with the highest entitlement
179,614
507
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
316,707
474
Other debtors
6,138
5,058
Prepayments and accrued income
8,683
42,967
331,528
48,499
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
57,235
28,855
Other creditors
70
4,238
Accruals and deferred income
30,601
19,360
87,906
52,453
9
Financial instruments
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
316,707
474
Carrying amount of financial liabilities
Measured at amortised cost
305,686
53,555
10
Events after the reporting date

There are no subsequent events to report.

EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
11
Related party transactions

During the year, the LLP provided services of £nil (2023: £10,481) to C8 Index Technologies (EU) Ltd. The company is a member in the LLP.

 

During the year, the LLP provided services of £265,484 (2023: £212,837) to European and Global Investments Ltd (EGIL).Mr. Julian Alworth is a director in EGIL and owns European Global Holdings Ltd (EGHL), a member in the LLP. An amount of £37,225 (2022: £51,285) was due from EGIL and is included within debtors.

 

During the year, the LLP earned a performance fee of £237,127 (2023: £nil) from European and Global Investments Ltd (EGIL). Mr. Julian Alworth is a director in EGIL and owns European Global Holdings Ltd (EGHL), a member in the LLP. An amount of £237,127 (2023: £nil) was due from EGIL on account of performance fee and is included within debtors.

 

During the year, the LLP paid £13,303 fees (2023: £41,390) to European Investment Consulting Srl. Mr. Julian Alworth is a director in the company and owns EGHL, a member in the LLP. An amount of £nil (2023: 7,033) was due to the company and is included with in creditors.

 

During the year, the LLP incurred expenses of £18,800 (2023: £nil) for services received from Silian Consulting Srl. Mr. Julian Alworth is a director in Silian Consulting Srl. and owns European Global Holdings Ltd (EGHL), a member of the LLP. An amount of £7,984 (2023: £nil) was payable to Silian Consulting Srl. as of the year-end and is included within creditors.

 

During the year, the LLP incurred research expenses of £60,265 (2023: £29,297) charged by C8 Index Technologies (EU) Ltd, a member of the LLP, for various funds. As per the agreement, these expenses were charged to European and Global Investments Ltd (EGIL). Mr. Julian Alworth, a director of EGIL, owns European Global Holdings Ltd (EGHL), a member of the LLP.

 

As of year-end, £14,120 (2023: $0) was due from EGIL (included in debtors), and £17,925 (2023: £3,275) was payable to C8 Index Technologies (EU) Ltd (included in creditors).

 

Both C8 Index Technologies (EU) Ltd and EGIL are related parties to the LLP.

12
Ultimate controlling party

The members consider that there is no ultimate controlling party of the LLP.

13
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year
222,780
1,102
Movements in working capital:
(Increase)/decrease in debtors
(283,029)
13,787
Increase in creditors
35,453
23,748
Cash (absorbed by)/generated from operations
(24,796)
38,637
EUROPEAN AND GLOBAL ADVISERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
14
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
99,586
(24,796)
74,790
Loans and other debts due to members:
- Other amounts due to members
(1,102)
(217,780)
(218,882)
Balances including members' debt
98,484
(242,576)
(144,092)
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100falseOC3645932024-01-012024-12-31OC364593bus:PartnerLLP12024-01-012024-12-31OC364593bus:PartnerLLP22024-01-012024-12-31OC364593bus:PartnerLLP32024-01-012024-12-31OC3645932024-12-31OC3645932023-01-012023-12-31OC364593bus:LimitedLiabilityPartnershipLLP2024-01-012024-12-31OC364593bus:FRS1022024-01-012024-12-31OC364593bus:Audited2024-01-012024-12-31OC364593bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP