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REGISTERED NUMBER: OC309503 (England and Wales)


WMG Advisors LLP

Report of the Members and

Audited Financial Statements

for the Year Ended 31 October 2024






WMG Advisors LLP (Registered number: OC309503)






Contents of the Financial Statements
for the year ended 31 October 2024




Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Reconciliation of Members' Interests 11

Cash Flow Statement 13

Notes to the Financial Statements 14


WMG Advisors LLP

General Information
for the year ended 31 October 2024







DESIGNATED MEMBERS: WMG Funds Limited
Mr P Van Leuven





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: OC309503 (England and Wales)





AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

WMG Advisors LLP (Registered number: OC309503)

Report of the Members
for the year ended 31 October 2024

The members present their report with the financial statements of the LLP for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of an investment advisor and investment manager of alternative funds and vehicles incorporated in Isle of Man and Jersey. The LLP is the appointed investment manager to WMG Global Opportunities Limited, an advisor to WMG Photography Fund and WMG Asia Assets Limited. The LLP also advises clients on corporate finance transactions and advises group companies on transactions across equities, fixed income and property investments.

DESIGNATED MEMBERS
The designated members during the year under review were:

WMG Funds Limited
Mr P Van Leuven

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £11,110 (2023 - £13,872 profit).

MEMBERS' INTERESTS
Any profit are shared among the members as governed by the Partnership Agreement dated 24 May 2005.

Policies for members' drawings, subscriptions, transfers between equity and debt and repayment of members' capital are governed by the Partnership Agreement dated 24 May 2005.

PILLAR 3
Details of the LLP's unaudited Pillar 3 disclosures, required under section 11 of the Financial Services Authority's Prudential Sourcebook for Banks, Building Societies and Investment Firms (''BIPRU''), will be made available in writing from the Chief Operating Officer at Bond Street House, 14 Clifford Street, London W1S 4JU .

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 LLP will continue in business.


WMG Advisors LLP (Registered number: OC309503)

Report of the Members
for the year ended 31 October 2024

STATEMENT OF MEMBERS' RESPONSIBILITIES - continued
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs 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 LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS
The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:





Mr P Van Leuven - Designated member


4 June 2025

Report of the Independent Auditors to the Members of
WMG Advisors LLP

Opinion
We have audited the financial statements of WMG Advisors LLP (the 'LLP') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and 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 LLP's affairs as at 31 October 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 LLP'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 members are responsible for the other information. The other information comprises the information in the Report of the Members, 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.

Report of the Independent Auditors to the Members of
WMG Advisors LLP


Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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
- we have not received all the information and explanations we require for our audit.

Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on pages two and three, 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 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 LLP'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 LLP or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
WMG Advisors LLP


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 obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the Financial Conduct Authority regulations, money laundering standards regulations and anti bribery regulations. We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
WMG Advisors LLP


Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs 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 LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Altan Kemal FCA FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

9 June 2025

WMG Advisors LLP (Registered number: OC309503)

Income Statement
for the year ended 31 October 2024

2024 2023
Notes £    £   

REVENUE 346,558 472,875

Administrative expenses 335,448 459,003
OPERATING PROFIT and
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




11,110




13,872

WMG Advisors LLP (Registered number: OC309503)

Other Comprehensive Income
for the year ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




11,110




13,872


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

11,110

13,872

WMG Advisors LLP (Registered number: OC309503)

Balance Sheet
31 October 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 28,494,504 26,211,160
Cash at bank 232,581 70,925
28,727,085 26,282,085
CREDITORS
Amounts falling due within one year 6 25,647,085 23,202,085
NET CURRENT ASSETS 3,080,000 3,080,000
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,080,000

3,080,000

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 3,080,000 3,080,000
3,080,000 3,080,000

TOTAL MEMBERS' INTERESTS
Members' other interests 3,080,000 3,080,000
Amounts due from members 5 (2,083,232 ) (2,094,342 )
996,768 985,658

The financial statements were approved by the members of the LLP and authorised for issue on 4 June 2025 and were signed by:





Mr P Van Leuven - Designated member

WMG Advisors LLP (Registered number: OC309503)

Reconciliation of Members' Interests
for the year ended 31 October 2024


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 November 2023 3,080,000 - 3,080,000
Profit for the financial year available for
discretionary division among members

-

11,110

11,110
Members' interests after profit for the year 3,080,000 11,110 3,091,110
Other divisions of profit - (11,110 ) (11,110 )
Balance at 31 October 2024 3,080,000 - 3,080,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members -
Amount due from members (2,094,342 )
Balance at 1 November 2023 (2,094,342 ) 985,658
Profit for the financial year available for
discretionary division among members

-

11,110

Members' interests after profit for the year (2,094,342 ) 996,768
Other divisions of profit 11,110 -
Amount due to members -
Amount due from members (2,083,232 )
Balance at 31 October 2024 (2,083,232 ) 996,768

WMG Advisors LLP (Registered number: OC309503)

Reconciliation of Members' Interests
for the year ended 31 October 2024

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 November 2022 3,080,000 - 3,080,000
Profit for the financial year available for
discretionary division among members

-

13,872

13,872
Members' interests after profit for the year 3,080,000 13,872 3,093,872
Other divisions of profit - (13,872 ) (13,872 )
Balance at 31 October 2023 3,080,000 - 3,080,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members -
Amount due from members (2,108,214 )
Balance at 1 November 2022 (2,108,214 ) 971,786
Profit for the financial year available for
discretionary division among members

-

13,872

Members' interests after profit for the year (2,108,214 ) 985,658
Other divisions of profit 13,872 -
Amount due to members -
Amount due from members (2,094,342 )
Balance at 31 October 2023 (2,094,342 ) 985,658

WMG Advisors LLP (Registered number: OC309503)

Cash Flow Statement
for the year ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 8 161,656 (73,935 )
Net cash from operating activities 161,656 (73,935 )

Increase/(decrease) in cash and cash equivalents 161,656 (73,935 )
Cash and cash equivalents at beginning of
year

9

70,925

144,860

Cash and cash equivalents at end of year 9 232,581 70,925

WMG Advisors LLP (Registered number: OC309503)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

1. STATUTORY INFORMATION

WMG Advisors LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Related party exemption
The LLP has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when they have the right to the consideration when services is complete.
Turnover is generated from ordinary activities of the business.

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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Classification of share of profits in the cash flow statement
Automatic and discretionary distributions are classified as financing cash flows.

Pensions
The annual contributions payable in respect of the defined contributions pension scheme operated by the LLP are charged to the profit and loss account in the period incurred.

Going concern
The members have indicated that, in their judgement, there is a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Notwithstanding this, the LLP is assured of continuing necessary financial support from WMG Funds Limited, the parent company, to enable it to meet its liabilities as they fall due. Therefore, the members continue to adopt the going concern basis in preparing these financial statements.

WMG Advisors LLP (Registered number: OC309503)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

3. EMPLOYEE INFORMATION
2024 2023
£    £   
Wages and salaries 133,250 99,000
Social security costs 17,133 12,407
Other pension costs 12,000 12,000
162,383 123,407

The average number of employees during the year was as follows:
2024 2023

Investment management 1 1

The employee costs of the LLP relate to employees who work full time for the LLP but who are employed by WMG Services Limited, a fellow subsidiary of WMG Limited and remunerated by WMG Services Limited. WMG Services Limited recharges the LLP for some of the costs incurred. The average number of employees also includes these employees.

4. INFORMATION IN RELATION TO MEMBERS

2024 2023

The average number of members during the year was 2 2

2024 2023
£    £   
The average members' remuneration during the year was - -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 26,411,272 24,116,818
Amounts due from members 2,083,232 2,094,342
28,494,504 26,211,160

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 25,647,085 23,202,085

WMG Advisors LLP (Registered number: OC309503)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

7. ULTIMATE PARENT COMPANY

WMG Funds Limited is regarded by the members as being the LLP's parent company.

The parent undertaking of the largest group within the LLP belongs and for which group financial statements are prepared is WMG Holdings Limited, a company registered in Jersey with company registration number 89999. The smallest group within the LLP's accounts are consolidated is WMG Limited, a company registered in England and Wales.

The members consider the ultimate controlling party to be WMG Holdings Limited.

8. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION
AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit for the financial year before members' remuneration and profit
shares available for discretionary division among members

11,110

13,872
Inter company 150,546 (87,807 )
Cash generated from operations 161,656 (73,935 )

9. 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 31 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 232,581 70,925
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 70,925 144,860


WMG Advisors LLP (Registered number: OC309503)

Notes to the Financial Statements - continued
for the year ended 31 October 2024

10. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank 70,925 161,656 232,581
70,925 161,656 232,581
Net funds (before members' debt) 70,925 161,656 232,581

Loans and other debts
due to members - - -
Net funds 70,925 161,656 232,581