| REGISTERED NUMBER: |
| WMG Advisors LLP |
| Report of the Members and |
| Audited Financial Statements |
| for the Year Ended 31 October 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| 239-241 Kennington Lane |
| London |
| SE11 5QU |
| WMG Advisors LLP (Registered number: OC309503) |
| Income Statement |
| for the year ended 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| REVENUE |
| Administrative expenses |
| OPERATING PROFIT and |
| PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
| 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 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| WMG Advisors LLP (Registered number: OC309503) |
| Balance Sheet |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| 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 |
| 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 | ( |
) |
| Net cash from operating activities | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
9 |
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 |
| 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 |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Investment management |
| 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 |
| Amounts due from members | 2,083,232 | 2,094,342 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| 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 | ( |
) |
| 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 | 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 |