Administrative Expenses Administrative Expenses are recorded on an accrual basis and expensed in the period incurred. Cost of Sales The Cost of Sales include Distribution fees which are compensation paid to third party sellers of the Alger SICAV. The fees are contractual, AUM based, and vary by share class. The Company incurs these fees as long the underlying investor holds the position in the Alger SICAV. The fees are accrued for on a monthly basis. Also included are fees paid to certain affiliates for sub-advisory services, administrative and marketing support. Sub-advisory fees are AUM based and are paid to to Fred Alger Management, LLC FAM Weatherbie Capital, LLC WBC and Redwood Investments, LLC RW for sub-advising on certain Alger SICAV sub-funds. The Company also pays AUM based fees to FAM for Administrative and Compliance support and Fred Alger & Company, LLC FAC for marketing support. These fees are discussed in greater detail in the Related Party disclosure. Mutual Fund reimbursements Certain expenses incurred by the Alger SICAV’s in excess of stated expense limits are reimbursed by the Company generally within forty five days of receipt of an invoice. These amounts were recorded in Mutual fund reimbursement fees on the Profit and Loss and Other Comprehensive Income statement. Taxation Tax on the profit or loss for the year is comprised of deferred taxes. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Cash Cash and cash equivalents in the years ended 31 December 2024 and 31 December 2023 comprises cash held in banks only. Debtors and creditors Debtors and creditors are initially recognised at transaction price. Trade and other debtors are subsequently recognised at amortised cost less impairment. Foreign Currency Transactions in foreign currencies are translated to the Company’s functional currency of pound streling (GBP) at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical costs in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on transactions are recognized in the profit and loss account. Investment in subsidiary The investment in subsidiary is measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.