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

Amram Capital (UK) LLP (the "LLP") is authorised and regulated by the Financial Conduct Authority ("FCA"), and is a wealth management and investment advisory firm.

The designated members have taken the decision to wind down operations of the LLP. Clients were notified in early September 2025 and the LLP is liaising with its compliance service provider in order to facilitate its de-registration with the Financial Conduct Authority (FCA). Accordingly, the LLP will be notifying the FCA of the proposed deregistration of its regulatory permissions and subject to FCA approval, its subsequent closure. As the LLP intends to cease operations, these financial statements are prepared on a basis other than going concern.

Notwithstanding the LLP's intention to cease operations, the members have considered the LLP's principle risks and uncertainties during the year ended 31 December 2024. Accordingly, they determined the LLP's business strategy and risk appetite along with designing and implementing a risk management framework that recognised the risks that the business faced. They also determined how those risks may be mitigated and assessed on an ongoing basis the arrangements to manage those risks. The members managed the LLP's risks through a framework policy and procedures having regard to relevant laws, standards, principals and rules, including those of the FCA. The members aimed to operate a defined and transparent risk management framework and the LLP's policies and procedures were updated as required.

The LLP's approach to managing risks applicable to the financial instruments concerned is shown below.

Credit risk

The members consider that credit risk exposures faced by the business relate to the non-payment of fees and the need to maintain sufficient liquidity and capital, in order to satisfy its regulatory capital requirement and working capital needs. The members attempt to minimise risk using stringent credit control through its business terms with counterparties, and the LLP's cash deposits are held at a reputable bank with a healthy financial position, therefore not exposing itself to material credit risk exposure.

Liquidity risk

The members manage liquidity risk by ensuring that the LLP has sufficient cash resources to meet liabilities as they fall due without causing any undue financial strain on the business, whilst having regard to the regulatory requirements set out by the FCA. In order to achieve this, the members monitor the LLP's cash position on a regular basis to ensure that the partnership maintains adequate working capital.

Dependence on key technical personnel

The LLP's success is driven by its key technical staff in providing services to its target market. Therefore, the members consider the principal risk to be the loss of its key staff and the retention of these individuals is an important objective of the LLP.

Interest rate and market risk

Due to the nature of its business, the LLP has no material exposure to interest rate risk and does not take positions to expose itself materially to market risk.

Foreign currency risk

The business operations of the LLP does expose it to foreign currency from time to time, but this does not currently have a significant impact on the business and the members are satisfied that any minimal foreign currency risk can be monitored effectively.

Operational risk

Inherent in all businesses, operational risk is the potential for financial and reputation loss arising from failures in internal controls, operational processes or systems that support them. The regulated environment in which the partnership operates imposes reporting requirements and continuing self assessment and appraisal of its operational processes. The members are satisfied that they have in place an appropriate framework to allow the business to continue to grow without creating a material exposure to operating risk.

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 LLP. 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".

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

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:

• select suitable accounting policies and then apply them consistently;

• make judgements 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 partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the partnership’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 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 partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the members in office at the date of approval of this annual report confirms that:

• so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

• the members have taken all the steps that they ought to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

We have audited the financial statements of Amram Capital (UK) LLP (the 'LLP') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the reconciliation of members' interests, the statement of cash flows 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 FRS 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 December 2024 and of its loss 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 limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Emphasis of matter

Prior period adjustment

In forming our opinion on the financial statements, which is not modified, we have considered the effect of the prior period adjustment to the financial statements and the adequacy of the disclosures, details of which are set out in Note 14 of the financial statements.

We consider this matter should be brought to your attention, but our opinion is not modified in this respect.

Financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 in the financial statements which indicates that the financial statements have been prepared on a basis other than that of a going concern.

We consider this matter should be brought to your attention, but our opinion is not modified in this respect.

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 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.

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.

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:

• 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.

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 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.

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.

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the LLP through discussions with its members, and from our commercial knowledge and experience of the financial services sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including those regularities imposed by the Financial Conduct Authority ('FCA'), Companies Act 2006, taxation legislation, data protection, anti-bribery, anti-money-laundering and employment;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

• performed analytical procedures to identify transactions and balances that may highlight any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and

• investigated the rationale behind significant or unusual transactions.

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

• agreeing financial statement disclosures to underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims;

• reviewing correspondence with HM Revenue & Customs and the FCA.

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 members 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 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 LLP'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 LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are discontinuing operations.

Amram Capital (UK) LLP is a limited liability partnership incorporated in England and Wales. The business office is 49 Grosvenor Street, Mayfair, London, W1K 3HP. The LLP's principal activities are disclosed in the Members' Report.

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.

The financial statements are prepared in pounds sterling, which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest pounds sterling. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As noted in the Members' report, the Members intend for the LLP to cease trading and be dissolved within 12 months of signing the accounts. Accordingly these accounts are prepared on a non-going concern basis.

The Members consider there is no material difference between the financial position and results presented on a going concern basis and those that would be presented on a dissolution basis.

Revenue represents amounts receivable for wealth management services and investment advisory fees, which is recognised as earned when, and to the extent that, the partnership obtains rights to consideration under contractual arrangements. Revenue is stated net of value added taxes and accrued over the period for which the services are provided.

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents include deposits held at call with banks.

The LLP 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 LLP's statement of financial position when the LLP 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, which include trade and other receivables 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. Financial assets classified as receivable within one year are not amortised.

Financial assets 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 the statement of comprehensive income.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP 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.

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 partnership after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables are initially recognised at transaction price. 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the LLP’s obligations expire or are discharged or cancelled.

Equity instruments issued by the LLP are recorded at the proceeds received, net of direct issue costs.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

An analysis of the LLP's revenue is as follows:

The LLP did not have any employees during the year (2023: no employees).

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

At the year end, other debtors include £629,923 (2023: £306,853) due from Amram Wealth Limited. The amount is interest free, unsecured and repayable on demand.

In compiling these financial statements, the members have become aware that certain past transactions had been incorrectly accounted for in prior periods.

The adjustments related to:

• £190,875 of related party balances were misallocated as investments.

• £64,205 of member's loans were misallocated as capital.

• £51,166 understatement of expenditure.

This has necessitated the making of a prior year adjustment with the comparative figures having been restated accordingly.